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:
Robert Griffith, 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 29, 2024
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds Semi-Annual Report February 29, 2024 Goldman Sachs 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
Goldman Sachs Access Fixed Income ETFs
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ACCESS EMERGING MARKETS USD BOND ETF |
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ACCESS HIGH YIELD CORPORATE BOND ETF |
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ACCESS INFLATION PROTECTED USD BOND ETF |
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ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF |
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ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
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ACCESS TREASURY 0-1 YEAR ETF |
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ACCESS U.S. AGGREGATE BOND ETF |
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ACCESS ULTRA SHORT BOND ETF |
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Financial Highlights | ||||
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Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024. |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Access Fixed Income ETFs
February 29, 2024
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 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.
Market and Economic Review
• | Global fixed income markets broadly recorded positive returns for the Reporting Period, with performance influenced most by central bank monetary policy, interest rate volatility and macroeconomic data. |
• | In September 2023, when the Reporting Period began, global fixed income markets weakened. Bond yields, which move inversely with bond prices, rose as investors anticipated the U.S. Federal Reserve (“Fed”) and other developed markets’ central banks would keep interest rates higher for longer. |
• | In the fourth calendar quarter of 2023, interest rates were volatile, as developed markets’ central banks generally remained on hold and investors speculated about when the Fed might begin easing its monetary policy. |
• | During October 2023, tight U.S. financial conditions, led by higher long-term interest rates, suggested to some observers that additional Fed policy tightening might be unnecessary. Global bond yields hit multi-year highs, with the 10-year U.S. Treasury yield briefly breaching 5% for the first time since 2007. |
• | November then saw the greatest easing of U.S. financial conditions in any month during the previous 40 years. Global bond yields plunged, with the 10-year U.S. Treasury yield falling approximately 67 basis points. (A basis point is 1/100th of a percentage point.). |
• | Factors behind easing financial conditions included ongoing disinflation, soft-landing optimism and expectations of a dovish Fed pivot. (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. Dovish suggests lower interest rates; opposite of hawkish.) |
• | In December, the Fed signaled it might have reached the peak of its current monetary policy tightening cycle, while its median dot plot projection showed 75 basis points of rate cuts in 2024. (The dot plot shows interest rate projections of the members of the Federal Open Market Committee.) U.S. financial conditions eased further, and the 10-year U.S. Treasury yield fell below 4% for the first time since August 2023. |
• | Global bond yields continued to fluctuate during January 2024. They were, by turns, pushed up by hawkish Fed commentary and soft-landing optimism and pushed down by progress on disinflation and expectations about potential central bank rate cuts. |
• | Developed markets’ central banks maintained their policy stance during the month. |
• | The central banks indicated interest rate cuts were unlikely in the first calendar quarter but generally removed their hiking biases from policy statements and signaled they expected policy rates to be lower at the end of 2024. |
• | In February, ongoing strength in the U.S. economy and improving investor sentiment in Europe boosted the performance of risk assets overall. Global bond yields were volatile, as markets pulled back expectations for the timing of central bank rate cuts, which sent government bond yields lower. |
• | For the Reporting Period overall, intermediate and long-term U.S. Treasury yields rose, while short-term U.S. Treasury yields fell. |
• | 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.) 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. |
• | 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, with each sector delivering positive absolute returns overall. To a more modest degree, investment grade corporate bonds, securitized bonds, including mortgage-backed securities, and Treasury inflation protected |
1 |
MARKET REVIEW
securities also posted positive absolute returns and outperformed U.S. Treasuries during the Reporting Period. 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. |
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 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $40.66 | |||
Net Asset Value (“NAV”)1 | $40.61 |
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 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs Emerging Markets USD Bond Index3 | |||||
Shares | 5.69% | 5.67% | 5.75% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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 table 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 website 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. |
3 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Country | ||||||
Brazilian Government International Bond, 6.00%, 10/20/33 | 1.4% | Brazil | ||||||
Philippine Government International Bond, 10.63%, 3/16/25 | 1.2 | Philippines | ||||||
Hungary Government International Bond, 7.63%, 3/29/41 | 1.1 | Hungary | ||||||
Mexico Government International Bond, 4.88%, 5/19/33 | 1.0 | Mexico | ||||||
Bahrain Government International Bond, 7.00%, 1/26/26 | 1.0 | Bahrain | ||||||
Philippine Government International Bond, 2.95%, 5/05/45 | 1.0 | Philippines | ||||||
Brazilian Government International Bond, 5.63%, 1/07/41 | 0.9 | Brazil | ||||||
Qatar Government International Bond, 3.75%, 4/16/30 | 0.9 | Qatar | ||||||
Chile Government International Bond, 3.50%, 1/31/34 | 0.9 | Chile | ||||||
China Government International Bond, 1.20%, 10/21/30 | 0.9 | China |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/245 |
Sector Name | Fund | |||||
Government | 85.0% | |||||
Energy | 7.1 | |||||
Financial | 2.2 | |||||
Basic Materials | 1.7 | |||||
Industrial | 0.9 |
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 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $43.87 | |||
Net Asset Value (“NAV”)1 | $43.96 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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 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, 2023-February 29, 2024 | 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 | 5.42% | 5.31% | 5.73% | 6.15% |
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. |
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 table 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 website 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 2/29/245 |
Holding | % of Net Assets | Line of Business | ||||||
Medline Borrower LP, 3.88%, 04/01/29 | 0.7% | Consumer Noncyclical | ||||||
Univision Communications, Inc., 8.00%, 08/15/28 | 0.6 | Broadcasting | ||||||
Carnival Corp., 6.00%, 05/01/29 | 0.6 | Consumer Cyclical | ||||||
Carnival Corp., 7.63%, 03/01/26 | 0.6 | Consumer Cyclical | ||||||
Go Daddy Operating Co LLC / GD Finance Co., Inc., 5.25%, 12/01/27 | 0.6 | Technology | ||||||
American Airlines, Inc. /AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 | 0.5 | Transportation | ||||||
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26 | 0.5 | Capital Goods | ||||||
TransDigm, Inc., 4.63%, 01/15/29 | 0.5 | Aerospace & Defense | ||||||
Cloud Software Group, Inc., 6.50%, 03/31/29 | 0.5 | Software | ||||||
Transocean, Inc., 8.75%, 02/15/30 | 0.5 | Energy |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/246 |
Sector Name | Fund | |||||
Consumer, Cyclical | 20.5% | |||||
Consumer, Non-cyclical | 17.2 | |||||
Telecommunication Services | 14.8 | |||||
Energy | 14.7 | |||||
Financial | 11.2 | |||||
Industrial | 9.4 | |||||
Information Technology | 4.2 | |||||
Materials | 4.2 | |||||
Utilities | 2.4 | |||||
Investment Company | 1.4 |
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. |
6 |
FUND BASICS
Access Inflation Protected USD Bond ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $48.62 | |||
Net Asset Value (“NAV”)1 | $48.62 |
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 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, 2023-February 29, 2024 | 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 | 1.86% | 1.78% | 1.89% |
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 table 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 website 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 2/29/244 |
Holding | % of Net Assets5 | Line of Business | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.50%, 01/15/28 | 8.2% | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.13%, 01/15/30 | 7.4 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.38%, 07/15/27 | 7.2 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.13%, 10/15/26 | 6.2 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.13%, 07/15/30 | 6.2 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.75%, 02/15/42 | 6.2 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.63%, 07/15/32 | 5.8 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.13%, 07/15/26 | 5.8 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.13%, 07/15/31 | 4.4 | Government | ||||||
U.S. Treasury Inflation Indexed Bonds, 0.13%, 04/15/26 | 4.4 | Government |
4 | The top 10 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 2/29/246 |
Sector Name | Fund | |||||
Government | 99.4% | |||||
Investment Company | 0.5 |
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. |
8 |
FUND BASICS
Access Investment Grade Corporate 1-5 Year Bond ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $46.54 | |||
Net Asset Value (“NAV”)1 | $46.56 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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 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, 2023-February 29, 2024 | 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 | 3.35% | 3.26% | 3.49% |
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 table 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 website 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 2/29/244 |
Holding | % of Net Assets | Line of Business | ||||||
HSBC Holdings PLC, 6.16%, 03/09/29 | 2.2% | Banks | ||||||
Barclays PLC, 4.97%, 05/16/29 | 2.1 | Banks | ||||||
Morgan Stanley, 5.16%, 04/20/29 | 1.1 | Banks | ||||||
Mitsubishi UFJ Financial Group, Inc., 3.78%, 03/02/25 | 1.1 | Banks | ||||||
Bank of America Corp., 5.08%, 01/20/27 | 0.9 | Banks | ||||||
Westpac Banking Corp., 5.46%, 11/18/27 | 0.8 | Banks | ||||||
Bank of New York Mellon Corp. (The), 3.40%, 01/29/28 | 0.7 | Banks | ||||||
T-Mobile USA, Inc., 2.05%, 02/15/28 | 0.7 | Wireless | ||||||
Capital One Financial Corp., 6.31%, 06/08/29 | 0.7 | Bank | ||||||
Bank of America Corp., 4.27%, 07/23/29 | 0.6 | Banks |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/245 |
Sector Name | Fund | |||||
Financials | 42.6% | |||||
Consumer, Non-cyclical | 9.6 | |||||
Consumer, Cyclical | 9.3 | |||||
Industrials | 9.0 | |||||
Utilities | 7.1 | |||||
Information Technology | 6.8 | |||||
Telecommunication Services | 6.6 | |||||
Energy | 6.5 | |||||
Materials | 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. |
10 |
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $45.34 | |||
Net Asset Value (“NAV”)1 | $45.39 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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 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, 2023-February 29, 2024 | 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 | 3.81% | 3.69% | 3.90% | 3.84% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the 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. |
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 table 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 website 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 2/29/245 |
Holding | % of Net Assets | Line of Business | Country | |||
Morgan Stanley, 2.19%, 4/28/26 | 0.4% | Banks | United States | |||
Cigna Group (The), 4.13%, 11/15/25 | 0.3 | Healthcare | United States | |||
Oracle Corp., 6.25%, 11/09/32 | 0.3 | Software | United States | |||
Starbucks Corp., 3.80%, 8/15/25 | 0.3 | Consumer Cyclical | United States | |||
Morgan Stanley, 5.30%, 4/20/37 | 0.3 | Banks | United States | |||
Morgan Stanley, 2.94%, 1/21/33 | 0.3 | Banks | United States | |||
Oracle Corp., 6.90%, 11/09/52 | 0.2 | Software | United States | |||
Wells Fargo & Co., 5.57%, 7/25/29 | 0.2 | Banks | United States | |||
HCA, Inc., 5.25%, 4/15/25 | 0.2 | Healthcare | United States | |||
JPMorgan Chase & Co., 3.51%, 1/23/29 | 0.2 | Banks | United States |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/246 |
Sector Name | Fund | |||||
Financial | 36.5% | |||||
Consumer, Non-cyclical | 18.3 | |||||
Telecommunication Services | 11.5 | |||||
Information Technology | 9.2 | |||||
Energy | 7.6 | |||||
Consumer, Cyclical | 6.8 | |||||
Industrial | 5.1 | |||||
Utilities | 3.3 | |||||
Materials | 1.3 | |||||
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 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $100.14 | |||
Net Asset Value (“NAV”)1 | $100.09 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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 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, 2023-February 29, 2024 | 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 | 2.66% | 2.65% | 2.75% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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 table 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 website 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 2/29/244 |
Holding | Maturity Date | % of Net Assets5 | ||||||
U.S. Treasury Bills, 5.40% | 04/16/24 | 6.2% | ||||||
U.S. Treasury Bills, 5.40% | 05/30/24 | 5.5 | ||||||
U.S. Treasury Bills, 5.41% | 04/23/24 | 4.7 | ||||||
U.S. Treasury Bills, 5.31% | 05/23/24 | 4.6 | ||||||
U.S. Treasury Bills, 5.26% | 06/20/24 | 4.6 | ||||||
U.S. Treasury Bills, 5.35% | 05/28/24 | 4.3 | ||||||
U.S. Treasury Bills, 5.33% | 08/22/24 | 3.8 | ||||||
U.S. Treasury Notes, 4.83% | 12/31/24 | 3.8 | ||||||
U.S. Treasury Bills, 5.21% | 07/25/24 | 3.8 | ||||||
U.S. Treasury Bills, 5.07% | 02/20/25 | 3.7 |
4 | The top 10 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 2/29/246 |
Sector Name | Fund | |||||
Government | 99.9% |
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 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $40.98 | |||
Net Asset Value (“NAV”)1 | $40.98 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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 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, 2023-February 29, 2024 | 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% | 2.00% | 2.46% |
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 table 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 website 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. |
15 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||||||
U.S. Treasury Notes, 0.25%, 10/31/25 | 10.6% | U.S. Treasury Notes | ||||||
U.S. Treasury Notes, 1.63%, 05/15/26 | 6.8 | U.S. Treasury Notes | ||||||
U.S. Treasury Notes, 1.63%, 09/30/26 | 4.6 | U.S. Treasury Notes | ||||||
U.S. Treasury Notes, 2.00%, 02/15/25 | 3.9 | U.S. Treasury Notes | ||||||
U.S. Treasury Bonds, 2.50%, 02/15/45 | 2.5 | U.S. Treasury Bonds | ||||||
U.S. Treasury Bonds, 2.75%, 08/15/42 | 2.2 | U.S. Treasury Obligations | ||||||
Federal Home Loan Mortgage Corporation, 2.50%, 08/01/51 | 2.1 | Mortgage-Backed Securities | ||||||
U.S. Treasury Bonds, 2.25%, 02/15/52 | 2.0 | U.S. Treasury Bonds | ||||||
Federal Home Loan Mortgage Corporation, 2.00%, 03/01/51 | 1.7 | Mortgage-Backed Securities | ||||||
U.S. Treasury Notes, 1.50%, 01/31/27 | 1.6 | U.S. Treasury Notes |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/245 |
Sector Name | Fund | |||||
U.S. Treasury Notes | 30.6% | |||||
Mortgage-Backed Securities | 27.3 | |||||
Corporate Obligations | 21.3 | |||||
U.S. Treasury Bonds | 9.8 | |||||
Foreign Corporate Debt | 5.9 | |||||
U.S. Treasury Obligations | 4.4 | |||||
Sovereign Debt Obligations | 2.6 | |||||
U.S. Government Agency Obligations | 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. |
16 |
FUND BASICS
Access Ultra Short Bond ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $50.28 | |||
Net Asset Value (“NAV”)1 | $50.28 |
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 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total | FTSE Three- Month U.S. Treasury Bill Index3 | |||||
Shares | 3.29% | 3.27% | 2.78% |
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 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 table 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 website 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 2/29/244 |
Holding | % of Net Assets | Line of Business | ||||||
FNMA REMIC, 5.65%, 05/01/44 | 2.7% | ARM | ||||||
U.S. Treasury Floating Rate Notes, 5.48%, 10/31/24 | 1.8 | Government | ||||||
FNMA REMIC, 5.24%, 02/01/45 | 1.7 | ARM | ||||||
FNMA REMIC, 5.70%, 02/01/41 | 1.5 | ARM | ||||||
FNMA REMIC, 5.96%, 12/01/40 | 1.3 | ARM | ||||||
U.S. Treasury Notes, 4.58%, 01/31/26 | 1.3 | Government | ||||||
FNMA REMIC, 5.94%, 07/25/35 | 1.2 | CMO | ||||||
FHLMC REMIC, 5.74%, 01/01/46 | 1.0 | ARM | ||||||
Nissan Auto Lease Trust, 4.91%, 01/15/26 | 1.0 | AUTO | ||||||
American Express Credit Account Master Trust, 3.39%, 05/15/27 | 1.0 | Credit Card |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/245 |
Sector Name | Fund | |||||
Asset-Backed Securities | 27.1% | |||||
Foreign Corporate Debt | 20.8 | |||||
Mortgage-Backed Securities | 19.9 | |||||
Corporate Obligations | 16.2 | |||||
Commercial Paper | 6.0 | |||||
U.S. Treasury Notes | 5.0 | |||||
Certificate of Deposit | 4.2 | |||||
U.S. Government Agency Obligations | 0.06 |
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. |
6 | Less than 0.05% |
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
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations – 82.4% |
| |||||||||||||||
Bahamas – 0.3% |
| |||||||||||||||
Bahamas Government International Bond (B+/B1) |
| |||||||||||||||
$ | 200,000 | 8.950 | % | 10/15/32 | $ | 188,035 | ||||||||||
Bahrain – 3.0% |
| |||||||||||||||
Bahrain Government International Bond (B+/NR) |
| |||||||||||||||
200,000 | 6.000 | 09/19/44 | 161,000 | |||||||||||||
200,000 | 6.250 | 01/25/51 | 162,500 | |||||||||||||
200,000 | 5.625 | 09/30/31 | 186,340 | |||||||||||||
200,000 | 7.500 | 09/20/47 | 188,048 | |||||||||||||
550,000 | 7.000 | 01/26/26 | 554,408 | |||||||||||||
225,000 | 5.625 | 05/18/34 | 200,530 | |||||||||||||
225,000 | 7.375 | 05/14/30 | 232,330 | |||||||||||||
|
| |||||||||||||||
1,685,156 | ||||||||||||||||
| ||||||||||||||||
Brazil – 3.5% |
| |||||||||||||||
Brazilian Government International Bond (BB/Ba2) |
| |||||||||||||||
779,000 | 6.000 | 10/20/33 | 775,413 | |||||||||||||
585,000 | 5.625 | 01/07/41 | 526,315 | |||||||||||||
300,000 | 4.625 | 01/13/28 | 294,018 | |||||||||||||
200,000 | 7.125 | 01/20/37 | 213,500 | |||||||||||||
200,000 | 4.250 | 01/07/25 | 197,411 | |||||||||||||
|
| |||||||||||||||
2,006,657 | ||||||||||||||||
| ||||||||||||||||
Chile – 2.8% |
| |||||||||||||||
Chile Government International Bond (A/A2) |
| |||||||||||||||
600,000 | 3.500 | 01/31/34 | 522,155 | |||||||||||||
400,000 | 3.240 | 02/06/28 | 374,341 | |||||||||||||
200,000 | 4.000 | 01/31/52 | 157,322 | |||||||||||||
200,000 | 5.330 | 01/05/54 | 191,709 | |||||||||||||
210,000 | 3.125 | 01/21/26 | 202,477 | |||||||||||||
225,000 | 3.250 | 09/21/71 | 141,589 | |||||||||||||
|
| |||||||||||||||
1,589,593 | ||||||||||||||||
| ||||||||||||||||
China – 2.9% |
| |||||||||||||||
China Government International Bond (NR/NR) |
| |||||||||||||||
200,000 | 2.750 | 12/03/39 | 157,787 | |||||||||||||
200,000 | 1.750 | 10/26/31 | 168,256 | |||||||||||||
200,000 | 3.500 | 10/19/28 | 193,792 | |||||||||||||
632,000 | 1.200 | 10/21/30 | 521,619 | |||||||||||||
400,000 | 1.250 | 10/26/26 | 366,996 | |||||||||||||
250,000 | 4.000 | 10/19/48 | 226,964 | |||||||||||||
|
| |||||||||||||||
1,635,414 | ||||||||||||||||
| ||||||||||||||||
Colombia – 4.8% |
| |||||||||||||||
Colombia Government International Bond (BB+/Baa2) |
| |||||||||||||||
460,000 | 3.000 | 01/30/30 | 377,551 | |||||||||||||
500,000 | 3.125 | 04/15/31 | 395,930 | |||||||||||||
550,000 | 5.000 | 06/15/45 | 394,076 | |||||||||||||
400,000 | 5.200 | 05/15/49 | 290,408 | |||||||||||||
300,000 | 3.875 | 04/25/27 | 281,935 | |||||||||||||
300,000 | 6.125 | 01/18/41 | 256,479 | |||||||||||||
250,000 | 3.250 | 04/22/32 | 192,668 | |||||||||||||
200,000 | 7.375 | 09/18/37 | 197,131 | |||||||||||||
275,000 | 5.625 | 02/26/44 | 215,531 | |||||||||||||
200,000 | 4.125 | 05/15/51 | 122,703 | |||||||||||||
|
| |||||||||||||||
2,724,412 | ||||||||||||||||
| ||||||||||||||||
Costa Rica – 1.9% |
| |||||||||||||||
Costa Rica Government International Bond (BB-/B1) |
| |||||||||||||||
450,000 | 6.125 | 02/19/31 | 459,000 | |||||||||||||
400,000 | 7.158 | 03/12/45 | 416,500 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (Continued) |
| |||||||||||||||
Costa Rica – (continued) |
| |||||||||||||||
Costa Rica Government International Bond (BB-/B1) (continued) |
| |||||||||||||||
$ | 200,000 | 6.550 | % | 04/03/34 | $ | 207,000 | ||||||||||
|
| |||||||||||||||
1,082,500 | ||||||||||||||||
| ||||||||||||||||
Dominican Republic – 5.0% |
| |||||||||||||||
Dominican Republic International Bond (BB/Ba3) |
| |||||||||||||||
425,000 | 6.000 | 07/19/28 | 426,062 | |||||||||||||
450,000 | 5.950 | 01/25/27 | 450,563 | |||||||||||||
200,000 | 5.500 | 02/22/29 | 194,500 | |||||||||||||
150,000 | 6.875 | 01/29/26 | 152,250 | |||||||||||||
175,000 | 7.450 | 04/30/44 | 185,062 | |||||||||||||
200,000 | 6.400 | 06/05/49 | 187,750 | |||||||||||||
150,000 | 6.500 | 02/15/48 | 142,875 | |||||||||||||
300,000 | 5.875 | 01/30/60 | 255,000 | |||||||||||||
225,000 | 6.850 | 01/27/45 | 222,750 | |||||||||||||
225,000 | 4.500 | 01/30/30 | 205,313 | |||||||||||||
450,000 | 4.875 | 09/23/32 | 402,750 | |||||||||||||
|
| |||||||||||||||
2,824,875 | ||||||||||||||||
| ||||||||||||||||
Ecuador – 1.5% |
| |||||||||||||||
Ecuador Government International Bond(a) (B-/Ba3) |
| |||||||||||||||
850,000 | 3.500 | 07/31/35 | 404,813 | |||||||||||||
450,000 | 6.000 | 07/31/30 | 273,375 | |||||||||||||
450,000 | 2.500 | 07/31/40 | 195,750 | |||||||||||||
|
| |||||||||||||||
873,938 | ||||||||||||||||
| ||||||||||||||||
Egypt – 4.7% |
| |||||||||||||||
Egypt Government International Bond (B-/Caa1) |
| |||||||||||||||
200,000 | 7.500 | 02/16/61 | 141,500 | |||||||||||||
200,000 | 7.300 | 09/30/33 | 163,285 | |||||||||||||
200,000 | 7.500 | 01/31/27 | 190,750 | |||||||||||||
200,000 | 8.875 | 05/29/50 | 159,750 | |||||||||||||
200,000 | 5.875 | 06/11/25 | 196,736 | |||||||||||||
200,000 | 7.903 | 02/21/48 | 150,250 | |||||||||||||
200,000 | 8.700 | 03/01/49 | 157,750 | |||||||||||||
200,000 | 3.875 | 02/16/26 | 184,085 | |||||||||||||
200,000 | 6.588 | 02/21/28 | 179,953 | |||||||||||||
300,000 | 5.800 | 09/30/27 | 266,872 | |||||||||||||
350,000 | 7.625 | 05/29/32 | 297,915 | |||||||||||||
450,000 | 8.500 | 01/31/47 | 349,875 | |||||||||||||
334,000 | 6.875 | 04/30/40 | 242,150 | |||||||||||||
|
| |||||||||||||||
2,680,871 | ||||||||||||||||
| ||||||||||||||||
Guatemala – 1.5% |
| |||||||||||||||
Guatemala Government Bond (BB/NR) |
| |||||||||||||||
225,000 | 3.700 | 10/07/33 | 185,625 | |||||||||||||
200,000 | 6.125 | 06/01/50 | 184,000 | |||||||||||||
300,000 | 5.375 | 04/24/32 | 288,750 | |||||||||||||
200,000 | 6.600 | 06/13/36 | 203,000 | |||||||||||||
|
| |||||||||||||||
861,375 | ||||||||||||||||
| ||||||||||||||||
Hungary – 2.9% |
| |||||||||||||||
Hungary Government International Bond (BBB-/Baa2) |
| |||||||||||||||
550,000 | 7.625 | 03/29/41 | 631,102 | |||||||||||||
200,000 | 6.125 | 05/22/28 | 204,416 | |||||||||||||
200,000 | 6.750 | 09/25/52 | 212,395 | |||||||||||||
403,000 | 5.250 | 06/16/29 | 395,400 | |||||||||||||
200,000 | 5.500 | 06/16/34 | 194,366 | |||||||||||||
|
| |||||||||||||||
1,637,679 | ||||||||||||||||
|
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (Continued) |
| |||||||||||||||
Indonesia – 4.2% |
| |||||||||||||||
Indonesia Government International Bond (BBB/Baa2) |
| |||||||||||||||
$ | 423,000 | 3.550 | % | 03/31/32 | $ | 379,874 | ||||||||||
400,000 | 4.650 | 09/20/32 | 387,361 | |||||||||||||
325,000 | 7.750 | 01/17/38 | 399,522 | |||||||||||||
275,000 | 3.050 | 03/12/51 | 194,344 | |||||||||||||
200,000 | 3.850 | 07/18/27 | 192,998 | |||||||||||||
200,000 | 4.300 | 03/31/52 | 170,488 | |||||||||||||
125,000 | 8.500 | 10/12/35 | 158,804 | |||||||||||||
225,000 | 4.200 | 10/15/50 | 188,855 | |||||||||||||
350,000 | 2.850 | 02/14/30 | 310,680 | |||||||||||||
|
| |||||||||||||||
2,382,926 | ||||||||||||||||
| ||||||||||||||||
Ivory Coast – 0.7% |
| |||||||||||||||
Ivory Coast Government International Bond (BB-/Ba3) |
| |||||||||||||||
426,000 | 6.125 | 06/15/33 | 374,347 | |||||||||||||
Jordan – 1.3% |
| |||||||||||||||
Jordan Government International Bond (B+/B1) |
| |||||||||||||||
350,000 | 5.850 | 07/07/30 | 316,656 | |||||||||||||
200,000 | 7.500 | 01/13/29 | 197,593 | |||||||||||||
Jordan Government International Bond, Series RegS (B+/B1) |
| |||||||||||||||
200,000 | 6.125 | 01/29/26 | 196,095 | |||||||||||||
|
| |||||||||||||||
710,344 | ||||||||||||||||
| ||||||||||||||||
Kazakhstan – 1.1% |
| |||||||||||||||
Kazakhstan Government International Bond (BBB-/Baa2) |
| |||||||||||||||
200,000 | 5.125 | 07/21/25 | 201,651 | |||||||||||||
225,000 | 6.500 | 07/21/45 | 248,848 | |||||||||||||
200,000 | 4.875 | 10/14/44 | 187,362 | |||||||||||||
|
| |||||||||||||||
637,861 | ||||||||||||||||
| ||||||||||||||||
Kenya – 0.9% |
| |||||||||||||||
Republic of Kenya Government International Bond (B/B3) |
| |||||||||||||||
350,000 | 7.000 | 05/22/27 | 334,744 | |||||||||||||
200,000 | 8.250 | 02/28/48 | 163,250 | |||||||||||||
|
| |||||||||||||||
497,994 | ||||||||||||||||
| ||||||||||||||||
Kuwait – 0.7% |
| |||||||||||||||
Kuwait International Government Bond (A+/NR) |
| |||||||||||||||
400,000 | 3.500 | 03/20/27 | 387,266 | |||||||||||||
Mexico – 3.2% |
| |||||||||||||||
Mexico Government International Bond (BBB/Baa2) |
| |||||||||||||||
600,000 | 4.875 | 05/19/33 | 565,026 | |||||||||||||
200,000 | 6.338 | 05/04/53 | 195,592 | |||||||||||||
200,000 | 3.750 | 01/11/28 | 189,553 | |||||||||||||
325,000 | 4.500 | 04/22/29 | 312,822 | |||||||||||||
150,000 | 5.550 | 01/21/45 | 138,296 | |||||||||||||
50,000 | 6.050 | 01/11/40 | 49,064 | |||||||||||||
Mexico Government International Bond, MTN (BBB/Baa2) |
| |||||||||||||||
175,000 | 7.500 | 04/08/33 | 196,904 | |||||||||||||
150,000 | 4.750 | 03/08/44 | 123,999 | |||||||||||||
50,000 | 8.300 | 08/15/31 | 59,421 | |||||||||||||
|
| |||||||||||||||
1,830,677 | ||||||||||||||||
| ||||||||||||||||
Morocco – 1.3% |
| |||||||||||||||
Morocco Government International Bond (BB+/Ba1) |
| |||||||||||||||
200,000 | 6.500 | 09/08/33 | 205,840 | |||||||||||||
350,000 | 4.000 | 12/15/50 | 236,688 | |||||||||||||
300,000 | 5.950 | 03/08/28 | 303,051 | |||||||||||||
|
| |||||||||||||||
745,579 | ||||||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (Continued) |
| |||||||||||||||
Nigeria – 2.6% |
| |||||||||||||||
Nigeria Government International Bond (B-/Caa1) |
| |||||||||||||||
$ | 200,000 | 7.375 | % | 09/28/33 | $ | 167,810 | ||||||||||
200,000 | 8.250 | 09/28/51 | 162,105 | |||||||||||||
200,000 | 8.747 | 01/21/31 | 188,458 | |||||||||||||
200,000 | 6.500 | 11/28/27 | 182,500 | |||||||||||||
200,000 | 7.625 | 11/28/47 | 154,500 | |||||||||||||
200,000 | 7.696 | 02/23/38 | 160,936 | |||||||||||||
275,000 | 7.875 | 02/16/32 | 241,989 | |||||||||||||
249,000 | 6.125 | 09/28/28 | 218,503 | |||||||||||||
|
| |||||||||||||||
1,476,801 | ||||||||||||||||
| ||||||||||||||||
Panama – 4.6% |
| |||||||||||||||
Panama Government International Bond (BBB/Baa3) |
| |||||||||||||||
275,000 | 4.500 | 04/01/56 | 176,687 | |||||||||||||
200,000 | 3.875 | 03/17/28 | 182,250 | |||||||||||||
250,000 | 4.500 | 04/16/50 | 165,313 | |||||||||||||
150,000 | 6.700 | 01/26/36 | 142,875 | |||||||||||||
200,000 | 6.853 | 03/28/54 | 178,500 | |||||||||||||
400,000 | 2.252 | 09/29/32 | 283,000 | |||||||||||||
260,000 | 8.875 | 09/30/27 | 281,775 | |||||||||||||
232,000 | 9.375 | 04/01/29 | 258,390 | |||||||||||||
410,000 | 3.160 | 01/23/30 | 338,762 | |||||||||||||
245,000 | 3.870 | 07/23/60 | 139,650 | |||||||||||||
200,000 | 4.300 | 04/29/53 | 127,250 | |||||||||||||
200,000 | 4.500 | 01/19/63 | 126,000 | |||||||||||||
225,000 | 3.750 | 03/16/25 | 219,938 | |||||||||||||
|
| |||||||||||||||
2,620,390 | ||||||||||||||||
| ||||||||||||||||
Philippines – 4.6% |
| |||||||||||||||
Philippine Government International Bond (BBB+/Baa2) |
| |||||||||||||||
650,000 | 10.625 | 03/16/25 | 686,972 | |||||||||||||
770,000 | 2.950 | 05/05/45 | 537,665 | |||||||||||||
283,000 | 3.200 | 07/06/46 | 203,291 | |||||||||||||
200,000 | 6.375 | 10/23/34 | 219,744 | |||||||||||||
200,000 | 3.700 | 03/01/41 | 163,879 | |||||||||||||
200,000 | 3.700 | 02/02/42 | 162,420 | |||||||||||||
400,000 | 3.000 | 02/01/28 | 371,508 | |||||||||||||
450,000 | 2.650 | 12/10/45 | 297,055 | |||||||||||||
|
| |||||||||||||||
2,642,534 | ||||||||||||||||
| ||||||||||||||||
Poland – 2.1% |
| |||||||||||||||
Republic of Poland Government International Bond (A-/A2) |
| |||||||||||||||
300,000 | 4.875 | 10/04/33 | 293,979 | |||||||||||||
300,000 | 5.500 | 04/04/53 | 300,513 | |||||||||||||
400,000 | 5.500 | 11/16/27 | 409,600 | |||||||||||||
200,000 | 3.250 | 04/06/26 | 194,724�� | |||||||||||||
|
| |||||||||||||||
1,198,816 | ||||||||||||||||
| ||||||||||||||||
Qatar – 3.7% |
| |||||||||||||||
Qatar Government International Bond (AA/Aa2) |
| |||||||||||||||
400,000 | 4.400 | 04/16/50 | 348,793 | |||||||||||||
350,000 | 4.817 | 03/14/49 | 323,719 | |||||||||||||
550,000 | 3.750 | 04/16/30 | 526,014 | |||||||||||||
200,000 | 3.400 | 04/16/25 | 196,120 | |||||||||||||
220,000 | 5.103 | 04/23/48 | 211,884 | |||||||||||||
300,000 | 4.000 | 03/14/29 | 291,955 | |||||||||||||
200,000 | 4.625 | 06/02/46 | 182,324 | |||||||||||||
|
| |||||||||||||||
2,080,809 | ||||||||||||||||
| ||||||||||||||||
Romania – 2.8% |
| |||||||||||||||
Romanian Government International Bond (BBB-/Baa3) |
| |||||||||||||||
280,000 | 5.125 | 06/15/48 | 232,228 |
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) |
| |||||||||||||||
Romania – (continued) |
| |||||||||||||||
Romanian Government International Bond (BBB-/Baa3) |
| |||||||||||||||
(continued) |
| |||||||||||||||
$250,000 | 3.625 | % | 03/27/32 | $ | 211,112 | |||||||||||
460,000 | 5.250 | 11/25/27 | 452,410 | |||||||||||||
300,000 | 7.125 | 01/17/33 | 316,005 | |||||||||||||
180,000 | 6.125 | 01/22/44 | 171,607 | |||||||||||||
170,000 | 3.000 | 02/14/31 | 141,345 | |||||||||||||
50,000 | 7.625 | 01/17/53 | 54,399 | |||||||||||||
|
| |||||||||||||||
1,579,106 | ||||||||||||||||
| ||||||||||||||||
Saudi Arabia – 3.5% |
| |||||||||||||||
Saudi Government International Bond (NR/A1) |
| |||||||||||||||
200,000 | 5.500 | 10/25/32 | 205,239 | |||||||||||||
225,000 | 4.375 | 04/16/29 | 218,272 | |||||||||||||
225,000 | 4.500 | 04/17/30 | 218,143 | |||||||||||||
400,000 | 3.250 | 10/22/30 | 359,460 | |||||||||||||
400,000 | 2.500 | 02/03/27 | 372,460 | |||||||||||||
200,000 | 4.625 | 10/04/47 | 169,442 | |||||||||||||
200,000 | 4.500 | 04/22/60 | 161,808 | |||||||||||||
350,000 | 4.500 | 10/26/46 | 293,939 | |||||||||||||
|
| |||||||||||||||
1,998,763 | ||||||||||||||||
| ||||||||||||||||
Serbia – 0.6% |
| |||||||||||||||
Serbia International Bond (BB+/Ba2) |
| |||||||||||||||
200,000 | 2.125 | 12/01/30 | 158,250 | |||||||||||||
200,000 | 6.500 | 09/26/33 | 203,002 | |||||||||||||
|
| |||||||||||||||
361,252 | ||||||||||||||||
| ||||||||||||||||
Trinidad and Tobago – 0.3% |
| |||||||||||||||
Trinidad & Tobago Government International Bond (BBB-/Ba2) |
| |||||||||||||||
200,000 |
| 4.500 | 08/04/26 | 194,250 | ||||||||||||
Turkey – 4.3% |
| |||||||||||||||
Turkiye Government International Bond (NR/B3) |
| |||||||||||||||
330,000 | 4.250 | 03/13/25 | 324,131 | |||||||||||||
350,000 | 7.375 | 02/05/25 | 355,124 | |||||||||||||
362,000 | 6.875 | 03/17/36 | 338,675 | |||||||||||||
525,000 | 4.875 | 10/09/26 | 506,221 | |||||||||||||
525,000 | 5.750 | 05/11/47 | 395,063 | |||||||||||||
200,000 | 9.375 | 03/14/29 | 217,907 | |||||||||||||
200,000 | 6.000 | 01/14/41 | 163,547 | |||||||||||||
100,000 | 11.875 | 01/15/30 | 123,875 | |||||||||||||
|
| |||||||||||||||
2,424,543 | ||||||||||||||||
| ||||||||||||||||
United Arab Emirates – 1.6% |
| |||||||||||||||
UAE Government International Bond (NR/Aa2) |
| |||||||||||||||
375,000 | 3.250 | 10/19/61 | 253,733 | |||||||||||||
350,000 | 2.000 | 10/19/31 | 290,845 | |||||||||||||
477,000 | 2.875 | 10/19/41 | 346,667 | |||||||||||||
|
| |||||||||||||||
891,245 | ||||||||||||||||
| ||||||||||||||||
Uruguay – 3.2% |
| |||||||||||||||
Uruguay Government International Bond(b) (BBB+/Baa2) |
| |||||||||||||||
240,000 | 4.975 | 04/20/55 | 224,700 | |||||||||||||
200,000 | 5.750 | 10/28/34 | 211,000 | |||||||||||||
200,000 | 7.625 | 03/21/36 | 241,750 | |||||||||||||
408,000 | 4.375 | 01/23/31 | 398,820 | |||||||||||||
150,000 | 4.375 | 10/27/27 | 148,875 | |||||||||||||
200,000 | 4.125 | 11/20/45 | 175,000 | |||||||||||||
350,000 | 5.100 | 06/18/50 | 336,656 | |||||||||||||
60,000 | 7.875 | 01/15/33 | 71,850 | |||||||||||||
|
| |||||||||||||||
1,808,651 | ||||||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations (Continued) |
| |||||||||||||||
Uzbekistan – 0.3% |
| |||||||||||||||
Republic of Uzbekistan International Bond (BB-/NR) |
| |||||||||||||||
$200,000 | 3.900 | % | 10/19/31 | $ | 165,033 | |||||||||||
| ||||||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $48,308,526)
| 46,799,692 | |||||||||||||||
| ||||||||||||||||
Corporate Obligations – 14.5% |
| |||||||||||||||
Brazil – 1.7% |
| |||||||||||||||
Petrobras Global Finance BV (BB/Ba1) |
| |||||||||||||||
200,000 | 7.375 | 01/17/27 | 209,500 | |||||||||||||
216,000 | 6.850 | 06/05/15 | 203,040 | |||||||||||||
301,000 | 6.500 | 07/03/33 | 303,677 | |||||||||||||
200,000 | 5.999 | 01/27/28 | 203,000 | |||||||||||||
71,000 | 6.900 | 03/19/49 | 69,908 | |||||||||||||
|
| |||||||||||||||
989,125 | ||||||||||||||||
| ||||||||||||||||
Chile – 2.0% |
| |||||||||||||||
Corp. Nacional del Cobre de Chile (BBB+/Baa1) |
| |||||||||||||||
200,000 | 3.000 | 09/30/29 | 175,500 | |||||||||||||
200,000 | 3.150 | 01/14/30 | 174,750 | |||||||||||||
200,000 | 3.625 | 08/01/27 | 188,788 | |||||||||||||
400,000 | 4.500 | 08/01/47 | 308,324 | |||||||||||||
200,000 | 3.700 | 01/30/50 | 133,474 | |||||||||||||
Empresa de Transporte de Pasajeros Metro SA (NR/A3) |
| |||||||||||||||
200,000 | 4.700 | 05/07/50 | 162,224 | |||||||||||||
|
| |||||||||||||||
1,143,060 | ||||||||||||||||
| ||||||||||||||||
China – 1.6% |
| |||||||||||||||
China Development Bank, EMTN (A+/A1) |
| |||||||||||||||
200,000 | 3.000 | 06/01/26 | 192,393 | |||||||||||||
China Development Bank Financial Leasing Co. Ltd.(c) |
| |||||||||||||||
(BBB+/NR) (US 5 Year CMT T-Note + 2.750%) |
| |||||||||||||||
200,000 | 2.875 | 09/28/30 | 190,593 | |||||||||||||
Export-Import Bank of China (The) (A+/A1) |
| |||||||||||||||
350,000 | 3.625 | 07/31/24 | 347,225 | |||||||||||||
Export-Import Bank of China (The), EMTN (A+/A1) |
| |||||||||||||||
200,000 | 4.000 | 11/28/47 | 173,825 | |||||||||||||
|
| |||||||||||||||
904,036 | ||||||||||||||||
| ||||||||||||||||
Hungary – 0.4% |
| |||||||||||||||
Magyar Export-Import Bank Zrt (BBB-/NR) |
| |||||||||||||||
200,000 | 6.125 | 12/04/27 | 201,119 | |||||||||||||
India – 2.8% |
| |||||||||||||||
Export-Import Bank of India (NR/Baa3) |
| |||||||||||||||
200,000 | 3.875 | 02/01/28 | 190,505 | |||||||||||||
250,000 | 3.250 | 01/15/30 | 224,539 | |||||||||||||
200,000 | 3.375 | 08/05/26 | 191,258 | |||||||||||||
Indian Railway Finance Corp. Ltd. (BBB-/Baa3) |
| |||||||||||||||
200,000 | 3.570 | 01/21/32 | 176,409 | |||||||||||||
350,000 | 2.800 | 02/10/31 | 296,959 | |||||||||||||
Power Finance Corp. Ltd. (NR/Baa3) |
| |||||||||||||||
200,000 | 3.950 | 04/23/30 | 183,000 | |||||||||||||
REC Ltd. (NR/Baa3) |
| |||||||||||||||
303,000 | 5.625 | 04/11/28 | 304,875 | |||||||||||||
|
| |||||||||||||||
1,567,545 | ||||||||||||||||
|
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations (Continued) |
| |||||||||||||||
Indonesia – 1.1% |
| |||||||||||||||
Pertamina Persero PT (NR/Baa2) |
| |||||||||||||||
$457,000 | 3.100% | 08/27/30 | $ | 402,731 | ||||||||||||
200,000 | 6.450 | 05/30/44 | 208,000 | |||||||||||||
|
| |||||||||||||||
610,731 | ||||||||||||||||
| ||||||||||||||||
Mexico – 2.6% |
| |||||||||||||||
Petroleos Mexicanos (BBB/B3) |
| |||||||||||||||
250,000 | 5.950 | 01/28/31 | 194,110 | |||||||||||||
200,000 | 4.500 | 01/23/26 | 186,163 | |||||||||||||
180,000 | 6.500 | 03/13/27 | 167,848 | |||||||||||||
175,000 | 5.350 | 02/12/28 | 151,634 | |||||||||||||
100,000 | 6.840 | 01/23/30 | 85,513 | |||||||||||||
100,000 | 6.875 | 10/16/25 | 98,574 | |||||||||||||
199,000 | 5.625 | 01/23/46 | 115,196 | |||||||||||||
428,000 | 6.750 | 09/21/47 | 271,316 | |||||||||||||
75,000 | 7.690 | 01/23/50 | 51,674 | |||||||||||||
100,000 | 6.950 | 01/28/60 | 63,395 | |||||||||||||
50,000 | 6.500 | 01/23/29 | 43,812 | |||||||||||||
25,000 | 6.625 | 06/15/35 | 18,470 | |||||||||||||
25,000 | 6.500 | 06/02/41 | 16,594 | |||||||||||||
|
| |||||||||||||||
1,464,299 | ||||||||||||||||
| ||||||||||||||||
Poland – 0.3% |
| |||||||||||||||
Bank Gospodarstwa Krajowego (NR/A2) |
| |||||||||||||||
200,000 | 5.375 | 05/22/33 | 199,444 | |||||||||||||
Qatar – 0.8% |
| |||||||||||||||
QatarEnergy (AA/Aa2) |
| |||||||||||||||
300,000 | 3.300 | 07/12/51 | 207,656 | |||||||||||||
309,000 | 2.250 | 07/12/31 | 256,872 | |||||||||||||
|
| |||||||||||||||
464,528 | ||||||||||||||||
| ||||||||||||||||
Saudi Arabia – 1.2% |
| |||||||||||||||
Gaci First Investment Co. (NR/A1) |
| |||||||||||||||
200,000 | 4.875 | 02/14/35 | 189,788 | |||||||||||||
Saudi Arabian Oil Co. (NR/A1) |
| |||||||||||||||
200,000 | 4.250 | 04/16/39 | 172,459 | |||||||||||||
375,000 | 3.500 | 04/16/29 | 348,212 | |||||||||||||
|
| |||||||||||||||
710,459 | ||||||||||||||||
| ||||||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $8,549,942)
| 8,254,346 | |||||||||||||||
| ||||||||||||||||
Shares | Dividend Rate | Value | ||||||||||||||
Investment Company – 1.6%(d) |
| |||||||||||||||
Goldman Sachs Financial Square Government |
| |||||||||||||||
Fund - Institutional Shares |
| |||||||||||||||
933,170 | 5.219% | 933,170 | ||||||||||||||
(Cost $933,170) | ||||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS – 98.5% (Cost $57,791,638) | $ | 55,987,208 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5% | 860,077 | |||||||||||||||
| ||||||||||||||||
NET ASSETS – 100.0% | $ | 56,847,285 | ||||||||||||||
|
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) | Pay-in-kind securities. | |
(c) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024. | |
(d) | Represents an affiliated issuer. |
| ||||
Investment Abbreviations: | ||||
CMT | —Constant Maturity Treasury Index | |||
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 29, 2024 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – 90.6% | ||||||||||||||||
Advertising – 0.9% | ||||||||||||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||||||||||
$ | 516,000 | 5.125 | % | 08/15/27(a) | $ | 485,040 | ||||||||||
100,000 | 7.750 | 04/15/28(a) | 87,000 | |||||||||||||
236,000 | 7.500 | 06/01/29(a) | 196,470 | |||||||||||||
Lamar Media Corp. | ||||||||||||||||
179,000 | 3.750 | 02/15/28 | 167,589 | |||||||||||||
234,000 | 4.000 | 02/15/30 | 211,770 | |||||||||||||
|
| |||||||||||||||
1,147,869 | ||||||||||||||||
| ||||||||||||||||
Aerospace & Defense – 1.3% | ||||||||||||||||
Spirit AeroSystems, Inc. | ||||||||||||||||
100,000 | 4.600 | 06/15/28 | 88,250 | |||||||||||||
TransDigm, Inc. | ||||||||||||||||
46,000 | 7.500 | 03/15/27 | 46,086 | |||||||||||||
523,000 | 5.500 | 11/15/27 | 506,656 | |||||||||||||
698,000 | 4.625 | 01/15/29 | 643,032 | |||||||||||||
350,000 | 6.875 | 12/15/30(a) | 355,250 | |||||||||||||
100,000 | 7.125 | 12/01/31(a) | 102,688 | |||||||||||||
|
| |||||||||||||||
1,741,962 | ||||||||||||||||
| ||||||||||||||||
Banks – 0.4% | ||||||||||||||||
Freedom Mortgage Corp. | ||||||||||||||||
297,000 | 7.625 | 05/01/26(a) | 294,401 | |||||||||||||
200,000 | 6.625 | 01/15/27(a) | 191,250 | |||||||||||||
100,000 | 12.000 | 10/01/28(a) | 108,625 | |||||||||||||
|
| |||||||||||||||
594,276 | ||||||||||||||||
| ||||||||||||||||
Basic Industry – 1.8% | ||||||||||||||||
Axalta Coating Systems LLC | ||||||||||||||||
280,000 | 3.375 | 02/15/29(a) | 249,900 | |||||||||||||
Chemours Co. (The) | ||||||||||||||||
213,000 | 5.750 | 11/15/28(a) | 186,375 | |||||||||||||
Olin Corp. | ||||||||||||||||
269,000 | 5.625 | 08/01/29 | 264,292 | |||||||||||||
210,000 | 5.000 | 02/01/30 | 196,875 | |||||||||||||
Olympus Water U.S. Holding Corp. | ||||||||||||||||
280,000 | 4.250 | 10/01/28(a) | 251,650 | |||||||||||||
200,000 | 6.250 | 10/01/29(a) | 179,500 | |||||||||||||
SCIH Salt Holdings, Inc. | ||||||||||||||||
303,000 | 6.625 | 05/01/29(a) | 276,109 | |||||||||||||
Tronox, Inc. | ||||||||||||||||
417,000 | 4.625 | 03/15/29(a) | 369,045 | |||||||||||||
Valvoline, Inc. | ||||||||||||||||
200,000 | 4.250 | 02/15/30(a) | 199,250 | |||||||||||||
236,000 | 3.625 | 06/15/31(a) | 200,600 | |||||||||||||
WR Grace Holdings LLC | ||||||||||||||||
188,000 | 4.875 | 06/15/27(a) | 179,540 | |||||||||||||
|
| |||||||||||||||
2,553,136 | ||||||||||||||||
| ||||||||||||||||
Broadcasting – 2.8% | ||||||||||||||||
CMG Media Corp. | ||||||||||||||||
302,000 | 8.875 | 12/15/27(a) | 193,280 | |||||||||||||
iHeartCommunications, Inc. | ||||||||||||||||
450,000 | 6.375 | 05/01/26 | 387,000 | |||||||||||||
200,000 | 8.375 | 05/01/27 | 120,500 | |||||||||||||
250,000 | 5.250 | 08/15/27(a) | 186,875 | |||||||||||||
Sirius XM Radio, Inc. | ||||||||||||||||
350,000 | 3.125 | 09/01/26(a) | 326,813 | |||||||||||||
476,000 | 5.000 | 08/01/27(a) | 454,580 | |||||||||||||
326,000 | 4.000 | 07/15/28(a) | 295,437 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Broadcasting – (continued) | ||||||||||||||||
Sirius XM Radio, Inc. – (continued) | ||||||||||||||||
$ | 539,000 | 3.875 | % | 09/01/31(a) | $ | 445,686 | ||||||||||
TEGNA, Inc. | ||||||||||||||||
126,000 | 4.625 | 03/15/28 | 114,030 | |||||||||||||
343,000 | 5.000 | 09/15/29 | 302,697 | |||||||||||||
Univision Communications, Inc. | ||||||||||||||||
200,000 | 6.625 | 06/01/27(a) | 194,500 | |||||||||||||
850,000 | 8.000 | 08/15/28(a) | 854,781 | |||||||||||||
|
| |||||||||||||||
3,876,179 | ||||||||||||||||
| ||||||||||||||||
Brokerage – 0.4% | ||||||||||||||||
Coinbase Global, Inc. | ||||||||||||||||
138,000 | 3.375 | 10/01/28(a) | 116,437 | |||||||||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp. | ||||||||||||||||
200,000 | 5.000 | 08/15/28(a) | 181,107 | |||||||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. |
| |||||||||||||||
284,000 | 4.750 | 06/15/29(a) | 255,245 | |||||||||||||
|
| |||||||||||||||
552,789 | ||||||||||||||||
| ||||||||||||||||
Building Materials – 1.6% | ||||||||||||||||
American Builders & Contractors Supply Co., Inc. |
| |||||||||||||||
171,000 | 4.000 | 01/15/28(a) | 159,885 | |||||||||||||
50,000 | 3.875 | 11/15/29(a) | 44,750 | |||||||||||||
Builders FirstSource, Inc. | ||||||||||||||||
88,000 | 5.000 | 03/01/30(a) | 83,270 | |||||||||||||
292,000 | 4.250 | 02/01/32(a) | 257,325 | |||||||||||||
Smyrna Ready Mix Concrete LLC | ||||||||||||||||
500,000 | 8.875 | 11/15/31(a) | 530,000 | |||||||||||||
SRS Distribution, Inc. | ||||||||||||||||
100,000 | 4.625 | 07/01/28(a) | 93,313 | |||||||||||||
Standard Industries, Inc. | ||||||||||||||||
300,000 | 5.000 | 02/15/27(a) | 289,125 | |||||||||||||
329,000 | 4.375 | 07/15/30(a) | 294,000 | |||||||||||||
171,000 | 3.375 | 01/15/31(a) | 142,133 | |||||||||||||
Summit Materials LLC / Summit Materials Finance Corp. |
| |||||||||||||||
100,000 | 7.250 | 01/15/31(a) | 104,000 | |||||||||||||
|
| |||||||||||||||
1,997,801 | ||||||||||||||||
| ||||||||||||||||
Capital Goods – 4.1% | ||||||||||||||||
ASP Unifrax Holdings, Inc. | ||||||||||||||||
320,000 | 5.250 | 09/30/28(a) | 204,800 | |||||||||||||
Ball Corp. | ||||||||||||||||
100,000 | 6.875 | 03/15/28 | 102,375 | |||||||||||||
50,000 | 6.000 | 06/15/29 | 50,313 | |||||||||||||
482,000 | 2.875 | 08/15/30 | 409,097 | |||||||||||||
Clean Harbors, Inc. | ||||||||||||||||
600,000 | 4.875 | 07/15/27(a) | 580,500 | |||||||||||||
Clydesdale Acquisition Holdings, Inc. | ||||||||||||||||
151,000 | 6.625 | 04/15/29(a) | 150,245 | |||||||||||||
210,000 | 8.750 | 04/15/30(a) | 200,550 | |||||||||||||
Covanta Holding Corp. | ||||||||||||||||
321,000 | 4.875 | 12/01/29(a) | 281,899 | |||||||||||||
Crown Americas LLC / Crown Americas Capital Corp. V |
| |||||||||||||||
198,000 | 4.250 | 09/30/26 | 191,070 | |||||||||||||
Crown Americas LLC / Crown Americas Capital Corp. VI |
| |||||||||||||||
148,000 | 4.750 | 02/01/26 | 144,855 | |||||||||||||
Emerald Debt Merger Sub LLC | ||||||||||||||||
400,000 | 6.625 | 12/15/30(a) | 402,000 |
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 29, 2024 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Capital Goods – (continued) | ||||||||||||||||
EquipmentShare.com, Inc. | ||||||||||||||||
$ | 100,000 | 9.000 | % | 05/15/28(a) | $ | 103,000 | ||||||||||
Herc Holdings, Inc. | ||||||||||||||||
214,000 | 5.500 | 07/15/27(a) | 210,255 | |||||||||||||
LABL, Inc. | ||||||||||||||||
233,000 | 6.750 | 07/15/26(a) | 227,175 | |||||||||||||
152,000 | 10.500 | 07/15/27(a) | 147,440 | |||||||||||||
100,000 | 8.250 | 11/01/29(a) | 84,500 | |||||||||||||
Mauser Packaging Solutions Holding Co. | ||||||||||||||||
645,000 | 7.875 | 08/15/26(a) | 653,869 | |||||||||||||
200,000 | 9.250 | 04/15/27(a) | 195,500 | |||||||||||||
Owens-Brockway Glass Container, Inc. | ||||||||||||||||
100,000 | 7.250 | 05/15/31(a) | 101,750 | |||||||||||||
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc. |
| |||||||||||||||
190,000 | 4.375 | 10/15/28(a) | 177,175 | |||||||||||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC |
| |||||||||||||||
100,000 | 4.000 | 10/15/27(a) | 93,625 | |||||||||||||
Sensata Technologies BV | ||||||||||||||||
400,000 | 4.000 | 04/15/29(a) | 363,500 | |||||||||||||
Sensata Technologies, Inc. | ||||||||||||||||
406,000 | 3.750 | 02/15/31(a) | 348,145 | |||||||||||||
|
| |||||||||||||||
5,423,638 | ||||||||||||||||
| ||||||||||||||||
Communications – 6.8% | ||||||||||||||||
AMC Networks, Inc. | ||||||||||||||||
250,000 | 4.750 | 08/01/25 | 239,375 | |||||||||||||
175,000 | 4.250 | 02/15/29 | 113,750 | |||||||||||||
Cable One, Inc. | ||||||||||||||||
350,000 | 4.000 | 11/15/30(a) | 265,125 | |||||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. |
| |||||||||||||||
560,000 | 5.125 | 05/01/27(a) | 531,300 | |||||||||||||
375,000 | 5.000 | 02/01/28(a) | 346,856 | |||||||||||||
279,000 | 5.375 | 06/01/29(a) | 252,844 | |||||||||||||
100,000 | 6.375 | 09/01/29(a) | 94,000 | |||||||||||||
478,000 | 4.750 | 03/01/30(a) | 408,690 | |||||||||||||
430,000 | 4.500 | 08/15/30(a) | 358,512 | |||||||||||||
350,000 | 4.250 | 02/01/31(a) | 282,625 | |||||||||||||
440,000 | 7.375 | 03/01/31(a) | 426,250 | |||||||||||||
350,000 | 4.750 | 02/01/32(a) | 283,938 | |||||||||||||
532,000 | 4.500 | 05/01/32 | 422,275 | |||||||||||||
200,000 | 4.500 | 06/01/33(a) | 155,000 | |||||||||||||
388,000 | 4.250 | 01/15/34(a) | 291,970 | |||||||||||||
CSC Holdings LLC | ||||||||||||||||
400,000 | 5.500 | 04/15/27(a) | 360,000 | |||||||||||||
250,000 | 5.375 | 02/01/28(a) | 218,125 | |||||||||||||
250,000 | 7.500 | 04/01/28(a) | 178,125 | |||||||||||||
300,000 | 11.750 | 01/31/29(a) | 314,062 | |||||||||||||
400,000 | 6.500 | 02/01/29(a) | 349,500 | |||||||||||||
240,000 | 5.750 | 01/15/30(a) | 141,000 | |||||||||||||
250,000 | 4.125 | 12/01/30(a) | 187,500 | |||||||||||||
400,000 | 4.625 | 12/01/30(a) | 222,500 | |||||||||||||
250,000 | 3.375 | 02/15/31(a) | 176,875 | |||||||||||||
250,000 | 4.500 | 11/15/31(a) | 186,875 | |||||||||||||
Directv Financing LLC | ||||||||||||||||
350,000 | 8.875 | 02/01/30(a) | 352,188 | |||||||||||||
Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |
| |||||||||||||||
543,000 | 5.875 | 08/15/27(a) | 513,814 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Communications – (continued) | ||||||||||||||||
Live Nation Entertainment, Inc. | ||||||||||||||||
$ | 425,000 | 4.750 | % | 10/15/27(a) | $ | 408,000 | ||||||||||
McGraw-Hill Education, Inc. | ||||||||||||||||
100,000 | 5.750 | 08/01/28(a) | 94,000 | |||||||||||||
News Corp. | ||||||||||||||||
250,000 | 3.875 | 05/15/29(a) | 226,875 | |||||||||||||
Radiate Holdco LLC / Radiate Finance, Inc. | ||||||||||||||||
150,000 | 4.500 | 09/15/26(a) | 118,500 | |||||||||||||
WMG Acquisition Corp. | ||||||||||||||||
232,000 | 3.875 | 07/15/30(a) | 205,900 | |||||||||||||
293,000 | 3.000 | 02/15/31(a) | 247,585 | |||||||||||||
|
| |||||||||||||||
8,973,934 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 18.5% | ||||||||||||||||
Adient Global Holdings Ltd. | ||||||||||||||||
500,000 |
| 8.250 | 04/15/31(a) | 526,372 | ||||||||||||
ADT Security Corp. (The) | ||||||||||||||||
86,000 | 4.125 | 08/01/29(a) | 78,368 | |||||||||||||
146,000 | 4.875 | 07/15/32(a) | 132,495 | |||||||||||||
Allison Transmission, Inc. | ||||||||||||||||
279,000 | 3.750 | 01/30/31(a) | 240,638 | |||||||||||||
AMC Entertainment Holdings, Inc. | ||||||||||||||||
200,000 | 10.000 | 06/15/26(a)(b) | 159,000 | |||||||||||||
100,000 | 7.500 | 02/15/29(a) | 69,500 | |||||||||||||
American Axle & Manufacturing, Inc. | ||||||||||||||||
246,000 | 6.875 | 07/01/28 | 238,005 | |||||||||||||
126,000 | 5.000 | 10/01/29 | 109,305 | |||||||||||||
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp. |
| |||||||||||||||
250,000 |
| 7.000 | 04/15/30(a) | 227,813 | ||||||||||||
Asbury Automotive Group, Inc. | ||||||||||||||||
292,000 | 4.625 | 11/15/29(a) | 266,815 | |||||||||||||
150,000 | 5.000 | 02/15/32(a) | 133,500 | |||||||||||||
Bath & Body Works, Inc. | ||||||||||||||||
500,000 | 7.500 | 06/15/29 | 516,250 | |||||||||||||
194,000 | 6.875 | 11/01/35 | 194,727 | |||||||||||||
100,000 | 6.750 | 07/01/36 | 98,375 | |||||||||||||
Boyd Gaming Corp. | ||||||||||||||||
108,000 | 4.750 | 12/01/27 | 103,950 | |||||||||||||
146,000 | 4.750 | 06/15/31(a) | 133,043 | |||||||||||||
Brink’s Co. (The) | ||||||||||||||||
200,000 | 5.500 | 07/15/25(a) | 199,500 | |||||||||||||
Caesars Entertainment, Inc. | ||||||||||||||||
305,000 | 8.125 | 07/01/27(a) | 312,154 | |||||||||||||
358,000 | 4.625 | 10/15/29(a) | 326,675 | |||||||||||||
100,000 | 7.000 | 02/15/30(a) | 102,625 | |||||||||||||
Carnival Corp. | ||||||||||||||||
841,000 | 7.625 | 03/01/26(a) | 851,512 | |||||||||||||
50,000 | 5.750 | 03/01/27(a) | 49,563 | |||||||||||||
871,000 | 6.000 | 05/01/29(a) | 854,669 | |||||||||||||
Carnival Holdings Bermuda Ltd. | ||||||||||||||||
273,000 | 10.375 | 05/01/28(a) | 298,253 | |||||||||||||
Carvana Co. | ||||||||||||||||
340,000 | 13.000 | 06/01/30(a)(b) | 318,750 | |||||||||||||
340,000 | 14.000 | 06/01/31(a)(b) | 331,500 | |||||||||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management |
| |||||||||||||||
Corp. / Millennium Op | ||||||||||||||||
219,000 | 5.500 | 05/01/25(a) | 218,726 | |||||||||||||
Century Communities, Inc. | ||||||||||||||||
150,000 | 6.750 | 06/01/27 | 150,375 |
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) | ||||||||||||||||
Century Communities, Inc. – (continued) |
| |||||||||||||||
$ | 200,000 | 3.875 | % | 08/15/29(a) | $ | 177,000 | ||||||||||
Cinemark USA, Inc. |
| |||||||||||||||
100,000 | 5.250 | 07/15/28(a) | 93,750 | |||||||||||||
Clarios Global LP / Clarios U.S. Finance Co. |
| |||||||||||||||
289,000 | 8.500 | 05/15/27(a) | 290,445 | |||||||||||||
100,000 | 6.750 | 05/15/28(a) | 101,375 | |||||||||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
| |||||||||||||||
147,000 | 4.625 | 01/15/29(a) | 133,586 | |||||||||||||
344,000 | 6.750 | 01/15/30(a) | 304,440 | |||||||||||||
Gap, Inc. (The) |
| |||||||||||||||
100,000 | 3.625 | 10/01/29(a) | 85,000 | |||||||||||||
207,000 | 3.875 | 10/01/31(a) | 167,670 | |||||||||||||
Goodyear Tire & Rubber Co. (The) |
| |||||||||||||||
50,000 | 9.500 | 05/31/25 | 50,500 | |||||||||||||
50,000 | 5.000 | 05/31/26 | 48,750 | |||||||||||||
150,000 | 4.875 | 03/15/27 | 144,187 | |||||||||||||
170,000 | 5.000 | 07/15/29 | 156,825 | |||||||||||||
180,000 | 5.250 | 04/30/31 | 163,350 | |||||||||||||
103,000 | 5.250 | 07/15/31 | 93,215 | |||||||||||||
Guitar Center, Inc. |
| |||||||||||||||
250,000 | 8.500 | 01/15/26(a) | 219,375 | |||||||||||||
Hilton Domestic Operating Co., Inc. |
| |||||||||||||||
50,000 | 5.375 | 05/01/25(a) | 50,000 | |||||||||||||
220,000 | 5.750 | 05/01/28(a) | 219,175 | |||||||||||||
145,000 | 3.750 | 05/01/29(a) | 132,675 | |||||||||||||
45,000 | 4.875 | 01/15/30 | 42,694 | |||||||||||||
283,000 | 4.000 | 05/01/31(a) | 252,664 | |||||||||||||
259,000 | 3.625 | 02/15/32(a) | 221,584 | |||||||||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand |
| |||||||||||||||
Vacations Borrower Esc |
| |||||||||||||||
419,000 | 5.000 | 06/01/29(a) | 390,194 | |||||||||||||
300,000 | 6.625 | 01/15/32(a) | 301,500 | |||||||||||||
Iron Mountain Information Management Services, Inc. |
| |||||||||||||||
100,000 | 5.000 | 07/15/32(a) | 89,375 | |||||||||||||
Iron Mountain, Inc. |
| |||||||||||||||
200,000 | 4.875 | 09/15/27(a) | 192,500 | |||||||||||||
239,000 | 5.250 | 03/15/28(a) | 231,531 | |||||||||||||
319,000 | 5.250 | 07/15/30(a) | 299,461 | |||||||||||||
400,000 | 4.500 | 02/15/31(a) | 356,250 | |||||||||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC |
| |||||||||||||||
150,000 | 4.750 | 06/01/27(a) | 147,000 | |||||||||||||
LCM Investments Holdings II LLC |
| |||||||||||||||
290,000 | 4.875 | 05/01/29(a) | 261,000 | |||||||||||||
Liberty Interactive LLC |
| |||||||||||||||
200,000 | 8.250 | 02/01/30 | 132,000 | |||||||||||||
Life Time, Inc. |
| |||||||||||||||
60,000 | 8.000 | 04/15/26(a) | 60,675 | |||||||||||||
Light & Wonder International, Inc. |
| |||||||||||||||
145,000 | 7.000 | 05/15/28(a) | 146,450 | |||||||||||||
146,000 | 7.250 | 11/15/29(a) | 149,650 | |||||||||||||
250,000 | 7.500 | 09/01/31(a) | 260,937 | |||||||||||||
Lithia Motors, Inc. |
| |||||||||||||||
200,000 | 4.625 | 12/15/27(a) | 191,000 | |||||||||||||
100,000 | 4.375 | 01/15/31(a) | 88,875 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||||
Macy’s Retail Holdings LLC |
| |||||||||||||||
$ | 190,000 | 5.875 | % | 04/01/29(a) | $ | 183,350 | ||||||||||
101,000 | 6.125 | 03/15/32(a) | 94,309 | |||||||||||||
MGM Resorts International |
| |||||||||||||||
79,000 | 5.750 | 06/15/25 | 79,000 | |||||||||||||
161,000 | 4.625 | 09/01/26 | 156,572 | |||||||||||||
180,000 | 5.500 | 04/15/27 | 177,300 | |||||||||||||
160,000 | 4.750 | 10/15/28 | 151,000 | |||||||||||||
Mohegan Tribal Gaming Authority |
| |||||||||||||||
354,000 | 8.000 | 02/01/26(a) | 334,530 | |||||||||||||
200,000 | 13.250 | 12/15/27(a) | 216,000 | |||||||||||||
NCL Corp. Ltd. |
| |||||||||||||||
327,000 | 5.875 | 03/15/26(a) | 320,460 | |||||||||||||
500,000 | 5.875 | 02/15/27(a) | 495,625 | |||||||||||||
114,000 | 7.750 | 02/15/29(a) | 117,135 | |||||||||||||
NCL Finance Ltd. |
| |||||||||||||||
50,000 | 6.125 | 03/15/28(a) | 48,875 | |||||||||||||
NMG Holding Co., Inc. / Neiman Marcus Group LLC |
| |||||||||||||||
240,000 | 7.125 | 04/01/26(a) | 236,400 | |||||||||||||
Nordstrom, Inc. |
| |||||||||||||||
100,000 | 4.250 | 08/01/31 | 84,500 | |||||||||||||
PetSmart, Inc. / PetSmart Finance Corp. |
| |||||||||||||||
250,000 | 4.750 | 02/15/28(a) | 235,000 | |||||||||||||
250,000 | 7.750 | 02/15/29(a) | 248,125 | |||||||||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |
| |||||||||||||||
100,000 | 5.625 | 09/01/29(a) | 72,500 | |||||||||||||
100,000 | 5.875 | 09/01/31(a) | 71,000 | |||||||||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. |
| |||||||||||||||
100,000 | 5.750 | 04/15/26(a) | 99,500 | |||||||||||||
338,000 | 3.375 | 08/31/27(a) | 309,270 | |||||||||||||
358,000 | 6.250 | 01/15/28(a) | 354,420 | |||||||||||||
QVC, Inc. |
| |||||||||||||||
50,000 | 4.450 | 02/15/25 | 48,812 | |||||||||||||
450,000 | 4.750 | 02/15/27 | 408,375 | |||||||||||||
50,000 | 4.375 | 09/01/28 | 41,375 | |||||||||||||
RHP Hotel Properties LP / RHP Finance Corp. |
| |||||||||||||||
299,000 | 4.500 | 02/15/29(a) | 277,696 | |||||||||||||
Royal Caribbean Cruises Ltd. |
| |||||||||||||||
420,000 | 4.250 | 07/01/26(a) | 404,775 | |||||||||||||
100,000 | 5.375 | 07/15/27(a) | 98,125 | |||||||||||||
140,000 | 3.700 | 03/15/28 | 129,325 | |||||||||||||
351,000 | 5.500 | 04/01/28(a) | 345,735 | |||||||||||||
200,000 | 8.250 | 01/15/29(a) | 212,750 | |||||||||||||
Sabre GLBL, Inc. |
| |||||||||||||||
300,000 | 8.625 | 06/01/27(a) | 265,500 | |||||||||||||
Six Flags Entertainment Corp. |
| |||||||||||||||
250,000 | 5.500 | 04/15/27(a) | 245,937 | |||||||||||||
400,000 | 7.250 | 05/15/31(a) | 402,750 | |||||||||||||
Staples, Inc. |
| |||||||||||||||
333,000 | 7.500 | 04/15/26(a) | 321,761 | |||||||||||||
Station Casinos LLC |
| |||||||||||||||
100,000 | 4.500 | 02/15/28(a) | 93,750 | |||||||||||||
Taylor Morrison Communities, Inc. |
| |||||||||||||||
243,000 | 5.125 | 08/01/30(a) | 230,243 | |||||||||||||
Tenneco, Inc. |
| |||||||||||||||
300,000 | 8.000 | 11/17/28(a) | 274,500 |
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 29, 2024 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||||
TKC Holdings, Inc. |
| |||||||||||||||
$ | 100,000 | 6.875 | % | 05/15/28(a) | $ | 94,000 | ||||||||||
Travel + Leisure Co. |
| |||||||||||||||
355,000 | 6.625 | 07/31/26(a) | 359,437 | |||||||||||||
350,000 | 4.500 | 12/01/29(a) | 322,000 | |||||||||||||
Wand NewCo 3, Inc. |
| |||||||||||||||
540,000 | 7.625 | 01/30/32(a) | 556,200 | |||||||||||||
Williams Scotsman, Inc. |
| |||||||||||||||
254,000 | 6.125 | 06/15/25(a) | 254,318 | |||||||||||||
290,000 | 7.375 | 10/01/31(a) | 301,600 | |||||||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. |
| |||||||||||||||
200,000 | 5.250 | 05/15/27(a) | 195,750 | |||||||||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |
| |||||||||||||||
200,000 | 5.125 | 10/01/29(a) | 189,750 | |||||||||||||
Yum! Brands, Inc. |
| |||||||||||||||
161,000 | 4.750 | 01/15/30(a) | 153,151 | |||||||||||||
164,000 | 3.625 | 03/15/31 | 144,730 | |||||||||||||
354,000 | 5.375 | 04/01/32 | 340,725 | |||||||||||||
|
| |||||||||||||||
24,487,057 | ||||||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 2.9% | ||||||||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. |
| |||||||||||||||
26,000 | 6.625 | 07/15/26(a) | 25,935 | |||||||||||||
207,000 | 9.750 | 07/15/27(a) | 206,353 | |||||||||||||
200,000 | 6.000 | 06/01/29(a) | 166,250 | |||||||||||||
Allied Universal Holdco LLC /Allied Universal Finance Corp. / |
| |||||||||||||||
Atlas Luxco 4 Sarl |
| |||||||||||||||
200,000 | 4.625 | 06/01/28(a) | 178,000 | |||||||||||||
Avantor Funding, Inc. |
| |||||||||||||||
550,000 | 4.625 | 07/15/28(a) | 521,813 | |||||||||||||
Hologic, Inc. |
| |||||||||||||||
104,000 | 4.625 | 02/01/28(a) | 99,970 | |||||||||||||
375,000 | 3.250 | 02/15/29(a) | 336,094 | |||||||||||||
LifePoint Health, Inc. |
| |||||||||||||||
200,000 | 5.375 | 01/15/29(a) | 159,500 | |||||||||||||
Medline Borrower LP |
| |||||||||||||||
986,000 | 3.875 | 04/01/29(a) | 887,400 | |||||||||||||
321,000 | 5.250 | 10/01/29(a) | 298,530 | |||||||||||||
Molina Healthcare, Inc. |
| |||||||||||||||
450,000 | 4.375 | 06/15/28(a) | 420,750 | |||||||||||||
RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc. |
| |||||||||||||||
393,000 | 9.750 | 12/01/26(a) | 392,509 | |||||||||||||
Vector Group Ltd. |
| |||||||||||||||
154,000 | 10.500 | 11/01/26(a) | 154,962 | |||||||||||||
150,000 | 5.750 | 02/01/29(a) | 137,625 | |||||||||||||
|
| |||||||||||||||
3,985,691 | ||||||||||||||||
| ||||||||||||||||
Consumer Products – 0.7% | ||||||||||||||||
Coty, Inc. |
| |||||||||||||||
200,000 | 5.000 | 04/15/26(a) | 197,000 | |||||||||||||
Energizer Holdings, Inc. |
| |||||||||||||||
100,000 | 4.750 | 06/15/28(a) | 91,760 | |||||||||||||
100,000 | 4.375 | 03/31/29(a) | 89,375 | |||||||||||||
Newell Brands, Inc. |
| |||||||||||||||
320,000 | 6.625 | 09/15/29 | 306,240 | |||||||||||||
Scotts Miracle-Gro Co. (The) |
| |||||||||||||||
100,000 | 4.375 | 02/01/32 | 83,875 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Consumer Products – (continued) | ||||||||||||||||
Tempur Sealy International, Inc. |
| |||||||||||||||
$300,000 | 4.000 | % | 04/15/29(a) | $ | 268,500 | |||||||||||
|
| |||||||||||||||
1,036,750 | ||||||||||||||||
| ||||||||||||||||
Distribution & Logistics – 0.1% | ||||||||||||||||
WESCO Distribution, Inc. |
| |||||||||||||||
$ 171,000 |
| 7.250 | 06/15/28(a) | 174,847 | ||||||||||||
| ||||||||||||||||
Electric – 2.8% | ||||||||||||||||
Artera Services LLC |
| |||||||||||||||
100,000 | 8.500 | 02/15/31(a) | 102,313 | |||||||||||||
Calpine Corp. |
| |||||||||||||||
191,000 | 5.250 | 06/01/26(a) | 188,612 | |||||||||||||
100,000 | 5.125 | 03/15/28(a) | 94,875 | |||||||||||||
150,000 | 4.625 | 02/01/29(a) | 138,188 | |||||||||||||
68,000 | 5.000 | 02/01/31(a) | 61,030 | |||||||||||||
277,000 | 3.750 | 03/01/31(a) | 237,527 | |||||||||||||
Clearway Energy Operating LLC |
| |||||||||||||||
473,000 | 3.750 | 02/15/31(a) | 401,459 | |||||||||||||
FirstEnergy Corp. |
| |||||||||||||||
487,000 | 2.650 | 03/01/30 | 417,363 | |||||||||||||
FirstEnergy Corp., Series B |
| |||||||||||||||
126,000 | 4.150 | 07/15/27 | 120,124 | |||||||||||||
NextEra Energy Operating Partners LP |
| |||||||||||||||
100,000 | 3.875 | 10/15/26(a) | 94,000 | |||||||||||||
PG&E Corp. |
| |||||||||||||||
487,000 | 5.250 | 07/01/30 | 459,506 | |||||||||||||
Pike Corp. |
| |||||||||||||||
100,000 | 8.625 | 01/31/31(a) | 105,750 | |||||||||||||
TerraForm Power Operating LLC |
| |||||||||||||||
300,000 | 5.000 | 01/31/28(a) | 285,000 | |||||||||||||
200,000 | 4.750 | 01/15/30(a) | 182,000 | |||||||||||||
Vistra Operations Co. LLC |
| |||||||||||||||
187,000 | 5.625 | 02/15/27(a) | 183,260 | |||||||||||||
385,000 | 5.000 | 07/31/27(a) | 368,637 | |||||||||||||
284,000 | 4.375 | 05/01/29(a) | 258,795 | |||||||||||||
100,000 | 7.750 | 10/15/31(a) | 103,375 | |||||||||||||
|
| |||||||||||||||
3,801,814 | ||||||||||||||||
| ||||||||||||||||
Energy – 11.7% | ||||||||||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. |
| |||||||||||||||
167,000 | 5.750 | 03/01/27(a) | 163,660 | |||||||||||||
71,000 | 5.750 | 01/15/28(a) | 69,757 | |||||||||||||
250,000 | 6.625 | 02/01/32(a) | 249,063 | |||||||||||||
Antero Resources Corp. |
| |||||||||||||||
126,000 | 7.625 | 02/01/29(a) | 130,095 | |||||||||||||
150,000 | 5.375 | 03/01/30(a) | 143,437 | |||||||||||||
Archrock Partners LP / Archrock Partners Finance Corp. |
| |||||||||||||||
297,000 | 6.875 | 04/01/27(a) | 297,000 | |||||||||||||
50,000 | 6.250 | 04/01/28(a) | 49,125 | |||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. |
| |||||||||||||||
152,000 | 5.875 | 06/30/29(a) | 142,310 | |||||||||||||
Buckeye Partners LP |
| |||||||||||||||
68,000 | 3.950 | 12/01/26 | 64,430 | |||||||||||||
134,000 | 4.125 | 12/01/27 | 124,770 | |||||||||||||
146,000 | 4.500 | 03/01/28(a) | 136,510 | |||||||||||||
Callon Petroleum Co. |
| |||||||||||||||
332,000 | 8.000 | 08/01/28(a) | 347,355 | |||||||||||||
Chesapeake Energy Corp. |
| |||||||||||||||
400,000 | 5.875 | 02/01/29(a) | 395,000 |
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) | ||||||||||||||||
CITGO Petroleum Corp. |
| |||||||||||||||
$ | 300,000 | 7.000 | % | 06/15/25(a) | $ | 300,375 | ||||||||||
170,000 | 6.375 | 06/15/26(a) | 171,700 | |||||||||||||
100,000 | 8.375 | 01/15/29(a) | 105,125 | |||||||||||||
CNX Resources Corp. |
| |||||||||||||||
270,000 | 6.000 | 01/15/29(a) | 260,212 | |||||||||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC |
| |||||||||||||||
500,000 | 5.500 | 06/15/31(a) | 468,125 | |||||||||||||
CrownRock LP / CrownRock Finance, Inc. |
| |||||||||||||||
364,000 | 5.625 | 10/15/25(a) | 362,180 | |||||||||||||
DT Midstream, Inc. |
| |||||||||||||||
250,000 | 4.125 | 06/15/29(a) | 229,375 | |||||||||||||
297,000 | 4.375 | 06/15/31(a) | 267,671 | |||||||||||||
Endeavor Energy Resources LP / EER Finance, Inc. |
| |||||||||||||||
243,000 | 5.750 | 01/30/28(a) | 245,430 | |||||||||||||
EnLink Midstream LLC |
| |||||||||||||||
100,000 | 5.625 | 01/15/28(a) | 98,503 | |||||||||||||
343,000 | 5.375 | 06/01/29 | 332,113 | |||||||||||||
EnLink Midstream Partners LP |
| |||||||||||||||
312,000 | 4.850 | 07/15/26 | 305,484 | |||||||||||||
EQM Midstream Partners LP |
| |||||||||||||||
293,000 | 6.000 | 07/01/25(a) | 294,099 | |||||||||||||
50,000 | 7.500 | 06/01/27(a) | 51,250 | |||||||||||||
170,000 | 6.500 | 07/01/27(a) | 172,337 | |||||||||||||
167,000 | 5.500 | 07/15/28 | 164,495 | |||||||||||||
199,000 | 4.500 | 01/15/29(a) | 187,060 | |||||||||||||
239,000 | 4.750 | 01/15/31(a) | 223,166 | |||||||||||||
Hess Midstream Operations LP |
| |||||||||||||||
77,000 | 5.125 | 06/15/28(a) | 74,112 | |||||||||||||
233,000 | 4.250 | 02/15/30(a) | 211,739 | |||||||||||||
100,000 | 5.500 | 10/15/30(a) | 95,875 | |||||||||||||
Hilcorp Energy I LP / Hilcorp Finance Co. |
| |||||||||||||||
75,000 | 6.250 | 11/01/28(a) | 74,813 | |||||||||||||
269,000 | 5.750 | 02/01/29(a) | 260,930 | |||||||||||||
150,000 | 6.000 | 02/01/31(a) | 145,312 | |||||||||||||
100,000 | 8.375 | 11/01/33(a) | 107,375 | |||||||||||||
ITT Holdings LLC |
| |||||||||||||||
260,000 | 6.500 | 08/01/29(a) | 232,050 | |||||||||||||
Kinetik Holdings LP |
| |||||||||||||||
500,000 | 5.875 | 06/15/30(a) | 489,375 | |||||||||||||
Matador Resources Co. |
| |||||||||||||||
450,000 | 6.875 | 04/15/28(a) | 459,563 | |||||||||||||
Moss Creek Resources Holdings, Inc. |
| |||||||||||||||
130,000 | 7.500 | 01/15/26(a) | 129,431 | |||||||||||||
265,000 | 10.500 | 05/15/27(a) | 272,619 | |||||||||||||
Nabors Industries Ltd. |
| |||||||||||||||
189,000 | 7.250 | 01/15/26(a) | 186,165 | |||||||||||||
Nabors Industries, Inc. |
| |||||||||||||||
200,000 | 9.125 | 01/31/30(a) | 205,375 | |||||||||||||
Northern Oil & Gas, Inc. |
| |||||||||||||||
150,000 | 8.750 | 06/15/31(a) | 157,125 | |||||||||||||
PBF Holding Co. LLC / PBF Finance Corp. |
| |||||||||||||||
323,000 | 6.000 | 02/15/28 | 315,732 | |||||||||||||
Permian Resources Operating LLC |
| |||||||||||||||
500,000 | 8.000 | 04/15/27(a) | 517,500 | |||||||||||||
200,000 | 5.875 | 07/01/29(a) | 196,000 | |||||||||||||
Range Resources Corp. |
| |||||||||||||||
185,000 | 4.875 | 05/15/25 | 183,381 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Energy – (continued) | ||||||||||||||||
Range Resources Corp. – (continued) |
| |||||||||||||||
$ | 250,000 | 4.750 | % | 02/15/30(a) | $ | 232,500 | ||||||||||
SM Energy Co. |
| |||||||||||||||
90,000 | 6.750 | 09/15/26 | 89,888 | |||||||||||||
199,000 | 6.625 | 01/15/27 | 198,751 | |||||||||||||
Southwestern Energy Co. |
| |||||||||||||||
293,000 | 5.375 | 03/15/30 | 279,815 | |||||||||||||
341,000 | 4.750 | 02/01/32 | 310,310 | |||||||||||||
Sunoco LP / Sunoco Finance Corp. |
| |||||||||||||||
130,000 | 6.000 | 04/15/27 | 130,163 | |||||||||||||
200,000 | 4.500 | 05/15/29 | 184,500 | |||||||||||||
90,000 | 4.500 | 04/30/30 | 81,787 | |||||||||||||
Transocean Titan Financing Ltd. |
| |||||||||||||||
93,000 | 8.375 | 02/01/28(a) | 95,906 | |||||||||||||
Transocean, Inc. |
| |||||||||||||||
187,000 | 11.500 | 01/30/27(a) | 195,415 | |||||||||||||
594,000 | 8.750 | 02/15/30(a) | 614,048 | |||||||||||||
USA Compression Partners LP / USA Compression Finance Corp. |
| |||||||||||||||
316,000 | 6.875 | 04/01/26 | 316,000 | |||||||||||||
Valaris Ltd. |
| |||||||||||||||
300,000 | 8.375 | 04/30/30(a) | 309,056 | |||||||||||||
Venture Global Calcasieu Pass LLC |
| |||||||||||||||
520,000 | 3.875 | 08/15/29(a) | 468,650 | |||||||||||||
247,000 | 3.875 | 11/01/33(a) | 207,789 | |||||||||||||
Venture Global LNG, Inc. |
| |||||||||||||||
510,000 | 8.125 | 06/01/28(a) | 518,925 | |||||||||||||
550,000 | 9.500 | 02/01/29(a) | 587,812 | |||||||||||||
Vital Energy, Inc. |
| |||||||||||||||
200,000 | 9.750 | 10/15/30 | 214,250 | |||||||||||||
|
| |||||||||||||||
15,901,249 | ||||||||||||||||
| ||||||||||||||||
Financial Company – 4.9% |
| |||||||||||||||
AG TTMT Escrow Issuer LLC |
| |||||||||||||||
100,000 | 8.625 | 09/30/27(a) | 103,250 | |||||||||||||
Coinbase Global, Inc. |
| |||||||||||||||
250,000 | 3.625 | 10/01/31(a) | 195,938 | |||||||||||||
HUB International Ltd. |
| |||||||||||||||
170,000 | 5.625 | 12/01/29(a) | 158,525 | |||||||||||||
440,000 | 7.250 | 06/15/30(a) | 448,800 | |||||||||||||
300,000 | 7.375 | 01/31/32(a) | 302,250 | |||||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. |
| |||||||||||||||
564,000 | 6.375 | 12/15/25 | 560,458 | |||||||||||||
310,000 | 5.250 | 05/15/27 | 286,363 | |||||||||||||
LD Holdings Group LLC |
| |||||||||||||||
226,000 | 6.125 | 04/01/28(a) | 185,038 | |||||||||||||
Midcap Financial Issuer Trust |
| |||||||||||||||
200,000 | 6.500 | 05/01/28(a) | 184,000 | |||||||||||||
Nationstar Mortgage Holdings, Inc. |
| |||||||||||||||
130,000 | 6.000 | 01/15/27(a) | 128,050 | |||||||||||||
353,000 | 5.500 | 08/15/28(a) | 335,350 | |||||||||||||
200,000 | 5.125 | 12/15/30(a) | 179,246 | |||||||||||||
Navient Corp. |
| |||||||||||||||
164,000 | 6.750 | 06/25/25 | 166,050 | |||||||||||||
271,000 | 6.750 | 06/15/26 | 272,442 | |||||||||||||
200,000 | 5.500 | 03/15/29 | 181,500 | |||||||||||||
Navient Corp., MTN |
| |||||||||||||||
297,000 | 5.625 | 08/01/33 | 243,169 | |||||||||||||
NFP Corp. |
| |||||||||||||||
342,000 | 6.875 | 08/15/28(a) | 348,413 |
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 29, 2024 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Financial Company – (continued) | ||||||||||||||||
OneMain Finance Corp. |
| |||||||||||||||
$ | 250,000 | 7.125 | % | 03/15/26 | $ | 255,313 | ||||||||||
120,000 | 3.500 | 01/15/27 | 110,700 | |||||||||||||
375,000 | 3.875 | 09/15/28 | 329,531 | |||||||||||||
100,000 | 9.000 | 01/15/29 | 105,249 | |||||||||||||
100,000 | 7.875 | 03/15/30 | 101,875 | |||||||||||||
235,000 | 4.000 | 09/15/30 | 199,162 | |||||||||||||
PennyMac Financial Services, Inc. |
| |||||||||||||||
302,000 | 5.375 | 10/15/25(a) | 298,225 | |||||||||||||
150,000 | 5.750 | 09/15/31(a) | 137,812 | |||||||||||||
Rocket Mortgage LLC |
| |||||||||||||||
244,000 | 5.250 | 01/15/28(a) | 234,126 | |||||||||||||
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
| |||||||||||||||
371,000 | 3.875 | 03/01/31(a) | 318,982 | |||||||||||||
270,000 | 4.000 | 10/15/33(a) | 226,199 | |||||||||||||
United Wholesale Mortgage LLC |
| |||||||||||||||
200,000 | 5.750 | 06/15/27(a) | 195,000 | |||||||||||||
|
| |||||||||||||||
6,791,016 | ||||||||||||||||
| ||||||||||||||||
Food and Beverage – 2.5% |
| |||||||||||||||
Aramark Services, Inc. |
| |||||||||||||||
395,000 | 5.000 | 02/01/28(a) | 380,188 | |||||||||||||
B&G Foods, Inc. |
| |||||||||||||||
250,000 | 5.250 | 09/15/27 | 232,370 | |||||||||||||
Fiesta Purchaser, Inc. |
| |||||||||||||||
350,000 | 7.875 | 03/01/31(a) | 362,688 | |||||||||||||
Lamb Weston Holdings, Inc. |
| |||||||||||||||
320,000 | 4.125 | 01/31/30(a) | 290,800 | |||||||||||||
240,000 | 4.375 | 01/31/32(a) | 215,100 | |||||||||||||
Performance Food Group, Inc. |
| |||||||||||||||
488,000 | 5.500 | 10/15/27(a) | 479,460 | |||||||||||||
Post Holdings, Inc. |
| |||||||||||||||
179,000 | 5.750 | 03/01/27(a) | 181,014 | |||||||||||||
180,000 | 5.625 | 01/15/28(a) | 177,300 | |||||||||||||
273,000 | 5.500 | 12/15/29(a) | 262,080 | |||||||||||||
370,000 | 4.500 | 09/15/31(a) | 331,150 | |||||||||||||
U.S. Foods, Inc. |
| |||||||||||||||
50,000 | 6.875 | 09/15/28(a) | 51,062 | |||||||||||||
300,000 | 4.750 | 02/15/29(a) | 281,250 | |||||||||||||
|
| |||||||||||||||
3,244,462 | ||||||||||||||||
| ||||||||||||||||
Hardware – 0.3% |
| |||||||||||||||
NCR Voyix Corp. |
| |||||||||||||||
254,000 | 5.000 | 10/01/28(a) | 237,172 | |||||||||||||
190,000 | 5.250 | 10/01/30(a) | 172,425 | |||||||||||||
|
| |||||||||||||||
409,597 | ||||||||||||||||
| ||||||||||||||||
Healthcare – 5.9% |
| |||||||||||||||
Charles River Laboratories International, Inc. |
| |||||||||||||||
450,000 | 4.000 | 03/15/31(a) | 399,656 | |||||||||||||
CHS/Community Health Systems, Inc. |
| |||||||||||||||
350,000 | 5.625 | 03/15/27(a) | 322,000 | |||||||||||||
226,000 | 6.000 | 01/15/29(a) | 194,077 | |||||||||||||
238,000 | 6.875 | 04/15/29(a) | 154,700 | |||||||||||||
476,000 | 5.250 | 05/15/30(a) | 380,800 | |||||||||||||
399,000 | 4.750 | 02/15/31(a) | 305,235 | |||||||||||||
DaVita, Inc. |
| |||||||||||||||
526,000 | 4.625 | 06/01/30(a) | 462,880 | |||||||||||||
313,000 | 3.750 | 02/15/31(a) | 257,442 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Healthcare – (continued) | ||||||||||||||||
Encompass Health Corp. |
| |||||||||||||||
$ | 400,000 | 4.750 | % | 02/01/30 | $ | 372,000 | ||||||||||
IQVIA, Inc. |
| |||||||||||||||
280,000 | 5.000 | 05/15/27(a) | 273,000 | |||||||||||||
250,000 | 6.500 | 05/15/30(a) | 254,375 | |||||||||||||
Legacy LifePoint Health LLC |
| |||||||||||||||
323,000 | 4.375 | 02/15/27(a) | 299,582 | |||||||||||||
MPH Acquisition Holdings LLC |
| |||||||||||||||
250,000 | 5.500 | 09/01/28(a) | 219,375 | |||||||||||||
250,000 | 5.750 | 11/01/28(a) | 200,625 | |||||||||||||
Owens & Minor, Inc. |
| |||||||||||||||
400,000 | 6.625 | 04/01/30(a) | 388,000 | |||||||||||||
RP Escrow Issuer LLC |
| |||||||||||||||
100,000 | 5.250 | 12/15/25(a) | 89,750 | |||||||||||||
Select Medical Corp. |
| |||||||||||||||
100,000 | 6.250 | 08/15/26(a) | 100,000 | |||||||||||||
Service Corp. International |
| |||||||||||||||
115,000 | 4.625 | 12/15/27 | 110,688 | |||||||||||||
468,000 | 5.125 | 06/01/29 | 459,225 | |||||||||||||
Star Parent, Inc. |
| |||||||||||||||
100,000 | 9.000 | 10/01/30(a) | 105,875 | |||||||||||||
Tenet Healthcare Corp. |
| |||||||||||||||
397,000 | 4.875 | 01/01/26 | 396,802 | |||||||||||||
290,000 | 6.250 | 02/01/27 | 289,638 | |||||||||||||
305,000 | 5.125 | 11/01/27 | 299,281 | |||||||||||||
193,000 | 4.625 | 06/15/28 | 184,074 | |||||||||||||
451,000 | 6.125 | 10/01/28 | 447,617 | |||||||||||||
420,000 | 4.250 | 06/01/29 | 386,400 | |||||||||||||
50,000 | 6.125 | 06/15/30 | 49,625 | |||||||||||||
450,000 | 6.750 | 05/15/31(a) | 455,062 | |||||||||||||
|
| |||||||||||||||
7,857,784 | ||||||||||||||||
| ||||||||||||||||
Insurance – 1.3% |
| |||||||||||||||
Acrisure LLC / Acrisure Finance, Inc. |
| |||||||||||||||
157,000 | 10.125 | 08/01/26(a) | 163,476 | |||||||||||||
475,000 | 8.250 | 02/01/29(a) | 470,844 | |||||||||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |
| |||||||||||||||
403,000 | 4.250 | 10/15/27(a) | 375,294 | |||||||||||||
244,000 | 6.750 | 10/15/27(a) | 237,290 | |||||||||||||
30,000 | 5.875 | 11/01/29(a) | 27,525 | |||||||||||||
350,000 | 7.000 | 01/15/31(a) | 349,125 | |||||||||||||
AssuredPartners, Inc. |
| |||||||||||||||
150,000 | 5.625 | 01/15/29(a) | 138,375 | |||||||||||||
|
| |||||||||||||||
1,761,929 | ||||||||||||||||
| ||||||||||||||||
Metals – 0.4% |
| |||||||||||||||
Kaiser Aluminum Corp. |
| |||||||||||||||
150,000 | 4.500 | 06/01/31(a) | 128,250 | |||||||||||||
Novelis Corp. |
| |||||||||||||||
451,000 | 4.750 | 01/30/30(a) | 414,356 | |||||||||||||
60,000 | 3.875 | 08/15/31(a) | 50,925 | |||||||||||||
|
| |||||||||||||||
593,531 | ||||||||||||||||
| ||||||||||||||||
Metals and Mining – 0.3% |
| |||||||||||||||
Cleveland-Cliffs, Inc. |
| |||||||||||||||
386,000 | 6.750 | 03/15/26(a) | 388,413 | |||||||||||||
| ||||||||||||||||
Natural Gas – 2.3% |
| |||||||||||||||
Ferrellgas LP / Ferrellgas Finance Corp. |
| |||||||||||||||
359,000 | 5.375 | 04/01/26(a) | 357,205 |
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) | ||||||||||||||||
Natural Gas – (continued) | ||||||||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. |
| |||||||||||||||
$ | 570,000 | 8.000 | % | 01/15/27 | $ | 576,412 | ||||||||||
NGL Energy Operating LLC / NGL Energy Finance Corp. |
| |||||||||||||||
350,000 | 8.375 | 02/15/32(a) | 357,000 | |||||||||||||
NuStar Logistics LP |
| |||||||||||||||
193,000 | 6.000 | 06/01/26 | 191,311 | |||||||||||||
100,000 | 5.625 | 04/28/27 | 98,875 | |||||||||||||
Rockies Express Pipeline LLC |
| |||||||||||||||
251,000 | 4.950 | 07/15/29(a) | 235,940 | |||||||||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |
| |||||||||||||||
153,000 | 6.000 | 03/01/27(a) | 150,896 | |||||||||||||
111,000 | 5.500 | 01/15/28(a) | 105,450 | |||||||||||||
100,000 | 7.375 | 02/15/29(a) | 99,750 | |||||||||||||
300,000 | 6.000 | 09/01/31(a) | 276,375 | |||||||||||||
Venture Global LNG, Inc. |
| |||||||||||||||
550,000 | 8.375 | 06/01/31(a) | 557,219 | |||||||||||||
|
| |||||||||||||||
3,006,433 | ||||||||||||||||
| ||||||||||||||||
Other – 0.2% |
| |||||||||||||||
Brand Industrial Services, Inc. |
| |||||||||||||||
250,000 | 10.375 | 08/01/30(a) | 265,625 | |||||||||||||
| ||||||||||||||||
Pharmaceuticals – 1.4% |
| |||||||||||||||
Bausch Health Americas, Inc. |
| |||||||||||||||
450,000 | 9.250 | 04/01/26(a) | 426,375 | |||||||||||||
Bausch Health Cos., Inc. |
| |||||||||||||||
550,000 | 5.500 | 11/01/25(a) | 512,875 | |||||||||||||
150,000 | 9.000 | 12/15/25(a) | 142,875 | |||||||||||||
200,000 | 6.125 | 02/01/27(a) | 129,000 | |||||||||||||
500,000 | 4.875 | 06/01/28(a) | 287,500 | |||||||||||||
250,000 | 11.000 | 09/30/28(a) | 167,500 | |||||||||||||
50,000 | 5.000 | 02/15/29(a) | 22,250 | |||||||||||||
100,000 | 6.250 | 02/15/29(a) | 46,000 | |||||||||||||
110,000 | 5.250 | 01/30/30(a) | 48,675 | |||||||||||||
300,000 | 5.250 | 02/15/31(a) | 132,750 | |||||||||||||
|
| |||||||||||||||
1,915,800 | ||||||||||||||||
| ||||||||||||||||
REITs and Real Estate – 1.7% |
| |||||||||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR |
| |||||||||||||||
Nimbus LLC / GGSI Sellco LL |
| |||||||||||||||
250,000 | 5.750 | 05/15/26(a) | 241,719 | |||||||||||||
Diversified Healthcare Trust |
| |||||||||||||||
100,000 | 9.750 | 06/15/25 | 99,743 | |||||||||||||
100,000 | – | 01/15/26(a)(c) | 85,152 | |||||||||||||
100,000 | 4.750 | 02/15/28 | 79,829 | |||||||||||||
150,000 | 4.375 | 03/01/31 | 114,375 | |||||||||||||
Howard Hughes Corp. (The) |
| |||||||||||||||
329,000 | 4.375 | 02/01/31(a) | 281,706 | |||||||||||||
Hudson Pacific Properties LP |
| |||||||||||||||
250,000 | 3.950 | 11/01/27 | 216,471 | |||||||||||||
Kennedy-Wilson, Inc. |
| |||||||||||||||
50,000 | 4.750 | 03/01/29 | 40,750 | |||||||||||||
241,000 | 5.000 | 03/01/31 | 188,583 | |||||||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. |
| |||||||||||||||
100,000 | 5.750 | 01/15/29(a) | 74,750 | |||||||||||||
Service Properties Trust |
| |||||||||||||||
239,000 | 7.500 | 09/15/25 | 241,682 | |||||||||||||
60,000 | 4.950 | 10/01/29 | 49,500 | |||||||||||||
263,000 | 4.375 | 02/15/30 | 204,552 | |||||||||||||
150,000 | 8.625 | 11/15/31(a) | 158,708 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||||
Starwood Property Trust, Inc. |
| |||||||||||||||
$60,000 | 4.750 | % | 03/15/25 | $ | 59,325 | |||||||||||
|
| |||||||||||||||
2,136,845 | ||||||||||||||||
| ||||||||||||||||
Rental Equipment – 1.5% |
| |||||||||||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |
| |||||||||||||||
500,000 | 5.750 | 07/15/27(a) | 476,250 | |||||||||||||
200,000 | 8.000 | 02/15/31(a) | 194,000 | |||||||||||||
H&E Equipment Services, Inc. |
| |||||||||||||||
440,000 | 3.875 | 12/15/28(a) | 397,650 | |||||||||||||
Hertz Corp. (The) |
| |||||||||||||||
75,000 | 4.625 | 12/01/26(a) | 66,375 | |||||||||||||
125,000 | 5.000 | 12/01/29(a) | 95,625 | |||||||||||||
United Rentals North America, Inc. |
| |||||||||||||||
228,000 | 5.500 | 05/15/27 | 226,496 | |||||||||||||
280,000 | 4.875 | 01/15/28 | 271,600 | |||||||||||||
281,000 | 3.875 | 02/15/31 | 250,090 | |||||||||||||
|
| |||||||||||||||
1,978,086 | ||||||||||||||||
| ||||||||||||||||
Software – 1.8% |
| |||||||||||||||
Clarivate Science Holdings Corp. |
| |||||||||||||||
250,000 | 3.875 | 07/01/28(a) | 228,750 | |||||||||||||
100,000 | 4.875 | 07/01/29(a) | 91,000 | |||||||||||||
Cloud Software Group, Inc. |
| |||||||||||||||
663,000 | 6.500 | 03/31/29(a) | 618,248 | |||||||||||||
650,000 | 9.000 | 09/30/29(a) | 606,943 | |||||||||||||
Fair Isaac Corp. |
| |||||||||||||||
450,000 | 4.000 | 06/15/28(a) | 419,063 | |||||||||||||
ROBLOX Corp. |
| |||||||||||||||
100,000 | 3.875 | 05/01/30(a) | 87,500 | |||||||||||||
SS&C Technologies, Inc. |
| |||||||||||||||
412,000 | 5.500 | 09/30/27(a) | 401,505 | |||||||||||||
|
| |||||||||||||||
2,453,009 | ||||||||||||||||
| ||||||||||||||||
Technology – 3.9% |
| |||||||||||||||
Arches Buyer, Inc. |
| |||||||||||||||
152,000 | 4.250 | 06/01/28(a) | 130,340 | |||||||||||||
234,000 | 6.125 | 12/01/28(a) | 199,485 | |||||||||||||
Block, Inc. |
| |||||||||||||||
250,000 | 3.500 | 06/01/31 | 214,063 | |||||||||||||
Entegris, Inc. |
| |||||||||||||||
300,000 | 4.375 | 04/15/28(a) | 281,250 | |||||||||||||
Go Daddy Operating Co LLC / GD Finance Co., Inc. |
| |||||||||||||||
750,000 | 5.250 | 12/01/27(a) | 731,250 | |||||||||||||
Imola Merger Corp. |
| |||||||||||||||
328,000 | 4.750 | 05/15/29(a) | 305,040 | |||||||||||||
Match Group Holdings II LLC |
| |||||||||||||||
250,000 | 5.000 | 12/15/27(a) | 239,062 | |||||||||||||
400,000 | 4.625 | 06/01/28(a) | 377,000 | |||||||||||||
100,000 | 3.625 | 10/01/31(a) | 84,500 | |||||||||||||
McAfee Corp. |
| |||||||||||||||
377,000 | 7.375 | 02/15/30(a) | 334,116 | |||||||||||||
NCR Atleos Corp. |
| |||||||||||||||
200,000 | 9.500 | 04/01/29(a) | 212,500 | |||||||||||||
Newfold Digital Holdings Group, Inc. |
| |||||||||||||||
70,000 | 11.750 | 10/15/28(a) | 76,300 | |||||||||||||
100,000 | 6.000 | 02/15/29(a) | 78,750 | |||||||||||||
Presidio Holdings, Inc. |
| |||||||||||||||
225,000 | 8.250 | 02/01/28(a) | 222,750 |
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 29, 2024 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Technology – (continued) | ||||||||||||||||
Seagate HDD Cayman |
| |||||||||||||||
$ | 150,000 | 8.250 | % | 12/15/29(a) | $ | 161,063 | ||||||||||
385,000 | 9.625 | 12/01/32 | 437,937 | |||||||||||||
Uber Technologies, Inc. |
| |||||||||||||||
617,000 | 4.500 | 08/15/29(a) | 581,523 | |||||||||||||
Vericast Corp. |
| |||||||||||||||
200,000 | 11.000 | 09/15/26(a) | 210,375 | |||||||||||||
Verscend Escrow Corp. |
| |||||||||||||||
209,000 | 9.750 | 08/15/26(a) | 209,634 | |||||||||||||
Xerox Holdings Corp. |
| |||||||||||||||
295,000 | 5.500 | 08/15/28(a) | 268,081 | |||||||||||||
|
| |||||||||||||||
5,355,019 | ||||||||||||||||
| ||||||||||||||||
Transportation – 2.1% |
| |||||||||||||||
American Airlines, Inc. |
| |||||||||||||||
100,000 | 7.250 | 02/15/28(a) | 100,948 | |||||||||||||
American Airlines, Inc. /AAdvantage Loyalty IP Ltd. |
| |||||||||||||||
436,500 | 5.500 | 04/20/26(a) | 434,318 | |||||||||||||
698,000 | 5.750 | 04/20/29(a) | 683,098 | |||||||||||||
Fortress Transportation and Infrastructure Investors LLC |
| |||||||||||||||
95,000 | 6.500 | 10/01/25(a) | 94,762 | |||||||||||||
550,000 | 5.500 | 05/01/28(a) | 528,688 | |||||||||||||
United Airlines, Inc. |
| |||||||||||||||
188,000 | 4.375 | 04/15/26(a) | 180,748 | |||||||||||||
513,000 | 4.625 | 04/15/29(a) | 472,895 | |||||||||||||
XPO, Inc. |
| |||||||||||||||
100,000 | 7.125 | 06/01/31(a) | 102,375 | |||||||||||||
100,000 | 7.125 | 02/01/32(a) | 102,125 | |||||||||||||
|
| |||||||||||||||
2,699,957 | ||||||||||||||||
| ||||||||||||||||
Wireless – 0.4% |
| |||||||||||||||
Hughes Satellite Systems Corp. |
| |||||||||||||||
100,000 | 5.250 | 08/01/26 | 86,125 | |||||||||||||
100,000 | 6.625 | 08/01/26 | 66,000 | |||||||||||||
SBA Communications Corp. |
| |||||||||||||||
300,000 | 3.875 | 02/15/27 | 282,954 | |||||||||||||
100,000 | 3.125 | 02/01/29 | 88,875 | |||||||||||||
|
| |||||||||||||||
523,954 | ||||||||||||||||
| ||||||||||||||||
Wirelines – 2.9% |
| |||||||||||||||
Cablevision Lightpath LLC |
| |||||||||||||||
200,000 | 5.625 | 09/15/28(a) | 167,500 | |||||||||||||
Consolidated Communications, Inc. |
| |||||||||||||||
202,000 | 6.500 | 10/01/28(a) | 174,730 | |||||||||||||
Embarq Corp. |
| |||||||||||||||
200,000 | 7.995 | 06/01/36 | 115,000 | |||||||||||||
Frontier Communications Holdings LLC |
| |||||||||||||||
75,000 | 5.875 | 10/15/27(a) | 72,516 | |||||||||||||
500,000 | 5.000 | 05/01/28(a) | 463,125 | |||||||||||||
200,000 | 6.750 | 05/01/29(a) | 179,500 | |||||||||||||
273,000 | 5.875 | 11/01/29 | 234,780 | |||||||||||||
150,000 | 6.000 | 01/15/30(a) | 128,625 | |||||||||||||
260,000 | 8.750 | 05/15/30(a) | 266,500 | |||||||||||||
100,000 | 8.625 | 03/15/31(a) | 101,625 | |||||||||||||
Level 3 Financing, Inc. |
| |||||||||||||||
175,000 | 4.625 | 09/15/27(a) | 108,500 | |||||||||||||
150,000 | 4.250 | 07/01/28(a) | 72,000 | |||||||||||||
100,000 | 3.625 | 01/15/29(a) | 42,000 | |||||||||||||
125,000 | 3.750 | 07/15/29(a) | 52,500 | |||||||||||||
390,000 | 3.875 | 11/15/29(a) | 221,325 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||||
Wirelines – (continued) | ||||||||||||||||
Lumen Technologies, Inc. |
| |||||||||||||||
$ | 200,000 | 4.000 | % | 02/15/27(a) | $ | 122,000 | ||||||||||
200,000 | 4.500 | 01/15/29(a) | 65,000 | |||||||||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
| |||||||||||||||
300,000 | 10.500 | 02/15/28(a) | 312,000 | |||||||||||||
491,000 | 4.750 | 04/15/28(a) | 429,625 | |||||||||||||
150,000 | 6.500 | 02/15/29(a) | 115,875 | |||||||||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp. |
| |||||||||||||||
202,000 | 7.750 | 08/15/28(a) | 189,628 | |||||||||||||
Zayo Group Holdings, Inc. |
| |||||||||||||||
420,000 | 4.000 | 03/01/27(a) | 351,750 | |||||||||||||
|
| |||||||||||||||
3,986,104 | ||||||||||||||||
| ||||||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $123,165,016) | 121,616,556 | |||||||||||||||
| ||||||||||||||||
Foreign Corporate Debt – 6.5% |
| |||||||||||||||
Aerospace & Defense – 0.9% |
| |||||||||||||||
Bombardier, Inc. (Canada) |
| |||||||||||||||
547,000 | 7.125 | 06/15/26(a) | 551,103 | |||||||||||||
291,000 | 7.875 | 04/15/27(a) | 291,727 | |||||||||||||
200,000 | 6.000 | 02/15/28(a) | 194,000 | |||||||||||||
100,000 | 8.750 | 11/15/30(a) | 104,688 | |||||||||||||
|
| |||||||||||||||
1,141,518 | ||||||||||||||||
| ||||||||||||||||
Basic Industry – 0.8% |
| |||||||||||||||
Methanex Corp. (Canada) |
| |||||||||||||||
188,000 | 5.125 | 10/15/27 | 180,715 | |||||||||||||
102,000 | 5.250 | 12/15/29 | 97,129 | |||||||||||||
NOVA Chemicals Corp. (Canada) |
| |||||||||||||||
190,000 | 5.000 | 05/01/25(a) | 185,725 | |||||||||||||
273,000 | 5.250 | 06/01/27(a) | 253,208 | |||||||||||||
200,000 | 8.500 | 11/15/28(a) | 211,750 | |||||||||||||
100,000 | 9.000 | 02/15/30(a) | 101,000 | |||||||||||||
|
| |||||||||||||||
1,029,527 | ||||||||||||||||
| ||||||||||||||||
Capital Goods – 0.8% |
| |||||||||||||||
ARD Finance SA (Luxembourg) |
| |||||||||||||||
200,000 |
| 6.500 | 06/30/27(a)(b) | 86,500 | ||||||||||||
GFL Environmental, Inc. (Canada) |
| |||||||||||||||
271,000 | 4.250 | 06/01/25(a) | 266,935 | |||||||||||||
250,000 | 3.750 | 08/01/25(a) | 243,437 | |||||||||||||
342,000 | 4.750 | 06/15/29(a) | 321,053 | |||||||||||||
100,000 | 6.750 | 01/15/31(a) | 102,750 | |||||||||||||
|
| |||||||||||||||
1,020,675 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 1.4% |
| |||||||||||||||
1011778 BC ULC / New Red Finance, Inc. (Canada) |
| |||||||||||||||
301,000 | 3.875 | 01/15/28(a) | 280,683 | |||||||||||||
154,000 | 4.375 | 01/15/28(a) | 145,145 | |||||||||||||
112,000 | 3.500 | 02/15/29(a) | 101,360 | |||||||||||||
457,000 | 4.000 | 10/15/30(a) | 402,731 | |||||||||||||
Brookfield Residential Properties, Inc. / Brookfield |
| |||||||||||||||
Residential U.S. LLC (Canada) |
| |||||||||||||||
100,000 | 6.250 | 09/15/27(a) | 97,250 | |||||||||||||
80,000 | 4.875 | 02/15/30(a) | 71,200 | |||||||||||||
Garda World Security Corp. (Canada) |
| |||||||||||||||
167,000 | 4.625 | 02/15/27(a) | 159,485 | |||||||||||||
135,000 | 9.500 | 11/01/27(a) | 135,169 |
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal
| Interest Rate
| Maturity Date
| Value
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||||
Mattamy Group Corp. (Canada) |
| |||||||||||||||
$ | 186,000 | 5.250 | % | 12/15/27(a) | $ | 178,778 | ||||||||||
117,000 | 4.625 | 03/01/30(a) | 105,154 | |||||||||||||
Odeon Finco PLC (United Kingdom) |
| |||||||||||||||
260,000 | 12.750 | 11/01/27(a) | 265,525 | |||||||||||||
|
| |||||||||||||||
1,942,480 | ||||||||||||||||
| ||||||||||||||||
Consumer Products – 0.3% |
| |||||||||||||||
Kronos Acquisition Holdings Inc / KIK Custom Products, Inc. |
| |||||||||||||||
400,000 | 5.000 | 12/31/26(a) | 387,000 | |||||||||||||
| ||||||||||||||||
Energy – 0.1% |
| |||||||||||||||
MEG Energy Corp. |
| |||||||||||||||
65,000 | 7.125 | 02/01/27(a) | 66,138 | |||||||||||||
| ||||||||||||||||
Mining – 0.9% |
| |||||||||||||||
First Quantum Minerals Ltd. (Zambia) |
| |||||||||||||||
207,000 | 7.500 | 04/01/25(a) | 207,000 | |||||||||||||
410,000 | 6.875 | 03/01/26(a) | 409,488 | |||||||||||||
200,000 | 6.875 | 10/15/27(a) | 190,750 | |||||||||||||
Hudbay Minerals, Inc. (Canada) |
| |||||||||||||||
405,000 | 4.500 | 04/01/26(a) | 390,825 | |||||||||||||
|
| |||||||||||||||
1,198,063 | ||||||||||||||||
| ||||||||||||||||
Natural Gas – 0.2% |
| |||||||||||||||
Parkland Corp. |
| |||||||||||||||
347,000 | 4.625 | 05/01/30(a) | 316,638 | |||||||||||||
| ||||||||||||||||
Software – 0.5% |
| |||||||||||||||
Open Text Corp. (Canada) |
| |||||||||||||||
250,000 | 3.875 | 02/15/28(a) | 230,312 | |||||||||||||
200,000 | 3.875 | 12/01/29(a) | 177,250 | |||||||||||||
Open Text Holdings, Inc. (Canada) |
| |||||||||||||||
250,000 | 4.125 | 12/01/31(a) | 214,688 | |||||||||||||
|
| |||||||||||||||
622,250 | ||||||||||||||||
| ||||||||||||||||
Transportation – 0.3% |
| |||||||||||||||
Air Canada (Canada) |
| |||||||||||||||
100,000 | 3.875 | 08/15/26(a) | 95,125 | |||||||||||||
VistaJet Malta Finance PLC / Vista Management Holding, Inc. |
| |||||||||||||||
(Switzerland) |
| |||||||||||||||
100,000 | 7.875 | 05/01/27(a) | 85,375 | |||||||||||||
100,000 | 9.500 | 06/01/28(a) | 84,709 | |||||||||||||
200,000 | 6.375 | 02/01/30(a) | 146,500 | |||||||||||||
|
| |||||||||||||||
411,709 | ||||||||||||||||
| ||||||||||||||||
Wireless – 0.3% |
| |||||||||||||||
Intelsat Jackson Holdings SA |
| |||||||||||||||
485,000 | 6.500 | 03/15/30(a) | 450,444 | |||||||||||||
| ||||||||||||||||
TOTAL FOREIGN CORPORATE DEBT (Cost $8,763,923) | 8,586,442 | |||||||||||||||
|
Shares
| Dividend Rate
| Value
| ||||||||||
Investment Company – 1.4%(d) |
| |||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||
1,877,196 | 5.219% | $ 1,877,196 | ||||||||||
(Cost $1,877,196) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS – 98.5% (Cost $133,806,135) | $ 132,080,194 | |||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5% | 2,006,134 | |||||||||||
| ||||||||||||
NET ASSETS – 100.0% | $ 134,086,328 | |||||||||||
|
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: | ||||
GO | —General Obligation | |||
LP | —Limited Partnership | |||
MTN | —Medium Term Note | |||
PLC | —Public Limited Company | |||
REIT | —Real Estate Investment Trust | |||
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Inflation Indexed Bonds – 99.4% |
| |||||||||||||||
U.S. Treasury Inflation Indexed Bonds |
| |||||||||||||||
$3,509,667 | 0.250 | % | 01/15/25 | $ | 3,449,988 | |||||||||||
3,919,305 | 0.375 | 07/15/25 | 3,835,133 | |||||||||||||
1,104,175 | 0.125 | 10/15/25 | 1,072,084 | |||||||||||||
3,906,445 | 0.625 | 01/15/26 | 3,801,123 | |||||||||||||
5,366,446 | 0.125 | 04/15/26 | 5,143,615 | |||||||||||||
7,139,446 | 0.125 | 07/15/26 | 6,845,526 | |||||||||||||
7,702,938 | 0.125 | 10/15/26 | 7,353,627 | |||||||||||||
4,199,427 | 0.375 | 01/15/27 | 4,008,502 | |||||||||||||
8,875,670 | 0.375 | 07/15/27 | 8,447,896 | |||||||||||||
10,265,670 | 0.500 | 01/15/28 | 9,717,150 | |||||||||||||
3,267,655 | 0.750 | 07/15/28 | 3,120,411 | |||||||||||||
1,690,533 | 3.875 | 04/15/29 | 1,849,933 | |||||||||||||
5,150,521 | 0.250 | 07/15/29 | 4,739,555 | |||||||||||||
9,675,109 | 0.125 | 01/15/30 | 8,726,510 | |||||||||||||
8,137,913 | 0.125 | 07/15/30 | 7,308,497 | |||||||||||||
5,835,755 | 0.125 | 07/15/31 | 5,151,039 | |||||||||||||
5,364,700 | 0.125 | 01/15/32 | 4,673,362 | |||||||||||||
7,603,512 | 0.625 | 07/15/32 | 6,879,408 | |||||||||||||
4,234,893 | 2.125 | 02/15/40 | 4,293,960 | |||||||||||||
9,065,519 | 0.750 | 02/15/42 | 7,249,318 | |||||||||||||
3,911,338 | 0.875 | 02/15/47 | 3,020,905 | |||||||||||||
2,481,620 | 1.000 | 02/15/48 | 1,956,797 | |||||||||||||
1,968,701 | 1.000 | 02/15/49 | 1,546,003 | |||||||||||||
2,629,636 | 0.250 | 02/15/50 | 1,659,521 | |||||||||||||
2,341,580 | 0.125 | 02/15/52 | 1,381,238 | |||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY INFLATION INDEXED BONDS | ||||||||||||||||
(Cost $129,596,574) | 117,231,101 | |||||||||||||||
| ||||||||||||||||
Shares
|
Dividend Rate
| Value
| ||||||||||||||
Investment Company – 0.5%(a) |
| |||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||
561,558 |
| 5.219% | 561,558 | |||||||||||||
(Cost $561,558) |
| |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS – 99.9% (Cost $130,158,132) | $ | 117,792,659 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 99,941 | |||||||||||||||
| ||||||||||||||||
NET ASSETS – 100.0% | $ | 117,892,600 | ||||||||||||||
|
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. |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND
Schedule of Investments
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – 82.4% |
| |||||||||||||||
Aerospace & Defense – 0.1% | ||||||||||||||||
Boeing Co. (The) | ||||||||||||||||
$ | 10,000 | 4.875 | % | 05/01/25 | $ | 9,909 | ||||||||||
| ||||||||||||||||
Aerospace/Defense – 2.1% | ||||||||||||||||
Boeing Co. (The) | ||||||||||||||||
20,000 | 2.196 | 02/04/26 | 18,748 | |||||||||||||
40,000 | 5.040 | 05/01/27 | 39,630 | |||||||||||||
General Dynamics Corp. | ||||||||||||||||
16,000 | 1.150 | 06/01/26 | 14,725 | |||||||||||||
Huntington Ingalls Industries, Inc. | ||||||||||||||||
20,000 | 3.483 | 12/01/27 | 18,775 | |||||||||||||
Lockheed Martin Corp. | ||||||||||||||||
50,000 | 3.550 | 01/15/26 | 48,703 | |||||||||||||
RTX Corp. | ||||||||||||||||
40,000 | 5.750 | 01/15/29 | 41,179 | |||||||||||||
Textron, Inc. | ||||||||||||||||
13,000 | 3.650 | 03/15/27 | 12,407 | |||||||||||||
|
| |||||||||||||||
194,167 | ||||||||||||||||
| ||||||||||||||||
Banks – 21.4% | ||||||||||||||||
American Express Co. | ||||||||||||||||
50,000 | 4.900 | 02/13/26 | 49,871 | |||||||||||||
51,000 | 3.125 | 05/20/26 | 49,004 | |||||||||||||
20,000 | 5.850 | 11/05/27 | 20,503 | |||||||||||||
Bank of America Corp. | ||||||||||||||||
(SOFR + 1.290%) | ||||||||||||||||
80,000 | 5.080 | 01/20/27(a) | 79,602 | |||||||||||||
(SOFR + 0.960%) | ||||||||||||||||
32,000 | 1.734 | 07/22/27(a) | 29,364 | |||||||||||||
(SOFR + 1.580%) | ||||||||||||||||
32,000 | 4.376 | 04/27/28(a) | 31,166 | |||||||||||||
(SOFR + 1.630%) | ||||||||||||||||
30,000 | 5.202 | 04/25/29(a) | 29,902 | |||||||||||||
Bank of America Corp., GMTN | ||||||||||||||||
(3M U.S. T-Bill MMY + 1.632%) | ||||||||||||||||
40,000 | 3.593 | 07/21/28(a) | 37,790 | |||||||||||||
Bank of America Corp., MTN | ||||||||||||||||
(SOFR + 1.010%) | ||||||||||||||||
21,000 | 1.197 | 10/24/26(a) | 19,577 | |||||||||||||
(3M U.S. T-Bill MMY + 1.322%) | ||||||||||||||||
25,000 | 3.559 | 04/23/27(a) | 23,954 | |||||||||||||
(SOFR + 2.040%) | ||||||||||||||||
50,000 | 4.948 | 07/22/28(a) | 49,479 | |||||||||||||
(3M U.S. T-Bill MMY + 1.572%) | ||||||||||||||||
60,000 | 4.271 | 07/23/29(a) | 57,829 | |||||||||||||
Bank of America Corp., Series N | ||||||||||||||||
(SOFR + 0.910%) | ||||||||||||||||
17,000 | 1.658 | 03/11/27(a) | 15,690 | |||||||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||||
20,000 | 1.600 | 04/24/25 | 19,206 | |||||||||||||
68,000 | 3.400 | 01/29/28 | 64,325 | |||||||||||||
(3M U.S. T-Bill MMY + 1.331%) | ||||||||||||||||
34,000 | 3.442 | 02/07/28(a) | 32,477 | |||||||||||||
Capital One Financial Corp. | ||||||||||||||||
(SOFR + 2.080%) | ||||||||||||||||
20,000 | 5.468 | 02/01/29(a) | 19,929 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) | ||||||||||||||||
(SOFR + 2.640%) | ||||||||||||||||
$ | 60,000 | 6.312 | % | 06/08/29(a) | $ 61,627 | |||||||||||
Citizens Financial Group, Inc. | ||||||||||||||||
50,000 | 2.850 | 07/27/26 | 46,696 | |||||||||||||
Fifth Third Bancorp | ||||||||||||||||
20,000 | 2.550 | 05/05/27 | 18,445 | |||||||||||||
JPMorgan Chase & Co. | ||||||||||||||||
27,000 | 3.200 | 06/15/26 | 25,974 | |||||||||||||
30,000 |
| 2.950 |
| 10/01/26 | 28,483 | |||||||||||
(SOFR + 0.800%) | ||||||||||||||||
17,000 | 1.045 | 11/19/26(a) | 15,808 | |||||||||||||
(SOFR + 0.885%) | ||||||||||||||||
25,000 | 1.578 | 04/22/27(a) | 23,158 | |||||||||||||
(SOFR + 1.170%) | ||||||||||||||||
25,000 | 2.947 | 02/24/28(a) | 23,447 | |||||||||||||
(SOFR + 1.560%) | ||||||||||||||||
47,000 | 4.323 | 04/26/28(a) | 45,900 | |||||||||||||
(SOFR + 1.990%) | ||||||||||||||||
40,000 | 4.851 | 07/25/28(a) | 39,667 | |||||||||||||
(SOFR + 1.015%) | ||||||||||||||||
30,000 | 2.069 | 06/01/29(a) | 26,517 | |||||||||||||
(3M U.S. T-Bill MMY + 1.522%) | ||||||||||||||||
20,000 | 4.203 | 07/23/29(a) | 19,214 | |||||||||||||
(SOFR + 1.450%) | ||||||||||||||||
40,000 | 5.299 | 07/24/29(a) | 40,221 | |||||||||||||
(SOFR + 1.570%) | ||||||||||||||||
50,000 | 6.087 | 10/23/29(a) | 51,793 | |||||||||||||
Morgan Stanley | ||||||||||||||||
(SOFR + 1.990%) | ||||||||||||||||
34,000 | 2.188 | 04/28/26(a) | 32,746 | |||||||||||||
(SOFR + 1.770%) | ||||||||||||||||
50,000 | 6.138 | 10/16/26(a) | 50,629 | |||||||||||||
(SOFR + 1.295%) | ||||||||||||||||
20,000 | 5.050 | 01/28/27(a) | 19,949 | |||||||||||||
20,000 | 3.591 | 07/22/28(a) | 18,971 | |||||||||||||
(SOFR + 2.240%) | ||||||||||||||||
40,000 | 6.296 | 10/18/28(a) | 41,423 | |||||||||||||
Morgan Stanley, GMTN | ||||||||||||||||
20,000 | 3.875 | 01/27/26 | 19,484 | |||||||||||||
Morgan Stanley, MTN | ||||||||||||||||
(SOFR + 0.940%) | ||||||||||||||||
28,000 | 2.630 | 02/18/26(a) | 27,217 | |||||||||||||
(SOFR + 1.590%) | ||||||||||||||||
100,000 | 5.164 | 04/20/29(a) | 99,507 | |||||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||||
(SOFR + 1.620%) | ||||||||||||||||
20,000 | 5.354 | 12/02/28(a) | 20,030 | |||||||||||||
(SOFR + 1.841%) | ||||||||||||||||
50,000 | 5.582 | 06/12/29(a) | 50,412 | |||||||||||||
Santander Holdings USA, Inc. | ||||||||||||||||
45,000 | 3.450 | 06/02/25 | 43,672 | |||||||||||||
(SOFR + 1.249%) | ||||||||||||||||
20,000 | 2.490 | 01/06/28(a) | 18,117 | |||||||||||||
(SOFR + 2.356%) | ||||||||||||||||
20,000 | 6.499 | 03/09/29(a) | 20,312 | |||||||||||||
Synchrony Financial | ||||||||||||||||
20,000 | 3.950 | 12/01/27 | 18,536 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) | ||||||||||||||||
Truist Financial Corp., MTN | ||||||||||||||||
(SOFR + 2.446%) | ||||||||||||||||
$ | 30,000 | 7.161 | % | 10/30/29(a) | $ | 31,894 | ||||||||||
(SOFR + 1.620%) | ||||||||||||||||
30,000 | 5.435 | 01/24/30(a) | 29,615 | |||||||||||||
U.S. Bancorp, MTN | ||||||||||||||||
40,000 | 3.950 | 11/17/25 | 39,143 | |||||||||||||
(SOFR + 0.730%) | ||||||||||||||||
10,000 | 2.215 | 01/27/28(a) | 9,177 | |||||||||||||
(SOFR + 1.660%) | ||||||||||||||||
8,000 | 4.548 | 07/22/28(a) | 7,821 | |||||||||||||
U.S. Bancorp, Series X | ||||||||||||||||
21,000 | 3.150 | 04/27/27 | 19,759 | |||||||||||||
US Bancorp | ||||||||||||||||
(SOFR + 2.020%) | ||||||||||||||||
30,000 | 5.775 | 06/12/29(a) | 30,387 | |||||||||||||
Wells Fargo & Co. | ||||||||||||||||
6,000 | 3.000 | 04/22/26 | 5,712 | |||||||||||||
23,000 | 3.000 | 10/23/26 | 21,751 | |||||||||||||
(SOFR + 1.790%) | ||||||||||||||||
50,000 | 6.303 | 10/23/29(a) | 51,968 | |||||||||||||
(SOFR + 1.500%) | ||||||||||||||||
50,000 | 5.198 | 01/23/30(a) | 49,655 | |||||||||||||
Wells Fargo & Co., MTN | ||||||||||||||||
| (3M U.S. T-Bill MMY + 1.432%) | |||||||||||||||
11,000 | 3.196 | 06/17/27(a) | 10,489 | |||||||||||||
(SOFR + 1.510%) | ||||||||||||||||
16,000 | 3.526 | 03/24/28(a) | 15,187 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.572%) | |||||||||||||||
15,000 | 3.584 | 05/22/28(a) | 14,218 | |||||||||||||
(SOFR + 2.100%) | ||||||||||||||||
15,000 | 2.393 | 06/02/28(a) | 13,692 | |||||||||||||
(SOFR + 1.980%) | ||||||||||||||||
16,000 | 4.808 | 07/25/28(a) | 15,729 | |||||||||||||
(SOFR + 1.740%) | ||||||||||||||||
50,000 | 5.574 | 07/25/29(a) | 50,474 | |||||||||||||
|
| |||||||||||||||
1,994,294 | ||||||||||||||||
| ||||||||||||||||
Basic Industry – 0.3% | ||||||||||||||||
Linde, Inc. | ||||||||||||||||
24,000 | 3.200 | 01/30/26 | 23,271 | |||||||||||||
| ||||||||||||||||
Broadcasting – 0.2% | ||||||||||||||||
Discovery Communications LLC | ||||||||||||||||
20,000 | 3.950 | 03/20/28 | 18,752 | |||||||||||||
| ||||||||||||||||
Building Materials – 0.6% | ||||||||||||||||
Stanley Black & Decker, Inc. | ||||||||||||||||
40,000 | 3.400 | 03/01/26 | 38,506 | |||||||||||||
Vulcan Materials Co. | ||||||||||||||||
20,000 | 4.500 | 04/01/25 | 19,746 | |||||||||||||
|
| |||||||||||||||
58,252 | ||||||||||||||||
| ||||||||||||||||
Capital Goods – 3.5% | ||||||||||||||||
Berry Global, Inc. | ||||||||||||||||
20,000 | 1.650 | 01/15/27 | 18,025 | |||||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||||
17,000 | 0.900 | 03/02/26 | 15,712 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Capital Goods – (continued) | ||||||||||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||||
$ | 30,000 | 4.350 | % | 05/15/26 | $ | 29,637 | ||||||||||
John Deere Capital Corp., MTN | ||||||||||||||||
50,000 | 3.400 | 09/11/25 | 48,813 | |||||||||||||
20,000 | 4.750 | 01/20/28 | 19,966 | |||||||||||||
20,000 | 1.500 | 03/06/28 | 17,641 | |||||||||||||
Otis Worldwide Corp. | ||||||||||||||||
30,000 | 2.293 | 04/05/27 | 27,683 | |||||||||||||
Republic Services, Inc. | ||||||||||||||||
9,000 | 2.900 | 07/01/26 | 8,584 | |||||||||||||
Roper Technologies, Inc. | ||||||||||||||||
16,000 | 1.000 | 09/15/25 | 14,960 | |||||||||||||
16,000 | 3.850 | 12/15/25 | 15,610 | |||||||||||||
Trane Technologies Financing Ltd. | ||||||||||||||||
40,000 | 3.500 | 03/21/26 | 38,661 | |||||||||||||
Waste Management, Inc. | ||||||||||||||||
20,000 | 7.000 | 07/15/28 | 21,613 | |||||||||||||
Westinghouse Air Brake Technologies Corp. | ||||||||||||||||
16,000 | 3.200 | 06/15/25 | 15,521 | |||||||||||||
20,000 | 4.700 | 09/15/28 | 19,550 | |||||||||||||
Xylem, Inc. | ||||||||||||||||
20,000 | 1.950 | 01/30/28 | 17,850 | |||||||||||||
|
| |||||||||||||||
329,826 | ||||||||||||||||
| ||||||||||||||||
Communications – 1.5% | ||||||||||||||||
Charter Communications Operating LLC / Charter | ||||||||||||||||
Communications Operating Capital | ||||||||||||||||
17,000 | 4.908 | 07/23/25 | 16,771 | |||||||||||||
Comcast Corp. | ||||||||||||||||
40,000 | 5.350 | 11/15/27 | 40,636 | |||||||||||||
40,000 | 3.550 | 05/01/28 | 37,970 | |||||||||||||
TWDC Enterprises 18 Corp., MTN | ||||||||||||||||
8,000 | 1.850 | 07/30/26 | 7,430 | |||||||||||||
Walt Disney Co. (The) | ||||||||||||||||
40,000 | 3.700 | 03/23/27 | 38,777 | |||||||||||||
|
| |||||||||||||||
141,584 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 10.7% | ||||||||||||||||
Amazon.com, Inc. | ||||||||||||||||
20,000 | 0.800 | 06/03/25 | 18,997 | |||||||||||||
33,000 | 1.000 | 05/12/26 | 30,410 | |||||||||||||
15,000 | 4.550 | 12/01/27 | 14,947 | |||||||||||||
American Honda Finance Corp. | ||||||||||||||||
20,000 | 5.650 | 11/15/28 | 20,611 | |||||||||||||
American Honda Finance Corp., GMTN | ||||||||||||||||
20,000 | 3.500 | 02/15/28 | 19,016 | |||||||||||||
American Honda Finance Corp., MTN | ||||||||||||||||
13,000 | 1.200 | 07/08/25 | 12,326 | |||||||||||||
Booking Holdings, Inc. | ||||||||||||||||
43,000 | 3.600 | 06/01/26 | 41,691 | |||||||||||||
Dollar Tree, Inc. | ||||||||||||||||
30,000 | 4.200 | 05/15/28 | 28,924 | |||||||||||||
DR Horton, Inc. | ||||||||||||||||
10,000 | 1.300 | 10/15/26 | 9,050 | |||||||||||||
Ford Motor Co. | ||||||||||||||||
50,000 | 4.346 | 12/08/26 | 48,552 | |||||||||||||
General Motors Co. | ||||||||||||||||
34,000 | 6.800 | 10/01/27 | 35,601 |
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) |
| |||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||||
General Motors Financial Co., Inc. | ||||||||||||||||
$ | 40,000 | 4.350 | % | 04/09/25 | $ | 39,504 | ||||||||||
21,000 | 1.250 | 01/08/26 | 19,478 | |||||||||||||
20,000 | 2.700 | 08/20/27 | 18,379 | |||||||||||||
30,000 | 3.850 | 01/05/28 | 28,520 | |||||||||||||
Global Payments, Inc. | ||||||||||||||||
40,000 | 1.200 | 03/01/26 | 36,855 | |||||||||||||
10,000 | 4.450 | 06/01/28 | 9,648 | |||||||||||||
Home Depot, Inc. (The) | ||||||||||||||||
40,000 | 4.000 | 09/15/25 | 39,371 | |||||||||||||
21,000 | 2.800 | 09/14/27 | 19,673 | |||||||||||||
Las Vegas Sands Corp. | ||||||||||||||||
10,000 | 3.500 | 08/18/26 | 9,420 | |||||||||||||
Lennar Corp. | ||||||||||||||||
20,000 | 4.750 | 11/29/27 | 19,674 | |||||||||||||
Lowe’s Cos., Inc. | ||||||||||||||||
50,000 | 4.800 | 04/01/26 | 49,687 | |||||||||||||
20,000 | 1.700 | 09/15/28 | 17,367 | |||||||||||||
Marriott International, Inc., Series EE | ||||||||||||||||
8,000 | 5.750 | 05/01/25 | 8,027 | |||||||||||||
McDonald’s Corp., MTN | ||||||||||||||||
40,000 | 3.500 | 03/01/27 | 38,488 | |||||||||||||
Ross Stores, Inc. | ||||||||||||||||
40,000 | 0.875 | 04/15/26 | 36,559 | |||||||||||||
Starbucks Corp. | ||||||||||||||||
16,000 | 2.000 | 03/12/27 | 14,652 | |||||||||||||
20,000 | 3.500 | 03/01/28 | 18,949 | |||||||||||||
Toll Brothers Finance Corp. | ||||||||||||||||
16,000 | 4.875 | 11/15/25 | 15,860 | |||||||||||||
Toyota Motor Credit Corp. | ||||||||||||||||
50,000 | 5.400 | 11/20/26 | 50,614 | |||||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||||
16,000 | 0.800 | 01/09/26 | 14,831 | |||||||||||||
40,000 | 3.050 | 03/22/27 | 38,044 | |||||||||||||
Visa, Inc. | ||||||||||||||||
40,000 | 0.750 | 08/15/27 | 35,149 | |||||||||||||
50,000 | 2.750 | 09/15/27 | 46,848 | |||||||||||||
Walmart, Inc. | ||||||||||||||||
20,000 | 3.550 | 06/26/25 | 19,652 | |||||||||||||
50,000 | 3.900 | 09/09/25 | 49,249 | |||||||||||||
24,000 | 1.050 | 09/17/26 | 21,933 | |||||||||||||
|
| |||||||||||||||
996,556 | ||||||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 2.5% | ||||||||||||||||
Abbott Laboratories | ||||||||||||||||
20,000 | 1.150 | 01/30/28 | 17,591 | |||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||
50,000 | 4.900 | 02/22/29 | 49,968 | |||||||||||||
Centene Corp. | ||||||||||||||||
20,000 | 4.250 | 12/15/27 | 19,150 | |||||||||||||
Eli Lilly & Co. | ||||||||||||||||
24,000 | 3.100 | 05/15/27 | 22,865 | |||||||||||||
Gilead Sciences, Inc. | ||||||||||||||||
20,000 | 1.200 | 10/01/27 | 17,610 | |||||||||||||
Johnson & Johnson | ||||||||||||||||
30,000 | 2.900 | 01/15/28 | 28,372 | |||||||||||||
Merck & Co., Inc. | ||||||||||||||||
16,000 | 0.750 | 02/24/26 | 14,797 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||||
Merck Sharp & Dohme Corp. | ||||||||||||||||
$ | 20,000 | 6.400 | % | 03/01/28 | $ | 21,118 | ||||||||||
Philip Morris International, Inc. | ||||||||||||||||
30,000 | 4.875 | 02/15/28 | 29,844 | |||||||||||||
Utah Acquisition Sub, Inc. | ||||||||||||||||
13,000 | 3.950 | 06/15/26 | 12,566 | |||||||||||||
|
| |||||||||||||||
233,881 | ||||||||||||||||
| ||||||||||||||||
Consumer Products – 0.8% | ||||||||||||||||
Kenvue, Inc. | ||||||||||||||||
20,000 | 5.050 | 03/22/28 | 20,116 | |||||||||||||
Procter & Gamble Co. (The) | ||||||||||||||||
50,000 | 4.100 | 01/26/26 | 49,406 | |||||||||||||
8,000 | 1.900 | 02/01/27 | 7,431 | |||||||||||||
|
| |||||||||||||||
76,953 | ||||||||||||||||
| ||||||||||||||||
Electric – 6.9% | ||||||||||||||||
Black Hills Corp. | ||||||||||||||||
20,000 | 5.950 | 03/15/28 | 20,536 | |||||||||||||
Dominion Energy, Inc., Series A | ||||||||||||||||
20,000 | 3.300 | 03/15/25 | 19,562 | |||||||||||||
17,000 | 1.450 | 04/15/26 | 15,716 | |||||||||||||
DTE Electric Co. | ||||||||||||||||
20,000 | 3.375 | 03/01/25 | 19,631 | |||||||||||||
DTE Energy Co. | ||||||||||||||||
20,000 | 4.875 | 06/01/28 | 19,734 | |||||||||||||
DTE Energy Co., Series F | ||||||||||||||||
24,000 | 1.050 | 06/01/25 | 22,721 | |||||||||||||
Duke Energy Corp. | ||||||||||||||||
20,000 | 0.900 | 09/15/25 | 18,710 | |||||||||||||
16,000 | 2.650 | 09/01/26 | 15,082 | |||||||||||||
40,000 | 4.300 | 03/15/28 | 38,898 | |||||||||||||
Edison International | ||||||||||||||||
14,000 | 4.125 | 03/15/28 | 13,369 | |||||||||||||
Exelon Corp. | ||||||||||||||||
11,000 | 3.400 | 04/15/26 | 10,604 | |||||||||||||
30,000 | 5.150 | 03/15/28 | 29,920 | |||||||||||||
National Rural Utilities Cooperative Finance Corp., MTN |
| |||||||||||||||
40,000 | 3.450 | 06/15/25 | 39,105 | |||||||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||||||
40,000 | 4.900 | 02/28/28 | 39,767 | |||||||||||||
NSTAR Electric Co. | ||||||||||||||||
50,000 | 2.700 | 06/01/26 | 47,416 | |||||||||||||
Pacific Gas and Electric Co. | ||||||||||||||||
7,000 | 3.450 | 07/01/25 | 6,783 | |||||||||||||
28,000 | 3.300 | 03/15/27 | 26,260 | |||||||||||||
20,000 | 5.450 | 06/15/27 | 19,919 | |||||||||||||
Public Service Co. of Colorado | ||||||||||||||||
30,000 | 2.900 | 05/15/25 | 29,095 | |||||||||||||
Public Service Electric and Gas Co., MTN | ||||||||||||||||
30,000 | 3.650 | 09/01/28 | 28,580 | |||||||||||||
San Diego Gas & Electric Co. | ||||||||||||||||
40,000 | 6.000 | 06/01/26 | 40,708 | |||||||||||||
Southern California Edison Co. | ||||||||||||||||
15,000 | 5.850 | 11/01/27 | 15,352 | |||||||||||||
Southern Co. (The) | ||||||||||||||||
16,000 | 3.250 | 07/01/26 | 15,303 | |||||||||||||
Southern Co. Gas Capital Corp. | ||||||||||||||||
16,000 | 3.875 | 11/15/25 | 15,579 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Electric – (continued) | ||||||||||||||||
Southern Power Co. | ||||||||||||||||
$ | 50,000 | 0.900 | % | 01/15/26 | $ | 46,073 | ||||||||||
Southwestern Electric Power Co., Series M | ||||||||||||||||
30,000 | 4.100 | 09/15/28 | 28,751 | |||||||||||||
|
| |||||||||||||||
643,174 | ||||||||||||||||
| ||||||||||||||||
Electrical – 0.2% | ||||||||||||||||
Hubbell, Inc. | ||||||||||||||||
22,000 | 3.500 | 02/15/28 | 20,747 | |||||||||||||
| ||||||||||||||||
Energy – 5.7% | ||||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
| |||||||||||||||
15,000 | 3.337 | 12/15/27 | 14,137 | |||||||||||||
Boardwalk Pipelines LP | ||||||||||||||||
40,000 | 4.450 | 07/15/27 | 38,878 | |||||||||||||
Chevron Corp. | ||||||||||||||||
35,000 | 1.995 | 05/11/27 | 32,192 | |||||||||||||
DCP Midstream Operating LP | ||||||||||||||||
40,000 | 5.375 | 07/15/25 | 40,020 | |||||||||||||
Energy Transfer LP | ||||||||||||||||
40,000 | 4.750 | 01/15/26 | 39,558 | |||||||||||||
40,000 | 5.550 | 02/15/28 | 40,328 | |||||||||||||
Exxon Mobil Corp. | ||||||||||||||||
24,000 | 3.043 | 03/01/26 | 23,185 | |||||||||||||
13,000 | 2.275 | 08/16/26 | 12,254 | |||||||||||||
Hercules Capital, Inc. | ||||||||||||||||
20,000 | 3.375 | 01/20/27 | 18,139 | |||||||||||||
Kinder Morgan, Inc. | ||||||||||||||||
16,000 | 4.300 | 06/01/25 | 15,779 | |||||||||||||
Magellan Midstream Partners LP | ||||||||||||||||
24,000 | 5.000 | 03/01/26 | 23,973 | |||||||||||||
Marathon Petroleum Corp. | ||||||||||||||||
11,000 | 4.700 | 05/01/25 | 10,902 | |||||||||||||
MPLX LP | ||||||||||||||||
12,000 | 1.750 | 03/01/26 | 11,197 | |||||||||||||
Occidental Petroleum Corp. | ||||||||||||||||
50,000 | 5.875 | 09/01/25 | 50,130 | |||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. |
| |||||||||||||||
16,000 | 4.650 | 10/15/25 | 15,795 | |||||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||||
31,000 | 5.000 | 03/15/27 | 30,845 | |||||||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. |
| |||||||||||||||
40,000 | 6.500 | 07/15/27 | 40,475 | |||||||||||||
Western Midstream Operating LP | ||||||||||||||||
16,000 | 3.950 | 06/01/25 | 15,630 | |||||||||||||
Williams Cos., Inc. (The) | ||||||||||||||||
54,000 | 4.000 | 09/15/25 | 53,055 | |||||||||||||
|
| |||||||||||||||
526,472 | ||||||||||||||||
| ||||||||||||||||
Financial Company – 3.1% | ||||||||||||||||
Air Lease Corp. | ||||||||||||||||
37,000 | 3.625 | 04/01/27 | 35,234 | |||||||||||||
20,000 | 3.625 | 12/01/27 | 18,778 | |||||||||||||
Air Lease Corp., GMTN | ||||||||||||||||
40,000 | 3.750 | 06/01/26 | 38,601 | |||||||||||||
Ally Financial, Inc. | ||||||||||||||||
30,000 | 4.625 | 03/30/25 | 29,686 | |||||||||||||
15,000 | 7.100 | 11/15/27 | 15,650 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Financial Company – (continued) | ||||||||||||||||
Ares Capital Corp. | ||||||||||||||||
$ | 17,000 | 2.875 | % | 06/15/27 | $ | 15,439 | ||||||||||
Bain Capital Specialty Finance, Inc. | ||||||||||||||||
20,000 | 2.950 | 03/10/26 | 18,712 | |||||||||||||
20,000 | 2.550 | 10/13/26 | 18,233 | |||||||||||||
BGC Group, Inc. | ||||||||||||||||
40,000 | 4.375 | 12/15/25 | 38,428 | |||||||||||||
FS KKR Capital Corp. | ||||||||||||||||
16,000 | 3.250 | 07/15/27 | 14,560 | |||||||||||||
GATX Corp. | ||||||||||||||||
50,000 | 3.850 | 03/30/27 | 47,919 | |||||||||||||
|
| |||||||||||||||
291,240 | ||||||||||||||||
| ||||||||||||||||
Food and Beverage – 1.2% | ||||||||||||||||
Campbell Soup Co. | ||||||||||||||||
20,000 | 4.150 | 03/15/28 | 19,342 | |||||||||||||
Coca-Cola Co. (The) | ||||||||||||||||
50,000 | 1.500 | 03/05/28 | 44,449 | |||||||||||||
McCormick & Co., Inc. | ||||||||||||||||
16,000 | 0.900 | 02/15/26 | 14,720 | |||||||||||||
PepsiCo, Inc. | ||||||||||||||||
26,000 | 2.250 | 03/19/25 | 25,236 | |||||||||||||
11,000 | 2.850 | 02/24/26 | 10,582 | |||||||||||||
|
| |||||||||||||||
114,329 | ||||||||||||||||
| ||||||||||||||||
Hardware – 0.5% | ||||||||||||||||
CDW LLC / CDW Finance Corp. | ||||||||||||||||
50,000 | 4.125 | 05/01/25 | 48,938 | |||||||||||||
| ||||||||||||||||
Healthcare – 3.0% | ||||||||||||||||
Cigna Group (The) | ||||||||||||||||
50,000 | 1.250 | 03/15/26 | 46,280 | |||||||||||||
CVS Health Corp. | ||||||||||||||||
13,000 | 3.000 | 08/15/26 | 12,356 | |||||||||||||
50,000 | 4.300 | 03/25/28 | 48,618 | |||||||||||||
Evernorth Health, Inc. | ||||||||||||||||
40,000 | 4.500 | 02/25/26 | 39,484 | |||||||||||||
HCA, Inc. | ||||||||||||||||
16,000 | 4.500 | 02/15/27 | 15,660 | |||||||||||||
Illumina, Inc. | ||||||||||||||||
50,000 | 5.800 | 12/12/25 | 49,944 | |||||||||||||
Quest Diagnostics, Inc. | ||||||||||||||||
16,000 | 3.450 | 06/01/26 | 15,426 | |||||||||||||
UnitedHealth Group, Inc. | ||||||||||||||||
16,000 | 3.375 | 04/15/27 | 15,369 | |||||||||||||
40,000 | 5.250 | 02/15/28 | 40,686 | |||||||||||||
|
| |||||||||||||||
283,823 | ||||||||||||||||
| ||||||||||||||||
Insurance – 2.2% | ||||||||||||||||
Berkshire Hathaway Finance Corp. | ||||||||||||||||
40,000 | 2.300 | 03/15/27 | 37,447 | |||||||||||||
Horace Mann Educators Corp. | ||||||||||||||||
30,000 | 7.250 | 09/15/28 | 32,094 | |||||||||||||
Lincoln National Corp. | ||||||||||||||||
30,000 | 3.800 | 03/01/28 | 28,566 | |||||||||||||
Loews Corp. | ||||||||||||||||
50,000 | 3.750 | 04/01/26 | 48,738 | |||||||||||||
Prudential Financial, Inc. | ||||||||||||||||
(3M USD LIBOR + 2.665%) | ||||||||||||||||
20,000 | 5.700 | 09/15/48(a) | 19,650 |
36 | 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) |
| |||||||||||||||
Insurance – (continued) | ||||||||||||||||
Radian Group, Inc. | ||||||||||||||||
$ | 20,000 | 6.625 | % | 03/15/25 | $ | 19,975 | ||||||||||
20,000 | 4.875 | 03/15/27 | 19,425 | |||||||||||||
|
| |||||||||||||||
205,895 | ||||||||||||||||
| ||||||||||||||||
Media Non Cable – 0.2% | ||||||||||||||||
Netflix, Inc. | ||||||||||||||||
16,000 | 4.375 | 11/15/26 | 15,820 | |||||||||||||
| ||||||||||||||||
Mining – 0.1% | ||||||||||||||||
Freeport-McMoRan, Inc. | ||||||||||||||||
10,000 | 4.125 | 03/01/28 | 9,513 | |||||||||||||
| ||||||||||||||||
Pharmaceuticals – 0.2% | ||||||||||||||||
Viatris, Inc. | ||||||||||||||||
16,000 | 2.300 | 06/22/27 | 14,477 | |||||||||||||
| ||||||||||||||||
REITs and Real Estate – 2.2% | ||||||||||||||||
Brixmor Operating Partnership LP | ||||||||||||||||
20,000 | 3.900 | 03/15/27 | 19,069 | |||||||||||||
EPR Properties | ||||||||||||||||
8,000 | 4.500 | 06/01/27 | 7,570 | |||||||||||||
Equinix, Inc. | ||||||||||||||||
23,000 | 1.800 | 07/15/27 | 20,711 | |||||||||||||
ERP Operating LP | ||||||||||||||||
16,000 | 3.375 | 06/01/25 | 15,580 | |||||||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||||
9,000 | 5.375 | 04/15/26 | 8,930 | |||||||||||||
Realty Income Corp. | ||||||||||||||||
35,000 | 5.050 | 01/13/26 | 34,818 | |||||||||||||
Simon Property Group LP | ||||||||||||||||
16,000 | 3.500 | 09/01/25 | 15,610 | |||||||||||||
16,000 | 3.300 | 01/15/26 | 15,446 | |||||||||||||
VICI Properties LP | ||||||||||||||||
50,000 | 4.375 | 05/15/25 | 49,091 | |||||||||||||
Welltower OP LLC | ||||||||||||||||
16,000 | 4.000 | 06/01/25 | 15,714 | |||||||||||||
|
| |||||||||||||||
202,539 | ||||||||||||||||
| ||||||||||||||||
REVENUE – 0.3% | ||||||||||||||||
CommonSpirit Health | ||||||||||||||||
16,000 | 1.547 | 10/01/25 | 14,992 | |||||||||||||
SSM Health Care Corp. | ||||||||||||||||
10,000 | 4.894 | 06/01/28 | 10,015 | |||||||||||||
|
| |||||||||||||||
25,007 | ||||||||||||||||
| ||||||||||||||||
Software – 0.9% | ||||||||||||||||
Oracle Corp. | ||||||||||||||||
35,000 | 1.650 | 03/25/26 | 32,526 | |||||||||||||
50,000 | 3.250 | 11/15/27 | 46,864 | |||||||||||||
|
| |||||||||||||||
79,390 | ||||||||||||||||
| ||||||||||||||||
Technology – 6.9% | ||||||||||||||||
Alphabet, Inc. | ||||||||||||||||
16,000 | 1.998 | 08/15/26 | 15,055 | |||||||||||||
Apple, Inc. | ||||||||||||||||
25,000 | 2.450 | 08/04/26 | 23,703 | |||||||||||||
17,000 | 2.050 | 09/11/26 | 15,923 | |||||||||||||
32,000 | 3.350 | 02/09/27 | 30,843 | |||||||||||||
50,000 | 4.000 | 05/10/28 | 49,012 | |||||||||||||
Arrow Electronics, Inc. | ||||||||||||||||
50,000 | 4.000 | 04/01/25 | 49,141 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Technology – (continued) | ||||||||||||||||
Autodesk, Inc. | ||||||||||||||||
$ | 22,000 | 3.500 | % | 06/15/27 | $ | 21,038 | ||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||||||
17,000 | 3.875 | 01/15/27 | 16,470 | |||||||||||||
Cisco Systems, Inc. | ||||||||||||||||
35,000 | 4.800 | 02/26/27 | 35,020 | |||||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||||
35,000 | 5.250 | 02/01/28 | 35,237 | |||||||||||||
Fiserv, Inc. | ||||||||||||||||
12,000 | 3.850 | 06/01/25 | 11,762 | |||||||||||||
24,000 | 3.200 | 07/01/26 | 22,952 | |||||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||||
15,000 | 4.900 | 10/15/25 | 14,895 | |||||||||||||
Intel Corp. | ||||||||||||||||
40,000 | 4.875 | 02/10/28 | 40,015 | |||||||||||||
International Business Machines Corp. | ||||||||||||||||
46,000 | 6.220 | 08/01/27 | 48,033 | |||||||||||||
Intuit, Inc. | ||||||||||||||||
16,000 | 1.350 | 07/15/27 | 14,286 | |||||||||||||
Jabil, Inc. | ||||||||||||||||
40,000 | 4.250 | 05/15/27 | 38,538 | |||||||||||||
Keysight Technologies, Inc. | ||||||||||||||||
8,000 | 4.600 | 04/06/27 | 7,863 | |||||||||||||
Microsoft Corp. | ||||||||||||||||
40,000 | 3.400 | 09/15/26(b) | 38,682 | |||||||||||||
31,000 | 3.300 | 02/06/27 | 29,984 | |||||||||||||
Motorola Solutions, Inc. | ||||||||||||||||
13,000 | 7.500 | 05/15/25 | 13,270 | |||||||||||||
QUALCOMM, Inc. | ||||||||||||||||
7,000 | 3.450 | 05/20/25 | 6,867 | |||||||||||||
TD SYNNEX Corp. | ||||||||||||||||
10,000 | 2.375 | 08/09/28 | 8,678 | |||||||||||||
VeriSign, Inc. | ||||||||||||||||
28,000 | 5.250 | 04/01/25 | 27,895 | |||||||||||||
VMware LLC | ||||||||||||||||
20,000 | 4.500 | 05/15/25 | 19,733 | |||||||||||||
Vontier Corp. | ||||||||||||||||
10,000 | 2.400 | 04/01/28 | 8,729 | |||||||||||||
|
| |||||||||||||||
643,624 | ||||||||||||||||
| ||||||||||||||||
Transportation – 1.4% | ||||||||||||||||
CSX Corp. | ||||||||||||||||
17,000 | 3.250 | 06/01/27 | 16,142 | |||||||||||||
Ryder System, Inc., MTN | ||||||||||||||||
5,000 | 1.750 | 09/01/26 | 4,588 | |||||||||||||
8,000 | 2.900 | 12/01/26 | 7,527 | |||||||||||||
20,000 | 5.650 | 03/01/28 | 20,366 | |||||||||||||
Union Pacific Corp. | ||||||||||||||||
17,000 | 3.250 | 08/15/25 | 16,568 | |||||||||||||
Union Pacific Railroad Co. Pass-Through Trust, Series 14-1 |
| |||||||||||||||
34,520 | 3.227 | 05/14/26 | 33,294 | |||||||||||||
United Airlines, Inc. Pass-Through Trust, Series 20-1 |
| |||||||||||||||
12,578 | 5.875 | 10/15/27 | 12,720 | |||||||||||||
United Airlines, Inc. Pass-Through Trust, Series A | ||||||||||||||||
14,793 | 4.300 | 08/15/25 | 14,498 | |||||||||||||
|
| |||||||||||||||
125,703 | ||||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Water – 0.2% | ||||||||||||||||
American Water Capital Corp. | ||||||||||||||||
$ | 20,000 | 3.750 | % | 09/01/28 | $ | 19,048 | ||||||||||
| ||||||||||||||||
Wireless – 3.5% | ||||||||||||||||
American Tower Corp. | ||||||||||||||||
13,000 | 3.375 | 10/15/26 | 12,415 | |||||||||||||
40,000 | 5.500 | 03/15/28 | 40,236 | |||||||||||||
AT&T, Inc. | ||||||||||||||||
30,000 | 5.539 | 02/20/26 | 29,926 | |||||||||||||
21,000 | 1.700 | 03/25/26 | 19,585 | |||||||||||||
10,000 | 1.650 | 02/01/28 | 8,814 | |||||||||||||
Crown Castle, Inc. | ||||||||||||||||
35,000 | 5.000 | 01/11/28 | 34,559 | |||||||||||||
Sprint LLC | ||||||||||||||||
30,000 | 7.625 | 03/01/26 | 31,069 | |||||||||||||
T-Mobile USA, Inc. | ||||||||||||||||
16,000 | 3.750 | 04/15/27 | 15,399 | |||||||||||||
70,000 | 2.050 | 02/15/28 | 62,531 | |||||||||||||
Verizon Communications, Inc. | ||||||||||||||||
25,000 | 2.100 | 03/22/28 | 22,335 | |||||||||||||
50,000 | 4.329 | 09/21/28 | 48,559 | |||||||||||||
|
| |||||||||||||||
325,428 | ||||||||||||||||
| ||||||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $7,737,704) | 7,672,612 | |||||||||||||||
| ||||||||||||||||
Foreign Corporate Debt – 15.5% | ||||||||||||||||
Banks – 10.8% | ||||||||||||||||
Bank of Montreal (Canada) | ||||||||||||||||
30,000 | 5.203 | 02/01/28 | 30,134 | |||||||||||||
25,000 | 5.717 | 09/25/28 | 25,631 | |||||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||||
17,000 | 1.050 | 03/02/26 | 15,685 | |||||||||||||
17,000 | 2.700 | 08/03/26 | 16,050 | |||||||||||||
50,000 | 2.951 | 03/11/27 | 47,080 | |||||||||||||
Barclays PLC (United Kingdom) | ||||||||||||||||
(3M USD LIBOR + 1.902%) | ||||||||||||||||
200,000 | 4.972 | 05/16/29(a) | 194,924 | |||||||||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||||||||||
40,000 | 5.001 | 04/28/28 | 39,904 | |||||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||||
(SOFR + 1.970%) | ||||||||||||||||
200,000 | 6.161 | 03/09/29(a) | 203,390 | |||||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||||
100,000 | 3.777 | 03/02/25 | 98,395 | |||||||||||||
20,000 | 3.287 | 07/25/27 | 18,938 | |||||||||||||
Royal Bank of Canada (Canada) | ||||||||||||||||
31,000 | 3.625 | 05/04/27 | 29,740 | |||||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||||
40,000 | 1.150 | 07/14/26 | 36,515 | |||||||||||||
20,000 | 4.240 | 08/03/27 | 19,493 | |||||||||||||
Royal Bank of Canada, MTN (Canada) | ||||||||||||||||
23,000 | 1.150 | 06/10/25 | 21,856 | |||||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||||
20,000 | 3.446 | 01/11/27 | 19,167 | |||||||||||||
30,000 | 3.352 | 10/18/27 | 28,331 | |||||||||||||
50,000 | 3.544 | 01/17/28 | 47,437 | |||||||||||||
20,000 | 3.944 | 07/19/28 | 19,188 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) | ||||||||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||||
$ | 23,000 | 1.150 | % | 06/03/26 | $ | 21,163 | ||||||||||
70,000 | 5.457 | 11/18/27 | 71,316 | |||||||||||||
|
| |||||||||||||||
1,004,337 | ||||||||||||||||
| ||||||||||||||||
Brokerage – 0.5% | ||||||||||||||||
Brookfield Finance, Inc. | ||||||||||||||||
50,000 | 3.900 | 01/25/28 | 47,911 | |||||||||||||
| ||||||||||||||||
Consumer Cyclical – 0.8% | ||||||||||||||||
Magna International, Inc. (Canada) | ||||||||||||||||
50,000 | 4.150 | 10/01/25 | 49,106 | |||||||||||||
Toyota Motor Corp. (Japan) | ||||||||||||||||
28,000 | 1.339 | 03/25/26 | 26,015 | |||||||||||||
|
| |||||||||||||||
75,121 | ||||||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 0.5% | ||||||||||||||||
AstraZeneca PLC | ||||||||||||||||
50,000 | 3.375 | 11/16/25 | 48,647 | |||||||||||||
| ||||||||||||||||
Energy – 1.0% | ||||||||||||||||
Canadian Natural Resources Ltd. (Canada) | ||||||||||||||||
50,000 | 2.050 | 07/15/25 | 47,758 | |||||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||||
(3M U.S. T-Bill MMY + 3.903%) | ||||||||||||||||
16,000 | 6.250 | 03/01/78(a) | 15,360 | |||||||||||||
TransCanada PipeLines Ltd. (Canada) | ||||||||||||||||
30,000 | 6.203 | 03/09/26 | 30,028 | |||||||||||||
|
| |||||||||||||||
93,146 | ||||||||||||||||
| ||||||||||||||||
Financial Company – 0.3% | ||||||||||||||||
ORIX Corp. | ||||||||||||||||
30,000 | 5.000 | 09/13/27 | 30,017 | |||||||||||||
| ||||||||||||||||
Food and Beverage – 0.6% | ||||||||||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||||||||||
50,000 | 4.750 | 01/23/29 | 49,695 | |||||||||||||
| ||||||||||||||||
Insurance – 0.6% | ||||||||||||||||
Manulife Financial Corp. | ||||||||||||||||
60,000 | 2.484 | 05/19/27 | 55,332 | |||||||||||||
| ||||||||||||||||
Technology – 0.4% | ||||||||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. | ||||||||||||||||
40,000 | 3.875 | 06/18/26 | 38,731 | |||||||||||||
| ||||||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||||
(Cost $1,440,336) | 1,442,937 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS – 97.9% | ||||||||||||||||
(Cost $9,178,040) | $ | 9,115,549 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1% | 195,831 | |||||||||||||||
| ||||||||||||||||
NET ASSETS – 100.0% | $ | 9,311,380 | ||||||||||||||
|
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 29, 2024. |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1 - 5 YEAR BOND
Investment Abbreviations: | ||
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MMY | —Money Market Yield | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
T-Bill | —Treasury Bill |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – 80.6% |
| |||||||||||||||
Aerospace & Defense – 2.3% |
| |||||||||||||||
Boeing Co. (The) |
| |||||||||||||||
$ | 300,000 | 2.196 | % | 02/04/26 | $ | 281,218 | ||||||||||
290,000 | 2.700 | 02/01/27 | 269,985 | |||||||||||||
600,000 | 3.250 | 02/01/28 | 556,313 | |||||||||||||
400,000 | 3.200 | 03/01/29 | 362,910 | |||||||||||||
290,000 | 2.950 | 02/01/30 | 254,429 | |||||||||||||
1,500,000 | 5.150 | 05/01/30 | 1,479,990 | |||||||||||||
500,000 | 3.625 | 02/01/31 | 449,348 | |||||||||||||
500,000 | 3.600 | 05/01/34 | 422,277 | |||||||||||||
300,000 | 3.250 | 02/01/35 | 242,772 | |||||||||||||
800,000 | 5.705 | 05/01/40 | 781,278 | |||||||||||||
275,000 | 3.900 | 05/01/49 | 204,344 | |||||||||||||
300,000 | 3.750 | 02/01/50 | 215,730 | |||||||||||||
1,000,000 | 5.805 | 05/01/50 | 968,481 | |||||||||||||
500,000 | 5.930 | 05/01/60 | 485,344 | |||||||||||||
General Dynamics Corp. |
| |||||||||||||||
50,000 | 3.250 | 04/01/25 | 48,947 | |||||||||||||
600,000 | 3.500 | 04/01/27 | 577,670 | |||||||||||||
250,000 | 4.250 | 04/01/40 | 223,937 | |||||||||||||
384,000 | 4.250 | 04/01/50 | 332,731 | |||||||||||||
L3Harris Technologies, Inc. |
| |||||||||||||||
200,000 | 4.400 | 06/15/28 | 194,613 | |||||||||||||
500,000 | 5.400 | 07/31/33 | 500,567 | |||||||||||||
Lockheed Martin Corp. |
| |||||||||||||||
250,000 | 5.100 | 11/15/27 | 252,643 | |||||||||||||
620,000 | 5.250 | 01/15/33 | 632,907 | |||||||||||||
1,000,000 | 4.750 | 02/15/34 | 978,318 | |||||||||||||
193,000 | 4.070 | 12/15/42 | 166,006 | |||||||||||||
260,000 | 3.800 | 03/01/45 | 210,657 | |||||||||||||
100,000 | 4.700 | 05/15/46 | 92,208 | |||||||||||||
168,000 | 4.090 | 09/15/52 | 140,085 | |||||||||||||
220,000 | 4.150 | 06/15/53 | 183,562 | |||||||||||||
100,000 | 5.700 | 11/15/54 | 105,966 | |||||||||||||
148,000 | 5.900 | 11/15/63 | 161,757 | |||||||||||||
Northrop Grumman Corp. |
| |||||||||||||||
290,000 | 3.200 | 02/01/27 | 275,823 | |||||||||||||
738,000 | 3.250 | 01/15/28 | 691,678 | |||||||||||||
400,000 | 4.400 | 05/01/30 | 385,662 | |||||||||||||
862,000 | 4.030 | 10/15/47 | 695,154 | |||||||||||||
228,000 | 5.250 | 05/01/50 | 220,783 | |||||||||||||
RTX Corp. |
| |||||||||||||||
330,000 | 5.750 | 11/08/26 | 334,683 | |||||||||||||
1,000,000 | 6.000 | 03/15/31 | 1,043,659 | |||||||||||||
1,000,000 | 6.100 | 03/15/34 | 1,056,033 | |||||||||||||
960,000 | 4.150 | 05/15/45 | 789,113 | |||||||||||||
300,000 | 4.625 | 11/16/48 | 263,096 | |||||||||||||
|
| |||||||||||||||
17,532,677 | ||||||||||||||||
| ||||||||||||||||
Agriculture – 0.1% |
| |||||||||||||||
Archer-Daniels-Midland Co. |
| |||||||||||||||
462,000 | 3.250 | 03/27/30 | 417,504 | |||||||||||||
500,000 | 2.900 | 03/01/32 | 426,840 | |||||||||||||
|
| |||||||||||||||
844,344 | ||||||||||||||||
| ||||||||||||||||
Banks – 19.4% |
| |||||||||||||||
American Express Co. |
| |||||||||||||||
649,000 | 4.200 | 11/06/25 | 640,891 | |||||||||||||
660,000 | 4.900 | 02/13/26 | 658,292 | |||||||||||||
470,000 | 3.125 | 05/20/26 | 451,608 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
American Express Co. – (continued) |
| |||||||||||||||
$ | 250,000 | 1.650 | % | 11/04/26 | $ | 228,752 | ||||||||||
200,000 | 3.300 | 05/03/27 | 190,031 | |||||||||||||
200,000 | 5.850 | 11/05/27 | 205,027 | |||||||||||||
600,000 | 4.050 | 05/03/29 | 581,381 | |||||||||||||
200,000 | 4.050 | 12/03/42 | 172,786 | |||||||||||||
(SOFR + 1.330%) | ||||||||||||||||
850,000 | 6.338 | 10/30/26(a) | 863,531 | |||||||||||||
(SOFRINDX + 1.280%) | ||||||||||||||||
1,000,000 | 5.282 | 07/27/29(a) | 1,007,748 | |||||||||||||
(SOFR + 2.255%) | ||||||||||||||||
192,000 | 4.989 | 05/26/33(a) | 187,045 | |||||||||||||
Bank of America Corp. |
| |||||||||||||||
(SOFR + 0.960%) | ||||||||||||||||
1,739,000 | 1.734 | 07/22/27(a) | 1,595,758 | |||||||||||||
(SOFR + 1.340%) | ||||||||||||||||
660,000 | 5.933 | 09/15/27(a) | 669,954 | |||||||||||||
(TSFR3M + 1.774%) | ||||||||||||||||
485,000 | 3.705 | 04/24/28(a) | 463,050 | |||||||||||||
(SOFR + 1.990%) | ||||||||||||||||
720,000 | 6.204 | 11/10/28(a) | 745,823 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.302%) | |||||||||||||||
1,148,000 | 3.419 | 12/20/28(a) | 1,074,972 | |||||||||||||
(SOFR + 2.150%) | ||||||||||||||||
519,000 | 2.592 | 04/29/31(a) | 444,262 | |||||||||||||
(SOFR + 1.320%) | ||||||||||||||||
970,000 | 2.687 | 04/22/32(a) | 807,612 | |||||||||||||
(SOFR + 1.220%) | ||||||||||||||||
882,000 | 2.299 | 07/21/32(a) | 716,870 | |||||||||||||
(SOFR + 1.210%) | ||||||||||||||||
700,000 | 2.572 | 10/20/32(a) | 576,686 | |||||||||||||
(SOFR + 1.910%) | ||||||||||||||||
930,000 | 5.288 | 04/25/34(a) | 917,396 | |||||||||||||
| (US 5 Year CMT T-Note + 1.200%) | |||||||||||||||
234,000 | 2.482 | 09/21/36(a) | 185,702 | |||||||||||||
860,000 | 6.110 | 01/29/37 | 904,348 | |||||||||||||
370,000 | 7.750 | 05/14/38 | 447,656 | |||||||||||||
| (US 5 Year CMT T-Note + 2.000%) | |||||||||||||||
100,000 | 3.846 | 03/08/37(a) | 87,767 | |||||||||||||
| (3M U.S. T-Bill MMY+ 2.076%) | |||||||||||||||
418,000 | 4.244 | 04/24/38(a) | 370,264 | |||||||||||||
(SOFR + 1.580%) | ||||||||||||||||
519,000 | 3.311 | 04/22/42(a) | 397,873 | |||||||||||||
(TSFR3M + 1.452%) | ||||||||||||||||
210,000 | 3.946 | 01/23/49(a) | 170,109 | |||||||||||||
Bank of America Corp., GMTN |
| |||||||||||||||
320,000 | 3.500 | 04/19/26 | 310,753 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.632%) | |||||||||||||||
588,000 | 3.593 | 07/21/28(a) | 555,519 | |||||||||||||
Bank of America Corp., MTN |
| |||||||||||||||
215,000 | 3.875 | 08/01/25 | 211,160 | |||||||||||||
253,000 | 4.450 | 03/03/26 | 248,923 | |||||||||||||
423,000 | 4.250 | 10/22/26 | 414,085 |
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) |
| |||||||||||||||
Bank of America Corp., MTN – (continued) |
| |||||||||||||||
$ | 660,000 | 3.248 | % | 10/21/27 | $ | 620,589 | ||||||||||
248,000 | 5.875 | 02/07/42 | 264,038 | |||||||||||||
334,000 | 5.000 | 01/21/44 | 320,459 | |||||||||||||
(TSFR3M + 0.902%) | ||||||||||||||||
700,000 | 2.015 | 02/13/26(a) | 676,936 | |||||||||||||
(SOFR + 1.150%) | ||||||||||||||||
1,718,000 | 1.319 | 06/19/26(a) | 1,627,305 | |||||||||||||
(SOFR + 1.750%) | ||||||||||||||||
300,000 | 4.827 | 07/22/26(a) | 297,357 | |||||||||||||
(SOFR + 1.010%) | ||||||||||||||||
1,000,000 | 1.197 | 10/24/26(a) | 932,232 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.322%) |
| ||||||||||||||
760,000 | 3.559 | 04/23/27(a) | 728,208 | |||||||||||||
(TSFR3M + 1.837%) | ||||||||||||||||
628,000 | 3.824 | 01/20/28(a) | 602,722 | |||||||||||||
(SOFR + 1.050%) | ||||||||||||||||
490,000 | 2.551 | 02/04/28(a) | 453,961 | |||||||||||||
(SOFR + 2.040%) | ||||||||||||||||
900,000 | 4.948 | 07/22/28(a) | 890,623 | |||||||||||||
(TSFR3M + 1.332%) | ||||||||||||||||
150,000 | 3.970 | 03/05/29(a) | 142,784 | |||||||||||||
(SOFR + 1.060%) | ||||||||||||||||
680,000 | 2.087 | 06/14/29(a) | 598,329 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.572%) |
| ||||||||||||||
1,445,000 | 4.271 | 07/23/29(a) | 1,392,710 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.472%) |
| ||||||||||||||
504,000 | 3.974 | 02/07/30(a) | 475,423 | |||||||||||||
(TSFR3M + 1.442%) | ||||||||||||||||
200,000 | 3.194 | 07/23/30(a) | 179,659 | |||||||||||||
(TSFR3M + 1.452%) | ||||||||||||||||
281,000 | 2.884 | 10/22/30(a) | 247,749 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.252%) |
| ||||||||||||||
525,000 | 2.496 | 02/13/31(a) | 448,081 | |||||||||||||
(SOFR + 1.530%) | ||||||||||||||||
830,000 | 1.898 | 07/23/31(a) | 674,332 | |||||||||||||
(SOFR + 1.370%) | ||||||||||||||||
500,000 | 1.922 | 10/24/31(a) | 401,880 | |||||||||||||
(SOFR + 1.330%) | ||||||||||||||||
622,000 | 2.972 | 02/04/33(a) | 524,069 | |||||||||||||
(TSFR3M + 1.582%) | ||||||||||||||||
208,000 | 4.078 | 04/23/40(a) | 177,198 | |||||||||||||
(SOFR + 1.930%) | ||||||||||||||||
704,000 | 2.676 | 06/19/41(a) | 490,710 | |||||||||||||
(TSFR3M + 2.252%) | ||||||||||||||||
354,000 | 4.443 | 01/20/48(a) | 305,992 | |||||||||||||
(TSFR3M + 1.782%) | ||||||||||||||||
477,000 | 4.330 | 03/15/50(a) | 407,095 | |||||||||||||
| (3M U.S. T-Bill MMY + 3.412%) |
| ||||||||||||||
826,000 | 4.083 | 03/20/51(a) | 665,295 | |||||||||||||
Bank of America Corp., Series L |
| |||||||||||||||
210,000 | 3.950 | 04/21/25 | 206,514 | |||||||||||||
823,000 | 4.183 | 11/25/27 | 794,042 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Bank of America Corp., Series N |
| |||||||||||||||
(SOFR + 1.220%) | ||||||||||||||||
$ | 500,000 | 2.651 | % | 03/11/32(a) | $ | 419,290 | ||||||||||
Bank of America NA |
| |||||||||||||||
250,000 | 5.526 | 08/18/26 | 252,174 | |||||||||||||
500,000 | 6.000 | 10/15/36 | 523,090 | |||||||||||||
Bank of New York Mellon Corp. (The), MTN |
| |||||||||||||||
50,000 | 2.800 | 05/04/26 | 47,733 | |||||||||||||
1,000,000 | 2.050 | 01/26/27 | 921,148 | |||||||||||||
290,000 | 3.250 | 05/16/27 | 275,843 | |||||||||||||
636,000 | 3.400 | 01/29/28 | 601,629 | |||||||||||||
372,000 | 3.850 | 04/28/28 | 359,209 | |||||||||||||
144,000 | 3.300 | 08/23/29 | 132,360 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.331%) |
| ||||||||||||||
1,087,000 | 3.442 | 02/07/28(a) | 1,038,311 | |||||||||||||
(SOFR + 1.845%) | ||||||||||||||||
810,000 | 6.474 | 10/25/34(a) | 879,301 | |||||||||||||
Capital One Financial Corp. |
| |||||||||||||||
50,000 | 4.200 | 10/29/25 | 48,890 | |||||||||||||
450,000 | 3.750 | 03/09/27 | 430,490 | |||||||||||||
300,000 | 3.650 | 05/11/27 | 286,185 | |||||||||||||
690,000 | 3.800 | 01/31/28 | 653,759 | |||||||||||||
(SOFR + 1.290%) | ||||||||||||||||
550,000 | 2.636 | 03/03/26(a) | 532,779 | |||||||||||||
(SOFR + 2.160%) | ||||||||||||||||
150,000 | 4.985 | 07/24/26(a) | 148,734 | |||||||||||||
(SOFR + 0.855%) | ||||||||||||||||
200,000 | 1.878 | 11/02/27(a) | 181,197 | |||||||||||||
(SOFR + 2.057%) | ||||||||||||||||
250,000 | 4.927 | 05/10/28(a) | 244,637 | |||||||||||||
(SOFR + 2.080%) | ||||||||||||||||
200,000 | 5.468 | 02/01/29(a) | 199,291 | |||||||||||||
(SOFR + 2.640%) | ||||||||||||||||
1,000,000 | 6.312 | 06/08/29(a) | 1,027,119 | |||||||||||||
(SOFR + 1.337%) | ||||||||||||||||
180,000 | 2.359 | 07/29/32(a) | 136,349 | |||||||||||||
(SOFR + 2.600%) | ||||||||||||||||
1,000,000 | 5.817 | 02/01/34(a) | 991,935 | |||||||||||||
(SOFR + 2.860%) | ||||||||||||||||
500,000 | 6.377 | 06/08/34(a) | 514,816 | |||||||||||||
Citigroup, Inc. |
| |||||||||||||||
500,000 | 3.875 | 03/26/25 | 490,675 | |||||||||||||
200,000 | 3.700 | 01/12/26 | 194,868 | |||||||||||||
530,000 | 4.450 | 09/29/27 | 513,925 | |||||||||||||
567,000 | 4.125 | 07/25/28 | 540,529 | |||||||||||||
484,000 | 6.625 | 06/15/32 | 514,522 | |||||||||||||
500,000 | 5.875 | 01/30/42 | 524,817 | |||||||||||||
486,000 | 6.675 | 09/13/43 | 536,158 | |||||||||||||
396,000 | 5.300 | 05/06/44 | 376,260 | |||||||||||||
100,000 | 4.650 | 07/30/45 | 89,881 | |||||||||||||
500,000 | 4.750 | 05/18/46 | 439,199 | |||||||||||||
500,000 | 4.650 | 07/23/48 | 447,392 | |||||||||||||
(SOFR + 0.694%) | ||||||||||||||||
1,018,000 | 2.014 | 01/25/26(a) | 984,638 | |||||||||||||
(SOFR + 2.842%) | ||||||||||||||||
640,000 | 3.106 | 04/08/26(a) | 622,151 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(SOFR + 0.765%) | ||||||||||||||||
$ | 1,697,000 | 1.122 | % | 01/28/27(a) | $ | 1,562,920 | ||||||||||
(SOFR + 0.770%) | ||||||||||||||||
435,000 | 1.462 | 06/09/27(a) | 397,492 | |||||||||||||
(TSFR3M + 1.825%) | ||||||||||||||||
100,000 | 3.887 | 01/10/28(a) | 95,718 | |||||||||||||
(SOFR + 1.887%) | ||||||||||||||||
270,000 | 4.658 | 05/24/28(a) | 265,769 | |||||||||||||
(TSFR3M + 1.652%) | ||||||||||||||||
1,180,000 | 3.668 | 07/24/28(a) | 1,122,432 | |||||||||||||
(TSFR3M + 1.413%) | ||||||||||||||||
1,190,000 | 3.520 | 10/27/28(a) | 1,119,387 | |||||||||||||
(TSFR3M + 1.600%) | ||||||||||||||||
200,000 | 3.980 | 03/20/30(a) | 188,102 | |||||||||||||
(SOFR + 1.422%) | ||||||||||||||||
800,000 | 2.976 | 11/05/30(a) | 706,178 | |||||||||||||
(SOFR + 2.107%) | ||||||||||||||||
1,000,000 | 2.572 | 06/03/31(a) | 843,219 | |||||||||||||
(SOFR + 1.167%) | ||||||||||||||||
800,000 | 2.561 | 05/01/32(a) | 659,848 | |||||||||||||
(SOFR + 1.939%) | ||||||||||||||||
1,400,000 | 3.785 | 03/17/33(a) | 1,236,163 | |||||||||||||
(SOFR + 2.086%) | ||||||||||||||||
500,000 | 4.910 | 05/24/33(a) | 479,880 | |||||||||||||
(SOFR + 2.338%) | ||||||||||||||||
1,000,000 | 6.270 | 11/17/33(a) | 1,051,078 | |||||||||||||
(TSFR3M + 1.430%) | ||||||||||||||||
300,000 | 3.878 | 01/24/39(a) | 252,953 | |||||||||||||
(SOFR + 1.379%) | ||||||||||||||||
600,000 | 2.904 | 11/03/42(a) | 428,388 | |||||||||||||
(TSFR3M + 2.101%) | ||||||||||||||||
300,000 | 4.281 | 04/24/48(a) | 254,293 | |||||||||||||
Citigroup, Inc., Series VAR |
| |||||||||||||||
(SOFR + 1.280%) | ||||||||||||||||
1,234,000 | 3.070 | 02/24/28(a) | 1,159,280 | |||||||||||||
Citizens Bank NA |
| |||||||||||||||
(SOFR + 2.000%) | ||||||||||||||||
655,000 | 4.575 | 08/09/28(a) | 621,840 | |||||||||||||
Citizens Financial Group, Inc. |
| |||||||||||||||
100,000 | 3.250 | 04/30/30 | 86,589 | |||||||||||||
Fifth Third Bancorp |
| |||||||||||||||
456,000 | 2.550 | 05/05/27 | 420,555 | |||||||||||||
190,000 | 8.250 | 03/01/38 | 224,856 | |||||||||||||
(SOFRINDX + 2.192%) | ||||||||||||||||
300,000 | 6.361 | 10/27/28(a) | 304,951 | |||||||||||||
(SOFRINDX + 2.127%) | ||||||||||||||||
1,100,000 | 4.772 | 07/28/30(a) | 1,046,151 | |||||||||||||
Fifth Third Bank NA |
| |||||||||||||||
560,000 | 3.850 | 03/15/26 | 539,836 | |||||||||||||
JPMorgan Chase & Co. |
| |||||||||||||||
138,000 | 3.900 | 07/15/25 | 135,624 | |||||||||||||
730,000 | 3.300 | 04/01/26 | 704,215 | |||||||||||||
690,000 | 3.200 | 06/15/26 | 663,785 | |||||||||||||
290,000 | 4.125 | 12/15/26 | 283,221 | |||||||||||||
251,000 | 4.250 | 10/01/27 | 246,385 | |||||||||||||
184,000 | 3.625 | 12/01/27 | 175,050 | |||||||||||||
513,000 | 6.400 | 05/15/38 | 574,343 | |||||||||||||
147,000 | 5.500 | 10/15/40 | 150,550 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
JPMorgan Chase & Co. – (continued) |
| |||||||||||||||
$ | 226,000 | 5.600 | % | 07/15/41 | $ | 233,398 | ||||||||||
328,000 | 5.400 | 01/06/42 | 330,687 | |||||||||||||
60,000 | 5.625 | 08/16/43 | 61,307 | |||||||||||||
381,000 | 4.850 | 02/01/44 | 358,467 | |||||||||||||
554,000 | 4.950 | 06/01/45 | 516,312 | |||||||||||||
(SOFR + 0.915%) | ||||||||||||||||
250,000 | 2.595 | 02/24/26(a) | 243,314 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.585%) |
| ||||||||||||||
370,000 | 2.005 | 03/13/26(a) | 356,866 | |||||||||||||
(SOFR + 1.850%) | ||||||||||||||||
840,000 | 2.083 | 04/22/26(a) | 806,693 | |||||||||||||
(SOFR + 0.800%) | ||||||||||||||||
800,000 | 1.045 | 11/19/26(a) | 743,894 | |||||||||||||
(TSFR3M + 1.507%) | ||||||||||||||||
500,000 | 3.960 | 01/29/27(a) | 487,160 | |||||||||||||
(SOFR + 0.885%) | ||||||||||||||||
600,000 | 1.578 | 04/22/27(a) | 555,795 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.599%) |
| ||||||||||||||
653,000 | 3.782 | 02/01/28(a) | 628,336 | |||||||||||||
(SOFR + 1.170%) | ||||||||||||||||
655,000 | 2.947 | 02/24/28(a) | 614,317 | |||||||||||||
(SOFR + 1.560%) | ||||||||||||||||
950,000 | 4.323 | 04/26/28(a) | 927,767 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.642%) |
| ||||||||||||||
1,064,000 | 3.540 | 05/01/28(a) | 1,011,819 | |||||||||||||
622,000 | 3.964 | 11/15/48(a) | 501,550 | |||||||||||||
(SOFR + 1.890%) | ||||||||||||||||
1,002,000 | 2.182 | 06/01/28(a) | 914,586 | |||||||||||||
(SOFR + 1.990%) | ||||||||||||||||
535,000 | 4.851 | 07/25/28(a) | 530,545 | |||||||||||||
(TSFR3M + 1.207%) | ||||||||||||||||
1,922,000 | 3.509 | 01/23/29(a) | 1,813,738 | |||||||||||||
(TSFR3M + 1.382%) | ||||||||||||||||
518,000 | 4.005 | 04/23/29(a) | 493,939 | |||||||||||||
(SOFR + 1.015%) | ||||||||||||||||
450,000 | 2.069 | 06/01/29(a) | 397,748 | |||||||||||||
(SOFR + 1.570%) | ||||||||||||||||
1,000,000 | 6.087 | 10/23/29(a) | 1,035,858 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.592%) |
| ||||||||||||||
450,000 | 4.452 | 12/05/29(a) | 433,667 | |||||||||||||
(TSFR3M + 1.422%) | ||||||||||||||||
114,000 | 3.702 | 05/06/30(a) | 106,327 | |||||||||||||
(SOFR + 1.750%) | ||||||||||||||||
230,000 | 4.565 | 06/14/30(a) | 223,088 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.510%) |
| ||||||||||||||
692,000 | 2.739 | 10/15/30(a) | 608,002 | |||||||||||||
| (3M U.S. T-Bill MMY + 3.790%) |
| ||||||||||||||
400,000 | 4.493 | 03/24/31(a) | 382,983 | |||||||||||||
(SOFR + 2.040%) | ||||||||||||||||
1,130,000 | 2.522 | 04/22/31(a) | 961,799 |
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) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(TSFR3M + 2.515%) | ||||||||||||||||
$ | 358,000 | 2.956 | % | 05/13/31(a) | $ | 311,464 | ||||||||||
| (3M U.S. T-Bill MMY + 1.105%) |
| ||||||||||||||
80,000 | 1.764 | 11/19/31(a) | 64,222 | |||||||||||||
(SOFR + 1.065%) | ||||||||||||||||
1,052,000 | 1.953 | 02/04/32(a) | 849,494 | |||||||||||||
(TSFR3M + 1.250%) | ||||||||||||||||
1,104,000 | 2.580 | 04/22/32(a) | 926,345 | |||||||||||||
(SOFR + 1.180%) | ||||||||||||||||
1,067,000 | 2.545 | 11/08/32(a) | 879,981 | |||||||||||||
(SOFR + 1.260%) | ||||||||||||||||
600,000 | 2.963 | 01/25/33(a) | 508,618 | |||||||||||||
(SOFR + 1.800%) | ||||||||||||||||
500,000 | 4.586 | 04/26/33(a) | 474,544 | |||||||||||||
(SOFR + 1.845%) | ||||||||||||||||
1,000,000 | 5.350 | 06/01/34(a) | 995,448 | |||||||||||||
(SOFR + 1.810%) | ||||||||||||||||
680,000 | 6.254 | 10/23/34(a) | 723,988 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.622%) |
| ||||||||||||||
485,000 | 3.882 | 07/24/38(a) | 413,263 | |||||||||||||
(TSFR3M + 2.460%) | ||||||||||||||||
110,000 | 3.109 | 04/22/41(a) | 83,379 | |||||||||||||
(TSFR3M + 1.510%) | ||||||||||||||||
360,000 | 2.525 | 11/19/41(a) | 247,244 | |||||||||||||
(SOFR + 1.460%) | ||||||||||||||||
100,000 | 3.157 | 04/22/42(a) | 75,247 | |||||||||||||
(TSFR3M + 1.842%) | ||||||||||||||||
271,000 | 4.260 | 02/22/48(a) | 230,246 | |||||||||||||
(TSFR3M + 1.722%) | ||||||||||||||||
268,000 | 4.032 | 07/24/48(a) | 219,161 | |||||||||||||
(TSFR3M + 1.482%) | ||||||||||||||||
290,000 | 3.897 | 01/23/49(a) | 233,144 | |||||||||||||
(SOFR + 2.440%) | ||||||||||||||||
368,000 | 3.109 | 04/22/51(a) | 253,854 | |||||||||||||
(SOFR + 1.580%) | ||||||||||||||||
760,000 | 3.328 | 04/22/52(a) | 541,373 | |||||||||||||
JPMorgan Chase Bank NA |
| |||||||||||||||
250,000 | 5.110 | 12/08/26 | 249,992 | |||||||||||||
M&T Bank Corp. |
| |||||||||||||||
(SOFR + 1.850%) | ||||||||||||||||
260,000 | 5.053 | 01/27/34(a) | 238,927 | |||||||||||||
Manufacturers & Traders Trust Co. |
| |||||||||||||||
840,000 | 2.900 | 02/06/25 | 817,013 | |||||||||||||
600,000 | 4.650 | 01/27/26 | 583,770 | |||||||||||||
Morgan Stanley |
| |||||||||||||||
(SOFR + 1.990%) | ||||||||||||||||
3,000,000 | 2.188 | 04/28/26(a) | 2,889,324 | |||||||||||||
(SOFR + 1.669%) | ||||||||||||||||
200,000 | 4.679 | 07/17/26(a) | 197,940 | |||||||||||||
(SOFR + 1.770%) | ||||||||||||||||
500,000 | 6.138 | 10/16/26(a) | 506,294 | |||||||||||||
250,000 | 3.950 | 04/23/27 | 240,670 | |||||||||||||
600,000 | 3.591 | 07/22/28(a) | 569,125 | |||||||||||||
600,000 | 6.375 | 07/24/42 | 670,270 | |||||||||||||
510,000 | 4.300 | 01/27/45 | 442,002 | |||||||||||||
815,000 | 4.375 | 01/22/47 | 704,596 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(SOFR + 1.610%) | ||||||||||||||||
$ | 450,000 | 4.210 | % | 04/20/28(a) | $ | 433,738 | ||||||||||
(SOFR + 1.290%) | ||||||||||||||||
2,280,000 | 2.943 | 01/21/33(a) | 1,919,053 | |||||||||||||
(SOFR + 1.360%) | ||||||||||||||||
755,000 | 2.484 | 09/16/36(a) | 593,621 | |||||||||||||
(SOFR + 2.620%) | ||||||||||||||||
2,015,000 | 5.297 | 04/20/37(a) | 1,924,830 | |||||||||||||
| (US 5 Year CMT T-Note + 2.430%) |
| ||||||||||||||
100,000 | 5.948 | 01/19/38(a) | 99,563 | |||||||||||||
(3M USD LIBOR + 1.455%) | ||||||||||||||||
645,000 | 3.971 | 07/22/38(a) | 552,187 | |||||||||||||
(TSFR3M + 1.693%) | ||||||||||||||||
1,340,000 | 4.457 | 04/22/39(a) | 1,209,190 | |||||||||||||
(SOFR + 1.485%) | ||||||||||||||||
300,000 | 3.217 | 04/22/42(a) | 227,639 | |||||||||||||
Morgan Stanley, GMTN |
| |||||||||||||||
200,000 | 4.000 | 07/23/25 | 196,554 | |||||||||||||
1,000,000 | 3.875 | 01/27/26 | 974,212 | |||||||||||||
(TSFR3M + 1.402%) | ||||||||||||||||
460,000 | 3.772 | 01/24/29(a) | 432,878 | |||||||||||||
(SOFR + 1.143%) | ||||||||||||||||
650,000 | 2.699 | 01/22/31(a) | 559,856 | |||||||||||||
(SOFR + 4.840%) | ||||||||||||||||
100,000 | 5.597 | 03/24/51(a) | 104,096 | |||||||||||||
Morgan Stanley, MTN |
| |||||||||||||||
(SOFR + 0.940%) | ||||||||||||||||
500,000 | 2.630 | 02/18/26(a) | 486,019 | |||||||||||||
(SOFR + 1.034%) | ||||||||||||||||
2,280,000 | 1.794 | 02/13/32(a) | 1,809,155 | |||||||||||||
(SOFR + 1.430%) | ||||||||||||||||
1,890,000 | 2.802 | 01/25/52(a) | 1,218,963 | |||||||||||||
Morgan Stanley Bank NA |
| |||||||||||||||
880,000 | 5.479 | 07/16/25 | 883,491 | |||||||||||||
250,000 | 4.754 | 04/21/26 | 247,949 | |||||||||||||
250,000 | 5.882 | 10/30/26 | 254,341 | |||||||||||||
Northern Trust Corp. |
| |||||||||||||||
1,000,000 | 3.950 | 10/30/25 | 980,117 | |||||||||||||
PNC Bank NA |
| |||||||||||||||
250,000 | 3.250 | 06/01/25 | 243,363 | |||||||||||||
250,000 | 2.700 | 10/22/29 | 216,073 | |||||||||||||
PNC Financial Services Group, Inc. (The) |
| |||||||||||||||
1,000,000 | 2.600 | 07/23/26 | 940,637 | |||||||||||||
(SOFR + 1.841%) | ||||||||||||||||
1,300,000 | 5.582 | 06/12/29(a) | 1,310,705 | |||||||||||||
(SOFRINDX + 2.140%) | ||||||||||||||||
250,000 | 6.037 | 10/28/33(a) | 256,471 | |||||||||||||
(SOFR + 2.284%) | ||||||||||||||||
500,000 | 6.875 | 10/20/34(a) | 544,956 | |||||||||||||
Santander Holdings USA, Inc. |
| |||||||||||||||
380,000 | 3.450 | 06/02/25 | 368,783 | |||||||||||||
670,000 | 3.244 | 10/05/26 | 628,273 | |||||||||||||
(SOFR + 1.249%) | ||||||||||||||||
444,000 | 2.490 | 01/06/28(a) | 402,207 | |||||||||||||
Synchrony Bank |
| |||||||||||||||
400,000 | 5.400 | 08/22/25 | 395,845 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Synchrony Financial |
| |||||||||||||||
$ | 392,000 | 4.500 | % | 07/23/25 | $ | 382,335 | ||||||||||
724,000 | 3.950 | 12/01/27 | 670,996 | |||||||||||||
Truist Financial Corp., MTN |
| |||||||||||||||
(SOFR + 2.050%) | ||||||||||||||||
570,000 | 6.047 | 06/08/27(a) | 576,407 | |||||||||||||
(SOFR + 1.620%) | ||||||||||||||||
1,000,000 | 5.435 | 01/24/30(a) | 987,181 | |||||||||||||
U.S. Bancorp |
| |||||||||||||||
250,000 | 1.450 | 05/12/25 | 239,468 | |||||||||||||
| (US 5 Year CMT T-Note + 0.950%) |
| ||||||||||||||
300,000 | 2.491 | 11/03/36(a) | 231,275 | |||||||||||||
U.S. Bancorp, MTN |
| |||||||||||||||
286,000 | 3.100 | 04/27/26 | 273,324 | |||||||||||||
755,000 | 3.900 | 04/26/28 | 722,549 | |||||||||||||
387,000 | 3.000 | 07/30/29 | 343,610 | |||||||||||||
300,000 | 1.375 | 07/22/30 | 236,833 | |||||||||||||
(SOFR + 0.730%) | ||||||||||||||||
300,000 | 2.215 | 01/27/28(a) | 275,305 | |||||||||||||
(SOFR + 1.660%) | ||||||||||||||||
200,000 | 4.548 | 07/22/28(a) | 195,512 | |||||||||||||
(SOFR + 1.020%) | ||||||||||||||||
950,000 | 2.677 | 01/27/33(a) | 779,319 | |||||||||||||
U.S. Bancorp, Series V |
| |||||||||||||||
100,000 | 2.375 | 07/22/26 | 93,822 | |||||||||||||
U.S. Bancorp, Series X |
| |||||||||||||||
535,000 | 3.150 | 04/27/27 | 503,371 | |||||||||||||
US Bank NA |
| |||||||||||||||
550,000 | 2.050 | 01/21/25 | 534,356 | |||||||||||||
800,000 | 2.800 | 01/27/25 | 782,217 | |||||||||||||
Wells Fargo & Co. |
| |||||||||||||||
815,000 | 3.000 | 04/22/26 | 775,858 | |||||||||||||
1,234,000 | 3.000 | 10/23/26 | 1,166,980 | |||||||||||||
550,000 | 5.375 | 11/02/43 | 526,653 | |||||||||||||
1,007,000 | 3.900 | 05/01/45 | 806,058 | |||||||||||||
(SOFR + 2.000%) | ||||||||||||||||
600,000 | 2.188 | 04/30/26(a) | 575,096 | |||||||||||||
(SOFR + 2.060%) | ||||||||||||||||
1,345,000 | 6.491 | 10/23/34(a) | 1,435,124 | |||||||||||||
(SOFR + 2.530%) | ||||||||||||||||
1,119,000 | 3.068 | 04/30/41(a) | 831,104 | |||||||||||||
Wells Fargo & Co., GMTN |
| |||||||||||||||
450,000 | 4.300 | 07/22/27 | 437,013 | |||||||||||||
404,000 | 4.900 | 11/17/45 | 358,008 | |||||||||||||
Wells Fargo & Co., MTN |
| |||||||||||||||
660,000 | 3.000 | 02/19/25 | 644,385 | |||||||||||||
272,000 | 3.550 | 09/29/25 | 264,901 | |||||||||||||
250,000 | 4.100 | 06/03/26 | 243,398 | |||||||||||||
293,000 | 4.400 | 06/14/46 | 241,639 | |||||||||||||
400,000 | 4.750 | 12/07/46 | 348,360 | |||||||||||||
(TSFR3M + 1.012%) | ||||||||||||||||
530,000 | 2.164 | 02/11/26(a) | 513,204 | |||||||||||||
(SOFR + 1.320%) | ||||||||||||||||
150,000 | 3.908 | 04/25/26(a) | 147,315 | |||||||||||||
(SOFR + 1.560%) | ||||||||||||||||
555,000 | 4.540 | 08/15/26(a) | 547,854 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
| (3M U.S. T-Bill MMY + 1.432%) |
| ||||||||||||||
$ | 320,000 | 3.196 | % | 06/17/27(a) | $ | 305,128 | ||||||||||
(SOFR + 1.510%) | ||||||||||||||||
50,000 | 3.526 | 03/24/28(a) | 47,458 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.572%) |
| ||||||||||||||
168,000 | 3.584 | 05/22/28(a) | 159,238 | |||||||||||||
(SOFR + 2.100%) | ||||||||||||||||
955,000 | 2.393 | 06/02/28(a) | 871,740 | |||||||||||||
900,000 | 4.897 | 07/25/33(a) | 858,978 | |||||||||||||
(SOFR + 1.980%) | ||||||||||||||||
500,000 | 4.808 | 07/25/28(a) | 491,533 | |||||||||||||
(SOFR + 1.740%) | ||||||||||||||||
1,825,000 | 5.574 | 07/25/29(a) | 1,842,317 | |||||||||||||
(TSFR3M + 1.432%) | ||||||||||||||||
976,000 | 2.879 | 10/30/30(a) | 858,578 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.262%) |
| ||||||||||||||
900,000 | 2.572 | 02/11/31(a) | 770,307 | |||||||||||||
| (3M U.S. T-Bill MMY + 4.032%) |
| ||||||||||||||
200,000 | 4.478 | 04/04/31(a) | 190,239 | |||||||||||||
(SOFR + 1.500%) | ||||||||||||||||
750,000 | 3.350 | 03/02/33(a) | 643,204 | |||||||||||||
(SOFR + 1.990%) | ||||||||||||||||
1,215,000 | 5.557 | 07/25/34(a) | 1,214,688 | |||||||||||||
(TSFR3M + 4.502%) | ||||||||||||||||
1,192,000 | 5.013 | 04/04/51(a) | 1,112,095 | |||||||||||||
(SOFR + 2.130%) | ||||||||||||||||
830,000 | 4.611 | 04/25/53(a) | 729,792 | |||||||||||||
Wells Fargo Bank NA |
| |||||||||||||||
1,310,000 | 5.550 | 08/01/25 | 1,316,720 | |||||||||||||
400,000 | 6.600 | 01/15/38 | 431,033 | |||||||||||||
|
| |||||||||||||||
150,541,804 | ||||||||||||||||
| ||||||||||||||||
Basic Industry – 0.9% |
| |||||||||||||||
Air Products and Chemicals, Inc. |
| |||||||||||||||
270,000 | 2.700 | 05/15/40 | 195,698 | |||||||||||||
Celanese U.S. Holdings LLC |
| |||||||||||||||
300,000 | 6.350 | 11/15/28 | 308,937 | |||||||||||||
500,000 | 6.700 | 11/15/33 | 525,868 | |||||||||||||
CF Industries, Inc. |
| |||||||||||||||
360,000 | 5.150 | 03/15/34 | 349,423 | |||||||||||||
187,000 | 4.950 | 06/01/43 | 167,131 | |||||||||||||
115,000 | 5.375 | 03/15/44 | 107,990 | |||||||||||||
Dow Chemical Co. (The) |
| |||||||||||||||
568,000 | 7.375 | 11/01/29 | 629,808 | |||||||||||||
200,000 | 4.375 | 11/15/42 | 168,473 | |||||||||||||
390,000 | 5.550 | 11/30/48 | 379,313 | |||||||||||||
200,000 | 3.600 | 11/15/50 | 145,987 | |||||||||||||
DuPont de Nemours, Inc. |
| |||||||||||||||
500,000 | 4.493 | 11/15/25 | 494,510 | |||||||||||||
400,000 | 5.319 | 11/15/38 | 397,096 | |||||||||||||
LYB International Finance BV |
| |||||||||||||||
693,000 | 4.875 | 03/15/44 | 612,892 | |||||||||||||
LYB International Finance III LLC |
| |||||||||||||||
240,000 | 4.200 | 10/15/49 | 186,807 | |||||||||||||
263,000 | 4.200 | 05/01/50 | 203,306 |
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) |
| |||||||||||||||
Basic Industry – (continued) |
| |||||||||||||||
LYB International Finance III LLC – (continued) |
| |||||||||||||||
$ | 200,000 | 3.625 | % | 04/01/51 | $ | 141,965 | ||||||||||
LyondellBasell Industries NV |
| |||||||||||||||
200,000 | 4.625 | 02/26/55 | 165,737 | |||||||||||||
Sherwin-Williams Co. (The) |
| |||||||||||||||
288,000 | 3.450 | 06/01/27 | 274,186 | |||||||||||||
1,000,000 | 2.950 | 08/15/29 | 898,119 | |||||||||||||
300,000 | 4.500 | 06/01/47 | 259,152 | |||||||||||||
|
| |||||||||||||||
6,612,398 | ||||||||||||||||
| ||||||||||||||||
Broadcasting – 0.2% |
| |||||||||||||||
Discovery Communications LLC |
| |||||||||||||||
310,000 | 5.200 | 09/20/47 | 251,939 | |||||||||||||
780,000 | 5.300 | 05/15/49 | 639,693 | |||||||||||||
500,000 | 4.000 | 09/15/55 | 331,054 | |||||||||||||
|
| |||||||||||||||
1,222,686 | ||||||||||||||||
| ||||||||||||||||
Brokerage – 0.6% |
| |||||||||||||||
BlackRock, Inc. |
| |||||||||||||||
580,000 | 3.250 | 04/30/29 | 543,101 | |||||||||||||
300,000 | 2.400 | 04/30/30 | 261,774 | |||||||||||||
200,000 | 1.900 | 01/28/31 | 165,411 | |||||||||||||
150,000 | 2.100 | 02/25/32 | 122,335 | |||||||||||||
CME Group, Inc. |
| |||||||||||||||
350,000 | 2.650 | 03/15/32 | 300,531 | |||||||||||||
100,000 | 5.300 | 09/15/43 | 101,439 | |||||||||||||
Intercontinental Exchange, Inc. |
| |||||||||||||||
330,000 | 2.100 | 06/15/30 | 277,108 | |||||||||||||
290,000 | 1.850 | 09/15/32 | 224,073 | |||||||||||||
360,000 | 4.600 | 03/15/33 | 344,415 | |||||||||||||
510,000 | 3.000 | 06/15/50 | 343,152 | |||||||||||||
392,000 | 4.950 | 06/15/52 | 368,755 | |||||||||||||
416,000 | 3.000 | 09/15/60 | 260,965 | |||||||||||||
450,000 | 5.200 | 06/15/62 | 433,166 | |||||||||||||
Jefferies Financial Group, Inc. |
| |||||||||||||||
200,000 | 5.875 | 07/21/28 | 204,006 | |||||||||||||
125,000 | 4.150 | 01/23/30 | 116,420 | |||||||||||||
244,000 | 2.625 | 10/15/31 | 200,051 | |||||||||||||
Nasdaq, Inc. |
| |||||||||||||||
100,000 | 5.950 | 08/15/53 | 103,212 | |||||||||||||
|
| |||||||||||||||
4,369,914 | ||||||||||||||||
| ||||||||||||||||
Capital Goods – 1.8% |
| |||||||||||||||
Carrier Global Corp. |
| |||||||||||||||
40,000 | 2.493 | 02/15/27 | 37,166 | |||||||||||||
505,000 | 2.722 | 02/15/30 | 443,056 | |||||||||||||
107,000 | 2.700 | 02/15/31 | 91,326 | |||||||||||||
378,000 | 3.377 | 04/05/40 | 292,841 | |||||||||||||
350,000 | 3.577 | 04/05/50 | 257,892 | |||||||||||||
Caterpillar, Inc. |
| |||||||||||||||
40,000 | 2.600 | 04/09/30 | 35,583 | |||||||||||||
80,000 | 5.200 | 05/27/41 | 80,628 | |||||||||||||
388,000 | 3.803 | 08/15/42 | 324,623 | |||||||||||||
246,000 | 3.250 | 09/19/49 | 181,073 | |||||||||||||
Cummins, Inc. |
| |||||||||||||||
1,000,000 | 5.150 | 02/20/34 | 997,790 | |||||||||||||
Deere & Co. |
| |||||||||||||||
266,000 | 3.900 | 06/09/42 | 227,905 | |||||||||||||
190,000 | 3.750 | 04/15/50 | 155,830 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Capital Goods – (continued) |
| |||||||||||||||
Eaton Corp. |
| |||||||||||||||
$ | 581,000 | 4.150 | % | 03/15/33 | $ | 546,634 | ||||||||||
General Electric Co., MTN |
| |||||||||||||||
135,000 | 6.750 | 03/15/32 | 149,761 | |||||||||||||
Honeywell International, Inc. |
| |||||||||||||||
1,000,000 | 1.350 | 06/01/25 | 956,740 | |||||||||||||
263,000 | 2.500 | 11/01/26 | 248,003 | |||||||||||||
80,000 | 2.700 | 08/15/29 | 72,082 | |||||||||||||
290,000 | 1.750 | 09/01/31 | 232,986 | |||||||||||||
300,000 | 5.000 | 02/15/33 | 300,690 | |||||||||||||
Illinois Tool Works, Inc. |
| |||||||||||||||
121,000 | 2.650 | 11/15/26 | 114,835 | |||||||||||||
290,000 | 3.900 | 09/01/42 | 246,563 | |||||||||||||
John Deere Capital Corp., MTN |
| |||||||||||||||
1,100,000 | 3.400 | 06/06/25 | 1,077,393 | |||||||||||||
100,000 | 4.700 | 06/10/30 | 99,173 | |||||||||||||
John Deere Capital Corp., Series I |
| |||||||||||||||
540,000 | 5.150 | 09/08/33 | 550,333 | |||||||||||||
Otis Worldwide Corp. |
| |||||||||||||||
624,000 | 2.565 | 02/15/30 | 545,392 | |||||||||||||
Parker-Hannifin Corp. |
| |||||||||||||||
660,000 | 3.250 | 06/14/29 | 606,259 | |||||||||||||
200,000 | 4.500 | 09/15/29 | 195,904 | |||||||||||||
Republic Services, Inc. |
| |||||||||||||||
390,000 | 3.950 | 05/15/28 | 374,790 | |||||||||||||
1,000,000 | 4.875 | 04/01/29 | 998,304 | |||||||||||||
500,000 | 5.000 | 04/01/34 | 492,893 | |||||||||||||
Waste Management, Inc. |
| |||||||||||||||
1,000,000 | 4.875 | 02/15/29 | 1,001,857 | |||||||||||||
1,000,000 | 4.625 | 02/15/30 | 984,377 | |||||||||||||
336,000 | 1.500 | 03/15/31 | 266,920 | |||||||||||||
Westinghouse Air Brake Technologies Corp. |
| |||||||||||||||
316,000 | 3.450 | 11/15/26 | 300,842 | |||||||||||||
306,000 | 4.700 | 09/15/28 | 299,114 | |||||||||||||
|
| |||||||||||||||
13,787,558 | ||||||||||||||||
| ||||||||||||||||
Communications – 4.1% |
| |||||||||||||||
Charter Communications Operating LLC / Charter |
| |||||||||||||||
Communications Operating Capital |
| |||||||||||||||
798,000 | 4.908 | 07/23/25 | 787,268 | |||||||||||||
261,000 | 3.750 | 02/15/28 | 240,786 | |||||||||||||
414,000 | 4.200 | 03/15/28 | 389,141 | |||||||||||||
214,000 | 2.250 | 01/15/29 | 181,034 | |||||||||||||
128,000 | 5.050 | 03/30/29 | 122,623 | |||||||||||||
343,000 | 2.800 | 04/01/31 | 276,879 | |||||||||||||
200,000 | 2.300 | 02/01/32 | 152,194 | |||||||||||||
425,000 | 6.384 | 10/23/35 | 410,826 | |||||||||||||
308,000 | 5.375 | 04/01/38 | 263,964 | |||||||||||||
300,000 | 3.500 | 06/01/41 | 199,301 | |||||||||||||
572,000 | 6.484 | 10/23/45 | 523,599 | |||||||||||||
421,000 | 5.375 | 05/01/47 | 332,082 | |||||||||||||
432,000 | 5.750 | 04/01/48 | 359,552 | |||||||||||||
430,000 | 5.125 | 07/01/49 | 325,474 | |||||||||||||
450,000 | 4.800 | 03/01/50 | 326,084 | |||||||||||||
694,000 | 3.700 | 04/01/51 | 421,132 | |||||||||||||
350,000 | 3.900 | 06/01/52 | 220,519 | |||||||||||||
100,000 | 5.250 | 04/01/53 | 77,555 | |||||||||||||
354,000 | 3.850 | 04/01/61 | 205,447 | |||||||||||||
254,000 | 4.400 | 12/01/61 | 163,000 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Communications – (continued) |
| |||||||||||||||
Charter Communications Operating LLC / Charter |
| |||||||||||||||
Communications Operating Capital – (continued) |
| |||||||||||||||
$ | 282,000 | 3.950 | % | 06/30/62 | $ | 167,088 | ||||||||||
600,000 | 5.500 | 04/01/63 | 463,183 | |||||||||||||
Comcast Corp. |
| |||||||||||||||
1,000,000 | 3.375 | 08/15/25 | 976,883 | |||||||||||||
400,000 | 3.150 | 02/15/28 | 375,129 | |||||||||||||
400,000 | 3.550 | 05/01/28 | 379,698 | |||||||||||||
400,000 | 4.150 | 10/15/28 | 388,306 | |||||||||||||
700,000 | 4.550 | 01/15/29 | 689,098 | |||||||||||||
150,000 | 2.650 | 02/01/30 | 132,096 | |||||||||||||
400,000 | 3.400 | 04/01/30 | 365,982 | |||||||||||||
300,000 | 4.250 | 10/15/30 | 286,811 | |||||||||||||
500,000 | 5.500 | 11/15/32 | 514,241 | |||||||||||||
600,000 | 4.250 | 01/15/33 | 562,899 | |||||||||||||
500,000 | 4.650 | 02/15/33 | 486,522 | |||||||||||||
300,000 | 7.050 | 03/15/33 | 337,131 | |||||||||||||
250,000 | 4.800 | 05/15/33 | 244,631 | |||||||||||||
150,000 | 4.200 | 08/15/34 | 138,185 | |||||||||||||
320,000 | 5.650 | 06/15/35 | 328,760 | |||||||||||||
400,000 | 4.400 | 08/15/35 | 371,099 | |||||||||||||
540,000 | 3.900 | 03/01/38 | 462,684 | |||||||||||||
400,000 | 3.969 | 11/01/47 | 316,548 | |||||||||||||
100,000 | 4.000 | 03/01/48 | 79,821 | |||||||||||||
400,000 | 4.700 | 10/15/48 | 361,233 | |||||||||||||
400,000 | 3.999 | 11/01/49 | 317,684 | |||||||||||||
400,000 | 3.450 | 02/01/50 | 287,140 | |||||||||||||
400,000 | 2.800 | 01/15/51 | 251,620 | |||||||||||||
800,000 | 2.887 | 11/01/51 | 509,790 | |||||||||||||
400,000 | 2.450 | 08/15/52 | 230,391 | |||||||||||||
210,000 | 5.350 | 05/15/53 | 204,289 | |||||||||||||
750,000 | 2.937 | 11/01/56 | 464,945 | |||||||||||||
336,000 | 4.950 | 10/15/58 | 309,181 | |||||||||||||
472,000 | 2.650 | 08/15/62 | 263,806 | |||||||||||||
400,000 | 2.987 | 11/01/63 | 240,262 | |||||||||||||
Meta Platforms, Inc. |
| |||||||||||||||
50,000 | 4.800 | 05/15/30 | 50,038 | |||||||||||||
Netflix, Inc. |
| |||||||||||||||
400,000 | 5.875 | 02/15/25 | 402,500 | |||||||||||||
325,000 | 4.375 | 11/15/26 | 321,344 | |||||||||||||
600,000 | 4.875 | 04/15/28 | 601,500 | |||||||||||||
690,000 | 5.875 | 11/15/28 | 716,565 | |||||||||||||
227,000 | 6.375 | 05/15/29 | 241,471 | |||||||||||||
Omnicom Group Inc / Omnicom Capital, Inc. |
| |||||||||||||||
770,000 | 3.600 | 04/15/26 | 746,273 | |||||||||||||
Omnicom Group, Inc. |
| |||||||||||||||
113,000 | 2.600 | 08/01/31 | 94,807 | |||||||||||||
Paramount Global |
| |||||||||||||||
800,000 | 4.375 | 03/15/43 | 536,063 | |||||||||||||
1,000,000 | 5.850 | 09/01/43 | 810,279 | |||||||||||||
Time Warner Cable Enterprises LLC |
| |||||||||||||||
216,000 | 8.375 | 07/15/33 | 239,883 | |||||||||||||
Time Warner Cable LLC |
| |||||||||||||||
170,000 | 6.550 | 05/01/37 | 159,707 | |||||||||||||
304,000 | 7.300 | 07/01/38 | 303,132 | |||||||||||||
322,000 | 6.750 | 06/15/39 | 303,680 | |||||||||||||
180,000 | 5.875 | 11/15/40 | 155,105 | |||||||||||||
431,000 | 5.500 | 09/01/41 | 354,975 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Communications – (continued) |
| |||||||||||||||
TWDC Enterprises 18 Corp., GMTN |
| |||||||||||||||
$ | 290,000 | 4.125 | % | 06/01/44 | $ | 247,958 | ||||||||||
TWDC Enterprises 18 Corp., MTN |
| |||||||||||||||
245,000 | 1.850 | 07/30/26 | 227,528 | |||||||||||||
102,000 | 2.950 | 06/15/27 | 96,484 | |||||||||||||
Walt Disney Co. (The) |
| |||||||||||||||
140,000 | 3.350 | 03/24/25 | 137,221 | |||||||||||||
557,000 | 2.200 | 01/13/28 | 508,298 | |||||||||||||
110,000 | 2.000 | 09/01/29 | 94,865 | |||||||||||||
422,000 | 3.800 | 03/22/30 | 398,301 | |||||||||||||
960,000 | 2.650 | 01/13/31 | 834,985 | |||||||||||||
75,000 | 6.400 | 12/15/35 | 83,147 | |||||||||||||
400,000 | 6.650 | 11/15/37 | 451,875 | |||||||||||||
250,000 | 4.625 | 03/23/40 | 234,347 | |||||||||||||
940,000 | 2.750 | 09/01/49 | 608,110 | |||||||||||||
270,000 | 4.700 | 03/23/50 | 246,889 | |||||||||||||
200,000 | 3.600 | 01/13/51 | 151,841 | |||||||||||||
383,000 | 3.800 | 05/13/60 | 291,618 | |||||||||||||
Warnermedia Holdings, Inc. |
| |||||||||||||||
1,200,000 | 3.755 | 03/15/27 | 1,137,948 | |||||||||||||
500,000 | 4.054 | 03/15/29 | 463,576 | |||||||||||||
1,300,000 | 5.050 | 03/15/42 | 1,090,237 | |||||||||||||
700,000 | 5.141 | 03/15/52 | 567,766 | |||||||||||||
440,000 | 5.391 | 03/15/62 | 353,276 | |||||||||||||
|
| |||||||||||||||
31,749,188 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 7.7% |
| |||||||||||||||
Amazon.com, Inc. |
| |||||||||||||||
391,000 | 0.800 | 06/03/25 | 371,386 | |||||||||||||
103,000 | 5.200 | 12/03/25 | 103,263 | |||||||||||||
200,000 | 1.200 | 06/03/27 | 178,958 | |||||||||||||
780,000 | 3.150 | 08/22/27 | 741,266 | |||||||||||||
473,000 | 1.500 | 06/03/30 | 391,542 | |||||||||||||
600,000 | 3.600 | 04/13/32 | 554,042 | |||||||||||||
420,000 | 4.800 | 12/05/34 | 419,661 | |||||||||||||
715,000 | 3.875 | 08/22/37 | 637,771 | |||||||||||||
400,000 | 2.875 | 05/12/41 | 301,270 | |||||||||||||
256,000 | 4.950 | 12/05/44 | 252,623 | |||||||||||||
659,000 | 4.050 | 08/22/47 | 565,815 | |||||||||||||
400,000 | 2.500 | 06/03/50 | 252,456 | |||||||||||||
1,278,000 | 3.100 | 05/12/51 | 902,853 | |||||||||||||
482,000 | 4.250 | 08/22/57 | 416,025 | |||||||||||||
400,000 | 2.700 | 06/03/60 | 247,330 | |||||||||||||
500,000 | 3.250 | 05/12/61 | 347,512 | |||||||||||||
420,000 | 4.100 | 04/13/62 | 349,309 | |||||||||||||
American Honda Finance Corp. |
| |||||||||||||||
1,000,000 | 5.000 | 05/23/25 | 997,192 | |||||||||||||
American Honda Finance Corp., MTN |
| |||||||||||||||
40,000 | 1.200 | 07/08/25 | 37,927 | |||||||||||||
Booking Holdings, Inc. |
| |||||||||||||||
100,000 | 3.600 | 06/01/26 | 96,955 | |||||||||||||
136,000 | 4.625 | 04/13/30 | 133,571 | |||||||||||||
Costco Wholesale Corp. |
| |||||||||||||||
232,000 | 3.000 | 05/18/27 | 220,881 | |||||||||||||
555,000 | 1.375 | 06/20/27 | 499,323 | |||||||||||||
100,000 | 1.600 | 04/20/30 | 83,326 | |||||||||||||
876,000 | 1.750 | 04/20/32 | 700,534 | |||||||||||||
Dollar Tree, Inc. |
| |||||||||||||||
214,000 | 4.200 | 05/15/28 | 206,323 |
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) |
| |||||||||||||||
Consumer Cyclical – (continued) |
| |||||||||||||||
eBay, Inc. |
| |||||||||||||||
$ | 250,000 | 1.900 | % | 03/11/25 | $ | 241,169 | ||||||||||
490,000 | 4.000 | 07/15/42 | 388,572 | |||||||||||||
Expedia Group, Inc. |
| |||||||||||||||
300,000 | 3.250 | 02/15/30 | 267,670 | |||||||||||||
Ford Motor Co. |
| |||||||||||||||
1,000,000 | 3.250 | 02/12/32 | 822,415 | |||||||||||||
550,000 | 5.291 | 12/08/46 | 475,836 | |||||||||||||
Ford Motor Credit Co. LLC |
| |||||||||||||||
500,000 | 4.134 | 08/04/25 | 487,318 | |||||||||||||
500,000 | 4.542 | 08/01/26 | 485,294 | |||||||||||||
1,455,000 | 5.800 | 03/05/27 | 1,448,025 | |||||||||||||
500,000 | 2.900 | 02/16/28 | 449,684 | |||||||||||||
1,500,000 | 6.798 | 11/07/28 | 1,557,953 | |||||||||||||
300,000 | 2.900 | 02/10/29 | 262,346 | |||||||||||||
500,000 | 5.113 | 05/03/29 | 480,015 | |||||||||||||
500,000 | 7.350 | 03/06/30 | 528,149 | |||||||||||||
1,000,000 | 7.122 | 11/07/33 | 1,069,101 | |||||||||||||
General Motors Co. |
| |||||||||||||||
500,000 | 6.125 | 10/01/25 | 504,380 | |||||||||||||
605,000 | 5.000 | 10/01/28 | 602,016 | |||||||||||||
452,000 | 5.600 | 10/15/32 | 449,832 | |||||||||||||
900,000 | 6.600 | 04/01/36 | 946,395 | |||||||||||||
273,000 | 5.150 | 04/01/38 | 254,348 | |||||||||||||
368,000 | 6.750 | 04/01/46 | 390,197 | |||||||||||||
200,000 | 5.400 | 04/01/48 | 178,730 | |||||||||||||
190,000 | 5.950 | 04/01/49 | 182,269 | |||||||||||||
General Motors Financial Co., Inc. |
| |||||||||||||||
300,000 | 5.250 | 03/01/26 | 298,869 | |||||||||||||
400,000 | 2.350 | 02/26/27 | 367,336 | |||||||||||||
100,000 | 5.000 | 04/09/27 | 99,003 | |||||||||||||
600,000 | 2.700 | 08/20/27 | 551,379 | |||||||||||||
300,000 | 6.000 | 01/09/28 | 306,190 | |||||||||||||
500,000 | 5.850 | 04/06/30 | 508,216 | |||||||||||||
1,040,000 | 2.350 | 01/08/31 | 850,202 | |||||||||||||
250,000 | 2.700 | 06/10/31 | 206,648 | |||||||||||||
Global Payments, Inc. |
| |||||||||||||||
1,000,000 | 2.900 | 05/15/30 | 861,701 | |||||||||||||
510,000 | 2.900 | 11/15/31 | 426,087 | |||||||||||||
Home Depot, Inc. (The) |
| |||||||||||||||
220,000 | 3.350 | 09/15/25 | 214,562 | |||||||||||||
205,000 | 4.000 | 09/15/25 | 201,776 | |||||||||||||
318,000 | 3.000 | 04/01/26 | 306,484 | |||||||||||||
244,000 | 3.900 | 12/06/28 | 235,934 | |||||||||||||
390,000 | 2.950 | 06/15/29 | 355,952 | |||||||||||||
400,000 | 1.375 | 03/15/31 | 316,928 | |||||||||||||
400,000 | 1.875 | 09/15/31 | 324,141 | |||||||||||||
680,000 | 5.875 | 12/16/36 | 726,058 | |||||||||||||
460,000 | 3.300 | 04/15/40 | 360,838 | |||||||||||||
500,000 | 4.200 | 04/01/43 | 431,647 | |||||||||||||
150,000 | 4.875 | 02/15/44 | 141,069 | |||||||||||||
130,000 | 4.400 | 03/15/45 | 114,071 | |||||||||||||
300,000 | 4.250 | 04/01/46 | 257,002 | |||||||||||||
300,000 | 4.500 | 12/06/48 | 265,284 | |||||||||||||
300,000 | 3.125 | 12/15/49 | 210,019 | |||||||||||||
300,000 | 3.350 | 04/15/50 | 217,458 | |||||||||||||
406,000 | 2.375 | 03/15/51 | 238,997 | |||||||||||||
1,000,000 | 4.950 | 09/15/52 | 951,389 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Cyclical – (continued) |
| |||||||||||||||
Home Depot, Inc. (The) – (continued) |
| |||||||||||||||
$ | 300,000 | 3.500 | % | 09/15/56 | $ | 221,293 | ||||||||||
Las Vegas Sands Corp. |
| |||||||||||||||
190,000 | 3.500 | 08/18/26 | 178,976 | |||||||||||||
320,000 | 3.900 | 08/08/29 | 290,586 | |||||||||||||
Lowe’s Cos., Inc. |
| |||||||||||||||
500,000 | 4.800 | 04/01/26 | 496,873 | |||||||||||||
190,000 | 3.100 | 05/03/27 | 179,728 | |||||||||||||
200,000 | 1.300 | 04/15/28 | 173,420 | |||||||||||||
390,000 | 1.700 | 09/15/28 | 338,664 | |||||||||||||
280,000 | 1.700 | 10/15/30 | 227,266 | |||||||||||||
250,000 | 3.750 | 04/01/32 | 226,621 | |||||||||||||
1,690,000 | 5.150 | 07/01/33 | 1,680,195 | |||||||||||||
1,000,000 | 3.000 | 10/15/50 | 645,262 | |||||||||||||
850,000 | 4.250 | 04/01/52 | 683,929 | |||||||||||||
700,000 | 5.625 | 04/15/53 | 694,451 | |||||||||||||
Marriott International, Inc., Series FF |
| |||||||||||||||
236,000 | 4.625 | 06/15/30 | 228,221 | |||||||||||||
Marriott International, Inc., Series GG |
| |||||||||||||||
300,000 | 3.500 | 10/15/32 | 262,077 | |||||||||||||
Marriott International, Inc., Series R |
| |||||||||||||||
170,000 | 3.125 | 06/15/26 | 162,214 | |||||||||||||
Mastercard, Inc. |
| |||||||||||||||
90,000 | 2.000 | 03/03/25 | 87,127 | |||||||||||||
143,000 | 2.950 | 11/21/26 | 136,522 | |||||||||||||
144,000 | 3.300 | 03/26/27 | 138,744 | |||||||||||||
1,000,000 | 4.875 | 03/09/28 | 1,014,964 | |||||||||||||
132,000 | 2.950 | 06/01/29 | 121,308 | |||||||||||||
368,000 | 3.350 | 03/26/30 | 340,325 | |||||||||||||
250,000 | 2.000 | 11/18/31 | 205,939 | |||||||||||||
162,000 | 3.650 | 06/01/49 | 129,609 | |||||||||||||
400,000 | 3.850 | 03/26/50 | 330,754 | |||||||||||||
McDonald’s Corp. |
| |||||||||||||||
1,000,000 | 5.450 | 08/14/53 | 999,541 | |||||||||||||
McDonald’s Corp., MTN |
| |||||||||||||||
230,000 | 3.700 | 01/30/26 | 224,713 | |||||||||||||
304,000 | 3.500 | 03/01/27 | 292,511 | |||||||||||||
350,000 | 3.800 | 04/01/28 | 336,176 | |||||||||||||
100,000 | 2.625 | 09/01/29 | 89,398 | |||||||||||||
282,000 | 2.125 | 03/01/30 | 241,362 | |||||||||||||
150,000 | 3.600 | 07/01/30 | 139,219 | |||||||||||||
321,000 | 4.700 | 12/09/35 | 308,474 | |||||||||||||
360,000 | 6.300 | 10/15/37 | 392,648 | |||||||||||||
100,000 | 6.300 | 03/01/38 | 109,115 | |||||||||||||
150,000 | 4.875 | 12/09/45 | 138,145 | |||||||||||||
300,000 | 4.450 | 03/01/47 | 258,031 | |||||||||||||
296,000 | 4.450 | 09/01/48 | 255,815 | |||||||||||||
372,000 | 4.200 | 04/01/50 | 306,773 | |||||||||||||
NIKE, Inc. |
| |||||||||||||||
80,000 | 2.400 | 03/27/25 | 77,738 | |||||||||||||
115,000 | 2.375 | 11/01/26 | 108,088 | |||||||||||||
190,000 | 2.750 | 03/27/27 | 179,196 | |||||||||||||
204,000 | 2.850 | 03/27/30 | 183,520 | |||||||||||||
250,000 | 3.250 | 03/27/40 | 198,625 | |||||||||||||
390,000 | 3.875 | 11/01/45 | 324,129 | |||||||||||||
340,000 | 3.375 | 03/27/50 | 258,367 | |||||||||||||
Starbucks Corp. |
| |||||||||||||||
2,012,000 | 3.800 | 08/15/25 | 1,970,980 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Cyclical – (continued) |
| |||||||||||||||
Starbucks Corp. – (continued) |
| |||||||||||||||
$ | 100,000 | 4.000 | % | 11/15/28 | $ | 96,474 | ||||||||||
300,000 | 3.000 | 02/14/32 | 259,699 | |||||||||||||
250,000 | 4.500 | 11/15/48 | 216,462 | |||||||||||||
102,000 | 4.450 | 08/15/49 | 87,439 | |||||||||||||
710,000 | 3.500 | 11/15/50 | 521,652 | |||||||||||||
Target Corp. |
| |||||||||||||||
184,000 | 2.250 | 04/15/25 | 178,268 | |||||||||||||
250,000 | 4.800 | 01/15/53 | 231,577 | |||||||||||||
Toyota Motor Credit Corp., MTN |
| |||||||||||||||
20,000 | 1.800 | 02/13/25 | 19,353 | |||||||||||||
125,000 | 3.000 | 04/01/25 | 122,142 | |||||||||||||
600,000 | 0.800 | 10/16/25 | 561,088 | |||||||||||||
1,428,000 | 1.900 | 01/13/27 | 1,316,661 | |||||||||||||
200,000 | 3.050 | 03/22/27 | 190,222 | |||||||||||||
100,000 | 4.450 | 06/29/29 | 98,359 | |||||||||||||
475,000 | 2.150 | 02/13/30 | 408,142 | |||||||||||||
427,000 | 3.375 | 04/01/30 | 393,020 | |||||||||||||
Visa, Inc. |
| |||||||||||||||
123,000 | 3.150 | 12/14/25 | 119,259 | |||||||||||||
100,000 | 1.900 | 04/15/27 | 92,241 | |||||||||||||
267,000 | 2.750 | 09/15/27 | 250,168 | |||||||||||||
174,000 | 2.050 | 04/15/30 | 149,315 | |||||||||||||
288,000 | 1.100 | 02/15/31 | 227,271 | |||||||||||||
920,000 | 4.150 | 12/14/35 | 862,302 | |||||||||||||
100,000 | 2.700 | 04/15/40 | 74,099 | |||||||||||||
729,000 | 4.300 | 12/14/45 | 653,798 | |||||||||||||
100,000 | 3.650 | 09/15/47 | 80,000 | |||||||||||||
200,000 | 2.000 | 08/15/50 | 116,448 | |||||||||||||
Walmart, Inc. |
| |||||||||||||||
190,000 | 3.550 | 06/26/25 | 186,690 | |||||||||||||
100,000 | 3.050 | 07/08/26 | 96,273 | |||||||||||||
166,000 | 3.700 | 06/26/28 | 160,776 | |||||||||||||
252,000 | 1.500 | 09/22/28 | 221,207 | |||||||||||||
220,000 | 1.800 | 09/22/31 | 180,586 | |||||||||||||
455,000 | 5.250 | 09/01/35 | 472,652 | |||||||||||||
330,000 | 6.500 | 08/15/37 | 378,780 | |||||||||||||
165,000 | 4.050 | 06/29/48 | 142,568 | |||||||||||||
400,000 | 2.650 | 09/22/51 | 260,786 | |||||||||||||
940,000 | 4.500 | 09/09/52 | 854,940 | |||||||||||||
|
| |||||||||||||||
59,694,417 | ||||||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 7.4% |
| |||||||||||||||
Abbott Laboratories |
| |||||||||||||||
263,000 | 2.950 | 03/15/25 | 257,162 | |||||||||||||
568,000 | 3.750 | 11/30/26 | 553,813 | |||||||||||||
538,000 | 4.750 | 11/30/36 | 527,368 | |||||||||||||
540,000 | 4.900 | 11/30/46 | 524,021 | |||||||||||||
AbbVie, Inc. |
| |||||||||||||||
1,452,000 | 3.800 | 03/15/25 | 1,428,937 | |||||||||||||
291,000 | 3.200 | 05/14/26 | 280,378 | |||||||||||||
250,000 | 4.250 | 11/14/28 | 244,654 | |||||||||||||
625,000 | 3.200 | 11/21/29 | 573,475 | |||||||||||||
425,000 | 4.550 | 03/15/35 | 409,046 | |||||||||||||
290,000 | 4.500 | 05/14/35 | 277,525 | |||||||||||||
806,000 | 4.050 | 11/21/39 | 713,914 | |||||||||||||
300,000 | 4.850 | 06/15/44 | 286,177 | |||||||||||||
379,000 | 4.750 | 03/15/45 | 352,536 | |||||||||||||
500,000 | 4.700 | 05/14/45 | 463,682 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Noncyclical – (continued) |
| |||||||||||||||
AbbVie, Inc. – (continued) |
| |||||||||||||||
$ | 304,000 | 4.450 | % | 05/14/46 | $ | 270,138 | ||||||||||
320,000 | 4.875 | 11/14/48 | 303,395 | |||||||||||||
950,000 | 4.250 | 11/21/49 | 822,166 | |||||||||||||
Altria Group, Inc. |
| |||||||||||||||
800,000 | 2.350 | 05/06/25 | 772,624 | |||||||||||||
780,000 | 4.800 | 02/14/29 | 766,993 | |||||||||||||
370,000 | 2.450 | 02/04/32 | 296,652 | |||||||||||||
100,000 | 5.800 | 02/14/39 | 99,673 | |||||||||||||
270,000 | 3.400 | 02/04/41 | 194,276 | |||||||||||||
220,000 | 4.250 | 08/09/42 | 175,401 | |||||||||||||
310,000 | 5.375 | 01/31/44 | 301,431 | |||||||||||||
148,000 | 3.875 | 09/16/46 | 108,083 | |||||||||||||
690,000 | 5.950 | 02/14/49 | 685,673 | |||||||||||||
670,000 | 3.700 | 02/04/51 | 463,061 | |||||||||||||
150,000 | 4.000 | 02/04/61 | 106,893 | |||||||||||||
Amgen, Inc. |
| |||||||||||||||
300,000 | 3.125 | 05/01/25 | 292,249 | |||||||||||||
500,000 | 2.200 | 02/21/27 | 461,832 | |||||||||||||
800,000 | 3.200 | 11/02/27 | 752,314 | |||||||||||||
800,000 | 5.150 | 03/02/28 | 801,652 | |||||||||||||
600,000 | 1.650 | 08/15/28 | 522,576 | |||||||||||||
150,000 | 3.000 | 02/22/29 | 137,892 | |||||||||||||
100,000 | 2.450 | 02/21/30 | 86,842 | |||||||||||||
500,000 | 2.000 | 01/15/32 | 400,144 | |||||||||||||
460,000 | 4.200 | 03/01/33 | 426,603 | |||||||||||||
300,000 | 3.150 | 02/21/40 | 225,388 | |||||||||||||
610,000 | 4.563 | 06/15/48 | 526,560 | |||||||||||||
712,000 | 3.375 | 02/21/50 | 512,617 | |||||||||||||
900,000 | 4.663 | 06/15/51 | 789,768 | |||||||||||||
1,000,000 | 4.875 | 03/01/53 | 905,155 | |||||||||||||
334,000 | 2.770 | 09/01/53 | 204,595 | |||||||||||||
1,220,000 | 4.400 | 02/22/62 | 982,669 | |||||||||||||
360,000 | 5.750 | 03/02/63 | 363,049 | |||||||||||||
Baxter International, Inc. |
| |||||||||||||||
300,000 | 1.915 | 02/01/27 | 273,250 | |||||||||||||
100,000 | 3.132 | 12/01/51 | 65,283 | |||||||||||||
Becton Dickinson & Co. |
| |||||||||||||||
200,000 | 3.700 | 06/06/27 | 192,005 | |||||||||||||
200,000 | 4.693 | 02/13/28 | 197,075 | |||||||||||||
820,000 | 4.669 | 06/06/47 | 730,236 | |||||||||||||
Bristol-Myers Squibb Co. |
| |||||||||||||||
1,922,000 | 0.750 | 11/13/25 | 1,790,781 | |||||||||||||
1,000,000 | 4.950 | 02/20/26 | 999,696 | |||||||||||||
750,000 | 3.200 | 06/15/26 | 721,861 | |||||||||||||
400,000 | 3.900 | 02/20/28 | 387,700 | |||||||||||||
1,000,000 | 5.900 | 11/15/33 | 1,061,980 | |||||||||||||
430,000 | 4.550 | 02/20/48 | 382,277 | |||||||||||||
714,000 | 4.250 | 10/26/49 | 604,366 | |||||||||||||
600,000 | 2.550 | 11/13/50 | 366,101 | |||||||||||||
750,000 | 3.700 | 03/15/52 | 571,028 | |||||||||||||
140,000 | 3.900 | 03/15/62 | 105,351 | |||||||||||||
Centene Corp. |
| |||||||||||||||
1,183,000 | 4.250 | 12/15/27 | 1,132,723 | |||||||||||||
400,000 | 2.450 | 07/15/28 | 353,500 | |||||||||||||
844,000 | 4.625 | 12/15/29 | 802,433 | |||||||||||||
471,000 | 3.000 | 10/15/30 | 403,882 | |||||||||||||
708,000 | 2.500 | 03/01/31 | 582,335 |
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) |
| |||||||||||||||
Consumer Noncyclical – (continued) |
| |||||||||||||||
Centene Corp. – (continued) |
| |||||||||||||||
$ | 567,000 | 2.625 | % | 08/01/31 | $ | 466,358 | ||||||||||
Elevance Health, Inc. |
| |||||||||||||||
304,000 | 6.100 | 10/15/52 | 328,973 | |||||||||||||
Eli Lilly & Co. |
| |||||||||||||||
540,000 | 4.700 | 02/09/34 | 535,358 | |||||||||||||
190,000 | 3.950 | 03/15/49 | 160,266 | |||||||||||||
300,000 | 2.250 | 05/15/50 | 183,454 | |||||||||||||
292,000 | 2.500 | 09/15/60 | 169,880 | |||||||||||||
Equifax, Inc. |
| |||||||||||||||
180,000 | 2.350 | 09/15/31 | 146,995 | |||||||||||||
Gilead Sciences, Inc. |
| |||||||||||||||
500,000 | 2.950 | 03/01/27 | 472,668 | |||||||||||||
1,000,000 | 5.250 | 10/15/33 | 1,012,569 | |||||||||||||
476,000 | 4.000 | 09/01/36 | 424,039 | |||||||||||||
200,000 | 5.650 | 12/01/41 | 203,712 | |||||||||||||
500,000 | 4.800 | 04/01/44 | 464,166 | |||||||||||||
300,000 | 4.750 | 03/01/46 | 275,018 | |||||||||||||
528,000 | 4.150 | 03/01/47 | 439,990 | |||||||||||||
500,000 | 2.800 | 10/01/50 | 325,377 | |||||||||||||
Johnson & Johnson |
| |||||||||||||||
1,490,000 | 0.550 | 09/01/25 | 1,397,621 | |||||||||||||
230,000 | 2.450 | 03/01/26 | 220,151 | |||||||||||||
300,000 | 1.300 | 09/01/30 | 245,669 | |||||||||||||
600,000 | 3.700 | 03/01/46 | 495,144 | |||||||||||||
1,000,000 | 3.750 | 03/03/47 | 827,003 | |||||||||||||
Kenvue, Inc. |
| |||||||||||||||
150,000 | 5.200 | 03/22/63 | 146,046 | |||||||||||||
Kroger Co. (The) |
| |||||||||||||||
500,000 | 3.950 | 01/15/50 | 392,216 | |||||||||||||
Medtronic Global Holdings SCA |
| |||||||||||||||
1,000,000 | 4.500 | 03/30/33 | 964,814 | |||||||||||||
Medtronic, Inc. |
| |||||||||||||||
580,000 | 4.375 | 03/15/35 | 548,521 | |||||||||||||
385,000 | 4.625 | 03/15/45 | 358,985 | |||||||||||||
Merck & Co., Inc. |
| |||||||||||||||
750,000 | 0.750 | 02/24/26 | 693,598 | |||||||||||||
1,000,000 | 4.500 | 05/17/33 | 975,261 | |||||||||||||
500,000 | 2.750 | 12/10/51 | 320,702 | |||||||||||||
100,000 | 5.000 | 05/17/53 | 97,501 | |||||||||||||
100,000 | 2.900 | 12/10/61 | 62,179 | |||||||||||||
600,000 | 5.150 | 05/17/63 | 590,448 | |||||||||||||
Mylan, Inc. |
| |||||||||||||||
195,000 | 4.550 | 04/15/28 | 187,929 | |||||||||||||
254,000 | 5.200 | 04/15/48 | 209,848 | |||||||||||||
Philip Morris International, Inc. |
| |||||||||||||||
1,000,000 | 3.375 | 08/11/25 | 974,318 | |||||||||||||
740,000 | 5.000 | 11/17/25 | 737,574 | |||||||||||||
200,000 | 0.875 | 05/01/26 | 182,640 | |||||||||||||
1,000,000 | 4.750 | 02/12/27 | 990,310 | |||||||||||||
400,000 | 5.125 | 11/17/27 | 400,676 | |||||||||||||
800,000 | 5.625 | 09/07/33 | 807,861 | |||||||||||||
250,000 | 4.250 | 11/10/44 | 206,411 | |||||||||||||
Regeneron Pharmaceuticals, Inc. |
| |||||||||||||||
346,000 | 2.800 | 09/15/50 | 216,985 | |||||||||||||
Shire Acquisitions Investments Ireland DAC |
| |||||||||||||||
1,500,000 | 3.200 | 09/23/26 | 1,428,594 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Noncyclical – (continued) |
| |||||||||||||||
Stryker Corp. |
| |||||||||||||||
$ | 640,000 | 4.625 | % | 03/15/46 | $ | 587,356 | ||||||||||
Thermo Fisher Scientific, Inc. |
| |||||||||||||||
1,000,000 | 5.086 | 08/10/33 | 1,008,354 | |||||||||||||
470,000 | 2.800 | 10/15/41 | 340,673 | |||||||||||||
Utah Acquisition Sub, Inc. |
| |||||||||||||||
455,000 | 3.950 | 06/15/26 | 439,797 | |||||||||||||
200,000 | 5.250 | 06/15/46 | 163,685 | |||||||||||||
Viatris, Inc. |
| |||||||||||||||
1,000,000 | 2.700 | 06/22/30 | 841,802 | |||||||||||||
423,000 | 4.000 | 06/22/50 | 289,456 | |||||||||||||
Walgreens Boots Alliance, Inc. |
| |||||||||||||||
450,000 | 3.450 | 06/01/26 | 428,049 | |||||||||||||
106,000 | 4.800 | 11/18/44 | 88,335 | |||||||||||||
50,000 | 4.100 | 04/15/50 | 36,545 | |||||||||||||
Zoetis, Inc. |
| |||||||||||||||
158,000 | 3.000 | 09/12/27 | 147,995 | |||||||||||||
410,000 | 4.700 | 02/01/43 | 376,330 | |||||||||||||
|
| |||||||||||||||
57,411,120 | ||||||||||||||||
| ||||||||||||||||
Consumer Products – 0.4% |
| |||||||||||||||
Haleon US Capital LLC |
| |||||||||||||||
300,000 | 3.625 | 03/24/32 | 270,235 | |||||||||||||
400,000 | 4.000 | 03/24/52 | 320,909 | |||||||||||||
Kenvue, Inc. |
| |||||||||||||||
300,000 | 5.050 | 03/22/28 | 301,743 | |||||||||||||
500,000 | 5.100 | 03/22/43 | 487,990 | |||||||||||||
Procter & Gamble Co. (The) |
| |||||||||||||||
180,000 | 0.550 | 10/29/25 | 167,815 | |||||||||||||
200,000 | 2.450 | 11/03/26 | 189,094 | |||||||||||||
214,000 | 1.900 | 02/01/27 | 198,761 | |||||||||||||
350,000 | 2.850 | 08/11/27 | 330,679 | |||||||||||||
512,000 | 3.000 | 03/25/30 | 468,771 | |||||||||||||
350,000 | 1.200 | 10/29/30 | 281,744 | |||||||||||||
300,000 | 1.950 | 04/23/31 | 252,701 | |||||||||||||
110,000 | 2.300 | 02/01/32 | 93,687 | |||||||||||||
|
| |||||||||||||||
3,364,129 | ||||||||||||||||
| ||||||||||||||||
Electric – 3.2% |
| |||||||||||||||
Berkshire Hathaway Energy Co. |
| |||||||||||||||
100,000 | 5.150 | 11/15/43 | 95,743 | |||||||||||||
200,000 | 4.450 | 01/15/49 | 169,163 | |||||||||||||
500,000 | 4.250 | 10/15/50 | 399,417 | |||||||||||||
Consolidated Edison Co. of New York, Inc. |
| |||||||||||||||
600,000 | 5.900 | 11/15/53 | 631,579 | |||||||||||||
250,000 | 4.625 | 12/01/54 | 214,889 | |||||||||||||
134,000 | 3.600 | 06/15/61 | 96,692 | |||||||||||||
Consolidated Edison Co. of New York, Inc., Series 20B |
| |||||||||||||||
400,000 | 3.950 | 04/01/50 | 321,794 | |||||||||||||
Constellation Energy Generation LLC |
| |||||||||||||||
100,000 | 5.600 | 03/01/28 | 101,506 | |||||||||||||
100,000 | 6.500 | 10/01/53 | 110,277 | |||||||||||||
Dominion Energy, Inc. |
| |||||||||||||||
500,000 | 5.375 | 11/15/32 | 497,337 | |||||||||||||
Duke Energy Carolinas LLC |
| |||||||||||||||
1,000,000 | 4.950 | 01/15/33 | 988,083 | |||||||||||||
345,000 | 3.200 | 08/15/49 | 239,975 | |||||||||||||
Duke Energy Corp. |
| |||||||||||||||
390,000 | 2.650 | 09/01/26 | 367,622 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Electric – (continued) |
| |||||||||||||||
Duke Energy Corp. – (continued) |
| |||||||||||||||
$ | 480,000 | 2.450 | % | 06/01/30 | $ | 415,950 | ||||||||||
504,000 | 3.750 | 09/01/46 | 374,658 | |||||||||||||
350,000 | 3.500 | 06/15/51 | 244,683 | |||||||||||||
316,000 | 5.000 | 08/15/52 | 282,715 | |||||||||||||
100,000 | 6.100 | 09/15/53 | 104,044 | |||||||||||||
Duke Energy Florida LLC |
| |||||||||||||||
300,000 | 6.400 | 06/15/38 | 324,282 | |||||||||||||
Emerson Electric Co. |
| |||||||||||||||
270,000 | 2.200 | 12/21/31 | 224,140 | |||||||||||||
Entergy Louisiana LLC |
| |||||||||||||||
1,230,000 | 4.000 | 03/15/33 | 1,120,799 | |||||||||||||
242,000 | 4.200 | 09/01/48 | 197,926 | |||||||||||||
Eversource Energy |
| |||||||||||||||
200,000 | 5.450 | 03/01/28 | 201,656 | |||||||||||||
50,000 | 5.125 | 05/15/33 | 48,358 | |||||||||||||
Exelon Corp. |
| |||||||||||||||
1,500,000 | 5.150 | 03/15/28 | 1,495,982 | |||||||||||||
230,000 | 4.700 | 04/15/50 | 199,798 | |||||||||||||
Georgia Power Co. |
| |||||||||||||||
1,000,000 | 4.950 | 05/17/33 | 981,438 | |||||||||||||
100,000 | 5.125 | 05/15/52 | 95,259 | |||||||||||||
Georgia Power Co., Series A |
| |||||||||||||||
756,000 | 3.250 | 03/15/51 | 524,092 | |||||||||||||
NextEra Energy Capital Holdings, Inc. |
| |||||||||||||||
200,000 | 4.450 | 06/20/25 | 197,604 | |||||||||||||
550,000 | 3.550 | 05/01/27 | 524,267 | |||||||||||||
400,000 | 4.625 | 07/15/27 | 393,978 | |||||||||||||
260,000 | 4.900 | 02/28/28 | 258,486 | |||||||||||||
200,000 | 5.250 | 03/15/34 | 196,256 | |||||||||||||
NiSource, Inc. |
| |||||||||||||||
250,000 | 3.950 | 03/30/48 | 193,959 | |||||||||||||
Pacific Gas and Electric Co. |
| |||||||||||||||
1,000,000 | 6.100 | 01/15/29 | 1,025,111 | |||||||||||||
100,000 | 4.550 | 07/01/30 | 94,247 | |||||||||||||
300,000 | 2.500 | 02/01/31 | 246,218 | |||||||||||||
875,000 | 3.250 | 06/01/31 | 751,114 | |||||||||||||
300,000 | 3.300 | 08/01/40 | 217,074 | |||||||||||||
100,000 | 3.950 | 12/01/47 | 72,789 | |||||||||||||
600,000 | 4.950 | 07/01/50 | 513,136 | |||||||||||||
100,000 | 3.500 | 08/01/50 | 67,322 | |||||||||||||
1,100,000 | 6.750 | 01/15/53 | 1,185,243 | |||||||||||||
495,000 | 6.700 | 04/01/53 | 533,889 | |||||||||||||
PacifiCorp |
| |||||||||||||||
500,000 | 5.450 | 02/15/34 | 494,798 | |||||||||||||
260,000 | 2.900 | 06/15/52 | 159,383 | |||||||||||||
500,000 | 5.350 | 12/01/53 | 465,654 | |||||||||||||
940,000 | 5.500 | 05/15/54 | 885,219 | |||||||||||||
Sempra |
| |||||||||||||||
538,000 | 3.250 | 06/15/27 | 506,037 | |||||||||||||
250,000 | 3.400 | 02/01/28 | 234,796 | |||||||||||||
450,000 | 6.000 | 10/15/39 | 454,751 | |||||||||||||
240,000 | 4.000 | 02/01/48 | 188,404 | |||||||||||||
(US 5 Year CMT T-Note + 2.868%) | ||||||||||||||||
205,000 | 4.125 | 04/01/52(a) | 189,113 | |||||||||||||
Southern California Edison Co. |
| |||||||||||||||
250,000 | 4.650 | 10/01/43 | 219,400 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Electric – (continued) |
| |||||||||||||||
Southern California Edison Co. – (continued) |
| |||||||||||||||
$ | 487,000 | 4.000 | % | 04/01/47 | $ | 380,842 | ||||||||||
318,000 | 3.650 | 02/01/50 | 233,658 | |||||||||||||
Southern California Edison Co., Series 20A |
| |||||||||||||||
220,000 | 2.950 | 02/01/51 | 142,178 | |||||||||||||
Southern California Edison Co., Series C |
| |||||||||||||||
200,000 | 4.125 | 03/01/48 | 161,351 | |||||||||||||
Southern Co. (The) |
| |||||||||||||||
1,056,000 | 3.250 | 07/01/26 | 1,009,993 | |||||||||||||
430,000 | 4.400 | 07/01/46 | 363,618 | |||||||||||||
Southern Co. (The), Series B |
| |||||||||||||||
| (US 5 Year CMT T-Note + 3.733%) |
| ||||||||||||||
300,000 | 4.000 | 01/15/51(a) | 289,157 | |||||||||||||
Virginia Electric and Power Co. |
| |||||||||||||||
100,000 | 5.000 | 04/01/33 | 98,093 | |||||||||||||
444,000 | 2.450 | 12/15/50 | 258,349 | |||||||||||||
Virginia Electric and Power Co., Series A |
| |||||||||||||||
600,000 | 3.500 | 03/15/27 | 573,520 | |||||||||||||
Xcel Energy, Inc. |
| |||||||||||||||
100,000 | 5.450 | 08/15/33 | 99,244 | |||||||||||||
|
| |||||||||||||||
24,948,108 | ||||||||||||||||
| ||||||||||||||||
Electrical – 0.0% |
| |||||||||||||||
Emerson Electric Co. |
| |||||||||||||||
180,000 | 2.800 | 12/21/51 | 116,158 | |||||||||||||
| ||||||||||||||||
Energy – 6.3% |
| |||||||||||||||
Baker Hughes Holdings LLC |
| |||||||||||||||
50,000 | 5.125 | 09/15/40 | 48,640 | |||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
| |||||||||||||||
394,000 | 3.337 | 12/15/27 | 371,333 | |||||||||||||
300,000 | 4.080 | 12/15/47 | 242,080 | |||||||||||||
BP Capital Markets America, Inc. |
| |||||||||||||||
129,000 | 3.119 | 05/04/26 | 124,024 | |||||||||||||
1,772,000 | 3.017 | 01/16/27 | 1,686,259 | |||||||||||||
595,000 | 3.937 | 09/21/28 | 571,651 | |||||||||||||
250,000 | 4.234 | 11/06/28 | 243,176 | |||||||||||||
197,000 | 1.749 | 08/10/30 | 162,680 | |||||||||||||
700,000 | 2.721 | 01/12/32 | 594,094 | |||||||||||||
190,000 | 3.000 | 02/24/50 | 127,616 | |||||||||||||
548,000 | 2.772 | 11/10/50 | 348,670 | |||||||||||||
578,000 | 2.939 | 06/04/51 | 378,095 | |||||||||||||
200,000 | 3.001 | 03/17/52 | 132,312 | |||||||||||||
Cheniere Corpus Christi Holdings LLC |
| |||||||||||||||
217,000 | 5.875 | 03/31/25 | 217,206 | |||||||||||||
1,136,000 | 5.125 | 06/30/27 | 1,130,320 | |||||||||||||
Cheniere Energy Partners LP |
| |||||||||||||||
400,000 | 4.500 | 10/01/29 | 376,200 | |||||||||||||
600,000 | 4.000 | 03/01/31 | 537,570 | |||||||||||||
500,000 | 3.250 | 01/31/32 | 418,750 | |||||||||||||
Cheniere Energy, Inc. |
| |||||||||||||||
448,000 | 4.625 | 10/15/28 | 430,842 | |||||||||||||
ConocoPhillips Co. |
| |||||||||||||||
370,000 | 5.550 | 03/15/54 | 377,323 | |||||||||||||
Diamondback Energy, Inc. |
| |||||||||||||||
1,000,000 | 3.500 | 12/01/29 | 918,374 | |||||||||||||
Energy Transfer LP |
| |||||||||||||||
208,000 | 4.050 | 03/15/25 | 204,834 | |||||||||||||
668,000 | 2.900 | 05/15/25 | 647,299 |
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) |
| |||||||||||||||
Energy – (continued) |
| |||||||||||||||
Energy Transfer LP – (continued) |
| |||||||||||||||
$ | 200,000 | 4.750 | % | 01/15/26 | $ | 197,791 | ||||||||||
200,000 | 5.500 | 06/01/27 | 201,062 | |||||||||||||
100,000 | 4.000 | 10/01/27 | 95,757 | |||||||||||||
230,000 | 4.950 | 06/15/28 | 226,911 | |||||||||||||
551,000 | 5.250 | 04/15/29 | 549,924 | |||||||||||||
540,000 | 3.750 | 05/15/30 | 493,178 | |||||||||||||
310,000 | 6.400 | 12/01/30 | 325,855 | |||||||||||||
400,000 | 6.500 | 02/01/42 | 418,932 | |||||||||||||
201,000 | 5.300 | 04/15/47 | 180,033 | |||||||||||||
283,000 | 5.400 | 10/01/47 | 256,926 | |||||||||||||
277,000 | 6.000 | 06/15/48 | 271,946 | |||||||||||||
431,000 | 6.250 | 04/15/49 | 440,162 | |||||||||||||
480,000 | 5.000 | 05/15/50 | 416,503 | |||||||||||||
400,000 | 5.950 | 05/15/54 | 391,472 | |||||||||||||
Enterprise Products Operating LLC |
| |||||||||||||||
367,000 | 3.750 | 02/15/25 | 361,345 | |||||||||||||
326,000 | 3.125 | 07/31/29 | 298,383 | |||||||||||||
150,000 | 2.800 | 01/31/30 | 133,201 | |||||||||||||
300,000 | 5.350 | 01/31/33 | 304,447 | |||||||||||||
150,000 | 5.950 | 02/01/41 | 156,901 | |||||||||||||
207,000 | 4.850 | 08/15/42 | 191,405 | |||||||||||||
220,000 | 4.450 | 02/15/43 | 194,022 | |||||||||||||
268,000 | 4.850 | 03/15/44 | 246,554 | |||||||||||||
176,000 | 5.100 | 02/15/45 | 166,651 | |||||||||||||
220,000 | 4.900 | 05/15/46 | 202,730 | |||||||||||||
414,000 | 4.800 | 02/01/49 | 376,180 | |||||||||||||
368,000 | 4.200 | 01/31/50 | 304,847 | |||||||||||||
753,000 | 3.950 | 01/31/60 | 573,239 | |||||||||||||
Enterprise Products Operating LLC, Series E |
| |||||||||||||||
(TSFR3M + 3.295%) | ||||||||||||||||
149,000 | 5.250 | 08/16/77(a) | 141,777 | |||||||||||||
EOG Resources, Inc. |
| |||||||||||||||
233,000 | 4.150 | 01/15/26 | 229,090 | |||||||||||||
186,000 | 4.375 | 04/15/30 | 180,469 | |||||||||||||
236,000 | 4.950 | 04/15/50 | 221,549 | |||||||||||||
Exxon Mobil Corp. |
| |||||||||||||||
326,000 | 2.992 | 03/19/25 | 318,782 | |||||||||||||
262,000 | 3.043 | 03/01/26 | 253,099 | |||||||||||||
130,000 | 2.275 | 08/16/26 | 122,542 | |||||||||||||
100,000 | 3.294 | 03/19/27 | 96,335 | |||||||||||||
476,000 | 3.482 | 03/19/30 | 444,071 | |||||||||||||
300,000 | 2.610 | 10/15/30 | 263,306 | |||||||||||||
560,000 | 4.227 | 03/19/40 | 503,187 | |||||||||||||
430,000 | 3.567 | 03/06/45 | 339,543 | |||||||||||||
600,000 | 4.114 | 03/01/46 | 511,244 | |||||||||||||
408,000 | 3.095 | 08/16/49 | 286,269 | |||||||||||||
628,000 | 4.327 | 03/19/50 | 547,001 | |||||||||||||
460,000 | 3.452 | 04/15/51 | 342,965 | |||||||||||||
Halliburton Co. |
| |||||||||||||||
112,000 | 2.920 | 03/01/30 | 99,518 | |||||||||||||
493,000 | 4.850 | 11/15/35 | 476,572 | |||||||||||||
540,000 | 6.700 | 09/15/38 | 607,369 | |||||||||||||
300,000 | 7.450 | 09/15/39 | 360,854 | |||||||||||||
200,000 | 5.000 | 11/15/45 | 185,715 | |||||||||||||
Hess Corp. |
| |||||||||||||||
248,000 | 4.300 | 04/01/27 | 241,925 | |||||||||||||
148,000 | 6.000 | 01/15/40 | 154,630 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Energy – (continued) |
| |||||||||||||||
Hess Corp. – (continued) |
| |||||||||||||||
$ | 323,000 | 5.600 | % | 02/15/41 | $ | 326,243 | ||||||||||
Kinder Morgan Energy Partners LP |
| |||||||||||||||
188,000 | 5.500 | 03/01/44 | 174,775 | |||||||||||||
Kinder Morgan, Inc. |
| |||||||||||||||
340,000 | 4.300 | 06/01/25 | 335,300 | |||||||||||||
420,000 | 2.000 | 02/15/31 | 341,328 | |||||||||||||
396,000 | 5.550 | 06/01/45 | 374,402 | |||||||||||||
142,000 | 5.050 | 02/15/46 | 123,963 | |||||||||||||
500,000 | 5.200 | 03/01/48 | 445,478 | |||||||||||||
200,000 | 3.600 | 02/15/51 | 138,019 | |||||||||||||
100,000 | 5.450 | 08/01/52 | 92,571 | |||||||||||||
Kinder Morgan, Inc., GMTN |
| |||||||||||||||
1,000,000 | 7.750 | 01/15/32 | 1,130,591 | |||||||||||||
Marathon Petroleum Corp. |
| |||||||||||||||
420,000 | 4.700 | 05/01/25 | 416,265 | |||||||||||||
200,000 | 4.750 | 09/15/44 | 175,681 | |||||||||||||
MPLX LP |
| |||||||||||||||
1,000,000 | 1.750 | 03/01/26 | 933,048 | |||||||||||||
136,000 | 4.125 | 03/01/27 | 132,042 | |||||||||||||
100,000 | 4.800 | 02/15/29 | 98,247 | |||||||||||||
314,000 | 2.650 | 08/15/30 | 267,547 | |||||||||||||
350,000 | 4.500 | 04/15/38 | 305,757 | |||||||||||||
310,000 | 5.200 | 03/01/47 | 279,901 | |||||||||||||
180,000 | 5.500 | 02/15/49 | 169,412 | |||||||||||||
600,000 | 4.950 | 03/14/52 | 516,999 | |||||||||||||
Occidental Petroleum Corp. |
| |||||||||||||||
350,000 | 6.625 | 09/01/30 | 369,075 | |||||||||||||
165,000 | 6.125 | 01/01/31 | 169,702 | |||||||||||||
230,000 | 7.500 | 05/01/31 | 254,361 | |||||||||||||
854,000 | 6.450 | 09/15/36 | 902,037 | |||||||||||||
350,000 | 6.600 | 03/15/46 | 372,091 | |||||||||||||
ONEOK, Inc. |
| |||||||||||||||
500,000 | 5.550 | 11/01/26 | 503,788 | |||||||||||||
200,000 | 4.550 | 07/15/28 | 195,389 | |||||||||||||
378,000 | 3.100 | 03/15/30 | 335,318 | |||||||||||||
680,000 | 6.100 | 11/15/32 | 705,011 | |||||||||||||
200,000 | 5.200 | 07/15/48 | 181,447 | |||||||||||||
1,000,000 | 6.625 | 09/01/53 | 1,083,858 | |||||||||||||
Phillips 66 |
| |||||||||||||||
100,000 | 3.900 | 03/15/28 | 96,261 | |||||||||||||
390,000 | 4.650 | 11/15/34 | 368,595 | |||||||||||||
250,000 | 5.875 | 05/01/42 | 259,181 | |||||||||||||
450,000 | 4.875 | 11/15/44 | 413,578 | |||||||||||||
Pioneer Natural Resources Co. |
| |||||||||||||||
270,000 | 1.125 | 01/15/26 | 251,231 | |||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. |
| |||||||||||||||
766,000 | 4.650 | 10/15/25 | 756,191 | |||||||||||||
240,000 | 4.500 | 12/15/26 | 235,661 | |||||||||||||
339,000 | 3.550 | 12/15/29 | 307,541 | |||||||||||||
Sabine Pass Liquefaction LLC |
| |||||||||||||||
1,176,000 | 5.875 | 06/30/26 | 1,185,555 | |||||||||||||
430,000 | 5.000 | 03/15/27 | 427,850 | |||||||||||||
498,000 | 4.200 | 03/15/28 | 480,296 | |||||||||||||
Targa Resources Corp. |
| |||||||||||||||
200,000 | 4.950 | 04/15/52 | 171,595 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Energy – (continued) |
| |||||||||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. |
| |||||||||||||||
$ | 500,000 | 5.500 | % | 03/01/30 | $ | 496,875 | ||||||||||
1,000,000 | 4.875 | 02/01/31 | 952,500 | |||||||||||||
1,100,000 | 4.000 | 01/15/32 | 981,750 | |||||||||||||
Transcontinental Gas Pipe Line Co. LLC |
| |||||||||||||||
644,000 | 7.850 | 02/01/26 | 671,851 | |||||||||||||
Valero Energy Corp. |
| |||||||||||||||
560,000 | 6.625 | 06/15/37 | 601,290 | |||||||||||||
100,000 | 3.650 | 12/01/51 | 70,657 | |||||||||||||
Western Midstream Operating LP |
| |||||||||||||||
1,000,000 | 4.050 | 02/01/30 | 926,875 | |||||||||||||
270,000 | 5.250 | 02/01/50 | 239,625 | |||||||||||||
Williams Cos., Inc. (The) |
| |||||||||||||||
280,000 | 4.000 | 09/15/25 | 275,100 | |||||||||||||
318,000 | 3.750 | 06/15/27 | 306,063 | |||||||||||||
384,000 | 3.500 | 11/15/30 | 347,427 | |||||||||||||
250,000 | 2.600 | 03/15/31 | 210,769 | |||||||||||||
642,000 | 6.300 | 04/15/40 | 667,973 | |||||||||||||
200,000 | 5.100 | 09/15/45 | 183,527 | |||||||||||||
240,000 | 4.850 | 03/01/48 | 211,544 | |||||||||||||
|
| |||||||||||||||
49,140,524 | ||||||||||||||||
| ||||||||||||||||
Financial Company – 0.9% |
| |||||||||||||||
Air Lease Corp. |
| |||||||||||||||
80,000 | 1.875 | 08/15/26 | 73,489 | |||||||||||||
100,000 | 2.200 | 01/15/27 | 91,650 | |||||||||||||
362,000 | 3.125 | 12/01/30 | 312,400 | |||||||||||||
Air Lease Corp., MTN |
| |||||||||||||||
1,000,000 | 2.875 | 01/15/26 | 953,186 | |||||||||||||
300,000 | 2.875 | 01/15/32 | 249,319 | |||||||||||||
Ally Financial, Inc. |
| |||||||||||||||
400,000 | 5.750 | 11/20/25 | 397,954 | |||||||||||||
139,000 | 7.100 | 11/15/27 | 145,020 | |||||||||||||
469,000 | 8.000 | 11/01/31 | 515,663 | |||||||||||||
(SOFR + 2.820%) | ||||||||||||||||
100,000 | 6.848 | 01/03/30(a) | 101,930 | |||||||||||||
Ares Capital Corp. |
| |||||||||||||||
250,000 | 3.250 | 07/15/25 | 239,871 | |||||||||||||
429,000 | 2.150 | 07/15/26 | 390,463 | |||||||||||||
300,000 | 2.875 | 06/15/28 | 263,159 | |||||||||||||
Blackstone Private Credit Fund |
| |||||||||||||||
1,000,000 | 7.050 | 09/29/25 | 1,012,641 | |||||||||||||
349,000 | 2.625 | 12/15/26 | 315,345 | |||||||||||||
630,000 | 3.250 | 03/15/27 | 576,677 | |||||||||||||
GE Capital International Funding Co Unlimited Co. |
| |||||||||||||||
1,772,000 | 4.418 | 11/15/35 | 1,658,422 | |||||||||||||
|
| |||||||||||||||
7,297,189 | ||||||||||||||||
| ||||||||||||||||
Food and Beverage – 2.0% |
| |||||||||||||||
Coca-Cola Co. (The) |
| |||||||||||||||
700,000 | 3.375 | 03/25/27 | 675,257 | |||||||||||||
250,000 | 1.450 | 06/01/27 | 226,357 | |||||||||||||
250,000 | 1.500 | 03/05/28 | 222,245 | |||||||||||||
240,000 | 1.000 | 03/15/28 | 209,478 | |||||||||||||
102,000 | 2.125 | 09/06/29 | 89,794 | |||||||||||||
656,000 | 3.450 | 03/25/30 | 613,419 | |||||||||||||
193,000 | 1.650 | 06/01/30 | 161,713 | |||||||||||||
255,000 | 2.000 | 03/05/31 | 212,645 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Food and Beverage – (continued) |
| |||||||||||||||
Coca-Cola Co. (The) – (continued) |
| |||||||||||||||
$ | 240,000 | 1.375 | % | 03/15/31 | $ | 192,026 | ||||||||||
210,000 | 2.500 | 06/01/40 | 150,205 | |||||||||||||
110,000 | 2.875 | 05/05/41 | 82,494 | |||||||||||||
430,000 | 2.600 | 06/01/50 | 278,309 | |||||||||||||
200,000 | 3.000 | 03/05/51 | 140,924 | |||||||||||||
250,000 | 2.500 | 03/15/51 | 156,910 | |||||||||||||
220,000 | 2.750 | 06/01/60 | 140,813 | |||||||||||||
Conagra Brands, Inc. |
| |||||||||||||||
200,000 | 5.300 | 11/01/38 | 189,324 | |||||||||||||
Constellation Brands, Inc. |
| |||||||||||||||
298,000 | 3.150 | 08/01/29 | 270,944 | |||||||||||||
J M Smucker Co. (The) |
| |||||||||||||||
500,000 | 6.500 | 11/15/53 | 543,414 | |||||||||||||
Keurig Dr Pepper, Inc. |
| |||||||||||||||
299,000 | 3.200 | 05/01/30 | 269,724 | |||||||||||||
100,000 | 3.800 | 05/01/50 | 76,407 | |||||||||||||
412,000 | 4.500 | 04/15/52 | 349,444 | |||||||||||||
Kraft Heinz Foods Co. |
| |||||||||||||||
665,000 | 3.000 | 06/01/26 | 635,102 | |||||||||||||
250,000 | 6.875 | 01/26/39 | 282,050 | |||||||||||||
507,000 | 5.000 | 06/04/42 | 469,887 | |||||||||||||
552,000 | 4.375 | 06/01/46 | 459,667 | |||||||||||||
410,000 | 4.875 | 10/01/49 | 365,811 | |||||||||||||
Molson Coors Beverage Co. |
| |||||||||||||||
820,000 | 3.000 | 07/15/26 | 781,446 | |||||||||||||
190,000 | 5.000 | 05/01/42 | 177,368 | |||||||||||||
370,000 | 4.200 | 07/15/46 | 302,483 | |||||||||||||
Mondelez International, Inc. |
| |||||||||||||||
435,000 | 2.750 | 04/13/30 | 384,442 | |||||||||||||
490,000 | 2.625 | 09/04/50 | 307,213 | |||||||||||||
PepsiCo, Inc. |
| |||||||||||||||
256,000 | 2.250 | 03/19/25 | 248,481 | |||||||||||||
467,000 | 2.750 | 04/30/25 | 454,569 | |||||||||||||
1,000,000 | 5.250 | 11/10/25 | 1,004,054 | |||||||||||||
160,000 | 2.850 | 02/24/26 | 153,922 | |||||||||||||
166,000 | 2.375 | 10/06/26 | 156,448 | |||||||||||||
218,000 | 3.000 | 10/15/27 | 205,768 | |||||||||||||
96,000 | 2.625 | 07/29/29 | 86,522 | |||||||||||||
210,000 | 2.750 | 03/19/30 | 187,417 | |||||||||||||
210,000 | 1.625 | 05/01/30 | 174,658 | |||||||||||||
100,000 | 1.400 | 02/25/31 | 79,980 | |||||||||||||
400,000 | 1.950 | 10/21/31 | 327,685 | |||||||||||||
262,000 | 2.625 | 10/21/41 | 187,999 | |||||||||||||
300,000 | 4.450 | 04/14/46 | 271,286 | |||||||||||||
252,000 | 3.450 | 10/06/46 | 195,517 | |||||||||||||
180,000 | 2.875 | 10/15/49 | 124,598 | |||||||||||||
130,000 | 3.625 | 03/19/50 | 102,527 | |||||||||||||
Sysco Corp. |
| |||||||||||||||
200,000 | 3.750 | 10/01/25 | 195,019 | |||||||||||||
550,000 | 3.300 | 07/15/26 | 528,677 | |||||||||||||
547,000 | 3.250 | 07/15/27 | 520,309 | |||||||||||||
329,000 | 5.950 | 04/01/30 | 342,876 | |||||||||||||
270,000 | 6.600 | 04/01/50 | 305,856 | |||||||||||||
|
| |||||||||||||||
15,271,483 | ||||||||||||||||
| ||||||||||||||||
Healthcare – 4.4% |
| |||||||||||||||
Aetna, Inc. |
| |||||||||||||||
140,000 | 6.625 | 06/15/36 | 152,349 |
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 | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Healthcare – (continued) |
| |||||||||||||||
Aetna, Inc. – (continued) |
| |||||||||||||||
$ | 314,000 | 3.875 | % | 08/15/47 | $ | 235,857 | ||||||||||
Cigna Group (The) |
| |||||||||||||||
2,382,000 | 4.125 | 11/15/25 | 2,345,130 | |||||||||||||
1,210,000 | 4.375 | 10/15/28 | 1,179,991 | |||||||||||||
300,000 | 4.800 | 08/15/38 | 279,652 | |||||||||||||
130,000 | 4.800 | 07/15/46 | 117,112 | |||||||||||||
674,000 | 4.900 | 12/15/48 | 600,774 | |||||||||||||
290,000 | 3.400 | 03/15/50 | 204,911 | |||||||||||||
472,000 | 3.400 | 03/15/51 | 333,588 | |||||||||||||
790,000 | 5.600 | 02/15/54 | 784,763 | |||||||||||||
CVS Health Corp. |
| |||||||||||||||
1,094,000 | 4.100 | 03/25/25 | 1,080,944 | |||||||||||||
556,000 | 3.875 | 07/20/25 | 545,369 | |||||||||||||
90,000 | 2.875 | 06/01/26 | 85,651 | |||||||||||||
358,000 | 3.000 | 08/15/26 | 340,279 | |||||||||||||
478,000 | 3.625 | 04/01/27 | 458,341 | |||||||||||||
350,000 | 1.300 | 08/21/27 | 308,386 | |||||||||||||
815,000 | 4.300 | 03/25/28 | 792,474 | |||||||||||||
513,000 | 3.250 | 08/15/29 | 467,742 | |||||||||||||
140,000 | 5.125 | 02/21/30 | 139,401 | |||||||||||||
210,000 | 1.750 | 08/21/30 | 170,782 | |||||||||||||
400,000 | 5.250 | 02/21/33 | 396,968 | |||||||||||||
1,016,000 | 4.780 | 03/25/38 | 929,709 | |||||||||||||
246,000 | 4.125 | 04/01/40 | 203,091 | |||||||||||||
160,000 | 2.700 | 08/21/40 | 109,767 | |||||||||||||
176,000 | 5.300 | 12/05/43 | 164,937 | |||||||||||||
520,000 | 5.125 | 07/20/45 | 474,596 | |||||||||||||
968,000 | 5.050 | 03/25/48 | 863,861 | |||||||||||||
50,000 | 4.250 | 04/01/50 | 40,275 | |||||||||||||
1,078,000 | 5.875 | 06/01/53 | 1,081,236 | |||||||||||||
Danaher Corp. |
| |||||||||||||||
340,000 | 2.800 | 12/10/51 | 221,002 | |||||||||||||
Elevance Health, Inc. |
| |||||||||||||||
200,000 | 1.500 | 03/15/26 | 185,972 | |||||||||||||
552,000 | 3.650 | 12/01/27 | 528,300 | |||||||||||||
1,000,000 | 4.101 | 03/01/28 | 967,218 | |||||||||||||
150,000 | 2.875 | 09/15/29 | 134,645 | |||||||||||||
300,000 | 2.550 | 03/15/31 | 253,633 | |||||||||||||
84,000 | 4.625 | 05/15/42 | 74,901 | |||||||||||||
309,000 | 4.650 | 01/15/43 | 280,216 | |||||||||||||
174,000 | 4.650 | 08/15/44 | 156,207 | |||||||||||||
340,000 | 4.375 | 12/01/47 | 289,922 | |||||||||||||
118,000 | 4.550 | 03/01/48 | 103,395 | |||||||||||||
300,000 | 3.125 | 05/15/50 | 206,247 | |||||||||||||
GE HealthCare Technologies, Inc. |
| |||||||||||||||
500,000 | 5.905 | 11/22/32 | 520,877 | |||||||||||||
HCA, Inc. |
| |||||||||||||||
1,820,000 | 5.250 | 04/15/25 | 1,815,450 | |||||||||||||
330,000 | 5.875 | 02/15/26 | 331,650 | |||||||||||||
628,000 | 5.250 | 06/15/26 | 624,860 | |||||||||||||
188,000 | 5.375 | 09/01/26 | 187,530 | |||||||||||||
555,000 | 4.500 | 02/15/27 | 543,206 | |||||||||||||
180,000 | 5.200 | 06/01/28 | 179,877 | |||||||||||||
100,000 | 5.625 | 09/01/28 | 100,750 | |||||||||||||
50,000 | 5.875 | 02/01/29 | 50,938 | |||||||||||||
404,000 | 4.125 | 06/15/29 | 380,380 | |||||||||||||
500,000 | 3.500 | 09/01/30 | 447,136 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Healthcare – (continued) |
| |||||||||||||||
HCA, Inc. – (continued) |
| |||||||||||||||
$ | 100,000 | 5.125 | % | 06/15/39 | $ | 93,500 | ||||||||||
315,000 | 5.500 | 06/15/47 | 293,934 | |||||||||||||
410,000 | 5.250 | 06/15/49 | 369,200 | |||||||||||||
220,000 | 3.500 | 07/15/51 | 149,816 | |||||||||||||
415,000 | 4.625 | 03/15/52 | 341,778 | |||||||||||||
Humana, Inc. |
| |||||||||||||||
300,000 | 3.700 | 03/23/29 | 280,576 | |||||||||||||
864,000 | 5.875 | 03/01/33 | 891,440 | |||||||||||||
UnitedHealth Group, Inc. |
| |||||||||||||||
188,000 | 3.750 | 07/15/25 | 184,568 | |||||||||||||
100,000 | 3.100 | 03/15/26 | 96,610 | |||||||||||||
100,000 | 3.450 | 01/15/27 | 96,408 | |||||||||||||
400,000 | 2.950 | 10/15/27 | 375,706 | |||||||||||||
590,000 | 2.300 | 05/15/31 | 495,904 | |||||||||||||
678,000 | 4.200 | 05/15/32 | 642,315 | |||||||||||||
500,000 | 5.350 | 02/15/33 | 512,216 | |||||||||||||
748,000 | 4.625 | 07/15/35 | 722,027 | |||||||||||||
390,000 | 5.800 | 03/15/36 | 413,871 | |||||||||||||
828,000 | 4.250 | 03/15/43 | 723,119 | |||||||||||||
1,000,000 | 4.750 | 07/15/45 | 929,477 | |||||||||||||
573,000 | 4.450 | 12/15/48 | 505,642 | |||||||||||||
300,000 | 3.700 | 08/15/49 | 232,150 | |||||||||||||
700,000 | 3.250 | 05/15/51 | 491,721 | |||||||||||||
311,000 | 4.750 | 05/15/52 | 284,152 | |||||||||||||
500,000 | 3.875 | 08/15/59 | 384,994 | |||||||||||||
846,000 | 6.050 | 02/15/63 | 925,341 | |||||||||||||
|
| |||||||||||||||
33,908,713 | ||||||||||||||||
| ||||||||||||||||
Insurance – 1.6% |
| |||||||||||||||
American International Group, Inc. |
| |||||||||||||||
204,000 | 4.800 | 07/10/45 | 188,600 | |||||||||||||
301,000 | 4.750 | 04/01/48 | 273,355 | |||||||||||||
200,000 | 4.375 | 06/30/50 | 170,199 | |||||||||||||
American International Group, Inc., Series A-9 |
| |||||||||||||||
(3M USD LIBOR + 2.868%) | ||||||||||||||||
262,000 | 5.750 | 04/01/48(a) | 259,455 | |||||||||||||
Aon Corp. |
| |||||||||||||||
190,000 | 2.800 | 05/15/30 | 164,953 | |||||||||||||
Aon Corp. / Aon Global Holdings PLC |
| |||||||||||||||
352,000 | 3.900 | 02/28/52 | 264,570 | |||||||||||||
Berkshire Hathaway Finance Corp. |
| |||||||||||||||
112,000 | 1.450 | 10/15/30 | 91,291 | |||||||||||||
530,000 | 2.875 | 03/15/32 | 463,415 | |||||||||||||
100,000 | 4.250 | 01/15/49 | 87,880 | |||||||||||||
430,000 | 2.850 | 10/15/50 | 284,749 | |||||||||||||
50,000 | 2.500 | 01/15/51 | 30,946 | |||||||||||||
850,000 | 3.850 | 03/15/52 | 677,871 | |||||||||||||
Berkshire Hathaway, Inc. |
| |||||||||||||||
100,000 | 4.500 | 02/11/43 | 94,418 | |||||||||||||
Chubb INA Holdings, Inc. |
| |||||||||||||||
472,000 | 4.350 | 11/03/45 | 418,442 | |||||||||||||
Corebridge Financial, Inc. |
| |||||||||||||||
240,000 | 3.500 | 04/04/25 | 234,594 | |||||||||||||
410,000 | 3.650 | 04/05/27 | 390,029 | |||||||||||||
320,000 | 3.900 | 04/05/32 | 282,374 | |||||||||||||
1,000,000 | 5.750 | 01/15/34 | 1,000,249 | |||||||||||||
Equitable Holdings, Inc. |
| |||||||||||||||
600,000 | 4.350 | 04/20/28 | 578,313 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Insurance – (continued) |
| |||||||||||||||
Equitable Holdings, Inc. – (continued) |
| |||||||||||||||
$ | 426,000 | 5.000 | % | 04/20/48 | $ | 388,860 | ||||||||||
Everest Reinsurance Holdings, Inc. |
| |||||||||||||||
424,000 | 3.500 | 10/15/50 | 302,871 | |||||||||||||
Marsh & McLennan Cos., Inc. |
| |||||||||||||||
175,000 | 4.375 | 03/15/29 | 171,098 | |||||||||||||
100,000 | 2.250 | 11/15/30 | 84,611 | |||||||||||||
206,000 | 4.900 | 03/15/49 | 192,100 | |||||||||||||
MetLife, Inc. |
| |||||||||||||||
150,000 | 4.550 | 03/23/30 | 147,090 | |||||||||||||
400,000 | 5.700 | 06/15/35 | 413,385 | |||||||||||||
468,000 | 6.400 | 12/15/36 | 473,020 | |||||||||||||
256,000 | 4.125 | 08/13/42 | 217,748 | |||||||||||||
250,000 | 4.875 | 11/13/43 | 230,571 | |||||||||||||
350,000 | 4.600 | 05/13/46 | 312,655 | |||||||||||||
270,000 | 5.000 | 07/15/52 | 252,616 | |||||||||||||
Prudential Financial, Inc. |
| |||||||||||||||
(3M USD LIBOR + 3.031%) | ||||||||||||||||
1,007,000 | 5.375 | 05/15/45(a) | 992,389 | |||||||||||||
(3M USD LIBOR + 2.380%) | ||||||||||||||||
195,000 | 4.500 | 09/15/47(a) | 184,522 | |||||||||||||
210,000 | 3.905 | 12/07/47 | 165,398 | |||||||||||||
246,000 | 3.935 | 12/07/49 | 195,490 | |||||||||||||
| (US 5 Year CMT T-Note + 3.035%) | |||||||||||||||
192,000 | 3.700 | 10/01/50(a) | 168,158 | |||||||||||||
Prudential Financial, Inc., MTN |
| |||||||||||||||
300,000 | 5.700 | 12/14/36 | 309,676 | |||||||||||||
250,000 | 4.600 | 05/15/44 | 222,985 | |||||||||||||
235,000 | 4.350 | 02/25/50 | 198,433 | |||||||||||||
260,000 | 3.700 | 03/13/51 | 198,372 | |||||||||||||
Travelers Cos., Inc. (The) |
| |||||||||||||||
440,000 | 3.050 | 06/08/51 | 302,436 | |||||||||||||
|
| |||||||||||||||
12,080,187 | ||||||||||||||||
| ||||||||||||||||
Metals and Mining – 0.0% |
| |||||||||||||||
Newmont Corp. |
| |||||||||||||||
270,000 | 2.250 | 10/01/30 | 225,732 | |||||||||||||
| ||||||||||||||||
Pharmaceuticals – 0.1% |
| |||||||||||||||
Viatris, Inc. |
| |||||||||||||||
560,000 | 3.850 | 06/22/40 | 416,220 | |||||||||||||
| ||||||||||||||||
REITs and Real Estate – 0.9% |
| |||||||||||||||
Boston Properties LP |
| |||||||||||||||
200,000 | 3.650 | 02/01/26 | 192,247 | |||||||||||||
1,000,000 | 2.450 | 10/01/33 | 742,886 | |||||||||||||
Digital Realty Trust LP |
| |||||||||||||||
300,000 | 5.550 | 01/15/28 | 303,795 | |||||||||||||
830,000 | 3.600 | 07/01/29 | 765,047 | |||||||||||||
Equinix, Inc. |
| |||||||||||||||
270,000 | 3.200 | 11/18/29 | 243,394 | |||||||||||||
204,000 | 2.150 | 07/15/30 | 169,092 | |||||||||||||
200,000 | 2.500 | 05/15/31 | 167,253 | |||||||||||||
GLP Capital LP / GLP Financing II, Inc. |
| |||||||||||||||
580,000 | 5.375 | 04/15/26 | 575,517 | |||||||||||||
236,000 | 5.300 | 01/15/29 | 229,589 | |||||||||||||
130,000 | 3.250 | 01/15/32 | 108,230 | |||||||||||||
Prologis LP |
| |||||||||||||||
140,000 | 1.250 | 10/15/30 | 111,364 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
REITs and Real Estate – (continued) |
| |||||||||||||||
Prologis LP – (continued) |
| |||||||||||||||
$ | 1,000,000 | 5.125 | % | 01/15/34 | $ | 990,409 | ||||||||||
Realty Income Corp. |
| |||||||||||||||
200,000 | 3.250 | 01/15/31 | 177,375 | |||||||||||||
Simon Property Group LP |
| |||||||||||||||
160,000 | 3.300 | 01/15/26 | 154,461 | |||||||||||||
68,000 | 3.250 | 11/30/26 | 64,947 | |||||||||||||
332,000 | 2.450 | 09/13/29 | 289,992 | |||||||||||||
174,000 | 2.650 | 07/15/30 | 151,019 | |||||||||||||
284,000 | 3.250 | 09/13/49 | 199,408 | |||||||||||||
220,000 | 3.800 | 07/15/50 | 167,608 | |||||||||||||
VICI Properties LP |
| |||||||||||||||
300,000 | 4.750 | 02/15/28 | 290,765 | |||||||||||||
400,000 | 4.950 | 02/15/30 | 381,675 | |||||||||||||
400,000 | 5.125 | 05/15/32 | 376,116 | |||||||||||||
Welltower OP LLC |
| |||||||||||||||
290,000 | 4.250 | 04/15/28 | 280,458 | |||||||||||||
276,000 | 3.100 | 01/15/30 | 246,746 | |||||||||||||
|
| |||||||||||||||
7,379,393 | ||||||||||||||||
| ||||||||||||||||
Revenue – 0.2% |
| |||||||||||||||
Ascension Health |
| |||||||||||||||
200,000 | 3.945 | 11/15/46 | 167,671 | |||||||||||||
Ascension Health, Series B |
| |||||||||||||||
352,000 | 2.532 | 11/15/29 | 312,943 | |||||||||||||
CommonSpirit Health |
| |||||||||||||||
220,000 | 3.347 | 10/01/29 | 199,907 | |||||||||||||
217,000 | 4.350 | 11/01/42 | 186,479 | |||||||||||||
200,000 | 4.187 | 10/01/49 | 160,736 | |||||||||||||
Kaiser Foundation Hospitals |
| |||||||||||||||
295,000 | 4.150 | 05/01/47 | 252,127 | |||||||||||||
Kaiser Foundation Hospitals, Series 2019 |
| |||||||||||||||
286,000 | 3.266 | 11/01/49 | 208,905 | |||||||||||||
Kaiser Foundation Hospitals, Series 2021 |
| |||||||||||||||
125,000 | 2.810 | 06/01/41 | 91,072 | |||||||||||||
300,000 | 3.002 | 06/01/51 | 206,055 | |||||||||||||
|
| |||||||||||||||
1,785,895 | ||||||||||||||||
| ||||||||||||||||
Software – 1.7% |
| |||||||||||||||
Oracle Corp. |
| |||||||||||||||
1,440,000 | 6.150 | 11/09/29 | 1,505,989 | |||||||||||||
300,000 | 2.950 | 04/01/30 | 264,881 | |||||||||||||
1,940,000 | 6.250 | 11/09/32 | 2,050,201 | |||||||||||||
600,000 | 3.900 | 05/15/35 | 516,368 | |||||||||||||
645,000 | 3.800 | 11/15/37 | 533,477 | |||||||||||||
1,265,000 | 3.600 | 04/01/40 | 982,606 | |||||||||||||
400,000 | 3.650 | 03/25/41 | 308,693 | |||||||||||||
1,179,000 | 4.125 | 05/15/45 | 935,783 | |||||||||||||
490,000 | 4.000 | 11/15/47 | 374,742 | |||||||||||||
1,650,000 | 6.900 | 11/09/52 | 1,865,869 | |||||||||||||
1,000,000 | 4.375 | 05/15/55 | 785,275 | |||||||||||||
1,215,000 | 3.850 | 04/01/60 | 843,982 | |||||||||||||
500,000 | 4.100 | 03/25/61 | 366,553 | |||||||||||||
Salesforce, Inc. |
| |||||||||||||||
800,000 | 3.700 | 04/11/28 | 771,363 | |||||||||||||
500,000 | 1.950 | 07/15/31 | 410,318 | |||||||||||||
700,000 | 2.900 | 07/15/51 | 466,209 | |||||||||||||
Workday, Inc. |
| |||||||||||||||
100,000 | 3.500 | 04/01/27 | 95,413 |
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 | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Software – (continued) |
| |||||||||||||||
Workday, Inc. – (continued) |
| |||||||||||||||
$ | 180,000 | 3.800 | % | 04/01/32 | $ | 162,448 | ||||||||||
|
| |||||||||||||||
13,240,170 | ||||||||||||||||
| ||||||||||||||||
Technology – 8.2% |
| |||||||||||||||
Adobe, Inc. |
| |||||||||||||||
192,000 | 3.250 | 02/01/25 | 188,547 | |||||||||||||
82,000 | 2.150 | 02/01/27 | 76,542 | |||||||||||||
450,000 | 2.300 | 02/01/30 | 392,997 | |||||||||||||
Alphabet, Inc. |
| |||||||||||||||
182,000 | 1.998 | 08/15/26 | 171,251 | |||||||||||||
50,000 | 0.800 | 08/15/27 | 44,174 | |||||||||||||
114,000 | 1.100 | 08/15/30 | 92,470 | |||||||||||||
1,240,000 | 1.900 | 08/15/40 | 822,024 | |||||||||||||
823,000 | 2.050 | 08/15/50 | 489,148 | |||||||||||||
747,000 | 2.250 | 08/15/60 | 430,473 | |||||||||||||
Analog Devices, Inc. |
| |||||||||||||||
75,000 | 3.500 | 12/05/26 | 72,437 | |||||||||||||
204,000 | 1.700 | 10/01/28 | 178,202 | |||||||||||||
Apple, Inc. |
| |||||||||||||||
112,000 | 2.500 | 02/09/25 | 109,176 | |||||||||||||
91,000 | 1.125 | 05/11/25 | 86,921 | |||||||||||||
50,000 | 0.550 | 08/20/25 | 46,970 | |||||||||||||
479,000 | 0.700 | 02/08/26 | 442,295 | |||||||||||||
517,000 | 3.250 | 02/23/26 | 501,671 | |||||||||||||
424,000 | 2.450 | 08/04/26 | 401,998 | |||||||||||||
750,000 | 2.050 | 09/11/26 | 702,501 | |||||||||||||
120,000 | 3.000 | 06/20/27 | 113,779 | |||||||||||||
692,000 | 2.900 | 09/12/27 | 652,540 | |||||||||||||
218,000 | 3.000 | 11/13/27 | 206,367 | |||||||||||||
488,000 | 1.200 | 02/08/28 | 428,516 | |||||||||||||
110,000 | 1.400 | 08/05/28 | 96,059 | |||||||||||||
320,000 | 3.250 | 08/08/29 | 299,783 | |||||||||||||
336,000 | 1.650 | 05/11/30 | 280,708 | |||||||||||||
118,000 | 1.250 | 08/20/30 | 95,686 | |||||||||||||
790,000 | 1.650 | 02/08/31 | 651,352 | |||||||||||||
300,000 | 1.700 | 08/05/31 | 244,088 | |||||||||||||
625,000 | 4.500 | 02/23/36 | 615,654 | |||||||||||||
102,000 | 2.375 | 02/08/41 | 71,954 | |||||||||||||
695,000 | 3.850 | 05/04/43 | 593,005 | |||||||||||||
310,000 | 4.450 | 05/06/44 | 290,766 | |||||||||||||
505,000 | 3.450 | 02/09/45 | 399,768 | |||||||||||||
350,000 | 4.375 | 05/13/45 | 320,144 | |||||||||||||
422,000 | 4.650 | 02/23/46 | 398,105 | |||||||||||||
306,000 | 3.850 | 08/04/46 | 257,217 | |||||||||||||
208,000 | 4.250 | 02/09/47 | 186,564 | |||||||||||||
270,000 | 3.750 | 09/12/47 | 220,416 | |||||||||||||
446,000 | 3.750 | 11/13/47 | 364,421 | |||||||||||||
793,000 | 2.950 | 09/11/49 | 555,376 | |||||||||||||
594,000 | 2.650 | 05/11/50 | 386,664 | |||||||||||||
239,000 | 2.400 | 08/20/50 | 148,428 | |||||||||||||
940,000 | 2.650 | 02/08/51 | 603,865 | |||||||||||||
570,000 | 3.950 | 08/08/52 | 476,955 | |||||||||||||
325,000 | 2.800 | 02/08/61 | 205,636 | |||||||||||||
960,000 | 2.850 | 08/05/61 | 607,531 | |||||||||||||
Applied Materials, Inc. |
| |||||||||||||||
130,000 | 3.300 | 04/01/27 | 124,624 | |||||||||||||
650,000 | 1.750 | 06/01/30 | 542,106 | |||||||||||||
236,000 | 4.350 | 04/01/47 | 209,751 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Technology – (continued) |
| |||||||||||||||
Automatic Data Processing, Inc. |
| |||||||||||||||
$ | 350,000 | 3.375 | % | 09/15/25 | $ | 342,180 | ||||||||||
450,000 | 1.700 | 05/15/28 | 401,872 | |||||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
| |||||||||||||||
659,000 | 3.875 | 01/15/27 | 638,449 | |||||||||||||
598,000 | 3.500 | 01/15/28 | 563,589 | |||||||||||||
Broadcom, Inc. |
| |||||||||||||||
380,000 | 3.459 | 09/15/26 | 365,366 | |||||||||||||
500,000 | 1.950 | 02/15/28(b) | 442,482 | |||||||||||||
605,000 | 4.750 | 04/15/29 | 594,677 | |||||||||||||
274,000 | 4.150 | 11/15/30 | 256,934 | |||||||||||||
570,000 | 2.450 | 02/15/31(b) | 475,836 | |||||||||||||
470,000 | 4.300 | 11/15/32 | 436,173 | |||||||||||||
805,000 | 3.419 | 04/15/33(b) | 687,410 | |||||||||||||
290,000 | 3.469 | 04/15/34(b) | 245,853 | |||||||||||||
600,000 | 3.137 | 11/15/35(b) | 477,040 | |||||||||||||
650,000 | 3.187 | 11/15/36(b) | 511,721 | |||||||||||||
600,000 | 3.500 | 02/15/41(b) | 456,593 | |||||||||||||
360,000 | 3.750 | 02/15/51(b) | 269,137 | |||||||||||||
Cisco Systems, Inc. |
| |||||||||||||||
600,000 | 5.900 | 02/15/39 | 643,462 | |||||||||||||
Dell International LLC / EMC Corp. |
| |||||||||||||||
1,425,000 | 4.900 | 10/01/26 | 1,414,668 | |||||||||||||
100,000 | 5.250 | 02/01/28 | 100,677 | |||||||||||||
200,000 | 5.300 | 10/01/29 | 200,682 | |||||||||||||
50,000 | 5.750 | 02/01/33 | 51,544 | |||||||||||||
250,000 | 8.100 | 07/15/36 | 300,447 | |||||||||||||
500,000 | 3.375 | 12/15/41 | 367,500 | |||||||||||||
Fidelity National Information Services, Inc. |
| |||||||||||||||
570,000 | 1.150 | 03/01/26 | 527,420 | |||||||||||||
Fiserv, Inc. |
| |||||||||||||||
150,000 | 3.850 | 06/01/25 | 147,024 | |||||||||||||
440,000 | 3.200 | 07/01/26 | 420,781 | |||||||||||||
1,000,000 | 5.450 | 03/02/28 | 1,008,296 | |||||||||||||
300,000 | 4.200 | 10/01/28 | 287,946 | |||||||||||||
500,000 | 3.500 | 07/01/29 | 459,234 | |||||||||||||
400,000 | 4.400 | 07/01/49 | 334,511 | |||||||||||||
Hewlett Packard Enterprise Co. |
| |||||||||||||||
300,000 | 4.900 | 10/15/25 | 297,893 | |||||||||||||
300,000 | 6.350 | 10/15/45 | 309,763 | |||||||||||||
HP, Inc. |
| |||||||||||||||
1,000,000 | 5.500 | 01/15/33 | 1,000,063 | |||||||||||||
IBM International Capital Pte Ltd. |
| |||||||||||||||
910,000 | 5.300 | 02/05/54 | 874,716 | |||||||||||||
Intel Corp. |
| |||||||||||||||
600,000 | 3.400 | 03/25/25 | 588,603 | |||||||||||||
1,000,000 | 3.700 | 07/29/25 | 979,698 | |||||||||||||
1,200,000 | 4.875 | 02/10/26 | 1,196,374 | |||||||||||||
290,000 | 3.150 | 05/11/27 | 275,026 | |||||||||||||
1,600,000 | 4.000 | 08/05/29 | 1,536,986 | |||||||||||||
700,000 | 5.125 | 02/10/30 | 705,968 | |||||||||||||
250,000 | 3.900 | 03/25/30 | 235,360 | |||||||||||||
500,000 | 4.900 | 07/29/45 | 473,655 | |||||||||||||
500,000 | 4.100 | 05/19/46 | 416,318 | |||||||||||||
250,000 | 3.734 | 12/08/47 | 191,498 | |||||||||||||
260,000 | 4.900 | 08/05/52 | 239,402 | |||||||||||||
1,000,000 | 5.700 | 02/10/53 | 1,019,112 | |||||||||||||
500,000 | 3.100 | 02/15/60 | 317,794 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Technology – (continued) |
| |||||||||||||||
Intel Corp. – (continued) |
| |||||||||||||||
$ | 500,000 | 3.200 | % | 08/12/61 | $ | 323,096 | ||||||||||
International Business Machines Corp. |
| |||||||||||||||
260,000 | 4.000 | 07/27/25 | 256,046 | |||||||||||||
250,000 | 3.450 | 02/19/26 | 242,559 | |||||||||||||
655,000 | 1.700 | 05/15/27 | 591,396 | |||||||||||||
1,086,000 | 1.950 | 05/15/30 | 909,007 | |||||||||||||
540,000 | 4.150 | 05/15/39 | 471,646 | |||||||||||||
180,000 | 4.000 | 06/20/42 | 149,964 | |||||||||||||
300,000 | 4.250 | 05/15/49 | 251,835 | |||||||||||||
300,000 | 2.950 | 05/15/50 | 198,300 | |||||||||||||
500,000 | 4.900 | 07/27/52 | 463,436 | |||||||||||||
Intuit, Inc. |
| |||||||||||||||
500,000 | 5.200 | 09/15/33 | 507,018 | |||||||||||||
KLA Corp. |
| |||||||||||||||
130,000 | 4.100 | 03/15/29 | 126,076 | |||||||||||||
100,000 | 3.300 | 03/01/50 | 72,076 | |||||||||||||
100,000 | 4.950 | 07/15/52 | 94,818 | |||||||||||||
412,000 | 5.250 | 07/15/62 | 398,667 | |||||||||||||
Lam Research Corp. |
| |||||||||||||||
238,000 | 4.000 | 03/15/29 | 229,557 | |||||||||||||
228,000 | 1.900 | 06/15/30 | 191,226 | |||||||||||||
220,000 | 4.875 | 03/15/49 | 206,992 | |||||||||||||
352,000 | 2.875 | 06/15/50 | 238,325 | |||||||||||||
Leidos, Inc. |
| |||||||||||||||
300,000 | 4.375 | 05/15/30 | 283,875 | |||||||||||||
627,000 | 2.300 | 02/15/31 | 512,980 | |||||||||||||
300,000 | 5.750 | 03/15/33 | 303,854 | |||||||||||||
Meta Platforms, Inc. |
| |||||||||||||||
1,000,000 | 4.600 | 05/15/28 | 996,061 | |||||||||||||
100,000 | 3.850 | 08/15/32 | 92,730 | |||||||||||||
750,000 | 4.950 | 05/15/33 | 750,309 | |||||||||||||
800,000 | 4.450 | 08/15/52 | 700,774 | |||||||||||||
Microsoft Corp. |
| |||||||||||||||
1,348,000 | 2.700 | 02/12/25 | 1,318,688 | |||||||||||||
133,000 | 3.125 | 11/03/25 | 129,331 | |||||||||||||
240,000 | 2.400 | 08/08/26 | 227,190 | |||||||||||||
87,000 | 3.300 | 02/06/27 | 84,149 | |||||||||||||
960,000 | 3.500 | 02/12/35 | 872,531 | |||||||||||||
470,000 | 3.450 | 08/08/36 | 414,619 | |||||||||||||
81,000 | 4.100 | 02/06/37 | 76,368 | |||||||||||||
264,000 | 4.450 | 11/03/45 | 250,901 | |||||||||||||
300,000 | 3.700 | 08/08/46 | 250,951 | |||||||||||||
270,000 | 4.250 | 02/06/47 | 248,298 | |||||||||||||
1,047,000 | 2.525 | 06/01/50 | 674,431 | |||||||||||||
620,000 | 2.500 | 09/15/50(b) | 395,402 | |||||||||||||
1,040,000 | 2.921 | 03/17/52 | 720,155 | |||||||||||||
632,000 | 2.675 | 06/01/60 | 399,562 | |||||||||||||
400,000 | 3.041 | 03/17/62 | 273,775 | |||||||||||||
Motorola Solutions, Inc. |
| |||||||||||||||
624,000 | 4.600 | 05/23/29 | 604,984 | |||||||||||||
430,000 | 2.750 | 05/24/31 | 357,740 | |||||||||||||
NVIDIA Corp. |
| |||||||||||||||
475,000 | 1.550 | 06/15/28 | 420,286 | |||||||||||||
400,000 | 2.000 | 06/15/31 | 334,182 | |||||||||||||
150,000 | 3.500 | 04/01/40 | 125,847 | |||||||||||||
660,000 | 3.500 | 04/01/50 | 519,058 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Technology – (continued) |
| |||||||||||||||
PayPal Holdings, Inc. |
| |||||||||||||||
$ | 250,000 | 1.650 | % | 06/01/25 | $ | 239,260 | ||||||||||
1,060,000 | 4.400 | 06/01/32 | 1,015,107 | |||||||||||||
50,000 | 3.250 | 06/01/50 | 35,131 | |||||||||||||
QUALCOMM, Inc. |
| |||||||||||||||
235,000 | 3.450 | 05/20/25 | 230,521 | |||||||||||||
304,000 | 3.250 | 05/20/27 | 290,954 | |||||||||||||
200,000 | 1.300 | 05/20/28 | 174,511 | |||||||||||||
126,000 | 2.150 | 05/20/30 | 108,155 | |||||||||||||
1,000,000 | 1.650 | 05/20/32 | 781,123 | |||||||||||||
320,000 | 4.650 | 05/20/35 | 314,458 | |||||||||||||
396,000 | 4.800 | 05/20/45 | 373,077 | |||||||||||||
250,000 | 4.300 | 05/20/47 | 218,040 | |||||||||||||
470,000 | 4.500 | 05/20/52 | 419,016 | |||||||||||||
Texas Instruments, Inc. |
| |||||||||||||||
1,000,000 | 4.150 | 05/15/48 | 852,286 | |||||||||||||
VMware LLC |
| |||||||||||||||
300,000 | 1.400 | 08/15/26 | 272,645 | |||||||||||||
100,000 | 3.900 | 08/21/27 | 95,371 | |||||||||||||
|
| |||||||||||||||
63,666,084 | ||||||||||||||||
| ||||||||||||||||
Transportation – 0.9% |
| |||||||||||||||
Burlington Northern Santa Fe LLC |
| |||||||||||||||
100,000 | 4.450 | 03/15/43 | 88,885 | |||||||||||||
200,000 | 4.900 | 04/01/44 | 188,687 | |||||||||||||
200,000 | 4.150 | 04/01/45 | 168,997 | |||||||||||||
100,000 | 3.900 | 08/01/46 | 80,626 | |||||||||||||
280,000 | 4.150 | 12/15/48 | 234,225 | |||||||||||||
600,000 | 3.300 | 09/15/51 | 430,673 | |||||||||||||
1,112,000 | 4.450 | 01/15/53 | 982,558 | |||||||||||||
CSX Corp. |
| |||||||||||||||
270,000 | 4.100 | 03/15/44 | 227,560 | |||||||||||||
200,000 | 3.800 | 11/01/46 | 157,932 | |||||||||||||
300,000 | 4.500 | 11/15/52 | 264,175 | |||||||||||||
FedEx Corp. |
| |||||||||||||||
180,000 | 2.400 | 05/15/31 | 150,376 | |||||||||||||
344,000 | 5.100 | 01/15/44 | 319,957 | |||||||||||||
430,000 | 4.750 | 11/15/45 | 379,045 | |||||||||||||
974,000 | 4.550 | 04/01/46 | 829,235 | |||||||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust, Series 2020-1, |
| |||||||||||||||
Class AA |
| |||||||||||||||
40,642 | 1.875 | 02/20/34 | 33,386 | |||||||||||||
Union Pacific Corp. |
| |||||||||||||||
180,000 | 2.400 | 02/05/30 | 157,119 | |||||||||||||
1,588,000 | 2.800 | 02/14/32 | 1,366,278 | |||||||||||||
278,000 | 3.799 | 10/01/51 | 220,798 | |||||||||||||
95,000 | 2.950 | 03/10/52 | 63,726 | |||||||||||||
408,000 | 3.839 | 03/20/60 | 311,331 | |||||||||||||
446,000 | 3.799 | 04/06/71 | 327,824 | |||||||||||||
|
| |||||||||||||||
6,983,393 | ||||||||||||||||
| ||||||||||||||||
Water – 0.0% |
| |||||||||||||||
American Water Capital Corp. |
| |||||||||||||||
355,000 | 4.450 | 06/01/32 | 340,109 | |||||||||||||
| ||||||||||||||||
Wireless – 5.3% |
| |||||||||||||||
American Tower Corp. |
| |||||||||||||||
250,000 | 4.000 | 06/01/25 | 245,180 | |||||||||||||
556,000 | 3.375 | 10/15/26 | 530,998 | |||||||||||||
200,000 | 2.750 | 01/15/27 | 186,488 |
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 | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Wireless – (continued) |
| |||||||||||||||
American Tower Corp. – (continued) |
| |||||||||||||||
$ | 361,000 | 3.800 | % | 08/15/29 | $ | 334,442 | ||||||||||
80,000 | 2.900 | 01/15/30 | 70,162 | |||||||||||||
300,000 | 1.875 | 10/15/30 | 241,566 | |||||||||||||
590,000 | 5.900 | 11/15/33 | 606,082 | |||||||||||||
251,000 | 3.100 | 06/15/50 | 163,825 | |||||||||||||
AT&T, Inc. |
| |||||||||||||||
1,000,000 | 5.539 | 02/20/26 | 997,525 | |||||||||||||
551,000 | 3.800 | 02/15/27 | 532,743 | |||||||||||||
346,000 | 4.250 | 03/01/27 | 338,329 | |||||||||||||
339,000 | 2.300 | 06/01/27 | 310,323 | |||||||||||||
75,000 | 1.650 | 02/01/28 | 66,106 | |||||||||||||
300,000 | 4.100 | 02/15/28 | 289,117 | |||||||||||||
912,000 | 4.350 | 03/01/29 | 881,175 | |||||||||||||
1,729,000 | 4.300 | 02/15/30 | 1,655,188 | |||||||||||||
389,000 | 2.750 | 06/01/31 | 331,059 | |||||||||||||
428,000 | 2.250 | 02/01/32 | 343,442 | |||||||||||||
630,000 | 2.550 | 12/01/33 | 497,477 | |||||||||||||
690,000 | 5.400 | 02/15/34 | 690,485 | |||||||||||||
685,000 | 4.500 | 05/15/35 | 633,115 | |||||||||||||
140,000 | 4.850 | 03/01/39 | 129,873 | |||||||||||||
330,000 | 4.350 | 06/15/45 | 277,013 | |||||||||||||
435,000 | 4.750 | 05/15/46 | 382,604 | |||||||||||||
293,000 | 4.500 | 03/09/48 | 246,015 | |||||||||||||
225,000 | 4.550 | 03/09/49 | 190,612 | |||||||||||||
538,000 | 3.650 | 06/01/51 | 386,706 | |||||||||||||
130,000 | 3.300 | 02/01/52 | 89,092 | |||||||||||||
1,560,000 | 3.500 | 09/15/53 | 1,082,309 | |||||||||||||
1,358,000 | 3.550 | 09/15/55 | 930,476 | |||||||||||||
530,000 | 3.800 | 12/01/57 | 375,820 | |||||||||||||
1,119,000 | 3.650 | 09/15/59 | 762,867 | |||||||||||||
192,000 | 3.850 | 06/01/60 | 136,771 | |||||||||||||
Crown Castle, Inc. |
| |||||||||||||||
420,000 | 3.700 | 06/15/26 | 404,362 | |||||||||||||
500,000 | 5.000 | 01/11/28 | 493,703 | |||||||||||||
Sprint Capital Corp. |
| |||||||||||||||
640,000 | 6.875 | 11/15/28 | 684,400 | |||||||||||||
1,064,000 | 8.750 | 03/15/32 | 1,288,105 | |||||||||||||
Sprint LLC |
| |||||||||||||||
940,000 | 7.625 | 02/15/25 | 949,718 | |||||||||||||
T-Mobile USA, Inc. |
| |||||||||||||||
390,000 | 1.500 | 02/15/26 | 362,960 | |||||||||||||
500,000 | 2.250 | 02/15/26 | 471,760 | |||||||||||||
800,000 | 3.750 | 04/15/27 | 769,959 | |||||||||||||
655,000 | 4.950 | 03/15/28 | 652,060 | |||||||||||||
50,000 | 4.800 | 07/15/28 | 49,465 | |||||||||||||
300,000 | 2.625 | 02/15/29 | 266,800 | |||||||||||||
700,000 | 3.375 | 04/15/29 | 644,353 | |||||||||||||
900,000 | 3.875 | 04/15/30 | 837,622 | |||||||||||||
1,060,000 | 2.550 | 02/15/31 | 896,844 | |||||||||||||
300,000 | 2.875 | 02/15/31 | 259,237 | |||||||||||||
408,000 | 2.250 | 11/15/31 | 331,808 | |||||||||||||
408,000 | 2.700 | 03/15/32 | 340,894 | |||||||||||||
500,000 | 5.050 | 07/15/33 | 491,773 | |||||||||||||
500,000 | 5.750 | 01/15/34 | 517,465 | |||||||||||||
640,000 | 4.375 | 04/15/40 | 563,256 | |||||||||||||
500,000 | 3.000 | 02/15/41 | 362,537 | |||||||||||||
600,000 | 4.500 | 04/15/50 | 510,755 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Wireless – (continued) |
| |||||||||||||||
T-Mobile USA, Inc. – (continued) |
| |||||||||||||||
$ | 400,000 | 3.300 | % | 02/15/51 | $ | 277,175 | ||||||||||
100,000 | 5.650 | 01/15/53 | 100,404 | |||||||||||||
500,000 | 5.750 | 01/15/54 | 508,437 | |||||||||||||
300,000 | 3.600 | 11/15/60 | 209,224 | |||||||||||||
100,000 | 5.800 | 09/15/62 | 102,252 | |||||||||||||
Verizon Communications, Inc. |
| |||||||||||||||
154,000 | 3.376 | 02/15/25 | 151,136 | |||||||||||||
1,825,000 | 0.850 | 11/20/25 | 1,695,054 | |||||||||||||
930,000 | 1.450 | 03/20/26 | 863,240 | |||||||||||||
559,000 | 4.125 | 03/16/27 | 544,781 | |||||||||||||
250,000 | 3.000 | 03/22/27 | 236,062 | |||||||||||||
710,000 | 2.100 | 03/22/28 | 634,320 | |||||||||||||
922,000 | 4.329 | 09/21/28 | 895,418 | |||||||||||||
771,000 | 4.016 | 12/03/29 | 733,103 | |||||||||||||
384,000 | 3.150 | 03/22/30 | 344,634 | |||||||||||||
236,000 | 1.500 | 09/18/30 | 190,313 | |||||||||||||
85,000 | 1.680 | 10/30/30 | 68,683 | |||||||||||||
670,000 | 2.550 | 03/21/31 | 567,310 | |||||||||||||
650,000 | 2.355 | 03/15/32 | 527,308 | |||||||||||||
985,000 | 5.050 | 05/09/33 | 978,822 | |||||||||||||
220,000 | 4.272 | 01/15/36 | 199,554 | |||||||||||||
445,000 | 5.250 | 03/16/37 | 446,334 | |||||||||||||
1,460,000 | 2.650 | 11/20/40 | 1,008,704 | |||||||||||||
610,000 | 3.400 | 03/22/41 | 471,108 | |||||||||||||
60,000 | 6.550 | 09/15/43 | 66,384 | |||||||||||||
650,000 | 4.862 | 08/21/46 | 600,099 | |||||||||||||
401,000 | 4.522 | 09/15/48 | 351,890 | |||||||||||||
400,000 | 2.875 | 11/20/50 | 257,970 | |||||||||||||
800,000 | 3.550 | 03/22/51 | 585,652 | |||||||||||||
150,000 | 2.987 | 10/30/56 | 94,638 | |||||||||||||
446,000 | 3.000 | 11/20/60 | 271,217 | |||||||||||||
555,000 | 3.700 | 03/22/61 | 389,988 | |||||||||||||
|
| |||||||||||||||
41,456,035 | ||||||||||||||||
| ||||||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $673,109,975) | 625,385,628 | |||||||||||||||
| ||||||||||||||||
Foreign Corporate Debt – 17.9% |
| |||||||||||||||
Banks – 10.9% |
| |||||||||||||||
Australia & New Zealand Banking Group Ltd. (Australia) |
| |||||||||||||||
590,000 | 5.088 | 12/08/25 | 590,416 | |||||||||||||
Australia & New Zealand Banking Group Ltd., MTN (Australia) |
| |||||||||||||||
400,000 | 3.700 | 11/16/25 | 391,331 | |||||||||||||
250,000 | 4.750 | 01/18/27 | 248,769 | |||||||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) |
| |||||||||||||||
200,000 | 1.125 | 09/18/25 | 187,061 | |||||||||||||
Banco Santander SA (Spain) |
| |||||||||||||||
1,432,000 | 2.746 | 05/28/25 | 1,382,123 | |||||||||||||
800,000 | 5.179 | 11/19/25 | 790,992 | |||||||||||||
600,000 | 1.849 | 03/25/26 | 557,706 | |||||||||||||
800,000 | 4.250 | 04/11/27 | 772,608 | |||||||||||||
310,000 | 4.379 | 04/12/28 | 298,042 | |||||||||||||
600,000 | 6.607 | 11/07/28 | 631,559 | |||||||||||||
325,000 | 3.490 | 05/28/30 | 291,936 | |||||||||||||
| (US 1 Year CMT T-Note + 0.900%) | |||||||||||||||
600,000 | 1.722 | 09/14/27(a) | 542,786 |
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
| (US 1 Year CMT T-Note + 1.600%) |
| ||||||||||||||
$ | 336,000 | 3.225 | % | 11/22/32(a) | $ | 277,306 | ||||||||||
Bank of Montreal (Canada) |
| |||||||||||||||
750,000 | 5.203 | 02/01/28 | 753,343 | |||||||||||||
(5 Year USD Swap + 1.432%) | ||||||||||||||||
810,000 | 3.803 | 12/15/32(a) | 749,516 | |||||||||||||
Bank of Montreal, MTN (Canada) |
| |||||||||||||||
750,000 | 1.850 | 05/01/25 | 720,405 | |||||||||||||
Bank of Nova Scotia (The) (Canada) |
| |||||||||||||||
190,000 | 2.200 | 02/03/25 | 184,454 | |||||||||||||
448,000 | 1.300 | 06/11/25 | 425,712 | |||||||||||||
566,000 | 4.500 | 12/16/25 | 555,552 | |||||||||||||
1,000,000 | 1.050 | 03/02/26 | 922,633 | |||||||||||||
220,000 | 2.700 | 08/03/26 | 207,705 | |||||||||||||
80,000 | 1.950 | 02/02/27 | 73,504 | |||||||||||||
750,000 | 4.850 | 02/01/30 | 741,957 | |||||||||||||
530,000 | 2.450 | 02/02/32 | 435,651 | |||||||||||||
Barclays PLC (United Kingdom) |
| |||||||||||||||
1,140,000 | 3.650 | 03/16/25 | 1,116,505 | |||||||||||||
1,035,000 | 4.375 | 01/12/26 | 1,012,855 | |||||||||||||
210,000 | 5.200 | 05/12/26 | 207,711 | |||||||||||||
850,000 | 4.836 | 05/09/28 | 819,383 | |||||||||||||
330,000 | 5.250 | 08/17/45 | 316,037 | |||||||||||||
436,000 | 4.950 | 01/10/47 | 398,121 | |||||||||||||
(SOFR + 2.714%) | ||||||||||||||||
200,000 | 2.852 | 05/07/26(a) | 193,522 | |||||||||||||
| (US 1 Year CMT T-Note + 3.300%) |
| ||||||||||||||
1,000,000 | 7.385 | 11/02/28(a) | 1,058,307 | |||||||||||||
| (US 1 Year CMT T-Note + 1.200%) |
| ||||||||||||||
424,000 | 2.667 | 03/10/32(a) | 346,643 | |||||||||||||
| (US 1 Year CMT T-Note + 3.000%) |
| ||||||||||||||
595,000 | 5.746 | 08/09/33(a) | 588,657 | |||||||||||||
(SOFR + 2.980%) | ||||||||||||||||
1,000,000 | 6.224 | 05/09/34(a) | 1,015,995 | |||||||||||||
(SOFR + 3.570%) | ||||||||||||||||
500,000 | 7.119 | 06/27/34(a) | 519,375 | |||||||||||||
| (US 5 Year CMT T-Note + 2.900%) |
| ||||||||||||||
960,000 | 3.564 | 09/23/35(a) | 810,032 | |||||||||||||
| (US 1 Year CMT T-Note + 1.700%) |
| ||||||||||||||
500,000 | 3.811 | 03/10/42(a) | 375,285 | |||||||||||||
| (US 1 Year CMT T-Note + 1.300%) |
| ||||||||||||||
1,000,000 | 3.330 | 11/24/42(a) | 725,509 | |||||||||||||
Canadian Imperial Bank of Commerce (Canada) |
| |||||||||||||||
1,000,000 | 3.945 | 08/04/25 | 981,031 | |||||||||||||
1,000,000 | 3.600 | 04/07/32 | 900,025 | |||||||||||||
Cooperatieve Rabobank UA (Netherlands) |
| |||||||||||||||
1,105,000 | 3.750 | 07/21/26 | 1,059,398 | |||||||||||||
145,000 | 5.250 | 05/24/41 | 146,832 | |||||||||||||
250,000 | 5.750 | 12/01/43 | 252,832 | |||||||||||||
485,000 | 5.250 | 08/04/45 | 473,729 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Credit Suisse AG (Switzerland) |
| |||||||||||||||
$ | 930,000 | 5.000 | % | 07/09/27 | $ | 924,719 | ||||||||||
Deutsche Bank AG (Germany) |
| |||||||||||||||
(SOFR + 1.870%) | ||||||||||||||||
1,000,000 | 2.129 | 11/24/26(a) | 937,558 | |||||||||||||
(SOFR + 1.219%) | ||||||||||||||||
1,574,000 | 2.311 | 11/16/27(a) | 1,435,190 | |||||||||||||
(SOFR + 3.180%) | ||||||||||||||||
800,000 | 6.720 | 01/18/29(a) | 819,050 | |||||||||||||
(SOFR + 3.043%) | ||||||||||||||||
260,000 | 3.547 | 09/18/31(a) | 224,055 | |||||||||||||
(SOFR + 1.718%) | ||||||||||||||||
370,000 | 3.035 | 05/28/32(a) | 304,693 | |||||||||||||
(SOFR + 2.257%) | ||||||||||||||||
200,000 | 3.742 | 01/07/33(a) | 161,660 | |||||||||||||
HSBC Holdings PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 1.430%) | ||||||||||||||||
200,000 | 2.999 | 03/10/26(a) | 194,710 | |||||||||||||
260,000 | 4.375 | 11/23/26 | 252,992 | |||||||||||||
334,000 | 6.100 | 01/14/42 | 365,919 | |||||||||||||
(SOFR + 1.290%) | ||||||||||||||||
580,000 | 1.589 | 05/24/27(a) | 532,216 | |||||||||||||
(SOFR + 1.100%) | ||||||||||||||||
340,000 | 2.251 | 11/22/27(a) | 312,635 | |||||||||||||
(TSFR3M + 1.808%) | ||||||||||||||||
1,455,000 | 4.041 | 03/13/28(a) | 1,396,730 | |||||||||||||
(SOFR + 2.610%) | ||||||||||||||||
710,000 | 5.210 | 08/11/28(a) | 703,773 | |||||||||||||
(SOFR + 1.732%) | ||||||||||||||||
200,000 | 2.013 | 09/22/28(a) | 176,613 | |||||||||||||
(SOFR + 3.350%) | ||||||||||||||||
290,000 | 7.390 | 11/03/28(a) | 307,611 | |||||||||||||
(SOFR + 1.970%) | ||||||||||||||||
1,155,000 | 6.161 | 03/09/29(a) | 1,174,580 | |||||||||||||
(TSFR3M + 1.796%) | ||||||||||||||||
1,100,000 | 4.583 | 06/19/29(a) | 1,060,850 | |||||||||||||
(TSFR3M + 1.872%) | ||||||||||||||||
771,000 | 3.973 | 05/22/30(a) | 715,888 | |||||||||||||
(SOFR + 2.870%) | ||||||||||||||||
502,000 | 5.402 | 08/11/33(a) | 493,749 | |||||||||||||
(SOFR + 4.250%) | ||||||||||||||||
1,036,000 | 8.113 | 11/03/33(a) | 1,161,316 | |||||||||||||
(SOFR + 2.390%) | ||||||||||||||||
1,420,000 | 6.254 | 03/09/34(a) | 1,477,267 | |||||||||||||
(SOFR + 2.980%) | ||||||||||||||||
1,000,000 | 6.547 | 06/20/34(a) | 1,019,850 | |||||||||||||
(SOFR + 3.020%) | ||||||||||||||||
300,000 | 7.399 | 11/13/34(a) | 322,336 | |||||||||||||
(SOFR + 2.650%) | ||||||||||||||||
400,000 | 6.332 | 03/09/44(a) | 422,562 | |||||||||||||
HSBC Holdings PLC, Series ** (United Kingdom) |
| |||||||||||||||
694,000 | 6.500 | 09/15/37 | 714,755 | |||||||||||||
ING Groep NV (Netherlands) |
| |||||||||||||||
(SOFR + 1.640%) | ||||||||||||||||
260,000 | 3.869 | 03/28/26(a) | 255,690 | |||||||||||||
200,000 | 3.950 | 03/29/27 | 192,732 | |||||||||||||
490,000 | 4.550 | 10/02/28 | 476,430 | |||||||||||||
330,000 | 4.050 | 04/09/29 | 312,214 |
58 | 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) |
| |||||||||||||||
(SOFR + 1.005%) | ||||||||||||||||
$ | 800,000 | 1.726 | % | 04/01/27(a) | $ | 740,426 | ||||||||||
(SOFR + 1.830%) | ||||||||||||||||
500,000 | 4.017 | 03/28/28(a) | 479,837 | |||||||||||||
(SOFR + 1.316%) | ||||||||||||||||
690,000 | 2.727 | 04/01/32(a) | 579,836 | |||||||||||||
(SOFR + 2.090%) | ||||||||||||||||
940,000 | 6.114 | 09/11/34(a) | 972,907 | |||||||||||||
Lloyds Banking Group PLC (United Kingdom) |
| |||||||||||||||
740,000 | 4.450 | 05/08/25 | 730,868 | |||||||||||||
400,000 | 4.582 | 12/10/25 | 392,527 | |||||||||||||
1,500,000 | 3.750 | 01/11/27 | 1,437,253 | |||||||||||||
940,000 | 4.375 | 03/22/28 | 907,084 | |||||||||||||
200,000 | 5.300 | 12/01/45 | 187,244 | |||||||||||||
490,000 | 4.344 | 01/09/48 | 386,303 | |||||||||||||
(3M USD LIBOR + 1.205%) | ||||||||||||||||
1,420,000 | 3.574 | 11/07/28(a) | 1,330,502 | |||||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
| |||||||||||||||
290,000 | 2.193 | 02/25/25 | 281,021 | |||||||||||||
190,000 | 3.961 | 03/02/28 | 182,944 | |||||||||||||
194,000 | 3.741 | 03/07/29 | 183,233 | |||||||||||||
440,000 | 3.751 | 07/18/39 | 376,941 | |||||||||||||
| (US 1 Year CMT T-Note + 1.080%) |
| ||||||||||||||
260,000 | 5.719 | 02/20/26(a) | 260,432 | |||||||||||||
| (US 1 Year CMT T-Note + 0.830%) |
| ||||||||||||||
1,300,000 | 2.341 | 01/19/28(a) | 1,196,406 | |||||||||||||
| (US 1 Year CMT T-Note + 1.950%) |
| ||||||||||||||
800,000 | 5.017 | 07/20/28(a) | 794,701 | |||||||||||||
| (US 1 Year CMT T-Note + 1.900%) |
| ||||||||||||||
300,000 | 5.354 | 09/13/28(a) | 301,439 | |||||||||||||
| (US 1 Year CMT T-Note + 1.380%) |
| ||||||||||||||
1,800,000 | 5.422 | 02/22/29(a) | 1,812,573 | |||||||||||||
| (US 1 Year CMT T-Note + 0.950%) |
| ||||||||||||||
200,000 | 2.309 | 07/20/32(a) | 162,990 | |||||||||||||
| (US 1 Year CMT T-Note + 1.100%) |
| ||||||||||||||
300,000 | 2.852 | 01/19/33(a) | 252,346 | |||||||||||||
| (US 1 Year CMT T-Note + 2.125%) |
| ||||||||||||||
200,000 | 5.133 | 07/20/33(a) | 197,181 | |||||||||||||
| (US 1 Year CMT T-Note + 1.630%) |
| ||||||||||||||
1,000,000 | 5.441 | 02/22/34(a) | 1,010,234 | |||||||||||||
Mizuho Financial Group, Inc. (Japan) |
| |||||||||||||||
490,000 | 2.839 | 09/13/26 | 460,985 | |||||||||||||
300,000 | 2.564 | 09/13/31 | 243,189 | |||||||||||||
| (US 1 Year CMT T-Note + 0.670%) |
| ||||||||||||||
500,000 | 1.234 | 05/22/27(a) | 457,088 | |||||||||||||
| (US 1 Year CMT T-Note + 1.500%) |
| ||||||||||||||
300,000 | 5.667 | 05/27/29(a) | 303,529 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(TSFR3M + 1.532%) | ||||||||||||||||
$ | 800,000 | 4.254 | % | 09/11/29(a) | $ | 767,687 | ||||||||||
300,000 | 1.979 | 09/08/31(a) | 242,419 | |||||||||||||
(TSFR3M + 1.392%) | ||||||||||||||||
430,000 | 3.153 | 07/16/30(a) | 385,761 | |||||||||||||
(US 1 Year CMT T-Note + 1.300%) | ||||||||||||||||
1,000,000 | 5.579 | 05/26/35(a) | 1,004,612 | |||||||||||||
National Australia Bank Ltd. (Australia) |
| |||||||||||||||
500,000 | 4.787 | 01/10/29 | 497,258 | |||||||||||||
NatWest Group PLC (United Kingdom) |
| |||||||||||||||
846,000 | 4.800 | 04/05/26 | 835,556 | |||||||||||||
| (US 1 Year CMT T-Note + 0.900%) |
| ||||||||||||||
870,000 | 1.642 | 06/14/27(a) | 795,918 | |||||||||||||
| (US 1 Year CMT T-Note + 2.550%) |
| ||||||||||||||
355,000 | 3.073 | 05/22/28(a) | 328,426 | |||||||||||||
(3M USD LIBOR + 1.754%) | ||||||||||||||||
345,000 | 4.892 | 05/18/29(a) | 336,052 | |||||||||||||
(3M USD LIBOR + 1.905%) | ||||||||||||||||
470,000 | 5.076 | 01/27/30(a) | 460,491 | |||||||||||||
(3M USD LIBOR + 1.871%) | ||||||||||||||||
370,000 | 4.445 | 05/08/30(a) | 350,475 | |||||||||||||
| (US 5 Year CMT T-Note + 2.350%) |
| ||||||||||||||
420,000 | 3.032 | 11/28/35(a) | 347,482 | |||||||||||||
Royal Bank of Canada (Canada) |
| |||||||||||||||
230,000 | 1.200 | 04/27/26 | 212,268 | |||||||||||||
800,000 | 3.625 | 05/04/27 | 767,482 | |||||||||||||
Royal Bank of Canada, GMTN (Canada) |
| |||||||||||||||
920,000 | 0.875 | 01/20/26 | 852,507 | |||||||||||||
263,000 | 4.650 | 01/27/26 | 260,673 | |||||||||||||
250,000 | 5.200 | 07/20/26 | 250,983 | |||||||||||||
264,000 | 1.400 | 11/02/26 | 240,160 | |||||||||||||
500,000 | 4.240 | 08/03/27 | 487,324 | |||||||||||||
1,000,000 | 4.900 | 01/12/28 | 997,198 | |||||||||||||
1,000,000 | 4.950 | 02/01/29 | 994,376 | |||||||||||||
250,000 | 2.300 | 11/03/31 | 205,093 | |||||||||||||
300,000 | 5.000 | 02/01/33 | 295,378 | |||||||||||||
300,000 | 5.000 | 05/02/33 | 295,163 | |||||||||||||
Royal Bank of Canada, MTN (Canada) |
| |||||||||||||||
230,000 | 1.150 | 06/10/25 | 218,565 | |||||||||||||
Santander UK Group Holdings PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 0.989%) | ||||||||||||||||
520,000 | 1.673 | 06/14/27(a) | 472,374 | |||||||||||||
(3M USD LIBOR + 1.400%) | ||||||||||||||||
1,260,000 | 3.823 | 11/03/28(a) | 1,174,879 | |||||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
| |||||||||||||||
380,000 | 1.402 | 09/17/26 | 346,251 | |||||||||||||
240,000 | 3.446 | 01/11/27 | 230,006 | |||||||||||||
Toronto-Dominion Bank (The) (Canada) |
| |||||||||||||||
500,000 | 4.456 | 06/08/32 | 478,055 | |||||||||||||
Toronto-Dominion Bank (The), MTN (Canada) |
| |||||||||||||||
740,000 | 4.693 | 09/15/27 | 731,383 | |||||||||||||
UBS AG (Switzerland) |
| |||||||||||||||
500,000 | 4.500 | 06/26/48 | 461,424 |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
UBS Group AG (Switzerland) |
| |||||||||||||||
$ | 440,000 | 4.550 | % | 04/17/26 | $ | 432,476 | ||||||||||
1,000,000 | 4.875 | 05/15/45 | 927,264 | |||||||||||||
(SOFR + 3.730%) | ||||||||||||||||
1,000,000 | 4.194 | 04/01/31(a)(b) | 922,599 | |||||||||||||
Westpac Banking Corp. (Australia) |
| |||||||||||||||
40,000 | 2.350 | 02/19/25 | 38,908 | |||||||||||||
200,000 | 2.850 | 05/13/26 | 190,574 | |||||||||||||
190,000 | 1.150 | 06/03/26 | 174,827 | |||||||||||||
290,000 | 3.350 | 03/08/27 | 277,438 | |||||||||||||
130,000 | 5.457 | 11/18/27 | 132,444 | |||||||||||||
40,000 | 3.400 | 01/25/28 | 37,915 | |||||||||||||
211,000 | 2.650 | 01/16/30 | 186,881 | |||||||||||||
400,000 | 2.150 | 06/03/31 | 331,149 | |||||||||||||
186,000 | 4.421 | 07/24/39 | 161,638 | |||||||||||||
100,000 | 2.963 | 11/16/40 | 68,473 | |||||||||||||
550,000 | 3.133 | 11/18/41 | 382,868 | |||||||||||||
| (US 5 Year CMT T-Note + 1.350%) |
| ||||||||||||||
1,026,000 | 2.894 | 02/04/30(a) | 995,662 | |||||||||||||
| (US 5 Year CMT T-Note + 2.000%) |
| ||||||||||||||
340,000 | 4.110 | 07/24/34(a) | 311,221 | |||||||||||||
| (US 5 Year CMT T-Note + 1.750%) |
| ||||||||||||||
300,000 | 2.668 | 11/15/35(a) | 245,056 | |||||||||||||
| (US 5 Year CMT T-Note + 1.530%) |
| ||||||||||||||
450,000 | 3.020 | 11/18/36(a) | 366,574 | |||||||||||||
Westpac Banking Corp., GMTN (Australia) |
| |||||||||||||||
(5 Year USD Swap + 2.236%) | ||||||||||||||||
286,000 | 4.322 | 11/23/31(a) | 274,051 | |||||||||||||
|
| |||||||||||||||
84,304,910 | ||||||||||||||||
| ||||||||||||||||
Beverages – 0.0% |
| |||||||||||||||
Coca-Cola Femsa SAB de CV (Mexico) |
| |||||||||||||||
280,000 | 2.750 | 01/22/30 | 247,281 | |||||||||||||
| ||||||||||||||||
Brokerage – 0.4% |
| |||||||||||||||
Brookfield Finance, Inc. (Canada) |
| |||||||||||||||
686,000 | 3.900 | 01/25/28 | 657,339 | |||||||||||||
120,000 | 4.850 | 03/29/29 | 118,448 | |||||||||||||
279,000 | 4.350 | 04/15/30 | 263,159 | |||||||||||||
237,000 | 4.700 | 09/20/47 | 201,988 | |||||||||||||
Nomura Holdings, Inc. (Japan) |
| |||||||||||||||
300,000 | 2.172 | 07/14/28 | 261,514 | |||||||||||||
300,000 | 2.679 | 07/16/30 | 254,476 | |||||||||||||
550,000 | 2.608 | 07/14/31 | 453,305 | |||||||||||||
780,000 | 2.999 | 01/22/32 | 653,898 | |||||||||||||
|
| |||||||||||||||
2,864,127 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 0.0% |
| |||||||||||||||
Honda Motor Co. Ltd. (Japan) |
| |||||||||||||||
243,000 | 2.967 | 03/10/32 | 213,955 | |||||||||||||
Toyota Motor Corp. (Japan) |
| |||||||||||||||
80,000 | 1.339 | 03/25/26 | 74,330 | |||||||||||||
|
| |||||||||||||||
288,285 | ||||||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 1.6% |
| |||||||||||||||
Astrazeneca Finance LLC (United Kingdom) |
| |||||||||||||||
100,000 | 1.200 | 05/28/26 | 92,110 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Consumer Noncyclical – (continued) |
| |||||||||||||||
Astrazeneca Finance LLC (United Kingdom) – (continued) |
| |||||||||||||||
$ | 400,000 | 4.875 | % | 03/03/28 | $ | 399,427 | ||||||||||
1,000,000 | 4.850 | 02/26/29 | 1,001,676 | |||||||||||||
AstraZeneca PLC (United Kingdom) |
| |||||||||||||||
1,000,000 | 3.375 | 11/16/25 | 972,941 | |||||||||||||
1,000,000 | 4.000 | 01/17/29 | 964,219 | |||||||||||||
500,000 | 6.450 | 09/15/37 | 563,735 | |||||||||||||
200,000 | 4.375 | 08/17/48 | 177,933 | |||||||||||||
100,000 | 3.000 | 05/28/51 | 69,637 | |||||||||||||
BAT Capital Corp. (United Kingdom) |
| |||||||||||||||
634,000 | 3.215 | 09/06/26 | 603,839 | |||||||||||||
352,000 | 4.700 | 04/02/27 | 346,350 | |||||||||||||
792,000 | 3.557 | 08/15/27 | 747,896 | |||||||||||||
330,000 | 2.259 | 03/25/28 | 292,445 | |||||||||||||
410,000 | 2.726 | 03/25/31 | 338,408 | |||||||||||||
524,000 | 4.390 | 08/15/37 | 428,533 | |||||||||||||
353,000 | 4.540 | 08/15/47 | 265,641 | |||||||||||||
204,000 | 4.758 | 09/06/49 | 157,443 | |||||||||||||
318,000 | 3.984 | 09/25/50 | 217,624 | |||||||||||||
150,000 | 7.081 | 08/02/53 | 156,037 | |||||||||||||
BAT International Finance PLC (United Kingdom) |
| |||||||||||||||
259,000 | 1.668 | 03/25/26 | 240,190 | |||||||||||||
1,126,000 | 4.448 | 03/16/28 | 1,085,954 | |||||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) |
| |||||||||||||||
900,000 | 3.875 | 05/15/28 | 870,740 | |||||||||||||
511,000 | 6.375 | 05/15/38 | 574,401 | |||||||||||||
Novartis Capital Corp. (Switzerland) |
| |||||||||||||||
1,000,000 | 2.000 | 02/14/27 | 927,071 | |||||||||||||
200,000 | 4.400 | 05/06/44 | 182,431 | |||||||||||||
120,000 | 4.000 | 11/20/45 | 102,214 | |||||||||||||
200,000 | 2.750 | 08/14/50 | 133,431 | |||||||||||||
Reynolds American, Inc. (United Kingdom) |
| |||||||||||||||
180,000 | 5.700 | 08/15/35 | 172,447 | |||||||||||||
324,000 | 5.850 | 08/15/45 | 294,859 | |||||||||||||
Takeda Pharmaceutical Co. Ltd. (Japan) |
| |||||||||||||||
250,000 | 3.175 | 07/09/50 | 172,274 | |||||||||||||
|
| |||||||||||||||
12,551,906 | ||||||||||||||||
| ||||||||||||||||
Consumer Products – 0.2% |
| |||||||||||||||
Unilever Capital Corp. (United Kingdom) |
| |||||||||||||||
100,000 | 2.900 | 05/05/27 | 94,647 | |||||||||||||
500,000 | 3.500 | 03/22/28 | 478,072 | |||||||||||||
500,000 | 2.125 | 09/06/29 | 434,963 | |||||||||||||
132,000 | 5.900 | 11/15/32 | 140,770 | |||||||||||||
|
| |||||||||||||||
1,148,452 | ||||||||||||||||
| ||||||||||||||||
Electric – 0.0% |
| |||||||||||||||
Emera U.S. Finance LP (Canada) |
| |||||||||||||||
200,000 | 4.750 | 06/15/46 | 162,728 | |||||||||||||
| ||||||||||||||||
Energy – 1.1% |
| |||||||||||||||
BP Capital Markets PLC (United Kingdom) |
| |||||||||||||||
191,000 | 3.279 | 09/19/27 | 180,783 | |||||||||||||
144,000 | 3.723 | 11/28/28 | 136,815 | |||||||||||||
| (US 5 Year CMT T-Note + 4.398%) |
| ||||||||||||||
400,000 | 4.875 | 12/22/71(a) | 377,500 | |||||||||||||
| (US 5 Year CMT T-Note + 4.036%) |
| ||||||||||||||
385,000 | 4.375 | 09/22/72(a) | 380,669 |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Energy – (continued) |
| |||||||||||||||
Canadian Natural Resources Ltd. (Canada) |
| |||||||||||||||
$ | 409,000 | 3.850 | % | 06/01/27 | $ | 392,386 | ||||||||||
300,000 | 6.250 | 03/15/38 | 308,092 | |||||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) |
| |||||||||||||||
214,000 | 4.950 | 06/01/47 | 187,242 | |||||||||||||
Enbridge, Inc. (Canada) |
| |||||||||||||||
484,000 | 3.125 | 11/15/29 | 437,248 | |||||||||||||
400,000 | 2.500 | 08/01/33 | 315,637 | |||||||||||||
| (3M U.S. T-Bill MMY + 3.903%) |
| ||||||||||||||
570,000 | 6.250 | 03/01/78(a) | 547,200 | |||||||||||||
Shell International Finance BV (Netherlands) |
| |||||||||||||||
279,000 | 3.250 | 05/11/25 | 273,098 | |||||||||||||
239,000 | 2.875 | 05/10/26 | 229,032 | |||||||||||||
130,000 | 2.500 | 09/12/26 | 122,864 | |||||||||||||
714,000 | 3.875 | 11/13/28 | 690,364 | |||||||||||||
654,000 | 2.375 | 11/07/29 | 577,837 | |||||||||||||
400,000 | 2.750 | 04/06/30 | 356,679 | |||||||||||||
328,000 | 4.125 | 05/11/35 | 303,601 | |||||||||||||
352,000 | 4.375 | 05/11/45 | 310,097 | |||||||||||||
306,000 | 4.000 | 05/10/46 | 250,764 | |||||||||||||
230,000 | 3.750 | 09/12/46 | 182,433 | |||||||||||||
282,000 | 3.125 | 11/07/49 | 197,540 | |||||||||||||
300,000 | 3.000 | 11/26/51 | 201,217 | |||||||||||||
TotalEnergies Capital International SA (France) |
| |||||||||||||||
174,000 | 2.829 | 01/10/30 | 156,853 | |||||||||||||
231,000 | 2.986 | 06/29/41 | 172,247 | |||||||||||||
370,000 | 3.461 | 07/12/49 | 275,856 | |||||||||||||
500,000 | 3.127 | 05/29/50 | 348,181 | |||||||||||||
220,000 | 3.386 | 06/29/60 | 153,618 | |||||||||||||
TotalEnergies Capital SA (France) |
| |||||||||||||||
96,000 | 3.883 | 10/11/28 | 92,649 | |||||||||||||
|
| |||||||||||||||
8,158,502 | ||||||||||||||||
| ||||||||||||||||
Financial Company – 0.4% |
| |||||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| |||||||||||||||
450,000 | 6.500 | 07/15/25 | 454,306 | |||||||||||||
952,000 | 2.450 | 10/29/26 | 879,378 | |||||||||||||
300,000 | 3.000 | 10/29/28 | 270,244 | |||||||||||||
200,000 | 5.100 | 01/19/29 | 197,093 | |||||||||||||
632,000 | 3.300 | 01/30/32 | 534,502 | |||||||||||||
300,000 | 3.400 | 10/29/33 | 249,403 | |||||||||||||
480,000 | 3.850 | 10/29/41 | 374,529 | |||||||||||||
|
| |||||||||||||||
2,959,455 | ||||||||||||||||
| ||||||||||||||||
Food and Beverage – 1.4% |
| |||||||||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| |||||||||||||||
44,000 | 3.650 | 02/01/26 | 42,918 | |||||||||||||
1,480,000 | 4.700 | 02/01/36 | 1,418,135 | |||||||||||||
1,866,000 | 4.900 | 02/01/46 | 1,748,090 | |||||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) |
| |||||||||||||||
866,000 | 4.625 | 02/01/44 | 788,097 | |||||||||||||
600,000 | 4.900 | 02/01/46 | 556,128 | |||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| |||||||||||||||
536,000 | 4.000 | 04/13/28 | 520,173 | |||||||||||||
628,000 | 4.750 | 01/23/29 | 624,162 | |||||||||||||
281,000 | 4.900 | 01/23/31 | 282,846 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Food and Beverage – (continued) |
| |||||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) – (continued) |
| |||||||||||||||
$ | 293,000 | 4.375 | % | 04/15/38 | $ | 268,408 | ||||||||||
340,000 | 5.450 | 01/23/39 | 346,441 | |||||||||||||
100,000 | 4.350 | 06/01/40 | 89,795 | |||||||||||||
244,000 | 4.950 | 01/15/42 | 233,759 | |||||||||||||
58,000 | 4.600 | 04/15/48 | 52,171 | |||||||||||||
756,000 | 4.439 | 10/06/48 | 663,556 | |||||||||||||
632,000 | 5.550 | 01/23/49 | 649,300 | |||||||||||||
214,000 | 4.750 | 04/15/58 | 193,805 | |||||||||||||
832,000 | 5.800 | 01/23/59 | 884,418 | |||||||||||||
Diageo Capital PLC (United Kingdom) |
| |||||||||||||||
200,000 | 1.375 | 09/29/25 | 188,582 | |||||||||||||
700,000 | 2.375 | 10/24/29 | 614,302 | |||||||||||||
420,000 | 5.625 | 10/05/33 | 437,432 | |||||||||||||
|
| |||||||||||||||
10,602,518 | ||||||||||||||||
| ||||||||||||||||
Forest Products & Paper – 0.1% |
| |||||||||||||||
Suzano Austria GmbH (Brazil) |
| |||||||||||||||
300,000 | 6.000 | 01/15/29 | 299,504 | |||||||||||||
Suzano Austria GmbH, Series DM3N (Brazil) |
| |||||||||||||||
968,000 | 3.125 | 01/15/32 | 794,639 | |||||||||||||
|
| |||||||||||||||
1,094,143 | ||||||||||||||||
| ||||||||||||||||
Insurance – 0.2% |
| |||||||||||||||
AXA SA (France) |
| |||||||||||||||
560,000 | 8.600 | 12/15/30 | 663,135 | |||||||||||||
Manulife Financial Corp. (Canada) |
| |||||||||||||||
(5 Year USD Swap + 1.647%) | ||||||||||||||||
100,000 | 4.061 | 02/24/32(a) | 95,578 | |||||||||||||
530,000 | 3.703 | 03/16/32 | 482,511 | |||||||||||||
186,000 | 5.375 | 03/04/46 | 182,440 | |||||||||||||
|
| |||||||||||||||
1,423,664 | ||||||||||||||||
| ||||||||||||||||
Internet – 0.0% |
| |||||||||||||||
Alibaba Group Holding Ltd. (China) |
| |||||||||||||||
400,000 | 4.400 | 12/06/57 | 325,779 | |||||||||||||
| ||||||||||||||||
Lodging – 0.2% |
| |||||||||||||||
Sands China Ltd. (Macau) |
| |||||||||||||||
290,000 | 5.125 | 08/08/25 | 284,925 | |||||||||||||
500,000 | 4.050 | 01/08/26 | 481,250 | |||||||||||||
740,000 | 5.400 | 08/08/28 | 720,575 | |||||||||||||
|
| |||||||||||||||
1,486,750 | ||||||||||||||||
| ||||||||||||||||
Metals – 0.0% |
| |||||||||||||||
ArcelorMittal SA (Luxembourg) |
| |||||||||||||||
270,000 | 6.550 | 11/29/27 | 281,737 | |||||||||||||
| ||||||||||||||||
Mining – 0.2% |
| |||||||||||||||
Southern Copper Corp. (Mexico) |
| |||||||||||||||
941,000 | 7.500 | 07/27/35 | 1,079,575 | |||||||||||||
206,000 | 6.750 | 04/16/40 | 225,106 | |||||||||||||
166,000 | 5.250 | 11/08/42 | 156,493 | |||||||||||||
206,000 | 5.875 | 04/23/45 | 205,898 | |||||||||||||
|
| |||||||||||||||
1,667,072 | ||||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Oil Company-Integrated – 0.1% |
| |||||||||||||||
Ecopetrol SA (Colombia) |
| |||||||||||||||
$ | 1,000,000 | 4.625 | % | 11/02/31 | $ | 824,278 | ||||||||||
| ||||||||||||||||
Pharmaceuticals – 0.0% |
| |||||||||||||||
Astrazeneca Finance LLC (United Kingdom) |
| |||||||||||||||
300,000 | 2.250 | 05/28/31 | 252,858 | |||||||||||||
| ||||||||||||||||
Technology – 0.3% |
| |||||||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. (China) |
| |||||||||||||||
1,000,000 | 4.300 | 06/18/29 | 954,569 | |||||||||||||
226,000 | 3.400 | 05/01/30 | 202,354 | |||||||||||||
263,000 | 2.500 | 05/11/31 | 217,549 | |||||||||||||
533,000 | 2.650 | 02/15/32 | 439,424 | |||||||||||||
285,000 | 5.000 | 01/15/33 | 276,351 | |||||||||||||
|
| |||||||||||||||
2,090,247 | ||||||||||||||||
| ||||||||||||||||
Telecommunications – 0.2% |
| |||||||||||||||
America Movil SAB de CV (Mexico) |
| |||||||||||||||
200,000 | 4.700 | 07/21/32 | 192,450 | |||||||||||||
1,000,000 | 6.375 | 03/01/35 | 1,088,250 | |||||||||||||
100,000 | 6.125 | 03/30/40 | 104,908 | |||||||||||||
440,000 | 4.375 | 07/16/42 | 380,676 | |||||||||||||
|
| |||||||||||||||
1,766,284 | ||||||||||||||||
| ||||||||||||||||
Wireless – 0.2% |
| |||||||||||||||
Vodafone Group PLC (United Kingdom) |
| |||||||||||||||
300,000 | 4.125 | 05/30/25 | 295,622 | |||||||||||||
419,000 | 6.150 | 02/27/37 | 440,193 | |||||||||||||
50,000 | 4.375 | 02/19/43 | 42,333 | |||||||||||||
390,000 | 4.875 | 06/19/49 | 340,524 | |||||||||||||
330,000 | 4.250 | 09/17/50 | 260,237 | |||||||||||||
|
| |||||||||||||||
1,378,909 | ||||||||||||||||
| ||||||||||||||||
Wirelines – 0.4% |
| |||||||||||||||
Deutsche Telekom International Finance BV (Germany) |
| |||||||||||||||
590,000 | 8.750 | 06/15/30 | 696,452 | |||||||||||||
Orange SA (France) |
| |||||||||||||||
740,000 | 9.000 | 03/01/31 | 897,883 | |||||||||||||
100,000 | 5.375 | 01/13/42 | 98,865 | |||||||||||||
Telefonica Emisiones SA (Spain) |
| |||||||||||||||
500,000 | 7.045 | 06/20/36 | 552,262 | |||||||||||||
500,000 | 4.665 | 03/06/38 | 446,758 | |||||||||||||
500,000 | 4.895 | 03/06/48 | 432,203 | |||||||||||||
|
| |||||||||||||||
3,124,423 | ||||||||||||||||
| ||||||||||||||||
TOTAL FOREIGN CORPORATE DEBT (Cost $145,327,736) | 139,004,308 | |||||||||||||||
|
Shares | Dividend Rate | Value | ||||||||||
Investment Company – 0.4%(c) |
| |||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||
3,009,189 | 5.219% | $ | 3,009,189 | |||||||||
(Cost $3,009,189) |
| |||||||||||
| ||||||||||||
TOTAL INVESTMENTS – 98.9% (Cost $821,446,900) | $ | 767,399,125 | ||||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% | 8,845,889 | |||||||||||
| ||||||||||||
NET ASSETS – 100.0% | $ | 776,245,014 | ||||||||||
|
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 29, 2024. | |
(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 | |
MMY | —Money Market Yield | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
SOFRINDX | —Secured Overnight Financing Rate Index | |
T-Bill | —Treasury Bill | |
TSFR | —Term Secured Overnight Financing Rate | |
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
U.S. Treasury Bills - 80.9% |
| |||||||||||||||
U.S. Treasury Bills |
| |||||||||||||||
$ | 10,000,000 | 5.397 | % | 04/02/24 | $ | 9,953,154 | ||||||||||
3,656,000 | 5.404 | 04/02/24 | 3,638,873 | |||||||||||||
4,447,000 | 5.348 | 04/04/24 | 4,424,887 | |||||||||||||
350,000 | 5.350 | 04/04/24 | 348,260 | |||||||||||||
125,000 | 5.353 | 04/04/24 | 124,378 | |||||||||||||
300,000 | 5.356 | 04/04/24 | 298,508 | |||||||||||||
1,950,000 | 5.359 | 04/04/24 | 1,940,304 | |||||||||||||
383,000 | 5.372 | 04/04/24 | 381,096 | |||||||||||||
4,732,000 | 5.378 | 04/04/24 | 4,708,470 | |||||||||||||
850,000 | 5.382 | 04/04/24 | 845,773 | |||||||||||||
475,000 | 5.387 | 04/04/24 | 472,638 | |||||||||||||
16,109,900 | 5.389 | 04/04/24 | 16,029,793 | |||||||||||||
125,000 | 5.391 | 04/04/24 | 124,378 | |||||||||||||
5,624,700 | 5.393 | 04/04/24 | 5,596,731 | |||||||||||||
106,864,900 | 5.394 | 04/04/24 | 106,333,509 | |||||||||||||
14,507,400 | 5.406 | 04/09/24 | 14,424,708 | |||||||||||||
7,523,500 | 5.421 | 04/09/24 | 7,480,616 | |||||||||||||
1,882,400 | 5.558 | 04/11/24 | 1,871,131 | |||||||||||||
266,000 | 5.381 | 04/16/24 | 264,209 | |||||||||||||
476,000 | 5.387 | 04/16/24 | 472,794 | |||||||||||||
390,000 | 5.391 | 04/16/24 | 387,373 | |||||||||||||
39,689,600 | 5.394 | 04/16/24 | 39,422,303 | |||||||||||||
36,160,700 | 5.399 | 04/16/24 | 35,917,169 | |||||||||||||
358,471,000 | 5.401 | 04/16/24 | 356,056,807 | |||||||||||||
110,000 | 5.386 | 04/18/24 | 109,227 | |||||||||||||
122,258,200 | 5.523 | 04/18/24 | 121,399,233 | |||||||||||||
136,000 | 5.329 | 04/23/24 | 134,945 | |||||||||||||
272,000 | 5.340 | 04/23/24 | 269,890 | |||||||||||||
408,000 | 5.344 | 04/23/24 | 404,835 | |||||||||||||
2,618,000 | 5.346 | 04/23/24 | 2,597,690 | |||||||||||||
170,000 | 5.347 | 04/23/24 | 168,681 | |||||||||||||
442,000 | 5.348 | 04/23/24 | 438,571 | |||||||||||||
272,000 | 5.352 | 04/23/24 | 269,890 | |||||||||||||
3,128,000 | 5.353 | 04/23/24 | 3,103,734 | |||||||||||||
238,000 | 5.357 | 04/23/24 | 236,154 | |||||||||||||
3,298,000 | 5.362 | 04/23/24 | 3,272,415 | |||||||||||||
102,000 | 5.363 | 04/23/24 | 101,209 | |||||||||||||
1,156,000 | 5.367 | 04/23/24 | 1,147,032 | |||||||||||||
6,370,000 | 5.372 | 04/23/24 | 6,320,583 | |||||||||||||
68,000 | 5.374 | 04/23/24 | 67,472 | |||||||||||||
748,000 | 5.375 | 04/23/24 | 742,197 | |||||||||||||
173,384,300 | 5.383 | 04/23/24 | 172,039,231 | |||||||||||||
175,000 | 5.395 | 04/23/24 | 173,642 | |||||||||||||
272,433,500 | 5.413 | 04/23/24 | 270,320,034 | |||||||||||||
152,000 | 5.336 | 04/25/24 | 150,777 | |||||||||||||
1,326,000 | 5.343 | 04/25/24 | 1,315,331 | |||||||||||||
168,000 | 5.346 | 04/25/24 | 166,648 | |||||||||||||
96,000 | 5.348 | 04/25/24 | 95,228 | |||||||||||||
96,000 | 5.351 | 04/25/24 | 95,228 | |||||||||||||
1,164,000 | 5.352 | 04/25/24 | 1,154,634 | |||||||||||||
149,098,700 | 5.358 | 04/25/24 | 147,899,018 | |||||||||||||
144,000 | 5.360 | 04/25/24 | 142,841 | |||||||||||||
897,000 | 5.362 | 04/25/24 | 889,783 | |||||||||||||
266,000 | 5.364 | 04/25/24 | 263,860 | |||||||||||||
60,000 | 5.365 | 04/25/24 | 59,517 | |||||||||||||
936,000 | 5.370 | 04/25/24 | 928,469 | |||||||||||||
195,000 | 5.371 | 04/25/24 | 193,431 | |||||||||||||
7,098,000 | 5.383 | 04/25/24 | 7,040,888 | |||||||||||||
55,500,800 | 5.549 | 04/25/24 | 55,054,228 |
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
U.S. Treasury Bills – (continued) |
| |||||||||||||||
U.S. Treasury Bills – (continued) |
| |||||||||||||||
$ | 4,013,800 | 5.367 | % | 04/30/24 | $ | 3,978,574 | ||||||||||
133,000 | 5.368 | 05/02/24 | 131,794 | |||||||||||||
966,100 | 5.369 | 05/02/24 | 957,339 | |||||||||||||
238,000 | 5.374 | 05/02/24 | 235,842 | |||||||||||||
35,000 | 5.378 | 05/02/24 | 34,683 | |||||||||||||
35,106,700 | 5.525 | 05/02/24 | 34,788,346 | |||||||||||||
143,500 | 5.369 | 05/07/24 | 142,099 | |||||||||||||
3,678,700 | 5.382 | 05/09/24 | 3,641,788 | |||||||||||||
3,396,000 | 5.383 | 05/09/24 | 3,361,925 | |||||||||||||
32,000 | 5.340 | 05/14/24 | 31,656 | |||||||||||||
76,000 | 5.349 | 05/14/24 | 75,184 | |||||||||||||
312,000 | 5.365 | 05/14/24 | 308,649 | |||||||||||||
308,000 | 5.366 | 05/14/24 | 304,692 | |||||||||||||
23,180,700 | 5.368 | 05/14/24 | 22,931,714 | |||||||||||||
307,900 | 5.388 | 05/16/24 | 304,507 | |||||||||||||
676,000 | 5.299 | 05/23/24 | 667,848 | |||||||||||||
416,000 | 5.301 | 05/23/24 | 410,983 | |||||||||||||
5,044,000 | 5.307 | 05/23/24 | 4,983,170 | |||||||||||||
264,940,700 | 5.311 | 05/23/24 | 261,745,571 | |||||||||||||
624,000 | 5.319 | 05/23/24 | 616,475 | |||||||||||||
416,000 | 5.327 | 05/23/24 | 410,983 | |||||||||||||
728,000 | 5.331 | 05/23/24 | 719,220 | |||||||||||||
4,004,000 | 5.338 | 05/23/24 | 3,955,713 | |||||||||||||
260,000 | 5.339 | 05/23/24 | 256,864 | |||||||||||||
208,000 | 5.347 | 05/23/24 | 205,492 | |||||||||||||
4,056,000 | 5.349 | 05/23/24 | 4,007,085 | |||||||||||||
364,000 | 5.356 | 05/23/24 | 359,610 | |||||||||||||
988,000 | 5.364 | 05/23/24 | 976,085 | |||||||||||||
1,768,000 | 5.370 | 05/23/24 | 1,746,678 | |||||||||||||
9,646,000 | 5.385 | 05/23/24 | 9,529,671 | |||||||||||||
265,000 | 5.399 | 05/23/24 | 261,804 | |||||||||||||
184,000 | 5.342 | 05/28/24 | 181,654 | |||||||||||||
250,502,200 | 5.348 | 05/28/24 | 247,308,217 | |||||||||||||
322,000 | 5.360 | 05/28/24 | 317,894 | |||||||||||||
893,000 | 5.368 | 05/28/24 | 881,614 | |||||||||||||
1,598,000 | 5.369 | 05/28/24 | 1,577,625 | |||||||||||||
8,554,000 | 5.370 | 05/28/24 | 8,444,934 | |||||||||||||
235,000 | 5.378 | 05/28/24 | 232,004 | |||||||||||||
319,719,700 | 5.401 | 05/30/24 | 315,559,677 | |||||||||||||
166,524,000 | 5.359 | 06/04/24 | 164,234,552 | |||||||||||||
570,000 | 5.367 | 06/04/24 | 562,163 | |||||||||||||
150,000 | 5.378 | 06/04/24 | 147,938 | |||||||||||||
1,020,000 | 5.379 | 06/04/24 | 1,005,977 | |||||||||||||
5,920,800 | 5.378 | 06/06/24 | 5,837,819 | |||||||||||||
5,044,000 | 5.224 | 06/20/24 | 4,963,349 | |||||||||||||
208,000 | 5.227 | 06/20/24 | 204,674 | |||||||||||||
364,000 | 5.234 | 06/20/24 | 358,180 | |||||||||||||
676,000 | 5.238 | 06/20/24 | 665,191 | |||||||||||||
416,000 | 5.241 | 06/20/24 | 409,348 | |||||||||||||
416,000 | 5.243 | 06/20/24 | 409,348 | |||||||||||||
624,000 | 5.245 | 06/20/24 | 614,023 | |||||||||||||
728,000 | 5.247 | 06/20/24 | 716,360 | |||||||||||||
156,000 | 5.248 | 06/20/24 | 153,506 | |||||||||||||
104,000 | 5.249 | 06/20/24 | 102,337 | |||||||||||||
265,191,600 | 5.256 | 06/20/24 | 260,951,300 | |||||||||||||
4,004,000 | 5.266 | 06/20/24 | 3,939,978 | |||||||||||||
4,316,000 | 5.271 | 06/20/24 | 4,246,989 | |||||||||||||
9,646,000 | 5.299 | 06/20/24 | 9,491,765 | |||||||||||||
159,000 | 5.322 | 06/20/24 | 156,458 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
U.S. Treasury Bills – (continued) |
| |||||||||||||||
U.S. Treasury Bills – (continued) |
| |||||||||||||||
$ | 848,000 | 5.323 | % | 06/20/24 | $ | 834,441 | ||||||||||
2,067,000 | 5.362 | 06/20/24 | 2,033,950 | |||||||||||||
175,069,800 | 5.401 | 06/25/24 | 172,130,364 | |||||||||||||
218,965,900 | 5.205 | 07/25/24 | 214,404,707 | |||||||||||||
893,000 | 5.301 | 07/25/24 | 874,398 | |||||||||||||
1,598,000 | 5.324 | 07/25/24 | 1,564,713 | |||||||||||||
200,000 | 5.327 | 07/25/24 | 195,834 | |||||||||||||
13,515,600 | 5.253 | 08/01/24 | 13,222,024 | |||||||||||||
95,000 | 5.306 | 08/01/24 | 92,936 | |||||||||||||
170,000 | 5.326 | 08/01/24 | 166,307 | |||||||||||||
23,533,600 | 5.257 | 08/08/24 | 22,999,564 | |||||||||||||
11,339,700 | 5.263 | 08/08/24 | 11,082,374 | |||||||||||||
170,000 | 5.323 | 08/08/24 | 166,142 | |||||||||||||
456,000 | 5.324 | 08/08/24 | 445,652 | |||||||||||||
44,570,400 | 5.327 | 08/08/24 | 43,558,986 | |||||||||||||
6,903,100 | 5.328 | 08/08/24 | 6,746,451 | |||||||||||||
816,000 | 5.331 | 08/08/24 | 797,483 | |||||||||||||
86,778,500 | 5.334 | 08/08/24 | 84,809,278 | |||||||||||||
6,903,100 | 5.338 | 08/08/24 | 6,746,451 | |||||||||||||
8,627,400 | 5.339 | 08/08/24 | 8,431,623 | |||||||||||||
224,291,000 | 5.328 | 08/22/24 | 218,761,219 | |||||||||||||
200,000 | 5.330 | 08/22/24 | 195,069 | |||||||||||||
76,806,500 | 5.340 | 08/22/24 | 74,912,875 | |||||||||||||
50,000,000 | 5.346 | 08/22/24 | 48,767,275 | |||||||||||||
2,548,000 | 5.062 | 09/05/24 | 2,480,900 | |||||||||||||
476,000 | 5.110 | 09/05/24 | 463,465 | |||||||||||||
266,000 | 5.146 | 09/05/24 | 258,995 | |||||||||||||
70,000 | 5.150 | 09/05/24 | 68,157 | |||||||||||||
73,262,600 | 5.474 | 09/05/24 | 71,333,267 | |||||||||||||
2,532,800 | 5.485 | 10/03/24 | 2,457,861 | |||||||||||||
40,000 | 4.877 | 10/31/24 | 38,670 | |||||||||||||
57,000 | 4.900 | 10/31/24 | 55,105 | |||||||||||||
125,000 | 4.903 | 10/31/24 | 120,844 | |||||||||||||
76,000 | 4.914 | 10/31/24 | 73,473 | |||||||||||||
152,000 | 4.928 | 10/31/24 | 146,946 | |||||||||||||
152,000 | 4.929 | 10/31/24 | 146,946 | |||||||||||||
228,000 | 4.946 | 10/31/24 | 220,419 | |||||||||||||
95,000 | 4.947 | 10/31/24 | 91,841 | |||||||||||||
247,000 | 4.951 | 10/31/24 | 238,787 | |||||||||||||
80,000 | 4.965 | 10/31/24 | 77,340 | |||||||||||||
266,000 | 4.969 | 10/31/24 | 257,156 | |||||||||||||
1,463,000 | 4.973 | 10/31/24 | 1,414,356 | |||||||||||||
1,482,000 | 4.976 | 10/31/24 | 1,432,724 | |||||||||||||
399,000 | 4.981 | 10/31/24 | 385,733 | |||||||||||||
3,640,000 | 5.020 | 10/31/24 | 3,518,972 | |||||||||||||
133,000 | 5.035 | 10/31/24 | 128,578 | |||||||||||||
665,000 | 5.071 | 10/31/24 | 642,889 | |||||||||||||
120,000 | 5.113 | 10/31/24 | 116,010 | |||||||||||||
380,000 | 5.121 | 10/31/24 | 367,365 | |||||||||||||
798,000 | 5.163 | 10/31/24 | 771,467 | |||||||||||||
98,347,100 | 5.166 | 10/31/24 | 95,077,101 | |||||||||||||
680,000 | 5.169 | 10/31/24 | 657,390 | |||||||||||||
100,000 | 5.183 | 10/31/24 | 96,675 | |||||||||||||
67,489,300 | 5.198 | 10/31/24 | 65,245,309 | |||||||||||||
152,000 | 5.360 | 10/31/24 | 146,946 | |||||||||||||
60,000 | 5.363 | 10/31/24 | 58,005 | |||||||||||||
2,328,000 | 4.772 | 11/29/24 | 2,241,885 | |||||||||||||
192,000 | 4.798 | 11/29/24 | 184,898 | |||||||||||||
312,000 | 4.870 | 11/29/24 | 300,459 |
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
U.S. Treasury Bills – (continued) |
| |||||||||||||||
U.S. Treasury Bills – (continued) |
| |||||||||||||||
$ | 96,000 | 4.889 | % | 11/29/24 | $ | 92,449 | ||||||||||
288,000 | 4.893 | 11/29/24 | 277,347 | |||||||||||||
192,000 | 4.904 | 11/29/24 | 184,898 | |||||||||||||
336,000 | 4.924 | 11/29/24 | 323,571 | |||||||||||||
120,000 | 4.928 | 11/29/24 | 115,561 | |||||||||||||
1,872,000 | 4.939 | 11/29/24 | 1,802,753 | |||||||||||||
1,848,000 | 4.958 | 11/29/24 | 1,779,640 | |||||||||||||
168,000 | 4.990 | 11/29/24 | 161,785 | |||||||||||||
4,550,000 | 5.017 | 11/29/24 | 4,381,690 | |||||||||||||
456,000 | 5.093 | 11/29/24 | 439,132 | |||||||||||||
816,000 | 5.150 | 11/29/24 | 785,815 | |||||||||||||
23,283,100 | 5.162 | 11/29/24 | 22,421,831 | |||||||||||||
125,000 | 5.171 | 11/29/24 | 120,376 | |||||||||||||
28,900,000 | 5.177 | 11/29/24 | 27,830,955 | |||||||||||||
28,939,900 | 5.193 | 11/29/24 | 27,869,379 | |||||||||||||
2,315,200 | 5.195 | 11/29/24 | 2,229,558 | |||||||||||||
30,647,200 | 5.196 | 11/29/24 | 29,513,524 | |||||||||||||
8,859,300 | 5.207 | 11/29/24 | 8,531,584 | |||||||||||||
16,878,400 | 5.211 | 11/29/24 | 16,254,048 | |||||||||||||
12,501,000 | 5.212 | 11/29/24 | 12,038,573 | |||||||||||||
116,000 | 4.785 | 01/23/25 | 110,957 | |||||||||||||
159,493,400 | 4.807 | 01/23/25 | 152,559,143 | |||||||||||||
5,460,000 | 4.923 | 01/23/25 | 5,222,617 | |||||||||||||
570,000 | 4.987 | 01/23/25 | 545,218 | |||||||||||||
1,020,000 | 5.030 | 01/23/25 | 975,654 | |||||||||||||
150,000 | 5.055 | 01/23/25 | 143,478 | |||||||||||||
102,170,800 | 5.094 | 01/23/25 | 97,728,744 | |||||||||||||
222,783,100 | 5.069 | 02/20/25 | 212,357,630 | |||||||||||||
|
| |||||||||||||||
4,618,096,286 | ||||||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY BILLS (Cost $4,618,439,137) | 4,618,096,286 | |||||||||||||||
| ||||||||||||||||
U.S. Treasury Notes - 19.0% |
| |||||||||||||||
U.S. Treasury Notes |
| |||||||||||||||
150,000 | 5.258 | 05/15/24 | 148,459 | |||||||||||||
504,000 | 5.272 | 05/15/24 | 498,822 | |||||||||||||
72,000 | 5.275 | 05/15/24 | 71,260 | |||||||||||||
4,368,000 | 5.278 | 05/15/24 | 4,323,126 | |||||||||||||
1,872,000 | 5.285 | 05/15/24 | 1,852,768 | |||||||||||||
192,000 | 5.295 | 05/15/24 | 190,028 | |||||||||||||
432,000 | 5.306 | 05/15/24 | 427,562 | |||||||||||||
72,000 | 5.307 | 05/15/24 | 71,260 | |||||||||||||
48,000 | 5.308 | 05/15/24 | 47,507 | |||||||||||||
1,848,000 | 5.313 | 05/15/24 | 1,829,015 | |||||||||||||
2,328,000 | 5.317 | 05/15/24 | 2,304,083 | |||||||||||||
120,000 | 5.327 | 05/15/24 | 118,767 | |||||||||||||
96,000 | 5.331 | 05/15/24 | 95,014 | |||||||||||||
840,000 | 5.332 | 05/15/24 | 831,370 | |||||||||||||
336,000 | 5.334 | 05/15/24 | 332,548 | |||||||||||||
168,000 | 5.336 | 05/15/24 | 166,274 | |||||||||||||
192,000 | 5.350 | 05/15/24 | 190,028 | |||||||||||||
1,008,000 | 5.355 | 05/15/24 | 997,644 | |||||||||||||
312,000 | 5.363 | 05/15/24 | 308,795 | |||||||||||||
288,000 | 5.369 | 05/15/24 | 285,041 | |||||||||||||
528,000 | 5.387 | 05/15/24 | 522,576 | |||||||||||||
192,000 | 5.392 | 05/15/24 | 190,028 | |||||||||||||
1,872,000 | 5.405 | 05/15/24 | 1,852,768 | |||||||||||||
816,000 | 5.419 | 05/15/24 | 807,617 | |||||||||||||
456,000 | 5.450 | 05/15/24 | 451,315 |
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) |
| |||||||||||||||
$ | 312,000 | 5.452 | % | 05/15/24 | $ | 308,795 | ||||||||||
120,000 | 5.466 | 05/15/24 | 118,767 | |||||||||||||
240,000 | 5.484 | 05/15/24 | 237,534 | |||||||||||||
96,000 | 5.496 | 05/15/24 | 95,014 | |||||||||||||
112,684,800 | 5.503 | 05/15/24 | 111,527,139 | |||||||||||||
72,000 | 5.511 | 05/15/24 | 71,260 | |||||||||||||
240,000 | 5.514 | 05/15/24 | 237,534 | |||||||||||||
96,000 | 5.518 | 05/15/24 | 95,014 | |||||||||||||
72,000 | 5.525 | 05/15/24 | 71,260 | |||||||||||||
480,000 | 5.530 | 05/15/24 | 475,069 | |||||||||||||
432,000 | 5.537 | 05/15/24 | 427,562 | |||||||||||||
7,561,100 | 5.515 | 06/15/24 | 7,450,342 | |||||||||||||
168,000 | 5.134 | 07/15/24 | 164,965 | |||||||||||||
441,000 | 5.141 | 07/15/24 | 433,033 | |||||||||||||
198,000 | 5.147 | 07/15/24 | 194,423 | |||||||||||||
2,037,000 | 5.159 | 07/15/24 | 2,000,199 | |||||||||||||
147,000 | 5.162 | 07/15/24 | 144,344 | |||||||||||||
168,000 | 5.165 | 07/15/24 | 164,965 | |||||||||||||
273,000 | 5.166 | 07/15/24 | 268,068 | |||||||||||||
1,638,000 | 5.171 | 07/15/24 | 1,608,407 | |||||||||||||
294,000 | 5.172 | 07/15/24 | 288,688 | |||||||||||||
168,000 | 5.179 | 07/15/24 | 164,965 | |||||||||||||
105,000 | 5.184 | 07/15/24 | 103,103 | |||||||||||||
294,000 | 5.191 | 07/15/24 | 288,688 | |||||||||||||
1,617,000 | 5.211 | 07/15/24 | 1,587,787 | |||||||||||||
735,000 | 5.228 | 07/15/24 | 721,721 | |||||||||||||
84,000 | 5.237 | 07/15/24 | 82,482 | |||||||||||||
882,000 | 5.240 | 07/15/24 | 866,065 | |||||||||||||
43,395,400 | 5.260 | 07/15/24 | 42,611,401 | |||||||||||||
78,000 | 5.266 | 07/15/24 | 76,591 | |||||||||||||
3,822,000 | 5.272 | 07/15/24 | 3,752,950 | |||||||||||||
19,283,700 | 5.305 | 07/15/24 | 18,935,313 | |||||||||||||
147,000 | 5.316 | 07/15/24 | 144,344 | |||||||||||||
105,000 | 5.327 | 07/15/24 | 103,103 | |||||||||||||
399,000 | 5.332 | 07/15/24 | 391,792 | |||||||||||||
714,000 | 5.347 | 07/15/24 | 701,101 | |||||||||||||
80,000 | 5.364 | 07/15/24 | 78,555 | |||||||||||||
780,000 | 5.377 | 07/15/24 | 765,908 | |||||||||||||
220,000 | 5.385 | 07/15/24 | 216,025 | |||||||||||||
100,000 | 5.402 | 07/15/24 | 98,193 | |||||||||||||
130,000 | 5.411 | 07/15/24 | 127,651 | |||||||||||||
414,000 | 5.432 | 07/15/24 | 406,521 | |||||||||||||
40,000 | 5.465 | 07/15/24 | 39,277 | |||||||||||||
28,683,400 | 5.481 | 07/15/24 | 28,165,194 | |||||||||||||
24,000 | 5.490 | 07/15/24 | 23,566 | |||||||||||||
10,000,000 | 5.501 | 07/15/24 | 9,819,336 | |||||||||||||
2,522,000 | 5.094 | 08/15/24 | 2,466,585 | |||||||||||||
2,028,000 | 5.106 | 08/15/24 | 1,983,439 | |||||||||||||
338,000 | 5.113 | 08/15/24 | 330,573 | |||||||||||||
49,907,000 | 5.119 | 08/15/24 | 48,810,410 | |||||||||||||
364,000 | 5.121 | 08/15/24 | 356,002 | |||||||||||||
208,000 | 5.123 | 08/15/24 | 203,430 | |||||||||||||
312,000 | 5.126 | 08/15/24 | 305,145 | |||||||||||||
105,000 | 5.130 | 08/15/24 | 102,693 | |||||||||||||
2,002,000 | 5.132 | 08/15/24 | 1,958,011 | |||||||||||||
130,000 | 5.144 | 08/15/24 | 127,144 | |||||||||||||
34,000 | 5.147 | 08/15/24 | 33,253 | |||||||||||||
51,000 | 5.153 | 08/15/24 | 49,879 | |||||||||||||
357,000 | 5.164 | 08/15/24 | 349,156 |
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
$ | 68,000 | 5.166 | % | 08/15/24 | $ | 66,506 | ||||||||||
136,000 | 5.167 | 08/15/24 | 133,012 | |||||||||||||
51,000 | 5.168 | 08/15/24 | 49,879 | |||||||||||||
182,000 | 5.216 | 08/15/24 | 178,001 | |||||||||||||
595,000 | 5.226 | 08/15/24 | 581,926 | |||||||||||||
47,981,700 | 5.236 | 08/15/24 | 46,927,414 | |||||||||||||
4,732,000 | 5.237 | 08/15/24 | 4,628,025 | |||||||||||||
494,000 | 5.252 | 08/15/24 | 483,146 | |||||||||||||
48,000 | 5.259 | 08/15/24 | 46,945 | |||||||||||||
714,000 | 5.278 | 08/15/24 | 698,312 | |||||||||||||
130,000 | 5.287 | 08/15/24 | 127,144 | |||||||||||||
884,000 | 5.309 | 08/15/24 | 864,576 | |||||||||||||
64,000 | 5.351 | 08/15/24 | 62,594 | |||||||||||||
624,000 | 5.360 | 08/15/24 | 610,289 | |||||||||||||
176,000 | 5.367 | 08/15/24 | 172,133 | |||||||||||||
80,000 | 5.405 | 08/15/24 | 78,242 | |||||||||||||
104,000 | 5.435 | 08/15/24 | 101,715 | |||||||||||||
80,000 | 5.450 | 08/15/24 | 78,242 | |||||||||||||
368,000 | 5.459 | 08/15/24 | 359,914 | |||||||||||||
144,000 | 5.464 | 08/15/24 | 140,836 | |||||||||||||
32,000 | 5.465 | 08/15/24 | 31,297 | |||||||||||||
32,000 | 5.483 | 08/15/24 | 31,297 | |||||||||||||
24,000 | 5.506 | 08/15/24 | 23,473 | |||||||||||||
29,575,700 | 5.514 | 08/15/24 | 28,925,843 | |||||||||||||
160,000 | 5.525 | 08/15/24 | 156,484 | |||||||||||||
1,746,000 | 5.102 | 08/31/24 | 1,716,741 | |||||||||||||
115,000 | 5.103 | 08/31/24 | 113,073 | |||||||||||||
144,000 | 5.106 | 08/31/24 | 141,587 | |||||||||||||
36,000 | 5.109 | 08/31/24 | 35,397 | |||||||||||||
234,000 | 5.116 | 08/31/24 | 230,079 | |||||||||||||
54,000 | 5.121 | 08/31/24 | 53,095 | |||||||||||||
198,000 | 5.148 | 08/31/24 | 194,682 | |||||||||||||
216,000 | 5.153 | 08/31/24 | 212,380 | |||||||||||||
378,000 | 5.157 | 08/31/24 | 371,666 | |||||||||||||
72,000 | 5.166 | 08/31/24 | 70,793 | |||||||||||||
1,386,000 | 5.167 | 08/31/24 | 1,362,774 | |||||||||||||
252,000 | 5.172 | 08/31/24 | 247,777 | |||||||||||||
1,404,000 | 5.176 | 08/31/24 | 1,380,472 | |||||||||||||
144,000 | 5.182 | 08/31/24 | 141,587 | |||||||||||||
90,000 | 5.187 | 08/31/24 | 88,492 | |||||||||||||
72,000 | 5.199 | 08/31/24 | 70,793 | |||||||||||||
407,400 | 5.221 | 08/31/24 | 400,573 | |||||||||||||
630,000 | 5.240 | 08/31/24 | 619,443 | |||||||||||||
78,000 | 5.259 | 08/31/24 | 76,693 | |||||||||||||
26,211,500 | 5.269 | 08/31/24 | 25,772,253 | |||||||||||||
126,000 | 5.273 | 08/31/24 | 123,889 | |||||||||||||
26,208,800 | 5.298 | 08/31/24 | 25,769,598 | |||||||||||||
756,000 | 5.301 | 08/31/24 | 743,331 | |||||||||||||
36,051,000 | 5.398 | 08/31/24 | 35,446,864 | |||||||||||||
1,221,200 | 5.534 | 08/31/24 | 1,208,940 | |||||||||||||
2,619,000 | 4.957 | 09/30/24 | 2,563,295 | |||||||||||||
338,000 | 4.963 | 09/30/24 | 330,811 | |||||||||||||
312,000 | 4.979 | 09/30/24 | 305,364 | |||||||||||||
216,000 | 4.983 | 09/30/24 | 211,406 | |||||||||||||
81,000 | 4.987 | 09/30/24 | 79,277 | |||||||||||||
170,000 | 4.990 | 09/30/24 | 166,384 | |||||||||||||
81,000 | 4.991 | 09/30/24 | 79,277 | |||||||||||||
135,000 | 4.993 | 09/30/24 | 132,129 | |||||||||||||
2,322,000 | 5.017 | 09/30/24 | 2,272,612 |
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
$ | 54,000 | 5.023 | % | 09/30/24 | $ | 52,851 | ||||||||||
2,079,000 | 5.024 | 09/30/24 | 2,034,781 | |||||||||||||
378,000 | 5.026 | 09/30/24 | 369,960 | |||||||||||||
216,000 | 5.041 | 09/30/24 | 211,406 | |||||||||||||
108,000 | 5.045 | 09/30/24 | 105,703 | |||||||||||||
567,000 | 5.070 | 09/30/24 | 554,940 | |||||||||||||
108,000 | 5.082 | 09/30/24 | 105,703 | |||||||||||||
5,278,000 | 5.107 | 09/30/24 | 5,165,739 | |||||||||||||
13,000,000 | 5.116 | 09/30/24 | 12,723,496 | |||||||||||||
189,000 | 5.152 | 09/30/24 | 184,980 | |||||||||||||
49,141,100 | 5.176 | 09/30/24 | 48,095,892 | |||||||||||||
54,000 | 5.177 | 09/30/24 | 52,851 | |||||||||||||
945,000 | 5.181 | 09/30/24 | 924,900 | |||||||||||||
49,148,200 | 5.202 | 09/30/24 | 48,102,841 | |||||||||||||
551,000 | 5.208 | 09/30/24 | 539,281 | |||||||||||||
1,134,000 | 5.216 | 09/30/24 | 1,109,880 | |||||||||||||
33,717,200 | 5.230 | 09/30/24 | 33,000,051 | |||||||||||||
986,000 | 5.251 | 09/30/24 | 965,028 | |||||||||||||
145,000 | 5.272 | 09/30/24 | 141,916 | |||||||||||||
1,455,000 | 4.859 | 11/15/24 | 1,425,701 | |||||||||||||
56,000 | 4.892 | 11/15/24 | 54,304 | |||||||||||||
21,000 | 4.894 | 11/15/24 | 20,364 | |||||||||||||
120,000 | 4.899 | 11/15/24 | 117,584 | |||||||||||||
84,000 | 4.918 | 11/15/24 | 81,455 | |||||||||||||
171,000 | 4.925 | 11/15/24 | 166,277 | |||||||||||||
75,000 | 4.932 | 11/15/24 | 73,490 | |||||||||||||
30,000 | 4.933 | 11/15/24 | 29,396 | |||||||||||||
120,000 | 4.934 | 11/15/24 | 117,584 | |||||||||||||
95,000 | 4.937 | 11/15/24 | 93,087 | |||||||||||||
180,000 | 4.938 | 11/15/24 | 176,375 | |||||||||||||
40,000 | 4.939 | 11/15/24 | 38,788 | |||||||||||||
210,000 | 4.941 | 11/15/24 | 205,771 | |||||||||||||
251,000 | 4.942 | 11/15/24 | 245,377 | |||||||||||||
1,184,000 | 4.945 | 11/15/24 | 1,160,016 | |||||||||||||
98,000 | 4.949 | 11/15/24 | 95,031 | |||||||||||||
1,155,000 | 4.950 | 11/15/24 | 1,131,742 | |||||||||||||
60,000 | 4.951 | 11/15/24 | 58,792 | |||||||||||||
546,000 | 4.953 | 11/15/24 | 529,460 | |||||||||||||
560,000 | 4.959 | 11/15/24 | 543,036 | |||||||||||||
45,000 | 4.961 | 11/15/24 | 44,094 | |||||||||||||
56,000 | 4.970 | 11/15/24 | 54,304 | |||||||||||||
28,000 | 4.984 | 11/15/24 | 27,152 | |||||||||||||
120,000 | 4.990 | 11/15/24 | 117,584 | |||||||||||||
60,000 | 5.004 | 11/15/24 | 58,792 | |||||||||||||
147,000 | 5.006 | 11/15/24 | 142,547 | |||||||||||||
315,000 | 5.007 | 11/15/24 | 308,657 | |||||||||||||
105,000 | 5.028 | 11/15/24 | 102,886 | |||||||||||||
2,730,000 | 5.050 | 11/15/24 | 2,675,027 | |||||||||||||
525,000 | 5.117 | 11/15/24 | 514,428 | |||||||||||||
245,000 | 5.119 | 11/15/24 | 237,578 | |||||||||||||
42,000 | 5.129 | 11/15/24 | 40,728 | |||||||||||||
74,553,900 | 5.135 | 11/15/24 | 73,052,629 | |||||||||||||
133,000 | 5.144 | 11/15/24 | 128,971 | |||||||||||||
285,000 | 5.150 | 11/15/24 | 279,261 | |||||||||||||
238,000 | 5.166 | 11/15/24 | 230,790 | |||||||||||||
510,000 | 5.171 | 11/15/24 | 499,730 | |||||||||||||
294,000 | 5.174 | 11/15/24 | 285,094 | |||||||||||||
35,000 | 5.193 | 11/15/24 | 33,940 | |||||||||||||
29,481,900 | 5.199 | 11/15/24 | 28,588,806 |
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
$ | 75,000 | 5.204 | % | 11/15/24 | $ | 73,490 | ||||||||||
4,743,100 | 5.225 | 11/15/24 | 4,599,417 | |||||||||||||
582,000 | 4.850 | 11/30/24 | 569,007 | |||||||||||||
18,000 | 4.872 | 11/30/24 | 17,598 | |||||||||||||
35,000 | 4.883 | 11/30/24 | 34,219 | |||||||||||||
12,000 | 4.901 | 11/30/24 | 11,732 | |||||||||||||
48,000 | 4.905 | 11/30/24 | 46,928 | |||||||||||||
30,000 | 4.921 | 11/30/24 | 29,330 | |||||||||||||
18,000 | 4.927 | 11/30/24 | 17,598 | |||||||||||||
60,000 | 4.941 | 11/30/24 | 58,661 | |||||||||||||
714,800 | 4.947 | 11/30/24 | 695,898 | |||||||||||||
48,000 | 4.949 | 11/30/24 | 46,928 | |||||||||||||
84,000 | 4.953 | 11/30/24 | 82,125 | |||||||||||||
1,299,600 | 4.961 | 11/30/24 | 1,264,699 | |||||||||||||
486,000 | 4.963 | 11/30/24 | 475,150 | |||||||||||||
48,000 | 4.965 | 11/30/24 | 46,928 | |||||||||||||
468,000 | 4.970 | 11/30/24 | 457,552 | |||||||||||||
126,000 | 5.003 | 11/30/24 | 123,187 | |||||||||||||
210,000 | 5.120 | 11/30/24 | 205,312 | |||||||||||||
28,114,900 | 5.130 | 11/30/24 | 27,487,257 | |||||||||||||
114,000 | 5.156 | 11/30/24 | 111,455 | |||||||||||||
252,000 | 5.160 | 11/30/24 | 246,374 | |||||||||||||
204,000 | 5.178 | 11/30/24 | 199,446 | |||||||||||||
30,000 | 5.197 | 11/30/24 | 29,330 | |||||||||||||
1,067,000 | 4.793 | 12/15/24 | 1,033,031 | |||||||||||||
88,000 | 4.813 | 12/15/24 | 85,198 | |||||||||||||
40,000 | 4.833 | 12/15/24 | 38,727 | |||||||||||||
22,689,700 | 4.844 | 12/15/24 | 21,967,352 | |||||||||||||
30,000 | 4.856 | 12/15/24 | 29,045 | |||||||||||||
20,000 | 4.865 | 12/15/24 | 19,363 | |||||||||||||
29,526,000 | 4.877 | 12/15/24 | 28,586,012 | |||||||||||||
30,000 | 4.878 | 12/15/24 | 29,045 | |||||||||||||
130,000 | 4.880 | 12/15/24 | 125,861 | |||||||||||||
120,000 | 4.888 | 12/15/24 | 116,180 | |||||||||||||
80,000 | 4.894 | 12/15/24 | 77,453 | |||||||||||||
88,000 | 4.897 | 12/15/24 | 85,198 | |||||||||||||
154,000 | 4.904 | 12/15/24 | 149,097 | |||||||||||||
55,000 | 4.916 | 12/15/24 | 53,249 | |||||||||||||
858,000 | 4.922 | 12/15/24 | 830,685 | |||||||||||||
847,000 | 4.938 | 12/15/24 | 820,035 | |||||||||||||
140,000 | 4.995 | 12/15/24 | 135,543 | |||||||||||||
2,002,000 | 5.018 | 12/15/24 | 1,938,264 | |||||||||||||
190,000 | 5.093 | 12/15/24 | 183,951 | |||||||||||||
340,000 | 5.133 | 12/15/24 | 329,176 | |||||||||||||
50,000 | 5.154 | 12/15/24 | 48,408 | |||||||||||||
156,000 | 4.824 | 12/31/24 | 154,909 | |||||||||||||
219,819,000 | 4.829 | 12/31/24 | 218,281,984 | |||||||||||||
5,938,000 | 4.923 | 12/31/24 | 5,896,480 | |||||||||||||
|
| |||||||||||||||
1,087,106,875 | ||||||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY NOTES (Cost $1,087,718,823) | 1,087,106,875 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS - 99.9% (Cost $5,706,157,960) | $ | 5,705,203,161 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS IN EXCESS | 4,971,267 | |||||||||||||||
| ||||||||||||||||
NET ASSETS - 100.0% | $ | 5,710,174,428 | ||||||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
(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. | 67 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Notes – 30.6% |
| |||||||||||||||
U.S. Treasury Notes |
| |||||||||||||||
$ | 5,005,000 | 2.500 | %(a) | 01/31/25 | $ | 4,890,348 | ||||||||||
17,047,000 | 2.000 | (a) | 02/15/25 | 16,555,424 | ||||||||||||
49,120,000 | 0.250 | (a) | 10/31/25 | 45,617,155 | ||||||||||||
31,203,000 | 1.625 | (a) | 05/15/26 | 29,290,834 | ||||||||||||
21,071,000 | 1.625 | (a) | 09/30/26 | 19,625,413 | ||||||||||||
7,500,000 | 1.500 | (a) | 01/31/27 | 6,904,724 | ||||||||||||
3,993,000 | 2.875 | (a) | 04/30/29 | 3,736,480 | ||||||||||||
3,831,000 | 2.750 | (a) | 05/31/29 | 3,558,554 | ||||||||||||
2,000,000 | 1.125 | (a) | 02/15/31 | 1,630,892 | ||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY NOTES (Cost $133,087,280) | 131,809,824 | |||||||||||||||
| ||||||||||||||||
Mortgage-Backed Securities – 27.3% |
| |||||||||||||||
Federal Home Loan Mortgage Corporation |
| |||||||||||||||
1,581,642 | 2.000 | 04/01/36 | 1,405,505 | |||||||||||||
2,221,723 | 2.000 | 09/01/36 | 1,969,631 | |||||||||||||
260,743 | 4.500 | 07/01/48 | 249,405 | |||||||||||||
224,113 | 2.500 | 11/01/50 | 186,975 | |||||||||||||
9,236,464 | 2.000 | 03/01/51 | 7,298,575 | |||||||||||||
2,771,175 | 2.000 | 05/01/51 | 2,184,674 | |||||||||||||
2,624,510 | 2.500 | 05/01/51 | 2,178,724 | |||||||||||||
10,944,687 | 2.500 | 08/01/51 | 9,153,627 | |||||||||||||
2,594,370 | 3.000 | 05/01/52 | 2,224,437 | |||||||||||||
976,394 | 3.500 | 05/01/52 | 869,135 | |||||||||||||
195,171 | 4.500 | 05/01/52 | 184,977 | |||||||||||||
3,625,957 | 3.000 | 08/01/52 | 3,148,775 | |||||||||||||
1,289,347 | 4.000 | 08/01/52 | 1,188,368 | |||||||||||||
Federal National Mortgage Association |
| |||||||||||||||
442,000 | 1.750 | 07/02/24 | 436,801 | |||||||||||||
100,000 | 0.375 | 08/25/25 | 93,737 | |||||||||||||
3,826,182 | 2.000 | 08/01/36 | 3,384,852 | |||||||||||||
4,000,000 | 1.500 | TBA-15yr(b) | 3,450,000 | |||||||||||||
3,000,000 | 2.500 | TBA-15yr(b) | 2,719,922 | |||||||||||||
2,000,000 | 3.000 | TBA-15yr(b) | 1,853,281 | |||||||||||||
2,456,851 | 3.500 | 07/01/45 | 2,233,403 | |||||||||||||
63,482 | 4.500 | 06/01/48 | 60,722 | |||||||||||||
329,386 | 4.500 | 07/01/48 | 315,068 | |||||||||||||
24,191 | 5.000 | 12/01/48 | 24,107 | |||||||||||||
43,637 | 4.500 | 01/01/49 | 41,725 | |||||||||||||
35,841 | 4.500 | 08/01/49 | 34,672 | |||||||||||||
551,151 | 4.500 | 08/01/49 | 529,612 | |||||||||||||
193,241 | 5.000 | 12/01/49 | 190,315 | |||||||||||||
25,858 | 4.500 | 01/01/50 | 24,918 | |||||||||||||
107,667 | 4.500 | 03/01/50 | 103,089 | |||||||||||||
107,441 | 5.000 | 04/01/50 | 107,791 | |||||||||||||
1,491,978 | 2.500 | 06/01/50 | 1,245,558 | |||||||||||||
48,715 | 4.500 | 10/01/50 | 46,929 | |||||||||||||
80,172 | 4.500 | 10/01/50 | 76,511 | |||||||||||||
1,929,411 | 2.500 | 11/01/50 | 1,607,844 | |||||||||||||
1,912,297 | 2.500 | 01/01/51 | 1,583,255 | |||||||||||||
95,411 | 2.500 | 02/01/51 | 79,888 | |||||||||||||
520,243 | 2.500 | 03/01/51 | 435,550 | |||||||||||||
916,096 | 2.000 | 04/01/51 | 722,182 | |||||||||||||
4,009,684 | 2.000 | 05/01/51 | 3,161,020 | |||||||||||||
645,848 | 2.500 | 09/01/51 | 536,355 | |||||||||||||
2,563,275 | 2.500 | 10/01/51 | 2,146,084 | |||||||||||||
1,176,461 | 2.500 | 11/01/51 | 984,306 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
Federal National Mortgage Association – (continued) |
| |||||||||||||||
$ | 1,511,732 | 2.500 | % | 11/01/51 | $ | 1,265,615 | ||||||||||
2,439,223 | 4.500 | 10/01/52 | 2,311,731 | |||||||||||||
787,531 | 5.000 | 10/01/52 | 764,889 | |||||||||||||
946,211 | 5.000 | 11/01/52 | 918,423 | |||||||||||||
1,279,271 | 3.500 | 12/01/52 | 1,143,852 | |||||||||||||
1,291,976 | 4.000 | 12/01/52 | 1,191,718 | |||||||||||||
2,000,000 | 1.500 | TBA-30yr(b) | 1,494,688 | |||||||||||||
1,000,000 | 2.000 | TBA-30yr(b) | 786,250 | |||||||||||||
4,000,000 | 3.000 | TBA-30yr(b) | 3,422,500 | |||||||||||||
5,000,000 | 3.500 | TBA-30yr(b) | 4,448,437 | |||||||||||||
6,000,000 | 4.000 | TBA-30yr(b) | 5,522,344 | |||||||||||||
5,000,000 | 5.500 | TBA-30yr(b) | 4,946,484 | |||||||||||||
2,000,000 | 6.000 | TBA-30yr(b) | 2,008,906 | |||||||||||||
Government National Mortgage Association |
| |||||||||||||||
50,135 | 5.000 | 12/20/48 | 49,814 | |||||||||||||
27,140 | 5.000 | 05/20/49 | 26,912 | |||||||||||||
274,315 | 3.000 | 09/20/49 | 243,590 | |||||||||||||
100,118 | 4.500 | 03/20/50 | 95,708 | |||||||||||||
54,798 | 5.000 | 05/20/50 | 54,741 | |||||||||||||
209,112 | 4.000 | 09/20/50 | 198,012 | |||||||||||||
3,116,508 | 2.000 | 11/20/50 | 2,543,631 | |||||||||||||
730,826 | 3.000 | 07/20/51 | 642,619 | |||||||||||||
3,342,492 | 2.000 | 09/20/51 | 2,725,271 | |||||||||||||
5,615,836 | 2.500 | 09/20/51 | 4,760,721 | |||||||||||||
2,246,854 | 4.500 | 10/20/52 | 2,147,863 | |||||||||||||
1,730,552 | 4.000 | 05/20/53 | 1,612,507 | |||||||||||||
5,000,000 | 3.000 | TBA-30yr(b) | 4,385,937 | |||||||||||||
6,000,000 | 3.500 | TBA-30yr(b) | 5,428,594 | |||||||||||||
1,000,000 | 5.000 | TBA-30yr(b) | 977,109 | |||||||||||||
1,000,000 | 5.500 | TBA-30yr(b) | 993,594 | |||||||||||||
| ||||||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $118,800,149) | 117,584,765 | |||||||||||||||
| ||||||||||||||||
Corporate Obligations – 21.3% |
| |||||||||||||||
Aerospace & Defense – 0.5% |
| |||||||||||||||
Boeing Co. (The) |
| |||||||||||||||
195,000 | 4.875 | 05/01/25 | 193,234 | |||||||||||||
326,000 | 3.625 | 02/01/31 | 292,975 | |||||||||||||
300,000 | 5.805 | 05/01/50 | 290,544 | |||||||||||||
General Dynamics Corp. |
| |||||||||||||||
215,000 | 3.625 | 04/01/30 | 200,749 | |||||||||||||
Hexcel Corp. |
| |||||||||||||||
40,000 | 4.200 | 02/15/27 | 38,260 | |||||||||||||
Lockheed Martin Corp. |
| |||||||||||||||
335,000 | 5.250 | 01/15/33 | 341,974 | |||||||||||||
200,000 | 5.700 | 11/15/54 | 211,931 | |||||||||||||
RTX Corp. |
| |||||||||||||||
400,000 | 6.100 | 03/15/34 | 422,414 | |||||||||||||
200,000 | 6.400 | 03/15/54 | 222,637 | |||||||||||||
Textron, Inc. |
| |||||||||||||||
80,000 | 3.000 | 06/01/30 | 70,072 | |||||||||||||
|
| |||||||||||||||
2,284,790 | ||||||||||||||||
| ||||||||||||||||
Banks – 3.7% |
| |||||||||||||||
American Express Co. |
| |||||||||||||||
400,000 | 3.950 | 08/01/25 | 393,100 |
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) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Bank of America Corp. | ||||||||||||||||
(SOFR + 0.960%) | ||||||||||||||||
$ | 126,000 | 1.734 | % | 07/22/27(c) | $ | 115,621 | ||||||||||
| (3M U.S. T-Bill MMY + 1.302%) | |||||||||||||||
200,000 | 3.419 | 12/20/28(c) | 187,277 | |||||||||||||
(SOFR + 1.630%) | ||||||||||||||||
500,000 | 5.202 | 04/25/29(c) | 498,372 | |||||||||||||
(SOFR + 2.150%) | ||||||||||||||||
180,000 | 2.592 | 04/29/31(c) | 154,079 | |||||||||||||
(SOFR + 1.650%) | ||||||||||||||||
500,000 | 5.468 | 01/23/35(c) | 500,014 | |||||||||||||
| (US 5 Year CMT T-Note + 1.200%) |
| ||||||||||||||
84,000 | 2.482 | 09/21/36(c) | 66,662 | |||||||||||||
| (3M U.S. T-Bill MMY+ 2.076%) |
| ||||||||||||||
204,000 | 4.244 | 04/24/38(c) | 180,703 | |||||||||||||
100,000 | 7.750 | 05/14/38 | 120,988 | |||||||||||||
Bank of America Corp., MTN | ||||||||||||||||
100,000 | 3.875 | 08/01/25 | 98,214 | |||||||||||||
75,000 | 3.248 | 10/21/27 | 70,522 | |||||||||||||
(SOFR + 1.010%) | ||||||||||||||||
42,000 | 1.197 | 10/24/26(c) | 39,154 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.322%) |
| ||||||||||||||
80,000 | 3.559 | 04/23/27(c) | 76,653 | |||||||||||||
(SOFR + 2.040%) | ||||||||||||||||
262,000 | 4.948 | 07/22/28(c) | 259,270 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.472%) |
| ||||||||||||||
300,000 | 3.974 | 02/07/30(c) | 282,990 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.252%) |
| ||||||||||||||
200,000 | 2.496 | 02/13/31(c) | 170,698 | |||||||||||||
(SOFR + 1.530%) | ||||||||||||||||
40,000 | 1.898 | 07/23/31(c) | 32,498 | |||||||||||||
(SOFR + 1.930%) | ||||||||||||||||
176,000 | 2.676 | 06/19/41(c) | 122,678 | |||||||||||||
| (3M U.S. T-Bill MMY + 3.412%) |
| ||||||||||||||
154,000 | 4.083 | 03/20/51(c) | 124,038 | |||||||||||||
(SOFR + 1.880%) | ||||||||||||||||
60,000 | 2.831 | 10/24/51(c) | 38,627 | |||||||||||||
Bank of America Corp., Series L | ||||||||||||||||
67,000 | 4.183 | 11/25/27 | 64,643 | |||||||||||||
73,000 | 4.750 | 04/21/45 | 66,642 | |||||||||||||
Bank of America Corp., Series N | ||||||||||||||||
(SOFR + 1.650%) | ||||||||||||||||
42,000 | 3.483 | 03/13/52(c) | 31,059 | |||||||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||||
300,000 | 2.800 | 05/04/26 | 286,399 | |||||||||||||
250,000 | 3.400 | 01/29/28 | 236,490 | |||||||||||||
180,000 | 1.800 | 07/28/31 | 145,553 | |||||||||||||
Capital One Financial Corp. | ||||||||||||||||
(SOFR + 1.290%) | ||||||||||||||||
108,000 | 2.636 | 03/03/26(c) | 104,618 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(SOFR + 2.600%) | ||||||||||||||||
$ | 349,000 | 5.817 | % | 02/01/34(c) | $ | 346,185 | ||||||||||
Citizens Bank NA | ||||||||||||||||
250,000 | 2.250 | 04/28/25 | 239,825 | |||||||||||||
400,000 | 3.750 | 02/18/26 | 385,309 | |||||||||||||
Citizens Financial Group, Inc. | ||||||||||||||||
255,000 | 2.850 | 07/27/26 | 238,148 | |||||||||||||
Fifth Third Bancorp | ||||||||||||||||
108,000 | 2.550 | 05/05/27 | 99,605 | |||||||||||||
300,000 | 3.950 | 03/14/28 | 284,392 | |||||||||||||
40,000 | 8.250 | 03/01/38 | 47,338 | |||||||||||||
JPMorgan Chase & Co. | ||||||||||||||||
| (3M U.S. T-Bill MMY + 1.585%) |
| ||||||||||||||
141,000 | 2.005 | 03/13/26(c) | 135,995 | |||||||||||||
40,000 | 7.625 | 10/15/26 | 42,522 | |||||||||||||
255,000 | 8.000 | 04/29/27 | 277,894 | |||||||||||||
80,000 | 4.250 | 10/01/27 | 78,529 | |||||||||||||
15,000 | 5.400 | 01/06/42 | 15,123 | |||||||||||||
40,000 | 4.850 | 02/01/44 | 37,634 | |||||||||||||
(SOFR + 0.800%) | ||||||||||||||||
42,000 | 1.045 | 11/19/26(c) | 39,054 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.599%) |
| ||||||||||||||
400,000 | 3.782 | 02/01/28(c) | 384,892 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.642%) |
| ||||||||||||||
50,000 | 3.540 | 05/01/28(c) | 47,548 | |||||||||||||
40,000 | 3.964 | 11/15/48(c) | 32,254 | |||||||||||||
(SOFR + 1.990%) | ||||||||||||||||
894,000 | 4.851 | 07/25/28(c) | 886,556 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.592%) |
| ||||||||||||||
40,000 | 4.452 | 12/05/29(c) | 38,548 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.510%) |
| ||||||||||||||
190,000 | 2.739 | 10/15/30(c) | 166,937 | |||||||||||||
| (3M U.S. T-Bill MMY + 3.790%) |
| ||||||||||||||
342,000 | 4.493 | 03/24/31(c) | 327,450 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.105%) |
| ||||||||||||||
25,000 | 1.764 | 11/19/31(c) | 20,070 | |||||||||||||
(SOFR + 1.180%) | ||||||||||||||||
300,000 | 2.545 | 11/08/32(c) | 247,417 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.622%) |
| ||||||||||||||
152,000 | 3.882 | 07/24/38(c) | 129,517 | |||||||||||||
(SOFR + 2.440%) | ||||||||||||||||
660,000 | 3.109 | 04/22/51(c) | 455,282 | |||||||||||||
Morgan Stanley | ||||||||||||||||
(SOFR + 0.879%) | ||||||||||||||||
50,000 | 1.593 | 05/04/27(c) | 46,181 | |||||||||||||
(SOFR + 1.360%) | ||||||||||||||||
116,000 | 2.484 | 09/16/36(c) | 91,205 | |||||||||||||
244,000 | 4.375 | 01/22/47 | 210,946 | |||||||||||||
Morgan Stanley, GMTN | ||||||||||||||||
1,000,000 | 3.875 | 01/27/26 | 974,212 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Morgan Stanley, MTN |
| |||||||||||||||
(SOFR + 1.870%) | ||||||||||||||||
$ | 940,000 | 5.250 | % | 04/21/34(c) | $ | 924,433 | ||||||||||
PNC Financial Services Group, Inc. (The) |
| |||||||||||||||
(SOFR + 1.730%) | ||||||||||||||||
299,000 | 6.615 | 10/20/27(c) | 307,627 | |||||||||||||
(SOFR + 2.284%) | ||||||||||||||||
200,000 | 6.875 | 10/20/34(c) | 217,982 | |||||||||||||
Synchrony Financial |
| |||||||||||||||
150,000 | 3.950 | 12/01/27 | 139,019 | |||||||||||||
100,000 | 2.875 | 10/28/31 | 78,265 | |||||||||||||
Truist Financial Corp., MTN |
| |||||||||||||||
(SOFR + 1.620%) | ||||||||||||||||
400,000 | 5.435 | 01/24/30(c) | 394,873 | |||||||||||||
(SOFR + 1.922%) | ||||||||||||||||
200,000 | 5.711 | 01/24/35(c) | 199,107 | |||||||||||||
U.S. Bancorp, MTN |
| |||||||||||||||
80,000 | 3.900 | 04/26/28 | 76,562 | |||||||||||||
80,000 | 3.000 | 07/30/29 | 71,031 | |||||||||||||
40,000 | 1.375 | 07/22/30 | 31,578 | |||||||||||||
U.S. Bancorp, Series V |
| |||||||||||||||
300,000 | 2.375 | 07/22/26 | 281,467 | |||||||||||||
U.S. Bancorp, Series X |
| |||||||||||||||
150,000 | 3.150 | 04/27/27 | 141,132 | |||||||||||||
Wells Fargo & Co. |
| |||||||||||||||
286,000 | 3.000 | 04/22/26 | 272,264 | |||||||||||||
400,000 | 3.000 | 10/23/26 | 378,276 | |||||||||||||
128,000 | 5.606 | 01/15/44 | 124,990 | |||||||||||||
60,000 | 3.900 | 05/01/45 | 48,027 | |||||||||||||
(SOFR + 2.000%) | ||||||||||||||||
255,000 | 2.188 | 04/30/26(c) | 244,416 | |||||||||||||
Wells Fargo & Co., MTN |
| |||||||||||||||
| (3M U.S. T-Bill MMY + 1.572%) |
| ||||||||||||||
50,000 | 3.584 | 05/22/28(c) | 47,392 | |||||||||||||
25,000 | 4.150 | 01/24/29 | 24,003 | |||||||||||||
290,000 | 4.750 | 12/07/46 | 252,561 | |||||||||||||
| (3M U.S. T-Bill MMY + 1.262%) |
| ||||||||||||||
400,000 | 2.572 | 02/11/31(c) | 342,359 | |||||||||||||
| (3M U.S. T-Bill MMY + 4.032%) |
| ||||||||||||||
340,000 | 4.478 | 04/04/31(c) | 323,406 | |||||||||||||
Wells Fargo Bank NA |
| |||||||||||||||
300,000 | 6.600 | 01/15/38 | 323,275 | |||||||||||||
|
| |||||||||||||||
16,038,175 | ||||||||||||||||
| ||||||||||||||||
Basic Industry – 0.3% |
| |||||||||||||||
Celanese U.S. Holdings LLC |
| |||||||||||||||
126,000 | 6.700 | 11/15/33 | 132,519 | |||||||||||||
CF Industries, Inc. |
| |||||||||||||||
100,000 | 5.150 | 03/15/34 | 97,062 | |||||||||||||
100,000 | 5.375 | 03/15/44 | 93,904 | |||||||||||||
Dow Chemical Co. (The) |
| |||||||||||||||
60,000 | 3.600 | 11/15/50 | 43,796 | |||||||||||||
Linde, Inc. |
| |||||||||||||||
61,000 | 1.100 | 08/10/30 | 48,881 | |||||||||||||
LYB International Finance III LLC |
| |||||||||||||||
40,000 | 2.250 | 10/01/30 | 33,326 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Basic Industry – (continued) |
| |||||||||||||||
LYB International Finance III LLC – (continued) |
| |||||||||||||||
$ | 323,000 | 3.625 | % | 04/01/51 | $ | 229,274 | ||||||||||
Sherwin-Williams Co. (The) |
| |||||||||||||||
200,000 | 3.450 | 06/01/27 | 190,407 | |||||||||||||
Westlake Corp. |
| |||||||||||||||
425,000 | 3.125 | 08/15/51 | 266,997 | |||||||||||||
|
| |||||||||||||||
1,136,166 | ||||||||||||||||
| ||||||||||||||||
Brokerage – 0.3% |
| |||||||||||||||
Affiliated Managers Group, Inc. |
| |||||||||||||||
130,000 | 3.300 | 06/15/30 | 114,119 | |||||||||||||
Cboe Global Markets, Inc. |
| |||||||||||||||
110,000 | 3.650 | 01/12/27 | 106,606 | |||||||||||||
CME Group, Inc. |
| |||||||||||||||
125,000 | 3.000 | 03/15/25 | 122,210 | |||||||||||||
Intercontinental Exchange, Inc. |
| |||||||||||||||
100,000 | 3.100 | 09/15/27 | 93,867 | |||||||||||||
185,000 | 2.100 | 06/15/30 | 155,348 | |||||||||||||
308,000 | 4.600 | 03/15/33 | 294,666 | |||||||||||||
78,000 | 3.000 | 06/15/50 | 52,482 | |||||||||||||
Jefferies Financial Group, Inc. |
| |||||||||||||||
40,000 | 4.850 | 01/15/27 | 39,749 | |||||||||||||
40,000 | 4.150 | 01/23/30 | 37,255 | |||||||||||||
84,000 | 6.250 | 01/15/36 | 86,418 | |||||||||||||
20,000 | 6.500 | 01/20/43 | 20,810 | |||||||||||||
|
| |||||||||||||||
1,123,530 | ||||||||||||||||
| ||||||||||||||||
Capital Goods – 0.6% |
| |||||||||||||||
Carrier Global Corp. |
| |||||||||||||||
100,000 | 3.577 | 04/05/50 | 73,684 | |||||||||||||
Caterpillar Financial Services Corp., MTN |
| |||||||||||||||
110,000 | 3.400 | 05/13/25 | 107,720 | |||||||||||||
Caterpillar, Inc. |
| |||||||||||||||
50,000 | 3.803 | 08/15/42 | 41,833 | |||||||||||||
114,000 | 3.250 | 04/09/50 | 84,495 | |||||||||||||
CNH Industrial Capital LLC |
| |||||||||||||||
50,000 | 1.450 | 07/15/26 | 45,788 | |||||||||||||
Cummins, Inc. |
| |||||||||||||||
53,000 | 2.600 | 09/01/50 | 33,279 | |||||||||||||
Deere & Co. |
| |||||||||||||||
25,000 | 3.900 | 06/09/42 | 21,420 | |||||||||||||
40,000 | 2.875 | 09/07/49 | 27,879 | |||||||||||||
25,000 | 3.750 | 04/15/50 | 20,504 | |||||||||||||
Flowserve Corp. |
| |||||||||||||||
140,000 | 3.500 | 10/01/30 | 123,283 | |||||||||||||
Honeywell International, Inc. |
| |||||||||||||||
100,000 | 2.700 | 08/15/29 | 90,102 | |||||||||||||
188,000 | 1.950 | 06/01/30 | 159,033 | |||||||||||||
Illinois Tool Works, Inc. |
| |||||||||||||||
115,000 | 3.900 | 09/01/42 | 97,775 | |||||||||||||
John Deere Capital Corp., MTN |
| |||||||||||||||
126,000 | 4.800 | 01/09/26 | 125,738 | |||||||||||||
300,000 | 4.750 | 01/20/28 | 299,490 | |||||||||||||
35,000 | 2.800 | 07/18/29 | 31,845 | |||||||||||||
80,000 | 2.450 | 01/09/30 | 70,388 | |||||||||||||
Otis Worldwide Corp. |
| |||||||||||||||
60,000 | 2.293 | 04/05/27 | 55,367 | |||||||||||||
Republic Services, Inc. |
| |||||||||||||||
150,000 | 2.375 | 03/15/33 | 120,364 |
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) |
| |||||||||||||||
Capital Goods – (continued) |
| |||||||||||||||
Trane Technologies Financing Ltd. |
| |||||||||||||||
$ | 50,000 | 3.800 | % | 03/21/29 | $ | 47,305 | ||||||||||
Waste Management, Inc. |
| |||||||||||||||
50,000 | 0.750 | 11/15/25 | 46,460 | |||||||||||||
100,000 | 3.150 | 11/15/27 | 94,006 | |||||||||||||
50,000 | 2.500 | 11/15/50 | 31,004 | |||||||||||||
Westinghouse Air Brake Technologies Corp. |
| |||||||||||||||
75,000 | 3.450 | 11/15/26 | 71,402 | |||||||||||||
117,000 | 4.700 | 09/15/28 | 114,367 | |||||||||||||
WW Grainger, Inc. |
| |||||||||||||||
60,000 | 4.600 | 06/15/45 | 54,628 | |||||||||||||
100,000 | 3.750 | 05/15/46 | 80,424 | |||||||||||||
Xylem, Inc. |
| |||||||||||||||
15,000 | 3.250 | 11/01/26 | 14,328 | |||||||||||||
500,000 | 1.950 | 01/30/28 | 446,251 | |||||||||||||
|
| |||||||||||||||
2,630,162 | ||||||||||||||||
| ||||||||||||||||
Communications – 0.9% |
| |||||||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital |
| |||||||||||||||
74,000 | 4.908 | 07/23/25 | 73,005 | |||||||||||||
82,000 | 3.750 | 02/15/28 | 75,649 | |||||||||||||
82,000 | 4.200 | 03/15/28 | 77,076 | |||||||||||||
90,000 | 5.050 | 03/30/29 | 86,219 | |||||||||||||
40,000 | 2.800 | 04/01/31 | 32,289 | |||||||||||||
72,000 | 6.384 | 10/23/35 | 69,599 | |||||||||||||
66,000 | 5.375 | 04/01/38 | 56,564 | |||||||||||||
85,000 | 6.484 | 10/23/45 | 77,808 | |||||||||||||
60,000 | 5.750 | 04/01/48 | 49,938 | |||||||||||||
40,000 | 5.125 | 07/01/49 | 30,277 | |||||||||||||
40,000 | 6.834 | 10/23/55 | 38,222 | |||||||||||||
85,000 | 3.850 | 04/01/61 | 49,331 | |||||||||||||
60,000 | 4.400 | 12/01/61 | 38,504 | |||||||||||||
Comcast Corp. |
| |||||||||||||||
500,000 | 3.950 | 10/15/25 | 491,606 | |||||||||||||
400,000 | 4.550 | 01/15/29 | 393,770 | |||||||||||||
442,000 | 4.250 | 01/15/33 | 414,669 | |||||||||||||
126,000 | 2.887 | 11/01/51 | 80,292 | |||||||||||||
110,000 | 5.350 | 05/15/53 | 107,009 | |||||||||||||
300,000 | 2.937 | 11/01/56 | 185,978 | |||||||||||||
Meta Platforms, Inc. |
| |||||||||||||||
200,000 | 5.600 | 05/15/53 | 207,739 | |||||||||||||
Time Warner Cable Enterprises LLC |
| |||||||||||||||
94,000 | 8.375 | 07/15/33 | 104,393 | |||||||||||||
Time Warner Cable LLC |
| |||||||||||||||
57,000 | 6.750 | 06/15/39 | 53,757 | |||||||||||||
15,000 | 5.875 | 11/15/40 | 12,925 | |||||||||||||
57,000 | 5.500 | 09/01/41 | 46,946 | |||||||||||||
TWDC Enterprises 18 Corp. |
| |||||||||||||||
15,000 | 4.375 | 08/16/41 | 13,259 | |||||||||||||
TWDC Enterprises 18 Corp., GMTN |
| |||||||||||||||
15,000 | 4.125 | 06/01/44 | 12,825 | |||||||||||||
TWDC Enterprises 18 Corp., MTN |
| |||||||||||||||
250,000 | 2.950 | 06/15/27 | 236,481 | |||||||||||||
Walt Disney Co. (The) |
| |||||||||||||||
100,000 | 3.700 | 10/15/25 | 97,753 | |||||||||||||
226,000 | 2.200 | 01/13/28 | 206,239 | |||||||||||||
80,000 | 2.000 | 09/01/29 | 68,993 | |||||||||||||
80,000 | 3.800 | 03/22/30 | 75,507 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Communications – (continued) |
| |||||||||||||||
Walt Disney Co. (The) – (continued) |
| |||||||||||||||
$ | 90,000 | 3.500 | % | 05/13/40 | $ | 72,359 | ||||||||||
15,000 | 4.750 | 09/15/44 | 13,787 | |||||||||||||
50,000 | 3.600 | 01/13/51 | 37,960 | |||||||||||||
|
| |||||||||||||||
3,688,728 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 2.0% |
| |||||||||||||||
Amazon.com, Inc. |
| |||||||||||||||
152,000 | 3.300 | 04/13/27 | 145,879 | |||||||||||||
250,000 | 3.150 | 08/22/27 | 237,585 | |||||||||||||
42,000 | 2.100 | 05/12/31 | 35,304 | |||||||||||||
80,000 | 4.050 | 08/22/47 | 68,688 | |||||||||||||
15,000 | 2.500 | 06/03/50 | 9,467 | |||||||||||||
200,000 | 3.950 | 04/13/52 | 165,937 | |||||||||||||
75,000 | 4.250 | 08/22/57 | 64,734 | |||||||||||||
50,000 | 2.700 | 06/03/60 | 30,916 | |||||||||||||
American Honda Finance Corp., GMTN |
| |||||||||||||||
160,000 | 5.125 | 07/07/28 | 161,311 | |||||||||||||
Best Buy Co., Inc. |
| |||||||||||||||
190,000 | 4.450 | 10/01/28 | 185,787 | |||||||||||||
Booking Holdings, Inc. |
| |||||||||||||||
84,000 | 4.625 | 04/13/30 | 82,500 | |||||||||||||
Costco Wholesale Corp. |
| |||||||||||||||
40,000 | 3.000 | 05/18/27 | 38,083 | |||||||||||||
116,000 | 1.750 | 04/20/32 | 92,765 | |||||||||||||
DR Horton, Inc. |
| |||||||||||||||
90,000 | 2.600 | 10/15/25 | 86,063 | |||||||||||||
100,000 | 1.400 | 10/15/27 | 88,140 | |||||||||||||
eBay, Inc. |
| |||||||||||||||
84,000 | 6.300 | 11/22/32 | 89,137 | |||||||||||||
Expedia Group, Inc. |
| |||||||||||||||
250,000 | 3.250 | 02/15/30 | 223,058 | |||||||||||||
Ford Motor Credit Co. LLC |
| |||||||||||||||
310,000 | 6.798 | 11/07/28 | 321,977 | |||||||||||||
250,000 | 7.122 | 11/07/33 | 267,275 | |||||||||||||
General Motors Co. |
| |||||||||||||||
110,000 | 5.600 | 10/15/32 | 109,472 | |||||||||||||
108,000 | 5.950 | 04/01/49 | 103,606 | |||||||||||||
General Motors Financial Co., Inc. |
| |||||||||||||||
500,000 | 6.050 | 10/10/25 | 503,596 | |||||||||||||
Home Depot, Inc. (The) |
| |||||||||||||||
250,000 | 2.800 | 09/14/27 | 234,202 | |||||||||||||
300,000 | 4.500 | 09/15/32 | 293,247 | |||||||||||||
63,000 | 3.125 | 12/15/49 | 44,104 | |||||||||||||
300,000 | 3.625 | 04/15/52 | 227,268 | |||||||||||||
Las Vegas Sands Corp. |
| |||||||||||||||
125,000 | 3.900 | 08/08/29 | 113,510 | |||||||||||||
Lennar Corp. |
| |||||||||||||||
152,000 | 4.750 | 11/29/27 | 149,520 | |||||||||||||
Lowe’s Cos., Inc. |
| |||||||||||||||
92,000 | 2.625 | 04/01/31 | 78,371 | |||||||||||||
340,000 | 5.150 | 07/01/33 | 338,028 | |||||||||||||
200,000 | 5.625 | 04/15/53 | 198,415 | |||||||||||||
100,000 | 4.450 | 04/01/62 | 79,836 | |||||||||||||
Marriott International, Inc., Series EE |
| |||||||||||||||
84,000 | 5.750 | 05/01/25 | 84,279 | |||||||||||||
Marriott International, Inc., Series FF |
| |||||||||||||||
200,000 | 4.625 | 06/15/30 | 193,407 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Cyclical – (continued) |
| |||||||||||||||
Mastercard, Inc. |
| |||||||||||||||
$ | 60,000 | 2.000 | % | 03/03/25 | $ | 58,085 | ||||||||||
15,000 | 3.300 | 03/26/27 | 14,453 | |||||||||||||
100,000 | 3.950 | 02/26/48 | 85,077 | |||||||||||||
50,000 | 3.850 | 03/26/50 | 41,344 | |||||||||||||
McDonald’s Corp., MTN |
| |||||||||||||||
160,000 | 3.500 | 03/01/27 | 153,953 | |||||||||||||
84,000 | 3.500 | 07/01/27 | 80,504 | |||||||||||||
45,000 | 4.700 | 12/09/35 | 43,244 | |||||||||||||
60,000 | 4.450 | 09/01/48 | 51,854 | |||||||||||||
170,000 | 5.150 | 09/09/52 | 162,050 | |||||||||||||
MDC Holdings, Inc. |
| |||||||||||||||
121,000 | 2.500 | 01/15/31 | 102,245 | |||||||||||||
40,000 | 6.000 | 01/15/43 | 39,540 | |||||||||||||
NIKE, Inc. |
| |||||||||||||||
20,000 | 3.375 | 03/27/50 | 15,198 | |||||||||||||
O’Reilly Automotive, Inc. |
| |||||||||||||||
80,000 | 4.200 | 04/01/30 | 75,743 | |||||||||||||
PulteGroup, Inc. |
| |||||||||||||||
88,000 | 6.375 | 05/15/33 | 92,782 | |||||||||||||
Starbucks Corp. |
| |||||||||||||||
250,000 | 3.800 | 08/15/25 | 244,903 | |||||||||||||
30,000 | 3.750 | 12/01/47 | 23,012 | |||||||||||||
Tapestry, Inc. |
| |||||||||||||||
33,000 | 4.125 | 07/15/27 | 31,391 | |||||||||||||
Target Corp. |
| |||||||||||||||
550,000 | 2.250 | 04/15/25 | 532,865 | |||||||||||||
Toyota Motor Credit Corp. |
| |||||||||||||||
76,000 | 3.950 | 06/30/25 | 74,901 | |||||||||||||
40,000 | 3.650 | 01/08/29 | 37,914 | |||||||||||||
126,000 | 5.550 | 11/20/30 | 130,341 | |||||||||||||
Toyota Motor Credit Corp., MTN |
| |||||||||||||||
126,000 | 0.800 | 01/09/26 | 116,791 | |||||||||||||
100,000 | 1.150 | 08/13/27 | 88,697 | |||||||||||||
80,000 | 3.375 | 04/01/30 | 73,634 | |||||||||||||
Visa, Inc. |
| |||||||||||||||
40,000 | 1.900 | 04/15/27 | 36,897 | |||||||||||||
77,000 | 0.750 | 08/15/27 | 67,663 | |||||||||||||
115,000 | 2.750 | 09/15/27 | 107,750 | |||||||||||||
40,000 | 4.300 | 12/14/45 | 35,874 | |||||||||||||
Walmart, Inc. |
| |||||||||||||||
100,000 | 7.550 | 02/15/30 | 115,577 | |||||||||||||
384,000 | 1.800 | 09/22/31 | 315,204 | |||||||||||||
200,000 | 2.650 | 09/22/51 | 130,393 | |||||||||||||
Western Union Co. (The) |
| |||||||||||||||
50,000 | 1.350 | 03/15/26 | 46,061 | |||||||||||||
|
| |||||||||||||||
8,371,407 | ||||||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 1.5% |
| |||||||||||||||
Abbott Laboratories |
| |||||||||||||||
60,000 | 3.875 | 09/15/25 | 59,066 | |||||||||||||
150,000 | 4.750 | 11/30/36 | 147,036 | |||||||||||||
100,000 | 6.000 | 04/01/39 | 109,939 | |||||||||||||
40,000 | 4.750 | 04/15/43 | 38,689 | |||||||||||||
AbbVie, Inc. |
| |||||||||||||||
194,000 | 2.950 | 11/21/26 | 184,076 | |||||||||||||
100,000 | 4.625 | 10/01/42 | 91,805 | |||||||||||||
200,000 | 4.400 | 11/06/42 | 179,605 | |||||||||||||
84,000 | 4.700 | 05/14/45 | 77,899 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Noncyclical – (continued) |
| |||||||||||||||
AbbVie, Inc. – (continued) |
| |||||||||||||||
$ | 150,000 | 4.250 | % | 11/21/49 | $ | 129,816 | ||||||||||
Agilent Technologies, Inc. |
| |||||||||||||||
100,000 | 2.750 | 09/15/29 | 89,345 | |||||||||||||
Altria Group, Inc. |
| |||||||||||||||
115,000 | 3.400 | 05/06/30 | 103,578 | |||||||||||||
40,000 | 4.500 | 05/02/43 | 33,252 | |||||||||||||
40,000 | 5.375 | 01/31/44 | 38,894 | |||||||||||||
75,000 | 3.875 | 09/16/46 | 54,772 | |||||||||||||
92,000 | 5.950 | 02/14/49 | 91,423 | |||||||||||||
55,000 | 4.450 | 05/06/50 | 43,462 | |||||||||||||
Bristol-Myers Squibb Co. |
| |||||||||||||||
300,000 | 0.750 | 11/13/25 | 279,518 | |||||||||||||
126,000 | 3.200 | 06/15/26 | 121,273 | |||||||||||||
50,000 | 3.250 | 02/27/27 | 48,008 | |||||||||||||
152,000 | 3.550 | 03/15/42 | 121,108 | |||||||||||||
500,000 | 5.500 | 02/22/44 | 508,830 | |||||||||||||
Centene Corp. |
| |||||||||||||||
400,000 | 4.250 | 12/15/27 | 383,000 | |||||||||||||
Elevance Health, Inc. |
| |||||||||||||||
300,000 | 5.500 | 10/15/32 | 305,630 | |||||||||||||
Eli Lilly & Co. |
| |||||||||||||||
15,000 | 3.100 | 05/15/27 | 14,290 | |||||||||||||
102,000 | 3.375 | 03/15/29 | 96,108 | |||||||||||||
400,000 | 4.700 | 02/09/34 | 396,561 | |||||||||||||
44,000 | 3.950 | 03/15/49 | 37,114 | |||||||||||||
Equifax, Inc. |
| |||||||||||||||
40,000 | 3.250 | 06/01/26 | 38,210 | |||||||||||||
42,000 | 2.350 | 09/15/31 | 34,299 | |||||||||||||
Gilead Sciences, Inc. |
| |||||||||||||||
479,000 | 2.800 | 10/01/50 | 311,711 | |||||||||||||
Johnson & Johnson |
| |||||||||||||||
384,000 | 2.100 | 09/01/40 | 262,766 | |||||||||||||
Kroger Co. (The) |
| |||||||||||||||
25,000 | 3.875 | 10/15/46 | 19,062 | |||||||||||||
Medtronic, Inc. |
| |||||||||||||||
50,000 | 4.375 | 03/15/35 | 47,286 | |||||||||||||
Merck & Co., Inc. |
| |||||||||||||||
450,000 | 4.050 | 05/17/28 | 439,785 | |||||||||||||
200,000 | 5.000 | 05/17/53 | 195,002 | |||||||||||||
Mylan, Inc. |
| |||||||||||||||
92,000 | 5.400 | 11/29/43 | 80,557 | |||||||||||||
77,000 | 5.200 | 04/15/48 | 63,615 | |||||||||||||
Philip Morris International, Inc. |
| |||||||||||||||
350,000 | 4.875 | 02/13/26 | 348,640 | |||||||||||||
250,000 | 5.375 | 02/15/33 | 249,598 | |||||||||||||
Thermo Fisher Scientific, Inc. |
| |||||||||||||||
300,000 | 5.086 | 08/10/33 | 302,506 | |||||||||||||
Utah Acquisition Sub, Inc. |
| |||||||||||||||
75,000 | 5.250 | 06/15/46 | 61,382 | |||||||||||||
Viatris, Inc. |
| |||||||||||||||
92,000 | 2.700 | 06/22/30 | 77,446 | |||||||||||||
15,000 | 4.000 | 06/22/50 | 10,264 | |||||||||||||
Walgreens Boots Alliance, Inc. |
| |||||||||||||||
136,000 | 3.450 | 06/01/26 | 129,366 | |||||||||||||
40,000 | 4.800 | 11/18/44 | 33,334 | |||||||||||||
15,000 | 4.650 | 06/01/46 | 12,655 | |||||||||||||
|
| |||||||||||||||
6,501,581 | ||||||||||||||||
|
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) |
| |||||||||||||||
Consumer Products – 0.2% |
| |||||||||||||||
Clorox Co. (The) |
| |||||||||||||||
$ | 115,000 | 4.600 | % | 05/01/32 | $ | 111,614 | ||||||||||
Colgate-Palmolive Co., MTN |
| |||||||||||||||
40,000 | 4.000 | 08/15/45 | 34,992 | |||||||||||||
15,000 | 3.700 | 08/01/47 | 12,443 | |||||||||||||
Haleon US Capital LLC |
| |||||||||||||||
250,000 | 4.000 | 03/24/52 | 200,568 | |||||||||||||
Kimberly-Clark Corp. |
| |||||||||||||||
125,000 | 6.625 | 08/01/37 | 144,632 | |||||||||||||
Procter & Gamble Co. (The) |
| |||||||||||||||
40,000 | 0.550 | 10/29/25 | 37,292 | |||||||||||||
40,000 | 1.000 | 04/23/26 | 37,009 | |||||||||||||
126,000 | 2.450 | 11/03/26 | 119,129 | |||||||||||||
15,000 | 2.850 | 08/11/27 | 14,172 | |||||||||||||
|
| |||||||||||||||
711,851 | ||||||||||||||||
| ||||||||||||||||
Electric – 2.5% |
| |||||||||||||||
AEP Transmission Co. LLC |
| |||||||||||||||
200,000 | 5.400 | 03/15/53 | 198,876 | |||||||||||||
Alabama Power Co., Series 20-A |
| |||||||||||||||
15,000 | 1.450 | 09/15/30 | 12,041 | |||||||||||||
Alabama Power Co., Series A |
| |||||||||||||||
100,000 | 4.300 | 07/15/48 | 85,263 | |||||||||||||
Ameren Illinois Co. |
| |||||||||||||||
126,000 | 4.950 | 06/01/33 | 124,282 | |||||||||||||
150,000 | 5.900 | 12/01/52 | 159,897 | |||||||||||||
American Electric Power Co., Inc. |
| |||||||||||||||
226,000 | 5.625 | 03/01/33 | 228,508 | |||||||||||||
Atmos Energy Corp. |
| |||||||||||||||
100,000 | 2.850 | 02/15/52 | 64,340 | |||||||||||||
100,000 | 5.750 | 10/15/52 | 105,449 | |||||||||||||
Berkshire Hathaway Energy Co. |
| |||||||||||||||
110,000 | 4.050 | 04/15/25 | 108,480 | |||||||||||||
300,000 | 4.600 | 05/01/53 | 257,615 | |||||||||||||
Black Hills Corp. |
| |||||||||||||||
20,000 | 2.500 | 06/15/30 | 16,583 | |||||||||||||
CenterPoint Energy Resources Corp. |
| |||||||||||||||
400,000 | 5.250 | 03/01/28 | 403,614 | |||||||||||||
Cleco Corporate Holdings LLC |
| |||||||||||||||
80,000 | 3.375 | 09/15/29 | 69,445 | |||||||||||||
Cleco Power LLC |
| |||||||||||||||
15,000 | 6.000 | 12/01/40 | 15,041 | |||||||||||||
Commonwealth Edison Co. |
| |||||||||||||||
300,000 | 3.650 | 06/15/46 | 229,044 | |||||||||||||
Commonwealth Edison Co., Series 123 |
| |||||||||||||||
40,000 | 3.750 | 08/15/47 | 30,811 | |||||||||||||
Consolidated Edison Co. of New York, Inc. |
| |||||||||||||||
170,000 | 3.850 | 06/15/46 | 133,573 | |||||||||||||
40,000 | 4.625 | 12/01/54 | 34,382 | |||||||||||||
100,000 | 4.500 | 05/15/58 | 84,443 | |||||||||||||
Consolidated Edison Co. of New York, Inc., Series 08-B |
| |||||||||||||||
10,000 | 6.750 | 04/01/38 | 11,188 | |||||||||||||
Consolidated Edison Co. of New York, Inc., Series 12-A |
| |||||||||||||||
40,000 | 4.200 | 03/15/42 | 33,711 | |||||||||||||
Consolidated Edison Co. of New York, Inc., Series A |
| |||||||||||||||
15,000 | 4.125 | 05/15/49 | 12,114 | |||||||||||||
Constellation Energy Generation LLC |
| |||||||||||||||
150,000 | 6.125 | 01/15/34 | 156,820 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Electric – (continued) |
| |||||||||||||||
Consumers Energy Co. |
| |||||||||||||||
$ | 250,000 | 4.625 | % | 05/15/33 | $ | 241,433 | ||||||||||
Dominion Energy, Inc. |
| |||||||||||||||
80,000 | 4.250 | 06/01/28 | 77,353 | |||||||||||||
Dominion Energy, Inc., Series C |
| |||||||||||||||
300,000 | 3.375 | 04/01/30 | 270,427 | |||||||||||||
DTE Electric Co. |
| |||||||||||||||
150,000 | 3.950 | 06/15/42 | 120,496 | |||||||||||||
15,000 | 3.700 | 03/15/45 | 11,850 | |||||||||||||
DTE Electric Co., Series A |
| |||||||||||||||
40,000 | 4.000 | 04/01/43 | 33,205 | |||||||||||||
Duke Energy Carolinas LLC |
| |||||||||||||||
118,000 | 3.700 | 12/01/47 | 89,354 | |||||||||||||
50,000 | 3.950 | 03/15/48 | 39,688 | |||||||||||||
Duke Energy Corp. |
| |||||||||||||||
126,000 | 2.550 | 06/15/31 | 106,651 | |||||||||||||
300,000 | 3.750 | 09/01/46 | 223,011 | |||||||||||||
Duke Energy Florida LLC |
| |||||||||||||||
25,000 | 3.400 | 10/01/46 | 18,210 | |||||||||||||
Duke Energy Indiana LLC |
| |||||||||||||||
50,000 | 6.350 | 08/15/38 | 53,580 | |||||||||||||
40,000 | 6.450 | 04/01/39 | 43,471 | |||||||||||||
150,000 | 2.750 | 04/01/50 | 93,553 | |||||||||||||
Duke Energy Progress LLC |
| |||||||||||||||
100,000 | 3.450 | 03/15/29 | 93,557 | |||||||||||||
200,000 | 6.300 | 04/01/38 | 214,930 | |||||||||||||
15,000 | 4.100 | 05/15/42 | 12,467 | |||||||||||||
Edison International |
| |||||||||||||||
266,000 | 5.750 | 06/15/27 | 269,034 | |||||||||||||
184,000 | 4.125 | 03/15/28 | 175,703 | |||||||||||||
Entergy Corp. |
| |||||||||||||||
50,000 | 2.800 | 06/15/30 | 43,244 | |||||||||||||
Entergy Louisiana LLC |
| |||||||||||||||
230,000 | 4.200 | 04/01/50 | 186,660 | |||||||||||||
Exelon Corp. |
| |||||||||||||||
300,000 | 5.300 | 03/15/33 | 296,928 | |||||||||||||
100,000 | 4.450 | 04/15/46 | 84,118 | |||||||||||||
Georgia Power Co., Series B |
| |||||||||||||||
168,000 | 2.650 | 09/15/29 | 148,997 | |||||||||||||
15,000 | 3.700 | 01/30/50 | 11,393 | |||||||||||||
Interstate Power and Light Co. |
| |||||||||||||||
200,000 | 2.300 | 06/01/30 | 169,208 | |||||||||||||
40,000 | 3.500 | 09/30/49 | 28,538 | |||||||||||||
National Rural Utilities Cooperative Finance Corp. |
| |||||||||||||||
40,000 | 2.400 | 03/15/30 | 34,637 | |||||||||||||
100,000 | 2.750 | 04/15/32 | 83,921 | |||||||||||||
300,000 | 4.023 | 11/01/32 | 276,806 | |||||||||||||
NextEra Energy Capital Holdings, Inc. |
| |||||||||||||||
400,000 | 4.900 | 02/28/28 | 397,670 | |||||||||||||
300,000 | 5.250 | 03/15/34 | 294,384 | |||||||||||||
200,000 | 5.250 | 02/28/53 | 187,862 | |||||||||||||
NiSource, Inc. |
| |||||||||||||||
184,000 | 5.250 | 03/30/28 | 185,194 | |||||||||||||
Northern States Power Co. |
| |||||||||||||||
200,000 | 4.500 | 06/01/52 | 175,638 | |||||||||||||
NSTAR Electric Co. |
| |||||||||||||||
15,000 | 3.200 | 05/15/27 | 14,276 | |||||||||||||
100,000 | 3.950 | 04/01/30 | 93,748 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Electric – (continued) |
| |||||||||||||||
Oncor Electric Delivery Co. LLC |
| |||||||||||||||
$ | 250,000 | 3.100 | % | 09/15/49 | $ | 172,779 | ||||||||||
Pacific Gas and Electric Co. |
| |||||||||||||||
100,000 | 3.450 | 07/01/25 | 96,903 | |||||||||||||
200,000 | 2.100 | 08/01/27 | 179,254 | |||||||||||||
210,000 | 4.300 | 03/15/45 | 164,290 | |||||||||||||
150,000 | 4.000 | 12/01/46 | 110,685 | |||||||||||||
50,000 | 5.250 | 03/01/52 | 44,661 | |||||||||||||
PacifiCorp |
| |||||||||||||||
250,000 | 5.500 | 05/15/54 | 235,431 | |||||||||||||
PECO Energy Co. |
| |||||||||||||||
100,000 | 4.800 | 10/15/43 | 89,613 | |||||||||||||
Public Service Electric and Gas Co., MTN |
| |||||||||||||||
42,000 | 1.900 | 08/15/31 | 33,896 | |||||||||||||
300,000 | 3.800 | 03/01/46 | 238,819 | |||||||||||||
100,000 | 3.000 | 03/01/51 | 67,662 | |||||||||||||
Public Service Enterprise Group, Inc. |
| |||||||||||||||
40,000 | 2.450 | 11/15/31 | 32,648 | |||||||||||||
Puget Sound Energy, Inc. |
| |||||||||||||||
205,000 | 4.223 | 06/15/48 | 166,950 | |||||||||||||
Sempra |
| |||||||||||||||
110,000 | 3.800 | 02/01/38 | 90,385 | |||||||||||||
100,000 | 4.000 | 02/01/48 | 78,502 | |||||||||||||
Southern California Edison Co. |
| |||||||||||||||
40,000 | 2.850 | 08/01/29 | 35,869 | |||||||||||||
200,000 | 5.700 | 03/01/53 | 199,461 | |||||||||||||
Southern Co. (The) |
| |||||||||||||||
110,000 | 5.113 | 08/01/27 | 109,930 | |||||||||||||
250,000 | 4.400 | 07/01/46 | 211,406 | |||||||||||||
Southern Co. (The), Series 21-A |
| |||||||||||||||
(US 5 Year CMT T-Note + 2.915%) |
| |||||||||||||||
100,000 | 3.750 | 09/15/51(c) | 93,798 | |||||||||||||
Southern Co. Gas Capital Corp. |
| |||||||||||||||
15,000 | 3.950 | 10/01/46 | 11,596 | |||||||||||||
100,000 | 4.400 | 05/30/47 | 82,083 | |||||||||||||
Tucson Electric Power Co. |
| |||||||||||||||
126,000 | 4.850 | 12/01/48 | 112,209 | |||||||||||||
Virginia Electric and Power Co., Series A |
| |||||||||||||||
100,000 | 3.500 | 03/15/27 | 95,587 | |||||||||||||
Virginia Electric and Power Co., Series B |
| |||||||||||||||
100,000 | 6.000 | 01/15/36 | 104,414 | |||||||||||||
Virginia Electric and Power Co., Series C |
| |||||||||||||||
150,000 | 4.000 | 11/15/46 | 119,750 | |||||||||||||
Xcel Energy, Inc. |
| |||||||||||||||
400,000 | 1.750 | 03/15/27 | 359,117 | |||||||||||||
|
| |||||||||||||||
10,814,413 | ||||||||||||||||
| ||||||||||||||||
Electrical – 0.0% |
| |||||||||||||||
Emerson Electric Co. |
| |||||||||||||||
45,000 | 1.950 | 10/15/30 | 37,725 | |||||||||||||
15,000 | 6.000 | 08/15/32 | 15,857 | |||||||||||||
Fortive Corp. |
| |||||||||||||||
15,000 | 4.300 | 06/15/46 | 12,249 | |||||||||||||
|
| |||||||||||||||
65,831 | ||||||||||||||||
| ||||||||||||||||
Energy – 1.4% |
| |||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
| |||||||||||||||
69,000 | 4.080 | 12/15/47 | 55,678 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Energy – (continued) |
| |||||||||||||||
Boardwalk Pipelines LP |
| |||||||||||||||
$ | 100,000 | 4.800 | % | 05/03/29 | $ | 97,226 | ||||||||||
BP Capital Markets America, Inc. |
| |||||||||||||||
300,000 | 4.234 | 11/06/28 | 291,811 | |||||||||||||
Cheniere Corpus Christi Holdings LLC |
| |||||||||||||||
80,000 | 5.875 | 03/31/25 | 80,076 | |||||||||||||
40,000 | 5.125 | 06/30/27 | 39,800 | |||||||||||||
126,000 | 2.742 | 12/31/39 | 98,220 | |||||||||||||
Chevron Corp. |
| |||||||||||||||
300,000 | 3.326 | 11/17/25 | 291,793 | |||||||||||||
Chevron USA, Inc. |
| |||||||||||||||
200,000 | 2.343 | 08/12/50 | 120,747 | |||||||||||||
ConocoPhillips Co. |
| |||||||||||||||
192,000 | 3.758 | 03/15/42 | 156,229 | |||||||||||||
Energy Transfer LP |
| |||||||||||||||
140,000 | 3.750 | 05/15/30 | 127,861 | |||||||||||||
300,000 | 6.550 | 12/01/33 | 318,574 | |||||||||||||
75,000 | 6.125 | 12/15/45 | 74,772 | |||||||||||||
192,000 | 5.300 | 04/15/47 | 171,972 | |||||||||||||
55,000 | 6.250 | 04/15/49 | 56,169 | |||||||||||||
Enterprise Products Operating LLC |
| |||||||||||||||
100,000 | 2.800 | 01/31/30 | 88,801 | |||||||||||||
160,000 | 4.850 | 08/15/42 | 147,946 | |||||||||||||
100,000 | 4.800 | 02/01/49 | 90,865 | |||||||||||||
60,000 | 4.200 | 01/31/50 | 49,703 | |||||||||||||
15,000 | 3.950 | 01/31/60 | 11,419 | |||||||||||||
Enterprise Products Operating LLC, Series D |
| |||||||||||||||
80,000 | 6.875 | 03/01/33 | 89,428 | |||||||||||||
EOG Resources, Inc. |
| |||||||||||||||
60,000 | 3.900 | 04/01/35 | 54,014 | |||||||||||||
Exxon Mobil Corp. |
| |||||||||||||||
75,000 | 2.709 | 03/06/25 | 73,224 | |||||||||||||
200,000 | 2.275 | 08/16/26 | 188,526 | |||||||||||||
200,000 | 4.227 | 03/19/40 | 179,710 | |||||||||||||
Halliburton Co. |
| |||||||||||||||
50,000 | 5.000 | 11/15/45 | 46,429 | |||||||||||||
Hess Corp. |
| |||||||||||||||
62,000 | 4.300 | 04/01/27 | 60,481 | |||||||||||||
55,000 | 6.000 | 01/15/40 | 57,464 | |||||||||||||
75,000 | 5.600 | 02/15/41 | 75,753 | |||||||||||||
42,000 | 5.800 | 04/01/47 | 42,574 | |||||||||||||
Kinder Morgan Energy Partners LP |
| |||||||||||||||
126,000 | 7.300 | 08/15/33 | 140,239 | |||||||||||||
Kinder Morgan, Inc. |
| |||||||||||||||
40,000 | 4.300 | 06/01/25 | 39,447 | |||||||||||||
56,000 | 2.000 | 02/15/31 | 45,510 | |||||||||||||
84,000 | 5.200 | 03/01/48 | 74,840 | |||||||||||||
MPLX LP |
| |||||||||||||||
200,000 | 1.750 | 03/01/26 | 186,610 | |||||||||||||
110,000 | 2.650 | 08/15/30 | 93,727 | |||||||||||||
125,000 | 4.700 | 04/15/48 | 105,160 | |||||||||||||
85,000 | 5.500 | 02/15/49 | 80,000 | |||||||||||||
NOV, Inc. |
| |||||||||||||||
15,000 | 3.950 | 12/01/42 | 11,284 | |||||||||||||
Occidental Petroleum Corp. |
| |||||||||||||||
50,000 | 5.550 | 03/15/26 | 50,282 | |||||||||||||
234,000 | – | 10/10/36(d) | 124,109 |
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) |
| |||||||||||||||
Energy – (continued) |
| |||||||||||||||
ONEOK Partners LP |
| |||||||||||||||
$ | 15,000 | 6.650 | % | 10/01/36 | $ | 15,911 | ||||||||||
ONEOK, Inc. |
| |||||||||||||||
80,000 | 2.200 | 09/15/25 | 76,124 | |||||||||||||
100,000 | 3.400 | 09/01/29 | 91,375 | |||||||||||||
25,000 | 6.350 | 01/15/31 | 26,259 | |||||||||||||
126,000 | 4.200 | 10/03/47 | 96,971 | |||||||||||||
140,000 | 5.200 | 07/15/48 | 127,013 | |||||||||||||
Phillips 66 Co. |
| |||||||||||||||
76,000 | 3.550 | 10/01/26 | 72,927 | |||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. |
| |||||||||||||||
50,000 | 4.650 | 10/15/25 | 49,360 | |||||||||||||
40,000 | 4.500 | 12/15/26 | 39,277 | |||||||||||||
92,000 | 3.550 | 12/15/29 | 83,463 | |||||||||||||
35,000 | 6.700 | 05/15/36 | 36,639 | |||||||||||||
40,000 | 6.650 | 01/15/37 | 42,056 | |||||||||||||
15,000 | 4.700 | 06/15/44 | 12,442 | |||||||||||||
Sabine Pass Liquefaction LLC |
| |||||||||||||||
52,000 | 5.625 | 03/01/25 | 51,903 | |||||||||||||
120,000 | 4.200 | 03/15/28 | 115,734 | |||||||||||||
15,000 | 4.500 | 05/15/30 | 14,344 | |||||||||||||
Spectra Energy Partners LP |
| |||||||||||||||
67,000 | 3.375 | 10/15/26 | 64,116 | |||||||||||||
Targa Resources Corp. |
| |||||||||||||||
126,000 | 6.150 | 03/01/29 | 129,466 | |||||||||||||
Transcontinental Gas Pipe Line Co. LLC |
| |||||||||||||||
50,000 | 5.400 | 08/15/41 | 49,086 | |||||||||||||
40,000 | 3.950 | 05/15/50 | 31,269 | |||||||||||||
Valero Energy Corp. |
| |||||||||||||||
84,000 | 3.400 | 09/15/26 | 80,337 | |||||||||||||
15,000 | 4.900 | 03/15/45 | 13,539 | |||||||||||||
60,000 | 3.650 | 12/01/51 | 42,394 | |||||||||||||
Williams Cos., Inc. (The) |
| |||||||||||||||
200,000 | 3.750 | 06/15/27 | 192,492 | |||||||||||||
15,000 | 6.300 | 04/15/40 | 15,607 | |||||||||||||
140,000 | 4.900 | 01/15/45 | 124,008 | |||||||||||||
XTO Energy, Inc. |
| |||||||||||||||
50,000 | 6.750 | 08/01/37 | 56,769 | |||||||||||||
|
| |||||||||||||||
5,939,354 | ||||||||||||||||
| ||||||||||||||||
Financial Company – 0.2% |
| |||||||||||||||
Air Lease Corp. |
| |||||||||||||||
300,000 | 2.200 | 01/15/27 | 274,949 | |||||||||||||
Ally Financial, Inc. |
| |||||||||||||||
(SOFR + 3.260%) | ||||||||||||||||
100,000 | 6.992 | 06/13/29(c) | 102,954 | |||||||||||||
Blackstone Private Credit Fund |
| |||||||||||||||
150,000 | 3.250 | 03/15/27 | 137,304 | |||||||||||||
GATX Corp. |
| |||||||||||||||
50,000 | 4.000 | 06/30/30 | 46,473 | |||||||||||||
GE Capital Funding LLC |
| |||||||||||||||
300,000 | 4.550 | 05/15/32 | 287,418 | |||||||||||||
GE Capital International Funding Co Unlimited Co. |
| |||||||||||||||
200,000 | 4.418 | 11/15/35 | 187,181 | |||||||||||||
|
| |||||||||||||||
1,036,279 | ||||||||||||||||
| ||||||||||||||||
Food and Beverage – 0.4% |
| |||||||||||||||
Coca-Cola Co. (The) |
| |||||||||||||||
50,000 | 2.250 | 01/05/32 | 42,174 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Food and Beverage – (continued) |
| |||||||||||||||
Coca-Cola Co. (The) – (continued) |
| |||||||||||||||
$ | 187,000 | 3.000 | % | 03/05/51 | $ | 131,764 | ||||||||||
Conagra Brands, Inc. |
| |||||||||||||||
100,000 | 1.375 | 11/01/27 | 87,143 | |||||||||||||
Constellation Brands, Inc. |
| |||||||||||||||
40,000 | 3.150 | 08/01/29 | 36,368 | |||||||||||||
117,000 | 4.750 | 05/09/32 | 113,076 | |||||||||||||
Hershey Co. (The) |
| |||||||||||||||
40,000 | 3.375 | 08/15/46 | 30,220 | |||||||||||||
42,000 | 3.125 | 11/15/49 | 30,216 | |||||||||||||
J M Smucker Co. (The) |
| |||||||||||||||
40,000 | 2.125 | 03/15/32 | 31,879 | |||||||||||||
15,000 | 4.375 | 03/15/45 | 12,428 | |||||||||||||
100,000 | 3.550 | 03/15/50 | 70,011 | |||||||||||||
Kellanova |
| |||||||||||||||
100,000 | 4.500 | 04/01/46 | 85,463 | |||||||||||||
Keurig Dr Pepper, Inc. |
| |||||||||||||||
100,000 | 4.420 | 12/15/46 | 84,754 | |||||||||||||
100,000 | 4.500 | 04/15/52 | 84,817 | |||||||||||||
Kraft Heinz Foods Co. |
| |||||||||||||||
43,000 | 3.000 | 06/01/26 | 41,067 | |||||||||||||
40,000 | 3.875 | 05/15/27 | 38,571 | |||||||||||||
80,000 | 3.750 | 04/01/30 | 74,909 | |||||||||||||
22,000 | 5.000 | 07/15/35 | 21,573 | |||||||||||||
111,000 | 5.200 | 07/15/45 | 103,975 | |||||||||||||
52,000 | 4.375 | 06/01/46 | 43,302 | |||||||||||||
40,000 | 4.875 | 10/01/49 | 35,689 | |||||||||||||
McCormick & Co., Inc. |
| |||||||||||||||
60,000 | 2.500 | 04/15/30 | 51,388 | |||||||||||||
Molson Coors Beverage Co. |
| |||||||||||||||
120,000 | 4.200 | 07/15/46 | 98,103 | |||||||||||||
PepsiCo, Inc. |
| |||||||||||||||
126,000 | 3.500 | 07/17/25 | 123,428 | |||||||||||||
146,000 | 2.750 | 03/19/30 | 130,299 | |||||||||||||
44,000 | 4.600 | 07/17/45 | 39,767 | |||||||||||||
84,000 | 4.650 | 02/15/53 | 78,676 | |||||||||||||
Sysco Corp. |
| |||||||||||||||
80,000 | 2.400 | 02/15/30 | 68,971 | |||||||||||||
|
| |||||||||||||||
1,790,031 | ||||||||||||||||
| ||||||||||||||||
Healthcare – 1.0% |
| |||||||||||||||
Aetna, Inc. |
| |||||||||||||||
40,000 | 4.750 | 03/15/44 | 34,704 | |||||||||||||
Bio-Rad Laboratories, Inc. |
| |||||||||||||||
100,000 | 3.700 | 03/15/32 | 88,830 | |||||||||||||
Cigna Group (The) |
| |||||||||||||||
400,000 | 4.375 | 10/15/28 | 390,080 | |||||||||||||
200,000 | 4.900 | 12/15/48 | 178,271 | |||||||||||||
CVS Health Corp. |
| |||||||||||||||
200,000 | 3.250 | 08/15/29 | 182,356 | |||||||||||||
250,000 | 3.750 | 04/01/30 | 230,907 | |||||||||||||
76,000 | 1.750 | 08/21/30 | 61,807 | |||||||||||||
280,000 | 4.780 | 03/25/38 | 256,219 | |||||||||||||
316,000 | 5.050 | 03/25/48 | 282,004 | |||||||||||||
85,000 | 4.250 | 04/01/50 | 68,468 | |||||||||||||
Elevance Health, Inc. |
| |||||||||||||||
92,000 | 2.550 | 03/15/31 | 77,781 | |||||||||||||
15,000 | 4.650 | 08/15/44 | 13,466 | |||||||||||||
40,000 | 4.850 | 08/15/54 | 34,214 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Healthcare – (continued) |
| |||||||||||||||
Evernorth Health, Inc. |
| |||||||||||||||
$ | 120,000 | 4.500 | % | 02/25/26 | $ | 118,451 | ||||||||||
HCA, Inc. |
| |||||||||||||||
70,000 | 5.875 | 02/15/26 | 70,350 | |||||||||||||
46,000 | 5.250 | 06/15/26 | 45,770 | |||||||||||||
90,000 | 5.375 | 09/01/26 | 89,775 | |||||||||||||
40,000 | 4.500 | 02/15/27 | 39,150 | |||||||||||||
25,000 | 5.625 | 09/01/28 | 25,187 | |||||||||||||
205,000 | 5.875 | 02/01/29 | 208,844 | |||||||||||||
75,000 | 4.125 | 06/15/29 | 70,615 | |||||||||||||
50,000 | 3.500 | 09/01/30 | 44,714 | |||||||||||||
40,000 | 5.500 | 06/15/47 | 37,325 | |||||||||||||
200,000 | 5.900 | 06/01/53 | 195,869 | |||||||||||||
Humana, Inc. |
| |||||||||||||||
100,000 | 2.150 | 02/03/32 | 79,370 | |||||||||||||
McKesson Corp. |
| |||||||||||||||
200,000 | 3.950 | 02/16/28 | 194,822 | |||||||||||||
Quest Diagnostics, Inc. |
| |||||||||||||||
100,000 | 2.800 | 06/30/31 | 85,752 | |||||||||||||
UnitedHealth Group, Inc. |
| |||||||||||||||
400,000 | 4.250 | 01/15/29 | 389,985 | |||||||||||||
190,000 | 4.625 | 07/15/35 | 183,402 | |||||||||||||
74,000 | 4.750 | 07/15/45 | 68,781 | |||||||||||||
160,000 | 3.750 | 10/15/47 | 125,139 | |||||||||||||
25,000 | 2.900 | 05/15/50 | 16,801 | |||||||||||||
300,000 | 5.200 | 04/15/63 | 288,103 | |||||||||||||
|
| |||||||||||||||
4,277,312 | ||||||||||||||||
| ||||||||||||||||
Insurance – 0.9% |
| |||||||||||||||
Allstate Corp. (The) |
| |||||||||||||||
120,000 | 3.850 | 08/10/49 | 93,773 | |||||||||||||
American International Group, Inc. |
| |||||||||||||||
100,000 | 4.750 | 04/01/48 | 90,815 | |||||||||||||
American International Group, Inc., Series A-9 |
| |||||||||||||||
(3M USD LIBOR + 2.868%) | ||||||||||||||||
140,000 | 5.750 | 04/01/48(c) | 138,640 | |||||||||||||
Aon Global Ltd. |
| |||||||||||||||
100,000 | 4.600 | 06/14/44 | 86,169 | |||||||||||||
Arch Capital Group Ltd. |
| |||||||||||||||
90,000 | 3.635 | 06/30/50 | 66,142 | |||||||||||||
Arch Capital Group US, Inc. |
| |||||||||||||||
40,000 | 5.144 | 11/01/43 | 37,311 | |||||||||||||
Assurant, Inc. |
| |||||||||||||||
100,000 | 2.650 | 01/15/32 | 79,856 | |||||||||||||
AXIS Specialty Finance LLC |
| |||||||||||||||
40,000 | 3.900 | 07/15/29 | 37,510 | |||||||||||||
Berkshire Hathaway Finance Corp. |
| |||||||||||||||
200,000 | 4.200 | 08/15/48 | 175,478 | |||||||||||||
92,000 | 4.250 | 01/15/49 | 80,849 | |||||||||||||
Berkshire Hathaway, Inc. |
| |||||||||||||||
118,000 | 3.125 | 03/15/26 | 114,093 | |||||||||||||
Brighthouse Financial, Inc. |
| |||||||||||||||
40,000 | 5.625 | 05/15/30 | 39,892 | |||||||||||||
75,000 | 4.700 | 06/22/47 | 58,023 | |||||||||||||
Chubb INA Holdings, Inc. |
| |||||||||||||||
150,000 | 3.350 | 05/03/26 | 144,896 | |||||||||||||
42,000 | 1.375 | 09/15/30 | 34,141 | |||||||||||||
116,000 | 3.050 | 12/15/61 | 77,327 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Insurance – (continued) |
| |||||||||||||||
CNO Financial Group, Inc. |
| |||||||||||||||
$ | 200,000 | 5.250 | % | 05/30/29 | $ | 194,000 | ||||||||||
Fidelity National Financial, Inc. |
| |||||||||||||||
230,000 | 3.400 | 06/15/30 | 202,770 | |||||||||||||
Hartford Financial Services Group, Inc. (The) |
| |||||||||||||||
30,000 | 3.600 | 08/19/49 | 22,758 | |||||||||||||
Jackson Financial, Inc. |
| |||||||||||||||
100,000 | 3.125 | 11/23/31 | 82,565 | |||||||||||||
Marsh & McLennan Cos., Inc. |
| |||||||||||||||
100,000 | 2.375 | 12/15/31 | 83,380 | |||||||||||||
100,000 | 4.350 | 01/30/47 | 85,192 | |||||||||||||
MetLife, Inc. |
| |||||||||||||||
126,000 | 5.375 | 07/15/33 | 126,552 | |||||||||||||
15,000 | 4.125 | 08/13/42 | 12,759 | |||||||||||||
80,000 | 4.600 | 05/13/46 | 71,464 | |||||||||||||
Old Republic International Corp. |
| |||||||||||||||
150,000 | 3.875 | 08/26/26 | 144,781 | |||||||||||||
PartnerRe Finance B LLC |
| |||||||||||||||
92,000 | 3.700 | 07/02/29 | 86,363 | |||||||||||||
| (US 5 Year CMT T-Note + 3.815%) |
| ||||||||||||||
255,000 | 4.500 | 10/01/50(c) | 227,882 | |||||||||||||
Progressive Corp. (The) |
| |||||||||||||||
100,000 | 4.125 | 04/15/47 | 84,196 | |||||||||||||
Prudential Financial, Inc. |
| |||||||||||||||
40,000 | 3.935 | 12/07/49 | 31,787 | |||||||||||||
Prudential Financial, Inc., MTN |
| |||||||||||||||
15,000 | 6.625 | 06/21/40 | 16,636 | |||||||||||||
50,000 | 4.600 | 05/15/44 | 44,597 | |||||||||||||
62,000 | 4.418 | 03/27/48 | 53,189 | |||||||||||||
15,000 | 4.350 | 02/25/50 | 12,666 | |||||||||||||
60,000 | 3.700 | 03/13/51 | 45,778 | |||||||||||||
Reinsurance Group of America, Inc. |
| |||||||||||||||
430,000 | 3.900 | 05/15/29 | 406,419 | |||||||||||||
Travelers Cos., Inc. (The) |
| |||||||||||||||
92,000 | 3.750 | 05/15/46 | 73,579 | |||||||||||||
Voya Financial, Inc. |
| |||||||||||||||
(3M USD LIBOR + 2.084%) | ||||||||||||||||
40,000 | 4.700 | 01/23/48(c) | 33,943 | |||||||||||||
W R Berkley Corp. |
| |||||||||||||||
40,000 | 4.750 | 08/01/44 | 34,728 | |||||||||||||
Willis North America, Inc. |
| |||||||||||||||
200,000 | 5.050 | 09/15/48 | 179,743 | |||||||||||||
|
| |||||||||||||||
3,712,642 | ||||||||||||||||
| ||||||||||||||||
Media Non Cable – 0.3% |
| |||||||||||||||
FactSet Research Systems, Inc. |
| |||||||||||||||
50,000 | 2.900 | 03/01/27 | 46,788 | |||||||||||||
Omnicom Group, Inc. |
| |||||||||||||||
163,000 | 2.450 | 04/30/30 | 139,375 | |||||||||||||
80,000 | 4.200 | 06/01/30 | 75,552 | |||||||||||||
Paramount Global |
| |||||||||||||||
300,000 | 4.200 | 05/19/32 | 243,728 | |||||||||||||
180,000 | 4.950 | 05/19/50 | 128,333 | |||||||||||||
Warnermedia Holdings, Inc. |
| |||||||||||||||
300,000 | 4.279 | 03/15/32 | 264,702 | |||||||||||||
200,000 | 5.050 | 03/15/42 | 167,729 |
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 | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Media Non Cable – (continued) |
| |||||||||||||||
Warnermedia Holdings, Inc. – (continued) |
| |||||||||||||||
$ | 200,000 | 5.141 | % | 03/15/52 | $ | 162,219 | ||||||||||
|
| |||||||||||||||
1,228,426 | ||||||||||||||||
| ||||||||||||||||
Metals – 0.1% |
| |||||||||||||||
Nucor Corp. |
| |||||||||||||||
152,000 | 3.950 | 05/23/25 | 149,672 | |||||||||||||
150,000 | 3.950 | 05/01/28 | 144,946 | |||||||||||||
Steel Dynamics, Inc. |
| |||||||||||||||
80,000 | 3.450 | 04/15/30 | 72,700 | |||||||||||||
145,000 | 3.250 | 01/15/31 | 128,869 | |||||||||||||
|
| |||||||||||||||
496,187 | ||||||||||||||||
| ||||||||||||||||
Mining – 0.0% |
| |||||||||||||||
Freeport-McMoRan, Inc. |
| |||||||||||||||
200,000 | 4.125 | 03/01/28 | 190,250 | |||||||||||||
| ||||||||||||||||
Publishing – 0.0% |
| |||||||||||||||
S&P Global, Inc. |
| |||||||||||||||
126,000 | 2.900 | 03/01/32 | 108,628 | |||||||||||||
| ||||||||||||||||
REITs and Real Estate – 0.8% |
| |||||||||||||||
CBRE Services, Inc. |
| |||||||||||||||
71,000 | 2.500 | 04/01/31 | 58,607 | |||||||||||||
COPT Defense Properties LP |
| |||||||||||||||
430,000 | 2.750 | 04/15/31 | 346,497 | |||||||||||||
Digital Realty Trust LP |
| |||||||||||||||
490,000 | 3.700 | 08/15/27 | 468,082 | |||||||||||||
Equinix, Inc. |
| |||||||||||||||
82,000 | 3.900 | 04/15/32 | 74,357 | |||||||||||||
95,000 | 3.000 | 07/15/50 | 61,677 | |||||||||||||
GLP Capital LP / GLP Financing II, Inc. |
| |||||||||||||||
90,000 | 5.250 | 06/01/25 | 89,163 | |||||||||||||
40,000 | 5.750 | 06/01/28 | 39,798 | |||||||||||||
50,000 | 5.300 | 01/15/29 | 48,642 | |||||||||||||
85,000 | 4.000 | 01/15/30 | 76,652 | |||||||||||||
51,000 | 4.000 | 01/15/31 | 45,009 | |||||||||||||
Invitation Homes Operating Partnership LP |
| |||||||||||||||
300,000 | 2.000 | 08/15/31 | 235,282 | |||||||||||||
Kimco Realty OP LLC |
| |||||||||||||||
268,000 | 3.200 | 04/01/32 | 227,849 | |||||||||||||
Mid-America Apartments LP |
| |||||||||||||||
100,000 | 2.875 | 09/15/51 | 64,029 | |||||||||||||
Prologis LP |
| |||||||||||||||
80,000 | 4.000 | 09/15/28 | 76,975 | |||||||||||||
84,000 | 2.250 | 04/15/30 | 72,144 | |||||||||||||
40,000 | 1.250 | 10/15/30 | 31,818 | |||||||||||||
62,000 | 2.125 | 10/15/50 | 33,969 | |||||||||||||
Realty Income Corp. |
| |||||||||||||||
200,000 | 5.625 | 10/13/32 | 203,188 | |||||||||||||
Sabra Health Care LP |
| |||||||||||||||
85,000 | 5.125 | 08/15/26 | 83,198 | |||||||||||||
100,000 | 3.200 | 12/01/31 | 81,062 | |||||||||||||
Simon Property Group LP |
| |||||||||||||||
140,000 | 2.450 | 09/13/29 | 122,286 | |||||||||||||
70,000 | 2.200 | 02/01/31 | 57,644 | |||||||||||||
84,000 | 2.650 | 02/01/32 | 70,031 | |||||||||||||
10,000 | 6.750 | 02/01/40 | 11,131 | |||||||||||||
190,000 | 5.850 | 03/08/53 | 192,158 | |||||||||||||
UDR, Inc., MTN |
| |||||||||||||||
100,000 | 1.900 | 03/15/33 | 75,143 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
REITs and Real Estate – (continued) |
| |||||||||||||||
Welltower OP LLC |
| |||||||||||||||
$ | 200,000 | 4.000 | % | 06/01/25 | $ | 196,432 | ||||||||||
200,000 | 4.250 | 04/15/28 | 193,419 | |||||||||||||
|
| |||||||||||||||
3,336,242 | ||||||||||||||||
| ||||||||||||||||
Revenue – 0.1% |
| |||||||||||||||
California Institute of Technology |
| |||||||||||||||
15,000 | 3.650 | 09/01/19 | 10,370 | |||||||||||||
Hackensack Meridian Health, Inc., Series 2020 |
| |||||||||||||||
15,000 | 2.675 | 09/01/41 | 10,612 | |||||||||||||
NYU Langone Hospitals |
| |||||||||||||||
300,000 | 4.784 | 07/01/44 | 276,121 | |||||||||||||
Stanford Health Care |
| |||||||||||||||
100,000 | 3.027 | 08/15/51 | 68,751 | |||||||||||||
University of Chicago (The), Series 20B |
| |||||||||||||||
40,000 | 2.761 | 04/01/45 | 30,997 | |||||||||||||
Yale University, Series 2020 |
| |||||||||||||||
190,000 | 1.482 | 04/15/30 | 158,702 | |||||||||||||
80,000 | 2.402 | 04/15/50 | 51,090 | |||||||||||||
|
| |||||||||||||||
606,643 | ||||||||||||||||
| ||||||||||||||||
Software – 0.3% |
| |||||||||||||||
Oracle Corp. |
| |||||||||||||||
701,000 | 2.300 | 03/25/28 | 629,081 | |||||||||||||
210,000 | 4.900 | 02/06/33 | 202,971 | |||||||||||||
300,000 | 3.600 | 04/01/40 | 233,029 | |||||||||||||
326,000 | 4.000 | 07/15/46 | 251,703 | |||||||||||||
Salesforce, Inc. |
| |||||||||||||||
20,000 | 2.900 | 07/15/51 | 13,320 | |||||||||||||
|
| |||||||||||||||
1,330,104 | ||||||||||||||||
| ||||||||||||||||
Technology – 1.8% |
| |||||||||||||||
Adobe, Inc. |
| |||||||||||||||
40,000 | 2.300 | 02/01/30 | 34,933 | |||||||||||||
Alphabet, Inc. |
| |||||||||||||||
150,000 | 2.250 | 08/15/60 | 86,440 | |||||||||||||
Apple, Inc. |
| |||||||||||||||
50,000 | 3.200 | 05/13/25 | 48,949 | |||||||||||||
84,000 | 4.421 | 05/08/26 | 83,709 | |||||||||||||
114,000 | 2.450 | 08/04/26 | 108,084 | |||||||||||||
15,000 | 3.350 | 02/09/27 | 14,458 | |||||||||||||
15,000 | 3.200 | 05/11/27 | 14,351 | |||||||||||||
60,000 | 2.900 | 09/12/27 | 56,579 | |||||||||||||
40,000 | 1.650 | 02/08/31 | 32,980 | |||||||||||||
45,000 | 4.500 | 02/23/36 | 44,327 | |||||||||||||
80,000 | 3.850 | 05/04/43 | 68,260 | |||||||||||||
80,000 | 4.450 | 05/06/44 | 75,036 | |||||||||||||
100,000 | 3.450 | 02/09/45 | 79,162 | |||||||||||||
126,000 | 4.650 | 02/23/46 | 118,866 | |||||||||||||
50,000 | 4.250 | 02/09/47 | 44,847 | |||||||||||||
50,000 | 3.750 | 11/13/47 | 40,854 | |||||||||||||
300,000 | 2.650 | 02/08/51 | 192,723 | |||||||||||||
44,000 | 2.550 | 08/20/60 | 26,929 | |||||||||||||
Applied Materials, Inc. |
| |||||||||||||||
125,000 | 3.900 | 10/01/25 | 122,873 | |||||||||||||
82,000 | 3.300 | 04/01/27 | 78,609 | |||||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. |
| |||||||||||||||
152,000 | 3.875 | 01/15/27 | 147,260 | |||||||||||||
Broadcom, Inc. |
| |||||||||||||||
300,000 | 4.110 | 09/15/28 | 287,578 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Technology – (continued) |
| |||||||||||||||
Broadcom, Inc. – (continued) |
| |||||||||||||||
$ | 90,000 | 3.469 | % | 04/15/34(e) | $ | 76,299 | ||||||||||
60,000 | 3.187 | 11/15/36(e) | 47,236 | |||||||||||||
160,000 | 3.500 | 02/15/41(e) | 121,758 | |||||||||||||
Cisco Systems, Inc. |
| |||||||||||||||
300,000 | 4.850 | 02/26/29 | 300,297 | |||||||||||||
200,000 | 5.050 | 02/26/34 | 200,934 | |||||||||||||
Corning, Inc. |
| |||||||||||||||
67,000 | 5.350 | 11/15/48 | 64,344 | |||||||||||||
45,000 | 4.375 | 11/15/57 | 36,884 | |||||||||||||
Dell International LLC / EMC Corp. |
| |||||||||||||||
152,000 | 6.020 | 06/15/26 | 153,866 | |||||||||||||
137,000 | 4.900 | 10/01/26 | 136,007 | |||||||||||||
150,000 | 5.250 | 02/01/28 | 151,016 | |||||||||||||
66,000 | 5.750 | 02/01/33 | 68,038 | |||||||||||||
Fiserv, Inc. |
| |||||||||||||||
500,000 | 3.200 | 07/01/26 | 478,160 | |||||||||||||
175,000 | 4.400 | 07/01/49 | 146,348 | |||||||||||||
Hewlett Packard Enterprise Co. |
| |||||||||||||||
100,000 | 6.350 | 10/15/45 | 103,254 | |||||||||||||
Intel Corp. |
| |||||||||||||||
500,000 | 4.875 | 02/10/28 | 500,190 | |||||||||||||
377,000 | 5.700 | 02/10/53 | 384,205 | |||||||||||||
International Business Machines Corp. |
| |||||||||||||||
402,000 | 4.500 | 02/06/26 | 398,126 | |||||||||||||
15,000 | 5.875 | 11/29/32 | 15,822 | |||||||||||||
150,000 | 4.150 | 05/15/39 | 131,013 | |||||||||||||
250,000 | 4.000 | 06/20/42 | 208,284 | |||||||||||||
Jabil, Inc. |
| |||||||||||||||
80,000 | 3.600 | 01/15/30 | 71,940 | |||||||||||||
KLA Corp. |
| |||||||||||||||
60,000 | 3.300 | 03/01/50 | 43,246 | |||||||||||||
Kyndryl Holdings, Inc. |
| |||||||||||||||
227,000 | 2.700 | 10/15/28 | 198,743 | |||||||||||||
42,000 | 3.150 | 10/15/31 | 34,658 | |||||||||||||
70,000 | 4.100 | 10/15/41 | 52,258 | |||||||||||||
Lam Research Corp. |
| |||||||||||||||
40,000 | 3.125 | 06/15/60 | 26,204 | |||||||||||||
Leidos, Inc. |
| |||||||||||||||
100,000 | 4.375 | 05/15/30 | 94,625 | |||||||||||||
Meta Platforms, Inc. |
| |||||||||||||||
300,000 | 4.950 | 05/15/33 | 300,123 | |||||||||||||
Microsoft Corp. |
| |||||||||||||||
65,000 | 3.300 | 02/06/27 | 62,870 | |||||||||||||
15,000 | 3.500 | 02/12/35 | 13,633 | |||||||||||||
143,000 | 4.200 | 11/03/35 | 137,387 | |||||||||||||
104,000 | 4.250 | 02/06/47 | 95,641 | |||||||||||||
300,000 | 2.525 | 06/01/50 | 193,247 | |||||||||||||
84,000 | 4.000 | 02/12/55 | 72,083 | |||||||||||||
20,000 | 2.675 | 06/01/60 | 12,644 | |||||||||||||
Motorola Solutions, Inc. |
| |||||||||||||||
158,000 | 2.750 | 05/24/31 | 131,449 | |||||||||||||
NVIDIA Corp. |
| |||||||||||||||
76,000 | 3.500 | 04/01/50 | 59,770 | |||||||||||||
QUALCOMM, Inc. |
| |||||||||||||||
76,000 | 4.300 | 05/20/47 | 66,284 | |||||||||||||
Texas Instruments, Inc. |
| |||||||||||||||
400,000 | 4.900 | 03/14/33 | 400,665 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Technology – (continued) |
| |||||||||||||||
VeriSign, Inc. |
| |||||||||||||||
$ | 118,000 | 2.700 | % | 06/15/31 | $ | 98,235 | ||||||||||
|
| |||||||||||||||
7,695,593 | ||||||||||||||||
| ||||||||||||||||
Transportation – 0.5% |
| |||||||||||||||
Burlington Northern Santa Fe LLC |
| |||||||||||||||
302,000 | 5.200 | 04/15/54 | 296,896 | |||||||||||||
CSX Corp. |
| |||||||||||||||
250,000 | 4.100 | 11/15/32 | 233,795 | |||||||||||||
100,000 | 4.500 | 11/15/52 | 88,058 | |||||||||||||
FedEx Corp. |
| |||||||||||||||
40,000 | 3.900 | 02/01/35 | 35,314 | |||||||||||||
126,000 | 4.750 | 11/15/45 | 111,069 | |||||||||||||
40,000 | 4.400 | 01/15/47 | 33,276 | |||||||||||||
40,000 | 4.950 | 10/17/48 | 36,373 | |||||||||||||
Norfolk Southern Corp. |
| |||||||||||||||
200,000 | 5.350 | 08/01/54 | 195,968 | |||||||||||||
Union Pacific Corp. |
| |||||||||||||||
40,000 | 3.700 | 03/01/29 | 38,182 | |||||||||||||
300,000 | 4.500 | 01/20/33 | 290,548 | |||||||||||||
70,000 | 4.050 | 03/01/46 | 57,619 | |||||||||||||
10,000 | 4.500 | 09/10/48 | 8,835 | |||||||||||||
80,000 | 3.799 | 10/01/51 | 63,539 | |||||||||||||
60,000 | 3.839 | 03/20/60 | 45,784 | |||||||||||||
15,000 | 3.750 | 02/05/70 | 10,982 | |||||||||||||
Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 |
| |||||||||||||||
181,330 | 2.695 | 05/12/27 | 168,809 | |||||||||||||
United Parcel Service, Inc. |
| |||||||||||||||
400,000 | 4.875 | 03/03/33 | 398,215 | |||||||||||||
|
| |||||||||||||||
2,113,262 | ||||||||||||||||
| ||||||||||||||||
Water – 0.0% |
| |||||||||||||||
Essential Utilities, Inc. |
| |||||||||||||||
100,000 | 3.351 | 04/15/50 | 69,021 | |||||||||||||
| ||||||||||||||||
Wireless – 1.0% |
| |||||||||||||||
American Tower Corp. |
| |||||||||||||||
84,000 | 3.375 | 10/15/26 | 80,223 | |||||||||||||
160,000 | 3.600 | 01/15/28 | 151,036 | |||||||||||||
40,000 | 3.950 | 03/15/29 | 37,568 | |||||||||||||
42,000 | 3.700 | 10/15/49 | 30,867 | |||||||||||||
20,000 | 3.100 | 06/15/50 | 13,054 | |||||||||||||
AT&T, Inc. |
| |||||||||||||||
50,000 | 1.650 | 02/01/28 | 44,071 | |||||||||||||
88,000 | 2.750 | 06/01/31 | 74,892 | |||||||||||||
395,000 | 2.250 | 02/01/32 | 316,961 | |||||||||||||
250,000 | 4.500 | 05/15/35 | 231,064 | |||||||||||||
400,000 | 3.500 | 06/01/41 | 306,395 | |||||||||||||
140,000 | 3.650 | 06/01/51 | 100,630 | |||||||||||||
100,000 | 3.300 | 02/01/52 | 68,532 | |||||||||||||
255,000 | 3.500 | 09/15/53 | 176,916 | |||||||||||||
265,000 | 3.550 | 09/15/55 | 181,573 | |||||||||||||
Crown Castle, Inc. |
| |||||||||||||||
400,000 | 5.800 | 03/01/34 | 405,138 | |||||||||||||
T-Mobile USA, Inc. |
| |||||||||||||||
110,000 | 3.750 | 04/15/27 | 105,869 | |||||||||||||
50,000 | 4.750 | 02/01/28 | 49,187 | |||||||||||||
300,000 | 4.950 | 03/15/28 | 298,654 | |||||||||||||
340,000 | 4.500 | 04/15/50 | 289,428 | |||||||||||||
100,000 | 5.650 | 01/15/53 | 100,404 |
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 | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Wireless – (continued) |
| |||||||||||||||
Verizon Communications, Inc. |
| |||||||||||||||
$ | 500,000 | 0.850 | % | 11/20/25 | $ | 464,398 | ||||||||||
145,000 | 3.000 | 03/22/27 | 136,916 | |||||||||||||
152,000 | 2.355 | 03/15/32 | 123,309 | |||||||||||||
290,000 | 3.400 | 03/22/41 | 223,969 | |||||||||||||
474,000 | 3.550 | 03/22/51 | 346,999 | |||||||||||||
111,000 | 2.987 | 10/30/56 | 70,032 | |||||||||||||
40,000 | 3.700 | 03/22/61 | 28,107 | |||||||||||||
|
| |||||||||||||||
4,456,192 | ||||||||||||||||
| ||||||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $98,498,659) | 91,752,800 | |||||||||||||||
| ||||||||||||||||
U.S. Treasury Bonds – 9.8% |
| |||||||||||||||
U.S. Treasury Bonds |
| |||||||||||||||
3,923,000 | 4.500 | (a) | 02/15/36 | 4,061,368 | ||||||||||||
6,151,000 | 4.375 | (a) | 02/15/38 | 6,226,357 | ||||||||||||
6,088,000 | 3.875 | (a) | 08/15/40 | 5,695,457 | ||||||||||||
15,084,000 | 2.500 | (a) | 02/15/45 | 10,939,463 | ||||||||||||
9,328,000 | 2.500 | (a) | 05/15/46 | 6,680,597 | ||||||||||||
13,294,000 | 2.250 | (a) | 02/15/52 | 8,704,090 | ||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY BONDS (Cost $48,598,054) | 42,307,332 | |||||||||||||||
| ||||||||||||||||
Foreign Corporate Debt – 5.9% |
| |||||||||||||||
Banks – 2.9% |
| |||||||||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) |
| |||||||||||||||
200,000 | 1.125 | 09/18/25 | 187,061 | |||||||||||||
Banco Santander SA (Spain) |
| |||||||||||||||
200,000 | 1.849 | 03/25/26 | 185,902 | |||||||||||||
200,000 | 3.800 | 02/23/28 | 188,174 | |||||||||||||
Bank of Montreal (Canada) |
| |||||||||||||||
400,000 | 5.300 | 06/05/26 | 400,919 | |||||||||||||
Bank of Nova Scotia (The) (Canada) |
| |||||||||||||||
268,000 | 5.250 | 06/12/28 | 269,469 | |||||||||||||
Barclays PLC (United Kingdom) |
| |||||||||||||||
200,000 | 5.200 | 05/12/26 | 197,820 | |||||||||||||
| (US 1 Year CMT T-Note + 3.050%) | |||||||||||||||
300,000 | 7.325 | 11/02/26(c) | 308,019 | |||||||||||||
| (US 1 Year CMT T-Note + 3.000%) | |||||||||||||||
300,000 | 5.746 | 08/09/33(c) | 296,802 | |||||||||||||
Canadian Imperial Bank of Commerce (Canada) |
| |||||||||||||||
300,000 | 5.926 | 10/02/26 | 305,197 | |||||||||||||
Cooperatieve Rabobank UA (Netherlands) |
| |||||||||||||||
300,000 | 5.500 | 10/05/26 | 304,051 | |||||||||||||
Credit Suisse AG (Switzerland) |
| |||||||||||||||
400,000 | 7.500 | 02/15/28 | 430,074 | |||||||||||||
Deutsche Bank AG (Germany) |
| |||||||||||||||
(SOFR + 1.318%) | ||||||||||||||||
449,000 | 2.552 | 01/07/28(c) | 409,249 | |||||||||||||
Export-Import Bank of China (The) (China) |
| |||||||||||||||
284,000 | 3.625 | 07/31/24(e) | 281,570 | |||||||||||||
Export-Import Bank of Korea (South Korea) |
| |||||||||||||||
340,000 | 2.625 | 05/26/26 | 322,818 | |||||||||||||
270,000 | 1.250 | 09/21/30 | 216,538 | |||||||||||||
300,000 | 2.500 | 06/29/41 | 213,346 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
HSBC Holdings PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 3.030%) | ||||||||||||||||
$ | 455,000 | 7.336 | % | 11/03/26(c) | $ | 468,523 | ||||||||||
370,000 | 4.950 | 03/31/30 | 362,901 | |||||||||||||
(SOFR + 1.187%) | ||||||||||||||||
300,000 | 2.804 | 05/24/32(c) | 247,826 | |||||||||||||
(SOFR + 2.390%) | ||||||||||||||||
400,000 | 6.254 | 03/09/34(c) | 416,132 | |||||||||||||
(SOFR + 2.650%) | ||||||||||||||||
200,000 | 6.332 | 03/09/44(c) | 211,281 | |||||||||||||
ING Groep NV (Netherlands) |
| |||||||||||||||
354,000 | 4.550 | 10/02/28 | 344,196 | |||||||||||||
Japan Bank for International Cooperation (Japan) |
| |||||||||||||||
400,000 | 0.625 | 07/15/25 | 376,329 | |||||||||||||
Korea Development Bank (The) (South Korea) |
| |||||||||||||||
270,000 | 0.800 | 07/19/26 | 244,595 | |||||||||||||
340,000 | 4.375 | 02/15/33 | 325,850 | |||||||||||||
Kreditanstalt fuer Wiederaufbau (Germany) |
| |||||||||||||||
500,000 | 0.375 | 07/18/25 | 470,524 | |||||||||||||
Landwirtschaftliche Rentenbank (Germany) |
| |||||||||||||||
70,000 | 0.875 | 03/30/26 | 64,826 | |||||||||||||
Lloyds Banking Group PLC (United Kingdom) |
| |||||||||||||||
| (US 1 Year CMT T-Note + 1.480%) | |||||||||||||||
280,000 | 5.985 | 08/07/27(c) | 281,958 | |||||||||||||
300,000 | 4.375 | 03/22/28 | 289,495 | |||||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
| |||||||||||||||
| (US 1 Year CMT T-Note + 1.950%) | |||||||||||||||
458,000 | 5.017 | 07/20/28(c) | 454,966 | |||||||||||||
| (US 1 Year CMT T-Note + 1.970%) | |||||||||||||||
400,000 | 5.406 | 04/19/34(c) | 403,840 | |||||||||||||
Mizuho Financial Group, Inc. (Japan) |
| |||||||||||||||
| (US 1 Year CMT T-Note + 0.750%) | |||||||||||||||
200,000 | 1.554 | 07/09/27(c) | 183,222 | |||||||||||||
400,000 | 3.170 | 09/11/27 | 374,330 | |||||||||||||
NatWest Group PLC (United Kingdom) |
| |||||||||||||||
| (US 5 Year CMT T-Note + 2.350%) | |||||||||||||||
300,000 | 3.032 | 11/28/35(c) | 248,201 | |||||||||||||
Royal Bank of Canada (Canada) |
| |||||||||||||||
111,000 | 3.875 | 05/04/32 | 102,047 | |||||||||||||
Royal Bank of Canada, GMTN (Canada) |
| |||||||||||||||
126,000 | 5.200 | 07/20/26 | 126,495 | |||||||||||||
172,000 | 2.300 | 11/03/31 | 141,104 | |||||||||||||
Santander UK Group Holdings PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 1.475%) | ||||||||||||||||
282,000 | 2.896 | 03/15/32(c) | 238,266 | |||||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
| |||||||||||||||
400,000 | 5.520 | 01/13/28 | 406,927 | |||||||||||||
400,000 | 5.766 | 01/13/33 | 414,464 | |||||||||||||
Svensk Exportkredit AB, GMTN (Sweden) |
| |||||||||||||||
200,000 | 0.375 | 07/30/24 | 195,991 | |||||||||||||
200,000 | 0.625 | 05/14/25 | 189,573 | |||||||||||||
Westpac Banking Corp. (Australia) |
| |||||||||||||||
84,000 | 2.850 | 05/13/26 | 80,041 |
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 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Westpac Banking Corp. (Australia) – (continued) |
| |||||||||||||||
$ | 75,000 | 3.350 | % | 03/08/27 | $ | 71,751 | ||||||||||
40,000 | 2.150 | 06/03/31 | 33,115 | |||||||||||||
100,000 | 2.963 | 11/16/40 | 68,473 | |||||||||||||
340,000 | 3.133 | 11/18/41 | 236,682 | |||||||||||||
| (US 5 Year CMT T-Note + 2.000%) | |||||||||||||||
10,000 | 4.110 | 07/24/34(c) | 9,153 | |||||||||||||
| (US 5 Year CMT T-Note + 1.530%) | |||||||||||||||
42,000 | 3.020 | 11/18/36(c) | 34,214 | |||||||||||||
|
| |||||||||||||||
12,634,300 | ||||||||||||||||
| ||||||||||||||||
Brokerage – 0.1% |
| |||||||||||||||
Brookfield Finance, Inc. (Canada) |
| |||||||||||||||
300,000 | 4.350 | 04/15/30 | 282,966 | |||||||||||||
15,000 | 3.500 | 03/30/51 | 10,626 | |||||||||||||
Nomura Holdings, Inc. (Japan) |
| |||||||||||||||
300,000 | 5.709 | 01/09/26 | 300,930 | |||||||||||||
|
| |||||||||||||||
594,522 | ||||||||||||||||
| ||||||||||||||||
Capital Goods – 0.0% |
| |||||||||||||||
Johnson Controls International PLC (United States) |
| |||||||||||||||
100,000 | 4.500 | 02/15/47 | 85,502 | |||||||||||||
| ||||||||||||||||
Communications – 0.0% |
| |||||||||||||||
RELX Capital, Inc. (United Kingdom) |
| |||||||||||||||
100,000 | 3.000 | 05/22/30 | 89,497 | |||||||||||||
| ||||||||||||||||
Consumer Cyclical – 0.0% |
| |||||||||||||||
Honda Motor Co. Ltd. (Japan) |
| |||||||||||||||
110,000 | 2.534 | 03/10/27 | 102,661 | |||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 0.1% |
| |||||||||||||||
Ahold Finance USA LLC (Netherlands) |
| |||||||||||||||
128,000 | 6.875 | 05/01/29 | 139,206 | |||||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) |
| |||||||||||||||
84,000 | 6.375 | 05/15/38 | 94,422 | |||||||||||||
Novartis Capital Corp. (Switzerland) |
| |||||||||||||||
126,000 | 2.000 | 02/14/27 | 116,811 | |||||||||||||
Takeda Pharmaceutical Co. Ltd. (Japan) |
| |||||||||||||||
250,000 | 2.050 | 03/31/30 | 210,386 | |||||||||||||
|
| |||||||||||||||
560,825 | ||||||||||||||||
| ||||||||||||||||
Electric – 0.0% |
| |||||||||||||||
Emera U.S. Finance LP (Canada) |
| |||||||||||||||
50,000 | 4.750 | 06/15/46 | 40,682 | |||||||||||||
| ||||||||||||||||
Energy – 0.3% |
| |||||||||||||||
Canadian Natural Resources Ltd. (Canada) |
| |||||||||||||||
85,000 | 6.250 | 03/15/38 | 87,293 | |||||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) |
| |||||||||||||||
100,000 |
| 4.950 | 06/01/47 | 87,496 | ||||||||||||
Cenovus Energy, Inc. (Canada) |
| |||||||||||||||
100,000 | 2.650 | 01/15/32 | 81,908 | |||||||||||||
19,000 | 5.250 | 06/15/37 | 17,733 | |||||||||||||
Enbridge, Inc. (Canada) |
| |||||||||||||||
110,000 | 3.125 | 11/15/29 | 99,375 | |||||||||||||
84,000 | 6.200 | 11/15/30 | 88,111 | |||||||||||||
15,000 | 5.500 | 12/01/46 | 14,483 | |||||||||||||
100,000 | 3.400 | 08/01/51 | 70,400 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Energy – (continued) |
| |||||||||||||||
| (3M U.S. T-Bill MMY + 3.903%) | |||||||||||||||
$ | 15,000 | 6.250 | % | 03/01/78(c) | $ | 14,400 | ||||||||||
TotalEnergies Capital International SA (France) |
| |||||||||||||||
185,000 | 3.455 | 02/19/29 | 174,019 | |||||||||||||
200,000 | 2.829 | 01/10/30 | 180,291 | |||||||||||||
100,000 | 3.127 | 05/29/50 | 69,636 | |||||||||||||
TransCanada PipeLines Ltd. (Canada) |
| |||||||||||||||
250,000 | 4.250 | 05/15/28 | 241,041 | |||||||||||||
Transcanada Trust, Series 16-A (Canada) |
| |||||||||||||||
(3M USD LIBOR + 4.640%) | ||||||||||||||||
200,000 | 5.875 | 08/15/76(c) | 193,000 | |||||||||||||
|
| |||||||||||||||
1,419,186 | ||||||||||||||||
| ||||||||||||||||
Financial Company – 0.1% |
| |||||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| |||||||||||||||
455,000 | 3.300 | 01/30/32 | 384,808 | |||||||||||||
| ||||||||||||||||
Food and Beverage – 0.2% |
| |||||||||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| |||||||||||||||
180,000 | 4.900 | 02/01/46 | 168,626 | |||||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) |
| |||||||||||||||
55,000 | 4.700 | 02/01/36 | 52,701 | |||||||||||||
100,000 | 4.900 | 02/01/46 | 92,688 | |||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| |||||||||||||||
300,000 | 3.500 | 06/01/30 | 277,433 | |||||||||||||
46,000 | 4.375 | 04/15/38 | 42,139 | |||||||||||||
8,000 | 4.600 | 04/15/48 | 7,196 | |||||||||||||
108,000 | 5.550 | 01/23/49 | 110,956 | |||||||||||||
90,000 | 4.750 | 04/15/58 | 81,507 | |||||||||||||
|
| |||||||||||||||
833,246 | ||||||||||||||||
| ||||||||||||||||
Forest Products & Paper – 0.1% |
| |||||||||||||||
Suzano Austria GmbH (Brazil) |
| |||||||||||||||
200,000 | 6.000 | 01/15/29 | 199,669 | |||||||||||||
| ||||||||||||||||
Insurance – 0.1% |
| |||||||||||||||
Fairfax Financial Holdings Ltd. (Canada) |
| |||||||||||||||
400,000 | 3.375 | 03/03/31 | 345,625 | |||||||||||||
| ||||||||||||||||
Internet – 0.1% |
| |||||||||||||||
JD.com, Inc. (China) |
| |||||||||||||||
200,000 | 3.875 | 04/29/26 | 193,892 | |||||||||||||
| ||||||||||||||||
Lodging – 0.1% |
| |||||||||||||||
Sands China Ltd. (Macau) |
| |||||||||||||||
319,000 | 3.250 | 08/08/31 | 265,966 | |||||||||||||
| ||||||||||||||||
Media – 0.0% |
| |||||||||||||||
Grupo Televisa SAB (Mexico) |
| |||||||||||||||
100,000 | 6.625 | 03/18/25 | 100,709 | |||||||||||||
| ||||||||||||||||
Mining – 0.1% |
| |||||||||||||||
Southern Copper Corp. (Mexico) |
| |||||||||||||||
55,000 | 3.875 | 04/23/25 | 53,792 | |||||||||||||
85,000 | 5.875 | 04/23/45 | 84,958 | |||||||||||||
Teck Resources Ltd. (Canada) |
| |||||||||||||||
40,000 | 6.250 | 07/15/41 | 40,129 | |||||||||||||
|
| |||||||||||||||
178,879 | ||||||||||||||||
| ||||||||||||||||
Multi-National – 1.0% |
| |||||||||||||||
Asian Development Bank, GMTN (Supranational) |
| |||||||||||||||
400,000 | 0.625 | 10/08/24 | 389,075 |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Multi-National – (continued) |
| |||||||||||||||
Asian Development Bank, GMTN (Supranational) – (continued) |
| |||||||||||||||
$ | 400,000 | 1.000 | % | 04/14/26 | $ | 370,917 | ||||||||||
400,000 | 2.625 | 01/12/27 | 379,819 | |||||||||||||
400,000 | 2.750 | 01/19/28 | 376,139 | |||||||||||||
European Investment Bank (Supranational) |
| |||||||||||||||
400,000 | 0.375 | 03/26/26 | 367,225 | |||||||||||||
400,000 | 3.875 | 03/15/28 | 392,561 | |||||||||||||
Inter-American Development Bank, GMTN (Supranational) |
| |||||||||||||||
300,000 | 1.750 | 03/14/25 | 290,083 | |||||||||||||
400,000 | 2.000 | 06/02/26 | 377,808 | |||||||||||||
International Bank for Reconstruction & Development, Series GDIF (Supranational) |
| |||||||||||||||
400,000 | 2.500 | 07/29/25 | 387,207 | |||||||||||||
International Finance Corp., GMTN (Supranational) |
| |||||||||||||||
370,000 | 3.625 | 09/15/25 | 363,472 | |||||||||||||
400,000 | 0.750 | 10/08/26 | 363,526 | |||||||||||||
|
| |||||||||||||||
4,057,832 | ||||||||||||||||
| ||||||||||||||||
Oil Company-Integrated – 0.3% |
| |||||||||||||||
Petroleos Mexicanos (Mexico) |
| |||||||||||||||
210,000 | 6.875 | 08/04/26 | 202,082 | |||||||||||||
100,000 | 5.350 | 02/12/28 | 86,648 | |||||||||||||
235,000 | 5.950 | 01/28/31 | 182,463 | |||||||||||||
229,000 | 10.000 | 02/07/33 | 222,158 | |||||||||||||
70,000 | 6.375 | 01/23/45 | 43,322 | |||||||||||||
140,000 | 6.950 | 01/28/60 | 88,753 | |||||||||||||
QatarEnergy (Qatar) |
| |||||||||||||||
284,000 | 3.300 | 07/12/51(e) | 197,313 | |||||||||||||
Saudi Arabian Oil Co. (Saudi Arabia) |
| |||||||||||||||
300,000 | 2.250 | 11/24/30(e) | 251,256 | |||||||||||||
|
| |||||||||||||||
1,273,995 | ||||||||||||||||
| ||||||||||||||||
Pharmaceuticals – 0.1% |
| |||||||||||||||
Astrazeneca Finance LLC (United Kingdom) |
| |||||||||||||||
118,000 | 2.250 | 05/28/31 | 99,457 | |||||||||||||
400,000 | 5.000 | 02/26/34 | 402,205 | |||||||||||||
|
| |||||||||||||||
501,662 | ||||||||||||||||
| ||||||||||||||||
Technology – 0.1% |
| |||||||||||||||
NXP BV / NXP Funding LLC (China) |
| |||||||||||||||
40,000 | 5.350 | 03/01/26 | 39,964 | |||||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. (China) |
| |||||||||||||||
102,000 | 3.400 | 05/01/30 | 91,328 | |||||||||||||
157,000 | 2.500 | 05/11/31 | 129,867 | |||||||||||||
83,000 | 5.000 | 01/15/33 | 80,481 | |||||||||||||
|
| |||||||||||||||
341,640 | ||||||||||||||||
| ||||||||||||||||
Telecommunications – 0.1% |
| |||||||||||||||
America Movil SAB de CV (Mexico) |
| |||||||||||||||
280,000 | 3.625 | 04/22/29 | 260,425 | |||||||||||||
200,000 | 2.875 | 05/07/30 | 175,560 | |||||||||||||
|
| |||||||||||||||
435,985 | ||||||||||||||||
| ||||||||||||||||
Transportation – 0.0% |
| |||||||||||||||
Canadian Pacific Railway Co. (Canada) |
| |||||||||||||||
192,000 | 2.450 | 12/02/31 | 173,814 | |||||||||||||
| ||||||||||||||||
Wirelines – 0.1% |
| |||||||||||||||
Deutsche Telekom International Finance BV (Germany) |
| |||||||||||||||
15,000 | 8.750 | 06/15/30 | 17,706 | |||||||||||||
Orange SA (France) |
| |||||||||||||||
82,000 | 9.000 | 03/01/31 | 99,495 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Wirelines – (continued) |
| |||||||||||||||
Telefonica Emisiones SA (Spain) |
| |||||||||||||||
$ | 260,000 | 4.895 | % | 03/06/48 | $ | 224,746 | ||||||||||
Telefonica Europe BV (Spain) |
| |||||||||||||||
50,000 | 8.250 | 09/15/30 | 56,861 | |||||||||||||
|
| |||||||||||||||
398,808 | ||||||||||||||||
| ||||||||||||||||
TOTAL FOREIGN CORPORATE DEBT (Cost $25,960,545) | 25,213,705 | |||||||||||||||
| ||||||||||||||||
Sovereign Debt Obligations – 2.6% |
| |||||||||||||||
Sovereign – 2.6% |
| |||||||||||||||
Abu Dhabi Government International Bond |
| |||||||||||||||
282,000 | 2.125 | 09/30/24(e) | 276,026 | |||||||||||||
200,000 | 2.500 | 04/16/25(e) | 193,718 | |||||||||||||
200,000 | 1.625 | 06/02/28(e) | 176,368 | |||||||||||||
200,000 | 2.700 | 09/02/70(e) | 115,955 | |||||||||||||
Chile Government International Bond |
| |||||||||||||||
370,000 | 2.750 | 01/31/27 | 346,195 | |||||||||||||
200,000 | 2.450 | 01/31/31 | 170,158 | |||||||||||||
200,000 | 3.860 | 06/21/47 | 157,401 | |||||||||||||
200,000 | 3.500 | 01/25/50 | 145,723 | |||||||||||||
China Government International Bond |
| |||||||||||||||
200,000 | 0.750 | 10/26/24(e) | 194,209 | |||||||||||||
Colombia Government International Bond |
| |||||||||||||||
200,000 | 3.875 | 04/25/27 | 187,957 | |||||||||||||
200,000 | 4.500 | 03/15/29 | 182,568 | |||||||||||||
100,000 | 6.125 | 01/18/41 | 85,493 | |||||||||||||
220,000 | 5.000 | 06/15/45 | 157,630 | |||||||||||||
Finance Department Government of Sharjah |
| |||||||||||||||
300,000 | 4.000 | 07/28/50(e) | 191,155 | |||||||||||||
Hungary Government International Bond |
| |||||||||||||||
300,000 | 6.125 | 05/22/28(e) | 306,623 | |||||||||||||
Indonesia Government International Bond |
| |||||||||||||||
200,000 | 3.850 | 10/15/30 | 186,222 | |||||||||||||
200,000 | 4.650 | 09/20/32 | 193,681 | |||||||||||||
300,000 | 4.850 | 01/11/33 | 295,358 | |||||||||||||
200,000 | 3.700 | 10/30/49 | 154,793 | |||||||||||||
200,000 | 5.650 | 01/11/53 | 207,222 | |||||||||||||
Israel Government International Bond |
| |||||||||||||||
200,000 | 4.500 | 01/17/33 | 186,108 | |||||||||||||
Malaysia Sovereign Sukuk Bhd |
| |||||||||||||||
300,000 | 3.043 | 04/22/25(e) | 293,446 | |||||||||||||
Mexico Government International Bond |
| |||||||||||||||
370,000 | 4.150 | 03/28/27 | 362,165 | |||||||||||||
250,000 | 3.250 | 04/16/30 | 222,021 | |||||||||||||
282,000 | 4.750 | 04/27/32 | 265,522 | |||||||||||||
250,000 | 3.500 | 02/12/34 | 206,528 | |||||||||||||
200,000 | 4.350 | 01/15/47 | 154,383 | |||||||||||||
262,000 | 3.771 | 05/24/61 | 168,162 | |||||||||||||
Panama Government International Bond |
| |||||||||||||||
192,000 | 6.700 | 01/26/36 | 182,880 | |||||||||||||
244,000 | 4.500 | 04/01/56 | 156,770 | |||||||||||||
200,000 | 4.500 | 01/19/63 | 126,000 | |||||||||||||
Perusahaan Penerbit SBSN Indonesia III |
| |||||||||||||||
370,000 | 4.550 | 03/29/26(e) | 367,225 | |||||||||||||
200,000 | 2.800 | 06/23/30(e) | 176,599 | |||||||||||||
200,000 | 2.550 | 06/09/31(e) | 170,134 |
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Sovereign Debt Obligations – (continued) |
| |||||||||||||||
Sovereign – (continued) |
| |||||||||||||||
Peruvian Government International Bond |
| |||||||||||||||
$ | 119,000 | 2.783 | % | 01/23/31 | $ | 101,456 | ||||||||||
150,000 | 1.862 | 12/01/32 | 113,585 | |||||||||||||
100,000 | 8.750 | 11/21/33 | 122,836 | |||||||||||||
85,000 | 3.300 | 03/11/41 | 63,070 | |||||||||||||
Philippine Government International Bond |
| |||||||||||||||
200,000 | 3.750 | 01/14/29 | 189,298 | |||||||||||||
370,000 | 2.457 | 05/05/30 | 319,238 | |||||||||||||
220,000 | 5.609 | 04/13/33 | 227,965 | |||||||||||||
229,000 | 6.375 | 10/23/34 | 251,607 | |||||||||||||
200,000 | 2.650 | 12/10/45 | 132,024 | |||||||||||||
Province of Alberta Canada |
| |||||||||||||||
50,000 | 3.300 | 03/15/28 | 47,615 | |||||||||||||
Province of Ontario Canada |
| |||||||||||||||
30,000 | 1.050 | 05/21/27 | 26,865 | |||||||||||||
30,000 | 1.600 | 02/25/31 | 24,756 | |||||||||||||
Province of Quebec Canada |
| |||||||||||||||
90,000 | 0.600 | 07/23/25 | 84,643 | |||||||||||||
25,000 | 2.750 | 04/12/27 | 23,661 | |||||||||||||
Qatar Government International Bond |
| |||||||||||||||
280,000 | 3.400 | 04/16/25(e) | 274,549 | |||||||||||||
270,000 | 3.750 | 04/16/30(e) | 258,102 | |||||||||||||
200,000 | 4.817 | 03/14/49(e) | 185,274 | |||||||||||||
Republic of Poland Government International Bond |
| |||||||||||||||
30,000 | 3.250 | 04/06/26 | 29,209 | |||||||||||||
100,000 | 5.750 | 11/16/32 | 104,303 | |||||||||||||
Romanian Government International Bond |
| |||||||||||||||
16,000 | 3.000 | 02/14/31(e) | 13,320 | |||||||||||||
132,000 | 5.125 | 06/15/48(e) | 110,045 | |||||||||||||
Saudi Government International Bond |
| |||||||||||||||
300,000 | 2.900 | 10/22/25(e) | 288,596 | |||||||||||||
300,000 | 4.750 | 01/18/28(e) | 297,606 | |||||||||||||
326,000 | 4.875 | 07/18/33(e) | 319,762 | |||||||||||||
300,000 | 5.000 | 01/18/53(e) | 265,369 | |||||||||||||
Uruguay Government International Bond |
| |||||||||||||||
15,000 | 4.375 | 01/23/31 | 14,662 | |||||||||||||
214,000 | 5.100 | 06/18/50 | 205,841 | |||||||||||||
| ||||||||||||||||
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $11,812,040) | 11,057,655 | |||||||||||||||
| ||||||||||||||||
U.S. Government Agency Obligations – 0.2% |
| |||||||||||||||
Federal Home Loan Banks |
| |||||||||||||||
200,000 | 0.375 | 09/04/25 | 187,353 | |||||||||||||
250,000 | 1.250 | 12/21/26 | 228,879 | |||||||||||||
Federal Home Loan Mortgage Corp., MTN |
| |||||||||||||||
700,000 | – | 11/15/38(d) | 346,262 | |||||||||||||
| ||||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $790,093) | 762,494 | |||||||||||||||
| ||||||||||||||||
U.S. Treasury Obligations – 4.4% |
| |||||||||||||||
U.S. Treasury Bonds |
| |||||||||||||||
11,893,000 | 2.750 | (a) | 08/15/42 | 9,260,011 | ||||||||||||
6,192,000 | 2.375 | (a) | 11/15/49 | 4,214,693 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Obligations – (continued) |
| |||||||||||||||
U.S. Treasury Bonds – (continued) |
| |||||||||||||||
$ | 8,449,000 | 2.000 | %(a) | 02/15/50 | $ | 5,262,363 | ||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,998,103) | 18,737,067 | |||||||||||||||
| ||||||||||||||||
Shares | Dividend Rate | Value | ||||||||||||||
Investment Company – 5.8%(f) |
| |||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||
24,871,043 | 5.219% | 24,871,043 | ||||||||||||||
(Cost $24,871,043) |
| |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS – 107.9% (Cost $484,415,966) | $ | 464,096,685 | ||||||||||||||
| ||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (7.9)% | (33,798,476 | ) | ||||||||||||||
| ||||||||||||||||
NET ASSETS – 100.0% | $ | 430,298,209 | ||||||||||||||
|
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. | |
(b) | 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 $42,438,046 which represents approximately 9.9% of the Fund’s net assets as of February 29, 2024. | |
(c) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024. | |
(d) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
(e) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(f) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CMT | —Constant Maturity Treasury Index | |
FNMA | —Federal National Mortgage Association | |
GMTN | —Global Medium Term Note | |
GNMA | —Insured by Government National Mortgage Association | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MMY | —Money Market Yield | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
T-Bill | —Treasury Bill | |
|
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
ADDITIONAL INVESTMENT INFORMATION |
FORWARD SALES CONTRACTS — At February 29, 2024, the Fund had the following forward sales contracts:
Description | Interest Rate | Maturity Date (a) | Settlement Date | Principal Amount | Value | |||||||||||||||||||
| ||||||||||||||||||||||||
FNMA | 2.000% | TBA-15yr | 03/01/54 | $(1,000,000) | $ | (882,109 | ) | |||||||||||||||||
FNMA | 2.500 | TBA-30yr | 03/01/54 | (11,000,000) | (9,038,047 | ) | ||||||||||||||||||
FNMA | 4.500 | TBA-30yr | 03/01/54 | (1,000,000) | (946,563 | ) | ||||||||||||||||||
FNMA | 5.000 | TBA-30yr | 03/01/54 | (2,000,000) | (1,940,000 | ) | ||||||||||||||||||
GNMA | 2.500 | TBA-30yr | 03/01/54 | (1,000,000) | (846,797 | ) | ||||||||||||||||||
| ||||||||||||||||||||||||
Total (Proceed Receivable $13,799,649) | $ | (13,653,516 | ) | |||||||||||||||||||||
|
(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. |
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset-Backed Securities – 27.1% |
| |||||||||||||||
Ally Auto Receivables Trust, Series 2022-1, Class A3 |
| |||||||||||||||
$ | 2,665,362 | 3.310 | % | 11/15/26 | $ | 2,627,514 | ||||||||||
American Express Credit Account Master Trust, Series 2022-2, Class A |
| |||||||||||||||
6,000,000 | 3.390 | 05/15/27 | 5,869,276 | |||||||||||||
American Express Credit Account Master Trust, Series 2023-1, Class A |
| |||||||||||||||
2,100,000 | 4.870 | 05/15/28 | 2,095,402 | |||||||||||||
Anchorage Capital CLO Ltd., Series 2014-4RA, Class A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.312%) | ||||||||||||||||
665,847 | 6.631 | 01/28/31(a)(b) | 666,968 | |||||||||||||
BA Credit Card Trust, Series 2021-A1, Class A1 |
| |||||||||||||||
500,000 | 0.440 | 09/15/26 | 496,855 | |||||||||||||
BA Credit Card Trust, Series 2022-A1, Class A1 |
| |||||||||||||||
3,075,000 | 3.530 | 11/15/27 | 3,009,302 | |||||||||||||
BA Credit Card Trust, Series 2022-A2, Class A2 |
| |||||||||||||||
2,100,000 | 5.000 | 04/15/28 | 2,096,774 | |||||||||||||
Bank of America Auto Trust, Series 2023-2A, Class A2 |
| |||||||||||||||
1,325,000 | 5.850 | 08/17/26(a) | 1,329,027 | |||||||||||||
Barclays Dryrock Issuance Trust, Series 2021-1, Class A |
| |||||||||||||||
2,400,000 | 0.630 | 07/15/27 | 2,336,962 | |||||||||||||
Barclays Dryrock Issuance Trust, Series 2023-2, Class A |
| |||||||||||||||
(SOFR + 0.900%) | ||||||||||||||||
2,050,000 | 6.225 | 08/15/28(b) | 2,053,040 | |||||||||||||
Barings CLO Ltd., Series 2018-3A, Class A1 |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.212%) | ||||||||||||||||
110,360 | 6.529 | 07/20/29(a)(b) | 110,428 | |||||||||||||
BBCMS Mortgage Trust, Series 2018-C2, Class ASB |
| |||||||||||||||
509,531 | 4.236 | 12/15/51 | 493,265 | |||||||||||||
BlueMountain CLO Ltd., Series 2013-2A, Class A1R |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.442%) | ||||||||||||||||
572,224 | 6.759 | 10/22/30(a)(b) | 572,469 | |||||||||||||
BSPDF Issuer Ltd., Series 2021-FL1, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 1.314%) | ||||||||||||||||
1,130,276 | 6.632 | 10/15/36(a)(b) | 1,109,168 | |||||||||||||
BX, Series 2021-MFM1, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.814%) | ||||||||||||||||
76,626 | 6.132 | 01/15/34(a)(b) | 76,051 | |||||||||||||
BX Trust, Series 2021-ARIA, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 1.014%) | ||||||||||||||||
1,300,000 | 6.332 | 10/15/36(a)(b) | 1,281,129 | |||||||||||||
BXHPP Trust, Series 2021-FILM, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.764%) | ||||||||||||||||
1,850,000 | 6.082 | 08/15/36(a)(b) | 1,771,080 | |||||||||||||
Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A |
| |||||||||||||||
4,800,000 | 3.490 | 05/15/27 | 4,701,163 | |||||||||||||
CARDS II Trust, Series 2021-1A, Class A |
| |||||||||||||||
3,125,000 | 0.602 | 04/15/27(a) | 3,106,388 | |||||||||||||
Carlyle US CLO Ltd., Series 2017-2A, Class A1R |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.312%) | ||||||||||||||||
1,685,850 | 6.629 | 07/20/31(a)(b) | 1,687,499 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset-Backed Securities – (continued) |
| |||||||||||||||
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3 |
| |||||||||||||||
$ | 245,000 | 3.865 | % | 01/10/48 | $ | 236,469 | ||||||||||
CIFC Falcon 2020 Ltd., Series 2019-FAL, Class A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.262%) | ||||||||||||||||
3,800,000 | 6.579 | 01/20/33(a)(b) | 3,801,877 | |||||||||||||
CIFC Funding Ltd., Series 2017-2A, Class AR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.212%) | ||||||||||||||||
413,749 | 6.529 | 04/20/30(a)(b) | 414,100 | |||||||||||||
CIFC Funding Ltd., Series 2017-3A, Class A1 |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.482%) | ||||||||||||||||
1,789,416 | 6.799 | 07/20/30(a)(b) | 1,791,923 | |||||||||||||
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 |
| |||||||||||||||
1,300,000 | 5.230 | 12/08/27 | 1,303,119 | |||||||||||||
Citigroup Commercial Mortgage Trust, Series 2014-GC21, Class A5 |
| |||||||||||||||
219,897 | 3.855 | 05/10/47 | 219,007 | |||||||||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB |
| |||||||||||||||
52,891 | 2.984 | 04/10/48 | 52,480 | |||||||||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4 |
| |||||||||||||||
3,000,000 | 3.778 | 09/10/58 | 2,841,593 | |||||||||||||
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3 |
| |||||||||||||||
2,738,532 | 3.050 | 04/10/49 | 2,629,485 | |||||||||||||
COMM Mortgage Trust, Series 2013-CR12, Class A4 |
| |||||||||||||||
86,010 | 4.046 | 10/10/46 | 82,832 | |||||||||||||
COMM Mortgage Trust, Series 2014-CR19, Class A5 |
| |||||||||||||||
3,350,000 | 3.796 | 08/10/47 | 3,326,329 | |||||||||||||
COMM Mortgage Trust, Series 2015-CR24, Class ASB |
| |||||||||||||||
127,568 | 3.445 | 08/10/48 | 126,010 | |||||||||||||
COMM Mortgage Trust, Series 2015-CR25, Class A3 |
| |||||||||||||||
1,967,088 | 3.505 | 08/10/48 | 1,910,358 | |||||||||||||
COMM Mortgage Trust, Series 2015-CR26, Class ASB |
| |||||||||||||||
297,549 | 3.373 | 10/10/48 | 293,135 | |||||||||||||
COMM Mortgage Trust, Series 2016-DC2, Class A4 |
| |||||||||||||||
467,107 | 3.497 | 02/10/49 | 455,407 | |||||||||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 1.027%) | ||||||||||||||||
1,296,774 | 6.345 | 05/15/36(a)(b) | 1,295,970 | |||||||||||||
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4 |
| |||||||||||||||
1,300,000 | 3.718 | 08/15/48 | 1,259,532 | |||||||||||||
DBJPM Mortgage Trust, Series 2016-C3, Class ASB |
| |||||||||||||||
169,873 | 2.756 | 08/10/49 | 164,254 | |||||||||||||
Discover Card Execution Note Trust, Series 2017-A5, Class A5 |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.714%) | ||||||||||||||||
2,000,000 | 6.032 | 12/15/26(b) | 2,002,952 | |||||||||||||
Discover Card Execution Note Trust, Series 2023-A1, Class A |
| |||||||||||||||
2,925,000 | 4.310 | 03/15/28 | 2,886,143 | |||||||||||||
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.162%) | ||||||||||||||||
170,599 | 6.476 | 04/15/29(a)(b) | 170,509 |
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 | |||||||||||||
Asset-Backed Securities – (continued) |
| |||||||||||||||
Edsouth Indenture No 3 LLC, Series 2012-2, Class A |
| |||||||||||||||
(SOFR + 0.844%) | ||||||||||||||||
$ | 13,891 | 6.166 | % | 04/25/39(a)(b) | $ | 13,883 | ||||||||||
Educational Funding of the South, Inc., Series 2011-1, Class A2 |
| |||||||||||||||
(SOFR + 0.912%) | ||||||||||||||||
28,656 | 6.273 | 04/25/35(b) | 28,615 | |||||||||||||
EFS Volunteer LLC, Series 2010-1, Class A2 |
| |||||||||||||||
(SOFR + 1.112%) | ||||||||||||||||
51,047 | 6.473 | 10/25/35(a)(b) | 51,059 | |||||||||||||
Extended Stay America Trust, Series 2021-ESH, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 1.194%) | ||||||||||||||||
1,327,233 | 6.512 | 07/15/38(a)(b) | 1,325,987 | |||||||||||||
Flatiron CLO 19 Ltd., Series 2019-1A, Class AR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.342%) | ||||||||||||||||
1,000,000 | 6.667 | 11/16/34(a)(b) | 1,001,345 | |||||||||||||
Ford Credit Auto Owner Trust, Series 2022-A, Class A3 |
| |||||||||||||||
1,939,170 | 1.290 | 06/15/26 | 1,889,731 | |||||||||||||
Ford Credit Auto Owner Trust, Series 2023-C, Class A2A |
| |||||||||||||||
2,425,000 | 5.680 | 09/15/26 | 2,427,892 | |||||||||||||
GM Financial Automobile Leasing Trust, Series 2023-2, Class A3 |
| |||||||||||||||
5,235,000 | 5.050 | 07/20/26 | 5,213,698 | |||||||||||||
GM Financial Consumer Automobile Receivables Trust, Series 2022-1, Class A3 |
| |||||||||||||||
3,323,952 | 1.260 | 11/16/26 | 3,228,527 | |||||||||||||
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 |
| |||||||||||||||
1,500,000 | 5.340 | 06/15/28(a) | 1,504,797 | |||||||||||||
Goal Capital Funding Trust, Series 2010-1, Class A |
| |||||||||||||||
(3M USD LIBOR + 0.700%) | ||||||||||||||||
86,463 | 6.320 | 08/25/48(a)(b) | 85,860 | |||||||||||||
GoldentTree Loan Management U.S. CLO 1 Ltd., Series 2021-9A, Class A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.332%) | ||||||||||||||||
3,000,000 | 6.649 | 01/20/33(a)(b) | 3,000,111 | |||||||||||||
Great Wolf Trust, Series 2019-WOLF, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 1.348%) | ||||||||||||||||
3,250,000 | 6.666 | 12/15/36(a)(b) | 3,248,045 | |||||||||||||
HalseyPoint CLO Ltd., Series 2020-3A, Class A1A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.712%) | ||||||||||||||||
500,000 | 7.029 | 11/30/32(a)(b) | 500,372 | |||||||||||||
Hayfin US XII Ltd., Series 2018-8A, Class A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.382%) | ||||||||||||||||
2,625,863 | 6.699 | 04/20/31(a)(b) | 2,626,188 | |||||||||||||
Honda Auto Receivables 2021-3 Owner Trust, Series 2021-3, Class A3 |
| |||||||||||||||
485,155 | 0.410 | 11/18/25 | 474,471 | |||||||||||||
Honda Auto Receivables 2021-4 Owner Trust, Series 2021-4, Class A3 |
| |||||||||||||||
1,482,169 | 0.880 | 01/21/26 | 1,442,963 | |||||||||||||
Honda Auto Receivables 2023-2 Owner Trust, Series 2023-2, Class A2 |
| |||||||||||||||
1,732,590 | 5.410 | 04/15/26 | 1,731,308 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset-Backed Securities – (continued) |
| |||||||||||||||
Honda Auto Receivables 2023-4 Owner Trust, Series 2023-4, Class A2 |
| |||||||||||||||
$ | 2,900,000 | 5.870 | % | 06/22/26 | $ | 2,910,729 | ||||||||||
Hyundai Auto Lease Securitization Trust, Series 2022-A, Class A4 |
| |||||||||||||||
3,800,000 | 1.320 | 12/15/25(a) | 3,768,694 | |||||||||||||
Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A2A |
| |||||||||||||||
1,402,458 | 5.470 | 09/15/25(a) | 1,401,407 | |||||||||||||
Hyundai Auto Receivables Trust, Series 2020-C, Class A4 |
| |||||||||||||||
4,000,000 | 0.490 | 11/16/26 | 3,920,073 | |||||||||||||
Hyundai Auto Receivables Trust, Series 2021-C, Class A3 |
| |||||||||||||||
1,131,423 | 0.740 | 05/15/26 | 1,104,326 | |||||||||||||
Hyundai Auto Receivables Trust, Series 2022-C, Class A3 |
| |||||||||||||||
3,625,000 | 5.390 | 06/15/27 | 3,627,630 | |||||||||||||
Hyundai Auto Receivables Trust, Series 2023-C, Class A2A |
| |||||||||||||||
3,050,000 | 5.800 | 01/15/27 | 3,060,871 | |||||||||||||
LCM XV LP, Series 2021-15A, Class AR2 |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.262%) | ||||||||||||||||
1,165,608 | 6.579 | 07/20/30(a)(b) | 1,167,402 | |||||||||||||
Madison Park Funding Ltd., Series 2019-37A, Class AR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.332%) | ||||||||||||||||
1,500,000 | 6.646 | 07/15/33(a)(b) | 1,502,433 | |||||||||||||
Marathon CLO Ltd., Series 2019-1A, Class AANR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.582%) | ||||||||||||||||
2,200,000 | 6.896 | 04/15/32(a)(b) | 2,203,502 | |||||||||||||
Master Credit Card Trust, Series 2021-1A, Class A |
| |||||||||||||||
1,400,000 | 0.530 | 11/21/25(a) | 1,383,589 | |||||||||||||
Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A2 |
| |||||||||||||||
286,520 | 5.260 | 10/15/25 | 286,375 | |||||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3 |
| |||||||||||||||
4,381,080 | 3.058 | 05/15/49 | 4,200,899 | |||||||||||||
Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB |
| |||||||||||||||
325,220 | 2.860 | 11/15/49 | 313,776 | |||||||||||||
Nelnet Student Loan Trust, Series 2016-1A, Class A |
| |||||||||||||||
(SOFR + 0.914%) | ||||||||||||||||
282,292 | 6.236 | 09/25/65(a)(b) | 280,516 | |||||||||||||
Nissan Auto Lease Trust, Series 2023-A, Class A3 |
| |||||||||||||||
6,000,000 | 4.910 | 01/15/26 | 5,974,150 | |||||||||||||
Nissan Auto Lease Trust, Series 2023-B, Class A2A |
| |||||||||||||||
1,608,042 | 5.740 | 08/15/25 | 1,608,443 | |||||||||||||
Northstar Education Finance, Inc., Series 2012-1, Class A |
| |||||||||||||||
(SOFR + 0.814%) | ||||||||||||||||
21,018 | 6.136 | 12/26/31(a)(b) | 20,722 | |||||||||||||
ONE PARK Mortgage Trust, Series 2021-PARK, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.814%) | ||||||||||||||||
908,000 | 6.132 | 03/15/36(a)(b) | 883,736 | |||||||||||||
OZLM Ltd., Series 2015-11A, Class A1R |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.512%) | ||||||||||||||||
102,936 | 6.829 | 10/30/30(a)(b) | 102,922 | |||||||||||||
Regata Funding Ltd., Series 2019-1A, Class AR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.362%) | ||||||||||||||||
2,000,000 | 6.676 | 10/15/32(a)(b) | 2,002,180 |
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset-Backed Securities – (continued) |
| |||||||||||||||
Rhode Island Student Loan Authority, Series 2012-1, Class A1 |
| |||||||||||||||
(SOFR + 1.014%) | ||||||||||||||||
$ | 445,339 | 6.334 | % | 07/01/31(b) | $ | 445,161 | ||||||||||
Rhode Island Student Loan Authority, Series 2014-1, Class A1 |
| |||||||||||||||
(SOFR + 0.814%) | ||||||||||||||||
45,991 | 6.134 | 10/02/28(b) | 45,285 | |||||||||||||
SLC Student Loan Trust, Series 2007-1, Class A4 |
| |||||||||||||||
(SOFR + 0.322%) | ||||||||||||||||
548,119 | 5.681 | 05/15/29(b) | 546,416 | |||||||||||||
SLC Student Loan Trust, Series 2010-1, Class A |
| |||||||||||||||
(SOFR + 1.137%) | ||||||||||||||||
94,361 | 6.495 | 11/25/42(b) | 94,498 | |||||||||||||
SLM Student Loan Trust, Series 2004-10, Class A7B |
| |||||||||||||||
(SOFR + 0.862%) | ||||||||||||||||
32,802 | 6.223 | 10/25/29(a)(b) | 32,801 | |||||||||||||
SOUND POINT CLO XXII Ltd., Series 2019-1A, Class AR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.342%) | ||||||||||||||||
600,000 | 6.659 | 01/20/32(a)(b) | 600,207 | |||||||||||||
Stratus CLO Ltd., Series 2021-2A, Class A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.162%) | ||||||||||||||||
2,871,945 | 6.479 | 12/28/29(a)(b) | 2,873,792 | |||||||||||||
STWD Trust, Series 2021-FLWR, Class A |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.691%) | ||||||||||||||||
1,350,000 | 6.009 | 07/15/36(a)(b) | 1,333,964 | |||||||||||||
TCW CLO AMR Ltd., Series 2019-1A, Class ASNR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.482%) | ||||||||||||||||
1,100,000 | 6.807 | 08/16/34(a)(b) | 1,101,758 | |||||||||||||
TCW CLO Ltd., Series 2019-2A, Class A1R |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.280%) | ||||||||||||||||
3,500,000 | 6.598 | 10/20/32(a)(b) | 3,501,050 | |||||||||||||
TCW CLO Ltd., Series 2022-1A, Class A1 |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.340%) | ||||||||||||||||
3,500,000 | 6.658 | 04/22/33(a)(b) | 3,501,148 | |||||||||||||
Toyota Auto Receivables Owner Trust, Series 2021-D, Class A3 |
| |||||||||||||||
1,400,156 | 0.710 | 04/15/26 | 1,363,931 | |||||||||||||
Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 |
| |||||||||||||||
1,825,000 | 5.300 | 09/15/27 | 1,827,985 | |||||||||||||
Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 |
| |||||||||||||||
2,595,000 | 4.710 | 02/15/28 | 2,576,411 | |||||||||||||
Tralee CLO II Ltd., Series 2013-1A, Class AR |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.582%) | ||||||||||||||||
54,992 | 6.899 | 07/20/29(a)(b) | 55,014 | |||||||||||||
Trimaran Cavu Ltd., Series 2021-1A, Class A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.472%) | ||||||||||||||||
1,000,000 | 6.787 | 04/23/32(a)(b) | 1,000,531 | |||||||||||||
Trysail CLO Ltd., Series 2021-1A, Class A1 |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.582%) | ||||||||||||||||
3,000,000 | 6.899 | 07/20/32(a)(b) | 3,002,301 | |||||||||||||
UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB |
| |||||||||||||||
682,435 | 3.264 | 08/15/50 | 660,567 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset-Backed Securities – (continued) |
| |||||||||||||||
Voya CLO Ltd., Series 2015-1A, Class A1R |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.162%) | ||||||||||||||||
$ | 35,279 | 6.460 | % | 01/18/29(a)(b) | $ | 35,305 | ||||||||||
Voya CLO Ltd., Series 2019-2A, Class A |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.532%) | ||||||||||||||||
700,000 | 6.849 | 07/20/32(a)(b) | 701,197 | |||||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, Class ASB |
| |||||||||||||||
46,374 | 3.487 | 11/15/48 | 45,316 | |||||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A3 |
| |||||||||||||||
1,422,360 | 3.294 | 01/15/59 | 1,370,162 | |||||||||||||
World Omni Automobile Lease Securitization Trust, Series 2023- A, Class A2A |
| |||||||||||||||
1,034,876 | 5.470 | 11/17/25 | 1,033,949 | |||||||||||||
Zais CLO Ltd., Series 2020-15A, Class A1R |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.612%) | ||||||||||||||||
1,000,000 | 6.931 | 07/28/32(a)(b) | 1,000,216 | |||||||||||||
| ||||||||||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $164,732,435) | 165,021,436 | |||||||||||||||
| ||||||||||||||||
Foreign Corporate Debt – 20.8% |
| |||||||||||||||
Banks – 17.8% |
| |||||||||||||||
Banco Santander SA (Spain) |
| |||||||||||||||
(US 1 Year CMT T-Note + 0.450%) | ||||||||||||||||
1,000,000 | 5.742 | 06/30/24(b) | 999,483 | |||||||||||||
800,000 | 3.496 | 03/24/25 | 783,911 | |||||||||||||
Bank of Montreal (Canada) |
| |||||||||||||||
1,760,000 | 5.920 | 09/25/25 | 1,778,142 | |||||||||||||
(SOFRINDX + 1.160%) | ||||||||||||||||
3,133,000 | 6.514 | 12/11/26(b) | 3,162,860 | |||||||||||||
Bank of Nova Scotia (The) (Canada) |
| |||||||||||||||
1,620,000 | 5.250 | 12/06/24 | 1,616,832 | |||||||||||||
2,866,000 | 5.450 | 06/12/25 | 2,868,000 | |||||||||||||
Banque Federative du Credit Mutuel SA (France) |
| |||||||||||||||
2,089,000 | 4.524 | 07/13/25(a) | 2,065,258 | |||||||||||||
(SOFR + 1.130%) | ||||||||||||||||
3,096,000 | 6.475 | 01/23/27(a)(b) | 3,119,080 | |||||||||||||
BPCE SA (France) |
| |||||||||||||||
(SOFR + 0.960%) | ||||||||||||||||
4,041,000 | 6.313 | 09/25/25(a)(b) | 4,064,435 | |||||||||||||
3,133,000 | 5.100 | 01/26/26(a) | 3,121,957 | |||||||||||||
Canadian Imperial Bank of Commerce (Canada) |
| |||||||||||||||
(SOFR + 1.220%) | ||||||||||||||||
1,851,000 | 6.571 | 10/02/26(b) | 1,869,038 | |||||||||||||
Cooperatieve Rabobank UA (Netherlands) |
| |||||||||||||||
(SOFRINDX + 0.900%) | ||||||||||||||||
1,156,000 | 6.246 | 10/05/26(b) | 1,161,895 | |||||||||||||
Cooperatieve Rabobank UA, MTN (Netherlands) |
| |||||||||||||||
952,000 | 5.500 | 07/18/25 | 956,318 | |||||||||||||
Credit Suisse AG (Switzerland) |
| |||||||||||||||
(SOFRINDX + 1.260%) | ||||||||||||||||
3,000,000 | 6.604 | 02/21/25(b) | 3,008,957 | |||||||||||||
Credit Suisse AG, MTN (Switzerland) |
| |||||||||||||||
1,923,000 | 3.625 | 09/09/24 | 1,901,885 |
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 | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Deutsche Bank AG (Germany) |
| |||||||||||||||
$ | 638,000 | 4.162 | % | 05/13/25 | $ | 627,915 | ||||||||||
DNB Bank ASA (Norway) |
| |||||||||||||||
(SOFRINDX + 0.810%) | ||||||||||||||||
5,455,000 | 2.968 | 03/28/25(a)(b) | 5,443,832 | |||||||||||||
(US 1 Year CMT T-Note + 0.330%) | ||||||||||||||||
1,353,000 | 0.856 | 09/30/25(a)(b) | 1,314,402 | |||||||||||||
Federation des Caisses Desjardins du Quebec (Canada) |
| |||||||||||||||
1,817,000 | 4.400 | 08/23/25(a) | 1,790,896 | |||||||||||||
HSBC Holdings PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 0.708%) | ||||||||||||||||
1,033,000 | 0.976 | 05/24/25(b) | 1,021,106 | |||||||||||||
(3M U.S. T-Bill MMY + 1.402%) | ||||||||||||||||
5,336,000 | 2.633 | 11/07/25(b) | 5,216,765 | |||||||||||||
ING Groep NV (Netherlands) |
| |||||||||||||||
2,143,000 | 4.625 | 01/06/26(a) | 2,116,138 | |||||||||||||
(SOFRINDX + 1.640%) | ||||||||||||||||
2,716,000 | 6.993 | 03/28/26(b) | 2,738,122 | |||||||||||||
Intesa Sanpaolo SpA (Italy) |
| |||||||||||||||
3,147,000 | 7.000 | 11/21/25(a) | 3,202,039 | |||||||||||||
Intesa Sanpaolo SpA, Series XR (Italy) |
| |||||||||||||||
2,171,000 | 3.250 | 09/23/24(a) | 2,140,597 | |||||||||||||
Lloyds Banking Group PLC (United Kingdom) |
| |||||||||||||||
1,000,000 | 4.450 | 05/08/25 | 986,979 | |||||||||||||
(US 1 Year CMT T-Note + 3.500%) | ||||||||||||||||
1,913,000 | 3.870 | 07/09/25(b) | 1,898,895 | |||||||||||||
Macquarie Bank Ltd. (Australia) |
| |||||||||||||||
(SOFR + 1.240%) | ||||||||||||||||
1,851,000 | 6.594 | 06/15/26(a)(b) | 1,864,122 | |||||||||||||
Macquarie Group Ltd. (Australia) |
| |||||||||||||||
1,032,000 | 6.207 | 11/22/24(a) | 1,034,931 | |||||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
| |||||||||||||||
1,000,000 | 2.193 | 02/25/25 | 968,873 | |||||||||||||
736,000 | 1.412 | 07/17/25 | 697,326 | |||||||||||||
(US 1 Year CMT T-Note + 0.450%) | ||||||||||||||||
1,961,000 | 0.962 | 10/11/25(b) | 1,902,583 | |||||||||||||
(SOFR + 0.940%) | ||||||||||||||||
1,283,000 | 6.284 | 02/20/26(b) | 1,286,363 | |||||||||||||
NatWest Markets PLC (United Kingdom) |
| |||||||||||||||
858,000 | 3.479 | 03/22/25(a) | 839,750 | |||||||||||||
Nordea Bank Abp (Finland) |
| |||||||||||||||
2,236,000 | 4.750 | 09/22/25(a) | 2,218,203 | |||||||||||||
Royal Bank of Canada, GMTN (Canada) |
| |||||||||||||||
(SOFRINDX + 0.440%) | ||||||||||||||||
2,000,000 | 5.785 | 01/21/25(b) | 2,001,211 | |||||||||||||
(SOFRINDX + 1.080%) | ||||||||||||||||
1,218,000 | 6.425 | 07/20/26(b) | 1,231,703 | |||||||||||||
Santander UK Group Holdings PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 0.787%) | ||||||||||||||||
1,522,000 | 1.089 | 03/15/25(b) | 1,519,145 | |||||||||||||
Skandinaviska Enskilda Banken AB (Sweden) |
| |||||||||||||||
1,708,000 | 0.850 | 09/02/25(a) | 1,600,177 | |||||||||||||
(SOFR + 0.890%) | ||||||||||||||||
2,627,000 | 6.236 | 03/05/27(a)(b)(c) | 2,630,439 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Corporate Debt – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
Societe Generale SA (France) |
| |||||||||||||||
(US 1 Year CMT T-Note + 1.050%) | ||||||||||||||||
$ | 1,660,000 | 2.226 | % | 01/21/26(a)(b) | $ | 1,603,392 | ||||||||||
Standard Chartered PLC (United Kingdom) |
| |||||||||||||||
(3M USD LIBOR + 1.209%) | ||||||||||||||||
1,848,000 | 2.819 | 01/30/26(a)(b) | 1,793,213 | |||||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) |
| |||||||||||||||
5,939,000 | 1.474 | 07/08/25 | 5,645,406 | |||||||||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) |
| |||||||||||||||
733,000 | 1.050 | 09/12/25(a) | 686,094 | |||||||||||||
Svenska Handelsbanken AB (Sweden) |
| |||||||||||||||
2,268,000 | 3.650 | 06/10/25(a) | 2,223,171 | |||||||||||||
(SOFR + 1.250%) | ||||||||||||||||
2,647,000 | 6.604 | 06/15/26(a)(b) | 2,677,082 | |||||||||||||
Swedbank AB (Sweden) |
| |||||||||||||||
(SOFRINDX + 1.380%) | ||||||||||||||||
3,688,000 | 6.734 | 06/15/26(a)(b) | 3,732,775 | |||||||||||||
Toronto-Dominion Bank (The), MTN (Canada) |
| |||||||||||||||
(SOFR + 0.410%) | ||||||||||||||||
4,000,000 | 5.755 | 01/10/25(b) | 4,000,109 | |||||||||||||
(SOFR + 1.080%) | ||||||||||||||||
2,506,000 | 6.426 | 07/17/26(b) | 2,530,446 | |||||||||||||
UBS AG/London (Switzerland) |
| |||||||||||||||
(SOFR + 0.930%) | ||||||||||||||||
1,462,000 | 6.284 | 09/11/25(b) | 1,469,723 | |||||||||||||
UBS Group AG (Switzerland) |
| |||||||||||||||
1,300,000 | 4.125 | 09/24/25(a) | 1,271,632 | |||||||||||||
|
| |||||||||||||||
108,403,606 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 1.4% |
| |||||||||||||||
Mercedes-Benz Finance North America LLC (Germany) |
| |||||||||||||||
873,000 | 4.900 | 01/09/26(a) | 869,691 | |||||||||||||
(SOFR + 0.670%) | ||||||||||||||||
1,519,000 | 6.015 | 01/09/26(a)(b) | 1,519,210 | |||||||||||||
Volkswagen Group of America Finance LLC (Germany) |
| |||||||||||||||
4,450,000 | 5.800 | 09/12/25(a) | 4,467,242 | |||||||||||||
(SOFR + 0.930%) | ||||||||||||||||
1,467,000 | 6.284 | 09/12/25(a)(b) | 1,468,487 | |||||||||||||
|
| |||||||||||||||
8,324,630 | ||||||||||||||||
| ||||||||||||||||
Distributors – 0.4% |
| |||||||||||||||
Daimler Truck Finance North America LLC (Germany) |
| |||||||||||||||
2,421,000 | 5.600 | 08/08/25(a) | 2,425,284 | |||||||||||||
| ||||||||||||||||
Financial Company – 0.7% |
| |||||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| |||||||||||||||
4,584,000 | 1.650 | 10/29/24 | 4,462,389 | |||||||||||||
| ||||||||||||||||
Financials Company – 0.3% |
| |||||||||||||||
LeasePlan Corp. NV (Netherlands) |
| |||||||||||||||
1,666,000 | 2.875 | 10/24/24(a) | 1,630,575 | |||||||||||||
| ||||||||||||||||
Insurance – 0.2% |
| |||||||||||||||
Great-West Lifeco U.S. Finance 2020 LP (Canada) |
| |||||||||||||||
1,674,000 | 0.904 | 08/12/25(a) | 1,569,154 | |||||||||||||
| ||||||||||||||||
TOTAL FOREIGN CORPORATE DEBT (Cost $126,233,943) | 126,815,638 | |||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – 19.9% |
| |||||||||||||||
FHLMC REMIC |
| |||||||||||||||
(RFUCCT1Y + 1.801%) | ||||||||||||||||
$ | 3,056,242 | 5.783 | % | 10/01/43(b) | $ | 3,121,624 | ||||||||||
(RFUCCT1Y + 1.785%) | ||||||||||||||||
571,122 | 5.799 | 10/01/44(b) | 580,762 | |||||||||||||
(RFUCCT1Y + 1.619%) | ||||||||||||||||
6,006,012 | 5.735 | 01/01/46(b) | 6,116,018 | |||||||||||||
FHLMC REMIC, Series 2003-2682, Class FB |
| |||||||||||||||
(SOFR + 1.014%) | ||||||||||||||||
139,601 | 6.339 | 10/15/33(b) | 139,733 | |||||||||||||
FHLMC REMIC, Series 2003-2711, Class FA |
| |||||||||||||||
(SOFR + 1.114%) | ||||||||||||||||
136,379 | 6.439 | 11/15/33(b) | 136,965 | |||||||||||||
FHLMC REMIC, Series 2005-3033, Class FG |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
415,175 | 5.789 | 09/15/35(b) | 407,841 | |||||||||||||
FHLMC REMIC, Series 2007-3298, Class FC |
| |||||||||||||||
(SOFR + 0.534%) | ||||||||||||||||
88,398 | 5.859 | 04/15/37(b) | 86,411 | |||||||||||||
FHLMC REMIC, Series 2007-3314, Class FC |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
19,778 | 5.839 | 12/15/36(b) | 19,421 | |||||||||||||
FHLMC REMIC, Series 2007-3316, Class FB |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
488,692 | 5.739 | 08/15/35(b) | 479,753 | |||||||||||||
FHLMC REMIC, Series 2007-3371, Class FA |
| |||||||||||||||
(SOFR + 0.714%) | ||||||||||||||||
100,269 | 6.039 | 09/15/37(b) | 99,032 | |||||||||||||
FHLMC REMIC, Series 2009-3593, Class CF |
| |||||||||||||||
(SOFR + 0.714%) | ||||||||||||||||
1,080,060 | 6.039 | 02/15/36(b) | 1,072,510 | |||||||||||||
FHLMC REMIC, Series 2011-3895, Class FM |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
21,161 | 5.789 | 12/15/40(b) | 21,142 | |||||||||||||
FHLMC REMIC, Series 2012-4040, Class FW |
| |||||||||||||||
(SOFR + 0.484%) | ||||||||||||||||
304,514 | 5.809 | 05/15/32(b) | 301,546 | |||||||||||||
FHLMC REMIC, Series 2012-4057, Class FE |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
669,876 | 5.889 | 06/15/42(b) | 657,911 | |||||||||||||
FHLMC REMIC, Series 2012-4068, Class UF |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
170,104 | 5.939 | 06/15/42(b) | 166,442 | |||||||||||||
FHLMC REMIC, Series 2012-4098, Class MF |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
135,257 | 5.739 | 11/15/41(b) | 134,068 | |||||||||||||
FHLMC REMIC, Series 2012-4107, Class MF |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
1,422,381 | 5.839 | 09/15/42(b) | 1,389,247 | |||||||||||||
FHLMC REMIC, Series 2012-4126, Class GF |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
1,957,933 | 5.839 | 11/15/42(b) | 1,909,937 | |||||||||||||
FHLMC REMIC, Series 2013-4203, Class QF |
| |||||||||||||||
(SOFR + 0.364%) | ||||||||||||||||
946,574 | 5.689 | 05/15/43(b) | 925,903 | |||||||||||||
FHLMC REMIC, Series 2013-4215, Class NF |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
665,098 | 5.789 | 06/15/43(b) | 644,468 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
FHLMC REMIC, Series 2013-4240, Class FA |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
$ | 2,291,983 | 5.939 | % | 08/15/43(b) | $ | 2,248,314 | ||||||||||
FHLMC REMIC, Series 2013-4248, Class FL |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
68,696 | 5.889 | 05/15/41(b) | 67,644 | |||||||||||||
FHLMC REMIC, Series 2013-4263, Class FB |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
49,712 | 5.839 | 11/15/43(b) | 48,696 | |||||||||||||
FHLMC REMIC, Series 2013-4272, Class FD |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
52,944 | 5.789 | 11/15/43(b) | 51,946 | |||||||||||||
FHLMC REMIC, Series 2017-4678, Class AF |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
1,556,213 | 5.653 | 12/15/42(b) | 1,532,858 | |||||||||||||
FHLMC REMIC, Series 2017-4719, Class AF |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
2,797,528 | 5.789 | 09/15/47(b) | 2,710,500 | |||||||||||||
FHLMC REMIC, Series 2018-4787, Class ZS |
| |||||||||||||||
675,814 | 5.000 | 07/01/48 | 666,756 | |||||||||||||
FHLMC REMIC, Series 2018-4818, Class FC |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
189,850 | 5.739 | 04/15/48(b) | 181,826 | |||||||||||||
FHLMC REMIC, Series 2018-4852, Class BF |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
1,221,076 | 5.839 | 12/15/48(b) | 1,181,646 | |||||||||||||
FHLMC REMIC, Series 2019-4897, Class F |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
1,016,893 | 5.839 | 07/15/49(b) | 992,166 | |||||||||||||
FHLMC REMIC, Series 2019-4903, Class F |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
157,294 | 5.889 | 09/15/48(b) | 151,733 | |||||||||||||
FHLMC REMIC, Series 2019-4906, Class NF |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
1,308,192 | 5.637 | 03/15/38(b) | 1,271,306 | |||||||||||||
FHLMC REMIC, Series 2019-4942, Class FA |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
1,011,518 | 5.936 | 01/25/50(b) | 989,997 | |||||||||||||
FHLMC REMIC, Series 2020-5002, Class FJ |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
170,444 | 5.836 | 07/25/50(b) | 165,910 | |||||||||||||
FHLMC REMIC, Series 2020-5031, Class FA |
| |||||||||||||||
(SOFR + 0.300%) | ||||||||||||||||
2,252,125 | 5.625 | 08/15/43(b) | 2,162,659 | |||||||||||||
FHLMC STRIPS, Series 2006-239, Class F22 |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
146,541 | 5.789 | 08/15/36(b) | 143,833 | |||||||||||||
FHLMC STRIPS, Series 2006-239, Class F30 |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
366,352 | 5.739 | 08/15/36(b) | 359,764 | |||||||||||||
FNMA REMIC, Series 2002-53, Class FY |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
159,185 | 5.936 | 08/25/32(b) | 158,237 | |||||||||||||
FNMA REMIC, Series 2004-54, Class FL |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
76,512 | 5.836 | 07/25/34(b) | 76,157 | |||||||||||||
FNMA REMIC, Series 2004-54, Class FN |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
219,998 | 5.886 | 07/25/34(b) | 218,381 |
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 | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
FNMA REMIC, Series 2005-103, Class FC |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
$ | 7,252,944 | 5.936 | % | 07/25/35(b) | $ | 7,172,522 | ||||||||||
FNMA REMIC, Series 2005-120, Class FE |
| |||||||||||||||
(SOFR + 0.634%) | ||||||||||||||||
319,983 | 5.956 | 01/25/36(b) | 316,172 | |||||||||||||
FNMA REMIC, Series 2005-87, Class FE |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
351,760 | 5.886 | 10/25/35(b) | 347,136 | |||||||||||||
FNMA REMIC, Series 2006-110, Class AF |
| |||||||||||||||
(SOFR + 0.444%) | ||||||||||||||||
2,011,549 | 5.766 | 11/25/36(b) | 1,974,985 | |||||||||||||
FNMA REMIC, Series 2006-16, Class FC |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
78,766 | 5.736 | 03/25/36(b) | 77,707 | |||||||||||||
FNMA REMIC, Series 2006-36, Class FB |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
41,142 | 5.736 | 05/25/36(b) | 40,297 | |||||||||||||
FNMA REMIC, Series 2006-42, Class PF |
| |||||||||||||||
(SOFR + 0.524%) | ||||||||||||||||
72,932 | 5.846 | 06/25/36(b) | 72,008 | |||||||||||||
FNMA REMIC, Series 2006-44, Class FP |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
789,888 | 5.836 | 06/25/36(b) | 778,735 | |||||||||||||
FNMA REMIC, Series 2006-61, Class FD |
| |||||||||||||||
(SOFR + 0.474%) | ||||||||||||||||
146,427 | 5.796 | 07/25/36(b) | 143,789 | |||||||||||||
FNMA REMIC, Series 2006-79, Class DF |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
334,756 | 5.786 | 08/25/36(b) | 330,126 | |||||||||||||
FNMA REMIC, Series 2006-88, Class AF |
| |||||||||||||||
(SOFR + 0.574%) | ||||||||||||||||
308,567 | 5.896 | 09/25/36(b) | 303,745 | |||||||||||||
FNMA REMIC, Series 2007-35, Class PF |
| |||||||||||||||
(SOFR + 0.364%) | ||||||||||||||||
54,087 | 5.686 | 04/25/37(b) | 52,862 | |||||||||||||
FNMA REMIC, Series 2007-67, Class FB |
| |||||||||||||||
(SOFR + 0.434%) | ||||||||||||||||
124,865 | 5.756 | 07/25/37(b) | 121,940 | |||||||||||||
FNMA REMIC, Series 2008-1, Class CF |
| |||||||||||||||
(SOFR + 0.814%) | ||||||||||||||||
41,295 | 6.136 | 02/25/38(b) | 40,859 | |||||||||||||
FNMA REMIC, Series 2009-110, Class FG |
| |||||||||||||||
(SOFR + 0.864%) | ||||||||||||||||
164,666 | 6.186 | 01/25/40(b) | 164,226 | |||||||||||||
FNMA REMIC, Series 2010-113, Class FA |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
118,632 | 5.836 | 10/25/40(b) | 117,076 | |||||||||||||
FNMA REMIC, Series 2010-116, Class FE |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
149,283 | 5.836 | 10/25/40(b) | 147,139 | |||||||||||||
FNMA REMIC, Series 2010-141, Class FB |
| |||||||||||||||
(SOFR + 0.584%) | ||||||||||||||||
90,420 | 5.906 | 12/25/40(b) | 88,760 | |||||||||||||
FNMA REMIC, Series 2010-15, Class FJ |
| |||||||||||||||
(SOFR + 1.044%) | ||||||||||||||||
288,369 | 6.366 | 06/25/36(b) | 289,256 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
FNMA REMIC, Series 2010-39, Class FE |
| |||||||||||||||
(SOFR + 0.884%) | ||||||||||||||||
$ | 458,285 | 6.206 | % | 06/25/37(b) | $ | 457,193 | ||||||||||
FNMA REMIC, Series 2010-39, Class FG |
| |||||||||||||||
(SOFR + 1.034%) | ||||||||||||||||
195,125 | 6.356 | 03/25/36(b) | 195,595 | |||||||||||||
FNMA REMIC, Series 2010-46, Class WF |
| |||||||||||||||
(SOFR + 0.864%) | ||||||||||||||||
1,463,079 | 6.186 | 05/25/40(b) | 1,446,145 | |||||||||||||
FNMA REMIC, Series 2010-49, Class FB |
| |||||||||||||||
(SOFR + 0.864%) | ||||||||||||||||
136,112 | 6.186 | 05/25/40(b) | 135,152 | |||||||||||||
FNMA REMIC, Series 2010-59, Class FN |
| |||||||||||||||
(SOFR + 0.844%) | ||||||||||||||||
1,557,634 | 6.166 | 06/25/40(b) | 1,542,373 | |||||||||||||
FNMA REMIC, Series 2011-53, Class FT |
| |||||||||||||||
(SOFR + 0.694%) | ||||||||||||||||
130,957 | 6.016 | 06/25/41(b) | 129,193 | |||||||||||||
FNMA REMIC, Series 2011-87, Class FJ |
| |||||||||||||||
(SOFR + 0.664%) | ||||||||||||||||
125,557 | 5.986 | 09/25/41(b) | 123,171 | |||||||||||||
FNMA REMIC, Series 2012-101, Class FC |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
108,579 | 5.936 | 09/25/42(b) | 105,818 | |||||||||||||
FNMA REMIC, Series 2012-14, Class BF |
| |||||||||||||||
(SOFR + 0.714%) | ||||||||||||||||
658,699 | 6.036 | 03/25/42(b) | 648,748 | |||||||||||||
FNMA REMIC, Series 2012-37, Class BF |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
137,361 | 5.936 | 12/25/35(b) | 135,694 | |||||||||||||
FNMA REMIC, Series 2013-10, Class KF |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
88,211 | 5.736 | 02/25/43(b) | 86,274 | |||||||||||||
FNMA REMIC, Series 2013-130, Class FB |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
85,215 | 5.886 | 01/25/44(b) | 83,317 | |||||||||||||
FNMA REMIC, Series 2013-19, Class DF |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
466,169 | 5.736 | 09/25/41(b) | 462,285 | |||||||||||||
FNMA REMIC, Series 2013-2, Class QF |
| |||||||||||||||
(SOFR + 0.614%) | ||||||||||||||||
57,000 | 5.936 | 02/25/43(b) | 56,083 | |||||||||||||
FNMA REMIC, Series 2014-17, Class FE |
| |||||||||||||||
(SOFR + 0.664%) | ||||||||||||||||
723,819 | 5.986 | 04/25/44(b) | 708,227 | |||||||||||||
FNMA REMIC, Series 2014-28, Class FD |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
1,605,983 | 5.886 | 05/25/44(b) | 1,578,685 | |||||||||||||
FNMA REMIC, Series 2014-47, Class AF |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
293,323 | 5.658 | 08/25/44(b) | 289,538 | |||||||||||||
FNMA REMIC, Series 2015-27, Class KF |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
74,188 | 5.736 | 05/25/45(b) | 72,959 | |||||||||||||
FNMA REMIC, Series 2015-87, Class BF |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
333,105 | 5.736 | 12/25/45(b) | 325,118 |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
FNMA REMIC, Series 2016-49, Class EF |
| |||||||||||||||
(SOFR + 0.514%) | ||||||||||||||||
$ | 766,852 | 5.836 | % | 08/25/46(b) | $ | 754,385 | ||||||||||
FNMA REMIC, Series 2016-9335, Class AL |
| |||||||||||||||
(RFUCCT1Y + 1.797%) | ||||||||||||||||
7,969,569 | 5.956 | 12/01/40(b) | 8,176,513 | |||||||||||||
FNMA REMIC, Series 2017-16, Class FA |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
656,631 | 5.886 | 03/25/47(b) | 635,684 | |||||||||||||
FNMA REMIC, Series 2017-91, Class GF |
| |||||||||||||||
(SOFR + 0.464%) | ||||||||||||||||
1,559,879 | 5.786 | 11/25/47(b) | 1,502,185 | |||||||||||||
FNMA REMIC, Series 2018-15, Class JF |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
865,433 | 5.736 | 03/25/48(b) | 830,659 | |||||||||||||
FNMA REMIC, Series 2018-3385, Class MA |
| |||||||||||||||
790,446 | 4.500 | 06/01/48 | 760,510 | |||||||||||||
FNMA REMIC, Series 2018-4, Class FM |
| |||||||||||||||
(SOFR + 0.414%) | ||||||||||||||||
2,098,860 | 5.736 | 02/25/48(b) | 2,014,036 | |||||||||||||
FNMA REMIC, Series 2019-41, Class FM |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
1,016,335 | 5.886 | 08/25/49(b) | 981,273 | |||||||||||||
FNMA REMIC, Series 2019-6, Class KF |
| |||||||||||||||
(SOFR + 0.564%) | ||||||||||||||||
1,676,908 | 5.886 | 03/25/49(b) | 1,631,969 | |||||||||||||
FNMA REMIC, Series 2020-6347, Class BM |
| |||||||||||||||
(RFUCCT1Y + 1.736%) | ||||||||||||||||
8,739,184 | 5.702 | 02/01/41(b) | 8,948,515 | |||||||||||||
FNMA REMIC, Series 2023-7262, Class BM |
| |||||||||||||||
(RFUCCT1Y + 1.796%) | ||||||||||||||||
10,122,061 | 5.239 | 02/01/45(b) | 10,357,089 | |||||||||||||
FNMA REMIC, Series 2023-7266, Class BM |
| |||||||||||||||
(RFUCCT1Y + 1.800%) | ||||||||||||||||
15,874,964 | 5.645 | 05/01/44(b) | 16,191,335 | |||||||||||||
GNMA, Series 2004-59, Class FP |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.414%) | ||||||||||||||||
344,531 | 5.736 | 08/16/34(b) | 340,473 | |||||||||||||
GNMA, Series 2005-4, Class FA |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.484%) | ||||||||||||||||
293,662 | 5.806 | 01/16/35(b) | 290,317 | |||||||||||||
GNMA, Series 2007-26, Class FL |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.314%) | ||||||||||||||||
2,144,526 | 5.634 | 05/20/37(b) | 2,096,359 | |||||||||||||
GNMA, Series 2007-59, Class FA |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.614%) | ||||||||||||||||
103,796 | 5.934 | 10/20/37(b) | 102,752 | |||||||||||||
GNMA, Series 2013-99, Class PF |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.414%) | ||||||||||||||||
1,471,177 | 5.734 | 07/20/43(b) | 1,419,255 | |||||||||||||
GNMA, Series 2018-164, Class AF |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.514%) | ||||||||||||||||
2,341,480 | 5.834 | 12/20/48(b) | 2,279,144 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
GNMA, Series 2019-110, Class F |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.564%) | ||||||||||||||||
$ | 1,559,661 | 5.884 | % | 09/20/49(b) | $ | 1,513,677 | ||||||||||
GNMA, Series 2019-56, Class FB |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.564%) | ||||||||||||||||
1,803,224 | 5.884 | 05/20/49(b) | 1,765,445 | |||||||||||||
GNMA, Series 2019-58, Class FA |
| |||||||||||||||
(1M U.S. T-Bill MMY + 0.514%) | ||||||||||||||||
760,633 | 5.834 | 05/20/49(b) | 739,939 | |||||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class ASB |
| |||||||||||||||
271,603 | 2.713 | 08/15/49 | 264,154 | |||||||||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class ASB |
| |||||||||||||||
211,995 | 3.540 | 08/15/48 | 207,013 | |||||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C23, Class A4 |
| |||||||||||||||
550,000 | 3.719 | 07/15/50 | 534,279 | |||||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C24, Class A3 |
| |||||||||||||||
2,053,239 | 3.479 | 05/15/48 | 1,997,350 | |||||||||||||
| ||||||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $123,408,537) | 121,286,281 | |||||||||||||||
| ||||||||||||||||
Corporate Obligations – 16.2% |
| |||||||||||||||
Banks – 7.7% |
| |||||||||||||||
American Express Co. |
| |||||||||||||||
(SOFR + 0.760%) | ||||||||||||||||
2,800,000 | 6.104 | 02/13/26(b) | 2,803,567 | |||||||||||||
(SOFRINDX + 1.350%) | ||||||||||||||||
1,866,000 | 6.695 | 10/30/26(b) | 1,881,686 | |||||||||||||
Bank of America Corp. |
| |||||||||||||||
(SOFR + 1.100%) | ||||||||||||||||
737,000 | 6.445 | 04/25/25(b) | 737,780 | |||||||||||||
Bank of America Corp., MTN |
| |||||||||||||||
(3M U.S. T-Bill MMY + 1.232%) | ||||||||||||||||
682,000 | 3.458 | 03/15/25(b) | 681,460 | |||||||||||||
(3M U.S. T-Bill MMY + 1.352%) | ||||||||||||||||
2,592,000 | 3.093 | 10/01/25(b) | 2,551,905 | |||||||||||||
Bank of America NA |
| |||||||||||||||
(SOFR + 1.020%) | ||||||||||||||||
1,695,000 | 6.364 | 08/18/26(b) | 1,709,561 | |||||||||||||
Charles Schwab Corp. (The) |
| |||||||||||||||
(SOFRINDX + 0.520%) | ||||||||||||||||
1,259,000 | 5.864 | 05/13/26(b) | 1,254,130 | |||||||||||||
Citibank NA |
| |||||||||||||||
(SOFR + 0.805%) | ||||||||||||||||
1,229,000 | 6.157 | 09/29/25(b) | 1,234,875 | |||||||||||||
(SOFRINDX + 1.060%) | ||||||||||||||||
2,366,000 | 6.405 | 12/04/26(b) | 2,389,279 | |||||||||||||
Citigroup, Inc. |
| |||||||||||||||
(SOFR + 1.528%) | ||||||||||||||||
1,050,000 | 6.881 | 03/17/26(b) | 1,058,254 |
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
HSBC USA, Inc. |
| |||||||||||||||
(SOFRINDX + 0.960%) | ||||||||||||||||
$ | 3,602,000 | 6.305 | % | 03/04/27(b)(c) | $ | 3,613,613 | ||||||||||
Huntington National Bank (The) |
| |||||||||||||||
(SOFRINDX + 1.190%) | ||||||||||||||||
1,600,000 | 6.534 | 05/16/25(b) | 1,596,774 | |||||||||||||
JPMorgan Chase & Co. |
| |||||||||||||||
(3M U.S. T-Bill MMY + 0.540%) | ||||||||||||||||
1,043,000 | 0.824 | 06/01/25(b) | 1,029,234 | |||||||||||||
(SOFR + 0.605%) | ||||||||||||||||
2,886,000 | 1.561 | 12/10/25(b) | 2,797,625 | |||||||||||||
JPMorgan Chase Bank NA |
| |||||||||||||||
(SOFR + 1.000%) | ||||||||||||||||
2,161,000 | 6.354 | 12/08/26(b) | 2,194,696 | |||||||||||||
Morgan Stanley |
| |||||||||||||||
(SOFR + 1.160%) | ||||||||||||||||
1,430,000 | 3.620 | 04/17/25(b) | 1,425,161 | |||||||||||||
(SOFR + 0.525%) | ||||||||||||||||
1,127,000 | 0.790 | 05/30/25(b) | 1,110,737 | |||||||||||||
(SOFR + 0.745%) | ||||||||||||||||
2,089,000 | 0.864 | 10/21/25(b) | 2,023,646 | |||||||||||||
Morgan Stanley, MTN |
| |||||||||||||||
(SOFR + 0.560%) | ||||||||||||||||
3,248,000 | 1.164 | 10/21/25(b) | 3,151,594 | |||||||||||||
Morgan Stanley Bank NA |
| |||||||||||||||
(SOFR + 0.780%) | ||||||||||||||||
3,740,000 | 6.125 | 07/16/25(b) | 3,753,289 | |||||||||||||
(SOFR + 1.165%) | ||||||||||||||||
1,529,000 | 6.510 | 10/30/26(b) | 1,549,901 | |||||||||||||
PNC Bank NA |
| |||||||||||||||
1,504,000 | 3.250 | 06/01/25 | 1,463,840 | |||||||||||||
State Street Corp. |
| |||||||||||||||
(SOFR + 0.940%) | ||||||||||||||||
1,278,000 | 2.354 | 11/01/25(b) | 1,249,738 | |||||||||||||
(SOFRINDX + 0.845%) | ||||||||||||||||
1,383,000 | 6.189 | 08/03/26(b) | 1,384,691 | |||||||||||||
Wells Fargo Bank NA, Series BNKT |
| |||||||||||||||
(SOFR + 1.060%) | ||||||||||||||||
2,339,000 | 6.403 | 08/07/26(b) | 2,361,170 | |||||||||||||
|
| |||||||||||||||
47,008,206 | ||||||||||||||||
| ||||||||||||||||
Consumer Cyclical – 2.5% |
| |||||||||||||||
American Honda Finance Corp., GMTN |
| |||||||||||||||
(SOFRINDX + 0.790%) | ||||||||||||||||
1,450,000 | 6.141 | 10/03/25(b) | 1,455,235 | |||||||||||||
1,055,000 | 4.950 | 01/09/26 | 1,051,793 | |||||||||||||
American Honda Finance Corp., MTN |
| |||||||||||||||
(SOFR + 0.600%) | ||||||||||||||||
4,307,000 | 5.943 | 08/14/25(b) | 4,315,010 | |||||||||||||
General Motors Co. |
| |||||||||||||||
1,164,000 | 6.125 | 10/01/25 | 1,173,609 | |||||||||||||
General Motors Financial Co., Inc. |
| |||||||||||||||
(SOFRINDX + 1.300%) | ||||||||||||||||
3,000,000 | 6.645 | 04/07/25(b) | 3,020,264 | |||||||||||||
1,278,000 | 4.300 | 07/13/25 | 1,256,883 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Obligations – (continued) |
| |||||||||||||||
Consumer Cyclical – (continued) |
| |||||||||||||||
Toyota Motor Credit Corp., MTN |
| |||||||||||||||
(SOFR + 0.650%) | ||||||||||||||||
$ | 3,122,000 | 5.996 | % | 01/05/26(b) | $ | 3,128,900 | ||||||||||
|
| |||||||||||||||
15,401,694 | ||||||||||||||||
| ||||||||||||||||
Consumer Noncyclical – 0.7% |
| |||||||||||||||
Baxter International, Inc. |
| |||||||||||||||
(SOFRINDX + 0.440%) | ||||||||||||||||
906,000 | 5.784 | 11/29/24(b) | 905,989 | |||||||||||||
GE HealthCare Technologies, Inc. |
| |||||||||||||||
3,067,000 | 5.550 | 11/15/24 | 3,061,976 | |||||||||||||
|
| |||||||||||||||
3,967,965 | ||||||||||||||||
| ||||||||||||||||
Distributors – 1.5% |
| |||||||||||||||
Hyundai Capital America |
| |||||||||||||||
1,264,000 | 5.800 | 06/26/25(a) | 1,268,555 | |||||||||||||
3,275,000 | 6.250 | 11/03/25(a) | 3,311,981 | |||||||||||||
(SOFR + 1.500%) | ||||||||||||||||
4,524,000 | 6.845 | 01/08/27(a)(b) | 4,546,838 | |||||||||||||
|
| |||||||||||||||
9,127,374 | ||||||||||||||||
| ||||||||||||||||
Electric – 1.9% |
| |||||||||||||||
Avangrid, Inc. |
| |||||||||||||||
3,066,000 | 3.150 | 12/01/24 | 3,007,202 | |||||||||||||
National Rural Utilities Cooperative Finance Corp., GMTN |
| |||||||||||||||
(SOFR + 0.800%) | ||||||||||||||||
4,304,000 | 6.145 | 02/05/27(b) | 4,320,585 | |||||||||||||
NextEra Energy Capital Holdings, Inc. |
| |||||||||||||||
1,583,000 | 2.940 | 03/21/24 | 1,580,814 | |||||||||||||
2,991,000 | 4.255 | 09/01/24 | 2,967,899 | |||||||||||||
|
| |||||||||||||||
11,876,500 | ||||||||||||||||
| ||||||||||||||||
Insurance – 1.9% |
| |||||||||||||||
Equitable Financial Life Global Funding |
| |||||||||||||||
1,757,000 | 5.500 | 12/02/25(a) | 1,754,121 | |||||||||||||
Guardian Life Global Funding |
| |||||||||||||||
1,883,000 | 0.875 | 12/10/25(a) | 1,743,302 | |||||||||||||
Nuveen Finance LLC |
| |||||||||||||||
855,000 | 4.125 | 11/01/24(a) | 845,249 | |||||||||||||
Pacific Life Global Funding II |
| |||||||||||||||
(SOFRINDX + 1.050%) | ||||||||||||||||
3,915,000 | 6.396 | 07/28/26(a)(b) | 3,931,236 | |||||||||||||
Principal Life Global Funding II |
| |||||||||||||||
(SOFR + 0.900%) | ||||||||||||||||
2,340,000 | 6.243 | 08/28/25(a)(b) | 2,339,478 | |||||||||||||
Protective Life Global Funding |
| |||||||||||||||
1,005,000 | 1.170 | 07/15/25(a) | 949,646 | |||||||||||||
|
| |||||||||||||||
11,563,032 | ||||||||||||||||
| ||||||||||||||||
TOTAL CORPORATE OBLIGATIONS (Cost $98,499,566) | 98,944,771 | |||||||||||||||
| ||||||||||||||||
U.S. Treasury Notes – 5.0% |
| |||||||||||||||
U.S. Treasury Floating Rate Notes |
| |||||||||||||||
(3 Mo. U.S. T-Bill MMY + 0.140%) | ||||||||||||||||
10,803,600 | 5.476 | (d) | 10/31/24(b) | 10,806,158 | ||||||||||||
U.S. Treasury Notes |
| |||||||||||||||
4,092,700 | 4.982 | (d) | 07/31/25 | 4,087,584 | ||||||||||||
3,677,200 | 4.883 | (d) | 10/31/25 | 3,691,360 |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
U.S. Treasury Notes – (continued) |
| |||||||||||||||
$ | 7,735,700 | 4.579 | %(d) | 01/31/26 | $ | 7,677,669 | ||||||||||
United States Treasury Floating Rate Note |
| |||||||||||||||
(3 Mo. U.S. T-Bill MMY + 0.169%) | ||||||||||||||||
1,215,400 | 5.495 | (d) | 04/30/25(b) | 1,215,661 | ||||||||||||
(3 Mo. U.S. T-Bill MMY + 0.125%) | ||||||||||||||||
2,972,900 | 5.456 | (d) | 07/31/25(b) | 2,971,482 | ||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY NOTES (Cost $30,412,334) | 30,449,914 | |||||||||||||||
| ||||||||||||||||
Certificate of Deposits – 4.2% |
| |||||||||||||||
Bank of America NA |
| |||||||||||||||
1,997,000 | 5.170 | 02/07/25 | 1,993,565 | |||||||||||||
Credit Agricole Corporate and Investment Bank |
| |||||||||||||||
(SOFR + 0.590%) | ||||||||||||||||
2,987,000 | 5.900 | 08/28/25(b) | 2,986,973 | |||||||||||||
Kookmin Bank |
| |||||||||||||||
(SOFR + 0.470%) | ||||||||||||||||
4,969,000 | 5.767 | 05/20/24(b) | 4,972,444 | |||||||||||||
(SOFR + 0.650%) | ||||||||||||||||
3,412,000 | 5.960 | 01/29/25(b) | 3,414,934 | |||||||||||||
Lloyds Bank Corporate Markets PLC |
| |||||||||||||||
3,237,000 | 6.050 | 10/07/24 | 3,247,229 | |||||||||||||
Natixis NY |
| |||||||||||||||
2,000,000 | – | 07/25/24(e) | 2,003,000 | |||||||||||||
Standard Chartered Bank |
| |||||||||||||||
2,388,000 | – | 09/05/24(e) | 2,394,065 | |||||||||||||
Sumitomo Mitsui Banking Corp. |
| |||||||||||||||
(SOFR + 0.700%) | ||||||||||||||||
3,295,000 | 6.000 | 08/14/24(b) | 3,302,886 | |||||||||||||
Toronto-Dominion Bank |
| |||||||||||||||
1,282,000 | 5.820 | 05/23/24 | 1,282,577 | |||||||||||||
| ||||||||||||||||
TOTAL CERTIFICATE OF DEPOSITS (Cost $25,569,087) | 25,597,673 | |||||||||||||||
| ||||||||||||||||
U.S. Government Agency Obligations – 0.0%(f) |
| |||||||||||||||
Federal Farm Credit Banks Funding Corp. |
| |||||||||||||||
(SOFR + 0.115%) | ||||||||||||||||
58,000 | 5.425 | 12/03/24(b) | 58,013 | |||||||||||||
(SOFR + 0.200%) | ||||||||||||||||
25,000 | 5.510 | 12/05/24(b) | 25,039 | |||||||||||||
(Prime Rate - 3.010%) | ||||||||||||||||
29,000 | 5.490 | 08/07/25(b) | 29,042 | |||||||||||||
| ||||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $112,012) | 112,094 | |||||||||||||||
| ||||||||||||||||
Short-Term Investment – 6.0% |
| |||||||||||||||
Commercial Paper – 6.0% |
| |||||||||||||||
Albion Capital Corp SA / Albion Capital LLC |
| |||||||||||||||
$ | 1,957,000 | 5.694 | % | 1,933,007 | ||||||||||||
Antalis SA |
| |||||||||||||||
424,000 | 5.485 | 419,921 | ||||||||||||||
Banco Santander SA |
| |||||||||||||||
1,500,000 | 5.750 | 1,504,165 | ||||||||||||||
Bank of Montreal |
| |||||||||||||||
1,211,000 | 5.930 | 1,213,628 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Short-Term Investment - (continued) |
| |||||||||||||||
Commercial Paper – (continued) |
| |||||||||||||||
Bayer Corp. |
| |||||||||||||||
$ | 1,500,000 | 6.231 | % | $ | 1,469,070 | |||||||||||
Collateralized Commercial Paper FLEX Co. LLC |
| |||||||||||||||
4,171,000 | 5.680 | 4,173,002 | ||||||||||||||
Deutsche Bank AG |
| |||||||||||||||
2,882,000 | 5.790 | 2,888,802 | ||||||||||||||
Equitable Short Term Funding LLC |
| |||||||||||||||
1,500,000 | 5.944 | 1,471,170 | ||||||||||||||
Glencore Funding LLC |
| |||||||||||||||
1,752,000 | 5.801 | 1,711,231 | ||||||||||||||
HSBC Bank USA NA, Series CD |
| |||||||||||||||
(SOFR + 0.610%) | ||||||||||||||||
1,000,000 | 5.920 | (b) | 1,000,590 | |||||||||||||
HSBC USA Inc. |
| |||||||||||||||
1,696,000 | 6.412 | 1,630,857 | ||||||||||||||
HSBC USA, Inc. |
| |||||||||||||||
1,526,000 | 5.970 | 1,498,349 | ||||||||||||||
JP Morgan Securities LLC |
| |||||||||||||||
994,000 | 5.970 | 994,834 | ||||||||||||||
1,696,000 | 5.920 | 1,697,899 | ||||||||||||||
Macquarie Bank Ltd. |
| |||||||||||||||
1,569,000 | 5.910 | 1,572,797 | ||||||||||||||
National Bank of Canada |
| |||||||||||||||
3,308,000 | 5.787 | 3,187,688 | ||||||||||||||
Societe Generale SA |
| |||||||||||||||
4,038,000 | 5.610 | 3,873,048 | ||||||||||||||
Versailles Commercial Paper LLC |
| |||||||||||||||
1,966,000 | 5.540 | 1,966,413 | ||||||||||||||
Wells Fargo Bank NA |
| |||||||||||||||
(SOFR + 1.070%) | ||||||||||||||||
2,122,000 | 6.425 | (b) | 2,146,148 | |||||||||||||
| ||||||||||||||||
TOTAL SHORT-TERM INVESTMENT (Cost $36,283,061) | 36,352,619 | |||||||||||||||
|
Shares | Dividend Rate | Value | ||||||||||
Investment Company – 1.2%(g) |
| |||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||
7,467,883 | 5.219% | 7,467,883 | ||||||||||
(Cost $7,467,883) |
| |||||||||||
| ||||||||||||
TOTAL INVESTMENTS – 100.4% (Cost $612,718,858) | $ | 612,048,309 | ||||||||||
| ||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)% | (2,378,327) | |||||||||||
| ||||||||||||
NET ASSETS – 100.0% | $ | 609,669,982 | ||||||||||
|
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) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2024. |
(c) | When-issued security. |
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
(d) | 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. |
(e) | Zero coupon bond until next reset date. |
(f) | Less than 0.05% |
(g) | Represents an affiliated issuer. |
Investment Abbreviations: | ||
BA | —Banker Acceptance Rate | |
CLO | —Collateralized Loan Obligation | |
CMT | —Constant Maturity Treasury Index | |
FHLMC | —Federal Home Loan Mortgage Corp. | |
FNMA | —Federal National Mortgage Association | |
GMTN | —Global Medium Term Note | |
GNMA | —Insured by Government National Mortgage Association | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MMY | —Money Market Yield | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
Prime | —Federal Reserve Bank Prime Loan Rate US | |
SOFR | —Secured Overnight Financing Rate | |
SOFRINDX | —Secured Overnight Financing Rate Index | |
T-Bill | —Treasury Bill | |
|
The accompanying notes are an integral part of these financial statements. | 93 |
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 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $56,858,468, $131,928,939, $129,596,574 and $9,178,040, respectively) | $ | 55,054,038 | $ | 130,202,998 | $ | 117,231,101 | $ | 9,115,549 | ||||||||||||
Investments in affiliated issuers, at value (cost $933,170, $1,877,196, $561,558 and $–, respectively) | 933,170 | 1,877,196 | 561,558 | — | ||||||||||||||||
Cash | 46,835 | 21,772 | 40,335 | 37,676 | ||||||||||||||||
Foreign Currency, at value (cost $118, $–, $– and $–, respectively) | 123 | — | — | — | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Interest and Dividends | 811,984 | 1,972,264 | 76,701 | 104,802 | ||||||||||||||||
Investments sold | 17,936 | 28,229 | 5,034,290 | 769,762 | ||||||||||||||||
Fund shares sold | — | 8,793,378 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total assets | 56,864,086 | 142,895,837 | 122,943,985 | 10,027,789 | ||||||||||||||||
| ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Management fees | 16,801 | 30,879 | 10,824 | 1,020 | ||||||||||||||||
Investments purchased | — | 8,670,446 | 5,040,561 | 715,389 | ||||||||||||||||
Accrued expenses | — | 108,184 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total liabilities | 16,801 | 8,809,509 | 5,051,385 | 716,409 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 63,541,258 | 140,209,615 | 139,824,557 | 9,637,670 | ||||||||||||||||
Total distributable earnings (loss) | (6,693,973 | ) | (6,123,287 | ) | (21,931,957 | ) | (326,290 | ) | ||||||||||||
| ||||||||||||||||||||
NET ASSETS | $ | 56,847,285 | $ | 134,086,328 | $ | 117,892,600 | $ | 9,311,380 | ||||||||||||
| ||||||||||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 1,400,000 | 3,050,000 | 2,425,000 | 200,000 | ||||||||||||||||
Net asset value per share: | $ | 40.61 | $ | 43.96 | $ | 48.62 | $ | 46.56 | ||||||||||||
|
94 | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities (continued)
February 29, 2024 (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 $818,437,711, $5,706,157,960, $459,544,923 and $605,250,975, respectively) | $ | 764,389,936 | $ | 5,705,203,161 | $ | 439,225,642 | $ | 604,580,426 | ||||||||||||
Investments in affiliated issuers, at value (cost $3,009,189, $–, $24,871,043 and $7,467,883, respectively) | 3,009,189 | — | 24,871,043 | 7,467,883 | ||||||||||||||||
Cash | 39,978 | 1,754,980 | 4,773,537 | 104,942 | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Fund shares sold | 61,162,729 | — | — | 2,513,152 | ||||||||||||||||
Interest and Dividends | 8,851,560 | 3,761,420 | 2,293,086 | 3,503,922 | ||||||||||||||||
Investments sold | 1,990 | 4,001,228 | 80,080,430 | 4,730,876 | ||||||||||||||||
| ||||||||||||||||||||
Total assets | 837,455,382 | 5,714,720,789 | 551,243,738 | 622,901,201 | ||||||||||||||||
| ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Forward sale contracts, at value (proceeds received $–, $–, $13,799,649 and $–, respectively) | — | — | 13,653,516 | — | ||||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 60,541,568 | — | 107,242,452 | 13,154,531 | ||||||||||||||||
Management fees | 668,800 | 542,733 | 49,561 | 76,688 | ||||||||||||||||
Fund shares redeemed | — | 4,003,628 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total liabilities | 61,210,368 | 4,546,361 | 120,945,529 | 13,231,219 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 852,702,972 | 5,696,451,722 | 491,156,758 | 610,455,390 | ||||||||||||||||
Total distributable earnings (loss) | (76,457,958 | ) | 13,722,706 | (60,858,549 | ) | (785,408 | ) | |||||||||||||
| ||||||||||||||||||||
NET ASSETS | $ | 776,245,014 | $ | 5,710,174,428 | $ | 430,298,209 | $ | 609,669,982 | ||||||||||||
| ||||||||||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 17,100,000 | 57,050,000 | 10,500,000 | 12,125,000 | ||||||||||||||||
Net asset value per share: | $ | 45.39 | $ | 100.09 | $ | 40.98 | $ | 50.28 | ||||||||||||
|
The accompanying notes are an integral part of these consolidated financial statements. | 95 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations
For the Six Months Ended February 29, 2024 (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 | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Interest | $ | 1,663,869 | $ | 3,370,423 | $ | 616,097 | $ | 235,193 | ||||||||||||
Dividends from Affiliated Underlying Funds | 7,417 | 24,750 | 10,294 | 320 | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 1,671,286 | 3,395,173 | 626,391 | 235,513 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 109,276 | 158,434 | 53,118 | — | ||||||||||||||||
Trustee fees | 8,576 | 8,656 | 8,681 | 7,180 | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 117,852 | 167,090 | 61,799 | 7,180 | ||||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (15,937 | ) | (770 | ) | (319 | ) | (10 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 101,915 | 166,320 | 61,480 | 7,170 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME | 1,569,371 | 3,228,853 | 564,911 | 228,343 | ||||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | (93,337 | ) | (401,367 | ) | (2,282,030 | ) | (16,051 | ) | ||||||||||||
In-kind redemptions | — | (982,494 | ) | (1,797,980 | ) | (25,014 | ) | |||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers | 1,594,088 | 3,266,168 | 5,242,430 | 204,216 | ||||||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain | 1,500,751 | 1,882,307 | 1,162,420 | 163,151 | ||||||||||||||||
| ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,070,122 | $ | 5,111,160 | $ | 1,727,331 | $ | 391,494 | ||||||||||||
|
96 | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations (continued)
For the Six Months Ended February 29, 2024 (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 | $ | 13,326,962 | $ | 152,793,448 | $ | 10,077,289 | $ | 16,333,387 | ||||||||||||
Dividends from Affiliated Underlying Funds | 50,886 | — | 814,697 | 216,263 | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 13,377,848 | 152,793,448 | 10,891,986 | 16,549,650 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 419,839 | 4,000,610 | 349,931 | 602,064 | ||||||||||||||||
Trustee fees | 9,588 | 19,182 | 9,353 | 9,518 | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 429,427 | 4,019,792 | 359,284 | 611,582 | ||||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (1,548 | ) | (574,256 | ) | (24,991 | ) | (128,472 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 427,879 | 3,445,536 | 334,293 | 483,110 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME | 12,949,969 | 149,347,912 | 10,557,693 | 16,066,540 | ||||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | (857,255 | ) | 1,320,587 | (7,213,569 | ) | 425,603 | ||||||||||||||
In-kind redemptions | (14,971,529 | ) | 557,647 | (1,283,722 | ) | — | ||||||||||||||
Securities sold short | — | 64 | 406,582 | — | ||||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers | 23,268,315 | 254,532 | 10,718,268 | 3,561,048 | ||||||||||||||||
Securities sold short | — | — | 49,199 | — | ||||||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain | 7,439,531 | 2,132,830 | 2,676,758 | 3,986,651 | ||||||||||||||||
| ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 20,389,500 | $ | 151,480,742 | $ | 13,234,451 | $ | 20,053,191 | ||||||||||||
|
The accompanying notes are an integral part of these consolidated financial statements. | 97 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets
February 29, 2024
|
Access Emerging Markets USD Bond ETF | Access High Yield Corporate Bond ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 1,569,371 | $ | 2,744,146 | $ | 3,228,853 | $ | 7,107,452 | ||||||||||||
Net realized loss | (93,337 | ) | (990,119 | ) | (1,383,861 | ) | (10,052,206 | ) | ||||||||||||
Net change in unrealized gain | 1,594,088 | 802,195 | 3,266,168 | 11,327,064 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 3,070,122 | 2,556,222 | 5,111,160 | 8,382,310 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (1,568,318 | ) | (2,675,655 | ) | (3,168,771 | ) | (7,421,417 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 3,884,849 | 29,017,966 | 48,190,469 | 63,776,945 | ||||||||||||||||
Cost of shares redeemed | – | (9,900,147 | ) | (17,293,906 | ) | (97,999,816 | ) | |||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 3,884,849 | 19,117,819 | 30,896,563 | (34,222,871 | ) | |||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 5,386,653 | 18,998,386 | 32,838,952 | (33,261,978 | ) | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 51,460,632 | $ | 32,462,246 | $ | 101,247,376 | $ | 134,509,354 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 56,847,285 | $ | 51,460,632 | $ | 134,086,328 | $ | 101,247,376 | ||||||||||||
|
98 | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
February 29, 2024
|
Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 564,911 | $ | 2,454,169 | $ 228,343 | $ | 224,127 | |||||||||||||
Net realized loss | (4,080,010 | ) | (9,913,356 | ) | (41,065 | ) | (825,095 | ) | ||||||||||||
Net change in unrealized gain | 5,242,430 | 1,518,317 | 204,216 | 683,678 | ||||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,727,331 | (5,940,870 | ) | 391,494 | 82,710 | |||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (1,276,874 | ) | (4,179,323 | ) | (227,161 | ) | (224,601 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 26,747,662 | 21,918,076 | 4,596,787 | 4,638,826 | ||||||||||||||||
Cost of shares redeemed | (20,448,193 | ) | (66,027,253 | ) | (4,651,720 | ) | (11,557,399 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 6,299,469 | (44,109,177 | ) | (54,933 | ) | (6,918,573 | ) | |||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 6,749,926 | (54,229,370 | ) | 109,400 | (7,060,464 | ) | ||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 111,142,674 | $ | 165,372,044 | $ 9,201,980 | $ | 16,262,444 | |||||||||||||
| ||||||||||||||||||||
End of period | $ | 117,892,600 | $ | 111,142,674 | $ 9,311,380 | $ | 9,201,980 | |||||||||||||
|
The accompanying notes are an integral part of these consolidated financial statements. | 99 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
February 29, 2024
|
Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 12,949,969 | $ | 20,798,832 | $ | 149,347,912 | $ | 203,790,525 | ||||||||||||
Net realized gain (loss) | (15,828,784 | ) | (35,037,592 | ) | 1,878,298 | (9,201,919 | ) | |||||||||||||
Net change in unrealized gain | 23,268,315 | 13,508,820 | 254,532 | 3,865,995 | ||||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,389,500 | (729,940 | ) | 151,480,742 | 198,454,601 | |||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (12,755,686 | ) | (20,409,959 | ) | (150,660,216 | ) | (182,430,853 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 239,332,279 | 313,013,296 | 1,147,991,692 | 5,065,135,094 | ||||||||||||||||
Cost of shares redeemed | (153,561,599 | ) | (243,562,494 | ) | (1,451,854,019 | ) | (2,155,004,089 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 85,770,680 | 69,450,802 | (303,862,327 | ) | 2,910,131,005 | |||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 93,404,494 | 48,310,903 | (303,041,801 | ) | 2,926,154,753 | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 682,840,520 | $ | 634,529,617 | $ | 6,013,216,229 | $ | 3,087,061,476 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 776,245,014 | $ | 682,840,520 | $ | 5,710,174,428 | $ | 6,013,216,229 | ||||||||||||
|
100 | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
February 29, 2024
|
Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 10,557,693 | $ | 15,359,244 | $ | 16,066,540 | $ | 23,139,754 | ||||||||||||
Net realized gain (loss) | (8,090,709 | ) | (23,235,282 | ) | 425,603 | (1,318,987 | ) | |||||||||||||
Net change in unrealized gain | 10,767,467 | 392,404 | 3,561,048 | 1,300,628 | ||||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 13,234,451 | (7,483,634 | ) | 20,053,191 | 23,121,395 | |||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (10,624,255 | ) | (14,281,841 | ) | (16,072,534 | ) | (22,160,976 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 66,336,599 | 89,594,586 | 152,283,648 | 261,247,087 | ||||||||||||||||
Cost of shares redeemed | (131,281,320 | ) | (8,300,985 | ) | (118,903,316 | ) | (193,095,071 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (64,944,721 | ) | 81,293,601 | 33,380,332 | 68,152,016 | |||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | (62,334,525 | ) | 59,528,126 | 37,360,989 | 69,112,435 | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 492,632,734 | $ | 433,104,608 | $ | 572,308,993 | $ | 503,196,558 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 430,298,209 | $ | 492,632,734 | $ | 609,669,982 | $ | 572,308,993 | ||||||||||||
|
The accompanying notes are an integral part of these consolidated financial statements. | 101 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights
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 |
For the Six Months Ended | For the Fiscal Year Ended August 31, | ||||||||||||||||||||||||||||||||||
February 29, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.08 | $ | 42.70 | $ | 50.40 | $ | 49.29 | $ | 49.42 | $ | 48.86 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 1.40 | 2.55 | 2.21 | 2.24 | 2.49 | 2.75 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.88 | 0.39 | (7.63 | ) | 1.15 | (0.15 | ) | 0.61 | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 2.28 | 2.94 | (5.42 | ) | 3.39 | 2.34 | 3.36 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (1.40 | ) | (2.56 | ) | (2.28 | ) | (2.28 | ) | (2.47 | ) | (2.80 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 43.96 | $ | 43.08 | $ | 42.70 | $ | 50.40 | $ | 49.29 | $ | 49.42 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Market price, end of period | $ | 43.87 | $ | 43.04 | $ | 42.28 | $ | 50.38 | $ | 49.23 | $ | 49.24 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return at Net Asset Value(b) | 5.42 | % | 7.13 | % | (11.07 | )% | 7.05 | % | 4.94 | % | 7.20 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 134,086 | $ | 101,247 | $ | 134,509 | $ | 231,834 | $ | 150,347 | $ | 76,602 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.34 | %(c) | 0.34 | % | 0.34 | % | 0.34 | % | 0.34 | % | 0.34 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 6.57 | %(c) | 5.99 | % | 4.69 | % | 4.49 | % | 5.15 | % | 5.67 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 9 | % | 14 | % | 15 | % | 22 | % | 22 | % | 23 | % | |||||||||||||||||||||||
|
(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 |
* | 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. |
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 |
(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
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. | 107 |
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. |
108 | 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. | 109 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
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 | Diversified/ Non-diversified | |||
Access Emerging Markets USD Bond ETF | Diversified | |||
Access High Yield Corporate Bond ETF | Diversified | |||
Access Inflation Protected USD Bond ETF | Diversified | |||
Access Investment Grade Corporate 1-5 Year Bond ETF | Diversified | |||
Access Investment Grade Corporate Bond ETF | Diversified | |||
Access Treasury 0-1 Year ETF | Diversified | |||
Access U.S. Aggregate Bond ETF | Diversified | |||
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.
110 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/ decreases to interest income with a corresponding adjustment to cost.
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 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 Act (the “Valuation Designee”) GSAM has day-to-day responsibility for implementing
111 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments— The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Debt Securities— Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.
ii. 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
112 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy— The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2024:
Access Emerging Markets USD Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 8,254,346 | $ | — | ||||||
Sovereign Debt Obligations | — | 46,799,692 | — | |||||||||
Investment Company | 933,170 | — | — | |||||||||
| ||||||||||||
Total | $ | 933,170 | $ | 55,054,038 | $ | — | ||||||
| ||||||||||||
Access High Yield Corporate Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 121,616,556 | $ | — | ||||||
Foreign Corporate Debt | — | 8,586,442 | — | |||||||||
Investment Company | 1,877,196 | — | — | |||||||||
| ||||||||||||
Total | $ | 1,877,196 | $ | 130,202,998 | $ | — | ||||||
| ||||||||||||
Access Inflation Protected USD Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
U.S. Treasury Inflation Indexed Bond | $ | 117,231,101 | $ | — | $ | — | ||||||
Investment Company | 561,558 | — | — | |||||||||
| ||||||||||||
Total | $ | 117,792,659 | �� | $ | — | $ | — | |||||
| ||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 7,672,612 | $ | — | ||||||
Foreign Corporate Debt | — | 1,442,937 | — | |||||||||
| ||||||||||||
Total | $ | — | $ | 9,115,549 | $ | — | ||||||
|
113 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Access Investment Grade Corporate Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 625,385,628 | $ | — | ||||||
Foreign Corporate Debt | — | 139,004,308 | — | |||||||||
Investment Company | 3,009,189 | — | — | |||||||||
| ||||||||||||
Total | $ | 3,009,189 | $ | 764,389,936 | $ | — | ||||||
| ||||||||||||
Access Treasury 0-1 Year ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
U.S. Treasury Bills | $ | 4,618,096,286 | $ | — | $ | — | ||||||
U.S. Treasury Notes | 1,087,106,875 | — | — | |||||||||
| ||||||||||||
Total | $ | 5,705,203,161 | $ | — | $ | — | ||||||
| ||||||||||||
Access U.S. Aggregate Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 91,752,800 | $ | — | ||||||
Foreign Corporate Debt | — | 25,213,705 | — | |||||||||
Mortgage-Backed Securities | — | 117,584,765 | — | |||||||||
Sovereign Debt Obligations | 207,540 | 10,850,115 | — | |||||||||
U.S. Government Agency Obligations | — | 762,494 | — | |||||||||
U.S. Treasury Bonds | 42,307,332 | — | — | |||||||||
U.S. Treasury Notes | 131,809,824 | — | — | |||||||||
U.S. Treasury Obligations | 18,737,067 | — | — | |||||||||
Investment Company | 24,871,043 | — | — | |||||||||
| ||||||||||||
Total | $ | 217,932,806 | $ | 246,163,879 | $ | — | ||||||
| ||||||||||||
Liabilities | ||||||||||||
Fixed Income | ||||||||||||
Forward Sales Contracts | $ | — | $ | (13,653,516 | ) | $ | — | |||||
| ||||||||||||
Access Ultra Short Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Asset-Backed Securities | $ | — | $ | 165,021,436 | $ | — | ||||||
Certificate of Deposit | — | 25,597,673 | — | |||||||||
Corporate Obligations | — | 98,944,771 | — | |||||||||
Foreign Corporate Debt | — | 126,815,638 | — | |||||||||
Mortgage-Backed Securities | — | 121,286,281 | — | |||||||||
U.S. Government Agency Obligations | — | 112,094 | — | |||||||||
U.S. Treasury Notes | 30,449,914 | — | — | |||||||||
Short-Term Investment | — | 36,352,619 | — |
114 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Investment Company | $ | 7,467,883 | $ | — | $ | — | ||||||
| ||||||||||||
Total | $ | 37,917,797 | $ | 574,130,512 | $ | — | ||||||
| ||||||||||||
Access Investment Grade Corporate Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 625,385,628 | $ | — | ||||||
Foreign Corporate Debt | — | 139,004,308 | — | |||||||||
Investment Company | 3,009,189 | — | — | |||||||||
| ||||||||||||
Total | $ | 3,009,189 | $ | 764,389,936 | $ | — | ||||||
|
For further information regarding security characteristics, see the Schedules of Investments.
4. 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 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 29, 2024, 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% | 0.39% | ||||||||||||||||||
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 | 0.12 | ||||||||||||||||||
Access Ultra Short Bond ETF | 0.20 | 0.16 |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.39%, 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Emerging Markets USD Bond ETF, Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2024 for Access Treasury 0-1 Year 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
115 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
without the approval of the Board of Trustees. For the six months ended February 29, 2024, GSAM waived $15,714, $574,256 and $122,316 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 29, 2024, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived | |||
Access Emerging Markets USD Bond ETF | $ 224 | |||
Access High Yield Corporate Bond ETF | 770 | |||
Access Inflation Protected USD Bond ETF | 319 | |||
Access Investment Grade Corporate 1-5 Year Bond ETF | 10 | |||
Access Investment Grade Corporate Bond ETF | 1,548 | |||
Access U.S. Aggregate Bond ETF | 24,991 | |||
Access Ultra Short Bond ETF | 6,156 |
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 29, 2024:
Access Emerging Markets USD Bond ETF |
| |||||||||||||||||||||||
Underlying Fund | | Beginning value as of August 31, 2023 |
| Purchases at Cost | | Proceeds from Sales |
| | Ending value as of February 29, 2024 |
| | Shares as of February 29, 2024 |
| Dividend Income | ||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
$ | 255,051 | $ | 2,203,523 | $ | 1,525,404 | $ | 933,170 | 933,170 | $ | 7,417 | ||||||||||||||
Access High Yield Corporate Bond ETF |
| |||||||||||||||||||||||
Underlying Fund | | Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | Dividend Income | ||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
1,043,475 | 8,980,827 | 8,147,106 | 1,877,196 | 1,877,196 | 24,750 | |||||||||||||||||||
Access Inflation Protected USD Bond ETF |
| |||||||||||||||||||||||
Underlying Fund | | Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | Dividend Income | ||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
536,220 | 1,916,681 | 1,891,343 | 561,558 | 561,558 | 10,294 | |||||||||||||||||||
116 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Access Investment Grade Corporate Bond ETF |
| |||||||||||||||||||||||
Underlying Fund | | Beginning value as of August 31, 2023 |
| Purchases at Cost | | Proceeds from Sales |
| | Ending value as of February 29, 2024 |
| | Shares as of February 29, 2024 |
| Dividend Income | ||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
$ | 1,389,970 | $ | 18,212,298 | $ | 16,593,079 | $ | 3,009,189 | 3,009,189 | $ | 50,886 | ||||||||||||||
Access U.S. Aggregate Bond ETF |
| |||||||||||||||||||||||
Underlying Fund | | Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | Dividend Income | ||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
45,185,528 | 47,165,814 | 67,480,299 | 24,871,043 | 24,871,043 | 814,697 | |||||||||||||||||||
Access Ultra Short Bond ETF |
| |||||||||||||||||||||||
Underlying Fund | | Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | Dividend Income | ||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
1,456,006 | 194,876,715 | 188,864,838 | 7,467,883 | 7,467,883 | 216,263 | |||||||||||||||||||
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 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 100,000 | $ | 3,884,849 | 750,000 | $ | 28,984,486 | ||||||||||
Shares redeemed | — | — | (250,000 | ) | (9,894,477) | |||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 100,000 | $ | 3,884,849 | 500,000 | $ | 19,090,009 | ||||||||||
|
117 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access High Yield Corporate Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 1,100,000 | $ | 48,190,469 | 1,500,000 | $ | 63,759,385 | ||||||||||
Shares redeemed | (400,000 | ) | (17,293,906 | ) | (2,300,000 | ) | (97,932,564) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | 700,000 | $ | 30,896,563 | (800,000 | ) | $ | (34,173,179) | |||||||||
| ||||||||||||||||
Access Inflation Protected USD Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 550,000 | $ | 26,747,662 | 450,000 | $ | 21,918,076 | ||||||||||
Shares redeemed | (425,000 | ) | (20,448,193 | ) | (1,350,000 | ) | (66,027,253) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | 125,000 | $ | 6,299,469 | (900,000 | ) | $ | (44,109,177) | |||||||||
| ||||||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 100,000 | $ | 4,596,787 | 100,000 | $ | 4,636,503 | ||||||||||
Shares redeemed | (100,000 | ) | (4,651,720 | ) | (250,000 | ) | (11,557,166) | |||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | — | $ | (54,933 | ) | (150,000 | ) | $ | (6,920,663) | ||||||||
| ||||||||||||||||
Access Investment Grade Corporate Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 5,300,000 | $ | 239,332,279 | 6,950,000 | $ | 312,852,286 | ||||||||||
Shares redeemed | (3,500,000 | ) | (153,561,599 | ) | (5,500,000 | ) | (243,404,700) | |||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 1,800,000 | $ | 85,770,680 | 1,450,000 | $ | 69,447,586 | ||||||||||
|
118 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access Treasury 0-1 Year ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023
| |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 11,490,000 | $ | 1,147,991,692 | 50,760,000 | $ | 5,065,129,680 | ||||||||||
Shares redeemed | (14,530,000 | ) | (1,451,854,018 | ) | (21,590,000 | ) | (2,155,003,879) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (3,040,000 | ) | $ | (303,862,326 | ) | 29,170,000 | $ | 2,910,125,801 | ||||||||
| ||||||||||||||||
Access U.S. Aggregate Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023
| |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 1,650,000 | $ | 66,336,599 | 2,150,000 | $ | 89,552,204 | ||||||||||
Shares redeemed | (3,200,000 | ) | (131,281,320 | ) | (200,000 | ) | (8,270,935) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (1,550,000 | ) | $ | (64,944,721 | ) | 1,950,000 | $ | 81,281,269 | ||||||||
| ||||||||||||||||
Access Ultra Short Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023
| |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 3,050,000 | $ | 152,283,648 | 5,250,000 | $ | 261,247,087 | ||||||||||
Shares redeemed | (2,375,000 | ) | (118,903,316 | ) | (3,875,000 | ) | (193,095,071) | |||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 675,000 | $ | 33,380,332 | 1,375,000 | $ | 68,152,016 | ||||||||||
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
Fund | Purchase of Agency Obligations | Purchases (Excluding U.S. Governement 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 | $ | — | $ | 4,489,582 | $ | — | $ | 3,458,501 | ||||||||
| ||||||||||||||||
Access High Yield Corporate Bond ETF | — | 41,860,083 | — | 8,535,525 | ||||||||||||
| ||||||||||||||||
Access Inflation Protected USD Bond ETF | 25,313,281 | — | 25,590,702 | — | ||||||||||||
| ||||||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | — | 6,472,471 | — | 4,348,307 | ||||||||||||
| ||||||||||||||||
Access Investment Grade Corporate Bond ETF | — | 169,020,756 | — | 13,548,196 | ||||||||||||
| ||||||||||||||||
Access U.S. Aggregate Bond ETF | 83,759,858 | 1,061,713,223 | 58,248,074 | 1,072,303,485 | ||||||||||||
| ||||||||||||||||
Access Ultra Short Bond ETF | 18,590,642 | 239,263,082 | 19,970,398 | 195,170,701 | ||||||||||||
|
119 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, 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 | $ | 1,985,958 | $ | — | ||||
Access High Yield Corporate Bond ETF | 10,796,142 | 14,665,208 | ||||||
Access Inflation Protected USD Bond ETF | 25,193,964 | 20,406,144 | ||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | — | 2,258,505 | ||||||
Access Investment Grade Corporate Bond ETF | 79,853,476 | 152,189,813 | ||||||
Access U.S. Aggregate Bond ETF | — | 96,304,461 |
7. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2023, 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 Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | Access Investment Grade Corporate Bond ETF | ||||||||||||||||
| ||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||
Perpetual Short-Term | $ | (4,719,239) | $ | (1,711,525) | $ | (926,084) | $ | (43,914) | $ | (2,764,880) | ||||||||||
Perpetual Long-Term | — | (158,574) | (1,048,175) | (108,292) | (2,529,605) | |||||||||||||||
| ||||||||||||||||||||
Total capital loss carryforwards | (4,719,239) | (1,870,099) | (1,974,259) | (152,206) | (5,294,485) | |||||||||||||||
| ||||||||||||||||||||
Timing differences — (Post October Capital Loss Deferral) | (338,513) | (1,489,472) | (3,009,073) | (100,634) | (2,846,078) | |||||||||||||||
| ||||||||||||||||||||
Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | ||||||||||||||||||
| ||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||
Perpetual Short-Term | $ | (5,045,995) | $ | (16,536,773) | $ | (1,050,052) | ||||||||||||||
Perpetual Long-Term | — | (4,356,844) | (326,419) | |||||||||||||||||
| ||||||||||||||||||||
Total capital loss carryforwards | (5,045,995) | (20,893,617) | (1,376,471) | |||||||||||||||||
| ||||||||||||||||||||
Timing differences — (Post October Capital Loss Deferral) |
| (5,815,184) | (13,375,400) | (1,853,131) | ||||||||||||||||
|
As of February 29, 2024, the Fund’s 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 Bond ETF | ||||||||||||||||
| ||||||||||||||||||||
Tax Cost | $ | 57,792,060 | $ | 134,035,842 | $ | 130,303,818 | $ | 9,180,463 | $ | 822,212,985 | ||||||||||
| ||||||||||||||||||||
Gross unrealized gain | 1,124,813 | 1,803,412 | 114,646 | 54,321 | 3,052,495 | |||||||||||||||
Gross unrealized loss | (2,929,665 | ) | (3,759,060 | ) | (12,625,805 | ) | (119,235 | ) | (57,866,355) | |||||||||||
| ||||||||||||||||||||
Net unrealized gain (loss) | $ | (1,804,852 | ) | $ | (1,955,648 | ) | $ | (12,511,159 | ) | $ | (64,914 | ) | $ | (54,813,860) | ||||||
|
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7. TAX INFORMATION (continued) |
Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | ||||||||||
| ||||||||||||
Tax Cost | $ | 5,706,211,108 | $ | 484,678,377 | $ | 612,734,926 | ||||||
| ||||||||||||
Gross unrealized gain | 314,870 | 1,856,350 | 2,173,645 | |||||||||
Gross unrealized loss | (1,322,817 | ) | (22,438,042 | ) | (2,860,262) | |||||||
| ||||||||||||
Net unrealized gain (loss) | $ | (1,007,947 | ) | $ | (20,581,692 | ) | $ | (686,617) | ||||
|
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.
8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index, (or a reference index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
Index Risk (each Fund except Goldman Sachs Access Ultra Short Bond ETF) — FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The 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 a 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.
Industry Concentration Risk — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, a Fund (except Access Ultra Short Bond ETF) also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.
Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Access Ultra Short Bond ETF to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.
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Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
8. OTHER RISKS (continued) |
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. 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. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. 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.
Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and Cboe BZX and may, therefore, have a material upward or downward effect on the market price of the Shares.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, 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, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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 pay more for, or receive less than, the underlying value of the Shares, respectively. 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
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8. OTHER RISKS (continued) |
supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except the Access Ultra Short Bond ETF) trading individually or in the aggregate at any point in time.
Sampling Risk — A Fund’s use of a representative sampling approach will result in its holding a smaller number of securities than are in the Index. As a result, an adverse development respecting a security held by a Fund could result in a greater decline in NAV than would be the case if a Fund held all of the securities in the Index. Conversely, a positive development relating to a security in the Index that is not held by a Fund could cause a Fund to underperform the Index. To the extent the assets in a Fund are smaller, these risks will be greater.
Tracking Error Risk (each Fund except the Access Ultra Short Bond ETF) — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
10. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.
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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Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:
Proposal Election of Trustees | For | Withheld | ||||
Gregory G. Weaver | 312,642,103 | 27,755,773 | ||||
Dwight L. Bush | 339,557,290 | 840,586 | ||||
Kathryn A. Cassidy | 339,692,259 | 705,617 | ||||
John G. Chou | 339,628,535 | 769,341 | ||||
Joaquin Delgado | 339,626,867 | 771,009 | ||||
Eileen H. Dowling | 339,570,827 | 827,049 | ||||
Paul C. Wirth | 339,591,397 | 806,479 |
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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
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, 2024 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, 2023 (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. 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 (i) 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”), (ii) its underlying index (except for the Goldman Sachs Access Ultra Short Bond ETF), and with respect to the Goldman Sachs Access Ultra Short Bond ETF, a benchmark performance index; and (iii) 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 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; |
(f) | the undertaking of the Investment Adviser to implement a fee waiver (for the Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access Treasury 0-1 Year 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 to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs
(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 seeks to provide current income with preservation of capital. 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 investment strategies similar to those of the Funds. 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. 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, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. 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
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs
policies and market conditions. The Trustees also received information comparing each Fund’s (except for the Goldman Sachs Access Ultra Short Bond ETF) performance to that of its respective index. They observed that the Goldman Sachs Access Ultra Short Bond ETF had placed in the third quartile of the Fund’s peer group for the one-year period and the top half for the three-year period ended March 31, 2023. The Trustees noted that the investment performance of each passively-managed Fund was consistent with the investment objective of tracking its respective index. With respect to the Goldman Sachs Access Ultra Short Bond ETF, they considered the investment performance trend of the Fund over time and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees 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 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.
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, and Goldman Sachs Access Ultra Short 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 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 2022 and 2021 (2022 only for the Goldman Sachs Access Emerging Markets USD 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.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits 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 funds 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 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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) 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; (f) 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 (g) 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, 2024.
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Liquidity Risk Management Program
February 29, 2024
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 13-14, 2024, 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, 2023 through December 31, 2023 (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. 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
Fund Expenses — Six Month ended February 29, 2024 (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, 2023 and held for the entire six months ended February 29, 2024, which represents a period of 182 days of a 366 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 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||
Actual based on NAV | $1,000.00 | $1,056.91 | $1.99 | $1,000.00 | $1,054.21 | $1.73 | $1,000.00 | $1,018.58 | $0.60 | $1,000.00 | $1,033.50 | $0.71 | ||||||||||||
Hypothetical 5% return | 1,000.00 | 1,022.93+ | 1.96 | 1,000.00 | 1,023.18+ | 1.70 | 1,000.00 | 1,024.27+ | 0.60 | 1,000.00 | 1,024.17+ | 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 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||
Actual based on NAV | $1,000.00 | $1,038.12 | $0.71 | $1,000.00 | $1,026.55 | $0.60 | $1,000.00 | $1,022.79 | $0.66 | $1,000.00 | $1,032.94 | $0.80 | ||||||||||||
Hypothetical 5% return | 1,000.00 | 1,024.17+ | 0.70 | 1,000.00 | 1,024.27+ | 0.60 | 1,000.00 | 1,024.22+ | 0.66 | 1,000.00 | 1,024.08+ | 0.79 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratios for the period were as follows:
Fund | ||||||
Access Emerging Markets USD Bond ETF | 0.39 | % | ||||
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 | 0.13 | |||||
Access Ultra Short Bond ETF | 0.16 |
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FUNDS PROFILE
Goldman Sachs ETFs
THE GOLDMAN
SACHS ADVANTAGE
Our goal is to deliver:
Strong, Consistent Investment Results | ||
∎ | Global Resources and Global Research | |
∎ | Team Approach | |
∎ | Disciplined Processes |
Innovative, Value-Added Investment Products | ||
∎ | Thoughtful Solutions | |
∎ | Risk Management |
Outstanding Client Service | ||
∎ | Dedicated Service Teams | |
∎ | Excellence and Integrity |
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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 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 Bonds 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 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® 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 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 |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® Total International Equity ETF |
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF |
Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF |
Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF |
Goldman Sachs Nasdaq-100 Core Premium Income ETF |
Goldman Sachs North American Pipelines & Power Equity ETF |
Goldman Sachs Small Cap Core Equity ETF |
Goldman Sachs S&P 500 Core Premium Income 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.
The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark
132 |
FUNDS PROFILE
Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
133 |
TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary 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’’) website 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 website 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 29, 2024 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. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes. 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. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365210-OTU-2013658 GST 2498 ACFIETFSAR-24
Goldman Sachs Funds Semi-Annual Report February 29, 2024 Goldman Sachs ActiveBeta® ETFs ActiveBeta® Emerging Markets Equity ETF (GEM) ActiveBeta® Europe Equity ETF (GSEU) ActiveBeta® International Equity ETF (GSIE) ActiveBeta® Japan Equity ETF (GSJY) ActiveBeta® U.S. Large Cap Equity ETF (GSLC) ActiveBeta® U.S. Small Cap Equity ETF (GSSC) ActiveBeta® World Low Vol Plus Equity ETF (GLOV) ActiveBeta® is a registered trademark of GSAM.
Goldman Sachs ActiveBeta® Equity ETFs
∎ |
ACTIVEBETA® EMERGING MARKETS EQUITY ETF (GEM) | |
∎ |
ACTIVEBETA® EUROPE EQUITY ETF (GSEU) | |
∎ |
ACTIVEBETA® INTERNATIONAL EQUITY ETF (GSIE) | |
∎ |
ACTIVEBETA® JAPAN EQUITY ETF (GSJY) | |
∎ |
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF (GSLC) | |
∎ |
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF (GSSC) | |
∎ |
ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF (GLOV) |
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6 | ||||
28 | ||||
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102 | ||||
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Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs ActiveBeta® Equity ETFs
February 29, 2024
The following are highlights both of key factors affecting 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 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.
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 13.93%. The Russell 3000® Index generated a return of 13.76%. |
• | Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting consensus expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership. |
• | The Reporting Period began in September 2023 with a sharp pullback. |
• | Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (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.) |
• | Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment. |
• | The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors. |
• | During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003. |
• | The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023. |
• | U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime. |
• | The market then shifted direction in November. |
• | November saw the most significant easing in financial conditions of any month in more than four decades. |
• | Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes. |
• | The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards. |
• | Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) |
• | U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years. |
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MARKET REVIEW
• | Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks. |
• | The S&P 500 Index rose in January 2024, albeit modestly. |
• | Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors. |
• | Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy. |
• | The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again. |
• | Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. |
• | In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven,” the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.” |
• | U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.) |
• | The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact. |
• | Economic data remained robust, which helped ease concerns of a hard landing. |
• | Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024. |
• | Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors. |
• | During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap® Index and Russell 2000® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) |
• | The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples. |
International Equities
• | Representing the developed international equity markets, the MSCI EAFE Index (net) returned 9.23% for the Reporting Period, lagging the U.S. equity market. |
• | As the Reporting Period began in September 2023, international equity markets, like their U.S. counterpart, declined, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets. |
• | In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised interest rates for the second time in the third calendar quarter. However, inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last. |
2 |
MARKET REVIEW
• | The U.K. equity market fared better than continental Europe, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The Bank of England (“BoE”) ended its run of 14 consecutive interest rate hikes in September. |
• | The Japanese equity market fell in September, as concerns arose surrounding political tensions with China, which could impact tourism. |
• | International equities rallied strongly in the fourth quarter of 2023, fueled by consensus expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative. |
• | In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell. |
• | U.K. equities posted positive returns overall but lagged other geographies due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. economic growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-cap stocks performed especially well. |
• | The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. However, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates. |
• | The MSCI EAFE Index posted positive, though quite modest, returns in January 2024. While developed markets advanced on positive macroeconomic indicators, central banks tempered investor expectations of interest rate cuts in the first quarter of 2024. |
• | European equities gained. The ECB kept its rates steady at its January meeting, recognizing a medium-term trend in declining inflation despite the uptick in the prior month. The ECB seemed to have little aversion towards maintaining elevated rates for as long as necessary, reiterating its commitment to a data-driven approach over the next few months. |
• | U.K. equities posted a negative return overall in January. Signs of economic growth as well as a higher than anticipated December 2023 inflation reading pushed out consensus expectations of rate cuts from the BoE. |
• | Despite beginning the calendar year with an earthquake and an accident at Tokyo Haneda airport, Japan was the best performing major region in January amidst foreign inflows, as investors rotated out of an underperforming Chinese equity market. Japanese equity markets were propelled by investor optimism around structural developments, such as corporate governance reforms requesting management plans around cost of capital and stock prices, as well as by the launch of the Nippon Individual Savings Account, which was widely expected to increase retail investor participation. The market was also boosted by yen depreciation, as the Bank of Japan elected not to change its negative rate policy at its January meeting. |
• | The MSCI EAFE Index performed better in February 2024, as corporate earnings reports and positive economic data supported a solid monthly return. |
• | European equities gained. Despite inflation in the region declining, the ECB reiterated its cautionary guidance regarding rate cuts. After reaching its highest level since July 2023 in January 2024, Europe’s Purchasing Managers’ Index (“PMI”) rose further in February, underscoring signs of improving economic activity in the region. |
• | The U.K. equity market underperformed other international equity markets in February but still eked out a modestly positive return. Similar to the ECB, the BoE tempered interest rate cut expectations despite inflation coming in slightly below expectations. The U.K. equity market was further challenged by underwhelming corporate earnings and poor economic data that signaled the U.K. had entered a technical recession in the fourth quarter of 2023. |
• | The Japanese equity market reached an all-time high in February, surpassing its previous high set 34 years earlier. Despite disappointing fourth quarter 2023 economic growth data, markets were enthused by the return of inflation in Japan, corporate governance reforms and stronger than consensus expected corporate earnings results, led mainly by large-cap stocks. |
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MARKET REVIEW
• | For the Reporting Period overall, eight of the eleven sectors in the MSCI EAFE Index posted positive total returns. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials, each posting a double-digit positive total return. The weakest performing sectors were consumer staples, utilities and energy. |
• | The best performing countries within the MSCI EAFE Index were the Netherlands, Sweden and Israel. The weakest performing countries during the Reporting Period were Portugal, Hong Kong and Finland. |
Emerging Markets Equities
• | Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 4.93% 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 2023, emerging markets equities as a whole posted negative returns, as heightened expectations amid strong U.S. economic data that U.S. interest rates would remain higher for longer put pressure on emerging markets equities. |
• | China remained top of mind for many investors with property market and local government debt issues reducing confidence in its equity market, which posted negative returns. |
• | Elsewhere in Asia, India’s equity market rose, as the country’s long-term structural drivers remained strong and its near-term cyclical backdrop improved, with economic momentum advancing, corporate earnings growth broadening and corporate capital expenditures picking up. |
• | In Latin America, the Brazilian equity market rose modestly, reporting economic growth that beat consensus expectations though high inflation kept investors alert to potential changes in economic policy. |
• | In the EMEA (Europe, Middle East and Africa) region, Turkey’s equity market was the top performer, as domestic retail investor flows followed a signaled return to economic orthodoxy from the Turkish government. However, the equity markets of Poland, Greece and Saudi Arabia fell. |
• | Emerging markets equities rallied in the fourth quarter of 2023 overall. |
• | In October 2023, emerging markets equities as a whole fell as did most equity markets globally, as expectations for higher for longer interest rates, particularly in the U.S., and the outbreak of war in the Middle East reduced risk appetite, especially within emerging markets regions. |
• | November 2023 was a strong month for emerging markets equities, as the view that developed markets interest rates had reached their peak supported equity market performance. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China continued to struggle as consumer confidence remained weak amid ongoing property market troubles. |
• | The MSCI Emerging Markets Index rose solidly in December 2023, as emerging markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025. |
• | The MSCI Emerging Markets Index fell in January 2024, suffering as strong U.S. economic data and hawkish messaging from the U.S. Fed altered interest rate cut altered consensus interest rate expectations. Despite China’s positive reported economic growth, its equity market was weakest, as the country continued to deal with issues of weak consumer confidence and property market concerns, with Evergrande, one of its largest real estate companies, going into liquidation during the month. Additionally, disappointment in the level of government support affected sentiment. Countries with strong trade links to China, including South Korea and Thailand, also suffered, as consensus expected export demand fell. On the other hand, India maintained its strong momentum from 2023, buoyed by corporate fundamentals and its government announcing a budget that reiterated a commitment to fiscal consolidation and introducing measures to encourage private capital expenditure. In Latin America, the rate differential between the U.S. and regional central banks was a drag, driving the equity markets of Chile, Peru and Brazil to negative monthly returns. |
4 |
MARKET REVIEW
• | The MSCI Emerging Markets Index rose in February 2024, supported largely by a rebound in China’s equity market, which had recently hit five-year lows. China’s equity market was boosted by government intervention, including stock purchases by state-owned investment firms, and by data indicating better tourist activity during the lunar new year. |
• | During the Reporting Period overall, the best performing sectors within the MSCI Emerging Markets Index were utilities, energy and information technology. The weakest performing sectors were communication services, real estate and materials. |
• | The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Egypt, Poland, Colombia, Peru and India. The weakest performing countries were Hong Kong, Thailand, China, Czech Republic and Chile. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
5 |
Index Definitions and Industry Terms
S&P 500 Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.
Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000® Index is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Index represents approximately 92% of the U.S. market. The Russell 1000® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.
Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. The Russell 2000® Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® 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.
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.
Russell MidCap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. The Russell Midcap® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® Index companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.
MSCI EAFE® Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI EAFE® Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI EAFE® Index is unmanaged and the figures for the MSCI EAFE® Index do not include any deduction for fees or expenses.
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.
6 |
FUND BASICS
ActiveBeta® Emerging Markets Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $30.70 | |||
Net Asset Value (NAV)1 | $30.97 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Emerging Markets Equity Index3 | MSCI Emerging Market Index4 | ||||
Shares | 5.95% | 5.49% | 6.93% | 4.93% |
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® 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 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 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. |
7 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/24 5 |
Holding | % of Net Assets | Line of Business | Country | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.8% | Information Technology | Taiwan | |||
Samsung Electronics Co. Ltd. | 3.4 | Information Technology | South Korea | |||
Tencent Holdings Ltd. | 2.8 | Communication Services | China | |||
Alibaba Group Holding Ltd. | 1.7 | Consumer Discretionary | China | |||
Reliance Industries Ltd. | 1.0 | Energy | India | |||
Infosys Ltd. | 0.9 | Information Technology | India | |||
MediaTek, Inc. | 0.8 | Information Technology | Taiwan | |||
Tata Consultancy Services Ltd. | 0.7 | Information Technology | India | |||
China Construction Bank Corp., Class H | 0.7 | Financials | China | |||
PDD Holdings, Inc. ADR | 0.7 | Consumer Discretionary | China |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK 6 |
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 1.3% of the Fund’s net assets as of February 29, 2024. 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. |
8 |
FUND BASICS
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
ActiveBeta® Europe Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $35.17 | |||
Net Asset Value (NAV)1 | $35.18 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
PERFORMANCE REVIEW |
September 1, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | ActiveBeta® Europe Equity Index3 | MSCI Europe Index4 | ||||||
Shares | 7.09% | 7.24% | 7.15% | 8.17% |
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 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 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. |
10 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/24 5 |
Holding | % of Net Assets | Line of Business | Country | |||
Novo Nordisk A/S, Class B | 3.5% | Health Care | Denmark | |||
ASML Holding NV | 3.0 | Information Technology | Netherlands | |||
Nestle SA | 2.1 | Consumer Staples | United States | |||
LVMH Moet Hennessy Louis Vuitton SE | 2.1 | Consumer Discretionary | France | |||
Novartis AG | 1.8 | Health Care | Switzerland | |||
Roche Holding AG | 1.6 | Health Care | United States | |||
AstraZeneca PLC | 1.5 | Health Care | United Kingdom | |||
SAP SE | 1.5 | Information Technology | Germany | |||
Shell PLC | 1.5 | Energy | Netherlands | |||
TotalEnergies SE | 1.2 | Energy | France |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK 6 |
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 29, 2024. 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. |
11 |
FUND BASICS
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® International Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $33.38 | |||
Net Asset Value (NAV)1 | $33.34 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Intl Equity Index3 | MSCI World ex USA Index4 | ||||||
Shares | 7.84% | 7.94% | 7.85% | 9.07% |
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 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. |
13 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/24 5 |
Holding | % of Net Assets | Line of Business | Country | |||
Novo Nordisk A/S, Class B | 2.0% | Health Care | Denmark | |||
ASML Holding NV | 1.5 | Information Technology | Netherlands | |||
LVMH Moet Hennessy Louis Vuitton SE | 1.2 | Consumer Discretionary | France | |||
Nestle SA | 1.2 | Consumer Staples | United States | |||
Novartis AG | 1.0 | Health Care | Switzerland | |||
Roche Holding AG | 0.9 | Health Care | United States | |||
AstraZeneca PLC | 0.8 | Health Care | United Kingdom | |||
SAP SE | 0.8 | Information Technology | Germany | |||
Shell PLC | 0.8 | Energy | Netherlands | |||
Constellation Software, Inc. | 0.7 | Information Technology | Canada |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK 6 |
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 0.2% of the Fund’s net assets as of February 29, 2024. 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. |
14 |
FUND BASICS
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 |
FUND BASICS
ActiveBeta® Japan Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $37.90 | |||
Net Asset Value (NAV)1 | $37.93 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Japan Equity Index3 | MSCI Japan Index4 | ||||||
Shares | 12.39% | 12.28% | 12.40% | 14.13% |
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 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. |
16 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/24 5 |
Holding | % of Net Assets | Line of Business | ||
Toyota Motor Corp. | 5.2% | Automobiles | ||
Mitsubishi UFJ Financial Group, Inc. | 2.7 | Banks | ||
Tokyo Electron Ltd. | 2.6 | Semiconductors & Semiconductor Equipment | ||
Sony Group Corp. | 2.0 | Household Durables | ||
Mitsubishi Corp. | 2.0 | Trading Companies & Distributors | ||
Hitachi Ltd. | 1.8 | Industrial Conglomerates | ||
Keyence Corp. | 1.8 | Electronic Equipment, Instruments & Components | ||
Sumitomo Mitsui Financial Group, Inc. | 1.7 | Banks | ||
Mitsui & Co. Ltd. | 1.4 | Trading Companies & Distributors | ||
Shin-Etsu Chemical Co. Ltd. | 1.4 | Chemicals |
5 The top 10 holdings may not be representative of the Fund’s future investments.
FUND VS BENCHMARK 6 |
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 0.2% of the Fund’s net assets as of February 29, 2024. 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. |
17 |
FUND BASICS
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® U.S. Large Cap Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $100.75 | |||
Net Asset Value (NAV)1 | $100.79 |
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, 2023-February 29, 2024 | 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 | 14.68% | 14.61% | 14.72% | 13.93% |
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 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 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. |
19 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/24 5 |
Holding | % of Net Assets | Line of Business | ||
Microsoft Corp. | 6.2% | Software | ||
Apple, Inc. | 5.5 | Technology Hardware, Storage & Peripherals | ||
NVIDIA Corp. | 3.7 | Semiconductors & Semiconductor Equipment | ||
Amazon.com, Inc. | 3.1 | Broadline Retail | ||
Meta Platforms, Inc., Class A | 2.5 | Interactive Media & Services | ||
Alphabet, Inc., Class A | 1.7 | Interactive Media & Services | ||
Alphabet, Inc., Class C | 1.6 | Interactive Media & Services | ||
Eli Lilly & Co. | 1.4 | Pharmaceuticals | ||
Broadcom, Inc. | 1.0 | Semiconductors & Semiconductor Equipment | ||
Berkshire Hathaway, Inc., Class B | 1.0 | Financial Services |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK 6 |
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. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 29, 2024. 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. |
20 |
FUND BASICS
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
21 |
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $63.48 | |||
Net Asset Value (NAV)1 | $63.63 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | ActiveBeta® U.S. Small Cap Equity ETF Index3 | Russell 2000® Index4 | ||||||
Shares | 8.83% | 8.62% | 8.90% | 8.97% |
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. 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. |
22 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/24 5 |
Holding | % of Net Assets | Line of Business | ||
Super Micro Computer, Inc. | 1.3% | Technology Hardware, Storage & Peripherals | ||
Comfort Systems USA, Inc. | 0.5 | Construction & Engineering | ||
Applied Industrial Technologies, Inc. | 0.4 | Trading Companies & Distributors | ||
Simpson Manufacturing Co., Inc. | 0.4 | Building Products | ||
Atkore, Inc. | 0.4 | Electrical Equipment | ||
Alpha Metallurgical Resources, Inc. | 0.4 | Metals & Mining | ||
Boise Cascade Co. | 0.4 | Trading Companies & Distributors | ||
Abercrombie & Fitch Co., Class A | 0.4 | Specialty Retail | ||
UFP Industries, Inc. | 0.4 | Building Products | ||
GMS, Inc. | 0.4 | Trading Companies & Distributors |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK 6 |
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 0.6% of the Fund’s net assets as of February 29, 2024. 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. |
23 |
FUND BASICS
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
24 |
FUND BASICS
ActiveBeta® World Low Vol Plus Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $45.79 | |||
Net Asset Value (NAV)1 | $45.76 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® World Low Vol Plus Equity Index3 | |||||
Shares | 11.90% | 11.87% | 11.75% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. 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 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. |
25 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/24 5 |
Holding | % of Net Assets | Line of Business | Country | |||
Microsoft Corp. | 2.9% | Information Technology | United States | |||
Apple, Inc. | 2.9 | Information Technology | United States | |||
O’Reilly Automotive, Inc. | 1.2 | Consumer Discretionary | United States | |||
Amazon.com, Inc. | 1.2 | Consumer Discretionary | United States | |||
Berkshire Hathaway, Inc., Class B | 1.2 | Financials | United States | |||
Walmart, Inc. | 1.1 | Consumer Staples | United States | |||
NVIDIA Corp. | 1.0 | Information Technology | United States | |||
Meta Platforms, Inc., Class A | 1.0 | Communication Services | United States | |||
International Business Machines Corp. | 0.9 | Information Technology | United States | |||
Home Depot, Inc. (The) | 0.8 | Consumer Discretionary | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK 5 |
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 0.1% of the Fund’s net assets as of February 29, 2024. 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. |
26 |
FUND BASICS
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. |
27 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – 96.8% |
| |||||||
Brazil – 4.0% | ||||||||
667,886 | Ambev SA (Consumer Staples) | $ | 1,691,004 | |||||
499,804 | B3 SA – Brasil Bolsa Balcao (Financials) | 1,290,589 | ||||||
403,110 | Banco Bradesco SA (Financials) | 997,908 | ||||||
92,046 | Banco do Brasil SA (Financials) | 1,071,877 | ||||||
64,908 | Banco Santander Brasil SA (Financials) | 373,616 | ||||||
543,960 | BB Seguridade Participacoes SA (Financials) | 3,650,011 | ||||||
190,031 | CCR SA (Industrials) | 527,030 | ||||||
121,391 | Centrais Eletricas Brasileiras SA (Utilities) | 1,062,765 | ||||||
94,045 | CPFL Energia SA (Utilities) | 669,850 | ||||||
48,079 | Energisa SA (Utilities) | 491,952 | ||||||
76,943 | Engie Brasil Energia SA (Utilities) | 650,709 | ||||||
279,333 | Equatorial Energia SA (Utilities) | 1,921,569 | ||||||
48,138 | Hypera SA (Health Care) | 318,553 | ||||||
84,762 | Klabin SA (Materials) | 385,030 | ||||||
257,373 | Lojas Renner SA (Consumer Discretionary) | 818,430 | ||||||
1,328,900 | Magazine Luiza SA (Consumer Discretionary)* | 569,683 | ||||||
306,273 | Natura & Co. Holding SA (Consumer Staples)* | 1,005,366 | ||||||
489,805 | Petroleo Brasileiro SA (Energy) | 4,063,430 | ||||||
76,179 | PRIO SA (Energy) | 670,159 | ||||||
552,715 | Raia Drogasil SA (Consumer Staples) | 2,963,446 | ||||||
85,225 | Suzano SA (Materials) | 966,546 | ||||||
201,741 | Telefonica Brasil SA (Communication Services) | 2,212,039 | ||||||
273,596 | TIM SA (Communication Services) | 1,000,521 | ||||||
442,527 | Vale SA (Materials) | 5,966,386 | ||||||
133,795 | Vibra Energia SA (Consumer Discretionary) | 696,354 | ||||||
236,849 | WEG SA (Industrials) | 1,748,964 | ||||||
|
| |||||||
37,783,787 | ||||||||
| ||||||||
Chile – 0.4% | ||||||||
918,721 | Cencosud SA (Consumer Staples) | 1,648,352 | ||||||
231,540 | Empresas CMPC SA (Materials) | 410,636 | ||||||
82,031 | Empresas Copec SA (Energy) | 525,940 | ||||||
2,982,330 | Enel Americas SA (Utilities) | 303,780 | ||||||
321,705 | Falabella SA (Consumer Discretionary)* | 815,062 | ||||||
|
| |||||||
3,703,770 | ||||||||
| ||||||||
China – 27.3% | ||||||||
193,995 | 360 Security Technology, Inc., Class A (Information Technology)* | 236,125 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) | ||||||||
358,131 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | $ | 968,237 | |||||
2,716,985 | Agricultural Bank of China Ltd., Class A (Financials) | 1,579,982 | ||||||
4,262,766 | Agricultural Bank of China Ltd., Class H (Financials) | 1,753,284 | ||||||
125,685 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 255,548 | ||||||
19,798 | Airtac International Group (Industrials) | 757,860 | ||||||
82,404 | Akeso, Inc. (Health Care)*(a) | 495,763 | ||||||
1,694,540 | Alibaba Group Holding Ltd. (Consumer Discretionary) | 15,779,170 | ||||||
614,409 | Alibaba Health Information Technology Ltd. (Consumer Staples)* | 269,973 | ||||||
449,336 | Aluminum Corp. of China Ltd., Class A (Materials) | 377,292 | ||||||
1,254,817 | Aluminum Corp. of China Ltd., Class H (Materials) | 628,306 | ||||||
63,185 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 209,937 | ||||||
60,318 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 683,943 | ||||||
170,659 | ANTA Sports Products Ltd. (Consumer Discretionary) | 1,673,063 | ||||||
16,002 | Autohome, Inc. ADR (Communication Services) | 415,892 | ||||||
162,417 | Baidu, Inc., Class A (Communication Services)* | 2,065,273 | ||||||
1,822,276 | Bank of Beijing Co. Ltd., Class A (Financials) | 1,310,071 | ||||||
372,194 | Bank of Changsha Co. Ltd., Class A (Financials) | 402,400 | ||||||
2,923,030 | Bank of China Ltd., Class A (Financials) | 1,813,392 | ||||||
8,968,969 | Bank of China Ltd., Class H (Financials) | 3,528,564 | ||||||
1,933,364 | Bank of Communications Co. Ltd., Class A (Financials) | 1,682,411 | ||||||
2,384,594 | Bank of Communications Co. Ltd., Class H (Financials) | 1,565,606 | ||||||
193,627 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 297,753 | ||||||
1,317,967 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 1,402,978 | ||||||
608,526 | Bank of Nanjing Co. Ltd., Class A (Financials) | 738,989 | ||||||
997,546 | Bank of Shanghai Co. Ltd., Class A (Financials) | 904,060 | ||||||
343,233 | Bank of Suzhou Co. Ltd., Class A (Financials) | 337,743 | ||||||
456,232 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 422,340 | ||||||
37,509 | BeiGene Ltd. (Health Care)* | 507,863 |
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) |
| |||||||
China – (continued) | ||||||||
245,583 | Beijing Enterprises Holdings Ltd. (Utilities) | $ | 925,391 | |||||
6,317 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 237,548 | ||||||
64,761 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 661,070 | ||||||
187,161 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 227,547 | ||||||
471,212 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 330,262 | ||||||
62,206 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | 551,935 | ||||||
1,042,510 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 577,303 | ||||||
2,031,813 | Bosideng International Holdings Ltd. (Consumer Discretionary) | 1,025,146 | ||||||
12,493 | BYD Co. Ltd., Class A (Consumer Discretionary) | 331,517 | ||||||
56,472 | BYD Co. Ltd., Class H (Consumer Discretionary) | 1,394,344 | ||||||
114,796 | BYD Electronic International Co. Ltd. (Information Technology) | 434,034 | ||||||
166,904 | By-health Co. Ltd., Class A (Consumer Staples) | 391,475 | ||||||
136,061 | C&D International Investment Group Ltd. (Real Estate) | 221,415 | ||||||
363,177 | Caitong Securities Co. Ltd., Class A (Financials) | 402,228 | ||||||
440,955 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 332,923 | ||||||
996,903 | CGN Power Co. Ltd., Class A (Utilities) | 534,061 | ||||||
3,593,548 | CGN Power Co. Ltd., Class H (Utilities)(a) | 1,092,459 | ||||||
12,284 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 219,076 | ||||||
402,335 | Changjiang Securities Co. Ltd., Class A (Financials) | 307,115 | ||||||
3,763,641 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 360,557 | ||||||
2,699,302 | China CITIC Bank Corp. Ltd., Class H (Financials) | 1,437,780 | ||||||
1,157,315 | China Communications Services Corp. Ltd., Class H (Industrials) | 492,267 | ||||||
1,164,718 | China Construction Bank Corp., Class A (Financials) | 1,131,540 | ||||||
11,095,407 | China Construction Bank Corp., Class H (Financials) | 6,916,205 | ||||||
1,200,550 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 363,235 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) | ||||||||
1,256,618 | China Everbright Bank Co. Ltd., Class A (Financials) | $ | 561,578 | |||||
2,475,872 | China Everbright Bank Co. Ltd., Class H (Financials) | 774,817 | ||||||
1,540,342 | China Feihe Ltd. (Consumer Staples)(a) | 767,338 | ||||||
291,842 | China Galaxy Securities Co. Ltd., Class A (Financials) | 492,125 | ||||||
1,057,280 | China Galaxy Securities Co. Ltd., Class H (Financials) | 556,406 | ||||||
301,977 | China Great Wall Securities Co. Ltd., Class A (Financials) | 331,933 | ||||||
1,175,666 | China Medical System Holdings Ltd. (Health Care) | 1,931,211 | ||||||
535,493 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 1,346,120 | ||||||
200,210 | China Merchants Bank Co. Ltd., Class A (Financials) | 890,285 | ||||||
387,865 | China Merchants Bank Co. Ltd., Class H (Financials) | 1,513,549 | ||||||
293,160 | China Merchants Port Holdings Co. Ltd. (Industrials) | 363,604 | ||||||
173,512 | China Merchants Securities Co. Ltd., Class A (Financials) | 339,547 | ||||||
270,970 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 354,261 | ||||||
1,718,670 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 963,662 | ||||||
2,916,758 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 1,028,287 | ||||||
66,558 | China National Medicines Corp. Ltd., Class A (Health Care) | 290,979 | ||||||
388,960 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 468,571 | ||||||
285,841 | China Oilfield Services Ltd., Class H (Energy) | 251,929 | ||||||
53,644 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 190,744 | ||||||
170,531 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 325,431 | ||||||
1,430,853 | China Petroleum & Chemical Corp., Class A (Energy) | 1,241,155 | ||||||
3,509,175 | China Petroleum & Chemical Corp., Class H (Energy) | 1,940,876 | ||||||
575,661 | China Railway Group Ltd., Class A (Industrials) | 507,331 | ||||||
910,170 | China Railway Group Ltd., Class H (Industrials) | 444,110 | ||||||
85,134 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 369,188 | ||||||
75,279 | China Resources Land Ltd. (Real Estate) | 231,737 | ||||||
743,451 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 503,307 |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) | ||||||||
100,510 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | $ | 766,946 | |||||
158,191 | China Shenhua Energy Co. Ltd., Class A (Energy) | 847,462 | ||||||
546,457 | China Shenhua Energy Co. Ltd., Class H (Energy) | 2,111,476 | ||||||
430,004 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 319,284 | ||||||
294,356 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 256,802 | ||||||
568,205 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 364,333 | ||||||
11,360,320 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 1,378,539 | ||||||
1,329,095 | China United Network Communications Ltd., Class A (Communication Services) | 885,418 | ||||||
242,111 | China Yangtze Power Co. Ltd., Class A (Utilities) | 841,731 | ||||||
2,565,381 | China Zheshang Bank Co. Ltd., Class A (Financials) | 989,800 | ||||||
61,459 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 558,699 | ||||||
1,258,195 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 782,306 | ||||||
61,562 | Chongqing Taiji Industry Group Co. Ltd., Class A (Health Care)* | 324,161 | ||||||
69,971 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 519,447 | ||||||
219,961 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 329,290 | ||||||
691,449 | CITIC Ltd. (Industrials) | 698,621 | ||||||
139,148 | CITIC Securities Co. Ltd., Class A (Financials) | 411,346 | ||||||
1,089,594 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 372,007 | ||||||
391,190 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 570,070 | ||||||
478,003 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 515,321 | ||||||
471,852 | CRRC Corp. Ltd., Class A (Industrials) | 417,809 | ||||||
385,301 | CRRC Corp. Ltd., Class H (Industrials) | 198,832 | ||||||
81,888 | CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care) | 389,026 | ||||||
2,176,156 | CSPC Pharmaceutical Group Ltd. (Health Care) | 1,701,164 | ||||||
408,555 | Daqin Railway Co. Ltd., Class A (Industrials) | 423,000 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) | ||||||||
92,026 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | $ | 303,848 | |||||
62,497 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 503,862 | ||||||
851,519 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 364,371 | ||||||
320,262 | Dongxing Securities Co. Ltd., Class A (Financials) | 377,367 | ||||||
135,732 | East Buy Holding Ltd. (Consumer Discretionary)*(a) | 419,568 | ||||||
79,230 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 410,486 | ||||||
33,980 | ENN Energy Holdings Ltd. (Utilities) | 279,304 | ||||||
175,148 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 455,296 | ||||||
407,278 | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | 278,669 | ||||||
449,102 | Far East Horizon Ltd. (Financials) | 360,828 | ||||||
428,021 | First Capital Securities Co. Ltd., Class A (Financials) | 340,385 | ||||||
251,613 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 652,670 | ||||||
62,091 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 373,050 | ||||||
572,727 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 626,219 | ||||||
423,174 | GEM Co. Ltd., Class A (Materials) | 314,800 | ||||||
119,407 | GF Securities Co. Ltd., Class A (Financials) | 234,994 | ||||||
281,774 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 298,776 | ||||||
74,890 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary) | 405,878 | ||||||
51,568 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 308,610 | ||||||
259,436 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 320,818 | ||||||
158,661 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 651,357 | ||||||
51,112 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 427,751 | ||||||
249,815 | Guosen Securities Co. Ltd., Class A (Financials) | 298,866 |
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) |
| |||||||
China – (continued) | ||||||||
180,160 | Guotai Junan Securities Co. Ltd., Class A (Financials) | $ | 377,310 | |||||
381,654 | Guoyuan Securities Co. Ltd., Class A (Financials) | 369,723 | ||||||
637,829 | Haidilao International Holding Ltd. (Consumer Discretionary)(a) | 1,168,310 | ||||||
216,479 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 723,775 | ||||||
430,218 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 1,313,383 | ||||||
272,120 | Haitong Securities Co. Ltd., Class A (Financials) | 345,190 | ||||||
514,672 | Haitong Securities Co. Ltd., Class H (Financials) | 255,732 | ||||||
219,684 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 230,500 | ||||||
73,673 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 255,623 | ||||||
206,229 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 355,772 | ||||||
101,863 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 413,093 | ||||||
74,853 | Hengan International Group Co. Ltd. (Consumer Staples) | 231,382 | ||||||
422,902 | Hengyi Petrochemical Co. Ltd., Class A (Materials)* | 406,160 | ||||||
1,219,242 | Hesteel Co. Ltd., Class A (Materials) | 368,890 | ||||||
108,670 | Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary) | 390,625 | ||||||
49,025 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 932,633 | ||||||
112,923 | Huadong Medicine Co. Ltd., Class A (Health Care) | 527,844 | ||||||
376,817 | Huafon Chemical Co. Ltd., Class A (Materials) | 356,669 | ||||||
261,393 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 687,471 | ||||||
189,642 | Huatai Securities Co. Ltd., Class A (Financials) | 382,692 | ||||||
330,395 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 390,795 | ||||||
1,329,585 | Huaxia Bank Co. Ltd., Class A (Financials) | 1,169,920 | ||||||
171,864 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 416,705 | ||||||
144,846 | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care) | 743,805 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) | ||||||||
1,826,766 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | $ | 1,351,329 | |||||
6,166,599 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 3,182,232 | ||||||
415,666 | Industrial Bank Co. Ltd., Class A (Financials) | 960,527 | ||||||
1,477,395 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)* | 315,768 | ||||||
190,150 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 437,818 | ||||||
100,956 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 397,225 | ||||||
127,662 | iQIYI, Inc. ADR (Communication Services)* | 471,073 | ||||||
191,600 | JCET Group Co. Ltd., Class A (Information Technology) | 695,639 | ||||||
52,967 | JD Health International, Inc. (Consumer Staples)*(a) | 201,617 | ||||||
205,946 | JD.com, Inc., Class A (Consumer Discretionary) | 2,342,567 | ||||||
410,613 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 422,215 | ||||||
248,484 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 1,470,505 | ||||||
58,340 | Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology) | 647,183 | ||||||
184,105 | Jiangxi Copper Co. Ltd., Class A (Materials) | 500,554 | ||||||
317,893 | Jiangxi Copper Co. Ltd., Class H (Materials) | 473,461 | ||||||
24,797 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 210,449 | ||||||
217,579 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 364,783 | ||||||
631,211 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 713,099 | ||||||
294,073 | Kingboard Holdings Ltd. (Information Technology) | 577,719 | ||||||
335,016 | Kingnet Network Co. Ltd., Class A (Communication Services) | 581,201 | ||||||
97,185 | Kingsoft Corp. Ltd. (Communication Services) | 271,241 | ||||||
255,503 | Kuaishou Technology (Communication Services)*(a) | 1,452,315 | ||||||
9,448 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 2,222,596 | ||||||
1,841,639 | Lenovo Group Ltd. (Information Technology) | 2,039,522 |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
72,001 | Li Auto, Inc., Class A (Consumer Discretionary)* | $ | 1,630,617 | |||||
257,180 | Li Ning Co. Ltd. (Consumer Discretionary) | 641,242 | ||||||
1,502,219 | Liaoning Port Co. Ltd., Class A (Industrials) | 308,564 | ||||||
150,647 | Longfor Group Holdings Ltd. (Real Estate)(a) | 190,118 | ||||||
181,664 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 535,518 | ||||||
15,365 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 374,782 | ||||||
428,903 | Meituan, Class B (Consumer Discretionary)*(a) | 4,371,865 | ||||||
651,478 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 301,089 | ||||||
41,917 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 223,918 | ||||||
196,521 | NetEase, Inc. (Communication Services) | 4,423,028 | ||||||
75,069 | New China Life Insurance Co. Ltd., Class A (Financials) | 341,732 | ||||||
163,259 | New China Life Insurance Co. Ltd., Class H (Financials) | 314,473 | ||||||
456,541 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | 561,390 | ||||||
253,175 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary)* | 2,401,165 | ||||||
315,014 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 1,786,560 | ||||||
700,640 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 601,917 | ||||||
272,394 | OFILM Group Co. Ltd., Class A (Information Technology)* | 308,488 | ||||||
338,281 | Oriental Pearl Group Co. Ltd., Class A (Communication Services) | 347,424 | ||||||
55,508 | PDD Holdings, Inc. ADR (Consumer Discretionary)* | 6,912,966 | ||||||
505,677 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 368,454 | ||||||
2,287,684 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 762,678 | ||||||
2,115,523 | PetroChina Co. Ltd., Class A (Energy) | 2,595,500 | ||||||
4,352,190 | PetroChina Co. Ltd., Class H (Energy) | 3,430,029 | ||||||
1,535,339 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 2,102,344 | ||||||
198,100 | Ping An Bank Co. Ltd., Class A (Financials) | 291,160 | ||||||
118,187 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 703,684 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
397,995 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | $ | 1,784,389 | |||||
1,337,413 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 900,240 | ||||||
1,289,200 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 680,104 | ||||||
56,997 | Qifu Technology, Inc. ADR (Financials) | 880,604 | ||||||
259,490 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 581,626 | ||||||
194,617 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 404,076 | ||||||
32,046 | Sangfor Technologies, Inc., Class A (Information Technology)* | 281,977 | ||||||
447,560 | SDIC Capital Co. Ltd., Class A (Financials) | 428,599 | ||||||
203,305 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 406,596 | ||||||
169,817 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 245,348 | ||||||
27,146 | SG Micro Corp., Class A (Information Technology) | 266,515 | ||||||
125,743 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 450,251 | ||||||
170,185 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 512,309 | ||||||
988,126 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 335,992 | ||||||
599,823 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 352,972 | ||||||
649,281 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 489,309 | ||||||
174,524 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 258,931 | ||||||
194,560 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 489,556 | ||||||
970,007 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 962,569 | ||||||
420,684 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 420,377 | ||||||
463,490 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 414,907 | ||||||
309,712 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 284,126 | ||||||
781,822 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 411,243 | ||||||
26,669 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 862,632 | ||||||
661,731 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 420,628 |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
385,102 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | $ | 352,218 | |||||
14,472 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 580,828 | ||||||
663,705 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)* | 282,790 | ||||||
56,203 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 505,068 | ||||||
85,265 | Shenzhen SED Industry Co. Ltd., Class A (Industrials) | 233,953 | ||||||
201,284 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 599,501 | ||||||
441,580 | Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary) | 315,009 | ||||||
165,667 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 360,063 | ||||||
196,024 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 746,797 | ||||||
328,093 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 371,568 | ||||||
73,665 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 513,439 | ||||||
20,749 | Silergy Corp. (Information Technology) | 273,726 | ||||||
209,262 | Sinoma International Engineering Co., Class A (Industrials) | 326,153 | ||||||
237,612 | Sinopharm Group Co. Ltd., Class H (Health Care) | 666,205 | ||||||
356,094 | SooChow Securities Co. Ltd., Class A (Financials) | 360,777 | ||||||
33,743 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 218,954 | ||||||
69,634 | TAL Education Group ADR (Consumer Discretionary)* | 1,025,709 | ||||||
639,688 | TCL Technology Group Corp., Class A (Information Technology)* | 402,177 | ||||||
734,965 | Tencent Holdings Ltd. (Communication Services) | 26,023,439 | ||||||
128,533 | Tencent Music Entertainment Group ADR (Communication Services)* | 1,345,740 | ||||||
117,705 | Tianqi Lithium Corp., Class A (Materials) | 876,100 | ||||||
1,053,799 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 1,175,105 | ||||||
215,850 | Tongwei Co. Ltd., Class A (Information Technology) | 793,869 | ||||||
1,918,502 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 1,303,703 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
17,971 | Trip.com Group Ltd. (Consumer Discretionary)* | $ | 819,034 | |||||
172,297 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 3,316,717 | ||||||
28,207 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 311,421 | ||||||
1,705,152 | Want Want China Holdings Ltd. (Consumer Staples) | 940,918 | ||||||
364,942 | Western Securities Co. Ltd., Class A (Financials) | 403,676 | ||||||
1,699,499 | Wintime Energy Group Co. Ltd., Class A (Utilities)* | 325,500 | ||||||
838,575 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | 535,366 | ||||||
27,075 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 534,529 | ||||||
118,533 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 288,278 | ||||||
385,649 | Xiamen C & D, Inc., Class A (Industrials) | 557,178 | ||||||
942,664 | Xiaomi Corp., Class B (Information Technology)*(a) | 1,591,817 | ||||||
262,446 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 411,664 | ||||||
352,580 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 814,256 | ||||||
75,123 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 337,182 | ||||||
65,034 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 498,140 | ||||||
424,044 | Youngor Fashion Co. Ltd., Class A (Real Estate) | 432,563 | ||||||
129,197 | YTO Express Group Co. Ltd., Class A (Industrials) | 228,620 | ||||||
667,555 | Yuexiu Property Co. Ltd. (Real Estate) | 445,958 | ||||||
58,059 | Yum China Holdings, Inc. (Consumer Discretionary) | 2,490,151 | ||||||
46,944 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 324,655 | ||||||
58,892 | Yunnan Botanee Bio- Technology Group Co. Ltd., Class A (Consumer Staples) | 535,854 | ||||||
159,335 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 403,355 | ||||||
214,277 | Yutong Bus Co. Ltd., Class A (Industrials) | 555,227 | ||||||
135,629 | Zangge Mining Co. Ltd., Class A (Materials) | 551,344 | ||||||
8,374 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 259,172 | ||||||
324,784 | Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary) | 370,525 |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
798,281 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | $ | 609,764 | |||||
274,703 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 326,353 | ||||||
153,670 | Zhejiang NHU Co. Ltd., Class A (Health Care) | 383,895 | ||||||
63,427 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 486,624 | ||||||
257,051 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 561,889 | ||||||
249,288 | Zheshang Securities Co. Ltd., Class A (Financials) | 354,285 | ||||||
26,107 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 562,196 | ||||||
306,727 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 443,579 | ||||||
150,026 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 275,186 | ||||||
341,967 | Zhongtai Securities Co. Ltd., Class A (Financials) | 329,853 | ||||||
175,711 | Zijin Mining Group Co. Ltd., Class H (Materials) | 284,143 | ||||||
434,008 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 481,880 | ||||||
127,814 | ZTE Corp., Class H (Information Technology) | 288,319 | ||||||
13,032 | ZTO Express Cayman, Inc. ADR (Industrials) | 250,084 | ||||||
|
| |||||||
257,970,257 | ||||||||
| ||||||||
Czech Republic – 0.2% |
| |||||||
13,473 | CEZ AS (Utilities) | 461,479 | ||||||
18,771 | Komercni banka AS (Financials) | 654,987 | ||||||
152,339 | Moneta Money Bank AS (Financials)(a) | 670,971 | ||||||
|
| |||||||
1,787,437 | ||||||||
| ||||||||
Egypt – 0.3% |
| |||||||
1,421,159 | Commercial International Bank - Egypt (CIB) (Financials) | 1,992,538 | ||||||
1,779,689 | Eastern Co. SAE (Consumer Staples) | 1,234,636 | ||||||
|
| |||||||
3,227,174 | ||||||||
| ||||||||
Greece – 0.8% |
| |||||||
565,762 | Eurobank Ergasias Services and Holdings SA (Financials)* | 1,170,296 | ||||||
173,701 | Hellenic Telecommunications Organization SA (Communication Services) | 2,624,070 | ||||||
18,708 | JUMBO SA (Consumer Discretionary) | 547,421 | ||||||
14,182 | Motor Oil Hellas Corinth Refineries SA (Energy) | 405,162 | ||||||
24,205 | Mytilineos SA (Industrials) | 942,964 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Greece – (continued) |
| |||||||
75,677 | National Bank of Greece SA (Financials)* | $ | 593,239 | |||||
86,525 | OPAP SA (Consumer Discretionary) | 1,579,590 | ||||||
|
| |||||||
7,862,742 | ||||||||
| ||||||||
Hong Kong – 0.2% |
| |||||||
48,285 | Orient Overseas International Ltd. (Industrials) | 750,599 | ||||||
2,340,967 | Sino Biopharmaceutical Ltd. (Health Care) | 935,932 | ||||||
|
| |||||||
1,686,531 | ||||||||
| ||||||||
Hungary – 0.2% |
| |||||||
128,210 | MOL Hungarian Oil & Gas PLC (Energy) | 1,019,685 | ||||||
15,975 | OTP Bank Nyrt (Financials) | 765,616 | ||||||
15,462 | Richter Gedeon Nyrt (Health Care) | 411,470 | ||||||
|
| |||||||
2,196,771 | ||||||||
| ||||||||
India – 17.2% |
| |||||||
7,630 | ABB India Ltd. (Industrials) | 501,047 | ||||||
210,893 | Adani Power Ltd. (Utilities)* | 1,398,768 | ||||||
6,420 | Apollo Hospitals Enterprise Ltd. (Health Care) | 472,432 | ||||||
51,491 | Asian Paints Ltd. (Materials) | 1,752,400 | ||||||
121,194 | Aurobindo Pharma Ltd. (Health Care) | 1,502,716 | ||||||
20,209 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 955,145 | ||||||
159,870 | Axis Bank Ltd. (Financials) | 2,072,890 | ||||||
5,075 | Bajaj Auto Ltd. (Consumer Discretionary) | 484,102 | ||||||
16,300 | Bajaj Finance Ltd. (Financials) | 1,276,881 | ||||||
19,570 | Bajaj Finserv Ltd. (Financials) | 376,171 | ||||||
313,774 | Bank of Baroda (Financials) | 1,004,523 | ||||||
77,376 | Berger Paints India Ltd. (Materials) | 566,162 | ||||||
294,712 | Bharat Electronics Ltd. (Industrials) | 728,994 | ||||||
118,525 | Bharat Petroleum Corp. Ltd. (Energy) | 863,176 | ||||||
159,277 | Bharti Airtel Ltd. (Communication Services) | 2,157,886 | ||||||
48,727 | Britannia Industries Ltd. (Consumer Staples) | 2,917,876 | ||||||
146,732 | CG Power & Industrial Solutions Ltd. (Industrials) | 784,393 | ||||||
37,061 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 486,839 | ||||||
162,748 | Cipla Ltd. (Health Care) | 2,905,631 | ||||||
191,426 | Coal India Ltd. (Energy) | 1,008,195 | ||||||
94,603 | Colgate-Palmolive India Ltd. (Consumer Staples) | 2,882,886 | ||||||
192,152 | Dabur India Ltd. (Consumer Staples) | 1,247,121 | ||||||
12,035 | Divi’s Laboratories Ltd. (Health Care) | 506,387 |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
48,256 | DLF Ltd. (Real Estate) | $ | 524,485 | |||||
30,534 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 2,365,737 | ||||||
11,610 | Eicher Motors Ltd. (Consumer Discretionary) | 531,015 | ||||||
362,498 | GAIL India Ltd. (Utilities) | 796,771 | ||||||
25,300 | Godrej Consumer Products Ltd. (Consumer Staples) | 383,758 | ||||||
42,620 | Grasim Industries Ltd. (Materials) | 1,126,407 | ||||||
83,714 | Havells India Ltd. (Industrials) | 1,546,083 | ||||||
267,922 | HCL Technologies Ltd. (Information Technology) | 5,376,293 | ||||||
14,800 | HDFC Asset Management Co. Ltd. (Financials)(a) | 669,886 | ||||||
161,462 | HDFC Bank Ltd. (Financials) | 2,732,827 | ||||||
101,187 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 710,245 | ||||||
260,602 | Hindalco Industries Ltd. (Materials) | 1,583,578 | ||||||
24,849 | Hindustan Aeronautics Ltd. (Industrials) | 924,253 | ||||||
127,533 | Hindustan Petroleum Corp. Ltd. (Energy) | 783,505 | ||||||
82,341 | Hindustan Unilever Ltd. (Consumer Staples) | 2,395,564 | ||||||
470,534 | ICICI Bank Ltd. (Financials) | 5,971,036 | ||||||
43,327 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 894,457 | ||||||
141,928 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 1,004,256 | ||||||
865,757 | Indian Oil Corp. Ltd. (Energy) | 1,728,564 | ||||||
410,770 | Infosys Ltd. (Information Technology) | 8,292,559 | ||||||
445,230 | ITC Ltd. (Consumer Staples) | 2,181,683 | ||||||
144,552 | Jindal Steel & Power Ltd. (Materials) | 1,353,275 | ||||||
261,025 | Jio Financial Services Ltd. (Financials)* | 975,897 | ||||||
95,825 | JSW Steel Ltd. (Materials) | 924,663 | ||||||
158,406 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 886,250 | ||||||
32,508 | Kotak Mahindra Bank Ltd. (Financials) | 662,363 | ||||||
68,003 | Larsen & Toubro Ltd. (Industrials) | 2,852,081 | ||||||
41,045 | LTIMindtree Ltd. (Information Technology)(a) | 2,624,014 | ||||||
51,233 | Lupin Ltd. (Health Care) | 1,001,628 | ||||||
87,503 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 2,039,296 | ||||||
317,881 | Marico Ltd. (Consumer Staples) | 2,003,523 | ||||||
8,239 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 1,121,671 | ||||||
42,532 | Mphasis Ltd. (Information Technology) | 1,342,573 | ||||||
382 | MRF Ltd. (Consumer Discretionary) | 673,006 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
56,139 | Muthoot Finance Ltd. (Financials) | $ | 882,713 | |||||
94,700 | Nestle India Ltd. (Consumer Staples) | 2,965,162 | ||||||
334,800 | NMDC Ltd. (Materials) | 912,141 | ||||||
611,199 | NTPC Ltd. (Utilities) | 2,473,802 | ||||||
552,254 | Oil & Natural Gas Corp. Ltd. (Energy) | 1,762,337 | ||||||
4,202 | Page Industries Ltd. (Consumer Discretionary) | 1,738,727 | ||||||
13,641 | Persistent Systems Ltd. (Information Technology) | 1,419,825 | ||||||
8,665 | PI Industries Ltd. (Materials) | 383,808 | ||||||
47,725 | Pidilite Industries Ltd. (Materials) | 1,574,789 | ||||||
10,248 | Polycab India Ltd. (Industrials) | 587,056 | ||||||
330,330 | Power Finance Corp. Ltd. (Financials) | 1,596,348 | ||||||
841,729 | Power Grid Corp. of India Ltd. (Utilities) | 2,871,368 | ||||||
247,853 | REC Ltd. (Financials) | 1,321,374 | ||||||
259,125 | Reliance Industries Ltd. (Energy) | 9,130,413 | ||||||
42,800 | SBI Cards & Payment Services Ltd. (Financials) | 371,471 | ||||||
45,462 | SBI Life Insurance Co. Ltd. (Financials)(a) | 851,245 | ||||||
20,385 | Shriram Finance Ltd. (Financials) | 599,531 | ||||||
29,446 | Siemens Ltd. (Industrials) | 1,661,739 | ||||||
14,126 | SRF Ltd. (Materials) | 407,112 | ||||||
204,685 | State Bank of India (Financials) | 1,846,741 | ||||||
76,663 | Sun Pharmaceutical Industries Ltd. (Health Care) | 1,458,947 | ||||||
7,374 | Supreme Industries Ltd. (Materials) | 369,126 | ||||||
747,774 | Suzlon Energy Ltd. (Industrials)* | 408,084 | ||||||
27,100 | Tata Communications Ltd. (Communication Services) | 628,571 | ||||||
142,199 | Tata Consultancy Services Ltd. (Information Technology) | 7,022,979 | ||||||
74,364 | Tata Consumer Products Ltd. (Consumer Staples) | 1,067,304 | ||||||
16,512 | Tata Elxsi Ltd. (Information Technology) | 1,555,498 | ||||||
335,987 | Tata Motors Ltd. (Consumer Discretionary) | 3,850,329 | ||||||
169,850 | Tata Motors Ltd., Class A (Consumer Discretionary) | 1,295,134 | ||||||
151,102 | Tata Power Co. Ltd. (The) (Utilities) | 677,457 | ||||||
1,374,132 | Tata Steel Ltd. (Materials) | 2,334,241 | ||||||
201,601 | Tech Mahindra Ltd. (Information Technology) | 3,097,215 | ||||||
23,082 | Titan Co. Ltd. (Consumer Discretionary) | 1,008,951 |
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
66,155 | Torrent Pharmaceuticals Ltd. (Health Care) | $ | 2,127,157 | |||||
11,487 | Trent Ltd. (Consumer Discretionary) | 537,774 | ||||||
20,292 | Tube Investments of India Ltd. (Consumer Discretionary) | 853,773 | ||||||
26,977 | TVS Motor Co. Ltd. (Consumer Discretionary)* | 695,994 | ||||||
16,366 | UltraTech Cement Ltd. (Materials) | 1,952,561 | ||||||
27,200 | United Spirits Ltd. (Consumer Staples) | 382,448 | ||||||
90,020 | UPL Ltd. (Materials) | 509,941 | ||||||
108,843 | Varun Beverages Ltd. (Consumer Staples) | 1,848,918 | ||||||
355,560 | Vedanta Ltd. (Materials) | 1,149,447 | ||||||
266,444 | Wipro Ltd. (Information Technology) | 1,666,475 | ||||||
268,088 | Zomato Ltd. (Consumer Discretionary)* | 534,939 | ||||||
|
| |||||||
162,226,788 | ||||||||
| ||||||||
Indonesia – 1.9% |
| |||||||
1,784,047 | Adaro Energy Indonesia Tbk PT (Energy) | 274,731 | ||||||
4,872,030 | Aneka Tambang Tbk (Materials) | 452,635 | ||||||
3,108,771 | Astra International Tbk PT (Industrials) | 1,033,619 | ||||||
3,830,256 | Bank Central Asia Tbk PT (Financials) | 2,406,858 | ||||||
2,889,561 | Bank Mandiri Persero Tbk PT (Financials) | 1,287,110 | ||||||
2,714,736 | Bank Negara Indonesia Persero Tbk PT (Financials) | 1,036,489 | ||||||
4,046,814 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 1,577,266 | ||||||
906,467 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 503,272 | ||||||
2,114,185 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 1,553,855 | ||||||
3,466,071 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 1,461,198 | ||||||
11,406,541 | Kalbe Farma Tbk PT (Health Care) | 1,081,498 | ||||||
6,579,435 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 1,151,349 | ||||||
10,136,410 | Telkom Indonesia Persero Tbk PT (Communication Services) | 2,580,060 | ||||||
6,076,989 | Unilever Indonesia Tbk PT (Consumer Staples) | 1,055,691 | ||||||
|
| |||||||
17,455,631 | ||||||||
| ||||||||
Kuwait – 0.6% |
| |||||||
312,135 | Agility Public Warehousing Co. KSC (Industrials)* | 609,761 | ||||||
201,735 | Boubyan Bank KSCP (Financials) | 421,634 | ||||||
590,729 | Kuwait Finance House KSCP (Financials) | 1,555,308 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Kuwait – (continued) |
| |||||||
871,804 | National Bank of Kuwait SAKP (Financials) | $ | 2,777,078 | |||||
|
| |||||||
5,363,781 | ||||||||
| ||||||||
Luxembourg – 0.1% |
| |||||||
40,574 | Reinet Investments SCA (Financials) | 1,023,754 | ||||||
| ||||||||
Mexico – 2.6% |
| |||||||
807,226 | Alfa SAB de CV, Class A (Industrials) | 601,169 | ||||||
2,810,955 | America Movil SAB de CV, Series B (Communication Services) | 2,628,708 | ||||||
51,098 | Arca Continental SAB de CV (Consumer Staples) | 549,738 | ||||||
107,500 | Banco del Bajio SA (Financials)(a) | 399,539 | ||||||
2,536,919 | Cemex SAB de CV, Series CPO (Materials)* | 1,936,897 | ||||||
103,936 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 1,013,142 | ||||||
327,661 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 4,086,139 | ||||||
130,813 | Gruma SAB de CV, Class B (Consumer Staples) | 2,326,527 | ||||||
461,124 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 1,926,472 | ||||||
75,231 | Grupo Carso SAB de CV, Series A1 (Industrials) | 650,020 | ||||||
317,108 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 3,274,296 | ||||||
246,110 | Grupo Mexico SAB de CV, Series B (Materials) | 1,193,164 | ||||||
241,373 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 535,740 | ||||||
216,057 | Orbia Advance Corp. SAB de CV (Materials) | 399,034 | ||||||
40,958 | Promotora y Operadora de Infraestructura SAB de CV (Industrials) | 425,119 | ||||||
4,800 | Southern Copper Corp. (Materials) | 388,128 | ||||||
744,807 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 2,978,530 | ||||||
|
| |||||||
25,312,362 | ||||||||
| ||||||||
Philippines – 0.1% |
| |||||||
442,034 | Bank of the Philippine Islands (Financials) | 983,696 | ||||||
38,170 | Manila Electric Co. (Utilities) | 264,810 | ||||||
|
| |||||||
1,248,506 | ||||||||
| ||||||||
Poland – 1.2% |
| |||||||
32,139 | Bank Pekao SA (Financials) | 1,394,229 | ||||||
14,680 | CD Projekt SA (Communication Services)(b) | 403,820 |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Poland – (continued) |
| |||||||
22,364 | Dino Polska SA (Consumer Staples)*(a) | $ | 2,606,021 | |||||
503 | LPP SA (Consumer Discretionary) | 2,262,800 | ||||||
25,787 | ORLEN SA (Energy) | 400,782 | ||||||
101,966 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 1,420,605 | ||||||
184,201 | Powszechny Zaklad Ubezpieczen SA (Financials) | 2,268,390 | ||||||
3,156 | Santander Bank Polska SA (Financials) | 434,871 | ||||||
|
| |||||||
11,191,518 | ||||||||
| ||||||||
Qatar – 0.9% |
| |||||||
512,875 | Commercial Bank PSQC (The) (Financials) | 712,193 | ||||||
91,940 | Industries Qatar QSC (Industrials) | 325,742 | ||||||
655,702 | Ooredoo QPSC (Communication Services) | 2,047,606 | ||||||
366,678 | Qatar International Islamic Bank QSC (Financials) | 1,149,079 | ||||||
325,626 | Qatar Islamic Bank (Financials) | 1,802,077 | ||||||
688,093 | Qatar National Bank QPSC (Financials) | 2,878,236 | ||||||
|
| |||||||
8,914,933 | ||||||||
| ||||||||
Romania – 0.1% |
| |||||||
116,547 | NEPI Rockcastle NV (Real Estate)* | 831,405 | ||||||
| ||||||||
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) | — | ||||||
839,494 | Novolipetsk Steel PJSC (Materials)*(c) | — | ||||||
820 | PhosAgro PJSC (Materials)(c) | — | ||||||
127,440 | PhosAgro PJSC, GDR (Materials)*(c) | — | ||||||
70,023 | Polymetal International PLC (Materials)*(c) | — | ||||||
11,287 | Polyus PJSC (Materials)*(c) | — | ||||||
90,086 | Rosneft Oil Co. PJSC (Energy)(c) | — | ||||||
1,661,273 | Sberbank of Russia PJSC (Financials)(c) | — | ||||||
152,107 | Severstal PAO (Materials)*(c) | — | ||||||
3,362,523 | Surgutneftegas PJSC (Energy)(c) | — | ||||||
277,377 | Tatneft PJSC (Energy)(c) | — | ||||||
1,366 | TCS Group Holding PLC, GDR (Financials)*(c) | — | ||||||
799,132,583 | VTB Bank PJSC (Financials)*(c) | — |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Russia – (continued) |
| |||||||
40,500 | Yandex NV, Class A (Communication Services)*(c) | $ | — | |||||
|
| |||||||
— | ||||||||
| ||||||||
Saudi Arabia – 4.0% |
| |||||||
11,627 | ACWA Power Co. (Utilities) | 818,475 | ||||||
31,010 | Advanced Petrochemical Co. (Materials) | 316,277 | ||||||
198,395 | Al Rajhi Bank (Financials) | 4,708,198 | ||||||
72,176 | Alinma Bank (Financials) | 845,835 | ||||||
28,985 | Almarai Co. JSC (Consumer Staples) | 454,448 | ||||||
53,756 | Arab National Bank (Financials) | 399,196 | ||||||
7,232 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | 707,329 | ||||||
40,409 | Bank AlBilad (Financials) | 532,279 | ||||||
56,422 | Bank Al-Jazira (Financials)* | 292,769 | ||||||
44,097 | Banque Saudi Fransi (Financials) | 447,990 | ||||||
30,238 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 1,851,224 | ||||||
129,372 | Dar Al Arkan Real Estate Development Co. (Real Estate)* | 481,570 | ||||||
11,023 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 968,183 | ||||||
4,731 | Elm Co. (Information Technology) | 1,333,405 | ||||||
186,031 | Etihad Etisalat Co. (Communication Services) | 2,743,118 | ||||||
88,173 | Jarir Marketing Co. (Consumer Discretionary) | 366,300 | ||||||
171,864 | Mobile Telecommunications Co Saudi Arabia (Communication Services) | 682,818 | ||||||
31,300 | Nahdi Medical Co. (Consumer Staples) | 1,185,132 | ||||||
76,724 | Riyad Bank (Financials) | 636,247 | ||||||
29,136 | SABIC Agri-Nutrients Co. (Materials) | 972,676 | ||||||
101,488 | Sahara International Petrochemical Co. (Materials) | 829,429 | ||||||
64,028 | Saudi Arabian Mining Co. (Materials)* | 849,370 | ||||||
458,535 | Saudi Arabian Oil Co. (Energy)(a) | 3,875,839 | ||||||
104,848 | Saudi Awwal Bank (Financials) | 1,153,236 | ||||||
89,537 | Saudi Basic Industries Corp. (Materials) | 1,881,320 | ||||||
137,859 | Saudi Electricity Co. (Utilities) | 735,189 | ||||||
84,855 | Saudi Investment Bank (The) (Financials) | 366,092 | ||||||
290,381 | Saudi Kayan Petrochemical Co. (Materials)* | 747,187 | ||||||
277,467 | Saudi National Bank (The) (Financials) | 3,133,277 | ||||||
203,873 | Saudi Telecom Co. (Communication Services) | 2,307,658 |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Saudi Arabia – (continued) |
| |||||||
104,882 | Savola Group (The) (Consumer Staples) | $ | 1,482,214 | |||||
|
| |||||||
38,104,280 | ||||||||
| ||||||||
South Africa – 2.8% |
| |||||||
125,422 | Absa Group Ltd. (Financials) | 1,069,344 | ||||||
112,157 | Aspen Pharmacare Holdings Ltd. (Health Care) | 1,145,848 | ||||||
84,549 | Bid Corp. Ltd. (Consumer Staples) | 1,977,566 | ||||||
42,953 | Bidvest Group Ltd. (The) (Industrials) | 523,172 | ||||||
7,152 | Capitec Bank Holdings Ltd. (Financials) | 752,256 | ||||||
87,993 | Clicks Group Ltd. (Consumer Staples) | 1,376,468 | ||||||
28,631 | Discovery Ltd. (Financials) | 202,826 | ||||||
540,853 | FirstRand Ltd. (Financials) | 1,826,361 | ||||||
124,575 | Gold Fields Ltd. (Materials) | 1,635,133 | ||||||
186,566 | Impala Platinum Holdings Ltd. (Materials) | 629,999 | ||||||
52,087 | Kumba Iron Ore Ltd. (Materials) | 1,457,907 | ||||||
264,958 | MTN Group Ltd. (Communication Services) | 1,153,267 | ||||||
8,910 | Naspers Ltd., Class N (Consumer Discretionary) | 1,465,422 | ||||||
95,624 | Nedbank Group Ltd. (Financials) | 1,092,582 | ||||||
1,179,356 | Old Mutual Ltd. (Financials) | 734,033 | ||||||
280,654 | OUTsurance Group Ltd. (Financials) | 609,184 | ||||||
296,438 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 288,499 | ||||||
92,085 | Remgro Ltd. (Financials) | 698,231 | ||||||
256,115 | Sanlam Ltd. (Financials) | 981,938 | ||||||
212,916 | Shoprite Holdings Ltd. (Consumer Staples) | 2,865,924 | ||||||
189,537 | Standard Bank Group Ltd. (Financials) | 1,993,998 | ||||||
150,904 | Vodacom Group Ltd. (Communication Services) | 739,584 | ||||||
294,407 | Woolworths Holdings Ltd. (Consumer Discretionary) | 984,797 | ||||||
|
| |||||||
26,204,339 | ||||||||
| ||||||||
South Korea – 11.7% |
| |||||||
14,719 | Amorepacific Corp. (Consumer Staples) | 1,322,013 | ||||||
4,274 | Celltrion, Inc. (Health Care) | 576,778 | ||||||
5,661 | CJ CheilJedang Corp. (Consumer Staples) | 1,273,257 | ||||||
2,506 | CosmoAM&T Co. Ltd. (Information Technology)* | 333,293 | ||||||
45,388 | Coway Co. Ltd. (Consumer Discretionary) | 1,847,424 | ||||||
8,928 | DB Insurance Co. Ltd. (Financials)* | 662,426 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Korea – (continued) |
| |||||||
15,042 | Doosan Bobcat, Inc. (Industrials) | $ | 530,356 | |||||
28,784 | Doosan Enerbility Co. Ltd. (Industrials)* | 351,045 | ||||||
3,395 | Ecopro BM Co. Ltd. (Industrials)* | 679,459 | ||||||
925 | Ecopro Co. Ltd. (Industrials)* | 429,296 | ||||||
43,175 | GS Holdings Corp. (Industrials) | 1,557,944 | ||||||
44,102 | Hana Financial Group, Inc. (Financials) | 1,874,567 | ||||||
36,624 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 1,490,704 | ||||||
6,148 | Hanmi Pharm Co. Ltd. (Health Care) | 1,542,079 | ||||||
4,563 | Hanwha Aerospace Co. Ltd. (Industrials) | 642,507 | ||||||
11,079 | HD Hyundai Co. Ltd. (Energy) | 588,229 | ||||||
8,300 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | 697,484 | ||||||
69,099 | HMM Co. Ltd. (Industrials)* | 948,062 | ||||||
1,765 | HYBE Co. Ltd. (Communication Services) | 263,902 | ||||||
2,700 | Hyundai Glovis Co. Ltd. (Industrials)* | 386,265 | ||||||
6,531 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 1,189,372 | ||||||
11,240 | Hyundai Motor Co. (Consumer Discretionary) | 2,114,464 | ||||||
19,863 | Hyundai Steel Co. (Materials)* | 536,253 | ||||||
157,340 | Industrial Bank of Korea (Financials)* | 1,654,220 | ||||||
14,546 | Kakao Corp. (Communication Services) | 582,233 | ||||||
61,041 | Kangwon Land, Inc. (Consumer Discretionary)* | 796,705 | ||||||
43,505 | KB Financial Group, Inc. (Financials) | 2,074,623 | ||||||
36,266 | Kia Corp. (Consumer Discretionary)* | 3,390,746 | ||||||
15,215 | Korea Aerospace Industries Ltd. (Industrials)* | 586,159 | ||||||
43,517 | Korea Electric Power Corp. (Utilities) | 810,470 | ||||||
5,744 | Korea Investment Holdings Co. Ltd. (Financials)* | 306,266 | ||||||
652 | Korea Zinc Co. Ltd. (Materials) | 219,112 | ||||||
34,398 | Korean Air Lines Co. Ltd. (Industrials) | 594,138 | ||||||
2,300 | Krafton, Inc. (Communication Services)* | 392,085 | ||||||
24,288 | KT Corp. (Communication Services) | 713,173 | ||||||
19,345 | KT&G Corp. (Consumer Staples) | 1,351,070 | ||||||
5,333 | Kumho Petrochemical Co. Ltd. (Materials)* | 592,333 | ||||||
1,065 | LG Chem Ltd. (Materials) | 362,305 |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Korea – (continued) |
| |||||||
5,498 | LG Corp. (Industrials) | $ | 386,875 | |||||
30,213 | LG Electronics, Inc. (Consumer Discretionary) | 2,153,209 | ||||||
6,746 | LG H&H Co. Ltd. (Consumer Staples) | 1,616,081 | ||||||
2,480 | LG Innotek Co. Ltd. (Information Technology) | 376,209 | ||||||
294,337 | LG Uplus Corp. (Communication Services) | 2,281,134 | ||||||
13,300 | Meritz Financial Group, Inc. (Financials) | 830,002 | ||||||
69,964 | Mirae Asset Securities Co. Ltd. (Financials)* | 473,923 | ||||||
8,051 | NAVER Corp. (Communication Services) | 1,178,991 | ||||||
9,129 | NCSoft Corp. (Communication Services) | 1,329,999 | ||||||
8,100 | Netmarble Corp. (Communication Services)*(a) | 375,315 | ||||||
85,771 | NH Investment & Securities Co. Ltd. (Financials)* | 756,197 | ||||||
21,698 | Orion Corp. (Consumer Staples) | 1,513,776 | ||||||
13,022 | Posco DX Co. Ltd. (Information Technology)*(b) | 529,055 | ||||||
1,585 | POSCO Future M Co. Ltd. (Industrials)* | 377,324 | ||||||
7,223 | POSCO Holdings, Inc. (Materials) | 2,340,586 | ||||||
1,101 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 639,962 | ||||||
13,621 | Samsung C&T Corp. (Industrials) | 1,602,892 | ||||||
7,034 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 739,531 | ||||||
578,332 | Samsung Electronics Co. Ltd. (Information Technology) | 31,878,619 | ||||||
24,089 | Samsung Engineering Co. Ltd. (Industrials)* | 445,021 | ||||||
9,857 | Samsung Fire & Marine Insurance Co. Ltd. (Financials)* | 2,205,907 | ||||||
119,893 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 711,291 | ||||||
10,089 | Samsung Life Insurance Co. Ltd. (Financials) | 734,173 | ||||||
1,621 | Samsung SDI Co. Ltd. (Information Technology) | 458,934 | ||||||
10,781 | Samsung SDS Co. Ltd. (Information Technology) | 1,295,404 | ||||||
43,199 | Samsung Securities Co. Ltd. (Financials) | 1,347,941 | ||||||
53,613 | Shinhan Financial Group Co. Ltd. (Financials) | 1,753,414 | ||||||
18,074 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 1,315,238 | ||||||
53,130 | SK Hynix, Inc. (Information Technology) | 6,232,281 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Korea – (continued) |
| |||||||
17,049 | SK Square Co. Ltd. (Industrials)* | $ | 894,957 | |||||
60,332 | SK Telecom Co. Ltd. (Communication Services) | 2,387,726 | ||||||
2,214 | SK, Inc. (Industrials) | 318,898 | ||||||
8,100 | S-Oil Corp. (Energy) | 464,734 | ||||||
110,227 | Woori Financial Group, Inc. (Financials) | 1,233,390 | ||||||
23,852 | Yuhan Corp. (Health Care) | 1,207,288 | ||||||
|
| |||||||
110,649,094 | ||||||||
| ||||||||
Taiwan – 16.5% |
| |||||||
152,083 | Accton Technology Corp. (Information Technology) | 2,497,068 | ||||||
556,762 | Acer, Inc. (Information Technology) | 795,261 | ||||||
179,804 | Advantech Co. Ltd. (Information Technology) | 2,218,433 | ||||||
632,395 | ASE Technology Holding Co. Ltd. (Information Technology) | 2,780,901 | ||||||
434,107 | Asia Cement Corp. (Materials) | 555,517 | ||||||
82,907 | Asustek Computer, Inc. (Information Technology) | 1,193,397 | ||||||
189,509 | Catcher Technology Co. Ltd. (Information Technology) | 1,181,078 | ||||||
797,467 | Cathay Financial Holding Co. Ltd. (Financials)* | 1,136,554 | ||||||
231,899 | Chailease Holding Co. Ltd. (Financials) | 1,280,197 | ||||||
770,300 | Chang Hwa Commercial Bank Ltd. (Financials) | 433,773 | ||||||
342,975 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 509,425 | ||||||
2,905,011 | China Development Financial Holding Corp. (Financials)* | 1,153,384 | ||||||
701,578 | China Steel Corp. (Materials) | 546,001 | ||||||
393,969 | Chunghwa Telecom Co. Ltd. (Communication Services) | 1,501,867 | ||||||
1,385,835 | Compal Electronics, Inc. (Information Technology) | 1,600,246 | ||||||
1,897,347 | CTBC Financial Holding Co. Ltd. (Financials) | 1,764,723 | ||||||
247,603 | Delta Electronics, Inc. (Information Technology) | 2,306,872 | ||||||
57,435 | E Ink Holdings, Inc. (Information Technology) | 446,986 | ||||||
916,645 | E.Sun Financial Holding Co. Ltd. (Financials) | 732,226 | ||||||
20,573 | eMemory Technology, Inc. (Information Technology) | 1,763,800 | ||||||
140,444 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 735,332 | ||||||
806,763 | Far Eastern New Century Corp. (Industrials) | 832,043 | ||||||
272,813 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 1,428,385 | ||||||
1,013,932 | First Financial Holding Co. Ltd. (Financials) | 869,282 |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Taiwan – (continued) |
| |||||||
335,011 | Formosa Plastics Corp. (Materials) | $ | 759,907 | |||||
1,029,462 | Fubon Financial Holding Co. Ltd. (Financials) | 2,214,632 | ||||||
35,376 | Gigabyte Technology Co. Ltd. (Information Technology) | 386,109 | ||||||
25,232 | Global Unichip Corp. (Information Technology) | 1,269,203 | ||||||
30,003 | Globalwafers Co. Ltd. (Information Technology) | 529,641 | ||||||
1,146,457 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 3,735,746 | ||||||
851,555 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 592,677 | ||||||
798,735 | Inventec Corp. (Information Technology) | 1,389,786 | ||||||
9,167 | Largan Precision Co. Ltd. (Information Technology) | 751,120 | ||||||
467,084 | Lite-On Technology Corp. (Information Technology) | 1,618,048 | ||||||
198,101 | MediaTek, Inc. (Information Technology) | 7,144,534 | ||||||
751,101 | Mega Financial Holding Co. Ltd. (Financials) | 919,585 | ||||||
370,288 | Micro-Star International Co. Ltd. (Information Technology) | 2,237,460 | ||||||
422,328 | Nan Ya Plastics Corp. (Materials) | 797,639 | ||||||
49,174 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 329,025 | ||||||
486,585 | Nanya Technology Corp. (Information Technology) | 1,035,991 | ||||||
122,062 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 1,426,847 | ||||||
204,253 | Novatek Microelectronics Corp. (Information Technology) | 3,883,518 | ||||||
510,323 | Pegatron Corp. (Information Technology) | 1,380,364 | ||||||
768,929 | Pou Chen Corp. (Consumer Discretionary) | 741,939 | ||||||
333,624 | President Chain Store Corp. (Consumer Staples) | 2,844,451 | ||||||
251,803 | Quanta Computer, Inc. (Information Technology) | 1,848,125 | ||||||
158,032 | Realtek Semiconductor Corp. (Information Technology) | 2,844,721 | ||||||
319,800 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 455,275 | ||||||
1,597,869 | SinoPac Financial Holdings Co. Ltd. (Financials) | 1,016,061 | ||||||
386,890 | Synnex Technology International Corp. (Information Technology) | 952,247 | ||||||
2,081,072 | Taishin Financial Holding Co. Ltd. (Financials) | 1,145,562 | ||||||
984,875 | Taiwan Business Bank (Financials) | 436,206 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Taiwan – (continued) |
| |||||||
371,609 | Taiwan Cement Corp. (Materials) | $ | 377,375 | |||||
662,919 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 544,227 | ||||||
176,644 | Taiwan Mobile Co. Ltd. (Communication Services) | 553,244 | ||||||
2,936,048 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 64,090,641 | ||||||
93,486 | Unimicron Technology Corp. (Information Technology) | 530,876 | ||||||
1,459,480 | Uni-President Enterprises Corp. (Consumer Staples) | 3,541,407 | ||||||
1,704,202 | United Microelectronics Corp. (Information Technology) | 2,633,710 | ||||||
181,806 | Vanguard International Semiconductor Corp. (Information Technology) | 415,267 | ||||||
29,558 | Voltronic Power Technology Corp. (Industrials) | 1,500,833 | ||||||
611,152 | Winbond Electronics Corp. (Information Technology) | 540,398 | ||||||
458,934 | Wistron Corp. (Information Technology) | 1,676,929 | ||||||
375,409 | WPG Holdings Ltd. (Information Technology) | 1,102,136 | ||||||
189,941 | Yang Ming Marine Transport Corp. (Industrials) | 299,548 | ||||||
2,444,684 | Yuanta Financial Holding Co. Ltd. (Financials) | 2,122,988 | ||||||
157,265 | Zhen Ding Technology Holding Ltd. (Information Technology) | 500,012 | ||||||
|
| |||||||
155,378,761 | ||||||||
| ||||||||
Thailand – 1.3% |
| |||||||
274,816 | Advanced Info Service PCL, NVDR (Communication Services) | 1,540,165 | ||||||
303,900 | Airports of Thailand PCL, NVDR (Industrials) | 538,064 | ||||||
1,598,100 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) | 1,269,925 | ||||||
177,100 | Bumrungrad Hospital PCL, NVDR (Health Care) | 1,106,103 | ||||||
198,100 | Central Pattana PCL, NVDR (Real Estate) | 357,646 | ||||||
699,300 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) | 368,514 | ||||||
835,477 | CP ALL PCL, NVDR (Consumer Staples) | 1,339,465 | ||||||
510,200 | Delta Electronics Thailand PCL, NVDR (Information Technology)* | 1,013,572 | ||||||
277,900 | Gulf Energy Development PCL, NVDR (Utilities) | 333,186 | ||||||
780,700 | Indorama Ventures PCL, NVDR (Materials) | 507,188 |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Thailand – (continued) |
| |||||||
267,400 | Intouch Holdings PCL, NVDR (Communication Services) | $ | 505,126 | |||||
1,146,900 | Krung Thai Bank PCL, NVDR (Financials) | 514,850 | ||||||
290,000 | Krungthai Card PCL, NVDR (Financials) | 345,671 | ||||||
181,900 | PTT Exploration & Production PCL, NVDR (Energy) | 765,841 | ||||||
342,100 | PTT Global Chemical PCL, NVDR (Materials) | 362,465 | ||||||
705,200 | PTT PCL, NVDR (Energy) | 673,445 | ||||||
77,100 | Siam Cement PCL (The), NVDR (Materials) | 578,277 | ||||||
236,800 | Thai Oil PCL, NVDR (Energy) | 369,742 | ||||||
|
| |||||||
12,489,245 | ||||||||
| ||||||||
Turkey – 0.8% |
| |||||||
288,000 | Akbank TAS (Financials) | 383,572 | ||||||
224,459 | BIM Birlesik Magazalar AS (Consumer Staples) | 2,791,381 | ||||||
332,880 | KOC Holding AS (Industrials) | 1,793,429 | ||||||
47,191 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 404,346 | ||||||
108,896 | Turk Hava Yollari AO (Industrials)* | 982,758 | ||||||
172,223 | Turkiye Petrol Rafinerileri AS (Energy) | 892,566 | ||||||
506,000 | Yapi ve Kredi Bankasi AS (Financials) | 374,398 | ||||||
|
| |||||||
7,622,450 | ||||||||
| ||||||||
United Arab Emirates – 1.5% |
| |||||||
418,490 | Abu Dhabi Commercial Bank PJSC (Financials) | 976,465 | ||||||
427,911 | Abu Dhabi Islamic Bank PJSC (Financials) | 1,309,515 | ||||||
1,155,552 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 1,101,155 | ||||||
603,976 | Aldar Properties PJSC (Real Estate) | 909,360 | ||||||
796,457 | Americana Restaurants International PLC (Consumer Discretionary) | 743,785 | ||||||
1,057,679 | Dubai Islamic Bank PJSC (Financials) | 1,854,516 | ||||||
940,198 | Emaar Properties PJSC (Real Estate) | 2,078,578 | ||||||
484,640 | Emirates NBD Bank PJSC (Financials) | 2,414,689 | ||||||
170,119 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 838,344 | ||||||
412,531 | First Abu Dhabi Bank PJSC (Financials) | 1,532,011 | ||||||
|
| |||||||
13,758,418 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United Kingdom – 0.0% |
| |||||||
55,106 | Pepco Group NV (Consumer Discretionary)* | $ | 276,642 | |||||
| ||||||||
United States – 0.1% |
| |||||||
49,223 | JBS SA (Consumer Staples) | 228,449 | ||||||
10,038 | Parade Technologies Ltd. (Information Technology) | 322,326 | ||||||
|
| |||||||
550,775 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $791,106,210) | 914,821,151 | |||||||
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 2.5% | ||||||||||||
Brazil – 1.5% | ||||||||||||
539,825 | Banco Bradesco SA (Financials) | 8.10 | % | 1,493,885 | ||||||||
38,827 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 3.12 | 374,388 | |||||||||
242,142 | Cia Energetica de Minas Gerais (Utilities) | 10.78 | 583,345 | |||||||||
187,100 | Companhia Paranaense de Energia (Utilities) | 3.27 | 384,845 | |||||||||
152,342 | Gerdau SA (Materials) | 7.44 | 659,204 | |||||||||
589,064 | Itau Unibanco Holding SA (Financials) | 7.02 | 4,023,796 | |||||||||
793,727 | Itausa SA (Financials) | 8.36 | 1,645,394 | |||||||||
629,112 | Petroleo Brasileiro SA (Energy) | 7.91 | 5,082,378 | |||||||||
| ||||||||||||
14,247,235 | ||||||||||||
| ||||||||||||
Chile – 0.1% | ||||||||||||
20,889 | Sociedad Quimica y Minera de Chile SA, Class B (Industrials) | 8.66 | 1,036,873 | |||||||||
| ||||||||||||
Colombia – 0.1% | ||||||||||||
75,095 | Bancolombia SA (Financials) | 11.02 | 613,520 | |||||||||
| ||||||||||||
Russia – 0.0% | ||||||||||||
3,212,489 | Surgutneftegas PJSC (Energy)(c) | 1.29 | — | |||||||||
| ||||||||||||
South Korea – 0.8% | ||||||||||||
8,986 | Hyundai Motor Co. (Consumer Discretionary) | 21.25 | 1,084,447 | |||||||||
8,734 | Hyundai Motor Co. (Consumer Discretionary) | 21.27 | 1,046,165 |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Rate | Value | |||||||||||
Preferred Stocks – (continued) | ||||||||||||||
South Korea – (continued) | ||||||||||||||
104,962 | Samsung Electronics Co. Ltd. (Information Technology) | 2.30 | % | $ | 5,013,205 | |||||||||
|
| |||||||||||||
7,143,817 | ||||||||||||||
|
| |||||||||||||
| TOTAL PREFERRED STOCKS (Cost $16,918,700) | 23,041,445 | ||||||||||||
|
|
Shares | Description | Value | ||||||
Exchange-Traded Fund – 0.6% | ||||||||
United States – 0.6% | ||||||||
257,264 | iShares MSCI Malaysia ETF(b) | |||||||
(Cost $7,732,868) | 5,590,347 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 1.3%(d) | ||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||
12,595,998 | 5.195% | 12,595,998 | ||||||
(Cost $12,595,998) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $828,353,776) | 956,048,941 | |||||||
|
Sector Name | % of Market Value | |||
| ||||
Information Technology | 22% | |||
Financials | 21.3 | |||
Consumer Discretionary | 11.3 | |||
Consumer Staples | 9.9 | |||
Communication Services | 8.2 | |||
Materials | 6.2 | |||
Industrials | 5.3 | |||
Energy | 5.2 | |||
Health Care | 4.7 | |||
Utilities | 2.7 | |||
Investment Company | 1.3 | |||
Real Estate | 0.8 | |||
Exchange-Traded Fund | 0.6 | |||
Securities Lending Reinvestment Vehicle | 0.1 | |||
| ||||
TOTAL INVESTMENTS | 100.0% | |||
|
Shares | Dividend Rate | Value | ||||||||||
Securities Lending Reinvestment Vehicle – 0.1%(d) |
| |||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||
906,385 | 5.219% | $ | 906,385 | |||||||||
(Cost $906,385) |
| |||||||||||
| ||||||||||||
TOTAL INVESTMENTS – 101.3% (Cost $829,260,161) | $ | 956,955,326 | ||||||||||
| ||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)% | (12,265,166 | ) | ||||||||||
| ||||||||||||
NET ASSETS – 100.0% | $ | 944,690,160 | ||||||||||
|
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 | |
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.1% | ||||||||
Australia – 0.7% | ||||||||
5,717 | Glencore PLC (Materials) | $ | 27,130 | |||||
727 | Rio Tinto PLC (Materials) | 46,707 | ||||||
|
| |||||||
73,837 | ||||||||
| ||||||||
Austria – 0.6% | ||||||||
338 | Erste Group Bank AG (Financials) | 13,497 | ||||||
227 | Mondi PLC (Materials) | 4,044 | ||||||
63 | OMV AG (Energy) | 2,778 | ||||||
1,735 | voestalpine AG (Materials) | 47,389 | ||||||
|
| |||||||
67,708 | ||||||||
| ||||||||
Belgium – 1.2% | ||||||||
534 | Ageas SA/NV (Financials) | 22,652 | ||||||
605 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 36,480 | ||||||
17 | D’ieteren Group (Consumer Discretionary) | 3,275 | ||||||
28 | Elia Group SA/NV (Utilities) | 3,112 | ||||||
102 | Groupe Bruxelles Lambert NV (Financials) | 7,654 | ||||||
140 | KBC Group NV (Financials) | 9,832 | ||||||
1 | Lotus Bakeries NV (Consumer Staples) | 9,415 | ||||||
152 | Syensqo SA (Materials)* | 13,588 | ||||||
219 | UCB SA (Health Care) | 25,239 | ||||||
|
| |||||||
131,247 | ||||||||
| ||||||||
Brazil – 0.1% | ||||||||
172 | Yara International ASA (Materials) | 5,355 | ||||||
| ||||||||
China – 0.1% | ||||||||
323 | Prosus NV (Consumer Discretionary)* | 9,434 | ||||||
| ||||||||
Denmark – 5.2% | ||||||||
7 | AP Moller – Maersk A/S, Class A (Industrials)(a) | 9,502 | ||||||
7 | AP Moller – Maersk A/S, Class B (Industrials) | 9,904 | ||||||
135 | Carlsberg AS, Class B (Consumer Staples) | 18,834 | ||||||
68 | Coloplast A/S, Class B (Health Care) | 9,039 | ||||||
725 | Danske Bank A/S (Financials) | 21,313 | ||||||
157 | Demant A/S (Health Care)* | 7,866 | ||||||
55 | DSV A/S (Industrials) | 8,831 | ||||||
48 | Genmab A/S (Health Care)* | 13,449 | ||||||
3,083 | Novo Nordisk A/S, Class B (Health Care) | 366,873 | ||||||
244 | Novozymes A/S, Class B (Materials) | 13,772 | ||||||
260 | Pandora A/S (Consumer Discretionary) | 42,010 | ||||||
28 | ROCKWOOL A/S, Class B (Industrials) | 8,963 | ||||||
581 | Tryg A/S (Financials) | 12,357 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Denmark – (continued) | ||||||||
115 | Vestas Wind Systems A/S (Industrials)* | $ | 3,204 | |||||
|
| |||||||
545,917 | ||||||||
| ||||||||
Finland – 1.2% | ||||||||
235 | Elisa OYJ (Communication Services) | 10,594 | ||||||
289 | Fortum OYJ (Utilities) | 3,612 | ||||||
126 | Kone OYJ, Class B (Industrials) | 6,166 | ||||||
427 | Metso Corp. (Industrials) | 4,562 | ||||||
4,858 | Nokia OYJ (Information Technology) | 17,135 | ||||||
1,579 | Nordea Bank Abp (Financials) | 19,206 | ||||||
842 | Orion OYJ, Class B (Health Care) | 33,167 | ||||||
290 | Sampo OYJ, Class A (Financials) | 12,983 | ||||||
232 | UPM-Kymmene OYJ (Materials) | 7,765 | ||||||
463 | Wartsila OYJ Abp (Industrials) | 7,162 | ||||||
|
| |||||||
122,352 | ||||||||
| ||||||||
France – 17.4% | ||||||||
237 | Accor SA (Consumer Discretionary) | 10,282 | ||||||
257 | Adevinta ASA (Communication Services)* | 2,750 | ||||||
32 | Aeroports de Paris SA (Industrials) | 4,353 | ||||||
325 | Air Liquide SA (Materials) | 66,084 | ||||||
281 | Airbus SE (Industrials) | 46,507 | ||||||
64 | Amundi SA (Financials)(b) | 4,214 | ||||||
112 | Arkema SA (Materials) | 11,606 | ||||||
1,860 | AXA SA (Financials) | 66,181 | ||||||
167 | BioMerieux (Health Care) | 18,271 | ||||||
792 | BNP Paribas SA (Financials) | 47,464 | ||||||
1,462 | Bollore SE (Communication Services) | 10,031 | ||||||
390 | Bouygues SA (Industrials) | 15,434 | ||||||
545 | Bureau Veritas SA (Industrials) | 15,847 | ||||||
175 | Capgemini SE (Information Technology) | 42,553 | ||||||
2,484 | Carrefour SA (Consumer Staples) | 41,746 | ||||||
798 | Cie de Saint-Gobain SA (Industrials) | 61,485 | ||||||
475 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 17,574 | ||||||
54 | Covivio SA REIT (Real Estate) | 2,426 | ||||||
2,490 | Credit Agricole SA (Financials) | 33,736 | ||||||
633 | Danone SA (Consumer Staples) | 40,429 | ||||||
100 | Dassault Aviation SA (Industrials) | 19,793 | ||||||
480 | Dassault Systemes (Information Technology) | 22,432 | ||||||
280 | Edenred SE (Financials) | 13,874 | ||||||
553 | Eiffage SA (Industrials) | 60,232 | ||||||
1,952 | Engie SA (Utilities) | 31,339 |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
205 | EssilorLuxottica SA (Health Care) | $ | 43,516 | |||||
545 | Eurazeo SE (Financials) | 46,061 | ||||||
43 | Gecina SA REIT (Real Estate) | 4,155 | ||||||
510 | Getlink SE (Industrials) | 8,714 | ||||||
35 | Hermes International SCA (Consumer Discretionary) | 87,605 | ||||||
449 | Ipsen SA (Health Care) | 49,463 | ||||||
51 | Kering (Consumer Discretionary) | 23,458 | ||||||
116 | Klepierre SA REIT (Real Estate) | 2,947 | ||||||
1,354 | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | 56,734 | ||||||
250 | Legrand SA (Industrials) | 25,295 | ||||||
254 | L’Oreal SA (Consumer Staples) | 121,408 | ||||||
241 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 219,801 | ||||||
1,914 | Orange SA (Communication Services) | 21,968 | ||||||
67 | Pernod Ricard SA (Consumer Staples) | 11,206 | ||||||
245 | Publicis Groupe SA (Communication Services) | 25,924 | ||||||
804 | Rexel SA (Industrials) | 20,620 | ||||||
208 | Safran SA (Industrials) | 43,599 | ||||||
475 | SEB SA (Consumer Discretionary) | 56,234 | ||||||
704 | Societe Generale SA (Financials) | 17,088 | ||||||
119 | Sodexo SA (Consumer Discretionary) | 9,491 | ||||||
138 | Thales SA (Industrials) | 20,467 | ||||||
2,019 | TotalEnergies SE (Energy) | 128,885 | ||||||
504 | Veolia Environnement SA (Utilities) | 15,626 | ||||||
410 | Vinci SA (Industrials) | 52,532 | ||||||
740 | Vivendi SE (Communication Services) | 8,272 | ||||||
911 | Worldline SA (Financials)*(b) | 10,475 | ||||||
|
| |||||||
1,838,187 | ||||||||
| ||||||||
Germany – 13.1% | ||||||||
236 | adidas AG (Consumer Discretionary) | 47,788 | ||||||
258 | Allianz SE (Financials) | 70,874 | ||||||
396 | BASF SE (Materials) | 20,173 | ||||||
799 | Bayer AG (Health Care) | 24,288 | ||||||
400 | Bayerische Motoren Werke AG (Consumer Discretionary) | 47,277 | ||||||
247 | Bechtle AG (Information Technology) | 12,739 | ||||||
170 | Beiersdorf AG (Consumer Staples) | 24,385 | ||||||
217 | Brenntag SE (Industrials) | 19,815 | ||||||
51 | Carl Zeiss Meditec AG (Health Care) | 6,278 | ||||||
1,923 | Commerzbank AG (Financials) | 22,256 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
186 | Covestro AG (Materials)*(b) | $ | 10,124 | |||||
332 | Daimler Truck Holding AG (Industrials) | 13,573 | ||||||
3,581 | Deutsche Bank AG (Financials) | 47,905 | ||||||
121 | Deutsche Boerse AG (Financials) | 25,350 | ||||||
5,800 | Deutsche Lufthansa AG (Industrials)* | 45,115 | ||||||
1,466 | Deutsche Post AG (Industrials) | 68,074 | ||||||
2,207 | Deutsche Telekom AG (Communication Services) | 52,507 | ||||||
4,063 | E.ON SE (Utilities) | 51,926 | ||||||
224 | Evonik Industries AG (Materials) | 4,135 | ||||||
994 | Fresenius Medical Care AG (Health Care) | 38,057 | ||||||
491 | Fresenius SE & Co. KGaA (Health Care) | 13,751 | ||||||
202 | GEA Group AG (Industrials) | 8,147 | ||||||
80 | Hannover Rueck SE (Financials) | 20,544 | ||||||
374 | Heidelberg Materials AG (Materials) | 36,304 | ||||||
122 | Henkel AG & Co. KGaA (Consumer Staples) | 8,238 | ||||||
583 | Infineon Technologies AG (Information Technology) | 20,879 | ||||||
221 | Knorr-Bremse AG (Industrials) | 15,469 | ||||||
684 | Mercedes-Benz Group AG (Consumer Discretionary) | 54,508 | ||||||
121 | Merck KGaA (Health Care) | 20,662 | ||||||
23 | MTU Aero Engines AG (Industrials) | 5,533 | ||||||
101 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) | 47,041 | ||||||
533 | Nemetschek SE (Information Technology) | 50,861 | ||||||
582 | Puma SE (Consumer Discretionary) | 26,748 | ||||||
44 | Rational AG (Industrials) | 36,187 | ||||||
43 | Rheinmetall AG (Industrials) | 19,730 | ||||||
315 | RWE AG (Utilities) | 10,567 | ||||||
825 | SAP SE (Information Technology) | 154,343 | ||||||
133 | Scout24 SE (Communication Services)(b) | 9,672 | ||||||
501 | Siemens AG (Industrials) | 99,182 | ||||||
1,186 | Siemens Energy AG (Industrials)* | 18,231 | ||||||
124 | Siemens Healthineers AG (Health Care)*(b) | 7,447 | ||||||
76 | Symrise AG (Materials) | 7,777 | ||||||
248 | Talanx AG (Financials) | 17,713 | ||||||
74 | Vonovia SE (Real Estate) | 2,066 |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
1,020 | Zalando SE (Consumer Discretionary)*(b) | $ | 21,546 | |||||
|
| |||||||
1,385,785 | ||||||||
| ||||||||
Hong Kong – 0.1% | ||||||||
809 | Prudential PLC (Financials) | 7,958 | ||||||
| ||||||||
Ireland – 0.4% | ||||||||
118 | AerCap Holdings NV (Industrials)* | 9,107 | ||||||
320 | Bank of Ireland Group PLC (Financials) | 2,789 | ||||||
117 | Kerry Group PLC, Class A (Consumer Staples) | 10,273 | ||||||
152 | Kingspan Group PLC (Industrials) | 13,732 | ||||||
252 | Smurfit Kappa Group PLC (Materials) | 10,753 | ||||||
|
| |||||||
46,654 | ||||||||
| ||||||||
Italy – 4.8% | ||||||||
1,918 | Assicurazioni Generali SpA (Financials) | 45,496 | ||||||
1,497 | Banco BPM SpA (Financials) | 8,706 | ||||||
489 | Coca-Cola HBC AG (Consumer Staples)* | 15,247 | ||||||
789 | Davide Campari-Milano NV (Consumer Staples) | 8,002 | ||||||
63 | DiaSorin SpA (Health Care) | 6,366 | ||||||
5,489 | Enel SpA (Utilities) | 34,945 | ||||||
3,062 | Eni SpA (Energy) | 47,211 | ||||||
146 | Ferrari NV (Consumer Discretionary) | 61,602 | ||||||
959 | FinecoBank Banca Fineco SpA (Financials) | 13,263 | ||||||
549 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 6,081 | ||||||
7,705 | Intesa Sanpaolo SpA (Financials) | 24,497 | ||||||
1,940 | Leonardo SpA (Industrials) | 41,473 | ||||||
862 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 11,749 | ||||||
615 | Moncler SpA (Consumer Discretionary) | 44,364 | ||||||
2,247 | Poste Italiane SpA (Financials)(b) | 26,358 | ||||||
467 | Prysmian SpA (Industrials) | 23,272 | ||||||
335 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 18,764 | ||||||
1,646 | Snam SpA (Utilities) | 7,697 | ||||||
1,363 | Terna - Rete Elettrica Nazionale (Utilities) | 10,685 | ||||||
1,659 | UniCredit SpA (Financials) | 55,492 | ||||||
|
| |||||||
511,270 | ||||||||
| ||||||||
Jordan – 0.2% | ||||||||
630 | Hikma Pharmaceuticals PLC (Health Care) | 15,675 | ||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Luxembourg – 0.6% | ||||||||
2,115 | ArcelorMittal (Materials) | $ | 55,205 | |||||
149 | Eurofins Scientific SE (Health Care) | 8,907 | ||||||
|
| |||||||
64,112 | ||||||||
| ||||||||
Netherlands – 8.7% | ||||||||
912 | ABN AMRO Bank NV (Financials)(b) | 14,656 | ||||||
7 | Adyen NV (Financials)*(b) | 11,060 | ||||||
1,319 | Aegon Ltd. (Financials) | 7,916 | ||||||
163 | Akzo Nobel NV (Materials) | 11,878 | ||||||
23 | Argenx SE (Health Care)* | 8,542 | ||||||
43 | ASM International NV (Information Technology) | 26,230 | ||||||
338 | ASML Holding NV (Information Technology) | 318,400 | ||||||
129 | ASR Nederland NV (Financials) | 5,951 | ||||||
104 | BE Semiconductor Industries NV (Information Technology) | 18,812 | ||||||
80 | Euronext NV (Financials)(b) | 7,380 | ||||||
387 | EXOR NV (Financials) | 41,795 | ||||||
262 | Heineken Holding NV (Consumer Staples) | 20,244 | ||||||
176 | Heineken NV (Consumer Staples) | 16,269 | ||||||
52 | IMCD NV (Industrials) | 7,929 | ||||||
1,734 | ING Groep NV (Financials) | 23,812 | ||||||
440 | JDE Peet’s NV (Consumer Staples) | 10,066 | ||||||
2,336 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 69,568 | ||||||
4,595 | Koninklijke KPN NV (Communication Services) | 16,822 | ||||||
524 | Koninklijke Philips NV (Health Care) | 10,492 | ||||||
109 | NN Group NV (Financials) | 4,867 | ||||||
568 | Randstad NV (Industrials) | 31,311 | ||||||
4,924 | Shell PLC (Energy) | 153,037 | ||||||
510 | Universal Music Group NV (Communication Services) | 15,381 | ||||||
419 | Wolters Kluwer NV (Industrials) | 66,131 | ||||||
|
| |||||||
918,549 | ||||||||
| ||||||||
Norway – 1.1% | ||||||||
269 | Aker BP ASA (Energy) | 6,540 | ||||||
706 | DNB Bank ASA (Financials) | 14,141 | ||||||
1,221 | Equinor ASA (Energy) | 30,141 | ||||||
787 | Gjensidige Forsikring ASA (Financials) | 12,444 | ||||||
204 | Kongsberg Gruppen ASA (Industrials) | 13,020 | ||||||
291 | Mowi ASA (Consumer Staples) | 5,626 | ||||||
1,808 | Orkla ASA (Consumer Staples) | 12,974 | ||||||
135 | Salmar ASA (Consumer Staples) | 8,577 | ||||||
931 | Telenor ASA (Communication Services) | 10,207 | ||||||
|
| |||||||
113,670 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Portugal – 0.5% | ||||||||
1,293 | EDP – Energias de Portugal SA (Utilities) | $ | 5,148 | |||||
365 | Galp Energia SGPS SA (Energy) | 5,755 | ||||||
1,613 | Jeronimo Martins SGPS SA (Consumer Staples) | 38,610 | ||||||
|
| |||||||
49,513 | ||||||||
| ||||||||
Singapore – 0.3% | ||||||||
635 | STMicroelectronics NV (Information Technology) | 28,672 | ||||||
| ||||||||
Spain – 4.1% | ||||||||
33 | Acciona SA (Utilities) | 3,694 | ||||||
1,101 | ACS Actividades de Construccion y Servicios SA (Industrials) | 45,203 | ||||||
31 | Aena SME SA (Industrials)(b) | 5,876 | ||||||
275 | Amadeus IT Group SA (Consumer Discretionary) | 16,183 | ||||||
5,454 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 54,216 | ||||||
15,368 | Banco Santander SA (Financials) | 63,953 | ||||||
3,123 | CaixaBank SA (Financials) | 14,093 | ||||||
77 | Cellnex Telecom SA (Communication Services)*(b) | 2,772 | ||||||
375 | Enagas SA (Utilities) | 5,416 | ||||||
315 | Endesa SA (Utilities) | 5,672 | ||||||
325 | Grifols SA (Health Care)* | 2,667 | ||||||
4,509 | Iberdrola SA (Utilities) | 51,819 | ||||||
1,876 | Industria de Diseno Textil SA (Consumer Discretionary) | 83,255 | ||||||
487 | Redeia Corp. SA (Utilities) | 7,747 | ||||||
2,510 | Repsol SA (Energy) | 39,996 | ||||||
8,210 | Telefonica SA (Communication Services) | 33,699 | ||||||
|
| |||||||
436,261 | ||||||||
| ||||||||
Sweden – 3.9% | ||||||||
259 | Alfa Laval AB (Industrials) | 9,754 | ||||||
485 | Assa Abloy AB, Class B (Industrials) | 13,846 | ||||||
1,827 | Atlas Copco AB, Class A (Industrials) | 31,738 | ||||||
1,130 | Atlas Copco AB, Class B (Industrials) | 16,910 | ||||||
204 | Epiroc AB, Class A (Industrials) | 3,702 | ||||||
152 | Epiroc AB, Class B (Industrials) | 2,509 | ||||||
434 | Essity AB, Class B (Consumer Staples) | 10,138 | ||||||
68 | Evolution AB (Consumer Discretionary)(b) | 8,815 | ||||||
115 | Getinge AB, Class B (Health Care) | 2,281 | ||||||
3,060 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 41,538 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
1,349 | Hexagon AB, Class B (Information Technology) | $ | 15,820 | |||||
152 | Holmen AB, Class B (Materials) | 6,108 | ||||||
641 | Husqvarna AB, Class B (Industrials) | 4,947 | ||||||
254 | Industrivarden AB, Class A (Financials) | 8,672 | ||||||
260 | Industrivarden AB, Class C (Financials) | 8,852 | ||||||
1,227 | Investor AB, Class B (Financials) | 30,878 | ||||||
117 | L E Lundbergforetagen AB, Class B (Financials) | 6,366 | ||||||
296 | Lifco AB, Class B (Industrials) | 7,890 | ||||||
115 | Saab AB, Class B (Industrials) | 9,073 | ||||||
193 | Sandvik AB (Industrials) | 4,344 | ||||||
1,277 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 18,981 | ||||||
110 | SKF AB, Class B (Industrials) | 2,400 | ||||||
357 | Svenska Cellulosa AB SCA, Class B (Materials) | 5,060 | ||||||
1,283 | Svenska Handelsbanken AB, Class A (Financials) | 15,350 | ||||||
848 | Swedbank AB, Class A (Financials) | 18,636 | ||||||
490 | Swedish Orphan Biovitrum AB (Health Care)* | 12,057 | ||||||
688 | Tele2 AB, Class B (Communication Services) | 5,779 | ||||||
3,835 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 20,840 | ||||||
2,668 | Telia Co. AB (Communication Services) | 6,361 | ||||||
428 | Volvo AB, Class A (Industrials) | 11,946 | ||||||
880 | Volvo AB, Class B (Industrials) | 24,246 | ||||||
7,160 | Volvo Car AB, Class B (Consumer Discretionary)* | 26,128 | ||||||
|
| |||||||
411,965 | ||||||||
| ||||||||
Switzerland – 9.1% | ||||||||
923 | ABB Ltd. (Industrials) | 42,683 | ||||||
95 | Adecco Group AG (Industrials) | 3,822 | ||||||
146 | Alcon, Inc. (Health Care) | 12,465 | ||||||
86 | Avolta AG (Consumer Discretionary)* | 3,378 | ||||||
74 | Baloise Holding AG (Financials) | 11,984 | ||||||
136 | Banque Cantonale Vaudoise (Financials) | 16,356 | ||||||
6 | Barry Callebaut AG (Consumer Staples) | 8,463 | ||||||
82 | BKW AG (Utilities) | 11,547 | ||||||
2 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 24,576 | ||||||
342 | Cie Financiere Richemont SA (Consumer Discretionary) | 54,608 | ||||||
269 | Clariant AG (Materials)* | 3,342 |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
63 | DSM-Firmenich AG (Materials) | $ | 6,749 | |||||
25 | EMS-Chemie Holding AG (Materials) | 17,503 | ||||||
53 | Geberit AG (Industrials) | 30,889 | ||||||
5 | Givaudan SA (Materials) | 21,049 | ||||||
80 | Helvetia Holding AG (Financials) | 11,348 | ||||||
165 | Kuehne + Nagel International AG (Industrials) | 55,765 | ||||||
441 | Logitech International SA (Information Technology) | 39,054 | ||||||
7 | Lonza Group AG (Health Care) | 3,673 | ||||||
1,837 | Novartis AG (Health Care) | 186,694 | ||||||
32 | Partners Group Holding AG (Financials) | 46,117 | ||||||
622 | Sandoz Group AG (Health Care)* | 19,397 | ||||||
30 | Schindler Holding AG (Industrials) | 7,659 | ||||||
36 | Schindler Holding AG Participation Certificates (Industrials) | 9,522 | ||||||
438 | SGS SA (Industrials) | 42,181 | ||||||
136 | SIG Group AG (Materials)* | 2,703 | ||||||
24 | Sika AG (Materials) | 6,964 | ||||||
37 | Sonova Holding AG (Health Care) | 11,442 | ||||||
156 | Straumann Holding AG (Health Care) | 24,732 | ||||||
58 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 13,740 | ||||||
267 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 12,265 | ||||||
32 | Swiss Life Holding AG (Financials) | 23,316 | ||||||
121 | Swiss Prime Site AG (Real Estate) | 11,612 | ||||||
23 | Swisscom AG (Communication Services) | 13,201 | ||||||
31 | Temenos AG (Information Technology) | 2,334 | ||||||
2,785 | UBS Group AG (Financials) | 79,734 | ||||||
31 | VAT Group AG (Industrials)(b) | 15,589 | ||||||
98 | Zurich Insurance Group AG (Financials) | 52,308 | ||||||
|
| |||||||
960,764 | ||||||||
| ||||||||
United Kingdom – 16.7% | ||||||||
1,348 | 3i Group PLC (Financials) | 42,083 | ||||||
811 | Admiral Group PLC (Financials) | 27,350 | ||||||
65 | Ashtead Group PLC (Industrials) | 4,670 | ||||||
773 | Associated British Foods PLC (Consumer Staples) | 22,226 | ||||||
1,276 | AstraZeneca PLC (Health Care) | 161,133 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
5,947 | Auto Trader Group PLC (Communication Services)(b) | $ | 55,698 | |||||
1,403 | Aviva PLC (Financials) | 7,921 | ||||||
2,763 | BAE Systems PLC (Industrials) | 43,409 | ||||||
14,785 | Barclays PLC (Financials) | 30,758 | ||||||
2,621 | Barratt Developments PLC (Consumer Discretionary) | 15,466 | ||||||
245 | Berkeley Group Holdings PLC (Consumer Discretionary) | 14,389 | ||||||
14,095 | BP PLC (Energy) | 82,140 | ||||||
1,711 | British American Tobacco PLC (Consumer Staples) | 50,754 | ||||||
2,307 | BT Group PLC (Communication Services) | 3,048 | ||||||
468 | Bunzl PLC (Industrials) | 18,666 | ||||||
2,796 | Burberry Group PLC (Consumer Discretionary) | 45,448 | ||||||
28,385 | Centrica PLC (Utilities) | 45,187 | ||||||
299 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 20,520 | ||||||
1,335 | Compass Group PLC (Consumer Discretionary) | 36,645 | ||||||
346 | DCC PLC (Industrials) | 24,580 | ||||||
1,562 | Diageo PLC (Consumer Staples) | 58,525 | ||||||
22 | Flutter Entertainment PLC (Consumer Discretionary)* | 4,760 | ||||||
229 | Halma PLC (Information Technology) | 6,668 | ||||||
3,740 | Hargreaves Lansdown PLC (Financials) | 34,460 | ||||||
13,989 | HSBC Holdings PLC (Financials) | 108,738 | ||||||
1,298 | Imperial Brands PLC (Consumer Staples) | 27,986 | ||||||
1,420 | Informa PLC (Communication Services) | 14,553 | ||||||
176 | InterContinental Hotels Group PLC (Consumer Discretionary) | 18,656 | ||||||
139 | Intertek Group PLC (Industrials) | 8,127 | ||||||
6,597 | J Sainsbury PLC (Consumer Staples) | 20,829 | ||||||
26,348 | JD Sports Fashion PLC (Consumer Discretionary) | 39,295 | ||||||
4,156 | Kingfisher PLC (Consumer Discretionary) | 12,328 | ||||||
345 | Land Securities Group PLC REIT (Real Estate) | 2,704 | ||||||
9,901 | Legal & General Group PLC (Financials) | 30,321 | ||||||
17,035 | Lloyds Banking Group PLC (Financials) | 10,035 | ||||||
266 | London Stock Exchange Group PLC (Financials) | 29,866 | ||||||
1,378 | M&G PLC (Financials) | 3,917 | ||||||
1,303 | Melrose Industries PLC (Industrials) | 10,466 |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
2,258 | National Grid PLC (Utilities) | $ | 29,634 | |||||
3,693 | NatWest Group PLC (Financials) | 11,169 | ||||||
440 | Next PLC (Consumer Discretionary) | 46,274 | ||||||
525 | Pearson PLC (Consumer Discretionary) | 6,379 | ||||||
1,145 | Phoenix Group Holdings PLC (Financials) | 7,203 | ||||||
418 | Reckitt Benckiser Group PLC (Consumer Staples) | 26,427 | ||||||
1,528 | RELX PLC (Industrials) | 66,896 | ||||||
429 | Rentokil Initial PLC (Industrials) | 2,378 | ||||||
5,181 | Rolls-Royce Holdings PLC (Industrials)* | 24,190 | ||||||
3,676 | Sage Group PLC (The) (Information Technology) | 57,869 | ||||||
865 | Schroders PLC (Financials) | 4,303 | ||||||
275 | Severn Trent PLC (Utilities) | 8,697 | ||||||
945 | Smith & Nephew PLC (Health Care) | 12,438 | ||||||
604 | Smiths Group PLC (Industrials) | 12,286 | ||||||
45 | Spirax-Sarco Engineering PLC (Industrials) | 5,877 | ||||||
755 | SSE PLC (Utilities) | 15,524 | ||||||
1,736 | St James’s Place PLC (Financials) | 11,046 | ||||||
1,724 | Standard Chartered PLC (Financials) | 14,559 | ||||||
4,962 | Taylor Wimpey PLC (Consumer Discretionary) | 8,652 | ||||||
13,533 | Tesco PLC (Consumer Staples) | 47,727 | ||||||
1,512 | Unilever PLC (Consumer Staples) | 73,951 | ||||||
695 | United Utilities Group PLC (Utilities) | 9,011 | ||||||
43,200 | Vodafone Group PLC (Communication Services) | 37,771 | ||||||
293 | Whitbread PLC (Consumer Discretionary) | 12,242 | ||||||
1,573 | Wise PLC, Class A (Financials)* | 18,262 | ||||||
563 | WPP PLC (Communication Services) | 5,036 | ||||||
|
| |||||||
1,770,126 | ||||||||
| ||||||||
United States – 9.0% | ||||||||
385 | CRH PLC (Materials) | 32,016 | ||||||
433 | Experian PLC (Industrials) | 18,540 | ||||||
445 | Ferrovial SE (Industrials) | 16,686 | ||||||
3,897 | GSK PLC (Health Care) | 82,057 | ||||||
3,803 | Haleon PLC (Consumer Staples) | 15,945 | ||||||
556 | Holcim AG (Materials)* | 45,526 | ||||||
2,156 | Nestle SA (Consumer Staples) | 224,672 | ||||||
335 | QIAGEN NV (Health Care)* | 14,368 | ||||||
656 | Roche Holding AG (Health Care) | 172,800 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
75 | Roche Holding AG (Health | |||||||
Care) | $ | 20,902 | ||||||
1,011 | Sanofi SA (Health Care) | 96,156 | ||||||
434 | Schneider Electric SE | |||||||
(Industrials) | 98,533 | |||||||
2,478 | Stellantis NV (Consumer | |||||||
Discretionary) | 64,720 | |||||||
227 | Swiss Re AG (Financials) | 27,481 | ||||||
459 | Tenaris SA (Energy) | 8,156 | ||||||
|
| |||||||
938,558 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $9,201,919) | 10,453,569 | |||||||
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 0.5% | ||||||||||
Germany – 0.5% | ||||||||||
253 | Bayerische Motoren Werke AG (Consumer Discretionary) | 8.33% | 27,734 | |||||||
29 | Dr. Ing hc F Porsche AG (Consumer Discretionary)(b) | 1.16 | 2,709 | |||||||
203 | Henkel AG & Co. KGaA (Consumer Staples) | 2.66 | 15,281 | |||||||
86 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.18 | 4,596 | |||||||
49 | Volkswagen AG (Consumer Discretionary) | 7.00 | 6,646 | |||||||
| ||||||||||
TOTAL PREFERRED STOCKS (Cost $60,696) | 56,966 | |||||||||
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Dividend Rate | Value | ||||||||||||
Investment Company – 0.5%(c) |
| |||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||
48,442 | 5.195% | $ 48,442 | ||||||||||||
(Cost $48,442) |
| |||||||||||||
| ||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES |
| |||||||||||||
LENDING REINVESTMENT VEHICLE (Cost $9,311,057) |
| 10,558,977 | ||||||||||||
| ||||||||||||||
Securities Lending Reinvestment Vehicle – 0.2%(c) |
| |||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||
22,539 | 5.219% | 22,539 | ||||||||||||
(Cost $22,539) |
| |||||||||||||
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle –0.2%(c) –(continued) |
| |||||||
TOTAL INVESTMENTS – 100.3% (Cost $9,333,596) | $ | 10,581,516 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (26,755 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 10,554,761 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
| ||||||||||||
Long position contracts: | ||||||||||||
MSCI EUROPE MAR24 | 1 | 03/15/24 | $ | 34,770 | $ | 1,537 | ||||||
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.4% |
| |||||||
Australia – 5.9% |
| |||||||
76,241 | Ampol Ltd. (Energy) | $ | 1,955,987 | |||||
437,445 | ANZ Group Holdings Ltd. (Financials) | 8,103,766 | ||||||
217,375 | APA Group (Utilities) | 1,111,119 | ||||||
88,849 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 2,697,734 | ||||||
33,546 | ASX Ltd. (Financials) | 1,436,646 | ||||||
540,462 | Aurizon Holdings Ltd. (Industrials) | 1,340,823 | ||||||
635,208 | BHP Group Ltd. (Materials) | 18,170,143 | ||||||
722,154 | BlueScope Steel Ltd. (Materials) | 10,740,070 | ||||||
336,897 | Brambles Ltd. (Industrials) | 3,305,914 | ||||||
78,604 | CAR Group Ltd. (Communication Services) | 1,881,487 | ||||||
39,799 | Cochlear Ltd. (Health Care) | 9,074,700 | ||||||
665,155 | Coles Group Ltd. (Consumer Staples) | 7,319,657 | ||||||
233,600 | Commonwealth Bank of Australia (Financials) | 17,706,972 | ||||||
45,947 | Computershare Ltd. (Industrials) | 775,485 | ||||||
154,356 | Dexus REIT (Real Estate) | 739,746 | ||||||
265,843 | Endeavour Group Ltd. (Consumer Staples) | 952,070 | ||||||
247,921 | Fortescue Ltd. (Materials) | 4,185,979 | ||||||
1,092,011 | Glencore PLC (Materials) | 5,182,098 | ||||||
90,039 | Goodman Group REIT (Real Estate) | 1,753,004 | ||||||
254,462 | GPT Group (The) REIT (Real Estate) | 720,764 | ||||||
552,383 | IDP Education Ltd. (Consumer Discretionary)(a) | 6,866,373 | ||||||
422,855 | Insurance Australia Group Ltd. (Financials) | 1,707,121 | ||||||
1,972,964 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 6,526,255 | ||||||
37,826 | Macquarie Group Ltd. (Financials) | 4,798,250 | ||||||
1,042,609 | Medibank Pvt Ltd. (Financials) | 2,437,233 | ||||||
442,574 | National Australia Bank Ltd. (Financials) | 9,752,084 | ||||||
208,064 | Northern Star Resources Ltd. (Materials) | 1,747,704 | ||||||
132,655 | Orica Ltd. (Materials) | 1,477,933 | ||||||
176,319 | Origin Energy Ltd. (Utilities) | 1,032,143 | ||||||
1,556,098 | Pilbara Minerals Ltd. (Materials)(a) | 4,255,665 | ||||||
208,444 | QBE Insurance Group Ltd. (Financials) | 2,346,743 | ||||||
28,533 | REA Group Ltd. (Communication Services) | 3,606,422 | ||||||
103,064 | Reece Ltd. (Industrials) | 1,803,250 | ||||||
48,485 | Rio Tinto Ltd. (Materials) | 3,907,860 | ||||||
95,755 | Rio Tinto PLC (Materials) | 6,151,958 | ||||||
486,661 | Santos Ltd. (Energy) | 2,243,577 | ||||||
63,866 | Seven Group Holdings Ltd. (Industrials) | 1,601,491 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Australia – (continued) |
| |||||||
97,649 | Sonic Healthcare Ltd. (Health Care) | $ | 1,897,987 | |||||
306,914 | Stockland REIT (Real Estate) | 897,313 | ||||||
386,270 | Suncorp Group Ltd. (Financials) | 3,848,253 | ||||||
1,046,859 | Telstra Group Ltd. (Communication Services) | 2,603,950 | ||||||
250,756 | Transurban Group (Industrials) | 2,210,809 | ||||||
724,823 | Vicinity Ltd. REIT (Real Estate) | 915,619 | ||||||
114,251 | Washington H Soul Pattinson & Co. Ltd. (Financials) | 2,569,588 | ||||||
272,946 | Wesfarmers Ltd. (Consumer Discretionary) | 11,843,850 | ||||||
469,084 | Westpac Banking Corp. (Financials) | 8,048,453 | ||||||
28,515 | WiseTech Global Ltd. (Information Technology) | 1,754,262 | ||||||
133,492 | Woodside Energy Group Ltd. (Energy) | 2,638,993 | ||||||
425,823 | Woolworths Group Ltd. (Consumer Staples) | 9,044,702 | ||||||
|
| |||||||
209,690,005 | ||||||||
| ||||||||
Austria – 0.3% |
| |||||||
48,140 | Erste Group Bank AG (Financials) | 1,922,295 | ||||||
47,220 | Mondi PLC (Materials) | 841,311 | ||||||
16,289 | OMV AG (Energy) | 718,130 | ||||||
298,920 | voestalpine AG (Materials) | 8,164,544 | ||||||
|
| |||||||
11,646,280 | ||||||||
| ||||||||
Belgium – 0.7% |
| |||||||
110,940 | Ageas SA/NV (Financials) | 4,706,107 | ||||||
102,356 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 6,171,803 | ||||||
8,348 | Elia Group SA/NV (Utilities) | 927,770 | ||||||
22,869 | Groupe Bruxelles Lambert NV (Financials) | 1,716,005 | ||||||
27,283 | KBC Group NV (Financials) | 1,916,128 | ||||||
132 | Lotus Bakeries NV (Consumer Staples) | 1,242,742 | ||||||
34,119 | Syensqo SA (Materials)* | 3,050,117 | ||||||
46,294 | UCB SA (Health Care) | 5,335,338 | ||||||
|
| |||||||
25,066,010 | ||||||||
| ||||||||
Brazil – 0.1% |
| |||||||
28,631 | Wheaton Precious Metals Corp. (Materials) | 1,180,618 | ||||||
26,784 | Yara International ASA (Materials) | 833,901 | ||||||
|
| |||||||
2,014,519 | ||||||||
| ||||||||
Canada – 11.2% |
| |||||||
21,201 | Agnico Eagle Mines Ltd. (Materials) | 1,017,417 | ||||||
127,597 | Air Canada (Industrials)* | 1,704,617 | ||||||
188,180 | Alimentation Couche-Tard, Inc. (Consumer Staples) | 11,677,746 | ||||||
46,363 | AltaGas Ltd. (Utilities) | 994,360 | ||||||
387,668 | ARC Resources Ltd. (Energy) | 6,610,949 | ||||||
86,999 | Bank of Montreal (Financials) | 7,879,203 |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Canada – (continued) |
| |||||||
161,284 | Bank of Nova Scotia (The) (Financials) | $ | 7,825,488 | |||||
31,402 | BCE, Inc. (Communication Services) | 1,165,927 | ||||||
75,376 | Brookfield Asset Management Ltd., Class A (Financials)(a) | 3,073,725 | ||||||
35,308 | Brookfield Corp. (Financials) | 1,457,771 | ||||||
73,553 | Cameco Corp. (Energy) | 2,982,575 | ||||||
31,830 | Canadian Apartment Properties REIT (Real Estate) | 1,117,283 | ||||||
134,375 | Canadian Imperial Bank of Commerce (Financials) | 6,362,342 | ||||||
33,400 | Canadian National Railway Co. (Industrials) | 4,333,246 | ||||||
152,836 | Canadian Natural Resources Ltd. (Energy) | 10,652,940 | ||||||
56,427 | Canadian Pacific Kansas City Ltd. (Industrials) | 4,793,809 | ||||||
33,974 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 3,459,144 | ||||||
55,418 | Canadian Utilities Ltd., Class A (Utilities) | 1,248,626 | ||||||
32,119 | CCL Industries, Inc., Class B (Materials) | 1,638,215 | ||||||
640,609 | Cenovus Energy, Inc. (Energy) | 11,169,980 | ||||||
81,222 | CGI, Inc. (Information Technology)* | 9,330,934 | ||||||
8,961 | Constellation Software, Inc. (Information Technology) | 24,962,696 | ||||||
21,171 | Descartes Systems Group, Inc. (The) (Information Technology)* | 1,836,063 | ||||||
153,428 | Dollarama, Inc. (Consumer Discretionary) | 11,875,159 | ||||||
46,689 | Element Fleet Management Corp. (Industrials) | 779,670 | ||||||
40,839 | Emera, Inc. (Utilities) | 1,433,211 | ||||||
491,972 | Empire Co. Ltd. (Consumer Staples) | 12,473,858 | ||||||
178,721 | Enbridge, Inc. (Energy) | 6,146,890 | ||||||
11,788 | Fairfax Financial Holdings Ltd. (Financials) | 12,589,655 | ||||||
23,934 | FirstService Corp. (Real Estate) | 3,941,033 | ||||||
46,824 | Fortis, Inc. (Utilities) | 1,806,540 | ||||||
8,707 | Franco-Nevada Corp. (Materials) | 912,137 | ||||||
96,683 | George Weston Ltd. (Consumer Staples) | 12,671,044 | ||||||
26,589 | GFL Environmental, Inc. (Industrials) | 959,192 | ||||||
132,299 | Great-West Lifeco, Inc. (Financials)(a) | 4,077,191 | ||||||
67,776 | Hydro One Ltd. (Utilities)(b) | 2,021,262 | ||||||
78,880 | iA Financial Corp., Inc. (Financials) | 4,894,416 | ||||||
59,753 | IGM Financial, Inc. (Financials) | 1,570,534 | ||||||
116,419 | Imperial Oil Ltd. (Energy)(a) | 7,288,901 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Canada – (continued) |
| |||||||
23,206 | Intact Financial Corp. (Financials) | $ | 3,861,194 | |||||
48,763 | Keyera Corp. (Energy) | 1,200,425 | ||||||
203,570 | Kinross Gold Corp. (Materials) | 996,575 | ||||||
166,977 | Loblaw Cos. Ltd. (Consumer Staples) | 17,806,284 | ||||||
457,519 | Manulife Financial Corp. (Financials)(a) | 10,864,959 | ||||||
154,338 | MEG Energy Corp. (Energy)* | 3,305,577 | ||||||
69,057 | Metro, Inc. (Consumer Staples) | 3,741,150 | ||||||
76,159 | National Bank of Canada (Financials) | 5,947,965 | ||||||
93,724 | Nutrien Ltd. (Materials) | 4,895,055 | ||||||
20,613 | Onex Corp. (Financials) | 1,536,002 | ||||||
37,855 | Open Text Corp. (Information Technology) | 1,456,595 | ||||||
155,717 | Parkland Corp. (Energy) | 4,983,725 | ||||||
64,612 | Pembina Pipeline Corp. (Energy) | 2,249,880 | ||||||
240,753 | Power Corp. of Canada (Financials) | 6,959,800 | ||||||
65,901 | Quebecor, Inc., Class B (Communication Services) | 1,542,152 | ||||||
23,910 | RB Global, Inc. (Industrials) | 1,804,951 | ||||||
49,044 | Restaurant Brands International, Inc. (Consumer Discretionary) | 3,810,415 | ||||||
38,547 | Rogers Communications, Inc., Class B (Communication Services) | 1,706,885 | ||||||
224,587 | Royal Bank of Canada (Financials) | 21,823,693 | ||||||
129,942 | Saputo, Inc. (Consumer Staples) | 2,645,113 | ||||||
93,830 | Shopify, Inc., Class A (Information Technology)* | 7,173,099 | ||||||
62,426 | Stantec, Inc. (Industrials) | 5,215,552 | ||||||
101,238 | Sun Life Financial, Inc. (Financials)(a) | 5,380,053 | ||||||
294,912 | Suncor Energy, Inc. (Energy)(a) | 10,138,789 | ||||||
47,669 | TC Energy Corp. (Energy) | 1,886,587 | ||||||
81,623 | TELUS Corp. (Communication Services) | 1,424,423 | ||||||
15,344 | TFI International, Inc. (Industrials) | 2,268,425 | ||||||
30,380 | Thomson Reuters Corp. (Industrials) | 4,798,622 | ||||||
130,929 | TMX Group Ltd. (Financials) | 3,436,482 | ||||||
31,039 | Toromont Industries Ltd. (Industrials) | 2,852,517 | ||||||
265,899 | Toronto-Dominion Bank (The) (Financials) | 15,975,308 | ||||||
42,021 | Tourmaline Oil Corp. (Energy) | 1,902,849 | ||||||
15,230 | West Fraser Timber Co. Ltd. (Materials) | 1,226,395 | ||||||
89,933 | WSP Global, Inc. (Industrials) | 14,283,457 | ||||||
|
| |||||||
393,836,702 | ||||||||
| ||||||||
China – 0.7% |
| |||||||
1,685,997 | BOC Hong Kong Holdings Ltd. (Financials) | 4,447,149 |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
40,375 | Prosus NV (Consumer Discretionary)* | $ | 1,179,242 | |||||
3,804,909 | SITC International Holdings Co. Ltd. (Industrials) | 6,259,864 | ||||||
527,577 | Wharf Holdings Ltd. (The) (Real Estate) | 1,950,919 | ||||||
3,657,026 | Wilmar International Ltd. (Consumer Staples) | 9,029,694 | ||||||
|
| |||||||
22,866,868 | ||||||||
| ||||||||
Denmark – 3.0% |
| |||||||
991 | AP Moller – Maersk A/S, Class A (Industrials)(a) | 1,345,158 | ||||||
1,003 | AP Moller – Maersk A/S, Class B (Industrials)(a) | 1,419,107 | ||||||
26,775 | Carlsberg AS, Class B (Consumer Staples) | 3,735,432 | ||||||
16,280 | Coloplast A/S, Class B (Health Care) | 2,163,954 | ||||||
122,660 | Danske Bank A/S (Financials) | 3,605,919 | ||||||
57,184 | Demant A/S (Health Care)* | 2,864,886 | ||||||
10,229 | DSV A/S (Industrials) | 1,642,390 | ||||||
8,652 | Genmab A/S (Health Care)* | 2,424,163 | ||||||
593,846 | Novo Nordisk A/S, Class B (Health Care) | 70,667,010 | ||||||
46,172 | Novozymes A/S, Class B (Materials) | 2,606,111 | ||||||
56,054 | Pandora A/S (Consumer Discretionary) | 9,057,112 | ||||||
4,898 | ROCKWOOL A/S, Class B (Industrials) | 1,567,889 | ||||||
118,650 | Tryg A/S (Financials) | 2,523,442 | ||||||
|
| |||||||
105,622,573 | ||||||||
| ||||||||
Finland – 0.6% |
| |||||||
32,985 | Elisa OYJ (Communication Services) | 1,487,042 | ||||||
71,055 | Fortum OYJ (Utilities) | 888,105 | ||||||
25,001 | Kone OYJ, Class B (Industrials) | 1,223,420 | ||||||
812,462 | Nokia OYJ (Information Technology) | 2,865,772 | ||||||
240,732 | Nordea Bank Abp (Financials) | 2,928,112 | ||||||
180,305 | Orion OYJ, Class B (Health Care) | 7,102,263 | ||||||
65,756 | Sampo OYJ, Class A (Financials) | 2,943,802 | ||||||
45,059 | UPM-Kymmene OYJ (Materials) | 1,508,166 | ||||||
79,715 | Wartsila OYJ Abp (Industrials) | 1,233,138 | ||||||
|
| |||||||
22,179,820 | ||||||||
| ||||||||
France – 10.3% |
| |||||||
54,492 | Accor SA (Consumer Discretionary) | 2,364,049 | ||||||
8,377 | Aeroports de Paris SA (Industrials) | 1,139,492 | ||||||
50,122 | Air Liquide SA (Materials) | 10,191,610 | ||||||
48,776 | Airbus SE (Industrials) | 8,072,627 | ||||||
10,603 | Amundi SA (Financials)(b) | 698,195 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
France – (continued) |
| |||||||
31,463 | Arkema SA (Materials) | $ | 3,260,407 | |||||
355,344 | AXA SA (Financials) | 12,643,532 | ||||||
44,271 | BioMerieux (Health Care) | 4,843,486 | ||||||
153,988 | BNP Paribas SA (Financials) | 9,228,422 | ||||||
290,182 | Bollore SE (Communication Services) | 1,990,890 | ||||||
102,214 | Bouygues SA (Industrials) | 4,045,041 | ||||||
77,572 | Bureau Veritas SA (Industrials) | 2,255,590 | ||||||
43,155 | Capgemini SE (Information Technology) | 10,493,535 | ||||||
484,453 | Carrefour SA (Consumer Staples) | 8,141,618 | ||||||
176,420 | Cie de Saint-Gobain SA (Industrials) | 13,593,003 | ||||||
72,494 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 2,682,185 | ||||||
400,659 | Credit Agricole SA (Financials) | 5,428,337 | ||||||
101,021 | Danone SA (Consumer Staples) | 6,452,061 | ||||||
16,857 | Dassault Aviation SA (Industrials) | 3,336,427 | ||||||
110,901 | Dassault Systemes (Information Technology) | 5,182,699 | ||||||
53,350 | Edenred SE (Financials) | 2,643,581 | ||||||
110,955 | Eiffage SA (Industrials) | 12,085,045 | ||||||
379,889 | Engie SA (Utilities) | 6,099,035 | ||||||
41,692 | EssilorLuxottica SA (Health Care) | 8,850,153 | ||||||
103,415 | Eurazeo SE (Financials) | 8,740,216 | ||||||
8,496 | Gecina SA REIT (Real Estate) | 821,020 | ||||||
105,945 | Getlink SE (Industrials) | 1,810,299 | ||||||
7,681 | Hermes International SCA (Consumer Discretionary) | 19,225,649 | ||||||
120,674 | Ipsen SA (Health Care) | 13,293,799 | ||||||
10,844 | Kering (Consumer Discretionary) | 4,987,893 | ||||||
41,740 | Klepierre SA REIT (Real Estate) | 1,060,567 | ||||||
234,583 | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | 9,829,230 | ||||||
37,610 | Legrand SA (Industrials) | 3,805,420 | ||||||
51,390 | L’Oreal SA (Consumer Staples) | 24,563,691 | ||||||
48,082 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 43,852,531 | ||||||
302,220 | Orange SA (Communication Services) | 3,468,666 | ||||||
13,071 | Pernod Ricard SA (Consumer Staples) | 2,186,077 | ||||||
55,314 | Publicis Groupe SA (Communication Services) | 5,852,922 | ||||||
146,571 | Rexel SA (Industrials) | 3,759,101 | ||||||
38,935 | Safran SA (Industrials) | 8,161,264 | ||||||
95,470 | SEB SA (Consumer Discretionary) | 11,302,431 | ||||||
116,182 | Societe Generale SA (Financials) | 2,820,043 |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
France – (continued) |
| |||||||
20,485 | Sodexo SA (Consumer Discretionary) | $ | 1,633,771 | |||||
24,293 | Thales SA (Industrials) | 3,602,863 | ||||||
383,448 | TotalEnergies SE (Energy) | 24,477,806 | ||||||
93,108 | Veolia Environnement SA (Utilities) | 2,886,684 | ||||||
86,151 | Vinci SA (Industrials) | 11,038,235 | ||||||
147,631 | Vivendi SE (Communication Services) | 1,650,310 | ||||||
145,696 | Worldline SA (Financials)*(b) | 1,675,190 | ||||||
|
| |||||||
362,226,698 | ||||||||
| ||||||||
Germany – 7.4% |
| |||||||
47,530 | adidas AG (Consumer Discretionary) | 9,624,444 | ||||||
46,606 | Allianz SE (Financials) | 12,802,848 | ||||||
52,902 | BASF SE (Materials) | 2,694,946 | ||||||
157,592 | Bayer AG (Health Care) | 4,790,419 | ||||||
71,556 | Bayerische Motoren Werke AG (Consumer Discretionary) | 8,457,380 | ||||||
65,561 | Bechtle AG (Information Technology) | 3,381,327 | ||||||
40,437 | Beiersdorf AG (Consumer Staples) | 5,800,244 | ||||||
44,881 | Brenntag SE (Industrials) | 4,098,167 | ||||||
10,770 | Carl Zeiss Meditec AG (Health Care) | 1,325,729 | ||||||
438,935 | Commerzbank AG (Financials) | 5,080,057 | ||||||
18,496 | Covestro AG (Materials)*(b) | 1,006,777 | ||||||
31,642 | Daimler Truck Holding AG (Industrials) | 1,293,640 | ||||||
546,459 | Deutsche Bank AG (Financials) | 7,310,279 | ||||||
27,827 | Deutsche Boerse AG (Financials) | 5,829,876 | ||||||
970,881 | Deutsche Lufthansa AG (Industrials)* | 7,551,995 | ||||||
312,582 | Deutsche Post AG (Industrials) | 14,514,768 | ||||||
420,231 | Deutsche Telekom AG (Communication Services) | 9,997,747 | ||||||
774,498 | E.ON SE (Utilities) | 9,898,236 | ||||||
49,873 | Evonik Industries AG (Materials) | 920,730 | ||||||
157,195 | Fresenius Medical Care AG (Health Care) | 6,018,443 | ||||||
160,394 | Fresenius SE & Co. KGaA (Health Care) | 4,492,003 | ||||||
47,283 | GEA Group AG (Industrials) | 1,907,006 | ||||||
16,393 | Hannover Rueck SE (Financials) | 4,209,629 | ||||||
97,087 | Heidelberg Materials AG (Materials) | 9,424,127 | ||||||
28,064 | Henkel AG & Co. KGaA (Consumer Staples) | 1,895,055 | ||||||
66,830 | Infineon Technologies AG (Information Technology) | 2,393,434 | ||||||
38,701 | Knorr-Bremse AG (Industrials) | 2,708,818 | ||||||
136,093 | Mercedes-Benz Group AG (Consumer Discretionary) | 10,845,190 | ||||||
25,095 | Merck KGaA (Health Care) | 4,285,306 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Germany – (continued) |
| |||||||
3,379 | MTU Aero Engines AG (Industrials) | $ | 812,859 | |||||
18,689 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) | 8,704,542 | ||||||
95,163 | Nemetschek SE (Information Technology) | 9,080,836 | ||||||
88,953 | Puma SE (Consumer Discretionary) | 4,088,184 | ||||||
8,273 | Rational AG (Industrials) | 6,803,999 | ||||||
11,323 | Rheinmetall AG (Industrials) | 5,195,352 | ||||||
55,103 | RWE AG (Utilities) | 1,848,522 | ||||||
147,637 | SAP SE (Information Technology) | 27,620,248 | ||||||
23,127 | Scout24 SE (Communication Services)(b) | 1,681,807 | ||||||
81,180 | Siemens AG (Industrials) | 16,071,090 | ||||||
252,297 | Siemens Energy AG (Industrials)* | 3,878,296 | ||||||
25,766 | Siemens Healthineers AG (Health Care)(b) | 1,547,489 | ||||||
15,310 | Symrise AG (Materials) | 1,566,644 | ||||||
52,799 | Talanx AG (Financials) | 3,771,006 | ||||||
205,432 | Zalando SE (Consumer Discretionary)*(b) | 4,339,458 | ||||||
|
| |||||||
261,568,952 | ||||||||
| ||||||||
Hong Kong – 1.1% |
| |||||||
591,241 | AIA Group Ltd. (Financials) | 4,803,153 | ||||||
241,189 | CK Asset Holdings Ltd. (Real Estate) | 1,113,706 | ||||||
134,701 | CK Infrastructure Holdings Ltd. (Utilities) | 792,328 | ||||||
193,186 | CLP Holdings Ltd. (Utilities) | 1,610,130 | ||||||
22,067 | Futu Holdings Ltd. ADR (Financials)* | 1,181,026 | ||||||
79,673 | Hang Seng Bank Ltd. (Financials) | 909,816 | ||||||
1,303,757 | HKT Trust & HKT Ltd. (Communication Services) | 1,590,394 | ||||||
1,011,446 | Hong Kong & China Gas Co. Ltd. (Utilities) | 782,925 | ||||||
173,667 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 5,386,055 | ||||||
471,068 | Hongkong Land Holdings Ltd. (Real Estate) | 1,592,210 | ||||||
75,235 | Jardine Matheson Holdings Ltd. (Industrials) | 3,153,099 | ||||||
222,905 | MTR Corp. Ltd. (Industrials) | 740,283 | ||||||
270,001 | Power Assets Holdings Ltd. (Utilities) | 1,624,393 | ||||||
126,615 | Sun Hung Kai Properties Ltd. (Real Estate) | 1,276,857 | ||||||
175,647 | Swire Pacific Ltd., Class A (Real Estate) | 1,456,097 | ||||||
412,355 | Techtronic Industries Co. Ltd. (Industrials) | 4,463,914 |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Hong Kong – (continued) |
| |||||||
13,946,596 | WH Group Ltd. (Consumer Staples)(b) | $ | 8,408,432 | |||||
|
| |||||||
40,884,818 | ||||||||
| ||||||||
Ireland – 0.3% |
| |||||||
17,509 | AerCap Holdings NV (Industrials)* | 1,351,345 | ||||||
17,083 | Kerry Group PLC, Class A (Consumer Staples) | 1,499,984 | ||||||
25,977 | Kingspan Group PLC (Industrials) | 2,346,708 | ||||||
84,719 | Smurfit Kappa Group PLC (Materials) | 3,614,891 | ||||||
|
| |||||||
8,812,928 | ||||||||
| ||||||||
Israel – 0.9% |
| |||||||
209,371 | Bank Hapoalim BM (Financials) | 2,003,668 | ||||||
200,258 | Bank Leumi Le-Israel BM (Financials) | 1,677,601 | ||||||
29,301 | Check Point Software Technologies Ltd. (Information Technology)* | 4,700,466 | ||||||
4,659 | Elbit Systems Ltd. (Industrials) | 1,035,739 | ||||||
219,037 | ICL Group Ltd. (Materials) | 1,158,475 | ||||||
301,282 | Israel Discount Bank Ltd., Class A (Financials) | 1,570,688 | ||||||
27,438 | Mizrahi Tefahot Bank Ltd. (Financials) | 1,085,505 | ||||||
814,545 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)* | 10,711,267 | ||||||
50,250 | Wix.com Ltd. (Information Technology)* | 7,044,045 | ||||||
|
| |||||||
30,987,454 | ||||||||
| ||||||||
Italy – 2.9% |
| |||||||
437,439 | Assicurazioni Generali SpA (Financials) | 10,376,375 | ||||||
333,698 | Banco BPM SpA (Financials) | 1,940,613 | ||||||
115,298 | Coca-Cola HBC AG (Consumer Staples)* | 3,595,112 | ||||||
116,191 | Davide Campari-Milano NV (Consumer Staples) | 1,178,399 | ||||||
8,713 | DiaSorin SpA (Health Care) | 880,459 | ||||||
818,153 | Enel SpA (Utilities) | 5,208,600 | ||||||
564,003 | Eni SpA (Energy) | 8,696,068 | ||||||
31,212 | Ferrari NV (Consumer Discretionary) | 13,169,292 | ||||||
284,768 | FinecoBank Banca Fineco SpA (Financials) | 3,938,308 | ||||||
94,561 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 1,047,340 | ||||||
1,468,877 | Intesa Sanpaolo SpA (Financials) | 4,670,085 | ||||||
489,500 | Leonardo SpA (Industrials) | 10,464,472 | ||||||
175,437 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 2,391,151 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Italy – (continued) |
| |||||||
119,916 | Moncler SpA (Consumer Discretionary) | $ | 8,650,278 | |||||
395,428 | Poste Italiane SpA (Financials)(b) | 4,638,572 | ||||||
101,112 | Prysmian SpA (Industrials) | 5,038,717 | ||||||
89,818 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 5,030,895 | ||||||
342,040 | Snam SpA (Utilities) | 1,599,369 | ||||||
199,814 | Terna - Rete Elettrica Nazionale (Utilities) | 1,566,361 | ||||||
275,508 | UniCredit SpA (Financials) | 9,215,541 | ||||||
|
| |||||||
103,296,007 | ||||||||
| ||||||||
Japan – 20.7% |
| |||||||
257,407 | Advantest Corp. (Information Technology) | 11,884,027 | ||||||
111,161 | Aeon Co. Ltd. (Consumer Staples)(a) | 2,655,179 | ||||||
32,665 | AGC, Inc. (Industrials) | 1,168,275 | ||||||
101,879 | Aisin Corp. (Consumer Discretionary) | 3,843,861 | ||||||
79,742 | Ajinomoto Co., Inc. (Consumer Staples) | 2,931,918 | ||||||
58,908 | ANA Holdings, Inc. (Industrials)*(a) | 1,284,664 | ||||||
116,408 | Asahi Group Holdings Ltd. (Consumer Staples) | 3,992,265 | ||||||
46,017 | Asahi Intecc Co. Ltd. (Health Care) | 956,497 | ||||||
148,897 | Asahi Kasei Corp. (Materials) | 1,036,121 | ||||||
559,607 | Astellas Pharma, Inc. (Health Care) | 6,174,858 | ||||||
42,399 | Azbil Corp. (Information Technology) | 1,243,897 | ||||||
197,726 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 3,821,884 | ||||||
86,055 | Bridgestone Corp. (Consumer Discretionary) | 3,706,224 | ||||||
235,004 | Brother Industries Ltd. (Information Technology) | 3,940,286 | ||||||
146,824 | Canon, Inc. (Information Technology) | 4,293,771 | ||||||
167,618 | Capcom Co. Ltd. (Communication Services) | 6,751,980 | ||||||
54,035 | Central Japan Railway Co. (Industrials) | 1,360,713 | ||||||
144,103 | Chubu Electric Power Co., Inc. (Utilities) | 1,797,075 | ||||||
113,508 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 4,550,331 | ||||||
259,807 | Concordia Financial Group Ltd. (Financials) | 1,315,786 | ||||||
23,096 | Dai Nippon Printing Co. Ltd. (Industrials) | 673,884 | ||||||
92,444 | Dai-ichi Life Holdings, Inc. (Financials) | 2,104,959 | ||||||
194,582 | Daiichi Sankyo Co. Ltd. (Health Care) | 6,466,566 |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
17,789 | Daikin Industries Ltd. (Industrials) | $ | 2,516,751 | |||||
28,491 | Daito Trust Construction Co. Ltd. (Real Estate) | 3,381,724 | ||||||
93,388 | Daiwa House Industry Co. Ltd. (Real Estate) | 2,701,744 | ||||||
257,531 | Daiwa Securities Group, Inc. (Financials) | 1,896,166 | ||||||
128,522 | Denso Corp. (Consumer Discretionary) | 2,364,867 | ||||||
98,747 | Dentsu Group, Inc. (Communication Services) | 2,736,704 | ||||||
15,238 | Disco Corp. (Information Technology) | 4,913,382 | ||||||
41,305 | East Japan Railway Co. (Industrials) | 2,446,508 | ||||||
112,204 | Eisai Co. Ltd. (Health Care) | 4,688,473 | ||||||
1,107,663 | ENEOS Holdings, Inc. (Energy) | 4,783,073 | ||||||
32,025 | FANUC Corp. (Industrials) | 935,480 | ||||||
27,336 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 7,901,085 | ||||||
56,753 | FUJIFILM Holdings Corp. (Information Technology) | 3,611,003 | ||||||
44,765 | Fujitsu Ltd. (Information Technology) | 6,994,251 | ||||||
1,253 | GLP J REIT (Real Estate) | 995,401 | ||||||
26,561 | Hamamatsu Photonics KK (Information Technology) | 953,335 | ||||||
77,884 | Hankyu Hanshin Holdings, Inc. (Industrials) | 2,246,444 | ||||||
9,470 | Hikari Tsushin, Inc. (Industrials) | 1,712,787 | ||||||
9,937 | Hirose Electric Co. Ltd. (Information Technology) | 1,056,640 | ||||||
119,007 | Hitachi Ltd. (Industrials) | 10,070,312 | ||||||
701,766 | Honda Motor Co. Ltd. (Consumer Discretionary) | 8,355,362 | ||||||
29,465 | Hoshizaki Corp. (Industrials) | 1,005,200 | ||||||
97,625 | Hoya Corp. (Health Care) | 12,709,448 | ||||||
201,901 | Hulic Co. Ltd. (Real Estate) | 2,014,019 | ||||||
20,148 | Ibiden Co. Ltd. (Information Technology) | 928,986 | ||||||
510,585 | Idemitsu Kosan Co. Ltd. (Energy) | 3,234,012 | ||||||
86,550 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 1,116,933 | ||||||
435,523 | Inpex Corp. (Energy) | 5,851,786 | ||||||
181,795 | Isuzu Motors Ltd. (Consumer Discretionary) | 2,589,610 | ||||||
245,244 | ITOCHU Corp. (Industrials) | 10,676,888 | ||||||
306,859 | Japan Airlines Co. Ltd. (Industrials) | 5,732,463 | ||||||
123,081 | Japan Exchange Group, Inc. (Financials) | 3,218,675 | ||||||
1,791 | Japan Metropolitan Fund Invest REIT (Real Estate) | 1,056,627 | ||||||
270,209 | Japan Post Bank Co. Ltd. (Financials) | 2,884,071 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
890,329 | Japan Post Holdings Co. Ltd. (Financials) | $ | 8,604,670 | |||||
277,811 | Japan Post Insurance Co. Ltd. (Financials) | 5,126,705 | ||||||
280 | Japan Real Estate Investment Corp. REIT (Real Estate) | 1,010,222 | ||||||
198,064 | Japan Tobacco, Inc. (Consumer Staples) | 5,150,432 | ||||||
152,468 | JFE Holdings, Inc. (Materials) | 2,500,895 | ||||||
122,209 | Kajima Corp. (Industrials) | 2,267,893 | ||||||
304,775 | Kansai Electric Power Co., Inc. (The) (Utilities) | 3,910,740 | ||||||
83,796 | Kao Corp. (Consumer Staples) | 3,189,029 | ||||||
38,503 | Kawasaki Kisen Kaisha Ltd. (Industrials) | 1,840,128 | ||||||
207,668 | KDDI Corp. (Communication Services) | 6,318,702 | ||||||
976 | KDX Realty Investment Corp. REIT (Real Estate) | 977,500 | ||||||
51,671 | Keisei Electric Railway Co. Ltd. (Industrials) | 2,414,904 | ||||||
15,331 | Keyence Corp. (Information Technology) | 7,174,338 | ||||||
45,811 | Kikkoman Corp. (Consumer Staples) | 2,999,890 | ||||||
63,132 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 1,942,848 | ||||||
131,647 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,833,488 | ||||||
80,612 | Komatsu Ltd. (Industrials) | 2,340,748 | ||||||
10,736 | Konami Group Corp. (Communication Services) | 723,050 | ||||||
153,668 | Kyocera Corp. (Information Technology) | 2,263,387 | ||||||
44,046 | Kyowa Kirin Co. Ltd. (Health Care) | 874,475 | ||||||
5,063 | Lasertec Corp. (Information Technology) | 1,351,419 | ||||||
61,575 | M3, Inc. (Health Care) | 883,081 | ||||||
487,717 | Marubeni Corp. (Industrials) | 8,055,298 | ||||||
248,071 | MatsukiyoCocokara & Co. (Consumer Staples) | 4,112,141 | ||||||
657,073 | Mazda Motor Corp. (Consumer Discretionary) | 7,717,875 | ||||||
63,335 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 2,949,455 | ||||||
63,203 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 1,426,047 | ||||||
205,294 | MISUMI Group, Inc. (Industrials) | 3,135,579 | ||||||
391,213 | Mitsubishi Chemical Group Corp. (Materials) | 2,243,979 | ||||||
673,940 | Mitsubishi Corp. (Industrials) | 14,431,601 | ||||||
223,325 | Mitsubishi Electric Corp. (Industrials) | 3,553,474 | ||||||
103,479 | Mitsubishi Estate Co. Ltd. (Real Estate) | 1,590,522 |
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
482,217 | Mitsubishi HC Capital, Inc. (Financials) | $ | 3,328,190 | |||||
27,870 | Mitsubishi Heavy Industries Ltd. (Industrials) | 2,201,929 | ||||||
1,200,694 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 12,370,349 | ||||||
301,393 | Mitsui & Co. Ltd. (Industrials) | 13,195,886 | ||||||
58,797 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1,595,341 | ||||||
83,387 | Mitsui OSK Lines Ltd. (Industrials) | 2,859,238 | ||||||
411,216 | Mizuho Financial Group, Inc. (Financials) | 7,695,704 | ||||||
708,354 | MonotaRO Co. Ltd. (Industrials) | 6,779,696 | ||||||
93,585 | MS&AD Insurance Group Holdings, Inc. (Financials) | 4,633,292 | ||||||
165,582 | Murata Manufacturing Co. Ltd. (Information Technology) | 3,344,387 | ||||||
141,628 | NEC Corp. (Information Technology) | 9,547,849 | ||||||
116,261 | Nintendo Co. Ltd. (Communication Services) | 6,524,971 | ||||||
355 | Nippon Building Fund, Inc. REIT (Real Estate) | 1,368,578 | ||||||
54,783 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 2,898,554 | ||||||
618 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 1,034,748 | ||||||
50,349 | Nippon Sanso Holdings Corp. (Materials) | 1,459,304 | ||||||
116,803 | Nippon Steel Corp. (Materials)(a) | 2,899,199 | ||||||
11,627,811 | Nippon Telegraph & Telephone Corp. (Communication Services) | 14,162,824 | ||||||
193,863 | Nippon Yusen KK (Industrials) | 6,181,026 | ||||||
23,824 | Nissan Chemical Corp. (Materials) | 995,333 | ||||||
69,087 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 2,020,404 | ||||||
35,375 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 5,195,046 | ||||||
20,670 | Nitto Denko Corp. (Materials) | 1,898,928 | ||||||
196,069 | Nomura Holdings, Inc. (Financials) | 1,114,555 | ||||||
67,165 | Nomura Real Estate Holdings, Inc. (Real Estate) | 1,670,711 | ||||||
1,404 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 1,396,777 | ||||||
66,312 | Nomura Research Institute Ltd. (Information Technology) | 1,862,602 | ||||||
72,110 | NTT Data Group Corp. (Information Technology) | 1,172,926 | ||||||
393,387 | Obayashi Corp. (Industrials) | 3,809,811 | ||||||
5,807 | Obic Co. Ltd. (Information Technology) | 908,859 | ||||||
290,105 | Olympus Corp. (Health Care) | 4,132,450 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
30,298 | Omron Corp. (Information Technology) | $ | 1,123,903 | |||||
188,755 | Ono Pharmaceutical Co. Ltd. (Health Care) | 3,137,719 | ||||||
48,403 | Oracle Corp. Japan (Information Technology) | 3,709,377 | ||||||
107,097 | Oriental Land Co. Ltd. (Consumer Discretionary) | 3,837,517 | ||||||
123,358 | ORIX Corp. (Financials) | 2,585,515 | ||||||
76,794 | Osaka Gas Co. Ltd. (Utilities) | 1,536,188 | ||||||
24,117 | Otsuka Corp. (Information Technology) | 1,060,265 | ||||||
163,123 | Otsuka Holdings Co. Ltd. (Health Care) | 6,628,677 | ||||||
72,118 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 1,698,510 | ||||||
339,712 | Panasonic Holdings Corp. (Consumer Discretionary) | 3,224,166 | ||||||
328,524 | Recruit Holdings Co. Ltd. (Industrials) | 13,266,513 | ||||||
323,641 | Renesas Electronics Corp. (Information Technology) | 5,307,522 | ||||||
491,877 | Resona Holdings, Inc. (Financials) | 2,681,711 | ||||||
751,377 | Ricoh Co. Ltd. (Information Technology) | 6,250,179 | ||||||
55,726 | SBI Holdings, Inc. (Financials) | 1,498,611 | ||||||
8,715 | SCREEN Holdings Co. Ltd. (Information Technology) | 1,090,903 | ||||||
76,394 | SCSK Corp. (Information Technology) | 1,408,749 | ||||||
27,839 | Secom Co. Ltd. (Industrials) | 2,031,148 | ||||||
178,773 | Seiko Epson Corp. (Information Technology)(a) | 2,891,758 | ||||||
89,859 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 1,266,203 | ||||||
108,151 | Sekisui House Ltd. (Consumer Discretionary) | 2,413,472 | ||||||
491,259 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 7,319,487 | ||||||
61,614 | Shimadzu Corp. (Information Technology) | 1,680,831 | ||||||
214,779 | Shimizu Corp. (Industrials) | 1,246,743 | ||||||
134,395 | Shin-Etsu Chemical Co. Ltd. (Materials) | 5,735,156 | ||||||
32,968 | Shionogi & Co. Ltd. (Health Care) | 1,648,510 | ||||||
293,631 | Shiseido Co. Ltd. (Consumer Staples) | 7,939,632 | ||||||
239,692 | Shizuoka Financial Group, Inc. (Financials) | 2,346,153 | ||||||
386,693 | SoftBank Corp. (Communication Services) | 5,096,225 | ||||||
43,324 | SoftBank Group Corp. (Communication Services) | 2,544,384 | ||||||
39,860 | Sompo Holdings, Inc. (Financials) | 2,338,815 |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
75,426 | Sony Group Corp. (Consumer Discretionary) | $ | 6,523,616 | |||||
48,000 | Square Enix Holdings Co. Ltd. (Communication Services) | 2,034,556 | ||||||
347,595 | Subaru Corp. (Consumer Discretionary) | 7,905,481 | ||||||
76,149 | SUMCO Corp. (Information Technology) | 1,192,579 | ||||||
286,720 | Sumitomo Corp. (Industrials) | 6,718,294 | ||||||
288,996 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 4,287,537 | ||||||
185,524 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 10,342,836 | ||||||
136,654 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 2,774,714 | ||||||
79,713 | Suntory Beverage & Food Ltd. (Consumer Staples) | 2,621,416 | ||||||
19,337 | Suzuki Motor Corp. (Consumer Discretionary) | 849,732 | ||||||
65,604 | Sysmex Corp. (Health Care) | 3,690,691 | ||||||
83,738 | T&D Holdings, Inc. (Financials) | 1,456,337 | ||||||
110,001 | Taisei Corp. (Industrials) | 3,459,442 | ||||||
426,580 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 12,503,551 | ||||||
28,702 | TDK Corp. (Information Technology) | 1,493,110 | ||||||
56,051 | Terumo Corp. (Health Care) | 2,185,566 | ||||||
54,608 | TIS, Inc. (Information Technology) | 1,231,389 | ||||||
88,054 | Tobu Railway Co. Ltd. (Industrials) | 2,251,504 | ||||||
30,542 | Toho Co. Ltd. (Communication Services) | 992,151 | ||||||
232,963 | Tokio Marine Holdings, Inc. (Financials) | 6,811,292 | ||||||
65,486 | Tokyo Electron Ltd. (Information Technology) | 16,131,949 | ||||||
226,958 | Tokyo Gas Co. Ltd. (Utilities) | 4,972,241 | ||||||
133,543 | Tokyu Corp. (Industrials) | 1,662,707 | ||||||
111,960 | TOPPAN Holdings, Inc. (Industrials) | 2,665,287 | ||||||
220,066 | Toray Industries, Inc. (Materials) | 1,015,271 | ||||||
27,690 | TOTO Ltd. (Industrials) | 749,093 | ||||||
17,422 | Toyota Industries Corp. (Industrials) | 1,733,237 | ||||||
824,736 | Toyota Motor Corp. (Consumer Discretionary) | 19,953,024 | ||||||
97,330 | Toyota Tsusho Corp. (Industrials) | 6,290,976 | ||||||
68,466 | Trend Micro, Inc. (Information Technology) | 3,396,997 | ||||||
60,790 | Unicharm Corp. (Consumer Staples) | 2,021,053 | ||||||
99,300 | USS Co. Ltd. (Consumer Discretionary) | 1,728,644 | ||||||
43,422 | West Japan Railway Co. (Industrials) | 1,807,727 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
80,939 | Yakult Honsha Co. Ltd. (Consumer Staples) | $ | 1,745,648 | |||||
116,772 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 1,045,073 | ||||||
65,761 | Yamato Holdings Co. Ltd. (Industrials) | 999,574 | ||||||
107,777 | Yokogawa Electric Corp. (Information Technology) | 2,278,389 | ||||||
221,537 | Zensho Holdings Co. Ltd. (Consumer Discretionary) | 9,699,552 | ||||||
428,474 | ZOZO, Inc. (Consumer Discretionary) | 9,716,314 | ||||||
|
| |||||||
730,892,305 | ||||||||
| ||||||||
Jordan – 0.1% |
| |||||||
140,844 | Hikma Pharmaceuticals PLC (Health Care) | 3,504,422 | ||||||
| ||||||||
Luxembourg – 0.4% |
| |||||||
460,398 | ArcelorMittal (Materials) | 12,017,063 | ||||||
37,056 | Eurofins Scientific SE (Health Care) | 2,215,133 | ||||||
|
| |||||||
14,232,196 | ||||||||
| ||||||||
Macau – 0.0% |
| |||||||
356,138 | Sands China Ltd. (Consumer Discretionary)* | 1,014,444 | ||||||
| ||||||||
Netherlands – 4.7% |
| |||||||
130,693 | ABN AMRO Bank NV (Financials)(b) | 2,100,228 | ||||||
444 | Adyen NV (Financials)*(b) | 701,493 | ||||||
185,831 | Aegon Ltd. (Financials) | 1,115,285 | ||||||
22,820 | Akzo Nobel NV (Materials) | 1,662,939 | ||||||
8,528 | ASM International NV (Information Technology) | 5,202,150 | ||||||
54,424 | ASML Holding NV (Information Technology) | 51,268,055 | ||||||
25,512 | ASR Nederland NV (Financials) | 1,176,921 | ||||||
16,590 | BE Semiconductor Industries NV (Information Technology) | 3,000,823 | ||||||
14,855 | Euronext NV (Financials)(b) | 1,370,423 | ||||||
75,534 | EXOR NV (Financials) | 8,157,567 | ||||||
57,775 | Heineken Holding NV (Consumer Staples) | 4,464,016 | ||||||
34,934 | Heineken NV (Consumer Staples) | 3,229,204 | ||||||
7,370 | IMCD NV (Industrials) | 1,123,741 | ||||||
400,823 | ING Groep NV (Financials) | 5,504,297 | ||||||
103,004 | JDE Peet’s NV (Consumer Staples) | 2,356,387 | ||||||
509,176 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 15,163,657 | ||||||
744,754 | Koninklijke KPN NV (Communication Services) | 2,726,481 | ||||||
96,863 | Koninklijke Philips NV (Health Care) | 1,939,386 | ||||||
110,671 | Randstad NV (Industrials) | 6,100,710 | ||||||
884,735 | Shell PLC (Energy) | 27,497,426 |
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Netherlands – (continued) |
| |||||||
69,837 | Universal Music Group NV (Communication Services) | $ | 2,106,251 | |||||
99,954 | Wolters Kluwer NV (Industrials) | 15,775,903 | ||||||
|
| |||||||
163,743,343 | ||||||||
| ||||||||
New Zealand – 0.2% |
| |||||||
193,966 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 2,895,257 | ||||||
363,460 | Spark New Zealand Ltd. (Communication Services) | 1,122,691 | ||||||
49,928 | Xero Ltd. (Information Technology)* | 4,138,928 | ||||||
|
| |||||||
8,156,876 | ||||||||
| ||||||||
Norway – 0.7% |
| |||||||
54,798 | Aker BP ASA (Energy) | 1,332,306 | ||||||
154,869 | DNB Bank ASA (Financials) | 3,101,982 | ||||||
269,606 | Equinor ASA (Energy) | 6,655,415 | ||||||
226,068 | Gjensidige Forsikring ASA (Financials) | 3,574,687 | ||||||
42,060 | Kongsberg Gruppen ASA (Industrials) | 2,684,491 | ||||||
37,834 | Mowi ASA (Consumer Staples) | 731,390 | ||||||
351,076 | Orkla ASA (Consumer Staples) | 2,519,314 | ||||||
29,176 | Salmar ASA (Consumer Staples) | 1,853,633 | ||||||
193,942 | Telenor ASA (Communication Services) | 2,126,194 | ||||||
|
| |||||||
24,579,412 | ||||||||
| ||||||||
Portugal – 0.3% |
| |||||||
250,310 | EDP – Energias de Portugal SA (Utilities) | 996,542 | ||||||
81,056 | Galp Energia SGPS SA (Energy) | 1,278,004 | ||||||
384,289 | Jeronimo Martins SGPS SA (Consumer Staples) | 9,198,790 | ||||||
|
| |||||||
11,473,336 | ||||||||
| ||||||||
Singapore – 1.4% |
| |||||||
585,015 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 852,766 | ||||||
397,544 | DBS Group Holdings Ltd. (Financials) | 9,854,337 | ||||||
2,281,172 | Genting Singapore Ltd. (Consumer Discretionary) | 1,543,854 | ||||||
58,870 | Jardine Cycle & Carriage Ltd. (Industrials) | 1,114,266 | ||||||
398,454 | Keppel Ltd. (Industrials) | 2,145,476 | ||||||
908,159 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 8,766,848 | ||||||
339,768 | Sembcorp Industries Ltd. (Utilities) | 1,288,723 | ||||||
400,157 | Singapore Airlines Ltd. (Industrials) | 1,925,491 | ||||||
1,372,733 | Singapore Exchange Ltd. (Financials) | 9,647,722 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Singapore – (continued) |
| |||||||
668,952 | Singapore Telecommunications Ltd. (Communication Services) | $ | 1,169,149 | |||||
134,300 | STMicroelectronics NV (Information Technology) | 6,064,011 | ||||||
256,720 | United Overseas Bank Ltd. (Financials) | 5,336,400 | ||||||
|
| |||||||
49,709,043 | ||||||||
| ||||||||
Spain – 2.4% |
| |||||||
9,401 | Acciona SA (Utilities) | 1,052,427 | ||||||
229,477 | ACS Actividades de Construccion y Servicios SA (Industrials) | 9,421,588 | ||||||
4,354 | Aena SME SA (Industrials)(b) | 825,251 | ||||||
47,197 | Amadeus IT Group SA (Consumer Discretionary) | 2,777,418 | ||||||
1,022,328 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 10,162,588 | ||||||
2,649,107 | Banco Santander SA (Financials) | 11,024,018 | ||||||
553,655 | CaixaBank SA (Financials) | 2,498,405 | ||||||
78,221 | Enagas SA (Utilities) | 1,129,613 | ||||||
75,548 | Endesa SA (Utilities) | 1,360,391 | ||||||
765,626 | Iberdrola SA (Utilities) | 8,798,908 | ||||||
402,990 | Industria de Diseno Textil SA (Consumer Discretionary) | 17,884,288 | ||||||
101,052 | Redeia Corp. SA (Utilities) | 1,607,496 | ||||||
638,642 | Repsol SA (Energy) | 10,176,546 | ||||||
1,041,160 | Telefonica SA (Communication Services) | 4,273,542 | ||||||
|
| |||||||
82,992,479 | ||||||||
| ||||||||
Sweden – 2.2% |
| |||||||
51,709 | Alfa Laval AB (Industrials) | 1,947,436 | ||||||
81,200 | Assa Abloy AB, Class B (Industrials) | 2,318,105 | ||||||
382,808 | Atlas Copco AB, Class A (Industrials) | 6,649,922 | ||||||
271,988 | Atlas Copco AB, Class B (Industrials) | 4,070,311 | ||||||
74,883 | Epiroc AB, Class A (Industrials) | 1,358,720 | ||||||
55,641 | Epiroc AB, Class B (Industrials) | 918,437 | ||||||
118,131 | Essity AB, Class B (Consumer Staples) | 2,759,352 | ||||||
11,885 | Evolution AB (Consumer Discretionary)(b) | 1,540,721 | ||||||
581,154 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)(a) | 7,888,793 | ||||||
88,770 | Hexagon AB, Class B (Information Technology) | 1,041,053 | ||||||
31,198 | Holmen AB, Class B (Materials) | 1,253,655 | ||||||
132,024 | Husqvarna AB, Class B (Industrials)(a) | 1,018,941 | ||||||
51,592 | Industrivarden AB, Class A (Financials) | 1,761,541 | ||||||
62,167 | Industrivarden AB, Class C (Financials) | 2,116,602 |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Sweden – (continued) |
| |||||||
204,397 | Investor AB, Class B (Financials) | $ | 5,143,777 | |||||
23,982 | L E Lundbergforetagen AB, Class B (Financials) | 1,304,850 | ||||||
37,084 | Lifco AB, Class B (Industrials) | 988,434 | ||||||
17,949 | Saab AB, Class B (Industrials) | 1,416,152 | ||||||
59,544 | Sandvik AB (Industrials) | 1,340,214 | ||||||
193,771 | Skandinaviska Enskilda Banken AB, Class A (Financials)(a) | 2,880,128 | ||||||
35,836 | SKF AB, Class B (Industrials) | 782,006 | ||||||
84,728 | Svenska Cellulosa AB SCA, Class B (Materials) | 1,200,814 | ||||||
261,219 | Svenska Handelsbanken AB, Class A (Financials) | 3,125,303 | ||||||
167,386 | Swedbank AB, Class A (Financials) | 3,678,546 | ||||||
102,694 | Swedish Orphan Biovitrum AB (Health Care)* | 2,526,796 | ||||||
118,430 | Tele2 AB, Class B (Communication Services) | 994,828 | ||||||
710,682 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 3,861,980 | ||||||
627,237 | Telia Co. AB (Communication Services) | 1,495,435 | ||||||
84,699 | Volvo AB, Class A (Industrials) | 2,363,971 | ||||||
182,002 | Volvo AB, Class B (Industrials) | 5,014,643 | ||||||
1,058,475 | Volvo Car AB, Class B (Consumer Discretionary)* | 3,862,596 | ||||||
|
| |||||||
78,624,062 | ||||||||
| ||||||||
Switzerland – 5.3% |
| |||||||
159,918 | ABB Ltd. (Industrials) | 7,395,220 | ||||||
27,798 | Adecco Group AG (Industrials) | 1,118,486 | ||||||
27,726 | Alcon, Inc. (Health Care) | 2,367,203 | ||||||
17,867 | Baloise Holding AG (Financials) | 2,893,458 | ||||||
29,906 | Banque Cantonale Vaudoise (Financials) | 3,596,667 | ||||||
1,035 | Barry Callebaut AG (Consumer Staples) | 1,459,849 | ||||||
14,807 | BKW AG (Utilities) | 2,085,138 | ||||||
384 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 4,718,505 | ||||||
57,735 | Cie Financiere Richemont SA (Consumer Discretionary) | 9,218,717 | ||||||
65,246 | Clariant AG (Materials)* | 810,620 | ||||||
14,303 | DSM-Firmenich AG (Materials) | 1,532,322 | ||||||
4,031 | EMS-Chemie Holding AG (Materials) | 2,822,226 | ||||||
8,050 | Geberit AG (Industrials) | 4,691,681 | ||||||
1,026 | Givaudan SA (Materials) | 4,319,325 | ||||||
20,791 | Helvetia Holding AG (Financials) | 2,949,061 | ||||||
34,986 | Kuehne + Nagel International AG (Industrials) | 11,824,239 | ||||||
69,381 | Logitech International SA (Information Technology) | 6,144,263 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Switzerland – (continued) |
| |||||||
341,354 | Novartis AG (Health Care) | $ | 34,691,692 | |||||
7,431 | Partners Group Holding AG (Financials) | 10,709,147 | ||||||
161,965 | Sandoz Group AG (Health Care)* | 5,050,887 | ||||||
7,493 | Schindler Holding AG (Industrials) | 1,912,925 | ||||||
6,480 | Schindler Holding AG Participation Certificates (Industrials) | 1,713,920 | ||||||
72,259 | SGS SA (Industrials) | 6,958,791 | ||||||
48,931 | SIG Group AG (Materials)* | 972,452 | ||||||
5,233 | Sika AG (Materials) | 1,518,405 | ||||||
7,512 | Sonova Holding AG (Health Care) | 2,323,000 | ||||||
39,623 | Straumann Holding AG (Health Care) | 6,281,723 | ||||||
14,523 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 3,440,461 | ||||||
65,446 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 3,006,406 | ||||||
6,455 | Swiss Life Holding AG (Financials) | 4,703,342 | ||||||
24,210 | Swiss Prime Site AG (Real Estate) | 2,323,258 | ||||||
4,413 | Swisscom AG (Communication Services) | 2,532,883 | ||||||
509,654 | UBS Group AG (Financials) | 14,591,309 | ||||||
5,585 | VAT Group AG (Industrials)(b) | 2,808,515 | ||||||
16,578 | Zurich Insurance Group AG (Financials) | 8,848,629 | ||||||
|
| |||||||
184,334,725 | ||||||||
| ||||||||
United Kingdom – 10.1% |
| |||||||
314,561 | 3i Group PLC (Financials) | 9,820,276 | ||||||
257,608 | Admiral Group PLC (Financials) | 8,687,467 | ||||||
14,232 | Ashtead Group PLC (Industrials) | 1,022,558 | ||||||
172,560 | Associated British Foods PLC (Consumer Staples) | 4,961,503 | ||||||
220,930 | AstraZeneca PLC (Health Care) | 27,899,052 | ||||||
1,248,841 | Auto Trader Group PLC (Communication Services)(b) | 11,696,266 | ||||||
279,021 | Aviva PLC (Financials) | 1,575,206 | ||||||
534,001 | BAE Systems PLC (Industrials) | 8,389,524 | ||||||
2,278,269 | Barclays PLC (Financials) | 4,739,570 | ||||||
895,613 | Barratt Developments PLC (Consumer Discretionary) | 5,285,009 | ||||||
61,821 | Berkeley Group Holdings PLC (Consumer Discretionary) | 3,630,851 | ||||||
2,737,183 | BP PLC (Energy) | 15,951,287 | ||||||
358,261 | British American Tobacco PLC (Consumer Staples) | 10,627,132 | ||||||
85,655 | Bunzl PLC (Industrials) | 3,416,256 | ||||||
563,924 | Burberry Group PLC (Consumer Discretionary) | 9,166,370 |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United Kingdom – (continued) |
| |||||||
5,026,452 | Centrica PLC (Utilities) | $ | 8,001,814 | |||||
934,344 | CK Hutchison Holdings Ltd. (Industrials) | 4,744,044 | ||||||
76,707 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 5,264,401 | ||||||
304,368 | Compass Group PLC (Consumer Discretionary) | 8,354,730 | ||||||
73,163 | DCC PLC (Industrials) | 5,197,473 | ||||||
205,797 | Diageo PLC (Consumer Staples) | 7,710,770 | ||||||
45,543 | Halma PLC (Information Technology) | 1,326,174 | ||||||
690,978 | Hargreaves Lansdown PLC (Financials) | 6,366,604 | ||||||
2,577,159 | HSBC Holdings PLC (Financials) | 20,032,575 | ||||||
275,551 | Imperial Brands PLC (Consumer Staples) | 5,941,180 | ||||||
302,100 | Informa PLC (Communication Services) | 3,096,112 | ||||||
40,375 | InterContinental Hotels Group PLC (Consumer Discretionary) | 4,279,867 | ||||||
28,657 | Intertek Group PLC (Industrials) | 1,675,461 | ||||||
2,124,623 | J Sainsbury PLC (Consumer Staples) | 6,708,109 | ||||||
4,903,705 | JD Sports Fashion PLC (Consumer Discretionary) | 7,313,274 | ||||||
1,438,929 | Kingfisher PLC (Consumer Discretionary) | 4,268,309 | ||||||
98,340 | Land Securities Group PLC REIT (Real Estate) | 770,753 | ||||||
1,983,162 | Legal & General Group PLC (Financials) | 6,073,327 | ||||||
4,854,558 | Lloyds Banking Group PLC (Financials) | 2,859,760 | ||||||
55,069 | London Stock Exchange Group PLC (Financials) | 6,182,985 | ||||||
247,800 | M&G PLC (Financials) | 704,333 | ||||||
301,652 | Melrose Industries PLC (Industrials) | 2,423,001 | ||||||
246,678 | National Grid PLC (Utilities) | 3,237,369 | ||||||
822,710 | NatWest Group PLC (Financials) | 2,488,284 | ||||||
86,779 | Next PLC (Consumer Discretionary) | 9,126,376 | ||||||
102,927 | Pearson PLC (Consumer Discretionary) | 1,250,678 | ||||||
251,150 | Phoenix Group Holdings PLC (Financials) | 1,579,884 | ||||||
77,916 | Reckitt Benckiser Group PLC (Consumer Staples) | 4,926,025 | ||||||
326,465 | RELX PLC (Industrials) | 14,292,622 | ||||||
969,627 | Rolls-Royce Holdings PLC (Industrials)* | 4,527,124 | ||||||
841,267 | Sage Group PLC (The) (Information Technology) | 13,243,490 | ||||||
57,886 | Severn Trent PLC (Utilities) | 1,830,574 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United Kingdom – (continued) |
| |||||||
237,088 | Smith & Nephew PLC (Health Care) | $ | 3,120,508 | |||||
123,131 | Smiths Group PLC (Industrials) | 2,504,535 | ||||||
9,428 | Spirax-Sarco Engineering PLC (Industrials) | 1,231,355 | ||||||
159,673 | SSE PLC (Utilities) | 3,283,161 | ||||||
463,601 | St James’s Place PLC (Financials) | 2,949,756 | ||||||
333,628 | Standard Chartered PLC (Financials) | 2,817,426 | ||||||
1,136,322 | Taylor Wimpey PLC (Consumer Discretionary) | 1,981,444 | ||||||
2,526,990 | Tesco PLC (Consumer Staples) | 8,911,893 | ||||||
194,252 | Unilever PLC (Consumer Staples) | 9,500,735 | ||||||
150,841 | United Utilities Group PLC (Utilities) | 1,955,766 | ||||||
7,658,578 | Vodafone Group PLC (Communication Services) | 6,696,156 | ||||||
69,339 | Whitbread PLC (Consumer Discretionary) | 2,897,076 | ||||||
352,415 | Wise PLC, Class A (Financials)* | 4,091,439 | ||||||
82,956 | WPP PLC (Communication Services) | 742,102 | ||||||
|
| |||||||
355,349,161 | ||||||||
| ||||||||
United States – 5.5% |
| |||||||
44,224 | BRP, Inc. (Consumer Discretionary) | 2,920,770 | ||||||
81,618 | CRH PLC (Materials) | 6,787,179 | ||||||
29,669 | CSL Ltd. (Health Care) | 5,529,863 | ||||||
4,324 | CyberArk Software Ltd. (Information Technology)* | 1,140,498 | ||||||
81,482 | Experian PLC (Industrials) | 3,488,944 | ||||||
89,891 | Ferrovial SE (Industrials) | 3,370,599 | ||||||
775,195 | GSK PLC (Health Care) | 16,322,795 | ||||||
801,354 | Haleon PLC (Consumer Staples) | 3,359,821 | ||||||
100,365 | Holcim AG (Materials)* | 8,217,951 | ||||||
95,462 | James Hardie Industries PLC CDI (Materials)* | 3,776,226 | ||||||
20,476 | Monday.com Ltd. (Information Technology)* | 4,566,353 | ||||||
394,477 | Nestle SA (Consumer Staples) | 41,107,500 | ||||||
59,698 | QIAGEN NV (Health Care)* | 2,560,509 | ||||||
14,434 | Roche Holding AG (Health Care) | 4,022,604 | ||||||
122,261 | Roche Holding AG (Health Care) | 32,205,371 | ||||||
182,888 | Sanofi SA (Health Care) | 17,394,513 | ||||||
69,715 | Schneider Electric SE (Industrials) | 15,827,755 | ||||||
439,019 | Stellantis NV (Consumer Discretionary) | 11,466,166 | ||||||
43,370 | Swiss Re AG (Financials) | 5,250,403 |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United States – (continued) |
| |||||||
150,856 | Tenaris SA (Energy) | $ | 2,680,547 | |||||
|
| |||||||
191,996,367 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $2,897,481,214) | 3,501,301,805 | |||||||
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.3% |
| |||||||||||
Germany – 0.3% |
| |||||||||||
50,211 | Bayerische Motoren Werke AG (Consumer Discretionary) | 8.33% | 5,504,222 | |||||||||
37,719 | Henkel AG & Co. KGaA (Consumer Staples) | 2.66 | 2,839,275 | |||||||||
16,467 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.18 | 879,940 | |||||||||
9,274 | Volkswagen AG (Consumer Discretionary) | 7.00 | 1,257,895 | |||||||||
| ||||||||||||
TOTAL PREFERRED STOCKS (Cost $10,438,791) |
| 10,481,332 | ||||||||||
| ||||||||||||
Units | Description | Expiration Month | Value | |||||||||
Warrant – 0.0% |
| |||||||||||
Canada – 0.0% |
| |||||||||||
8,722 | Constellation Software, Inc. (Information Technology)*(c) | |||||||||||
(Cost $0) | 08/28 | — | ||||||||||
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.2%(d) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
8,698,821 | 5.195% | $ | 8,698,821 | |||||
(Cost $8,698,821) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | 3,520,481,958 | |||||||
| ||||||||
Securities Lending Reinvestment Vehicle – 1.7%(d) |
| |||||||
Goldman Sachs Financial Square Government | ||||||||
59,012,449 | 5.219% | 59,012,449 | ||||||
(Cost $59,012,449) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 101.6% (Cost $2,975,631,275) | $ | 3,579,494,407 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)% | (55,670,163 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 3,523,824,244 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, 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 | 77 | 03/15/24 | $ | 8,808,415 | $ | 461,846 | ||||||
|
Sector Name | % of Market | |||||
| ||||||
Financials | 19.3% | |||||
Industrials | 16.4 | |||||
Consumer Discretionary | 13.1 | |||||
Health Care | 11.5 | |||||
Consumer Staples | 10.5 | |||||
Information Technology | 9.4 | |||||
Energy | 5.3 | |||||
Materials | 5.2 | |||||
Communication Services | 3.7 | |||||
Utilities | 2.6 | |||||
Real Estate | 1.2 | |||||
Investment Company | 0.2 | |||||
Securities Lending Reinvestment Vehicle | 1.6 | |||||
| ||||||
TOTAL INVESTMENTS | 100.0% | |||||
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.7% |
| |||||||
Communication Services – 5.5% | ||||||||
1,710 | Capcom Co. Ltd. (Japan) | $ | 68,882 | |||||
1,565 | Dentsu Group, Inc. (Japan) | 43,373 | ||||||
5,670 | KDDI Corp. (Japan) | 172,521 | ||||||
506 | Konami Group Corp. (Japan) | 34,078 | ||||||
3,756 | LY Corp. (Japan) | 10,362 | ||||||
1,035 | Nexon Co. Ltd. (Japan) | 16,776 | ||||||
4,527 | Nintendo Co. Ltd. (Japan) | 254,071 | ||||||
166,579 | Nippon Telegraph & Telephone Corp. (Japan) | 202,895 | ||||||
15,366 | SoftBank Corp. (Japan) | 202,509 | ||||||
2,992 | SoftBank Group Corp. (Japan) | 175,718 | ||||||
1,027 | Square Enix Holdings Co. Ltd. (Japan) | 43,531 | ||||||
603 | Toho Co. Ltd. (Japan) | 19,588 | ||||||
|
| |||||||
1,244,304 | ||||||||
| ||||||||
Consumer Discretionary – 18.8% |
| |||||||
3,936 | Aisin Corp. (Japan) | 148,504 | ||||||
3,378 | Bandai Namco Holdings, Inc. (Japan) | 65,294 | ||||||
3,141 | Bridgestone Corp. (Japan) | 135,277 | ||||||
6,108 | Denso Corp. (Japan) | 112,390 | ||||||
850 | Fast Retailing Co. Ltd. (Japan) | 245,681 | ||||||
22,336 | Honda Motor Co. Ltd. (Japan) | 265,937 | ||||||
1,551 | Iida Group Holdings Co. Ltd. (Japan) | 20,016 | ||||||
3,120 | Isuzu Motors Ltd. (Japan) | 44,443 | ||||||
3,473 | Koito Manufacturing Co. Ltd. (Japan) | 43,961 | ||||||
18,293 | Mazda Motor Corp. (Japan) | 214,867 | ||||||
1,475 | McDonald’s Holdings Co. Japan Ltd. (Japan) | 68,689 | ||||||
4,589 | Nissan Motor Co. Ltd. (Japan) | 18,053 | ||||||
615 | Nitori Holdings Co. Ltd. (Japan) | 90,317 | ||||||
4,168 | Oriental Land Co. Ltd. (Japan) | 149,349 | ||||||
2,730 | Pan Pacific International Holdings Corp. (Japan) | 64,296 | ||||||
17,665 | Panasonic Holdings Corp. (Japan) | 167,656 | ||||||
2,564 | Rakuten Group, Inc. (Japan)* | 14,047 | ||||||
2,959 | Sekisui Chemical Co. Ltd. (Japan) | 41,695 | ||||||
3,414 | Sekisui House Ltd. (Japan) | 76,186 | ||||||
1,436 | Sharp Corp. (Japan)* | 7,824 | ||||||
291 | Shimano, Inc. (Japan) | 40,558 | ||||||
5,298 | Sony Group Corp. (Japan) | 458,226 | ||||||
7,422 | Subaru Corp. (Japan) | 168,801 | ||||||
10,552 | Sumitomo Electric Industries Ltd. (Japan) | 156,549 | ||||||
1,311 | Suzuki Motor Corp. (Japan) | 57,610 | ||||||
48,669 | Toyota Motor Corp. (Japan) | 1,177,460 | ||||||
1,489 | USS Co. Ltd. (Japan) | 25,921 | ||||||
610 | Yamaha Corp. (Japan) | 13,331 | ||||||
4,767 | Yamaha Motor Co. Ltd. (Japan) | 42,663 | ||||||
1,990 | Zensho Holdings Co. Ltd. (Japan) | 87,128 | ||||||
2,828 | ZOZO, Inc. (Japan) | 64,129 | ||||||
|
| |||||||
4,286,858 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – 6.2% |
| |||||||
4,786 | Aeon Co. Ltd. (Japan) | $ | 114,318 | |||||
2,952 | Ajinomoto Co., Inc. (Japan) | 108,538 | ||||||
3,043 | Asahi Group Holdings Ltd. (Japan) | 104,361 | ||||||
7,394 | Japan Tobacco, Inc. (Japan) | 192,273 | ||||||
2,272 | Kao Corp. (Japan) | 86,466 | ||||||
874 | Kikkoman Corp. (Japan) | 57,233 | ||||||
5,614 | Kirin Holdings Co. Ltd. (Japan) | 78,188 | ||||||
550 | Kobe Bussan Co. Ltd. (Japan) | 14,809 | ||||||
5,018 | MatsukiyoCocokara & Co. (Japan) | 83,181 | ||||||
1,519 | MEIJI Holdings Co. Ltd. (Japan) | 34,273 | ||||||
2,486 | Nissin Foods Holdings Co. Ltd. (Japan) | 72,701 | ||||||
15,441 | Seven & i Holdings Co. Ltd. (Japan) | 230,062 | ||||||
2,065 | Shiseido Co. Ltd. (Japan) | 55,836 | ||||||
1,764 | Suntory Beverage & Food Ltd. (Japan) | 58,010 | ||||||
1,878 | Unicharm Corp. (Japan) | 62,437 | ||||||
2,742 | Yakult Honsha Co. Ltd. (Japan) | 59,138 | ||||||
|
| |||||||
1,411,824 | ||||||||
| ||||||||
Energy – 1.9% | ||||||||
47,066 | ENEOS Holdings, Inc. (Japan) | 203,239 | ||||||
23,185 | Idemitsu Kosan Co. Ltd. (Japan) | 146,852 | ||||||
6,608 | Inpex Corp. (Japan) | 88,787 | ||||||
|
| |||||||
438,878 | ||||||||
| ||||||||
Financials – 13.2% | ||||||||
2,148 | Chiba Bank Ltd. (The) (Japan) | 17,480 | ||||||
6,536 | Concordia Financial Group Ltd. (Japan) | 33,101 | ||||||
3,323 | Dai-ichi Life Holdings, Inc. (Japan) | 75,665 | ||||||
9,236 | Daiwa Securities Group, Inc. (Japan) | 68,003 | ||||||
5,326 | Japan Exchange Group, Inc. (Japan) | 139,280 | ||||||
7,589 | Japan Post Bank Co. Ltd. (Japan) | 81,001 | ||||||
12,144 | Japan Post Holdings Co. Ltd. (Japan) | 117,367 | ||||||
9,594 | Japan Post Insurance Co. Ltd. (Japan) | 177,047 | ||||||
15,389 | Mitsubishi HC Capital, Inc. (Japan) | 106,213 | ||||||
60,118 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 619,376 | ||||||
16,344 | Mizuho Financial Group, Inc. (Japan) | 305,870 | ||||||
2,988 | MS&AD Insurance Group Holdings, Inc. (Japan) | 147,933 | ||||||
8,415 | Nomura Holdings, Inc. (Japan) | 47,835 | ||||||
4,857 | ORIX Corp. (Japan) | 101,800 | ||||||
8,085 | Resona Holdings, Inc. (Japan) | 44,079 | ||||||
1,054 | SBI Holdings, Inc. (Japan) | 28,345 | ||||||
3,320 | Shizuoka Financial Group, Inc. (Japan) | 32,497 | ||||||
2,056 | Sompo Holdings, Inc. (Japan) | 120,637 |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
6,749 | Sumitomo Mitsui Financial Group, Inc. (Japan) | $ | 376,252 | |||||
3,146 | Sumitomo Mitsui Trust Holdings, Inc. (Japan) | 63,879 | ||||||
2,731 | T&D Holdings, Inc. (Japan) | 47,496 | ||||||
8,769 | Tokio Marine Holdings, Inc. (Japan) | 256,385 | ||||||
|
| |||||||
3,007,541 | ||||||||
| ||||||||
Health Care – 8.4% |
| |||||||
1,909 | Asahi Intecc Co. Ltd. (Japan) | 39,680 | ||||||
13,002 | Astellas Pharma, Inc. (Japan) | 143,468 | ||||||
3,962 | Chugai Pharmaceutical Co. Ltd. (Japan) | 158,829 | ||||||
8,747 | Daiichi Sankyo Co. Ltd. (Japan) | 290,690 | ||||||
1,788 | Eisai Co. Ltd. (Japan) | 74,712 | ||||||
1,859 | Hoya Corp. (Japan) | 242,017 | ||||||
2,692 | Kyowa Kirin Co. Ltd. (Japan) | 53,446 | ||||||
1,791 | M3, Inc. (Japan) | 25,686 | ||||||
6,701 | Olympus Corp. (Japan) | 95,454 | ||||||
4,534 | Ono Pharmaceutical Co. Ltd. (Japan) | 75,370 | ||||||
4,376 | Otsuka Holdings Co. Ltd. (Japan) | 177,823 | ||||||
1,601 | Shionogi & Co. Ltd. (Japan) | 80,055 | ||||||
1,023 | Sysmex Corp. (Japan) | 57,551 | ||||||
9,804 | Takeda Pharmaceutical Co. Ltd. (Japan) | 287,366 | ||||||
2,539 | Terumo Corp. (Japan) | 99,002 | ||||||
|
| |||||||
1,901,149 | ||||||||
| ||||||||
Industrials – 19.8% |
| |||||||
707 | AGC, Inc. (Japan) | 25,286 | ||||||
1,245 | ANA Holdings, Inc. (Japan)* | 27,151 | ||||||
1,929 | Central Japan Railway Co. (Japan) | 48,576 | ||||||
836 | Dai Nippon Printing Co. Ltd. (Japan) | 24,392 | ||||||
396 | Daifuku Co. Ltd. (Japan) | 9,382 | ||||||
947 | Daikin Industries Ltd. (Japan) | 133,980 | ||||||
924 | East Japan Railway Co. (Japan) | 54,729 | ||||||
2,687 | FANUC Corp. (Japan) | 78,490 | ||||||
428 | Fuji Electric Co. Ltd. (Japan) | 26,023 | ||||||
1,038 | Hankyu Hanshin Holdings, Inc. (Japan) | 29,939 | ||||||
111 | Hikari Tsushin, Inc. (Japan) | 20,076 | ||||||
825 | Hitachi Construction Machinery Co. Ltd. (Japan) | 23,834 | ||||||
4,932 | Hitachi Ltd. (Japan) | 417,343 | ||||||
823 | Hoshizaki Corp. (Japan) | 28,077 | ||||||
6,878 | ITOCHU Corp. (Japan) | 299,439 | ||||||
3,046 | Japan Airlines Co. Ltd. (Japan) | 56,903 | ||||||
3,563 | Kajima Corp. (Japan) | 66,120 | ||||||
1,387 | Kawasaki Kisen Kaisha Ltd. (Japan) | 66,287 | ||||||
1,206 | Keisei Electric Railway Co. Ltd. (Japan) | 56,364 | ||||||
781 | Kintetsu Group Holdings Co. Ltd. (Japan) | 24,035 | ||||||
3,575 | Komatsu Ltd. (Japan) | 103,808 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
1,797 | Kubota Corp. (Japan) | $ | 26,342 | |||||
965 | Makita Corp. (Japan) | 25,190 | ||||||
9,563 | Marubeni Corp. (Japan) | 157,946 | ||||||
604 | MINEBEA MITSUMI, Inc. (Japan) | 12,490 | ||||||
2,800 | MISUMI Group, Inc. (Japan) | 42,766 | ||||||
20,942 | Mitsubishi Corp. (Japan) | 448,447 | ||||||
9,501 | Mitsubishi Electric Corp. (Japan) | 151,177 | ||||||
1,222 | Mitsubishi Heavy Industries Ltd. (Japan) | 96,547 | ||||||
7,433 | Mitsui & Co. Ltd. (Japan) | 325,439 | ||||||
1,413 | Mitsui OSK Lines Ltd. (Japan) | 48,450 | ||||||
3,978 | MonotaRO Co. Ltd. (Japan) | 38,074 | ||||||
828 | NIDEC Corp. (Japan) | 31,428 | ||||||
2,852 | NIPPON EXPRESS HOLDINGS, Inc. (Japan) | 150,899 | ||||||
3,468 | Nippon Yusen KK (Japan) | 110,572 | ||||||
8,423 | Obayashi Corp. (Japan) | 81,574 | ||||||
1,201 | Odakyu Electric Railway Co. Ltd. (Japan) | 16,891 | ||||||
6,235 | Recruit Holdings Co. Ltd. (Japan) | 251,783 | ||||||
917 | Secom Co. Ltd. (Japan) | 66,905 | ||||||
1,262 | SG Holdings Co. Ltd. (Japan) | 15,835 | ||||||
6,827 | Shimizu Corp. (Japan) | 39,629 | ||||||
175 | SMC Corp. (Japan) | 105,407 | ||||||
6,605 | Sumitomo Corp. (Japan) | 154,765 | ||||||
1,743 | Taisei Corp. (Japan) | 54,816 | ||||||
1,120 | Tobu Railway Co. Ltd. (Japan) | 28,638 | ||||||
2,080 | Tokyu Corp. (Japan) | 25,897 | ||||||
1,776 | TOPPAN Holdings, Inc. (Japan) | 42,279 | ||||||
1,070 | TOTO Ltd. (Japan) | 28,947 | ||||||
578 | Toyota Industries Corp. (Japan) | 57,503 | ||||||
2,785 | Toyota Tsusho Corp. (Japan) | 180,010 | ||||||
624 | West Japan Railway Co. (Japan) | 25,978 | ||||||
1,139 | Yamato Holdings Co. Ltd. (Japan) | 17,313 | ||||||
871 | Yaskawa Electric Corp. (Japan) | 35,609 | ||||||
|
| |||||||
4,515,780 | ||||||||
| ||||||||
Information Technology – 16.8% |
| |||||||
4,773 | Advantest Corp. (Japan) | 220,361 | ||||||
1,304 | Azbil Corp. (Japan) | 38,257 | ||||||
7,444 | Brother Industries Ltd. (Japan) | 124,813 | ||||||
6,829 | Canon, Inc. (Japan) | 199,710 | ||||||
594 | Disco Corp. (Japan) | 191,531 | ||||||
1,752 | FUJIFILM Holdings Corp. (Japan) | 111,474 | ||||||
1,089 | Fujitsu Ltd. (Japan) | 170,149 | ||||||
1,203 | Hamamatsu Photonics KK (Japan) | 43,178 | ||||||
207 | Hirose Electric Co. Ltd. (Japan) | 22,011 | ||||||
257 | Ibiden Co. Ltd. (Japan) | 11,850 | ||||||
870 | Keyence Corp. (Japan) | 407,128 | ||||||
5,668 | Kyocera Corp. (Japan) | 83,484 | ||||||
348 | Lasertec Corp. (Japan) | 92,888 | ||||||
7,586 | Murata Manufacturing Co. Ltd. (Japan) | 153,220 | ||||||
2,406 | NEC Corp. (Japan) | 162,200 |
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
2,393 | Nomura Research Institute Ltd. (Japan) | $ | 67,216 | |||||
2,514 | NTT Data Group Corp. (Japan) | 40,892 | ||||||
227 | Obic Co. Ltd. (Japan) | 35,528 | ||||||
812 | Omron Corp. (Japan) | 30,121 | ||||||
801 | Oracle Corp. Japan (Japan) | 61,385 | ||||||
1,784 | Otsuka Corp. (Japan) | 78,431 | ||||||
8,183 | Renesas Electronics Corp. (Japan) | 134,196 | ||||||
18,252 | Ricoh Co. Ltd. (Japan) | 151,826 | ||||||
692 | Rohm Co. Ltd. (Japan) | 11,755 | ||||||
587 | SCREEN Holdings Co. Ltd. (Japan) | 73,478 | ||||||
4,247 | SCSK Corp. (Japan) | 78,317 | ||||||
4,606 | Seiko Epson Corp. (Japan) | 74,505 | ||||||
1,730 | Shimadzu Corp. (Japan) | 47,194 | ||||||
1,515 | SUMCO Corp. (Japan) | 23,727 | ||||||
1,952 | TDK Corp. (Japan) | 101,545 | ||||||
2,397 | TIS, Inc. (Japan) | 54,051 | ||||||
2,373 | Tokyo Electron Ltd. (Japan) | 584,570 | ||||||
1,459 | Trend Micro, Inc. (Japan) | 72,390 | ||||||
3,396 | Yokogawa Electric Corp. (Japan) | 71,791 | ||||||
|
| |||||||
3,825,172 | ||||||||
| ||||||||
Materials – 4.6% |
| |||||||
4,306 | Asahi Kasei Corp. (Japan) | 29,964 | ||||||
9,161 | JFE Holdings, Inc. (Japan) | 150,266 | ||||||
298 | JSR Corp. (Japan) | 8,008 | ||||||
20,674 | Mitsubishi Chemical Group Corp. (Japan) | 118,585 | ||||||
533 | Mitsui Chemicals, Inc. (Japan) | 14,772 | ||||||
2,104 | Nippon Paint Holdings Co. Ltd. (Japan) | 15,611 | ||||||
1,568 | Nippon Sanso Holdings Corp. (Japan) | 45,446 | ||||||
6,136 | Nippon Steel Corp. (Japan)(a) | 152,303 | ||||||
963 | Nissan Chemical Corp. (Japan) | 40,233 | ||||||
775 | Nitto Denko Corp. (Japan) | 71,198 | ||||||
7,304 | Shin-Etsu Chemical Co. Ltd. (Japan) | 311,690 | ||||||
392 | Sumitomo Metal Mining Co. Ltd. (Japan) | 10,225 | ||||||
16,421 | Toray Industries, Inc. (Japan) | 75,758 | ||||||
|
| |||||||
1,044,059 | ||||||||
| ||||||||
Real Estate – 2.3% |
| |||||||
560 | Daito Trust Construction Co. Ltd. (Japan) | 66,469 | ||||||
3,223 | Daiwa House Industry Co. Ltd. (Japan) | 93,242 | ||||||
28 | GLP J REIT (Japan) | 22,244 | ||||||
6,239 | Hulic Co. Ltd. (Japan) | 62,236 | ||||||
39 | Japan Metropolitan Fund Invest REIT (Japan) | 23,009 | ||||||
7 | Japan Real Estate Investment Corp. REIT (Japan) | 25,256 | ||||||
19 | KDX Realty Investment Corp. REIT (Japan) | 19,029 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – (continued) |
| |||||||
1,797 | Mitsubishi Estate Co. Ltd. (Japan) | $ | 27,621 | |||||
2,424 | Mitsui Fudosan Co. Ltd. (Japan) | 65,770 | ||||||
6 | Nippon Building Fund, Inc. REIT (Japan) | 23,131 | ||||||
10 | Nippon Prologis REIT, Inc. REIT (Japan) | 16,743 | ||||||
1,318 | Nomura Real Estate Holdings, Inc. (Japan) | 32,785 | ||||||
24 | Nomura Real Estate Master Fund, Inc. REIT (Japan) | 23,876 | ||||||
498 | Sumitomo Realty & Development Co. Ltd. (Japan) | 14,767 | ||||||
|
| |||||||
516,178 | ||||||||
| ||||||||
Utilities – 2.2% |
| |||||||
3,493 | Chubu Electric Power Co., Inc. (Japan) | 43,561 | ||||||
13,428 | Kansai Electric Power Co., Inc. (The) (Japan) | 172,302 | ||||||
4,257 | Osaka Gas Co. Ltd. (Japan) | 85,157 | ||||||
2,880 | Tokyo Electric Power Co. Holdings, Inc. (Japan)* | 15,586 | ||||||
8,103 | Tokyo Gas Co. Ltd. (Japan) | 177,522 | ||||||
|
| |||||||
494,128 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $19,114,941) | 22,685,871 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.2%(b) |
| |||||||
Goldman Sachs Financial Square Treasury | ||||||||
48,147 | 5.195% | 48,147 | ||||||
(Cost $48,147) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||
(Cost $19,163,088) | 22,734,018 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.7%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
152,374 | 5.219% | 152,374 | ||||||
(Cost $152,374) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.6% (Cost $19,315,462) | $ | 22,886,392 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)% | (126,265 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 22,760,127 | ||||||
|
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. |
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
(a) | All or a portion of security is on loan. |
(b) | Represents an affiliated issuer. |
Investment Abbreviations: | ||
REIT | —Real Estate Investment Trust |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
| ||||||||||||
Long position contracts: | ||||||||||||
E-Mini Topix Index Future | 3 | 03/07/24 | $ | 53,738 | $ | 6,702 | ||||||
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 8.1% | ||||||||
1,475,663 | Alphabet, Inc., Class A* | $ | 204,320,299 | |||||
1,393,025 | Alphabet, Inc., Class C* | 194,717,035 | ||||||
1,663,816 | AT&T, Inc. | 28,168,405 | ||||||
30,945 | Charter Communications, Inc., Class A* | 9,095,664 | ||||||
1,317,195 | Comcast Corp., Class A | 56,441,806 | ||||||
161,469 | Electronic Arts, Inc. | 22,521,696 | ||||||
239,406 | Interpublic Group of Cos., Inc. (The) | 7,517,349 | ||||||
621,141 | Meta Platforms, Inc., Class A | 304,439,838 | ||||||
53,860 | Netflix, Inc.* | 32,473,271 | ||||||
121,429 | Omnicom Group, Inc. | 10,733,109 | ||||||
348,804 | Pinterest, Inc., Class A* | 12,801,107 | ||||||
45,424 | Take-Two Interactive Software, Inc.* | 6,674,148 | ||||||
128,857 | T-Mobile US, Inc. | 21,042,348 | ||||||
481,987 | Verizon Communications, Inc. | 19,289,120 | ||||||
153,973 | Walt Disney Co. (The) | 17,180,307 | ||||||
4,596,824 | Warner Bros Discovery, Inc.* | 40,406,083 | ||||||
|
| |||||||
987,821,585 | ||||||||
| ||||||||
Consumer Discretionary – 12.2% | ||||||||
18,173 | Airbnb, Inc., Class A* | 2,861,702 | ||||||
2,110,667 | Amazon.com, Inc.* | 373,081,499 | ||||||
14,387 | AutoZone, Inc.* | 43,247,610 | ||||||
305,992 | Best Buy Co., Inc. | 24,748,633 | ||||||
12,443 | Booking Holdings, Inc.* | 43,162,652 | ||||||
558,499 | Carnival Corp.* | 8,857,794 | ||||||
5,115 | Chipotle Mexican Grill, Inc.* | 13,753,059 | ||||||
209,930 | D.R. Horton, Inc. | 31,371,939 | ||||||
70,669 | Darden Restaurants, Inc. | 12,063,905 | ||||||
33,954 | Deckers Outdoor Corp.* | 30,408,863 | ||||||
30,795 | Domino’s Pizza, Inc. | 13,806,938 | ||||||
74,563 | DoorDash, Inc., Class A* | 9,288,313 | ||||||
189,486 | DraftKings, Inc., Class A* | 8,208,534 | ||||||
367,337 | eBay, Inc. | 17,367,693 | ||||||
173,004 | Expedia Group, Inc.* | 23,670,407 | ||||||
863,056 | Ford Motor Co. | 10,736,417 | ||||||
103,472 | Garmin Ltd. | 14,211,879 | ||||||
171,873 | Genuine Parts Co. | 25,653,764 | ||||||
52,077 | Hilton Worldwide Holdings, Inc. | 10,640,373 | ||||||
298,779 | Home Depot, Inc. (The) | 113,718,275 | ||||||
97,299 | Las Vegas Sands Corp. | 5,304,742 | ||||||
342,138 | Lennar Corp., Class A | 54,232,294 | ||||||
767,700 | LKQ Corp. | 40,143,033 | ||||||
224,727 | Lowe’s Cos., Inc. | 54,085,047 | ||||||
52,202 | Marriott International, Inc., Class A | 13,043,714 | ||||||
145,396 | McDonald’s Corp. | 42,496,343 | ||||||
576,003 | MGM Resorts International* | 24,929,410 | ||||||
324,223 | NIKE, Inc., Class B | 33,696,496 | ||||||
1,592 | NVR, Inc.* | 12,139,907 | ||||||
47,168 | O’Reilly Automotive, Inc.* | 51,291,427 | ||||||
48,315 | Pool Corp. | 19,235,168 | ||||||
468,979 | PulteGroup, Inc. | 50,827,944 | ||||||
85,094 | Ross Stores, Inc. | 12,675,602 | ||||||
120,771 | Royal Caribbean Cruises Ltd.* | 14,897,103 | ||||||
180,746 | Starbucks Corp. | 17,152,795 | ||||||
388,667 | Tesla, Inc.* | 78,464,094 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
398,736 | TJX Cos., Inc. (The) | $ | 39,530,687 | |||||
143,626 | Tractor Supply Co. | 36,526,964 | ||||||
60,440 | Ulta Beauty, Inc.* | 33,154,966 | ||||||
215,500 | Yum! Brands, Inc. | 29,829,510 | ||||||
|
| |||||||
1,494,517,495 | ||||||||
| ||||||||
Consumer Staples – 7.8% | ||||||||
484,377 | Altria Group, Inc. | 19,815,863 | ||||||
234,793 | Archer-Daniels-Midland Co. | 12,469,856 | ||||||
207,195 | Brown-Forman Corp., Class B | 12,479,355 | ||||||
88,836 | Bunge Global SA | 8,383,453 | ||||||
146,885 | Church & Dwight Co., Inc. | 14,706,126 | ||||||
136,477 | Clorox Co. (The) | 20,923,289 | ||||||
633,158 | Coca-Cola Co. (The) | 38,002,143 | ||||||
376,838 | Colgate-Palmolive Co. | 32,604,024 | ||||||
713,103 | Conagra Brands, Inc. | 20,023,932 | ||||||
49,315 | Constellation Brands, Inc., Class A | 12,255,764 | ||||||
141,703 | Costco Wholesale Corp. | 105,411,445 | ||||||
111,769 | Dollar General Corp. | 16,241,153 | ||||||
141,313 | Dollar Tree, Inc.* | 20,727,791 | ||||||
117,795 | Estee Lauder Cos., Inc. (The), Class A | 17,501,981 | ||||||
220,437 | General Mills, Inc. | 14,147,647 | ||||||
134,945 | Hershey Co. (The) | 25,358,864 | ||||||
146,891 | J M Smucker Co. (The) | 17,651,892 | ||||||
162,300 | Kellanova | 8,950,845 | ||||||
720,072 | Kenvue, Inc. | 13,681,368 | ||||||
488,236 | Keurig Dr Pepper, Inc. | 14,603,139 | ||||||
148,812 | Kimberly-Clark Corp. | 18,031,550 | ||||||
509,176 | Kraft Heinz Co. (The) | 17,963,729 | ||||||
1,156,788 | Kroger Co. (The) | 57,388,253 | ||||||
99,460 | Lamb Weston Holdings, Inc. | 10,165,807 | ||||||
90,099 | McCormick & Co., Inc. | 6,204,217 | ||||||
312,485 | Mondelez International, Inc., Class A | 22,833,279 | ||||||
421,688 | Monster Beverage Corp.* | 24,921,761 | ||||||
359,445 | PepsiCo, Inc. | 59,430,636 | ||||||
432,392 | Philip Morris International, Inc. | 38,897,984 | ||||||
490,991 | Procter & Gamble Co. (The) | 78,038,110 | ||||||
282,907 | Sysco Corp. | 22,906,980 | ||||||
174,891 | Target Corp. | 26,744,332 | ||||||
305,360 | Tyson Foods, Inc., Class A | 16,562,726 | ||||||
329,636 | Walgreens Boots Alliance, Inc. | 7,008,061 | ||||||
1,654,943 | Walmart, Inc. | 96,996,209 | ||||||
|
| |||||||
950,033,564 | ||||||||
| ||||||||
Energy – 2.8% | ||||||||
224,962 | APA Corp. | 6,701,618 | ||||||
59,631 | Cheniere Energy, Inc. | 9,254,731 | ||||||
185,253 | Chevron Corp. | 28,160,309 | ||||||
172,944 | ConocoPhillips | 19,463,118 | ||||||
182,302 | Devon Energy Corp. | 8,032,226 | ||||||
17,681 | Diamondback Energy, Inc. | 3,227,136 | ||||||
114,930 | EOG Resources, Inc. | 13,154,888 | ||||||
315,857 | EQT Corp. | 11,734,088 | ||||||
831,642 | Exxon Mobil Corp. | 86,923,222 | ||||||
488,441 | Kinder Morgan, Inc. | 8,493,989 | ||||||
314,276 | Marathon Oil Corp. | 7,621,193 |
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
261,589 | Marathon Petroleum Corp. | $ | 44,268,706 | |||||
54,173 | Occidental Petroleum Corp. | 3,283,426 | ||||||
120,682 | ONEOK, Inc. | 9,065,632 | ||||||
195,767 | Phillips 66 | 27,898,755 | ||||||
35,481 | Pioneer Natural Resources Co. | 8,344,776 | ||||||
40,531 | Targa Resources Corp. | 3,981,765 | ||||||
260,538 | Valero Energy Corp. | 36,855,706 | ||||||
281,944 | Williams Cos., Inc. (The) | 10,133,067 | ||||||
|
| |||||||
346,598,351 | ||||||||
| ||||||||
Financials – 10.6% | ||||||||
217,200 | Aflac, Inc. | 17,536,728 | ||||||
37,756 | Allstate Corp. (The) | 6,022,837 | ||||||
103,586 | American Express Co. | 22,728,840 | ||||||
460,769 | American International Group, Inc. | 33,585,452 | ||||||
53,126 | Ameriprise Financial, Inc. | 21,641,407 | ||||||
36,465 | Aon PLC, Class A | 11,522,575 | ||||||
178,536 | Apollo Global Management, Inc. | 19,960,325 | ||||||
242,339 | Arch Capital Group Ltd.* | 21,226,473 | ||||||
53,823 | Ares Management Corp., Class A | 7,138,544 | ||||||
99,294 | Arthur J Gallagher & Co. | 24,220,785 | ||||||
1,183,306 | Bank of America Corp. | 40,847,723 | ||||||
498,214 | Bank of New York Mellon Corp. (The) | 27,944,823 | ||||||
284,017 | Berkshire Hathaway, Inc., Class B* | 116,276,560 | ||||||
10,187 | BlackRock, Inc. | 8,265,121 | ||||||
29,587 | Blackstone, Inc. | 3,781,810 | ||||||
102,684 | Brown & Brown, Inc. | 8,647,020 | ||||||
349,726 | Capital One Financial Corp. | 48,125,795 | ||||||
81,034 | Cboe Global Markets, Inc. | 15,558,528 | ||||||
173,920 | Charles Schwab Corp. (The) | 11,614,378 | ||||||
69,849 | Chubb Ltd. | 17,578,898 | ||||||
28,543 | Cincinnati Financial Corp. | 3,253,902 | ||||||
635,298 | Citigroup, Inc. | 35,252,686 | ||||||
253,318 | Citizens Financial Group, Inc. | 7,951,652 | ||||||
75,811 | CME Group, Inc. | 16,704,954 | ||||||
192,422 | Discover Financial Services | 23,225,335 | ||||||
27,556 | Everest Group Ltd. | 10,164,857 | ||||||
26,862 | FactSet Research Systems, Inc. | 12,425,824 | ||||||
7,812 | First Citizens BancShares, Inc., Class A | 12,294,604 | ||||||
113,306 | Fiserv, Inc.* | 16,913,187 | ||||||
25,519 | FleetCor Technologies, Inc.* | 7,126,691 | ||||||
169,101 | Hartford Financial Services Group, Inc. (The) | 16,206,640 | ||||||
108,983 | Intercontinental Exchange, Inc. | 15,085,427 | ||||||
56,923 | Jack Henry & Associates, Inc. | 9,891,510 | ||||||
577,865 | JPMorgan Chase & Co. | 107,517,562 | ||||||
265,450 | KeyCorp | 3,787,972 | ||||||
70,155 | KKR & Co., Inc. | 6,893,430 | ||||||
119,959 | Loews Corp. | 9,012,520 | ||||||
38,945 | LPL Financial Holdings, Inc. | 10,432,976 | ||||||
27,042 | M&T Bank Corp. | 3,778,849 | ||||||
6,938 | Markel Group, Inc.* | 10,354,826 | ||||||
157,766 | Marsh & McLennan Cos., Inc. | 31,911,329 | ||||||
181,212 | Mastercard, Inc., Class A | 86,032,209 | ||||||
61,318 | MetLife, Inc. | 4,276,317 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
80,845 | Moody’s Corp. | $ | 30,674,210 | |||||
133,325 | Morgan Stanley | 11,471,283 | ||||||
113,462 | Nasdaq, Inc. | 6,376,564 | ||||||
30,893 | Northern Trust Corp. | 2,537,242 | ||||||
41,467 | PNC Financial Services Group, Inc. (The) | 6,103,942 | ||||||
334,079 | Principal Financial Group, Inc. | 27,013,628 | ||||||
119,194 | Progressive Corp. (The) | 22,594,415 | ||||||
64,439 | Prudential Financial, Inc. | 7,023,207 | ||||||
30,494 | Raymond James Financial, Inc. | 3,669,038 | ||||||
31,030 | S&P Global, Inc. | 13,292,631 | ||||||
300,778 | State Street Corp. | 22,176,362 | ||||||
1,106,839 | Synchrony Financial | 45,712,451 | ||||||
53,655 | Travelers Cos., Inc. (The) | 11,855,609 | ||||||
312,223 | Visa, Inc., Class A | 88,246,709 | ||||||
126,925 | W R Berkley Corp. | 10,610,930 | ||||||
588,664 | Wells Fargo & Co. | 32,723,832 | ||||||
27,829 | Willis Towers Watson PLC | 7,586,464 | ||||||
|
| |||||||
1,294,388,398 | ||||||||
| ||||||||
Health Care – 12.8% | ||||||||
307,729 | Abbott Laboratories | 36,508,969 | ||||||
444,622 | AbbVie, Inc. | 78,275,703 | ||||||
115,569 | Agilent Technologies, Inc. | 15,874,558 | ||||||
35,592 | Align Technology, Inc.* | 10,763,733 | ||||||
153,270 | Amgen, Inc. | 41,969,924 | ||||||
352,111 | Avantor, Inc.* | 8,676,015 | ||||||
37,282 | Becton Dickinson & Co. | 8,781,775 | ||||||
60,957 | Biogen, Inc.* | 13,227,059 | ||||||
365,647 | Boston Scientific Corp.* | 24,209,488 | ||||||
663,776 | Bristol-Myers Squibb Co. | 33,686,632 | ||||||
188,845 | Cardinal Health, Inc. | 21,146,863 | ||||||
90,593 | Cencora, Inc. | 21,343,711 | ||||||
507,410 | Centene Corp.* | 39,796,166 | ||||||
135,245 | Cigna Group (The) | 45,461,254 | ||||||
53,260 | Cooper Cos., Inc. (The) | 4,985,136 | ||||||
648,608 | CVS Health Corp. | 48,236,977 | ||||||
122,010 | Danaher Corp. | 30,885,611 | ||||||
67,178 | Dexcom, Inc.* | 7,730,173 | ||||||
291,951 | Edwards Lifesciences Corp.* | 24,777,881 | ||||||
61,911 | Elevance Health, Inc. | 31,032,889 | ||||||
229,767 | Eli Lilly & Co. | 173,170,793 | ||||||
57,696 | GE HealthCare Technologies, Inc. | 5,266,491 | ||||||
371,149 | Gilead Sciences, Inc. | 26,759,843 | ||||||
48,639 | HCA Healthcare, Inc. | 15,160,776 | ||||||
135,723 | Hologic, Inc.* | 10,016,357 | ||||||
56,144 | Humana, Inc. | 19,668,366 | ||||||
63,457 | IDEXX Laboratories, Inc.* | 36,502,370 | ||||||
276,504 | Incyte Corp.* | 16,136,773 | ||||||
29,212 | Insulet Corp.* | 4,790,768 | ||||||
47,695 | Intuitive Surgical, Inc.* | 18,391,192 | ||||||
54,379 | IQVIA Holdings, Inc.* | 13,440,314 | ||||||
588,759 | Johnson & Johnson | 95,013,927 | ||||||
54,715 | Laboratory Corp. of America Holdings | 11,809,139 | ||||||
53,408 | McKesson Corp. | 27,847,465 | ||||||
116,131 | Medtronic PLC | 9,680,680 | ||||||
625,999 | Merck & Co., Inc. | 79,595,773 |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
23,120 | Mettler-Toledo International, Inc.* | $ | 28,835,726 | |||||
23,212 | Molina Healthcare, Inc.* | 9,143,439 | ||||||
854,536 | Pfizer, Inc. | 22,696,476 | ||||||
76,725 | Quest Diagnostics, Inc. | 9,582,185 | ||||||
40,972 | Regeneron Pharmaceuticals, Inc.* | 39,582,640 | ||||||
377,119 | Royalty Pharma PLC, Class A | 11,441,791 | ||||||
18,818 | STERIS PLC | 4,382,900 | ||||||
61,590 | Stryker Corp. | 21,499,221 | ||||||
59,853 | Thermo Fisher Scientific, Inc. | 34,126,984 | ||||||
216,392 | UnitedHealth Group, Inc. | 106,811,091 | ||||||
17,097 | Veeva Systems, Inc., Class A* | 3,855,545 | ||||||
94,796 | Vertex Pharmaceuticals, Inc.* | 39,884,469 | ||||||
5,383,659 | Viatris, Inc. | 66,595,862 | ||||||
51,306 | Waters Corp.* | 17,311,671 | ||||||
24,200 | West Pharmaceutical Services, Inc. | 8,672,312 | ||||||
73,775 | Zimmer Biomet Holdings, Inc. | 9,174,659 | ||||||
136,968 | Zoetis, Inc. | 27,164,863 | ||||||
|
| |||||||
1,571,383,378 | ||||||||
| ||||||||
Industrials – 9.9% | ||||||||
133,604 | 3M Co. | 12,307,600 | ||||||
98,714 | AMETEK, Inc. | 17,786,289 | ||||||
41,080 | Automatic Data Processing, Inc. | 10,316,420 | ||||||
37,449 | Axon Enterprise, Inc.* | 11,510,699 | ||||||
60,862 | Boeing Co. (The)* | 12,398,807 | ||||||
115,079 | Booz Allen Hamilton Holding Corp. | 16,998,319 | ||||||
58,066 | Broadridge Financial Solutions, Inc. | 11,821,076 | ||||||
377,757 | Builders FirstSource, Inc.* | 73,730,611 | ||||||
33,546 | Carlisle Cos., Inc. | 11,741,100 | ||||||
301,182 | Carrier Global Corp. | 16,739,696 | ||||||
60,730 | Caterpillar, Inc. | 20,281,391 | ||||||
58,966 | Cintas Corp. | 37,066,617 | ||||||
275,955 | Copart, Inc.* | 14,667,008 | ||||||
215,479 | CSX Corp. | 8,175,273 | ||||||
35,521 | Cummins, Inc. | 9,541,296 | ||||||
36,821 | Deere & Co. | 13,441,506 | ||||||
376,931 | Delta Air Lines, Inc. | 15,932,873 | ||||||
67,182 | Dover Corp. | 11,110,559 | ||||||
79,552 | Eaton Corp. PLC | 22,990,528 | ||||||
122,401 | Emerson Electric Co. | 13,078,547 | ||||||
103,855 | Expeditors International of Washington, Inc. | 12,421,058 | ||||||
623,765 | Fastenal Co. | 45,541,083 | ||||||
114,485 | FedEx Corp. | 28,503,330 | ||||||
127,201 | Fortive Corp. | 10,828,621 | ||||||
79,530 | General Dynamics Corp. | 21,731,573 | ||||||
241,461 | General Electric Co. | 37,882,816 | ||||||
52,345 | Graco, Inc. | 4,777,005 | ||||||
100,254 | Honeywell International, Inc. | 19,923,477 | ||||||
238,761 | Howmet Aerospace, Inc. | 15,889,545 | ||||||
45,586 | Hubbell, Inc. | 17,353,223 | ||||||
34,533 | IDEX Corp. | 8,146,335 | ||||||
96,171 | Illinois Tool Works, Inc. | 25,211,228 | ||||||
119,750 | Ingersoll Rand, Inc. | 10,936,767 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
16,619 | J.B. Hunt Transport Services, Inc. | $ | 3,428,666 | |||||
52,403 | Jacobs Solutions, Inc. | 7,684,900 | ||||||
117,720 | Johnson Controls International PLC | 6,977,264 | ||||||
69,600 | L3Harris Technologies, Inc. | 14,731,536 | ||||||
181,846 | Leidos Holdings, Inc. | 23,250,830 | ||||||
33,361 | Lennox International, Inc. | 15,720,037 | ||||||
42,595 | Lockheed Martin Corp. | 18,240,883 | ||||||
205,307 | Masco Corp. | 15,759,365 | ||||||
28,160 | Norfolk Southern Corp. | 7,135,181 | ||||||
29,917 | Northrop Grumman Corp. | 13,792,335 | ||||||
31,848 | Old Dominion Freight Line, Inc. | 14,092,103 | ||||||
95,873 | Otis Worldwide Corp. | 9,136,697 | ||||||
172,019 | PACCAR, Inc. | 19,075,187 | ||||||
53,559 | Parker-Hannifin Corp. | 28,678,167 | ||||||
96,788 | Paychex, Inc. | 11,868,145 | ||||||
55,775 | Quanta Services, Inc. | 13,470,220 | ||||||
126,022 | Republic Services, Inc. | 23,137,639 | ||||||
232,101 | RTX Corp. | 20,812,497 | ||||||
31,193 | Snap-on, Inc. | 8,598,662 | ||||||
408,768 | SS&C Technologies Holdings, Inc. | 26,063,048 | ||||||
397,263 | Stanley Black & Decker, Inc. | 35,471,613 | ||||||
345,543 | Textron, Inc. | 30,777,515 | ||||||
61,555 | Trane Technologies PLC | 17,356,663 | ||||||
14,616 | TransDigm Group, Inc. | 17,213,848 | ||||||
227,043 | Uber Technologies, Inc.* | 18,049,918 | ||||||
40,379 | Union Pacific Corp. | 10,243,749 | ||||||
59,298 | United Parcel Service, Inc., Class B | 8,791,521 | ||||||
11,946 | United Rentals, Inc. | 8,281,803 | ||||||
84,737 | Veralto Corp. | 7,322,972 | ||||||
55,694 | Verisk Analytics, Inc. | 13,472,379 | ||||||
169,779 | Vertiv Holdings Co., Class A | 11,480,456 | ||||||
50,420 | W.W. Grainger, Inc. | 49,081,853 | ||||||
98,265 | Waste Management, Inc. | 20,208,197 | ||||||
18,401 | Watsco, Inc. | 7,252,202 | ||||||
196,500 | Westinghouse Air Brake Technologies Corp. | 27,763,485 | ||||||
68,511 | Xylem, Inc. | 8,704,323 | ||||||
|
| |||||||
1,213,908,135 | ||||||||
| ||||||||
Information Technology – 29.8% | ||||||||
243,847 | Accenture PLC, Class A | 91,388,979 | ||||||
134,305 | Adobe, Inc.* | 75,248,405 | ||||||
304,221 | Advanced Micro Devices, Inc.* | 58,571,669 | ||||||
127,514 | Akamai Technologies, Inc.* | 14,143,853 | ||||||
155,965 | Amphenol Corp., Class A | 17,037,617 | ||||||
108,120 | Analog Devices, Inc. | 20,739,578 | ||||||
13,537 | ANSYS, Inc.* | 4,523,659 | ||||||
3,742,061 | Apple, Inc. | 676,377,526 | ||||||
296,357 | Applied Materials, Inc. | 59,751,498 | ||||||
94,977 | Arista Networks, Inc.* | 26,359,917 | ||||||
79,551 | Atlassian Corp., Class A* | 16,500,468 | ||||||
97,814 | Autodesk, Inc.* | 25,252,640 | ||||||
93,346 | Broadcom, Inc. | 121,395,540 | ||||||
184,873 | Cadence Design Systems, Inc.* | 56,271,644 | ||||||
43,999 | CDW Corp. | 10,832,994 | ||||||
1,020,641 | Cisco Systems, Inc. | 49,368,405 |
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
297,002 | Cognizant Technology Solutions Corp., Class A | $ | 23,469,098 | |||||
184,357 | Corning, Inc. | 5,943,670 | ||||||
37,677 | Crowdstrike Holdings, Inc., Class A* | 12,213,000 | ||||||
46,111 | Datadog, Inc., Class A* | 6,061,752 | ||||||
121,432 | Dell Technologies, Inc., Class C | 11,494,753 | ||||||
53,599 | Enphase Energy, Inc.* | 6,807,609 | ||||||
37,715 | EPAM Systems, Inc.* | 11,480,446 | ||||||
24,648 | Fair Isaac Corp.* | 31,300,742 | ||||||
510,635 | Fortinet, Inc.* | 35,289,985 | ||||||
65,941 | Gartner, Inc.* | 30,699,492 | ||||||
564,595 | Gen Digital, Inc. | 12,133,147 | ||||||
149,425 | GoDaddy, Inc., Class A* | 17,056,864 | ||||||
2,472,396 | Hewlett Packard Enterprise Co. | 37,654,591 | ||||||
379,120 | HP, Inc. | 10,740,470 | ||||||
28,517 | HubSpot, Inc.* | 17,646,605 | ||||||
562,837 | Intel Corp. | 24,230,133 | ||||||
286,801 | International Business Machines Corp. | 53,066,789 | ||||||
66,181 | Intuit, Inc. | 43,870,723 | ||||||
64,312 | Jabil, Inc. | 9,266,716 | ||||||
78,134 | Keysight Technologies, Inc.* | 12,056,076 | ||||||
43,524 | KLA Corp. | 29,696,425 | ||||||
63,798 | Lam Research Corp. | 59,858,473 | ||||||
176,870 | Lattice Semiconductor Corp.* | 13,550,011 | ||||||
88,158 | Manhattan Associates, Inc.* | 22,333,066 | ||||||
145,099 | Microchip Technology, Inc. | 12,208,630 | ||||||
129,774 | Micron Technology, Inc. | 11,758,822 | ||||||
1,835,114 | Microsoft Corp. | 759,076,555 | ||||||
10,858 | MongoDB, Inc.* | 4,859,824 | ||||||
16,006 | Monolithic Power Systems, Inc. | 11,524,960 | ||||||
87,192 | Motorola Solutions, Inc. | 28,807,365 | ||||||
174,762 | NetApp, Inc. | 15,574,789 | ||||||
564,310 | NVIDIA Corp. | 446,436,927 | ||||||
55,361 | Okta, Inc.* | 5,940,235 | ||||||
264,504 | ON Semiconductor Corp.* | 20,874,656 | ||||||
278,010 | Oracle Corp. | 31,048,157 | ||||||
216,818 | Palantir Technologies, Inc., Class A* | 5,437,795 | ||||||
105,769 | Palo Alto Networks, Inc.* | 32,846,563 | ||||||
60,026 | PTC, Inc.* | 10,985,358 | ||||||
266,416 | QUALCOMM, Inc. | 42,037,781 | ||||||
41,589 | Roper Technologies, Inc. | 22,654,776 | ||||||
203,642 | Salesforce, Inc.* | 62,888,722 | ||||||
46,643 | Seagate Technology Holdings PLC | 4,340,131 | ||||||
50,586 | ServiceNow, Inc.* | 39,019,005 | ||||||
186,508 | Skyworks Solutions, Inc. | 19,568,419 | ||||||
11,754 | Snowflake, Inc., Class A* | 2,213,043 | ||||||
55,582 | Splunk, Inc.* | 8,683,020 | ||||||
26,926 | Super Micro Computer, Inc.* | 23,321,147 | ||||||
71,374 | Synopsys, Inc.* | 40,949,405 | ||||||
21,637 | Teledyne Technologies, Inc.* | 9,244,841 | ||||||
132,129 | Teradyne, Inc. | 13,687,243 | ||||||
216,559 | Texas Instruments, Inc. | 36,236,817 | ||||||
82,346 | Trimble, Inc.* | 5,038,752 | ||||||
8,374 | Tyler Technologies, Inc.* | 3,660,610 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
100,830 | VeriSign, Inc.* | $ | 19,691,091 | |||||
66,484 | Western Digital Corp.* | 3,953,803 | ||||||
36,666 | Workday, Inc., Class A* | 10,804,004 | ||||||
19,770 | Zebra Technologies Corp., Class A* | 5,525,320 | ||||||
255,491 | Zoom Video Communications, Inc., Class A* | 18,070,878 | ||||||
9,872 | Zscaler, Inc.* | 2,388,728 | ||||||
|
| |||||||
3,653,043,200 | ||||||||
| ||||||||
Materials – 1.9% | ||||||||
37,347 | Air Products and Chemicals, Inc. | 8,740,692 | ||||||
22,263 | Avery Dennison Corp. | 4,820,607 | ||||||
77,730 | CF Industries Holdings, Inc. | 6,274,366 | ||||||
137,519 | Dow, Inc. | 7,684,562 | ||||||
40,471 | DuPont de Nemours, Inc. | 2,800,188 | ||||||
59,857 | Ecolab, Inc. | 13,458,248 | ||||||
320,482 | International Paper Co. | 11,332,244 | ||||||
69,656 | Linde PLC | 31,263,006 | ||||||
33,107 | LyondellBasell Industries NV, Class A | 3,319,970 | ||||||
11,397 | Martin Marietta Materials, Inc. | 6,584,161 | ||||||
714,777 | Mosaic Co. (The) | 22,272,451 | ||||||
95,725 | Nucor Corp. | 18,407,918 | ||||||
35,013 | Packaging Corp. of America | 6,344,005 | ||||||
40,469 | PPG Industries, Inc. | 5,730,410 | ||||||
43,260 | Reliance, Inc. | 13,895,977 | ||||||
64,392 | RPM International, Inc. | 7,427,617 | ||||||
77,491 | Sherwin-Williams Co. (The) | 25,729,337 | ||||||
145,149 | Steel Dynamics, Inc. | 19,423,839 | ||||||
39,892 | Vulcan Materials Co. | 10,605,288 | ||||||
|
| |||||||
226,114,886 | ||||||||
| ||||||||
Real Estate – 1.6% | ||||||||
49,381 | Alexandria Real Estate Equities, Inc. REIT | 6,159,292 | ||||||
30,776 | American Tower Corp. REIT | 6,120,115 | ||||||
30,863 | AvalonBay Communities, Inc. REIT | 5,463,677 | ||||||
90,248 | Camden Property Trust REIT | 8,526,631 | ||||||
146,559 | CBRE Group, Inc., Class A* | 13,467,306 | ||||||
29,173 | Crown Castle, Inc. REIT | 3,207,280 | ||||||
10,510 | Equinix, Inc. REIT | 9,341,498 | ||||||
34,684 | Equity LifeStyle Properties, Inc. REIT | 2,334,927 | ||||||
117,206 | Equity Residential REIT | 7,056,973 | ||||||
29,643 | Essex Property Trust, Inc. REIT | 6,859,390 | ||||||
187,954 | Gaming and Leisure Properties, Inc. REIT | 8,548,148 | ||||||
1,094,423 | Host Hotels & Resorts, Inc. REIT | 22,698,333 | ||||||
150,598 | Invitation Homes, Inc. REIT | 5,130,874 | ||||||
87,278 | Iron Mountain, Inc. REIT | 6,863,542 | ||||||
116,570 | Kimco Realty Corp. REIT | 2,303,423 | ||||||
44,267 | Mid-America Apartment Communities, Inc. REIT | 5,563,477 | ||||||
44,412 | Prologis, Inc. REIT | 5,918,787 | ||||||
21,767 | Public Storage REIT | 6,178,998 | ||||||
145,791 | Realty Income Corp. REIT | 7,597,169 |
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
30,706 | Simon Property Group, Inc. REIT | $ | 4,548,787 | |||||
86,025 | Sun Communities, Inc. REIT | 11,506,704 | ||||||
118,244 | UDR, Inc. REIT | 4,197,662 | ||||||
133,796 | Ventas, Inc. REIT | 5,658,233 | ||||||
383,901 | VICI Properties, Inc. REIT | 11,490,157 | ||||||
98,307 | W.P. Carey, Inc. REIT | 5,537,633 | ||||||
87,635 | Welltower, Inc. REIT | 8,076,442 | ||||||
175,152 | Weyerhaeuser Co. REIT | 6,021,726 | ||||||
|
| |||||||
196,377,184 | ||||||||
| ||||||||
Utilities – 2.3% | ||||||||
171,720 | Alliant Energy Corp. | 8,199,630 | ||||||
120,240 | Ameren Corp. | 8,559,886 | ||||||
142,930 | American Electric Power Co., Inc. | 12,176,207 | ||||||
40,814 | American Water Works Co., Inc. | 4,838,091 | ||||||
85,935 | Atmos Energy Corp. | 9,702,921 | ||||||
367,261 | CenterPoint Energy, Inc. | 10,099,677 | ||||||
116,056 | CMS Energy Corp. | 6,658,133 | ||||||
164,988 | Consolidated Edison, Inc. | 14,388,603 | ||||||
122,265 | Constellation Energy Corp. | 20,595,539 | ||||||
149,810 | Dominion Energy, Inc. | 7,165,412 | ||||||
82,357 | DTE Energy Co. | 8,923,381 | ||||||
138,161 | Duke Energy Corp. | 12,687,325 | ||||||
185,651 | Edison International | 12,627,981 | ||||||
75,675 | Entergy Corp. | 7,686,310 | ||||||
176,000 | Evergy, Inc. | 8,719,040 | ||||||
85,119 | Eversource Energy | 4,996,485 | ||||||
409,807 | Exelon Corp. | 14,687,483 | ||||||
256,724 | FirstEnergy Corp. | 9,398,666 | ||||||
256,113 | NextEra Energy, Inc. | 14,134,876 | ||||||
135,155 | NiSource, Inc. | 3,522,139 | ||||||
763,684 | PG&E Corp. | 12,745,886 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
217,798 | PPL Corp. | $ | 5,743,333 | |||||
152,410 | Public Service Enterprise Group, Inc. | 9,510,384 | ||||||
195,851 | Sempra | 13,827,081 | ||||||
231,836 | Southern Co. (The) | 15,590,971 | ||||||
172,977 | WEC Energy Group, Inc. | 13,576,965 | ||||||
152,230 | Xcel Energy, Inc. | 8,020,999 | ||||||
|
| |||||||
278,783,404 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $8,161,888,538) | 12,212,969,580 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.1%(a) | ||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
13,171,145 | 5.195% | 13,171,145 | ||||||
(Cost $13,171,145) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.9% |
| |||||||
(Cost $8,175,059,683) | $ | 12,226,140,725 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 14,823,354 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 12,240,964,079 | ||||||
|
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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, 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 | 24 | 03/15/24 | $ | 6,124,500 | $ | 532,826 | ||||||
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.2% |
| |||||||
Communication Services – 2.0% |
| |||||||
9,087 | AMC Networks, Inc., Class A* | $ | 117,586 | |||||
17,648 | AST SpaceMobile, Inc.* | 55,944 | ||||||
3,176 | Atlanta Braves Holdings, Inc., Class A*(a) | 133,233 | ||||||
4,331 | Atlanta Braves Holdings, Inc., Class C* | 169,429 | ||||||
11,291 | Cardlytics, Inc.* | 93,602 | ||||||
22,285 | Cargurus, Inc.* | 493,390 | ||||||
26,694 | Cars.com, Inc.* | 489,568 | ||||||
10,231 | Cinemark Holdings, Inc.* | 178,122 | ||||||
6,277 | Cogent Communications Holdings, Inc. | 507,872 | ||||||
30,530 | DHI Group, Inc.* | 86,400 | ||||||
13,254 | EchoStar Corp., Class A* | 173,760 | ||||||
17,821 | EverQuote, Inc., Class A* | 285,492 | ||||||
18,048 | EW Scripps Co. (The), Class A* | 72,734 | ||||||
29,640 | fuboTV, Inc.* | 61,355 | ||||||
88,080 | Gannett Co., Inc.* | 187,610 | ||||||
14,776 | Gogo, Inc.* | 120,572 | ||||||
18,713 | Gray Television, Inc. | 109,284 | ||||||
13,723 | IDT Corp., Class B* | 510,633 | ||||||
34,604 | iHeartMedia, Inc., Class A* | 95,853 | ||||||
7,936 | IMAX Corp.* | 135,944 | ||||||
8,469 | Integral Ad Science Holding Corp.* | 87,739 | ||||||
12,758 | John Wiley & Sons, Inc., Class A | 425,479 | ||||||
7,256 | Liberty Latin America Ltd., Class A (Puerto Rico)* | 46,656 | ||||||
34,769 | Liberty Latin America Ltd., Class C (Puerto Rico)* | 226,694 | ||||||
8,693 | Lions Gate Entertainment Corp., Class A*(a) | 84,409 | ||||||
9,216 | Lions Gate Entertainment Corp., Class B* | 83,681 | ||||||
27,070 | Loop Media, Inc.* | 13,535 | ||||||
4,282 | Madison Square Garden Entertainment Corp.* | 164,814 | ||||||
15,079 | Magnite, Inc.* | 181,250 | ||||||
8,852 | Marcus Corp. (The) | 129,859 | ||||||
20,250 | Ooma, Inc.* | 206,550 | ||||||
24,438 | Playstudios, Inc.*(a) | 57,918 | ||||||
2,410 | QuinStreet, Inc.* | 35,258 | ||||||
12,266 | Scholastic Corp. | 483,771 | ||||||
7,580 | Shutterstock, Inc. | 369,601 | ||||||
4,059 | Sphere Entertainment Co.* | 175,755 | ||||||
10,553 | Spok Holdings, Inc. | 189,637 | ||||||
25,618 | Stagwell, Inc.* | 136,800 | ||||||
40,107 | TEGNA, Inc. | 561,899 | ||||||
5,028 | Telephone and Data Systems, Inc. | 76,928 | ||||||
11,573 | Thryv Holdings, Inc.* | 242,339 | ||||||
118,595 | Tingo Group, Inc.*(b) | — | ||||||
84,826 | TrueCar, Inc.* | 295,195 | ||||||
21,616 | Yelp, Inc.* | 830,919 | ||||||
6,378 | Ziff Davis, Inc.* | 438,551 | ||||||
7,670 | ZipRecruiter, Inc., Class A* | 97,562 | ||||||
|
| |||||||
9,721,182 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Discretionary – 11.8% |
| |||||||
19,792 | 1-800-Flowers.com, Inc., Class A* | $ | 206,233 | |||||
26,696 | 2U, Inc.* | 12,029 | ||||||
19,030 | Aaron’s Co., Inc. (The) | 147,483 | ||||||
15,184 | Abercrombie & Fitch Co., Class A* | 1,939,908 | ||||||
12,905 | Academy Sports & Outdoors, Inc. | 964,262 | ||||||
9,949 | Acushnet Holdings Corp. | 640,915 | ||||||
13,396 | Adient PLC* | 454,660 | ||||||
12,027 | Adtalem Global Education, Inc.* | 595,337 | ||||||
35,416 | American Axle & Manufacturing Holdings, Inc.* | 245,079 | ||||||
27,633 | American Eagle Outfitters, Inc. | 656,284 | ||||||
4,439 | Asbury Automotive Group, Inc.* | 926,996 | ||||||
7,229 | Atmus Filtration Technologies, Inc.*(a) | 172,556 | ||||||
9,490 | Beazer Homes USA, Inc.* | 297,322 | ||||||
7,456 | Beyond, Inc.* | 250,000 | ||||||
4,348 | BJ’s Restaurants, Inc.* | 152,267 | ||||||
13,939 | Bloomin’ Brands, Inc. | 378,862 | ||||||
4,788 | Boot Barn Holdings, Inc.* | 442,890 | ||||||
7,236 | Brinker International, Inc.* | 335,316 | ||||||
10,176 | Buckle, Inc. (The) | 416,605 | ||||||
6,546 | Build-A-Bear Workshop, Inc. | 156,711 | ||||||
15,533 | Caleres, Inc. | 599,729 | ||||||
5,376 | Camping World Holdings, Inc., Class A | 143,485 | ||||||
31,422 | CarParts.com, Inc.* | 80,126 | ||||||
5,792 | Carriage Services, Inc. | 143,757 | ||||||
33,125 | Carrols Restaurant Group, Inc. | 313,694 | ||||||
5,685 | Carvana Co.* | 431,662 | ||||||
1,469 | Cavco Industries, Inc.* | 547,305 | ||||||
3,998 | Century Communities, Inc. | 344,987 | ||||||
5,196 | Cheesecake Factory, Inc. (The) | 183,834 | ||||||
19,255 | Chegg, Inc.* | 172,140 | ||||||
4,528 | Chuy’s Holdings, Inc.* | 153,182 | ||||||
6,933 | Cooper-Standard Holdings, Inc.* | 97,478 | ||||||
16,203 | Coursera, Inc.* | 260,382 | ||||||
1,791 | Cracker Barrel Old Country Store, Inc. | 118,439 | ||||||
24,535 | Dana, Inc. | 306,688 | ||||||
5,128 | Dave & Buster’s Entertainment, Inc.* | 316,603 | ||||||
16,905 | Denny’s Corp.* | 156,033 | ||||||
11,868 | Designer Brands, Inc., Class A | 125,326 | ||||||
28,077 | Destination XL Group, Inc.* | 112,027 | ||||||
1,993 | Dillard’s, Inc., Class A | 826,557 | ||||||
5,764 | Dorman Products, Inc.* | 543,084 | ||||||
3,175 | Dream Finders Homes, Inc., Class A* | 124,238 | ||||||
2,377 | Duolingo, Inc.* | 568,103 | ||||||
11,685 | El Pollo Loco Holdings, Inc.* | 105,866 | ||||||
19,475 | Ethan Allen Interiors, Inc. | 651,049 | ||||||
12,305 | Everi Holdings, Inc.* | 145,937 | ||||||
49,437 | Figs, Inc., Class A*(a) | 258,556 | ||||||
5,595 | Foot Locker, Inc. | 192,636 | ||||||
26,732 | Fossil Group, Inc.* | 28,336 |
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
6,683 | Fox Factory Holding Corp.* | $ | 338,093 | |||||
20,679 | Frontdoor, Inc.* | 648,493 | ||||||
9,364 | Genesco, Inc.* | 298,899 | ||||||
6,996 | Gentherm, Inc.* | 397,793 | ||||||
11,027 | G-III Apparel Group Ltd.* | 366,868 | ||||||
5,068 | Golden Entertainment, Inc. | 187,820 | ||||||
45,501 | Goodyear Tire & Rubber Co. (The)* | 540,552 | ||||||
37,801 | GoPro, Inc., Class A* | 88,454 | ||||||
832 | Graham Holdings Co., Class B | 584,339 | ||||||
6,759 | Green Brick Partners, Inc.* | 395,402 | ||||||
3,964 | Group 1 Automotive, Inc. | 1,072,857 | ||||||
8,445 | Guess?, Inc. | 214,334 | ||||||
14,079 | Haverty Furniture Cos., Inc. | 482,910 | ||||||
3,325 | Helen of Troy Ltd.* | 415,625 | ||||||
6,216 | Hibbett, Inc. | 509,401 | ||||||
10,835 | Hilton Grand Vacations, Inc.* | 486,275 | ||||||
2,162 | Hovnanian Enterprises, Inc., Class A* | 338,699 | ||||||
20,127 | Inspired Entertainment, Inc.* | 199,257 | ||||||
4,304 | Installed Building Products, Inc. | 1,028,355 | ||||||
15,870 | International Game Technology PLC | 431,188 | ||||||
3,164 | iRobot Corp.*(a) | 36,101 | ||||||
3,665 | Jack in the Box, Inc. | 267,545 | ||||||
6,750 | JAKKS Pacific, Inc.* | 236,992 | ||||||
3,825 | Johnson Outdoors, Inc., Class A | 175,797 | ||||||
10,284 | KB Home | 683,166 | ||||||
10,764 | Kontoor Brands, Inc. | 636,260 | ||||||
9,714 | Krispy Kreme, Inc. | 125,699 | ||||||
23,593 | Laureate Education, Inc. | 316,382 | ||||||
15,345 | La-Z-Boy, Inc. | 582,957 | ||||||
6,989 | LCI Industries | 880,474 | ||||||
17,351 | Leslie’s, Inc.* | 137,073 | ||||||
1,431 | LGI Homes, Inc.* | 163,263 | ||||||
7,297 | Life Time Group Holdings, Inc.* | 100,261 | ||||||
10,637 | Light & Wonder, Inc.* | 1,069,125 | ||||||
22,146 | Lincoln Educational Services Corp.* | 222,789 | ||||||
8,716 | Lovesac Co. (The)* | 200,817 | ||||||
6,488 | M/I Homes, Inc.* | 823,911 | ||||||
5,500 | Malibu Boats, Inc., Class A* | 240,020 | ||||||
5,417 | MarineMax, Inc.* | 179,844 | ||||||
14,759 | MasterCraft Boat Holdings, Inc.* | 323,665 | ||||||
8,751 | MDC Holdings, Inc. | 548,688 | ||||||
6,158 | Meritage Homes Corp. | 970,870 | ||||||
14,340 | Modine Manufacturing Co.* | 1,286,441 | ||||||
3,699 | Monarch Casino & Resort, Inc. | 260,225 | ||||||
4,005 | Monro, Inc. | 134,448 | ||||||
8,715 | Movado Group, Inc. | 250,208 | ||||||
2,177 | Nathan’s Famous, Inc. | 152,934 | ||||||
9,387 | National Vision Holdings, Inc.* | 219,656 | ||||||
35,216 | Nerdy, Inc.* | 102,126 | ||||||
9,520 | ODP Corp. (The)* | 537,690 | ||||||
11,799 | OneSpaWorld Holdings Ltd. (Bahamas)* | 153,859 | ||||||
6,573 | Oxford Industries, Inc. | 666,436 | ||||||
7,889 | Papa John’s International, Inc. | 567,140 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
8,263 | Patrick Industries, Inc. | $ | 991,064 | |||||
61,627 | Perdoceo Education Corp. | 1,097,577 | ||||||
16,874 | PlayAGS, Inc.* | 156,591 | ||||||
22,043 | Potbelly Corp.* | 305,957 | ||||||
968 | Purple Innovation, Inc. | 1,800 | ||||||
3,312 | RCI Hospitality Holdings, Inc. | 186,664 | ||||||
8,262 | Red Rock Resorts, Inc., Class A | 479,113 | ||||||
8,210 | Revolve Group, Inc.*(a) | 180,045 | ||||||
40,871 | Rush Street Interactive, Inc.* | 239,095 | ||||||
22,718 | Sabre Corp.* | 60,203 | ||||||
24,806 | Sally Beauty Holdings, Inc.* | 313,300 | ||||||
2,384 | Shake Shack, Inc., Class A* | 253,467 | ||||||
14,665 | Shoe Carnival, Inc. | 480,572 | ||||||
8,942 | Signet Jewelers Ltd. | 909,938 | ||||||
4,924 | Six Flags Entertainment Corp.* | 124,774 | ||||||
7,704 | Skyline Champion Corp.* | 645,518 | ||||||
9,216 | Sleep Number Corp.* | 152,248 | ||||||
22,687 | Smith & Wesson Brands, Inc. | 311,493 | ||||||
5,008 | Sonic Automotive, Inc., Class A | 262,920 | ||||||
24,370 | Sonos, Inc.* | 462,055 | ||||||
10,481 | Standard Motor Products, Inc. | 332,877 | ||||||
17,697 | Steven Madden Ltd. | 757,786 | ||||||
32,920 | Stitch Fix, Inc., Class A* | 106,332 | ||||||
14,592 | Stoneridge, Inc.* | 256,381 | ||||||
4,169 | Strategic Education, Inc. | 461,884 | ||||||
18,937 | Stride, Inc.* | 1,131,486 | ||||||
6,373 | Sturm Ruger & Co., Inc. | 276,078 | ||||||
8,933 | Sweetgreen, Inc., Class A* | 113,806 | ||||||
20,867 | Target Hospitality Corp.*(a) | 201,993 | ||||||
21,857 | Taylor Morrison Home Corp.* | 1,237,325 | ||||||
7,906 | Topgolf Callaway Brands Corp.* | 112,581 | ||||||
23,092 | Tri Pointe Homes, Inc.* | 816,995 | ||||||
23,240 | Udemy, Inc.* | 262,612 | ||||||
5,599 | United Parks & Resorts, Inc.* | 287,509 | ||||||
21,850 | Upbound Group, Inc. | 737,656 | ||||||
8,044 | Urban Outfitters, Inc.* | 334,228 | ||||||
22,093 | Vera Bradley, Inc.* | 172,325 | ||||||
13,648 | Vista Outdoor, Inc.* | 425,818 | ||||||
2,773 | Visteon Corp.* | 313,682 | ||||||
1,652 | Winmark Corp. | 627,017 | ||||||
9,910 | Winnebago Industries, Inc. | 710,844 | ||||||
13,660 | Wolverine World Wide, Inc. | 138,922 | ||||||
6,916 | Worthington Enterprises, Inc. | 429,622 | ||||||
42,228 | WW International, Inc.* | 131,751 | ||||||
10,425 | XPEL, Inc.* | 548,147 | ||||||
11,831 | Zumiez, Inc.* | 208,462 | ||||||
|
| |||||||
58,469,943 | ||||||||
| ||||||||
Consumer Staples – 3.7% |
| |||||||
5,510 | Andersons, Inc. (The) | 304,593 | ||||||
10,828 | B&G Foods, Inc. | 125,063 | ||||||
31,553 | Beauty Health Co. (The)* | 105,072 | ||||||
18,709 | BellRing Brands, Inc.* | 1,065,478 | ||||||
13,075 | Cal-Maine Foods, Inc. | 751,682 | ||||||
5,152 | Central Garden & Pet Co.* | 226,018 | ||||||
12,201 | Central Garden & Pet Co., Class A* | 459,856 | ||||||
3,923 | Chefs’ Warehouse, Inc. (The)* | 149,113 | ||||||
1,761 | Coca-Cola Consolidated, Inc. | 1,480,649 |
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 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – (continued) |
| |||||||
8,716 | Dole PLC | $ | 102,936 | |||||
11,622 | Edgewell Personal Care Co. | 443,844 | ||||||
6,812 | elf Beauty, Inc.* | 1,420,506 | ||||||
10,429 | Energizer Holdings, Inc. | 297,748 | ||||||
10,275 | Fresh Del Monte Produce, Inc. | 245,881 | ||||||
19,383 | Hain Celestial Group, Inc. (The)* | 193,830 | ||||||
21,327 | Herbalife Ltd.* | 188,317 | ||||||
8,030 | Ingles Markets, Inc., Class A | 618,390 | ||||||
3,948 | Inter Parfums, Inc. | 579,251 | ||||||
2,346 | J & J Snack Foods Corp. | 340,358 | ||||||
4,561 | John B. Sanfilippo & Son, Inc. | 466,910 | ||||||
3,535 | Lancaster Colony Corp. | 731,462 | ||||||
3,110 | Medifast, Inc. | 124,680 | ||||||
1,395 | MGP Ingredients, Inc. | 118,826 | ||||||
11,872 | National Beverage Corp.* | 624,942 | ||||||
10,402 | Nu Skin Enterprises, Inc., Class A | 130,025 | ||||||
2,491 | PriceSmart, Inc. | 209,593 | ||||||
36,559 | Primo Water Corp. | 592,621 | ||||||
11,752 | Simply Good Foods Co. (The)* | 416,961 | ||||||
6,143 | Sovos Brands, Inc.* | 139,999 | ||||||
18,184 | SpartanNash Co. | 383,137 | ||||||
24,203 | Sprouts Farmers Market, Inc.* | 1,511,235 | ||||||
10,957 | TreeHouse Foods, Inc.* | 392,151 | ||||||
7,324 | Turning Point Brands, Inc. | 185,297 | ||||||
16,836 | United Natural Foods, Inc.* | 262,810 | ||||||
6,765 | Universal Corp. | 324,788 | ||||||
5,547 | USANA Health Sciences, Inc.* | 267,698 | ||||||
7,432 | Utz Brands, Inc. | 131,472 | ||||||
39,933 | Vector Group Ltd. | 445,652 | ||||||
7,787 | Village Super Market, Inc., Class A | 212,975 | ||||||
4,873 | Vita Coco Co., Inc. (The)* | 127,185 | ||||||
17,300 | Vital Farms, Inc.* | 310,881 | ||||||
3,039 | WD-40 Co. | 815,637 | ||||||
5,694 | Weis Markets, Inc. | 369,768 | ||||||
|
| |||||||
18,395,290 | ||||||||
| ||||||||
Energy – 6.6% | ||||||||
32,793 | Amplify Energy Corp.* | 198,070 | ||||||
27,739 | Archrock, Inc. | 506,792 | ||||||
24,657 | Ardmore Shipping Corp. (Ireland) | 400,183 | ||||||
20,882 | Berry Corp. | 147,218 | ||||||
20,764 | Borr Drilling Ltd. (Mexico)*(a) | 124,999 | ||||||
6,786 | Bristow Group, Inc.* | 182,883 | ||||||
6,763 | Cactus, Inc., Class A | 310,422 | ||||||
18,366 | California Resources Corp. | 958,154 | ||||||
10,180 | Callon Petroleum Co.* | 317,209 | ||||||
3,103 | Centrus Energy Corp., Class A* | 126,571 | ||||||
25,470 | ChampionX Corp. | 791,098 | ||||||
6,955 | Chord Energy Corp. | 1,129,840 | ||||||
9,245 | Civitas Resources, Inc. | 634,947 | ||||||
25,027 | CNX Resources Corp.* | 524,316 | ||||||
12,682 | CONSOL Energy, Inc. | 1,088,369 | ||||||
11,813 | CVR Energy, Inc. | 391,955 | ||||||
9,608 | Delek US Holdings, Inc. | 245,100 | ||||||
33,886 | DHT Holdings, Inc. | 366,647 | ||||||
16,875 | Diamond Offshore Drilling, Inc.* | 187,144 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
10,600 | Dorian LPG Ltd. | $ | 383,190 | |||||
5,269 | Dril-Quip, Inc.* | 119,079 | ||||||
3,984 | Empire Petroleum Corp.* | 23,625 | ||||||
19,302 | Energy Fuels, Inc.*(a) | 122,182 | ||||||
43,040 | Equitrans Midstream Corp. | 460,098 | ||||||
29,487 | Evolution Petroleum Corp. | 172,794 | ||||||
7,868 | Expro Group Holdings NV* | 140,759 | ||||||
3,480 | FLEX LNG Ltd. (Norway)(a) | 87,835 | ||||||
6,633 | Golar LNG Ltd. (Cameroon) | 134,584 | ||||||
4,261 | Green Plains, Inc.* | 90,759 | ||||||
5,806 | Gulfport Energy Corp.* | 824,394 | ||||||
43,898 | Helix Energy Solutions Group, Inc.* | 395,082 | ||||||
11,572 | Helmerich & Payne, Inc. | 444,249 | ||||||
10,469 | International Seaways, Inc. | 554,124 | ||||||
2,698 | Kinetik Holdings, Inc. | 95,293 | ||||||
11,843 | KLX Energy Services Holdings, Inc.* | 96,165 | ||||||
48,037 | Kosmos Energy Ltd. (Ghana)* | 294,947 | ||||||
51,438 | Liberty Energy, Inc. | 1,099,744 | ||||||
56,984 | Magnolia Oil & Gas Corp., Class A | 1,292,397 | ||||||
22,851 | Matador Resources Co. | 1,443,041 | ||||||
22,514 | Murphy Oil Corp. | 893,130 | ||||||
2,109 | Nabors Industries Ltd.* | 165,282 | ||||||
3,727 | NACCO Industries, Inc., Class A | 123,848 | ||||||
11,863 | Noble Corp. PLC | 495,992 | ||||||
23,554 | Nordic American Tankers Ltd. | 95,865 | ||||||
16,864 | Northern Oil & Gas, Inc. | 602,551 | ||||||
20,124 | Oceaneering International, Inc.* | 397,650 | ||||||
25,629 | Oil States International, Inc.* | 138,140 | ||||||
23,183 | Overseas Shipholding Group, Inc., Class A | 140,953 | ||||||
9,202 | Par Pacific Holdings, Inc.* | 332,376 | ||||||
51,774 | Patterson-UTI Energy, Inc. | 599,025 | ||||||
23,085 | PBF Energy, Inc., Class A | 1,078,070 | ||||||
21,661 | Peabody Energy Corp. | 536,543 | ||||||
62,059 | Permian Resources Corp. | 965,638 | ||||||
22,439 | ProFrac Holding Corp., Class A* | 183,551 | ||||||
39,915 | ProPetro Holding Corp.* | 295,371 | ||||||
7,003 | REX American Resources Corp.* | 307,992 | ||||||
21,555 | Ring Energy, Inc.* | 30,824 | ||||||
71,337 | RPC, Inc. | 527,180 | ||||||
12,552 | SandRidge Energy, Inc. | 163,678 | ||||||
9,783 | Scorpio Tankers, Inc. (Monaco) | 656,733 | ||||||
4,623 | Seadrill Ltd. (Norway)* | 195,091 | ||||||
20,706 | SFL Corp. Ltd. (Norway) | 276,632 | ||||||
7,906 | SilverBow Resources, Inc.* | 224,451 | ||||||
10,173 | Sitio Royalties Corp., Class A | 232,148 | ||||||
37,780 | SM Energy Co. | 1,653,631 | ||||||
387 | Solaris Oilfield Infrastructure, Inc., Class A | 3,278 | ||||||
22,741 | Talos Energy, Inc.* | 299,954 | ||||||
39,557 | Teekay Corp. (Bermuda)* | 299,446 | ||||||
10,677 | Teekay Tankers Ltd., Class A (Canada) | 585,313 | ||||||
77,880 | TETRA Technologies, Inc.* | 303,732 | ||||||
3,883 | Tidewater, Inc.* | 271,926 |
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) |
| |||||||
Energy – (continued) |
| |||||||
25,720 | Uranium Energy Corp.* | $ | 166,666 | |||||
19,108 | US Silica Holdings, Inc.* | 219,742 | ||||||
46,774 | VAALCO Energy, Inc. | 208,612 | ||||||
6,907 | Valaris Ltd.* | 435,486 | ||||||
30,420 | Vertex Energy, Inc.* | 41,067 | ||||||
5,259 | Vital Energy, Inc.* | 264,685 | ||||||
85,409 | W&T Offshore, Inc. | 257,935 | ||||||
9,496 | Weatherford International PLC* | 974,385 | ||||||
14,498 | World Kinect Corp. | 353,171 | ||||||
|
| |||||||
32,904,001 | ||||||||
| ||||||||
Financials – 17.0% | ||||||||
3,638 | 1st Source Corp. | 181,100 | ||||||
1,267 | ACNB Corp. | 44,649 | ||||||
5,489 | Amalgamated Financial Corp. | 126,686 | ||||||
12,788 | A-Mark Precious Metals, Inc. | 328,524 | ||||||
25,926 | Ambac Financial Group, Inc.* | 424,149 | ||||||
4,786 | Amerant Bancorp, Inc. | 101,415 | ||||||
24,530 | American Equity Investment Life Holding Co.* | 1,362,396 | ||||||
4,166 | American National Bankshares, Inc. | 187,970 | ||||||
13,978 | Ameris Bancorp | 647,601 | ||||||
6,680 | AMERISAFE, Inc. | 352,437 | ||||||
4,466 | Ames National Corp. | 84,720 | ||||||
28,851 | Apollo Commercial Real Estate Finance, Inc. REIT | 323,420 | ||||||
33,358 | Arbor Realty Trust, Inc. REIT | 446,997 | ||||||
861 | Ares Commercial Real Estate Corp. REIT | 6,492 | ||||||
8,515 | Arrow Financial Corp. | 204,190 | ||||||
18,203 | Artisan Partners Asset Management, Inc., Class A | 784,003 | ||||||
4,686 | AssetMark Financial Holdings, Inc.* | 165,650 | ||||||
23,242 | Associated Banc-Corp. | 484,363 | ||||||
12,303 | Atlantic Union Bankshares Corp. | 409,198 | ||||||
2,168 | Atlanticus Holdings Corp.* | 71,869 | ||||||
12,862 | AvidXchange Holdings, Inc.* | 170,936 | ||||||
19,002 | Axos Financial, Inc.* | 990,384 | ||||||
8,183 | Banc of California, Inc. | 119,717 | ||||||
6,601 | BancFirst Corp. | 579,172 | ||||||
11,130 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 311,306 | ||||||
14,602 | Bancorp, Inc. (The)* | 651,833 | ||||||
2,391 | Bank First Corp. | 206,821 | ||||||
5,910 | Bank of Hawaii Corp. | 356,255 | ||||||
20,569 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 614,807 | ||||||
15,500 | BankUnited, Inc. | 415,710 | ||||||
5,182 | Bankwell Financial Group, Inc. | 131,986 | ||||||
5,765 | Banner Corp. | 252,738 | ||||||
672 | BayCom Corp. | 13,453 | ||||||
11,760 | BCB Bancorp, Inc. | 123,362 | ||||||
6,238 | Berkshire Hills Bancorp, Inc. | 134,055 | ||||||
29,160 | BGC Group, Inc., Class A | 202,662 | ||||||
20,500 | Blackstone Mortgage Trust, Inc., Class A REIT | 417,585 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
2,483 | Blue Ridge Bankshares, Inc. | $ | 6,083 | |||||
7,813 | Bread Financial Holdings, Inc. | 299,082 | ||||||
13,249 | Brightsphere Investment Group, Inc. | 300,222 | ||||||
22,740 | Brookline Bancorp, Inc. | 222,170 | ||||||
5,376 | Byline Bancorp, Inc. | 112,036 | ||||||
31,468 | Cadence Bank | 871,034 | ||||||
583 | Cambridge Bancorp | 36,881 | ||||||
8,642 | Camden National Corp. | 274,643 | ||||||
5,836 | Cannae Holdings, Inc.* | 127,342 | ||||||
8,265 | Capital City Bank Group, Inc. | 234,313 | ||||||
4,588 | Cass Information Systems, Inc. | 221,692 | ||||||
16,858 | Cathay General Bancorp | 658,305 | ||||||
11,175 | Central Pacific Financial Corp. | 208,526 | ||||||
5,410 | Central Valley Community Bancorp | 101,113 | ||||||
3,276 | Chemung Financial Corp. | 139,558 | ||||||
21,701 | Chimera Investment Corp. REIT | 94,616 | ||||||
3,673 | ChoiceOne Financial Services, Inc.(a) | 97,739 | ||||||
6,284 | City Holding Co. | 631,416 | ||||||
10,303 | Civista Bancshares, Inc. | 154,751 | ||||||
15,319 | Claros Mortgage Trust, Inc. | 148,288 | ||||||
7,025 | CNB Financial Corp. | 140,430 | ||||||
33,615 | CNO Financial Group, Inc. | 897,184 | ||||||
4,240 | Codorus Valley Bancorp, Inc. | 97,605 | ||||||
8,895 | Cohen & Steers, Inc. | 654,227 | ||||||
1,084 | Colony Bankcorp, Inc. | 12,293 | ||||||
6,589 | Columbia Financial, Inc.* | 110,234 | ||||||
5,684 | Community Bank System, Inc. | 257,485 | ||||||
5,085 | Community Trust Bancorp, Inc. | 202,180 | ||||||
294 | Compass Diversified Holdings | 6,762 | ||||||
6,688 | ConnectOne Bancorp, Inc. | 132,356 | ||||||
8,371 | Consumer Portfolio Services, Inc.* | 73,916 | ||||||
16,065 | Customers Bancorp, Inc.* | 872,490 | ||||||
18,213 | CVB Financial Corp. | 309,985 | ||||||
1,805 | Diamond Hill Investment Group, Inc. | 261,147 | ||||||
10,823 | Dime Community Bancshares, Inc. | 202,823 | ||||||
11,861 | Donnelley Financial Solutions, Inc.* | 765,746 | ||||||
8,546 | Dynex Capital, Inc. REIT | 105,458 | ||||||
8,950 | Eagle Bancorp, Inc. | 213,189 | ||||||
8,868 | Eastern Bankshares, Inc. | 114,575 | ||||||
11,156 | Ellington Financial, Inc. REIT | 126,397 | ||||||
8,370 | Employers Holdings, Inc. | 382,593 | ||||||
11,724 | Enact Holdings, Inc. | 324,989 | ||||||
5,436 | Encore Capital Group, Inc.* | 260,928 | ||||||
17,309 | Enova International, Inc.* | 1,094,794 | ||||||
1,781 | Enstar Group Ltd.* | 548,441 | ||||||
7,022 | Enterprise Financial Services Corp. | 280,318 | ||||||
3,670 | Esquire Financial Holdings, Inc. | 186,363 | ||||||
23,708 | Essent Group Ltd. | 1,270,038 | ||||||
3,535 | Evans Bancorp, Inc. | 104,990 | ||||||
15,735 | EVERTEC, Inc. (Puerto Rico) | 568,506 |
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 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
2,232 | Farmers & Merchants Bancorp, Inc. | $ | 45,086 | |||||
11,625 | Farmers National Banc Corp. | 156,705 | ||||||
9,045 | FB Financial Corp. | 322,364 | ||||||
5,942 | Federal Agricultural Mortgage Corp., Class C | 1,062,846 | ||||||
2,153 | Fidelity D&D Bancorp, Inc. | 107,521 | ||||||
9,989 | Financial Institutions, Inc. | 183,398 | ||||||
8,142 | First Bancorp | 277,805 | ||||||
5,875 | First Bancorp, Inc. (The) | 138,767 | ||||||
47,347 | First BanCorp. (Puerto Rico) | 803,952 | ||||||
4,134 | First Bancshares, Inc. (The) | 102,647 | ||||||
9,477 | First Busey Corp. | 218,540 | ||||||
7,558 | First Business Financial Services, Inc. | 266,646 | ||||||
22,136 | First Commonwealth Financial Corp. | 288,432 | ||||||
4,785 | First Community Corp/SC | 78,618 | ||||||
19,681 | First Financial Bancorp | 427,078 | ||||||
23,712 | First Financial Bankshares, Inc. | 733,649 | ||||||
4,044 | First Financial Corp. | 150,558 | ||||||
10,575 | First Interstate BancSystem, Inc., Class A | 278,334 | ||||||
13,598 | First Merchants Corp. | 451,454 | ||||||
4,564 | First Mid Bancshares, Inc. | 138,289 | ||||||
8,888 | First of Long Island Corp. (The) | 99,012 | ||||||
1,205 | First Western Financial, Inc.* | 17,051 | ||||||
5,507 | FirstCash Holdings, Inc. | 630,551 | ||||||
12,621 | Flushing Financial Corp. | 162,054 | ||||||
5,441 | Flywire Corp.* | 154,470 | ||||||
12,581 | Franklin BSP Realty Trust, Inc. REIT | 162,421 | ||||||
3,044 | FS Bancorp, Inc. | 101,578 | ||||||
31,571 | Fulton Financial Corp. | 486,193 | ||||||
2,286 | FVCBankcorp, Inc.* | 27,683 | ||||||
110,236 | Genworth Financial, Inc., Class A* | 677,951 | ||||||
10,190 | German American Bancorp, Inc. | 320,577 | ||||||
12,470 | Glacier Bancorp, Inc. | 466,627 | ||||||
4,990 | Goosehead Insurance, Inc., Class A* | 377,494 | ||||||
6,460 | Great Southern Bancorp, Inc. | 336,824 | ||||||
6,228 | Greene County Bancorp, Inc. | 177,872 | ||||||
8,400 | Hamilton Lane, Inc., Class A | 964,740 | ||||||
14,185 | Hancock Whitney Corp. | 618,466 | ||||||
11,519 | Hanmi Financial Corp. | 174,052 | ||||||
14,614 | HarborOne Bancorp, Inc. | 148,771 | ||||||
8,312 | Heartland Financial USA, Inc. | 282,608 | ||||||
17,837 | Heritage Commerce Corp. | 147,869 | ||||||
6,156 | Heritage Financial Corp. | 112,963 | ||||||
13,488 | Hilltop Holdings, Inc. | 416,509 | ||||||
623 | Hingham Institution For Savings (The)(a) | 104,652 | ||||||
3,692 | Home Bancorp, Inc. | 135,681 | ||||||
29,106 | Home BancShares, Inc. | 682,827 | ||||||
5,818 | HomeTrust Bancshares, Inc. | 152,723 | ||||||
27,171 | Hope Bancorp, Inc. | 298,066 | ||||||
8,235 | Horace Mann Educators Corp. | 298,025 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
12,683 | Horizon Bancorp, Inc. | $ | 152,703 | |||||
1,970 | I3 Verticals, Inc., Class A* | 41,981 | ||||||
13,416 | Independent Bank Corp. | 328,021 | ||||||
7,244 | Independent Bank Corp. | 377,920 | ||||||
5,333 | Independent Bank Group, Inc. | 233,212 | ||||||
11,652 | International Bancshares Corp. | 604,622 | ||||||
14,250 | International Money Express, Inc.* | 280,725 | ||||||
1,143 | Investors Title Co. | 177,645 | ||||||
19,392 | Jackson Financial, Inc., Class A | 1,067,530 | ||||||
9,052 | KKR Real Estate Finance Trust, Inc. REIT | 88,257 | ||||||
18,869 | Ladder Capital Corp. REIT | 203,974 | ||||||
11,775 | Lakeland Bancorp, Inc. | 137,532 | ||||||
9,011 | Lakeland Financial Corp. | 574,001 | ||||||
29,683 | LendingClub Corp.* | 240,729 | ||||||
9,596 | Live Oak Bancshares, Inc. | 381,153 | ||||||
19,904 | Macatawa Bank Corp. | 195,059 | ||||||
5,761 | MainStreet Bancshares, Inc. | 103,784 | ||||||
26,160 | Marqeta, Inc., Class A* | 170,825 | ||||||
33,081 | MBIA, Inc.* | 216,019 | ||||||
7,206 | Mercantile Bank Corp. | 265,469 | ||||||
3,523 | Metropolitan Bank Holding Corp.* | 138,137 | ||||||
10,097 | MFA Financial, Inc. REIT | 113,288 | ||||||
2,995 | Middlefield Banc Corp. | 73,497 | ||||||
5,460 | Midland States Bancorp, Inc. | 132,951 | ||||||
4,499 | MidWestOne Financial Group, Inc. | 103,117 | ||||||
8,659 | Moelis & Co., Class A | 467,932 | ||||||
14,935 | Mr Cooper Group, Inc.* | 1,064,567 | ||||||
5,443 | National Bank Holdings Corp., Class A | 184,191 | ||||||
5,357 | National Bankshares, Inc. | 167,513 | ||||||
818 | National Western Life Group, Inc., Class A | 397,204 | ||||||
46,526 | Navient Corp. | 756,513 | ||||||
8,786 | NBT Bancorp, Inc. | 302,151 | ||||||
4,525 | Nelnet, Inc., Class A | 388,562 | ||||||
505 | New York Mortgage Trust, Inc. REIT | 3,641 | ||||||
3,620 | NewtekOne, Inc.(a) | 41,775 | ||||||
7,204 | Nexpoint Real Estate Finance, Inc. REIT | 101,144 | ||||||
2,806 | Nicolet Bankshares, Inc. | 221,478 | ||||||
21,716 | NMI Holdings, Inc., Class A* | 653,217 | ||||||
6,357 | Northeast Bank | 339,400 | ||||||
5,949 | Northeast Community Bancorp, Inc. | 92,745 | ||||||
16,531 | Northwest Bancshares, Inc. | 189,445 | ||||||
4,228 | Norwood Financial Corp. | 116,735 | ||||||
6,291 | Oak Valley Bancorp | 156,835 | ||||||
8,287 | OceanFirst Financial Corp. | 125,962 | ||||||
16,937 | OFG Bancorp (Puerto Rico) | 613,458 | ||||||
42,920 | Old National Bancorp | 705,176 | ||||||
15,702 | Old Second Bancorp, Inc. | 210,878 | ||||||
18,313 | Open Lending Corp.* | 132,952 | ||||||
3,170 | Origin Bancorp, Inc. | 94,593 |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
11,949 | Oscar Health, Inc., Class A* | $ | 194,291 | |||||
12,494 | Pacific Premier Bancorp, Inc. | 285,613 | ||||||
17,485 | Pagseguro Digital Ltd., Class A (Brazil)* | 243,391 | ||||||
3,535 | Palomar Holdings, Inc.* | 269,155 | ||||||
3,738 | Park National Corp. | 480,370 | ||||||
9,294 | Parke Bancorp, Inc. | 160,322 | ||||||
11,494 | Pathward Financial, Inc. | 584,355 | ||||||
9,209 | Patria Investments Ltd., Class A (Cayman Islands) | 137,214 | ||||||
21,025 | Payoneer Global, Inc.* | 102,181 | ||||||
10,197 | PCB Bancorp | 164,682 | ||||||
7,357 | Peapack-Gladstone Financial Corp. | 178,260 | ||||||
7,636 | PennyMac Financial Services, Inc. | 648,525 | ||||||
14,794 | PennyMac Mortgage Investment Trust REIT | 209,039 | ||||||
14,023 | Peoples Bancorp, Inc. | 393,626 | ||||||
3,848 | Peoples Financial Services Corp. | 155,267 | ||||||
2,504 | Piper Sandler Cos. | 471,428 | ||||||
6,747 | PJT Partners, Inc., Class A | 711,134 | ||||||
2,741 | Plumas Bancorp | 95,496 | ||||||
4,881 | PRA Group, Inc.* | 124,758 | ||||||
8,043 | Preferred Bank | 577,890 | ||||||
7,461 | Premier Financial Corp. | 144,594 | ||||||
6,018 | Primis Financial Corp. | 74,322 | ||||||
9,330 | ProAssurance Corp. | 115,039 | ||||||
15,233 | PROG Holdings, Inc.* | 470,243 | ||||||
15,577 | Provident Financial Services, Inc. | 234,901 | ||||||
6,448 | QCR Holdings, Inc. | 367,536 | ||||||
45,880 | Radian Group, Inc. | 1,336,943 | ||||||
36,583 | Ready Capital Corp. REIT | 323,028 | ||||||
6,385 | Regional Management Corp. | 149,409 | ||||||
10,970 | Remitly Global, Inc.* | 226,201 | ||||||
10,083 | Renasant Corp. | 318,724 | ||||||
5,948 | Republic Bancorp, Inc., Class A | 292,998 | ||||||
7,919 | S&T Bancorp, Inc. | 246,994 | ||||||
3,756 | Safety Insurance Group, Inc. | 308,593 | ||||||
11,193 | Sandy Spring Bancorp, Inc. | 246,022 | ||||||
8,293 | Seacoast Banking Corp. of Florida | 200,193 | ||||||
12,170 | Selective Insurance Group, Inc. | 1,271,522 | ||||||
12,196 | ServisFirst Bancshares, Inc. | 770,665 | ||||||
696 | Shore Bancshares, Inc. | 7,907 | ||||||
6,843 | Sierra Bancorp | 127,348 | ||||||
16,318 | Simmons First National Corp., Class A | 313,306 | ||||||
23,868 | SiriusPoint Ltd. (Bermuda)* | 292,860 | ||||||
4,209 | Skyward Specialty Insurance Group, Inc.* | 154,007 | ||||||
5,867 | Southern First Bancshares, Inc.* | 193,318 | ||||||
6,482 | Southern Missouri Bancorp, Inc. | 277,948 | ||||||
6,306 | Southside Bancshares, Inc. | 180,730 | ||||||
9,836 | SouthState Corp. | 826,617 | ||||||
7,959 | Stellar Bancorp, Inc. | 188,628 | ||||||
3,869 | StepStone Group, Inc., Class A | 134,370 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
9,092 | Stewart Information Services Corp. | $ | 572,614 | |||||
7,039 | Stock Yards Bancorp, Inc. | 322,457 | ||||||
36,008 | StoneCo Ltd., Class A (Brazil)* | 619,698 | ||||||
9,337 | StoneX Group, Inc.* | 646,681 | ||||||
8,196 | Texas Capital Bancshares, Inc.* | 480,695 | ||||||
3,507 | Timberland Bancorp, Inc. | 91,883 | ||||||
3,549 | Tompkins Financial Corp. | 170,920 | ||||||
13,577 | Towne Bank | 368,072 | ||||||
8,896 | TriCo Bancshares | 297,215 | ||||||
3,781 | Triumph Financial, Inc.* | 283,575 | ||||||
5,505 | TrustCo Bank Corp. | 150,231 | ||||||
12,550 | Trustmark Corp. | 337,093 | ||||||
7,344 | Two Harbors Investment Corp. REIT | 93,048 | ||||||
8,542 | UMB Financial Corp. | 697,113 | ||||||
17,483 | United Bankshares, Inc. | 606,485 | ||||||
15,220 | United Community Banks, Inc. | 395,872 | ||||||
6,472 | Unity Bancorp, Inc. | 177,203 | ||||||
8,062 | Universal Insurance Holdings, Inc. | 162,772 | ||||||
6,548 | Univest Financial Corp. | 131,091 | ||||||
4,323 | Upstart Holdings, Inc.*(a) | 111,317 | ||||||
68,516 | Valley National Bancorp | 561,146 | ||||||
9,644 | Veritex Holdings, Inc. | 189,312 | ||||||
4,228 | Victory Capital Holdings, Inc., Class A | 162,482 | ||||||
4,413 | Virginia National Bankshares Corp. | 134,243 | ||||||
2,421 | Virtus Investment Partners, Inc. | 562,447 | ||||||
14,535 | WaFd, Inc. | 395,933 | ||||||
4,699 | Walker & Dunlop, Inc. | 448,191 | ||||||
6,473 | Washington Trust Bancorp, Inc. | 166,615 | ||||||
15,950 | Waterstone Financial, Inc. | 201,768 | ||||||
11,397 | WesBanco, Inc. | 330,285 | ||||||
12,359 | West BanCorp, Inc. | 215,047 | ||||||
7,903 | Westamerica BanCorp | 361,246 | ||||||
48,215 | WisdomTree, Inc. | 388,613 | ||||||
803 | World Acceptance Corp.* | 96,167 | ||||||
12,294 | WSFS Financial Corp. | 521,143 | ||||||
|
| |||||||
84,280,716 | ||||||||
| ||||||||
Health Care – 11.4% |
| |||||||
3,406 | 4D Molecular Therapeutics, Inc.* | 95,436 | ||||||
39,019 | ACADIA Pharmaceuticals, Inc.* | 906,802 | ||||||
18,947 | AdaptHealth Corp.* | 193,828 | ||||||
3,557 | Addus HomeCare Corp.* | 328,240 | ||||||
34,604 | ADMA Biologics, Inc.* | 185,477 | ||||||
16,630 | Alignment Healthcare, Inc.* | 99,780 | ||||||
50,461 | Alkermes PLC* | 1,498,187 | ||||||
17,564 | Alphatec Holdings, Inc.* | 235,885 | ||||||
26,680 | Amicus Therapeutics, Inc.* | 342,038 | ||||||
13,075 | AMN Healthcare Services, Inc.* | 735,730 | ||||||
116,385 | Amneal Pharmaceuticals, Inc.* | 642,445 | ||||||
11,228 | Amphastar Pharmaceuticals, Inc.* | 522,888 | ||||||
19,466 | Amylyx Pharmaceuticals, Inc.* | 366,934 | ||||||
14,926 | AngioDynamics, Inc.* | 81,944 | ||||||
5,479 | ANI Pharmaceuticals, Inc.* | 370,764 |
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 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
12,276 | Anika Therapeutics, Inc.* | $ | 298,061 | |||||
4,780 | Arcellx, Inc.* | 314,620 | ||||||
12,742 | Arcturus Therapeutics Holdings, Inc.* | 493,880 | ||||||
23,933 | Ardelyx, Inc.* | 223,056 | ||||||
5,837 | Arrowhead Pharmaceuticals, Inc.* | 187,368 | ||||||
82,421 | Assertio Holdings, Inc.* | 72,852 | ||||||
4,355 | Astrana Health, Inc.* | 196,149 | ||||||
3,387 | Astria Therapeutics, Inc.* | 48,163 | ||||||
6,876 | AtriCure, Inc.* | 240,454 | ||||||
141 | Atrion Corp. | 51,887 | ||||||
14,909 | Aurinia Pharmaceuticals, Inc. (Canada)* | 85,279 | ||||||
12,462 | Avanos Medical, Inc.* | 231,419 | ||||||
12,956 | Avita Medical, Inc.* | 234,892 | ||||||
3,948 | Axonics, Inc.* | 268,227 | ||||||
4,756 | Axsome Therapeutics, Inc.* | 387,043 | ||||||
25,738 | BioCryst Pharmaceuticals, Inc.* | 144,905 | ||||||
4,125 | Biohaven Ltd.* | 198,577 | ||||||
3,489 | Blueprint Medicines Corp.* | 326,291 | ||||||
5,949 | Bridgebio Pharma, Inc.* | 203,158 | ||||||
6,804 | Cabaletta Bio, Inc.* | 155,676 | ||||||
41,567 | CareDx, Inc.* | 442,273 | ||||||
72,423 | Catalyst Pharmaceuticals, Inc.* | 1,160,941 | ||||||
2,250 | Cerevel Therapeutics Holdings, Inc.* | 92,250 | ||||||
63,662 | Cerus Corp.* | 138,783 | ||||||
8,296 | Codexis, Inc.* | 38,576 | ||||||
32,133 | Collegium Pharmaceutical, Inc.* | 1,179,602 | ||||||
13,110 | Computer Programs and Systems, Inc.* | 116,155 | ||||||
2,438 | CONMED Corp. | 195,820 | ||||||
48,398 | Corcept Therapeutics, Inc.* | 1,137,353 | ||||||
140 | CorMedix, Inc.* | 496 | ||||||
3,143 | CorVel Corp.* | 766,892 | ||||||
2,803 | Crinetics Pharmaceuticals, Inc.* | 114,755 | ||||||
27,695 | Cross Country Healthcare, Inc.* | 505,988 | ||||||
8,825 | CryoPort, Inc.* | 155,938 | ||||||
5,970 | CVRx, Inc.* | 117,191 | ||||||
10,923 | Cymabay Therapeutics, Inc.* | 351,611 | ||||||
3,673 | Cytokinetics, Inc.* | 265,338 | ||||||
1,601 | Disc Medicine, Inc.* | 109,941 | ||||||
62,900 | Dynavax Technologies Corp.* | 796,943 | ||||||
6,377 | Eagle Pharmaceuticals, Inc.* | 37,369 | ||||||
16,967 | Embecta Corp. | 242,289 | ||||||
10,759 | Emergent BioSolutions, Inc.* | 34,752 | ||||||
401 | Enhabit, Inc.* | 3,609 | ||||||
1,687 | Enliven Therapeutics, Inc.* | 26,941 | ||||||
9,184 | Ensign Group, Inc. (The) | 1,147,265 | ||||||
17,786 | Entrada Therapeutics, Inc.* | 235,309 | ||||||
8,644 | Evolent Health, Inc., Class A* | 293,118 | ||||||
31,583 | Evolus, Inc.* | 468,376 | ||||||
10,186 | Fulgent Genetics, Inc.* | 229,796 | ||||||
3,478 | Glaukos Corp.* | 308,116 | ||||||
5,657 | Haemonetics Corp.* | 412,848 | ||||||
17,906 | Halozyme Therapeutics, Inc.* | 712,838 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
18,969 | Harmony Biosciences Holdings, Inc.* | $ | 608,905 | |||||
36,572 | Harvard Bioscience, Inc.* | 158,357 | ||||||
8,750 | HealthEquity, Inc.* | 722,837 | ||||||
9,056 | HealthStream, Inc. | 247,048 | ||||||
10,508 | Hims & Hers Health, Inc.* | 137,024 | ||||||
3,709 | Ideaya Biosciences, Inc.* | 165,792 | ||||||
4,443 | Immunovant, Inc.* | 157,149 | ||||||
8,119 | Inari Medical, Inc.* | 374,448 | ||||||
16,793 | InfuSystem Holdings, Inc.* | 155,335 | ||||||
14,161 | Inmode Ltd.* | 311,542 | ||||||
46,167 | Innoviva, Inc.* | 705,432 | ||||||
8,695 | Insmed, Inc.* | 241,025 | ||||||
6,680 | Integer Holdings Corp.* | 736,737 | ||||||
3,797 | Intellia Therapeutics, Inc.* | 121,960 | ||||||
17,307 | Intra-Cellular Therapies, Inc.* | 1,203,183 | ||||||
2,587 | iRadimed Corp. | 108,576 | ||||||
6,418 | iRhythm Technologies, Inc.* | 761,496 | ||||||
72,888 | Ironwood Pharmaceuticals, Inc.* | 687,334 | ||||||
7,144 | iTeos Therapeutics, Inc.* | 76,512 | ||||||
10,329 | Joint Corp. (The)* | 101,844 | ||||||
90,435 | Karyopharm Therapeutics, Inc.* | 104,905 | ||||||
18,725 | Kiniksa Pharmaceuticals Ltd., Class A* | 395,846 | ||||||
1,245 | Krystal Biotech, Inc.* | 198,540 | ||||||
11,610 | Lantheus Holdings, Inc.* | 759,062 | ||||||
7,411 | LeMaitre Vascular, Inc. | 518,770 | ||||||
5,772 | Ligand Pharmaceuticals, Inc.* | 458,008 | ||||||
6,639 | LivaNova PLC* | 363,884 | ||||||
569 | Madrigal Pharmaceuticals, Inc.* | 134,398 | ||||||
7,813 | Merit Medical Systems, Inc.* | 595,351 | ||||||
1,985 | Mesa Laboratories, Inc. | 216,742 | ||||||
88,910 | MiMedx Group, Inc.* | 725,506 | ||||||
3,240 | Mirum Pharmaceuticals, Inc.* | 93,020 | ||||||
4,165 | Morphic Holding, Inc.* | 153,897 | ||||||
130,170 | Multiplan Corp.* | 145,790 | ||||||
36,952 | Myriad Genetics, Inc.* | 773,405 | ||||||
5,221 | National HealthCare Corp. | 515,104 | ||||||
8,023 | National Research Corp. | 323,487 | ||||||
17,325 | Neogen Corp.* | 297,817 | ||||||
11,590 | NeoGenomics, Inc.* | 180,804 | ||||||
6,002 | Nevro Corp.* | 87,389 | ||||||
2,065 | Nuvalent, Inc., Class A* | 173,708 | ||||||
58,294 | Ocular Therapeutix, Inc.* | 586,438 | ||||||
8,085 | Olema Pharmaceuticals, Inc.* | 100,254 | ||||||
9,356 | Omega Therapeutics, Inc.*(a) | 38,453 | ||||||
23,964 | Omeros Corp.*(a) | 107,838 | ||||||
1,368 | OmniAb, Inc. 12.5 Earnout*(b) | — | ||||||
1,368 | OmniAb, Inc. 15.00 Earnout*(b) | — | ||||||
5,749 | Omnicell, Inc.* | 150,854 | ||||||
86,554 | OPKO Health, Inc.*(a) | 86,554 | ||||||
22,633 | Option Care Health, Inc.* | 730,367 | ||||||
40,078 | OraSure Technologies, Inc.* | 288,361 | ||||||
64,341 | Organogenesis Holdings, Inc.* | 229,697 | ||||||
16,245 | Orthofix Medical, Inc.* | 212,160 | ||||||
22,384 | Ovid therapeutics, Inc.* | 76,106 | ||||||
19,883 | Owens & Minor, Inc.* | 483,753 |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
14,810 | Pacific Biosciences of California, Inc.*(a) | $ | 81,899 | |||||
15,759 | Pacira BioSciences, Inc.* | 468,357 | ||||||
20,962 | Patterson Cos., Inc. | 567,861 | ||||||
20,656 | Pediatrix Medical Group, Inc.* | 189,002 | ||||||
15,553 | PetIQ, Inc.* | 283,220 | ||||||
807 | Phathom Pharmaceuticals, Inc.* | 8,635 | ||||||
18,751 | Phibro Animal Health Corp., Class A | 242,450 | ||||||
9,548 | Phreesia, Inc.* | 236,313 | ||||||
24,853 | Poseida Therapeutics, Inc.* | 98,418 | ||||||
16,488 | Prestige Consumer Healthcare, Inc.* | 1,147,235 | ||||||
4,365 | Privia Health Group, Inc.* | 97,427 | ||||||
5,645 | Progyny, Inc.* | 206,155 | ||||||
5,620 | Protagonist Therapeutics, Inc.* | 170,736 | ||||||
52,508 | Protalix BioTherapeutics, Inc.* | 85,588 | ||||||
16,633 | PTC Therapeutics, Inc.* | 468,884 | ||||||
1,200 | Pulmonx Corp.*(a) | 11,064 | ||||||
3,950 | Quanterix Corp.* | 94,642 | ||||||
9,467 | RadNet, Inc.* | 358,421 | ||||||
5,145 | REVOLUTION Medicines, Inc.* | 151,675 | ||||||
4,848 | Rhythm Pharmaceuticals, Inc.* | 210,500 | ||||||
3,484 | RxSight, Inc.* | 190,122 | ||||||
3,550 | Sanara Medtech, Inc.* | 135,042 | ||||||
22,048 | Sangamo Therapeutics, Inc.* | 25,576 | ||||||
29,072 | Savara, Inc.*(a) | 146,814 | ||||||
5,118 | Scholar Rock Holding Corp.* | 79,329 | ||||||
3,273 | Schrodinger, Inc.* | 83,331 | ||||||
25 | scPharmaceuticals, Inc.* | 150 | ||||||
14,622 | Select Medical Holdings Corp. | 398,157 | ||||||
4,677 | Semler Scientific, Inc.* | 220,614 | ||||||
10,361 | SI-BONE, Inc.* | 179,763 | ||||||
43,075 | SIGA Technologies, Inc. | 224,421 | ||||||
11,525 | Silk Road Medical, Inc.* | 207,335 | ||||||
4,918 | SpringWorks Therapeutics, Inc.* | 242,261 | ||||||
9,155 | STAAR Surgical Co.* | 286,002 | ||||||
33,408 | Supernus Pharmaceuticals, Inc.* | 992,218 | ||||||
6,282 | Surgery Partners, Inc.* | 194,930 | ||||||
6,414 | Surmodics, Inc.* | 204,607 | ||||||
21,865 | Tactile Systems Technology, Inc.* | 333,441 | ||||||
6,870 | Taro Pharmaceutical Industries Ltd.* | 289,021 | ||||||
5,194 | Tarsus Pharmaceuticals, Inc.* | 198,515 | ||||||
10,454 | Tela Bio, Inc.* | 70,669 | ||||||
24,918 | TG Therapeutics, Inc.* | 429,088 | ||||||
12,667 | Theravance Biopharma, Inc.* | 119,956 | ||||||
1,499 | TransMedics Group, Inc.* | 122,318 | ||||||
1,617 | UFP Technologies, Inc.* | 336,837 | ||||||
18,818 | UroGen Pharma Ltd.*(a) | 344,934 | ||||||
2,553 | US Physical Therapy, Inc. | 271,307 | ||||||
51,038 | Vanda Pharmaceuticals, Inc.* | 228,140 | ||||||
14,292 | Varex Imaging Corp.* | 245,822 | ||||||
5,059 | Vaxcyte, Inc.* | 373,455 | ||||||
6,933 | Vera Therapeutics, Inc.* | 326,406 | ||||||
7,871 | Veracyte, Inc.* | 185,362 | ||||||
23,376 | Vericel Corp.* | 1,067,816 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
9,886 | Verrica Pharmaceuticals, Inc.*(a) | $ | 52,099 | |||||
31,915 | Viemed Healthcare, Inc.* | 270,001 | ||||||
7,819 | Vigil Neuroscience, Inc.* | 27,210 | ||||||
6,743 | Viking Therapeutics, Inc.* | 519,548 | ||||||
1,771 | Vir Biotechnology, Inc.* | 19,906 | ||||||
26,129 | Voyager Therapeutics, Inc.* | 217,393 | ||||||
6,655 | Xencor, Inc.* | 152,732 | ||||||
4,063 | Xeris Biopharma Holdings, Inc.* | 12,494 | ||||||
8,483 | Y-mAbs Therapeutics, Inc.* | 141,666 | ||||||
11,054 | Zimvie, Inc.* | 187,365 | ||||||
18,423 | Zynex, Inc.*(a) | 249,816 | ||||||
|
| |||||||
56,679,082 | ||||||||
| ||||||||
Industrials – 20.1% | ||||||||
11,731 | AAON, Inc. | 985,169 | ||||||
7,161 | AAR Corp.* | 478,212 | ||||||
12,314 | ABM Industries, Inc. | 508,691 | ||||||
26,804 | ACCO Brands Corp. | 149,566 | ||||||
14,456 | ACV Auctions, Inc., Class A* | 256,594 | ||||||
2,710 | AeroVironment, Inc.* | 343,601 | ||||||
1,114 | AerSale Corp.* | 9,848 | ||||||
3,099 | Alamo Group, Inc. | 626,897 | ||||||
3,663 | Albany International Corp., Class A | 343,846 | ||||||
42,314 | Alight, Inc., Class A* | 381,249 | ||||||
10,622 | Allient, Inc. | 301,877 | ||||||
4,027 | Alta Equipment Group, Inc. | 46,230 | ||||||
4,132 | American Woodmark Corp.* | 414,192 | ||||||
27,479 | API Group Corp.* | 963,139 | ||||||
11,172 | Apogee Enterprises, Inc. | 639,150 | ||||||
11,555 | Applied Industrial Technologies, Inc. | 2,194,179 | ||||||
5,652 | ArcBest Corp. | 807,445 | ||||||
20,061 | Archer Aviation, Inc., Class A*(a) | 96,895 | ||||||
8,441 | Arcosa, Inc. | 700,603 | ||||||
3,200 | Argan, Inc. | 149,952 | ||||||
10,830 | Array Technologies, Inc.* | 147,721 | ||||||
12,094 | ASGN, Inc.* | 1,201,176 | ||||||
6,915 | Astec Industries, Inc. | 280,749 | ||||||
3,139 | Asure Software, Inc.*(a) | 29,255 | ||||||
12,650 | Atkore, Inc. | 2,142,910 | ||||||
4,896 | AZZ, Inc. | 356,429 | ||||||
3,533 | Babcock & Wilcox Enterprises, Inc.* | 4,522 | ||||||
7,021 | Barnes Group, Inc. | 245,314 | ||||||
2,565 | Barrett Business Services, Inc. | 312,904 | ||||||
12,788 | Beacon Roofing Supply, Inc.* | 1,098,361 | ||||||
5,916 | Blue Bird Corp.* | 200,197 | ||||||
8,418 | BlueLinx Holdings, Inc.* | 1,067,823 | ||||||
14,497 | Boise Cascade Co. | 1,970,287 | ||||||
9,669 | Bowman Consulting Group Ltd.* | 314,919 | ||||||
5,633 | Brink’s Co. (The) | 466,581 | ||||||
5,287 | Casella Waste Systems, Inc., Class A* | 476,359 | ||||||
8,876 | CBIZ, Inc.* | 670,404 | ||||||
6,775 | CECO Environmental Corp.* | 153,454 | ||||||
3,888 | Chart Industries, Inc.* | 555,440 | ||||||
9,282 | Cimpress PLC (Ireland)* | 909,729 | ||||||
8,227 | Columbus McKinnon Corp. | 343,642 |
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
8,471 | Comfort Systems USA, Inc. | $ | 2,589,839 | |||||
13,706 | Commercial Vehicle Group, Inc.* | 89,637 | ||||||
85,434 | Conduent, Inc.* | 293,893 | ||||||
3,870 | Construction Partners, Inc., Class A* | 186,070 | ||||||
34,213 | CoreCivic, Inc.* | 521,064 | ||||||
14,224 | Costamare, Inc. (Monaco) | 161,727 | ||||||
3,837 | Covenant Logistics Group, Inc. | 186,785 | ||||||
3,850 | CRA International, Inc. | 510,279 | ||||||
11,964 | CSG Systems International, Inc. | 652,756 | ||||||
4,298 | CSW Industrials, Inc. | 990,216 | ||||||
16,397 | Deluxe Corp. | 318,266 | ||||||
8,470 | Distribution Solutions Group, Inc.* | 266,043 | ||||||
65,371 | DNOW, Inc.* | 925,000 | ||||||
3,233 | Douglas Dynamics, Inc. | 81,148 | ||||||
2,481 | Ducommun, Inc.* | 118,393 | ||||||
13,871 | DXP Enterprises, Inc.* | 492,698 | ||||||
3,992 | Dycom Industries, Inc.* | 504,948 | ||||||
3,925 | Eagle Bulk Shipping, Inc. | 240,485 | ||||||
7,036 | Encore Wire Corp. | 1,695,676 | ||||||
22,448 | Energy Recovery, Inc.* | 350,862 | ||||||
14,841 | Enerpac Tool Group Corp. | 500,290 | ||||||
6,852 | EnerSys | 629,562 | ||||||
7,081 | Ennis, Inc. | 143,886 | ||||||
11,216 | Enovix Corp.*(a) | 109,356 | ||||||
4,259 | Enpro, Inc. | 663,637 | ||||||
3,438 | ESCO Technologies, Inc. | 350,298 | ||||||
4,080 | EVI Industries, Inc. | 87,842 | ||||||
31,216 | ExlService Holdings, Inc.* | 971,442 | ||||||
4,451 | Exponent, Inc. | 360,041 | ||||||
8,669 | Federal Signal Corp. | 710,078 | ||||||
10,011 | First Advantage Corp. | 156,772 | ||||||
5,214 | Fluence Energy, Inc.*(a) | 79,722 | ||||||
19,151 | Fluor Corp.* | 704,757 | ||||||
7,386 | Forrester Research, Inc.* | 148,976 | ||||||
10,319 | Forward Air Corp. | 383,144 | ||||||
11,499 | Franklin Covey Co.* | 439,032 | ||||||
11,694 | Franklin Electric Co., Inc. | 1,215,708 | ||||||
10,585 | FTAI Aviation Ltd. | 595,830 | ||||||
3,485 | GATX Corp. | 442,037 | ||||||
12,117 | Genco Shipping & Trading Ltd. | 247,187 | ||||||
7,491 | Gencor Industries, Inc.* | 122,777 | ||||||
49,448 | GEO Group, Inc. (The)* | 606,727 | ||||||
5,733 | Gibraltar Industries, Inc.* | 444,021 | ||||||
12,202 | Global Industrial Co. | 535,058 | ||||||
20,896 | GMS, Inc.* | 1,866,222 | ||||||
3,789 | Gorman-Rupp Co. (The) | 141,443 | ||||||
63,080 | GrafTech International Ltd. | 111,021 | ||||||
4,618 | Granite Construction, Inc. | 237,966 | ||||||
3,326 | Greenbrier Cos., Inc. (The) | 172,121 | ||||||
12,941 | Griffon Corp. | 923,987 | ||||||
6,983 | H&E Equipment Services, Inc. | 394,470 | ||||||
7,161 | Heartland Express, Inc. | 91,518 | ||||||
5,158 | Heidrick & Struggles International, Inc. | 175,372 | ||||||
3,275 | Helios Technologies, Inc. | 144,591 | ||||||
3,553 | Herc Holdings, Inc. | 563,790 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
10,114 | Hillenbrand, Inc. | $ | 480,921 | |||||
16,887 | Hillman Solutions Corp.* | 164,479 | ||||||
2,918 | HireQuest, Inc.(a) | 39,101 | ||||||
21,139 | HNI Corp. | 947,239 | ||||||
18,777 | Hub Group, Inc., Class A* | 798,586 | ||||||
38,173 | Hudson Technologies, Inc.* | 559,234 | ||||||
5,898 | Huron Consulting Group, Inc.* | 578,771 | ||||||
77 | Hyster-Yale Materials Handling, Inc. | 4,534 | ||||||
5,155 | ICF International, Inc. | 798,252 | ||||||
7,881 | IES Holdings, Inc.* | 866,280 | ||||||
22,427 | Innodata, Inc.*(a) | 165,960 | ||||||
8,898 | Insperity, Inc. | 905,727 | ||||||
6,678 | Insteel Industries, Inc. | 243,146 | ||||||
23,072 | Interface, Inc. | 362,692 | ||||||
23,283 | Janus International Group, Inc.* | 334,111 | ||||||
20,782 | JELD-WEN Holding, Inc.* | 378,232 | ||||||
33,770 | Joby Aviation, Inc.*(a) | 189,787 | ||||||
5,026 | John Bean Technologies Corp. | 510,038 | ||||||
3,859 | Kadant, Inc. | 1,301,641 | ||||||
5,125 | Kaman Corp. | 234,776 | ||||||
16,545 | Kelly Services, Inc., Class A | 405,849 | ||||||
10,300 | Kennametal, Inc. | 259,972 | ||||||
14,051 | Kforce, Inc. | 978,512 | ||||||
10,376 | Korn Ferry | 660,536 | ||||||
9,889 | Kratos Defense & Security Solutions, Inc.* | 180,375 | ||||||
34,472 | Legalzoom.com, Inc.* | 427,453 | ||||||
18,976 | Leonardo DRS, Inc.* | 430,945 | ||||||
3,706 | Limbach Holdings, Inc.* | 182,483 | ||||||
1,967 | Lindsay Corp. | 234,683 | ||||||
24,662 | LSI Industries, Inc. | 355,873 | ||||||
11,266 | Manitowoc Co., Inc. (The)* | 157,048 | ||||||
7,452 | Marten Transport Ltd. | 140,470 | ||||||
4,842 | Masonite International Corp.* | 630,622 | ||||||
12,051 | Masterbrand, Inc.* | 208,603 | ||||||
9,703 | Matson, Inc. | 1,077,518 | ||||||
6,814 | Matthews International Corp., Class A | 197,197 | ||||||
11,468 | Maximus, Inc. | 959,413 | ||||||
4,294 | Mayville Engineering Co., Inc.* | 52,559 | ||||||
2,541 | McGrath RentCorp | 316,304 | ||||||
2,697 | Miller Industries, Inc. | 121,392 | ||||||
14,793 | MillerKnoll, Inc. | 451,926 | ||||||
17,923 | Mistras Group, Inc.* | 155,034 | ||||||
5,707 | Moog, Inc., Class A | 855,765 | ||||||
32,308 | MRC Global, Inc.* | 372,511 | ||||||
34,666 | Mueller Industries, Inc. | 1,781,139 | ||||||
21,069 | Mueller Water Products, Inc., Class A | 327,623 | ||||||
4,727 | MYR Group, Inc.* | 767,948 | ||||||
1,319 | National Presto Industries, Inc. | 101,998 | ||||||
4,452 | NEXTracker, Inc., Class A* | 250,380 | ||||||
5,309 | Northwest Pipe Co.* | 158,367 | ||||||
3,836 | NV5 Global, Inc.* | 390,160 | ||||||
2,853 | Omega Flex, Inc. | 198,711 | ||||||
12,084 | OPENLANE, Inc.* | 184,523 |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
3,444 | PAM Transportation Services, Inc.* | $ | 63,783 | |||||
8,517 | Pangaea Logistics Solutions Ltd. | 71,372 | ||||||
9,878 | Parsons Corp.* | 796,266 | ||||||
20,768 | PGT Innovations, Inc.* | 867,479 | ||||||
4,809 | Powell Industries, Inc. | 890,819 | ||||||
2,317 | Preformed Line Products Co. | 318,541 | ||||||
12,269 | Primoris Services Corp. | 484,748 | ||||||
6,396 | Proto Labs, Inc.* | 233,006 | ||||||
15,041 | Quanex Building Products Corp. | 520,118 | ||||||
34,531 | Radiant Logistics, Inc.* | 200,280 | ||||||
26,663 | Resideo Technologies, Inc.* | 595,385 | ||||||
29,201 | Resources Connection, Inc. | 403,850 | ||||||
15,722 | REV Group, Inc. | 324,502 | ||||||
26,321 | Rocket Lab USA, Inc.*(a) | 120,682 | ||||||
20,488 | Rush Enterprises, Inc., Class A | 997,766 | ||||||
9,001 | Rush Enterprises, Inc., Class B | 453,920 | ||||||
34,409 | RXO, Inc.* | 740,482 | ||||||
44,173 | Safe Bulkers, Inc. (Greece) | 204,963 | ||||||
7,503 | Shoals Technologies Group, Inc., Class A* | 96,263 | ||||||
18,960 | Shyft Group, Inc. (The) | 195,478 | ||||||
10,481 | Simpson Manufacturing Co., Inc. | 2,187,175 | ||||||
6,244 | SkyWest, Inc.* | 400,990 | ||||||
7,404 | SP Plus Corp.* | 380,640 | ||||||
6,200 | Spirit Airlines, Inc. | 39,990 | ||||||
6,529 | SPX Technologies, Inc.* | 765,134 | ||||||
2,372 | Standex International Corp. | 410,356 | ||||||
32,777 | Steelcase, Inc., Class A | 450,356 | ||||||
8,014 | Sterling Infrastructure, Inc.* | 854,613 | ||||||
7,761 | Tennant Co. | 878,468 | ||||||
13,101 | Terex Corp. | 751,342 | ||||||
10,589 | Textainer Group Holdings Ltd. (China) | 528,391 | ||||||
7,033 | Thermon Group Holdings, Inc.* | 191,931 | ||||||
14,630 | Titan International, Inc.* | 186,679 | ||||||
14,346 | Titan Machinery, Inc.* | 361,950 | ||||||
6,012 | Transcat, Inc.* | 632,222 | ||||||
6,260 | TriNet Group, Inc.* | 801,343 | ||||||
5,901 | Trinity Industries, Inc. | 149,767 | ||||||
7,982 | Triumph Group, Inc.* | 110,950 | ||||||
28,320 | TrueBlue, Inc.* | 332,760 | ||||||
4,826 | TTEC Holdings, Inc. | 84,214 | ||||||
16,465 | Tutor Perini Corp.* | 186,548 | ||||||
16,307 | UFP Industries, Inc. | 1,869,271 | ||||||
2,827 | UniFirst Corp. | 476,971 | ||||||
22,558 | Upwork, Inc.* | 295,510 | ||||||
6,797 | V2X, Inc.* | 261,685 | ||||||
20,884 | Verra Mobility Corp.* | 451,512 | ||||||
7,021 | Vicor Corp.* | 261,462 | ||||||
16,101 | Wabash National Corp. | 439,235 | ||||||
7,612 | Watts Water Technologies, Inc., Class A | 1,552,467 | ||||||
7,851 | Werner Enterprises, Inc. | 315,139 | ||||||
7,951 | Willdan Group, Inc.* | 166,017 | ||||||
11,497 | Zurn Elkay Water Solutions Corp. | 365,030 | ||||||
|
| |||||||
99,549,197 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – 13.8% |
| |||||||
107,228 | 8x8, Inc.* | $ | 303,455 | |||||
44,981 | A10 Networks, Inc. | 598,697 | ||||||
19,100 | ACI Worldwide, Inc.* | 628,581 | ||||||
5,359 | ACM Research, Inc., Class A* | 165,700 | ||||||
33,537 | Adeia, Inc. | 380,310 | ||||||
6,871 | Advanced Energy Industries, Inc. | 695,345 | ||||||
6,455 | Aehr Test Systems* | 105,023 | ||||||
8,575 | Agilysys, Inc.* | 667,135 | ||||||
9,895 | Alarm.com Holdings, Inc.* | 748,953 | ||||||
4,076 | Alkami Technology, Inc.* | 101,696 | ||||||
9,924 | Alpha & Omega Semiconductor Ltd.* | 217,336 | ||||||
9,777 | Altair Engineering, Inc., Class A* | 831,827 | ||||||
4,063 | Ambarella, Inc.* | 226,919 | ||||||
11,604 | American Software, Inc., Class A | 130,197 | ||||||
30,496 | Amkor Technology, Inc. | 945,986 | ||||||
5,135 | Appfolio, Inc., Class A* | 1,243,132 | ||||||
9,807 | Appian Corp., Class A* | 341,774 | ||||||
18,639 | Applied Digital Corp.*(a) | 77,352 | ||||||
33,792 | Arlo Technologies, Inc.* | 351,775 | ||||||
14,709 | Asana, Inc., Class A* | 289,767 | ||||||
43,942 | Aurora Innovation, Inc.* | 111,613 | ||||||
8,706 | Axcelis Technologies, Inc.* | 980,905 | ||||||
7,200 | Badger Meter, Inc. | 1,142,568 | ||||||
5,647 | Bel Fuse, Inc., Class B | 293,475 | ||||||
7,364 | Belden, Inc. | 627,266 | ||||||
10,977 | Benchmark Electronics, Inc. | 337,104 | ||||||
15,340 | BigCommerce Holdings, Inc., Series 1* | 118,885 | ||||||
42,997 | Bit Digital, Inc. (China)*(a) | 111,792 | ||||||
7,824 | Blackbaud, Inc.* | 541,264 | ||||||
2,299 | BlackLine, Inc.* | 130,422 | ||||||
31,480 | Box, Inc., Class A* | 811,869 | ||||||
4,414 | Braze, Inc., Class A* | 251,157 | ||||||
36,372 | Brightcove, Inc.* | 80,564 | ||||||
4,618 | C3.ai, Inc., Class A*(a) | 170,727 | ||||||
13,865 | Calix, Inc.* | 483,473 | ||||||
1,979 | Cambium Networks Corp.* | 8,411 | ||||||
5,715 | Cerence, Inc.* | 85,153 | ||||||
5,473 | CEVA, Inc.* | 123,909 | ||||||
10,508 | Cleanspark, Inc.* | 175,694 | ||||||
6,225 | Clearfield, Inc.*(a) | 187,808 | ||||||
2,836 | Climb Global Solutions, Inc. | 192,763 | ||||||
13,180 | Cohu, Inc.* | 423,473 | ||||||
12,914 | CommVault Systems, Inc.* | 1,235,999 | ||||||
7,115 | Consensus Cloud Solutions, Inc.* | 113,271 | ||||||
5,313 | CoreCard Corp.* | 67,794 | ||||||
6,538 | Corsair Gaming, Inc.* | 84,667 | ||||||
9,911 | Couchbase, Inc.* | 278,301 | ||||||
3,081 | CPI Card Group, Inc.* | 58,231 | ||||||
7,850 | Credo Technology Group Holding Ltd.* | 169,089 | ||||||
6,552 | CTS Corp. | 291,957 | ||||||
19,218 | Daktronics, Inc.* | 166,812 | ||||||
11,385 | Digi International, Inc.* | 336,541 | ||||||
27,059 | Digital Turbine, Inc.* | 85,777 | ||||||
2,945 | DigitalOcean Holdings, Inc.* | 111,674 |
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
13,269 | Diodes, Inc.* | $ | 902,027 | |||||
25,868 | Domo, Inc., Class B* | 297,741 | ||||||
18,351 | eGain Corp.* | 112,492 | ||||||
6,023 | Envestnet, Inc.* | 310,365 | ||||||
8,403 | ePlus, Inc.* | 692,323 | ||||||
5,193 | Everbridge, Inc.* | 146,806 | ||||||
50,970 | Extreme Networks, Inc.* | 644,261 | ||||||
5,100 | Fabrinet (Thailand)* | 1,099,407 | ||||||
8,019 | Fastly, Inc., Class A* | 114,030 | ||||||
16,097 | FormFactor, Inc.* | 692,654 | ||||||
14,254 | Freshworks, Inc., Class A* | 291,352 | ||||||
15,310 | Grid Dynamics Holdings, Inc.* | 206,532 | ||||||
21,650 | Hackett Group, Inc. (The) | 535,188 | ||||||
29,307 | Harmonic, Inc.* | 384,801 | ||||||
7,679 | Ichor Holdings Ltd.* | 328,661 | ||||||
3,527 | Immersion Corp. | 23,807 | ||||||
6,426 | Impinj, Inc.* | 701,848 | ||||||
46,197 | Infinera Corp.* | 231,909 | ||||||
32,673 | Information Services Group, Inc. | 141,474 | ||||||
8,281 | Insight Enterprises, Inc.* | 1,556,828 | ||||||
3,160 | Intapp, Inc.* | 123,967 | ||||||
4,926 | InterDigital, Inc. | 527,181 | ||||||
10,034 | inTEST Corp.* | 117,197 | ||||||
9,205 | IonQ, Inc.*(a) | 95,364 | ||||||
4,773 | Itron, Inc.* | 442,362 | ||||||
9,644 | Kimball Electronics, Inc.* | 217,086 | ||||||
22,891 | Knowles Corp.* | 374,039 | ||||||
13,152 | Kulicke & Soffa Industries, Inc. (Singapore) | 626,298 | ||||||
11,681 | LiveRamp Holdings, Inc.* | 408,601 | ||||||
22,318 | Luna Innovations, Inc.* | 151,316 | ||||||
6,271 | MACOM Technology Solutions Holdings, Inc.* | 553,917 | ||||||
8,942 | Marathon Digital Holdings, Inc.* | 231,598 | ||||||
28,061 | MaxLinear, Inc.* | 545,506 | ||||||
9,411 | Methode Electronics, Inc. | 200,454 | ||||||
618 | MicroStrategy, Inc., Class A* | 632,115 | ||||||
19,900 | Mitek Systems, Inc.* | 231,039 | ||||||
7,610 | Model N, Inc.* | 186,902 | ||||||
9,526 | N-able, Inc.* | 128,315 | ||||||
19,698 | Napco Security Technologies, Inc. | 887,001 | ||||||
15,103 | Navitas Semiconductor Corp.* | 92,732 | ||||||
9,328 | NETGEAR, Inc.* | 139,827 | ||||||
17,794 | NetScout Systems, Inc.* | 385,240 | ||||||
5,785 | Novanta, Inc.* | 1,000,458 | ||||||
3,042 | NVE Corp. | 254,281 | ||||||
14,168 | OneSpan, Inc.* | 136,154 | ||||||
9,125 | Onto Innovation, Inc.* | 1,680,460 | ||||||
3,822 | OSI Systems, Inc.* | 501,370 | ||||||
6,429 | PagerDuty, Inc.* | 155,325 | ||||||
2,361 | PAR Technology Corp.* | 103,459 | ||||||
10,622 | PC Connection, Inc. | 705,088 | ||||||
10,267 | PDF Solutions, Inc.* | 348,975 | ||||||
8,557 | Perficient, Inc.* | 555,093 | ||||||
26,618 | Photronics, Inc.* | 766,332 | ||||||
5,628 | Plexus Corp.* | 531,283 | ||||||
10,801 | Power Integrations, Inc. | 771,839 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
4,653 | PowerSchool Holdings, Inc., Class A* | $ | 97,201 | |||||
12,428 | Progress Software Corp. | 663,158 | ||||||
6,746 | PROS Holdings, Inc.* | 241,169 | ||||||
4,056 | Q2 Holdings, Inc.* | 187,509 | ||||||
6,837 | Qualys, Inc.* | 1,175,007 | ||||||
54,400 | Rackspace Technology, Inc.* | 114,784 | ||||||
24,031 | Rambus, Inc.* | 1,423,596 | ||||||
8,104 | Rapid7, Inc.* | 474,732 | ||||||
1,983 | Red Violet, Inc.* | 35,416 | ||||||
42,764 | Ribbon Communications, Inc.* | 127,864 | ||||||
3,813 | Richardson Electronics Ltd. | 33,516 | ||||||
13,064 | Riot Platforms, Inc.* | 184,464 | ||||||
1,430 | Rogers Corp.* | 160,260 | ||||||
10,876 | Sanmina Corp.* | 687,363 | ||||||
8,871 | Sapiens International Corp. NV (Israel) | 272,961 | ||||||
8,806 | ScanSource, Inc.* | 380,683 | ||||||
20,378 | SEMrush Holdings, Inc., Class A* | 254,317 | ||||||
4,418 | Silicon Laboratories, Inc.* | 607,652 | ||||||
812 | SiTime Corp.* | 75,110 | ||||||
17,471 | SMART Global Holdings, Inc.* | 371,608 | ||||||
18,189 | SolarWinds Corp.* | 217,177 | ||||||
5,067 | SoundThinking, Inc.* | 88,115 | ||||||
20,907 | Sprinklr, Inc., Class A* | 272,418 | ||||||
7,246 | Sprout Social, Inc., Class A* | 447,948 | ||||||
7,975 | SPS Commerce, Inc.* | 1,476,651 | ||||||
11,675 | Squarespace, Inc., Class A* | 388,544 | ||||||
7,610 | Super Micro Computer, Inc.* | 6,591,173 | ||||||
8,805 | Synaptics, Inc.* | 881,381 | ||||||
15,078 | Tenable Holdings, Inc.* | 726,156 | ||||||
65,124 | Terawulf, Inc.*(a) | 122,108 | ||||||
31,239 | Thoughtworks Holding, Inc.* | 97,466 | ||||||
30,225 | TTM Technologies, Inc.* | 448,841 | ||||||
4,874 | Turtle Beach Corp.* | 52,054 | ||||||
11,827 | Ultra Clean Holdings, Inc.* | 510,926 | ||||||
30,529 | Unisys Corp.* | 158,446 | ||||||
14,637 | Varonis Systems, Inc.* | 743,560 | ||||||
10,450 | Veeco Instruments, Inc.* | 378,395 | ||||||
12,958 | Verint Systems, Inc.* | 409,602 | ||||||
37,677 | Viavi Solutions, Inc.* | 359,815 | ||||||
27,471 | Vishay Intertechnology, Inc. | 597,494 | ||||||
7,688 | Vishay Precision Group, Inc.* | 265,620 | ||||||
10,861 | Weave Communications, Inc.* | 136,088 | ||||||
7,701 | Workiva, Inc.* | 663,210 | ||||||
24,181 | Xerox Holdings Corp. | 450,976 | ||||||
12,186 | Xperi, Inc.* | 133,559 | ||||||
44,850 | Yext, Inc.* | 265,512 | ||||||
34,520 | Zeta Global Holdings Corp., Class A* | 362,460 | ||||||
23,203 | Zuora, Inc., Class A* | 187,480 | ||||||
|
| |||||||
68,665,593 | ||||||||
| ||||||||
Materials – 4.6% | ||||||||
8,822 | AdvanSix, Inc. | 246,840 | ||||||
5,672 | Alpha Metallurgical Resources, Inc. | 2,139,762 | ||||||
18,517 | American Vanguard Corp. | 198,502 |
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – (continued) |
| |||||||
30,963 | Arcadium Lithium PLC (Jersey)* | $ | 169,987 | |||||
6,394 | Arch Resources, Inc. | 1,056,864 | ||||||
10,488 | ATI, Inc.* | 515,800 | ||||||
15,503 | Avient Corp. | 627,561 | ||||||
3,485 | Balchem Corp. | 547,807 | ||||||
9,488 | Cabot Corp. | 806,006 | ||||||
6,746 | Carpenter Technology Corp. | 436,129 | ||||||
5,837 | Clearwater Paper Corp.* | 229,336 | ||||||
27,364 | Commercial Metals Co. | 1,477,656 | ||||||
18,112 | Constellium SE* | 351,192 | ||||||
7,241 | Core Molding Technologies, Inc.* | 133,017 | ||||||
21,162 | Ecovyst, Inc.* | 204,213 | ||||||
5,498 | Greif, Inc., Class A | 354,401 | ||||||
5,035 | Hawkins, Inc. | 353,709 | ||||||
515 | Haynes International, Inc. | 30,606 | ||||||
8,712 | HB Fuller Co. | 692,865 | ||||||
37,470 | Hecla Mining Co. | 132,644 | ||||||
7,080 | Ingevity Corp.* | 323,414 | ||||||
7,513 | Innospec, Inc. | 933,641 | ||||||
1,585 | Kaiser Aluminum Corp. | 114,944 | ||||||
3,595 | Knife River Corp.* | 266,354 | ||||||
4,873 | Koppers Holdings, Inc. | 275,909 | ||||||
12,336 | LSB Industries, Inc.* | 90,793 | ||||||
4,193 | Materion Corp. | 563,204 | ||||||
9,312 | Mativ Holdings, Inc. | 161,749 | ||||||
20,256 | Metallus, Inc.* | 440,568 | ||||||
6,216 | Minerals Technologies, Inc. | 449,790 | ||||||
32,230 | Myers Industries, Inc. | 619,783 | ||||||
22,417 | O-I Glass, Inc.* | 379,296 | ||||||
8,980 | Olympic Steel, Inc. | 610,820 | ||||||
24,127 | Orion SA (Germany) | 543,823 | ||||||
12,829 | Pactiv Evergreen, Inc. | 189,228 | ||||||
1,417 | Quaker Chemical Corp. | 284,108 | ||||||
12,097 | Radius Recycling, Inc., Class A | 239,037 | ||||||
16,531 | Ramaco Resources, Inc., Class A | 290,615 | ||||||
2,328 | Ramaco Resources, Inc., Class B | 27,936 | ||||||
36,297 | Rayonier Advanced Materials, Inc.* | 123,047 | ||||||
20,035 | Ryerson Holding Corp. | 632,705 | ||||||
8,113 | Sensient Technologies Corp. | 542,597 | ||||||
1,744 | Stepan Co. | 155,565 | ||||||
15,448 | Summit Materials, Inc., Class A* | 659,784 | ||||||
38,427 | SunCoke Energy, Inc. | 411,553 | ||||||
4,335 | Sylvamo Corp. | 261,877 | ||||||
9,326 | TriMas Corp. | 219,161 | ||||||
2,643 | Trinseo PLC | 11,893 | ||||||
16,960 | Tronox Holdings PLC | 249,312 | ||||||
1,921 | United States Lime & Minerals, Inc. | 489,817 | ||||||
21,399 | Warrior Met Coal, Inc. | 1,219,101 | ||||||
6,776 | Worthington Steel, Inc.* | 214,528 | ||||||
|
| |||||||
22,700,849 | ||||||||
| ||||||||
Real Estate – 5.4% |
| |||||||
18,334 | Acadia Realty Trust REIT | 300,494 | ||||||
27,339 | Alexander & Baldwin, Inc. REIT | 444,532 | ||||||
531 | Alexander’s, Inc. REIT | 117,378 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
5,559 | Alpine, Inc.ome Property Trust, Inc. REIT | $ | 86,776 | |||||
10,445 | American Assets Trust, Inc. REIT | 225,299 | ||||||
33,686 | Anywhere Real Estate, Inc.* | 211,211 | ||||||
44,605 | Apartment Investment and Management Co., Class A REIT* | 329,185 | ||||||
42,503 | Apple Hospitality REIT, Inc. REIT | 683,873 | ||||||
10,643 | Armada Hoffler Properties, Inc. REIT | 108,346 | ||||||
15,323 | Braemar Hotels & Resorts, Inc. REIT | 34,937 | ||||||
27,125 | Brandywine Realty Trust REIT | 116,638 | ||||||
24,764 | Broadstone Net Lease, Inc. REIT | 369,231 | ||||||
8,757 | BRT Apartments Corp. REIT | 135,558 | ||||||
18,938 | CareTrust REIT, Inc. REIT | 427,241 | ||||||
8,066 | CBL & Associates Properties, Inc. REIT | 186,002 | ||||||
2,552 | Centerspace REIT | 141,866 | ||||||
16,126 | Chatham Lodging Trust REIT | 164,485 | ||||||
22,539 | City Office REIT, Inc. REIT | 103,229 | ||||||
5,923 | Community Healthcare Trust, Inc. REIT | 160,750 | ||||||
150,023 | Compass, Inc., Class A* | 592,591 | ||||||
19,519 | COPT Defense Properties REIT | 472,945 | ||||||
10,960 | CTO Realty Growth, Inc. REIT | 186,868 | ||||||
37,384 | Cushman & Wakefield PLC* | 373,466 | ||||||
42,628 | DiamondRock Hospitality Co. REIT | 400,703 | ||||||
9,245 | DigitalBridge Group, Inc. | 169,831 | ||||||
70,379 | Douglas Elliman, Inc. | 129,497 | ||||||
24,201 | Douglas Emmett, Inc. REIT | 319,937 | ||||||
13,884 | Easterly Government Properties, Inc. REIT | 163,831 | ||||||
10,254 | Elme Communities REIT | 132,072 | ||||||
39,928 | Empire State Realty Trust, Inc., Class A REIT | 398,082 | ||||||
12,883 | Equity Commonwealth REIT* | 242,587 | ||||||
19,197 | Essential Properties Realty Trust, Inc. REIT | 458,616 | ||||||
48,659 | eXp World Holdings, Inc.(a) | 637,433 | ||||||
11,055 | Farmland Partners, Inc. REIT | 130,449 | ||||||
11,239 | Forestar Group, Inc.* | 378,979 | ||||||
15,511 | Four Corners Property Trust, Inc. REIT | 375,056 | ||||||
3,691 | FRP Holdings, Inc.* | 222,198 | ||||||
8,387 | Getty Realty Corp. REIT | 221,081 | ||||||
11,225 | Gladstone Commercial Corp. REIT | 138,966 | ||||||
3,783 | Gladstone Land Corp. REIT | 49,217 | ||||||
9,426 | Global Medical REIT, Inc. REIT | 84,363 | ||||||
46,328 | Global Net Lease, Inc. REIT | 334,025 | ||||||
24,782 | Hudson Pacific Properties, Inc. REIT | 157,118 | ||||||
25,667 | Independence Realty Trust, Inc. REIT | 375,765 |
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – (continued) |
| |||||||
3,842 | Innovative Industrial Properties, Inc. REIT | $ | 376,478 | |||||
8,756 | InvenTrust Properties Corp. REIT | 221,089 | ||||||
15,648 | JBG SMITH Properties REIT | 259,444 | ||||||
8,172 | Kennedy-Wilson Holdings, Inc. | 71,750 | ||||||
37,101 | Kite Realty Group Trust REIT | 794,332 | ||||||
7,048 | LTC Properties, Inc. REIT | 221,730 | ||||||
37,861 | LXP Industrial Trust REIT | 327,876 | ||||||
32,081 | Macerich Co. (The) REIT | 526,449 | ||||||
19,201 | Marcus & Millichap, Inc. | 704,485 | ||||||
6,897 | National Health Investors, Inc. REIT | 396,371 | ||||||
21,562 | Newmark Group, Inc., Class A | 232,654 | ||||||
5,892 | NexPoint Residential Trust, Inc. REIT | 172,105 | ||||||
17,395 | Office Properties Income Trust REIT | 46,445 | ||||||
37,616 | Opendoor Technologies, Inc.* | 115,857 | ||||||
17,036 | Orion Office REIT, Inc. REIT | 59,796 | ||||||
27,152 | Outfront Media, Inc. REIT | 390,174 | ||||||
41,726 | Paramount Group, Inc. REIT | 184,846 | ||||||
21,543 | Pebblebrook Hotel Trust REIT | 341,241 | ||||||
14,891 | Phillips Edison & Co., Inc. REIT | 531,907 | ||||||
26,985 | Piedmont Office Realty Trust, Inc., Class A REIT | 169,196 | ||||||
6,351 | Plymouth Industrial REIT, Inc. REIT | 136,991 | ||||||
11,225 | Postal Realty Trust, Inc., Class A REIT | 160,742 | ||||||
21,101 | PotlatchDeltic Corp. REIT | 953,976 | ||||||
14,606 | RE/MAX Holdings, Inc., Class A | 124,589 | ||||||
16,438 | Redfin Corp.* | 116,792 | ||||||
20,372 | Retail Opportunity Investments Corp. REIT | 263,410 | ||||||
27,151 | RLJ Lodging Trust REIT | 322,282 | ||||||
11,234 | RMR Group, Inc. (The), Class A | 274,896 | ||||||
9,409 | Ryman Hospitality Properties, Inc. REIT | 1,114,778 | ||||||
35,840 | Sabra Health Care REIT, Inc. REIT | 497,459 | ||||||
2,482 | Saul Centers, Inc. REIT | 89,824 | ||||||
42,869 | Service Properties Trust REIT | 291,509 | ||||||
29,331 | SITE Centers Corp. REIT | 398,315 | ||||||
5,033 | SL Green Realty Corp. REIT | 244,000 | ||||||
5,957 | St Joe Co. (The) | 320,904 | ||||||
35,417 | Summit Hotel Properties, Inc. REIT | 227,377 | ||||||
36,315 | Sunstone Hotel Investors, Inc. REIT | 406,365 | ||||||
22,155 | Tanger, Inc. REIT | 638,286 | ||||||
10,298 | Terreno Realty Corp. REIT | 662,161 | ||||||
10,786 | UMH Properties, Inc. REIT | 166,104 | ||||||
62,648 | Uniti Group, Inc. REIT | 367,117 | ||||||
2,956 | Universal Health Realty Income Trust REIT | 114,634 | ||||||
15,128 | Urban Edge Properties REIT | 257,327 | ||||||
20,030 | Veris Residential, Inc. REIT | 292,438 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – (continued) |
| |||||||
21,331 | Whitestone REIT | $ | 262,798 | |||||
23,920 | Xenia Hotels & Resorts, Inc. REIT | 366,933 | ||||||
|
| |||||||
26,708,939 | ||||||||
| ||||||||
Utilities – 2.8% | ||||||||
12,298 | ALLETE, Inc. | 696,559 | ||||||
9,403 | American States Water Co. | 671,468 | ||||||
13,709 | Avista Corp. | 455,139 | ||||||
13,236 | Black Hills Corp. | 688,669 | ||||||
26,266 | Brookfield Infrastructure Corp., Class A (Canada)(a) | 871,243 | ||||||
9,025 | California Water Service Group | 414,157 | ||||||
4,613 | Chesapeake Utilities Corp. | 470,664 | ||||||
14,318 | Consolidated Water Co. Ltd. (Cayman Islands) | 423,240 | ||||||
19,013 | Genie Energy Ltd., Class B | 346,797 | ||||||
7,452 | MGE Energy, Inc. | 470,892 | ||||||
3,029 | Middlesex Water Co. | 154,146 | ||||||
53,465 | Montauk Renewables, Inc.* | 303,681 | ||||||
16,735 | New Jersey Resources Corp. | 696,343 | ||||||
5,332 | Northwest Natural Holding Co. | 195,898 | ||||||
10,915 | Northwestern Energy Group, Inc. | 523,047 | ||||||
13,513 | ONE Gas, Inc. | 805,375 | ||||||
10,278 | Ormat Technologies, Inc. | 669,612 | ||||||
13,297 | Otter Tail Corp. | 1,202,847 | ||||||
17,718 | PNM Resources, Inc. | 646,884 | ||||||
19,631 | Portland General Electric Co. | 788,577 | ||||||
17,901 | Pure Cycle Corp.* | 178,473 | ||||||
3,819 | RGC Resources, Inc. | 71,644 | ||||||
5,353 | SJW Group | 294,736 | ||||||
11,373 | Southwest Gas Holdings, Inc. | 775,070 | ||||||
9,333 | Spire, Inc. | 553,634 | ||||||
5,056 | Unitil Corp. | 257,654 | ||||||
4,822 | York Water Co. (The) | 170,699 | ||||||
|
| |||||||
13,797,148 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $444,247,613) | 491,871,940 | |||||||
|
Units | Description | Expiration Month | Value | |||||||||
Rights – 0.0% |
| |||||||||||
Health Care* – 0.0% |
| |||||||||||
4,104 | Chinook Therapeutics, Inc.*(b) | 12/25 | 1,601 | |||||||||
45,824 | Radius Health, Inc.*(b) | 12/25 | 3,666 | |||||||||
|
| |||||||||||
5,267 | ||||||||||||
| ||||||||||||
Materials – 0.0% |
| |||||||||||
15,501 | Resolute Forest Products*(b) | 09/23 | 22,011 | |||||||||
| ||||||||||||
TOTAL RIGHTS (Cost $0) |
| 27,278 | ||||||||||
|
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.6%(c) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
3,112,940 | 5.195% | $ | 3,112,940 | |||||
(Cost $3,112,940) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $447,360,553) | 495,012,158 | |||||||
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.8%(c) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
4,158,292 | 5.219% | $ | 4,158,292 | |||||
(Cost $4,158,292) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 100.6% |
| |||||||
(Cost $451,518,845) | $ | 499,170,450 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)% | (2,893,545) | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 496,276,905 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. |
(a) | All or a portion of security is on loan. |
(b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
| ||||||||||||
Long position contracts: | ||||||||||||
Russell 2000 E-Mini Index | 38 | 03/15/24 | $ | 3,908,870 | $ | 109,636 | ||||||
|
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.4% | ||||||||
Australia – 2.5% | ||||||||
54,542 | ANZ Group Holdings Ltd. (Financials) | $ | 1,010,403 | |||||
117,370 | Brambles Ltd. (Industrials) | 1,151,732 | ||||||
295,256 | Coles Group Ltd. (Consumer Staples) | 3,249,126 | ||||||
39,122 | EBOS Group Ltd. (Health Care) | 880,706 | ||||||
176,523 | Insurance Australia Group Ltd. (Financials) | 712,647 | ||||||
195,383 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 646,296 | ||||||
684,242 | Medibank Pvt Ltd. (Financials) | 1,599,504 | ||||||
64,778 | National Australia Bank Ltd. (Financials) | 1,427,378 | ||||||
33,175 | Sonic Healthcare Ltd. (Health Care) | 644,817 | ||||||
820,013 | Telstra Group Ltd. (Communication Services) | 2,039,695 | ||||||
109,478 | Wesfarmers Ltd. (Consumer Discretionary) | 4,750,540 | ||||||
30,866 | Westpac Banking Corp. (Financials) | 529,593 | ||||||
119,847 | Woolworths Group Ltd. (Consumer Staples) | 2,545,613 | ||||||
|
| |||||||
21,188,050 | ||||||||
| ||||||||
Austria – 0.1% | ||||||||
9,821 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 285,357 | ||||||
27,498 | Wienerberger AG (Materials) | 961,150 | ||||||
|
| |||||||
1,246,507 | ||||||||
| ||||||||
Belgium – 0.2% | ||||||||
6,088 | Ackermans & van Haaren NV (Industrials) | 1,023,137 | ||||||
19,947 | Warehouses De Pauw CVA REIT (Real Estate) | 532,734 | ||||||
|
| |||||||
1,555,871 | ||||||||
| ||||||||
Canada – 3.5% | ||||||||
36,861 | Bank of Nova Scotia (The) (Financials) | 1,788,493 | ||||||
6,319 | Brookfield Asset Management Ltd., Class A (Financials)(a) | 257,680 | ||||||
34,317 | Canadian Imperial Bank of Commerce (Financials) | 1,624,830 | ||||||
35,488 | CGI, Inc. (Information Technology)* | 4,076,927 | ||||||
9,398 | George Weston Ltd. (Consumer Staples) | 1,231,680 | ||||||
74,232 | Great-West Lifeco, Inc. (Financials)(a) | 2,287,682 | ||||||
15,231 | Hydro One Ltd. (Utilities)(b) | 454,229 | ||||||
2,472 | Intact Financial Corp. (Financials) | 411,310 | ||||||
33,150 | Loblaw Cos. Ltd. (Consumer Staples) | 3,535,088 | ||||||
27,096 | Manulife Financial Corp. (Financials) | 643,464 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
15,411 | Metro, Inc. (Consumer Staples) | $ | 834,888 | |||||
25,658 | National Bank of Canada (Financials) | 2,003,872 | ||||||
96,333 | Power Corp. of Canada (Financials) | 2,784,839 | ||||||
22,234 | Royal Bank of Canada (Financials) | 2,160,535 | ||||||
34,560 | Sun Life Financial, Inc. (Financials)(a) | 1,836,609 | ||||||
10,434 | Thomson Reuters Corp. (Industrials) | 1,648,085 | ||||||
21,072 | Toronto-Dominion Bank (The) (Financials) | 1,266,013 | ||||||
|
| |||||||
28,846,224 | ||||||||
| ||||||||
Denmark – 0.0% | ||||||||
6,466 | Tryg A/S (Financials) | 137,519 | ||||||
| ||||||||
Finland – 0.4% | ||||||||
3,145 | Elisa OYJ (Communication Services) | 141,784 | ||||||
29,190 | Orion OYJ, Class B (Health Care) | 1,149,802 | ||||||
24,493 | Sampo OYJ, Class A (Financials) | 1,096,516 | ||||||
29,489 | UPM-Kymmene OYJ (Materials) | 987,024 | ||||||
|
| |||||||
3,375,126 | ||||||||
| ||||||||
France – 2.5% | ||||||||
9,449 | Air Liquide SA (Materials) | 1,921,322 | ||||||
82,613 | AXA SA (Financials) | 2,939,462 | ||||||
42,048 | Bouygues SA (Industrials) | 1,664,018 | ||||||
7,002 | Capgemini SE (Information Technology) | 1,702,601 | ||||||
84,977 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 3,144,040 | ||||||
12,328 | Danone SA (Consumer Staples) | 787,371 | ||||||
4,537 | Dassault Systemes (Information Technology) | 212,026 | ||||||
3,755 | Legrand SA (Industrials) | 379,935 | ||||||
5,650 | L’Oreal SA (Consumer Staples) | 2,700,620 | ||||||
377,989 | Orange SA (Communication Services) | 4,338,288 | ||||||
6,479 | Thales SA (Industrials) | 960,892 | ||||||
|
| |||||||
20,750,575 | ||||||||
| ||||||||
Germany – 1.9% | ||||||||
5,363 | Allianz SE (Financials) | 1,473,237 | ||||||
13,091 | Beiersdorf AG (Consumer Staples) | 1,877,760 | ||||||
7,390 | Deutsche Boerse AG (Financials) | 1,548,237 | ||||||
133,500 | Deutsche Telekom AG (Communication Services) | 3,176,109 | ||||||
159,813 | E.ON SE (Utilities) | 2,042,441 | ||||||
3,547 | Hannover Rueck SE (Financials) | 910,849 |
86 | 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) | ||||||||
Germany – (continued) | ||||||||
4,208 | Henkel AG & Co. KGaA (Consumer Staples) | $ | 284,150 | |||||
3,776 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) | 1,758,700 | ||||||
11,399 | SAP SE (Information Technology) | 2,132,550 | ||||||
14,083 | Talanx AG (Financials) | 1,005,835 | ||||||
|
| |||||||
16,209,868 | ||||||||
| ||||||||
Hong Kong – 0.1% | ||||||||
10,637 | CK Asset Holdings Ltd. (Real Estate) | 49,117 | ||||||
62,073 | CLP Holdings Ltd. (Utilities) | 517,354 | ||||||
55,368 | Power Assets Holdings Ltd. (Utilities) | 333,108 | ||||||
|
| |||||||
899,579 | ||||||||
| ||||||||
Ireland – 0.1% | ||||||||
5,238 | Kerry Group PLC, Class A (Consumer Staples) | 459,926 | ||||||
| ||||||||
Israel – 0.6% | ||||||||
17,350 | Check Point Software Technologies Ltd. (Information Technology)* | 2,783,287 | ||||||
14,286 | First International Bank Of Israel Ltd. (The) (Financials) | 616,383 | ||||||
153,002 | Mivne Real Estate KD Ltd. (Real Estate) | 410,564 | ||||||
41,241 | Mizrahi Tefahot Bank Ltd. (Financials) | 1,631,581 | ||||||
|
| |||||||
5,441,815 | ||||||||
| ||||||||
Italy – 0.7% | ||||||||
193,231 | Assicurazioni Generali SpA (Financials) | 4,583,581 | ||||||
110,359 | Enel SpA (Utilities) | 702,577 | ||||||
29,585 | Terna - Rete Elettrica Nazionale (Utilities) | 231,920 | ||||||
116,524 | UnipolSai Assicurazioni SpA (Financials) | 335,669 | ||||||
|
| |||||||
5,853,747 | ||||||||
| ||||||||
Japan – 7.9% | ||||||||
6,893 | Aeon Co. Ltd. (Consumer Staples)(a) | 164,645 | ||||||
115,131 | ANA Holdings, Inc. (Industrials)*(a) | 2,510,774 | ||||||
77,195 | Astellas Pharma, Inc. (Health Care) | 851,791 | ||||||
73,731 | Bridgestone Corp. (Consumer Discretionary) | 3,175,453 | ||||||
169,234 | Canon, Inc. (Information Technology) | 4,949,136 | ||||||
32,261 | Central Japan Railway Co. (Industrials) | 812,399 | ||||||
71,098 | Chubu Electric Power Co., Inc. (Utilities) | 886,647 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
43,051 | Daiwa House Industry Co. Ltd. (Real Estate) | $ | 1,245,479 | |||||
174,576 | Daiwa Securities Group, Inc. (Financials) | 1,285,380 | ||||||
15,030 | FUJIFILM Holdings Corp. (Information Technology) | 956,309 | ||||||
3,139 | Fujitsu Ltd. (Information Technology) | 490,449 | ||||||
21,666 | Hankyu Hanshin Holdings, Inc. (Industrials) | 624,922 | ||||||
22,281 | Haseko Corp. (Consumer Discretionary) | 276,075 | ||||||
61,082 | Hulic Co. Ltd. (Real Estate) | 609,310 | ||||||
104,936 | Japan Post Bank Co. Ltd. (Financials) | 1,120,032 | ||||||
298,803 | Japan Post Holdings Co. Ltd. (Financials) | 2,887,810 | ||||||
126,892 | Japan Tobacco, Inc. (Consumer Staples) | 3,299,684 | ||||||
45,429 | KDDI Corp. (Communication Services) | 1,382,265 | ||||||
27,839 | Kirin Holdings Co. Ltd. (Consumer Staples) | 387,722 | ||||||
199,857 | Kyocera Corp. (Information Technology) | 2,943,708 | ||||||
46,710 | Kyushu Electric Power Co., Inc. (Utilities)* | 381,838 | ||||||
16,426 | Kyushu Railway Co. (Industrials) | 377,863 | ||||||
22,195 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 1,033,602 | ||||||
25,484 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 574,995 | ||||||
226,661 | Mitsubishi HC Capital, Inc. (Financials) | 1,564,380 | ||||||
51,303 | MS&AD Insurance Group Holdings, Inc. (Financials) | 2,539,956 | ||||||
15,236 | NH Foods Ltd. (Consumer Staples) | 534,029 | ||||||
3,969,391 | Nippon Telegraph & Telephone Corp. (Communication Services) | 4,834,770 | ||||||
57,049 | Nisshin Seifun Group, Inc. (Consumer Staples) | 790,918 | ||||||
121,048 | Obayashi Corp. (Industrials) | 1,172,306 | ||||||
120,861 | Oji Holdings Corp. (Materials) | 473,447 | ||||||
68,967 | Ono Pharmaceutical Co. Ltd. (Health Care) | 1,146,455 | ||||||
31,384 | Osaka Gas Co. Ltd. (Utilities) | 627,806 | ||||||
69,877 | Otsuka Holdings Co. Ltd. (Health Care) | 2,839,526 | ||||||
16,941 | SCSK Corp. (Information Technology) | 312,402 | ||||||
10,423 | Secom Co. Ltd. (Industrials) | 760,467 | ||||||
53,962 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 760,379 | ||||||
83,032 | Sekisui House Ltd. (Consumer Discretionary) | 1,852,922 |
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
7,924 | Shionogi & Co. Ltd. (Health Care) | $ | 396,226 | |||||
304,569 | SoftBank Corp. (Communication Services) | 4,013,913 | ||||||
150,272 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 4,404,645 | ||||||
25,322 | Tobu Railway Co. Ltd. (Industrials) | 647,473 | ||||||
35,902 | Trend Micro, Inc. (Information Technology) | 1,781,307 | ||||||
22,722 | USS Co. Ltd. (Consumer Discretionary) | 395,551 | ||||||
145,165 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 417,833 | ||||||
|
| |||||||
65,494,999 | ||||||||
| ||||||||
Netherlands – 1.4% | ||||||||
5,089 | HAL Trust (Financials) | 628,907 | ||||||
1,822 | Heineken Holding NV (Consumer Staples) | 140,778 | ||||||
166,148 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 4,948,017 | ||||||
294,641 | Koninklijke KPN NV (Communication Services) | 1,078,655 | ||||||
32,396 | Wolters Kluwer NV (Industrials) | 5,113,113 | ||||||
|
| |||||||
11,909,470 | ||||||||
| ||||||||
New Zealand – 0.1% | ||||||||
19,892 | Mainfreight Ltd. (Industrials) | 821,197 | ||||||
| ||||||||
Norway – 0.6% | ||||||||
66,296 | DNB Bank ASA (Financials) | 1,327,890 | ||||||
50,462 | Gjensidige Forsikring ASA (Financials) | 797,928 | ||||||
47,401 | SpareBank 1 SR-Bank ASA (Financials) | 574,219 | ||||||
93,565 | Storebrand ASA (Financials) | 836,495 | ||||||
99,398 | Telenor ASA (Communication Services) | 1,089,704 | ||||||
|
| |||||||
4,626,236 | ||||||||
| ||||||||
Portugal – 0.0% | ||||||||
22,251 | EDP – Energias de Portugal SA (Utilities) | 88,586 | ||||||
| ||||||||
Singapore – 1.0% | ||||||||
8,473 | DBS Group Holdings Ltd. (Financials) | 210,029 | ||||||
254,610 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 2,457,860 | ||||||
281,620 | Singapore Airlines Ltd. (Industrials) | 1,355,110 | ||||||
222,793 | Singapore Exchange Ltd. (Financials) | 1,565,814 | ||||||
64,261 | United Overseas Bank Ltd. (Financials) | 1,335,784 | ||||||
97,906 | UOL Group Ltd. (Real Estate) | 428,876 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Singapore – (continued) | ||||||||
76,500 | Venture Corp. Ltd. (Information Technology) | $ | 796,519 | |||||
|
| |||||||
8,149,992 | ||||||||
| ||||||||
Spain – 0.6% | ||||||||
30,459 | ACS Actividades de Construccion y Servicios SA (Industrials) | 1,250,549 | ||||||
65,985 | Iberdrola SA (Utilities) | 758,328 | ||||||
34,799 | Naturgy Energy Group SA (Utilities) | 823,952 | ||||||
16,731 | Redeia Corp. SA (Utilities) | 266,150 | ||||||
432,563 | Telefonica SA (Communication Services) | 1,775,496 | ||||||
|
| |||||||
4,874,475 | ||||||||
| ||||||||
Sweden – 0.7% | ||||||||
29,313 | Axfood AB (Consumer Staples) | 819,833 | ||||||
9,882 | Essity AB, Class B (Consumer Staples) | 230,828 | ||||||
6,587 | Industrivarden AB, Class C (Financials) | 224,268 | ||||||
112,539 | Investor AB, Class A (Financials) | 2,792,960 | ||||||
20,803 | Investor AB, Class B (Financials) | 523,520 | ||||||
26,197 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 389,381 | ||||||
269,112 | Telia Co. AB (Communication Services) | 641,607 | ||||||
|
| |||||||
5,622,397 | ||||||||
| ||||||||
Switzerland – 1.3% | ||||||||
35,823 | Novartis AG (Health Care) | 3,640,679 | ||||||
29,685 | SGS SA (Industrials) | 2,858,768 | ||||||
3,695 | Swisscom AG (Communication Services) | 2,120,780 | ||||||
5,308 | Zurich Insurance Group AG (Financials) | 2,833,184 | ||||||
|
| |||||||
11,453,411 | ||||||||
| ||||||||
United Kingdom – 3.0% | ||||||||
275,697 | BAE Systems PLC (Industrials) | 4,331,390 | ||||||
48,293 | British American Tobacco PLC (Consumer Staples) | 1,432,520 | ||||||
28,497 | Bunzl PLC (Industrials) | 1,136,572 | ||||||
582,569 | CK Hutchison Holdings Ltd. (Industrials) | 2,957,940 | ||||||
10,425 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 715,468 | ||||||
38,624 | Compass Group PLC (Consumer Discretionary) | 1,060,207 | ||||||
6,423 | London Stock Exchange Group PLC (Financials) | 721,155 | ||||||
40,085 | National Grid PLC (Utilities) | 526,070 | ||||||
113,001 | RELX PLC (Industrials) | 4,947,178 | ||||||
276,877 | Sage Group PLC (The) (Information Technology) | 4,358,685 |
88 | 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 Kingdom – (continued) | ||||||||
869,711 | Tesco PLC (Consumer Staples) | $ | 3,067,195 | |||||
|
| |||||||
25,254,380 | ||||||||
| ||||||||
United States – 70.2% | ||||||||
12,758 | 3M Co. (Industrials) | 1,175,267 | ||||||
4,482 | Abbott Laboratories (Health Care) | 531,744 | ||||||
27,611 | AbbVie, Inc. (Health Care) | 4,860,917 | ||||||
17,954 | Accenture PLC, Class A (Information Technology) | 6,728,800 | ||||||
8,836 | Adobe, Inc. (Information Technology)* | 4,950,634 | ||||||
44,178 | Aflac, Inc. (Financials) | 3,566,932 | ||||||
3,431 | Agilent Technologies, Inc. (Health Care) | 471,282 | ||||||
1,579 | Air Products and Chemicals, Inc. (Materials) | 369,549 | ||||||
22,969 | Akamai Technologies, Inc. (Information Technology)* | 2,547,721 | ||||||
41,015 | Alphabet, Inc., Class A (Communication Services)* | 5,678,937 | ||||||
36,895 | Alphabet, Inc., Class C (Communication Services)* | 5,157,183 | ||||||
12,903 | Altria Group, Inc. (Consumer Staples) | 527,862 | ||||||
55,492 | Amazon.com, Inc. (Consumer Discretionary)* | 9,808,766 | ||||||
31,362 | Amdocs Ltd. (Information Technology) | 2,860,214 | ||||||
10,606 | AMETEK, Inc. (Industrials) | 1,910,989 | ||||||
6,390 | Amgen, Inc. (Health Care) | 1,749,774 | ||||||
41,158 | Amphenol Corp., Class A (Information Technology) | 4,496,100 | ||||||
5,731 | Analog Devices, Inc. (Information Technology) | 1,099,320 | ||||||
133,538 | Apple, Inc. (Information Technology) | 24,136,994 | ||||||
21,650 | Arch Capital Group Ltd. (Financials)* | 1,896,324 | ||||||
11,123 | Arthur J Gallagher & Co. (Financials) | 2,713,233 | ||||||
203,801 | AT&T, Inc. (Communication Services) | 3,450,351 | ||||||
2,595 | Automatic Data Processing, Inc. (Industrials) | 651,682 | ||||||
2,272 | AutoZone, Inc. (Consumer Discretionary)* | 6,829,677 | ||||||
73,494 | Bank of America Corp. (Financials) | 2,537,013 | ||||||
5,239 | Becton Dickinson & Co. (Health Care) | 1,234,046 | ||||||
23,454 | Berkshire Hathaway, Inc., Class B (Financials)* | 9,602,068 | ||||||
23,379 | Boston Scientific Corp. (Health Care)* | 1,547,924 | ||||||
62,825 | Bristol-Myers Squibb Co. (Health Care) | 3,188,369 | ||||||
3,138 | Broadcom, Inc. (Information Technology) | 4,080,938 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
9,036 | Broadridge Financial Solutions, Inc. (Industrials) | $ | 1,839,549 | |||||
31,277 | C.H. Robinson Worldwide, Inc. (Industrials) | 2,317,000 | ||||||
38,730 | Cardinal Health, Inc. (Health Care) | 4,336,985 | ||||||
9,415 | Cboe Global Markets, Inc. (Financials) | 1,807,680 | ||||||
17,152 | CDW Corp. (Information Technology) | 4,222,994 | ||||||
20,986 | Cencora, Inc. (Health Care) | 4,944,302 | ||||||
15,157 | Chevron Corp. (Energy) | 2,304,016 | ||||||
2,431 | Chubb Ltd. (Financials) | 611,810 | ||||||
21,777 | Church & Dwight Co., Inc. (Consumer Staples) | 2,180,313 | ||||||
10,698 | Cigna Group (The) (Health Care) | 3,596,026 | ||||||
5,426 | Cintas Corp. (Industrials) | 3,410,838 | ||||||
120,562 | Cisco Systems, Inc. (Information Technology) | 5,831,584 | ||||||
56,113 | Citigroup, Inc. (Financials) | 3,113,710 | ||||||
5,720 | CME Group, Inc. (Financials) | 1,260,402 | ||||||
55,549 | Coca-Cola Co. (The) (Consumer Staples) | 3,334,051 | ||||||
63,587 | Cognizant Technology Solutions Corp., Class A (Information Technology) | 5,024,645 | ||||||
76,842 | Colgate-Palmolive Co. (Consumer Staples) | 6,648,370 | ||||||
69,071 | Comcast Corp., Class A (Communication Services) | 2,959,692 | ||||||
55,958 | Conagra Brands, Inc. (Consumer Staples) | 1,571,301 | ||||||
7,722 | Consolidated Edison, Inc. (Utilities) | 673,436 | ||||||
1,472 | Constellation Brands, Inc., Class A (Consumer Staples) | 365,821 | ||||||
15,014 | Copart, Inc. (Industrials)* | 797,994 | ||||||
25,526 | Corning, Inc. (Information Technology) | 822,958 | ||||||
6,669 | Costco Wholesale Corp. (Consumer Staples) | 4,961,002 | ||||||
12,675 | CSX Corp. (Industrials) | 480,890 | ||||||
784 | Cummins, Inc. (Industrials) | 210,590 | ||||||
63,633 | CVS Health Corp. (Health Care) | 4,732,386 | ||||||
3,955 | Darden Restaurants, Inc. (Consumer Discretionary) | 675,158 | ||||||
59,733 | Dell Technologies, Inc., Class C (Information Technology) | 5,654,326 | ||||||
3,085 | Dover Corp. (Industrials) | 510,197 | ||||||
20,653 | Dow, Inc. (Materials) | 1,154,090 | ||||||
1,699 | Duke Energy Corp. (Utilities) | 156,019 | ||||||
6,824 | Eaton Corp. PLC (Industrials) | 1,972,136 | ||||||
1,192 | Ecolab, Inc. (Materials) | 268,009 | ||||||
9,863 | Electronic Arts, Inc. (Communication Services) | 1,375,691 |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
6,109 | Elevance Health, Inc. (Health Care) | $ | 3,062,136 | |||||
7,412 | Eli Lilly & Co. (Health Care) | 5,586,276 | ||||||
3,882 | Everest Group Ltd. (Financials) | 1,431,992 | ||||||
13,687 | Expeditors International of Washington, Inc. (Industrials) | 1,636,965 | ||||||
28,310 | Exxon Mobil Corp. (Energy) | 2,958,961 | ||||||
81,213 | Fastenal Co. (Industrials) | 5,929,361 | ||||||
8,934 | Ferguson PLC (Industrials) | 1,889,094 | ||||||
7,604 | Fidelity National Financial, Inc. (Financials) | 384,610 | ||||||
6,388 | Fiserv, Inc. (Financials)* | 953,537 | ||||||
9,184 | FleetCor Technologies, Inc. (Financials)* | 2,564,816 | ||||||
17,601 | Fortive Corp. (Industrials) | 1,498,373 | ||||||
42,946 | Fox Corp., Class A (Communication Services) | 1,279,361 | ||||||
30,473 | Fox Corp., Class B (Communication Services) | 834,351 | ||||||
8,165 | Gartner, Inc. (Information Technology)* | 3,801,297 | ||||||
4,477 | GE HealthCare Technologies, Inc. (Health Care) | 408,661 | ||||||
36,069 | Gen Digital, Inc. (Information Technology) | 775,123 | ||||||
11,331 | General Dynamics Corp. (Industrials) | 3,096,196 | ||||||
14,844 | General Electric Co. (Industrials) | 2,328,875 | ||||||
10,111 | General Mills, Inc. (Consumer Staples) | 648,924 | ||||||
30,660 | Genuine Parts Co. (Consumer Discretionary) | 4,576,312 | ||||||
63,582 | Gilead Sciences, Inc. (Health Care) | 4,584,262 | ||||||
130,660 | GSK PLC (Health Care) | 2,751,226 | ||||||
143,264 | Haleon PLC (Consumer Staples) | 600,660 | ||||||
17,764 | Hartford Financial Services Group, Inc. (The) (Financials) | 1,702,502 | ||||||
1,338 | HCA Healthcare, Inc. (Health Care) | 417,055 | ||||||
35,255 | Henry Schein, Inc. (Health Care)* | 2,695,950 | ||||||
17,613 | Hershey Co. (The) (Consumer Staples) | 3,309,835 | ||||||
274,023 | Hewlett Packard Enterprise Co. (Information Technology) | 4,173,370 | ||||||
12,628 | Hologic, Inc. (Health Care)* | 931,946 | ||||||
18,088 | Home Depot, Inc. (The) (Consumer Discretionary) | 6,884,474 | ||||||
656 | Honeywell International, Inc. (Industrials) | 130,367 | ||||||
65,771 | HP, Inc. (Information Technology) | 1,863,292 | ||||||
18,183 | Illinois Tool Works, Inc. (Industrials) | 4,766,673 | ||||||
27,830 | Incyte Corp. (Health Care)* | 1,624,159 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
31,400 | Intel Corp. (Information Technology) | $ | 1,351,770 | |||||
10,851 | Intercontinental Exchange, Inc. (Financials) | 1,501,995 | ||||||
41,026 | International Business Machines Corp. (Information Technology) | 7,591,041 | ||||||
46,253 | International Paper Co. (Materials) | 1,635,506 | ||||||
1,760 | Intuit, Inc. (Information Technology) | 1,166,686 | ||||||
3,613 | IQVIA Holdings, Inc. (Health Care)* | 892,989 | ||||||
8,797 | J M Smucker Co. (The) (Consumer Staples) | 1,057,135 | ||||||
17,084 | Johnson Controls International PLC (Industrials) | 1,012,569 | ||||||
41,021 | Johnson & Johnson (Health Care) | 6,619,969 | ||||||
23,375 | JPMorgan Chase & Co. (Financials) | 4,349,153 | ||||||
20,487 | Keurig Dr Pepper, Inc. (Consumer Staples) | 612,766 | ||||||
27,965 | Keysight Technologies, Inc. (Information Technology)* | 4,315,000 | ||||||
11,756 | Kimberly-Clark Corp. (Consumer Staples) | 1,424,475 | ||||||
30,003 | Kinder Morgan, Inc. (Energy) | 521,752 | ||||||
17,031 | Kraft Heinz Co. (The) (Consumer Staples) | 600,854 | ||||||
68,040 | Kroger Co. (The) (Consumer Staples) | 3,375,464 | ||||||
3,592 | L3Harris Technologies, Inc. (Industrials) | 760,283 | ||||||
9,801 | Laboratory Corp. of America Holdings (Health Care) | 2,115,350 | ||||||
5,902 | Leidos Holdings, Inc. (Industrials) | 754,630 | ||||||
3,738 | Linde PLC (Materials) | 1,677,689 | ||||||
53,293 | LKQ Corp. (Consumer Discretionary) | 2,786,691 | ||||||
1,483 | Lockheed Martin Corp. (Industrials) | 635,080 | ||||||
38,916 | Loews Corp. (Financials) | 2,923,759 | ||||||
25,828 | Lowe’s Cos., Inc. (Consumer Discretionary) | 6,216,025 | ||||||
19,848 | LyondellBasell Industries NV, Class A (Materials) | 1,990,357 | ||||||
948 | Markel Group, Inc. (Financials)* | 1,414,871 | ||||||
667 | Marriott International, Inc., Class A (Consumer Discretionary) | 166,663 | ||||||
28,764 | Marsh & McLennan Cos., Inc. (Financials) | 5,818,094 | ||||||
57,745 | Masco Corp. (Industrials) | 4,432,506 | ||||||
13,316 | Mastercard, Inc., Class A (Financials) | 6,321,904 |
90 | 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) | ||||||||
19,419 | McDonald’s Corp. (Consumer Discretionary) | $ | 5,675,785 | |||||
9,415 | McKesson Corp. (Health Care) | 4,909,075 | ||||||
43,931 | Merck & Co., Inc. (Health Care) | 5,585,827 | ||||||
16,355 | Meta Platforms, Inc., Class A (Communication Services) | 8,016,076 | ||||||
1,381 | MetLife, Inc. (Financials) | 96,311 | ||||||
58,688 | Microsoft Corp. (Information Technology) | 24,275,704 | ||||||
47,093 | Mondelez International, Inc., Class A (Consumer Staples) | 3,441,086 | ||||||
4,503 | Monster Beverage Corp. (Consumer Staples)* | 266,127 | ||||||
11,292 | Moody’s Corp. (Financials) | 4,284,411 | ||||||
20,270 | Motorola Solutions, Inc. (Information Technology) | 6,697,005 | ||||||
10,104 | Nasdaq, Inc. (Financials) | 567,845 | ||||||
6,380 | Nestle SA (Consumer Staples) | 664,844 | ||||||
31,861 | NetApp, Inc. (Information Technology) | 2,839,452 | ||||||
4,933 | NiSource, Inc. (Utilities) | 128,554 | ||||||
897 | Northrop Grumman Corp. (Industrials) | 413,535 | ||||||
10,447 | NVIDIA Corp. (Information Technology) | 8,264,831 | ||||||
17,936 | Oracle Corp. (Information Technology) | 2,003,092 | ||||||
9,045 | O’Reilly Automotive, Inc. (Consumer Discretionary)* | 9,835,714 | ||||||
14,765 | Otis Worldwide Corp. (Industrials) | 1,407,105 | ||||||
28,016 | PACCAR, Inc. (Industrials) | 3,106,694 | ||||||
6,376 | Packaging Corp. of America (Materials) | 1,155,267 | ||||||
11,442 | Paychex, Inc. (Industrials) | 1,403,018 | ||||||
37,240 | PepsiCo, Inc. (Consumer Staples) | 6,157,262 | ||||||
7,581 | PG&E Corp. (Utilities) | 126,527 | ||||||
16,158 | Philip Morris International, Inc. (Consumer Staples) | 1,453,574 | ||||||
29,976 | Procter & Gamble Co. (The) (Consumer Staples) | 4,764,385 | ||||||
9,539 | Progressive Corp. (The) (Financials) | 1,808,213 | ||||||
11,660 | QUALCOMM, Inc. (Information Technology) | 1,839,831 | ||||||
10,276 | Quest Diagnostics, Inc. (Health Care) | 1,283,370 | ||||||
11,396 | Realty Income Corp. REIT (Real Estate) | 593,846 | ||||||
3,154 | Regeneron Pharmaceuticals, Inc. (Health Care)* | 3,047,048 | ||||||
23,338 | Republic Services, Inc. (Industrials) | 4,284,857 | ||||||
7,839 | Roche Holding AG (Health Care) | 2,064,909 | ||||||
6,317 | Roche Holding AG (Health Care) | 1,760,481 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
20,311 | Rollins, Inc. (Industrials) | $ | 895,106 | |||||
5,903 | Roper Technologies, Inc. (Information Technology) | 3,215,541 | ||||||
3,405 | Ross Stores, Inc. (Consumer Discretionary) | 507,209 | ||||||
22,286 | Royalty Pharma PLC, Class A (Health Care) | 676,157 | ||||||
7,459 | RTX Corp. (Industrials) | 668,849 | ||||||
5,503 | Salesforce, Inc. (Information Technology)* | 1,699,436 | ||||||
26,506 | Sanofi SA (Health Care) | 2,520,991 | ||||||
1,090 | ServiceNow, Inc. (Information Technology)* | 840,761 | ||||||
6,057 | Sherwin-Williams Co. (The) (Materials) | 2,011,106 | ||||||
3,120 | Snap-on, Inc. (Industrials) | 860,059 | ||||||
14,447 | Southern Co. (The) (Utilities) | 971,561 | ||||||
34,897 | SS&C Technologies Holdings, Inc. (Industrials) | 2,225,033 | ||||||
11,828 | Starbucks Corp. (Consumer Discretionary) | 1,122,477 | ||||||
5,037 | Stryker Corp. (Health Care) | 1,758,266 | ||||||
14,537 | Swiss Re AG (Financials) | 1,759,859 | ||||||
3,737 | Synopsys, Inc. (Information Technology)* | 2,144,029 | ||||||
25,058 | Sysco Corp. (Consumer Staples) | 2,028,946 | ||||||
9,203 | TE Connectivity Ltd. (Information Technology) | 1,321,183 | ||||||
8,534 | Texas Instruments, Inc. (Information Technology) | 1,427,994 | ||||||
16,029 | Textron, Inc. (Industrials) | 1,427,703 | ||||||
322 | Thermo Fisher Scientific, Inc. (Health Care) | 183,598 | ||||||
48,858 | TJX Cos., Inc. (The) (Consumer Discretionary) | 4,843,782 | ||||||
2,642 | T-Mobile US, Inc. (Communication Services) | 431,439 | ||||||
9,242 | Tractor Supply Co. (Consumer Discretionary) | 2,350,425 | ||||||
472 | TransDigm Group, Inc. (Industrials) | 555,893 | ||||||
3,317 | Travelers Cos., Inc. (The) (Financials) | 732,924 | ||||||
12,564 | UnitedHealth Group, Inc. (Health Care) | 6,201,591 | ||||||
19,757 | VeriSign, Inc. (Information Technology)* | 3,858,345 | ||||||
4,318 | Verisk Analytics, Inc. (Industrials) | 1,044,524 | ||||||
118,093 | Verizon Communications, Inc. (Communication Services) | 4,726,082 | ||||||
5,416 | Vertex Pharmaceuticals, Inc. (Health Care)* | 2,278,728 | ||||||
21,403 | Visa, Inc., Class A (Financials) | 6,049,344 | ||||||
21,202 | W R Berkley Corp. (Financials) | 1,772,487 | ||||||
5,592 | W.P. Carey, Inc. REIT (Real Estate) | 314,997 | ||||||
6,697 | W.W. Grainger, Inc. (Industrials) | 6,519,262 |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
149,596 | Walmart, Inc. (Consumer Staples) | $ | 8,767,822 | |||||
2,285 | Waste Connections, Inc. (Industrials) | 380,432 | ||||||
23,055 | Waste Management, Inc. (Industrials) | 4,741,261 | ||||||
10,897 | Welltower, Inc. REIT (Real Estate) | 1,004,268 | ||||||
43,850 | Yum! Brands, Inc. (Consumer Discretionary) | 6,069,717 | ||||||
1,923 | Zebra Technologies Corp., Class A (Information Technology)* | 537,440 | ||||||
9,108 | Zoetis, Inc. (Health Care) | 1,806,390 | ||||||
|
| |||||||
584,085,277 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $725,645,205) | 828,345,227 | |||||||
|
Shares | Description | Rate | Value | |||||||||
Preferred Stock – 0.1% |
| |||||||||||
Germany – 0.1% |
| |||||||||||
9,303 | Henkel AG & Co. KGaA (Consumer Staples) | |||||||||||
(Cost $737,718) | 2.66 | % | 700,278 | |||||||||
| ||||||||||||
Shares | Dividend Rate | Value | ||||||||||
Investment Company – 0.1%(c) |
| |||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares |
| |||||||||||
1,142,885 | 5.260% |
| 1,142,885 | |||||||||
(Cost $1,142,885) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $727,525,808) | 830,188,390 | |||||||||||
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.9%(c) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||
7,167,244 | 5.260% | $ | 7,167,244 | |||||
(Cost $7,167,244) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.5% (Cost $734,693,052) | $ | 837,355,634 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)% | (4,510,189) | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 832,845,445 | ||||||
|
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: | ||
CVA | —Dutch Certification | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
Sector Name | % of Market Value | |||
| ||||
Information Technology | 22.2% | |||
Financials | 16.8 | |||
Health Care | 13.5 | |||
Industrials | 13.4 | |||
Consumer Staples | 11.3 | |||
Consumer Discretionary | 10.3 | |||
Communication Services | 7.2 | |||
Materials | 1.7 | |||
Utilities | 1.3 | |||
Energy | 0.7 | |||
Real Estate | 0.6 | |||
Investment Company | 0.1 | |||
Securities Lending Reinvestment Vehicle | 0.9 | |||
| ||||
TOTAL INVESTMENTS | 100.0% | |||
|
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| ||||||||||||||||
Long position contracts: | ||||||||||||||||
E-Mini MSCI EAFE Index Future | 4 | 03/15/24 | $ | 457,580 | $ | 24,418 | ||||||||||
S&P 500 E-Mini Index | 5 | 03/15/24 | 1,275,938 | 111,006 | ||||||||||||
| ||||||||||||||||
Total Futures Contracts | $ | 135,424 | ||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS ACTIVEBETA ® ETFS
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $815,757,778, $9,262,615, $2,907,920,005 and $19,114,941, respectively)(a) | $ | 943,452,943 | $ | 10,510,535 | $ | 3,511,783,137 | $ | 22,685,871 | ||||||||||||
Investments in affiliated issuers, at value (cost $12,595,998, $48,442, $8,698,821 and $48,147, respectively) | 12,595,998 | 48,442 | 8,698,821 | 48,147 | ||||||||||||||||
Investments in affiliated securities lending reinvestment vehicle,at value which equals cost | 906,385 | 22,539 | 59,012,449 | 152,374 | ||||||||||||||||
Cash | 28,380 | — | — | — | ||||||||||||||||
Foreign Currency, at value (cost $9,737,467, $–, $345,401 and $–, respectively) | 9,246,684 | — | 346,518 | — | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Investments sold | 17,743,203 | 248,633 | 107,201,651 | 927,258 | ||||||||||||||||
Dividends | 2,240,027 | 10,241 | 5,074,259 | 26,883 | ||||||||||||||||
Foreign tax reclaims | 116,881 | 27,330 | 4,435,181 | 1,795 | ||||||||||||||||
Reimbursement from investment adviser | 48,577 | — | — | — | ||||||||||||||||
Securities lending income | 5,293 | 6 | 28,394 | 7 | ||||||||||||||||
Due from broker | — | — | 297,400 | — | ||||||||||||||||
Collateral on certain derivative contracts | — | 2,348 | — | 2,540 | ||||||||||||||||
Variation margin on futures contracts | — | 2,413 | 139,975 | 317 | ||||||||||||||||
Other assets | 282,172 | — | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total assets | 986,666,543 | 10,872,487 | 3,697,017,785 | 23,845,192 | ||||||||||||||||
| ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investments purchased | 32,832,080 | 292,849 | 113,458,863 | 928,920 | ||||||||||||||||
Foreign capital gains taxes | 7,288,122 | — | — | — | ||||||||||||||||
Payable upon return of securities loaned | 906,385 | 22,539 | 59,012,449 | 152,374 | ||||||||||||||||
Management fees | 295,406 | 2,047 | 684,356 | 3,382 | ||||||||||||||||
Due to custodian | — | 120 | 37,873 | 273 | ||||||||||||||||
Foreign bank overdraft (cost $–, $165, $– and $115, respectively) | — | 171 | — | 116 | ||||||||||||||||
Accrued expenses | 654,390 | — | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total liabilities | 41,976,383 | 317,726 | 173,193,541 | 1,085,065 | ||||||||||||||||
| ||||||||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 917,506,524 | 12,850,891 | 3,243,389,047 | 21,057,848 | ||||||||||||||||
Total distributable earnings (loss) | 27,183,636 | (2,296,130 | ) | 280,435,197 | 1,702,279 | |||||||||||||||
| ||||||||||||||||||||
NET ASSETS | $ | 944,690,160 | $ | 10,554,761 | $ | 3,523,824,244 | $ | 22,760,127 | ||||||||||||
| ||||||||||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 30,500,000 | 300,000 | 105,700,000 | 600,000 | ||||||||||||||||
Net asset value per share: | $ | 30.97 | $ | 35.18 | $ | 33.34 | $ | 37.93 | ||||||||||||
(a) | Includes loaned securities having a market value of $782,142, $20,361, $55,967,358 and $146,197 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively. |
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA ® ETFS
Statements of Assets and Liabilities (continued)
February 29, 2024 (Unaudited) |
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | ActiveBeta® World Low Vol Plus Equity ETF | ||||||||||||||
Assets: | ||||||||||||||||
Investments in unaffiliated issuers, at value (cost $8,161,888,538, $444,247,613 and $726,382,923, respectively)(a) | $ | 12,212,969,580 | $ | 491,899,218 | $ | 829,045,505 | ||||||||||
Investments in affiliated issuers, at value (cost $13,171,145, $3,112,940 and $1,142,885,respectively) | 13,171,145 | 3,112,940 | 1,142,885 | |||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | — | 4,158,292 | 7,167,244 | |||||||||||||
Cash | 676,719 | — | 24,156 | |||||||||||||
Foreign Currency, at value (cost $–, $– and $748,283, respectively) | — | — | 750,667 | |||||||||||||
Receivables: | ||||||||||||||||
Dividends | 15,356,259 | 466,677 | 1,503,265 | |||||||||||||
Collateral on certain derivative contracts | 311,520 | 271,700 | — | |||||||||||||
Due from broker | — | — | 80,349 | |||||||||||||
Investments sold | — | 3,762,866 | — | |||||||||||||
Securities lending income | — | 5,224 | 2,071 | |||||||||||||
Foreign tax reclaims | — | 612 | 477,998 | |||||||||||||
Fund shares sold | — | — | 4,576,072 | |||||||||||||
Variation margin on futures contracts | 27,301 | 24,700 | 6,634 | |||||||||||||
| ||||||||||||||||
Total assets | 12,242,512,524 | 503,702,229 | 844,776,846 | |||||||||||||
| ||||||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Management fees | 871,726 | 79,601 | 162,282 | |||||||||||||
Investments purchased | 676,719 | — | 48,163 | |||||||||||||
Payable upon return of securities loaned | — | 4,158,292 | 7,167,244 | |||||||||||||
Fund shares redeemed | — | 3,152,436 | 4,553,712 | |||||||||||||
Due to custodian | — | 34,995 | — | |||||||||||||
| ||||||||||||||||
Total liabilities | 1,548,445 | 7,425,324 | 11,931,401 | |||||||||||||
| ||||||||||||||||
Commitments and contingencies | ||||||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 8,746,431,314 | 472,927,302 | 756,465,940 | |||||||||||||
Total distributable earnings (loss) | 3,494,532,765 | 23,349,603 | 76,379,505 | |||||||||||||
| ||||||||||||||||
NET ASSETS | $ | 12,240,964,079 | $ | 496,276,905 | $ | 832,845,445 | ||||||||||
| ||||||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 121,452,500 | 7,800,000 | 18,200,000 | |||||||||||||
Net asset value per share: | $ | 100.79 | $ | 63.63 | $ | 45.76 |
(a) | Includes loaned securities having a market value of $–, $4,048,921 and $6,808,871 for ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS ACTIVEBETA ® ETFS
Statements of Operations
For the Six Months Ended February 29, 2024 (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 $1,066,794, $1,367, $1,108,752 and $23,074, respectively) | $ | 8,247,836 | $ | 81,509 | $ | 31,163,252 | $ | 142,414 | ||||||||||||
Dividends — affiliated issuers | 97,186 | 913 | 130,384 | — | ||||||||||||||||
Securities lending income, net of rebates received or paid to borrowers –unaffiliated issuer | 36,208 | 759 | 243,265 | 530 | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 8,381,230 | 83,181 | 31,536,901 | 142,944 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 1,866,834 | 5,469 | 4,062,059 | 9,241 | ||||||||||||||||
Custody, accounting and administrative services | 298,441 | — | — | — | ||||||||||||||||
Printing and mailing costs | 88,192 | — | — | — | ||||||||||||||||
Professional fees | 66,482 | — | — | — | ||||||||||||||||
Trustee fees | 19,052 | 8,505 | 14,221 | 8,509 | ||||||||||||||||
Registration fees | 9,390 | — | — | — | ||||||||||||||||
Other | 9,427 | — | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 2,357,818 | 13,974 | 4,076,280 | 17,750 | ||||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (257,900 | ) | (32 | ) | (4,433 | ) | (27 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 2,099,918 | 13,942 | 4,071,847 | 17,723 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME | 6,281,312 | 69,239 | 27,465,054 | 125,221 | ||||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | (16,992,189 | ) | (83,373 | ) | (34,397,573 | ) | (127,894 | ) | ||||||||||||
Foreign currency transactions | (101,404 | ) | (18 | ) | (77,585 | ) | 1,024 | |||||||||||||
Futures contracts | 99,469 | 2,146 | 786,834 | 230 | ||||||||||||||||
In-kind redemptions | 2,354,736 | 369,650 | — | — | ||||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2,860,219, $–, $– and $–, respectively) | 61,665,380 | 403,170 | 262,184,796 | 1,843,462 | ||||||||||||||||
Futures contracts | — | 2,248 | 554,558 | 5,760 | ||||||||||||||||
Foreign currency translations | (556,521 | ) | 134 | (101,849 | ) | (2,587 | ) | |||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain | 46,469,471 | 693,957 | 228,949,181 | 1,719,995 | ||||||||||||||||
| ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 52,750,783 | $ | 763,196 | $ | 256,414,235 | $ | 1,845,216 | ||||||||||||
|
96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA ® ETFS
Statements of Operations (continued)
For the Six Months Ended February 29, 2024 (Unaudited) |
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 $–, $4,780 and $275,944, respectively) | $ | 82,248,928 | $ | 3,774,201 | $ | 7,322,034 | ||||||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 3,472,811 | 23,469 | 632,620 | |||||||||||||
Dividends — affiliated issuers | 500,216 | — | — | |||||||||||||
| ||||||||||||||||
Total Investment Income | 86,221,955 | 3,797,670 | 7,954,654 | |||||||||||||
| ||||||||||||||||
Expenses: | ||||||||||||||||
Management fees | 5,022,430 | 465,077 | 926,880 | |||||||||||||
Trustee fees | 28,708 | 9,335 | 9,766 | |||||||||||||
| ||||||||||||||||
Total expenses | 5,051,138 | 474,412 | 936,646 | |||||||||||||
| ||||||||||||||||
Less — expense reductions | (17,062 | ) | (2,489 | ) | (1,684 | ) | ||||||||||
| ||||||||||||||||
Net expenses | 5,034,076 | 471,923 | 934,962 | |||||||||||||
| ||||||||||||||||
NET INVESTMENT INCOME | 81,187,879 | 3,325,747 | 7,019,692 | |||||||||||||
| ||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated issuers | (72,501,261 | ) | (5,278,475 | ) | (6,359,402 | ) | ||||||||||
In-kind redemptions | 418,674,072 | 9,915,623 | 8,745,392 | |||||||||||||
Futures contracts | 948,284 | 1,076,614 | 162,761 | |||||||||||||
Foreign currency transactions | — | — | (11,962 | ) | ||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments — unaffiliated issuers | 1,127,850,092 | 32,012,935 | 78,130,808 | |||||||||||||
Futures contracts | 472,945 | 113,350 | 113,321 | |||||||||||||
Foreign currency translations | — | — | (6,287 | ) | ||||||||||||
| ||||||||||||||||
Net realized and unrealized gain | 1,475,444,132 | 37,840,047 | 80,774,631 | |||||||||||||
| ||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,556,632,011 | $ | 41,165,794 | $ | 87,794,323 | ||||||||||
|
The accompanying notes are an integral part of these financial statements. | 97 |
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 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 6,281,312 | $ | 29,949,389 | $ | 69,239 | $ | 418,036 | ||||||||||||
Net realized gain (loss) | (14,639,388 | ) | (33,527,367 | ) | 288,405 | (417,799 | ) | |||||||||||||
Net change in unrealized gain | 61,108,859 | 30,610,672 | 405,552 | 2,130,680 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 52,750,783 | 27,032,694 | 763,196 | 2,130,917 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (12,364,152 | ) | (25,009,312 | ) | (95,271 | ) | (359,836 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | – | 62,411,100 | – | – | ||||||||||||||||
Cost of shares redeemed | (65,404,084 | ) | (119,934,568 | ) | (1,700,198 | ) | (2,547,509 | ) | ||||||||||||
| ||||||||||||||||||||
Net decrease in net assets resulting from share transactions | (65,404,084 | ) | (57,523,468 | ) | (1,700,198 | ) | (2,547,509 | ) | ||||||||||||
| ||||||||||||||||||||
TOTAL DECREASE | (25,017,453 | ) | (55,500,086 | ) | (1,032,273 | ) | (776,428 | ) | ||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 969,707,613 | $ | 1,025,207,699 | $ | 11,587,034 | $ | 12,363,462 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 944,690,160 | $ | 969,707,613 | $ | 10,554,761 | $ | 11,587,034 | ||||||||||||
|
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA ® ETFS
Statements of Changes in Net Assets (continued)
|
ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 27,465,054 | $ | 91,862,520 | $ | 125,221 | $ | 275,723 | ||||||||||||
Net realized loss | (33,688,324) | (56,523,195 | ) | (126,640 | ) | (189,702 | ) | |||||||||||||
Net change in unrealized gain | 262,637,505 | 408,781,803 | 1,846,635 | 1,786,105 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 256,414,235 | 444,121,128 | 1,845,216 | 1,872,126 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (30,136,104) | (90,840,491 | ) | (176,236 | ) | (259,624 | ) | |||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 46,484,328 | 222,011,550 | 7,419,872 | – | ||||||||||||||||
Cost of shares redeemed | – | (44,267,175 | ) | – | – | |||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from share transactions | 46,484,328 | 177,744,375 | 7,419,872 | – | ||||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE | 272,762,459 | 531,025,012 | 9,088,852 | 1,612,502 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 3,251,061,785 | $ | 2,720,036,773 | $ | 13,671,275 | $ | 12,058,773 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 3,523,824,244 | $ | 3,251,061,785 | $ | 22,760,127 | $ | 13,671,275 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS ACTIVEBETA ® ETFS
Statements of Changes in Net Assets (continued)
|
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 81,187,879 | $ | 167,259,552 | $ | 3,325,747 | $ | 6,802,784 | ||||||||||||
Net realized gain | 347,121,095 | 463,281,433 | 5,713,762 | 7,994,471 | ||||||||||||||||
Net change in unrealized gain | 1,128,323,037 | 860,961,368 | 32,126,285 | 13,562,819 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 1,556,632,011 | 1,491,502,353 | 41,165,794 | 28,360,074 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (85,094,604) | (170,189,662 | ) | (3,515,617 | ) | (6,492,896 | ) | |||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 425,524,968 | 551,981,819 | 6,120,776 | 40,329,686 | ||||||||||||||||
Cost of shares redeemed | (1,066,571,335) | (2,079,315,418 | ) | (30,332,886 | ) | (62,627,817 | ) | |||||||||||||
| ||||||||||||||||||||
Net decrease in net assets resulting from share transactions | (641,046,367 | ) | (1,527,333,599 | ) | (24,212,110 | ) | (22,298,131 | ) | ||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 830,491,040 | (206,020,908 | ) | 13,438,067 | (430,953 | ) | ||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 11,410,473,039 | $ | 11,616,493,947 | $ | 482,838,838 | $ | 483,269,791 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 12,240,964,079 | $ | 11,410,473,039 | $ | 496,276,905 | $ | 482,838,838 | ||||||||||||
|
100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA ® ETFS
Statements of Changes in Net Assets (continued)
|
ActiveBeta® World Low Vol Plus Equity ETF | ||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended | |||||||||||||
From operations: | ||||||||||||||
Net investment income | $ | 7,019,692 | $ | 14,003,105 | ||||||||||
Net realized gain (loss) | 2,536,789 | (24,561,263 | ) | |||||||||||
Net change in unrealized gain | 78,237,842 | 78,892,266 | ||||||||||||
| ||||||||||||||
Net increase in net assets resulting from operations | 87,794,323 | 68,334,108 | ||||||||||||
| ||||||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings | (7,455,043 | ) | (13,421,605 | ) | ||||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares | 65,700,492 | 109,729,323 | ||||||||||||
Cost of shares redeemed | (35,947,938 | ) | – | |||||||||||
| ||||||||||||||
Net increase in net assets resulting from share transactions | 29,752,554 | 109,729,323 | ||||||||||||
| ||||||||||||||
TOTAL INCREASE | 110,091,834 | 164,641,826 | ||||||||||||
| ||||||||||||||
Net Assets: | ||||||||||||||
Beginning of period | $ | 722,753,611 | $ | 558,111,785 | ||||||||||
| ||||||||||||||
End of period | $ | 832,845,445 | $ | 722,753,611 | ||||||||||
|
The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS ACTIVEBETA ® ETFS
(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 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 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 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 ACTIVEBETA ® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 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 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 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 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 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 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 $0.23 per share and 0.41% 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 redemption 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 redemption 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. |
The accompanying notes are an integral part of these financial statements. | 107 |
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 redemption 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 redemption 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. |
108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
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 | Diversified/ Non-diversified | |
ActiveBeta® Emerging Markets Equity ETF | Diversified | |
ActiveBeta® Europe Equity ETF | Diversified | |
ActiveBeta® International Equity ETF | Diversified | |
ActiveBeta® Japan Equity ETF | Diversified | |
ActiveBeta® U.S. Large Cap Equity ETF | Diversified | |
ActiveBeta® U.S. Small Cap Equity ETF | Diversified | |
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® World Low Vol Plus Equity ETF, which is 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. These reclaims, if any, are recorded when the amount is known and there are no significant
109 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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.
Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of assets and liabilities denominated in local currency to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars may be determined by GSAM under Valuation Procedures as discussed in Note 3.
Monetary policies enacted by government agencies in Egypt that limit their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacted the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF’s ability to convert assets and liabilities amounts denominated in local currency to U.S. dollars using quoted immediate currency settlement rates. As of February 29, 2024, the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF’s assets and liabilities denominated in Egyptian Pound were valued using the 12-month non-deliverable forward rate.
Effective March 6, 2024, the government of Egypt allowed its currency to float and as a result of the devaluation the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF reverted to using the immediate current settlement rates for the purposes of translating Egyptian Pound-denominated assets and liabilities to U.S. dollars.
110 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 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 ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
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Notes to Financial Statements (continued)
February 29, 2024 |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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 29, 2024:
ActiveBeta® Emerging Markets Equity ETF
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 26,204,339 | $ | 3,227,174 | $ | — | ||||||
Asia | 780,379,430 | 19,633,062 | — | |||||||||
Europe | 25,170,269 | — | — | |||||||||
North America | 25,863,137 | — | — | |||||||||
South America | 42,524,430 | 14,860,755 | — | |||||||||
Exchange-Traded Fund | 5,590,347 | — | — | |||||||||
Investment Company | 12,595,998 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 906,385 | — | — | |||||||||
| ||||||||||||
Total | $ | 919,234,335 | $ | 37,720,991 | $ | — | ||||||
|
(a) | Amount shown represents unrealized gain (loss) at period end. |
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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) | ||||||||||||
Asia | $ | 61,739 | $ | — | $ | — | ||||||
Europe | 9,362,133 | 68,913 | — | |||||||||
North America | 938,558 | — | — | |||||||||
Oceania | 73,837 | — | — | |||||||||
South America | 5,355 | — | — | |||||||||
Investment Company | 48,442 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 22,539 | — | — | |||||||||
| ||||||||||||
Total | $ | 10,512,603 | $ | 68,913 | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 1,537 | $ | — | $ | — | ||||||
| ||||||||||||
ActiveBeta® International Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 879,859,354 | $ | — | $ | — | ||||||
Europe | 1,813,647,754 | 12,581,560 | — | |||||||||
North America | 582,056,843 | 3,776,226 | — | |||||||||
Oceania | 217,846,881 | — | — | |||||||||
South America | 2,014,519 | — | — | |||||||||
Investment Company | 8,698,821 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 59,012,449 | — | — | |||||||||
| ||||||||||||
Total | $ | 3,563,136,621 | $ | 16,357,786 | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 461,846 | $ | — | $ | — | ||||||
| ||||||||||||
ActiveBeta® Japan Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 22,685,871 | $ | — | $ | — | ||||||
Investment Company | 48,147 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 152,374 | — | — | |||||||||
| ||||||||||||
Total | $ | 22,886,392 | $ | — | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 6,702 | $ | — | $ | — | ||||||
|
113 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
North America | $ | 12,212,969,580 | $ | — | $ | — | ||||||
Investment Company | 13,171,145 | — | — | |||||||||
| ||||||||||||
Total | $ | 12,226,140,725 | $ | — | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 532,826 | $ | — | $ | — | ||||||
| ||||||||||||
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 | $ | 429,531 | $ | — | $ | — | ||||||
Asia | 2,638,849 | — | — | |||||||||
Europe | 3,606,703 | — | — | |||||||||
North America | 484,333,768 | — | 27,278 | |||||||||
South America | 863,089 | — | — | |||||||||
Investment Company | 3,112,940 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 4,158,292 | — | — | |||||||||
| ||||||||||||
Total | $ | 499,143,172 | $ | — | $ | 27,278 | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 109,636 | $ | — | $ | — | ||||||
| ||||||||||||
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 | $ | 79,986,385 | $ | — | $ | — | ||||||
Europe | 113,418,094 | 700,278 | — | |||||||||
North America | 612,931,501 | — | — | |||||||||
Oceania | 22,009,247 | — | — | |||||||||
Investment Company | 1,142,885 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 7,167,244 | — | — | |||||||||
| ||||||||||||
Total | $ | 836,655,356 | $ | 700,278 | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 135,424 | $ | — | $ | — | ||||||
|
(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. |
For further information regarding security characteristics, see the Schedules of Investments.
114 |
GOLDMAN SACHS ACTIVEBETA® ETFS
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 29, 2024. 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.
ActiveBeta® Europe Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 1,537 | Variation margin on futures contracts | $ | — | ||||||
ActiveBeta® International Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 461,846 | Variation margin on futures contracts | $ | — | ||||||
ActiveBeta® Japan Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 6,702 | Variation margin on futures contracts | $ | — | ||||||
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 532,826 | Variation margin on futures contracts | $ | — | ||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 109,636 | Variation margin on futures contracts | $ | — | ||||||
ActiveBeta® World Low Vol Plus Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 135,424 | Variation margin on futures contracts | $ | — |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 29, 2024 is reported within the Statement 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 29, 2024. 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:
115 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
4. INVESTMENTS IN DERIVATIVES (continued) |
ActiveBeta® Emerging Markets Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on Update condition | $ | 99,469 | $ | — | |||||
ActiveBeta® Europe Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 2,146 | 2,248 | |||||||
ActiveBeta® International Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 786,834 | 554,558 | |||||||
ActiveBeta® Japan Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 230 | 5,760 | |||||||
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 948,284 | 472,945 | |||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 1,076,614 | 113,350 | |||||||
ActiveBeta® World Low Vol Plus Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 162,761 | 113,321 |
116 |
GOLDMAN SACHS ACTIVEBETA® ETFS
4. INVESTMENTS IN DERIVATIVES ( continued) |
For the six months ended February 29, 2024, the relevant values for each derivative type was as follows:
Fund | Average Number of Contracts(a) | |||
| ||||
ActiveBeta® Emerging Markets Equity ETF | 55 | |||
| ||||
ActiveBeta® Europe Equity ETF | 2 | |||
| ||||
ActiveBeta® International Equity ETF | 98 | |||
| ||||
ActiveBeta® Japan Equity ETF | 6 | |||
| ||||
ActiveBeta® U.S. Large Cap Equity ETF | 106 | |||
| ||||
ActiveBeta® U.S. Small Cap Equity ETF | 50 | |||
| ||||
ActiveBeta® World Low Vol Plus Equity ETF | 17 | |||
|
(a) | Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024. |
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.
For the six months ended February 29, 2024, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta® Emerging Markets Equity ETF:
Fund | Unitary Management Fee | |
ActiveBeta® Europe Equity ETF | 0.25% | |
ActiveBeta® International Equity ETF | 0.25% | |
ActiveBeta® Japan Equity ETF | 0.25% | |
ActiveBeta® U.S. Large Cap Equity ETF | 0.09% | |
ActiveBeta® U.S. Small Cap Equity ETF | 0.20% | |
ActiveBeta® World Low Vol Plus Equity ETF | 0.25% |
117 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended February 29, 2024, 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 | |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | 0.40% |
B. Management Waiver— The ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations 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, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Treasury Obligations Fund. For the six months ended February 29, 2024, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived | |
ActiveBeta® Emerging Markets Equity ETF | $ 3,405 | |
ActiveBeta® Europe Equity ETF | 32 | |
ActiveBeta® International Equity ETF | 4,433 | |
ActiveBeta® Japan Equity ETF | 27 | |
ActiveBeta® U.S. Large Cap Equity ETF | 17,062 | |
ActiveBeta® U.S. Small Cap Equity ETF | 2,489 | |
ActiveBeta® World Low Vol Plus Equity ETF | 1,684 |
C. 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 29, 2024, these expense reimbursements amounted to $254,494.
D. 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. and Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 29, 2024:
118 |
GOLDMAN SACHS ACTIVEBETA® ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
ActiveBeta® Emerging Markets Equity ETF |
| |||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||
| ||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||
$ – | $ | 39,878,316 | $ | (27,282,317 | ) | $ | 12,595,998 | 12,595,998 | $ | 97,186 | ||||||||||||
| ||||||||||||||||||||||
ActiveBeta® Europe Equity ETF |
| |||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||
| ||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||
– | 248,044 | (199,602 | ) | 48,442 | 48,442 | 913 | ||||||||||||||||
| ||||||||||||||||||||||
ActiveBeta® International Equity ETF |
| |||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||
| ||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||
– | 29,949,182 | (21,250,361 | ) | 21,250,361 | 21,250,361 | 130,384 | ||||||||||||||||
| ||||||||||||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF |
| |||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||
| ||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||
– | 121,669,213 | (108,498,068 | ) | 13,171,145 | 13,171,145 | 500,216 | ||||||||||||||||
| ||||||||||||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF |
| |||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||
| ||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||
– | 15,250,539 | (12,137,599 | ) | 3,112,940 | 3,112,940 | – | ||||||||||||||||
| ||||||||||||||||||||||
ActiveBeta® World Low Vol Plus Equity ETF |
| |||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||
| ||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares |
| |||||||||||||||||||||
– | 11,097,634 | (9,954,749 | ) | 1,142,885 | 1,142,885 | – | ||||||||||||||||
|
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
119 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
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 ActiveBeta® Emerging Markets Equity ETF
| ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | — | $ | — | 2,100,000 | $ | 61,682,388 | ||||||||||
Shares redeemed | (2,250,000 | ) | (65,404,084 | ) | (4,200,000 | ) | (119,934,568 | ) | ||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (2,250,000 | ) | $ | (65,404,084 | ) | (2,100,000 | ) | $ | (58,252,180 | ) | ||||||
| ||||||||||||||||
Goldman Sachs ActiveBeta® Europe Equity ETF
| ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | — | $ | — | — | $ | — | ||||||||||
Shares redeemed | (50,000 | ) | (1,700,198 | ) | (100,000 | ) | (2,546,984 | ) | ||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (50,000 | ) | $ | (1,700,198 | ) | (100,000 | ) | $ | (2,546,984 | ) | ||||||
| ||||||||||||||||
Goldman Sachs ActiveBeta® International Equity ETF
| ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 1,500,000 | $ | 46,484,328 | 7,300,000 | $ | 221,995,548 | ||||||||||
Shares redeemed | — | — | (1,500,000 | ) | (44,265,384 | ) | ||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 1,500,000 | $ | 46,484,328 | 5,800,000 | $ | 177,730,164 | ||||||||||
| ||||||||||||||||
Goldman Sachs ActiveBeta® Japan Equity ETF
| ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 200,000 | $ | 7,419,872 | — | $ | — | ||||||||||
Shares redeemed | — | — | — | — | ||||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 200,000 | $ | 7,419,872 | — | $ | – | ||||||||||
|
120 |
GOLDMAN SACHS ACTIVEBETA® ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF
| ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 4,750,000 | $ | 425,524,968 | 6,700,000 | $ | 551,981,819 | ||||||||||
Shares redeemed | (12,150,000 | ) | (1,066,571,335 | ) | (26,100,000 | ) | (2,079,315,418 | ) | ||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (7,400,000 | ) | $ | (641,046,367 | ) | (19,400,000 | ) | $ | (1,527,333,599 | ) | ||||||
| ||||||||||||||||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF
| ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 100,000 | $ | 6,120,776 | 700,000 | $ | 40,329,686 | ||||||||||
Shares redeemed | (500,000 | ) | (30,332,886 | ) | (1,150,000 | ) | (62,627,817 | ) | ||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (400,000 | ) | $ | (24,212,110 | ) | (450,000 | ) | $ | (22,298,131 | ) | ||||||
| ||||||||||||||||
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF
| ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 1,500,000 | $ | 65,700,492 | 2,800,000 | $ | 109,727,326 | ||||||||||
Shares redeemed | (800,000 | ) | (35,947,938 | ) | — | — | ||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 700,000 | $ | 29,752,554 | 2,800,000 | $ | 109,727,326 | ||||||||||
|
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 52,586,311 | $ | 117,635,491 | ||||
ActiveBeta® Europe Equity ETF | 681,433 | 680,763 | ||||||
ActiveBeta® International Equity ETF | 245,048,800 | 244,545,655 | ||||||
ActiveBeta® Japan Equity ETF | 9,135,581 | 1,803,065 | ||||||
ActiveBeta® U.S. Large Cap Equity ETF | 608,334,951 | 603,333,979 | ||||||
ActiveBeta® U.S. Small Cap Equity ETF | 33,458,148 | 32,078,472 | ||||||
ActiveBeta® World Low Vol Plus Equity ETF | 91,889,768 | 92,016,390 |
121 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
7. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | $ | — | $ | 12,351,692 | ||||
Goldman Sachs ActiveBeta® Europe Equity ETF | — | 1,693,596 | ||||||
Goldman Sachs ActiveBeta® International Equity ETF | 45,581,913 | — | ||||||
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | 423,584,235 | 1,065,899,449 | ||||||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | 6,118,006 | 30,221,140 | ||||||
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF | 65,247,517 | 35,936,866 |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
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GOLDMAN SACHS ACTIVEBETA® ETFS
8. 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 29, 2024 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 29, 2024.
Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | ||||||||||||
| ||||||||||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 5,450,496 | $ | 22,554,153 | $ | (27,098,264 | ) | $ | 906,385 | |||||||
| ||||||||||||||||
ActiveBeta® Europe Equity ETF | 132,123 | 881,405 | (990,989 | ) | 22,539 | |||||||||||
| ||||||||||||||||
ActiveBeta® International Equity ETF | 37,159,558 | 305,582,144 | (283,729,253 | ) | 59,012,449 | |||||||||||
| ||||||||||||||||
ActiveBeta® Japan Equity ETF | 96,777 | 1,906,223 | (1,850,626 | ) | 152,374 | |||||||||||
| ||||||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 39,027,450 | 29,499,199 | (68,526,649 | ) | — | |||||||||||
| ||||||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 2,764,662 | 13,889,411 | (12,495,781 | ) | 4,158,292 | |||||||||||
| ||||||||||||||||
ActiveBeta® World Low Vol Plus Equity ETF | 2,067,149 | 41,568,064 | (36,467,969 | ) | 7,167,244 | |||||||||||
|
9. TAX INFORMATION |
As of the Fund’s most recent fiscal year ended August 31, 2023, the Fund’s capital loss carryforward and certain timing differences on a tax-basis were as follow:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
| ||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||
Perpetual Short-Term | $ | (31,389,025) | $ | (1,208,253) | $ | (96,667,452) | $ | (559,539) | $ | (276,490,779) | ||||||||||
Perpetual Long-Term | — | (2,369,425) | (118,383,474) | (905,890) | 248,471,968 | |||||||||||||||
| ||||||||||||||||||||
Total capital loss carryforwards | (31,389,025) | (3,577,678) | (215,050,926) | (1,465,429) | (28,018,811) | |||||||||||||||
| ||||||||||||||||||||
Timing differences | ||||||||||||||||||||
(Post-October Capital | ||||||||||||||||||||
Loss Deferral/Qualified | ||||||||||||||||||||
Late Year Loss Deferral) | (31,927,009) | (194,024) | (65,186,861) | (185,059) | (301,619,129) | |||||||||||||||
| ||||||||||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | ActiveBeta® World Low Vol Plus Equity ETF | |||||||||||||||||||
| ||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||
Perpetual Short-Term | $ | (12,028,913) | $ | (5,514,785) | ||||||||||||||||
Perpetual Long-Term | (4,515,494) | — | ||||||||||||||||||
| ||||||||||||||||||||
Total capital loss carryforwards | (16,544,407) | (5,514,785) | ||||||||||||||||||
| ||||||||||||||||||||
Timing differences | ||||||||||||||||||||
(Post-October Capital | ||||||||||||||||||||
Loss Deferral/Qualified | ||||||||||||||||||||
Late Year Loss Deferral) | (9,760,708) | (23,615,451) | ||||||||||||||||||
|
123 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
9. TAX INFORMATION continued) |
As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
| ||||||||||||||||||||
Tax Cost | $ | 844,456,850 | $ | 9,429,796 | $ | 2,994,388,535 | $ | 19,397,034 | $ | 8,276,811,448 | ||||||||||
| ||||||||||||||||||||
Gross unrealized gain | 280,166,799 | 2,235,348 | 764,061,430 | 4,267,187 | 4,298,095,222 | |||||||||||||||
Gross unrealized loss | (167,668,323 | ) | (1,083,628 | ) | (178,955,558 | ) | (777,829 | ) | (348,765,945 | ) | ||||||||||
| ||||||||||||||||||||
Net unrealized gain (loss) | $ | 112,498,476 | $ | 1,151,720 | $ | 585,105,872 | $ | 3,489,358 | $ | 3,949,329,277 | ||||||||||
| ||||||||||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | ActiveBeta® World ETF | |||||||||||||||||||
| ||||||||||||||||||||
Tax Cost | $ | 455,831,351 | $ | 736,405,927 | ||||||||||||||||
| ||||||||||||||||||||
Gross unrealized gain | 108,675,801 | 122,010,470 | ||||||||||||||||||
Gross unrealized loss | (65,336,702 | ) | (21,060,763 | ) | ||||||||||||||||
| ||||||||||||||||||||
Net unrealized gain (loss) | $ | 43,339,099 | $ | 100,949,707 | ||||||||||||||||
|
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 contracts, differences in the tax treatment of partnership investments, and differences in the tax treatment of 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:
Calculation Methodology Risk— The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
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 its 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
124 |
GOLDMAN SACHS ACTIVEBETA® ETFS
|
10. OTHER RISKS ( continued ) |
of a market decline or a decline in the value of one or more issuers. When an Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and its 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. 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.
Industry Concentration Risk— In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.
Investment Style Risk— Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.
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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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 pay more for, or receive less than, the underlying value of the Shares, respectively. 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.
125 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
10. OTHER RISKS (continued ) |
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders to be held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
126 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:
Proposal | ||||||||||||||||
Election of Trustees | For | Withheld | ||||||||||||||
Gregory G Weaver | 312,642,103 | 27,755,773 | ||||||||||||||
Dwight L. Bush | 339,557,290 | 840,586 | ||||||||||||||
Kathryn A. Cassidy | 339,692,259 | 705,617 | ||||||||||||||
John G. Chou | 339,628,535 | 769,341 | ||||||||||||||
Joaquin Delgado | 339,626,867 | 771,009 | ||||||||||||||
Eileen H. Dowling | 339,570,827 | 827,049 | ||||||||||||||
Paul C. Wirth | 339,591,397 | 806,479 |
127 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for 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 ETF, Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF and Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF and Goldman Sachs ActiveBeta® World Low Vol Plus 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, 2024 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, 2023 (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. 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 (i) 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”), (ii) its underlying index and (except for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; and |
(ii) | the with respect to the Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, comparative information on the advisory fees charged and services provided to other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) managed by the Investment Adviser having investment objectives and policies similar to those of the Fund; |
(e) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider (except for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF, which commenced operations in 2022), its processes in producing that data for the Fund; |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)
(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 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 investment strategies similar to those of the Funds. 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.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)
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 and/or ratings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. 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 and (except for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF), to 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 each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.
In addition, 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. With respect to the Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, the Trustees also considered comparative fee information for services provided by the Investment Adviser to accounts having investment objectives and policies similar to those of the Fund, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to such account which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive. They noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund. The Trustees also considered 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 (except for Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF) was provided for 2022 and 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, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, 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.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits 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 funds in which the 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 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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) 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, 2024.
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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, 2024 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, 2023 (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. 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 (i) 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”), (ii) its underlying index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) 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 |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (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 its 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 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 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 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, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. 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.
In addition, the Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Costs of Services Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund. 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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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (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 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 Fund.
They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund. 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 and reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). They considered 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 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 2022 and 2021. 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 realized profits, 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 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 funds 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 (h) 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.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) 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; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) 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, 2024.
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Liquidity Risk Management Program
February 29, 2024
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 13-14, 2024, 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, 2023 through December 31, 2023 (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. 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.
136 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Fund Expenses — Six Month Period Ended February 29, 2024 (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, 2023 through February 29, 2024, which represents a period of 182 days in a 366 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.
umber 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 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $1,000.00 | $1,059.52 | $2.30 | $1,000.00 | $1,070.87 | $1.29 | $1,000.00 | $1,078.45 | $1.29 | $1,000.00 | $1,123.87 | $1.32 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,022.63 | + | 2.26 | 1,000.00 | 1,023.62 | + | 1.26 | 1,000.00 | 1,023.62 | + | 1.26 | 1,000.00 | 1,023.62 | + | 1.26 |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | ActiveBeta® World Low Vol Plus Equity ETF | |||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||||||||||||||||||||||||||
Actual based on NAV | $1,000.00 | $1,146.80 | $0.48 | $1,000.00 | $1,088.30 | $1.04 | $1,000.00 | $1,119.05 | $1.32 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,024.42 | + | 0.45 | 1,000.00 | 1,023.87 | + | 1.01 | 1,000.00 | 1,023.62 | + | 1.26 |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
The annualized net expense ratios for the period were as follows:
Fund | ||||||
ActiveBeta® Emerging Markets Equity ETF | 0.45 | % | ||||
ActiveBeta® Europe Equity ETF | 0.25 | |||||
ActiveBeta® International Equity ETF | 0.25 | |||||
ActiveBeta® Japan Equity ETF | 0.25 | |||||
ActiveBeta® U.S. Large Cap Equity ETF | 0.09 | |||||
ActiveBeta® U.S. Small Cap Equity ETF | 0.20 | |||||
ActiveBeta® World Low Vol Plus Equity ETF | 0.25 |
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FUNDS PROFILE
Goldman Sachs ETFs
THE GOLDMAN
SACHS ADVANTAGE
Our goal is to deliver:
Strong, Consistent Investment Results | ||
∎ | Global Resources and Global Research | |
∎ | Team Approach | |
∎ | Disciplined Processes |
Innovative, Value-Added Investment Products | ||
∎ | Thoughtful Solutions | |
∎ | Risk Management |
Outstanding Client Service | ||
∎ | Dedicated Service Teams | |
∎ | Excellence and Integrity |
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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 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 Bonds 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 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(®) 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 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 Goldman Sachs Hedge Industry VIP ETF Goldman Sachs Innovate Equity ETF Goldman Sachs JUST U.S. Large Cap Equity ETF Goldman Sachs MarketBeta(®) Emerging Markets Equity ETF Goldman Sachs MarketBeta(®) International Equity ETF Goldman Sachs MarketBeta(®) Total International Equity ETF Goldman Sachs MarketBeta(®) U.S. 1000 Equity ETF Goldman Sachs MarketBeta(®) U.S. Equity ETF Goldman Sachs MarketBeta(®) Russell 1000 Growth Equity ETF Goldman Sachs MarketBeta(®) Russell 1000 Value Equity ETF Goldman Sachs Nasdaq-100 Core Premium Income ETF Goldman Sachs North American Pipelines & Power Equity ETF Goldman Sachs Small Cap Core Equity ETF Goldman Sachs S&P 500 Core Premium Income 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.
140 |
FUNDS PROFILE
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.
The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
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.
141 |
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our web site 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’’) website 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 website 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 29, 2024 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. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. ActiveBeta® is a registered trademark of Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365209-OTU-2013878 GST 2508 ACTBETASAR-24
Semi-Annual Report Goldman Sachs Funds February 29, 2024
Goldman Sachs Community Municipal Bond ETF
∎ |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF |
1 | ||||
2 | ||||
5 | ||||
14 | ||||
17 | ||||
17 | ||||
18 | ||||
25 |
Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024. |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs Community Municipal Bond ETF
February 29, 2024
The following are highlights both of key factors affecting the municipal bond market and of any key changes made to the Goldman Sachs Community Municipal Bond ETF (the “Fund”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.
• | The broad municipal bond market produced positive returns during the Reporting Period, propelled by especially strong gains in the final two months of 2023. |
• | As the Reporting Period began in September 2023, municipal bond yields rose, following the trend in the U.S. Treasury market, as investors anticipated the Federal Reserve would keep interest rates higher for longer. Municipal bond prices, which move inversely with yields, fell. |
• | This pattern continued at the start of the fourth calendar quarter, with municipal bond yields hitting 15-year highs during October. Weak market technicals (i.e., supply and demand dynamics) put further pressure on municipal bond market performance. |
• | However, in November and December, municipal bond yields fell sharply, following the trajectory of the U.S. Treasury market, as investors positioned themselves to lock in higher yields ahead of the new year. Municipal bond prices also benefited from an increase in demand prior to the seasonal slowdown in activity that historically occurs in the municipal bond market at the end of a calendar year. |
• | In January 2024, the broad municipal bond market weakened, as elevated new issue supply and expensive valuations weighed on performance. |
• | Municipal bond yields held firm throughout February, rising only modestly compared to U.S. Treasury yields, which increased substantially during the month. Municipal bond market performance was especially noteworthy given the challenging backdrop of heightened new issue supply and negligible investment flows into municipal bond mutual funds. |
Fund Changes and Highlights
No material changes were made to the Fund during the Reporting Period.
1
Community Municipal Bond ETF
as of February 29, 2024
FUND SNAPSHOT |
| |||||
As of February 29, 2024 | ||||||
Market Price1 | $ | 50.15 | ||||
Net Asset Value (NAV)1 | $ | 50.01 |
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, 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Bloomberg Goldman Sachs Community Municipal Index3 | |||||
Shares | 2.58% | 2.76% | 3.23% |
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 | “Bloomberg®” and the Bloomberg Goldman Sachs Community Municipal 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 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. |
The returns set forth in the table 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.
2
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | State | ||||||
Commonwealth of Pennsylvania GO Bonds: First Series of 2016 and First Refunding Series of 2016 | 0.6% | Pennsylvania | ||||||
Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F, Series F | 0.6 | Massachusetts | ||||||
Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1 | 0.6 | California | ||||||
Fairfax County Public Improvement Bonds Series 2022A, Series A | 0.6 | Virginia | ||||||
State of Hawaii GO Bonds of 2015 Series ET, Series ET | 0.6 | Hawaii | ||||||
State of California GO Various Purpose Refunding Bonds | 0.6 | California | ||||||
State of Illinois GO Bonds, Series May 2023B, Series B | 0.6 | Illinois | ||||||
Fairfax County Virginia Public Improvement Bonds Series 2023A, Series A | 0.6 | Virginia | ||||||
Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt, Series A | 0.5 | New York | ||||||
Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 | 0.5 | Wisconsin |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/245 |
Sector Name | Fund | |||
Government | 98.8% |
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. |
3
FUND BASICS
Index Definitions and Industry Terms
“Bloomberg®” and the Bloomberg Goldman Sachs Community Municipal 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 GSAM. The Goldman Sachs Community Municipal Bond ETF 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 Goldman Sachs Community Municipal Bond ETF or any member of the public regarding the advisability of investing in securities generally or in the Goldman Sachs Community Municipal Bond ETF 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 Goldman Sachs Community Municipal Bond ETF. Bloomberg has no obligation to take the needs of GSAM or the owners of the Goldman Sachs Community Municipal Bond ETF 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 Goldman Sachs Community Municipal Bond ETF to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Goldman Sachs Community Municipal Bond ETF customers, in connection with the administration, marketing or trading of the Goldman Sachs Community Municipal Bond ETF.
4
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds - 98.8% |
| |||||||||||||||
Alabama - 1.6% |
| |||||||||||||||
Alabama Public School and College Authority Tax Exempt Capital improvement and RB, Series 2020-A (Aa1/AA) |
| |||||||||||||||
$ | 30,000 | 5.000 | % | 11/01/2026 | $ | 31,766 | ||||||||||
30,000 | 5.000 | 11/01/2034 | 34,259 | |||||||||||||
30,000 | 5.000 | 11/01/2035 | 34,122 | |||||||||||||
25,000 | 4.000 | 11/01/2036 | 26,308 | |||||||||||||
Alabama Public School and College Authority Tax Exempt Capital improvement and RB, Series 2020-A (Aa1/AA) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2031 | 34,388 | |||||||||||||
|
| |||||||||||||||
160,843 | ||||||||||||||||
| ||||||||||||||||
Arizona - 0.5% |
| |||||||||||||||
Arizona Board of Regents, University of Arizona System Revenue Refunding Bonds Series 2016 (Aa2/AA-) |
| |||||||||||||||
30,000 | 3.000 | 06/01/2034 | 29,032 | |||||||||||||
City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) |
| |||||||||||||||
20,000 | 5.000 | 07/01/2034 | 22,224 | |||||||||||||
|
| |||||||||||||||
51,256 | ||||||||||||||||
| ||||||||||||||||
Arkansas - 0.3% |
| |||||||||||||||
City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2030 | 32,443 | |||||||||||||
| ||||||||||||||||
California - 15.0% |
| |||||||||||||||
Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) |
| |||||||||||||||
50,000 | 0.000 | (a) | 09/01/2032 | 37,978 | ||||||||||||
California Educational Facilities Authority Stanford University RB Series U-2 (Aaa/AAA) |
| |||||||||||||||
40,000 | 5.000 | 10/01/2032 | 48,773 | |||||||||||||
California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) |
| |||||||||||||||
30,000 | 3.500 | 11/15/2034 | 30,112 | |||||||||||||
California Infrastructure and Economic Development Bank Lease RB |
| |||||||||||||||
30,000 | 5.000 | 08/01/2035 | 33,361 | |||||||||||||
City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 07/01/2033 | 32,059 | |||||||||||||
County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) |
| |||||||||||||||
50,000 | 3.250 | 08/01/2035 | 48,799 | |||||||||||||
Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/AA-) |
| |||||||||||||||
35,000 | 5.000 | 07/01/2031 | 38,716 | |||||||||||||
30,000 | 5.000 | 07/01/2034 | 33,098 | |||||||||||||
Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2028 | 33,630 | |||||||||||||
Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) |
| |||||||||||||||
30,000 | 5.000 | 06/01/2029 | 34,156 | |||||||||||||
Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 12/01/2034 | 35,377 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
California – (continued) |
| |||||||||||||||
Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa3/NR) |
| |||||||||||||||
$ | 40,000 | 3.000 | % | 01/01/2034 | $ | 39,743 | ||||||||||
Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) |
| |||||||||||||||
30,000 | 4.000 | 07/01/2029 | 32,361 | |||||||||||||
Palomar Community College District 2015 GO Refunding Bonds (Aa2/AA) |
| |||||||||||||||
40,000 | 5.000 | (b) | 05/01/2030 | 40,973 | ||||||||||||
San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/AA) |
| |||||||||||||||
50,000 | 0.000 | (a) | 08/01/2032 | 38,508 | ||||||||||||
San Diego Unified School District 2015 GO Refunding Bonds Dedicated Unlimited Ad Valorem Property Tax Bonds Series R-4 (Aa2/AA-) |
| |||||||||||||||
40,000 | 5.000 | 07/01/2025 | 41,156 | |||||||||||||
San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) |
| |||||||||||||||
50,000 | 0.000 | (a) | 07/01/2031 | 39,636 | ||||||||||||
San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aaa/A+) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2031 | 32,216 | |||||||||||||
25,000 | 4.000 | 08/01/2036 | 25,621 | |||||||||||||
San Francisco Bay Area Rapid Transit District Sales Tax Revenue Bonds 2015 Refunding Series A (NR/AA+) |
| |||||||||||||||
30,000 | 5.000 | 07/01/2027 | 30,794 | |||||||||||||
San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aa1/AA+) |
| |||||||||||||||
50,000 | 0.000 | (a) | 09/01/2031 | 39,399 | ||||||||||||
Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) |
| |||||||||||||||
30,000 | 3.000 | 07/01/2033 | 29,561 | |||||||||||||
Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1 (Aa2/NR) |
| |||||||||||||||
50,000 | 5.000 | 07/01/2034 | 61,519 | |||||||||||||
State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) |
| |||||||||||||||
35,000 | 5.000 | 12/01/2030 | 38,325 | |||||||||||||
State of California GO Various Purpose Bonds (Aa2/AA-) |
| |||||||||||||||
30,000 | 5.000 | 03/01/2030 | 34,365 | |||||||||||||
70,000 | 5.000 | 11/01/2031 | 80,390 | |||||||||||||
30,000 | 5.000 | 03/01/2032 | 34,245 | |||||||||||||
30,000 | 5.000 | 11/01/2032 | 33,233 | |||||||||||||
30,000 | 5.000 | 03/01/2034 | 34,211 | |||||||||||||
State of California GO Various Purpose Refunding Bonds (Aa2/AA-) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2030 | 32,656 | |||||||||||||
50,000 | 5.000 | 11/01/2032 | 59,882 | |||||||||||||
40,000 | 4.000 | 11/01/2034 | 41,461 | |||||||||||||
State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) |
| |||||||||||||||
50,000 | 5.000 | 09/01/2028 | 51,456 | |||||||||||||
20,000 | 5.000 | 10/01/2028 | 22,162 | |||||||||||||
State of California Tax Exempt Various Purpose GO Refunding Bonds Bid Group B (Aa2/AA-) |
| |||||||||||||||
30,000 | 3.375 | 09/01/2033 | 30,071 |
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
California – (continued) |
| |||||||||||||||
State of California Various Purpose GO Bonds (Green Bonds) (Aa2/AA-) |
| |||||||||||||||
$ | 40,000 | 3.750 | % | 10/01/2037 | $ | 39,610 | ||||||||||
State Public Works Board of the State of California Lease Revenue Refunding Bonds 2015 Series G (Aa3/A+) |
| |||||||||||||||
20,000 | 5.000 | 05/01/2025 | 20,470 | |||||||||||||
The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 05/15/2032 | 32,224 | |||||||||||||
The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) |
| |||||||||||||||
25,000 | 5.000 | 05/15/2031 | 29,583 | |||||||||||||
WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) |
| |||||||||||||||
30,000 | 0.000 | (a) | 09/01/2029 | 25,223 | ||||||||||||
|
| |||||||||||||||
1,497,113 | ||||||||||||||||
| ||||||||||||||||
Colorado - 1.1% |
| |||||||||||||||
Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A) |
| |||||||||||||||
30,000 | 5.000 | 01/15/2035 | 30,917 | |||||||||||||
Colorado Health Facilities Authority RB Series 2019A (NR/A+) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2034 | 32,656 | |||||||||||||
State of Colorado Higher Education Capital Construction Lease Purchase Financing program Certificates of Participation Series 2014 A (Aa2/AA-) |
| |||||||||||||||
40,000 | 5.000 | 11/01/2025 | 41,354 | |||||||||||||
|
| |||||||||||||||
104,927 | ||||||||||||||||
| ||||||||||||||||
Connecticut - 2.0% |
| |||||||||||||||
Connecticut State Health & Educational Facilities Authority RB Quinnipiac University Issue Series L (A3/A-) |
| |||||||||||||||
25,000 | 5.000 | 07/01/2032 | 25,552 | |||||||||||||
State of Connecticut GO Bonds (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2030 | 30,939 | |||||||||||||
30,000 | 5.000 | 11/15/2032 | 30,914 | |||||||||||||
State of Connecticut GO Bonds 2015 Series A (Aa3/AA-) |
| |||||||||||||||
20,000 | 4.000 | 03/15/2032 | 20,064 | |||||||||||||
State of Connecticut GO Refunding Bonds Series 2016 B (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 05/15/2027 | 31,350 | |||||||||||||
State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 09/15/2034 | 32,749 | |||||||||||||
State of Connecticut Tax Exempt GO Bonds Series 2018 E (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 09/15/2025 | 30,874 | |||||||||||||
|
| |||||||||||||||
202,442 | ||||||||||||||||
| ||||||||||||||||
Delaware - 0.3% |
| |||||||||||||||
The State of Delaware GO Refunding Bonds Series 2017A (Aaa/AAA) |
| |||||||||||||||
27,000 | 5.000 | 01/01/2028 | 29,469 | |||||||||||||
| ||||||||||||||||
District of Columbia - 1.9% | ||||||||||||||||
District of Columbia Hospital RB Refunding Children’s Hospital Obligated Group Issue Series 2015 (A1/NR) |
| |||||||||||||||
30,000 | 5.000 | 07/15/2031 | 30,896 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
District of Columbia – (continued) |
| |||||||||||||||
District of Columbia Washington D.C. GO Bonds Series 2015B (Aaa/AA+) |
| |||||||||||||||
$ | 20,000 | 5.000 | % | 06/01/2026 | $ | 20,486 | ||||||||||
District of Columbia Washington D.C. GO Bonds Series 2017D (Aaa/AA+) |
| |||||||||||||||
40,000 | 4.000 | 06/01/2033 | 41,328 | |||||||||||||
District of Columbia Washington D.C. GO Bonds Series 2021D (Aaa/AA+) |
| |||||||||||||||
30,000 | 5.000 | 02/01/2029 | 33,461 | |||||||||||||
District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) |
| |||||||||||||||
30,000 | 5.000 | 03/01/2028 | 32,803 | |||||||||||||
30,000 | 5.000 | 03/01/2030 | 33,777 | |||||||||||||
|
| |||||||||||||||
192,751 | ||||||||||||||||
| ||||||||||||||||
Florida - 4.8% |
| |||||||||||||||
City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) |
| |||||||||||||||
20,000 | 5.000 | 10/01/2032 | 21,221 | |||||||||||||
City of Jacksonville Transportation RB Refunding Series 2015 (Aa3/AA-) |
| |||||||||||||||
30,000 | 3.000 | 10/01/2031 | 29,655 | |||||||||||||
City of Jacksonville Transportation Refunding RB Series 2015 (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2027 | 30,789 | |||||||||||||
City of Lakeland Energy System Refunding RB Series 2016 (Aa3/AA) |
| |||||||||||||||
40,000 | 2.500 | 10/01/2027 | 38,751 | |||||||||||||
Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/FHLMC) (Aaa/NR) |
| |||||||||||||||
30,000 | 1.800 | 07/01/2036 | 22,980 | |||||||||||||
Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 06/01/2031 | 33,675 | |||||||||||||
Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017A AMT of The City of Orlando Florida (A1/A+) |
| |||||||||||||||
20,000 | 5.000 | (b) | 10/01/2029 | 21,249 | ||||||||||||
JEA Water and Sewer System RB 2017 Series A (Aa2/AA+) |
| |||||||||||||||
35,000 | 5.000 | 10/01/2025 | 36,129 | |||||||||||||
Miami-Dade County Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2032 | 30,706 | |||||||||||||
Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2032 | 32,392 | |||||||||||||
Orlando Utilities Commission Utility System Revenue Refunding Bonds Series 2013A (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2024 | 30,311 | |||||||||||||
Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) |
| |||||||||||||||
20,000 | 5.000 | 06/01/2030 | 21,247 | |||||||||||||
Seminole County Water and Sewer Refunding RB Series 2015 A (Aa2/AA+) |
| |||||||||||||||
30,000 | 4.000 | 10/01/2030 | 30,319 |
6 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Florida – (continued) |
| |||||||||||||||
State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) |
| |||||||||||||||
$ | 30,000 | 5.000 | % | 06/01/2028 | $ | 32,997 | ||||||||||
Tampa Bay Wtr Fla Util Sys Rev Ref & Impt Rev Bonds 2001 A (NATL) (Aa1/AA+) |
| |||||||||||||||
30,000 | 6.000 | 10/01/2029 | 35,391 | |||||||||||||
The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) |
| |||||||||||||||
35,000 | 4.000 | 02/01/2032 | 35,708 | |||||||||||||
|
| |||||||||||||||
483,520 | ||||||||||||||||
| ||||||||||||||||
Georgia - 1.2% |
| |||||||||||||||
City of Atlanta Airport Passenger Facility Charge and Subordinate Lien General RB Series 2023E (Aa3/NR) |
| |||||||||||||||
40,000 | 5.000 | 07/01/2034 | 45,358 | |||||||||||||
Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 02/01/2030 | 34,234 | |||||||||||||
State of Georgia GO Bonds 2015A Tranche 1 (Aaa/AAA) |
| |||||||||||||||
35,000 | 4.000 | 02/01/2033 | 35,225 | |||||||||||||
|
| |||||||||||||||
114,817 | ||||||||||||||||
| ||||||||||||||||
Hawaii - 4.2% |
| |||||||||||||||
City and County of Honolulu GO Bonds Series 2017D Tax-Exempt Refunding Bonds (Aa2/NR) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2032 | 32,049 | |||||||||||||
City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2029 | 32,978 | |||||||||||||
City and County of Honolulu GO Bonds Series 2022A Tax Exempt Forward Refunding (Aa2/NR) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2027 | 32,483 | |||||||||||||
City and County of Honolulu GO Bonds Series C (Aa2/NR) |
| |||||||||||||||
30,000 | 4.000 | 10/01/2033 | 30,247 | |||||||||||||
City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2033 | 32,038 | |||||||||||||
City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) |
| |||||||||||||||
30,000 | 5.000 | 03/01/2029 | 33,449 | |||||||||||||
City and County of Honolulu Wastewater System RB Junior Series 2015A Refunding Second Bond Resolution (Aa3/NR) |
| |||||||||||||||
40,000 | 5.000 | 07/01/2026 | 40,978 | |||||||||||||
State of Hawaii GO Bonds of 2015 Series ET (Aa2/AA+) |
| |||||||||||||||
60,000 | 3.250 | (b) | 10/01/2032 | 60,238 | ||||||||||||
State of Hawaii GO Bonds Of 2018 Series FT (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 01/01/2034 | 32,399 | |||||||||||||
State of Hawaii GO Bonds Series 2017 FK (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 05/01/2033 | 31,841 | |||||||||||||
State of Hawaii GO Refunding Bonds of 2017 Series FN (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2029 | 32,259 | |||||||||||||
State of Hawaii GO Refunding Bonds Series 2017 FN (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2026 | 31,656 | |||||||||||||
|
| |||||||||||||||
422,615 | ||||||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Illinois - 3.7% |
| |||||||||||||||
Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) |
| |||||||||||||||
$ | 40,000 | 4.000 | % | 12/15/2029 | $ | 41,868 | ||||||||||
Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) |
| |||||||||||||||
20,000 | 5.000 | 10/01/2032 | 23,581 | |||||||||||||
Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2029 | 30,536 | |||||||||||||
30,000 | 5.000 | 11/15/2034 | 30,411 | |||||||||||||
Illinois St GO Bonds October 2020 B (A3/A-) |
| |||||||||||||||
40,000 | 4.000 | 10/01/2032 | 41,407 | |||||||||||||
20,000 | 4.000 | 10/01/2034 | 20,448 | |||||||||||||
Regional Transportation Authority Go Bonds 2004A (AGM) (Aa3/AA) |
| |||||||||||||||
30,000 | 5.750 | 06/01/2029 | 33,874 | |||||||||||||
Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/AA-) |
| |||||||||||||||
20,000 | 3.000 | 01/01/2027 | 19,687 | |||||||||||||
State of Illinois GO Bonds Series December 2017B (A3/A-) |
| |||||||||||||||
35,000 | 5.000 | 12/01/2025 | 35,964 | |||||||||||||
State of Illinois GO Bonds Series November 2019A (A3/A-) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2026 | 31,326 | |||||||||||||
State of Illinois GO Bonds, Series May 2023B (A3/A-) |
| |||||||||||||||
50,000 | 5.000 | 05/01/2034 | 56,511 | |||||||||||||
|
| |||||||||||||||
365,613 | ||||||||||||||||
| ||||||||||||||||
Indiana - 0.4% |
| |||||||||||||||
Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) |
| |||||||||||||||
30,000 | 0.000 | (a) | 06/01/2031 | 23,203 | ||||||||||||
The Trustees of Indiana University Indiana University Consolidated RB Series 2015A (Aaa/AAA) |
| |||||||||||||||
20,000 | 5.000 | 06/01/2026 | 20,476 | |||||||||||||
|
| |||||||||||||||
43,679 | ||||||||||||||||
| ||||||||||||||||
Iowa -1.0% |
| |||||||||||||||
Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2028 | 32,955 | |||||||||||||
Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2027 | 32,381 | |||||||||||||
30,000 | 5.000 | 08/01/2030 | 32,346 | |||||||||||||
|
| |||||||||||||||
97,682 | ||||||||||||||||
| ||||||||||||||||
Kentucky - 0.8% |
| |||||||||||||||
Kentucky Municipal Power Agency Power System Revenue Refunding Bonds for Prairie State Project Series 2015A (NATL) (Baa1/NR) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2025 | 30,676 | |||||||||||||
Kentucky Municipal Power Agency Power System Revenue Refunding Bonds Prairie State Project Series 2015A (NATL) (Baa1/NR) |
| |||||||||||||||
45,000 | 5.000 | 09/01/2024 | 45,323 | |||||||||||||
|
| |||||||||||||||
75,999 | ||||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Louisiana - 0.9% |
| |||||||||||||||
City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) |
| |||||||||||||||
$ | 30,000 | 5.000 | % | 12/01/2025 | $ | 30,986 | ||||||||||
City of Shreveport La Water & Sewer RB Junior Lien Series 2018C (BAM) (Baa2/AA) |
| |||||||||||||||
20,000 | 5.000 | 12/01/2026 | 20,962 | |||||||||||||
Louisiana Public Facilities Authority RB for Ochsner Clinic Foundation Project Series 2002B (Aaa/NR) |
| |||||||||||||||
40,000 | 5.500 | (b) | 05/15/2027 | 41,323 | ||||||||||||
|
| |||||||||||||||
93,271 | ||||||||||||||||
| ||||||||||||||||
Maryland - 2.1% |
| |||||||||||||||
Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) |
| |||||||||||||||
30,000 | 4.000 | 08/01/2031 | 32,316 | |||||||||||||
State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 03/15/2027 | 32,108 | |||||||||||||
State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2032 | 34,434 | |||||||||||||
State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2028 | 33,147 | |||||||||||||
35,000 | 5.000 | 08/01/2030 | 40,301 | |||||||||||||
Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George’s Counties Maryland (CNTY GTD) (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 06/01/2030 | 34,436 | |||||||||||||
|
| |||||||||||||||
206,742 | ||||||||||||||||
| ||||||||||||||||
Massachusetts - 2.4% |
| |||||||||||||||
Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) |
| |||||||||||||||
55,000 | 5.000 | 05/01/2029 | 61,728 | |||||||||||||
Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) |
| |||||||||||||||
20,000 | 5.000 | 09/01/2032 | 23,803 | |||||||||||||
Massachusetts Bay Transportation Authority RB Series 2005 A (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 07/01/2025 | 30,811 | |||||||||||||
Massachusetts Development Finance Agency RB, Northeastern University Issue, Series 2022 (A1/NR) |
| |||||||||||||||
40,000 | 5.000 | 10/01/2035 | 47,392 | |||||||||||||
School Building Authority Senior Dedicated Sales Tax Refunding Bonds Series 2015 C (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 08/15/2025 | 30,948 | |||||||||||||
The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018, Series B (Aa1/AA+) |
| |||||||||||||||
40,000 | 5.000 | 01/01/2027 | 42,577 | |||||||||||||
|
| |||||||||||||||
237,259 | ||||||||||||||||
| ||||||||||||||||
Michigan - 0.7% |
| |||||||||||||||
Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) |
| |||||||||||||||
35,000 | 2.875 | 10/01/2034 | 31,576 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Michigan – (continued) | ||||||||||||||||
State of Michigan Michigan GO Environmental Program and Refunding Bonds Series 2017A Tax Exempt (Aa1/AA) |
| |||||||||||||||
$ | 35,000 | 5.000 | % | 05/01/2026 | $ | 36,555 | ||||||||||
|
| |||||||||||||||
68,131 | ||||||||||||||||
| ||||||||||||||||
Minnesota - 0.4% | ||||||||||||||||
State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) |
| |||||||||||||||
40,000 | 5.000 | 08/01/2031 | 44,140 | |||||||||||||
| ||||||||||||||||
Mississippi - 0.5% | ||||||||||||||||
Mississippi Development Bank Special Obligation Bonds Series 2015A Jackson Public School District GO Refunding Bond Project Series 2015B Jackson Public School District Limited Tax Refunding Note Project (NR/A+) |
| |||||||||||||||
20,000 | 5.000 | 04/01/2026 | 20,694 | |||||||||||||
State of Mississippi Tax Exempt GO Bonds Series 2015A (Aa2/AA) |
| |||||||||||||||
30,000 | 4.000 | (b) | 10/01/2033 | 30,476 | ||||||||||||
|
| |||||||||||||||
51,170 | ||||||||||||||||
| ||||||||||||||||
Missouri - 0.6% | ||||||||||||||||
Joint Municipal Electric Utility Commission Power Project Revenue Refunding Bonds for Plum Point Project Series 2014A (A3/A-) |
| |||||||||||||||
30,000 | 5.000 | 01/01/2026 | 30,400 | |||||||||||||
Missouri Joint Municipal Electric Utility Commission Power Project RB Refunding Bonds for Prairie State Project Series 2015A (A2/NR) |
| |||||||||||||||
30,000 | 5.000 | 12/01/2030 | 30,498 | |||||||||||||
|
| |||||||||||||||
60,898 | ||||||||||||||||
| ||||||||||||||||
Montana - 0.5% | ||||||||||||||||
City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) |
| |||||||||||||||
50,000 | 3.900 | (c) | 03/01/2031 | 48,834 | ||||||||||||
| ||||||||||||||||
Nebraska - 0.5% | ||||||||||||||||
The University of Nebraska Facilities Corp. Facilities Bonds Series 2018 (Aa1/AA) |
| |||||||||||||||
20,000 | 5.000 | 07/15/2026 | 20,998 | |||||||||||||
The University of Nebraska Facilities Corporation Facilities Bonds Series 2018 (Aa1/AA) |
| |||||||||||||||
30,000 | 5.000 | 07/15/2025 | 30,806 | |||||||||||||
|
| |||||||||||||||
51,804 | ||||||||||||||||
| ||||||||||||||||
Nevada - 2.0% | ||||||||||||||||
Clark County Nevada GO Limited Tax Detention Center Bonds Additionally Secured by Pledged Revenues Series 2019 (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 06/01/2031 | 33,390 | |||||||||||||
Clark County Nevada GO Limited Tax Detention Center Bonds Additionally Secured By Pledged Revenues Series 2019 (Aa1/AA+) |
| |||||||||||||||
40,000 | 5.000 | 06/01/2025 | 40,927 | |||||||||||||
Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) |
| |||||||||||||||
30,000 | 5.000 | 06/15/2029 | 32,140 |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Nevada – (continued) |
| |||||||||||||||
Clark County School District GO Limited Tax Building And Refunding Bonds Series 2017C (A1/AA-) |
| |||||||||||||||
$ | 30,000 | 5.000 | % | 06/15/2026 | $ | 31,401 | ||||||||||
30,000 | 5.000 | 06/15/2027 | 32,040 | |||||||||||||
Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured By Pledged Revenues Series 2015D (A1/AA-) |
| |||||||||||||||
25,000 | 4.000 | 06/15/2032 | 25,298 | |||||||||||||
|
| |||||||||||||||
195,196 | ||||||||||||||||
| ||||||||||||||||
New Jersey - 2.6% |
| |||||||||||||||
Higher Education Student Assistance Authority Senior Student Loan Revenue Refunding Bonds Series 2018B (Aaa/AA) |
| |||||||||||||||
30,000 | 5.000 | 12/01/2027 | 31,376 | |||||||||||||
New Jersey Economic Development Authority School Facilities Construction Bonds Series 2015 WW (A2/A-) |
| |||||||||||||||
30,000 | 4.625 | (b) | 06/15/2032 | 30,615 | ||||||||||||
New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) |
| |||||||||||||||
30,000 | 5.000 | 07/01/2032 | 32,747 | |||||||||||||
New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A2/A-) |
| |||||||||||||||
25,000 | 0.000 | (a) | 12/15/2028 | 21,556 | ||||||||||||
New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) |
| |||||||||||||||
20,000 | 0.000 | (a) | 12/15/2029 | 16,747 | ||||||||||||
New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) |
| |||||||||||||||
20,000 | 0.000 | (a) | 12/15/2031 | 15,534 | ||||||||||||
30,000 | 0.000 | (a) | 12/15/2034 | 20,784 | ||||||||||||
New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) |
| |||||||||||||||
40,000 | 0.000 | (a) | 12/15/2027 | 35,566 | ||||||||||||
New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) |
| |||||||||||||||
40,000 | 0.000 | (a) | 12/15/2033 | 28,838 | ||||||||||||
New Jersey Transportation Trust Fund Authority Tax Exempt RB for Transportation System Bonds Series 2019 A (A2/A-) |
| |||||||||||||||
30,000 | 5.000 | 12/15/2025 | 30,986 | |||||||||||||
|
| |||||||||||||||
264,749 | ||||||||||||||||
| ||||||||||||||||
New Mexico - 0.7% |
| |||||||||||||||
Albuquerque Bernalillo County Water Utility Authority Senior Lien Joint Water And Sewer System Refunding And Improvement RB (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 07/01/2025 | 30,760 | |||||||||||||
New Mexico Hospital Equipment Loan Council Hospital System RB Presbyterian Healthcare Services Series 2015A (Aa3/AA) |
| |||||||||||||||
40,000 | 5.000 | (b) | 08/01/2031 | 41,014 | ||||||||||||
|
| |||||||||||||||
71,774 | ||||||||||||||||
| ||||||||||||||||
New York - 16.3% |
| |||||||||||||||
Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| |||||||||||||||
30,000 | 5.000 | 03/15/2032 | 34,402 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) | ||||||||||||||||
New York – (continued) |
| |||||||||||||||
Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| |||||||||||||||
$ | 30,000 | 5.000 | % | 03/15/2031 | $ | 34,440 | ||||||||||
50,000 | 4.000 | 03/15/2034 | 53,319 | |||||||||||||
Dormitory Authority Of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| |||||||||||||||
30,000 | 5.000 | 03/15/2033 | 34,366 | |||||||||||||
Dormitory Authority of The State of New York New York University RB Series 2015A (Aa2/AA-) |
| |||||||||||||||
40,000 | 2.800 | 07/01/2027 | 40,020 | |||||||||||||
Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2028 | 32,256 | |||||||||||||
30,000 | 5.000 | 10/01/2032 | 32,144 | |||||||||||||
Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 03/15/2028 | 32,819 | |||||||||||||
Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) |
| |||||||||||||||
20,000 | 5.000 | 02/15/2032 | 23,653 | |||||||||||||
Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) |
| |||||||||||||||
30,000 | 4.000 | 02/15/2038 | 31,254 | |||||||||||||
Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) |
| |||||||||||||||
30,000 | 5.250 | 09/01/2029 | 33,699 | |||||||||||||
Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) |
| |||||||||||||||
25,000 | 3.125 | 11/15/2033 | 24,286 | |||||||||||||
Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2029 | 33,229 | |||||||||||||
30,000 | 5.000 | 11/15/2033 | 33,460 | |||||||||||||
Metropolitan Transportation Authority Revenue Refunding Bonds Series 2015C (A3/A-) |
| |||||||||||||||
30,000 | 5.250 | 11/15/2029 | 30,933 | |||||||||||||
Metropolitan Transportation Authority Revenue Refunding for Climate Bond Certified Series 2017B (A3/A-) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2027 | 32,189 | |||||||||||||
Metropolitan Transportation Authority Revenue Refunding for Climate Bond Certified Series 2017C-1 (A3/A-) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2025 | 30,977 | |||||||||||||
Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2027 | 32,189 | |||||||||||||
35,000 | 5.000 | 11/15/2034 | 37,442 | |||||||||||||
30,000 | 3.250 | 11/15/2036 | 27,253 | |||||||||||||
Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A3/A-) |
| |||||||||||||||
30,000 | 0.000 | (a) | 11/15/2033 | 21,403 | ||||||||||||
New York City GO Bonds Fiscal 2019 Series A (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2025 | 30,802 |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Municipal Bonds – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/AA+) |
| |||||||||||||
$ | 30,000 | 3.450 | % | 11/01/2037 | $ | 28,392 | ||||||||
New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal Series 2015 FF (Aa1/AA+) |
| |||||||||||||
30,000 | 5.000 | 06/15/2032 | 30,714 | |||||||||||
New York City Transitional Finance Authority Building Aid RB Fiscal 2015 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| |||||||||||||
30,000 | 5.000 | 07/15/2029 | 30,455 | |||||||||||
New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) |
| |||||||||||||
40,000 | 5.000 | 07/15/2030 | 46,046 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) |
| |||||||||||||
30,000 | 5.000 | 02/01/2030 | 34,074 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) |
| |||||||||||||
30,000 | 5.000 | 05/01/2030 | 34,235 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/AAA) |
| |||||||||||||
30,000 | 5.000 | 08/01/2034 | 32,627 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) |
| |||||||||||||
30,000 | 5.000 | 11/01/2034 | 34,416 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) |
| |||||||||||||
30,000 | 5.000 | 11/01/2027 | 32,505 | |||||||||||
30,000 | 5.000 | 11/01/2028 | 33,249 | |||||||||||
25,000 | 5.000 | 11/01/2034 | 29,162 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) |
| |||||||||||||
20,000 | 5.000 | 02/01/2035 | 23,383 | |||||||||||
New York City Transitional Finance Authority Future Tax Secured Tax Exempt Subordinate Bonds Fiscal 2016 Series C (Aa1/AAA) |
| |||||||||||||
20,000 | 5.000 | 11/01/2027 | 20,618 | |||||||||||
New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) |
| |||||||||||||
30,000 | 3.500 | 11/15/2034 | 30,014 | |||||||||||
New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) |
| |||||||||||||
30,000 | 5.000 | 11/15/2032 | 30,622 | |||||||||||
New York State Dormitory Authority RB for Memorial Sloan- Kettering Cancer Center (NATL) (WR/NR) |
| |||||||||||||
50,000 | 0.000 | (a) | 07/01/2027 | 45,035 | ||||||||||
New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated Srf Bonds (Aaa/AAA) |
| |||||||||||||
20,000 | 5.000 | 06/15/2030 | 21,531 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) | ||||||||||||||||
New York – (continued) | ||||||||||||||||
Sales Tax Asset Receivable Corp. Sales Tax Asset RB Fiscal 2015 Series A (WR/AA+) |
| |||||||||||||||
$ | 25,000 | 5.000 | %(b) | 10/15/2026 | $ | 25,291 | ||||||||||
20,000 | 5.000 | (b) | 10/15/2028 | 20,233 | ||||||||||||
State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) |
| |||||||||||||||
60,000 | 2.000 | 10/01/2035 | 48,124 | |||||||||||||
The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) |
| |||||||||||||||
35,000 | 3.000 | 08/01/2033 | 34,269 | |||||||||||||
The City of New York GO Bonds Fiscal 2014 Series I Subseries I-1 (Aa2/AA) |
| |||||||||||||||
25,000 | 5.000 | 03/01/2025 | 25,032 | |||||||||||||
The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2025 | 30,802 | |||||||||||||
30,000 | 5.000 | 08/01/2026 | 31,415 | |||||||||||||
30,000 | 5.000 | 08/01/2031 | 32,049 | |||||||||||||
The City of New York GO Bonds Fiscal 2019 Series A (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2026 | 31,415 | |||||||||||||
The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2030 | 34,143 | |||||||||||||
30,000 | 5.000 | 08/01/2034 | 34,091 | |||||||||||||
Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2029 | 33,998 | |||||||||||||
|
| |||||||||||||||
1,634,475 | ||||||||||||||||
| ||||||||||||||||
North Carolina - 0.8% |
| |||||||||||||||
County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) |
| |||||||||||||||
30,000 | 4.000 | 03/01/2034 | 32,339 | |||||||||||||
North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) |
| |||||||||||||||
50,000 | 4.000 | 06/01/2034 | 50,334 | |||||||||||||
|
| |||||||||||||||
82,673 | ||||||||||||||||
| ||||||||||||||||
North Dakota - 0.7% |
| |||||||||||||||
North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2031 | 34,826 | |||||||||||||
State of North Dakota Housing Finance Agency Housing Finance Program Bonds Home Mortgage Finance Program 2021 Series B Non-AMT Social Bonds (Aa1/NR) |
| |||||||||||||||
40,000 | 2.300 | 07/01/2036 | 32,699 | |||||||||||||
|
| |||||||||||||||
67,525 | ||||||||||||||||
| ||||||||||||||||
Ohio - 3.9% |
| |||||||||||||||
American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) |
| |||||||||||||||
30,000 | 5.000 | 02/15/2033 | 33,429 | |||||||||||||
City of Columbus Ohio Various Purpose Limited Tax Bonds Series 2015A (Aaa/AAA) |
| |||||||||||||||
40,000 | 5.000 | 07/01/2025 | 41,076 | |||||||||||||
City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) |
| |||||||||||||||
30,000 | 5.000 | 06/01/2030 | 31,301 | |||||||||||||
County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A2/A+) |
| |||||||||||||||
40,000 | 5.000 | 08/01/2028 | 43,234 |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Ohio – (continued) |
| |||||||||||||||
Hamilton County Ohio Sewer System Refunding RB 2014 Series A The Metropolitan Sewer District Of Greater Cincinnati (Aa2/AA+) |
| |||||||||||||||
$ | 40,000 | 5.000 | % | 12/01/2027 | $ | 40,491 | ||||||||||
Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aaa/NR) |
| |||||||||||||||
30,000 | 2.300 | 03/01/2033 | 26,281 | |||||||||||||
Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) |
| |||||||||||||||
45,000 | 4.000 | 12/01/2037 | 47,021 | |||||||||||||
Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.250 | 12/01/2035 | 34,708 | |||||||||||||
State of Ohio Higher Education GO Bonds Series 2015C (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | (b) | 11/01/2027 | 30,692 | ||||||||||||
State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2026 | 31,667 | |||||||||||||
State of Ohio Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2027 | 32,361 | |||||||||||||
|
| |||||||||||||||
392,261 | ||||||||||||||||
| ||||||||||||||||
Oklahoma - 0.7% |
| |||||||||||||||
Board of Regents of The Oklahoma A&M University General Revenue Refunding Bonds Series 2017A (NR/AA-) |
| |||||||||||||||
35,000 | 4.000 | 07/01/2034 | 35,454 | |||||||||||||
Grand River Dam Authority RB Series 2014A (A1/AA-) |
| |||||||||||||||
30,000 | 3.375 | 06/01/2034 | 30,006 | |||||||||||||
|
| |||||||||||||||
65,460 | ||||||||||||||||
| ||||||||||||||||
Oregon - 1.9% |
| |||||||||||||||
City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) |
| |||||||||||||||
20,000 | 5.000 | 03/01/2027 | 21,350 | |||||||||||||
Hillsboro School District No. 1J Washington Yamhill And Multnomah Counties Oregon GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR) |
| |||||||||||||||
30,000 | 5.000 | 06/15/2025 | 30,720 | |||||||||||||
Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) |
| |||||||||||||||
20,000 | 5.000 | 08/15/2026 | 20,818 | |||||||||||||
40,000 | 5.000 | 08/15/2033 | 44,155 | |||||||||||||
State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) |
| |||||||||||||||
45,000 | 3.150 | 07/01/2032 | 43,048 | |||||||||||||
West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) |
| |||||||||||||||
50,000 | 0.000 | (a) | 06/15/2035 | 32,750 | ||||||||||||
|
| |||||||||||||||
192,841 | ||||||||||||||||
| ||||||||||||||||
Pennsylvania - 2.6% |
| |||||||||||||||
Commonwealth Financing Authority Tax Exempt RB Series 2015 A (A1/A) |
| |||||||||||||||
30,000 | 5.000 | 06/01/2033 | 30,520 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Pennsylvania – (continued) | ||||||||||||||||
Commonwealth of Pennsylvania GO Bonds: First Series of 2016 and First Refunding Series of 2016 (Aa3/A+) |
| |||||||||||||||
$ | 60,000 | 5.000 | % | 09/15/2026 | $ | 63,305 | ||||||||||
Department of Water and Power of the City of Los Angeles RB Series 2018 D (A2/A+) |
| |||||||||||||||
30,000 | 3.250 | 07/01/2032 | 29,698 | |||||||||||||
Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural And Commercial Corridors Program Series A (A1/A) |
| |||||||||||||||
45,000 | 5.000 | 12/01/2031 | 46,170 | |||||||||||||
Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 03/01/2029 | 33,093 | |||||||||||||
Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) |
| |||||||||||||||
30,000 | 5.000 | 02/01/2031 | 34,248 | |||||||||||||
Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) |
| |||||||||||||||
20,000 | 5.000 | 02/01/2032 | 23,185 | |||||||||||||
|
| |||||||||||||||
260,219 | ||||||||||||||||
| ||||||||||||||||
South Carolina - 0.5% |
| |||||||||||||||
Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District Of Pickens County Project Series 2015 (A1/A) |
| |||||||||||||||
50,000 | 5.000 | 12/01/2027 | 51,069 | |||||||||||||
| ||||||||||||||||
Tennessee - 2.0% |
| |||||||||||||||
Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) |
| |||||||||||||||
30,000 | 5.000 | 07/01/2031 | 33,370 | |||||||||||||
State of Tennessee GO Bonds Series 2015 A (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | (b) | 08/01/2032 | 30,844 | ||||||||||||
Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2027 | 32,483 | |||||||||||||
Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2033 | 32,100 | |||||||||||||
The Metropolitan Government Of Nashville And Davidson County GO Improvement Bonds Series 2015C (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.000 | 07/01/2027 | 30,710 | |||||||||||||
The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) |
| |||||||||||||||
40,000 | 3.000 | 01/01/2034 | 38,425 | |||||||||||||
|
| |||||||||||||||
197,932 | ||||||||||||||||
| ||||||||||||||||
Texas - 7.6% |
| |||||||||||||||
Austin Public Improvement Refunding Bonds 2020 (NR/AAA) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2029 | 33,791 | |||||||||||||
Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 05/15/2028 | 32,054 |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Texas – (continued) |
| |||||||||||||||
Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA) |
| |||||||||||||||
$ | 20,000 | 5.000 | % | 02/15/2031 | $ | 23,051 | ||||||||||
Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 08/15/2032 | 33,481 | |||||||||||||
City of Austin Travis, Williamson and Hays Counties Electric Utility System RB Refunding Bonds Series 2015A (Aa3/AA-) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2025 | 30,998 | |||||||||||||
City of Dallas Texas GO Refunding Bonds Series 2019B (NR/AA-) |
| |||||||||||||||
35,000 | 5.000 | 02/15/2026 | 36,368 | |||||||||||||
City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2017B (Aa2/NR) |
| |||||||||||||||
40,000 | 5.000 | 11/15/2025 | 41,290 | |||||||||||||
City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) |
| |||||||||||||||
30,000 | 5.000 | 11/15/2032 | 32,858 | |||||||||||||
Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) |
| |||||||||||||||
35,000 | 4.000 | 08/15/2031 | 36,236 | |||||||||||||
Dallas Area Rapid Transit Senior Lien Sales Tax Revenue Refunding Bonds Series 2014A (Aa2/AA+) |
| |||||||||||||||
25,000 | 5.000 | (b) | 12/01/2027 | 25,337 | ||||||||||||
Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/A+) |
| |||||||||||||||
30,000 | 5.000 | 12/01/2027 | 32,200 | |||||||||||||
Harris County Flood Control District Improvement Refunding Bonds Series 2015A (Aaa/AAA) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2027 | 30,855 | |||||||||||||
Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR) |
| |||||||||||||||
30,000 | 5.000 | 10/01/2026 | 31,679 | |||||||||||||
Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) |
| |||||||||||||||
20,000 | 5.000 | 08/15/2032 | 23,585 | |||||||||||||
Harris County Texas Tax And Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) |
| |||||||||||||||
30,000 | 5.000 | 08/15/2027 | 32,328 | |||||||||||||
Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) |
| |||||||||||||||
20,000 | 5.000 | 08/15/2027 | 21,491 | |||||||||||||
20,000 | 5.000 | 08/15/2028 | 21,435 | |||||||||||||
North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) |
| |||||||||||||||
30,000 | 4.000 | 09/01/2030 | 32,283 | |||||||||||||
North Texas Municipal Water District Water System Revenue Refunding and Improvement Bonds Series 2015 (Aa1/AAA) |
| |||||||||||||||
20,000 | 5.000 | 09/01/2028 | 20,518 | |||||||||||||
Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) |
| |||||||||||||||
25,000 | 5.000 | 08/01/2032 | 29,609 | |||||||||||||
Texas Water Development Board State Water Implementation Revenue Fund For Texas RB Series 2015A (NR/AAA) |
| |||||||||||||||
30,000 | 5.000 | 10/15/2029 | 30,928 | |||||||||||||
30,000 | 5.000 | 10/15/2030 | 30,918 | |||||||||||||
30,000 | 4.000 | 10/15/2032 | 30,272 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Texas – (continued) |
| |||||||||||||||
Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/AAA) |
| |||||||||||||||
$ | 30,000 | 5.000 | % | 08/01/2033 | $ | 32,850 | ||||||||||
Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2030 | 32,164 | |||||||||||||
|
| |||||||||||||||
758,579 | ||||||||||||||||
| ||||||||||||||||
Utah - 1.7% |
| |||||||||||||||
Central Valley Water Reclamation Facility Sewer RB Series 2021C Green Bonds (NR/AA) |
| |||||||||||||||
35,000 | 4.000 | 03/01/2036 | 36,881 | |||||||||||||
State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2031 | 32,141 | |||||||||||||
Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2030 | 34,448 | |||||||||||||
Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) |
| |||||||||||||||
30,000 | 5.250 | 06/15/2032 | 35,048 | |||||||||||||
Utah Transit Authority Subordinate Sales Tax RB Refunding Series 2015A Series 2015A (Aa3/AA) |
| |||||||||||||||
30,000 | 5.000 | (b) | 06/15/2029 | 30,755 | ||||||||||||
|
| |||||||||||||||
169,273 | ||||||||||||||||
| ||||||||||||||||
Virginia - 3.5% |
| |||||||||||||||
Fairfax County Economic Development Authority Virginia Fairfax County Facilities Revenue And Refunding Bonds Series 2014 A County Facilities Projects (Aa1/AA+) |
| |||||||||||||||
40,000 | 5.000 | (b) | 10/01/2030 | 40,410 | ||||||||||||
Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) |
| |||||||||||||||
60,000 | 4.000 | 10/01/2025 | 61,046 | |||||||||||||
Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) |
| |||||||||||||||
30,000 | 4.000 | 10/01/2031 | 32,995 | |||||||||||||
50,000 | 4.000 | 10/01/2034 | 54,862 | |||||||||||||
Upper Occoquan Sewage Authority Regional Sewerage System RB Refunding Series 2014 (Aa1/AAA) |
| |||||||||||||||
30,000 | 4.000 | (b) | 07/01/2031 | 30,381 | ||||||||||||
Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College And Equipment Programs Series 2017E (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 02/01/2029 | 32,721 | |||||||||||||
Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) |
| |||||||||||||||
35,000 | 3.000 | 09/01/2026 | 34,909 | |||||||||||||
Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) |
| |||||||||||||||
30,000 | 5.000 | 09/01/2028 | 31,463 | |||||||||||||
Virginia Port Authority Port Facilities RB Refunding Series 2015A (WR/NR) |
| |||||||||||||||
30,000 | 5.000 | (b) | 07/01/2033 | 30,650 | ||||||||||||
|
| |||||||||||||||
349,437 | ||||||||||||||||
|
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Washington - 2.6% |
| |||||||||||||||
Northshore School District No. 417 King and Snohomish Counties Unlimited Tax GO Bonds Series 2014 (SCH BD GTY) (Aaa/AA+) |
| |||||||||||||||
$ | 30,000 | 4.000 | % | 12/01/2033 | $ | 30,047 | ||||||||||
State of Washington Various Purpose GO Bonds Series 2016A-1 (Aaa/AA+) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2030 | 30,806 | |||||||||||||
State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2032 | 32,883 | |||||||||||||
25,000 | 5.000 | 08/01/2034 | 27,319 | |||||||||||||
State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) |
| |||||||||||||||
20,000 | 5.000 | 02/01/2027 | 21,305 | |||||||||||||
State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) |
| |||||||||||||||
30,000 | 5.000 | 08/01/2031 | 32,091 | |||||||||||||
The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) |
| |||||||||||||||
30,000 | 5.000 | 11/01/2030 | 34,604 | |||||||||||||
University of Washington General Revenue and Refunding Bonds 2015C (Aaa/AA+) |
| |||||||||||||||
50,000 | 4.000 | 12/01/2028 | 50,739 | |||||||||||||
|
| |||||||||||||||
259,794 | ||||||||||||||||
| ||||||||||||||||
Wisconsin - 1.3% |
| |||||||||||||||
Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR) |
| |||||||||||||||
50,000 | 5.000 | 03/01/2030 | 51,584 | |||||||||||||
State of Wisconsin GO Refunding Bonds Series 2016 (NR/NR) |
| |||||||||||||||
30,000 | 5.000 | (b) | 11/01/2030 | 31,378 | ||||||||||||
Wisconsin Health And Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) |
| |||||||||||||||
45,000 | 3.150 | 08/15/2027 | 44,279 | |||||||||||||
|
| |||||||||||||||
127,241 | ||||||||||||||||
| ||||||||||||||||
TOTAL MUNICIPAL BONDS (Cost $9,798,200) | 9,877,916 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS - 98.8% (Cost $9,798,200) | $ | 9,877,916 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS IN EXCESS OF | 123,869 | |||||||||||||||
| ||||||||||||||||
NET ASSETS - 100.0% | $ | 10,001,785 | ||||||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a) | Issued with a zero coupon. Income is recognized through the accretion of discount. | |
(b) | Pre-refunded security. Maturity date disclosed is pre-refunding date. | |
(c) | Variable Rate Demand Instruments – rate shown is that which is in effect on February 29, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.
| ||||||
Investment Abbreviations: | ||||||
AGC | – | Insured by Assured Guaranty Corp. | ||||
AGM | – | Insured by Assured Guaranty Municipal Corp. | ||||
AGM ST INTERCEPT | – | Assured Guaranty Municipal Corp. State-Aid Intercept | ||||
AMBAC | – | Insured by American Municipal Bond Assurance Corp. | ||||
AMT | – | Alternative Minimum Tax (subject to) | ||||
BAM | – | Build America Mutual Assurance Co. | ||||
FHLMC | – | Insured by Federal Home Loan Mortgage Corp. | ||||
FNMA | – | Insured by Federal National Mortgage Association | ||||
GNMA | – | Insured by Government National Mortgage Association | ||||
GO | – | General Obligation | ||||
MTA | – | Metropolitan Transportation Authority | ||||
NATL | – | National Public Finance Guarantee Corp. | ||||
NR | – | Not Rated | ||||
RB | – | Revenue Bond | ||||
SCH BD GTY | – | School Bond Guaranty | ||||
ST AID WITHHLDG | – | State Aid Withholding | ||||
ST APPROP | – | State Appropriation | ||||
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Community Municipal Bond ETF
| ||||||||
Assets: | ||||||||
Investments, at value (cost $9,798,200) | $ | 9,877,916 | ||||||
Cash | 12,192 | |||||||
Receivables: | ||||||||
Interest | 112,865 | |||||||
| ||||||||
Total assets | 10,002,973 | |||||||
| ||||||||
Liabilities: | ||||||||
Payables: | ||||||||
Management fees | 1,188 | |||||||
| ||||||||
Total liabilities | 1,188 | |||||||
| ||||||||
Net Assets: | ||||||||
Paid-in Capital | 9,925,123 | |||||||
Total distributable earnings (loss) | 76,662 | |||||||
| ||||||||
NET ASSETS | $ | 10,001,785 | ||||||
| ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||
Shares outstanding no par value (unlimited shares authorized): | 200,000 | |||||||
Net asset value per share: | $ | 50.01 | ||||||
|
14 | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Statement of Operations
For the Six Months Ended February 29, 2024 (Unaudited) |
Community Municipal Bond ETF | ||||||||
Investment income: | ||||||||
Interest | $ | 274,719 | ||||||
Dividends — affiliated issuers | 1,068 | |||||||
| ||||||||
Total Investment Income | 275,787 | |||||||
| ||||||||
Expenses: | ||||||||
Management fees | 13,662 | |||||||
Trustee fees | 8,520 | |||||||
| ||||||||
Total expenses | 22,182 | |||||||
| ||||||||
Less — expense reductions | (7,612 | ) | ||||||
| ||||||||
Net expenses | 14,570 | |||||||
| ||||||||
NET INVESTMENT INCOME | 261,217 | |||||||
| ||||||||
Realized and Unrealized gain (loss): | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated issuers | (27,955 | ) | ||||||
Net change in unrealized gain (loss) on: | ||||||||
Investments — unaffiliated issuers | 258,990 | |||||||
| ||||||||
Net realized and unrealized gain | 231,035 | |||||||
| ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 492,252 | ||||||
|
The accompanying notes are an integral part of these consolidated financial statements. | 15 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Statements of Changes in Net Assets
|
Community Municipal Bond ETF | ||||||||||||
For the Six Months Ended |
For the Period to August 31, 2023 | |||||||||||
From operations: | ||||||||||||
Net investment income | $ | 261,217 | $ | 265,892 | ||||||||
Net realized loss | (27,955 | ) | (4,812 | ) | ||||||||
Net change in unrealized gain (loss) | 258,990 | (179,274 | ) | |||||||||
| ||||||||||||
Net increase in net assets resulting from operations | 492,252 | 81,806 | ||||||||||
| ||||||||||||
Distributions to shareholders: | ||||||||||||
From distributable earnings | (282,300 | ) | (215,096 | ) | ||||||||
From share transactions: | ||||||||||||
Proceeds from sales of shares | – | 19,964,233 | ||||||||||
Cost of shares redeemed | (10,039,110 | ) | – | |||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (10,039,110 | ) | 19,964,233 | |||||||||
| ||||||||||||
TOTAL INCREASE (DECREASE) | (9,829,158 | ) | 19,830,943 | |||||||||
| ||||||||||||
Net Assets: | ||||||||||||
Beginning of period | $ | 19,830,943 | $ | – | ||||||||
| ||||||||||||
End of period | $ | 10,001,785 | $ | 19,830,943 | ||||||||
|
* | Commencement of operations. |
16 | The accompanying notes are an integral part of these consolidated financial statements. |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
* | 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 dividends and distributions, a complete redemption 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 redemption 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. | 17 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
1. ORGANIZATION |
Goldman Sachs Community Municipal Bond ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which 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 Fund commenced operations on March 7, 2023.
The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Community Municipal Index (the “Index”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser (the “Investment Adviser”) to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. Market prices for the Fund’s shares may be different from their net asset value (“NAV”). The Fund issues and redeems shares at its respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed 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 Fund.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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.
C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid monthly and annually, respectively.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
18 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Fund, including investments for which market quotations are not readily available. With respect to the 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 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 Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments— The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
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.
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 the 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 the 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.
19 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 29, 2024:
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Community Municipal Bond ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Municipal Bond | $ | — | $ | 9,877,916 | $ | — | ||||||
|
For further information regarding security characteristics, see the Schedule of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
The Fund operates under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
For the six months ended February 29, 2024, contractual and effective net unitary management fees with GSAM were at the following rates:
Fund | Contractual Unitary Management Fee | | Effective Net Unitary Management Fee | | ||||
Community Municipal Bond ETF | 0.25% | 0.16% |
On September 25, 2023, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.15% as an annual percentage rate of average daily net assets of the Fund through at least December 29, 2024, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. Prior to September 25, 2023 there was no waiver agreement. For the six months ended February 29, 2024, GSAM waived $7,579 of the management fees for the Fund.
The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Money Market Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Money Market Fund in which the Fund invests. For the six months ended February 29, 2024, the management fee waived by GSAM was $33.
B. Other Transactions with Affiliates — For the six months ended February 29, 2024, Goldman Sachs did not earn any brokerage commission from portfolio transactions on behalf of the Fund.
The following table provides information about the Fund’s investments in the Goldman Sachs Financial Square Government Fund - Institutional Shares for the six months ended February 29, 2024:
Fund | | Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | Dividend Income | ||||||||||
Community Municipal Bond ETF | $ | 114,880 | $ | 393,063 | $ | (507,943 | ) | $ | – | – | $ | 1,068 |
20 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the Fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statement of Changes in Net Assets.
Share activity is as follows:
Community Municipal Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Period March 7, 2023* to August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | — | $ | — | 400,000 | $ | 19,964,233 | ||||||||||
Shares redeemed | (200,000 | ) | (10,039,110 | ) | — | — | ||||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (200,000 | ) | $ | (10,039,110 | ) | 400,000 | $ | 19,964,233 | ||||||||
|
* | Commencement of operations |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
Community Municipal Bond ETF | $ | 2,605,807 | $ | 12,259,857 |
7. TAX INFORMATION |
As of the Fund’s most recent fiscal year end, August 31, 2023, the Fund’s capital loss carryforwards on a tax-basis were as follows:
Community Municipal Bond ETF | ||
Capital loss carryforwards: | ||
Perpetual Short-Term | $ (4,824) |
As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
21 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
7. TAX INFORMATION (continued) |
Community Municipal Bond ETF | ||||
Tax Cost | $ 9,795,425 | |||
| ||||
Gross unrealized gain | 94,520 | |||
Gross unrealized loss | (12,029) | |||
| ||||
Net unrealized gain (loss) | $ 82,491 | |||
|
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable to differences in the tax treatment of market discount accretion and premium amortization.
GSAM has reviewed the Fund’s tax positions for all open tax years (the current year) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
8. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Calculation Methodology Risk —The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser, nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
ESG Standards Risk — The application of the Index Provider’s methodology when constructing the Index generally will affect the Fund’s exposure to certain issuers, sectors, and regions and may affect the Fund’s performance depending on whether such investments are in or out of favor. For example, the Fund generally will not invest in issuers that the Index Provider’s methodology screens as a result of certain social or environmental factors (e.g., funds tied to alcohol, tobacco, gambling, transportation, or correctional facilities). Application of the Index’s ESG criteria may also affect the Fund’s performance relative to similar funds that do not seek to track indexes that utilize such criteria. The Fund and GSAM rely on the Index Provider to determine whether the Index’s ESG criteria are met and do not perform a separate ESG analysis of Index constituents. When assessing whether an issuer meets the Index’s ESG criteria, the Index Provider generally will rely on third-party data that it believes to be reliable, but it does not guarantee the accuracy of such third-party data. ESG information from the Index Provider and other third-party data providers may be incomplete, inaccurate or unavailable and may vary significantly from one third-party data provider to another, which may adversely impact the Fund’s investments. Certain investments may be dependent on U.S. government policies, including tax incentives and subsidies, which may change without notice. The Index’s ESG criteria may be changed without shareholder approval.
Index Risk — Bloomberg Professional Services (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from an Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the index is rebalanced and the 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 the Index, but it does not guarantee the accuracy or availability of any 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 Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-
22 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
8. OTHER RISKS (continued) |
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. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. 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.
Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on (insert exchange for the fund/funds here) and may, therefore, have a material upward or downward effect on the market price of the Shares.
Liquidity Risk — The 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 the 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, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the 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. 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, military conflicts, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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 — The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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.
Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). The Fund may also invest in municipal securities indirectly (including by investing in tender option bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.
23 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
8. OTHER RISKS (continued) |
Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s Shares.
State/Territory Specific Risk — The Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.
Tax Risk — Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from municipal securities can significantly affect the demand for and supply, liquidity and marketability of municipal securities. Such changes may affect the Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.
Tracking Error Risk — Tracking error is the divergence of the Fund’s performance from that of its Index. The performance of the Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
10. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II, and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
24 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:
Proposal Election of Trustees | For | Withheld | ||||||||
Gregory G. Weaver | 312,642,103 | 27,755,773 | ||||||||
Dwight L. Bush | 339,557,290 | 840,856 | ||||||||
Kathryn A. Cassidy | 339,692,259 | 705,617 | ||||||||
John G. Chou | 339,628,535 | 769,341 | ||||||||
Joaquin Delgado | 339,626,867 | 771,009 | ||||||||
Eileen H. Dowling | 339,570,827 | 827,049 | ||||||||
Paul C. Wirth | 339,591,397 | 806,479 |
25 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Community Municipal Bond 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 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 Fund.
The Management Agreement was most recently approved for continuation until September 30, 2024 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, 2023 (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. 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 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 to implement a fee waiver; |
(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 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
26 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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 its 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, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed exchange traded fund (“ETF”) that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing 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 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 noted that the Fund had launched on March 9, 2023 and did not yet have a meaningful performance history. In addition, the Trustees considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure
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 fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.
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 rate and net 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 paid by the Fund. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a management fee waiver for the Fund. The Trustees noted that license fees would be payable by the Investment Adviser to Bloomberg Professional Services for the use of its index.
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, 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 the Fund’s unitary management fee rate.
27 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits 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) 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; (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 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. 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 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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) 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; (f) 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 (g) 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 unitary fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and 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 with respect to the Fund should be approved and continued until September 30, 2024.
28 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Liquidity Risk Management Program
February 29, 2024
The 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 the 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, the 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 the Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of the 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 13-14, 2024, 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, 2023 through December 31, 2023 (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. 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.
29 |
GOLDMAN SACHS COMMUNITY MUNICIPAL BOND ETF
Fund Expenses — Six Months ended February 29, 2024 (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 period from September 1, 2023 through February 29, 2024, which represents a period of 182 days of a 366 day year.
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Community Municipal Bond ETF | ||||||
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | ||||
Actual based on NAV | $1,000.00 | $1,025.81 | $0.81 | |||
Hypothetical 5% return | 1,000.00 | 1,024.07+ | 0.81 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratios for the period were as follows:
Fund | ||||||
Community Municipal Bond ETF | 0.16 | % |
30
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FUNDS PROFILE
Goldman Sachs ETFs
THE GOLDMAN
SACHS ADVANTAGE
Our goal is to deliver:
Strong, Consistent Investment Results
| ||
∎ | Global Resources and Global Research | |
∎ | Team Approach | |
∎ | Disciplined Processes |
Innovative, Value-Added Investment Products
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∎ | Thoughtful Solutions | |
∎ | Risk Management |
Outstanding Client Service
| ||
∎ | Dedicated Service Teams | |
∎ | Excellence and Integrity |
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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 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 Bonds 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 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® 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 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 |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® Total International Equity ETF |
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF |
Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF |
Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF |
Goldman Sachs Nasdaq-100 Core Premium Income ETF |
Goldman Sachs North American Pipelines & Power Equity ETF |
Goldman Sachs Small Cap Core Equity ETF |
Goldman Sachs S&P 500 Core Premium Income ETF |
INDEX DISCLAIMERS
Bloomberg®” and the Bloomberg Goldman Sachs Community Municipal 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 GSAM. The Goldman Sachs Community Municipal Bond ETF 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 Goldman Sachs Community Municipal Bond ETF or any member of the public regarding the advisability of investing in securities generally or in the Goldman Sachs Community Municipal Bond ETF 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 Goldman Sachs Community Municipal Bond ETF. Bloomberg has no obligation to take the needs of GSAM or the owners of the Goldman Sachs Community Municipal Bond ETF 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 Goldman Sachs Community Municipal Bond ETF to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Goldman Sachs Community Municipal Bond ETF customers, in connection with the administration, marketing or trading of the Goldman Sachs Community Municipal Bond ETF.
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
32 |
FUNDS PROFILE
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 “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
33 |
TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary 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 This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes. The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the 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’’) website at http://www.sec.gov. The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website 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 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. 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 (retail --1-800-526-7384) (institutional --1-800-621-2550). MarketBeta® and ActiveBeta® are registered trademarks of Goldman Sachs Asset Management. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365129-OTU-4/2024 COMMMUNETFSAR-24
Goldman Sachs Funds Semi-Annual Report February 29, 2024 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) North American Pipelines & Power Equity ETF (GPOW) Defensive Equity ETF (GDEF) Small Cap Core Equity ETF (GSC)
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) |
∎ |
NORTH AMERICAN PIPELINES & POWER EQUITY ETF (GPOW) |
∎ |
DEFENSIVE EQUITY ETF (GDEF) |
∎ |
SMALL CAP CORE EQUITY ETF (GSC) |
1 | ||||
4 | ||||
22 | ||||
52 | ||||
61 | ||||
61 | ||||
62 | ||||
63 | ||||
64 | ||||
65 | ||||
66 | ||||
67 | ||||
68 | ||||
69 | ||||
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Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Equity ETFs
February 29, 2024
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 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.
Market and Economic Review
• | 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 13.93%. The Russell 3000® Index generated a return of 13.76%. |
• | Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership. |
• | The Reporting Period began in September 2023 with a sharp pullback. |
• | Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (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.) |
• | Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment. |
• | The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors. |
• | During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003. |
• | The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023. |
• | U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime. |
• | The market then shifted direction in November. |
• | November saw the most significant easing in financial conditions of any month in more than four decades. |
• | Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes. |
• | The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards. |
• | Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) |
• | U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years. |
1 |
MARKET REVIEW
• | Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks. |
• | The S&P 500 Index rose in January 2024, albeit modestly. |
• | Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors. |
• | Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy. |
• | The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again. |
• | Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. |
• | In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven.” |
• | U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Jerome Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.) |
• | The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact. |
• | Economic data remained robust, which helped ease concerns of a hard landing. |
• | Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024. |
• | Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors. |
• | During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap® Index and Russell 2000® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) |
• | The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples. |
Fund Changes and Highlights
Goldman Sachs Defensive Equity ETF
• | The Fund recorded positive absolute returns but significantly underperformed its benchmark, the S&P 500 Index, during the Reporting Period. |
• | The relative underperformance was driven both by the Fund’s options-based overlay strategy and by equity exposures. |
• | Within the options-based overlay strategy, the Fund’s short call option positions from the put option spread collar detracted from relative performance, as the S&P 500 Index appreciated through the strike price of the call options and reduced the Fund’s upside participation. The impact was most pronounced during the final two months of the Reporting Period. |
• | 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. |
2 |
MARKET REVIEW
• | The put option spread collar refers to the strategy whereby the Fund simultaneously purchases a near-the-money put while selling an out-of-the-money call and put on an underlying asset or index, such as the S&P 500 Index. |
• | 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. |
• | “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. For a put option, “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. |
• | Within equity exposures, the Fund’s positions in large-cap stocks detracted from relative performance. |
• | Among sectors, the Fund was hurt by stock selection in information technology. |
• | However, stock selection and underweighted allocations compared to the S&P 500 Index in the energy and consumer discretionary sectors contributed positively. |
• | Effective December 29, 2023, Sergio Calvo de Leon became a portfolio manager for the Fund, joining Raj Garigipati, Oliver Bunn and Patrick Harnett. Mr. Garigipati, Mr. Bunn and Mr. Harnett have managed the Fund since January 2023. (Effective April 1, 2024, after the end of the Reporting Period, Patrick Harnett no longer served as a portfolio manager of the Fund. Raj Garigipati, Oliver Bunn and Sergio Calvo de Leon continued to serve as portfolio managers for the Fund.) |
Goldman Sachs Small Cap Core Equity ETF
• | The Fund, which seeks long-term growth of capital, launched on October 3, 2023. |
• | The new 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’s benchmark index is the Russell 2000® Index (Total Return, USD). |
• | 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) (“Net Assets”) in a portfolio of equity investments in small-cap issuers. |
• | Small-cap issuers are companies with relatively small market capitalizations. As of December 31, 2023, small-cap issuers generally have public stock market capitalizations between $100 million and $16 billion; however, this capitalization range will change over time and with market conditions. |
• | The Fund may also invest in securities outside of the then-existing small-cap issuer capitalization range at the time of investment. |
3 |
Bloomberg Clean Energy Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $31.92 | |||
Net Asset Value (NAV)1 | $31.95 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Bloomberg GS Global Clean Energy Index (Total Return, USD, Unhedged)3 | |||||
Shares | -8.05% | -8.63% | -7.73% |
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 Equity 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’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 2/29/244 |
Holding | % of Net Assets | Line of Business | Country | |||
NextEra Energy, Inc. | 4.9% | Utilities | United States | |||
Iberdrola SA | 4.8 | Utilities | Spain | |||
Tesla, Inc. | 4.4 | Consumer Discretionary | United States | |||
Enel SpA | 3.5 | Utilities | Italy | |||
Schneider Electric SE | 3.2 | Industrials | United States | |||
Duke Energy Corp. | 2.6 | Utilities | United States | |||
Exelon Corp. | 2.5 | Utilities | United States | |||
National Grid PLC | 2.5 | Utilities | United Kingdom | |||
Sempra | 2.4 | Utilities | United States | |||
American Electric Power Co., Inc. | 2.3 | Utilities | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION5 |
As of February 29, 2024 |
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 0.2% of the Fund’s net assets as of February 29, 2024. 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. |
5 |
FUND BASICS
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
Equal Weight U.S. Large Cap Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $69.99 | |||
Net Asset Value (NAV)1 | $70.01 |
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/ETEs. |
PERFORMANCE REVIEW |
September 1, 2023-February 29, 2024 | 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 (TR, unhedged, USD)4 | ||||||
Shares | 12.40% | 12.37% | 12.41% | 13.93% |
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 trademark 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. |
7 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/245 |
Holding | % of Net Assets | Line of Business | ||
Okta, Inc. | 0.3% | IT Services | ||
Constellation Energy Corp. | 0.3 | Electric Utilities | ||
Super Micro Computer, Inc. | 0.3 | Technology Hardware, Storage & Peripherals | ||
Trade Desk, Inc. (The), Class A | 0.2 | Media | ||
Lattice Semiconductor Corp. | 0.2 | Semiconductors & Semiconductor Equipment | ||
Albemarle Corp. | 0.2 | Chemicals | ||
Diamondback Energy, Inc. | 0.2 | Oil, Gas & Consumable Fuels | ||
Ovintiv, Inc. | 0.2 | Oil, Gas & Consumable Fuels | ||
Cloudflare, Inc., Class A | 0.2 | IT Services | ||
Trimble, Inc. | 0.2 | Electronic Equipment, Instruments & Components |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION6 |
As of February 29, 2024 |
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, if any). 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. |
8 |
FUND BASICS
Hedge Industry VIP ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $105.58 | |||
Net Asset Value (NAV)1 | $105.41 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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, 2023-February 29, 2024 | Fund Total Return (based on NAV) 2 | Fund Total Return (based on Market Price) 2 | Goldman Sachs Hedge Fund VIP Index TR 3 | S&P 500® (TR, unhedged, USD) 4 | ||||||
Shares | 19.55% | 19.68% | 19.29% | 13.93% |
2 | The 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. |
9 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/245 |
Holding | % of Net Assets | Line of Business | ||
CRH PLC | 2.2% | Construction Materials | ||
Advanced Micro Devices, Inc. | 2.1 | Semiconductors & Semiconductor Equipment | ||
Tempur Sealy International, Inc. | 2.1 | Household Durables | ||
General Electric Co. | 2.1 | Industrial Conglomerates | ||
NVIDIA Corp. | 2.1 | Semiconductors & Semiconductor Equipment | ||
Salesforce, Inc. | 2.1 | Software | ||
Tenet Healthcare Corp. | 2.1 | Health Care Providers & Services | ||
First Citizens BancShares, Inc., Class A | 2.1 | Banks | ||
Builders FirstSource, Inc. | 2.1 | Building Products | ||
Pioneer Natural Resources Co. | 2.1 | Oil, Gas & Consumable Fuels |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION6 |
As of February 29, 2024 |
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 Index TR. |
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
Innovate Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $54.77 | |||
Net Asset Value (NAV)1 | $54.83 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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.www.GSAMFUNDS.com/ETFs. |
PERFORMANCE REVIEW |
September 1, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive Innovative Global Equity Index (Net total Return, Unhedged, USD)3 | |||||
Shares | 12.07% | 11.94% | 12.23% |
2 | The 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. |
11 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
NVIDIA Corp. | 2.3% | Semiconductors & Semiconductor Equipment | ||
Amazon.com, Inc. | 2.0 | Broadline Retail | ||
Microsoft Corp. | 1.9 | Software | ||
Apple, Inc. | 1.9 | Technology Hardware, Storage & Peripherals | ||
Alphabet, Inc., Class A | 1.9 | Interactive Media & Services | ||
Meta Platforms, Inc., Class A | 1.7 | Interactive Media & Services | ||
Eli Lilly & Co. | 1.0 | Pharmaceuticals | ||
Tesla, Inc. | 1.0 | Automobiles | ||
Alibaba Group Holding Ltd. ADR | 0.9 | Broadline Retail | ||
Advanced Micro Devices, Inc. | 0.9 | Semiconductors & Semiconductor Equipment |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION5 |
As of February 29, 2024 |
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 1.9% of the Fund’s net assets as of February 29, 2024. 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. |
12 |
FUND BASICS
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
JUST U.S. Large Cap Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $72.69 | |||
Net Asset Value (NAV)1 | $72.60 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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/ETEs. |
PERFORMANCE REVIEW |
September 1, 2023-February 29, 2024 | 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 | 13.89% | 13.95% | 14.00% | 14.03% |
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. |
14 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/245 |
Holding | % of Net Assets | Line of Business | ||
Microsoft Corp. | 7.8% | Software | ||
Apple, Inc. | 6.7 | Technology Hardware, Storage & Peripherals | ||
Amazon.com, Inc. | 4.9 | Broadline Retail | ||
NVIDIA Corp. | 4.7 | Semiconductors & Semiconductor Equipment | ||
Alphabet, Inc., Class A | 2.1 | Interactive Media & Services | ||
JPMorgan Chase & Co. | 1.8 | Banks | ||
Alphabet, Inc., Class C | 1.8 | Interactive Media & Services | ||
Eli Lilly & Co. | 1.7 | Pharmaceuticals | ||
Broadcom, Inc. | 1.4 | Semiconductors & Semiconductor Equipment | ||
Visa, Inc., Class A | 1.3 | Financial Services |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION6 |
As of February 29, 2024 |
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, if any). 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. |
15 |
FUND BASICS
North American Pipelines & Power Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $42.53 | |||
Net Asset Value (NAV)1 | $42.51 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive Energy Infrastructure Enhanced Index (Net Total Return, Unhedged, USD)3 | |||||
Shares | 6.28% | 6.24% | 5.97% |
2 | The 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 Energy Infrastructure Enhanced Index (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 North American Pipelines & Power 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 North American Pipelines & Power 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 North American Pipelines & Power 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 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. |
16 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Targa Resources Corp. | 6.9% | Oil, Gas & Consumable Fuels | ||
ONEOK, Inc. | 6.6 | Oil, Gas & Consumable Fuels | ||
Williams Cos., Inc. (The) | 6.2 | Oil, Gas & Consumable Fuels | ||
Kinder Morgan, Inc. | 6.1 | Oil, Gas & Consumable Fuels | ||
Pembina Pipeline Corp. | 6.1 | Oil, Gas & Consumable Fuels | ||
TC Energy Corp. | 6.1 | Oil, Gas & Consumable Fuels | ||
Enbridge, Inc. | 5.8 | Oil, Gas & Consumable Fuels | ||
Cheniere Energy, Inc. | 5.8 | Oil, Gas & Consumable Fuels | ||
UGI Corp. | 4.9 | Gas Utilities | ||
Enterprise Products Partners LP | 3.0 | Oil, Gas & Consumable Fuels |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION5 |
As of February 29, 2024 |
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. |
6 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Energy Infrastructure Enhanced 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. |
17 |
FUND BASICS
Defensive Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $46.64 | |||
Net Asset Value (NAV)1 | $46.62 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | S&P 500® (TR, unhedged, USD)3 | |||||
Shares | 5.27% | 5.29% | 13.93% |
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. |
18 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Microsoft Corp. | 6.1% | Software | ||
Apple, Inc. | 5.4 | Technology Hardware, Storage & Peripherals | ||
NVIDIA Corp. | 3.7 | Semiconductors & Semiconductor Equipment | ||
Alphabet, Inc., Class A | 3.2 | Interactive Media & Services | ||
Amazon.com, Inc. | 3.1 | Broadline Retail | ||
Eli Lilly & Co. | 1.4 | Pharmaceuticals | ||
Berkshire Hathaway, Inc., Class B | 1.2 | Financial Services | ||
Visa, Inc., Class A | 1.1 | Financial Services | ||
UnitedHealth Group, Inc. | 1.1 | Health Care Providers & Services | ||
Johnson & Johnson | 1.0 | Pharmaceuticals |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION5 |
As of February 29, 2024 |
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. |
19 |
FUND BASICS
Small Cap Core Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $47.56 | |||
Net Asset Value (NAV)1 | $47.51 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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/ETEs. |
PERFORMANCE REVIEW |
October 3, 2023*-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Russell 2000 (Total Return, Unhedged, USD)3 | |||||
Shares | 20.84% | 20.97% | 19.66% |
*Commenced operations on October 3, 2023
2 | The 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 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. |
20 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Federal Signal Corp. | 2.2% | Machinery | ||
SPX Technologies, Inc. | 2.2 | Machinery | ||
Meritage Homes Corp. | 2.0 | Household Durables | ||
Onto Innovation, Inc. | 1.9 | Semiconductors & Semiconductor Equipment | ||
Wingstop, Inc. | 1.8 | Hotels, Restaurants & Leisure | ||
Core & Main, Inc., Class A | 1.7 | Trading Companies & Distributors | ||
Moog, Inc., Class A | 1.7 | Aerospace & Defense | ||
Texas Roadhouse, Inc. | 1.7 | Hotels, Restaurants & Leisure | ||
Watts Water Technologies, Inc., Class A | 1.6 | Machinery | ||
Saia, Inc. | 1.6 | Road & Rail |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION5 |
As of February 29, 2024 |
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. |
21 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – 98.8% |
| |||||||
Austria – 0.2% |
| |||||||
258 | Verbund AG (Utilities) | $ | 18,706 | |||||
| ||||||||
Belgium – 0.4% |
| |||||||
225 | Elia Group SA/NV (Utilities) | 25,006 | ||||||
1,193 | Umicore SA (Materials) | 24,903 | ||||||
|
| |||||||
49,909 | ||||||||
| ||||||||
Brazil – 1.2% |
| |||||||
4,874 | Centrais Eletricas Brasileiras SA (Utilities) | 42,671 | ||||||
3,469 | Companhia Paranaense de Energia (Utilities) | 6,409 | ||||||
1,460 | Cosan SA (Energy) | 4,995 | ||||||
1,492 | CPFL Energia SA (Utilities) | 10,627 | ||||||
3,254 | Energisa SA (Utilities) | 33,295 | ||||||
1,382 | Engie Brasil Energia SA (Utilities) | 11,688 | ||||||
1,280 | Sao Martinho SA (Consumer Staples) | 7,291 | ||||||
2,748 | Transmissora Alianca de Energia Eletrica SA (Utilities) | 19,579 | ||||||
|
| |||||||
136,555 | ||||||||
| ||||||||
Canada – 2.9% |
| |||||||
4,081 | Algonquin Power & Utilities Corp. (Utilities) | 23,860 | ||||||
107 | Atco Ltd., Class I (Utilities)(a) | 2,932 | ||||||
812 | Boralex, Inc., Class A (Utilities) | 17,858 | ||||||
126 | Capital Power Corp. (Utilities) | 3,563 | ||||||
3,817 | Fortis, Inc. (Utilities) | 147,266 | ||||||
2,473 | Hydro One Ltd. (Utilities)(b) | 73,751 | ||||||
2,017 | Northland Power, Inc. (Utilities) | 34,203 | ||||||
214 | SNC-Lavalin Group, Inc. | |||||||
(Industrials) | 7,237 | |||||||
1,617 | TransAlta Corp. (Utilities) | 11,099 | ||||||
|
| |||||||
321,769 | ||||||||
| ||||||||
China – 10.2% |
| |||||||
1,100 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 5,319 | ||||||
4,000 | BYD Co. Ltd., Class A (Consumer Discretionary) | 106,145 | ||||||
8,800 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 6,644 | ||||||
14,800 | CECEP Wind-Power Corp., Class A (Utilities) | 6,162 | ||||||
4,300 | China Baoan Group Co. Ltd., Class A (Industrials) | 7,102 | ||||||
26,647 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 18,857 | ||||||
42,300 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 50,958 | ||||||
64,100 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 41,101 | ||||||
3,700 | Chongqing Three Gorges Water Conservancy & Electric Power Co. Ltd., Class A (Utilities) | 3,790 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
9,780 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | $ | 221,939 | |||||
1,400 | Dajin Heavy Industry Co. Ltd., Class A (Industrials) | 4,214 | ||||||
267 | Daqo New Energy Corp. ADR (Information Technology)* | 5,682 | ||||||
4,600 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 10,438 | ||||||
4,600 | Eve Energy Co. Ltd., Class A (Industrials) | 24,458 | ||||||
2,900 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 8,766 | ||||||
600 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 3,335 | ||||||
13,400 | GCL System Integration Technology Co. Ltd., Class A (Information Technology)* | 4,910 | ||||||
160,751 | GCL Technology Holdings Ltd. (Information Technology) | 22,381 | ||||||
11,600 | GEM Co. Ltd., Class A (Materials) | 8,629 | ||||||
850 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 7,683 | ||||||
7,900 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 8,377 | ||||||
436 | GoodWe Technologies Co. Ltd., Class A (Industrials) | 6,564 | ||||||
3,900 | Gotion High-tech Co. Ltd., Class A (Industrials)* | 10,712 | ||||||
6,600 | Guangdong Construction Engineering Group Co. Ltd., Class A (Industrials) | 3,920 | ||||||
1,000 | Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials) | 3,160 | ||||||
4,300 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 12,318 | ||||||
4,132 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 15,954 | ||||||
3,700 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 7,369 | ||||||
200 | Hoymiles Power Electronics, Inc., Class A (Industrials) | 6,456 | ||||||
1,304 | Hoyuan Green Energy Co. Ltd., Class A (Information Technology) | 5,033 | ||||||
7,404 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 19,267 | ||||||
8,000 | Jinko Power Technology Co. Ltd., Class A (Utilities) | 3,697 | ||||||
157 | JinkoSolar Holding Co. Ltd. ADR (Information Technology) | 4,245 |
22 | 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) |
| |||||||
800 | Kehua Data Co. Ltd., Class A (Industrials) | $ | 2,787 | |||||
16,860 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 49,701 | ||||||
5,100 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 7,220 | ||||||
1,085 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 4,676 | ||||||
3,800 | Ningbo Shanshan Co. Ltd., Class A (Materials) | 6,033 | ||||||
314 | NXP Semiconductors NV (Information Technology) | 78,415 | ||||||
392 | Pylon Technologies Co. Ltd., Class A (Industrials) | 4,614 | ||||||
759 | Qingdao Gaoce Technology Co. Ltd., Class A (Information Technology) | 3,283 | ||||||
2,500 | Risen Energy Co. Ltd., Class A (Information Technology) | 5,614 | ||||||
4,100 | Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology) | 8,609 | ||||||
4,300 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 2,530 | ||||||
4,535 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 11,808 | ||||||
1,200 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 6,775 | ||||||
600 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 3,567 | ||||||
1,300 | Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials) | 4,195 | ||||||
600 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 5,392 | ||||||
2,896 | Shenzhen Senior Technology Material Co. Ltd., Class A (Materials) | 4,928 | ||||||
3,300 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 39,942 | ||||||
3,100 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 6,118 | ||||||
668 | Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology) | 11,269 | ||||||
8,400 | TBEA Co. Ltd., Class A (Industrials) | 17,359 | ||||||
8,975 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 16,841 | ||||||
4,100 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)* | 5,685 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
10,000 | Tongwei Co. Ltd., Class A (Information Technology) | $ | 36,779 | |||||
4,791 | Trina Solar Co. Ltd., Class A (Information Technology) | 16,657 | ||||||
568 | Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology) | 3,736 | ||||||
563 | Wuxi Autowell Technology Co. Ltd., Class A (Information Technology) | 6,822 | ||||||
3,100 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 7,219 | ||||||
2,200 | Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)* | 3,838 | ||||||
3,855 | Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology) | 15,628 | ||||||
33,454 | Xinyi Solar Holdings Ltd. (Information Technology) | 20,340 | ||||||
4,800 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 13,710 | ||||||
3,800 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 14,609 | ||||||
2,900 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 14,892 | ||||||
|
| |||||||
1,137,176 | ||||||||
| ||||||||
Czech Republic – 0.4% |
| |||||||
1,288 | CEZ AS (Utilities) | 44,117 | ||||||
| ||||||||
Denmark – 2.7% |
| |||||||
1,419 | Orsted AS (Utilities)(b) | 79,661 | ||||||
7,793 | Vestas Wind Systems A/S (Industrials)* | 217,149 | ||||||
|
| |||||||
296,810 | ||||||||
| ||||||||
Finland – 1.1% |
| |||||||
3,387 | Fortum OYJ (Utilities) | 42,334 | ||||||
2,817 | Neste OYJ (Energy) | 77,338 | ||||||
|
| |||||||
119,672 | ||||||||
| ||||||||
France – 2.5% |
| |||||||
10,248 | Engie SA (Utilities) | 164,530 | ||||||
39 | Nexans SA (Industrials) | 4,009 | ||||||
813 | SPIE SA (Industrials) | 27,080 | ||||||
696 | Vinci SA (Industrials) | 89,176 | ||||||
|
| |||||||
284,795 | ||||||||
| ||||||||
Germany – 4.7% |
| |||||||
17,582 | E.ON SE (Utilities) | 224,701 | ||||||
1,498 | Infineon Technologies AG (Information Technology) | 53,649 | ||||||
981 | Nordex SE (Industrials)* | 11,173 | ||||||
4,990 | RWE AG (Utilities) | 167,398 | ||||||
3,091 | Siemens Energy AG (Industrials)* | 47,515 | ||||||
85 | SMA Solar Technology AG (Information Technology)* | 5,064 |
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Germany – (continued) |
| |||||||
102 | Wacker Chemie AG (Materials) | $ | 11,154 | |||||
|
| |||||||
520,654 | ||||||||
| ||||||||
Greece – 0.1% |
| |||||||
424 | Terna Energy SA (Utilities) | 7,612 | ||||||
| ||||||||
India – 1.6% |
| |||||||
3,562 | Adani Green Energy Ltd. (Utilities)* | 81,409 | ||||||
19,771 | NHPC Ltd. (Utilities) | 21,019 | ||||||
4,950 | Power Grid Corp. of India Ltd. (Utilities) | 16,886 | ||||||
5,692 | SJVN Ltd. (Utilities) | 8,317 | ||||||
79,138 | Suzlon Energy Ltd. (Industrials)* | 43,188 | ||||||
1,697 | Tata Power Co. Ltd. (The) (Utilities) | 7,608 | ||||||
|
| |||||||
178,427 | ||||||||
| ||||||||
Italy – 4.3% |
| |||||||
9,155 | A2A SpA (Utilities) | 16,644 | ||||||
61,677 | Enel SpA (Utilities) | 392,654 | ||||||
442 | ERG SpA (Utilities) | 12,053 | ||||||
8,314 | Terna - Rete Elettrica Nazionale (Utilities) | 65,174 | ||||||
|
| |||||||
486,525 | ||||||||
| ||||||||
Japan – 3.6% |
| |||||||
5,791 | Chubu Electric Power Co., Inc. (Utilities) | 72,218 | ||||||
2,096 | Denso Corp. (Consumer Discretionary) | 38,567 | ||||||
1,071 | Hitachi Ltd. (Industrials) | 90,628 | ||||||
4,301 | Kansai Electric Power Co., Inc. (The) (Utilities) | 55,189 | ||||||
3,514 | Kyushu Electric Power Co., Inc. (Utilities)* | 28,726 | ||||||
602 | NIDEC Corp. (Industrials) | 22,850 | ||||||
2,597 | Panasonic Holdings Corp. (Consumer Discretionary) | 24,648 | ||||||
1,458 | Renesas Electronics Corp. (Information Technology) | 23,910 | ||||||
411 | Rohm Co. Ltd. (Information Technology) | 6,982 | ||||||
2,788 | SUMCO Corp. (Information Technology) | 43,663 | ||||||
|
| |||||||
407,381 | ||||||||
| ||||||||
Norway – 0.0% |
| |||||||
5,907 | NEL ASA (Industrials)*(a) | 2,744 | ||||||
| ||||||||
Portugal – 0.9% |
| |||||||
24,188 | EDP – Energias de Portugal SA (Utilities) | 96,298 | ||||||
| ||||||||
Singapore – 0.3% |
| |||||||
785 | STMicroelectronics NV (Information Technology) | 35,445 | ||||||
|
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Korea – 3.1% |
| |||||||
133 | CS Wind Corp. (Industrials) | $ | 5,164 | |||||
294 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 4,383 | ||||||
158 | Ecopro Co. Ltd. (Industrials)* | 73,328 | ||||||
524 | Hanwha Solutions Corp. (Materials) | 10,920 | ||||||
1,584 | Korea Electric Power Corp. (Utilities) | 29,501 | ||||||
195 | L&F Co. Ltd. (Industrials)* | 24,851 | ||||||
245 | LG Chem Ltd. (Materials) | 83,347 | ||||||
117 | OCI Holdings Co. Ltd. (Materials) | 8,259 | ||||||
372 | Samsung SDI Co. Ltd. (Information Technology) | 105,320 | ||||||
|
| |||||||
345,073 | ||||||||
| ||||||||
Spain – 6.0% |
| |||||||
142 | Acciona SA (Utilities) | 15,897 | ||||||
1,879 | Endesa SA (Utilities) | 33,835 | ||||||
46,911 | Iberdrola SA (Utilities) | 539,122 | ||||||
806 | Naturgy Energy Group SA (Utilities) | 19,084 | ||||||
3,221 | Redeia Corp. SA (Utilities) | 51,238 | ||||||
616 | Solaria Energia y Medio Ambiente SA (Utilities)* | 7,346 | ||||||
|
| |||||||
666,522 | ||||||||
| ||||||||
Switzerland – 1.0% |
| |||||||
1,942 | ABB Ltd. (Industrials) | 89,806 | ||||||
117 | BKW AG (Utilities) | 16,476 | ||||||
29,152 | Meyer Burger Technology AG (Information Technology)*(a) | 2,195 | ||||||
|
| |||||||
108,477 | ||||||||
| ||||||||
Taiwan – 0.4% |
| |||||||
2,219 | Delta Electronics, Inc. (Information Technology) | 20,674 | ||||||
3,879 | Sino-American Silicon Products, Inc. (Information Technology) | 22,764 | ||||||
|
| |||||||
43,438 | ||||||||
| ||||||||
Thailand – 0.1% |
| |||||||
15,851 | Energy Absolute PCL, NVDR (Utilities) | 15,579 | ||||||
| ||||||||
United Kingdom – 4.2% |
| |||||||
3,055 | Drax Group PLC (Utilities) | 17,997 | ||||||
21,162 | National Grid PLC (Utilities) | 277,727 | ||||||
8,675 | SSE PLC (Utilities) | 178,373 | ||||||
|
| |||||||
474,097 | ||||||||
| ||||||||
United States – 46.9% |
| |||||||
3,879 | AES Corp. (The) (Utilities) | 58,961 | ||||||
308 | Alliant Energy Corp. (Utilities) | 14,707 | ||||||
1,545 | Ameren Corp. (Utilities) | 109,988 | ||||||
260 | Ameresco, Inc., Class A (Industrials)* | 5,450 | ||||||
3,044 | American Electric Power Co., Inc. (Utilities) | 259,318 |
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United States – (continued) |
| |||||||
1,139 | Array Technologies, Inc. (Industrials)* | $ | 15,536 | |||||
421 | Avangrid, Inc. (Utilities) | 13,106 | ||||||
602 | Avista Corp. (Utilities) | 19,986 | ||||||
1,446 | Bloom Energy Corp., Class A (Industrials)*(a) | 12,681 | ||||||
1,076 | Brookfield Renewable Corp., Class A (Utilities) | 25,560 | ||||||
766 | CenterPoint Energy, Inc. (Utilities) | 21,065 | ||||||
647 | Clearway Energy, Inc., Class C (Utilities) | 14,105 | ||||||
2,038 | Consolidated Edison, Inc. (Utilities) | 177,734 | ||||||
4,942 | Dominion Energy, Inc. (Utilities) | 236,376 | ||||||
220 | DTE Energy Co. (Utilities) | 23,837 | ||||||
3,130 | Duke Energy Corp. (Utilities) | 287,428 | ||||||
3,044 | Edison International (Utilities) | 207,053 | ||||||
57 | EMCOR Group, Inc. (Industrials) | 17,871 | ||||||
1,026 | Enovix Corp. (Industrials)* | 10,003 | ||||||
1,049 | Enphase Energy, Inc. (Information Technology)* | 133,233 | ||||||
1,246 | Entergy Corp. (Utilities) | 126,556 | ||||||
2,048 | Eversource Energy (Utilities) | 120,218 | ||||||
7,894 | Exelon Corp. (Utilities) | 282,921 | ||||||
805 | First Solar, Inc. (Information Technology)* | 123,881 | ||||||
324 | Fluence Energy, Inc. (Industrials)* | 4,954 | ||||||
363 | Generac Holdings, Inc. (Industrials)* | 40,841 | ||||||
946 | General Electric Co. (Industrials) | 148,418 | ||||||
459 | Green Plains, Inc. (Energy)* | 9,777 | ||||||
843 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials) | 21,218 | ||||||
359 | Itron, Inc. (Information Technology)* | 33,272 | ||||||
366 | MasTec, Inc. (Industrials)* | 27,618 | ||||||
9,844 | NextEra Energy, Inc. (Utilities) | 543,290 | ||||||
352 | Northwestern Energy Group, Inc. (Utilities) | 16,868 | ||||||
277 | NRG Energy, Inc. (Utilities) | 15,324 | ||||||
525 | ON Semiconductor Corp. (Information Technology)* | 41,433 | ||||||
407 | Ormat Technologies, Inc. (Utilities) | 26,516 | ||||||
44 | Otter Tail Corp. (Utilities) | 3,980 | ||||||
12,204 | PG&E Corp. (Utilities) | 203,685 | ||||||
4,711 | Plug Power, Inc. (Industrials)*(a) | 16,630 | ||||||
3,959 | Public Service Enterprise Group, Inc. (Utilities) | 247,042 | ||||||
175 | Quanta Services, Inc. (Industrials) | 42,264 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United States – (continued) |
| |||||||
2,437 | QuantumScape Corp. (Consumer Discretionary)* | $ | 15,280 | |||||
1,575 | Schneider Electric SE (Industrials) | 357,580 | ||||||
3,722 | Sempra (Utilities) | 262,773 | ||||||
447 | SolarEdge Technologies, Inc. (Information Technology)* | 30,025 | ||||||
1,319 | Southern Co. (The) (Utilities) | 88,703 | ||||||
820 | Sunnova Energy International, Inc. (Utilities)* | 5,970 | ||||||
1,674 | Sunrun, Inc. (Industrials)* | 20,155 | ||||||
2,415 | Tesla, Inc. (Consumer Discretionary)* | 487,540 | ||||||
735 | Texas Instruments, Inc. (Information Technology) | 122,988 | ||||||
78 | Timken Co. (The) (Industrials) | 6,551 | ||||||
25 | Valmont Industries, Inc. (Industrials) | 5,298 | ||||||
385 | WEC Energy Group, Inc. (Utilities) | 30,219 | ||||||
737 | Wolfspeed, Inc. (Information Technology)* | 19,177 | ||||||
672 | Xcel Energy, Inc. (Utilities) | 35,408 | ||||||
|
| |||||||
5,248,371 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $11,739,094) | 11,046,152 | |||||||
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.6% |
| |||||||||||
Brazil – 0.6% |
| |||||||||||
1,932 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 3.12 | % | 18,629 | ||||||||
9,174 | Cia Energetica de Minas Gerais (Utilities) | 10.78 | 22,101 | |||||||||
8,266 | Companhia Paranaense de Energia (Utilities) | 3.27 | 17,002 | |||||||||
1,516 | CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Utilities) | 8.54 | 7,872 | |||||||||
| ||||||||||||
TOTAL PREFERRED STOCKS (Cost $61,873) | 65,604 | |||||||||||
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Dividend Rate | Value | ||||||
Investment Company – 0.4%(c) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
41,286 | 5.195% | $ | 41,286 | |||||
(Cost $41,286) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $11,842,253) | 11,153,042 | |||||||
| ||||||||
Securities Lending Reinvestment Vehicle – 0.2%(c) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
26,070 | 5.219% | 26,070 | ||||||
(Cost $26,070) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.0% (Cost $11,868,323) | $ | 11,179,112 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 1,729 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 11,180,841 | ||||||
|
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 | |
NVDR | —Non-Voting Depository Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
Sector Name | % of Market Value | |||
Utilities | 62.3 | % | ||
Industrials | 17.1 | |||
Information Technology | 10.9 | |||
Consumer Discretionary | 6.0 | |||
Materials | 2.0 | |||
Energy | 0.8 | |||
Investment Company | 0.4 | |||
Financials | 0.2 | |||
Consumer Staples | 0.1 | |||
Securities Lending Reinvestment Vehicle | 0.2 | |||
TOTAL INVESTMENTS | 100.0 | % |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 99.8% |
| |||||||
Communication Services – 3.6% |
| |||||||
8,186 | Alphabet, Inc., Class A* | $ | 1,133,434 | |||||
68,342 | AT&T, Inc. | 1,157,030 | ||||||
4,162 | Charter Communications, Inc., Class A* | 1,223,337 | ||||||
27,148 | Comcast Corp., Class A | 1,163,292 | ||||||
8,699 | Electronic Arts, Inc. | 1,213,336 | ||||||
36,403 | Interpublic Group of Cos., Inc. (The) | 1,143,054 | ||||||
13,485 | Live Nation Entertainment, Inc.* | 1,307,775 | ||||||
2,535 | Meta Platforms, Inc., Class A | 1,242,480 | ||||||
2,099 | Netflix, Inc.* | 1,265,529 | ||||||
13,597 | Omnicom Group, Inc. | 1,201,839 | ||||||
29,089 | Pinterest, Inc., Class A* | 1,067,566 | ||||||
26,711 | ROBLOX Corp., Class A* | 1,065,769 | ||||||
7,036 | Take-Two Interactive Software, Inc.* | 1,033,799 | ||||||
7,327 | T-Mobile US, Inc. | 1,196,499 | ||||||
17,004 | Trade Desk, Inc. (The), Class A* | 1,452,652 | ||||||
29,240 | Verizon Communications, Inc. | 1,170,185 | ||||||
12,043 | Walt Disney Co. (The) | 1,343,758 | ||||||
122,062 | Warner Bros Discovery, Inc.* | 1,072,925 | ||||||
|
| |||||||
21,454,259 | ||||||||
| ||||||||
Consumer Discretionary – 8.5% |
| |||||||
8,065 | Airbnb, Inc., Class A* | 1,269,996 | ||||||
6,983 | Amazon.com, Inc.* | 1,234,315 | ||||||
417 | AutoZone, Inc.* | 1,253,510 | ||||||
15,873 | Best Buy Co., Inc. | 1,283,808 | ||||||
318 | Booking Holdings, Inc.* | 1,103,088 | ||||||
75,700 | Carnival Corp.* | 1,200,602 | ||||||
440 | Chipotle Mexican Grill, Inc.* | 1,183,059 | ||||||
8,177 | D.R. Horton, Inc. | 1,221,971 | ||||||
7,076 | Darden Restaurants, Inc. | 1,207,944 | ||||||
1,411 | Deckers Outdoor Corp.* | 1,263,677 | ||||||
2,794 | Domino’s Pizza, Inc. | 1,252,690 | ||||||
10,173 | DoorDash, Inc., Class A* | 1,267,251 | ||||||
28,278 | DraftKings, Inc., Class A* | 1,225,003 | ||||||
27,885 | eBay, Inc. | 1,318,403 | ||||||
7,668 | Expedia Group, Inc.* | 1,049,136 | ||||||
94,301 | Ford Motor Co. | 1,173,104 | ||||||
9,741 | Garmin Ltd. | 1,337,926 | ||||||
30,606 | General Motors Co. | 1,254,234 | ||||||
8,350 | Genuine Parts Co. | 1,246,321 | ||||||
6,021 | Hilton Worldwide Holdings, Inc. | 1,230,211 | ||||||
3,270 | Home Depot, Inc. (The) | 1,244,595 | ||||||
22,258 | Las Vegas Sands Corp. | 1,213,506 | ||||||
7,750 | Lennar Corp., Class A | 1,228,452 | ||||||
24,957 | LKQ Corp. | 1,305,002 | ||||||
5,360 | Lowe’s Cos., Inc. | 1,289,991 | ||||||
4,767 | Marriott International, Inc., Class A | 1,191,130 | ||||||
4,125 | McDonald’s Corp. | 1,205,655 | ||||||
26,592 | MGM Resorts International* | 1,150,902 | ||||||
11,436 | NIKE, Inc., Class B | 1,188,543 | ||||||
160 | NVR, Inc.* | 1,220,091 | ||||||
1,110 | O’Reilly Automotive, Inc.* | 1,207,036 | ||||||
3,138 | Pool Corp. | 1,249,301 | ||||||
11,454 | PulteGroup, Inc. | 1,241,385 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Discretionary – (continued) |
| |||||||
78,041 | Rivian Automotive, Inc., Class A* | $ | 883,424 | |||||
8,256 | Ross Stores, Inc. | 1,229,814 | ||||||
9,893 | Royal Caribbean Cruises Ltd.* | 1,220,302 | ||||||
12,504 | Starbucks Corp. | 1,186,630 | ||||||
6,340 | Tesla, Inc.* | 1,279,919 | ||||||
12,099 | TJX Cos., Inc. (The) | 1,199,495 | ||||||
5,014 | Tractor Supply Co. | 1,275,160 | ||||||
2,299 | Ulta Beauty, Inc.* | 1,261,139 | ||||||
9,098 | Yum! Brands, Inc. | 1,259,345 | ||||||
|
| |||||||
51,307,066 | ||||||||
| ||||||||
Consumer Staples – 6.9% |
| |||||||
29,436 | Altria Group, Inc. | 1,204,227 | ||||||
22,279 | Archer-Daniels-Midland Co. | 1,183,238 | ||||||
20,805 | Brown-Forman Corp., Class B | 1,253,085 | ||||||
13,329 | Bunge Global SA | 1,257,858 | ||||||
11,674 | Church & Dwight Co., Inc. | 1,168,801 | ||||||
7,570 | Clorox Co. (The) | 1,160,557 | ||||||
19,737 | Coca-Cola Co. (The) | 1,184,615 | ||||||
14,101 | Colgate-Palmolive Co. | 1,220,018 | ||||||
41,821 | Conagra Brands, Inc. | 1,174,334 | ||||||
4,830 | Constellation Brands, Inc., Class A | 1,200,352 | ||||||
1,644 | Costco Wholesale Corp. | 1,222,955 | ||||||
8,752 | Dollar General Corp. | 1,271,753 | ||||||
8,447 | Dollar Tree, Inc.* | 1,239,006 | ||||||
8,322 | Estee Lauder Cos., Inc. (The), Class A | 1,236,483 | ||||||
18,452 | General Mills, Inc. | 1,184,249 | ||||||
6,085 | Hershey Co. (The) | 1,143,493 | ||||||
8,932 | J M Smucker Co. (The) | 1,073,358 | ||||||
21,840 | Kellanova | 1,204,476 | ||||||
57,383 | Kenvue, Inc. | 1,090,277 | ||||||
37,748 | Keurig Dr Pepper, Inc. | 1,129,043 | ||||||
9,691 | Kimberly-Clark Corp. | 1,174,258 | ||||||
32,246 | Kraft Heinz Co. (The) | 1,137,639 | ||||||
26,349 | Kroger Co. (The) | 1,307,174 | ||||||
11,798 | Lamb Weston Holdings, Inc. | 1,205,874 | ||||||
17,899 | McCormick & Co., Inc. | 1,232,525 | ||||||
15,762 | Mondelez International, Inc., Class A | 1,151,729 | ||||||
20,927 | Monster Beverage Corp.* | 1,236,786 | ||||||
6,894 | PepsiCo, Inc. | 1,139,854 | ||||||
12,966 | Philip Morris International, Inc. | 1,166,421 | ||||||
7,425 | Procter & Gamble Co. (The) | 1,180,129 | ||||||
14,859 | Sysco Corp. | 1,203,133 | ||||||
8,051 | Target Corp. | 1,231,159 | ||||||
21,844 | Tyson Foods, Inc., Class A | 1,184,818 | ||||||
51,391 | Walgreens Boots Alliance, Inc. | 1,092,573 | ||||||
20,916 | Walmart, Inc. | 1,225,887 | ||||||
|
| |||||||
41,672,137 | ||||||||
| ||||||||
Energy – 5.3% |
| |||||||
38,860 | APA Corp. | 1,157,639 | ||||||
40,562 | Baker Hughes Co. | 1,200,230 | ||||||
7,429 | Cheniere Energy, Inc. | 1,152,981 | ||||||
7,760 | Chevron Corp. | 1,179,598 | ||||||
10,600 | ConocoPhillips | 1,192,924 |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Energy – (continued) |
| |||||||
48,709 | Coterra Energy, Inc. | $ | 1,255,718 | |||||
28,891 | Devon Energy Corp. | 1,272,937 | ||||||
7,832 | Diamondback Energy, Inc. | 1,429,497 | ||||||
10,545 | EOG Resources, Inc. | 1,206,981 | ||||||
34,699 | EQT Corp. | 1,289,068 | ||||||
11,662 | Exxon Mobil Corp. | 1,218,912 | ||||||
34,407 | Halliburton Co. | 1,206,654 | ||||||
8,160 | Hess Corp. | 1,189,320 | ||||||
71,329 | Kinder Morgan, Inc. | 1,240,411 | ||||||
52,623 | Marathon Oil Corp. | 1,276,108 | ||||||
7,008 | Marathon Petroleum Corp. | 1,185,964 | ||||||
20,596 | Occidental Petroleum Corp. | 1,248,324 | ||||||
17,420 | ONEOK, Inc. | 1,308,590 | ||||||
28,689 | Ovintiv, Inc. | 1,417,523 | ||||||
8,148 | Phillips 66 | 1,161,171 | ||||||
5,224 | Pioneer Natural Resources Co. | 1,228,633 | ||||||
25,068 | Schlumberger NV | 1,211,536 | ||||||
13,759 | Targa Resources Corp. | 1,351,684 | ||||||
807 | Texas Pacific Land Corp. | 1,271,364 | ||||||
8,542 | Valero Energy Corp. | 1,208,351 | ||||||
34,568 | Williams Cos., Inc. (The) | 1,242,374 | ||||||
|
| |||||||
32,304,492 | ||||||||
| ||||||||
Financials – 14.6% |
| |||||||
15,115 | Aflac, Inc. | 1,220,385 | ||||||
7,462 | Allstate Corp. (The) | 1,190,338 | ||||||
5,706 | American Express Co. | 1,252,010 | ||||||
17,093 | American International Group, Inc. | 1,245,909 | ||||||
3,037 | Ameriprise Financial, Inc. | 1,237,152 | ||||||
3,923 | Aon PLC, Class A | 1,239,629 | ||||||
11,287 | Apollo Global Management, Inc. | 1,261,887 | ||||||
14,032 | Arch Capital Group Ltd.* | 1,229,063 | ||||||
9,198 | Ares Management Corp., Class A | 1,219,931 | ||||||
5,043 | Arthur J Gallagher & Co. | 1,230,139 | ||||||
35,843 | Bank of America Corp. | 1,237,300 | ||||||
21,503 | Bank of New York Mellon Corp. (The) | 1,206,103 | ||||||
2,976 | Berkshire Hathaway, Inc., Class B* | 1,218,374 | ||||||
1,494 | BlackRock, Inc. | 1,212,142 | ||||||
9,457 | Blackstone, Inc. | 1,208,794 | ||||||
17,614 | Block, Inc.* | 1,399,785 | ||||||
15,019 | Brown & Brown, Inc. | 1,264,750 | ||||||
8,921 | Capital One Financial Corp. | 1,227,619 | ||||||
6,482 | Cboe Global Markets, Inc. | 1,244,544 | ||||||
19,045 | Charles Schwab Corp. (The) | 1,271,825 | ||||||
4,815 | Chubb Ltd. | 1,211,791 | ||||||
11,173 | Cincinnati Financial Corp. | 1,273,722 | ||||||
21,829 | Citigroup, Inc. | 1,211,291 | ||||||
37,953 | Citizens Financial Group, Inc. | 1,191,345 | ||||||
5,794 | CME Group, Inc. | 1,276,708 | ||||||
11,253 | Discover Financial Services | 1,358,237 | ||||||
3,077 | Everest Group Ltd. | 1,135,044 | ||||||
2,468 | FactSet Research Systems, Inc. | 1,141,647 | ||||||
19,308 | Fidelity National Information Services, Inc. | 1,335,920 | ||||||
35,864 | Fifth Third Bancorp | 1,231,570 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
813 | First Citizens BancShares, Inc., Class A | $ | 1,279,508 | |||||
8,287 | Fiserv, Inc.* | 1,237,001 | ||||||
4,071 | FleetCor Technologies, Inc.* | 1,136,908 | ||||||
8,645 | Global Payments, Inc. | 1,121,257 | ||||||
3,082 | Goldman Sachs Group, Inc. (The)(a) | 1,199,052 | ||||||
13,180 | Hartford Financial Services Group, Inc. (The) | 1,263,171 | ||||||
96,214 | Huntington Bancshares, Inc. | 1,254,631 | ||||||
9,291 | Intercontinental Exchange, Inc. | 1,286,060 | ||||||
7,014 | Jack Henry & Associates, Inc. | 1,218,823 | ||||||
6,777 | JPMorgan Chase & Co. | 1,260,929 | ||||||
85,651 | KeyCorp | 1,222,240 | ||||||
12,495 | KKR & Co., Inc. | 1,227,759 | ||||||
16,314 | Loews Corp. | 1,225,671 | ||||||
4,873 | LPL Financial Holdings, Inc. | 1,305,428 | ||||||
9,123 | M&T Bank Corp. | 1,274,848 | ||||||
823 | Markel Group, Inc.* | 1,228,311 | ||||||
6,045 | Marsh & McLennan Cos., Inc. | 1,222,722 | ||||||
2,573 | Mastercard, Inc., Class A | 1,221,557 | ||||||
17,696 | MetLife, Inc. | 1,234,119 | ||||||
2,937 | Moody’s Corp. | 1,114,357 | ||||||
13,766 | Morgan Stanley | 1,184,427 | ||||||
2,025 | MSCI, Inc. | 1,135,964 | ||||||
21,139 | Nasdaq, Inc. | 1,188,012 | ||||||
15,181 | Northern Trust Corp. | 1,246,816 | ||||||
18,617 | PayPal Holdings, Inc.* | 1,123,350 | ||||||
8,006 | PNC Financial Services Group, Inc. (The) | 1,178,483 | ||||||
15,144 | Principal Financial Group, Inc. | 1,224,544 | ||||||
6,516 | Progressive Corp. (The) | 1,235,173 | ||||||
10,908 | Prudential Financial, Inc. | 1,188,863 | ||||||
10,670 | Raymond James Financial, Inc. | 1,283,814 | ||||||
66,563 | Regions Financial Corp. | 1,240,069 | ||||||
2,593 | S&P Global, Inc. | 1,110,789 | ||||||
16,304 | State Street Corp. | 1,202,094 | ||||||
30,925 | Synchrony Financial | 1,277,202 | ||||||
10,867 | T. Rowe Price Group, Inc. | 1,231,774 | ||||||
5,537 | Travelers Cos., Inc. (The) | 1,223,455 | ||||||
33,073 | Truist Financial Corp. | 1,156,894 | ||||||
29,783 | US Bancorp | 1,249,695 | ||||||
4,255 | Visa, Inc., Class A | 1,202,633 | ||||||
14,739 | W R Berkley Corp. | 1,232,180 | ||||||
24,569 | Wells Fargo & Co. | 1,365,791 | ||||||
4,371 | Willis Towers Watson PLC | 1,191,578 | ||||||
|
| |||||||
88,392,906 | ||||||||
| ||||||||
Health Care – 12.1% |
| |||||||
10,479 | Abbott Laboratories | 1,243,229 | ||||||
6,781 | AbbVie, Inc. | 1,193,795 | ||||||
8,827 | Agilent Technologies, Inc. | 1,212,477 | ||||||
4,098 | Align Technology, Inc.* | 1,239,317 | ||||||
6,999 | Alnylam Pharmaceuticals, Inc.* | 1,057,479 | ||||||
3,937 | Amgen, Inc. | 1,078,069 | ||||||
50,151 | Avantor, Inc.* | 1,235,721 | ||||||
30,170 | Baxter International, Inc. | 1,234,556 | ||||||
4,929 | Becton Dickinson & Co. | 1,161,026 | ||||||
4,894 | Biogen, Inc.* | 1,061,949 |
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
13,171 | BioMarin Pharmaceutical, Inc.* | $ | 1,136,394 | |||||
17,666 | Bio-Techne Corp. | 1,299,688 | ||||||
18,234 | Boston Scientific Corp.* | 1,207,273 | ||||||
24,402 | Bristol-Myers Squibb Co. | 1,238,402 | ||||||
11,199 | Cardinal Health, Inc. | 1,254,064 | ||||||
4,962 | Cencora, Inc. | 1,169,047 | ||||||
15,834 | Centene Corp.* | 1,241,861 | ||||||
3,579 | Cigna Group (The) | 1,203,045 | ||||||
12,612 | Cooper Cos., Inc. (The) | 1,180,483 | ||||||
15,723 | CVS Health Corp. | 1,169,320 | ||||||
4,772 | Danaher Corp. | 1,207,984 | ||||||
9,343 | Dexcom, Inc.* | 1,075,099 | ||||||
13,501 | Edwards Lifesciences Corp.* | 1,145,830 | ||||||
2,377 | Elevance Health, Inc. | 1,191,471 | ||||||
1,636 | Eli Lilly & Co. | 1,233,020 | ||||||
18,906 | Exact Sciences Corp.* | 1,087,662 | ||||||
14,518 | GE HealthCare Technologies, Inc. | 1,325,203 | ||||||
15,794 | Gilead Sciences, Inc. | 1,138,747 | ||||||
3,863 | HCA Healthcare, Inc. | 1,204,097 | ||||||
16,005 | Hologic, Inc.* | 1,181,169 | ||||||
3,198 | Humana, Inc. | 1,120,323 | ||||||
2,079 | IDEXX Laboratories, Inc.* | 1,195,903 | ||||||
8,236 | Illumina, Inc.* | 1,151,640 | ||||||
20,364 | Incyte Corp.* | 1,188,443 | ||||||
5,894 | Insulet Corp.* | 966,616 | ||||||
3,048 | Intuitive Surgical, Inc.* | 1,175,309 | ||||||
5,514 | IQVIA Holdings, Inc.* | 1,362,840 | ||||||
7,508 | Johnson & Johnson | 1,211,641 | ||||||
5,298 | Laboratory Corp. of America Holdings | 1,143,467 | ||||||
2,284 | McKesson Corp. | 1,190,900 | ||||||
13,522 | Medtronic PLC | 1,127,194 | ||||||
9,298 | Merck & Co., Inc. | 1,182,241 | ||||||
978 | Mettler-Toledo International, Inc.* | 1,219,781 | ||||||
11,957 | Moderna, Inc.* | 1,102,914 | ||||||
3,261 | Molina Healthcare, Inc.* | 1,284,541 | ||||||
43,318 | Pfizer, Inc. | 1,150,526 | ||||||
9,271 | Quest Diagnostics, Inc. | 1,157,855 | ||||||
1,246 | Regeneron Pharmaceuticals, Inc.* | 1,203,748 | ||||||
6,248 | ResMed, Inc. | 1,085,403 | ||||||
11,433 | Revvity, Inc. | 1,252,942 | ||||||
39,987 | Royalty Pharma PLC, Class A | 1,213,206 | ||||||
5,231 | STERIS PLC | 1,218,352 | ||||||
3,459 | Stryker Corp. | 1,207,433 | ||||||
2,133 | Thermo Fisher Scientific, Inc. | 1,216,194 | ||||||
2,295 | UnitedHealth Group, Inc. | 1,132,812 | ||||||
5,565 | Veeva Systems, Inc., Class A* | 1,254,963 | ||||||
2,809 | Vertex Pharmaceuticals, Inc.* | 1,181,859 | ||||||
100,879 | Viatris, Inc. | 1,247,873 | ||||||
3,617 | Waters Corp.* | 1,220,448 | ||||||
2,884 | West Pharmaceutical Services, Inc. | 1,033,510 | ||||||
9,280 | Zimmer Biomet Holdings, Inc. | 1,154,061 | ||||||
6,010 | Zoetis, Inc. | 1,191,963 | ||||||
|
| |||||||
73,354,378 | ||||||||
|
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – 15.3% |
| |||||||
12,637 | 3M Co. | $ | 1,164,120 | |||||
7,086 | AMETEK, Inc. | 1,276,755 | ||||||
4,721 | Automatic Data Processing, Inc. | 1,185,585 | ||||||
4,397 | Axon Enterprise, Inc.* | 1,351,506 | ||||||
5,590 | Boeing Co. (The)* | 1,138,795 | ||||||
8,208 | Booz Allen Hamilton Holding Corp. | 1,212,404 | ||||||
5,980 | Broadridge Financial Solutions, Inc. | 1,217,408 | ||||||
6,554 | Builders FirstSource, Inc.* | 1,279,210 | ||||||
3,485 | Carlisle Cos., Inc. | 1,219,750 | ||||||
22,140 | Carrier Global Corp. | 1,230,541 | ||||||
3,649 | Caterpillar, Inc. | 1,218,620 | ||||||
1,899 | Cintas Corp. | 1,193,730 | ||||||
23,259 | Copart, Inc.* | 1,236,216 | ||||||
31,968 | CSX Corp. | 1,212,866 | ||||||
4,752 | Cummins, Inc. | 1,276,435 | ||||||
3,070 | Deere & Co. | 1,120,704 | ||||||
29,739 | Delta Air Lines, Inc. | 1,257,068 | ||||||
7,360 | Dover Corp. | 1,217,197 | ||||||
4,342 | Eaton Corp. PLC | 1,254,838 | ||||||
11,352 | Emerson Electric Co. | 1,212,961 | ||||||
4,858 | Equifax, Inc. | 1,329,100 | ||||||
9,348 | Expeditors International of Washington, Inc. | 1,118,021 | ||||||
16,925 | Fastenal Co. | 1,235,694 | ||||||
4,928 | FedEx Corp. | 1,226,924 | ||||||
14,300 | Fortive Corp. | 1,217,359 | ||||||
4,410 | General Dynamics Corp. | 1,205,032 | ||||||
8,573 | General Electric Co. | 1,345,018 | ||||||
13,539 | Graco, Inc. | 1,235,569 | ||||||
6,113 | Honeywell International, Inc. | 1,214,836 | ||||||
20,004 | Howmet Aerospace, Inc. | 1,331,266 | ||||||
3,325 | Hubbell, Inc. | 1,265,728 | ||||||
5,271 | IDEX Corp. | 1,243,429 | ||||||
4,645 | Illinois Tool Works, Inc. | 1,217,687 | ||||||
14,030 | Ingersoll Rand, Inc. | 1,281,360 | ||||||
5,526 | J.B. Hunt Transport Services, Inc. | 1,140,069 | ||||||
8,288 | Jacobs Solutions, Inc. | 1,215,435 | ||||||
22,118 | Johnson Controls International PLC | 1,310,934 | ||||||
5,687 | L3Harris Technologies, Inc. | 1,203,710 | ||||||
10,513 | Leidos Holdings, Inc. | 1,344,192 | ||||||
2,704 | Lennox International, Inc. | 1,274,152 | ||||||
2,762 | Lockheed Martin Corp. | 1,182,799 | ||||||
16,943 | Masco Corp. | 1,300,545 | ||||||
4,721 | Norfolk Southern Corp. | 1,196,207 | ||||||
2,621 | Northrop Grumman Corp. | 1,208,333 | ||||||
2,699 | Old Dominion Freight Line, Inc. | 1,194,254 | ||||||
12,938 | Otis Worldwide Corp. | 1,232,991 | ||||||
11,338 | PACCAR, Inc. | 1,257,271 | ||||||
2,312 | Parker-Hannifin Corp. | 1,237,960 | ||||||
9,733 | Paychex, Inc. | 1,193,460 | ||||||
5,965 | Paycom Software, Inc. | 1,087,956 | ||||||
5,654 | Quanta Services, Inc. | 1,365,498 | ||||||
6,797 | Republic Services, Inc. | 1,247,929 | ||||||
4,472 | Rockwell Automation, Inc. | 1,274,878 | ||||||
12,840 | RTX Corp. | 1,151,363 |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
4,032 | Snap-on, Inc. | $ | 1,111,461 | |||||
38,357 | Southwest Airlines Co. | 1,314,494 | ||||||
19,571 | SS&C Technologies Holdings, Inc. | 1,247,847 | ||||||
13,312 | Stanley Black & Decker, Inc. | 1,188,628 | ||||||
13,554 | Textron, Inc. | 1,207,255 | ||||||
4,304 | Trane Technologies PLC | 1,213,599 | ||||||
1,036 | TransDigm Group, Inc. | 1,220,139 | ||||||
17,163 | TransUnion | 1,332,364 | ||||||
16,609 | Uber Technologies, Inc.* | 1,320,416 | ||||||
4,743 | Union Pacific Corp. | 1,203,252 | ||||||
28,863 | United Airlines Holdings, Inc.* | 1,312,978 | ||||||
8,054 | United Parcel Service, Inc., Class B | 1,194,086 | ||||||
1,813 | United Rentals, Inc. | 1,256,899 | ||||||
14,565 | Veralto Corp. | 1,258,707 | ||||||
4,731 | Verisk Analytics, Inc. | 1,144,429 | ||||||
19,741 | Vertiv Holdings Co., Class A | 1,334,886 | ||||||
1,251 | W.W. Grainger, Inc. | 1,217,798 | ||||||
6,238 | Waste Management, Inc. | 1,282,845 | ||||||
2,942 | Watsco, Inc. | 1,159,501 | ||||||
8,712 | Westinghouse Air Brake Technologies Corp. | 1,230,918 | ||||||
9,613 | Xylem, Inc. | 1,221,332 | ||||||
|
| |||||||
92,537,502 | ||||||||
| ||||||||
Information Technology – 16.3% |
| |||||||
3,218 | Accenture PLC, Class A | 1,206,042 | ||||||
1,921 | Adobe, Inc.* | 1,076,298 | ||||||
7,000 | Advanced Micro Devices, Inc.* | 1,347,710 | ||||||
9,457 | Akamai Technologies, Inc.* | 1,048,970 | ||||||
11,400 | Amphenol Corp., Class A | 1,245,336 | ||||||
6,261 | Analog Devices, Inc. | 1,200,985 | ||||||
3,480 | ANSYS, Inc.* | 1,162,912 | ||||||
6,283 | Apple, Inc. | 1,135,652 | ||||||
6,953 | Applied Materials, Inc. | 1,401,864 | ||||||
4,447 | Arista Networks, Inc.* | 1,234,220 | ||||||
5,674 | Atlassian Corp., Class A* | 1,176,901 | ||||||
4,591 | Autodesk, Inc.* | 1,185,258 | ||||||
956 | Broadcom, Inc. | 1,243,268 | ||||||
3,945 | Cadence Design Systems, Inc.* | 1,200,779 | ||||||
4,949 | CDW Corp. | 1,218,493 | ||||||
23,900 | Cisco Systems, Inc. | 1,156,043 | ||||||
14,382 | Cloudflare, Inc., Class A* | 1,417,202 | ||||||
15,105 | Cognizant Technology Solutions Corp., Class A | 1,193,597 | ||||||
37,508 | Corning, Inc. | 1,209,258 | ||||||
3,746 | Crowdstrike Holdings, Inc., Class A* | 1,214,266 | ||||||
9,058 | Datadog, Inc., Class A* | 1,190,765 | ||||||
14,244 | Dell Technologies, Inc., Class C | 1,348,337 | ||||||
10,152 | Enphase Energy, Inc.* | 1,289,406 | ||||||
9,966 | Entegris, Inc. | 1,339,032 | ||||||
4,134 | EPAM Systems, Inc.* | 1,258,390 | ||||||
929 | Fair Isaac Corp.* | 1,179,746 | ||||||
8,187 | First Solar, Inc.* | 1,259,897 | ||||||
17,385 | Fortinet, Inc.* | 1,201,477 | ||||||
2,630 | Gartner, Inc.* | 1,224,423 | ||||||
56,753 | Gen Digital, Inc. | 1,219,622 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
10,678 | GoDaddy, Inc., Class A* | $ | 1,218,894 | |||||
78,506 | Hewlett Packard Enterprise Co. | 1,195,646 | ||||||
42,480 | HP, Inc. | 1,203,458 | ||||||
1,952 | HubSpot, Inc.* | 1,207,917 | ||||||
27,814 | Intel Corp. | 1,197,393 | ||||||
6,450 | International Business Machines Corp. | 1,193,444 | ||||||
1,842 | Intuit, Inc. | 1,221,043 | ||||||
9,069 | Jabil, Inc. | 1,306,752 | ||||||
7,507 | Keysight Technologies, Inc.* | 1,158,330 | ||||||
1,952 | KLA Corp. | 1,331,850 | ||||||
1,400 | Lam Research Corp. | 1,313,550 | ||||||
18,698 | Lattice Semiconductor Corp.* | 1,432,454 | ||||||
4,817 | Manhattan Associates, Inc.* | 1,220,291 | ||||||
17,564 | Marvell Technology, Inc. | 1,258,636 | ||||||
14,319 | Microchip Technology, Inc. | 1,204,801 | ||||||
14,105 | Micron Technology, Inc. | 1,278,054 | ||||||
2,882 | Microsoft Corp. | 1,192,110 | ||||||
2,610 | MongoDB, Inc.* | 1,168,184 | ||||||
1,836 | Monolithic Power Systems, Inc. | 1,321,993 | ||||||
3,629 | Motorola Solutions, Inc. | 1,198,985 | ||||||
13,669 | NetApp, Inc. | 1,218,181 | ||||||
1,732 | NVIDIA Corp. | 1,370,220 | ||||||
14,308 | Okta, Inc.* | 1,535,248 | ||||||
15,485 | ON Semiconductor Corp.* | 1,222,076 | ||||||
10,161 | Oracle Corp. | 1,134,780 | ||||||
50,949 | Palantir Technologies, Inc., Class A* | 1,277,801 | ||||||
3,278 | Palo Alto Networks, Inc.* | 1,017,983 | ||||||
6,576 | PTC, Inc.* | 1,203,474 | ||||||
8,229 | QUALCOMM, Inc. | 1,298,454 | ||||||
2,168 | Roper Technologies, Inc. | 1,180,975 | ||||||
4,119 | Salesforce, Inc.* | 1,272,030 | ||||||
13,750 | Seagate Technology Holdings PLC | 1,279,438 | ||||||
1,505 | ServiceNow, Inc.* | 1,160,867 | ||||||
11,505 | Skyworks Solutions, Inc. | 1,207,105 | ||||||
5,447 | Snowflake, Inc., Class A* | 1,025,561 | ||||||
7,771 | Splunk, Inc.* | 1,213,986 | ||||||
1,735 | Super Micro Computer, Inc.* | 1,502,718 | ||||||
2,140 | Synopsys, Inc.* | 1,227,782 | ||||||
2,742 | Teledyne Technologies, Inc.* | 1,171,574 | ||||||
12,205 | Teradyne, Inc. | 1,264,316 | ||||||
7,485 | Texas Instruments, Inc. | 1,252,465 | ||||||
23,097 | Trimble, Inc.* | 1,413,305 | ||||||
17,163 | Twilio, Inc., Class A* | 1,022,743 | ||||||
2,718 | Tyler Technologies, Inc.* | 1,188,147 | ||||||
5,882 | VeriSign, Inc.* | 1,148,696 | ||||||
20,512 | Western Digital Corp.* | 1,219,849 | ||||||
4,043 | Workday, Inc., Class A* | 1,191,310 | ||||||
4,885 | Zebra Technologies Corp., Class A* | 1,365,260 | ||||||
18,616 | Zoom Video Communications, Inc., Class A* | 1,316,710 | ||||||
4,874 | Zscaler, Inc.* | 1,179,362 | ||||||
|
| |||||||
98,692,350 | ||||||||
| ||||||||
Materials – 5.6% |
| |||||||
5,545 | Air Products and Chemicals, Inc. | 1,297,752 |
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – (continued) |
| |||||||
10,371 | Albemarle Corp. | $ | 1,429,642 | |||||
5,872 | Avery Dennison Corp. | 1,271,464 | ||||||
20,316 | Ball Corp. | 1,300,630 | ||||||
8,014 | Celanese Corp. | 1,217,888 | ||||||
15,672 | CF Industries Holdings, Inc. | 1,265,044 | ||||||
22,225 | Corteva, Inc. | 1,189,482 | ||||||
15,960 | CRH PLC | 1,345,588 | ||||||
21,968 | Dow, Inc. | 1,227,572 | ||||||
17,855 | DuPont de Nemours, Inc. | 1,235,388 | ||||||
5,848 | Ecolab, Inc. | 1,314,864 | ||||||
30,379 | Freeport-McMoRan, Inc. | 1,148,630 | ||||||
14,454 | International Flavors & Fragrances, Inc. | 1,091,277 | ||||||
35,510 | International Paper Co. | 1,255,634 | ||||||
2,833 | Linde PLC | 1,271,507 | ||||||
12,552 | LyondellBasell Industries NV, Class A | 1,258,715 | ||||||
2,260 | Martin Marietta Materials, Inc. | 1,305,625 | ||||||
39,390 | Mosaic Co. (The) | 1,227,392 | ||||||
35,414 | Newmont Corp. | 1,106,688 | ||||||
6,348 | Nucor Corp. | 1,220,720 | ||||||
7,207 | Packaging Corp. of America | 1,305,836 | ||||||
8,494 | PPG Industries, Inc. | 1,202,750 | ||||||
4,003 | Reliance, Inc. | 1,285,844 | ||||||
11,201 | RPM International, Inc. | 1,292,035 | ||||||
3,813 | Sherwin-Williams Co. (The) | 1,266,030 | ||||||
9,520 | Steel Dynamics, Inc. | 1,273,966 | ||||||
5,042 | Vulcan Materials Co. | 1,340,416 | ||||||
|
| |||||||
33,948,379 | ||||||||
| ||||||||
Real Estate – 6.2% |
| |||||||
10,122 | Alexandria Real Estate Equities, Inc. REIT | 1,262,517 | ||||||
6,196 | American Tower Corp. REIT | 1,232,137 | ||||||
6,894 | AvalonBay Communities, Inc. REIT | 1,220,445 | ||||||
12,527 | Camden Property Trust REIT | 1,183,551 | ||||||
14,142 | CBRE Group, Inc., Class A* | 1,299,508 | ||||||
13,939 | CoStar Group, Inc.* | 1,213,111 | ||||||
11,103 | Crown Castle, Inc. REIT | 1,220,664 | ||||||
8,189 | Digital Realty Trust, Inc. REIT | 1,202,227 | ||||||
1,410 | Equinix, Inc. REIT | 1,253,236 | ||||||
17,812 | Equity LifeStyle Properties, Inc. REIT | 1,199,104 | ||||||
20,202 | Equity Residential REIT | 1,216,362 | ||||||
5,167 | Essex Property Trust, Inc. REIT | 1,195,644 | ||||||
8,243 | Extra Space Storage, Inc. REIT | 1,162,016 | ||||||
26,186 | Gaming and Leisure Properties, Inc. REIT | 1,190,939 | ||||||
61,362 | Host Hotels & Resorts, Inc. REIT | 1,272,648 | ||||||
36,459 | Invitation Homes, Inc. REIT | 1,242,158 | ||||||
17,243 | Iron Mountain, Inc. REIT | 1,355,989 | ||||||
58,545 | Kimco Realty Corp. REIT | 1,156,849 | ||||||
9,538 | Mid-America Apartment Communities, Inc. REIT | 1,198,736 | ||||||
9,091 | Prologis, Inc. REIT | 1,211,558 | ||||||
4,219 | Public Storage REIT | 1,197,647 | ||||||
22,217 | Realty Income Corp. REIT | 1,157,728 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – (continued) |
| |||||||
5,474 | SBA Communications Corp. REIT | $ | 1,145,325 | |||||
8,270 | Simon Property Group, Inc. REIT | 1,225,118 | ||||||
9,539 | Sun Communities, Inc. REIT | 1,275,937 | ||||||
33,934 | UDR, Inc. REIT | 1,204,657 | ||||||
26,305 | Ventas, Inc. REIT | 1,112,438 | ||||||
39,840 | VICI Properties, Inc. REIT | 1,192,411 | ||||||
19,535 | W.P. Carey, Inc. REIT | 1,100,407 | ||||||
13,660 | Welltower, Inc. REIT | 1,258,906 | ||||||
36,226 | Weyerhaeuser Co. REIT | 1,245,450 | ||||||
|
| |||||||
37,605,423 | ||||||||
| ||||||||
Utilities – 5.4% |
| |||||||
24,862 | Alliant Energy Corp. | 1,187,160 | ||||||
17,404 | Ameren Corp. | 1,238,991 | ||||||
15,348 | American Electric Power Co., Inc. | 1,307,496 | ||||||
9,647 | American Water Works Co., Inc. | 1,143,555 | ||||||
10,541 | Atmos Energy Corp. | 1,190,184 | ||||||
43,099 | CenterPoint Energy, Inc. | 1,185,223 | ||||||
21,038 | CMS Energy Corp. | 1,206,950 | ||||||
13,277 | Consolidated Edison, Inc. | 1,157,887 | ||||||
8,945 | Constellation Energy Corp. | 1,506,785 | ||||||
26,621 | Dominion Energy, Inc. | 1,273,282 | ||||||
11,265 | DTE Energy Co. | 1,220,563 | ||||||
12,479 | Duke Energy Corp. | 1,145,947 | ||||||
18,142 | Edison International | 1,234,019 | ||||||
12,009 | Entergy Corp. | 1,219,754 | ||||||
23,954 | Evergy, Inc. | 1,186,681 | ||||||
22,165 | Eversource Energy | 1,301,085 | ||||||
34,872 | Exelon Corp. | 1,249,812 | ||||||
33,165 | FirstEnergy Corp. | 1,214,171 | ||||||
21,166 | NextEra Energy, Inc. | 1,168,152 | ||||||
47,160 | NiSource, Inc. | 1,228,990 | ||||||
72,594 | PG&E Corp. | 1,211,594 | ||||||
45,989 | PPL Corp. | 1,212,730 | ||||||
20,138 | Public Service Enterprise Group, Inc. | 1,256,611 | ||||||
16,978 | Sempra | 1,198,647 | ||||||
17,635 | Southern Co. (The) | 1,185,954 | ||||||
15,222 | WEC Energy Group, Inc. | 1,194,775 | ||||||
20,335 | Xcel Energy, Inc. | 1,071,451 | ||||||
|
| |||||||
32,898,449 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $519,703,913) | 604,167,341 | |||||||
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Dividend Rate | Value | ||||||
Investment Company – 0.1%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
567,018 | 5.195% | $ | 567,018 | |||||
(Cost $567,018) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.9% (Cost $520,270,931) | $ | 604,734,359 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 864,013 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 605,598,372 | ||||||
|
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 | |
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 99.9% |
| |||||||
Communication Services – 5.9% |
| |||||||
23,059 | Alphabet, Inc., Class A* | $ | 3,192,749 | |||||
32,274 | GCI Liberty, Inc., Class A*(a) | — | ||||||
7,110 | Meta Platforms, Inc., Class A | 3,484,824 | ||||||
5,809 | Netflix, Inc.* | 3,502,362 | ||||||
|
| |||||||
10,179,935 | ||||||||
| ||||||||
Consumer Discretionary – 11.8% |
| |||||||
45,854 | Alibaba Group Holding Ltd. ADR (China) | 3,394,572 | ||||||
19,682 | Amazon.com, Inc.* | 3,478,990 | ||||||
78,755 | Caesars Entertainment, Inc.* | 3,423,480 | ||||||
71,086 | Capri Holdings Ltd.* | 3,279,197 | ||||||
1,927 | MercadoLibre, Inc. (Brazil)* | 3,074,143 | ||||||
66,322 | Tempur Sealy International, Inc. | 3,612,559 | ||||||
|
| |||||||
20,262,941 | ||||||||
| ||||||||
Consumer Staples – 1.9% |
| |||||||
158,661 | Albertsons Cos., Inc., Class A | 3,217,645 | ||||||
| ||||||||
Energy – 8.0% |
| |||||||
21,629 | Cheniere Energy, Inc. | 3,356,821 | ||||||
238,498 | Energy Transfer LP | 3,491,611 | ||||||
23,577 | Hess Corp. | 3,436,348 | ||||||
14,933 | Pioneer Natural Resources Co. | 3,512,092 | ||||||
|
| |||||||
13,796,872 | ||||||||
| ||||||||
Financials – 20.0% |
| |||||||
29,894 | Apollo Global Management, Inc. | 3,342,149 | ||||||
8,441 | Berkshire Hathaway, Inc., Class B* | 3,455,745 | ||||||
62,342 | Citigroup, Inc. | 3,459,358 | ||||||
2,254 | First Citizens BancShares, Inc., Class A | 3,547,368 | ||||||
23,211 | Fiserv, Inc.* | 3,464,706 | ||||||
35,072 | KKR & Co., Inc. | 3,446,175 | ||||||
7,234 | Mastercard, Inc., Class A | 3,434,414 | ||||||
17,905 | Progressive Corp. (The) | 3,394,072 | ||||||
7,989 | S&P Global, Inc. | 3,422,328 | ||||||
12,124 | Visa, Inc., Class A | 3,426,727 | ||||||
|
| |||||||
34,393,042 | ||||||||
| ||||||||
Health Care – 10.0% |
| |||||||
51,027 | Boston Scientific Corp.* | 3,378,498 | ||||||
13,570 | Danaher Corp. | 3,435,110 | ||||||
4,444 | Eli Lilly & Co. | 3,349,354 | ||||||
10,488 | Karuna Therapeutics, Inc.* | 3,292,917 | ||||||
38,267 | Tenet Healthcare Corp.* | 3,558,831 | ||||||
|
| |||||||
17,014,710 | ||||||||
| ||||||||
Industrials – 18.1% |
| |||||||
43,670 | AerCap Holdings NV (Ireland)* | 3,370,451 | ||||||
96,286 | API Group Corp.* | 3,374,824 | ||||||
18,022 | Builders FirstSource, Inc.* | 3,517,534 | ||||||
22,971 | General Electric Co. | 3,603,920 | ||||||
2,934 | TransDigm Group, Inc. | 3,455,489 | ||||||
42,517 | Uber Technologies, Inc.* | 3,380,102 | ||||||
13,455 | Union Pacific Corp. | 3,413,399 | ||||||
51,796 | Vertiv Holdings Co., Class A | 3,502,446 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) |
| |||||||
67,156 | WillScot Mobile Mini Holdings Corp.* | $ | 3,206,699 | |||||
|
| |||||||
30,824,864 | ||||||||
| ||||||||
Information Technology – 22.0% |
| |||||||
18,832 | Advanced Micro Devices, Inc.* | 3,625,725 | ||||||
70,372 | Alteryx, Inc., Class A* | 3,380,671 | ||||||
18,274 | Apple, Inc. | 3,303,025 | ||||||
2,666 | Broadcom, Inc. | 3,467,106 | ||||||
8,218 | Microsoft Corp. | 3,399,294 | ||||||
4,554 | NVIDIA Corp. | 3,602,760 | ||||||
11,638 | Salesforce, Inc.* | 3,594,047 | ||||||
4,249 | ServiceNow, Inc.* | 3,277,424 | ||||||
21,781 | Splunk, Inc.* | 3,402,628 | ||||||
26,032 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 3,349,537 | ||||||
11,134 | Workday, Inc., Class A* | 3,280,744 | ||||||
|
| |||||||
37,682,961 | ||||||||
| ||||||||
Materials – 2.2% |
| |||||||
45,019 | CRH PLC | 3,795,552 | ||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $143,119,968) | 171,168,522 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.1%(b) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
118,097 | 5.195% | 118,097 | ||||||
(Cost $118,097) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.0% (Cost $143,238,065) | $ | 171,286,619 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 9,378 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 171,295,997 | ||||||
|
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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
LP | —Limited Partnership | |
PLC | —Public Limited Company | |
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 99.8% |
| |||||||
Communication Services – 11.4% |
| |||||||
3,192 | AfreecaTV Co. Ltd. (South Korea) | $ | 307,790 | |||||
47,376 | Alphabet, Inc., Class A* | 6,559,681 | ||||||
16,666 | Baidu, Inc. ADR (China)* | 1,688,766 | ||||||
43,033 | Bilibili, Inc. ADR (China)*(a) | 416,559 | ||||||
21,705 | Bumble, Inc., Class A* | 248,522 | ||||||
37,678 | Comcast Corp., Class A | 1,614,502 | ||||||
5,468 | CTS Eventim AG & Co. KGaA (Germany) | 430,180 | ||||||
7,105 | Electronic Arts, Inc. | 991,005 | ||||||
21,380 | Endeavor Group Holdings, Inc., Class A | 514,189 | ||||||
36,937 | Gree, Inc. (Japan) | 122,654 | ||||||
46,022 | Hello Group, Inc. ADR (China) | 303,285 | ||||||
5,192 | IDT Corp., Class B* | 193,194 | ||||||
7,002 | Infocom Corp. (Japan) | 107,226 | ||||||
105,540 | iQIYI, Inc. ADR (China)* | 389,443 | ||||||
6,034 | Iridium Communications, Inc. | 174,684 | ||||||
11,045 | JOYY, Inc. ADR (China) | 347,918 | ||||||
147,753 | Kuaishou Technology (China)*(b) | 839,849 | ||||||
5,732 | Liberty Media Corp.-Liberty Formula One, Class A* | 375,733 | ||||||
23,907 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 696,650 | ||||||
8,036 | Live Nation Entertainment, Inc.* | 779,331 | ||||||
7,062 | Madison Square Garden Entertainment Corp.* | 271,816 | ||||||
1,646 | Madison Square Garden Sports Corp.* | 309,761 | ||||||
13,171 | Match Group, Inc.* | 474,683 | ||||||
12,137 | Meta Platforms, Inc., Class A | 5,948,708 | ||||||
12,960 | MIXI, Inc. (Japan) | 213,792 | ||||||
12,747 | NetEase, Inc. ADR (China) | 1,375,656 | ||||||
2,109 | Netflix, Inc.* | 1,271,558 | ||||||
12,055 | Pinterest, Inc., Class A* | 442,419 | ||||||
31,066 | Playtika Holding Corp.* | 230,199 | ||||||
73,135 | Rightmove PLC (United Kingdom) | 524,174 | ||||||
5,543 | Scout24 SE (Germany)(b) | 403,090 | ||||||
39,124 | Sea Ltd. ADR (Singapore)* | 1,898,297 | ||||||
36,434 | Snap, Inc., Class A* | 401,503 | ||||||
6,491 | Sphere Entertainment Co.* | 281,060 | ||||||
3,861 | Spotify Technology SA* | 989,999 | ||||||
3,332 | Take-Two Interactive Software, Inc.* | 489,571 | ||||||
33,945 | TELUS Corp. (Canada) | 592,383 | ||||||
55,965 | Tencent Holdings Ltd. (China) | 1,981,593 | ||||||
65,831 | Tencent Music Entertainment Group ADR (China)* | 689,251 | ||||||
6,958 | TKO Group Holdings, Inc. | 582,593 | ||||||
15,385 | Ubisoft Entertainment SA (France)* | 352,956 | ||||||
29,706 | Vivid Seats, Inc., Class A* | 178,830 | ||||||
17,383 | Walt Disney Co. (The) | 1,939,595 | ||||||
58,897 | Warner Bros Discovery, Inc.* | 517,705 | ||||||
35,936 | Weibo Corp. ADR (China) | 327,736 | ||||||
32,185 | Yalla Group Ltd. ADR (United Arab Emirates)* | 164,787 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Communication Services – (continued) |
| |||||||
4,779 | Ziff Davis, Inc.* | $ | 328,604 | |||||
|
| |||||||
40,283,480 | ||||||||
| ||||||||
Consumer Discretionary – 15.2% |
| |||||||
6,323 | Academy Sports & Outdoors, Inc. | 472,455 | ||||||
3,210 | adidas AG (Germany) | 649,999 | ||||||
5,939 | Airbnb, Inc., Class A* | 935,214 | ||||||
44,794 | Alibaba Group Holding Ltd. ADR (China) | 3,316,100 | ||||||
39,260 | Amazon.com, Inc.* | 6,939,598 | ||||||
66,766 | ANTA Sports Products Ltd. (China) | 654,544 | ||||||
11,690 | Aptiv PLC* | 929,238 | ||||||
21,705 | Atour Lifestyle Holdings Ltd. ADR (China) | 420,643 | ||||||
30,388 | Bandai Namco Holdings, Inc. (Japan) | 587,375 | ||||||
13,237 | Caesars Entertainment, Inc.* | 575,412 | ||||||
7,660 | Carvana Co.* | 581,624 | ||||||
26,926 | Chegg, Inc.* | 240,718 | ||||||
17,847 | Chewy, Inc., Class A* | 314,821 | ||||||
3,678 | Columbia Sportswear Co. | 304,134 | ||||||
8,384 | Continental AG (Germany) | 672,109 | ||||||
14,121 | Coursera, Inc.* | 226,924 | ||||||
3,691 | Dick’s Sporting Goods, Inc. | 656,592 | ||||||
2,305 | Duolingo, Inc.* | 550,895 | ||||||
80,845 | East Buy Holding Ltd. (China)*(a)(b) | 249,904 | ||||||
15,715 | eBay, Inc. | 743,005 | ||||||
6,405 | Etsy, Inc.* | 459,174 | ||||||
24,391 | Everi Holdings, Inc.* | 289,277 | ||||||
10,517 | Foot Locker, Inc. | 362,100 | ||||||
101,119 | Ford Motor Co. | 1,257,920 | ||||||
31,290 | GameStop Corp., Class A*(a) | 446,508 | ||||||
30,402 | General Motors Co. | 1,245,874 | ||||||
539 | Graham Holdings Co., Class B | 378,556 | ||||||
83,125 | Honda Motor Co. Ltd. (Japan) | 989,702 | ||||||
6,161 | Hyundai Motor Co. (South Korea) | 1,159,005 | ||||||
340,838 | JD Sports Fashion PLC (United Kingdom) | 508,318 | ||||||
33,044 | JD.com, Inc. ADR (China) | 747,455 | ||||||
16,898 | Just Eat Takeaway.com NV (United Kingdom)*(b) | 278,316 | ||||||
10,973 | Kia Corp. (South Korea)* | 1,025,938 | ||||||
11,099 | Las Vegas Sands Corp. | 605,117 | ||||||
25,404 | Li Auto, Inc. ADR (China)* | 1,165,536 | ||||||
174,502 | Li Ning Co. Ltd. (China) | 435,096 | ||||||
182,021 | Lucid Group, Inc.*(a) | 600,669 | ||||||
1,935 | Lululemon Athletica, Inc.* | 903,819 | ||||||
1,374 | MercadoLibre, Inc. (Brazil)* | 2,191,942 | ||||||
8,839 | MGM Resorts International* | 382,552 | ||||||
8,076 | New Oriental Education & Technology Group, Inc. ADR (China)* | 755,348 | ||||||
505,346 | Nexteer Automotive Group Ltd. (China) | 233,670 | ||||||
12,653 | NIKE, Inc., Class B | 1,315,026 |
34 | 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) |
| |||||||
117,761 | NIO, Inc. ADR (China)*(a) | $ | 677,126 | |||||
136,022 | Nissan Motor Co. Ltd. (Japan) | 535,109 | ||||||
9,739 | PDD Holdings, Inc. ADR (China)* | 1,212,895 | ||||||
28,102 | Pearson PLC (United Kingdom) | 341,471 | ||||||
69,788 | Peloton Interactive, Inc., Class A* | 315,442 | ||||||
11,195 | Penn Entertainment, Inc.* | 204,869 | ||||||
4,354 | Planet Fitness, Inc., Class A* | 270,166 | ||||||
19,740 | Playtech PLC (United Kingdom)* | 110,718 | ||||||
130,203 | Polestar Automotive Holding UK PLC, Class A, ADR (Hong Kong)*(a) | 270,822 | ||||||
26,661 | Prosus NV (China)* | 778,694 | ||||||
237,285 | Rakuten Group, Inc. (Japan)* | 1,300,018 | ||||||
49,176 | Rivian Automotive, Inc., Class A* | 556,672 | ||||||
47,519 | Sabre Corp.* | 125,925 | ||||||
46,457 | Sharp Corp. (Japan)*(a) | 253,128 | ||||||
5,865 | Stride, Inc.* | 350,434 | ||||||
34,016 | TAL Education Group ADR (China)* | 501,056 | ||||||
16,510 | Tesla, Inc.* | 3,333,039 | ||||||
95,007 | Toyota Motor Corp. (Japan) | 2,298,526 | ||||||
17,587 | Udemy, Inc.* | 198,733 | ||||||
1,070 | Vitesco Technologies Group AG (Germany)* | 86,264 | ||||||
5,935 | Wayfair, Inc., Class A* | 353,726 | ||||||
73,074 | XPeng, Inc. ADR (China)*(a) | 689,088 | ||||||
56,773 | Yamaha Motor Co. Ltd. (Japan) | 508,101 | ||||||
17,466 | Zalando SE (Germany)*(b) | 368,944 | ||||||
|
| |||||||
53,399,188 | ||||||||
| ||||||||
Consumer Staples – 0.8% |
| |||||||
1,343,415 | Alibaba Health Information Technology Ltd. (China)* | 590,301 | ||||||
36,698 | Walmart, Inc. | 2,150,870 | ||||||
|
| |||||||
2,741,171 | ||||||||
| ||||||||
Energy – 0.9% |
| |||||||
571,946 | China Suntien Green Energy Corp. Ltd., Class H (China) | 217,709 | ||||||
25,537 | Enbridge, Inc. (Canada) | 878,314 | ||||||
5,923 | HD Hyundai Co. Ltd. (South Korea) | 314,476 | ||||||
22,071 | Oceaneering International, Inc.* | 436,123 | ||||||
22,767 | TotalEnergies SE (France) | 1,453,355 | ||||||
|
| |||||||
3,299,977 | ||||||||
| ||||||||
Financials – 14.3% |
| |||||||
26,806 | 3i Group PLC (United Kingdom) | 836,856 | ||||||
597 | Adyen NV (Netherlands)*(b) | 943,224 | ||||||
12,174 | Affirm Holdings, Inc.* | 456,768 | ||||||
26,212 | Allfunds Group PLC (United Kingdom) | 186,077 | ||||||
2,341 | Ameriprise Financial, Inc. | 953,630 | ||||||
11,530 | Apollo Global Management, Inc. | 1,289,054 | ||||||
27,058 | AvidXchange Holdings, Inc.* | 359,601 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) |
| |||||||
53,746 | BGC Group, Inc., Class A | $ | 373,535 | |||||
2,011 | BlackRock, Inc. | 1,631,605 | ||||||
10,539 | Blackstone, Inc. | 1,347,095 | ||||||
25,385 | Block, Inc.* | 2,017,346 | ||||||
20,582 | Brookfield Corp. (Canada) | 849,419 | ||||||
15,157 | Carlyle Group, Inc. (The) | 694,948 | ||||||
16,188 | Charles Schwab Corp. (The) | 1,081,035 | ||||||
24,298 | CI Financial Corp. (Canada) | 303,109 | ||||||
7,574 | Coinbase Global, Inc., Class A* | 1,541,763 | ||||||
26,112 | Corebridge Financial, Inc. | 648,361 | ||||||
6,926 | Discover Financial Services | 835,968 | ||||||
26,347 | Dlocal Ltd. (Uruguay)* | 438,941 | ||||||
10,663 | DWS Group GmbH & Co. KGaA (Germany)(b) | 437,327 | ||||||
4,137 | Eurazeo SE (France) | 349,642 | ||||||
4,608 | Euronet Worldwide, Inc.* | 504,299 | ||||||
2,894 | Evercore, Inc., Class A | 541,410 | ||||||
10,210 | Fidelity National Information Services, Inc. | 706,430 | ||||||
2,357 | FleetCor Technologies, Inc.* | 658,239 | ||||||
6,591 | Global Payments, Inc. | 854,853 | ||||||
4,698 | GMO Payment Gateway, Inc. (Japan) | 316,559 | ||||||
4,410 | Goldman Sachs Group, Inc. (The)(c) | 1,715,710 | ||||||
3,112 | Hamilton Lane, Inc., Class A | 357,413 | ||||||
30,652 | Hargreaves Lansdown PLC (United Kingdom) | 282,425 | ||||||
7,398 | Interactive Brokers Group, Inc., Class A | 804,311 | ||||||
23,834 | Invesco Ltd. | 367,282 | ||||||
3,314 | Jack Henry & Associates, Inc. | 575,874 | ||||||
2,627 | Kaspi.KZ JSC ADR (Kazakhstan) | 271,106 | ||||||
14,951 | KKR & Co., Inc. | 1,469,085 | ||||||
9,507 | Lazard, Inc. | 366,400 | ||||||
6,363 | London Stock Exchange Group PLC (United Kingdom) | 714,419 | ||||||
51,881 | Marqeta, Inc., Class A* | 338,783 | ||||||
5,241 | Mastercard, Inc., Class A | 2,488,217 | ||||||
51,352 | Mirae Asset Securities Co. Ltd. (South Korea)* | 347,849 | ||||||
12,999 | Morgan Stanley | 1,118,434 | ||||||
1,922 | Morningstar, Inc. | 573,890 | ||||||
1,385 | MSCI, Inc. | 776,943 | ||||||
8,362 | Northern Trust Corp. | 686,771 | ||||||
113,352 | NU Holdings Ltd., Class A (Brazil)* | 1,255,940 | ||||||
14,316 | Nuvei Corp. (Canada)(b) | 379,234 | ||||||
27,173 | Pagseguro Digital Ltd., Class A (Brazil)* | 378,248 | ||||||
52,914 | Payoneer Global, Inc.* | 257,162 | ||||||
21,527 | PayPal Holdings, Inc.* | 1,298,939 | ||||||
29,034 | Paysafe Ltd.* | 418,090 | ||||||
2,406 | PJT Partners, Inc., Class A | 253,592 | ||||||
13,458 | Plus500 Ltd. (Israel) | 289,403 | ||||||
31,769 | Repay Holdings Corp.* | 276,073 |
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
36,643 | Robinhood Markets, Inc., Class A* | $ | 597,647 | |||||
2,167 | S&P Global, Inc. | 928,299 | ||||||
13,531 | SBI Holdings, Inc. (Japan) | 363,882 | ||||||
5,535 | Shift4 Payments, Inc., Class A* | 455,088 | ||||||
76,977 | SoFi Technologies, Inc.*(a) | 691,253 | ||||||
7,627 | State Street Corp. | 562,339 | ||||||
5,077 | Stifel Financial Corp. | 385,141 | ||||||
26,222 | StoneCo Ltd., Class A (Brazil)* | 451,281 | ||||||
3,452 | StoneX Group, Inc.* | 239,086 | ||||||
20,776 | Toast, Inc., Class A* | 477,848 | ||||||
43,068 | TP ICAP Group PLC (United Kingdom) | 97,517 | ||||||
7,523 | TPG, Inc. | 333,645 | ||||||
4,958 | Tradeweb Markets, Inc., Class A | 524,656 | ||||||
46,868 | UBS Group AG (Switzerland) | 1,341,823 | ||||||
6,686 | Upstart Holdings, Inc.*(a) | 172,165 | ||||||
12,051 | Virtu Financial, Inc., Class A | 217,521 | ||||||
936 | Virtus Investment Partners, Inc. | 217,452 | ||||||
8,631 | Visa, Inc., Class A | 2,439,466 | ||||||
19,153 | WealthNavi, Inc. (Japan)* | 284,985 | ||||||
49,301 | WisdomTree, Inc. | 397,366 | ||||||
|
| |||||||
50,397,147 | ||||||||
| ||||||||
Health Care – 21.5% |
| |||||||
11,231 | 10X Genomics, Inc., Class A* | 523,814 | ||||||
490,053 | 3SBio, Inc. (China)(b) | 323,622 | ||||||
19,749 | Abbott Laboratories | 2,343,021 | ||||||
14,207 | AbbVie, Inc. | 2,501,142 | ||||||
43,104 | AdaptHealth Corp.* | 440,954 | ||||||
77,319 | Adaptive Biotechnologies Corp.* | 317,781 | ||||||
6,675 | Agilent Technologies, Inc. | 916,878 | ||||||
55,545 | Allogene Therapeutics, Inc.* | 272,726 | ||||||
14,033 | ALX Oncology Holdings, Inc.* | 205,864 | ||||||
5,364 | Amgen, Inc. | 1,468,824 | ||||||
13,829 | AstraZeneca PLC (United Kingdom) | 1,746,327 | ||||||
19,932 | Baxter International, Inc. | 815,617 | ||||||
12,577 | Beam Therapeutics, Inc.* | 496,666 | ||||||
5,911 | BioNTech SE ADR (Germany)* | 525,843 | ||||||
12,141 | Bio-Techne Corp. | 893,213 | ||||||
16,175 | Boston Scientific Corp.* | 1,070,947 | ||||||
31,323 | Bristol-Myers Squibb Co. | 1,589,642 | ||||||
26,940 | Chugai Pharmaceutical Co. Ltd. (Japan) | 1,079,976 | ||||||
3,911 | CompuGroup Medical SE & Co. KgaA (Germany) | 124,260 | ||||||
10,083 | CRISPR Therapeutics AG (Switzerland)* | 849,190 | ||||||
64,242 | CureVac NV (Germany)* | 219,708 | ||||||
4,599 | Danaher Corp. | 1,164,191 | ||||||
9,991 | Dexcom, Inc.* | 1,149,664 | ||||||
38,230 | Editas Medicine, Inc.* | 384,594 | ||||||
12,126 | Edwards Lifesciences Corp.* | 1,029,134 | ||||||
4,766 | Eli Lilly & Co. | 3,592,039 | ||||||
12,539 | Exact Sciences Corp.* | 721,369 | ||||||
22,672 | Exelixis, Inc.* | 496,517 | ||||||
39,893 | Exscientia PLC ADR (United Kingdom)*(a) | 265,288 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) |
| |||||||
12,158 | Fulgent Genetics, Inc.* | $ | 274,284 | |||||
21,775 | Fusion Pharmaceuticals, Inc. (Canada)* | 260,429 | ||||||
6,176 | Galapagos NV (Belgium)* | 219,816 | ||||||
14,909 | GE HealthCare Technologies, Inc. | 1,360,894 | ||||||
11,419 | Gilead Sciences, Inc. | 823,310 | ||||||
9,027 | Globus Medical, Inc., Class A* | 487,368 | ||||||
22,861 | Guardant Health, Inc.* | 434,359 | ||||||
148,464 | HUTCHMED China Ltd. (China)* | 458,925 | ||||||
86,185 | Hygeia Healthcare Holdings Co. Ltd. (China)(b) | 324,207 | ||||||
11,944 | Ideaya Biosciences, Inc.* | 533,897 | ||||||
6,569 | Illumina, Inc.* | 918,543 | ||||||
21,865 | Immatics NV (Germany)* | 273,531 | ||||||
4,738 | Immunocore Holdings PLC ADR (United Kingdom)* | 318,488 | ||||||
3,979 | Insulet Corp.* | 652,556 | ||||||
19,337 | Intellia Therapeutics, Inc.* | 621,104 | ||||||
4,514 | Intuitive Surgical, Inc.* | 1,740,598 | ||||||
3,172 | iRhythm Technologies, Inc.* | 376,358 | ||||||
10,643 | i-SENS, Inc. (South Korea) | 183,431 | ||||||
16,641 | Johnson & Johnson | 2,685,525 | ||||||
71,620 | Keymed Biosciences, Inc. (China)*(b) | 313,328 | ||||||
37,960 | Koninklijke Philips NV (Netherlands) | 760,033 | ||||||
4,169 | Laboratory Corp. of America Holdings | 899,795 | ||||||
36,504 | M3, Inc. (Japan) | 523,524 | ||||||
68,665 | MannKind Corp.* | 282,213 | ||||||
46,827 | Maravai LifeSciences Holdings, Inc., Class A* | 361,973 | ||||||
4,854 | Masimo Corp.* | 623,933 | ||||||
21,402 | Medtronic PLC | 1,784,071 | ||||||
16,902 | Merck & Co., Inc. | 2,149,089 | ||||||
8,424 | Mezzion Pharma Co. Ltd. (South Korea)* | 255,896 | ||||||
10,887 | Moderna, Inc.* | 1,004,217 | ||||||
20,872 | Myriad Genetics, Inc.* | 436,851 | ||||||
6,510 | Natera, Inc.* | 563,050 | ||||||
24,056 | Novo Nordisk A/S ADR (Denmark) | 2,881,187 | ||||||
33,311 | Ono Pharmaceutical Co. Ltd. (Japan) | 553,737 | ||||||
17,938 | ORIC Pharmaceuticals, Inc.* | 228,530 | ||||||
35,334 | Pacific Biosciences of California, Inc.* | 195,397 | ||||||
18,188 | Pediatrix Medical Group, Inc.* | 166,420 | ||||||
63,804 | Pfizer, Inc. | 1,694,634 | ||||||
10,231 | PHC Holdings Corp. (Japan) | 83,259 | ||||||
8,477 | PROCEPT BioRobotics Corp.* | 409,778 | ||||||
13,176 | QIAGEN NV* | 563,801 | ||||||
1,504 | Regeneron Pharmaceuticals, Inc.* | 1,452,999 | ||||||
13,794 | REGENXBIO, Inc.* | 240,567 | ||||||
31,390 | ResMed, Inc. CDI | 544,920 |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
4,668 | Revvity, Inc. | $ | 511,566 | |||||
8,493 | Roche Holding AG | 2,237,183 | ||||||
16,571 | Rocket Pharmaceuticals, Inc.* | 485,530 | ||||||
62,316 | Sana Biotechnology, Inc.* | 625,653 | ||||||
15,357 | Sanofi SA | 1,460,607 | ||||||
5,571 | Sarepta Therapeutics, Inc.* | 712,531 | ||||||
159 | Scilex Holding Co. (Singapore)* | 361 | ||||||
23,159 | Scilex Holding Co. (Singapore)*(d) | 49,364 | ||||||
144,424 | Shanghai MicroPort MedBot Group Co. Ltd. (China)*(a) | 267,862 | ||||||
24,885 | Siemens Healthineers AG (Germany)(b) | 1,494,577 | ||||||
35,630 | Smith & Nephew PLC (United Kingdom) | 468,955 | ||||||
4,693 | Stryker Corp. | 1,638,186 | ||||||
14,327 | Takara Bio, Inc. (Japan) | 97,256 | ||||||
16,399 | Tandem Diabetes Care, Inc.* | 436,705 | ||||||
18,777 | Teladoc Health, Inc.* | 283,157 | ||||||
2,961 | Thermo Fisher Scientific, Inc. | 1,688,303 | ||||||
7,595 | Tyra Biosciences, Inc.*(a) | 151,824 | ||||||
1,624 | UFP Technologies, Inc.* | 338,295 | ||||||
17,241 | Veracyte, Inc.* | 406,026 | ||||||
17,557 | Verona Pharma PLC ADR (United Kingdom)* | 302,332 | ||||||
4,238 | Vertex Pharmaceuticals, Inc.* | 1,783,096 | ||||||
19,469 | Verve Therapeutics, Inc.* | 331,946 | ||||||
127,332 | Well Health Technologies Corp. (Canada)* | 383,963 | ||||||
|
| |||||||
75,604,914 | ||||||||
| ||||||||
Industrials – 7.7% |
| |||||||
57,230 | 3D Systems Corp.* | 236,932 | ||||||
35,223 | ABB Ltd. (Switzerland) | 1,628,846 | ||||||
4,469 | AeroVironment, Inc.* | 566,624 | ||||||
4,205 | Alfen NV (Netherlands)*(a)(b) | 226,475 | ||||||
2,891 | ASGN, Inc.* | 287,134 | ||||||
3,214 | Booz Allen Hamilton Holding Corp. | 474,740 | ||||||
1,200 | CACI International, Inc., Class A* | 449,820 | ||||||
10,835 | Cadeler A/S ADR (Hong Kong)* | 186,362 | ||||||
120,368 | ChargePoint Holdings, Inc.*(a) | 249,162 | ||||||
9,025 | CS Wind Corp. (South Korea) | 350,400 | ||||||
6,862 | Daihen Corp. (Japan) | 361,279 | ||||||
59,215 | Doosan Enerbility Co. Ltd. (South Korea)* | 722,178 | ||||||
11,018 | ExlService Holdings, Inc.* | 342,880 | ||||||
37,243 | FANUC Corp. (Japan) | 1,087,903 | ||||||
12,477 | General Electric Co. | 1,957,517 | ||||||
339,001 | Goldwind Science & Technology Co. Ltd. (China) | 129,039 | ||||||
315,376 | Grab Holdings Ltd., Class A (Singapore)* | 968,204 | ||||||
4,957 | Kaman Corp. | 227,080 | ||||||
16,345 | Kawasaki Heavy Industries Ltd. (Japan) | 451,352 | ||||||
13,361 | Korea Aerospace Industries Ltd. (South Korea)* | 514,734 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) |
| |||||||
4,448 | Leidos Holdings, Inc. | $ | 568,721 | |||||
2,911 | LG Energy Solution Ltd. (South Korea)* | 877,716 | ||||||
5,563 | LIG Nex1 Co. Ltd. (South Korea) | 598,244 | ||||||
9,783 | Liquidity Services, Inc.* | 175,409 | ||||||
2,066 | Lockheed Martin Corp. | 884,744 | ||||||
27,145 | Lyft, Inc., Class A* | 431,063 | ||||||
12,125 | MEITEC Group Holdings, Inc. (Japan) | 245,141 | ||||||
47,212 | Mitsubishi Electric Corp. (Japan) | 751,222 | ||||||
3,984 | Moog, Inc., Class A | 597,401 | ||||||
13,144 | Nabtesco Corp. (Japan) | 218,145 | ||||||
25,035 | NIDEC Corp. (Japan) | 950,249 | ||||||
376,245 | Nikola Corp.* | 280,001 | ||||||
43,824 | Nordex SE (Germany)* | 499,139 | ||||||
4,657 | Parsons Corp.* | 375,401 | ||||||
7,851 | Proto Labs, Inc.* | 286,012 | ||||||
3,489 | Rainbow Robotics (South Korea)* | 422,893 | ||||||
6,668 | RB Global, Inc. (Canada) | 506,168 | ||||||
7,393 | Shibaura Machine Co. Ltd. (Japan) | 181,281 | ||||||
52,776 | Siemens Energy AG (Germany)* | 811,270 | ||||||
9,964 | SS&C Technologies Holdings, Inc. | 635,305 | ||||||
26,042 | Stratasys Ltd.* | 321,619 | ||||||
56,733 | SunPower Corp.*(a) | 176,440 | ||||||
19,713 | Sunrun, Inc.* | 237,344 | ||||||
7,374 | Symbotic, Inc.* | 290,536 | ||||||
15,496 | TELUS International CDA, Inc. (Philippines)* | 159,454 | ||||||
7,152 | Textron, Inc. | 637,029 | ||||||
3,830 | Thales SA (France) | 568,022 | ||||||
7,944 | TTEC Holdings, Inc. | 138,623 | ||||||
17,731 | Uber Technologies, Inc.* | 1,409,614 | ||||||
3,123 | Verisk Analytics, Inc. | 755,454 | ||||||
10,178 | Xometry, Inc., Class A* | 199,082 | ||||||
16,621 | Yaskawa Electric Corp. (Japan)(a) | 679,521 | ||||||
|
| |||||||
27,286,924 | ||||||||
| ||||||||
Information Technology – 26.3% |
| |||||||
15,234 | ACI Worldwide, Inc.* | 501,351 | ||||||
2,424 | Adobe, Inc.* | 1,358,119 | ||||||
16,348 | Advanced Micro Devices, Inc.* | 3,147,480 | ||||||
2,996 | Ahnlab, Inc. (South Korea) | 160,870 | ||||||
4,434 | Akamai Technologies, Inc.* | 491,819 | ||||||
5,229 | Alarm.com Holdings, Inc.* | 395,783 | ||||||
12,740 | Alkami Technology, Inc.* | 317,863 | ||||||
4,702 | Altair Engineering, Inc., Class A* | 400,046 | ||||||
5,121 | Alteryx, Inc., Class A* | 246,013 | ||||||
12,600 | Ambarella, Inc.* | 703,710 | ||||||
5,923 | Amphenol Corp., Class A | 647,028 | ||||||
36,294 | Apple, Inc. | 6,560,140 | ||||||
3,203 | Arista Networks, Inc.* | 888,961 | ||||||
143,867 | Aurora Innovation, Inc.* | 365,422 | ||||||
3,609 | Autodesk, Inc.* | 931,735 | ||||||
4,594 | Belden, Inc. | 391,317 |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
30,725 | BigCommerce Holdings, Inc., Series 1* | $ | 238,119 | |||||
116,249 | BlackBerry Ltd. (Canada)* | 323,172 | ||||||
1,803 | Broadcom, Inc. | 2,344,783 | ||||||
14,762 | C3.ai, Inc., Class A*(a) | 545,751 | ||||||
12,085 | Canadian Solar, Inc. (Canada)* | 254,873 | ||||||
2,531 | Check Point Software Technologies Ltd. (Israel)* | 406,023 | ||||||
5,760 | Ciena Corp.* | 328,205 | ||||||
75,744 | Cipher Mining, Inc.* | 224,202 | ||||||
31,340 | Cisco Systems, Inc. | 1,515,916 | ||||||
37,645 | Cleanspark, Inc.* | 629,424 | ||||||
6,391 | Cloudflare, Inc., Class A* | 629,769 | ||||||
14,025 | Cognex Corp. | 553,286 | ||||||
7,568 | Coherent Corp.* | 450,145 | ||||||
25,855 | Converge Technology Solutions Corp. (Canada) | 96,836 | ||||||
15,433 | Corning, Inc. | 497,560 | ||||||
3,343 | Crowdstrike Holdings, Inc., Class A* | 1,083,633 | ||||||
2,111 | CyberArk Software Ltd.* | 556,797 | ||||||
80,425 | Darktrace PLC (United Kingdom)* | 363,087 | ||||||
22,331 | Dassault Systemes (France) | 1,043,587 | ||||||
9,047 | Digi International, Inc.* | 267,429 | ||||||
13,444 | Digital Garage, Inc. (Japan) | 312,139 | ||||||
6,525 | DocuSign, Inc.* | 347,587 | ||||||
23,469 | Extreme Networks, Inc.* | 296,648 | ||||||
2,241 | F5, Inc.* | 419,560 | ||||||
557 | Fair Isaac Corp.* | 707,340 | ||||||
3,797 | First Solar, Inc.* | 584,320 | ||||||
15,153 | Fortinet, Inc.* | 1,047,224 | ||||||
24,813 | Gen Digital, Inc. | 533,231 | ||||||
1,529 | Globant SA* | 341,227 | ||||||
45,837 | Hewlett Packard Enterprise Co. | 698,097 | ||||||
22,946 | HP, Inc. | 650,060 | ||||||
752 | HubSpot, Inc.* | 465,345 | ||||||
29,066 | Hut 8 Corp. (Canada)*(a) | 247,297 | ||||||
46,782 | indie Semiconductor, Inc., Class A (China)* | 289,581 | ||||||
27,059 | Infineon Technologies AG (Germany) | 969,085 | ||||||
41,985 | Infinera Corp.* | 210,765 | ||||||
13,795 | Instructure Holdings, Inc.* | 316,181 | ||||||
65,500 | Intel Corp. | 2,819,775 | ||||||
3,400 | InterDigital, Inc. | 363,868 | ||||||
6,226 | International Business Machines Corp. | 1,151,997 | ||||||
14,290 | Juniper Networks, Inc. | 529,159 | ||||||
10,558 | Kainos Group PLC (United Kingdom) | 147,310 | ||||||
2,885 | Keyence Corp. (Japan) | 1,350,073 | ||||||
4,749 | Keysight Technologies, Inc.* | 732,771 | ||||||
8,003 | Kontron AG (Austria) | 184,641 | ||||||
25,019 | Marathon Digital Holdings, Inc.* | 647,992 | ||||||
12,981 | Marvell Technology, Inc. | 930,218 | ||||||
11,184 | MaxLinear, Inc.* | 217,417 | ||||||
16,403 | Microsoft Corp. | 6,784,937 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
818 | MicroStrategy, Inc., Class A* | $ | 836,683 | |||||
93,562 | Nano Dimension Ltd. ADR (Israel)*(a) | 266,652 | ||||||
9,754 | nCino, Inc.* | 291,059 | ||||||
21,811 | NCR Voyix Corp.* | 318,659 | ||||||
5,130 | Nemetschek SE (Germany) | 489,525 | ||||||
11,240 | NetScout Systems, Inc.* | 243,346 | ||||||
2,210 | Nice Ltd. ADR (Israel)* | 541,781 | ||||||
188,302 | Nokia OYJ ADR (Finland) | 664,706 | ||||||
6,050 | Northern Data AG (Germany)*(a) | 202,630 | ||||||
2,966 | Novanta, Inc.* | 512,940 | ||||||
10,197 | NVIDIA Corp. | 8,067,051 | ||||||
3,000 | NXP Semiconductors NV (China) | 749,190 | ||||||
6,837 | Okta, Inc.* | 733,610 | ||||||
9,222 | Open Text Corp. (Canada) | 354,955 | ||||||
8,907 | Oracle Corp. | 994,734 | ||||||
2,249 | OSI Systems, Inc.* | 295,024 | ||||||
3,305 | Palo Alto Networks, Inc.* | 1,026,368 | ||||||
3,179 | PTC, Inc.* | 581,789 | ||||||
9,659 | Q2 Holdings, Inc.* | 446,536 | ||||||
3,076 | Qorvo, Inc.* | 352,356 | ||||||
10,251 | QUALCOMM, Inc. | 1,617,505 | ||||||
5,260 | Rapid7, Inc.* | 308,131 | ||||||
30,193 | Ribbon Communications, Inc.* | 90,277 | ||||||
8,490 | RingCentral, Inc., Class A* | 283,736 | ||||||
34,757 | Riot Platforms, Inc.* | 490,769 | ||||||
4,895 | Salesforce, Inc.* | 1,511,674 | ||||||
25,629 | Seiko Epson Corp. (Japan) | 414,564 | ||||||
14,124 | Semtech Corp.* | 299,429 | ||||||
18,225 | SentinelOne, Inc., Class A* | 513,398 | ||||||
1,257 | ServiceNow, Inc.* | 969,574 | ||||||
12,010 | Shopify, Inc., Class A (Canada)* | 917,204 | ||||||
1,818 | Silicon Laboratories, Inc.* | 250,048 | ||||||
3,627 | Skyworks Solutions, Inc. | 380,545 | ||||||
5,001 | Snowflake, Inc., Class A* | 941,588 | ||||||
92,017 | Spirent Communications PLC (United Kingdom) | 121,635 | ||||||
4,249 | Splunk, Inc.* | 663,779 | ||||||
5,165 | Sprout Social, Inc., Class A* | 319,300 | ||||||
14,608 | STMicroelectronics NV (Singapore) | 659,591 | ||||||
892 | Super Micro Computer, Inc.* | 772,579 | ||||||
2,409 | Synaptics, Inc.* | 241,141 | ||||||
17,461 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2,246,707 | ||||||
3,869 | TD SYNNEX Corp. | 401,989 | ||||||
7,813 | Tenable Holdings, Inc.* | 376,274 | ||||||
14,719 | Teradyne, Inc. | 1,524,741 | ||||||
29,255 | TomTom NV (Netherlands)* | 235,063 | ||||||
27,617 | UiPath, Inc., Class A* | 655,904 | ||||||
3,074 | Zebra Technologies Corp., Class A* | 859,121 | ||||||
29,284 | Zeta Global Holdings Corp., Class A* | 307,482 | ||||||
3,102 | Zscaler, Inc.* | 750,591 | ||||||
|
| |||||||
91,250,032 | ||||||||
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – 0.7% |
| |||||||
4,195 | American Tower Corp. REIT | $ | 834,218 | |||||
5,304 | Digital Realty Trust, Inc. REIT | 778,680 | ||||||
1,090 | Equinix, Inc. REIT | 968,814 | ||||||
|
| |||||||
2,581,712 | ||||||||
| ||||||||
Utilities – 1.0% |
| |||||||
13,579 | Atlantica Sustainable Infrastructure PLC (Spain) | 243,879 | ||||||
21,559 | Avangrid, Inc. | 671,132 | ||||||
12,585 | Boralex, Inc., Class A (Canada) | 276,780 | ||||||
18,100 | Brookfield Renewable Corp., Class A(a) | 429,332 | ||||||
13,470 | Brookfield Renewable Partners LP (Canada) | 302,302 | ||||||
1,143,553 | Concord New Energy Group Ltd. (Hong Kong) | 94,945 | ||||||
41,172 | Innergex Renewable Energy, Inc. (Canada) | 256,500 | ||||||
16,054 | NextEra Energy, Inc. | 886,020 | ||||||
40,812 | ReNew Energy Global PLC, Class A (India)* | 265,278 | ||||||
3,426,168 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $302,454,001) | 350,270,713 | |||||||
| ||||||||
Exchange-Traded Funds – 0.2% |
| |||||||
209,493 | Greencoat UK Wind PLC/Funds | 361,193 | ||||||
181,242 | Renewables Infrastructure Group Ltd. (The) | 234,306 | ||||||
| ||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $636,841) | 595,499 | |||||||
|
Units | Description | Expiration Month | Value | |||||||
Right – 0.0% |
| |||||||||
Health Care – 0.0% |
| |||||||||
9,282 | AstraZeneca PLC*(e) | |||||||||
(Cost $0) | 12/28 | 28,403 | ||||||||
| ||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $303,090,842) | 350,894,615 | |||||||||
|
Shares |
Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.9%(c) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
6,720,917 | 5.219% | $ | 6,720,917 | |||||
(Cost $6,720,917) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 101.9% (Cost $309,811,759) | $ | 357,615,532 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)% | (6,681,804 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 350,933,728 | ||||||
|
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. | |
(d) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $49,364, which represents approximately 0.0% of net assets as of February 29, 2024. See additional details below: |
Date(s) of | ||||||
Security | Purchase | Cost | ||||
| ||||||
Scilex Holding Co. | 01/09/23 | $116,953 | ||||
|
(e) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| ||
Investment Abbreviations: | ||
ADR | —American 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. | 39 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 99.9% |
| |||||||
Communication Services – 6.4% |
| |||||||
50,250 | Alphabet, Inc., Class A* | $ | 6,957,615 | |||||
42,443 | Alphabet, Inc., Class C* | 5,932,683 | ||||||
61,489 | AT&T, Inc. | 1,041,009 | ||||||
865 | Charter Communications, Inc., Class A* | 254,249 | ||||||
34,288 | Comcast Corp., Class A | 1,469,241 | ||||||
2,787 | Electronic Arts, Inc. | 388,731 | ||||||
2,538 | Fox Corp., Class A | 75,607 | ||||||
1,431 | Fox Corp., Class B | 39,181 | ||||||
4,124 | Interpublic Group of Cos., Inc. (The) | 129,494 | ||||||
2,493 | Match Group, Inc.* | 89,848 | ||||||
3,918 | News Corp., Class A | 105,316 | ||||||
1,251 | News Corp., Class B | 35,015 | ||||||
2,119 | Omnicom Group, Inc. | 187,298 | ||||||
6,178 | Paramount Global, Class B | 68,205 | ||||||
1,768 | Take-Two Interactive Software, Inc.* | 259,772 | ||||||
4,495 | T-Mobile US, Inc. | 734,033 | ||||||
36,144 | Verizon Communications, Inc. | 1,446,483 | ||||||
18,840 | Walt Disney Co. (The) | 2,102,167 | ||||||
23,676 | Warner Bros Discovery, Inc.* | 208,112 | ||||||
|
| |||||||
21,524,059 | ||||||||
| ||||||||
Consumer Discretionary – 10.6% |
| |||||||
4,175 | Airbnb, Inc., Class A* | 657,437 | ||||||
92,821 | Amazon.com, Inc.* | 16,407,040 | ||||||
2,906 | Aptiv PLC* | 230,998 | ||||||
2,516 | Aramark | 76,310 | ||||||
2,460 | Bath & Body Works, Inc. | 112,422 | ||||||
2,095 | Best Buy Co., Inc. | 169,444 | ||||||
368 | Booking Holdings, Inc.* | 1,276,529 | ||||||
2,495 | BorgWarner, Inc. | 77,669 | ||||||
1,700 | CarMax, Inc.* | 134,300 | ||||||
283 | Chipotle Mexican Grill, Inc.* | 760,922 | ||||||
321 | Choice Hotels International, Inc. | 35,933 | ||||||
271 | Deckers Outdoor Corp.* | 242,705 | ||||||
637 | Dick’s Sporting Goods, Inc. | 113,316 | ||||||
5,724 | eBay, Inc. | 270,631 | ||||||
1,315 | Etsy, Inc.* | 94,272 | ||||||
1,415 | Expedia Group, Inc.* | 193,600 | ||||||
40,416 | Ford Motor Co. | 502,775 | ||||||
2,070 | Gap, Inc. (The) | 39,206 | ||||||
1,637 | Garmin Ltd. | 224,842 | ||||||
14,138 | General Motors Co. | 579,375 | ||||||
328 | Grand Canyon Education, Inc.* | 44,214 | ||||||
1,619 | H&R Block, Inc. | 79,250 | ||||||
1,399 | Harley-Davidson, Inc. | 50,742 | ||||||
1,397 | Hasbro, Inc. | 70,255 | ||||||
2,565 | Hilton Worldwide Holdings, Inc. | 524,081 | ||||||
10,304 | Home Depot, Inc. (The) | 3,921,805 | ||||||
506 | Hyatt Hotels Corp., Class A | 77,717 | ||||||
1,180 | Kohl’s Corp. | 32,887 | ||||||
3,960 | Las Vegas Sands Corp. | 215,899 | ||||||
623 | Lear Corp. | 85,569 | ||||||
5,950 | Lowe’s Cos., Inc. | 1,431,987 | ||||||
1,146 | Lululemon Athletica, Inc.* | 535,285 | ||||||
2,865 | Macy’s, Inc. | 49,966 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Discretionary – (continued) |
| |||||||
2,515 | Marriott International, Inc., Class A | $ | 628,423 | |||||
3,136 | MGM Resorts International* | 135,726 | ||||||
12,251 | NIKE, Inc., Class B | 1,273,246 | ||||||
4,540 | Norwegian Cruise Line Holdings Ltd.* | 88,031 | ||||||
3,386 | Peloton Interactive, Inc., Class A* | 15,305 | ||||||
1,598 | Penn Entertainment, Inc.* | 29,243 | ||||||
210 | Penske Automotive Group, Inc. | 32,235 | ||||||
577 | Polaris, Inc. | 53,494 | ||||||
661 | PVH Corp. | 90,339 | ||||||
3,143 | QuantumScape Corp.* | 19,707 | ||||||
2,514 | Royal Caribbean Cruises Ltd.* | 310,102 | ||||||
1,573 | Service Corp. International | 115,128 | ||||||
11,623 | Starbucks Corp. | 1,103,023 | ||||||
2,524 | Tapestry, Inc. | 119,966 | ||||||
11,865 | TJX Cos., Inc. (The) | 1,176,296 | ||||||
311 | TopBuild Corp.* | 125,140 | ||||||
1,173 | Tractor Supply Co. | 298,317 | ||||||
756 | Travel + Leisure Co. | 33,786 | ||||||
3,754 | VF Corp. | 61,340 | ||||||
826 | Victoria’s Secret & Co.* | 23,591 | ||||||
894 | Wayfair, Inc., Class A* | 53,282 | ||||||
573 | Whirlpool Corp. | 61,534 | ||||||
696 | Williams-Sonoma, Inc. | 163,929 | ||||||
873 | Wyndham Hotels & Resorts, Inc. | 66,828 | ||||||
934 | YETI Holdings, Inc.* | 38,331 | ||||||
|
| |||||||
35,435,725 | ||||||||
| ||||||||
Consumer Staples – 6.1% |
| |||||||
5,292 | Archer-Daniels-Midland Co. | 281,058 | ||||||
1,434 | Bunge Global SA | 135,327 | ||||||
1,993 | Campbell Soup Co. | 84,982 | ||||||
1,226 | Clorox Co. (The) | 187,958 | ||||||
38,611 | Coca-Cola Co. (The) | 2,317,432 | ||||||
8,135 | Colgate-Palmolive Co. | 703,840 | ||||||
4,564 | Costco Wholesale Corp. | 3,395,114 | ||||||
2,470 | Estee Lauder Cos., Inc. (The), Class A | 366,993 | ||||||
5,761 | General Mills, Inc. | 369,741 | ||||||
1,485 | Hershey Co. (The) | 279,061 | ||||||
3,013 | Hormel Foods Corp. | 106,419 | ||||||
697 | Ingredion, Inc. | 81,988 | ||||||
2,714 | Kellanova | 149,677 | ||||||
9,445 | Keurig Dr Pepper, Inc. | 282,500 | ||||||
3,339 | Kimberly-Clark Corp. | 404,587 | ||||||
2,616 | McCormick & Co., Inc. | 180,138 | ||||||
1,815 | Molson Coors Beverage Co., Class B | 113,292 | ||||||
13,481 | Mondelez International, Inc., Class A | 985,057 | ||||||
13,658 | PepsiCo, Inc. | 2,258,214 | ||||||
23,339 | Procter & Gamble Co. (The) | 3,709,501 | ||||||
5,029 | Sysco Corp. | 407,198 | ||||||
4,738 | Target Corp. | 724,535 | ||||||
2,910 | Tyson Foods, Inc., Class A | 157,838 | ||||||
2,252 | US Foods Holding Corp.* | 114,379 | ||||||
7,471 | Walgreens Boots Alliance, Inc. | 158,833 |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – (continued) |
| |||||||
44,115 | Walmart, Inc. | $ | 2,585,580 | |||||
|
| |||||||
20,541,242 | ||||||||
| ||||||||
Energy – 3.7% |
| |||||||
3,025 | APA Corp. | 90,115 | ||||||
9,390 | Baker Hughes Co. | 277,850 | ||||||
2,221 | Cheniere Energy, Inc. | 344,699 | ||||||
15,956 | Chevron Corp. | 2,425,472 | ||||||
11,110 | ConocoPhillips | 1,250,319 | ||||||
5,940 | Devon Energy Corp. | 261,716 | ||||||
37,540 | Exxon Mobil Corp. | 3,923,681 | ||||||
8,327 | Halliburton Co. | 292,028 | ||||||
2,576 | Hess Corp. | 375,452 | ||||||
1,340 | HF Sinclair Corp. | 74,370 | ||||||
18,179 | Kinder Morgan, Inc. | 316,133 | ||||||
3,518 | Marathon Petroleum Corp. | 595,351 | ||||||
6,369 | Occidental Petroleum Corp. | 386,025 | ||||||
5,392 | ONEOK, Inc. | 405,047 | ||||||
2,158 | Pioneer Natural Resources Co. | 507,540 | ||||||
2,289 | Range Resources Corp. | 72,378 | ||||||
3,147 | Valero Energy Corp. | 445,175 | ||||||
11,289 | Williams Cos., Inc. (The) | 405,727 | ||||||
|
| |||||||
12,449,078 | ||||||||
| ||||||||
Financials – 13.7% |
| |||||||
2,207 | Affirm Holdings, Inc.* | 82,807 | ||||||
6,562 | Aflac, Inc. | 529,816 | ||||||
2,946 | Allstate Corp. (The) | 469,946 | ||||||
3,023 | Ally Financial, Inc. | 111,821 | ||||||
5,692 | American Express Co. | 1,248,939 | ||||||
7,919 | American International Group, Inc. | 577,216 | ||||||
1,141 | Ameriprise Financial, Inc. | 464,798 | ||||||
2,205 | Aon PLC, Class A | 696,758 | ||||||
4,001 | Arch Capital Group Ltd.* | 350,448 | ||||||
592 | Assurant, Inc. | 107,418 | ||||||
623 | Assured Guaranty Ltd. | 57,067 | ||||||
865 | Axis Capital Holdings Ltd. | 54,123 | ||||||
77,439 | Bank of America Corp. | 2,673,194 | ||||||
8,565 | Bank of New York Mellon Corp. (The) | 480,411 | ||||||
1,654 | BlackRock, Inc. | 1,341,956 | ||||||
5,063 | Blue Owl Capital, Inc. | 90,931 | ||||||
721 | Brighthouse Financial, Inc.* | 33,563 | ||||||
3,718 | Capital One Financial Corp. | 511,634 | ||||||
1,178 | Cboe Global Markets, Inc. | 226,176 | ||||||
16,492 | Charles Schwab Corp. (The) | 1,101,336 | ||||||
21,280 | Citigroup, Inc. | 1,180,827 | ||||||
3,996 | CME Group, Inc. | 880,519 | ||||||
2,313 | Columbia Banking System, Inc. | 41,865 | ||||||
1,482 | Comerica, Inc. | 73,181 | ||||||
2,774 | Discover Financial Services | 334,822 | ||||||
3,845 | Equitable Holdings, Inc. | 131,653 | ||||||
7,625 | Fifth Third Bancorp | 261,843 | ||||||
6,178 | First Horizon Corp. | 87,110 | ||||||
5,866 | Fiserv, Inc.* | 875,618 | ||||||
3,548 | Goldman Sachs Group, Inc. (The)(a) | 1,380,350 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
394 | Hanover Insurance Group, Inc. (The) | $ | 51,799 | |||||
3,405 | Hartford Financial Services Group, Inc. (The) | 326,335 | ||||||
16,375 | Huntington Bancshares, Inc. | 213,530 | ||||||
6,351 | Intercontinental Exchange, Inc. | 879,105 | ||||||
4,037 | Invesco Ltd. | 62,210 | ||||||
32,439 | JPMorgan Chase & Co. | 6,035,600 | ||||||
10,430 | KeyCorp | 148,836 | ||||||
1,222 | Lazard, Inc. | 47,096 | ||||||
1,901 | Lincoln National Corp. | 52,354 | ||||||
868 | LPL Financial Holdings, Inc. | 232,529 | ||||||
1,839 | M&T Bank Corp. | 256,982 | ||||||
413 | MarketAxess Holdings, Inc. | 88,138 | ||||||
5,554 | Marsh & McLennan Cos., Inc. | 1,123,408 | ||||||
8,209 | Mastercard, Inc., Class A | 3,897,305 | ||||||
7,046 | MetLife, Inc. | 491,388 | ||||||
3,188 | MGIC Investment Corp. | 63,409 | ||||||
1,782 | Moody’s Corp. | 676,126 | ||||||
13,378 | Morgan Stanley | 1,151,043 | ||||||
855 | MSCI, Inc. | 479,629 | ||||||
3,846 | Nasdaq, Inc. | 216,145 | ||||||
10,772 | PayPal Holdings, Inc.* | 649,982 | ||||||
833 | Pinnacle Financial Partners, Inc. | 68,906 | ||||||
4,478 | PNC Financial Services Group, Inc. (The) | 659,162 | ||||||
2,719 | Principal Financial Group, Inc. | 219,858 | ||||||
6,559 | Progressive Corp. (The) | 1,243,324 | ||||||
4,122 | Prudential Financial, Inc. | 449,257 | ||||||
10,463 | Regions Financial Corp. | 194,926 | ||||||
750 | Reinsurance Group of America, Inc. | 132,638 | ||||||
1,400 | Rocket Cos., Inc., Class A* | 17,584 | ||||||
3,569 | S&P Global, Inc. | 1,528,888 | ||||||
2,500 | SLM Corp. | 52,075 | ||||||
10,372 | SoFi Technologies, Inc.* | 93,141 | ||||||
3,426 | State Street Corp. | 252,599 | ||||||
4,198 | Synchrony Financial | 173,377 | ||||||
1,603 | Synovus Financial Corp. | 60,818 | ||||||
1,298 | Tradeweb Markets, Inc., Class A | 137,354 | ||||||
2,585 | Travelers Cos., Inc. (The) | 571,182 | ||||||
14,902 | Truist Financial Corp. | 521,272 | ||||||
2,205 | Unum Group | 109,037 | ||||||
17,223 | US Bancorp | 722,677 | ||||||
15,771 | Visa, Inc., Class A | 4,457,515 | ||||||
1,089 | Voya Financial, Inc. | 74,444 | ||||||
3,766 | Western Union Co. (The) | 50,502 | ||||||
1,150 | Willis Towers Watson PLC | 313,501 | ||||||
|
| |||||||
45,705,132 | ||||||||
| ||||||||
Health Care – 12.5% |
| |||||||
14,972 | Abbott Laboratories | 1,776,278 | ||||||
15,273 | AbbVie, Inc. | 2,688,812 | ||||||
2,538 | Agilent Technologies, Inc. | 348,620 | ||||||
1,055 | Alnylam Pharmaceuticals, Inc.* | 159,400 | ||||||
4,632 | Amgen, Inc. | 1,268,380 | ||||||
5,866 | Avantor, Inc.* | 144,538 | ||||||
4,326 | Baxter International, Inc. | 177,020 | ||||||
2,520 | Becton Dickinson & Co. | 593,586 |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
1,230 | Biogen, Inc.* | $ | 266,898 | |||||
12,724 | Boston Scientific Corp.* | 842,456 | ||||||
17,712 | Bristol-Myers Squibb Co. | 898,884 | ||||||
2,145 | Cardinal Health, Inc. | 240,197 | ||||||
1,602 | Cencora, Inc. | 377,431 | ||||||
4,651 | Centene Corp.* | 364,778 | ||||||
2,513 | Cigna Group (The) | 844,720 | ||||||
12,694 | CVS Health Corp. | 944,053 | ||||||
5,657 | Danaher Corp. | 1,432,013 | ||||||
456 | DaVita, Inc.* | 57,898 | ||||||
1,806 | DENTSPLY SIRONA, Inc. | 59,020 | ||||||
3,322 | Dexcom, Inc.* | 382,262 | ||||||
5,163 | Edwards Lifesciences Corp.* | 438,184 | ||||||
2,028 | Elevance Health, Inc. | 1,016,535 | ||||||
7,363 | Eli Lilly & Co. | 5,549,346 | ||||||
1,423 | Envista Holdings Corp.* | 29,385 | ||||||
2,733 | Exelixis, Inc.* | 59,853 | ||||||
10,741 | Gilead Sciences, Inc. | 774,426 | ||||||
1,756 | HCA Healthcare, Inc. | 547,345 | ||||||
1,132 | Henry Schein, Inc.* | 86,564 | ||||||
2,093 | Hologic, Inc.* | 154,463 | ||||||
1,065 | Humana, Inc. | 373,091 | ||||||
716 | IDEXX Laboratories, Inc.* | 411,865 | ||||||
1,358 | Illumina, Inc.* | 189,889 | ||||||
1,578 | Incyte Corp.* | 92,092 | ||||||
249 | Inspire Medical Systems, Inc.* | 44,581 | ||||||
2,993 | Intuitive Surgical, Inc.* | 1,154,101 | ||||||
1,580 | IQVIA Holdings, Inc.* | 390,513 | ||||||
762 | Laboratory Corp. of America Holdings | 164,462 | ||||||
1,343 | McKesson Corp. | 700,254 | ||||||
11,405 | Medtronic PLC | 950,721 | ||||||
21,978 | Merck & Co., Inc. | 2,794,503 | ||||||
2,863 | Moderna, Inc.* | 264,083 | ||||||
2,220 | Organon & Co. | 38,650 | ||||||
48,886 | Pfizer, Inc. | 1,298,412 | ||||||
1,031 | Premier, Inc., Class A | 21,507 | ||||||
973 | Quest Diagnostics, Inc. | 121,518 | ||||||
900 | Regeneron Pharmaceuticals, Inc.* | 869,481 | ||||||
469 | Repligen Corp.* | 90,981 | ||||||
1,239 | ResMed, Inc. | 215,239 | ||||||
3,061 | Stryker Corp. | 1,068,503 | ||||||
408 | Teleflex, Inc. | 90,898 | ||||||
3,338 | Thermo Fisher Scientific, Inc. | 1,903,261 | ||||||
579 | Ultragenyx Pharmaceutical, Inc.* | 29,946 | ||||||
8,087 | UnitedHealth Group, Inc. | 3,991,743 | ||||||
2,207 | Vertex Pharmaceuticals, Inc.* | 928,573 | ||||||
590 | Waters Corp.* | 199,078 | ||||||
1,799 | Zimmer Biomet Holdings, Inc. | 223,724 | ||||||
4,027 | Zoetis, Inc. | 798,675 | ||||||
|
| |||||||
41,943,689 | ||||||||
| ||||||||
Industrials – 9.0% |
| |||||||
5,394 | 3M Co. | 496,895 | ||||||
324 | Acuity Brands, Inc. | 81,402 | ||||||
1,328 | AECOM | 117,966 | ||||||
613 | AGCO Corp. | 67,246 | ||||||
1,346 | Alaska Air Group, Inc.* | 50,327 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
6,934 | American Airlines Group, Inc.* | $ | 108,725 | |||||
2,255 | AMETEK, Inc. | 406,306 | ||||||
451 | Armstrong World Industries, Inc. | 54,395 | ||||||
4,058 | Automatic Data Processing, Inc. | 1,019,086 | ||||||
216 | Avis Budget Group, Inc. | 23,337 | ||||||
1,336 | AZEK Co., Inc. (The)* | 64,275 | ||||||
5,471 | Boeing Co. (The)* | 1,114,552 | ||||||
1,317 | Booz Allen Hamilton Holding Corp. | 194,534 | ||||||
1,322 | Broadridge Financial Solutions, Inc. | 269,133 | ||||||
1,163 | C.H. Robinson Worldwide, Inc. | 86,155 | ||||||
475 | Carlisle Cos., Inc. | 166,250 | ||||||
8,170 | Carrier Global Corp. | 454,089 | ||||||
5,006 | Caterpillar, Inc. | 1,671,804 | ||||||
9,541 | CNH Industrial NV | 114,015 | ||||||
8,835 | Copart, Inc.* | 469,580 | ||||||
19,358 | CSX Corp. | 734,442 | ||||||
1,426 | Cummins, Inc. | 383,038 | ||||||
1,289 | Dayforce, Inc.* | 89,921 | ||||||
2,600 | Deere & Co. | 949,130 | ||||||
6,876 | Delta Air Lines, Inc. | 290,648 | ||||||
3,907 | Eaton Corp. PLC | 1,129,123 | ||||||
5,598 | Emerson Electric Co. | 598,146 | ||||||
2,274 | FedEx Corp. | 566,158 | ||||||
3,569 | Fortive Corp. | 303,829 | ||||||
1,262 | Fortune Brands Innovations, Inc. | 102,651 | ||||||
343 | FTI Consulting, Inc.* | 70,960 | ||||||
10,636 | General Electric Co. | 1,668,682 | ||||||
6,532 | Honeywell International, Inc. | 1,298,104 | ||||||
766 | IDEX Corp. | 180,699 | ||||||
4,094 | Ingersoll Rand, Inc. | 373,905 | ||||||
809 | ITT, Inc. | 102,047 | ||||||
1,284 | Jacobs Solutions, Inc. | 188,299 | ||||||
6,716 | Johnson Controls International PLC | 398,057 | ||||||
1,177 | KBR, Inc. | 70,655 | ||||||
1,855 | L3Harris Technologies, Inc. | 392,629 | ||||||
1,185 | Leidos Holdings, Inc. | 151,514 | ||||||
331 | Lennox International, Inc. | 155,970 | ||||||
2,174 | Lockheed Martin Corp. | 930,994 | ||||||
2,204 | Masco Corp. | 169,179 | ||||||
2,023 | MDU Resources Group, Inc. | 43,859 | ||||||
511 | Mercury Systems, Inc.* | 15,264 | ||||||
561 | Nordson Corp. | 149,030 | ||||||
1,405 | Northrop Grumman Corp. | 647,733 | ||||||
1,655 | nVent Electric PLC | 111,415 | ||||||
652 | Oshkosh Corp. | 72,281 | ||||||
4,054 | Otis Worldwide Corp. | 386,346 | ||||||
915 | Owens Corning | 137,049 | ||||||
1,609 | Pentair PLC | 125,164 | ||||||
1,410 | Quanta Services, Inc. | 340,529 | ||||||
1,127 | Rockwell Automation, Inc. | 321,285 | ||||||
14,109 | RTX Corp. | 1,265,154 | ||||||
543 | Schneider National, Inc., Class B | 12,788 | ||||||
1,478 | Sensata Technologies Holding PLC | 50,873 | ||||||
471 | SiteOne Landscape Supply, Inc.* | 79,354 |
42 | 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) |
| |||||||
6,347 | Southwest Airlines Co. | $ | 217,512 | |||||
1,045 | Spirit AeroSystems Holdings, Inc., Class A* | 29,887 | ||||||
1,544 | Stanley Black & Decker, Inc. | 137,864 | ||||||
1,995 | Textron, Inc. | 177,695 | ||||||
613 | Timken Co. (The) | 51,486 | ||||||
2,233 | Trane Technologies PLC | 629,639 | ||||||
1,947 | TransUnion | 151,146 | ||||||
20,274 | Uber Technologies, Inc.* | 1,611,783 | ||||||
5,980 | Union Pacific Corp. | 1,517,066 | ||||||
3,494 | United Airlines Holdings, Inc.* | 158,942 | ||||||
7,105 | United Parcel Service, Inc., Class B | 1,053,387 | ||||||
664 | United Rentals, Inc. | 460,331 | ||||||
1,434 | Verisk Analytics, Inc. | 346,885 | ||||||
4,422 | Waste Management, Inc. | 909,384 | ||||||
1,747 | Westinghouse Air Brake Technologies Corp. | 246,834 | ||||||
2,388 | Xylem, Inc. | 303,395 | ||||||
|
| |||||||
30,090,212 | ||||||||
| ||||||||
Information Technology – 30.7% |
| |||||||
6,200 | Accenture PLC, Class A | 2,323,636 | ||||||
3,874 | Adobe, Inc.* | 2,170,525 | ||||||
13,554 | Advanced Micro Devices, Inc.* | 2,609,552 | ||||||
1,340 | Akamai Technologies, Inc.* | 148,633 | ||||||
4,211 | Analog Devices, Inc. | 807,754 | ||||||
759 | ANSYS, Inc.* | 253,635 | ||||||
124,697 | Apple, Inc. | 22,538,983 | ||||||
7,077 | Applied Materials, Inc. | 1,426,865 | ||||||
1,816 | Autodesk, Inc.* | 468,837 | ||||||
3,646 | Broadcom, Inc. | 4,741,587 | ||||||
2,285 | Cadence Design Systems, Inc.* | 695,508 | ||||||
1,273 | Ciena Corp.* | 72,536 | ||||||
472 | Cirrus Logic, Inc.* | 43,339 | ||||||
34,828 | Cisco Systems, Inc. | 1,684,630 | ||||||
2,513 | Cloudflare, Inc., Class A* | 247,631 | ||||||
4,293 | Cognizant Technology Solutions Corp., Class A | 339,233 | ||||||
6,636 | Corning, Inc. | 213,945 | ||||||
1,759 | DocuSign, Inc.* | 93,702 | ||||||
1,231 | DoubleVerify Holdings, Inc.* | 38,026 | ||||||
2,252 | Dropbox, Inc., Class A* | 53,935 | ||||||
667 | Elastic NV* | 89,251 | ||||||
529 | F5, Inc.* | 99,039 | ||||||
1,036 | First Solar, Inc.* | 159,430 | ||||||
5,723 | Fortinet, Inc.* | 395,517 | ||||||
662 | Gartner, Inc.* | 308,201 | ||||||
4,838 | Gen Digital, Inc. | 103,969 | ||||||
784 | Gitlab, Inc., Class A* | 56,542 | ||||||
1,342 | GoDaddy, Inc., Class A* | 153,189 | ||||||
730 | Guidewire Software, Inc.* | 87,118 | ||||||
11,242 | Hewlett Packard Enterprise Co. | 171,216 | ||||||
7,509 | HP, Inc. | 212,730 | ||||||
35,682 | Intel Corp. | 1,536,110 | ||||||
7,683 | International Business Machines Corp. | 1,421,585 | ||||||
2,310 | Intuit, Inc. | 1,531,276 | ||||||
2,732 | Juniper Networks, Inc. | 101,166 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
1,788 | Keysight Technologies, Inc.* | $ | 275,888 | |||||
1,113 | Lam Research Corp. | 1,044,272 | ||||||
573 | Lumentum Holdings, Inc.* | 27,773 | ||||||
7,452 | Marvell Technology, Inc. | 534,010 | ||||||
9,241 | Micron Technology, Inc. | 837,327 | ||||||
62,932 | Microsoft Corp. | 26,031,192 | ||||||
574 | MongoDB, Inc.* | 256,911 | ||||||
388 | Monolithic Power Systems, Inc. | 279,375 | ||||||
1,830 | NetApp, Inc. | 163,090 | ||||||
2,174 | Nutanix, Inc., Class A* | 137,310 | ||||||
20,093 | NVIDIA Corp. | 15,895,974 | ||||||
1,316 | Okta, Inc.* | 141,207 | ||||||
3,751 | ON Semiconductor Corp.* | 296,029 | ||||||
2,590 | Palo Alto Networks, Inc.* | 804,324 | ||||||
359 | Pegasystems, Inc. | 23,349 | ||||||
9,434 | QUALCOMM, Inc. | 1,488,591 | ||||||
8,004 | Salesforce, Inc.* | 2,471,795 | ||||||
1,722 | ServiceNow, Inc.* | 1,328,247 | ||||||
1,102 | Smartsheet, Inc., Class A* | 46,515 | ||||||
1,335 | Splunk, Inc.* | 208,554 | ||||||
1,284 | Synopsys, Inc.* | 736,669 | ||||||
867 | Teradata Corp.* | 32,617 | ||||||
1,354 | Teradyne, Inc. | 140,261 | ||||||
7,676 | Texas Instruments, Inc. | 1,284,425 | ||||||
366 | Tyler Technologies, Inc.* | 159,993 | ||||||
1,525 | Vontier Corp. | 65,575 | ||||||
2,775 | Western Digital Corp.* | 165,029 | ||||||
1,729 | Workday, Inc., Class A* | 509,467 | ||||||
525 | Zebra Technologies Corp., Class A* | 146,727 | ||||||
2,185 | Zoom Video Communications, Inc., Class A* | 154,545 | ||||||
760 | Zscaler, Inc.* | 183,897 | ||||||
|
| |||||||
103,269,769 | ||||||||
| ||||||||
Materials – 2.5% |
| |||||||
2,188 | Air Products and Chemicals, Inc. | 512,080 | ||||||
1,158 | Albemarle Corp. | 159,630 | ||||||
1,753 | Alcoa Corp. | 47,699 | ||||||
655 | AptarGroup, Inc. | 92,001 | ||||||
3,108 | Ball Corp. | 198,974 | ||||||
1,168 | Berry Global Group, Inc. | 67,989 | ||||||
973 | Celanese Corp. | 147,867 | ||||||
1,933 | CF Industries Holdings, Inc. | 156,032 | ||||||
4,989 | Cleveland-Cliffs, Inc.* | 103,771 | ||||||
6,999 | Dow, Inc. | 391,104 | ||||||
4,502 | DuPont de Nemours, Inc. | 311,493 | ||||||
1,171 | Eastman Chemical Co. | 102,744 | ||||||
2,464 | Ecolab, Inc. | 554,006 | ||||||
1,233 | FMC Corp. | 69,529 | ||||||
14,116 | Freeport-McMoRan, Inc. | 533,726 | ||||||
2,984 | Graphic Packaging Holding Co. | 77,435 | ||||||
2,526 | International Flavors & | |||||||
Fragrances, Inc. | 190,713 | |||||||
4,925 | Linde PLC | 2,210,438 | ||||||
629 | Louisiana-Pacific Corp. | 46,527 | ||||||
2,555 | LyondellBasell Industries NV, Class A | 256,215 | ||||||
619 | Martin Marietta Materials, Inc. | 357,602 |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – (continued) |
| |||||||
3,267 | Mosaic Co. (The) | $ | 101,800 | |||||
11,438 | Newmont Corp. | 357,438 | ||||||
2,301 | PPG Industries, Inc. | 325,822 | ||||||
2,334 | Sherwin-Williams Co. (The) | 774,958 | ||||||
958 | Sonoco Products Co. | 54,299 | ||||||
2,016 | SSR Mining, Inc. (Canada) | 8,669 | ||||||
2,565 | Westrock Co. | 116,169 | ||||||
|
| |||||||
8,326,730 | ||||||||
| ||||||||
Real Estate – 2.6% |
| |||||||
6,219 | American Tower Corp. REIT | 1,236,710 | ||||||
2,240 | Apartment Income REIT Corp. REIT | 67,917 | ||||||
1,892 | AvalonBay Communities, Inc. REIT | 334,941 | ||||||
2,093 | Boston Properties, Inc. REIT | 135,459 | ||||||
4,056 | CBRE Group, Inc., Class A* | 372,706 | ||||||
5,397 | CoStar Group, Inc.* | 469,701 | ||||||
5,777 | Crown Castle, Inc. REIT | 635,123 | ||||||
4,033 | Digital Realty Trust, Inc. REIT | 592,085 | ||||||
1,247 | Equinix, Inc. REIT | 1,108,358 | ||||||
4,980 | Equity Residential REIT | 299,846 | ||||||
853 | Essex Property Trust, Inc. REIT | 197,384 | ||||||
3,866 | Iron Mountain, Inc. REIT | 304,022 | ||||||
631 | Jones Lang LaSalle, Inc.* | 120,041 | ||||||
8,077 | Kimco Realty Corp. REIT | 159,601 | ||||||
12,188 | Prologis, Inc. REIT | 1,624,295 | ||||||
1,434 | SBA Communications Corp. REIT | 300,036 | ||||||
4,380 | UDR, Inc. REIT | 155,490 | ||||||
5,334 | Ventas, Inc. REIT | 225,575 | ||||||
9,778 | Weyerhaeuser Co. REIT | 336,168 | ||||||
729 | Zillow Group, Inc., Class A* | 39,410 | ||||||
2,061 | Zillow Group, Inc., Class C* | 115,725 | ||||||
|
| |||||||
8,830,593 | ||||||||
| ||||||||
Utilities – 2.1% |
| |||||||
7,257 | AES Corp. (The) | 110,306 | ||||||
2,845 | Ameren Corp. | 202,536 | ||||||
5,599 | American Electric Power Co., Inc. | 476,979 | ||||||
2,117 | American Water Works Co., Inc. | 250,949 | ||||||
842 | Avangrid, Inc. | 26,212 | ||||||
6,858 | CenterPoint Energy, Inc. | 188,595 | ||||||
3,497 | Constellation Energy Corp. | 589,070 | ||||||
9,087 | Dominion Energy, Inc. | 434,631 | ||||||
8,381 | Duke Energy Corp. | 769,627 | ||||||
4,108 | Edison International | 279,426 | ||||||
2,299 | Entergy Corp. | 233,509 | ||||||
3,830 | Eversource Energy | 224,821 | ||||||
10,806 | Exelon Corp. | 387,287 | ||||||
22,014 | NextEra Energy, Inc. | 1,214,953 | ||||||
2,472 | NRG Energy, Inc. | 136,751 | ||||||
1,231 | Pinnacle West Capital Corp. | 84,114 | ||||||
8,021 | PPL Corp. | 211,514 | ||||||
5,405 | Public Service Enterprise Group, Inc. | 337,272 | ||||||
6,849 | Sempra | 483,539 | ||||||
3,946 | Vistra Corp. | 215,215 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Utilities – (continued) |
| |||||||
5,988 | Xcel Energy, Inc. | $ | 315,508 | |||||
|
| |||||||
7,172,814 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $247,498,882) | 335,289,043 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.0%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
81,862 | 5.195% | 81,862 | ||||||
(Cost $81,862) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.9% (Cost $247,580,744) | $ | 335,370,905 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF | 415,539 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 335,786,444 | ||||||
|
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 | |
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS NORTH AMERICAN PIPELINES & POWER EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 99.6% |
| |||||||
Energy – 78.9% |
| |||||||
6,573 | Antero Midstream Corp. | $ | 88,078 | |||||
387 | Cheniere Energy Partners LP | 18,816 | ||||||
2,362 | Cheniere Energy, Inc. | 366,582 | ||||||
8,353 | Clean Energy Fuels Corp.* | 24,641 | ||||||
318 | CrossAmerica Partners LP | 6,815 | ||||||
347 | Delek Logistics Partners LP | 15,164 | ||||||
1,303 | DT Midstream, Inc. | 75,092 | ||||||
10,821 | Enbridge, Inc. (Canada) | 372,175 | ||||||
12,796 | Energy Transfer LP | 187,333 | ||||||
6,818 | EnLink Midstream LLC* | 84,066 | ||||||
6,878 | Enterprise Products Partners LP | 188,801 | ||||||
5,333 | Equitrans Midstream Corp. | 57,010 | ||||||
526 | Excelerate Energy, Inc., Class A | 8,258 | ||||||
2,846 | Gibson Energy, Inc. (Canada) | 47,106 | ||||||
552 | Global Partners LP | 25,740 | ||||||
2,661 | Hess Midstream LP, Class A | 90,714 | ||||||
6,877 | Keyera Corp. (Canada) | 169,295 | ||||||
22,532 | Kinder Morgan, Inc. | 391,831 | ||||||
376 | Kinetik Holdings, Inc. | 13,280 | ||||||
4,899 | MPLX LP | 188,318 | ||||||
4,051 | New Fortress Energy, Inc. | 142,393 | ||||||
3,133 | NextDecade Corp.* | 14,380 | ||||||
1,720 | NGL Energy Partners LP* | 10,165 | ||||||
948 | NuStar Energy LP | 22,392 | ||||||
5,596 | ONEOK, Inc. | 420,372 | ||||||
11,188 | Pembina Pipeline Corp. (Canada) | 389,582 | ||||||
4,564 | Plains All American Pipeline LP | 74,941 | ||||||
7,186 | Plains GP Holdings LP, Class A* | 123,599 | ||||||
3,890 | Secure Energy Services, Inc. (Canada) | 32,666 | ||||||
599 | Sunoco LP | 36,767 | ||||||
4,445 | Targa Resources Corp. | 436,677 | ||||||
9,777 | TC Energy Corp. (Canada) | 386,942 | ||||||
2,453 | Western Midstream Partners LP | 82,053 | ||||||
10,981 | Williams Cos., Inc. (The) | 394,657 | ||||||
1,988 | World Kinect Corp. | 48,428 | ||||||
|
| |||||||
5,035,129 | ||||||||
| ||||||||
Utilities – 20.7% |
| |||||||
4,216 | AES Corp. (The) | 64,083 | ||||||
3,374 | AltaGas Ltd. (Canada) | 72,363 | ||||||
850 | Atlantica Sustainable Infrastructure PLC (Spain) | 15,266 | ||||||
2,293 | Boralex, Inc., Class A (Canada) | 50,430 | ||||||
5,560 | Brookfield Renewable Corp., Class A | 131,883 | ||||||
4,635 | Brookfield Renewable Partners LP (Canada) | 104,021 | ||||||
2,123 | Clearway Energy, Inc., Class C | 46,282 | ||||||
2,344 | Innergex Renewable Energy, Inc. (Canada) | 14,603 | ||||||
2,346 | New Jersey Resources Corp. | 97,617 | ||||||
6,217 | NextEra Energy Partners LP | 170,781 | ||||||
4,338 | Northland Power, Inc. (Canada) | 73,561 | ||||||
1,227 | Ormat Technologies, Inc. | 79,939 | ||||||
1,369 | Star Group LP | 14,963 | ||||||
350 | Suburban Propane Partners LP | 7,280 | ||||||
9,334 | Superior Plus Corp. (Canada) | 65,720 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Utilities – (continued) |
| |||||||
12,696 | UGI Corp. | $ | 310,798 | |||||
|
| |||||||
1,319,590 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $6,240,923) | 6,354,719 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.2%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
10,966 | 5.195% | 10,966 | ||||||
(Cost $10,966) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.8% (Cost $6,251,889) | $ | 6,365,685 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF | 10,632 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 6,376,317 | ||||||
|
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: | ||
LP | —Limited Partnership | |
PLC | —Public Limited Company | |
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 89.0% |
| |||||||
Communication Services – 6.2% |
| |||||||
1,623 | Alphabet, Inc., Class A* | $ | 224,721 | |||||
749 | Comcast Corp., Class A | 32,095 | ||||||
428 | Fox Corp., Class A | 12,750 | ||||||
75 | Netflix, Inc.* | 45,219 | ||||||
359 | Pinterest, Inc., Class A* | 13,175 | ||||||
73 | Spotify Technology SA* | 18,718 | ||||||
102 | Take-Two Interactive Software, Inc.* | 14,987 | ||||||
155 | T-Mobile US, Inc. | 25,312 | ||||||
177 | Trade Desk, Inc. (The), Class A* | 15,121 | ||||||
822 | Verizon Communications, Inc. | 32,896 | ||||||
271 | Warner Music Group Corp., Class A | 9,466 | ||||||
|
| |||||||
444,460 | ||||||||
| ||||||||
Consumer Discretionary – 10.2% |
| |||||||
98 | Airbnb, Inc., Class A* | 15,432 | ||||||
1,255 | Amazon.com, Inc.* | 221,834 | ||||||
6 | AutoZone, Inc.* | 18,036 | ||||||
9 | Booking Holdings, Inc.* | 31,219 | ||||||
54 | Burlington Stores, Inc.* | 11,075 | ||||||
12 | Chipotle Mexican Grill, Inc.* | 32,265 | ||||||
55 | Choice Hotels International, Inc. | 6,157 | ||||||
66 | Darden Restaurants, Inc. | 11,267 | ||||||
20 | Deckers Outdoor Corp.* | 17,912 | ||||||
79 | Hilton Worldwide Holdings, Inc. | 16,141 | ||||||
181 | Home Depot, Inc. (The) | 68,890 | ||||||
114 | Lowe’s Cos., Inc. | 27,436 | ||||||
157 | McDonald’s Corp. | 45,888 | ||||||
17 | MercadoLibre, Inc. (Brazil)* | 27,120 | ||||||
298 | NIKE, Inc., Class B | 30,971 | ||||||
21 | O’Reilly Automotive, Inc.* | 22,836 | ||||||
44 | Ralph Lauren Corp. | 8,181 | ||||||
138 | Ross Stores, Inc. | 20,557 | ||||||
379 | Starbucks Corp. | 35,967 | ||||||
357 | TJX Cos., Inc. (The) | 35,393 | ||||||
210 | Yum China Holdings, Inc. (China) | 9,007 | ||||||
85 | Yum! Brands, Inc. | 11,766 | ||||||
|
| |||||||
725,350 | ||||||||
| ||||||||
Consumer Staples – 7.8% |
| |||||||
203 | Campbell Soup Co. | 8,656 | ||||||
27 | Casey’s General Stores, Inc. | 8,221 | ||||||
104 | Clorox Co. (The) | 15,944 | ||||||
721 | Coca-Cola Co. (The) | 43,275 | ||||||
263 | Colgate-Palmolive Co. | 22,755 | ||||||
58 | Constellation Brands, Inc., Class A | 14,414 | ||||||
86 | Costco Wholesale Corp. | 63,975 | ||||||
86 | Dollar Tree, Inc.* | 12,615 | ||||||
185 | General Mills, Inc. | 11,873 | ||||||
74 | Hershey Co. (The) | 13,906 | ||||||
275 | Hormel Foods Corp. | 9,713 | ||||||
843 | Kenvue, Inc. | 16,017 | ||||||
579 | Keurig Dr Pepper, Inc. | 17,318 | ||||||
159 | Kimberly-Clark Corp. | 19,266 | ||||||
430 | Kraft Heinz Co. (The) | 15,170 | ||||||
219 | Kroger Co. (The) | 10,865 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – (continued) |
| |||||||
220 | McCormick & Co., Inc. | $ | 15,149 | |||||
360 | Mondelez International, Inc., Class A | 26,305 | ||||||
298 | Monster Beverage Corp.* | 17,612 | ||||||
283 | PepsiCo, Inc. | 46,791 | ||||||
422 | Procter & Gamble Co. (The) | 67,073 | ||||||
167 | Sysco Corp. | 13,522 | ||||||
111 | Target Corp. | 16,974 | ||||||
869 | Walmart, Inc. | 50,932 | ||||||
|
| |||||||
558,341 | ||||||||
| ||||||||
Energy – 2.2% |
| |||||||
486 | Antero Midstream Corp. | 6,512 | ||||||
125 | Cheniere Energy, Inc. | 19,400 | ||||||
153 | EOG Resources, Inc. | 17,512 | ||||||
670 | Exxon Mobil Corp. | 70,028 | ||||||
962 | Kinder Morgan, Inc. | 16,729 | ||||||
119 | Phillips 66 | 16,959 | ||||||
110 | Targa Resources Corp. | 10,807 | ||||||
|
| |||||||
157,947 | ||||||||
| ||||||||
Financials – 9.8% |
| |||||||
213 | Aflac, Inc. | 17,198 | ||||||
82 | Aon PLC, Class A | 25,911 | ||||||
56 | Assurant, Inc. | 10,161 | ||||||
207 | Berkshire Hathaway, Inc., Class B* | 84,746 | ||||||
157 | Blackstone, Inc. | 20,068 | ||||||
117 | Brown & Brown, Inc. | 9,853 | ||||||
76 | Cboe Global Markets, Inc. | 14,592 | ||||||
85 | Chubb Ltd. | 21,392 | ||||||
88 | Cincinnati Financial Corp. | 10,032 | ||||||
79 | CME Group, Inc. | 17,408 | ||||||
117 | CNA Financial Corp. | 5,142 | ||||||
22 | Erie Indemnity Co., Class A | 8,951 | ||||||
37 | FactSet Research Systems, Inc. | 17,115 | ||||||
170 | Fiserv, Inc.* | 25,376 | ||||||
43 | FleetCor Technologies, Inc.* | 12,009 | ||||||
76 | Global Payments, Inc. | 9,857 | ||||||
149 | Intercontinental Exchange, Inc. | 20,625 | ||||||
81 | Jack Henry & Associates, Inc. | 14,075 | ||||||
142 | Marsh & McLennan Cos., Inc. | 28,722 | ||||||
148 | Mastercard, Inc., Class A | 70,264 | ||||||
47 | Moody’s Corp. | 17,833 | ||||||
28 | Morningstar, Inc. | 8,360 | ||||||
39 | MSCI, Inc. | 21,878 | ||||||
151 | Nasdaq, Inc. | 8,486 | ||||||
254 | PayPal Holdings, Inc.* | 15,326 | ||||||
109 | Principal Financial Group, Inc. | 8,814 | ||||||
154 | Progressive Corp. (The) | 29,192 | ||||||
75 | Raymond James Financial, Inc. | 9,024 | ||||||
58 | S&P Global, Inc. | 24,846 | ||||||
184 | SEI Investments Co. | 12,374 | ||||||
107 | T. Rowe Price Group, Inc. | 12,128 | ||||||
284 | Visa, Inc., Class A | 80,270 | ||||||
|
| |||||||
692,028 | ||||||||
| ||||||||
Health Care – 11.0% |
| |||||||
384 | Abbott Laboratories | 45,558 |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
275 | AbbVie, Inc. | $ | 48,414 | |||||
91 | Agilent Technologies, Inc. | 12,500 | ||||||
97 | Amgen, Inc. | 26,562 | ||||||
80 | Becton Dickinson & Co. | 18,844 | ||||||
376 | Boston Scientific Corp.* | 24,895 | ||||||
130 | Cardinal Health, Inc. | 14,557 | ||||||
52 | Cencora, Inc. | 12,251 | ||||||
121 | Danaher Corp. | 30,630 | ||||||
225 | DENTSPLY SIRONA, Inc. | 7,353 | ||||||
133 | Dexcom, Inc.* | 15,304 | ||||||
127 | Eli Lilly & Co. | 95,717 | ||||||
148 | Hologic, Inc.* | 10,922 | ||||||
31 | IDEXX Laboratories, Inc.* | 17,832 | ||||||
445 | Johnson & Johnson | 71,814 | ||||||
33 | McKesson Corp. | 17,207 | ||||||
399 | Merck & Co., Inc. | 50,733 | ||||||
10 | Mettler-Toledo International, Inc.* | 12,472 | ||||||
114 | Moderna, Inc.* | 10,515 | ||||||
116 | Quest Diagnostics, Inc. | 14,487 | ||||||
58 | ResMed, Inc. | 10,076 | ||||||
100 | Revvity, Inc. | 10,959 | ||||||
38 | STERIS PLC | 8,851 | ||||||
79 | Stryker Corp. | 27,577 | ||||||
78 | Thermo Fisher Scientific, Inc. | 44,474 | ||||||
162 | UnitedHealth Group, Inc. | 79,963 | ||||||
81 | Veeva Systems, Inc., Class A* | 18,266 | ||||||
32 | West Pharmaceutical Services, Inc. | 11,468 | ||||||
90 | Zimmer Biomet Holdings, Inc. | 11,192 | ||||||
|
| |||||||
781,393 | ||||||||
| ||||||||
Industrials – 11.0% |
| |||||||
150 | 3M Co. | 13,818 | ||||||
103 | Automatic Data Processing, Inc. | 25,866 | ||||||
48 | Axon Enterprise, Inc.* | 14,754 | ||||||
114 | Boeing Co. (The)* | 23,224 | ||||||
70 | Booz Allen Hamilton Holding Corp. | 10,340 | ||||||
109 | Broadridge Financial Solutions, Inc. | 22,190 | ||||||
106 | BWX Technologies, Inc. | 10,688 | ||||||
139 | C.H. Robinson Worldwide, Inc. | 10,297 | ||||||
354 | Carrier Global Corp. | 19,675 | ||||||
42 | Cintas Corp. | 26,402 | ||||||
83 | Eaton Corp. PLC | 23,987 | ||||||
223 | Emerson Electric Co. | 23,828 | ||||||
112 | Expeditors International of Washington, Inc. | 13,395 | ||||||
339 | Fastenal Co. | 24,750 | ||||||
59 | FedEx Corp. | 14,689 | ||||||
55 | Ferguson PLC | 11,630 | ||||||
157 | Fortive Corp. | 13,365 | ||||||
91 | General Dynamics Corp. | 24,866 | ||||||
183 | Honeywell International, Inc. | 36,368 | ||||||
32 | Hubbell, Inc. | 12,181 | ||||||
34 | Huntington Ingalls Industries, Inc. | 9,915 | ||||||
116 | Illinois Tool Works, Inc. | 30,409 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
160 | Ingersoll Rand, Inc. | $ | 14,613 | |||||
44 | Nordson Corp. | 11,689 | ||||||
49 | Northrop Grumman Corp. | 22,590 | ||||||
37 | Old Dominion Freight Line, Inc. | 16,372 | ||||||
258 | Otis Worldwide Corp. | 24,587 | ||||||
206 | Paychex, Inc. | 25,260 | ||||||
81 | Republic Services, Inc. | 14,872 | ||||||
60 | Rockwell Automation, Inc. | 17,105 | ||||||
330 | Rollins, Inc. | 14,543 | ||||||
279 | RTX Corp. | 25,018 | ||||||
91 | Toro Co. (The) | 8,400 | ||||||
71 | Trane Technologies PLC | 20,020 | ||||||
116 | Union Pacific Corp. | 29,428 | ||||||
171 | United Parcel Service, Inc., Class B | 25,352 | ||||||
95 | Verisk Analytics, Inc. | 22,980 | ||||||
19 | W.W. Grainger, Inc. | 18,496 | ||||||
150 | Waste Management, Inc. | 30,847 | ||||||
49 | Woodward, Inc. | 6,933 | ||||||
93 | Xylem, Inc. | 11,816 | ||||||
|
| |||||||
777,558 | ||||||||
| ||||||||
Information Technology – 24.1% |
| |||||||
138 | Accenture PLC, Class A | 51,720 | ||||||
86 | Adobe, Inc.* | 48,184 | ||||||
247 | Amphenol Corp., Class A | 26,982 | ||||||
2,112 | Apple, Inc. | 381,744 | ||||||
58 | Arista Networks, Inc.* | 16,097 | ||||||
85 | Atlassian Corp., Class A* | 17,631 | ||||||
69 | Autodesk, Inc.* | 17,814 | ||||||
159 | Bentley Systems, Inc., Class B | 8,168 | ||||||
74 | Cadence Design Systems, Inc.* | 22,524 | ||||||
305 | Dynatrace, Inc.* | 15,113 | ||||||
33 | Gartner, Inc.* | 15,363 | ||||||
24 | HubSpot, Inc.* | 14,851 | ||||||
199 | International Business Machines Corp. | 36,821 | ||||||
46 | Intuit, Inc. | 30,493 | ||||||
59 | Manhattan Associates, Inc.* | 14,946 | ||||||
210 | Micron Technology, Inc. | 19,028 | ||||||
1,040 | Microsoft Corp. | 430,186 | ||||||
88 | Motorola Solutions, Inc. | 29,074 | ||||||
159 | NetApp, Inc. | 14,170 | ||||||
332 | NVIDIA Corp. | 262,652 | ||||||
73 | Palo Alto Networks, Inc.* | 22,670 | ||||||
50 | PTC, Inc.* | 9,151 | ||||||
67 | Qualys, Inc.* | 11,515 | ||||||
52 | Roper Technologies, Inc. | 28,326 | ||||||
154 | Salesforce, Inc.* | 47,558 | ||||||
38 | ServiceNow, Inc.* | 29,311 | ||||||
35 | Synopsys, Inc.* | 20,081 | ||||||
98 | TE Connectivity Ltd. | 14,069 | ||||||
43 | Teledyne Technologies, Inc.* | 18,373 | ||||||
35 | Tyler Technologies, Inc.* | 15,300 | ||||||
91 | VeriSign, Inc.* | 17,771 | ||||||
54 | Workday, Inc., Class A* | 15,912 | ||||||
|
| |||||||
1,723,598 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – 2.3% |
| |||||||
78 | Air Products and Chemicals, Inc. | $ | 18,255 | |||||
197 | Ball Corp. | 12,612 | ||||||
113 | Ecolab, Inc. | 25,407 | ||||||
90 | Linde PLC | 40,394 | ||||||
466 | Newmont Corp. | 14,562 | ||||||
73 | PPG Industries, Inc. | 10,337 | ||||||
90 | Sherwin-Williams Co. (The) | 29,883 | ||||||
169 | Southern Copper Corp. (Mexico) | 13,665 | ||||||
|
| |||||||
165,115 | ||||||||
| ||||||||
Real Estate – 1.5% |
| |||||||
131 | American Tower Corp. REIT | 26,051 | ||||||
25 | Equinix, Inc. REIT | 22,221 | ||||||
192 | Equity Residential REIT | 11,560 | ||||||
211 | Iron Mountain, Inc. REIT | 16,593 | ||||||
57 | Public Storage REIT | 16,181 | ||||||
63 | SBA Communications Corp. REIT | 13,181 | ||||||
|
| |||||||
105,787 | ||||||||
| ||||||||
Utilities – 2.9% |
| |||||||
207 | Ameren Corp. | 14,736 | ||||||
163 | American Electric Power Co., Inc. | 13,886 | ||||||
97 | American Water Works Co., Inc. | 11,499 | ||||||
307 | Dominion Energy, Inc. | 14,684 | ||||||
267 | Duke Energy Corp. | 24,519 | ||||||
423 | Exelon Corp. | 15,160 | ||||||
386 | NextEra Energy, Inc. | 21,303 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Utilities – (continued) |
| |||||||
288 | Public Service Enterprise Group, Inc. | $ | 17,971 | |||||
315 | Sempra | 22,239 | ||||||
422 | Southern Co. (The) | 28,380 | ||||||
163 | Vistra Corp. | 8,890 | ||||||
135 | WEC Energy Group, Inc. | 10,596 | ||||||
|
| |||||||
203,863 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $5,567,147) | 6,335,440 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 7.6%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
537,910 | 5.195% | 537,910 | ||||||
(Cost $537,910) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 96.6% (Cost $6,105,057) | $ | 6,873,350 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF | 240,160 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 7,113,510 | ||||||
|
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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, 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 | 06/21/24 | $ | 774,787 | $ | 3,407 | ||||||||||
|
PURCHASED & WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following purchased and written 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 Fund | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Purchased Option Contracts: | ||||||||||||||||||||||||||||
Puts | ||||||||||||||||||||||||||||
S&P 500 Index | $ | 5,050.00 | 03/28/2024 | 27 | $ | 6,817,500 | $ | 35,437 | $ | 44,581 | $ | (9,144) | ||||||||||||||||
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
ADDITIONAL INVESTMENT INFORMATION (CONTINUED) |
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Fund | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Written Option Contracts: | ||||||||||||||||||||||||||||
Calls | ||||||||||||||||||||||||||||
S&P 500 Index | $ | 5,310.00 | 03/28/2024 | (27 | ) | $ (7,168,500) | $ | (19,237 | ) | $ (14,143) | $ (5,094) | |||||||||||||||||
Puts | ||||||||||||||||||||||||||||
S&P 500 Index | 4,850.00 | 03/28/2024 | (27 | ) | (6,547,500) | (10,868 | ) | (13,469) | 2,601 | |||||||||||||||||||
| ||||||||||||||||||||||||||||
Total written option contracts | (54 | ) | $(13,716,000) | $ | (30,105 | ) | $ (27,612) | $ (2,493) | ||||||||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS SMALL CAP CORE EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 99.7% |
| |||||||
Communication Services – 0.8% |
| |||||||
1,060 | Nexstar Media Group, Inc. | $ | 176,140 | |||||
| ||||||||
Consumer Discretionary – 16.6% |
| |||||||
3,011 | Academy Sports & Outdoors, Inc. | 224,982 | ||||||
4,776 | Adient PLC* | 162,098 | ||||||
2,306 | Boot Barn Holdings, Inc.* | 213,305 | ||||||
4,377 | Boyd Gaming Corp. | 289,451 | ||||||
3,786 | Cava Group, Inc.* | 221,140 | ||||||
1,759 | Century Communities, Inc. | 151,784 | ||||||
2,660 | Crocs, Inc.* | 325,185 | ||||||
874 | Installed Building Products, Inc. | 208,825 | ||||||
2,838 | Meritage Homes Corp. | 447,439 | ||||||
1,660 | Ollie’s Bargain Outlet Holdings, Inc.* | 133,082 | ||||||
4,088 | Savers Value Village, Inc.* | 82,741 | ||||||
2,369 | Shake Shack, Inc., Class A* | 251,872 | ||||||
2,486 | Texas Roadhouse, Inc. | 371,334 | ||||||
5,004 | United Parks & Resorts, Inc.* | 256,955 | ||||||
1,140 | Wingstop, Inc. | 400,197 | ||||||
|
| |||||||
3,740,390 | ||||||||
| ||||||||
Consumer Staples – 1.7% |
| |||||||
4,757 | Simply Good Foods Co. (The)* | 168,779 | ||||||
11,638 | Utz Brands, Inc. | 205,876 | ||||||
|
| |||||||
374,655 | ||||||||
| ||||||||
Energy – 6.5% |
| |||||||
1,682 | Chord Energy Corp. | 273,241 | ||||||
4,814 | Matador Resources Co. | 304,004 | ||||||
3,487 | Noble Corp. PLC | 145,791 | ||||||
9,115 | Patterson-UTI Energy, Inc. | 105,461 | ||||||
20,400 | Permian Resources Corp. | 317,424 | ||||||
7,588 | SM Energy Co. | 332,127 | ||||||
|
| |||||||
1,478,048 | ||||||||
| ||||||||
Financials – 14.5% |
| |||||||
5,023 | Ameris Bancorp | 232,716 | ||||||
3,996 | Banner Corp. | 175,185 | ||||||
3,541 | First Financial Bankshares, Inc. | 109,558 | ||||||
5,162 | First Merchants Corp. | 171,378 | ||||||
1,060 | FirstCash Holdings, Inc. | 121,370 | ||||||
4,679 | Glacier Bancorp, Inc. | 175,088 | ||||||
1,526 | Hamilton Lane, Inc., Class A | 175,261 | ||||||
4,581 | Hancock Whitney Corp. | 199,732 | ||||||
3,442 | Mr Cooper Group, Inc.* | 245,346 | ||||||
9,347 | NMI Holdings, Inc., Class A* | 281,158 | ||||||
6,492 | Pacific Premier Bancorp, Inc. | 148,407 | ||||||
15,836 | Perella Weinberg Partners | 216,320 | ||||||
1,824 | Pinnacle Financial Partners, Inc. | 150,881 | ||||||
1,411 | Piper Sandler Cos. | 265,649 | ||||||
1,641 | PJT Partners, Inc., Class A | 172,961 | ||||||
1,140 | RLI Corp. | 166,953 | ||||||
7,408 | Skyward Specialty Insurance Group, Inc.* | 271,059 | ||||||
|
| |||||||
3,279,022 | ||||||||
| ||||||||
Health Care – 12.7% |
| |||||||
3,503 | Acadia Healthcare Co., Inc.* | 292,325 | ||||||
5,688 | Alkermes PLC* | 168,877 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
2,678 | Amylyx Pharmaceuticals, Inc.* | $ | 50,480 | |||||
2,642 | Biohaven Ltd.* | 127,186 | ||||||
2,506 | Catalent, Inc.* | 143,694 | ||||||
1,721 | CONMED Corp. | 138,231 | ||||||
7,941 | Dynavax Technologies Corp.* | 100,613 | ||||||
3,769 | Evolent Health, Inc., Class A* | 127,807 | ||||||
5,255 | Fortrea Holdings, Inc.* | 197,273 | ||||||
6,883 | Halozyme Therapeutics, Inc.* | 274,012 | ||||||
1,159 | iRhythm Technologies, Inc.* | 137,515 | ||||||
741 | Medpace Holdings, Inc.* | 294,562 | ||||||
2,719 | Merit Medical Systems, Inc.* | 207,188 | ||||||
11,224 | NeoGenomics, Inc.* | 175,094 | ||||||
976 | Shockwave Medical, Inc.* | 254,609 | ||||||
5,381 | Surgery Partners, Inc.* | 166,973 | ||||||
|
| |||||||
2,856,439 | ||||||||
| ||||||||
Industrials – 21.7% |
| |||||||
3,872 | Arcosa, Inc. | 321,376 | ||||||
2,466 | ASGN, Inc.* | 244,923 | ||||||
1,273 | Chart Industries, Inc.* | 181,861 | ||||||
8,151 | Core & Main, Inc., Class A* | 389,047 | ||||||
2,287 | Crane Co. | 278,008 | ||||||
6,181 | Federal Signal Corp. | 506,285 | ||||||
5,199 | Fluor Corp.* | 191,323 | ||||||
1,660 | Herc Holdings, Inc. | 263,409 | ||||||
1,601 | ICF International, Inc. | 247,915 | ||||||
7,484 | Kratos Defense & Security Solutions, Inc.* | 136,508 | ||||||
2,565 | Moog, Inc., Class A | 384,622 | ||||||
1,761 | MYR Group, Inc.* | 286,092 | ||||||
627 | Saia, Inc.* | 360,776 | ||||||
4,187 | SPX Technologies, Inc.* | 490,674 | ||||||
1,463 | Standex International Corp. | 253,099 | ||||||
1,783 | Watts Water Technologies, Inc., Class A | 363,643 | ||||||
|
| |||||||
4,899,561 | ||||||||
| ||||||||
Information Technology – 16.3% |
| |||||||
5,221 | Alkami Technology, Inc.* | 130,264 | ||||||
7,609 | Allegro MicroSystems, Inc. (Japan)* | 239,607 | ||||||
2,495 | Axcelis Technologies, Inc.* | 281,112 | ||||||
1,738 | Badger Meter, Inc. | 275,803 | ||||||
7,062 | Clearwater Analytics Holdings, Inc., Class A* | 121,608 | ||||||
4,928 | Cohu, Inc.* | 158,337 | ||||||
1,140 | CyberArk Software Ltd.* | 300,686 | ||||||
7,167 | Fastly, Inc., Class A* | 101,915 | ||||||
6,788 | Instructure Holdings, Inc.* | 155,581 | ||||||
3,811 | MACOM Technology Solutions Holdings, Inc.* | 336,626 | ||||||
2,359 | Onto Innovation, Inc.* | 434,433 | ||||||
8,354 | PagerDuty, Inc.* | 201,833 | ||||||
4,535 | Smartsheet, Inc., Class A* | 191,422 | ||||||
1,526 | SPS Commerce, Inc.* | 282,554 | ||||||
6,407 | Tenable Holdings, Inc.* | 308,561 | ||||||
5,082 | Vertex, Inc., Class A* | 170,653 | ||||||
|
| |||||||
3,690,995 | ||||||||
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SMALL CAP CORE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – 5.1% |
| |||||||
2,406 | Ashland, Inc. | $ | 225,298 | |||||
4,738 | ATI, Inc.* | 233,015 | ||||||
6,296 | Avient Corp. | 254,862 | ||||||
12,926 | Constellium SE* | 250,635 | ||||||
6,904 | Graphic Packaging Holding Co. | 179,159 | ||||||
|
| |||||||
1,142,969 | ||||||||
| ||||||||
Real Estate – 3.1% |
| |||||||
18,133 | RLJ Lodging Trust REIT | 215,239 | ||||||
15,079 | SITE Centers Corp. REIT | 204,773 | ||||||
4,358 | Terreno Realty Corp. REIT | 280,219 | ||||||
|
| |||||||
700,231 | ||||||||
| ||||||||
Utilities – 0.7% |
| |||||||
2,698 | ONE Gas, Inc. | 160,801 | ||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $20,194,096) | 22,499,251 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 1.3%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
285,240 | 5.195% | 285,240 | ||||||
(Cost $285,240) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 101.0% (Cost $20,479,336) | $ | 22,784,491 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)% | (218,377) | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 22,566,114 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS EQUITY ETFS
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 $11,800,967, $518,684,037, $143,119,968 and $301,922,194, respectively)(a) | $ | 11,111,756 | $ | 602,968,289 | $ | 171,168,522 | $ | 349,178,905 | ||||||||||||
Investments in affiliated issuers, at value (cost $41,286, $1,586,894, $118,097 and $1,168,648, respectively) | 41,286 | 1,766,070 | 118,097 | 1,715,710 | ||||||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 26,070 | — | — | 6,720,917 | ||||||||||||||||
Cash | 418 | 55,203 | 15,011 | — | ||||||||||||||||
Foreign Currency, at value (cost $19, $–, $– and $111,387, respectively) | 19 | — | — | 112,021 | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Dividends | 28,452 | 907,064 | 72,659 | 408,273 | ||||||||||||||||
Foreign tax reclaims | 5,480 | — | 634 | 82,067 | ||||||||||||||||
Investments sold | 2,964 | — | — | 163,250 | ||||||||||||||||
Securities lending income | 237 | — | — | 23,640 | ||||||||||||||||
|
| |||||||||||||||||||
Total assets | 11,216,682 | 605,696,626 | 171,374,923 | 358,404,783 | ||||||||||||||||
|
| |||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Payable upon return of securities loaned | 26,070 | — | — | 6,720,917 | ||||||||||||||||
Foreign capital gains taxes | 5,422 | — | — | — | ||||||||||||||||
Management fees | 3,931 | 43,233 | 63,916 | 142,839 | ||||||||||||||||
Investments purchased | 418 | 55,021 | 15,010 | 13 | ||||||||||||||||
Due to custodian | — | — | — | 607,286 | ||||||||||||||||
|
| |||||||||||||||||||
Total liabilities | 35,841 | 98,254 | 78,926 | 7,471,055 | ||||||||||||||||
|
| |||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 12,897,747 | 591,286,532 | 190,002,323 | 377,138,948 | ||||||||||||||||
Total distributable earnings (loss) | (1,716,906 | ) | 14,311,840 | (18,706,326 | ) | (26,205,220 | ) | |||||||||||||
|
| |||||||||||||||||||
NET ASSETS | $ | 11,180,841 | $ | 605,598,372 | $ | 171,295,997 | $ | 350,933,728 | ||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 350,000 | 8,650,000 | 1,625,000 | 6,400,000 | ||||||||||||||||
Net asset value per share: | $ | 31.95 | $ | 70.01 | $ | 105.41 | $ | 54.83 | ||||||||||||
|
(a) | Includes loaned securities having a market value of $24,639, $–, $– and $6,676,002 for Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and Innovate Equity ETF, respectively. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities (continued)
February 29, 2024 (Unaudited) |
JUST U.S. Large Cap Equity ETF | North American Pipelines & Power Equity ETF | Defensive Equity ETF | Small Cap Core Equity ETF | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $246,468,108, $6,240,923, $5,567,147 and $20,194,096, respectively) | $ | 333,908,693 | $ | 6,354,719 | $ | 6,335,440 | $ | 22,499,251 | ||||||||||||
Investments in affiliated issuers, at value (cost $1,112,636, $10,966, $537,910 and $285,240, respectively) | 1,462,212 | 10,966 | 537,910 | 285,240 | ||||||||||||||||
Purchased Options, at value (premiums paid $–, $–, $44,581 and $–, respectively) | — | — | 35,437 | — | ||||||||||||||||
Cash | 5,280 | — | 75,768 | — | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Dividends | 468,404 | 10,155 | 9,827 | 10,229 | ||||||||||||||||
Securities lending income | 3 | — | — | — | ||||||||||||||||
Investments sold | — | — | 1,283,841 | — | ||||||||||||||||
Collateral on certain derivative contracts | — | — | 219,724 | — | ||||||||||||||||
Foreign tax reclaims | — | 3,319 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total assets | 335,844,592 | 6,379,159 | 8,497,947 | 22,794,720 | ||||||||||||||||
| ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Written options, at value (premiums received $–, $–, $27,612 and $–, respectively) | — | — | 30,105 | — | ||||||||||||||||
Variation margin on futures contracts | — | — | 14,475 | — | ||||||||||||||||
Payables: | ||||||||||||||||||||
Management fees | 52,868 | 2,718 | 2,994 | 12,624 | ||||||||||||||||
Investments purchased | 5,280 | 2 | 1,336,863 | 215,982 | ||||||||||||||||
Due to custodian | — | 122 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total liabilities | 58,148 | 2,842 | 1,384,437 | 228,606 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 256,376,051 | 5,754,842 | 6,996,749 | 20,151,352 | ||||||||||||||||
Total distributable earnings (loss) | 79,410,393 | 621,475 | 116,761 | 2,414,762 | ||||||||||||||||
| ||||||||||||||||||||
NET ASSETS | $ | 335,786,444 | $ | 6,376,317 | $ | 7,113,510 | $ | 22,566,114 | ||||||||||||
| ||||||||||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 4,625,000 | 150,000 | 152,572 | 475,000 | ||||||||||||||||
Net asset value per share: | $ | 72.60 | $ | 42.51 | $ | 46.62 | $ | 47.51 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations
For the Six Months Ended February 29, 2024 (Unaudited) |
Bloomberg Clean Energy Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Hedge Industry VIP ETF | Innovate Equity ETF | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $6,416, $31, $3,875 and $56,028, respectively) | $ | 110,007 | $ | 4,554,443 | $ | 708,462 | $ | 1,620,467 | ||||||||||||
Dividends — affiliated issuers | 777 | 29,277 | 6,840 | 38,748 | ||||||||||||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 620 | 214,926 | 684,526 | 313,866 | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 111,404 | 4,798,646 | 1,399,828 | 1,973,081 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 14,327 | 215,518 | 329,799 | 827,551 | ||||||||||||||||
Trustee fees | 8,500 | 9,304 | 8,743 | 9,081 | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 22,827 | 224,822 | 338,542 | 836,632 | ||||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (26 | ) | (461 | ) | (233 | ) | (437 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 22,801 | 224,361 | 338,309 | 836,195 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME | 88,603 | 4,574,285 | 1,061,519 | 1,136,886 | ||||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | (852,309 | ) | (8,673,230 | ) | 70,439 | (9,120,344 | ) | |||||||||||||
Investments — affiliated issuers | — | (4,136 | ) | — | (9,866 | ) | ||||||||||||||
In-kind redemptions — affiliated issuers | — | 10,238 | — | 103,123 | ||||||||||||||||
In-kind redemptions — unaffiliated issuers | — | 12,059,718 | 19,829,738 | 15,211,298 | ||||||||||||||||
Foreign currency transactions | (3,335 | ) | — | — | (10,381 | ) | ||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $5,484, $–, $– and $–, respectively) | 157,999 | 54,353,828 | 7,287,544 | 32,136,580 | ||||||||||||||||
Investment transactions in affiliated securities | — | 167,349 | — | 214,172 | ||||||||||||||||
Foreign currency translations | (225 | ) | — | — | (1,009 | ) | ||||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain (loss) | (697,870 | ) | 57,913,767 | 27,187,721 | 38,523,573 | |||||||||||||||
| ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (609,267 | ) | $ | 62,488,052 | $ | 28,249,240 | $ | 39,660,459 | |||||||||||
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations (continued)
For the Six Months Ended February 29, 2024 (Unaudited) |
JUST U.S. Large Cap Equity ETF | North American Pipelines & Power Equity ETF | Defensive Equity ETF | Small Cap Core Equity ETF* | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $32, $11,878, $– and $–, respectively) | $ | 2,349,684 | $ | 136,552 | $ | 50,653 | $ | 46,269 | ||||||||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 65,514 | — | — | — | ||||||||||||||||
Dividends — affiliated issuers | 25,329 | 304 | 6,632 | 2,260 | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 2,440,527 | 136,856 | 57,285 | 48,529 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 284,763 | 22,415 | 9,987 | 42,619 | ||||||||||||||||
Trustee fees | 8,977 | — | 8,497 | — | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 293,740 | 22,415 | 18,484 | 42,619 | ||||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (210 | ) | (10 | ) | (226 | ) | (2,742 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 293,530 | 22,405 | 18,258 | 39,877 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME | 2,146,997 | 114,451 | 39,027 | 8,652 | ||||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | (2,654,560 | ) | 8,028 | 355,179 | 21,313 | |||||||||||||||
Investments — affiliated issuers | (659 | ) | — | — | — | |||||||||||||||
In-kind redemptions — affiliated issuers | 12,052 | — | — | — | ||||||||||||||||
In-kind redemptions — unaffiliated issuers | 8,394,331 | 517,202 | — | 93,260 | ||||||||||||||||
Futures contracts | — | — | 81,274 | — | ||||||||||||||||
Purchased Options | — | — | (78,795 | ) | — | |||||||||||||||
Written options | — | — | (374,875 | ) | — | |||||||||||||||
Foreign currency transactions | — | (619 | ) | — | — | |||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers | 32,791,267 | 46,525 | 361,666 | 2,305,155 | ||||||||||||||||
Investment transactions in affiliated securities | 196,392 | — | — | — | ||||||||||||||||
Futures contracts | — | — | (8,550 | ) | — | |||||||||||||||
Purchased Options | — | — | (7,660 | ) | — | |||||||||||||||
Written options | — | — | (11,125 | ) | — | |||||||||||||||
Foreign currency translations | — | 19 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain | 38,738,823 | 571,155 | 317,114 | 2,419,728 | ||||||||||||||||
| ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 40,885,820 | $ | 685,606 | $ | 356,141 | $ | 2,428,380 | ||||||||||||
|
* For the period October 3, 2023 (commencement of operations) through February 29, 2024.
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets
|
Bloomberg Clean Energy Equity ETF | Equal Weight U.S. Large Cap Equity ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended | For the Fiscal Year Ended | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 88,603 | $ | 135,628 | $ | 4,574,285 | $ | 8,897,951 | ||||||||||||
Net realized gain (loss) | (855,644 | ) | (171,937 | ) | 3,392,590 | (10,010,104 | ) | |||||||||||||
Net change in unrealized gain (loss) | 157,774 | (835,719 | ) | 54,521,177 | 42,567,681 | |||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (609,267 | ) | (872,028 | ) | 62,488,052 | 41,455,528 | ||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (100,090 | ) | (123,162 | ) | (5,179,967 | ) | (9,019,245 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 3,130,454 | 1,839,938 | 124,662,802 | 49,832,589 | ||||||||||||||||
Cost of shares redeemed | – | – | (38,906,605 | ) | (233,144,465 | ) | ||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 3,130,454 | 1,839,938 | 85,756,197 | (183,311,876 | ) | |||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 2,421,097 | 844,748 | 143,064,282 | (150,875,593 | ) | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 8,759,744 | $ | 7,914,996 | $ | 462,534,090 | $ | 613,409,683 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 11,180,841 | $ | 8,759,744 | $ | 605,598,372 | $ | 462,534,090 | ||||||||||||
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
|
Hedge Industry VIP ETF | Innovate Equity ETF | |||||||||||||||||||
For the February 29, 2024 | For the Fiscal Year Ended | For the Six Months Ended | For the Fiscal Year Ended | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 1,061,519 | $ | 301,855 | $ | 1,136,886 | $ | 3,125,527 | ||||||||||||
Net realized gain (loss) | 19,900,177 | (3,910,875 | ) | 6,173,830 | (30,757,664 | ) | ||||||||||||||
Net change in unrealized gain | 7,287,544 | 23,892,864 | 32,349,743 | 67,510,637 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 28,249,240 | 20,283,844 | 39,660,459 | 39,878,500 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (1,204,174 | ) | (20,653 | ) | (3,615,832 | ) | (558,596 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 68,291,392 | 62,131,240 | 18,889,614 | 33,362,172 | ||||||||||||||||
Cost of shares redeemed | (66,203,984 | ) | (85,315,250 | ) | (40,076,074 | ) | (64,136,814 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 2,087,408 | (23,184,010 | ) | (21,186,460 | ) | (30,774,642 | ) | |||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 29,132,474 | (2,920,819 | ) | 14,858,167 | 8,545,262 | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 142,163,523 | $ | 145,084,342 | $ | 336,075,561 | $ | 327,530,299 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 171,295,997 | $ | 142,163,523 | $ | 350,933,728 | $ | 336,075,561 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
|
JUST U.S. Large Cap Equity ETF | North American Pipelines & Power Equity ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended | For the Six Months Ended February 29, 2024 | For the Period to August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 2,146,997 | $ | 4,104,956 | $ | 114,451 | $ | 26,198 | ||||||||||||
Net realized gain (loss) | 5,751,164 | 8,236,712 | 524,611 | (3,319 | ) | |||||||||||||||
Net change in unrealized gain | 32,987,659 | 25,647,603 | 46,544 | 67,238 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 40,885,820 | 37,989,271 | 685,606 | 90,117 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (2,142,488 | ) | (4,101,726 | ) | (154,248 | ) | – | |||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 44,525,357 | 15,631,778 | 4,023,642 | 8,096,206 | ||||||||||||||||
Cost of shares redeemed | (25,228,798 | ) | (41,200,389 | ) | (6,365,006 | ) | – | |||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 19,296,559 | (25,568,611 | ) | (2,341,364 | ) | 8,096,206 | ||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 58,039,891 | 8,318,934 | (1,810,006 | ) | 8,186,323 | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 277,746,553 | $ | 269,427,619 | $ | 8,186,323 | $ | – | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 335,786,444 | $ | 277,746,553 | $ | 6,376,317 | $ | 8,186,323 | ||||||||||||
|
* Commencement of operations.
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
|
Defensive Equity ETF(a) | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Period January 1, 2023 to August 31, 2023 (b) | For the Fiscal Year Ended | ||||||||||||||
From operations: | ||||||||||||||||
Net investment income | $ | 39,027 | $ | 44,246 | $ | 44,263 | ||||||||||
Net realized loss | (17,217 | ) | (252,621 | ) | (345,459 | ) | ||||||||||
Net change in unrealized gain (loss) | 334,331 | 659,254 | (579,556 | ) | ||||||||||||
| ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 356,141 | 450,879 | (880,752 | ) | ||||||||||||
| ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||
From distributable earnings: | ||||||||||||||||
Class A Shares | – | – | (1,254 | ) | ||||||||||||
Class C Shares | – | – | – | |||||||||||||
Institutional Shares/Fund | (35,391 | ) | (33,649 | ) | (45,517 | ) | ||||||||||
Investor Shares | – | – | – | |||||||||||||
Class R6 Shares | – | – | – | |||||||||||||
Class R Shares | – | – | – | |||||||||||||
| ||||||||||||||||
Total distributions to shareholders | (35,391 | ) | (33,649 | ) | (46,771 | ) | ||||||||||
| ||||||||||||||||
From share transactions: | ||||||||||||||||
Proceeds from sales of shares | – | 2,623,015 | 438,545 | |||||||||||||
Reinvestment of distributions | – | – | 46,771 | |||||||||||||
Cost of shares redeemed | – | (1,816,084 | ) | (920,363 | ) | |||||||||||
| ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | – | 806,931 | (435,047 | ) | ||||||||||||
| ||||||||||||||||
TOTAL INCREASE (DECREASE) | 320,750 | 1,224,161 | (1,362,570 | ) | ||||||||||||
| ||||||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 6,792,760 | 5,568,599 | 6,931,169 | |||||||||||||
| ||||||||||||||||
End of period | $ | 7,113,510 | $ | 6,792,760 | $ | 5,568,599 | ||||||||||
|
(a) | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(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. |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
|
Small Cap Core Equity ETF | ||||||||
For the Period October 3, 2023* to February 29, 2024 (Unaudited) | ||||||||
From operations: | ||||||||
Net investment income | $ | 8,652 | ||||||
Net realized gain | 114,573 | |||||||
Net change in unrealized gain | 2,305,155 | |||||||
| ||||||||
Net increase in net assets resulting from operations | 2,428,380 | |||||||
| ||||||||
Distributions to shareholders: | ||||||||
From distributable earnings | (13,618 | ) | ||||||
From share transactions: | ||||||||
Proceeds from sales of shares | 21,196,913 | |||||||
Cost of shares redeemed | (1,045,561 | ) | ||||||
| ||||||||
Net increase in net assets resulting from share transactions | 20,151,352 | |||||||
| ||||||||
TOTAL INCREASE | 22,566,114 | |||||||
| ||||||||
Net Assets: | ||||||||
Beginning of period | $ | – | ||||||
| ||||||||
End of period | $ | 22,566,114 | ||||||
|
* | Commencement of operations. |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Bloomberg Clean Energy Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Period February 8, 2022* to August 31, 2022 | ||||||||||||||
Per Share Operating Performance: | ||||||||||||||||
Net asset value, beginning of period | $ | 35.04 | $ | 39.57 | $ | 39.60 | ||||||||||
| ||||||||||||||||
Net investment income(a) | 0.28 | 0.58 | 0.32 | |||||||||||||
Net realized and unrealized loss | (3.08 | ) | (4.56 | ) | (0.15 | ) | ||||||||||
| ||||||||||||||||
Total from investment operations | (2.80 | ) | (3.98 | ) | 0.17 | |||||||||||
| ||||||||||||||||
Distributions to shareholders from net investment income | (0.29 | ) | (0.55 | ) | (0.20 | ) | ||||||||||
| ||||||||||||||||
Net asset value, end of period | $ | 31.95 | $ | 35.04 | $ | 39.57 | ||||||||||
| ||||||||||||||||
Market price, end of period | $ | 31.92 | $ | 35.22 | $ | 39.52 | ||||||||||
| ||||||||||||||||
Total Return at Net Asset Value(b) | (8.05 | )% | (10.11 | )% | 0.45 | % | ||||||||||
| ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 11,181 | $ | 8,760 | $ | 7,915 | ||||||||||
Ratio of net expenses to average net assets | 0.45 | %(c) | 0.45 | % | 0.45 | %(c) | ||||||||||
Ratio of net investment income to average net assets | 1.75 | %(c) | 1.56 | % | 1.43 | %(c) | ||||||||||
Portfolio turnover rate(d) | 38 | % | 23 | % | 19 | % | ||||||||||
|
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Equal Weight U.S. Large Cap Equity ETF | ||||||||||||||||||||||||||||
For the Six Months Ended | For the Fiscal Year Ended August 31, | |||||||||||||||||||||||||||
February 29, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 62.93 | $ | 58.98 | $ | 70.00 | $ | 50.86 | $ | 46.30 | $ | 46.33 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net investment income(a) | 0.58 | 1.03 | 0.94 | 0.85 | 0.93 | 0.81 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | 7.17 | 3.94 | (10.98 | ) | 19.09 | 4.52 | (0.10 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total from investment operations | 7.75 | 4.97 | (10.04 | ) | 19.94 | 5.45 | 0.71 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.67 | ) | (1.02 | ) | (0.98 | ) | (0.80 | ) | (0.89 | ) | (0.74 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 70.01 | $ | 62.93 | $ | 58.98 | $ | 70.00 | $ | 50.86 | $ | 46.30 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Market price, end of period | $ | 69.99 | $ | 62.93 | $ | 58.99 | $ | 69.99 | $ | 50.95 | $ | 46.32 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return at Net Asset Value(b) | 12.40 | % | 8.58 | % | (14.48 | )% | 39.56 | % | 12.08 | % | 1.62 | % | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 605,598 | $ | 462,534 | $ | 613,410 | $ | 857,504 | $ | 320,433 | $ | 168,989 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.09 | %(c) | 0.09 | % | 0.09 | % | 0.09 | % | 0.09 | % | 0.09 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 1.83 | %(c) | 1.72 | % | 1.43 | % | 1.39 | % | 1.98 | % | 1.81 | % | ||||||||||||||||
Portfolio turnover rate(d) | 19 | % | 44 | % | 47 | % | 43 | % | 48 | % | 39 | % | ||||||||||||||||
|
(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. |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Hedge Industry VIP ETF | ||||||||||||||||||||||||||||
For the Six Months Ended | For the Fiscal Year Ended August 31, | |||||||||||||||||||||||||||
February 29, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 88.85 | $ | 75.37 | $ | 103.18 | $ | 79.37 | $ | 56.86 | $ | 57.98 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net investment income (loss)(a) | 0.66 | 0.17 | (0.04 | )(b) | (0.07 | ) | 0.16 | (c) | 0.51 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 16.64 | 13.32 | (27.77 | ) | 23.88 | 22.59 | (1.11 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total from investment operations | 17.30 | 13.49 | (27.81 | ) | 23.81 | 22.75 | (0.60 | ) | ||||||||||||||||||||
| ||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.74 | ) | (0.01 | ) | – | – | (d) | (0.24 | ) | (0.52 | ) | |||||||||||||||||
Distributions to shareholders from return of capital | – | – | – | – | – | (d) | – | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total distributions | (0.74 | ) | (0.01 | ) | – | – | (d) | (0.24 | ) | (0.52 | ) | |||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 105.41 | $ | 88.85 | $ | 75.37 | $ | 103.18 | $ | 79.37 | $ | 56.86 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Market price, end of period | $ | 105.58 | $ | 88.90 | $ | 75.47 | $ | 103.21 | $ | 79.50 | $ | 57.03 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return at Net Asset Value(e) | 19.55 | % | 17.90 | % | (26.95 | )% | 30.00 | % | 40.07 | % | (0.99 | )% | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 171,296 | $ | 142,164 | $ | 145,084 | $ | 221,834 | $ | 115,085 | $ | 79,608 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.45 | %(f) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 1.41 | %(f) | 0.23 | % | (0.05 | )% | (0.08 | )% | 0.26 | % | 0.91 | % | ||||||||||||||||
Portfolio turnover rate(g) | 75 | % | 120 | % | 117 | % | 136 | % | 124 | % | 103 | % | ||||||||||||||||
|
(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 redemption 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 redemption 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. |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Innovate Equity ETF | |||||||||||||||||||||||||||
For the Six Months | For the Fiscal | For the Period | |||||||||||||||||||||||||
Ended | Year Ended August 31, | November 6, 2020* | |||||||||||||||||||||||||
February 29, 2024 | to | ||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | August 31, 2021 | ||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 49.42 | $ | 43.67 | $ | 63.23 | $ | 50.03 | |||||||||||||||||||
| |||||||||||||||||||||||||||
Net investment income(a) | 0.17 | 0.43 | 0.33 | 0.24 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) | 5.77 | 5.39 | (19.43 | ) | 13.15 | ||||||||||||||||||||||
| |||||||||||||||||||||||||||
Total from investment operations | 5.94 | 5.82 | (19.10 | ) | 13.39 | ||||||||||||||||||||||
| |||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.53 | ) | (0.07 | ) | (0.46 | ) | (0.19 | ) | |||||||||||||||||||
| |||||||||||||||||||||||||||
Net asset value, end of period | $ | 54.83 | $ | 49.42 | $ | 43.67 | $ | 63.23 | |||||||||||||||||||
| |||||||||||||||||||||||||||
Market price, end of period | $ | 54.77 | $ | 49.42 | $ | 43.62 | $ | 63.34 | |||||||||||||||||||
| |||||||||||||||||||||||||||
Total Return at Net Asset Value(b) | 12.07 | % | 13.38 | % | (30.35 | )% | 26.80 | % | |||||||||||||||||||
| |||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 350,934 | $ | 336,076 | $ | 327,530 | $ | 493,184 | |||||||||||||||||||
Ratio of net expenses to average net assets | 0.50 | %(c) | 0.50 | % | 0.50 | % | 0.50 | %(c) | |||||||||||||||||||
Ratio of net investment income to average net assets | 0.68 | %(c) | 0.97 | % | 0.62 | % | 0.50 | %(c) | |||||||||||||||||||
Portfolio turnover rate(d) | 17 | % | 45 | % | 38 | % | 38 | % | |||||||||||||||||||
|
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(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. |
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
JUST U.S. Large Cap Equity ETF | ||||||||||||||||||||||||||||
For the Six Months Ended | For the Fiscal Year Ended August 31, | |||||||||||||||||||||||||||
February 29, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 64.22 | $ | 56.72 | $ | 65.65 | $ | 50.92 | $ | 42.04 | $ | 42.13 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net investment income(a) | 0.48 | 0.89 | 0.82 | 0.74 | 0.74 | 0.72 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | 8.38 | 7.49 | (8.97 | ) | 14.70 | 8.90 | 0.08 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total from investment operations | 8.86 | 8.38 | (8.15 | ) | 15.44 | 9.64 | 0.80 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.48 | ) | (0.88 | ) | (0.78 | ) | (0.71 | ) | (0.76 | ) | (0.89 | ) | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 72.60 | $ | 64.22 | $ | 56.72 | $ | 65.65 | $ | 50.92 | $ | 42.04 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Market price, end of period | $ | 72.69 | $ | 64.27 | $ | 56.84 | $ | 65.68 | $ | 50.88 | $ | 42.06 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return at Net Asset Value(b) | 13.89 | % | 15.00 | % | (12.53 | )% | 30.61 | % | 23.29 | % | 2.06 | % | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 335,786 | $ | 277,747 | $ | 269,428 | $ | 264,240 | $ | 152,754 | $ | 129,275 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.20 | %(c) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 1.46 | %(c) | 1.52 | % | 1.31 | % | 1.29 | % | 1.69 | % | 1.79 | % | ||||||||||||||||
Portfolio turnover rate(d) | 9 | % | 9 | % | 12 | % | 11 | % | 14 | % | 17 | % | ||||||||||||||||
|
(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 redemption 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 redemption 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. | 65 |
GOLDMAN SACHS NORTH AMERICAN PIPELINES & POWER EQUITY ETF
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period |
North American Pipelines & Power Equity ETF | ||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Period July 11, 2023* to August 31, 2023 | |||||||||||
Per Share Operating Performance: | ||||||||||||
Net asset value, beginning of period | $ | 40.93 | $ | 40.46 | ||||||||
| ||||||||||||
Net investment income(a) | 0.57 | 0.13 | ||||||||||
Net realized and unrealized gain | 1.98 | 0.34 | ||||||||||
| ||||||||||||
Total from investment operations | 2.55 | 0.47 | ||||||||||
| ||||||||||||
Distributions to shareholders from net investment income | (0.97 | ) | – | |||||||||
| ||||||||||||
Net asset value, end of period | $ | 42.51 | $ | 40.93 | ||||||||
| ||||||||||||
Market price, end of period | $ | 42.53 | $ | 40.96 | ||||||||
| ||||||||||||
Total Return at Net Asset Value(b) | 6.28 | % | 1.16 | % | ||||||||
| ||||||||||||
Net assets, end of period (in 000’s) | $ | 6,376 | $ | 8,186 | ||||||||
Ratio of net expenses to average net assets | 0.55 | %(c) | 0.55 | %(c) | ||||||||
Ratio of net investment income to average net assets | 2.81 | %(c) | 2.25 | %(c) | ||||||||
Portfolio turnover rate(d) | 46 | % | – | % | ||||||||
|
* | 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 redemption 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 redemption 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. |
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Defensive Equity ETF(a),(b) | ||||||||||||||||||||||||
For the Fiscal Year Ended December 31, | ||||||||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Period January 1, 2023 to August 31, 2023(d) | 2022 | 2021 | For the Period September 30, 2020 to December 31, 2020(c) | ||||||||||||||||||||
Per Share Operating Performance: |
| |||||||||||||||||||||||
Net asset value, beginning of period | $ | 44.52 | $ | 41.72 | $ | 48.24 | $ | 45.86 | $ | 45.00 | ||||||||||||||
| ||||||||||||||||||||||||
Net investment income(e) | 0.26 | 0.24 | 0.35 | 0.27 | 0.09 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 2.07 | 2.78 | (6.49 | ) | 6.26 | 0.86 | ||||||||||||||||||
| ||||||||||||||||||||||||
Total from investment operations | 2.33 | 3.02 | (6.14 | ) | 6.53 | 0.95 | ||||||||||||||||||
| ||||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.23 | ) | (0.22 | ) | (0.38 | ) | (0.23 | ) | (0.09 | ) | ||||||||||||||
Distributions to shareholders from net realized gains | – | – | – | (3.92 | ) | – | (f) | |||||||||||||||||
| ||||||||||||||||||||||||
Total distributions | (0.23 | ) | (0.22 | ) | (0.38 | ) | (4.15 | ) | (0.09 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Net asset value, end of period | $ | 46.62 | $ | 44.52 | $ | 41.72 | $ | 48.24 | $ | 45.86 | ||||||||||||||
| ||||||||||||||||||||||||
Market price, end of period | $ | 46.64 | $ | 44.53 | $ | – | $ | – | $ | – | ||||||||||||||
| ||||||||||||||||||||||||
Total Return at Net Asset Value(g) | 5.27 | % | 7.25 | % | (12.57 | )% | 14.24 | % | 2.11 | % | ||||||||||||||
| ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 7,114 | $ | 6,793 | $ | 5,031 | $ | 6,283 | $ | 5,201 | ||||||||||||||
Ratio of net expenses to average net assets | 0.54 | %(h) | 0.56 | % | 0.57 | % | 0.57 | % | 0.57 | %(h) | ||||||||||||||
Ratio of total expenses to average net assets | 0.55 | %(h) | 2.26 | % | 6.01 | % | 9.46 | % | 10.45 | %(h) | ||||||||||||||
Ratio of net investment income to average net assets | 1.16 | %(h) | 1.01 | % | 0.82 | % | 0.52 | % | 0.84 | %(h) | ||||||||||||||
Portfolio turnover rate(i) | 108 | % | 160 | % | 178 | % | 305 | % | 26 | % | ||||||||||||||
|
(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. |
(b) | On January 18, 2023, the Fund effected a 4.5 -for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split. |
(c) | Commencement of operations of Goldman Sachs Defensive Equity Fund, the predecessor fund. |
(d) | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(e) | Calculated based on the average shares outstanding methodology. |
(f) | Amount is less than $0.005 per share. |
(g) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(h) | Annualized. |
(i) | 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. | 67 |
GOLDMAN SACHS SMALL CAP CORE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout The Period |
Small Cap Core Equity ETF | ||||||||
For the Period October 3, 2023* to February 29, 2024 (Unaudited) | ||||||||
Per Share Operating Performance: | ||||||||
Net asset value, beginning of period | $ | 39.36 | ||||||
| ||||||||
Net investment income(a) | 0.03 | |||||||
Net realized and unrealized gain | 8.17 | |||||||
| ||||||||
Total from investment operations | 8.20 | |||||||
| ||||||||
Distributions to shareholders from net investment income | (0.05 | ) | ||||||
| ||||||||
Net asset value, end of period | $ | 47.51 | ||||||
| ||||||||
Market price, end of period | $ | 47.56 | ||||||
| ||||||||
Total Return at Net Asset Value(b) | 20.84 | % | ||||||
| ||||||||
Net assets, end of period (in 000’s) | $ | 22,566 | ||||||
Ratio of net expenses to average net assets | 0.75 | %(c) | ||||||
Ratio of total expenses to average net assets | 0.80 | %(c) | ||||||
Ratio of net investment income to average net assets | 0.16 | %(c) | ||||||
Portfolio turnover rate(d) | 16 | % | ||||||
|
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption 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. |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
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 | Diversified/ Non-diversified | |||
Bloomberg Clean Energy Equity ETF | Diversified | |||
Equal Weight U.S. Large Cap Equity ETF | Diversified | |||
Hedge Industry VIP ETF | Diversified | |||
Innovate Equity ETF | Diversified | |||
JUST U.S. Large Cap Equity ETF | Diversified | |||
North American Pipelines & Power Equity ETF(a) | Non-diversified | |||
Defensive Equity ETF | Diversified | |||
Small Cap Core Equity ETF(b) | Non-diversified |
(a) | Commenced operations on July 11, 2023. |
(b) | Commenced operations on October 3, 2023. |
The investment objective of each Fund (except Defensive Equity ETF and Small Cap Core Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Defensive Equity ETF seeks long-term growth of capital with lower volatility than equity markets. The Small Cap Core Equity ETF seeks long-term growth of capital.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF, Defensive Equity ETF and Small Cap Core Equity ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF and North American Pipelines & Power 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.
69 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. 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. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. 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 respect to Equal Weight U.S. Large Cap Equity ETF, JUST U.S. Large Cap Equity ETF, North American Pipelines & Power Equity ETF, Defensive Equity ETF and Small Cap Core Equity ETF, semi-annually with respect to Bloomberg Clean Energy Equity ETF, and annually for Hedge Industry VIP ETF and 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 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. Return of Capital Estimates — Distributions received from the North American Pipelines & Power Equity ETF’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.
F. 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.
70 |
GOLDMAN SACHS EQUITY ETFS
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 Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
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 exchange-traded funds (“ETFs”) and other investment companies. 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.
71 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 29, 2024:
Bloomberg Clean Energy Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 2,146,940 | $ | 15,579 | $ | — | ||||||
Europe | 3,176,938 | — | — | |||||||||
North America | 5,570,140 | — | — | |||||||||
South America | 136,555 | 65,604 | — | |||||||||
Investment Company | 41,286 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 26,070 | — | — | |||||||||
| ||||||||||||
Total | $ | 11,097,929 | $ | 81,183 | $ | — | ||||||
|
72 |
GOLDMAN SACHS EQUITY ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Equal Weight U.S. Large Cap Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
North America | $ | 604,167,341 | $ | — | $ | — | ||||||
Investment Company | 567,018 | — | — | |||||||||
| ||||||||||||
Total | $ | 604,734,359 | $ | — | $ | — | ||||||
| ||||||||||||
Hedge Industry VIP ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 6,744,109 | $ | — | $ | — | ||||||
Europe | 3,370,451 | — | — | |||||||||
North America | 157,979,819 | — | — | |||||||||
South America | 3,074,143 | — | — | |||||||||
Investment Company | 118,097 | — | — | |||||||||
| ||||||||||||
Total | $ | 171,286,619 | $ | — | $ | — | ||||||
| ||||||||||||
Innovate Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 57,013,846 | $ | 49,364 | $ | — | ||||||
Europe | 30,217,639 | — | 28,403 | |||||||||
North America | 257,728,592 | 544,920 | — | |||||||||
South America | 4,716,352 | — | — | |||||||||
Exchange-Traded Fund | 595,499 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 6,720,917 | — | — | |||||||||
| ||||||||||||
Total | $ | 356,992,845 | $ | 594,284 | $ | 28,403 | ||||||
| ||||||||||||
JUST U.S. Large Cap Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
North America | $ | 335,289,043 | $ | — | $ | — | ||||||
Investment Company | 81,862 | — | — | |||||||||
| ||||||||||||
Total | $ | 335,370,905 | $ | — | $ | — | ||||||
|
73
73 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
North American Pipelines & Power Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 15,266 | $ | — | $ | — | ||||||
North America | 6,339,453 | — | — | |||||||||
Investment Company | 10,966 | — | — | |||||||||
| ||||||||||||
Total | $ | 6,365,685 | $ | — | $ | — | ||||||
| ||||||||||||
Defensive Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 9,007 | $ | — | $ | — | ||||||
North America | 6,299,313 | — | — | |||||||||
South America | 27,120 | — | — | |||||||||
Investment Company | 537,910 | — | — | |||||||||
| ||||||||||||
Total | $ | 6,873,350 | $ | — | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 3,407 | $ | — | $ | — | ||||||
Purchased Options Contracts | 35,437 | — | — | |||||||||
| ||||||||||||
Total | $ | 38,844 | $ | — | $ | — | ||||||
| ||||||||||||
Liabilities | ||||||||||||
Written Options Contracts | $ | (30,105 | ) | $ | — | $ | — | |||||
| ||||||||||||
Small Cap Core Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 239,607 | $ | — | $ | — | ||||||
North America | 22,259,644 | — | — | |||||||||
Investment Company | 285,240 | — | — | |||||||||
| ||||||||||||
Total | $ | 22,784,491 | $ | — | $ | — | ||||||
|
(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. |
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 29, 2024. These instruments were used as part of the Fund’s investment strategies
74 |
GOLDMAN SACHS EQUITY ETFS
4. INVESTMENTS IN DERIVATIVES (continued) |
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 | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Written options at value | $ | 38,844 | Written options at value | $ | (30,105 | ) |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 29, 2024 is reported within the Statement of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2024. 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:
Defensive Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in | |||||||
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 | $ | (372,396 | ) | $ | (27,335 | ) |
For the six months ended February 29, 2024 the relevant values for each derivative type were as follows:
Average number of Contracts(a) | ||||||||
|
| |||||||
Fund | Futures Contracts | Purchased Options | Written Options | |||||
| ||||||||
Defensive Equity ETF | 3 | 28 | 57 | |||||
|
(a) | Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024. |
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 29, 2024, contractual and effective net unitary management fees with GSAM were at the following rates:
75 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Fund | Unitary Management Fee | |
| ||
Bloomberg Clean Energy Equity ETF | 0.45% | |
| ||
Equal Weight U.S. Large Cap Equity ETF | 0.09% | |
| ||
Hedge Industry VIP ETF | 0.45% | |
| ||
Innovate Equity ETF | 0.50% | |
| ||
JUST U.S. Large Cap Equity ETF | 0.20% | |
| ||
North American Pipelines & Power Equity ETF | 0.55% | |
| ||
Defensive Equity ETF | 0.55% | |
| ||
Small Cap Core Equity ETF | 0.80%* | |
|
* | The net effective management fee for the period October 3, 2023 (commencement of operations) through February 29, 2024 was 0.75%. |
The Investment Adviser has agreed to waive a portion of its management fee for Small Cap Core Equity ETF in order to achieve a net management fee rate of 0.75% as an annual percentage for the Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2024, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. During the period ended February 29, 2024, the Small Cap Core Equity ETF waived $2,664 in management fees.
The 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, North American Pipelines & Power Equity ETF, Defensive Equity ETF and Small Cap Core Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations 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 29, 2024, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived | |||
| ||||
Bloomberg Clean Energy Equity ETF | $ | 26 | ||
| ||||
Equal Weight U.S. Large Cap Equity ETF | 461 | |||
| ||||
Hedge Industry VIP ETF | 233 | |||
| ||||
Innovate Equity ETF | 437 | |||
| ||||
JUST U.S. Large Cap Equity ETF | 210 | |||
| ||||
North American Pipelines & Power Equity ETF | 10 | |||
| ||||
Defensive Equity ETF | 226 | |||
| ||||
Small Cap Core Equity ETF | 78 | |||
|
B. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in The Goldman Sachs Group, Inc. and Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 29, 2024:
76 |
GOLDMAN SACHS EQUITY ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Bloomberg Clean Energy Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 418,442 | $ | (377,156 | ) | $ | – | $ | – | $ | 41,286 | 41,286 | $ | 777 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Equal Weight U.S. Large Cap Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 8,004,233 | $ | (7,437,215 | ) | $ | – | $ | – | $ | 567,018 | 567,018 | $ | 12,931 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Group, Inc. (The) |
| |||||||||||||||||||||||||||||||||||
888,422 | 312,898 | (175,719 | ) | 6,102 | 167,349 | 1,199,052 | 3,082 | 16,346 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total | $ | 888,422 | $ | 8,317,131 | $ | (7,612,934 | ) | $ | 6,102 | $ | 167,349 | $ | 1,766,070 | $ | 29,277 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Hedge Industry VIP ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 8,780,829 | $ | (8,662,732 | ) | $ | – | $ | – | $ | 118,097 | 118,097 | $ | 6,840 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Innovate Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 5,355,914 | $ | (5,355,914 | ) | $ | – | $ | – | $ | – | – | $ | 13,011 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Group, Inc. (The) |
| |||||||||||||||||||||||||||||||||||
1,692,950 | 114,167 | (398,836 | ) | 93,257 | 214,172 | 1,715,710 | 4,410 | 25,737 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total | $ | 1,692,950 | $ | 5,470,081 | $ | (5,754,750 | ) | $ | 93,257 | $ | 214,172 | $ | 1,715,710 | $ | 38,748 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
JUST U.S. Large Cap Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 1,987,701 | $ | (1,905,839 | ) | $ | – | $ | – | $ | 81,862 | 81,862 | $ | 6,272 | $ | – | |||||||||||||||||||
|
77 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued ) |
JUST U.S. Large Cap Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Group, Inc. (The) |
| |||||||||||||||||||||||||||||||||||
$ | 1,047,034 | $ | 179,353 | $ | (53,822 | ) | $ | 11,393 | $ | 196,392 | $ | 1,380,350 | 3,548 | $ | 19,057 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total | $ | 1,047,034 | $ | 2,167,054 | $ | (1,959,661 | ) | $ | 11,393 | $ | 196,392 | $ | 1,462,212 | $ | 25,329 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
North American Pipelines & Power Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 277,929 | $ | (266,963 | ) | $ | – | $ | – | $ | 10,966 | 10,966 | $ | 304 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Defensive Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 1,837,108 | $ | (1,299,198 | ) | $ | – | $ | – | $ | 537,910 | 537,910 | $ | 6,632 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Small Cap Core Equity ETF |
| |||||||||||||||||||||||||||||||||||
Beginning value as of October 3, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | Capital Gain Distribution | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 563,343 | $ | (278,103 | ) | $ | – | $ | – | $ | 285,240 | 285,240 | $ | 2,260 | $ | – | |||||||||||||||||||
|
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
78 |
GOLDMAN SACHS EQUITY ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
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:
Bloomberg Clean Energy Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 100,000 | $ | 3,130,454 | 50,000 | $ | 1,839,938 | ||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 100,000 | $ | 3,130,454 | 50,000 | $ | 1,839,938 | ||||||||||
| ||||||||||||||||
Equal Weight U.S. Large Cap Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 1,900,000 | $ | 124,662,802 | 850,000 | $ | 49,832,589 | ||||||||||
Shares redeemed | (600,000 | ) | (38,906,605 | ) | (3,900,000 | ) | (233,144,465 | ) | ||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | 1,300,000 | $ | 85,756,197 | (3,050,000 | ) | $ | (183,311,876 | ) | ||||||||
| ||||||||||||||||
Hedge Industry VIP ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 700,000 | $ | 68,291,392 | 775,000 | $ | 62,131,240 | ||||||||||
Shares redeemed | (675,000 | ) | (66,203,984 | ) | (1,100,000 | ) | (85,315,250 | ) | ||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | 25,000 | $ | 2,087,408 | (325,000 | ) | $ | (23,184,010 | ) | ||||||||
| ||||||||||||||||
Innovate Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 350,000 | $ | 18,889,614 | 750,000 | $ | 33,353,298 | ||||||||||
Shares redeemed | (750,000 | ) | (40,076,074 | ) | (1,450,000 | ) | (64,136,240 | ) | ||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (400,000 | ) | $ | (21,186,460 | ) | (700,000 | ) | $ | (30,782,942 | ) | ||||||
|
79 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
JUST U.S. Large Cap Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 675,000 | $ | 44,525,357 | 275,000 | $ | 15,631,778 | ||||||||||
Shares redeemed | (375,000 | ) | (25,228,798 | ) | (700,000 | ) | (41,200,389 | ) | ||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | 300,000 | $ | 19,296,559 | (425,000 | ) | $ | (25,568,611 | ) | ||||||||
| ||||||||||||||||
North American Pipelines & Power Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Period July 11, 2023(a) to August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 100,000 | $ | 4,023,642 | 200,000 | $ | 8,096,206 | ||||||||||
Shares redeemed | (150,000 | ) | (6,365,006 | ) | — | — | ||||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (50,000 | ) | $ | (2,341,364 | ) | 200,000 | $ | 8,096,206 | ||||||||
|
(a) | Commencement of operations. |
Defensive Equity ETF(a) | ||||||||||||||||||||||||
For the Six Months Ended | For the Period January 1, 2023 to August 31, 2023 † | For the Fiscal Year Ended December 31, 2022 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
| |||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | — | $ | — | — | $ | — | 5,398 | $ | 51,806 | |||||||||||||||
Reinvestment of distributions | — | — | — | — | 134 | 1,254 | ||||||||||||||||||
Shares redeemed | — | — | (25,524 | )* | (240,345 | )* | (9,452 | ) | (94,513 | ) | ||||||||||||||
| ||||||||||||||||||||||||
— | — | (25,524 | ) | (240,345 | ) | (3,920 | ) | (41,453 | ) | |||||||||||||||
| ||||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | — | — | — | — | 24,307 | 241,850 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Shares redeemed | — | — | (32,815 | )* | (306,081 | )* | (940 | ) | (8,516 | ) | ||||||||||||||
| ||||||||||||||||||||||||
— | — | (32,815 | ) | (306,081 | ) | 23,367 | 233,334 | |||||||||||||||||
| ||||||||||||||||||||||||
Fund Share Activity (formerly Institutional Shares)** |
| |||||||||||||||||||||||
Shares sold | — | — | 60,477 | 2,623,015 | 3,112 | 144,889 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 1,080 | 45,517 | ||||||||||||||||||
Shares redeemed | — | — | (28,520 | ) | (1,269,658 | ) | (13,844 | ) | (617,012 | ) | ||||||||||||||
| ||||||||||||||||||||||||
— | — | 31,957 | 1,353,357 | (9,652 | ) | (426,606 | ) | |||||||||||||||||
|
80 |
GOLDMAN SACHS EQUITY ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| ||||||||||||||||||||||||
Defensive Equity ETF(a)
| ||||||||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Period January 1, 2023 to August 31, 2023 † | For the Fiscal Year Ended December 31, 2022 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
| |||||||||||||||||||||||
Investor Shares | ||||||||||||||||||||||||
Shares sold | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Shares redeemed | — | — | — | — | (5,438) | (50,140) | ||||||||||||||||||
| ||||||||||||||||||||||||
— | — | — | — | (5,438) | (50,140) | |||||||||||||||||||
| ||||||||||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||
Shares sold | — | — | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Shares redeemed | — | — | — | — | (5,446) | (50,268) | ||||||||||||||||||
| ||||||||||||||||||||||||
— | — | — | — | (5,446) | (50,268) | |||||||||||||||||||
| ||||||||||||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Shares sold | — | — | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Shares redeemed | — | — | — | — | (5,414) | (49,649) | ||||||||||||||||||
| ||||||||||||||||||||||||
— | — | — | — | (5,414) | (49,649) | |||||||||||||||||||
| ||||||||||||||||||||||||
Class P Shares | ||||||||||||||||||||||||
Shares sold | — | — | — | — | — | — | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | — | — | ||||||||||||||||||
Shares redeemed | — | — | — | — | (5,446) | (50,265) | ||||||||||||||||||
| ||||||||||||||||||||||||
— | — | — | — | (5,446) | (50,265) | |||||||||||||||||||
| ||||||||||||||||||||||||
NET INCREASE IN SHARES | — | $ | — | (26,382) | $ | 806,931 | (11,949) | $ | (435,047) | |||||||||||||||
|
† | 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. |
Small Cap Core Equity ETF | ||||||||
For the Period October 3, 2023(a) to February 29, 2024 (Unaudited) | ||||||||
|
| |||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity | ||||||||
Shares sold | 500,000 | $ | 21,196,913 | |||||
Shares redeemed | (25,000) | (1,045,561) | ||||||
| ||||||||
NET INCREASE IN SHARES | 475,000 | $ | 20,151,352 | |||||
|
(a) | Commenced operations on October 3, 2023. |
81 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
| ||||||||
Bloomberg Clean Energy Equity ETF | $ | 4,345,611 | $ | 3,838,584 | ||||
| ||||||||
Equal Weight U.S. Large Cap Equity ETF | 93,737,039 | 94,143,651 | ||||||
| ||||||||
Hedge Industry VIP ETF | 181,467,213 | 112,907,034 | ||||||
| ||||||||
Innovate Equity ETF | 55,659,911 | 58,082,131 | ||||||
| ||||||||
JUST U.S. Large Cap Equity ETF | 27,037,236 | 26,914,588 | ||||||
| ||||||||
North American Pipelines & Power Equity ETF(a) | 3,782,323 | 3,758,196 | ||||||
| ||||||||
Defensive Equity ETF | 6,534,528 | 7,040,267 | ||||||
| ||||||||
Small Cap Core Equity ETF(b) | 2,166,726 | 2,075,870 | ||||||
|
(a) | Commenced operations on July 11, 2023. |
(b) | Commenced operations on October 3, 2023. |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
| ||||||||
Bloomberg Clean Energy Equity ETF | $ | 2,579,906 | $ | — | ||||
| ||||||||
Equal Weight U.S. Large Cap Equity ETF | 124,310,908 | 38,659,194 | ||||||
| ||||||||
Hedge Industry VIP ETF | — | 66,421,472 | ||||||
| ||||||||
Innovate Equity ETF | 18,299,672 | 38,881,121 | ||||||
| ||||||||
JUST U.S. Large Cap Equity ETF | 44,360,352 | 25,015,429 | ||||||
| ||||||||
North American Pipelines & Power Equity ETF(a) | 4,015,523 | 6,329,704 | ||||||
| ||||||||
Small Cap Core Equity ETF(b) | 21,020,585 | 1,031,917 | ||||||
|
(a) | Commenced operations on July 11, 2023. |
(b) | Commenced operations on October 3, 2023. |
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
82 |
GOLDMAN SACHS EQUITY ETFS
8. SECURITIES LENDING (continued) |
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 29, 2024, 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 29, 2024, 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 29, 2024:
Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | ||||||||||||
| ||||||||||||||||
Bloomberg Clean Energy Equity ETF | $ | 119,761 | $ | 1,019,524 | $ | (1,113,215 | ) | $ | 26,070 | |||||||
| ||||||||||||||||
Equal Weight U.S. Large Cap Equity ETF | 542,850 | 2,699,678 | (3,242,528 | ) | — | |||||||||||
| ||||||||||||||||
Hedge Industry VIP ETF | — | 3,168,125 | (3,168,125 | ) | — | |||||||||||
| ||||||||||||||||
Innovate Equity ETF | 8,259,180 | 26,921,924 | (28,460,187 | ) | 6,720,917 | |||||||||||
| ||||||||||||||||
JUST U.S. Large Cap Equity ETF | 30,687 | 601,394 | (632,081 | ) | — | |||||||||||
|
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year ended August 31, 2023, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:
83 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
9. TAX INFORMATION (continued ) |
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 | ||||||||||||||||
| ||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||
Perpetual Short-Term | $ | (4,035) | $ | (19,879,124) | $ | (43,746,330) | $ | (19,152,011) | $ | (4,416,220) | ||||||||||
Perpetual Long-Term | — | (5,158,552) | (4,687,451) | (19,652,908) | (1,495,913) | |||||||||||||||
| ||||||||||||||||||||
Total capital loss carryforwards | (4,035) | (25,037,676) | (48,433,781) | (38,804,919) | (5,912,133) | |||||||||||||||
| ||||||||||||||||||||
Timing differences — (Qualified Late Year | ||||||||||||||||||||
Ordinary Loss Deferral/Post October | ||||||||||||||||||||
Capital Loss Deferral) | (129,221) | (38,647,844) | (15,225,001) | (36,330,003) | (4,487,849) | |||||||||||||||
| ||||||||||||||||||||
North American Pipelines & Power Equity ETF | Defensive Equity ETF | Small Cap Core Equity ETF(a) | ||||||||||||||||||
| ||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||
Perpetual Short-Term | $ | — | $ | (96,743) | $ | — | ||||||||||||||
Perpetual Long-Term | — | (381,935) | — | |||||||||||||||||
| ||||||||||||||||||||
Total capital loss carryforwards | — | (478,678) | — | |||||||||||||||||
|
(a) | Commenced operations on October 3, 2023. |
As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
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 | ||||||||||||||||
| ||||||||||||||||||||
Tax Cost | $ | 11,942,638 | $ | 530,659,836 | $ | 146,281,012 | $ | 315,133,550 | $ | 252,011,346 | ||||||||||
| ||||||||||||||||||||
Gross unrealized gain | 699,947 | 103,634,759 | 30,863,800 | 83,821,508 | 98,089,598 | |||||||||||||||
Gross unrealized loss | (1,463,473 | ) | (29,560,236 | ) | (5,858,193 | ) | (41,339,526 | ) | (14,730,039) | |||||||||||
| ||||||||||||||||||||
Net unrealized gain (loss) | $ | (763,526 | ) | $ | 74,074,523 | $ | 25,005,607 | $ | 42,481,982 | $ | 83,359,559 | |||||||||
| ||||||||||||||||||||
North American Pipelines & Power Equity ETF | Defensive Equity ETF | Small Cap Core Equity ETF(a) | ||||||||||||||||||
| ||||||||||||||||||||
Tax Cost |
| $ | 6,251,136 | $ | 6,311,222 | $ | 20,479,336 | |||||||||||||
| ||||||||||||||||||||
Gross unrealized gain |
| 340,245 | 803,897 | 2,606,819 | ||||||||||||||||
Gross unrealized loss |
| (225,696 | ) | (241,769 | ) | (301,664) | ||||||||||||||
| ||||||||||||||||||||
Net unrealized gain (loss) |
| $ | 114,549 | $ | 562,128 | $ | 2,305,155 | |||||||||||||
|
(a) | Commenced operations on October 3, 2023. |
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.
84 |
GOLDMAN SACHS EQUITY ETFS
9. TAX INFORMATION (continued ) |
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:
Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index, (or a reference index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
Index Risk (each Fund except Defensive Equity ETF and Small Cap Core Equity ETF) — Bloomberg Professional Services, 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. 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 Providers may utilize third party data in constructing each Index, but 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. The Index Providers 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.
Industry Concentration Risk (each Fund except Defensive Equity ETF and Small Cap Core Equity ETF) — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.
Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to
85 |
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
10. OTHER RISKS (continued ) |
meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.
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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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 pay more for, or receive less than, the underlying value of the Shares, respectively. 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 Defensive Equity ETF and Small Cap Core Equity ETF) trading individually or in the aggregate at any point in time.
Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.
Non Diversification Risk— The North American Pipelines & Power Equity ETF and Small Cap Core Equity ETF 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, the 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.
Tracking Error Risk (each Fund except Defensive Equity ETF and Small Cap Core 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.
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12. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS EQUITY ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:
Proposal Election of Trustees | For | Withheld | ||
| ||||
Gregory G. Weaver | 312,642,103 | 27,755,773 | ||
| ||||
Dwight L. Bush | 339,557,290 | 840,586 | ||
| ||||
Kathryn A. Cassidy | 339,692,259 | 705,617 | ||
| ||||
John G. Chou | 339,628,535 | 769,341 | ||
| ||||
Joaquin Delgado | 339,626,867 | 771,009 | ||
| ||||
Eileen H. Dowling | 339,570,827 | 827,049 | ||
| ||||
Paul C. Wirth | 339,591,397 | 806,479 | ||
|
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GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The 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 and Goldman Sachs Defensive 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, 2024 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, 2023 (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. 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 (i) 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”); (ii) its underlying index (except for the Goldman Sachs Defensive Equity ETF); (iii) with respect to the Goldman Sachs Defensive Equity ETF, a benchmark performance index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iv) 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 (except with respect to the Goldman Sachs Bloomberg Clean Energy Equity ETF), 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 (except for the Goldman Sachs Defensive Equity ETF, which was reorganized into an ETF from a mutual fund in 2023) 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 (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 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, and the Goldman Sachs Defensive Equity ETF, which is 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 provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. 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. 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, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. 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 (except for the Goldman Sachs Defensive Equity ETF) performance to that of its respective index, and with respect to the Goldman Sachs Defensive Equity ETF, to a comparable market capitalization-weighted reference index and a composite of accounts with comparable investment strategies managed the Investment Adviser. The Trustees observed that each Fund’s (except for the Goldman Sachs Defensive Equity ETF)
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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
investment performance was consistent with the investment objective of tracking its index. With respect to the Goldman Sachs Defensive Equity ETF, they considered the investment performance trend of the Fund over time and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also recalled that the Goldman Sachs Defensive Equity ETF’s predecessor fund had commenced operations on September 20, 2020 and had been reorganized into the Fund on January 20, 2023. They observed that the Goldman Sachs Defensive Equity ETF had underperformed the Fund’s benchmark index for the one-year period ended June 30, 2023. The Trustees noted that the Goldman Sachs Defensive Equity ETF’s investment performance was consistent with its investment objective of seeking long-term growth of capital with lower volatility than equity markets.
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. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.
The Trustees noted that license fees would be payable by the Investment Adviser to Bloomberg Professional Services for the use of the underlying index of the Goldman Sachs Bloomberg Clean Energy Equity ETF, 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 Innovate 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 2022 (except for the Goldman Sachs Defensive Equity ETF) and 2021 (except for the Goldman Sachs Bloomberg Clean Energy Equity ETF and Goldman Sachs Defensive 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
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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
the Investment Adviser and its realized profits, 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 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 funds 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 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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) 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, 2024.
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GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Small Cap Core Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on October 3, 2023. At a meeting held on September 19-20, 2023 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund. At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the 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 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. 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 although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Fund. The Trustees also reviewed 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
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GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
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. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
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 that 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) fees earned by the Investment Adviser for managing the funds 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 & Co. LLC (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive 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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) 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; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) 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.
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GOLDMAN SACHS EQUITY ETFS
Liquidity Risk Management Program
February 29, 2024
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 13-14, 2024, 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, 2023 through December 31, 2023 (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. 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 EQUITY ETFS
Fund Expenses — Six Month ended February 29, 2024 (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, 2023 and held for the six months ended February 29, 2024, which represents a period of 182 days of a 366 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.
Bloomberg Clean Energy Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Hedge Industry VIP ETF | Innovate Equity ETF | |||||||||||||||||||||
Beginning 9/1/23 | Ending 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning 9/1/23 | Ending 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||
Actual based on NAV | $1,000.00 | $919.52 | $2.15 | $1,000.00 | $1,124.00 | $0.48 | $1,000.00 | $1,195.54 | $2.46 | $1,000.00 | $1,120.71 | $2.64 | ||||||||||||
Hypothetical 5% return | 1,000.00 | 1,022.63+ | 2.26 | 1,000.00 | 1,024.42+ | 0.45 | 1,000.00 | 1,022.63+ | 2.26 | 1,000.00 | 1,022.38+ | 2.51 | ||||||||||||
| ||||||||||||||||||||||||
JUST U.S. Large Cap Equity ETF | North American Pipelines & Power Equity ETF | Defensive Equity ETF | Small Cap Core Equity ETF** | |||||||||||||||||||||
Beginning Account Value 9/1/23 | Ending 2/29/24 | Expenses Paid for the | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the | Beginning Account Value 9/1/23 | Ending 2/29/24 | Expenses Paid for the | Beginning Account Value 9/1/23 | Ending 2/29/24 | Expenses Paid for the | |||||||||||||
Actual based on NAV | $1,000.00 | $1,138.86 | $1.06 | $1,000.00 | $1,062.79 | $2.82 | $1,000.00 | $1,052.71 | $2.76 | $1,000.00 | $1,208.39 | $3.39 | ||||||||||||
Hypothetical 5% return | 1,000.00 | 1,023.87+ | 1.01 | 1,000.00 | 1,022.13+ | 2.77 | 1,000.00 | 1,022.18+ | 2.72 | 1,000.00 | 1,017.42+ | 3.10 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
** | Fund commenced operations on October 3, 2023. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 150/366, which represents a period of 150 days of a 366 day year (to reflect the Fund’s commencement of operation). |
The annualized net expense ratios for the period were as follows:
Fund | ||||||
Bloomberg Clean Energy Equity ETF | 0.45 | % | ||||
Equal Weight U.S. Large Cap Equity ETF | 0.09 | |||||
Hedge Industry VIP ETF | 0.45 | |||||
Innovate Equity ETF | 0.50 | |||||
JUST U.S. Large Cap Equity ETF | 0.20 | |||||
North American Pipelines & Power Equity ETF | 0.55 | |||||
Defensive Equity ETF | 0.54 | |||||
Small Cap Core Equity ETF | 0.75 |
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FUNDS PROFILE
Goldman Sachs ETFs
February 29, 2024
THE GOLDMAN SACHS
ADVANTAGE
Our goal is to deliver:
Strong, Consistent Investment Results | ||
∎ | Global Resources and Global Research | |
∎ | Team Approach | |
∎ | Disciplined Processes |
Innovative, Value-Added Investment Products | ||
∎ | Thoughtful Solutions | |
∎ | Risk Management |
Outstanding Client Service | ||
∎ | Dedicated Service Teams | |
∎ | Excellence and Integrity |
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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 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 Bonds 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 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® 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 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 Goldman Sachs Hedge Industry VIP ETF Goldman Sachs Innovate Equity ETF Goldman Sachs JUST U.S. Large Cap Equity ETF Goldman Sachs MarketBeta® Emerging Markets Equity ETF Goldman Sachs MarketBeta® International Equity ETF Goldman Sachs MarketBeta® Total International Equity ETF Goldman Sachs MarketBeta® U.S. 1000 Equity ETF Goldman Sachs MarketBeta® U.S. Equity ETF Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF Goldman Sachs Nasdaq-100 Core Premium Income ETF Goldman Sachs North American Pipelines & Power Equity ETF Goldman Sachs Small Cap Core Equity ETF Goldman Sachs S&P 500 Core Premium Income 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.
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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 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.
The Goldman Sachs North American Pipelines & Power 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 Energy Infrastructure Enhanced 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 North American Pipelines & Power 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 North American Pipelines & Power 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 North American Pipelines & Power 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 “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
101 |
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 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. © 2024 Goldman Sachs. All rights reserved. 365398-OTU-04/2024 GST 2497 EQTYETFSAR-24
Goldman Sach Semi-Annual Report February 29, 2024 Goldman Sach Future Thematic ETFs Future consumer Equity ETF (GBUY) Future Health Care Equity ETF (GDOC) Future Planet Equity ETF (GSFP) Future Real Estate and Infrastructure Equity ETF (GREI) Future Tech Leader 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 | ||||
7 | ||||
22 | ||||
30 | ||||
37 | ||||
38 | ||||
39 | ||||
Goldman Sachs Future Real Estate and Infrastructure Equity ETF | 40 | |||
41 | ||||
42 | ||||
61 |
Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
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 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.
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 13.93%. The Russell 3000® Index generated a return of 13.76%. |
• | Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership. |
• | The Reporting Period began in September 2023 with a sharp pullback. |
• | Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (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.) |
• | Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment. |
• | The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors. |
• | During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003. |
• | The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023. |
• | U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime. |
• | The market then shifted direction in November. |
• | November saw the most significant easing in financial conditions of any month in more than four decades. |
• | Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes. |
• | The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards. |
• | Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) |
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MARKET REVIEW
• | U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years. |
• | Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks. |
• | The S&P 500 Index rose in January 2024, albeit modestly. |
• | Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors. |
• | Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy. |
• | The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again. |
• | Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. |
• | In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven.” |
• | U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.) |
• | The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact. |
• | Economic data remained robust, which helped ease concerns of a hard landing. |
• | Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024. |
• | Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors. |
• | During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap® Index and Russell 2000® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) |
• | The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples. |
International Equities
• | Representing the developed international equity markets, the MSCI EAFE Index (net) returned 9.23% for the Reporting Period, lagging the U.S. equity market. |
• | As the Reporting Period began in September 2023, international equity markets, like their U.S. counterpart, declined, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets. |
• | In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised interest rates for the second time in the third calendar quarter. However, inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last. |
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MARKET REVIEW
• | The U.K. equity market fared better than continental Europe, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The Bank of England (“BoE”) ended its run of 14 consecutive interest rate hikes in September. |
• | The Japanese equity market fell in September, as concerns arose surrounding political tensions with China, which could impact tourism. |
• | International equities rallied strongly in the fourth quarter of 2023, fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative. |
• | In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell. |
• | U.K. equities posted positive returns overall but lagged other geographies due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. economic growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-cap stocks performed especially well. |
• | The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. However, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates. |
• | The MSCI EAFE Index posted positive, though quite modest, returns in January 2024. While developed markets advanced on positive macroeconomic indicators, central banks tempered investor expectations of interest rate cuts in the first quarter of 2024. |
• | European equities gained. The ECB kept its rates steady at its January meeting, recognizing a medium-term trend in declining inflation despite the uptick in the prior month. The ECB seemed to have little aversion towards maintaining elevated rates for as long as necessary, reiterating its commitment to a data-driven approach over the next few months. |
• | U.K. equities posted a negative return overall in January. Signs of economic growth as well as a higher than anticipated December 2023 inflation reading pushed out expectations of rate cuts from the BoE. |
• | Despite beginning the calendar year with an earthquake and an accident at Tokyo Haneda airport, Japan was the best performing major region in January amidst foreign inflows, as investors rotated out of an underperforming Chinese equity market. Japanese equity markets were propelled by investor optimism around structural developments, such as corporate governance reforms requesting management plans around cost of capital and stock prices, as well as by the launch of the Nippon Individual Savings Account, which was widely expected to increase retail investor participation. The market was also boosted by yen depreciation, as the Bank of Japan elected not to change its negative rate policy at its January meeting. |
• | The MSCI EAFE Index performed better in February 2024, as corporate earnings reports and positive economic data supported a solid monthly return. |
• | European equities gained. Despite inflation in the region declining, the ECB reiterated its cautionary guidance regarding rate cuts. After reaching its highest level since July 2023 in January 2024, Europe’s Purchasing Managers’ Index rose further in February, underscoring signs of improving economic activity in the region. |
• | The U.K. equity market underperformed other international equity markets in February but still eked out a modestly positive return. Similar to the ECB, the BoE tempered interest rate cut expectations despite inflation coming in slightly below expectations. The U.K. equity market was further challenged by underwhelming corporate earnings and poor economic data that signaled the U.K. had entered a technical recession in the fourth quarter of 2023. |
• | The Japanese equity market reached an all-time high in February, surpassing its previous high set 34 years earlier. Despite disappointing fourth quarter 2023 economic growth data, markets were enthused by the return of inflation in Japan, corporate governance reforms and stronger-than-consensus-expected corporate earnings results, led mainly by large-cap stocks. |
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MARKET REVIEW
• | For the Reporting Period overall, eight of the eleven sectors in the MSCI EAFE Index posted positive total returns. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials, each posting a double-digit positive total return. The weakest performing sectors were consumer staples, utilities and energy. |
• | The best performing countries within the MSCI EAFE Index were the Netherlands, Sweden and Israel. The weakest performing countries during the Reporting Period were Portugal, Hong Kong and Finland. |
Emerging Markets Equities
• | Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 4.93% 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 2023, emerging markets equities as a whole posted negative returns, as heightened expectations amid strong U.S. economic data that U.S. interest rates would remain higher for longer put pressure on emerging markets equities. |
• | China remained top of mind for many investors with property market and local government debt issues reducing confidence in its equity market, which posted negative returns. Elsewhere in Asia, India’s equity market rose, as the country’s long-term structural drivers remained strong and its near-term cyclical backdrop improved, with economic momentum advancing, corporate earnings growth broadening and corporate capital expenditures picking up. |
• | In Latin America, the Brazilian equity market rose modestly, reporting economic growth that beat consensus expectations though high inflation kept investors alert to potential changes in economic policy. |
• | In the EMEA (Europe, Middle East and Africa) region, Turkey’s equity market was the top performer, as domestic retail investor flows followed a signaled return to economic orthodoxy from the Turkish government. However, the equity markets of Poland, Greece and Saudi Arabia fell. |
• | Emerging markets equities rallied in the fourth quarter of 2023 overall. |
• | In October 2023, emerging markets equities as a whole fell as did most equity markets globally, as expectations for higher for longer interest rates, particularly in the U.S., and the outbreak of war in the Middle East reduced risk appetite, especially within emerging markets regions. |
• | November 2023 was a strong month for emerging markets equities, as the view that developed markets interest rates had reached their peak supported equity market performance. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China continued to struggle as consumer confidence remained weak amid ongoing property market troubles. |
• | The MSCI Emerging Markets Index rose solidly in December 2023, as emerging markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower-than-consensus-expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025. |
• | The MSCI Emerging Markets Index fell in January 2024, suffering as strong U.S. economic data and hawkish messaging from the U.S. Fed altered interest rate cut expectations. Despite China’s positive reported economic growth, its equity market was weakest, as the country continued to deal with issues of weak consumer confidence and property market concerns, with Evergrande, one of its largest real estate companies, going into liquidation during the month. Additionally, disappointment in the level of government support affected sentiment. Countries with strong trade links to China, including South Korea and Thailand, also suffered, as consensus-expected export demand fell. On the other hand, India maintained its strong momentum from 2023, buoyed by corporate fundamentals and its government announcing a budget that reiterated a commitment to fiscal consolidation and introducing measures to encourage private capital expenditure. In Latin America, the rate differential between the U.S. and regional central banks was a drag, driving the equity markets of Chile, Peru and Brazil to negative monthly returns. |
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MARKET REVIEW
• | The MSCI Emerging Markets Index rose in February 2024, supported largely by a rebound in China’s equity market, which had recently hit five-year lows. China’s equity market was boosted by government intervention, including stock purchases by state-owned investment firms, and by data indicating better tourist activity during the lunar new year. |
• | During the Reporting Period overall, the best performing sectors within the MSCI Emerging Markets Index were utilities, energy and information technology. The weakest performing sectors were communication services, real estate and materials. |
• | The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Egypt, Poland, Colombia, Peru and India. The weakest performing countries were Hong Kong, Thailand, China, Czech Republic and Chile. |
Fund Changes and Highlights
Goldman Sachs Future Consumer Equity ETF
• | Effective January 22, 2024, Nathan Lin no longer served as a portfolio manager for the Fund. As of the same date, Sumit Mangal became a portfolio manager for the Fund, joining Alexis Deladerrière, Raj Garigipati and Jennifer Sullivan. Mr. Deladerrière and Mr. Garigipati have managed the Fund since 2021. Ms. Sullivan has managed the Fund since February 2023. |
Goldman Sachs Future Health Care Equity ETF
• | The Fund produced positive absolute returns but materially underperformed its benchmark, the MSCI All Country World Index Health Care Index, during the Reporting Period. |
• | From an industry perspective, the Fund was hurt most by stock selection in biotechnology. Stock selection and an underweight relative to the benchmark in health care providers and services also detracted from relative performance. On the positive side, the Fund benefited from stock selection in the pharmaceuticals industry. |
• | In terms of countries, stock selection in the U.S. hampered relative returns. Stock selection in Japan was advantageous. |
• | Among individual stocks, the Fund’s overweighted positions in U.S. biotechnology firm Biogen and U.S. molecular diagnostics company Exact Sciences and an out-of-benchmark position in U.S. biopharmaceutical company Sarepta Therapeutics detracted from relative performance. Overweight positions in U.S. medical device maker Boston Scientific, U.S. pharmaceutical company Eli Lilly and Company and Japanese pharmaceutical company Chugai Pharmaceutical added to returns. |
• | The Fund’s Key Themes bolstered performance overall, with Tech-Enabled Procedures and Precision Medicine contributing most positively. Genomics had a negative impact on the Fund’s results. |
Goldman Sachs Future Planet Equity ETF
• | The Fund generated positive absolute returns but significantly underperformed its benchmark, the MSCI All Country World Index Growth Index, during the Reporting Period. |
• | In terms of sectors, stock selection in industrials and information technology detracted most from the Fund’s relative returns. Stock selection and an overweight position versus the benchmark in utilities also hurt performance. On the positive side, stock selection in the materials sector added modestly to results. |
• | From a country perspective, the Fund was hampered by its exposure to the U.S., while stock selection in Japan added slightly to relative performance. |
• | Among individual stocks, the Fund was hurt by its avoidance of U.S.-based SolarEdge Technologies, a provider of solar power optimization and photovoltaic monitoring solutions. Overweight positions in Chinese battery manufacturer Contemporary Amperex Technology and U.S.-based electric power and energy infrastructure company NextEra Energy further detracted from relative returns. An out-of-benchmark position in Horiba, a Japanese manufacturer of precision instruments for measurement and analysis, contributed positively to relative performance as did overweighted positions in WestRock Company, a U.S. packaging solutions provider, and Waste Management, a U.S.-based waste management collections and environmental solutions provider. |
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MARKET REVIEW
• | The Fund’s Key Themes added to performance overall, led by Circular Economy, Water Sustainability and Sustainable Consumption. Clean Energy detracted from the Fund’s results. |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
• | The Fund recorded positive absolute returns but notably underperformed 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. |
• | In terms of sectors, the Fund was hampered by stock selection in utilities and, to a lesser extent, energy. The Fund benefited from stock selection in the real estate sector. |
• | Regarding regions, exposure to North America and Japan detracted most from the Fund’s relative returns. Exposure to Europe added modestly to relative performance. |
• | Among individual stocks, the Fund was hurt by overweight positions versus the benchmark in U.S.-based electric power and energy infrastructure company NextEra Energy and Japan-based real estate investment trust Nippon Prologis REIT. The Fund’s out-of-benchmark exposure to U.S. utility and power generator AES also detracted from relative performance. On the positive side, the Fund was helped by out-of-benchmark positions in Spanish infrastructure construction company Ferrovial and Australian property developer Goodman Group as well as by an overweight position in U.S. freight transportation company Norfolk Southern. |
• | From a Key Themes perspective, Environmental Responsibility detracted from the Fund’s relative performance. New Age Consumer, Future of Health Care, and Technological Innovation contributed positively. |
Goldman Sachs Future Tech Leaders Equity ETF
• | The Fund delivered positive absolute returns and materially outperformed its benchmark, the MSCI All Country World Index (Net, USD, Unhedged), during the Reporting Period. |
• | On a sector level, the Fund benefited from stock selection in information technology, especially in the semiconductors and semiconductor equipment industry. An underweight compared to the benchmark in communication services also bolstered relative results. Conversely, the Fund’s exposure to the consumer discretionary and real estate sectors detracted from performance. |
• | From a country perspective, the Fund’s exposure to the U.S. contributed positively to relative performance, offset slightly by its exposure to China, which dampened results. |
• | Among individual stocks, the Fund’s out-of-benchmark position in British semiconductor company ARM Holdings as well as its overweight positions in U.S. cybersecurity company Zscaler and Romanian software company UiPath added to relative performance. On the other hand, the Fund was hurt by overweight positions in Kingdee International Software Group, a Chinese software company, and in Sangfor Technologies, a U.S.-based provider of information technology infrastructure solutions. In addition, the Fund’s avoidance of China-based information security provider Venustech Group detracted from relative returns. |
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Goldman Sachs Future Consumer Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $30.76 | |||
Net Asset Value (NAV)1 | $30.76 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI ACWI Growth Index3 | |||
Shares | 13.73% | 13.60% | 14.32% |
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 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’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. |
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FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | Country | |||
Amazon.com, Inc. | 8.4% | Broadline Retail | United States | |||
Meta Platforms, Inc., Class A | 7.5 | Interactive Media & Services | United States | |||
Alphabet, Inc., Class C | 6.4 | Interactive Media & Services Semiconductors & | United States | |||
NVIDIA Corp. | 5.3 | Semiconductor Equipment Semiconductors & | United States | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.8 | Semiconductor Equipment | Taiwan | |||
Mastercard, Inc., Class A | 4.3 | IT Services Textiles, Apparel & Luxury | United States | |||
LVMH Moet Hennessy Louis Vuitton SE | 3.1 | Goods | France | |||
Experian PLC | 2.8 | Professional Services | United States | |||
Walt Disney Co. (The) | 2.6 | Entertainment Textiles, Apparel & Luxury | United States | |||
NIKE, Inc., Class B | 2.6 | Goods | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
February 29, 2024
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 0.9% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding. |
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FUND BASICS
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance. |
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FUND BASICS
Goldman Sachs Future Health Care Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $33.78 | |||
Net Asset Value (NAV)1 | $33.72 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI ACWI Health Care | |||||||||
Shares | 4.58% | 4.76% | 7.40% |
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 24 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’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. |
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FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | Country | |||
Eli Lilly & Co. | 10.2% | Health Care | United States | |||
Boston Scientific Corp. | 5.9 | Health Care | United States | |||
AstraZeneca PLC | 5.2 | Health Care | United Kingdom | |||
Novo Nordisk A/S, Class B | 5.0 | Health Care | Denmark | |||
Intuitive Surgical, Inc. | 4.6 | Health Care | United States | |||
Danaher Corp. | 3.7 | Health Care | United States | |||
Amgen, Inc. | 3.5 | Health Care | United States | |||
Zimmer Biomet Holdings, Inc. | 3.4 | Health Care | United States | |||
Cooper Cos., Inc. (The) | 3.4 | Health Care | United States | |||
BioMarin Pharmaceutical, Inc. | 3.2 | Health Care | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
February 29, 2024
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. |
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FUND BASICS
Goldman Sachs Future Planet Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $29.69 | |||
Net Asset Value (NAV)1 | $29.69 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI All Country World Index3 | |||||
Shares | 1.85% | 2.00% | 11.66% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade 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 2,919 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 29, 2024. 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’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 2/29/244 |
Holding | % of Net Assets | Line of Business | Country | |||
Novozymes A/S, Class B | 4.9% | Materials | Denmark | |||
Waste Management, Inc. | 4.7 | Industrials | United States | |||
DSM-Firmenich AG | 4.2 | Materials | Switzerland | |||
Schneider Electric SE | 4.2 | Industrials | United States | |||
Westrock Co. | 4.0 | Materials | United States | |||
NextEra Energy, Inc. | 3.8 | Utilities | United States | |||
Iberdrola SA | 3.8 | Utilities | Spain | |||
Enel SpA | 3.6 | Utilities | Italy | |||
DS Smith PLC | 3.5 | Materials | United Kingdom | |||
Ball Corp. | 3.4 | Materials | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
February 29, 2024 |
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 0.6% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding. |
13 |
FUND BASICS
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
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $32.61 | |||
Net Asset Value (NAV)1 | $32.72 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Future Real Estate and Infrastructure Composite Index3 | |||||
Shares | 2.51% | 2.56% | 4.06% |
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 gives participants an industry-defined interpretation of infrastructure and adjusts 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. 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’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 2/29/244 |
Holding | % of Net Assets | Line of Business | Country | |||
Equity Real Estate Investment | ||||||
Prologis, Inc. REIT | 6.5% | Trusts (REITs) | United States | |||
Transurban Group | 4.2 | Transportation Infrastructure | Australia | |||
Equity Real Estate Investment | ||||||
Equinix, Inc. REIT | 4.0 | Trusts (REITs) | United States | |||
NextEra Energy, Inc. | 3.5 | Electric Utilities | United States | |||
National Grid PLC | 3.4 | Multi-Utilities | United Kingdom | |||
Equity Real Estate Investment | ||||||
American Tower Corp. REIT | 3.3 | Trusts (REITs) | United States | |||
Equity Real Estate Investment | ||||||
Welltower, Inc. REIT | 2.8 | Trusts (REITs) | United States | |||
Equity Real Estate Investment | ||||||
Extra Space Storage, Inc. REIT | 2.7 | Trusts (REITs) | United States | |||
Equity Real Estate Investment | ||||||
Digital Realty Trust, Inc. REIT | 2.6 | Trusts (REITs) | United States | |||
Equity Real Estate Investment | ||||||
AvalonBay Communities, Inc. REIT | 2.6 | Trusts (REITs) | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
February 29, 2024 |
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 |
16 |
FUND BASICS
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. |
17 |
FUND BASICS
Goldman Sachs Future Tech Leaders Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $29.23 | |||
Net Asset Value (NAV)1 | $29.18 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | MSCI All Country World Index3 | MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index4 | ||||||
Shares | 16.60% | 16.94% | 11.66% | 14.67% |
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 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 2,919 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 29, 2024. It is not possible to invest directly into an index. |
4 | The MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index is comprised of those companies classified within the Information Technology sector and Communication Services sector within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion. |
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. |
18 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/245 |
Holding | % of Net Assets | Line of Business | Country | |||
Semiconductors & | ||||||
KLA Corp. | 3.2% | Semiconductor Equipment | United States | |||
Semiconductors & | ||||||
Marvell Technology, Inc. | 3.1 | Semiconductor Equipment | United States | |||
Datadog, Inc., Class A | 2.9 | Software | United States | |||
Workday, Inc., Class A | 2.8 | Software | United States | |||
Motorola Solutions, Inc. | 2.8 | Communications Equipment | United States | |||
HubSpot, Inc. | 2.7 | Software | United States | |||
Semiconductors & | ||||||
Tokyo Electron Ltd. | 2.7 | Semiconductor Equipment | Japan | |||
Cadence Design Systems, Inc. | 2.5 | Software | United States | |||
Zscaler, Inc. | 2.3 | Software | United States | |||
Arista Networks, Inc. | 2.3 | Communications Equipment | United States |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 |
February 29, 2024 |
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 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. |
19 |
FUND BASICS
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 |
PORTFOLIO RESULTS
Index Definition
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
MSCI ACWI Growth Index captures large- and mid-cap securities exhibiting overall growth style characteristics across 23 developed markets and 24 emerging markets countries.
MSCI ACWI Health Care Index includes large- and mid-cap securities across 23 developed markets and 24 emerging markets countries.
MSCI ACWI Index captures large-, mid- and small-cap representation across 23 developed markets and 24 emerging markets countries.
MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index is comprised of those companies classified within the Information Technology sector and Communication Services sector within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.
Future Real Estate and Infrastructure Composite Index
50% FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors.
50% FTSE EPRA Nareit Developed Index is designed to represent general trends in eligible real estate equities worldwide.
21 |
GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – 97.9% |
| |||||||
Communication Services – 30.0% |
| |||||||
39,528 | Alphabet, Inc., Class C* | $ | 5,525,224 | |||||
40,097 | Bumble, Inc., Class A* | 459,111 | ||||||
23,054 | CTS Eventim AG & Co. KGaA | |||||||
(Germany) | 1,813,712 | |||||||
12,506 | Electronic Arts, Inc. | 1,744,337 | ||||||
21,887 | Live Nation Entertainment, Inc.* | 2,122,601 | ||||||
13,249 | Meta Platforms, Inc., Class A | 6,493,732 | ||||||
53,885 | NetEase, Inc. (China) | 1,212,770 | ||||||
9,795 | Sea Ltd. ADR (Singapore)* | 475,253 | ||||||
47,971 | Tencent Holdings Ltd. (China) | 1,698,544 | ||||||
12,092 | T-Mobile US, Inc. | 1,974,624 | ||||||
20,318 | Walt Disney Co. (The) | 2,267,083 | ||||||
|
| |||||||
25,786,991 | ||||||||
| ||||||||
Consumer Discretionary – 28.2% |
| |||||||
41,007 | Amazon.com, Inc.* | 7,248,397 | ||||||
11,625 | Basic-Fit NV (Netherlands)*(a)(b) | 313,242 | ||||||
8,770 | Cava Group, Inc.* | 512,256 | ||||||
367 | Chipotle Mexican Grill, Inc.* | 986,778 | ||||||
21,733 | Foot Locker, Inc. | 748,267 | ||||||
2,913 | LVMH Moet Hennessy Louis | |||||||
Vuitton SE (France) | 2,656,762 | |||||||
97,829 | Meituan, Class B (China)*(b) | 997,184 | ||||||
1,302 | MercadoLibre, Inc. (Brazil)* | 2,077,081 | ||||||
27,811 | Moncler SpA (Italy) | 2,006,178 | ||||||
21,484 | NIKE, Inc., Class B | 2,232,832 | ||||||
323,043 | Samsonite International SA*(b) | 1,128,554 | ||||||
120,051 | Shenzhou International Group | |||||||
Holdings Ltd. (China) | 989,844 | |||||||
8,126 | TJX Cos., Inc. (The) | 805,612 | ||||||
2,898 | Ulta Beauty, Inc.* | 1,589,727 | ||||||
|
| |||||||
24,292,714 | ||||||||
| ||||||||
Consumer Staples – 4.4% |
| |||||||
423,526 | Budweiser Brewing Co. APAC | |||||||
Ltd. (China)(a)(b) | 685,968 | |||||||
148,335 | Davide Campari-Milano NV | |||||||
(Italy) | 1,504,401 | |||||||
2,547 | elf Beauty, Inc.* | 531,126 | ||||||
6,235 | Oddity Tech Ltd., Class A | |||||||
(Israel)* | 262,992 | |||||||
56,479 | Proya Cosmetics Co. Ltd., Class A (China) | 831,596 | ||||||
|
| |||||||
3,816,083 | ||||||||
| ||||||||
Financials – 6.1% |
| |||||||
405,625 | Jio Financial Services Ltd. | |||||||
(India)* | 1,516,515 | |||||||
7,774 | Mastercard, Inc., Class A | 3,690,784 | ||||||
|
| |||||||
5,207,299 | ||||||||
| ||||||||
Health Care – 1.0% |
| |||||||
6,010 | Illumina, Inc. * | 840,378 | ||||||
| ||||||||
Industrials – 2.8% |
| |||||||
55,329 | Experian PLC | 2,369,110 | ||||||
| ||||||||
Information Technology – 16.1% |
| |||||||
9,070 | Advanced Micro Devices, Inc.* | 1,746,247 | ||||||
9,611 | Apple, Inc. | 1,737,188 | ||||||
5,784 | NVIDIA Corp. | 4,575,838 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
21,590 | Shopify, Inc., Class A (Canada)* | $ | 1,648,829 | |||||
190,323 | Taiwan Semiconductor | |||||||
Manufacturing Co. Ltd. (Taiwan) | 4,154,538 | |||||||
|
| |||||||
13,862,640 | ||||||||
| ||||||||
Materials – 4.6% |
| |||||||
31,084 | Ball Corp. | 1,989,998 | ||||||
18,662 | DSM-Firmenich AG | |||||||
(Switzerland) | 1,999,314 | |||||||
|
| |||||||
3,989,312 | ||||||||
| ||||||||
Real Estate – 1.7% |
| |||||||
7,551 | American Tower Corp. REIT | 1,501,592 | ||||||
| ||||||||
Utilities – 3.0% |
| |||||||
66,847 | EDP Renovaveis SA (Spain) | 911,104 | ||||||
30,569 | NextEra Energy, Inc. | 1,687,103 | ||||||
|
| |||||||
2,598,207 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $80,851,195) | 84,264,326 | |||||||
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 2.1%(c) |
| |||||||
Goldman Sachs Financial Square Treasury |
| |||||||
1,834,522 | 5.195% | 1,834,522 | ||||||
(Cost $1,834,522) |
| |||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $82,685,717) | 86,098,848 | |||||||
| ||||||||
Securities Lending Reinvestment Vehicle – 0.9%(c) |
| |||||||
Goldman Sachs Financial Square Government |
| |||||||
796,867 | 5.219% | 796,867 | ||||||
(Cost $796,867) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 100.9% (Cost $83,482,584) | $ | 86,895,715 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)% | (779,856 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 86,115,859 | ||||||
|
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 |
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.4% |
| |||||||
Canada – 0.6% |
| |||||||
2,984 | Xenon Pharmaceuticals, Inc. (Health Care)* | $ | 140,845 | |||||
| ||||||||
Denmark – 5.7% |
| |||||||
6,690 | Genmab A/S ADR (Health Care)* | 185,781 | ||||||
10,570 | Novo Nordisk A/S, Class B (Health Care) | 1,257,818 | ||||||
|
| |||||||
1,443,599 | ||||||||
| ||||||||
France – 0.9% |
| |||||||
786 | Sartorius Stedim Biotech (Health Care) | 216,300 | ||||||
| ||||||||
Italy – 0.5% |
| |||||||
4,186 | Stevanato Group SpA (Health Care) | 138,766 | ||||||
| ||||||||
Japan – 6.0% |
| |||||||
18,029 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 722,750 | ||||||
4,091 | Hoya Corp. (Health Care) | 532,593 | ||||||
13,115 | Kyowa Kirin Co. Ltd. (Health Care) | 260,381 | ||||||
|
| |||||||
1,515,724 | ||||||||
| ||||||||
Netherlands – 1.0% |
| |||||||
658 | Argenx SE ADR (Health Care)* | 250,046 | ||||||
| ||||||||
Switzerland – 1.6% |
| |||||||
751 | Lonza Group AG (Health Care) | 394,029 | ||||||
| ||||||||
United Kingdom – 5.2% |
| |||||||
10,476 | AstraZeneca PLC (Health Care) | 1,322,910 | ||||||
| ||||||||
United States – 77.9% |
| |||||||
2,784 | Agilent Technologies, Inc. (Health Care) | 382,410 | ||||||
2,686 | Alexandria Real Estate Equities, Inc. REIT (Real Estate) | 335,025 | ||||||
1,131 | Align Technology, Inc. (Health Care)* | 342,037 | ||||||
1,151 | Alnylam Pharmaceuticals, Inc. (Health Care)* | 173,905 | ||||||
3,232 | Amgen, Inc. (Health Care) | 885,019 | ||||||
4,223 | Amylyx Pharmaceuticals, Inc. (Health Care)* | 79,603 | ||||||
3,516 | Biogen, Inc. (Health Care)* | 762,937 | ||||||
9,349 | BioMarin Pharmaceutical, Inc. (Health Care)* | 806,632 | ||||||
22,692 | Boston Scientific Corp. (Health Care)* | 1,502,437 | ||||||
13,897 | Bristol-Myers Squibb Co. (Health Care) | 705,273 | ||||||
4,379 | CG oncology, Inc. (Health Care)* | 195,785 | ||||||
9,200 | Cooper Cos., Inc. (The) (Health Care) | 861,120 | ||||||
3,907 | CSL Ltd. (Health Care) | 728,207 | ||||||
3,654 | Danaher Corp. (Health Care) | 924,974 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) |
| |||||||
3,443 | Dexcom, Inc. (Health Care)* | $ | 396,186 | |||||
4,155 | Dyne Therapeutics, Inc. (Health Care)* | 111,769 | ||||||
3,323 | Edwards Lifesciences Corp. (Health Care)* | 282,023 | ||||||
3,427 | Eli Lilly & Co. (Health Care) | 2,582,861 | ||||||
5,500 | Exact Sciences Corp. (Health Care)* | 316,415 | ||||||
427 | Humana, Inc. (Health Care) | 149,587 | ||||||
903 | IDEXX Laboratories, Inc. (Health Care)* | 519,433 | ||||||
994 | Illumina, Inc. (Health Care)* | 138,991 | ||||||
4,136 | Insulet Corp. (Health Care)* | 678,304 | ||||||
2,770 | Intra-Cellular Therapies, Inc. (Health Care)* | 192,570 | ||||||
2,986 | Intuitive Surgical, Inc. (Health Care)* | 1,151,402 | ||||||
828 | iRhythm Technologies, Inc. (Health Care)* | 98,242 | ||||||
451 | Mettler-Toledo International, Inc. (Health Care)* | 562,496 | ||||||
2,644 | MoonLake Immunotherapeutics (Health Care)* | 127,547 | ||||||
4,888 | Neurocrine Biosciences, Inc. (Health Care)* | 637,395 | ||||||
1,562 | Novanta, Inc. (Information Technology)* | 270,132 | ||||||
1,299 | Shockwave Medical, Inc. (Health Care)* | 338,870 | ||||||
3,495 | Ultragenyx Pharmaceutical, Inc. (Health Care)* | 180,761 | ||||||
1,618 | Vaxcyte, Inc. (Health Care)* | 119,441 | ||||||
1,613 | Veeva Systems, Inc., Class A (Health Care)* | 363,748 | ||||||
900 | West Pharmaceutical Services, Inc. (Health Care) | 322,524 | ||||||
6,945 | Zimmer Biomet Holdings, Inc. (Health Care) | 863,680 | ||||||
3,061 | Zoetis, Inc. (Health Care) | 607,088 | ||||||
|
| |||||||
19,696,829 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $24,891,629) | 25,119,048 | |||||||
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.9%(a) |
| |||||||
Goldman Sachs Financial Square Treasury | ||||||||
234,879 | 5.195% | $ | 234,879 | |||||
(Cost $234,879) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.3% (Cost $25,126,508) | $ | 25,353,927 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (64,366 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 25,289,561 | ||||||
|
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: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
Sector Name | % of Market Value | |||
Health Care | 96.7 | % | ||
Real Estate | 1.3 | |||
Information Technology | 1.1 | |||
Investment Company | 0.9 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 98.0% |
| |||||||
Belgium – 0.9% |
| |||||||
20,087 | Umicore SA (Materials) | $ | 419,310 | |||||
| ||||||||
China – 3.4% |
| |||||||
49,057 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 1,113,259 | ||||||
661,039 | Xinyi Solar Holdings Ltd. (Information Technology) | 401,919 | ||||||
|
| |||||||
1,515,178 | ||||||||
| ||||||||
Denmark – 6.9% |
| |||||||
38,656 | Novozymes A/S, Class B (Materials) | 2,181,881 | ||||||
15,849 | Orsted AS (Utilities)(a) | 889,742 | ||||||
|
| |||||||
3,071,623 | ||||||||
| ||||||||
France – 3.3% |
| |||||||
22,024 | Dassault Systemes (Information Technology) | 1,029,240 | ||||||
14,489 | Imerys SA (Materials) | 458,462 | ||||||
|
| |||||||
1,487,702 | ||||||||
| ||||||||
Germany – 3.4% |
| |||||||
41,938 | Infineon Technologies AG (Information Technology) | 1,501,958 | ||||||
| ||||||||
Ireland – 2.5% |
| |||||||
3,606 | Carbon Revolution PLC (Consumer Discretionary)*(b)(c) | 35,952 | ||||||
11,748 | Kingspan Group PLC (Industrials) | 1,061,290 | ||||||
|
| |||||||
1,097,242 | ||||||||
| ||||||||
Italy – 3.6% |
| |||||||
254,099 | Enel SpA (Utilities) | 1,617,668 | ||||||
| ||||||||
Japan – 8.1% |
| |||||||
9,765 | Horiba Ltd. (Information Technology) | 952,882 | ||||||
2,271 | Keyence Corp. (Information Technology) | 1,062,743 | ||||||
27,794 | Kurita Water Industries Ltd. (Industrials) | 1,130,739 | ||||||
12,372 | NIDEC Corp. (Industrials) | 469,602 | ||||||
|
| |||||||
3,615,966 | ||||||||
| ||||||||
Netherlands – 2.1% |
| |||||||
20,599 | Aalberts NV (Industrials) | 925,085 | ||||||
| ||||||||
Norway – 0.6% |
| |||||||
363,534 | Aker Carbon Capture ASA (Industrials)* | 277,814 | ||||||
| ||||||||
Spain – 3.7% |
| |||||||
145,511 | Iberdrola SA (Utilities) | 1,672,276 | ||||||
| ||||||||
Sweden – –% |
| |||||||
18,262 | Re:NewCell AB (Materials)*(b)(d) | — | ||||||
| ||||||||
Switzerland – 9.0% |
| |||||||
25,668 | ABB Ltd. (Industrials) | 1,186,986 | ||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Switzerland – (continued) |
| |||||||
17,418 | DSM-Firmenich AG (Materials) | $ | 1,866,041 | |||||
3,305 | Sika AG (Materials) | 958,977 | ||||||
|
| |||||||
4,012,004 | ||||||||
| ||||||||
Taiwan – 1.9% |
| |||||||
90,142 | Delta Electronics, Inc. (Information Technology) | 839,837 | ||||||
| ||||||||
United Kingdom – 3.5% |
| |||||||
384,514 | DS Smith PLC (Materials) | 1,566,667 | ||||||
| ||||||||
United States – 45.1% |
| |||||||
3,214 | Albemarle Corp. (Materials) | 443,050 | ||||||
8,661 | Aptiv PLC (Consumer Discretionary)* | 688,463 | ||||||
23,512 | Ball Corp. (Materials) | 1,505,238 | ||||||
53,072 | Bloom Energy Corp., Class A (Industrials)*(b) | 465,441 | ||||||
20,885 | Darling Ingredients, Inc. (Consumer Staples)* | 883,644 | ||||||
20,703 | DocuSign, Inc. (Information Technology)* | 1,102,849 | ||||||
2,224 | Ecolab, Inc. (Materials) | 500,044 | ||||||
25,503 | Energy Recovery, Inc. (Industrials)* | 398,612 | ||||||
13,958 | Itron, Inc. (Information Technology)* | 1,293,628 | ||||||
30,686 | NextEra Energy, Inc. (Utilities) | 1,693,560 | ||||||
134,927 | Oatly Group AB ADR (Consumer Staples)*(b) | 149,769 | ||||||
8,158 | Schneider Electric SE (Industrials) | 1,852,153 | ||||||
40,852 | Shoals Technologies Group, Inc., Class A (Industrials)* | 524,131 | ||||||
9,586 | SolarEdge Technologies, Inc. (Information Technology)* | 643,892 | ||||||
4,479 | Trane Technologies PLC (Industrials) | 1,262,944 | ||||||
5,648 | Veralto Corp. (Industrials) | 488,100 | ||||||
6,666 | Waste Connections, Inc. (Industrials) | 1,109,489 | ||||||
10,194 | Waste Management, Inc. (Industrials) | 2,096,396 | ||||||
38,798 | Westrock Co. (Materials) | 1,757,161 | ||||||
8,357 | Wolfspeed, Inc. (Information Technology)* | 217,449 | ||||||
7,854 | Xylem, Inc. (Industrials) | 997,851 | ||||||
|
| |||||||
20,073,864 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $59,473,716) | 43,694,194 | |||||||
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Dividend Rate | Value | ||||||||||||||
Investment Company – 1.6%(e) |
| |||||||||||||||
Goldman Sachs Financial Square Treasury |
| |||||||||||||||
691,620 | 5.195% | $ | 691,620 | |||||||||||||
(Cost $691,620) |
| |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $60,165,336) |
| 44,385,814 | ||||||||||||||
| ||||||||||||||||
Securities Lending Reinvestment Vehicle – 0.6%(e) |
| |||||||||||||||
Goldman Sachs Financial Square Government |
| |||||||||||||||
245,945 | 5.219% | 245,945 | ||||||||||||||
(Cost $245,945) |
| |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS – 100.2% (Cost $60,411,281) |
| $ | 44,631,759 | |||||||||||||
| ||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)% |
| (98,538 | ) | |||||||||||||
| ||||||||||||||||
NET ASSETS – 100.0% |
| $ | 44,533,221 | |||||||||||||
|
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) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $35,952, which represents approximately 0.1% of net assets as of February 29, 2024. See additional details below: |
Security | Date(s) of Purchase | Cost | ||||
| ||||||
Carbon Revolution PLC | 11/07/23 | $ | 105,718 | |||
|
(d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
(e) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
|
Sector Name | % of Market Value | |||
Industrials | 34.4% | |||
Materials | 26.1 | |||
Information Technology | 20.3 | |||
Utilities | 13.2 |
Consumer Staples | 2.3 | % | ||||||
Consumer Discretionary | 1.6 | |||||||
Investment Company | 1.5 | |||||||
Securities Lending Reinvestment Vehicle | 0.6 | |||||||
| ||||||||
TOTAL INVESTMENTS | 100.0 | % | ||||||
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 98.3% |
| |||||||
Communication Services – 2.0% |
| |||||||
10,335 | Cellnex Telecom SA (Spain)*(a) | $ | 372,092 | |||||
| ||||||||
Energy – 2.0% |
| |||||||
2,491 | Cheniere Energy, Inc. | 386,603 | ||||||
| ||||||||
Health Care – 1.7% |
| |||||||
35,596 | Chartwell Retirement Residences (Canada) | 319,126 | ||||||
| ||||||||
Industrials – 12.0% |
| |||||||
103,481 | Enav SpA (Italy)(a) | 363,046 | ||||||
9,745 | Ferrovial SE | 365,403 | ||||||
1,613 | Norfolk Southern Corp. | 408,702 | ||||||
89,785 | Transurban Group (Australia) | 791,596 | ||||||
2,534 | Vinci SA (France) | 324,673 | ||||||
|
| |||||||
2,253,420 | ||||||||
| ||||||||
Materials – 1.4% |
| |||||||
584 | Linde PLC | 262,111 | ||||||
| ||||||||
Real Estate – 55.5% |
| |||||||
3,729 | Alexandria Real Estate Equities, Inc. REIT | 465,118 | ||||||
8,881 | American Homes 4 Rent, Class A REIT | 328,686 | ||||||
3,140 | American Tower Corp. REIT | 624,420 | ||||||
13,158 | Americold Realty Trust, Inc. REIT | 332,897 | ||||||
2,759 | AvalonBay Communities, Inc. REIT | 488,426 | ||||||
24,189 | Big Yellow Group PLC REIT (United Kingdom) | 306,897 | ||||||
14,128 | CTP NV (Netherlands)(a) | 229,023 | ||||||
3,354 | Digital Realty Trust, Inc. REIT | 492,401 | ||||||
852 | Equinix, Inc. REIT | 757,275 | ||||||
6,900 | Equity LifeStyle Properties, Inc. REIT | 464,508 | ||||||
3,584 | Extra Space Storage, Inc. REIT | 505,236 | ||||||
12,122 | Goodman Group REIT (Australia) | 236,008 | ||||||
53 | Hoshino Resorts REIT, Inc. REIT (Japan) | 194,762 | ||||||
11,594 | Invitation Homes, Inc. REIT | 395,008 | ||||||
145 | Nippon Prologis REIT, Inc. REIT (Japan) | 242,781 | ||||||
9,199 | Prologis, Inc. REIT | 1,225,951 | ||||||
2,208 | SBA Communications Corp. REIT | 461,980 | ||||||
34,985 | Segro PLC REIT (United Kingdom) | 374,126 | ||||||
4,640 | Terreno Realty Corp. REIT | 298,352 | ||||||
30,056 | UNITE Group PLC (The) REIT (United Kingdom) | 364,986 | ||||||
8,272 | Ventas, Inc. REIT | 349,823 | ||||||
16,172 | VICI Properties, Inc. REIT | 484,028 | ||||||
10,388 | Vonovia SE (Germany) | 290,027 | ||||||
5,738 | Welltower, Inc. REIT | 528,814 | ||||||
|
| |||||||
10,441,533 | ||||||||
| ||||||||
Utilities – 23.7% |
| |||||||
16,726 | AES Corp. (The) | 254,235 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Utilities – (continued) |
| |||||||
3,381 | Ameren Corp. | $ | 240,693 | |||||
2,872 | American Water Works Co., Inc. | 340,447 | ||||||
6,140 | CMS Energy Corp. | 352,252 | ||||||
17,158 | Engie SA (France) | 275,468 | ||||||
6,434 | Eversource Energy | 377,676 | ||||||
49,127 | National Grid PLC (United Kingdom) | 644,736 | ||||||
12,071 | NextEra Energy, Inc. | 666,199 | ||||||
9,384 | Severn Trent PLC (United Kingdom) | 296,757 | ||||||
8,786 | Veolia Environnement SA (France) | 272,398 | ||||||
4,554 | WEC Energy Group, Inc. | 357,443 | ||||||
7,179 | Xcel Energy, Inc. | 378,262 | ||||||
|
| |||||||
4,456,566 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $20,349,458) | 18,491,451 | |||||||
|
Shares | Dividend Rate | Value | ||||||||||||||
Investment Company – 1.7%(b) |
| |||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||||||||||
318,130 | 5.195% | 318,130 | ||||||||||||||
(Cost $318,130) |
| |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS – 100.0% (Cost $20,667,588) | $ | 18,809,581 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 2,920 | |||||||||||||||
| ||||||||||||||||
NET ASSETS – 100.0% | $ | 18,812,501 | ||||||||||||||
|
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) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 97.9% |
| |||||||
Communication Services – 9.7% |
| |||||||
110,183 | Baidu, Inc., Class A (China)* | $ | 1,401,073 | |||||
68,480 | Cellnex Telecom SA (Spain)*(a) | 2,465,495 | ||||||
20,355 | Electronic Arts, Inc. | 2,839,115 | ||||||
48,516 | Match Group, Inc.* | 1,748,516 | ||||||
14,617 | NAVER Corp. (South Korea) | 2,140,519 | ||||||
56,807 | NetEase, Inc. (China) | 1,278,535 | ||||||
194,910 | Snap, Inc., Class A* | 2,147,908 | ||||||
38,411 | Trade Desk, Inc. (The), Class A* | 3,281,452 | ||||||
|
| |||||||
17,302,613 | ||||||||
| ||||||||
Consumer Discretionary – 6.3% |
| |||||||
12,167 | DoorDash, Inc., Class A* | 1,515,643 | ||||||
2,431 | MercadoLibre, Inc. (Brazil)* | 3,878,174 | ||||||
59,491 | Mobileye Global, Inc., Class A (Israel)* | 1,515,236 | ||||||
47,820 | Trip.com Group Ltd. (China)* | 2,179,411 | ||||||
1,090,011 | Zomato Ltd. (India)* | 2,174,994 | ||||||
|
| |||||||
11,263,458 | ||||||||
| ||||||||
Financials – 2.8% |
| |||||||
49,083 | Fidelity National Information Services, Inc. | 3,396,053 | ||||||
9,511 | Jack Henry & Associates, Inc. | 1,652,726 | ||||||
|
| |||||||
5,048,779 | ||||||||
| ||||||||
Health Care – 1.0% |
| |||||||
14,113 | Hoya Corp. (Japan) | 1,837,321 | ||||||
| ||||||||
Industrials – 1.9% |
| |||||||
140,880 | Daifuku Co. Ltd. (Japan) | 3,337,746 | ||||||
| ||||||||
Information Technology – 75.1% |
| |||||||
12,130 | Analog Devices, Inc. | 2,326,777 | ||||||
55,637 | AppLovin Corp., Class A* | 3,322,642 | ||||||
14,792 | Arista Networks, Inc.* | 4,105,372 | ||||||
5,583 | ASM International NV (Netherlands) | 3,405,676 | ||||||
5,473 | Atlassian Corp., Class A* | 1,135,210 | ||||||
14,385 | Cadence Design Systems, Inc.* | 4,378,506 | ||||||
7,612 | CDW Corp. | 1,874,150 | ||||||
234,726 | Chroma ATE, Inc. (Taiwan) | 1,730,213 | ||||||
8,368 | Crowdstrike Holdings, Inc., Class A* | 2,712,487 | ||||||
39,643 | Datadog, Inc., Class A* | 5,211,469 | ||||||
290,474 | Delta Electronics, Inc. (Taiwan) | 2,706,294 | ||||||
74,146 | Dynatrace, Inc.* | 3,673,934 | ||||||
11,882 | Enphase Energy, Inc.* | 1,509,133 | ||||||
27,344 | Entegris, Inc. | 3,673,940 | ||||||
30,482 | Hamamatsu Photonics KK (Japan) | 1,094,069 | ||||||
7,852 | HubSpot, Inc.* | 4,858,896 | ||||||
63,355 | Infineon Technologies AG (Germany) | 2,268,981 | ||||||
127,504 | Jentech Precision Industrial Co. Ltd. (Taiwan) | 3,706,992 | ||||||
13,850 | Keysight Technologies, Inc.* | 2,137,055 | ||||||
1,672,468 | Kingdee International Software Group Co. Ltd. (China)* | 1,807,311 | ||||||
8,399 | KLA Corp. | 5,730,638 | ||||||
69,587 | Klaviyo, Inc., Class A* | 1,844,055 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
78,198 | Marvell Technology, Inc. | $ | 5,603,669 | |||||
61,026 | MediaTek, Inc. (Taiwan) | 2,200,909 | ||||||
44,225 | Micron Technology, Inc. | 4,007,227 | ||||||
20,810 | MKS Instruments, Inc. | 2,554,636 | ||||||
10,305 | Monday.com Ltd.* | 2,298,118 | ||||||
4,187 | MongoDB, Inc.* | 1,874,017 | ||||||
15,100 | Motorola Solutions, Inc. | 4,988,889 | ||||||
115,131 | Murata Manufacturing Co. Ltd. (Japan) | 2,325,389 | ||||||
12,602 | Palo Alto Networks, Inc.* | 3,913,551 | ||||||
14,113 | Persistent Systems Ltd. (India) | 1,468,954 | ||||||
24,567 | Procore Technologies, Inc.* | 1,916,963 | ||||||
56,115 | Samsara, Inc., Class A* | 1,938,773 | ||||||
104,561 | Sangfor Technologies, Inc., Class A (China)* | 920,047 | ||||||
26,195 | Shopify, Inc., Class A (Canada)* | 2,000,512 | ||||||
149,402 | Silergy Corp. (China) | 1,970,946 | ||||||
15,435 | Snowflake, Inc., Class A* | 2,906,102 | ||||||
19,578 | Tokyo Electron Ltd. (Japan) | 4,822,883 | ||||||
41,805 | Tokyo Seimitsu Co. Ltd. (Japan) | 2,855,991 | ||||||
75,497 | UiPath, Inc., Class A* | 1,793,054 | ||||||
317,913 | Unimicron Technology Corp. (Taiwan) | 1,805,324 | ||||||
2,507,243 | United Microelectronics Corp. (Taiwan) | 3,874,747 | ||||||
572,596 | Venustech Group, Inc., Class A (China) | 1,751,503 | ||||||
17,132 | Workday, Inc., Class A* | 5,048,115 | ||||||
17,048 | Zscaler, Inc.* | 4,125,105 | ||||||
|
| |||||||
134,179,224 | ||||||||
| ||||||||
Real Estate – 1.1% |
| |||||||
9,816 | SBA Communications Corp. REIT | 2,053,802 | ||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $160,387,939) | 175,022,943 | |||||||
|
Shares | Dividend Rate | Value | ||||||||||||
Investment Company – 2.2%(b) |
| |||||||||||||
Goldman Sachs Financial Square Treasury |
| |||||||||||||
3,922,479 | 5.195% | 3,922,479 | ||||||||||||
(Cost $3,922,479) |
| |||||||||||||
| ||||||||||||||
TOTAL INVESTMENTS – 100.1% (Cost $164,310,418) | $ | 178,945,422 | ||||||||||||
| ||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% | (227,933 | ) | ||||||||||||
| ||||||||||||||
NET ASSETS – 100.0% | $ | 178,717,489 | ||||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF
* | Non-income producing security. |
(a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
(b) | Represents an affiliated issuer. |
Investment Abbreviations:
REIT —Real Estate Investment Trust
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS FUTURE ETFS
Future Consumer | Future Health Care Equity ETF | Future Planet Equity ETF | Future Real Estate and Infrastructure Equity ETF | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $80,851,195, $24,891,629, $59,473,716 and $20,349,458, respectively)(a) | $ | 84,264,326 | $ | 25,119,048 | $ | 43,694,194 | $ | 18,491,451 | ||||||||||||
Investments in affiliated issuers, at value (cost $1,834,522, $234,879, $691,620 and $318,130, respectively) | 1,834,522 | 234,879 | 691,620 | 318,130 | ||||||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 796,867 | — | 245,945 | — | ||||||||||||||||
Cash | — | — | 11,712 | 3,162 | ||||||||||||||||
Foreign Currency, at value (cost $30,778, $916, $– and $106, respectively) | 30,743 | 920 | — | 109 | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Dividends | 49,074 | 40,876 | 53,231 | 21,610 | ||||||||||||||||
Foreign tax reclaims | 20,302 | 6,953 | 129,890 | 9,263 | ||||||||||||||||
Securities lending income | 2,583 | 16 | 5,041 | — | ||||||||||||||||
Investments sold | — | 133,552 | — | 47,158 | ||||||||||||||||
| ||||||||||||||||||||
Total assets | 86,998,417 | 25,536,244 | 44,831,633 | 18,890,883 | ||||||||||||||||
| ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Payable upon return of securities loaned | 796,867 | — | 245,945 | — | ||||||||||||||||
Management fees | 49,451 | 15,110 | 25,703 | 11,132 | ||||||||||||||||
Foreign capital gains taxes | 36,240 | — | — | — | ||||||||||||||||
Investments purchased | — | 210,505 | 11,712 | 67,250 | ||||||||||||||||
Due to custodian | — | 21,068 | — | — | ||||||||||||||||
Foreign bank overdraft (cost $–, $–, $15,223 and $–, respectively) | — | — | 15,052 | — | ||||||||||||||||
| ||||||||||||||||||||
Total liabilities | 882,558 | 246,683 | 298,412 | 78,382 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 92,631,250 | 45,297,297 | 96,777,901 | 22,950,634 | ||||||||||||||||
Total distributable earnings (loss) | (6,515,391 | ) | (20,007,736 | ) | (52,244,680 | ) | (4,138,133 | ) | ||||||||||||
| ||||||||||||||||||||
NET ASSETS | $ | 86,115,859 | $ | 25,289,561 | $ | 44,533,221 | $ | 18,812,501 | ||||||||||||
| ||||||||||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 2,800,000 | 750,000 | 1,500,000 | 575,000 | ||||||||||||||||
Net asset value per share: | $ | 30.76 | $ | 33.72 | $ | 29.69 | $ | 32.72 | ||||||||||||
|
(a) | Includes loaned securities having a market value of $754,325, $–, $217,495 and $– for Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF and Future Real Estate and Infrastructure Equity ETF, respectively. |
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Assets and Liabilities (continued)
February 29, 2024 (Unaudited) |
Future Tech Leaders Equity ETF | ||||||||||
Assets: | ||||||||||
Investments in unaffiliated issuers, at value (cost $160,387,939) | $ | 175,022,943 | ||||||||
Investments in affiliated issuers, at value (cost $3,922,479) | 3,922,479 | |||||||||
Cash | 17,693 | |||||||||
Receivables: | ||||||||||
Dividends | 46,262 | |||||||||
Foreign tax reclaims | 13,456 | |||||||||
Securities lending income | 992 | |||||||||
| ||||||||||
Total assets | 179,023,825 | |||||||||
| ||||||||||
Liabilities: | ||||||||||
Payables: | ||||||||||
Foreign capital gains taxes | 185,064 | |||||||||
Management fees | 103,366 | |||||||||
Investments purchased | 17,693 | |||||||||
Foreign bank overdraft (cost $214) | 213 | |||||||||
| ||||||||||
Total liabilities | 306,336 | |||||||||
| ||||||||||
Net Assets: | ||||||||||
Paid-in capital | 280,793,525 | |||||||||
Total distributable earnings (loss) | (102,076,036 | ) | ||||||||
| ||||||||||
NET ASSETS | $ | 178,717,489 | ||||||||
| ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||
Shares outstanding no par value (unlimited shares authorized): | 6,125,000 | |||||||||
Net asset value per share: | $ | 29.18 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS FUTURE ETFS
Statements of Operations
For the Six Months Ended February 29, 2024 (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 $14,823, $439, $27,890 and $15,891, respectively) | $ | 332,141 | $ | 200,268 | $ | 608,867 | $ | 281,608 | ||||||||||||
Dividends — affiliated issuers | 23,932 | 6,808 | 18,244 | 5,042 | ||||||||||||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 11,694 | 155 | 22,242 | 47 | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 367,767 | 207,231 | 649,353 | 286,697 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 403,459 | 200,753 | 278,755 | 72,879 | ||||||||||||||||
Trustee fees | 8,758 | 8,684 | 8,734 | 8,526 | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 412,217 | 209,437 | 287,489 | 81,405 | ||||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (800 | ) | (233 | ) | (611 | ) | (171 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 411,417 | 209,204 | 286,878 | 81,234 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (43,650 | ) | (1,973 | ) | 362,475 | 205,463 | ||||||||||||||
| ||||||||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | (7,476,088 | ) | (4,855,920 | ) | (7,570,962 | ) | (677,426 | ) | ||||||||||||
In-kind redemptions | 6,194,407 | (4,645,052 | ) | (20,483,368 | ) | 330,888 | ||||||||||||||
Foreign currency transactions | (33,268 | ) | (12,666 | ) | (4,240 | ) | (2,704 | ) | ||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(36,240), $–, $– and $–, respectively) | 9,673,185 | 209,819 | 18,361,975 | 746,181 | ||||||||||||||||
Foreign currency translations | 10,971 | (152 | ) | 391 | (2 | ) | ||||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain (loss) | 8,369,207 | (9,303,971 | ) | (9,696,204 | ) | 396,937 | ||||||||||||||
| ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,325,557 | $ | (9,305,944 | ) | $ | (9,333,729 | ) | $ | 602,400 | ||||||||||
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Operations (continued)
For the Six Months Ended February 29, 2024 (Unaudited) |
Future Tech Leaders Equity ETF | ||||||||||
Investment Income: | ||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $25,732) | $ | 430,132 | ||||||||
Dividends — affiliated issuers | 45,635 | |||||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 9,485 | |||||||||
| ||||||||||
Total Investment Income | 485,252 | |||||||||
| ||||||||||
Expenses: | ||||||||||
Management fees | 730,118 | |||||||||
Trustee fees | 8,942 | |||||||||
| ||||||||||
Total expenses | 739,060 | |||||||||
| ||||||||||
Less — expense reductions | (1,526 | ) | ||||||||
| ||||||||||
Net expenses | 737,534 | |||||||||
| ||||||||||
NET INVESTMENT LOSS | (252,282 | ) | ||||||||
| ||||||||||
Realized and unrealized gain (loss): | ||||||||||
Net realized gain (loss) from: | ||||||||||
Investments — unaffiliated issuers | (27,430,244 | ) | ||||||||
In-kind redemptions | 8,700,663 | |||||||||
Foreign currency transactions | 12,259 | |||||||||
Net change in unrealized gain (loss) on: | ||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(185,064)) | 39,460,478 | |||||||||
Foreign currency translations | 1,980 | |||||||||
| ||||||||||
Net realized and unrealized gain | 20,745,136 | |||||||||
| ||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 20,492,854 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets
|
Future Consumer Equity ETF | Future Health Care Equity ETF | |||||||||||||||||||
For the
| For the Fiscal
| For the
| For the Fiscal
| |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income (loss) | $ | (43,650 | ) | $ | 367,972 | $ | (1,973 | ) | $ | (146,245 | ) | |||||||||
Net realized loss | (1,314,949 | ) | (3,972,894 | ) | (9,513,638 | ) | (6,358,196 | ) | ||||||||||||
Net change in unrealized gain | 9,684,156 | 12,112,843 | 209,667 | 14,699,877 | ||||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,325,557 | 8,507,921 | (9,305,944 | ) | 8,195,436 | |||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (364,636 | ) | – | (134,205 | ) | (102 | ) | |||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 16,801,937 | 61,459,027 | – | 12,109,470 | ||||||||||||||||
Cost of shares redeemed | (94,855,529 | ) | (2,758,951 | ) | (77,110,935 | ) | (10,245,168 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (78,053,592 | ) | 58,700,076 | (77,110,935 | ) | 1,864,302 | ||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | (70,092,671 | ) | 67,207,997 | (86,551,084 | ) | 10,059,636 | ||||||||||||||
| ||||||||||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | $ | 156,208,530 | $ | 89,000,533 | $ | 111,840,645 | $ | 101,781,009 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 86,115,859 | $ | 156,208,530 | $ | 25,289,561 | $ | 111,840,645 | ||||||||||||
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets (continued)
|
Future Planet Equity ETF | Future Real Estate and Infrastructure Equity ETF | |||||||||||||||||||
For the
| For the Fiscal
| For the
| For the Fiscal
| |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 362,475 | $ | 1,581,163 | $ | 205,463 | $ | 418,553 | ||||||||||||
Net realized loss | (28,058,570 | ) | (5,941,855 | ) | (349,242 | ) | (1,359,406 | ) | ||||||||||||
Net change in unrealized gain | 18,362,366 | 5,739,047 | 746,179 | 39,559 | ||||||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (9,333,729 | ) | 1,378,355 | 602,400 | (901,294 | ) | ||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (1,539,345 | ) | 617,909 | (301,595 | ) | (445,287 | ) | |||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | – | 7,651,164 | – | 1,628,238 | ||||||||||||||||
Cost of shares redeemed | (87,063,598 | ) | (39,765,858 | ) | (4,918,349 | ) | (826,941 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (87,063,598 | ) | (32,114,694 | ) | (4,918,349 | ) | 801,297 | |||||||||||||
| ||||||||||||||||||||
TOTAL DECREASE | (97,936,672 | ) | (31,354,248 | ) | (4,617,544 | ) | (545,284 | ) | ||||||||||||
| ||||||||||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | $ | 142,469,893 | $ | 173,824,141 | $ | 23,430,045 | $ | 23,975,329 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 44,533,221 | $ | 142,469,893 | $ | 18,812,501 | $ | 23,430,045 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS FUTURE ETFS
Statements of Changes in Net Assets (continued)
|
Future Tech Leaders Equity ETF | ||||||||||||||
For the
| For the Fiscal
| |||||||||||||
From operations: | ||||||||||||||
Net investment income (loss) | $ | (252,282 | ) | $ | 465,750 | |||||||||
Net realized loss | (18,717,322 | ) | (62,314,321 | ) | ||||||||||
Net change in unrealized gain | 39,462,458 | 74,033,974 | ||||||||||||
| ||||||||||||||
Net increase in net assets resulting from operations | 20,492,854 | 12,185,403 | ||||||||||||
| ||||||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings | (431,486 | ) | (48,204 | ) | ||||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares | 12,930,354 | 16,960,331 | ||||||||||||
Cost of shares redeemed | (110,169,607 | ) | (15,609,588 | ) | ||||||||||
| ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (97,239,253 | ) | 1,350,743 | |||||||||||
| ||||||||||||||
TOTAL INCREASE (DECREASE) | (77,177,885 | ) | 13,487,942 | |||||||||||
| ||||||||||||||
Net assets: | ||||||||||||||
Beginning of period | $ | 255,895,374 | $ | 242,407,432 | ||||||||||
| ||||||||||||||
End of period | $ | 178,717,489 | $ | 255,895,374 | ||||||||||
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF
Future Consumer Equity ETF | ||||||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Period November 9, 2021* to August 31, 2022 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.17 | $ | 25.43 | $ | 40.03 | ||||||||||||||||
| ||||||||||||||||||||||
Net investment income (loss)(a) | (0.01 | ) | 0.08 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 3.73 | 1.66 | (14.62 | ) | ||||||||||||||||||
| ||||||||||||||||||||||
Total from investment operations | 3.72 | 1.74 | (14.52 | ) | ||||||||||||||||||
| ||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.13 | ) | – | (0.06 | ) | |||||||||||||||||
Distributions to shareholders from return of capital | – | – | (0.02 | ) | ||||||||||||||||||
| ||||||||||||||||||||||
Total distributions | (0.13 | ) | – | (0.08 | ) | |||||||||||||||||
| ||||||||||||||||||||||
Net asset value, end of period | $ | 30.76 | $ | 27.17 | $ | 25.43 | ||||||||||||||||
| ||||||||||||||||||||||
Market price, end of period | $ | 30.76 | $ | 27.20 | $ | 25.30 | ||||||||||||||||
| ||||||||||||||||||||||
Total Return at Net Asset Value(b) | 13.73 | % | 6.84 | % | (36.28 | )% | ||||||||||||||||
| ||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 86,116 | $ | 156,209 | $ | 89,001 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.75 | %(c) | 0.75 | % | 0.75 | %(c) | ||||||||||||||||
Ratio of net investment income to average net assets | (0.08 | )%(c) | 0.32 | % | 0.46 | %(c) | ||||||||||||||||
Portfolio turnover rate(d) | 14 | % | 16 | % | 24 | % | ||||||||||||||||
|
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(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. | 37 |
GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Future Health Care Equity ETF | ||||||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Period November 9, 2021* to August 31, 2022 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 32.42 | $ | 29.94 | $ | 39.68 | ||||||||||||||||
| ||||||||||||||||||||||
Net investment loss(a) | – | (b) | (0.04 | ) | (0.08 | ) | ||||||||||||||||
Net realized and unrealized gain (loss) | 1.48 | 2.52 | (9.66 | ) | ||||||||||||||||||
| ||||||||||||||||||||||
Total from investment operations | 1.48 | 2.48 | (9.74 | ) | ||||||||||||||||||
| ||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.18 | ) | – | (b) | – | |||||||||||||||||
| ||||||||||||||||||||||
Net asset value, end of period | $ | 33.72 | $ | 32.42 | $ | 29.94 | ||||||||||||||||
| ||||||||||||||||||||||
Market price, end of period | $ | 33.78 | $ | 32.42 | $ | 30.00 | ||||||||||||||||
| ||||||||||||||||||||||
Total Return at Net Asset Value(c) | 4.58 | % | 8.28 | % | (24.55 | )% | ||||||||||||||||
| ||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 25,290 | $ | 111,841 | $ | 101,781 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.75 | %(d) | 0.75 | % | 0.75 | %(d) | ||||||||||||||||
Ratio of net investment income to average net assets | (0.01 | )%(d) | (0.14 | )% | (0.33 | )%(d) | ||||||||||||||||
Portfolio turnover rate(e) | 21 | % | 28 | % | 24 | % | ||||||||||||||||
|
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Future Planet Equity ETF | |||||||||||||||||||||||||||
For the Six Months
| For the Fiscal Year Ended August 31, | For the Period to
| |||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||
Per Share Operating Performance: | |||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.15 | $ | 30.23 | $ | 42.18 | $ | 39.89 | |||||||||||||||||||
| |||||||||||||||||||||||||||
Net investment income(a) | 0.13 | 0.30 | 0.27 | 0.02 | |||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.44 | (0.27 | ) | (12.05 | ) | 2.27 | |||||||||||||||||||||
| |||||||||||||||||||||||||||
Total from investment operations | 0.57 | 0.03 | (11.78 | ) | 2.29 | ||||||||||||||||||||||
| |||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (1.03 | ) | (0.11 | ) | (0.17 | ) | – | ||||||||||||||||||||
| |||||||||||||||||||||||||||
Net asset value, end of period | $ | 29.69 | $ | 30.15 | $ | 30.23 | $ | 42.18 | |||||||||||||||||||
| |||||||||||||||||||||||||||
Market price, end of period | $ | 29.69 | $ | 30.11 | $ | 30.15 | $ | 42.25 | |||||||||||||||||||
| |||||||||||||||||||||||||||
Total Return at Net Asset Value(b) | 1.85 | % | 0.13 | % | (27.97 | )% | 5.74 | % | |||||||||||||||||||
| |||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 44,533 | $ | 142,470 | $ | 173,824 | $ | 60,104 | |||||||||||||||||||
Ratio of net expenses to average net assets | 0.75 | %(c) | 0.75 | % | 0.75 | % | 0.75 | %(c) | |||||||||||||||||||
Ratio of net investment income to average net assets | 0.95 | %(c) | 0.97 | % | 0.81 | % | 0.42 | %(c) | |||||||||||||||||||
Portfolio turnover rate(d) | 18 | % | 20 | % | 15 | % | 2 | % | |||||||||||||||||||
|
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(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. | 39 |
GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Future Real Estate and Infrastructure Equity ETF | ||||||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Period November 9, 2021* to August 31, 2022 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 32.32 | $ | 34.25 | $ | 40.05 | ||||||||||||||||
| ||||||||||||||||||||||
Net investment income(a) | 0.30 | 0.59 | 0.56 | |||||||||||||||||||
Net realized and unrealized gain (loss) | 0.53 | (1.90 | ) | (5.95 | ) | |||||||||||||||||
| ||||||||||||||||||||||
Total from investment operations | 0.83 | (1.31 | ) | (5.39 | ) | |||||||||||||||||
| ||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.43 | ) | (0.62 | ) | (0.41 | ) | ||||||||||||||||
| ||||||||||||||||||||||
Net asset value, end of period | $ | 32.72 | $ | 32.32 | $ | 34.25 | ||||||||||||||||
| ||||||||||||||||||||||
Market price, end of period | $ | 32.61 | $ | 32.19 | $ | 34.25 | ||||||||||||||||
| ||||||||||||||||||||||
Total Return at Net Asset Value(b) | 2.51 | % | (3.77 | )% | (13.52 | )% | ||||||||||||||||
| ||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 18,813 | $ | 23,430 | $ | 23,975 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.75 | %(c) | 0.75 | % | 0.75 | %(c) | ||||||||||||||||
Ratio of net investment income to average net assets | 1.89 | %(c) | 1.79 | % | 1.85 | %(c) | ||||||||||||||||
Portfolio turnover rate(d) | 10 | % | 30 | % | 40 | % | ||||||||||||||||
|
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(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. |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Future Tech Leaders Equity ETF | ||||||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Period August 31, 2022 | ||||||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.09 | $ | 24.12 | $ | 40.22 | ||||||||||||||||
| ||||||||||||||||||||||
Net investment income (loss)(a) | (0.03 | ) | 0.05 | 0.01 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4.19 | (0.92 | ) | (16.11 | ) | |||||||||||||||||
| ||||||||||||||||||||||
Total from investment operations | 4.16 | 0.97 | (16.10 | ) | ||||||||||||||||||
| ||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.07 | ) | – | (b) | – | (b) | ||||||||||||||||
| ||||||||||||||||||||||
Net asset value, end of period | $ | 29.18 | $ | 25.09 | $ | 24.12 | ||||||||||||||||
| ||||||||||||||||||||||
Market price, end of period | $ | 29.23 | $ | 25.06 | $ | 24.08 | ||||||||||||||||
| ||||||||||||||||||||||
Total Return at Net Asset Value(c) | 16.60 | % | 4.05 | % | (40.03 | )% | ||||||||||||||||
| ||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 178,717 | $ | 255,895 | $ | 242,407 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.75 | %(d) | 0.75 | % | 0.75 | %(d) | ||||||||||||||||
Ratio of net investment income to average net assets | (0.27 | )%(d) | 0.19 | % | 0.03 | %(d) | ||||||||||||||||
Portfolio turnover rate(e) | 23 | % | 44 | % | 55 | % | ||||||||||||||||
|
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS FUTURE ETFS
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 | Diversified/ Non-diversified | |||
Future Consumer Equity ETF | Non-Diversified | |||
Future Health Care Equity ETF | Non-Diversified | |||
Future Planet Equity ETF | Non-Diversified | |||
Future Real Estate and Infrastructure Equity ETF | Non-Diversified | |||
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. 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.
42 |
GOLDMAN SACHS FUTURE ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For 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).
43 |
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
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 Treasury Obligations Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2024:
Future Consumer Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 12,825,204 | $ | — | $ | — | ||||||
Europe | 11,204,713 | — | — | |||||||||
North America | 58,157,328 | — | — | |||||||||
South America | 2,077,081 | — | — | |||||||||
Investment Company | 1,834,522 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 796,867 | — | — | |||||||||
| ||||||||||||
Total | $ | 86,895,715 | $ | — | $ | — | ||||||
|
44 |
GOLDMAN SACHS FUTURE ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Future Health Care Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 1,515,724 | $ | — | $ | — | ||||||
Europe | 3,765,650 | — | — | |||||||||
North America | 19,837,674 | — | — | |||||||||
Investment Company | 234,879 | — | — | |||||||||
| ||||||||||||
Total | $ | 25,353,927 | $ | — | $ | — | ||||||
| ||||||||||||
Future Planet Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 5,970,981 | $ | — | $ | — | ||||||
Europe | 17,649,349 | — | — | |||||||||
North America | 20,073,864 | — | — | |||||||||
Investment Company | 691,620 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 245,945 | — | — | |||||||||
| ||||||||||||
Total | $ | 44,631,759 | $ | — | $ | — | ||||||
| ||||||||||||
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 | $ | 437,543 | $ | — | $ | — | ||||||
Europe | 4,114,229 | — | — | |||||||||
North America | 12,912,075 | — | — | |||||||||
Oceania | 1,027,604 | — | — | |||||||||
Investment Company | 318,130 | — | — | |||||||||
| ||||||||||||
Total | $ | 18,809,581 | $ | — | $ | — | ||||||
| ||||||||||||
Future Tech Leaders Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 50,906,407 | $ | — | $ | — | ||||||
Europe | 8,140,152 | — | — | |||||||||
North America | 112,098,210 | — | — | |||||||||
South America | 3,878,174 | — | — | |||||||||
Investment Company | 3,922,479 | — | — | |||||||||
| ||||||||||||
Total | $ | 178,945,422 | $ | — | $ | — | ||||||
|
(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. |
45 |
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
For further information regarding security characteristics, see the Schedules of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the six months ended February 29, 2024, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:
Fund | Unitary Management Fee | |
| ||
Future Consumer Equity ETF | 0.75% | |
| ||
Future Health Care Equity ETF | 0.75% | |
| ||
Future Planet Equity ETF | 0.75% | |
| ||
Future Real Estate and Infrastructure Equity ETF | 0.75% | |
| ||
Future Tech Leaders Equity ETF | 0.75% | |
|
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations 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 29, 2024, GSAM waived $800, $233, $611, $171 and $1,526 of the Funds’ management fees for the Future Consumer Equity ETF, Future Health Care ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF and the Future Tech Leaders Equity ETF, respectively.
B. Other Transactions with Affiliates — For the six months ended February 29, 2024, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Future Consumer Equity ETF, Future Health Care ETF, Future Planet Equity ETF, Future Real Estate and Infrastructure Equity ETF and the Future Tech Leaders Equity ETF, respectively.
The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Treasury Obligations Fund as of and for the six months ended February 29, 2024:
Future Consumer Equity ETF
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||
$ | – | $ | 8,443,295 | $ | 6,608,773 | $ | 1,834,522 | 1,834,522 | $ | 23,932 | ||||||||||||||
| ||||||||||||||||||||||||
|
46 |
GOLDMAN SACHS FUTURE ETFS
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Future Health Care Equity ETF |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||
$ | – | $ | 2,416,236 | $ | 2,181,357 | $ | 234,879 | 234,879 | $ | 6,808 | ||||||||||||||
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Future Planet Equity ETF |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||
– | 8,009,473 | 7,317,853 | 691,620 | 691,620 | 18,244 | |||||||||||||||||||
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Future Real Estate and Infrastructure Equity ETF |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||
– | 1,072,235 | 754,105 | 318,130 | 318,130 | 5,042 | |||||||||||||||||||
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
Future Tech Leaders Equity ETF |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||
– | 20,616,182 | 16,693,703 | 3,922,479 | 3,922,479 | 9,485 | |||||||||||||||||||
| ||||||||||||||||||||||||
|
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:
47 |
GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Future Consumer Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 650,000 | $ | 16,801,937 | 2,350,000 | $ | 61,441,718 | ||||||||||
Shares redeemed | (3,600,000 | ) | (94,855,529 | ) | (100,000 | ) | (2,754,101) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (2,950,000 | ) | $ | (78,053,592 | ) | 2,250,000 | $ | 58,687,617 | ||||||||
| ||||||||||||||||
Future Health Care Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | — | $ | — | 375,000 | $ | 12,109,471 | ||||||||||
Shares redeemed | (2,700,000 | ) | (77,110,935 | ) | (325,000 | ) | (10,245,168) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (2,700,000 | ) | $ | (77,110,935 | ) | 50,000 | $ | 1,864,303 | ||||||||
| ||||||||||||||||
Future Planet Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | — | $ | — | 250,000 | $ | 7,613,215 | ||||||||||
Shares redeemed | (3,225,000 | ) | (87,063,598 | ) | (1,275,000 | ) | (39,760,858) | |||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (3,225,000 | ) | $ | (87,063,598 | ) | (1,025,000 | ) | $ | (32,147,643) | |||||||
| ||||||||||||||||
Future Real Estate and Infrastructure Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | — | $ | — | 50,000 | $ | 1,628,238 | ||||||||||
Shares redeemed | (150,000 | ) | (4,918,349 | ) | (25,000 | ) | (826,941) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (150,000 | ) | $ | (4,918,349 | ) | 25,000 | $ | 801,297 | ||||||||
|
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5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Future Tech Leaders Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 525,000 | $ | 12,930,354 | 800,000 | $ | 16,946,509 | ||||||||||
Shares redeemed | (4,600,000 | ) | (110,169,607 | ) | (650,000 | ) | (15,575,293) | |||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (4,075,000 | ) | $ | (97,239,253 | ) | 150,000 | $ | 1,371,216 | ||||||||
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
| ||||||||
Future Consumer Equity ETF | $ | 15,975,837 | $ | 33,078,460 | ||||
| ||||||||
Future Health Care Equity ETF | 12,845,247 | 11,990,229 | ||||||
| ||||||||
Future Planet Equity ETF | 13,973,844 | 17,666,373 | ||||||
| ||||||||
Future Real Estate and Infrastructure Equity ETF | 2,156,227 | 2,335,993 | ||||||
| ||||||||
Future Tech Leaders Equity ETF | 46,346,969 | 69,614,036 | ||||||
|
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
| ||||||||
Future Consumer Equity ETF | $ | 13,487,667 | $ | 75,809,802 | ||||
| ||||||||
Future Health Care Equity ETF | — | 76,392,775 | ||||||
| ||||||||
Future Planet Equity ETF | — | 80,569,778 | ||||||
| ||||||||
Future Real Estate and Infrastructure Equity ETF | — | 4,836,779 | ||||||
| ||||||||
Future Tech Leaders Equity ETF | 10,100,820 | 85,078,224 | ||||||
|
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
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Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
7. SECURITIES LENDING (continued) |
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 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Future Health Care ETF, Future Real Estate and Infrastructure Equity ETF and Future Tech Leaders Equity ETF did not have securities on loan as of February 29, 2024.
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 29, 2024, 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 29, 2024:
Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | ||||||||||
| ||||||||||||||
Future Consumer Equity ETF | $ 747,637 | $ | 8,106,206 | $ | (8,056,976 | ) | $ | 796,867 | ||||||
| ||||||||||||||
Future Health Care Equity ETF | — | 2,810,885 | (2,810,885 | ) | — | |||||||||
| ||||||||||||||
Future Planet Equity ETF | 1,110,381 | 9,655,636 | (10,520,072 | ) | 245,945 | |||||||||
| ||||||||||||||
Future Real Estate and Infrastructure Equity ETF | — | 1,173,851 | (1,173,851 | ) | — | |||||||||
| ||||||||||||||
Future Tech Leaders Equity ETF | — | 10,324,350 | (10,324,350 | ) | — | |||||||||
|
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GOLDMAN SACHS FUTURE ETFS
8. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2023, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:
Future Consumer Equity ETF | Future Health Care Equity ETF | Future Planet Equity ETF | Future Real Estate and Infrastructure Equity ETF | Future Tech Leaders Equity ETF | ||||||||||||||||||||
| ||||||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||||||
Perpetual Short-Term | $ | (4,207,635 | ) | $ | (3,732,076 | ) | $ | (1,689,183 | ) | $ | (619,615 | ) | $ | (35,991,302 | ) | |||||||||
Perpetual Long-Term | — | — | (434,932 | ) | — | (6,921,885 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total capital loss carryforwards | (4,207,635 | ) | (3,732,076 | ) | (2,124,115 | ) | (619,615 | ) | (42,913,187 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Timing differences — Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral | (2,589,572 | ) | (5,683,882 | ) | (4,661,043 | ) | (962,910 | ) | (41,838,379 | ) | ||||||||||||||
|
As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Future Consumer Equity ETF | Future Health Care Equity ETF | Future Planet Equity ETF | Future Real Estate and Infrastructure Equity ETF | Future Tech Leaders Equity ETF | ||||||||||||||||||||
| ||||||||||||||||||||||||
Tax Cost | $ | 85,215,205 | $ | 26,429,233 | $ | 62,167,593 | $ | 20,960,515 | $ | 177,115,028 | ||||||||||||||
| ||||||||||||||||||||||||
Gross unrealized gain | 11,867,514 | 1,852,469 | 964,445 | 663,165 | 18,601,072 | |||||||||||||||||||
Gross unrealized loss | (10,187,004 | ) | (2,927,775 | ) | (18,500,279 | ) | (2,814,099 | ) | (16,770,678 | ) | ||||||||||||||
| ||||||||||||||||||||||||
Net unrealized gain (loss) | $ | 1,680,510 | $ | (1,075,306 | ) | $ | (17,535,834 | ) | $ | (2,150,934 | ) | $ | 1,830,394 | |||||||||||
|
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.
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 years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of 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
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Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
9. OTHER RISKS (continued) |
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 — The 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.
Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
Issuer Concentration Risk — The Funds may invest in a relatively small number of issuers. As a result, they may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Funds may affect the overall value of the Funds more than it would affect a mutual fund that holds more investments. In particular, the Funds may be more susceptible to adverse developments affecting any single issuer in the Funds and may be susceptible to greater losses because of these developments.
Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.
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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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,
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GOLDMAN SACHS FUTURE ETFS
9. OTHER RISKS (continued) |
the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. 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.
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
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.
Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s Shares.
Thematic Investing Risk — The Fund’s thematic investment strategy limits the universe of investment opportunities available to the Fund and will affect the Fund’s exposure to certain companies, sectors, regions, and countries, which may result in the Fund forgoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so. Adhering to the Fund’s thematic investment strategy may also affect the Fund’s performance relative to similar funds that do not seek to invest in companies exposed to certain themes. There is no guarantee that the Investment Adviser’s views, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. In addition, the Investment Adviser is not required to monitor on an ongoing basis whether a current holding continues to be aligned with one or more themes or otherwise associated with certain themes. The Fund is not required to sell, and may instead add to, positions in holdings that no longer continue to be aligned with one or more of the Key Themes or associated with these themes.
10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.
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GOLDMAN SACHS FUTURE ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
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 FUTURE ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:
Proposal Election of Trustees | For | Withheld | ||
Gregory G. Weaver | 312,642,103 | 27,755,773 | ||
Dwight L. Bush | 339,557,290 | 840,586 | ||
Kathryn A. Cassidy | 339,692,259 | 705,617 | ||
John G. Chou | 339,628,535 | 769,341 | ||
Joaquin Delgado | 339,626,867 | 771,009 | ||
Eileen H. Dowling | 339,570,827 | 827,049 | ||
Paul C. Wirth | 339,591,397 | 806,479 |
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GOLDMAN SACHS FUTURE ETFS
Statement Regarding Basis for Approval of Management Agreement (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, 2024 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, 2023 (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. 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 (i) 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”), (ii) a benchmark performance index; and (iii) 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) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees 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 investment strategies similar to those of the Funds. 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. 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, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on each Fund’s investment performance was provided for the one-year period ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.
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. The Trustees observed that the Goldman Sachs Future Consumer Equity ETF had placed in the fourth quartile of the Fund’s peer group and underperformed the Fund’s benchmark index for the one-year period ended June 30, 2023. They noted that the 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 had each placed in the top half of its respective peer group and underperformed its respective benchmark for the one-year period ended March 31, 2023. The Trustees observed that each Fund’s investment performance was consistent with its respective investment objective.
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Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.
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 2022 and 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, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, 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 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 funds 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.
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GOLDMAN SACHS FUTURE ETFS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) 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, 2024.
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GOLDMAN SACHS FUTURE ETFS
Liquidity Risk Management Program
February 29, 2024 |
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 13-14, 2024, 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, 2023 through December 31, 2023 (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. 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 February 29, 2024 (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, 2023 and held for the six months ended February 29, 2024, which represents a period of 182 days of a 366 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.
Future Consumer Equity ETF | Future Health Care Equity ETF | Future Planet Equity ETF | Future Real Estate and Infrastructure Equity ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $1,000.00 | $1,137.27 | $3.99 | $1,000.00 | $1,045.83 | $3.81 | $1,000.00 | $1,018.54 | $3.76 | $1,000.00 | $1,025.12 | $3.78 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,021.13 | + | 3.77 | 1,000.00 | 1,021.13 | + | 3.77 | 1,000.00 | 1,021.13 | + | 3.77 | 1,000.00 | 1,021.13 | + | 3.77 |
Future Tech Leaders Equity ETF | |||||||||||||||
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||
Actual based on NAV | $1,000.00 | $1,166.00 | $4.04 | ||||||||||||
Hypothetical 5% return | 1,000.00 | 1,021.13 | + | 3.77 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratios for the period were as follows:
Fund | ||||||||||||||||||||||||||
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 |
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FUNDS PROFILE
Goldman Sachs ETFs
THE GOLDMAN
SACHS ADVANTAGE
Our goal is to deliver:
Strong, Consistent Investment Results | ||
∎ | Global Resources and Global Research | |
∎ | Team Approach | |
∎ | Disciplined Processes |
Innovative, Value-Added Investment Products | ||
∎ | Thoughtful Solutions | |
∎ | Risk Management |
Outstanding Client Service | ||
∎ | Dedicated Service Teams | |
∎ | Excellence and Integrity |
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 $2.54 trillion in assets under supervision as of December 31, 2023, 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
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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 Bonds 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 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® 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 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 Goldman Sachs Hedge Industry VIP ETF Goldman Sachs Innovate Equity ETF Goldman Sachs JUST U.S. Large Cap Equity ETF Goldman Sachs MarketBeta® Emerging Markets Equity ETF Goldman Sachs MarketBeta® International Equity ETF Goldman Sachs MarketBeta® Total International Equity ETF Goldman Sachs MarketBeta® U.S. 1000 Equity ETF Goldman Sachs MarketBeta® U.S. Equity ETF Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF Goldman Sachs Nasdaq-100 Core Premium Income ETF Goldman Sachs North American Pipelines & Power Equity ETF Goldman Sachs Small Cap Core Equity ETF Goldman Sachs S&P 500 Core Premium Income ETF
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INDEX DISCLAIMERS
The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
64 |
FUNDS PROFILE
65 |
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission ("SEC'') web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC's web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 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. (C) 2024 Goldman Sachs. All rights reserved. 366450-OTU-04/2024 GST 2504 FTRETFSAR-24
Goldman Sachs Funds Goldman Sachs MarketBeta® ETFs MarketBeta® Emerging Markets Equity ETF (GSEE) MarketBeta® International Equity ETF (GSID) MarketBeta® Russell 1000 Growth Equity ETF (GGUS) MarketBeta® Russell 1000 Value Equity ETF (GVUS) MarketBeta® U.S. Equity ETF (GSUS) Goldman Sachs MarketBeta® ETFs MARKETBETA® EMERGING MARKETS EQUITY ETF MARKETBETA® INTERNATIONAL EQUITY ETF MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF MARKETBETA® U.S. EQUITY ETF
Goldman Sachs MarketBeta® ETFs
∎ |
MARKETBETA® EMERGING MARKETS EQUITY ETF | |
∎ |
MARKETBETA® INTERNATIONAL EQUITY ETF | |
∎ |
MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF | |
∎ |
MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF | |
∎ |
MARKETBETA® U.S. EQUITY ETF |
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8 | ||||
20 | ||||
93 | ||||
99 | ||||
100 | ||||
101 | ||||
102 | ||||
103 | ||||
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Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET AND ECONOMIC REVIEW
Goldman Sachs MarketBeta ETFs
February 29, 2024
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 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new SEC requirements with a compliance date of July 24, 2024.
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 13.93%. The Russell 3000® Index generated a return of 13.76%. |
• | Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership. |
• | The Reporting Period began in September 2023 with a sharp pullback. |
• | Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (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.) |
• | Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment. |
• | The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors. |
• | During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003. |
• | The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023. |
• | U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime. |
• | The market then shifted direction in November. |
• | November saw the most significant easing in financial conditions of any month in more than four decades. |
• | Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes. |
• | The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards. |
• | Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) |
• | U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years. |
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MARKET AND ECONOMIC REVIEW
• | Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks. |
• | The S&P 500 Index rose in January 2024, albeit modestly. |
• | Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors. |
• | Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy. |
• | The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again. |
• | Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. |
• | In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven.” The Magnificent Seven stocks are a group of high-performing and influential companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla. |
• | U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.) |
• | The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact. |
• | Economic data remained robust, which helped ease concerns of a hard landing. |
• | Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024. |
• | Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors. |
• | During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap® Index and Russell 2000® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.) |
• | The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples. |
International Equities
• | Representing the developed international equity markets, the MSCI EAFE Index (net) returned 9.23% for the Reporting Period, lagging the U.S. equity market. |
• | As the Reporting Period began in September 2023, international equity markets, like their U.S. counterpart, declined, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets. |
• | In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised interest rates for the second time in the third calendar quarter. However, inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last. |
Source: MSCI
2 |
MARKET AND ECONOMIC REVIEW
• | The U.K. equity market fared better than continental Europe, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The Bank of England (“BoE”) ended its run of 14 consecutive interest rate hikes in September. |
• | The Japanese equity market fell in September, as concerns arose surrounding political tensions with China, which could impact tourism. |
• | International equities rallied strongly in the fourth quarter of 2023, fueled by expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative. |
• | In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell. |
• | U.K. equities posted positive returns overall but lagged other geographies due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. economic growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-ap stocks performed especially well. |
• | The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. However, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates. |
• | The MSCI EAFE Index posted positive, though quite modest, returns in January 2024. While developed markets advanced on positive macroeconomic indicators, central banks tempered investor expectations of interest rate cuts in the first quarter of 2024. |
• | European equities gained. The ECB kept its rates steady at its January meeting, recognizing a medium-term trend in declining inflation despite the uptick in the prior month. The ECB seemed to have little aversion towards maintaining elevated rates for as long as necessary, reiterating its commitment to a data-driven approach over the next few months. |
• | U.K. equities posted a negative return overall in January. Signs of economic growth as well as a higher than anticipated December 2023 inflation reading pushed out expectations of rate cuts from the BoE. |
• | Despite beginning the calendar year with an earthquake and an accident at Tokyo Haneda airport, Japan was the best performing major region in January amidst foreign inflows, as investors rotated out of an underperforming Chinese equity market. Japanese equity markets were propelled by investor optimism around structural developments, such as corporate governance reforms requesting management plans around cost of capital and stock prices, as well as by the launch of the Nippon Individual Savings Account, which was widely expected to increase retail investor participation. The market was also boosted by yen depreciation, as the Bank of Japan elected not to change its negative rate policy at its January meeting. |
• | The MSCI EAFE Index performed better in February 2024, as corporate earnings reports and positive economic data supported a solid monthly return. |
• | European equities gained. Despite inflation in the region declining, the ECB reiterated its cautionary guidance regarding rate cuts. After reaching its highest level since July 2023 in January 2024, Europe’s Purchasing Managers’ Index (“PMI”) rose further in February, underscoring signs of improving economic activity in the region. |
• | The U.K. equity market underperformed other international equity markets in February but still eked out a modestly positive return. Similar to the ECB, the BoE tempered interest rate cut expectations despite inflation coming in slightly below expectations. The U.K. equity market was further challenged by underwhelming corporate earnings and poor economic data that signaled the U.K. had entered a technical recession in the fourth quarter of 2023. |
Source: MSCI
3 |
MARKET AND ECONOMIC REVIEW
• | The Japanese equity market reached an all-time high in February, surpassing its previous high set 34 years earlier. Despite disappointing fourth quarter 2023 economic growth data, markets were enthused by the return of inflation in Japan, corporate governance reforms and stronger than consensus expected corporate earnings results, led mainly by large-cap stocks. |
• | For the Reporting Period overall, eight of the eleven sectors in the MSCI EAFE Index posted positive total returns. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials, each posting a double-digit positive total return. The weakest performing sectors were consumer staples, utilities and energy. |
• | The best performing countries within the MSCI EAFE Index were the Netherlands, Sweden and Israel. The weakest performing countries during the Reporting Period were Portugal, Hong Kong and Finland. |
Emerging Markets Equities
• | Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 4.93% 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 2023, emerging markets equities as a whole posted negative returns, as heightened expectations amid strong U.S. economic data that U.S. interest rates would remain higher for longer put pressure on emerging markets equities. |
• | China remained top of mind for many investors with property market and local government debt issues reducing confidence in its equity market, which posted negative returns. |
• | Elsewhere in Asia, India’s equity market rose, as the country’s long-term structural drivers remained strong and its near-term cyclical backdrop improved, with economic momentum advancing, corporate earnings growth broadening and corporate capital expenditures picking up. |
• | In Latin America, the Brazilian equity market rose modestly, reporting economic growth that beat consensus expectations though high inflation kept investors alert to potential changes in economic policy. |
• | In the EMEA (Europe, Middle East and Africa) region, Turkey’s equity market was the top performer, as domestic retail investor flows followed a signaled return to economic orthodoxy from the Turkish government. However, the equity markets of Poland, Greece and Saudi Arabia fell. |
• | Emerging markets equities rallied in the fourth quarter of 2023 overall. |
• | In October 2023, emerging markets equities as a whole fell as did most equity markets globally, as expectations for higher for longer interest rates, particularly in the U.S., and the outbreak of war in the Middle East reduced risk appetite, especially within emerging markets regions. |
• | November 2023 was a strong month for emerging markets equities, as the view that developed markets interest rates had reached their peak supported equity market performance. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China continued to struggle as consumer confidence remained weak amid ongoing property market troubles. |
• | The MSCI Emerging Markets Index rose solidly in December 2023, as emerging markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025. |
• | The MSCI Emerging Markets Index fell in January 2024, suffering as strong U.S. economic data and hawkish messaging from the U.S. Fed altered interest rate cut expectations. Despite China’s positive reported economic growth, its equity market was weakest, as the country continued to deal with issues of weak consumer confidence and property market concerns, with Evergrande, one of its largest real estate companies, going into liquidation during the month. Additionally, disappointment in the level of government |
Source: MSCI
4 |
MARKET AND ECONOMIC REVIEW
• | support affected sentiment. Countries with strong trade links to China, including South Korea and Thailand, also suffered, as consensus expected export demand fell. On the other hand, India maintained its strong momentum from 2023, buoyed by corporate fundamentals and its government announcing a budget that reiterated a commitment to fiscal consolidation and introducing measures to encourage private capital expenditure. In Latin America, the rate differential between the U.S. and regional central banks was a drag, driving the equity markets of Chile, Peru and Brazil to negative monthly returns. |
• | The MSCI Emerging Markets Index rose in February 2024, supported largely by a rebound in China’s equity market, which had recently hit five-year lows. China’s equity market was boosted by government intervention, including stock purchases by state-owned investment firms, and by data indicating better tourist activity during the lunar new year. |
• | During the Reporting Period overall, the best performing sectors within the MSCI Emerging Markets Index were utilities, energy and information technology. The weakest performing sectors were communication services, real estate and materials. |
• | The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Egypt, Poland, Colombia, Peru and India. The weakest performing countries were Hong Kong, Thailand, China, Czech Republic and Chile. |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF
• | The Fund, which seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Russell 1000 Growth 40 Act Daily Capped Index (the “Index”), launched on November 28, 2023. |
• | The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in equity securities included in its underlying index, in depositary receipts representing equity securities included in its underlying index, and in underlying stocks in lieu of depositary receipts included in its underlying index. |
• | The Index is designed to measure the performance of the large- and mid-capitalization growth segment of U.S. equity issuers, with a capping methodology. |
• | The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with higher price-to-book ratios, higher forecasted medium-term growth and higher sales-per-share historical growth relative to all issuers whose securities are included in the Russell 1000 Index. |
• | It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping). |
• | As of December 1, 2023, the Index consisted of 442 securities with a market capitalization range of approximately $984.39 million and $3 trillion, and an average market capitalization of approximately $73.06 billion. The components of the Index may change over time. |
• | The Index applies a capping methodology aimed to ensure that the Fund remains classified as “diversified” under the Investment Company Act of 1940, as amended. |
• | The Index normally rebalances quarterly, at which time (i) all companies that have a weight greater than 4.5% in aggregate are no more than 22.5% of the Index and (ii) no individual company in the Index has a weight greater than 22.5% of the Index. |
• | The Index is monitored daily to ensure that companies that have a weight greater than 4.8% in aggregate are no more than 24% of the Index. |
• | Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
• | The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. |
Source: MSCI
5 |
MARKET AND ECONOMIC REVIEW
• | However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. |
• | There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques. |
• | The Index is owned and calculated by FTSE Russell (“Russell” or the “Index Provider”). |
• | The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time. |
Goldman Sachs MarketBeta Russell 1000 Value Equity ETF
• | The Fund, which seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Russell 1000 Value 40 Act Daily Capped Index (the “Index”), launched on November 28, 2023. |
• | The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in equity securities included in its underlying index, in depositary receipts representing equity securities included in its underlying index, and in underlying stocks in lieu of depositary receipts included in its underlying index. |
• | The Index is designed to measure the performance of the large- and mid-capitalization value segment of U.S. equity issuers, with a capping methodology. |
• | The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with lower price-to-book ratios, lower sales-per-share historical growth and lower forecasted growth relative to all issuers whose securities are included in the Russell 1000 Index. |
• | It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping). |
• | As of December 1, 2023, the Index consisted of 847 securities with a market capitalization range of approximately $289.2 million and $781.49 billion, and an average market capitalization of approximately $31.06 billion. The components of the Index may change over time. |
• | The Index applies a capping methodology aimed to ensure that the Fund remains classified as “diversified” under the Investment Company Act of 1940, as amended. |
• | The Index normally rebalances quarterly, at which time (i) all companies that have a weight greater than 4.5% in aggregate are no more than 22.5% of the Index and (ii) no individual company in the Index has a weight greater than 22.5% of the Index. |
• | The Index is monitored daily to ensure that companies that have a weight greater than 4.8% in aggregate are no more than 24% of the Index. |
• | Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. |
• | The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. |
• | However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. |
• | There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques. |
• | The Index is owned and calculated by FTSE Russell (“Russell” or the “Index Provider”). |
6 |
MARKET AND ECONOMIC REVIEW
• | The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time. |
7 |
MarketBeta® Emerging Markets Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $42.26 | |||
Net Asset Value (NAV)1 | $42.27 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV) 2 | Fund Total Return (based on Market Price) 2 | Solactive GBS Emerging Markets Large & Mid Cap Index3 | |||||
Shares | 4.89% | 4.82% | 5.70% |
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. |
8 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | Country | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 7.1% | Information Technology | Taiwan | |||
Samsung Electronics Co. Ltd. | 3.6 | Information Technology | South Korea | |||
Tencent Holdings Ltd. | 3.0 | Communication Services | China | |||
Alibaba Group Holding Ltd. | 2.0 | Consumer Discretionary | China | |||
Reliance Industries Ltd. | 1.6 | Energy | India | |||
PDD Holdings, Inc. ADR | 1.1 | Consumer Discretionary | China | |||
Infosys Ltd. | 1.0 | Information Technology | India | |||
ICICI Bank Ltd. | 0.9 | Financials | India | |||
SK Hynix, Inc. | 0.9 | Information Technology | South Korea | |||
China Construction Bank Corp., Class H | 0.8 | Financials | China |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
As of February 29, 2024
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 29, 2024. 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
MarketBeta® International Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $55.22 | |||
Net Asset Value (NAV)1 | $55.18 |
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, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive GBS Developed North America Large & Mid Cap Index3 | |||||
Shares | 9.17% | 9.31% | 9.25% |
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 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. |
10 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | Country | |||
Novo Nordisk A/S, Class B | 2.3% | Health Care | Denmark | |||
ASML Holding NV | 2.2 | Information Technology | Netherlands | |||
Nestle SA | 1.7 | Consumer Staples | United States | |||
Toyota Motor Corp. | 1.7 | Consumer Discretionary | Japan | |||
LVMH Moet Hennessy Louis Vuitton SE | 1.4 | Consumer Discretionary | France | |||
Shell PLC | 1.2 | Energy | Netherlands | |||
Novartis AG | 1.2 | Health Care | Switzerland | |||
SAP SE | 1.2 | Information Technology | Germany | |||
AstraZeneca PLC | 1.1 | Health Care | United Kingdom | |||
Roche Holding AG | 1.1 | Health Care | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
As of February 29, 2024
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 0.6% of the Fund’s net assets as of February 29, 2024. 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
MarketBeta® Russell 1000 Growth Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $45.77 | |||
Net Asset Value (NAV)1 | $45.72 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NA V in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca, 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 |
November 28, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Russell 1000 Growth 40 Act Daily Capped Index (Total Return, Unhedged, USD)3 | |||||
Shares | 13.88% | 14.00% | 13.90% |
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® Russell 1000 Growth Equity ETF has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000 Growth 40 Act Daily Capped Index (the “Russell Index”) vest in the relevant LSE Group company which owns each Russell Index. “Russell®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Russell Index is calculated by or on behalf of FTSE Russell 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 Russell Index or (b) investment in or operation of the Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF or the suitability of the Russell Index for the purpose to which it is being put by GSAM. |
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. |
12 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Microsoft Corp. | 8.7% | Software | ||
Apple, Inc. | 7.7 | Technology Hardware, Storage & Peripherals | ||
NVIDIA Corp. | 6.1 | Semiconductors & Semiconductor Equipment | ||
Amazon.com, Inc. | 4.6 | Broadline Retail | ||
Meta Platforms, Inc., Class A | 4.2 | Interactive Media & Services | ||
Eli Lilly & Co. | 2.9 | Pharmaceuticals | ||
Broadcom, Inc. | 2.6 | Semiconductors & Semiconductor Equipment | ||
Tesla, Inc. | 2.6 | Automobiles | ||
Alphabet, Inc., Class A | 2.3 | Interactive Media & Services | ||
Visa, Inc., Class A | 2.1 | Financial Services |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
As of February 29, 2024
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 FTSE Russell. 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 29, 2024. 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
MarketBeta® Russell 1000 Value Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $44.18 | |||
Net Asset Value (NAV)1 | $44.14 |
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, 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 |
November 28, 2023-February 29, 2024 | Fund Total Return (based on NAV) 2 | Fund Total Return (based on Market Price) 2 | Russell 1000 Value 40 Act Daily Capped Index (Total return, Unhedged, USD) 3 | |||||
Shares | 10.74% | 10.85% | 10.83% |
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 4:00 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® Russell 1000 Value Equity ETF has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000 Value 40 Act Daily Capped Index (the “Russell Index”) vest in the relevant LSE Group company which owns each Russell Index. “Russell®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Russell Index is calculated by or on behalf of FTSE Russell 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 Russell Index or (b) investment in or operation of the Goldman Sachs MarketBeta® Russell Value Equity ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF or the suitability of the Russell Index for the purpose to which it is being put by GSAM. |
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. |
14 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Berkshire Hathaway, Inc., Class B | 3.6% | Financial Services | ||
JPMorgan Chase & Co. | 2.6 | Banks | ||
Exxon Mobil Corp. | 2.0 | Oil, Gas & Consumable Fuels | ||
Johnson & Johnson | 1.9 | Pharmaceuticals | ||
Procter & Gamble Co. (The) | 1.4 | Household Products | ||
Merck & Co., Inc. | 1.3 | Pharmaceuticals | ||
Chevron Corp. | 1.2 | Oil, Gas & Consumable Fuels | ||
Walmart, Inc. | 1.2 | Consumer Staples Distribution & Retail | ||
Bank of America Corp. | 1.1 | Banks | ||
Wells Fargo & Co. | 1.0 | Banks |
4 The top 10 holdings may not be representative of the Fund’s future investments.
FUND VS BENCHMARK5 |
As of February 29, 2024
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 FTSE Russell. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 29, 2024. 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 |
FUND BASICS
MarketBeta® U.S. Equity ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $69.94 | |||
Net Asset Value (NAV)1 | $69.95 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
PERFORMANCE REVIEW |
September 1, 2023-February 29, 2024 | Fund Total Return (based on NAV) 2 | Fund Total Return (based on Market Price) 2 | Solactive GBS United States Large & Mid Cap Index3 | |||||
Shares | 14.29% | 14.18% | 14.32% |
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 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. |
16 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Microsoft Corp. | 7.1% | Software | ||
Apple, Inc. | 6.2 | Technology Hardware, Storage & Peripherals | ||
NVIDIA Corp. | 4.4 | Semiconductors & Semiconductor Equipment | ||
Amazon.com, Inc. | 3.7 | Broadline Retail | ||
Meta Platforms, Inc., Class A | 2.5 | Interactive Media & Services | ||
Alphabet, Inc., Class A | 1.9 | Interactive Media & Services | ||
Alphabet, Inc., Class C | 1.6 | Interactive Media & Services | ||
Eli Lilly & Co. | 1.5 | Pharmaceuticals | ||
Broadcom, Inc. | 1.4 | Semiconductors & Semiconductor Equipment | ||
Tesla, Inc. | 1.3 | Automobiles |
4 The top 10 holdings may not be representative of the Fund’s future investments.
FUND VS BENCHMARK5 |
As of February 29, 2024
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 29, 2024. 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. |
17 |
FUND BASICS
Index Definitions and Industry Terms
February 29, 2024
The Solactive GBS Emerging Markets Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
The Solactive GBS Developed Markets ex North America Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
The Solactive GBS United States Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
The Russell 1000 Growth 40 Act Daily Capped Index is designed to measure the performance of the large- and mid-capitalization growth segment of U.S. equity issuers, with a capping methodology (discussed below). The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with higher price-to-book ratios, higher forecasted medium-term growth and higher sales-per-share historical growth relative to all issuers whose securities are included in the Russell 1000 Index. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping described below). As of December 1, 2023, the Index consisted of 442 securities with a market capitalization range of approximately $984.4 million and $3 trillion, and an average market capitalization of approximately $73.1 billion.
The Russell 1000 Value 40 Act Daily Capped Index is designed to measure the performance of the large- and mid-capitalization value segment of U.S. equity issuers, with a capping methodology (discussed below). The Index is a subset of the Russell 1000 Index and measures the performance of equity securities of Russell 1000 Index issuers with lower price-to-book ratios, lower sales-per-share historical growth and lower forecasted growth relative to all issuers whose securities are included in the Russell 1000 Index. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization (subject to the capping described below). As of December 1, 2023, the Index consisted of 847 securities with a market capitalization range of approximately $289.2 million and $781.5 billion, and an average market capitalization of approximately $31.1 billion.
Definitions of Non-Benchmark Related Indices
Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000® Index is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Index represents approximately 92% of the U.S. market. The Russell 1000® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.
Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. The Russell Midcap® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® Index companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.
Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. The Russell 2000® Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® 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.
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.
18 |
FUND BASICS
MSCI EAFE® Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI EAFE® Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI EAFE® Index is unmanaged and the figures for the MSCI EAFE® Index do not include any deduction for fees or expenses.
S&P 500® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.
The MSCI® Emerging Markets Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of March 31, 2024 the MSCI® Emerging Markets Index consists of the following 24 emerging market country indexes: 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. For this Index, the dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI Emerging Markets Index does not reflect any deductions of expenses associated with mutual funds such as management fees and other expenses. It is not possible to invest directly in an index.
It is not possible to invest directly in an unmanaged index.
19 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – 97.3% |
| |||||||
Australia – 0.0% |
| |||||||
3,310 | Yancoal Australia Ltd. (Energy)(a) | $ | 13,149 | |||||
| ||||||||
Brazil – 4.5% |
| |||||||
65,011 | Ambev SA (Consumer Staples) | 164,600 | ||||||
8,387 | Atacadao SA (Consumer Staples) | 20,408 | ||||||
80,843 | B3 SA – Brasil Bolsa Balcao (Financials) | 208,752 | ||||||
21,868 | Banco Bradesco SA (Financials) | 54,135 | ||||||
22,025 | Banco BTG Pactual SA (Financials) | 161,309 | ||||||
12,669 | Banco do Brasil SA (Financials) | 147,531 | ||||||
5,596 | Banco Santander Brasil SA (Financials) | 32,211 | ||||||
10,118 | BB Seguridade Participacoes SA (Financials) | 67,892 | ||||||
8,086 | Caixa Seguridade Participacoes SA (Financials) | 23,386 | ||||||
14,961 | CCR SA (Industrials) | 41,493 | ||||||
17,396 | Centrais Eletricas Brasileiras SA (Utilities) | 152,300 | ||||||
5,132 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 81,762 | ||||||
4,376 | Cia Energetica de Minas Gerais (Utilities) | 13,228 | ||||||
9,407 | Cia Siderurgica Nacional SA (Materials) | 31,845 | ||||||
11,034 | Companhia Paranaense de Energia (Utilities) | 20,386 | ||||||
17,504 | Cosan SA (Energy) | 59,889 | ||||||
2,945 | CPFL Energia SA (Utilities) | 20,976 | ||||||
6,619 | CSN Mineracao SA (Materials) | 8,086 | ||||||
4,483 | Energisa SA (Utilities) | 45,871 | ||||||
9,002 | Eneva SA (Utilities)* | 23,245 | ||||||
2,743 | Engie Brasil Energia SA (Utilities) | 23,198 | ||||||
14,699 | Equatorial Energia SA (Utilities) | 101,116 | ||||||
71,419 | Hapvida Participacoes e Investimentos SA (Health | |||||||
Care)*(a) | 52,752 | |||||||
5,947 | Hypera SA (Health Care) | 39,354 | ||||||
7,022 | Itau Unibanco Holding SA (Financials) | 41,423 | ||||||
12,767 | Klabin SA (Materials) | 57,994 | ||||||
12,572 | Localiza Rent a Car SA (Industrials) | 134,104 | ||||||
14,294 | Lojas Renner SA (Consumer Discretionary) | 45,454 | ||||||
45,068 | Magazine Luiza SA (Consumer Discretionary)* | 19,320 | ||||||
4,270 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 22,696 | ||||||
12,724 | Natura & Co. Holding SA (Consumer Staples)* | 41,768 | ||||||
3,057 | Neoenergia SA (Utilities) | 13,290 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Brazil – (continued) |
| |||||||
33,924 | NU Holdings Ltd., Class A (Financials)* | $ | 375,878 | |||||
3,151 | Pagseguro Digital Ltd., Class A (Financials)* | 43,862 | ||||||
54,587 | Petroleo Brasileiro SA (Energy) | 452,855 | ||||||
2,952 | Porto Seguro SA (Financials) | 16,968 | ||||||
10,626 | PRIO SA (Energy) | 93,479 | ||||||
18,868 | Raia Drogasil SA (Consumer Staples) | 101,163 | ||||||
14,544 | Rede D’Or Sao Luiz SA (Health Care)(a) | 74,115 | ||||||
18,318 | Rumo SA (Industrials) | 83,762 | ||||||
19,938 | Sendas Distribuidora SA (Consumer Staples) | 56,981 | ||||||
3,607 | StoneCo Ltd., Class A (Financials)* | 62,076 | ||||||
10,380 | Suzano SA (Materials) | 117,721 | ||||||
6,100 | Telefonica Brasil SA (Communication Services) | 66,885 | ||||||
11,796 | TIM SA (Communication Services) | 43,137 | ||||||
7,829 | TOTVS SA (Information Technology) | 48,358 | ||||||
10,987 | Ultrapar Participacoes SA (Energy) | 64,923 | ||||||
57,310 | Vale SA (Materials) | 772,684 | ||||||
16,936 | Vibra Energia SA (Consumer Discretionary) | 88,146 | ||||||
21,876 | WEG SA (Industrials) | 161,539 | ||||||
5,802 | XP, Inc., Class A (Financials) | 137,159 | ||||||
|
| |||||||
4,833,465 | ||||||||
| ||||||||
Chile – 0.4% |
| |||||||
645,675 | Banco de Chile (Financials) | 74,782 | ||||||
1,319 | Banco de Credito e Inversiones SA (Financials) | 36,555 | ||||||
912,575 | Banco Santander Chile (Financials) | 44,335 | ||||||
19,641 | Cencosud SA (Consumer Staples) | 35,240 | ||||||
1,980 | Cia Cervecerias Unidas SA (Consumer Staples) | 11,468 | ||||||
226,468 | Cia Sud Americana de Vapores SA (Industrials) | 15,796 | ||||||
17,654 | Empresas CMPC SA (Materials) | 31,309 | ||||||
6,202 | Empresas Copec SA (Energy) | 39,764 | ||||||
288,881 | Enel Americas SA (Utilities) | 29,426 | ||||||
387,868 | Enel Chile SA (Utilities) | 23,276 | ||||||
17,698 | Falabella SA (Consumer Discretionary)* | 44,839 | ||||||
6,600,268 | Latam Airlines Group SA (Industrials)* | 82,929 | ||||||
|
| |||||||
469,719 | ||||||||
| ||||||||
China – 23.7% |
| |||||||
6,365 | 360 Security Technology, Inc., Class A (Information Technology)* | 7,747 |
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) |
| |||||||
1,268 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | $ | 3,428 | |||||
700 | Accelink Technologies Co. Ltd., Class A (Information Technology) | 2,916 | ||||||
578 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology) | 11,775 | ||||||
724 | AECC Aero-Engine Control Co. Ltd., Class A (Industrials) | 1,778 | ||||||
2,062 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 9,847 | ||||||
81,844 | Agricultural Bank of China Ltd., Class A (Financials) | 47,594 | ||||||
417,272 | Agricultural Bank of China Ltd., Class H (Financials) | 171,625 | ||||||
8,502 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 17,287 | ||||||
450 | AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary) | 2,060 | ||||||
6,084 | Air China Ltd., Class A (Industrials)* | 6,316 | ||||||
26,611 | Air China Ltd., Class H (Industrials)* | 14,276 | ||||||
2,545 | Airtac International Group (Industrials) | 97,422 | ||||||
1,300 | Aisino Corp., Class A (Information Technology) | 1,849 | ||||||
5,776 | Akeso, Inc. (Health Care)*(a) | 34,750 | ||||||
232,067 | Alibaba Group Holding Ltd. (Consumer Discretionary) | 2,160,955 | ||||||
12,764 | Aluminum Corp. of China Ltd., Class A (Materials) | 10,717 | ||||||
55,647 | Aluminum Corp. of China Ltd., Class H (Materials) | 27,863 | ||||||
578 | Amlogic Shanghai Co. Ltd., Class A (Information Technology) | 4,488 | ||||||
5,654 | Angang Steel Co. Ltd., Class A (Materials) | 1,985 | ||||||
21,822 | Angang Steel Co. Ltd., Class H (Materials) | 3,930 | ||||||
731 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 3,417 | ||||||
3,673 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 12,204 | ||||||
17,450 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 38,160 | ||||||
995 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 30,260 | ||||||
1,800 | Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)* | 3,867 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
305 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | $ | 1,804 | |||||
562 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 4,988 | ||||||
181 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 2,193 | ||||||
300 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 3,402 | ||||||
18,877 | ANTA Sports Products Ltd. (Consumer Discretionary) | 185,062 | ||||||
843 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 1,636 | ||||||
700 | Asia - Potash International Investment Guangzhou Co. Ltd., Class A (Materials)* | 2,192 | ||||||
174 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 2,454 | ||||||
353 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a) | 3,095 | ||||||
300 | Autobio Diagnostics Co. Ltd., Class A (Health Care) | 2,763 | ||||||
1,065 | Autohome, Inc. ADR (Communication Services) | 27,679 | ||||||
1,439 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 4,210 | ||||||
8,230 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 3,792 | ||||||
35,300 | AviChina Industry & Technology Co. Ltd., Class H (Industrials) | 14,474 | ||||||
300 | AVICOPTER PLC, Class A (Industrials) | 1,516 | ||||||
4,400 | BAIC BluePark New Energy Technology Co. Ltd., Class A (Consumer Discretionary)* | 3,633 | ||||||
4,088 | Baidu, Inc. ADR (Communication Services)* | 414,237 | ||||||
20,523 | Bank of Beijing Co. Ltd., Class A (Financials) | 14,754 | ||||||
3,400 | Bank of Changsha Co. Ltd., Class A (Financials) | 3,676 | ||||||
3,395 | Bank of Chengdu Co. Ltd., Class A (Financials) | 6,234 | ||||||
38,211 | Bank of China Ltd., Class A (Financials) | 23,705 | ||||||
1,233,453 | Bank of China Ltd., Class H (Financials) | 485,264 | ||||||
36,203 | Bank of Communications Co. Ltd., Class A (Financials) | 31,504 | ||||||
107,276 | Bank of Communications Co. Ltd., Class H (Financials) | 70,432 | ||||||
2,900 | Bank of Guiyang Co. Ltd., Class A (Financials) | 2,218 |
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
5,510 | Bank of Hangzhou Co. Ltd., Class A (Financials) | $ | 8,473 | |||||
13,562 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 14,437 | ||||||
9,184 | Bank of Nanjing Co. Ltd., Class A (Financials) | 11,153 | ||||||
5,952 | Bank of Ningbo Co. Ltd., Class A (Financials) | 18,405 | ||||||
13,454 | Bank of Shanghai Co. Ltd., Class A (Financials) | 12,193 | ||||||
2,900 | Bank of Suzhou Co. Ltd., Class A (Financials) | 2,854 | ||||||
6,736 | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | 1,954 | ||||||
18,647 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 17,262 | ||||||
7,827 | BBMG Corp., Class A (Materials) | 2,118 | ||||||
857 | BeiGene Ltd. ADR (Health Care)* | 141,962 | ||||||
6,100 | Beijing Capital Eco- Environment Protection Group Co. Ltd., Class A (Utilities) | 2,379 | ||||||
300 | Beijing Compass Technology Development Co. Ltd., Class A (Financials)* | 2,061 | ||||||
3,954 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples) | 2,887 | ||||||
181 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 875 | ||||||
700 | Beijing E-Hualu Information Technology Co. Ltd., Class A (Information Technology)* | 2,514 | ||||||
2,349 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 2,960 | ||||||
7,380 | Beijing Enterprises Holdings Ltd. (Utilities) | 27,809 | ||||||
60,179 | Beijing Enterprises Water Group Ltd. (Utilities) | 14,144 | ||||||
378 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 14,215 | ||||||
1,011 | Beijing New Building Materials PLC, Class A (Industrials) | 3,941 | ||||||
2,200 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (Materials) | 5,273 | ||||||
2,730 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 1,929 | ||||||
1,443 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)* | 1,612 | ||||||
2,068 | Beijing Shougang Co. Ltd., Class A (Materials)* | 950 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
1,300 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | $ | 5,106 | |||||
1,124 | Beijing Tongrentang Co. Ltd., Class A (Health Care) | 6,942 | ||||||
571 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 1,668 | ||||||
590 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 6,023 | ||||||
2,200 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 2,675 | ||||||
36,200 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 25,372 | ||||||
6,900 | Beiqi Foton Motor Co. Ltd., Class A (Consumer Discretionary)* | 2,729 | ||||||
181 | Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary) | 1,585 | ||||||
181 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 1,088 | ||||||
434 | BGI Genomics Co. Ltd., Class A (Health Care) | 2,664 | ||||||
3,709 | Bilibili, Inc., Class Z (Communication Services)* | 36,314 | ||||||
578 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | 5,128 | ||||||
2,200 | Bluefocus Intelligent Communications Group Co. Ltd., Class A (Communication Services)* | 2,253 | ||||||
3,253 | BOC Aviation Ltd. (Industrials)(a) | 23,975 | ||||||
52,909 | BOC Hong Kong Holdings Ltd. (Financials) | 139,558 | ||||||
2,068 | BOC International China Co. Ltd., Class A (Financials) | 3,134 | ||||||
35,037 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 19,402 | ||||||
1,000 | BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary)* | 2,121 | ||||||
1,295 | BYD Co. Ltd., Class A (Consumer Discretionary) | 34,364 | ||||||
14,707 | BYD Co. Ltd., Class H (Consumer Discretionary) | 363,129 | ||||||
849 | By-health Co. Ltd., Class A (Consumer Staples) | 1,991 | ||||||
8,189 | C&D International Investment Group Ltd. (Real Estate) | 13,326 | ||||||
2,200 | Caida Securities Co. Ltd., Class A (Financials) | 2,369 |
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) |
| |||||||
3,957 | Caitong Securities Co. Ltd., Class A (Financials) | $ | 4,382 | |||||
2,597 | CALB Group Co. Ltd. (Consumer Discretionary)*(a) | 4,843 | ||||||
710 | Canmax Technologies Co. Ltd., Class A (Materials) | 2,255 | ||||||
712 | Cathay Biotech, Inc., Class A (Materials) | 4,772 | ||||||
3,400 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 2,567 | ||||||
5,097 | CECEP Wind-Power Corp., Class A (Utilities) | 2,122 | ||||||
562 | CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology) | 1,586 | ||||||
13,586 | CGN Power Co. Ltd., Class A (Utilities) | 7,278 | ||||||
153,626 | CGN Power Co. Ltd., Class H (Utilities)(a) | 46,703 | ||||||
181 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 3,228 | ||||||
5,088 | Changjiang Securities Co. Ltd., Class A (Financials) | 3,884 | ||||||
181 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 3,528 | ||||||
1,421 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 5,001 | ||||||
843 | Chengxin Lithium Group Co. Ltd., Class A (Materials) | 2,563 | ||||||
1,300 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)* | 2,331 | ||||||
700 | China Automotive Engineering Research Institute Co. Ltd., Class A (Consumer Discretionary) | 1,905 | ||||||
2,349 | China Baoan Group Co. Ltd., Class A (Industrials) | 3,880 | ||||||
132,516 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 12,695 | ||||||
5,401 | China CITIC Bank Corp. Ltd., Class A (Financials) | 4,820 | ||||||
155,351 | China CITIC Bank Corp. Ltd., Class H (Financials) | 82,748 | ||||||
3,005 | China Coal Energy Co. Ltd., Class A (Energy) | 5,188 | ||||||
32,708 | China Coal Energy Co. Ltd., Class H (Energy) | 35,303 | ||||||
35,258 | China Communications Services Corp. Ltd., Class H (Industrials) | 14,997 | ||||||
8,788 | China Construction Bank Corp., Class A (Financials) | 8,538 | ||||||
1,375,384 | China Construction Bank Corp., Class H (Financials) | 857,331 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
3,668 | China CSSC Holdings Ltd., Class A (Industrials) | $ | 18,072 | |||||
7,291 | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | 3,855 | ||||||
30,778 | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | 7,784 | ||||||
28,957 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 8,761 | ||||||
91,667 | China Energy Engineering Corp. Ltd., Class H (Industrials) | 8,430 | ||||||
39,151 | China Everbright Bank Co. Ltd., Class A (Financials) | 17,496 | ||||||
114,004 | China Everbright Bank Co. Ltd., Class H (Financials) | 35,677 | ||||||
54,833 | China Everbright Environment Group Ltd. (Industrials) | 20,382 | ||||||
49,856 | China Feihe Ltd. (Consumer Staples)(a) | 24,836 | ||||||
1,300 | China Film Co. Ltd., Class A (Communication Services)* | 2,189 | ||||||
5,800 | China First Heavy Industries Co. Ltd., Class A (Industrials)* | 2,270 | ||||||
3,005 | China Galaxy Securities Co. Ltd., Class A (Financials) | 5,067 | ||||||
52,339 | China Galaxy Securities Co. Ltd., Class H (Financials) | 27,544 | ||||||
2,068 | China Great Wall Securities Co. Ltd., Class A (Financials) | 2,273 | ||||||
2,737 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | 3,943 | ||||||
35,704 | China Hongqiao Group Ltd. (Materials) | 27,774 | ||||||
1,305 | China International Capital Corp. Ltd., Class A (Financials) | 6,321 | ||||||
22,275 | China International Capital Corp. Ltd., Class H (Financials)(a) | 27,969 | ||||||
2,374 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 2,949 | ||||||
104,019 | China Jinmao Holdings Group Ltd. (Real Estate) | 8,503 | ||||||
3,662 | China Jushi Co. Ltd., Class A (Materials) | 5,093 | ||||||
15,160 | China Lesso Group Holdings Ltd. (Industrials) | 7,223 | ||||||
1,674 | China Life Insurance Co. Ltd., Class A (Financials) | 7,047 | ||||||
109,769 | China Life Insurance Co. Ltd., Class H (Financials) | 135,304 | ||||||
5,397 | China Literature Ltd. (Communication Services)*(a) | 16,648 | ||||||
49,285 | China Longyuan Power Group | |||||||
Corp. Ltd., Class H (Utilities) | 34,876 | |||||||
18,561 | China Medical System Holdings Ltd. (Health Care) | 30,489 |
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
17,998 | China Merchants Bank Co. Ltd., Class A (Financials) | $ | 80,033 | |||||
55,806 | China Merchants Bank Co. Ltd., Class H (Financials) | 217,769 | ||||||
7,446 | China Merchants Energy Shipping Co. Ltd., Class A (Energy) | 7,441 | ||||||
3,168 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 4,639 | ||||||
18,828 | China Merchants Port Holdings Co. Ltd. (Industrials) | 23,352 | ||||||
6,879 | China Merchants Securities Co. Ltd., Class A (Financials) | 13,462 | ||||||
6,873 | China Merchants Securities Co. Ltd., Class H (Financials)(a) | 5,469 | ||||||
5,941 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 7,767 | ||||||
33,132 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 18,577 | ||||||
103,619 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 36,530 | ||||||
64,648 | China National Building Material Co. Ltd., Class H (Materials) | 24,360 | ||||||
5,659 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 5,482 | ||||||
700 | China National Medicines Corp. Ltd., Class A (Health Care) | 3,060 | ||||||
17,459 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 21,032 | ||||||
460 | China National Software & Service Co. Ltd., Class A (Information Technology) | 2,057 | ||||||
3,172 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 8,298 | ||||||
843 | China Oilfield Services Ltd., Class A (Energy) | 1,708 | ||||||
28,285 | China Oilfield Services Ltd., Class H (Energy) | 24,929 | ||||||
55,646 | China Overseas Land & Investment Ltd. (Real Estate) | 82,735 | ||||||
19,129 | China Overseas Property Holdings Ltd. (Real Estate) | 16,175 | ||||||
6,072 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 21,590 | ||||||
37,893 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 72,313 | ||||||
28,438 | China Petroleum & Chemical Corp., Class A (Energy) | 24,668 | ||||||
354,197 | China Petroleum & Chemical Corp., Class H (Energy) | 195,901 | ||||||
4,400 | China Petroleum Engineering Corp., Class A (Energy) | 1,966 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
72,545 | China Power International Development Ltd. (Utilities) | $ | 29,375 | |||||
4,113 | China Railway Construction Heavy Industry Corp. Ltd., Class A (Industrials) | 2,340 | ||||||
19,086 | China Railway Group Ltd., Class A (Industrials) | 16,821 | ||||||
62,464 | China Railway Group Ltd., Class H (Industrials) | 30,479 | ||||||
5,826 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 3,946 | ||||||
25,329 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a) | 9,188 | ||||||
843 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials) | 3,263 | ||||||
22,998 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 99,732 | ||||||
34,333 | China Resources Building Materials Technology Holdings Ltd. (Materials) | 5,964 | ||||||
13,169 | China Resources Gas Group Ltd. (Utilities) | 39,866 | ||||||
42,531 | China Resources Land Ltd. (Real Estate) | 130,926 | ||||||
851 | China Resources Microelectronics Ltd., Class A (Information Technology) | 5,061 | ||||||
9,001 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a) | 27,249 | ||||||
24,373 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 16,500 | ||||||
26,299 | China Resources Power Holdings Co. Ltd. (Utilities) | 56,772 | ||||||
843 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 6,433 | ||||||
94,874 | China Ruyi Holdings Ltd. (Communication Services)* | 18,663 | ||||||
6,068 | China Shenhua Energy Co. Ltd., Class A (Energy) | 32,508 | ||||||
49,805 | China Shenhua Energy Co. Ltd., Class H (Energy) | 192,443 | ||||||
1,300 | China South Publishing & Media Group Co. Ltd., Class A (Communication Services) | 2,237 | ||||||
10,189 | China Southern Airlines Co. Ltd., Class A (Industrials)* | 8,372 | ||||||
25,846 | China Southern Airlines Co. Ltd., Class H (Industrials)* | 9,607 |
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
2,200 | China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials) | $ | 1,560 | |||||
1,000 | China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities) | 1,416 | ||||||
39,273 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 29,161 | ||||||
27,572 | China State Construction International Holdings Ltd. (Industrials) | 30,746 | ||||||
1,305 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 1,500 | ||||||
27,014 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 10,283 | ||||||
21,878 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 19,087 | ||||||
26,711 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 17,127 | ||||||
1,304 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 15,763 | ||||||
1,326 | China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)(a)(b) | 13,025 | ||||||
650,605 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 78,949 | ||||||
29,541 | China United Network Communications Ltd., Class A (Communication Services) | 19,680 | ||||||
9,061 | China Vanke Co. Ltd., Class A (Real Estate) | 12,626 | ||||||
33,070 | China Vanke Co. Ltd., Class H (Real Estate) | 25,598 | ||||||
4,400 | China XD Electric Co. Ltd., Class A (Industrials) | 3,279 | ||||||
20,527 | China Yangtze Power Co. Ltd., Class A (Utilities) | 71,365 | ||||||
562 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 4,474 | ||||||
17,076 | China Zheshang Bank Co. Ltd., Class A (Financials) | 6,588 | ||||||
37,495 | China Zheshang Bank Co. Ltd., Class H (Financials) | 10,345 | ||||||
447 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 4,063 | ||||||
13,297 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 27,497 | ||||||
8,770 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 5,453 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
36,420 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | $ | 14,700 | |||||
300 | Chongqing Taiji Industry Group Co. Ltd., Class A (Health Care)* | 1,580 | ||||||
1,922 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 14,268 | ||||||
95,383 | CITIC Ltd. (Industrials) | 96,372 | ||||||
1,305 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 2,639 | ||||||
10,487 | CITIC Securities Co. Ltd., Class A (Financials) | 31,001 | ||||||
26,162 | CITIC Securities Co. Ltd., Class H (Financials) | 48,522 | ||||||
15,998 | CMOC Group Ltd., Class A (Materials) | 13,655 | ||||||
56,108 | CMOC Group Ltd., Class H (Materials) | 34,688 | ||||||
562 | CNGR Advanced Material Co. Ltd., Class A (Materials) | 3,698 | ||||||
5,400 | CNOOC Energy Technology & Services Ltd., Class A (Energy) | 2,488 | ||||||
3,392 | CNPC Capital Co. Ltd., Class A (Financials) | 2,919 | ||||||
3,609 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 81,900 | ||||||
9,051 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 3,090 | ||||||
3,392 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy) | 6,487 | ||||||
20,242 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy) | 19,159 | ||||||
11,833 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 17,244 | ||||||
46,496 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 50,126 | ||||||
203,775 | Country Garden Holdings Co. Ltd. (Real Estate)*(b) | 16,658 | ||||||
33,517 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 25,645 | ||||||
22,300 | CRRC Corp. Ltd., Class A (Industrials) | 19,746 | ||||||
67,555 | CRRC Corp. Ltd., Class H (Industrials) | 34,861 | ||||||
2,592 | CSC Financial Co. Ltd., Class A (Financials) | 8,382 | ||||||
14,194 | CSC Financial Co. Ltd., Class H (Financials)(a) | 11,458 | ||||||
700 | CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care) | 3,325 |
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
1,000 | CSSC Science & Technology Co. Ltd., Class A (Industrials) | $ | 2,429 | |||||
13,868 | Daqin Railway Co. Ltd., Class A (Industrials) | 14,358 | ||||||
718 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 2,371 | ||||||
5,654 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 2,017 | ||||||
43,804 | Datang International Power Generation Co. Ltd., Class H (Utilities) | 7,106 | ||||||
2,730 | DHC Software Co. Ltd., Class A (Information Technology) | 2,186 | ||||||
726 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 1,332 | ||||||
458 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 3,692 | ||||||
2,203 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 4,999 | ||||||
5,296 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 5,858 | ||||||
41,458 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 17,740 | ||||||
2,765 | Dongxing Securities Co. Ltd., Class A (Financials) | 3,258 | ||||||
6,721 | East Buy Holding Ltd. (Consumer Discretionary)*(a) | 20,776 | ||||||
13,881 | East Money Information Co. Ltd., Class A (Financials) | 27,048 | ||||||
181 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 4,496 | ||||||
5,100 | Easyhome New Retail Group Co. Ltd., Class A (Consumer Discretionary) | 2,145 | ||||||
562 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 2,912 | ||||||
300 | Empyrean Technology Co. Ltd., Class A (Information Technology) | 3,789 | ||||||
11,440 | ENN Energy Holdings Ltd. (Utilities) | 94,033 | ||||||
1,930 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 5,017 | ||||||
440 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 3,667 | ||||||
1,800 | Eve Energy Co. Ltd., Class A (Industrials) | 9,571 | ||||||
3,547 | Everbright Securities Co. Ltd., Class A (Financials) | 8,315 | ||||||
8,870 | Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)* | 2,942 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
4,120 | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | $ | 2,819 | |||||
19,845 | Far East Horizon Ltd. (Financials) | 15,944 | ||||||
945 | Farasis Energy Gan Zhou Co. Ltd., Class A (Industrials)* | 1,772 | ||||||
2,083 | FAW Jiefang Group Co. Ltd., Class A (Industrials)* | 2,532 | ||||||
1,000 | Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology) | 2,504 | ||||||
3,954 | First Capital Securities Co. Ltd., Class A (Financials) | 3,144 | ||||||
979 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 2,959 | ||||||
6,661 | Flat Glass Group Co. Ltd., Class H (Information Technology)(b) | 12,320 | ||||||
13,340 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 11,664 | ||||||
3,692 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 20,834 | ||||||
7,300 | Founder Securities Co. Ltd., Class A (Financials) | 7,720 | ||||||
9,194 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 23,849 | ||||||
1,800 | Fujian Funeng Co. Ltd., Class A (Utilities) | 2,296 | ||||||
300 | Fujian Kuncai Material Technology Co. Ltd., Class A (Materials)* | 2,018 | ||||||
864 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 1,953 | ||||||
11,700 | Full Truck Alliance Co. Ltd. ADR (Industrials)* | 77,220 | ||||||
1,674 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 10,058 | ||||||
8,952 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a) | 44,881 | ||||||
1,433 | GalaxyCore, Inc., Class A (Information Technology) | 3,928 | ||||||
300 | Gan & Lee Pharmaceuticals Co. Ltd., Class A (Health Care)* | 1,787 | ||||||
1,122 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 6,237 | ||||||
6,053 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)(a) | 20,102 | ||||||
17,078 | GD Power Development Co. Ltd., Class A (Utilities) | 11,093 | ||||||
1,673 | GDS Holdings Ltd. ADR (Information Technology)*(b) | 11,427 | ||||||
4,235 | GEM Co. Ltd., Class A (Materials) | 3,150 |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
3,824 | Gemdale Corp., Class A (Real Estate) | $ | 2,287 | |||||
17,141 | Genscript Biotech Corp. (Health Care)* | 34,638 | ||||||
5,652 | GF Securities Co. Ltd., Class A (Financials) | 11,123 | ||||||
15,205 | GF Securities Co. Ltd., Class H (Financials) | 16,392 | ||||||
5,902 | Giant Biogene Holding Co. Ltd. (Consumer Staples)*(a)(b) | 26,989 | ||||||
1,800 | Giant Network Group Co. Ltd., Class A (Communication Services) | 2,828 | ||||||
448 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 4,556 | ||||||
322 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 2,911 | ||||||
1,000 | Glodon Co. Ltd., Class A (Information Technology) | 1,900 | ||||||
2,890 | GoerTek, Inc., Class A (Information Technology) | 6,674 | ||||||
12,100 | Goldwind Science & Technology Co. Ltd. (Industrials) | 4,606 | ||||||
2,761 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 2,928 | ||||||
148 | Goneo Group Co. Ltd., Class A (Industrials) | 2,095 | ||||||
1,124 | Gotion High-tech Co. Ltd., Class A (Industrials)* | 3,087 | ||||||
1,955 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 6,349 | ||||||
34,750 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 39,327 | ||||||
5,097 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary) | 27,624 | ||||||
8,900 | Greenland Holdings Corp. Ltd., Class A (Real Estate)* | 2,717 | ||||||
15,572 | Greentown China Holdings Ltd. (Real Estate) | 12,511 | ||||||
2,200 | GRG Banking Equipment Co. Ltd., Class A (Information Technology) | 3,520 | ||||||
1,800 | Guangdong Electric Power Development Co. Ltd., Class A (Utilities)* | 1,217 | ||||||
1,268 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 7,588 | ||||||
43,797 | Guangdong Investment Ltd. (Utilities) | 26,070 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
181 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | $ | 940 | |||||
6,222 | Guanghui Energy Co. Ltd., Class A (Energy) | 6,468 | ||||||
2,097 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 2,593 | ||||||
44,107 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 19,099 | ||||||
1,800 | Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials)* | 2,531 | ||||||
1,116 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 4,582 | ||||||
3,414 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 8,896 | ||||||
181 | Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials) | 572 | ||||||
1,800 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | 2,888 | ||||||
447 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 3,741 | ||||||
458 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 2,494 | ||||||
1,786 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 5,116 | ||||||
2,385 | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials) | 2,039 | ||||||
1,800 | Guolian Securities Co. Ltd., Class A (Financials)* | 2,741 | ||||||
6,160 | Guolian Securities Co. Ltd., Class H (Financials)* | 2,534 | ||||||
4,262 | Guosen Securities Co. Ltd., Class A (Financials) | 5,099 | ||||||
6,742 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 14,120 | ||||||
12,924 | Guotai Junan Securities Co. Ltd., Class H (Financials)(a) | 14,874 | ||||||
4,236 | Guoyuan Securities Co. Ltd., Class A (Financials) | 4,104 | ||||||
2,800 | H World Group Ltd. ADR (Consumer Discretionary) | 102,368 | ||||||
25,331 | Haidilao International Holding Ltd. (Consumer Discretionary)(a) | 46,399 | ||||||
5,655 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 18,907 |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
34,238 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | $ | 104,523 | |||||
38,200 | Hainan Airlines Holding Co. Ltd., Class A (Industrials)* | 7,581 | ||||||
10,200 | Hainan Airport Infrastructure Co. Ltd., Class A (Real Estate)* | 5,309 | ||||||
300 | Hainan Drinda New Energy Technology Co. Ltd., Class A (Information Technology) | 2,851 | ||||||
700 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care)* | 2,429 | ||||||
9,465 | Haitian International Holdings Ltd. (Industrials) | 23,987 | ||||||
8,626 | Haitong Securities Co. Ltd., Class A (Financials) | 10,942 | ||||||
39,476 | Haitong Securities Co. Ltd., Class H (Financials) | 19,615 | ||||||
705 | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 1,942 | ||||||
1,000 | Hang Zhou Great Star Industrial Co. Ltd., Class A (Consumer Discretionary) | 3,021 | ||||||
700 | Hangcha Group Co. Ltd., Class A (Industrials) | 2,893 | ||||||
700 | Hangjin Technology Co. Ltd., Class A (Materials) | 2,838 | ||||||
2,730 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 2,864 | ||||||
562 | Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology) | 2,261 | ||||||
1,666 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 6,433 | ||||||
562 | Hangzhou Lion Microelectronics Co. Ltd., Class A (Information Technology) | 1,847 | ||||||
843 | Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials) | 3,276 | ||||||
711 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 2,467 | ||||||
843 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 2,445 | ||||||
574 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 3,589 | ||||||
1,930 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a) | 6,718 | ||||||
16,740 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 29,508 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
562 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | $ | 2,652 | |||||
700 | Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A (Consumer Staples) | 1,833 | ||||||
300 | Hebei Sinopack Electronic Technology Co. Ltd., Class A (Information Technology)* | 2,908 | ||||||
1,000 | Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples) | 3,481 | ||||||
700 | Hefei Meiya Optoelectronic Technology, Inc., Class A (Industrials) | 1,874 | ||||||
1,300 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 2,243 | ||||||
2,068 | Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials) | 5,304 | ||||||
2,730 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 11,071 | ||||||
8,602 | Hengan International Group Co. Ltd. (Consumer Staples) | 26,590 | ||||||
1,305 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 2,599 | ||||||
5,659 | Hengli Petrochemical Co. Ltd., Class A (Materials)* | 9,998 | ||||||
2,068 | Hengtong Optic-electric Co. Ltd., Class A (Information Technology) | 3,513 | ||||||
3,952 | Hengyi Petrochemical Co. Ltd., Class A (Materials)* | 3,796 | ||||||
9,199 | Hesteel Co. Ltd., Class A (Materials) | 2,783 | ||||||
200 | Hisense Home Appliances Group Co. Ltd., Class A (Consumer Discretionary) | 827 | ||||||
4,936 | Hisense Home Appliances Group Co. Ltd., Class H (Consumer Discretionary) | 15,636 | ||||||
1,000 | Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary) | 3,595 | ||||||
424 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 8,066 | ||||||
2,900 | HLA Group Corp. Ltd., Class A (Consumer Discretionary) | 3,473 | ||||||
446 | Hongfa Technology Co. Ltd., Class A (Industrials) | 1,541 | ||||||
1,800 | Hongta Securities Co. Ltd., Class A (Financials) | 1,936 | ||||||
691 | Horizon Construction Development Ltd. (Industrials)* | 215 |
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
562 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | $ | 4,134 | |||||
459 | Hoyuan Green Energy Co. Ltd., Class A (Information Technology) | 1,772 | ||||||
11,852 | Hua Hong Semiconductor Ltd. (Information Technology)*(a) | 25,433 | ||||||
4,100 | Huaan Securities Co. Ltd., Class A (Financials) | 2,743 | ||||||
6,095 | Huadian Power International Corp. Ltd., Class A (Utilities) | 5,236 | ||||||
27,464 | Huadian Power International Corp. Ltd., Class H (Utilities) | 13,296 | ||||||
1,421 | Huadong Medicine Co. Ltd., Class A (Health Care) | 6,642 | ||||||
4,373 | Huafon Chemical Co. Ltd., Class A (Materials) | 4,139 | ||||||
700 | Huagong Tech Co. Ltd., Class A (Information Technology) | 3,083 | ||||||
2,068 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 5,439 | ||||||
1,302 | Hualan Biological Engineering, Inc., Class A (Health Care) | 3,565 | ||||||
300 | Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary) | 2,412 | ||||||
4,511 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 5,810 | ||||||
6,765 | Huaneng Power International, Inc., Class A (Utilities)* | 8,281 | ||||||
59,876 | Huaneng Power International, Inc., Class H (Utilities)* | 33,652 | ||||||
7,165 | Huatai Securities Co. Ltd., Class A (Financials) | 14,459 | ||||||
19,890 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 23,526 | ||||||
2,613 | Huaxi Securities Co. Ltd., Class A (Financials) | 2,854 | ||||||
11,848 | Huaxia Bank Co. Ltd., Class A (Financials) | 10,425 | ||||||
300 | Huaxia Eye Hospital Group Co. Ltd., Class A (Health Care) | 1,232 | ||||||
1,124 | Huaxin Cement Co. Ltd., Class A (Materials) | 2,117 | ||||||
2,731 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 6,622 | ||||||
3,673 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 2,325 | ||||||
300 | Hubei Feilihua Quartz Glass Co. Ltd., Class A (Materials) | 1,249 | ||||||
700 | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care) | 3,595 | ||||||
843 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 2,157 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
562 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | $ | 8,003 | |||||
1,124 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 3,432 | ||||||
1,527 | Hunan Changyuan Lico Co. Ltd., Class A (Industrials) | 1,293 | ||||||
6,884 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 5,436 | ||||||
1,654 | Hundsun Technologies, Inc., Class A (Information Technology) | 5,606 | ||||||
5,191 | Hygeia Healthcare Holdings Co. Ltd. (Health Care)(a) | 19,527 | ||||||
1,124 | IEIT Systems Co. Ltd., Class A (Information Technology) | 5,833 | ||||||
2,066 | Iflytek Co. Ltd., Class A (Information Technology) | 14,162 | ||||||
700 | IKD Co. Ltd., Class A (Consumer Discretionary) | 2,002 | ||||||
181 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 8,214 | ||||||
55,958 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 41,394 | ||||||
1,019,451 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 526,081 | ||||||
18,411 | Industrial Bank Co. Ltd., Class A (Financials) | 42,544 | ||||||
6,203 | Industrial Securities Co. Ltd., Class A (Financials) | 5,002 | ||||||
181 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 1,647 | ||||||
42,621 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)* | 9,110 | ||||||
1,800 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 4,144 | ||||||
1,011 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 1,475 | ||||||
7,700 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 4,157 | ||||||
5,800 | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A (Utilities) | 3,558 | ||||||
5,787 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 22,770 | ||||||
2,558 | Inner Mongolia Yitai Coal Co. Ltd., Class H (Energy)*(c) | 5,718 |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
3,392 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | $ | 2,848 | |||||
18,265 | Innovent Biologics, Inc. (Health Care)*(a) | 98,805 | ||||||
6,923 | iQIYI, Inc. ADR (Communication Services)* | 25,546 | ||||||
450 | Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology)* | 2,840 | ||||||
2,900 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 7,547 | ||||||
574 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1,599 | ||||||
711 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 3,705 | ||||||
1,305 | JCET Group Co. Ltd., Class A (Information Technology) | 4,738 | ||||||
14,799 | JD Health International, Inc. (Consumer Staples)*(a) | 56,332 | ||||||
26,911 | JD Logistics, Inc. (Industrials)*(a) | 26,709 | ||||||
35,626 | JD.com, Inc., Class A (Consumer Discretionary) | 405,234 | ||||||
5,673 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 8,267 | ||||||
843 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 1,410 | ||||||
19,080 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 19,619 | ||||||
1,118 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 8,815 | ||||||
5,541 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 32,791 | ||||||
864 | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | 6,439 | ||||||
700 | Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A (Health Care) | 2,448 | ||||||
300 | Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology) | 3,328 | ||||||
1,800 | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services) | 2,601 | ||||||
300 | Jiangsu Xinquan Automotive Trim Co. Ltd., Class A (Consumer Discretionary) | 1,855 | ||||||
1,273 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | 17,844 | ||||||
305 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 2,316 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
300 | Jiangsu Yoke Technology Co. Ltd., Class A (Materials) | $ | 2,101 | |||||
711 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 3,534 | ||||||
2,730 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 4,960 | ||||||
1,655 | Jiangxi Copper Co. Ltd., Class A (Materials) | 4,500 | ||||||
16,682 | Jiangxi Copper Co. Ltd., Class H (Materials) | 24,846 | ||||||
1,305 | Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)* | 1,891 | ||||||
2,200 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 3,084 | ||||||
5,676 | Jinko Solar Co. Ltd., Class A (Information Technology) | 6,956 | ||||||
181 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 1,536 | ||||||
2,600 | Jizhong Energy Resources Co. Ltd., Class A (Energy) | 2,934 | ||||||
1,000 | JL Mag Rare-Earth Co. Ltd., Class A (Industrials) | 2,418 | ||||||
1,300 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 2,180 | ||||||
459 | Joinn Laboratories China Co. Ltd., Class A (Health Care) | 1,159 | ||||||
1,370 | Joinn Laboratories China Co. Ltd., Class H (Health Care)(a) | 1,729 | ||||||
3,813 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 4,308 | ||||||
562 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)* | 1,974 | ||||||
562 | Juewei Food Co. Ltd., Class A (Consumer Staples) | 1,753 | ||||||
1,786 | Juneyao Airlines Co. Ltd., Class A (Industrials)* | 3,304 | ||||||
4,075 | Kanzhun Ltd. ADR (Communication Services) | 63,774 | ||||||
13,125 | KE Holdings, Inc. ADR (Real Estate) | 178,369 | ||||||
300 | Keboda Technology Co. Ltd., Class A (Consumer Discretionary) | 2,706 | ||||||
1,786 | Keda Industrial Group Co. Ltd., Class A (Industrials) | 2,979 | ||||||
40,897 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 44,194 | ||||||
2,200 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 2,192 | ||||||
1,800 | Kingnet Network Co. Ltd., Class A (Communication Services) | 3,123 | ||||||
14,189 | Kingsoft Corp. Ltd. (Communication Services) | 39,601 |
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) |
| |||||||
China – (continued) |
| |||||||
29,965 | Kuaishou Technology (Communication Services)*(a) | $ | 170,325 | |||||
1,942 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials)* | 3,997 | ||||||
54,175 | Kunlun Energy Co. Ltd. (Utilities) | 46,295 | ||||||
1,000 | Kunlun Tech Co. Ltd., Class A (Communication Services)* | 5,603 | ||||||
1,136 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 267,238 | ||||||
1,300 | Lao Feng Xiang Co. Ltd., Class A (Consumer Discretionary) | 12,431 | ||||||
2,083 | LB Group Co. Ltd., Class A (Materials) | 5,429 | ||||||
103,725 | Lenovo Group Ltd. (Information Technology) | 114,870 | ||||||
4,398 | Lens Technology Co. Ltd., Class A (Information Technology) | 7,386 | ||||||
1,786 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 3,740 | ||||||
562 | Levima Advanced Materials Corp., Class A (Materials) | 1,334 | ||||||
14,658 | Li Auto, Inc., Class A (Consumer Discretionary)* | 331,962 | ||||||
34,797 | Li Ning Co. Ltd. (Consumer Discretionary) | 86,761 | ||||||
13,059 | Liaoning Port Co. Ltd., Class A (Industrials) | 2,682 | ||||||
6,222 | Lingyi iTech Guangdong Co., Class A (Information Technology) | 4,741 | ||||||
305 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 1,629 | ||||||
2,139 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 7,486 | ||||||
29,809 | Longfor Group Holdings Ltd. (Real Estate)(a) | 37,619 | ||||||
6,764 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 19,939 | ||||||
700 | Longshine Technology Group Co. Ltd., Class A (Information Technology) | 1,243 | ||||||
2,584 | Lufax Holding Ltd. ADR (Financials) | 8,062 | ||||||
1,786 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 2,464 | ||||||
6,387 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 24,448 | ||||||
1,119 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 27,295 | ||||||
1,406 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 4,835 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
430 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | $ | 6,415 | |||||
2,600 | Meihua Holdings Group Co. Ltd., Class A (Consumer Staples) | 3,897 | ||||||
3,673 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)* | 2,845 | ||||||
66,587 | Meituan, Class B (Consumer Discretionary)*(a) | 678,730 | ||||||
17,474 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 8,076 | ||||||
44,860 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 9,054 | ||||||
11,545 | Microport Scientific Corp. (Health Care)* | 11,326 | ||||||
1,786 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 2,528 | ||||||
6,975 | MINISO Group Holding Ltd. (Consumer Discretionary) | 32,475 | ||||||
3,700 | Minmetals Capital Co. Ltd., Class A (Financials) | 2,675 | ||||||
10,482 | Minth Group Ltd. (Consumer Discretionary) | 17,834 | ||||||
851 | Montage Technology Co. Ltd., Class A (Information Technology) | 6,165 | ||||||
4,528 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 24,188 | ||||||
5,400 | Nanjing Iron & Steel Co. Ltd., Class A (Materials) | 3,185 | ||||||
1,116 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 2,224 | ||||||
2,900 | Nanjing Securities Co. Ltd., Class A (Financials) | 3,357 | ||||||
7,300 | NARI Technology Co. Ltd., Class A (Industrials) | 23,485 | ||||||
2,158 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)* | 4,615 | ||||||
305 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 12,024 | ||||||
2,068 | NavInfo Co. Ltd., Class A (Information Technology)* | 2,110 | ||||||
26,152 | NetEase, Inc. (Communication Services) | 588,594 | ||||||
1,302 | New China Life Insurance Co. Ltd., Class A (Financials) | 5,927 | ||||||
13,780 | New China Life Insurance Co. Ltd., Class H (Financials) | 26,543 | ||||||
4,235 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | 5,208 | ||||||
2,234 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)* | 208,946 |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
1,145 | Ninestar Corp., Class A (Information Technology) | $ | 3,723 | |||||
445 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 5,169 | ||||||
1,000 | Ningbo Joyson Electronic Corp., Class A (Consumer Discretionary) | 2,314 | ||||||
562 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 3,025 | ||||||
578 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 2,491 | ||||||
1,000 | Ningbo Sanxing Medical Electric Co. Ltd., Class A (Industrials) | 3,753 | ||||||
1,786 | Ningbo Shanshan Co. Ltd., Class A (Materials) | 2,836 | ||||||
979 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 7,978 | ||||||
5,088 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 2,500 | ||||||
5,676 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 12,029 | ||||||
19,687 | NIO, Inc. ADR (Consumer Discretionary)*(b) | 113,200 | ||||||
26,600 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 150,858 | ||||||
1,000 | North Industries Group Red Arrow Co. Ltd., Class A (Industrials) | 1,788 | ||||||
5,386 | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | 2,609 | ||||||
3,700 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 3,179 | ||||||
2,730 | OFILM Group Co. Ltd., Class A (Information Technology)* | 3,092 | ||||||
1,779 | Onewo, Inc., Class H (Real Estate) | 4,363 | ||||||
174 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 1,678 | ||||||
5,673 | Orient Securities Co. Ltd., Class A (Financials) | 6,936 | ||||||
13,632 | Orient Securities Co. Ltd., Class H (Financials)(a) | 5,798 | ||||||
2,900 | Oriental Pearl Group Co. Ltd., Class A (Communication Services) | 2,978 | ||||||
562 | Ovctek China, Inc., Class A (Health Care) | 1,606 | ||||||
5,800 | Pacific Securities Co. Ltd. (The), Class A (Financials)* | 2,761 | ||||||
8,489 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)* | 3,758 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
9,421 | PDD Holdings, Inc. ADR (Consumer Discretionary)* | $ | 1,173,291 | |||||
700 | People.cn Co. Ltd., Class A (Communication Services) | 2,578 | ||||||
7,165 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 5,221 | ||||||
131,288 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 43,769 | ||||||
1,786 | Perfect World Co. Ltd., Class A (Communication Services) | 2,905 | ||||||
22,018 | PetroChina Co. Ltd., Class A (Energy) | 27,014 | ||||||
311,214 | PetroChina Co. Ltd., Class H (Energy) | 245,273 | ||||||
1,000 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 3,241 | ||||||
4,225 | Pharmaron Beijing Co. Ltd., Class H (Health Care)(a) | 5,677 | ||||||
101,782 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 139,370 | ||||||
18,132 | Ping An Bank Co. Ltd., Class A (Financials) | 26,650 | ||||||
9,195 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 54,747 | ||||||
91,260 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 409,159 | ||||||
2,068 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 3,984 | ||||||
11,038 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 14,967 | ||||||
2,285 | Poly Property Services Co. Ltd., Class H (Real Estate) | 8,216 | ||||||
10,375 | Pop Mart International Group Ltd. (Consumer Discretionary)(a) | 25,948 | ||||||
22,972 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 15,463 | ||||||
168,074 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 88,666 | ||||||
14,265 | Power Construction Corp. of China Ltd., Class A (Industrials) | 10,117 | ||||||
712 | Qi An Xin Technology Group, Inc., Class A (Information Technology)* | 3,458 | ||||||
700 | Qingdao Sentury Tire Co. Ltd., Class A (Consumer Discretionary)* | 3,049 | ||||||
5,097 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 11,425 | ||||||
1,000 | Range Intelligent Computing Technology Group Co. Ltd., Class A (Industrials) | 3,599 | ||||||
578 | Raytron Technology Co. Ltd., Class A (Information Technology) | 3,113 |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
732 | Red Star Macalline Group Corp. Ltd., Class A (Real Estate) | $ | 363 | |||||
2,183 | Remegen Co. Ltd., Class H (Health Care)*(a) | 6,274 | ||||||
1,000 | Risen Energy Co. Ltd., Class A (Information Technology) | 2,246 | ||||||
181 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 1,352 | ||||||
7,829 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 11,148 | ||||||
6,886 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 14,297 | ||||||
2,600 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 5,196 | ||||||
4,100 | Sanan Optoelectronics Co. Ltd., Class A (Information Technology) | 7,079 | ||||||
153 | Sangfor Technologies, Inc., Class A (Information Technology)* | 1,346 | ||||||
16,072 | Sany Heavy Equipment International Holdings Co. Ltd. (Industrials) | 12,482 | ||||||
7,710 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 14,917 | ||||||
2,234 | Satellite Chemical Co. Ltd., Class A (Materials)* | 5,144 | ||||||
5,400 | SDIC Capital Co. Ltd., Class A (Financials) | 5,171 | ||||||
6,100 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 12,200 | ||||||
4,400 | Sealand Securities Co. Ltd., Class A (Financials) | 2,174 | ||||||
1,814 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 2,621 | ||||||
267,319 | SenseTime Group, Inc., Class B (Information Technology)*(a) | 30,731 | ||||||
1,000 | Seres Group Co. Ltd., Class A (Consumer Discretionary)* | 12,759 | ||||||
3,971 | SF Holding Co. Ltd., Class A (Industrials) | 21,136 | ||||||
453 | SG Micro Corp., Class A (Information Technology) | 4,447 | ||||||
7,839 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 28,069 | ||||||
1,800 | Shaanxi Energy Investment Co. Ltd., Class A (Utilities) | 2,223 | ||||||
3,152 | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy) | 4,427 | ||||||
3,392 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 10,211 | ||||||
11,799 | Shandong Gold Mining Co. Ltd., Class H (Materials)(a) | 18,749 | ||||||
700 | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials) | 3,195 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
1,800 | Shandong Hi-speed Co. Ltd., Class A (Industrials) | $ | 2,046 | |||||
50,210 | Shandong Hi-Speed Holdings Group Ltd. (Financials)*(b) | 33,094 | ||||||
1,803 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 6,881 | ||||||
1,124 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 3,457 | ||||||
11,600 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 4,991 | ||||||
700 | Shandong Sinocera Functional Material Co. Ltd., Class A (Materials) | 1,979 | ||||||
2,200 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | 4,345 | ||||||
37,800 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 24,576 | ||||||
1,420 | Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology) | 2,982 | ||||||
859 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 2,397 | ||||||
4,381 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 28,456 | ||||||
7,700 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 2,618 | ||||||
10,630 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 6,255 | ||||||
40,496 | Shanghai Electric Group Co. Ltd., Class H (Industrials)* | 8,121 | ||||||
2,200 | Shanghai Electric Power Co. Ltd., Class A (Utilities) | 2,550 | ||||||
1,674 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 5,711 | ||||||
7,382 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 13,352 | ||||||
578 | Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology) | 2,979 | ||||||
4,223 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)(b) | 7,476 | ||||||
2,068 | Shanghai International Airport Co. Ltd., Class A (Industrials)* | 10,097 | ||||||
7,010 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 5,283 |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
843 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | $ | 3,400 | |||||
578 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | 2,519 | ||||||
2,444 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a) | 3,902 | ||||||
2,077 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 3,082 | ||||||
6,525 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 8,295 | ||||||
711 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 3,515 | ||||||
3,660 | Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)*(b) | 6,788 | ||||||
300 | Shanghai Moons’ Electric Co. Ltd., Class A (Industrials) | 2,407 | ||||||
1,955 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 4,919 | ||||||
10,375 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 16,698 | ||||||
27,361 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 27,151 | ||||||
1,800 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 4,687 | ||||||
4,384 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 4,381 | ||||||
8,770 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 7,851 | ||||||
4,109 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 3,770 | ||||||
1,000 | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate) | 2,762 | ||||||
1,800 | Shanghai Zhonggu Logistics Co. Ltd., Class A (Industrials) | 1,991 | ||||||
1,800 | Shanxi Coal International Energy Group Co. Ltd., Class A (Industrials) | 4,594 | ||||||
3,673 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 5,939 | ||||||
2,730 | Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy) | 9,791 | ||||||
3,957 | Shanxi Meijin Energy Co. Ltd., Class A (Materials)* | 3,767 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
2,900 | Shanxi Securities Co. Ltd., Class A (Financials) | $ | 2,181 | |||||
5,240 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 2,756 | ||||||
1,002 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 32,411 | ||||||
300 | Shede Spirits Co. Ltd., Class A (Consumer Staples) | 3,385 | ||||||
4,100 | Shenergy Co. Ltd., Class A (Utilities) | 4,308 | ||||||
2,068 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 4,922 | ||||||
562 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 5,476 | ||||||
19,500 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 12,395 | ||||||
446 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 2,518 | ||||||
29 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 172 | ||||||
3,392 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 3,102 | ||||||
1,300 | Shenzhen Fastprint Circuit Tech Co. Ltd., Class A (Information Technology) | 2,355 | ||||||
300 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology)* | 2,636 | ||||||
562 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 695 | ||||||
2,097 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 18,397 | ||||||
1,300 | Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology) | 2,576 | ||||||
453 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | 1,526 | ||||||
181 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 1,832 | ||||||
300 | Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials) | 968 | ||||||
300 | Shenzhen Longsys Electronics Co. Ltd., Class A (Information Technology)* | 3,461 | ||||||
992 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 39,814 | ||||||
3,700 | Shenzhen MTC Co. Ltd., Class A (Consumer Discretionary) | 2,799 | ||||||
700 | Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care) | 7,868 |
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) |
| |||||||
China – (continued) |
| |||||||
8,492 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)* | $ | 3,618 | |||||
1,000 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | 4,053 | ||||||
181 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 1,627 | ||||||
1,000 | Shenzhen SED Industry Co. Ltd., Class A (Industrials) | 2,744 | ||||||
700 | Shenzhen Sunlord Electronics Co. Ltd., Class A (Information Technology) | 2,665 | ||||||
578 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 12,731 | ||||||
700 | Shenzhen YUTO Packaging Technology Co. Ltd., Class A (Materials) | 2,622 | ||||||
11,809 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 97,368 | ||||||
1,305 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 3,887 | ||||||
1,300 | Shuangliang Eco-Energy Systems Co. Ltd., Class A (Industrials) | 1,472 | ||||||
3,700 | Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary) | 2,639 | ||||||
2,625 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 5,705 | ||||||
7,700 | Sichuan Hebang Biotechnology Co. Ltd., Class A (Materials) | 2,629 | ||||||
716 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 2,728 | ||||||
5,675 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 6,427 | ||||||
181 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1,262 | ||||||
843 | Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials) | 1,337 | ||||||
700 | Sieyuan Electric Co. Ltd., Class A (Industrials) | 5,563 | ||||||
2,900 | Sinolink Securities Co. Ltd., Class A (Financials) | 3,663 | ||||||
2,200 | Sinoma International Engineering Co., Class A (Industrials) | 3,429 | ||||||
1,124 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 2,441 | ||||||
6,100 | Sinomach Heavy Equipment Group Co. Ltd., Class A (Industrials)* | 2,481 | ||||||
313 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 1,630 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
5,959 | Sinopec Oilfield Service Corp., Class A (Energy)* | $ | 1,530 | |||||
5,378 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)* | 2,068 | ||||||
50,764 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)* | 7,133 | ||||||
19,790 | Sinopharm Group Co. Ltd., Class H (Health Care) | 55,486 | ||||||
3,419 | Sinotrans Ltd., Class A (Industrials) | 2,842 | ||||||
29,762 | Sinotrans Ltd., Class H (Industrials) | 12,697 | ||||||
10,332 | Sinotruk Hong Kong Ltd. (Industrials) | 27,319 | ||||||
313 | Skshu Paint Co. Ltd., Class A (Materials)* | 1,681 | ||||||
26,605 | Smoore International Holdings Ltd. (Consumer Staples)(a) | 18,589 | ||||||
2,349 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 3,521 | ||||||
300 | Sonoscape Medical Corp., Class A (Health Care) | 1,630 | ||||||
4,109 | SooChow Securities Co. Ltd., Class A (Financials) | 4,163 | ||||||
5,800 | Southwest Securities Co. Ltd., Class A (Financials) | 3,477 | ||||||
700 | Spring Airlines Co. Ltd., Class A (Industrials)* | 5,574 | ||||||
181 | StarPower Semiconductor Ltd., Class A (Information Technology) | 3,807 | ||||||
3,400 | State Grid Yingda Co. Ltd., Class A (Industrials) | 2,279 | ||||||
1,143 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 13,835 | ||||||
9,964 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 64,655 | ||||||
450 | Sunresin New Materials Co. Ltd., Class A (Materials) | 3,141 | ||||||
1,129 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 2,228 | ||||||
810 | SUPCON Technology Co. Ltd., Class A (Information Technology) | 5,169 | ||||||
1,124 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 2,335 | ||||||
29 | Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology) | 489 | ||||||
100 | Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology) | 1,888 |
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
6,609 | TAL Education Group ADR (Consumer Discretionary)* | $ | 97,351 | |||||
1,000 | Talkweb Information System Co. Ltd., Class A (Communication Services)* | 2,065 | ||||||
1,268 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 1,035 | ||||||
5,100 | TangShan Port Group Co. Ltd., Class A (Industrials) | 3,086 | ||||||
1,000 | Tasly Pharmaceutical Group Co. Ltd., Class A (Health Care) | 2,341 | ||||||
4,263 | TBEA Co. Ltd., Class A (Industrials) | 8,810 | ||||||
14,128 | TCL Technology Group Corp., Class A (Information Technology)* | 8,882 | ||||||
3,556 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 6,673 | ||||||
89,703 | Tencent Holdings Ltd. (Communication Services) | 3,176,179 | ||||||
9,307 | Tencent Music Entertainment Group ADR (Communication Services)* | 97,444 | ||||||
181 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 1,524 | ||||||
3,400 | Tian Di Science & Technology Co. Ltd., Class A (Industrials) | 3,232 | ||||||
7,300 | Tianfeng Securities Co. Ltd., Class A (Financials)* | 3,161 | ||||||
1,955 | Tianma Microelectronics Co. Ltd., Class A (Information Technology)* | 2,485 | ||||||
1,124 | Tianqi Lithium Corp., Class A (Materials) | 8,366 | ||||||
2,090 | Tianqi Lithium Corp., Class H (Materials) | 10,612 | ||||||
4,235 | Tianshan Aluminum Group Co. Ltd., Class A (Materials) | 3,333 | ||||||
2,600 | Tianshui Huatian Technology Co. Ltd., Class A (Information Technology) | 2,952 | ||||||
28,791 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 32,105 | ||||||
1,300 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)* | 1,802 | ||||||
847 | Toly Bread Co. Ltd., Class A (Consumer Staples) | 824 | ||||||
18,310 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary)* | 46,215 | ||||||
1,000 | TongFu Microelectronics Co. Ltd., Class A (Information Technology) | 3,081 | ||||||
1,300 | Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care) | 1,875 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
2,068 | Tongkun Group Co. Ltd., Class A (Materials)* | $ | 3,903 | |||||
10,476 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 4,769 | ||||||
3,961 | Tongwei Co. Ltd., Class A (Information Technology) | 14,568 | ||||||
153 | Topchoice Medical Corp., Class A (Health Care)* | 1,396 | ||||||
41,717 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 28,348 | ||||||
14,402 | TravelSky Technology Ltd., Class H (Consumer Discretionary) | 17,256 | ||||||
1,794 | Trina Solar Co. Ltd., Class A (Information Technology) | 6,237 | ||||||
8,291 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 368,701 | ||||||
2,900 | Tsinghua Tongfang Co. Ltd., Class A (Information Technology)* | 2,717 | ||||||
458 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 5,100 | ||||||
9,255 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 59,404 | ||||||
583 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)* | 5,793 | ||||||
18,623 | Uni-President China Holdings Ltd. (Consumer Staples) | 11,180 | ||||||
2,349 | Unisplendour Corp. Ltd., Class A (Information Technology)* | 7,205 | ||||||
843 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 1,688 | ||||||
700 | Venustech Group, Inc., Class A (Information Technology) | 2,141 | ||||||
712 | Verisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)* | 4,012 | ||||||
4,952 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 95,326 | ||||||
1,268 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 3,238 | ||||||
1,800 | Wanda Film Holding Co. Ltd., Class A (Communication Services)* | 2,985 | ||||||
1,000 | Wangfujing Group Co. Ltd., Class A (Consumer Discretionary) | 2,098 | ||||||
2,365 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 26,111 | ||||||
63,180 | Want Want China Holdings Ltd. (Consumer Staples) | 34,863 | ||||||
1,068 | Weibo Corp. ADR (Communication Services) | 9,740 |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
6,512 | Weichai Power Co. Ltd., Class A (Industrials) | $ | 15,256 | |||||
28,645 | Weichai Power Co. Ltd., Class H (Industrials) | 56,347 | ||||||
859 | Weihai Guangwei Composites Co. Ltd., Class A (Materials) | 3,259 | ||||||
5,822 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples) | 15,498 | ||||||
2,068 | Western Mining Co. Ltd., Class A (Materials) | 4,779 | ||||||
3,986 | Western Securities Co. Ltd., Class A (Financials) | 4,409 | ||||||
802 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 4,455 | ||||||
842 | Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology) | 11,218 | ||||||
864 | Wingtech Technology Co. Ltd., Class A (Information Technology)* | 4,575 | ||||||
440 | Winner Medical Co. Ltd., Class A (Health Care) | 2,178 | ||||||
1,800 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 1,771 | ||||||
19,800 | Wintime Energy Group Co. Ltd., Class A (Utilities)* | 3,792 | ||||||
4,400 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | 2,809 | ||||||
3,677 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | 3,220 | ||||||
300 | Wuhan Jingce Electronic Group Co. Ltd., Class A (Information Technology) | 2,673 | ||||||
3,027 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 59,761 | ||||||
1,786 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | 6,544 | ||||||
1,938 | WuXi AppTec Co. Ltd., Class A (Health Care) | 14,654 | ||||||
5,240 | WuXi AppTec Co. Ltd., Class H (Health Care)(a) | 32,596 | ||||||
53,769 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 130,769 | ||||||
1,305 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 4,111 | ||||||
9,053 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 7,451 | ||||||
2,349 | Xiamen C & D, Inc., Class A (Industrials) | 3,394 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
181 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | $ | 2,619 | |||||
1,124 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 2,618 | ||||||
1,800 | Xiangcai Co. Ltd., Class A (Real Estate) | 1,859 | ||||||
1,000 | Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)* | 1,745 | ||||||
233,946 | Xiaomi Corp., Class B (Information Technology)*(a) | 395,050 | ||||||
7,300 | Xinhu Zhongbao Co. Ltd., Class A (Real Estate) | 2,280 | ||||||
1,344 | Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology) | 5,449 | ||||||
3,400 | Xinjiang Tianshan Cement Co. Ltd., Class A (Materials) | 3,247 | ||||||
68,115 | Xinyi Solar Holdings Ltd. (Information Technology) | 41,415 | ||||||
16,480 | XPeng, Inc., Class A (Consumer Discretionary)*(b) | 75,571 | ||||||
17,450 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 27,372 | ||||||
562 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 3,100 | ||||||
2,889 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 10,377 | ||||||
32,504 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 75,065 | ||||||
562 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 2,356 | ||||||
734 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 2,989 | ||||||
847 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 4,629 | ||||||
1,424 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 6,391 | ||||||
2,349 | Yintai Gold Co. Ltd., Class A (Materials) | 4,884 | ||||||
8,100 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples)* | 2,968 | ||||||
305 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 2,336 | ||||||
2,752 | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | 4,839 | ||||||
4,100 | Youngor Fashion Co. Ltd., Class A (Real Estate) | 4,182 | ||||||
4,472 | YSB, Inc. (Health Care)* | 5,141 |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
2,349 | YTO Express Group Co. Ltd., Class A (Industrials) | $ | 4,157 | |||||
24,422 | Yuexiu Property Co. Ltd. (Real Estate) | 16,315 | ||||||
2,730 | Yunda Holding Co. Ltd., Class A (Industrials) | 2,732 | ||||||
2,730 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 4,395 | ||||||
1,163 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 8,043 | ||||||
181 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 1,647 | ||||||
4,400 | Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials) | 3,145 | ||||||
839 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 5,344 | ||||||
1,305 | Yunnan Tin Co. Ltd., Class A (Materials) | 2,492 | ||||||
1,305 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 3,304 | ||||||
1,800 | Yutong Bus Co. Ltd., Class A (Industrials) | 4,664 | ||||||
1,321 | Zai Lab Ltd. ADR (Health Care)* | 27,715 | ||||||
1,124 | Zangge Mining Co. Ltd., Class A (Materials) | 4,569 | ||||||
305 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 9,440 | ||||||
21,622 | Zhaojin Mining Industry Co. Ltd., Class H (Materials) | 22,509 | ||||||
3,954 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 1,866 | ||||||
4,665 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)* | 3,166 | ||||||
4,400 | Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary) | 5,020 | ||||||
1,926 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 5,501 | ||||||
2,356 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 6,052 | ||||||
181 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 1,483 | ||||||
19,683 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 15,035 | ||||||
1,300 | Zhejiang Hailiang Co. Ltd., Class A (Materials) | 1,689 | ||||||
1,124 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 2,173 | ||||||
1,142 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 4,390 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
1,124 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | $ | 5,772 | |||||
2,900 | Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)* | 1,831 | ||||||
562 | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care) | 1,595 | ||||||
2,349 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 6,654 | ||||||
9,771 | Zhejiang Leapmotor Technology Co. Ltd. (Consumer Discretionary)*(a) | 34,197 | ||||||
2,600 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 3,089 | ||||||
2,370 | Zhejiang NHU Co. Ltd., Class A (Health Care) | 5,921 | ||||||
3,011 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 10,414 | ||||||
700 | Zhejiang Shuanghuan Driveline Co. Ltd., Class A (Consumer Discretionary) | 2,335 | ||||||
181 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 1,389 | ||||||
1,116 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 2,772 | ||||||
1,305 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 2,853 | ||||||
10,600 | Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities)* | 7,915 | ||||||
1,000 | Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A (Industrials) | 2,053 | ||||||
3,567 | Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H (Industrials) | 4,620 | ||||||
3,691 | Zheshang Securities Co. Ltd., Class A (Financials) | 5,246 | ||||||
10,374 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a) | 16,431 | ||||||
712 | Zhongfu Shenying Carbon Fiber Co. Ltd., Class A (Materials) | 2,651 | ||||||
562 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 12,102 | ||||||
4,100 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 5,929 | ||||||
10,990 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 20,158 | ||||||
5,378 | Zhongtai Securities Co. Ltd., Class A (Financials) | 5,187 |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – (continued) |
| |||||||
859 | Zhuhai CosMX Battery Co. Ltd., Class A (Industrials) | $ | 1,757 | |||||
1,800 | Zhuhai Huafa Properties Co. Ltd., Class A (Real Estate) | 1,804 | ||||||
578 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 3,117 | ||||||
7,629 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials) | 22,413 | ||||||
2,349 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | 2,116 | ||||||
17,867 | Zijin Mining Group Co. Ltd., Class A (Materials) | 32,509 | ||||||
84,337 | Zijin Mining Group Co. Ltd., Class H (Materials) | 136,382 | ||||||
7,433 | ZJLD Group, Inc. (Consumer Staples)*(a) | 8,735 | ||||||
7,039 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 7,815 | ||||||
20,493 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 13,245 | ||||||
3,673 | ZTE Corp., Class A (Information Technology) | 15,222 | ||||||
11,800 | ZTE Corp., Class H (Information Technology) | 26,618 | ||||||
5,737 | ZTO Express Cayman, Inc. ADR (Industrials) | 110,093 | ||||||
|
| |||||||
25,610,999 | ||||||||
| ||||||||
Colombia – 0.1% | ||||||||
3,556 | Bancolombia SA (Financials) | 29,831 | ||||||
70,958 | Ecopetrol SA (Energy) | 41,383 | ||||||
6,669 | Interconexion Electrica SA ESP (Utilities) | 28,397 | ||||||
|
| |||||||
99,611 | ||||||||
| ||||||||
Czech Republic – 0.1% |
| |||||||
2,388 | CEZ AS (Utilities) | 81,794 | ||||||
1,113 | Komercni banka AS (Financials) | 38,837 | ||||||
|
| |||||||
120,631 | ||||||||
| ||||||||
Egypt – 0.1% | ||||||||
4,298 | Abou Kir Fertilizers & Chemical Industries (Materials)(c) | 5,523 | ||||||
33,675 | Commercial International Bank - Egypt (CIB) (Financials)(c) | 47,214 | ||||||
14,617 | EFG Holding S.A.E. (Financials)*(c) | 5,273 | ||||||
7,281 | ElSewedy Electric Co. (Industrials)(c) | 4,888 | ||||||
2,782 | Ezz Steel Co. SAE (Materials)*(c) | 4,189 | ||||||
4,613 | Misr Fertilizers Production Co. SAE (Materials)(c) | 5,579 | ||||||
7,475 | Telecom Egypt Co. (Communication Services)(c) | 5,534 | ||||||
|
| |||||||
78,200 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Greece – 0.5% | ||||||||
29,709 | Alpha Services and Holdings SA (Financials)* | $ | 55,844 | |||||
36,224 | Eurobank Ergasias Services and Holdings SA (Financials)* | 74,930 | ||||||
2,644 | Hellenic Telecommunications Organization SA (Communication Services) | 39,942 | ||||||
1,574 | JUMBO SA (Consumer Discretionary) | 46,057 | ||||||
870 | Motor Oil Hellas Corinth Refineries SA (Energy) | 24,855 | ||||||
1,577 | Mytilineos SA (Industrials) | 61,436 | ||||||
8,038 | National Bank of Greece SA (Financials)* | 63,011 | ||||||
2,894 | OPAP SA (Consumer Discretionary) | 52,833 | ||||||
10,016 | Piraeus Financial Holdings SA (Financials)* | 44,114 | ||||||
3,099 | Public Power Corp. SA (Utilities)* | 40,444 | ||||||
1,064 | Star Bulk Carriers Corp. (Industrials) | 25,398 | ||||||
818 | Terna Energy SA (Utilities) | 14,685 | ||||||
|
| |||||||
543,549 | ||||||||
| ||||||||
Hong Kong – 0.1% |
| |||||||
81,964 | J&T Global Express Ltd. (Industrials)*(b) | 125,634 | ||||||
1,979 | Orient Overseas International Ltd. (Industrials) | 30,764 | ||||||
|
| |||||||
156,398 | ||||||||
| ||||||||
Hungary – 0.3% | ||||||||
6,616 | MOL Hungarian Oil & Gas PLC (Energy) | 52,619 | ||||||
3,357 | OTP Bank Nyrt (Financials) | 160,887 | ||||||
2,086 | Richter Gedeon Nyrt (Health Care) | 55,512 | ||||||
|
| |||||||
269,018 | ||||||||
| ||||||||
India – 19.5% | ||||||||
768 | ABB India Ltd. (Industrials) | 50,433 | ||||||
1,022 | ACC Ltd. (Materials) | 32,408 | ||||||
4,432 | Adani Energy Solutions Ltd. (Utilities)* | 56,918 | ||||||
4,583 | Adani Enterprises Ltd. (Industrials) | 181,593 | ||||||
4,682 | Adani Green Energy Ltd. (Utilities)* | 107,007 | ||||||
10,880 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 173,272 | ||||||
14,247 | Adani Power Ltd. (Utilities)* | 94,495 | ||||||
4,165 | Adani Total Gas Ltd. (Utilities) | 51,520 | ||||||
2,490 | Adani Wilmar Ltd. (Consumer Staples)* | 11,461 | ||||||
6,916 | Aditya Birla Capital Ltd. (Financials)* | 15,318 |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
463 | Alkem Laboratories Ltd. (Health Care) | $ | 28,631 | |||||
8,947 | Ambuja Cements Ltd. (Materials) | 65,379 | ||||||
2,444 | APL Apollo Tubes Ltd. (Materials) | 45,615 | ||||||
1,524 | Apollo Hospitals Enterprise Ltd. (Health Care) | 112,147 | ||||||
21,519 | Ashok Leyland Ltd. (Industrials) | 44,094 | ||||||
6,003 | Asian Paints Ltd. (Materials) | 204,301 | ||||||
1,782 | Astral Ltd. (Industrials) | 44,468 | ||||||
6,864 | AU Small Finance Bank Ltd. (Financials)(a) | 47,173 | ||||||
4,224 | Aurobindo Pharma Ltd. (Health Care) | 52,374 | ||||||
2,143 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 101,285 | ||||||
33,622 | Axis Bank Ltd. (Financials) | 435,946 | ||||||
1,018 | Bajaj Auto Ltd. (Consumer Discretionary) | 97,107 | ||||||
3,918 | Bajaj Finance Ltd. (Financials) | 306,921 | ||||||
5,644 | Bajaj Finserv Ltd. (Financials) | 108,488 | ||||||
409 | Bajaj Holdings & Investment Ltd. (Financials) | 45,132 | ||||||
1,218 | Balkrishna Industries Ltd. (Consumer Discretionary) | 32,742 | ||||||
11,394 | Bandhan Bank Ltd. (Financials)(a) | 26,879 | ||||||
15,259 | Bank of Baroda (Financials) | 48,851 | ||||||
11,243 | Bank of India (Financials) | 17,824 | ||||||
3,663 | Berger Paints India Ltd. (Materials) | 26,802 | ||||||
52,695 | Bharat Electronics Ltd. (Industrials) | 130,345 | ||||||
3,867 | Bharat Forge Ltd. (Consumer Discretionary) | 53,680 | ||||||
18,919 | Bharat Heavy Electricals Ltd. (Industrials) | 51,920 | ||||||
14,403 | Bharat Petroleum Corp. Ltd. (Energy) | 104,892 | ||||||
35,502 | Bharti Airtel Ltd. (Communication Services) | 480,981 | ||||||
6,713 | Biocon Ltd. (Health Care) | 22,386 | ||||||
127 | Bosch Ltd. (Consumer Discretionary) | 43,792 | ||||||
1,782 | Britannia Industries Ltd. (Consumer Staples) | 106,710 | ||||||
5,698 | Canara Bank (Financials) | 38,789 | ||||||
9,355 | CG Power & Industrial Solutions Ltd. (Industrials) | 50,010 | ||||||
5,956 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 78,239 | ||||||
8,041 | Cipla Ltd. (Health Care) | 143,560 | ||||||
31,288 | Coal India Ltd. (Energy) | 164,786 | ||||||
1,987 | Colgate-Palmolive India Ltd. (Consumer Staples) | 60,551 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
4,022 | Container Corp. Of India Ltd. (Industrials) | $ | 47,411 | |||||
2,035 | Cummins India Ltd. (Industrials) | 67,214 | ||||||
8,856 | Dabur India Ltd. (Consumer Staples) | 57,478 | ||||||
1,217 | Dalmia Bharat Ltd. (Materials) | 29,720 | ||||||
1,117 | Deepak Nitrite Ltd. (Materials) | 29,810 | ||||||
4,575 | Delhivery Ltd. (Industrials)* | 26,104 | ||||||
1,886 | Divi’s Laboratories Ltd. (Health Care) | 79,356 | ||||||
9,312 | DLF Ltd. (Real Estate) | 101,210 | ||||||
1,829 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 141,709 | ||||||
2,085 | Eicher Motors Ltd. (Consumer Discretionary) | 95,363 | ||||||
9,111 | Embassy Office Parks REIT (Real Estate) | 41,074 | ||||||
15,359 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)* | 29,063 | ||||||
40,440 | GAIL India Ltd. (Utilities) | 88,887 | ||||||
3,666 | General Insurance Corp. of India (Financials)(a) | 16,805 | ||||||
918 | Gland Pharma Ltd. (Health Care)*(a) | 19,552 | ||||||
5,545 | Godrej Consumer Products Ltd. (Consumer Staples) | 84,108 | ||||||
1,729 | Godrej Properties Ltd. (Real Estate)* | 50,005 | ||||||
4,675 | Grasim Industries Ltd. (Materials) | 123,556 | ||||||
558 | Gujarat Fluorochemicals Ltd. (Materials) | 24,912 | ||||||
2,695 | Gujarat Gas Ltd. (Utilities) | 18,375 | ||||||
3,302 | Havells India Ltd. (Industrials) | 60,983 | ||||||
15,617 | HCL Technologies Ltd. (Information Technology) | 313,381 | ||||||
1,173 | HDFC Asset Management Co. Ltd. (Financials)(a) | 53,093 | ||||||
40,732 | HDFC Bank Ltd. (Financials) | 689,410 | ||||||
14,607 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 102,528 | ||||||
1,978 | Hero MotoCorp Ltd. (Consumer Discretionary) | 105,596 | ||||||
21,869 | Hindalco Industries Ltd. (Materials) | 132,889 | ||||||
2,492 | Hindustan Aeronautics Ltd. (Industrials) | 92,689 | ||||||
9,715 | Hindustan Petroleum Corp. Ltd. (Energy) | 59,685 | ||||||
13,183 | Hindustan Unilever Ltd. (Consumer Staples) | 383,536 | ||||||
32 | Honeywell Automation India Ltd. (Information Technology) | 14,639 | ||||||
75,618 | ICICI Bank Ltd. (Financials) | 959,586 | ||||||
3,557 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 73,432 |
40 | 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) |
| |||||||
5,751 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | $ | 36,944 | |||||
53,513 | IDFC First Bank Ltd. (Financials)* | 52,309 | ||||||
3,564 | Indian Bank (Financials) | 22,573 | ||||||
12,763 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 90,309 | ||||||
56,210 | Indian Oil Corp. Ltd. (Energy) | 112,228 | ||||||
4,522 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 50,578 | ||||||
26,298 | Indian Railway Finance Corp. Ltd. (Financials)(a) | 46,544 | ||||||
5,241 | Indraprastha Gas Ltd. (Utilities) | 26,927 | ||||||
12,515 | Indus Towers Ltd. (Communication Services)* | 38,156 | ||||||
8,450 | IndusInd Bank Ltd. (Financials) | 150,307 | ||||||
1,024 | Info Edge India Ltd. (Communication Services) | 65,056 | ||||||
52,421 | Infosys Ltd. (Information Technology) | 1,058,267 | ||||||
1,582 | InterGlobe Aviation Ltd. (Industrials)*(a) | 60,202 | ||||||
44,000 | ITC Ltd. (Consumer Staples) | 215,605 | ||||||
4,478 | Jindal Stainless Ltd. (Materials) | 34,594 | ||||||
5,700 | Jindal Steel & Power Ltd. (Materials) | 53,363 | ||||||
50,004 | Jio Financial Services Ltd. (Financials)* | 186,951 | ||||||
5,549 | JSW Energy Ltd. (Utilities) | 34,017 | ||||||
13,988 | JSW Steel Ltd. (Materials) | 134,977 | ||||||
5,851 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 32,735 | ||||||
16,122 | Kotak Mahindra Bank Ltd. (Financials) | 328,492 | ||||||
362 | L&T Technology Services Ltd. (Industrials)(a) | 23,150 | ||||||
9,837 | Larsen & Toubro Ltd. (Industrials) | 412,569 | ||||||
3,462 | Life Insurance Corp. of India (Financials) | 42,705 | ||||||
306 | Linde India Ltd. (Materials) | 19,868 | ||||||
1,369 | LTIMindtree Ltd. (Information Technology)(a) | 87,520 | ||||||
3,609 | Lupin Ltd. (Health Care) | 70,558 | ||||||
3,458 | Macrotech Developers Ltd. (Real Estate)(a) | 48,596 | ||||||
8,497 | Mahindra & Mahindra Financial Services Ltd. (Financials) | 29,042 | ||||||
13,072 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 304,649 | ||||||
507 | Mankind Pharma Ltd. (Health Care)* | 13,058 | ||||||
7,831 | Marico Ltd. (Consumer Staples) | 49,357 | ||||||
1,936 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 263,570 | ||||||
3,309 | Max Financial Services Ltd. (Financials)* | 38,699 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
10,932 | Max Healthcare Institute Ltd. (Health Care) | $ | 104,598 | |||||
456 | Mazagon Dock Shipbuilders Ltd. (Industrials) | 11,466 | ||||||
1,271 | Mphasis Ltd. (Information Technology) | 40,121 | ||||||
33 | MRF Ltd. (Consumer Discretionary) | 58,139 | ||||||
1,675 | Muthoot Finance Ltd. (Financials) | 26,337 | ||||||
5,142 | Nestle India Ltd. (Consumer Staples) | 161,002 | ||||||
41,351 | NHPC Ltd. (Utilities) | 43,961 | ||||||
17,239 | NMDC Ltd. (Materials) | 46,967 | ||||||
69,788 | NTPC Ltd. (Utilities) | 282,464 | ||||||
1,835 | Oberoi Realty Ltd. (Real Estate) | 29,749 | ||||||
57,122 | Oil & Natural Gas Corp. Ltd. (Energy) | 182,286 | ||||||
3,005 | One 97 Communications Ltd. (Financials)* | 14,616 | ||||||
355 | Oracle Financial Services Software Ltd. (Information Technology) | 32,851 | ||||||
75 | Page Industries Ltd. (Consumer Discretionary) | 31,034 | ||||||
1,073 | Patanjali Foods Ltd. (Consumer Staples) | 19,899 | ||||||
3,556 | PB Fintech Ltd. (Financials)* | 50,066 | ||||||
758 | Persistent Systems Ltd. (Information Technology) | 78,897 | ||||||
8,763 | Petronet LNG Ltd. (Energy) | 28,900 | ||||||
1,218 | PI Industries Ltd. (Materials) | 53,950 | ||||||
2,288 | Pidilite Industries Ltd. (Materials) | 75,497 | ||||||
661 | Polycab India Ltd. (Industrials) | 37,865 | ||||||
21,773 | Power Finance Corp. Ltd. (Financials) | 105,220 | ||||||
66,742 | Power Grid Corp. of India Ltd. (Utilities) | 227,675 | ||||||
150 | Procter & Gamble Hygiene & Health Care Ltd. (Consumer Staples) | 28,480 | ||||||
31,845 | Punjab National Bank (Financials) | 46,798 | ||||||
8,344 | Rail Vikas Nigam Ltd. (Industrials) | 24,579 | ||||||
18,714 | REC Ltd. (Financials) | 99,770 | ||||||
50,019 | Reliance Industries Ltd. (Energy) | 1,762,447 | ||||||
30,730 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 44,177 | ||||||
4,379 | SBI Cards & Payment Services Ltd. (Financials) | 38,006 | ||||||
6,669 | SBI Life Insurance Co. Ltd. (Financials)(a) | 124,872 | ||||||
615 | Schaeffler India Ltd. (Industrials) | 21,456 |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
152 | Shree Cement Ltd. (Materials) | $ | 46,754 | |||||
3,566 | Shriram Finance Ltd. (Financials) | 104,877 | ||||||
1,326 | Siemens Ltd. (Industrials) | 74,831 | ||||||
362 | Solar Industries India Ltd. (Materials) | 29,383 | ||||||
4,122 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a) | 34,270 | ||||||
2,233 | SRF Ltd. (Materials) | 64,355 | ||||||
26,345 | State Bank of India (Financials) | 237,694 | ||||||
21,673 | Steel Authority of India Ltd. (Materials) | 31,680 | ||||||
15,916 | Sun Pharmaceutical Industries Ltd. (Health Care) | 302,892 | ||||||
865 | Supreme Industries Ltd. (Materials) | 43,300 | ||||||
145,737 | Suzlon Energy Ltd. (Industrials)* | 79,533 | ||||||
1,685 | Tata Communications Ltd. (Communication Services) | 39,083 | ||||||
14,798 | Tata Consultancy Services Ltd. (Information Technology) | 730,849 | ||||||
8,857 | Tata Consumer Products Ltd. (Consumer Staples) | 127,119 | ||||||
513 | Tata Elxsi Ltd. (Information Technology) | 48,327 | ||||||
25,441 | Tata Motors Ltd. (Consumer Discretionary) | 291,548 | ||||||
6,969 | Tata Motors Ltd., Class A (Consumer Discretionary) | 53,140 | ||||||
25,438 | Tata Power Co. Ltd. (The) (Utilities) | 114,050 | ||||||
119,079 | Tata Steel Ltd. (Materials) | 202,280 | ||||||
711 | Tata Technologies Ltd. (Information Technology)* | 9,290 | ||||||
9,159 | Tech Mahindra Ltd. (Information Technology) | 140,711 | ||||||
556 | Thermax Ltd. (Industrials) | 24,390 | ||||||
5,492 | Titan Co. Ltd. (Consumer Discretionary) | 240,064 | ||||||
1,420 | Torrent Pharmaceuticals Ltd. (Health Care) | 45,659 | ||||||
2,690 | Trent Ltd. (Consumer Discretionary) | 125,935 | ||||||
1,527 | Tube Investments of India Ltd. (Consumer Discretionary) | 64,248 | ||||||
3,465 | TVS Motor Co. Ltd. (Consumer Discretionary)* | 89,395 | ||||||
1,683 | UltraTech Cement Ltd. (Materials) | 200,792 | ||||||
21,873 | Union Bank of India Ltd. (Financials) | 38,593 | ||||||
1,117 | United Breweries Ltd. (Consumer Staples) | 22,864 | ||||||
4,472 | United Spirits Ltd. (Consumer Staples) | 62,879 | ||||||
7,786 | UPL Ltd. (Materials) | 44,106 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
India – (continued) |
| |||||||
6,968 | Varun Beverages Ltd. (Consumer Staples) | $ | 118,366 | |||||
562 | Vedant Fashions Ltd. (Consumer Discretionary) | 6,975 | ||||||
19,656 | Vedanta Ltd. (Materials) | 63,544 | ||||||
119,486 | Vodafone Idea Ltd. (Communication Services)* | 19,670 | ||||||
3,459 | Voltas Ltd. (Industrials) | 46,268 | ||||||
20,703 | Wipro Ltd. (Information Technology) | 129,487 | ||||||
617 | WNS Holdings Ltd. ADR (Industrials)* | 35,601 | ||||||
190,254 | Yes Bank Ltd. (Financials)* | 56,101 | ||||||
56,772 | Zomato Ltd. (Consumer Discretionary)* | 113,282 | ||||||
3,809 | Zydus Lifesciences Ltd. (Health Care) | 43,269 | ||||||
|
| |||||||
20,976,458 | ||||||||
| ||||||||
Indonesia – 2.0% |
| |||||||
165,022 | Adaro Energy Indonesia Tbk PT (Energy) | 25,412 | ||||||
100,320 | Adaro Minerals Indonesia Tbk PT (Materials)* | 9,895 | ||||||
182,667 | Amman Mineral Internasional PT (Materials)* | 98,802 | ||||||
130,266 | Aneka Tambang Tbk (Materials) | 12,102 | ||||||
302,724 | Astra International Tbk PT (Industrials) | 100,651 | ||||||
763,847 | Bank Central Asia Tbk PT (Financials) | 479,987 | ||||||
536,046 | Bank Mandiri Persero Tbk PT (Financials) | 238,773 | ||||||
224,277 | Bank Negara Indonesia Persero Tbk PT (Financials) | 85,629 | ||||||
1,036,602 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 404,021 | ||||||
402,522 | Barito Pacific Tbk PT (Materials) | 24,974 | ||||||
103,006 | Chandra Asri Pacific Tbk PT (Materials) | 30,020 | ||||||
113,080 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | 34,827 | ||||||
189,058 | Dayamitra Telekomunikasi PT (Communication Services) | 7,639 | ||||||
230,276 | Elang Mahkota Teknologi Tbk PT (Communication Services) | 6,887 | ||||||
11,307,051 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)* | 51,085 | ||||||
7,127 | Gudang Garam Tbk PT (Consumer Staples) | 9,218 | ||||||
39,673 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 22,026 | ||||||
24,420 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 14,102 | ||||||
35,456 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 26,059 | ||||||
68,465 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 28,863 |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Indonesia – (continued) |
| |||||||
20,400 | Indosat Tbk PT (Communication Services) | $ | 14,831 | |||||
284,651 | Kalbe Farma Tbk PT (Health Care) | 26,989 | ||||||
51,021 | Mayora Indah Tbk PT (Consumer Staples) | 7,987 | ||||||
155,906 | Merdeka Battery Materials Tbk PT (Materials)* | 6,052 | ||||||
185,780 | Merdeka Copper Gold Tbk PT (Materials)* | 26,717 | ||||||
23,808 | Pantai Indah Kapuk Dua Tbk PT (Materials)* | 7,954 | ||||||
300,430 | Sarana Menara Nusantara Tbk PT (Communication Services) | 17,588 | ||||||
50,048 | Semen Indonesia Persero Tbk PT (Materials) | 19,427 | ||||||
283,490 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 49,608 | ||||||
700,052 | Telkom Indonesia Persero Tbk PT (Communication Services) | 178,187 | ||||||
72,950 | Tower Bersama Infrastructure Tbk PT (Communication Services) | 8,634 | ||||||
117,963 | Trimegah Bangun Persada Tbk PT (Materials) | 6,756 | ||||||
88,768 | Unilever Indonesia Tbk PT (Consumer Staples) | 15,421 | ||||||
21,167 | United Tractors Tbk PT (Energy) | 31,686 | ||||||
31,588 | Vale Indonesia Tbk PT (Materials) | 8,141 | ||||||
|
| |||||||
2,136,950 | ||||||||
| ||||||||
Kuwait – 0.9% |
| |||||||
22,791 | Agility Public Warehousing Co. KSC (Industrials)* | 44,523 | ||||||
19,433 | Boubyan Bank KSCP (Financials) | 40,616 | ||||||
31,389 | Gulf Bank KSCP (Financials) | 30,098 | ||||||
152,347 | Kuwait Finance House KSCP (Financials) | 401,109 | ||||||
9,772 | Mabanee Co KPSC (Real Estate) | 25,982 | ||||||
31,442 | Mobile Telecommunications Co. KSCP (Communication Services) | 51,407 | ||||||
110,081 | National Bank of Kuwait SAKP (Financials) | 350,656 | ||||||
|
| |||||||
944,391 | ||||||||
| ||||||||
Luxembourg – 0.0% |
| |||||||
2,033 | Reinet Investments SCA (Financials) | 51,296 | ||||||
| ||||||||
Mexico – 2.8% |
| |||||||
71,068 | Alfa SAB de CV, Class A (Industrials) | 52,927 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Mexico – (continued) |
| |||||||
475,006 | America Movil SAB de CV, Series B (Communication Services) | $ | 444,209 | |||||
6,975 | Arca Continental SAB de CV (Consumer Staples) | 75,041 | ||||||
26,449 | Becle SAB de CV (Consumer Staples) | 61,742 | ||||||
222,960 | Cemex SAB de CV, Series CPO (Materials)* | 170,226 | ||||||
7,831 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 76,335 | ||||||
3,206 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 23,423 | ||||||
43,040 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 77,675 | ||||||
31,891 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 397,701 | ||||||
2,650 | Gruma SAB de CV, Class B (Consumer Staples) | 47,131 | ||||||
5,749 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 84,777 | ||||||
2,742 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 80,347 | ||||||
20,088 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 83,923 | ||||||
7,426 | Grupo Carso SAB de CV, Series A1 (Industrials) | 64,163 | ||||||
6,664 | Grupo Comercial Chedraui SA de CV (Consumer Staples) | 51,105 | ||||||
769 | Grupo Elektra SAB DE CV (Financials) | 53,563 | ||||||
42,528 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 439,123 | ||||||
29,355 | Grupo Financiero Inbursa SAB de CV, Class O (Financials)* | 88,943 | ||||||
46,395 | Grupo Mexico SAB de CV, Series B (Materials) | 224,927 | ||||||
2,802 | Industrias Penoles SAB de CV (Materials)* | 35,066 | ||||||
24,315 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 53,968 | ||||||
13,687 | Orbia Advance Corp. SAB de CV (Materials) | 25,278 | ||||||
73,498 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 293,923 | ||||||
|
| |||||||
3,005,516 | ||||||||
| ||||||||
Philippines – 0.7% |
| |||||||
147,152 | ACEN Corp. (Utilities) | 10,889 | ||||||
3,585 | Ayala Corp. (Industrials) | 43,238 | ||||||
86,936 | Ayala Land, Inc. (Real Estate) | 54,127 | ||||||
30,018 | Bank of the Philippine Islands (Financials) | 66,802 | ||||||
31,040 | BDO Unibank, Inc. (Financials) | 84,481 |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Philippines – (continued) |
| |||||||
12,213 | International Container Terminal Services, Inc. (Industrials) | $ | 62,787 | |||||
45,912 | JG Summit Holdings, Inc. (Industrials) | 33,486 | ||||||
7,077 | Jollibee Foods Corp. (Consumer Discretionary) | 34,469 | ||||||
4,537 | Manila Electric Co. (Utilities) | 31,476 | ||||||
28,005 | Metropolitan Bank & Trust Co. (Financials) | 30,887 | ||||||
1,294 | PLDT, Inc. (Communication Services) | 30,224 | ||||||
7,144 | SM Investments Corp. (Industrials) | 119,458 | ||||||
168,187 | SM Prime Holdings, Inc. (Real Estate) | 94,543 | ||||||
13,747 | Universal Robina Corp. (Consumer Staples) | 28,612 | ||||||
|
| |||||||
725,479 | ||||||||
| ||||||||
Qatar – 0.9% |
| |||||||
50,509 | Commercial Bank PSQC (The) (Financials) | 70,138 | ||||||
26,503 | Dukhan Bank (Financials) | 30,281 | ||||||
29,804 | Industries Qatar QSC (Industrials) | 105,595 | ||||||
103,520 | Masraf Al Rayan QSC (Financials) | 71,932 | ||||||
67,348 | Mesaieed Petrochemical Holding Co. (Materials) | 34,960 | ||||||
10,479 | Ooredoo QPSC (Communication Services) | 32,723 | ||||||
7,279 | Qatar Electricity & Water Co. QSC (Utilities) | 34,606 | ||||||
8,795 | Qatar Fuel QSC (Energy) | 36,137 | ||||||
52,956 | Qatar Gas Transport Co. Ltd. (Energy) | 58,177 | ||||||
16,640 | Qatar International Islamic Bank QSC (Financials) | 52,146 | ||||||
24,616 | Qatar Islamic Bank (Financials) | 136,230 | ||||||
65,472 | Qatar National Bank QPSC (Financials) | 273,864 | ||||||
|
| |||||||
936,789 | ||||||||
| ||||||||
Russia – 0.0% |
| |||||||
12,708 | Alrosa PJSC (Materials)(c) | — | ||||||
801 | Gazprom Neft PJSC (Energy)(c) | — | ||||||
49,291 | Gazprom PJSC (Energy)*(c) | — | ||||||
1,413 | LUKOIL PJSC (Energy)(c) | — | ||||||
263 | MMC Norilsk Nickel PJSC (Materials)(c) | — | ||||||
4,560 | Mobile TeleSystems PJSC (Communication Services)(c) | — | ||||||
3,099 | Novatek PJSC (Energy)(c) | — | ||||||
5,287 | Novolipetsk Steel PJSC (Materials)*(c) | — | ||||||
780 | PIK Group PJSC (Consumer Discretionary)*(c) | — |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Russia – (continued) |
| |||||||
1,389 | Polymetal International PLC (Materials)*(c) | $ | — | |||||
128 | Polyus PJSC (Materials)*(c) | — | ||||||
5,078 | Rosneft Oil Co. PJSC (Energy)(c) | — | ||||||
44,370 | Sberbank of Russia PJSC (Financials)(c) | — | ||||||
969 | Severstal PAO (Materials)*(c) | — | ||||||
146,300 | Surgutneftegas PJSC (Energy)(c) | — | ||||||
6,047 | Tatneft PJSC (Energy)(c) | — | ||||||
6,503 | United Co RUSAL International PJSC (Materials)*(c) | — | ||||||
1,289 | Yandex NV, Class A (Communication Services)*(c) | — | ||||||
|
| |||||||
— | ||||||||
| ||||||||
Saudi Arabia – 4.2% |
| |||||||
1,978 | ACWA Power Co. (Utilities) | 139,240 | ||||||
5,442 | Ades Holding Co. (Energy)* | 29,022 | ||||||
1,986 | Advanced Petrochemical Co. (Materials) | 20,256 | ||||||
28,626 | Al Rajhi Bank (Financials) | 679,336 | ||||||
14,448 | Alinma Bank (Financials) | 169,317 | ||||||
3,669 | Almarai Co. JSC (Consumer Staples) | 57,525 | ||||||
9,972 | Arab National Bank (Financials) | 74,053 | ||||||
361 | Arabian Internet & Communications Services Co. (Information Technology) | 35,308 | ||||||
7,374 | Bank AlBilad (Financials) | 97,132 | ||||||
8,701 | Banque Saudi Fransi (Financials) | 88,395 | ||||||
1,117 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 68,385 | ||||||
1,072 | Co. for Cooperative Insurance (The) (Financials) | 46,307 | ||||||
1,227 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 107,771 | ||||||
404 | Elm Co. (Information Technology) | 113,865 | ||||||
5,692 | Etihad Etisalat Co. (Communication Services) | 83,931 | ||||||
9,102 | Jarir Marketing Co. (Consumer Discretionary) | 37,813 | ||||||
1,380 | Mouwasat Medical Services Co. (Health Care) | 45,408 | ||||||
566 | Nahdi Medical Co. (Consumer Staples) | 21,431 | ||||||
6,557 | Rabigh Refining & Petrochemical Co. (Energy)* | 14,459 | ||||||
21,674 | Riyad Bank (Financials) | 179,735 | ||||||
3,454 | SABIC Agri-Nutrients Co. (Materials) | 115,308 | ||||||
5,293 | Sahara International Petrochemical Co. (Materials) | 43,258 | ||||||
17,859 | Saudi Arabian Mining Co. (Materials)* | 236,910 |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Saudi Arabia – (continued) |
| |||||||
63,973 | Saudi Arabian Oil Co. (Energy)(a) | $ | 540,742 | |||||
760 | Saudi Aramco Base Oil Co. (Materials) | 34,045 | ||||||
14,758 | Saudi Awwal Bank (Financials) | 162,325 | ||||||
13,276 | Saudi Basic Industries Corp. (Materials) | 278,951 | ||||||
11,542 | Saudi Electricity Co. (Utilities) | 61,552 | ||||||
5,446 | Saudi Industrial Investment Group (Materials) | 30,059 | ||||||
11,395 | Saudi Kayan Petrochemical Co. (Materials)* | 29,321 | ||||||
43,346 | Saudi National Bank (The) (Financials) | 489,482 | ||||||
711 | Saudi Tadawul Group Holding Co. (Financials) | 45,879 | ||||||
26,553 | Saudi Telecom Co. (Communication Services) | 300,556 | ||||||
4,066 | Savola Group (The) (Consumer Staples) | 57,462 | ||||||
4,175 | Yanbu National Petrochemical Co. (Materials) | 41,691 | ||||||
|
| |||||||
4,576,230 | ||||||||
| ||||||||
South Africa – 2.4% |
| |||||||
11,498 | Absa Group Ltd. (Financials) | 98,032 | ||||||
1,582 | African Rainbow Minerals Ltd. (Materials) | 13,923 | ||||||
819 | Anglo American Platinum Ltd. (Materials) | 31,460 | ||||||
5,393 | Aspen Pharmacare Holdings Ltd. (Health Care) | 55,097 | ||||||
4,932 | Bid Corp. Ltd. (Consumer Staples) | 115,357 | ||||||
4,990 | Bidvest Group Ltd. (The) (Industrials) | 60,779 | ||||||
1,427 | Capitec Bank Holdings Ltd. (Financials) | 150,094 | ||||||
3,665 | Clicks Group Ltd. (Consumer Staples) | 57,331 | ||||||
7,983 | Discovery Ltd. (Financials) | 56,553 | ||||||
3,612 | Exxaro Resources Ltd. (Energy) | 33,462 | ||||||
73,810 | FirstRand Ltd. (Financials) | 249,243 | ||||||
12,972 | Gold Fields Ltd. (Materials) | 170,266 | ||||||
13,080 | Impala Platinum Holdings Ltd. (Materials) | 44,169 | ||||||
3,159 | Investec Ltd. (Financials) | 19,863 | ||||||
861 | Kumba Iron Ore Ltd. (Materials) | 24,099 | ||||||
24,817 | MTN Group Ltd. (Communication Services) | 108,020 | ||||||
4,780 | MultiChoice Group (Communication Services)* | 26,016 | ||||||
2,635 | Naspers Ltd., Class N (Consumer Discretionary) | 433,377 | ||||||
6,414 | Nedbank Group Ltd. (Financials) | 73,285 | ||||||
4,986 | Northam Platinum Holdings Ltd. (Materials) | 28,507 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Africa – (continued) |
| |||||||
74,011 | Old Mutual Ltd. (Financials) | $ | 46,065 | |||||
12,666 | OUTsurance Group Ltd. (Financials) | 27,493 | ||||||
24,010 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 23,367 | ||||||
7,585 | Remgro Ltd. (Financials) | 57,513 | ||||||
24,263 | Sanlam Ltd. (Financials) | 93,024 | ||||||
8,702 | Sasol Ltd. (Materials) | 65,651 | ||||||
7,118 | Shoprite Holdings Ltd. (Consumer Staples) | 95,811 | ||||||
42,475 | Sibanye Stillwater Ltd. (Materials)(b) | 43,994 | ||||||
19,935 | Standard Bank Group Ltd. (Financials) | 209,723 | ||||||
8,896 | Vodacom Group Ltd. (Communication Services) | 43,599 | ||||||
13,588 | Woolworths Holdings Ltd. (Consumer Discretionary) | 45,452 | ||||||
|
| |||||||
2,600,625 | ||||||||
| ||||||||
South Korea – 12.1% |
| |||||||
557 | Alteogen, Inc. (Health Care)* | 67,178 | ||||||
452 | Amorepacific Corp. (Consumer Staples) | 40,597 | ||||||
401 | AMOREPACIFIC Group (Consumer Staples) | 8,025 | ||||||
105 | BGF retail Co. Ltd. (Consumer Staples) | 10,416 | ||||||
4,319 | BNK Financial Group, Inc. (Financials) | 24,326 | ||||||
307 | Celltrion Pharm, Inc. (Health Care)* | 25,568 | ||||||
2,231 | Celltrion, Inc. (Health Care) | 301,074 | ||||||
1,022 | Cheil Worldwide, Inc. (Communication Services) | 14,199 | ||||||
55 | Chunbo Co. Ltd. (Materials)* | 3,730 | ||||||
106 | CJ CheilJedang Corp. (Consumer Staples) | 23,841 | ||||||
203 | CJ Corp. (Industrials)* | 14,772 | ||||||
151 | CJ ENM Co. Ltd. (Communication Services)* | 9,004 | ||||||
105 | CJ Logistics Corp. (Industrials)* | 9,809 | ||||||
310 | CosmoAM&T Co. Ltd. (Information Technology)* | 41,229 | ||||||
813 | Coway Co. Ltd. (Consumer Discretionary) | 33,091 | ||||||
355 | CS Wind Corp. (Industrials) | 13,783 | ||||||
2,900 | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | 8,668 | ||||||
554 | DB HiTek Co. Ltd. (Information Technology) | 19,304 | ||||||
660 | DB Insurance Co. Ltd. (Financials)* | 48,970 | ||||||
402 | DL E&C Co. Ltd. (Industrials) | 11,170 | ||||||
463 | Dongsuh Cos., Inc. (Consumer Staples) | 6,081 |
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Korea – (continued) |
| |||||||
718 | Doosan Bobcat, Inc. (Industrials) | $ | 25,315 | |||||
100 | Doosan Co. Ltd. (Industrials)* | 6,834 | ||||||
6,406 | Doosan Enerbility Co. Ltd. (Industrials)* | 78,127 | ||||||
617 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 9,198 | ||||||
301 | Doosan Robotics, Inc. (Industrials)* | 16,705 | ||||||
665 | Ecopro BM Co. Ltd. (Industrials)* | 133,090 | ||||||
283 | Ecopro Co. Ltd. (Industrials)* | 131,341 | ||||||
356 | Ecopro Materials Co. Ltd. (Industrials)* | 51,625 | ||||||
257 | E-MART, Inc. (Consumer Staples)* | 14,282 | ||||||
250 | F&F Co. Ltd. (Consumer Discretionary) | 13,593 | ||||||
612 | Fila Holdings Corp. (Consumer Discretionary) | 17,649 | ||||||
57 | Green Cross Corp. (Health Care) | 5,047 | ||||||
869 | GS Engineering & Construction Corp. (Industrials)* | 10,409 | ||||||
663 | GS Holdings Corp. (Industrials) | 23,924 | ||||||
615 | GS Retail Co. Ltd. (Consumer Staples) | 10,299 | ||||||
4,268 | Hana Financial Group, Inc. (Financials) | 181,412 | ||||||
355 | Hanjin Kal Corp. (Industrials) | 16,849 | ||||||
1,017 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 41,395 | ||||||
101 | Hanmi Pharm Co. Ltd. (Health Care) | 25,333 | ||||||
302 | Hanmi Science Co. Ltd. (Health Care) | 9,344 | ||||||
614 | Hanmi Semiconductor Co. Ltd. (Information Technology)* | 39,101 | ||||||
2,393 | Hanon Systems (Consumer Discretionary) | 11,088 | ||||||
149 | Hansol Chemical Co. Ltd. (Materials)* | 19,056 | ||||||
103 | Hanssem Co. Ltd. (Consumer Discretionary) | 3,744 | ||||||
506 | Hanwha Aerospace Co. Ltd. (Industrials) | 71,249 | ||||||
508 | Hanwha Corp. (Industrials) | 11,216 | ||||||
4,123 | Hanwha Life Insurance Co. Ltd. (Financials)* | 9,753 | ||||||
2,077 | Hanwha Ocean Co. Ltd. (Industrials)* | 36,811 | ||||||
1,528 | Hanwha Solutions Corp. (Materials) | 31,843 | ||||||
816 | Hanwha Systems Co. Ltd. (Industrials) | 10,215 | ||||||
612 | HD Hyundai Co. Ltd. (Energy) | 32,494 | ||||||
301 | HD Hyundai Heavy Industries Co. Ltd. (Industrials) | 26,651 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Korea – (continued) |
| |||||||
1,836 | HD Hyundai Infracore Co. Ltd. (Industrials)* | $ | 11,099 | |||||
665 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | 55,883 | ||||||
404 | Hite Jinro Co. Ltd. (Consumer Staples) | 6,059 | ||||||
463 | HL Mando Co. Ltd. (Consumer Discretionary) | 11,526 | ||||||
1,729 | HLB, Inc. (Health Care)* | 105,823 | ||||||
4,236 | HMM Co. Ltd. (Industrials)* | 58,119 | ||||||
413 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 18,640 | ||||||
99 | Hugel, Inc. (Health Care)* | 13,672 | ||||||
259 | HYBE Co. Ltd. (Communication Services) | 38,726 | ||||||
46 | Hyosung Advanced Materials Corp. (Materials) | 11,521 | ||||||
47 | Hyosung TNC Corp. (Materials) | 10,236 | ||||||
101 | Hyundai Autoever Corp. (Information Technology)* | 11,324 | ||||||
201 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 7,910 | ||||||
306 | Hyundai Elevator Co. Ltd. (Industrials)* | 9,169 | ||||||
1,073 | Hyundai Engineering & Construction Co. Ltd. (Industrials)* | 27,961 | ||||||
261 | Hyundai Glovis Co. Ltd. (Industrials)* | 37,339 | ||||||
869 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials)* | 20,557 | ||||||
352 | Hyundai Mipo Dockyard Co. Ltd. (Industrials) | 16,627 | ||||||
917 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 166,996 | ||||||
1,987 | Hyundai Motor Co. (Consumer Discretionary) | 373,794 | ||||||
1,022 | Hyundai Rotem Co. Ltd. (Industrials) | 25,673 | ||||||
1,227 | Hyundai Steel Co. (Materials)* | 33,126 | ||||||
3,760 | Industrial Bank of Korea (Financials)* | 39,531 | ||||||
407 | JYP Entertainment Corp. (Communication Services)* | 22,526 | ||||||
4,432 | Kakao Corp. (Communication Services) | 177,400 | ||||||
557 | Kakao Games Corp. (Communication Services)* | 9,809 | ||||||
3,253 | KakaoBank Corp. (Financials) | 69,501 | ||||||
312 | Kakaopay Corp. (Financials)* | 10,321 | ||||||
1,785 | Kangwon Land, Inc. (Consumer Discretionary)* | 23,298 | ||||||
5,497 | KB Financial Group, Inc. (Financials) | 262,135 | ||||||
53 | KCC Corp. (Materials) | 10,567 |
46 | 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) |
| |||||||
201 | KEPCO Engineering & Construction Co., Inc. (Industrials)* | $ | 10,702 | |||||
256 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials)* | 7,152 | ||||||
3,658 | Kia Corp. (Consumer Discretionary)* | 342,010 | ||||||
201 | KIWOOM Securities Co. Ltd. (Financials)* | 18,974 | ||||||
1,064 | Korea Aerospace Industries Ltd. (Industrials)* | 40,991 | ||||||
3,912 | Korea Electric Power Corp. (Utilities) | 72,858 | ||||||
413 | Korea Gas Corp. (Utilities)* | 8,994 | ||||||
608 | Korea Investment Holdings Co. Ltd. (Financials)* | 32,418 | ||||||
148 | Korea Zinc Co. Ltd. (Materials) | 49,737 | ||||||
2,804 | Korean Air Lines Co. Ltd. (Industrials) | 48,432 | ||||||
419 | Krafton, Inc. (Communication Services)* | 71,428 | ||||||
961 | KT Corp. (Communication Services) | 28,218 | ||||||
1,440 | KT&G Corp. (Consumer Staples) | 100,571 | ||||||
453 | Kum Yang Co. Ltd. (Materials)* | 32,829 | ||||||
250 | Kumho Petrochemical Co. Ltd. (Materials)* | 27,767 | ||||||
361 | L&F Co. Ltd. (Industrials)* | 46,006 | ||||||
150 | LEENO Industrial, Inc. (Information Technology) | 23,430 | ||||||
687 | LG Chem Ltd. (Materials) | 233,712 | ||||||
1,320 | LG Corp. (Industrials) | 92,884 | ||||||
3,313 | LG Display Co. Ltd. (Information Technology) | 28,313 | ||||||
1,580 | LG Electronics, Inc. (Consumer Discretionary) | 112,603 | ||||||
607 | LG Energy Solution Ltd. (Industrials)* | 183,021 | ||||||
149 | LG H&H Co. Ltd. (Consumer Staples) | 35,695 | ||||||
205 | LG Innotek Co. Ltd. (Information Technology) | 31,098 | ||||||
3,359 | LG Uplus Corp. (Communication Services) | 26,032 | ||||||
259 | Lotte Chemical Corp. (Materials) | 23,807 | ||||||
460 | Lotte Corp. (Industrials) | 10,433 | ||||||
303 | Lotte Energy Materials Corp. (Information Technology) | 7,919 | ||||||
153 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 8,916 | ||||||
258 | LS Corp. (Industrials) | 17,031 | ||||||
1,422 | Meritz Financial Group, Inc. (Financials) | 88,742 | ||||||
3,860 | Mirae Asset Securities Co. Ltd. (Financials)* | 26,147 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
South Korea – (continued) |
| |||||||
1,989 | NAVER Corp. (Communication Services) | $ | 291,270 | |||||
204 | NCSoft Corp. (Communication Services) | 29,721 | ||||||
310 | Netmarble Corp. (Communication Services)*(a) | 14,364 | ||||||
1,988 | NH Investment & Securities Co. Ltd. (Financials)* | 17,527 | ||||||
50 | NongShim Co. Ltd. (Consumer Staples) | 13,067 | ||||||
198 | OCI Holdings Co. Ltd. (Materials) | 13,977 | ||||||
350 | Orion Corp. (Consumer Staples) | 24,418 | ||||||
3,203 | Pan Ocean Co. Ltd. (Industrials) | 11,702 | ||||||
455 | Pearl Abyss Corp. (Communication Services)* | 10,370 | ||||||
760 | Posco DX Co. Ltd. (Information Technology)* | 30,877 | ||||||
410 | POSCO Future M Co. Ltd. (Industrials)* | 97,604 | ||||||
1,041 | POSCO Holdings, Inc. (Materials) | 337,332 | ||||||
764 | Posco International Corp. (Industrials)* | 32,187 | ||||||
257 | S-1 Corp. (Industrials) | 11,213 | ||||||
256 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 148,801 | ||||||
1,219 | Samsung C&T Corp. (Industrials) | 143,449 | ||||||
358 | Samsung Card Co. Ltd. (Financials)* | 10,095 | ||||||
817 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 85,897 | ||||||
70,972 | Samsung Electronics Co. Ltd. (Information Technology) | 3,912,094 | ||||||
2,336 | Samsung Engineering Co. Ltd. (Industrials)* | 43,155 | ||||||
458 | Samsung Fire & Marine Insurance Co. Ltd. (Financials)* | 102,496 | ||||||
9,712 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 57,618 | ||||||
1,165 | Samsung Life Insurance Co. Ltd. (Financials) | 84,777 | ||||||
761 | Samsung SDI Co. Ltd. (Information Technology) | 215,453 | ||||||
557 | Samsung SDS Co. Ltd. (Information Technology) | 66,927 | ||||||
919 | Samsung Securities Co. Ltd. (Financials) | 28,676 | ||||||
557 | SD Biosensor, Inc. (Health Care)* | 5,250 | ||||||
6,659 | Shinhan Financial Group Co. Ltd. (Financials) | 217,783 | ||||||
103 | Shinsegae, Inc. (Consumer Discretionary) | 13,521 | ||||||
410 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 29,836 |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
South Korea – (continued) |
| |||||||||||
356 | SK Bioscience Co. Ltd. (Health Care)* | $ | 16,415 | |||||||||
151 | SK Chemicals Co. Ltd. (Materials) | 7,700 | ||||||||||
7,854 | SK Hynix, Inc. (Information Technology) | 921,294 | ||||||||||
407 | SK IE Technology Co. Ltd. (Industrials)*(a) | 22,404 | ||||||||||
820 | SK Innovation Co. Ltd. (Energy)* | 72,110 | ||||||||||
1,481 | SK Networks Co. Ltd. (Industrials)* | 7,285 | ||||||||||
1,520 | SK Square Co. Ltd. (Industrials)* | 79,790 | ||||||||||
1,578 | SK Telecom Co. Ltd. (Communication Services) | 62,452 | ||||||||||
513 | SK, Inc. (Industrials) | 73,891 | ||||||||||
256 | SKC Co. Ltd. (Materials)* | 15,918 | ||||||||||
612 | S-Oil Corp. (Energy) | 35,113 | ||||||||||
55 | Soulbrain Co. Ltd. (Materials) | 11,235 | ||||||||||
1,317 | SSANGYONG C&E Co. Ltd. (Materials) | 6,903 | ||||||||||
198 | Studio Dragon Corp. (Communication Services)* | 6,721 | ||||||||||
257 | Wemade Co. Ltd. (Communication Services)* | 8,984 | ||||||||||
463 | WONIK IPS Co. Ltd. (Information Technology)* | 11,405 | ||||||||||
9,405 | Woori Financial Group, Inc. (Financials) | 105,238 | ||||||||||
849 | Yuhan Corp. (Health Care) | 42,973 | ||||||||||
|
| |||||||||||
13,054,853 | ||||||||||||
| ||||||||||||
Taiwan – 17.0% |
| |||||||||||
7,577 | Accton Technology Corp. (Information Technology) | 124,408 | ||||||||||
44,863 | Acer, Inc. (Information Technology) | 64,081 | ||||||||||
6,458 | Advantech Co. Ltd. (Information Technology) | 79,679 | ||||||||||
1,064 | Alchip Technologies Ltd. (Information Technology) | 139,356 | ||||||||||
54,372 | ASE Technology Holding Co. Ltd. (Information Technology) | 239,096 | ||||||||||
38,511 | Asia Cement Corp. (Materials) | 49,282 | ||||||||||
4,377 | Asia Vital Components Co. Ltd. (Information Technology) | 73,667 | ||||||||||
405 | ASMedia Technology, Inc. (Information Technology) | 30,174 | ||||||||||
456 | ASPEED Technology, Inc. (Information Technology) | 39,455 | ||||||||||
10,527 | Asustek Computer, Inc. (Information Technology) | 151,530 | ||||||||||
87,701 | AUO Corp. (Information Technology)* | 48,554 | ||||||||||
9,917 | Catcher Technology Co. Ltd. (Information Technology) | 61,806 | ||||||||||
163,504 | Cathay Financial Holding Co. Ltd. (Financials)* | 233,027 |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Taiwan – (continued) |
| |||||||||||
22,284 | Chailease Holding Co. Ltd. (Financials) | $ | 123,019 | |||||||||
88,202 | Chang Hwa Commercial Bank Ltd. (Financials) | 49,668 | ||||||||||
32,449 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 48,197 | ||||||||||
8,847 | Chicony Electronics Co. Ltd. (Information Technology) | 52,478 | ||||||||||
42,879 | China Airlines Ltd. (Industrials) | 27,130 | ||||||||||
241,418 | China Development Financial Holding Corp. (Financials)* | 95,851 | ||||||||||
179,570 | China Steel Corp. (Materials) | 139,750 | ||||||||||
6,107 | Chroma ATE, Inc. (Information Technology) | 45,016 | ||||||||||
56,059 | Chunghwa Telecom Co. Ltd. (Communication Services) | 213,705 | ||||||||||
59,725 | Compal Electronics, Inc. (Information Technology) | 68,965 | ||||||||||
268,180 | CTBC Financial Holding Co. Ltd. (Financials) | 249,434 | ||||||||||
28,335 | Delta Electronics, Inc. (Information Technology) | 263,992 | ||||||||||
13,526 | E Ink Holdings, Inc. (Information Technology) | 105,266 | ||||||||||
221,784 | E.Sun Financial Holding Co. Ltd. (Financials) | 177,163 | ||||||||||
3,363 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 57,452 | ||||||||||
4,321 | Elite Material Co. Ltd. (Information Technology) | 67,666 | ||||||||||
913 | eMemory Technology, Inc. (Information Technology) | 78,275 | ||||||||||
39,885 | Eva Airways Corp. (Industrials) | 39,684 | ||||||||||
14,847 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 77,735 | ||||||||||
44,105 | Far Eastern New Century Corp. (Industrials) | 45,487 | ||||||||||
24,013 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 59,787 | ||||||||||
9,408 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 49,258 | ||||||||||
159,630 | First Financial Holding Co. Ltd. (Financials) | 136,857 | ||||||||||
65,421 | Formosa Chemicals & Fibre Corp. (Materials) | 118,385 | ||||||||||
20,801 | Formosa Petrochemical Corp. (Energy) | 48,894 | ||||||||||
79,867 | Formosa Plastics Corp. (Materials) | 181,163 | ||||||||||
1,475 | Formosa Sumco Technology Corp. (Information Technology) | 7,303 | ||||||||||
14,188 | Foxconn Technology Co. Ltd. (Information Technology) | 22,308 | ||||||||||
124,221 | Fubon Financial Holding Co. Ltd. (Financials) | 267,231 |
48 | 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) |
| |||||||||||
4,827 | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | $ | 31,152 | |||||||||
7,939 | Gigabyte Technology Co. Ltd. (Information Technology) | 86,650 | ||||||||||
1,323 | Global Unichip Corp. (Information Technology) | 66,549 | ||||||||||
3,102 | Globalwafers Co. Ltd. (Information Technology) | 54,759 | ||||||||||
4,777 | Gold Circuit Electronics Ltd. (Information Technology) | 38,839 | ||||||||||
26,451 | Highwealth Construction Corp. (Real Estate) | 33,221 | ||||||||||
4,176 | Hiwin Technologies Corp. (Industrials) | 31,707 | ||||||||||
174,281 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 567,897 | ||||||||||
4,785 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 101,575 | ||||||||||
148,796 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 103,561 | ||||||||||
129,306 | Innolux Corp. (Information Technology)* | 61,975 | ||||||||||
47,047 | Inventec Corp. (Information Technology) | 81,861 | ||||||||||
1,425 | Largan Precision Co. Ltd. (Information Technology) | 116,761 | ||||||||||
32,812 | Lite-On Technology Corp. (Information Technology) | 113,666 | ||||||||||
1,322 | Lotes Co. Ltd. (Information Technology) | 42,868 | ||||||||||
27,265 | Macronix International Co. Ltd. (Information Technology) | 24,540 | ||||||||||
21,960 | MediaTek, Inc. (Information Technology) | 791,990 | ||||||||||
159,021 | Mega Financial Holding Co. Ltd. (Financials) | 194,692 | ||||||||||
3,308 | Merida Industry Co. Ltd. (Consumer Discretionary) | 21,820 | ||||||||||
10,789 | Micro-Star International Co. Ltd. (Information Technology) | 65,192 | ||||||||||
1,165 | momo.com, Inc. (Consumer Discretionary) | 16,382 | ||||||||||
82,708 | Nan Ya Plastics Corp. (Materials) | 156,208 | ||||||||||
3,203 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 21,431 | ||||||||||
17,446 | Nanya Technology Corp. (Information Technology) | 37,144 | ||||||||||
2,843 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 33,233 | ||||||||||
8,493 | Novatek Microelectronics Corp. (Information Technology) | 161,480 | ||||||||||
4,683 | Oneness Biotech Co. Ltd. (Health Care) | 26,149 | ||||||||||
29,046 | Pegatron Corp. (Information Technology) | 78,566 | ||||||||||
3,764 | PharmaEssentia Corp. (Health Care)* | 39,117 |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Taiwan – (continued) |
| |||||||||||
2,487 | Phison Electronics Corp. (Information Technology) | $ | 49,410 | |||||||||
3,971 | Polaris Group (Health Care)* | 8,869 | ||||||||||
35,206 | Pou Chen Corp. (Consumer Discretionary) | 33,970 | ||||||||||
44,363 | Powerchip Semiconductor Manufacturing Corp. (Information Technology) | 38,736 | ||||||||||
9,973 | Powertech Technology, Inc. (Information Technology) | 49,219 | ||||||||||
8,343 | President Chain Store Corp. (Consumer Staples) | 71,132 | ||||||||||
34,844 | Quanta Computer, Inc. (Information Technology) | 255,740 | ||||||||||
6,710 | Realtek Semiconductor Corp. (Information Technology) | 120,786 | ||||||||||
24,925 | Ruentex Development Co. Ltd. (Real Estate)* | 28,663 | ||||||||||
10,227 | Ruentex Industries Ltd. (Consumer Discretionary)* | 19,154 | ||||||||||
68,120 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 96,977 | ||||||||||
200,786 | Shin Kong Financial Holding Co. Ltd. (Financials)* | 52,659 | ||||||||||
7,885 | Sino-American Silicon Products, Inc. (Information Technology) | 46,273 | ||||||||||
159,008 | SinoPac Financial Holdings Co. Ltd. (Financials) | 101,111 | ||||||||||
18,927 | Synnex Technology International Corp. (Information Technology) | 46,585 | ||||||||||
27,926 | TA Chen Stainless Pipe (Materials) | 31,716 | ||||||||||
192,080 | Taishin Financial Holding Co. Ltd. (Financials) | 105,734 | ||||||||||
92,575 | Taiwan Business Bank (Financials) | 41,002 | ||||||||||
104,764 | Taiwan Cement Corp. (Materials) | 106,390 | ||||||||||
156,881 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 128,792 | ||||||||||
9,915 | Taiwan Fertilizer Co. Ltd. (Materials) | 20,890 | ||||||||||
31,586 | Taiwan High Speed Rail Corp. (Industrials) | 30,178 | ||||||||||
25,846 | Taiwan Mobile Co. Ltd. (Communication Services) | 80,949 | ||||||||||
349,479 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 7,628,735 | ||||||||||
30,933 | Tatung Co. Ltd. (Industrials)* | 50,789 | ||||||||||
26,093 | Teco Electric and Machinery Co. Ltd. (Industrials) | 40,614 | ||||||||||
7,122 | Tripod Technology Corp. (Information Technology) | 46,865 |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Taiwan – (continued) |
| |||||||||||
19,538 | Unimicron Technology Corp. (Information Technology) | $ | 110,950 | |||||||||
69,798 | Uni-President Enterprises Corp. (Consumer Staples) | 169,364 | ||||||||||
170,207 | United Microelectronics Corp. (Information Technology) | 263,041 | ||||||||||
13,983 | Vanguard International Semiconductor Corp. (Information Technology) | 31,939 | ||||||||||
1,473 | VisEra Technologies Co. Ltd. (Information Technology) | 14,306 | ||||||||||
1,066 | Voltronic Power Technology Corp. (Industrials) | 54,127 | ||||||||||
41,249 | Walsin Lihwa Corp. (Industrials) | 48,283 | ||||||||||
5,742 | Walsin Technology Corp. (Information Technology) | 20,345 | ||||||||||
21,016 | Wan Hai Lines Ltd. (Industrials) | 33,509 | ||||||||||
5,241 | Win Semiconductors Corp. (Information Technology) | 25,202 | ||||||||||
42,532 | Winbond Electronics Corp. (Information Technology) | 37,608 | ||||||||||
39,778 | Wistron Corp. (Information Technology) | 145,347 | ||||||||||
1,380 | Wiwynn Corp. (Information Technology) | 101,723 | ||||||||||
23,343 | WPG Holdings Ltd. (Information Technology) | 68,531 | ||||||||||
7,319 | WT Microelectronics Co. Ltd. (Information Technology) | 39,710 | ||||||||||
5,844 | Yageo Corp. (Information Technology) | 103,164 | ||||||||||
26,967 | Yang Ming Marine Transport Corp. (Industrials) | 42,528 | ||||||||||
163,037 | Yuanta Financial Holding Co. Ltd. (Financials) | 141,583 | ||||||||||
5,344 | Yulon Finance Corp. (Financials) | 27,980 | ||||||||||
8,596 | Yulon Motor Co. Ltd. (Consumer Discretionary) | 19,226 | ||||||||||
9,559 | Zhen Ding Technology Holding Ltd. (Information Technology) | 30,392 | ||||||||||
|
| |||||||||||
18,313,015 | ||||||||||||
| ||||||||||||
Thailand – 1.7% |
| |||||||||||
15,488 | Advanced Info Service PCL, NVDR (Communication Services) | 86,800 | ||||||||||
62,593 | Airports of Thailand PCL, NVDR (Industrials) | 110,823 | ||||||||||
126,837 | Asset World Corp. PCL, NVDR (Consumer Discretionary) | 13,651 | ||||||||||
15,278 | B Grimm Power PCL, NVDR (Utilities) | 10,969 | ||||||||||
15,283 | Bangkok Bank PCL, NVDR (Financials) | 60,936 | ||||||||||
101,564 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) | 80,707 |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Thailand – (continued) |
| |||||||||||
116,460 | Bangkok Expressway & Metro PCL, NVDR (Industrials) | $ | 26,140 | |||||||||
4,803 | Bangkok Life Assurance PCL, NVDR (Financials) | 2,397 | ||||||||||
61,540 | Banpu PCL, NVDR (Energy) | 9,609 | ||||||||||
15,269 | Berli Jucker PCL, NVDR (Consumer Staples) | 10,303 | ||||||||||
121,815 | BTS Group Holdings PCL, NVDR (Industrials) | 17,492 | ||||||||||
7,300 | Bumrungrad Hospital PCL, NVDR (Health Care) | 45,593 | ||||||||||
5,216 | Carabao Group PCL, NVDR (Consumer Staples) | 10,108 | ||||||||||
25,211 | Central Pattana PCL, NVDR (Real Estate) | 45,515 | ||||||||||
9,885 | Central Plaza Hotel PCL, NVDR (Consumer Discretionary)* | 11,852 | ||||||||||
45,860 | Central Retail Corp. PCL, NVDR (Consumer Discretionary) | 44,434 | ||||||||||
56,577 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) | 29,815 | ||||||||||
10,851 | Com7 PCL, NVDR (Consumer Discretionary) | 6,263 | ||||||||||
81,017 | CP ALL PCL, NVDR (Consumer Staples) | 129,889 | ||||||||||
20,631 | CP Axtra PCL, NVDR (Consumer Staples) | 19,127 | ||||||||||
5,285 | Delta Electronics Thailand PCL, NVDR (Information Technology)* | 10,499 | ||||||||||
4,652 | Electricity Generating PCL, NVDR (Utilities) | 15,241 | ||||||||||
25,018 | Energy Absolute PCL, NVDR (Utilities) | 24,589 | ||||||||||
10,151 | Global Power Synergy PCL, NVDR (Utilities) | 14,435 | ||||||||||
71,225 | Gulf Energy Development PCL, NVDR (Utilities) | 85,395 | ||||||||||
71,150 | Home Product Center PCL, NVDR (Consumer Discretionary) | 22,219 | ||||||||||
25,563 | Indorama Ventures PCL, NVDR (Materials) | 16,607 | ||||||||||
14,853 | Intouch Holdings PCL, NVDR (Communication Services) | 28,058 | ||||||||||
159,475 | IRPC PCL, NVDR (Energy) | 8,671 | ||||||||||
10,050 | JMT Network Services PCL, NVDR (Financials) | 6,277 | ||||||||||
20,794 | Kasikornbank PCL, NVDR (Financials) | 71,314 | ||||||||||
10,122 | KCE Electronics PCL, NVDR (Information Technology) | 10,654 | ||||||||||
70,775 | Krung Thai Bank PCL, NVDR (Financials) | 31,771 | ||||||||||
14,918 | Krungthai Card PCL, NVDR (Financials) | 17,782 |
50 | 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) |
| |||||||||||
76,905 | Land & Houses PCL, NVDR (Real Estate) | $ | 16,297 | |||||||||
46,303 | Minor International PCL, NVDR (Consumer Discretionary) | 40,990 | ||||||||||
10,320 | Muangthai Capital PCL, NVDR (Financials) | 13,164 | ||||||||||
20,218 | Ngern Tid Lor PCL, NVDR (Financials) | 12,684 | ||||||||||
25,317 | Osotspa PCL, NVDR (Consumer Staples) | 14,330 | ||||||||||
20,427 | PTT Exploration & Production PCL, NVDR (Energy) | 86,002 | ||||||||||
30,286 | PTT Global Chemical PCL, NVDR (Materials) | 32,089 | ||||||||||
41,319 | PTT Oil & Retail Business PCL, NVDR (Consumer Discretionary) | 20,852 | ||||||||||
142,762 | PTT PCL, NVDR (Energy) | 136,333 | ||||||||||
10,370 | Ratch Group PCL, NVDR (Utilities) | 8,385 | ||||||||||
15,481 | SCB X PCL, NVDR (Financials) | 48,560 | ||||||||||
15,842 | SCG Packaging PCL, NVDR (Materials) | 12,368 | ||||||||||
5,312 | Siam Cement PCL (The), NVDR (Materials) | 39,842 | ||||||||||
26,328 | Siam Global House PCL, NVDR (Consumer Discretionary) | 12,479 | ||||||||||
10,805 | Srisawad Corp. PCL, NVDR (Financials) | 11,448 | ||||||||||
127,622 | Thai Beverage PCL (Consumer Staples) | 47,932 | ||||||||||
36,056 | Thai Life Insurance PCL, NVDR (Financials) | 9,048 | ||||||||||
15,677 | Thai Oil PCL, NVDR (Energy) | 24,478 | ||||||||||
40,671 | Thai Union Group PCL, NVDR (Consumer Staples) | 16,330 | ||||||||||
5,689 | Tisco Financial Group PCL, NVDR (Financials) | 15,942 | ||||||||||
600,350 | TMBThanachart Bank PCL, NVDR (Financials) | 30,800 | ||||||||||
9,801 | TOA Paint Thailand PCL, NVDR (Materials) | 5,465 | ||||||||||
152,263 | True Corp. PCL, NVDR (Communication Services)* | 29,930 | ||||||||||
121,679 | WHA Corp. PCL, NVDR (Real Estate) | 15,606 | ||||||||||
|
| |||||||||||
1,837,289 | ||||||||||||
| ||||||||||||
Turkey – 1.1% |
| |||||||||||
1,329 | AG Anadolu Grubu Holding AS (Industrials) | 10,876 | ||||||||||
9,872 | Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)* | 4,237 | ||||||||||
40,132 | Akbank TAS (Financials) | 53,450 |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Turkey – (continued) |
| |||||||||||
565 | Akcansa Cimento AS (Materials) | $ | 2,841 | |||||||||
4,583 | Akfen Yenilenebilir Enerji AS (Utilities)* | 4,005 | ||||||||||
1,983 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 6,758 | ||||||||||
2,954 | Aksa Enerji Uretim AS (Utilities) | 3,563 | ||||||||||
2,035 | Alarko Holding AS (Industrials) | 8,643 | ||||||||||
1,067 | Alfa Solar Enerji Sanayi VE Ticaret AS (Information Technology) | 3,619 | ||||||||||
2,547 | Anadolu Anonim Turk Sigorta Sirketi (Financials)* | 5,588 | ||||||||||
3,051 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 15,216 | ||||||||||
144 | Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials) | 336 | ||||||||||
1,470 | Arcelik AS (Consumer Discretionary) | 7,957 | ||||||||||
18,370 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 35,305 | ||||||||||
3,201 | Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS (Industrials) | 12,437 | ||||||||||
2,187 | Aydem Yenilenebilir Enerji AS (Utilities)* | 2,032 | ||||||||||
1,121 | Aygaz AS (Utilities) | 5,512 | ||||||||||
1,221 | Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities) | 879 | ||||||||||
6,353 | Bera Holding AS (Industrials) | 4,115 | ||||||||||
6,059 | BIM Birlesik Magazalar AS (Consumer Staples) | 75,350 | ||||||||||
406 | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (Materials)* | 9,272 | ||||||||||
53 | Borusan Yatirim ve Pazarlama AS (Financials) | 7,338 | ||||||||||
758 | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary) | 3,108 | ||||||||||
3,108 | Can2 Termik AS (Utilities)* | 1,799 | ||||||||||
48 | Celebi Hava Servisi AS (Industrials) | 2,094 | ||||||||||
5,802 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 6,505 | ||||||||||
1,072 | Coca-Cola Icecek AS (Consumer Staples) | 22,216 | ||||||||||
452 | CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)* | 4,477 | ||||||||||
607 | Deva Holding AS (Health Care) | 1,512 | ||||||||||
14,652 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | 6,359 | ||||||||||
707 | Dogu Aras Enerji Yatirimlari AS (Utilities) | 1,534 |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Turkey – (continued) |
| |||||||||||
1,119 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | $ | 9,579 | |||||||||
261 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 2,234 | ||||||||||
4 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 2,225 | ||||||||||
2,286 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 3,932 | ||||||||||
30,065 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 10,689 | ||||||||||
3,669 | Enerjisa Enerji AS (Utilities)(a) | 7,333 | ||||||||||
563 | Enerya Enerji AS (Utilities)* | 2,669 | ||||||||||
7,880 | Enka Insaat ve Sanayi AS (Industrials) | 9,541 | ||||||||||
24,568 | Eregli Demir ve Celik Fabrikalari TAS (Materials)* | 35,821 | ||||||||||
914 | Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (Industrials)* | 5,097 | ||||||||||
916 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 29,839 | ||||||||||
1,368 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 3,151 | ||||||||||
1,978 | Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)* | 4,910 | ||||||||||
1,166 | Gubre Fabrikalari TAS (Materials)* | 7,492 | ||||||||||
15,204 | Haci Omer Sabanci Holding AS (Financials) | 38,716 | ||||||||||
14,951 | Hektas Ticaret TAS (Materials)* | 9,147 | ||||||||||
558 | Investco Holding AS (Financials)* | 6,756 | ||||||||||
7,224 | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 4,005 | ||||||||||
8,645 | Is Yatirim Menkul Degerler AS (Financials) | 10,295 | ||||||||||
2,035 | Izdemir Enerji Elektrik Uretim AS (Utilities)* | 2,073 | ||||||||||
8,648 | Izmir Demir Celik Sanayi AS (Materials)* | 1,848 | ||||||||||
351 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 2,164 | ||||||||||
1,624 | Kaleseramik Canakkale Kalebodur Seramik Sanayi AS (Industrials)* | 4,109 | ||||||||||
3,465 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials) | 2,497 | ||||||||||
615 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials) | 417 |
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Turkey – (continued) |
| |||||||||||
11,647 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials) | $ | 10,021 | |||||||||
1,573 | Kayseri Seker Fabrikasi AS (Consumer Staples) | 1,799 | ||||||||||
3,504 | Kiler Holding AS (Industrials)* | 6,959 | ||||||||||
968 | Kimteks Poliuretan Sanayi VE Ticaret AS (Materials) | 2,077 | ||||||||||
9,871 | KOC Holding AS (Industrials) | 53,181 | ||||||||||
2,334 | Kocaer Celik Sanayi Ve Ticaret AS (Materials) | 4,407 | ||||||||||
1,065 | Kontrolmatik Enerji Ve Muhendislik AS (Industrials) | 9,790 | ||||||||||
3 | Konya Cimento Sanayii AS (Materials)* | 952 | ||||||||||
1,012 | Kordsa Teknik Tekstil AS (Consumer Discretionary) | 3,114 | ||||||||||
15,007 | Koza Altin Isletmeleri AS (Materials) | 11,008 | ||||||||||
2,898 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)* | 4,739 | ||||||||||
1,170 | Logo Yazilim Sanayi Ve Ticaret AS (Information Technology) | 4,025 | ||||||||||
4,015 | Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities) | 2,019 | ||||||||||
2,134 | Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Discretionary)(a) | 9,700 | ||||||||||
3,557 | MIA Teknoloji AS (Information Technology)* | 8,921 | ||||||||||
1,374 | Migros Ticaret AS (Consumer Staples) | 21,708 | ||||||||||
1,173 | MLP Saglik Hizmetleri AS (Health Care)*(a) | 6,425 | ||||||||||
401 | Nuh Cimento Sanayi AS (Materials) | 4,226 | ||||||||||
17,345 | ODAS Elektrik Uretim ve Sanayi Ticaret AS (Utilities)* | 5,606 | ||||||||||
503 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)* | 8,153 | ||||||||||
3,872 | Oyak Cimento Fabrikalari AS (Materials)* | 8,800 | ||||||||||
659 | Pegasus Hava Tasimaciligi AS (Industrials)* | 18,101 | ||||||||||
2,392 | Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)* | 1,589 | ||||||||||
15,927 | Petkim Petrokimya Holding AS (Materials)* | 12,346 | ||||||||||
1 | Politeknik Metal Sanayi ve Ticaret AS (Materials) | 784 | ||||||||||
9,773 | Qua Granite Hayal (Industrials)* | 1,352 | ||||||||||
6,201 | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials) | 6,745 | ||||||||||
19,796 | Sasa Polyester Sanayi AS (Materials)* | 25,084 |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
Turkey – (continued) |
| |||||||||||
198 | SDT Uzay VE Savunma Teknolojileri AS (Industrials) | $ | 2,448 | |||||||||
1,833 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 3,532 | ||||||||||
2,346 | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)* | 4,888 | ||||||||||
4,066 | Sok Marketler Ticaret AS (Consumer Staples) | 8,726 | ||||||||||
2,702 | TAV Havalimanlari Holding AS (Industrials)* | 15,103 | ||||||||||
2,851 | Tekfen Holding AS (Industrials) | 4,290 | ||||||||||
1,928 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 16,520 | ||||||||||
2,803 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 3,360 | ||||||||||
10,271 | Turk Hava Yollari AO (Industrials)* | 92,693 | ||||||||||
7,835 | Turk Telekomunikasyon AS (Communication Services)* | 8,056 | ||||||||||
403 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 11,230 | ||||||||||
18,563 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 39,808 | ||||||||||
9,667 | Turkiye Halk Bankasi AS (Financials)* | 4,484 | ||||||||||
120,307 | Turkiye Is Bankasi AS, Class C (Financials) | 42,774 | ||||||||||
13,220 | Turkiye Petrol Rafinerileri AS (Energy) | 68,514 | ||||||||||
3,208 | Turkiye Sigorta AS (Financials) | 5,158 | ||||||||||
15,977 | Turkiye Sinai Kalkinma Bankasi AS (Financials)* | 4,237 | ||||||||||
22,084 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 36,182 | ||||||||||
2,189 | Ulker Biskuvi Sanayi AS (Consumer Staples)* | 7,446 | ||||||||||
412 | Verusa Holding AS (Financials) | 3,524 | ||||||||||
3,973 | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) | 2,779 | ||||||||||
1,420 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)* | 3,777 | ||||||||||
48,326 | Yapi ve Kredi Bankasi AS (Financials) | 35,757 | ||||||||||
2,546 | Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples) | 1,243 | ||||||||||
503 | YEO Teknoloji Enerji VE Endustri AS (Industrials)* | 3,912 | ||||||||||
13,119 | Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate) | 2,921 | ||||||||||
21,414 | Zorlu Enerji Elektrik Uretim AS (Utilities)* | 3,869 | ||||||||||
|
| |||||||||||
1,236,334 | ||||||||||||
|
Shares | Description | Value | ||||||||||
Common Stocks – (continued) |
| |||||||||||
United Arab Emirates – 2.1% |
| |||||||||||
43,843 | Abu Dhabi Commercial Bank PJSC (Financials) |
| $ | 102,299 | ||||||||
21,776 | Abu Dhabi Islamic Bank PJSC (Financials) |
| 66,640 | |||||||||
45,118 | Abu Dhabi National Energy Co. PJSC (Utilities) |
| 37,466 | |||||||||
43,242 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) |
| 41,206 | |||||||||
27,673 | ADNOC Drilling Co. PJSC (Energy) |
| 27,727 | |||||||||
113,226 | Adnoc Gas PLC (Energy) |
| 97,106 | |||||||||
53,872 | Aldar Properties PJSC (Real Estate) |
| 81,111 | |||||||||
20,799 | Alpha Dhabi Holding PJSC (Industrials)* |
| 91,285 | |||||||||
44,352 | Borouge PLC (Materials) |
| 28,740 | |||||||||
134,953 | Dubai Electricity & Water Authority PJSC (Utilities) |
| 88,550 | |||||||||
42,728 | Dubai Islamic Bank PJSC (Financials) |
| 74,919 | |||||||||
91,614 | Emaar Properties PJSC (Real Estate) |
| 202,539 | |||||||||
36,265 | Emirates NBD Bank PJSC (Financials) |
| 180,688 | |||||||||
51,322 | Emirates Telecommunications Group Co. PJSC (Communication Services) |
| 252,914 | |||||||||
65,166 | First Abu Dhabi Bank PJSC (Financials) |
| 242,006 | |||||||||
5,228 | International Holding Co. PJSC (Industrials)* |
| 569,359 | |||||||||
55,138 | Multiply Group PJSC (Industrials)* |
| 34,078 | |||||||||
|
| |||||||||||
2,218,633 | ||||||||||||
| ||||||||||||
United States – 0.1% |
| |||||||||||
10,224 | JBS SA (Consumer Staples) |
| 47,450 | |||||||||
1,120 | Parade Technologies Ltd. (Information Technology) |
| 35,964 | |||||||||
|
| |||||||||||
83,414 | ||||||||||||
| ||||||||||||
TOTAL COMMON STOCKS (Cost $97,446,467) | 104,892,011 | |||||||||||
| ||||||||||||
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 2.3% |
| |||||||||||
Brazil – 1.5% |
| |||||||||||
76,601 | Banco Bradesco SA (Financials) | 8.10 | % | 211,982 | ||||||||
3,007 | Braskem SA (Materials)* | 0.00 | 12,733 | |||||||||
3,809 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 3.12 | 36,728 | |||||||||
21,625 | Cia Energetica de Minas Gerais (Utilities) | 10.78 | 52,097 |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – (continued) |
| |||||||||||
Brazil – (continued) |
| |||||||||||
15,256 | Companhia Paranaense de Energia (Utilities) | 3.27 | % | $ | 31,380 | |||||||
17,198 | Gerdau SA (Materials) | 7.44 | 74,418 | |||||||||
71,422 | Itau Unibanco Holding SA (Financials) | 7.02 | 487,871 | |||||||||
79,757 | Itausa SA (Financials) | 8.36 | 165,335 | |||||||||
66,698 | Petroleo Brasileiro SA (Energy) | 7.91 | 538,830 | |||||||||
18,264 | Raizen SA (Energy) | 7.53 | 13,013 | |||||||||
|
| |||||||||||
1,624,387 | ||||||||||||
| ||||||||||||
Chile – 0.1% |
| |||||||||||
2,080 | Sociedad Quimica y Minera de Chile SA, Class B (Industrials) | 8.66 | 103,246 | |||||||||
| ||||||||||||
Colombia – 0.0% |
| |||||||||||
6,812 | Bancolombia SA (Financials) | 11.02 | 55,654 | |||||||||
| ||||||||||||
Russia – 0.0% |
| |||||||||||
4,252 | Sberbank of Russia PJSC (Financials)(c) | 8.53 | — | |||||||||
31,665 | Surgutneftegas PJSC (Energy)(c) | 1.29 | — | |||||||||
640 | Tatneft PJSC (Energy)(c) | 12.72 | — | |||||||||
|
| |||||||||||
— | ||||||||||||
| ||||||||||||
South Korea – 0.7% |
| |||||||||||
512 | Hyundai Motor Co. (Consumer Discretionary) | 21.25 | 61,789 | |||||||||
309 | Hyundai Motor Co. (Consumer Discretionary) | 21.27 | 37,012 | |||||||||
107 | LG Chem Ltd. (Materials) | 1.18 | 24,106 | |||||||||
301 | LG Electronics, Inc. (Consumer Discretionary) | 1.94 | 9,923 | |||||||||
12,110 | Samsung Electronics Co. Ltd. (Information Technology) | 2.30 | 578,399 | |||||||||
50 | Samsung Fire & Marine Insurance Co. Ltd. (Financials)* | 0.00 | 8,543 |
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – (continued) |
| |||||||||||
South Korea – (continued) |
| |||||||||||
5 | Samsung SDI Co. Ltd. (Information Technology) | 0.46 | % | $ | 862 | |||||||
|
| |||||||||||
720,634 | ||||||||||||
| ||||||||||||
TOTAL PREFERRED STOCKS (Cost $2,260,248) | 2,503,921 | |||||||||||
| ||||||||||||
Shares | Description | Value | ||||||||||
Exchange-Traded Fund – 0.3% |
| |||||||||||
United States – 0.3% |
| |||||||||||
12,873 | iShares MSCI Malaysia ETF | |||||||||||
(Cost $302,162) | 279,730 | |||||||||||
| ||||||||||||
Shares | Dividend Rate | Value | ||||||||||
Investment Company – 0.4%(d) |
| |||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||
472,468 | 5.195% |
| 472,468 | |||||||||
(Cost $472,468) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $100,481,345) |
| 108,148,130 | ||||||||||
| ||||||||||||
Securities Lending Reinvestment Vehicle – 0.4%(d) |
| |||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||
444,040 | 5.219% |
| 444,040 | |||||||||
(Cost $444,040) | ||||||||||||
| ||||||||||||
TOTAL INVESTMENTS – 100.7% (Cost $100,925,385) |
| $ | 108,592,170 | |||||||||
| ||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)% |
| (800,719) | ||||||||||
| ||||||||||||
NET ASSETS – 100.0% | $ | 107,791,451 | ||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) | All or a portion of security is on loan. | |
(c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
NVDR | —Non-Voting Depository Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Sector Name | % of Market Value | |||
| ||||
Financials | 22.3% | |||
Information Technology | 22.0 | |||
Consumer Discretionary | 11.8 | |||
Industrials | 8.3 | |||
Communication Services | 7.9 | |||
Materials | 7.3 | |||
Energy | 5.8 | |||
Consumer Staples | 5.5 | |||
Health Care | 3.4 | |||
Utilities | 3.1 | |||
Real Estate | 1.5 | |||
Investment Company | 0.4 | |||
Exchange-Traded Fund | 0.3 | |||
Securities Lending Reinvestment Vehicle | 0.4 | |||
| ||||
TOTAL INVESTMENTS | 100.0% | |||
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.0% |
| |||||||
Australia – 7.5% |
| |||||||
25,832 | AGL Energy Ltd. (Utilities) | $ | 142,974 | |||||
10,258 | Ampol Ltd. (Energy) | 263,172 | ||||||
129,216 | ANZ Group Holdings Ltd. (Financials) | 2,393,755 | ||||||
55,219 | APA Group (Utilities) | 282,254 | ||||||
25,449 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 772,711 | ||||||
8,254 | ASX Ltd. (Financials) | 353,487 | ||||||
50,969 | Atlas Arteria Ltd. (Industrials) | 179,218 | ||||||
79,049 | Aurizon Holdings Ltd. (Industrials) | 196,111 | ||||||
219,729 | BHP Group Ltd. (Materials) | 6,285,354 | ||||||
19,551 | BlueScope Steel Ltd. (Materials) | 290,768 | ||||||
59,749 | Brambles Ltd. (Industrials) | 586,307 | ||||||
14,505 | CAR Group Ltd. (Communication Services) | 347,196 | ||||||
20,015 | Charter Hall Group REIT (Real Estate) | 163,170 | ||||||
2,819 | Cochlear Ltd. (Health Care) | 642,769 | ||||||
55,769 | Coles Group Ltd. (Consumer Staples) | 613,707 | ||||||
72,460 | Commonwealth Bank of Australia (Financials) | 5,492,497 | ||||||
22,658 | Computershare Ltd. (Industrials) | 382,417 | ||||||
45,679 | Dexus REIT (Real Estate) | 218,915 | ||||||
2,522 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 73,981 | ||||||
6,542 | EBOS Group Ltd. (Health Care) | 147,272 | ||||||
58,090 | Endeavour Group Ltd. (Consumer Staples) | 208,039 | ||||||
76,821 | Evolution Mining Ltd. (Materials) | 147,565 | ||||||
67,899 | Fortescue Ltd. (Materials) | 1,146,429 | ||||||
400,432 | Glencore PLC (Materials) | 1,900,235 | ||||||
79,099 | Goodman Group REIT (Real Estate) | 1,540,009 | ||||||
82,380 | GPT Group (The) REIT (Real Estate) | 233,342 | ||||||
11,979 | IDP Education Ltd. (Consumer Discretionary)(a) | 148,904 | ||||||
28,449 | IGO Ltd. (Materials) | 147,085 | ||||||
104,939 | Insurance Australia Group Ltd. (Financials) | 423,653 | ||||||
29,618 | Lendlease Corp. Ltd. (Real Estate) | 123,815 | ||||||
95,800 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 316,891 | ||||||
39,839 | Lynas Rare Earths Ltd. (Materials)* | 151,496 | ||||||
15,602 | Macquarie Group Ltd. (Financials) | 1,979,123 | ||||||
118,502 | Medibank Pvt Ltd. (Financials) | 277,014 | ||||||
7,224 | Mineral Resources Ltd. (Materials) | 313,704 | ||||||
169,365 | Mirvac Group REIT (Real Estate) | 240,415 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Australia – (continued) |
| |||||||
134,475 | National Australia Bank Ltd. (Financials) | $ | 2,963,146 | |||||
48,394 | Northern Star Resources Ltd. (Materials) | 406,502 | ||||||
19,531 | Orica Ltd. (Materials) | 217,598 | ||||||
73,543 | Origin Energy Ltd. (Utilities) | 430,509 | ||||||
118,122 | Pilbara Minerals Ltd. (Materials)(a) | 323,044 | ||||||
2,101 | Pro Medicus Ltd. (Health Care) | 142,033 | ||||||
73,884 | Qantas Airways Ltd. (Industrials)* | 246,802 | ||||||
64,162 | QBE Insurance Group Ltd. (Financials) | 722,361 | ||||||
7,799 | Ramsay Health Care Ltd. (Health Care) | 278,851 | ||||||
2,164 | REA Group Ltd. (Communication Services) | 273,518 | ||||||
12,684 | Reece Ltd. (Industrials) | 221,924 | ||||||
15,948 | Rio Tinto Ltd. (Materials) | 1,285,399 | ||||||
45,985 | Rio Tinto PLC (Materials) | 2,954,392 | ||||||
139,658 | Santos Ltd. (Energy) | 643,843 | ||||||
223,249 | Scentre Group REIT (Real Estate) | 452,096 | ||||||
14,742 | SEEK Ltd. (Communication Services) | 251,789 | ||||||
6,638 | Seven Group Holdings Ltd. (Industrials)(a) | 166,453 | ||||||
19,363 | Sonic Healthcare Ltd. (Health Care) | 376,355 | ||||||
194,549 | South32 Ltd. (Materials) | 373,708 | ||||||
102,689 | Stockland REIT (Real Estate) | 300,228 | ||||||
54,374 | Suncorp Group Ltd. (Financials) | 541,706 | ||||||
496,536 | Telstra Group Ltd. (Communication Services) | 1,235,081 | ||||||
16,857 | TPG Telecom Ltd. (Communication Services) | 51,480 | ||||||
132,440 | Transurban Group (Industrials) | 1,167,667 | ||||||
35,064 | Treasury Wine Estates Ltd. (Consumer Staples) | 281,974 | ||||||
165,243 | Vicinity Ltd. REIT (Real Estate) | 208,740 | ||||||
9,956 | Washington H Soul Pattinson & Co. Ltd. (Financials) | 223,918 | ||||||
48,396 | Wesfarmers Ltd. (Consumer Discretionary) | 2,100,031 | ||||||
150,311 | Westpac Banking Corp. (Financials) | 2,579,007 | ||||||
33,767 | Whitehaven Coal Ltd. (Energy) | 152,153 | ||||||
7,358 | WiseTech Global Ltd. (Information Technology) | 452,669 | ||||||
81,628 | Woodside Energy Group Ltd. (Energy) | 1,613,697 | ||||||
52,012 | Woolworths Group Ltd. (Consumer Staples) | 1,104,762 | ||||||
16,015 | Worley Ltd. (Industrials) | 174,463 | ||||||
|
| |||||||
54,043,653 | ||||||||
| ||||||||
Austria – 0.3% |
| |||||||
3,064 | ANDRITZ AG (Industrials) | 192,643 |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Austria – (continued) |
| |||||||
3,363 | BAWAG Group AG (Financials)*(b) | $ | 190,152 | |||||
1,465 | CA Immobilien Anlagen AG (Real Estate) | 47,085 | ||||||
14,079 | Erste Group Bank AG (Financials) | 562,193 | ||||||
1,530 | EVN AG (Utilities) | 39,736 | ||||||
18,998 | Mondi PLC (Materials) | 338,484 | ||||||
6,091 | OMV AG (Energy) | 268,533 | ||||||
6,407 | Raiffeisen Bank International AG (Financials) | 133,397 | ||||||
5,876 | Telekom Austria AG (Communication Services)* | 46,673 | ||||||
1,396 | Verbund AG (Utilities) | 101,216 | ||||||
1,521 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 44,194 | ||||||
4,814 | voestalpine AG (Materials) | 131,487 | ||||||
4,600 | Wienerberger AG (Materials) | 160,786 | ||||||
|
| |||||||
2,256,579 | ||||||||
| ||||||||
Belgium – 0.9% |
| |||||||
949 | Ackermans & van Haaren NV (Industrials) | 159,487 | ||||||
6,527 | Ageas SA/NV (Financials) | 276,877 | ||||||
36,759 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 2,216,473 | ||||||
4,921 | Azelis Group NV (Industrials) | 100,860 | ||||||
2,175 | Colruyt Group NV (Consumer Staples) | 104,456 | ||||||
899 | D’ieteren Group (Consumer Discretionary) | 173,168 | ||||||
1,203 | Elia Group SA/NV (Utilities) | 133,698 | ||||||
3,927 | Groupe Bruxelles Lambert NV (Financials) | 294,668 | ||||||
10,746 | KBC Group NV (Financials) | 754,708 | ||||||
7,122 | Liberty Global Ltd., Class A (Communication Services)* | 124,635 | ||||||
9,477 | Liberty Global Ltd., Class C (Communication Services)* | 175,799 | ||||||
6,095 | Proximus SADP (Communication Services) | 50,998 | ||||||
644 | Sofina SA (Financials) | 146,768 | ||||||
3,007 | Solvay SA (Materials) | 76,470 | ||||||
3,007 | Syensqo SA (Materials)* | 268,815 | ||||||
5,176 | UCB SA (Health Care) | 596,529 | ||||||
8,694 | Umicore SA (Materials) | 181,485 | ||||||
7,003 | Warehouses De Pauw CVA REIT (Real Estate) | 187,032 | ||||||
|
| |||||||
6,022,926 | ||||||||
| ||||||||
Brazil – 0.0% |
| |||||||
6,619 | Yara International ASA (Materials) | 206,078 | ||||||
| ||||||||
Chile – 0.0% |
| |||||||
14,098 | Antofagasta PLC (Materials) | 324,120 | ||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
China – 1.0% |
| |||||||
216,735 | Alibaba Health Information Technology Ltd. (Consumer Staples)* | $ | 95,234 | |||||
72,856 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(b) | 118,002 | ||||||
32,355 | BYD Electronic International Co. Ltd. (Information Technology) | 122,332 | ||||||
116,079 | China Gas Holdings Ltd. (Utilities) | 106,311 | ||||||
128,001 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 321,768 | ||||||
75,173 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 112,537 | ||||||
359,268 | CSPC Pharmaceutical Group Ltd. (Health Care) | 280,850 | ||||||
119,135 | ESR Group Ltd. (Real Estate)(b) | 159,175 | ||||||
89,783 | Fosun International Ltd. (Industrials) | 51,837 | ||||||
247,823 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 270,969 | ||||||
11,173 | NXP Semiconductors NV (Information Technology) | 2,790,233 | ||||||
64,225 | Prosus NV (Consumer Discretionary)* | 1,875,835 | ||||||
41,154 | Wharf Holdings Ltd. (The) (Real Estate) | 152,183 | ||||||
89,809 | Wilmar International Ltd. (Consumer Staples) | 221,751 | ||||||
67,968 | Xinyi Glass Holdings Ltd. (Industrials) | 69,454 | ||||||
114,172 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 148,595 | ||||||
|
| |||||||
6,897,066 | ||||||||
| ||||||||
Denmark – 3.4% |
| |||||||
114 | AP Moller – Maersk A/S, Class A (Industrials) | 154,741 | ||||||
142 | AP Moller – Maersk A/S, Class B (Industrials) | 200,911 | ||||||
3,920 | Carlsberg AS, Class B (Consumer Staples) | 546,887 | ||||||
5,626 | Coloplast A/S, Class B (Health Care) | 747,814 | ||||||
28,836 | Danske Bank A/S (Financials) | 847,711 | ||||||
3,641 | Demant A/S (Health Care)* | 182,412 | ||||||
7,621 | DSV A/S (Industrials) | 1,223,644 | ||||||
2,786 | Genmab A/S (Health Care)* | 780,596 | ||||||
137,567 | Novo Nordisk A/S, Class B (Health Care) | 16,370,319 | ||||||
15,590 | Novozymes A/S, Class B (Materials) | 879,955 | ||||||
8,121 | Orsted AS (Utilities)(b) | 455,902 | ||||||
3,814 | Pandora A/S (Consumer Discretionary) | 616,260 | ||||||
13,721 | Tryg A/S (Financials) | 291,817 |
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Denmark – (continued) |
| |||||||
43,311 | Vestas Wind Systems A/S (Industrials)* | $ | 1,206,845 | |||||
|
| |||||||
24,505,814 | ||||||||
| ||||||||
Faroe Islands – 0.0% |
| |||||||
2,135 | Bakkafrost P/F (Consumer Staples) | 133,548 | ||||||
| ||||||||
Finland – 1.0% |
| |||||||
6,046 | Elisa OYJ (Communication Services) | 272,568 | ||||||
18,549 | Fortum OYJ (Utilities) | 231,841 | ||||||
4,489 | Huhtamaki OYJ (Materials) | 176,386 | ||||||
11,600 | Kesko OYJ, Class B (Consumer Staples) | 221,748 | ||||||
14,265 | Kone OYJ, Class B (Industrials) | 698,055 | ||||||
29,972 | Metso Corp. (Industrials) | 320,191 | ||||||
18,478 | Neste OYJ (Energy) | 507,298 | ||||||
227,373 | Nokia OYJ (Information Technology) | 802,006 | ||||||
137,120 | Nordea Bank Abp (Financials) | 1,667,841 | ||||||
4,575 | Orion OYJ, Class B (Health Care) | 180,210 | ||||||
19,027 | Sampo OYJ, Class A (Financials) | 851,811 | ||||||
24,543 | Stora Enso OYJ, Class R (Materials) | 310,212 | ||||||
22,716 | UPM-Kymmene OYJ (Materials) | 760,325 | ||||||
20,884 | Wartsila OYJ Abp (Industrials) | 323,062 | ||||||
|
| |||||||
7,323,554 | ||||||||
| ||||||||
France – 8.9% |
| |||||||
9,183 | Adevinta ASA (Communication Services)* | 98,248 | ||||||
1,178 | Aeroports de Paris SA (Industrials) | 160,239 | ||||||
21,934 | Air Liquide SA (Materials) | 4,459,973 | ||||||
25,197 | Airbus SE (Industrials) | 4,170,206 | ||||||
76,583 | AXA SA (Financials) | 2,724,908 | ||||||
1,809 | BioMerieux (Health Care) | 197,914 | ||||||
43,451 | BNP Paribas SA (Financials) | 2,603,996 | ||||||
34,197 | Bollore SE (Communication Services) | 234,620 | ||||||
8,372 | Bouygues SA (Industrials) | 331,315 | ||||||
6,809 | Capgemini SE (Information Technology) | 1,655,671 | ||||||
24,067 | Carrefour SA (Consumer Staples) | 404,465 | ||||||
20,018 | Cie de Saint-Gobain SA (Industrials) | 1,542,369 | ||||||
28,894 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 1,069,041 | ||||||
47,706 | Credit Agricole SA (Financials) | 646,346 | ||||||
27,140 | Danone SA (Consumer Staples) | 1,733,391 | ||||||
29,223 | Dassault Systemes (Information Technology) | 1,365,669 | ||||||
75,333 | Engie SA (Utilities) | 1,209,455 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
France – (continued) |
| |||||||
12,347 | EssilorLuxottica SA (Health Care) | $ | 2,620,955 | |||||
1,397 | Hermes International SCA (Consumer Discretionary) | 3,496,710 | ||||||
3,073 | Kering (Consumer Discretionary) | 1,413,482 | ||||||
11,033 | Legrand SA (Industrials) | 1,116,331 | ||||||
9,713 | L’Oreal SA (Consumer Staples) | 4,642,676 | ||||||
11,264 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 10,273,177 | ||||||
80,593 | Orange SA (Communication Services) | 924,989 | ||||||
8,350 | Pernod Ricard SA (Consumer Staples) | 1,396,507 | ||||||
15,257 | Safran SA (Industrials) | 3,198,058 | ||||||
1,048 | Sartorius Stedim Biotech (Health Care) | 288,400 | ||||||
32,156 | Societe Generale SA (Financials) | 780,511 | ||||||
3,494 | Sodexo SA (Consumer Discretionary) | 278,662 | ||||||
4,185 | Thales SA (Industrials) | 620,672 | ||||||
97,218 | TotalEnergies SE (Energy) | 6,206,013 | ||||||
20,875 | Vinci SA (Industrials) | 2,674,643 | ||||||
|
| |||||||
64,539,612 | ||||||||
| ||||||||
Germany – 7.3% |
| |||||||
7,138 | adidas AG (Consumer Discretionary) | 1,445,388 | ||||||
16,983 | Allianz SE (Financials) | 4,665,296 | ||||||
38,479 | BASF SE (Materials) | 1,960,206 | ||||||
42,288 | Bayer AG (Health Care) | 1,285,454 | ||||||
13,085 | Bayerische Motoren Werke AG (Consumer Discretionary) | 1,546,548 | ||||||
4,211 | Beiersdorf AG (Consumer Staples) | 604,022 | ||||||
4,008 | BioNTech SE ADR (Health Care)* | 361,727 | ||||||
1,573 | Carl Zeiss Meditec AG (Health Care) | 193,628 | ||||||
4,654 | Continental AG (Consumer Discretionary) | 373,091 | ||||||
23,191 | Daimler Truck Holding AG (Industrials) | 948,132 | ||||||
83,876 | Deutsche Bank AG (Financials) | 1,122,055 | ||||||
7,910 | Deutsche Boerse AG (Financials) | 1,657,179 | ||||||
40,688 | Deutsche Post AG (Industrials) | 1,889,350 | ||||||
138,973 | Deutsche Telekom AG (Communication Services) | 3,306,317 | ||||||
95,264 | E.ON SE (Utilities) | 1,217,493 | ||||||
8,645 | Evonik Industries AG (Materials) | 159,600 | ||||||
8,572 | Fresenius Medical Care AG (Health Care) | 328,192 | ||||||
17,716 | Fresenius SE & Co. KGaA (Health Care) | 496,155 |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Germany – (continued) |
| |||||||
2,588 | Hannover Rueck SE (Financials) | $ | 664,584 | |||||
272 | Hapag-Lloyd AG (Industrials)(a)(b) | 39,060 | ||||||
5,661 | Heidelberg Materials AG (Materials) | 549,507 | ||||||
4,146 | Henkel AG & Co. KGaA (Consumer Staples) | 279,964 | ||||||
56,068 | Infineon Technologies AG (Information Technology) | 2,008,006 | ||||||
2,847 | Knorr-Bremse AG (Industrials) | 199,271 | ||||||
33,838 | Mercedes-Benz Group AG (Consumer Discretionary) | 2,696,535 | ||||||
5,566 | Merck KGaA (Health Care) | 950,469 | ||||||
2,314 | MTU Aero Engines AG (Industrials) | 556,660 | ||||||
5,867 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) | 2,732,599 | ||||||
4,330 | Puma SE (Consumer Discretionary) | 199,002 | ||||||
32,019 | RWE AG (Utilities) | 1,074,131 | ||||||
44,373 | SAP SE (Information Technology) | 8,301,396 | ||||||
32,086 | Siemens AG (Industrials) | 6,352,020 | ||||||
21,557 | Siemens Energy AG (Industrials)* | 331,373 | ||||||
11,599 | Siemens Healthineers AG (Health Care)*(b) | 696,628 | ||||||
5,718 | Symrise AG (Materials) | 585,112 | ||||||
2,609 | Talanx AG (Financials) | 186,340 | ||||||
1,228 | Volkswagen AG (Consumer Discretionary) | 193,020 | ||||||
29,959 | Vonovia SE (Real Estate) | 836,440 | ||||||
|
| |||||||
52,991,950 | ||||||||
| ||||||||
Guatemala – 0.0% |
| |||||||
5,556 | Millicom International Cellular SA SDR, SDR (Communication Services)* | 103,711 | ||||||
| ||||||||
Hong Kong – 1.8% |
| |||||||
498,366 | AIA Group Ltd. (Financials) | 4,048,651 | ||||||
25,945 | Cathay Pacific Airways Ltd. (Industrials)* | 28,103 | ||||||
81,670 | CK Asset Holdings Ltd. (Real Estate) | 377,117 | ||||||
26,135 | CK Infrastructure Holdings Ltd. (Utilities) | 153,729 | ||||||
81,636 | CLP Holdings Ltd. (Utilities) | 680,404 | ||||||
13,059 | DFI Retail Group Holdings Ltd. (Consumer Staples) | 27,554 | ||||||
3,063 | Futu Holdings Ltd. ADR (Financials)* | 163,932 | ||||||
74,891 | Hang Lung Properties Ltd. (Real Estate) | 80,929 | ||||||
31,028 | Hang Seng Bank Ltd. (Financials) | 354,320 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Hong Kong – (continued) |
| |||||||
56,658 | Henderson Land Development Co. Ltd. (Real Estate) | $ | 163,559 | |||||
97,385 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 59,709 | ||||||
155,416 | HKT Trust & HKT Ltd. (Communication Services) | 189,585 | ||||||
393,955 | Hong Kong & China Gas Co. Ltd. (Utilities) | 304,947 | ||||||
51,358 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 1,592,801 | ||||||
44,465 | Hongkong Land Holdings Ltd. (Real Estate) | 150,292 | ||||||
8,498 | Jardine Matheson Holdings Ltd. (Industrials) | 356,151 | ||||||
109,733 | Link REIT (Real Estate) | 545,946 | ||||||
67,384 | MTR Corp. Ltd. (Industrials) | 223,787 | ||||||
58,945 | New World Development Co. Ltd. (Real Estate)(a) | 74,314 | ||||||
10,474 | Polestar Automotive Holding UK PLC, Class A, ADR (Consumer Discretionary)* | 21,786 | ||||||
58,700 | Power Assets Holdings Ltd. (Utilities) | 353,154 | ||||||
118,462 | Prudential PLC (Financials) | 1,165,223 | ||||||
422,043 | Sino Biopharmaceutical Ltd. (Health Care) | 168,735 | ||||||
144,985 | Sino Land Co. Ltd. (Real Estate) | 156,489 | ||||||
62,677 | Sun Hung Kai Properties Ltd. (Real Estate) | 632,070 | ||||||
17,633 | Swire Pacific Ltd., Class A (Real Estate) | 146,176 | ||||||
32,893 | Swire Pacific Ltd., Class B (Real Estate) | 42,856 | ||||||
45,289 | Swire Properties Ltd. (Real Estate) | 93,484 | ||||||
58,712 | Techtronic Industries Co. Ltd. (Industrials) | 635,582 | ||||||
326,825 | WH Group Ltd. (Consumer Staples)(b) | 197,043 | ||||||
66,625 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 222,543 | ||||||
|
| |||||||
13,410,971 | ||||||||
| ||||||||
Ireland – 0.5% |
| |||||||
9,018 | AerCap Holdings NV (Industrials)* | 696,009 | ||||||
67,240 | AIB Group PLC (Financials) | 311,865 | ||||||
45,432 | Bank of Ireland Group PLC (Financials) | 395,969 | ||||||
6,755 | Kerry Group PLC, Class A (Consumer Staples) | 593,127 | ||||||
6,596 | Kingspan Group PLC (Industrials) | 595,869 | ||||||
11,140 | Smurfit Kappa Group PLC (Materials) | 475,335 | ||||||
|
| |||||||
3,068,174 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Israel – 0.8% |
| |||||||
2,484 | Airport City Ltd. (Real Estate)* | $ | 41,875 | |||||
9,295 | Amot Investments Ltd. (Real Estate) | 47,495 | ||||||
1,656 | Ashtrom Group Ltd. (Industrials) | 27,124 | ||||||
1,573 | Azrieli Group Ltd. (Real Estate) | 113,980 | ||||||
53,497 | Bank Hapoalim BM (Financials) | 511,963 | ||||||
63,072 | Bank Leumi Le-Israel BM (Financials) | 528,367 | ||||||
86,160 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | 116,348 | ||||||
526 | Big Shopping Centers Ltd. (Real Estate)* | 58,173 | ||||||
1,066 | Camtek Ltd. (Information Technology)* | 85,660 | ||||||
3,942 | Check Point Software Technologies Ltd. (Information Technology)* | 632,376 | ||||||
400 | Delek Group Ltd. (Energy) | 53,925 | ||||||
1,065 | Elbit Systems Ltd. (Industrials) | 236,760 | ||||||
11,172 | Energix-Renewable Energies Ltd. (Utilities) | 41,884 | ||||||
4,991 | Enlight Renewable Energy Ltd. (Utilities)* | 86,248 | ||||||
285 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)* | 38,941 | ||||||
2,230 | First International Bank Of Israel Ltd. (The) (Financials) | 96,215 | ||||||
2,927 | Global-e Online Ltd. (Consumer Discretionary)* | 99,138 | ||||||
4,742 | Harel Insurance Investments & Financial Services Ltd. (Financials)* | 47,133 | ||||||
30,013 | ICL Group Ltd. (Materials) | 158,737 | ||||||
160 | Israel Corp. Ltd. (Materials)* | 41,971 | ||||||
53,255 | Israel Discount Bank Ltd., Class A (Financials) | 277,637 | ||||||
1,079 | Melisron Ltd. (Real Estate) | 83,351 | ||||||
25,210 | Mivne Real Estate KD Ltd. (Real Estate) | 67,648 | ||||||
6,478 | Mizrahi Tefahot Bank Ltd. (Financials) | 256,283 | ||||||
2,725 | Nice Ltd. (Information Technology)* | 668,890 | ||||||
1,237 | Nova Ltd. (Information Technology)* | 210,577 | ||||||
4,383 | OPC Energy Ltd. (Utilities)* | 30,716 | ||||||
7,044 | Phoenix Holdings Ltd. (The) (Financials) | 75,990 | ||||||
3,381 | Plus500 Ltd. (Financials) | 72,706 | ||||||
6,110 | Shapir Engineering and Industry Ltd. (Industrials) | 37,123 | ||||||
2,160 | Strauss Group Ltd. (Consumer Staples)* | 42,824 | ||||||
47,978 | Teva Pharmaceutical Industries Ltd. (Health Care)* | 631,226 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Israel – (continued) |
| |||||||
4,732 | Tower Semiconductor Ltd. (Information Technology)* | $ | 155,675 | |||||
2,361 | Wix.com Ltd. (Information Technology)* | 330,965 | ||||||
|
| |||||||
6,005,924 | ||||||||
| ||||||||
Italy – 2.5% |
| |||||||
66,939 | A2A SpA (Utilities) | 121,696 | ||||||
5,640 | Amplifon SpA (Health Care) | 188,532 | ||||||
44,202 | Assicurazioni Generali SpA (Financials) | 1,048,504 | ||||||
8,739 | Banca Mediolanum SpA (Financials) | 94,134 | ||||||
59,244 | Banco BPM SpA (Financials) | 344,532 | ||||||
21,090 | Davide Campari-Milano NV (Consumer Staples) | 213,893 | ||||||
967 | DiaSorin SpA (Health Care) | 97,717 | ||||||
330,584 | Enel SpA (Utilities) | 2,104,594 | ||||||
91,314 | Eni SpA (Energy) | 1,407,923 | ||||||
5,620 | Ferrari NV (Consumer Discretionary) | 2,371,249 | ||||||
26,257 | FinecoBank Banca Fineco SpA (Financials) | 363,131 | ||||||
30,090 | Hera SpA (Utilities) | 104,068 | ||||||
13,399 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 148,405 | ||||||
3,103 | Interpump Group SpA (Industrials) | 147,278 | ||||||
667,852 | Intesa Sanpaolo SpA (Financials) | 2,123,340 | ||||||
17,240 | Leonardo SpA (Industrials) | 368,555 | ||||||
26,040 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 354,917 | ||||||
8,354 | Moncler SpA (Consumer Discretionary) | 602,625 | ||||||
20,912 | Nexi SpA (Financials)*(b) | 153,295 | ||||||
10,850 | Pirelli & C SpA (Consumer Discretionary)(b) | 63,990 | ||||||
19,616 | Poste Italiane SpA (Financials)(b) | 230,106 | ||||||
22,057 | PRADA SpA (Consumer Discretionary) | 155,803 | ||||||
11,002 | Prysmian SpA (Industrials) | 548,263 | ||||||
4,201 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 235,307 | ||||||
7,279 | Ryanair Holdings PLC ADR (Industrials) | 1,006,322 | ||||||
88,152 | Snam SpA (Utilities) | 412,196 | ||||||
1,473 | Stevanato Group SpA (Health Care) | 48,830 | ||||||
463,691 | Telecom Italia SpA (Communication Services)* | 139,546 | ||||||
259,501 | Telecom Italia SpA-RSP (Communication Services)* | 80,904 | ||||||
60,400 | Terna - Rete Elettrica Nazionale (Utilities) | 473,482 | ||||||
72,521 | UniCredit SpA (Financials) | 2,425,774 |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Italy – (continued) |
| |||||||
18,009 | UnipolSai Assicurazioni SpA (Financials) | $ | 51,878 | |||||
|
| |||||||
18,230,789 | ||||||||
| ||||||||
Japan – 25.7% |
| |||||||
3,942 | ABC-Mart, Inc. (Consumer Discretionary) | 67,570 | ||||||
16,337 | Acom Co. Ltd. (Financials) | 40,638 | ||||||
31,568 | Advantest Corp. (Information Technology) | 1,457,439 | ||||||
33,696 | Aeon Co. Ltd. (Consumer Staples)(a) | 804,859 | ||||||
3,894 | Aeon Mall Co. Ltd. (Real Estate)(a) | 45,504 | ||||||
8,762 | AGC, Inc. (Industrials) | 313,376 | ||||||
8,704 | Air Water, Inc. (Materials) | 125,643 | ||||||
6,271 | Aisin Corp. (Consumer Discretionary) | 236,603 | ||||||
22,524 | Ajinomoto Co., Inc. (Consumer Staples) | 828,152 | ||||||
8,076 | Alfresa Holdings Corp. (Health Care) | 120,679 | ||||||
14,528 | Amada Co. Ltd. (Industrials) | 161,374 | ||||||
19,224 | ANA Holdings, Inc. (Industrials)*(a) | 419,237 | ||||||
20,490 | Asahi Group Holdings Ltd. (Consumer Staples) | 702,714 | ||||||
9,185 | Asahi Intecc Co. Ltd. (Health Care) | 190,917 | ||||||
58,438 | Asahi Kasei Corp. (Materials) | 406,649 | ||||||
7,267 | Asics Corp. (Consumer Discretionary) | 309,189 | ||||||
76,880 | Astellas Pharma, Inc. (Health Care) | 848,315 | ||||||
5,625 | Azbil Corp. (Information Technology) | 165,026 | ||||||
24,948 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 482,225 | ||||||
5,563 | BayCurrent Consulting, Inc. (Industrials) | 124,663 | ||||||
23,602 | Bridgestone Corp. (Consumer Discretionary) | 1,016,493 | ||||||
10,823 | Brother Industries Ltd. (Information Technology) | 181,468 | ||||||
3,345 | Calbee, Inc. (Consumer Staples) | 71,651 | ||||||
43,070 | Canon, Inc. (Information Technology) | 1,259,554 | ||||||
7,200 | Capcom Co. Ltd. (Communication Services) | 290,030 | ||||||
40,091 | Central Japan Railway Co. (Industrials) | 1,009,574 | ||||||
31,459 | Chiba Bank Ltd. (The) (Financials) | 256,010 | ||||||
31,164 | Chubu Electric Power Co., Inc. (Utilities) | 388,639 | ||||||
27,531 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 1,103,668 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
6,039 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | $ | 79,991 | |||||
48,265 | Concordia Financial Group Ltd. (Financials) | 244,437 | ||||||
817 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 79,860 | ||||||
17,784 | CyberAgent, Inc. (Communication Services) | 124,822 | ||||||
10,224 | Dai Nippon Printing Co. Ltd. (Industrials) | 298,311 | ||||||
14,724 | Daifuku Co. Ltd. (Industrials) | 348,843 | ||||||
41,541 | Dai-ichi Life Holdings, Inc. (Financials) | 945,892 | ||||||
82,483 | Daiichi Sankyo Co. Ltd. (Health Care) | 2,741,167 | ||||||
11,711 | Daikin Industries Ltd. (Industrials) | 1,656,848 | ||||||
2,583 | Daito Trust Construction Co. Ltd. (Real Estate) | 306,588 | ||||||
26,675 | Daiwa House Industry Co. Ltd. (Real Estate) | 771,716 | ||||||
98 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 160,027 | ||||||
61,576 | Daiwa Securities Group, Inc. (Financials) | 453,376 | ||||||
76,670 | Denso Corp. (Consumer Discretionary) | 1,410,765 | ||||||
8,565 | Dentsu Group, Inc. (Communication Services) | 237,373 | ||||||
3,833 | Disco Corp. (Information Technology) | 1,235,923 | ||||||
15,687 | East Japan Railway Co. (Industrials) | 929,146 | ||||||
3,973 | Ebara Corp. (Industrials) | 334,866 | ||||||
12,169 | Eisai Co. Ltd. (Health Care) | 508,485 | ||||||
7,233 | Electric Power Development Co. Ltd. (Utilities) | 118,979 | ||||||
119,736 | ENEOS Holdings, Inc. (Energy) | 517,040 | ||||||
40,485 | FANUC Corp. (Industrials) | 1,182,605 | ||||||
7,188 | Fast Retailing Co. Ltd. | |||||||
(Consumer Discretionary) | 2,077,590 | |||||||
5,861 | Fuji Electric Co. Ltd. (Industrials) | 356,351 | ||||||
13,162 | FUJIFILM Holdings Corp. (Information Technology) | 837,454 | ||||||
8,185 | Fujitsu Ltd. (Information Technology) | 1,278,855 | ||||||
7,874 | Fukuoka Financial Group, Inc. (Financials) | 204,334 | ||||||
210 | GLP J REIT (Real Estate) | 166,827 | ||||||
1,890 | GMO Payment Gateway, Inc. (Financials) | 127,351 | ||||||
9,413 | Hakuhodo DY Holdings, Inc. (Communication Services) | 87,514 | ||||||
6,013 | Hamamatsu Photonics KK (Information Technology) | 215,820 |
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
10,166 | Hankyu Hanshin Holdings, Inc. (Industrials) | $ | 293,223 | |||||
10,962 | Haseko Corp. (Consumer Discretionary) | 135,826 | ||||||
823 | Hikari Tsushin, Inc. (Industrials) | 148,852 | ||||||
1,264 | Hirose Electric Co. Ltd. (Information Technology) | 134,406 | ||||||
3,085 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 79,851 | ||||||
4,447 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 128,475 | ||||||
39,443 | Hitachi Ltd. (Industrials) | 3,337,647 | ||||||
219,027 | Honda Motor Co. Ltd. (Consumer Discretionary) | 2,607,778 | ||||||
4,660 | Hoshizaki Corp. (Industrials) | 158,976 | ||||||
14,904 | Hoya Corp. (Health Care) | 1,940,298 | ||||||
21,843 | Hulic Co. Ltd. (Real Estate) | 217,890 | ||||||
5,361 | Ibiden Co. Ltd. (Information Technology) | 247,186 | ||||||
50,985 | Idemitsu Kosan Co. Ltd. (Energy) | 322,936 | ||||||
6,305 | IHI Corp. (Industrials)(a) | 138,847 | ||||||
6,884 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 88,838 | ||||||
40,163 | Inpex Corp. (Energy) | 539,639 | ||||||
14,590 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 206,075 | ||||||
25,984 | Isuzu Motors Ltd. (Consumer Discretionary) | 370,134 | ||||||
2,389 | Ito En Ltd. (Consumer Staples) | 66,640 | ||||||
53,486 | ITOCHU Corp. (Industrials) | 2,328,555 | ||||||
10,730 | J Front Retailing Co. Ltd. (Consumer Discretionary)(a) | 106,497 | ||||||
18,488 | Japan Airlines Co. Ltd. (Industrials) | 345,376 | ||||||
22,749 | Japan Exchange Group, Inc. (Financials) | 594,906 | ||||||
298 | Japan Metropolitan Fund Invest REIT (Real Estate) | 175,809 | ||||||
16,588 | Japan Post Bank Co. Ltd. (Financials) | 177,052 | ||||||
90,931 | Japan Post Holdings Co. Ltd. (Financials) | 878,811 | ||||||
7,857 | Japan Post Insurance Co. Ltd. (Financials) | 144,993 | ||||||
47,713 | Japan Tobacco, Inc. (Consumer Staples) | 1,240,723 | ||||||
22,812 | JFE Holdings, Inc. (Materials) | 374,180 | ||||||
9,687 | JGC Holdings Corp. (Industrials) | 88,184 | ||||||
8,666 | JSR Corp. (Materials) | 232,877 | ||||||
9,641 | JTEKT Corp. (Consumer Discretionary) | 89,795 | ||||||
19,046 | Kajima Corp. (Industrials) | 353,446 | ||||||
31,561 | Kansai Electric Power Co., Inc. (The) (Utilities) | 404,977 | ||||||
8,400 | Kansai Paint Co. Ltd. (Materials) | 121,788 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
19,450 | Kao Corp. (Consumer Staples) | $ | 740,210 | |||||
6,732 | Kawasaki Heavy Industries Ltd. (Industrials) | 185,898 | ||||||
5,438 | Kawasaki Kisen Kaisha Ltd. (Industrials) | 259,892 | ||||||
66,312 | KDDI Corp. (Communication Services) | 2,017,671 | ||||||
4,613 | Keihan Holdings Co. Ltd. (Industrials) | 106,764 | ||||||
11,192 | Keikyu Corp. (Industrials) | 99,492 | ||||||
4,728 | Keio Corp. (Industrials) | 132,771 | ||||||
6,798 | Keisei Electric Railway Co. Ltd. (Industrials) | 317,712 | ||||||
4,436 | Kewpie Corp. (Consumer Staples) | 82,706 | ||||||
7,919 | Keyence Corp. (Information Technology) | 3,705,798 | ||||||
6,621 | Kikkoman Corp. (Consumer Staples) | 433,570 | ||||||
8,134 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 250,319 | ||||||
35,106 | Kirin Holdings Co. Ltd. (Consumer Staples) | 488,932 | ||||||
2,183 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 87,221 | ||||||
6,087 | Kobe Bussan Co. Ltd. (Consumer Staples) | 163,898 | ||||||
4,864 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 60,853 | ||||||
10,314 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 130,553 | ||||||
38,589 | Komatsu Ltd. (Industrials) | 1,120,517 | ||||||
4,122 | Konami Group Corp. (Communication Services) | 277,609 | ||||||
1,441 | Kose Corp. (Consumer Staples) | 80,498 | ||||||
45,764 | Kubota Corp. (Industrials) | 670,851 | ||||||
13,964 | Kuraray Co. Ltd. (Materials) | 141,161 | ||||||
4,839 | Kurita Water Industries Ltd. (Industrials) | 196,864 | ||||||
57,306 | Kyocera Corp. (Information Technology) | 844,064 | ||||||
10,707 | Kyowa Kirin Co. Ltd. (Health Care) | 212,573 | ||||||
19,878 | Kyushu Electric Power Co., Inc. (Utilities)* | 162,496 | ||||||
6,045 | Kyushu Railway Co. (Industrials) | 139,059 | ||||||
3,376 | Lasertec Corp. (Information Technology) | 901,124 | ||||||
1,925 | Lawson, Inc. (Consumer Staples) | 131,896 | ||||||
10,971 | Lion Corp. (Consumer Staples) | 96,831 | ||||||
11,982 | Lixil Corp. (Industrials) | 153,708 | ||||||
112,525 | LY Corp. (Communication Services) | 310,427 | ||||||
17,603 | M3, Inc. (Health Care) | 252,454 | ||||||
10,492 | Makita Corp. (Industrials) | 273,884 | ||||||
72,186 | Marubeni Corp. (Industrials) | 1,192,248 |
62 | 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) |
| |||||||
7,654 | Marui Group Co. Ltd. (Financials) | $ | 124,703 | |||||
15,293 | MatsukiyoCocokara & Co. (Consumer Staples) | 253,504 | ||||||
24,771 | Mazda Motor Corp. (Consumer Discretionary) | 290,956 | ||||||
3,671 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 170,955 | ||||||
45,536 | Mebuki Financial Group, Inc. (Financials) | 142,325 | ||||||
7,903 | Medipal Holdings Corp. (Health Care) | 119,625 | ||||||
11,399 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 257,195 | ||||||
4,696 | Mercari, Inc. (Consumer Discretionary)* | 64,053 | ||||||
16,672 | MINEBEA MITSUMI, Inc. (Industrials) | 344,757 | ||||||
12,253 | MISUMI Group, Inc. (Industrials) | 187,147 | ||||||
61,318 | Mitsubishi Chemical Group Corp. (Materials) | 351,717 | ||||||
158,541 | Mitsubishi Corp. (Industrials) | 3,394,962 | ||||||
84,347 | Mitsubishi Electric Corp. (Industrials) | 1,342,102 | ||||||
48,788 | Mitsubishi Estate Co. Ltd. (Real Estate) | 749,895 | ||||||
7,800 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 127,160 | ||||||
35,836 | Mitsubishi HC Capital, Inc. (Financials) | 247,335 | ||||||
13,923 | Mitsubishi Heavy Industries Ltd. (Industrials) | 1,100,017 | ||||||
27,914 | Mitsubishi Motors Corp. (Consumer Discretionary) | 86,127 | ||||||
495,679 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 5,106,815 | ||||||
64,351 | Mitsui & Co. Ltd. (Industrials) | 2,817,479 | ||||||
7,653 | Mitsui Chemicals, Inc. (Materials) | 212,098 | ||||||
39,124 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1,061,552 | ||||||
15,553 | Mitsui OSK Lines Ltd. (Industrials) | 533,293 | ||||||
4,340 | Miura Co. Ltd. (Industrials) | 92,501 | ||||||
108,618 | Mizuho Financial Group, Inc. (Financials) | 2,032,732 | ||||||
10,615 | MonotaRO Co. Ltd. (Industrials) | 101,597 | ||||||
18,300 | MS&AD Insurance Group Holdings, Inc. (Financials) | 906,013 | ||||||
79,614 | Murata Manufacturing Co. Ltd. (Information Technology) | 1,608,025 | ||||||
8,465 | Nagoya Railroad Co. Ltd. (Industrials) | 120,949 | ||||||
10,935 | NEC Corp. (Information Technology) | 737,183 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
19,184 | Nexon Co. Ltd. (Communication Services) | $ | 310,953 | |||||
12,437 | NGK Insulators Ltd. (Industrials) | 162,370 | ||||||
4,175 | NH Foods Ltd. (Consumer Staples) | 146,336 | ||||||
5,461 | Nichirei Corp. (Consumer Staples) | 137,081 | ||||||
20,636 | NIDEC Corp. (Industrials) | 783,277 | ||||||
14,004 | Nikon Corp. (Consumer Discretionary) | 138,524 | ||||||
49,543 | Nintendo Co. Ltd. (Communication Services) | 2,780,525 | ||||||
72 | Nippon Building Fund, Inc. REIT (Real Estate) | 277,571 | ||||||
3,556 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 188,147 | ||||||
38,275 | Nippon Paint Holdings Co. Ltd. (Materials) | 283,987 | ||||||
100 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 167,435 | ||||||
8,036 | Nippon Sanso Holdings Corp. (Materials) | 232,913 | ||||||
2,620 | Nippon Shinyaku Co. Ltd. (Health Care) | 83,500 | ||||||
36,749 | Nippon Steel Corp. (Materials)(a) | 912,157 | ||||||
2,307,393 | Nippon Telegraph & Telephone Corp. (Communication Services) | 2,810,435 | ||||||
6,966 | Nippon Television Holdings, Inc. (Communication Services) | 98,670 | ||||||
20,278 | Nippon Yusen KK (Industrials) | 646,533 | ||||||
5,620 | Nissan Chemical Corp. (Materials) | 234,796 | ||||||
94,649 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 372,348 | ||||||
10,998 | Nisshin Seifun Group, Inc. (Consumer Staples) | 152,474 | ||||||
7,851 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 229,597 | ||||||
8,269 | Niterra Co. Ltd. (Consumer Discretionary) | 250,882 | ||||||
3,523 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 517,375 | ||||||
6,371 | Nitto Denko Corp. (Materials) | 585,296 | ||||||
129,753 | Nomura Holdings, Inc. (Financials) | 737,582 | ||||||
4,443 | Nomura Real Estate Holdings, Inc. (Real Estate) | 110,518 | ||||||
181 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 180,069 | ||||||
16,714 | Nomura Research Institute Ltd. (Information Technology) | 469,471 | ||||||
20,893 | NSK Ltd. (Industrials) | 114,453 | ||||||
26,718 | NTT Data Group Corp. (Information Technology) | 434,589 | ||||||
29,752 | Obayashi Corp. (Industrials) | 288,137 |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
1,239 | OBIC Business Consultants Co. Ltd. (Information Technology) | $ | 59,189 | |||||
2,801 | Obic Co. Ltd. (Information Technology) | 438,387 | ||||||
13,667 | Odakyu Electric Railway Co. Ltd. (Industrials) | 192,216 | ||||||
39,963 | Oji Holdings Corp. (Materials) | 156,546 | ||||||
53,973 | Olympus Corp. (Health Care) | 768,828 | ||||||
8,064 | Omron Corp. (Information Technology) | 299,134 | ||||||
18,930 | Ono Pharmaceutical Co. Ltd. (Health Care) | 314,678 | ||||||
3,224 | Open House Group Co. Ltd. (Consumer Discretionary) | 101,715 | ||||||
1,433 | Oracle Corp. Japan (Information Technology) | 109,818 | ||||||
47,407 | Oriental Land Co. Ltd. (Consumer Discretionary) | 1,698,695 | ||||||
49,476 | ORIX Corp. (Financials) | 1,036,989 | ||||||
120 | Orix JREIT, Inc. REIT (Real Estate) | 126,759 | ||||||
17,673 | Osaka Gas Co. Ltd. (Utilities) | 353,531 | ||||||
4,727 | Otsuka Corp. (Information Technology) | 207,815 | ||||||
19,059 | Otsuka Holdings Co. Ltd. (Health Care) | 774,483 | ||||||
16,445 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 387,310 | ||||||
95,619 | Panasonic Holdings Corp. (Consumer Discretionary) | 907,508 | ||||||
79,233 | Persol Holdings Co. Ltd. (Industrials) | 114,506 | ||||||
3,554 | Pola Orbis Holdings, Inc. (Consumer Staples) | 35,523 | ||||||
3,742 | Rakus Co. Ltd. (Information Technology) | 58,941 | ||||||
61,111 | Rakuten Group, Inc. (Consumer Discretionary)* | 334,810 | ||||||
61,965 | Recruit Holdings Co. Ltd. (Industrials) | 2,502,281 | ||||||
56,106 | Renesas Electronics Corp. (Information Technology) | 920,105 | ||||||
102,156 | Resona Holdings, Inc. (Financials) | 556,954 | ||||||
7,611 | Resonac Holdings Corp. (Materials) | 183,829 | ||||||
24,358 | Ricoh Co. Ltd. (Information Technology) | 202,617 | ||||||
4,689 | Rinnai Corp. (Consumer Discretionary) | 109,307 | ||||||
15,117 | Rohm Co. Ltd. (Information Technology) | 256,798 | ||||||
8,474 | Rohto Pharmaceutical Co. Ltd. (Consumer Staples) | 172,175 | ||||||
11,081 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 175,022 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
15,685 | Santen Pharmaceutical Co. Ltd. (Health Care) | $ | 155,781 | |||||
10,394 | SBI Holdings, Inc. (Financials) | 279,521 | ||||||
4,014 | SCREEN Holdings Co. Ltd. (Information Technology) | 502,454 | ||||||
6,167 | SCSK Corp. (Information Technology) | 113,723 | ||||||
8,946 | Secom Co. Ltd. (Industrials) | 652,705 | ||||||
6,660 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 83,523 | ||||||
9,603 | Seibu Holdings, Inc. (Industrials) | 138,845 | ||||||
11,841 | Seiko Epson Corp. (Information Technology) | 191,535 | ||||||
16,229 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 228,683 | ||||||
25,707 | Sekisui House Ltd. (Consumer Discretionary) | 573,671 | ||||||
98,552 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 1,468,370 | ||||||
26,076 | Seven Bank Ltd. (Financials)(a) | 52,128 | ||||||
19,480 | SG Holdings Co. Ltd. (Industrials) | 244,427 | ||||||
11,926 | Sharp Corp. (Consumer Discretionary)*(a) | 64,981 | ||||||
11,788 | Shimadzu Corp. (Information Technology) | 321,577 | ||||||
2,034 | Shimamura Co. Ltd. (Consumer Discretionary) | 108,325 | ||||||
3,379 | Shimano, Inc. (Consumer Discretionary) | 470,942 | ||||||
23,341 | Shimizu Corp. (Industrials) | 135,489 | ||||||
84,368 | Shin-Etsu Chemical Co. Ltd. (Materials) | 3,600,310 | ||||||
2,731 | Shinko Electric Industries Co. | |||||||
Ltd. (Information Technology) | 98,861 | |||||||
12,631 | Shionogi & Co. Ltd. (Health Care) | 631,592 | ||||||
16,853 | Shiseido Co. Ltd. (Consumer Staples) | 455,696 | ||||||
23,609 | Shizuoka Financial Group, Inc. (Financials) | 231,090 | ||||||
2,429 | SMC Corp. (Industrials) | 1,463,048 | ||||||
120,339 | SoftBank Corp. (Communication Services) | 1,585,947 | ||||||
41,982 | SoftBank Group Corp. (Communication Services) | 2,465,569 | ||||||
15,243 | Sohgo Security Services Co. Ltd. (Industrials) | 84,561 | ||||||
9,621 | Sojitz Corp. (Industrials) | 244,205 | ||||||
13,184 | Sompo Holdings, Inc. (Financials) | 773,581 | ||||||
53,406 | Sony Group Corp. (Consumer Discretionary) | 4,619,100 | ||||||
3,792 | Square Enix Holdings Co. Ltd. (Communication Services) | 160,730 | ||||||
6,421 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 109,912 |
64 | 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) |
| |||||||
26,407 | Subaru Corp. (Consumer Discretionary) | $ | 600,584 | |||||
4,400 | Sugi Holdings Co. Ltd. (Consumer Staples) | 69,071 | ||||||
14,655 | SUMCO Corp. (Information Technology) | 229,514 | ||||||
61,614 | Sumitomo Chemical Co. Ltd. (Materials) | 125,064 | ||||||
50,667 | Sumitomo Corp. (Industrials) | 1,187,206 | ||||||
31,396 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 465,790 | ||||||
4,935 | Sumitomo Heavy Industries Ltd. (Industrials) | 146,959 | ||||||
11,036 | Sumitomo Metal Mining Co. Ltd. (Materials) | 287,864 | ||||||
56,266 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 3,136,791 | ||||||
28,638 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 581,485 | ||||||
18,302 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 542,689 | ||||||
7,537 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 87,823 | ||||||
2,918 | Sundrug Co. Ltd. (Consumer Staples) | 91,106 | ||||||
5,388 | Suntory Beverage & Food Ltd. (Consumer Staples) | 177,188 | ||||||
17,088 | Suzuki Motor Corp. (Consumer Discretionary) | 750,904 | ||||||
6,831 | Sysmex Corp. (Health Care) | 384,292 | ||||||
23,243 | T&D Holdings, Inc. (Financials) | 404,233 | ||||||
7,182 | Taisei Corp. (Industrials) | 225,868 | ||||||
2,095 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 120,098 | ||||||
5,278 | Taiyo Yuden Co. Ltd. (Information Technology)(a) | 115,314 | ||||||
65,739 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 1,926,886 | ||||||
5,791 | TBS Holdings, Inc. (Communication Services) | 152,175 | ||||||
16,330 | TDK Corp. (Information Technology) | 849,505 | ||||||
30,918 | Terumo Corp. (Health Care) | 1,205,569 | ||||||
5,276 | THK Co. Ltd. (Industrials) | 116,116 | ||||||
10,145 | TIS, Inc. (Information Technology) | 228,766 | ||||||
8,989 | Tobu Railway Co. Ltd. (Industrials) | 229,845 | ||||||
401 | Toei Animation Co. Ltd. (Communication Services)(a) | 49,566 | ||||||
4,640 | Toho Co. Ltd. (Communication Services) | 150,729 | ||||||
19,861 | Tohoku Electric Power Co., Inc. (Utilities) | 134,689 | ||||||
81,869 | Tokio Marine Holdings, Inc. (Financials) | 2,393,658 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
7,090 | Tokyo Century Corp. (Financials) | $ | 74,041 | |||||
64,153 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 347,190 | ||||||
19,460 | Tokyo Electron Ltd. (Information Technology) | 4,793,814 | ||||||
17,779 | Tokyo Gas Co. Ltd. (Utilities) | 389,506 | ||||||
23,709 | Tokyu Corp. (Industrials) | 295,194 | ||||||
25,579 | Tokyu Fudosan Holdings Corp. (Real Estate) | 167,929 | ||||||
11,193 | TOPPAN Holdings, Inc. (Industrials) | 266,457 | ||||||
65,096 | Toray Industries, Inc. (Materials) | 300,319 | ||||||
12,902 | Tosoh Corp. (Materials) | 175,768 | ||||||
6,571 | TOTO Ltd. (Industrials) | 177,764 | ||||||
3,929 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 228,542 | ||||||
3,130 | Toyota Boshoku Corp. (Consumer Discretionary) | 49,573 | ||||||
7,153 | Toyota Industries Corp. (Industrials) | 711,620 | ||||||
493,585 | Toyota Motor Corp. (Consumer Discretionary) | 11,941,413 | ||||||
10,031 | Toyota Tsusho Corp. (Industrials) | 648,359 | ||||||
5,698 | Trend Micro, Inc. (Information Technology) | 282,711 | ||||||
1,622 | Tsuruha Holdings, Inc. (Consumer Staples) | 122,460 | ||||||
17,778 | Unicharm Corp. (Consumer Staples) | 591,056 | ||||||
133 | United Urban Investment Corp. REIT (Real Estate) | 125,740 | ||||||
8,525 | USS Co. Ltd. (Consumer Discretionary) | 148,406 | ||||||
3,954 | Welcia Holdings Co. Ltd. (Consumer Staples)(a) | 74,658 | ||||||
10,223 | West Japan Railway Co. (Industrials) | 425,600 | ||||||
901 | Workman Co. Ltd. (Consumer Discretionary) | 24,381 | ||||||
11,431 | Yakult Honsha Co. Ltd. (Consumer Staples) | 246,537 | ||||||
27,935 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 80,406 | ||||||
6,969 | Yamaha Corp. (Consumer Discretionary) | 152,306 | ||||||
39,492 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 353,441 | ||||||
13,267 | Yamato Holdings Co. Ltd. (Industrials) | 201,660 | ||||||
5,704 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 134,340 | ||||||
11,259 | Yaskawa Electric Corp. (Industrials)(a) | 460,305 | ||||||
10,307 | Yokogawa Electric Corp. (Information Technology) | 217,888 |
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
5,653 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | $ | 150,286 | |||||
3,680 | Zensho Holdings Co. Ltd. (Consumer Discretionary) | 161,121 | ||||||
5,040 | ZOZO, Inc. (Consumer Discretionary) | 114,290 | ||||||
|
| |||||||
185,903,577 | ||||||||
| ||||||||
Jordan – 0.0% |
| |||||||
6,789 | Hikma Pharmaceuticals PLC (Health Care) | 168,921 | ||||||
| ||||||||
Luxembourg – 0.1% |
| |||||||
19,732 | ArcelorMittal (Materials) | 515,034 | ||||||
5,583 | Eurofins Scientific SE (Health Care) | 333,741 | ||||||
|
| |||||||
848,775 | ||||||||
| ||||||||
Macau – 0.1% |
| |||||||
80,033 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | 437,029 | ||||||
104,390 | Sands China Ltd. (Consumer Discretionary)* | 297,350 | ||||||
|
| |||||||
734,379 | ||||||||
| ||||||||
Mexico – 0.0% |
| |||||||
7,935 | Fresnillo PLC (Materials) | 45,710 | ||||||
| ||||||||
Netherlands – 5.5% |
| |||||||
1,294 | Adyen NV (Financials)*(b) | 2,044,442 | ||||||
7,343 | Akzo Nobel NV (Materials) | 535,099 | ||||||
2,544 | Argenx SE ADR (Health Care)* | 966,746 | ||||||
1,979 | ASM International NV (Information Technology) | 1,207,206 | ||||||
17,108 | ASML Holding NV (Information Technology) | 16,115,939 | ||||||
4,285 | EXOR NV (Financials) | 462,774 | ||||||
3,893 | HAL Trust (Financials) | 481,103 | ||||||
4,775 | Heineken Holding NV (Consumer Staples) | 368,943 | ||||||
12,375 | Heineken NV (Consumer Staples) | 1,143,911 | ||||||
144,549 | ING Groep NV (Financials) | 1,985,017 | ||||||
3,979 | JDE Peet’s NV (Consumer Staples) | 91,026 | ||||||
41,321 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 1,230,572 | ||||||
142,473 | Koninklijke KPN NV (Communication Services) | 521,582 | ||||||
33,960 | Koninklijke Philips NV (Health Care) | 679,945 | ||||||
3,791 | Pluxee NV (Industrials)* | 108,448 | ||||||
284,067 | Shell PLC (Energy) | 8,828,758 | ||||||
33,095 | Universal Music Group NV (Communication Services) | 998,130 | ||||||
10,684 | Wolters Kluwer NV (Industrials) | 1,686,273 | ||||||
|
| |||||||
39,455,914 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
New Zealand – 0.3% |
| |||||||
29,084 | a2 Milk Co. Ltd. (The) (Consumer Staples)* | $ | 109,860 | |||||
51,939 | Auckland International Airport Ltd. (Industrials) | 256,315 | ||||||
33,381 | Contact Energy Ltd. (Utilities) | 164,123 | ||||||
23,616 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 352,507 | ||||||
34,725 | Infratil Ltd. (Industrials) | 218,120 | ||||||
3,563 | Mainfreight Ltd. (Industrials) | 147,090 | ||||||
28,069 | Mercury NZ Ltd. (Utilities) | 114,235 | ||||||
54,447 | Meridian Energy Ltd. (Utilities) | 198,368 | ||||||
25,816 | Ryman Healthcare Ltd. (Health Care)* | 72,980 | ||||||
78,634 | Spark New Zealand Ltd. (Communication Services) | 242,892 | ||||||
5,470 | Xero Ltd. (Information Technology)* | 453,452 | ||||||
|
| |||||||
2,329,942 | ||||||||
| ||||||||
Norway – 0.7% |
| |||||||
949 | Aker ASA, Class A (Industrials) | 51,303 | ||||||
13,207 | Aker BP ASA (Energy) | 321,102 | ||||||
31,726 | AutoStore Holdings Ltd. (Industrials)*(b) | 50,915 | ||||||
38,248 | DNB Bank ASA (Financials) | 766,097 | ||||||
37,690 | Equinor ASA (Energy) | 930,404 | ||||||
6,153 | Frontline PLC (Energy) | 139,033 | ||||||
7,798 | Gjensidige Forsikring ASA (Financials) | 123,305 | ||||||
3,602 | Kongsberg Gruppen ASA (Industrials) | 229,899 | ||||||
11,556 | Leroy Seafood Group ASA (Consumer Staples) | 51,133 | ||||||
19,061 | Mowi ASA (Consumer Staples) | 368,479 | ||||||
7,094 | Nordic Semiconductor ASA (Information Technology)* | 60,638 | ||||||
56,250 | Norsk Hydro ASA (Materials) | 289,443 | ||||||
34,222 | Orkla ASA (Consumer Staples) | 245,576 | ||||||
2,794 | Salmar ASA (Consumer Staples) | 177,511 | ||||||
2,954 | Schibsted ASA, Class A (Communication Services) | 88,236 | ||||||
4,107 | Schibsted ASA, Class B (Communication Services) | 114,384 | ||||||
3,105 | Seadrill Ltd. (Energy)* | 127,431 | ||||||
7,322 | SpareBank 1 SR-Bank ASA (Financials) | 88,699 | ||||||
18,704 | Storebrand ASA (Financials) | 167,219 | ||||||
27,707 | Telenor ASA (Communication Services) | 303,753 | ||||||
10,043 | TOMRA Systems ASA (Industrials) | 133,885 | ||||||
16,782 | Var Energi ASA (Energy) | 51,315 | ||||||
4,366 | Wallenius Wilhelmsen ASA (Industrials) | 41,933 | ||||||
|
| |||||||
4,921,693 | ||||||||
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Poland – 0.4% |
| |||||||
20,351 | Allegro.eu SA (Consumer Discretionary)*(b) | $ | 164,552 | |||||
7,593 | Bank Pekao SA (Financials) | 329,394 | ||||||
546 | Budimex SA (Industrials) | 99,947 | ||||||
2,979 | CD Projekt SA (Communication Services)(a) | 81,947 | ||||||
10,452 | Cyfrowy Polsat SA (Communication Services)* | 30,717 | ||||||
2,063 | Dino Polska SA (Consumer Staples)*(b) | 240,396 | ||||||
7,466 | InPost SA (Industrials)* | 116,585 | ||||||
5,873 | KGHM Polska Miedz SA (Materials) | 158,758 | ||||||
560 | mBank SA (Financials)* | 97,595 | ||||||
25,044 | ORLEN SA (Energy) | 389,234 | ||||||
37,818 | PGE Polska Grupa Energetyczna SA (Utilities)* | 75,600 | ||||||
36,918 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 514,347 | ||||||
24,459 | Powszechny Zaklad Ubezpieczen SA (Financials) | 301,207 | ||||||
1,434 | Santander Bank Polska SA (Financials) | 197,593 | ||||||
|
| |||||||
2,797,872 | ||||||||
| ||||||||
Portugal – 0.2% |
| |||||||
315,308 | Banco Comercial Portugues SA, Class R (Financials)* | 91,103 | ||||||
120,737 | EDP – Energias de Portugal SA (Utilities) | 480,682 | ||||||
18,134 | Galp Energia SGPS SA (Energy) | 285,918 | ||||||
11,836 | Jeronimo Martins SGPS SA (Consumer Staples) | 283,320 | ||||||
9,185 | Navigator Co. SA (The) (Materials) | 37,353 | ||||||
|
| |||||||
1,178,376 | ||||||||
| ||||||||
Russia – % |
| |||||||
12,172 | Evraz PLC (Materials)*(c) | — | ||||||
| ||||||||
Singapore – 1.5% |
| |||||||
152,822 | CapitaLand Ascendas REIT REIT (Real Estate) | 311,418 | ||||||
195,593 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 285,112 | ||||||
103,331 | CapitaLand Investment Ltd. (Real Estate) | 213,640 | ||||||
18,994 | City Developments Ltd. (Real Estate) | 80,095 | ||||||
78,687 | DBS Group Holdings Ltd. (Financials) | 1,950,497 | ||||||
120,221 | Frasers Logistics & Commercial Trust REIT (Real Estate) | 92,093 | ||||||
244,092 | Genting Singapore Ltd. (Consumer Discretionary) | 165,197 | ||||||
79,763 | Grab Holdings Ltd., Class A (Industrials)* | 244,872 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Singapore – (continued) |
| |||||||
9,808 | Hafnia Ltd. (Energy) | $ | 72,270 | |||||
4,078 | Jardine Cycle & Carriage Ltd. (Industrials) | 77,187 | ||||||
57,913 | Keppel DC REIT (Real Estate) | 73,220 | ||||||
59,703 | Keppel Ltd. (Industrials) | 321,471 | ||||||
88,453 | Mapletree Industrial Trust REIT (Real Estate) | 150,645 | ||||||
141,739 | Mapletree Logistics Trust REIT (Real Estate) | 156,012 | ||||||
98,807 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) | 99,204 | ||||||
38,523 | Olam Group Ltd. (Consumer Staples)(a) | 28,077 | ||||||
138,228 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 1,334,374 | ||||||
37,406 | SATS Ltd. (Industrials)* | 72,887 | ||||||
15,665 | Sea Ltd. ADR (Communication Services)* | 760,066 | ||||||
2,778,727 | Seatrium Ltd. (Industrials)* | 185,992 | ||||||
38,593 | Sembcorp Industries Ltd. (Utilities) | 146,381 | ||||||
57,004 | Singapore Airlines Ltd. (Industrials) | 274,294 | ||||||
35,213 | Singapore Exchange Ltd. (Financials) | 247,481 | ||||||
65,357 | Singapore Technologies Engineering Ltd. (Industrials) | 193,456 | ||||||
307,504 | Singapore Telecommunications Ltd. (Communication Services) | 537,434 | ||||||
28,012 | STMicroelectronics NV (Information Technology) | 1,264,818 | ||||||
57,570 | United Overseas Bank Ltd. (Financials) | 1,196,699 | ||||||
22,607 | UOL Group Ltd. (Real Estate) | 99,030 | ||||||
11,636 | Venture Corp. Ltd. (Information Technology) | 121,154 | ||||||
|
| |||||||
10,755,076 | ||||||||
| ||||||||
South Africa – 0.2% |
| |||||||
49,705 | Anglo American PLC (Materials) | 1,069,493 | ||||||
| ||||||||
South Korea – 0.0% |
| |||||||
8,604 | Delivery Hero SE (Consumer Discretionary)*(b) | 198,926 | ||||||
| ||||||||
Spain – 2.3% |
| |||||||
8,780 | ACS Actividades de Construccion y Servicios SA (Industrials) | 360,479 | ||||||
3,162 | Aena SME SA (Industrials)(b) | 599,321 | ||||||
19,334 | Amadeus IT Group SA (Consumer Discretionary) | 1,137,754 | ||||||
252,907 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 2,514,056 | ||||||
684,559 | Banco Santander SA (Financials) | 2,848,730 | ||||||
162,524 | CaixaBank SA (Financials) | 733,400 |
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Spain – (continued) |
| |||||||
24,513 | Cellnex Telecom SA (Communication Services)*(b) | $ | 882,545 | |||||
2,457 | Corp ACCIONA Energias Renovables SA (Utilities) | 50,784 | ||||||
12,691 | EDP Renovaveis SA (Utilities) | 172,974 | ||||||
13,605 | Endesa SA (Utilities) | 244,985 | ||||||
12,692 | Grifols SA (Health Care)* | 104,164 | ||||||
248,834 | Iberdrola SA (Utilities) | 2,859,709 | ||||||
47,734 | Industria de Diseno Textil SA (Consumer Discretionary) | 2,118,387 | ||||||
5,375 | Naturgy Energy Group SA (Utilities) | 127,266 | ||||||
17,378 | Redeia Corp. SA (Utilities) | 276,442 | ||||||
54,962 | Repsol SA (Energy) | 875,801 | ||||||
222,374 | Telefonica SA (Communication Services) | 912,756 | ||||||
|
| |||||||
16,819,553 | ||||||||
| ||||||||
Sweden – 3.5% |
| |||||||
7,557 | AAK AB (Consumer Staples) | 166,806 | ||||||
10,283 | AddTech AB, Class B (Industrials) | 227,574 | ||||||
12,139 | Alfa Laval AB (Industrials) | 457,172 | ||||||
41,793 | Assa Abloy AB, Class B (Industrials) | 1,193,111 | ||||||
108,974 | Atlas Copco AB, Class A (Industrials) | 1,893,034 | ||||||
64,745 | Atlas Copco AB, Class B (Industrials) | 968,911 | ||||||
5,100 | Avanza Bank Holding AB (Financials)(a) | 112,178 | ||||||
4,666 | Axfood AB (Consumer Staples) | 130,500 | ||||||
16,075 | Beijer Ref AB (Industrials) | 226,193 | ||||||
11,572 | Boliden AB (Materials) | 293,397 | ||||||
17,496 | Castellum AB (Real Estate)* | 209,835 | ||||||
8,997 | Electrolux AB, Class B (Consumer Discretionary)* | 77,037 | ||||||
14,912 | Elekta AB, Class B (Health Care)(a) | 107,998 | ||||||
34,981 | Embracer Group AB (Communication Services)*(a) | 62,068 | ||||||
26,741 | Epiroc AB, Class A (Industrials) | 485,204 | ||||||
16,220 | Epiroc AB, Class B (Industrials) | 267,735 | ||||||
22,518 | EQT AB (Financials) | 659,385 | ||||||
25,945 | Essity AB, Class B (Consumer Staples) | 606,034 | ||||||
7,694 | Evolution AB (Consumer Discretionary)(b) | 997,418 | ||||||
9,554 | Fabege AB (Real Estate) | 78,150 | ||||||
28,295 | Fastighets AB Balder, Class B (Real Estate)* | 175,828 | ||||||
9,365 | Getinge AB, Class B (Health Care) | 185,717 | ||||||
26,366 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 357,902 | ||||||
83,032 | Hexagon AB, Class B (Information Technology) | 973,760 | ||||||
3,902 | Holmen AB, Class B (Materials) | 156,797 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Sweden – (continued) |
| |||||||
16,519 | Husqvarna AB, Class B (Industrials) | $ | 127,491 | |||||
6,683 | Industrivarden AB, Class A (Financials) | 228,182 | ||||||
5,560 | Industrivarden AB, Class C (Financials) | 189,301 | ||||||
11,497 | Indutrade AB (Industrials) | 304,440 | ||||||
5,791 | Investment AB Latour, Class B (Industrials) | 146,965 | ||||||
20,642 | Investor AB, Class A (Financials) | 512,287 | ||||||
78,079 | Investor AB, Class B (Financials) | 1,964,906 | ||||||
10,233 | Kinnevik AB, Class B (Financials)* | 108,437 | ||||||
1,938 | L E Lundbergforetagen AB, Class B (Financials) | 105,446 | ||||||
9,692 | Lifco AB, Class B (Industrials) | 258,330 | ||||||
63,492 | Nibe Industrier AB, Class B (Industrials) | 354,538 | ||||||
3,309 | Saab AB, Class B (Industrials) | 261,076 | ||||||
8,748 | Sagax AB, Class B (Real Estate) | 207,045 | ||||||
45,046 | Sandvik AB (Industrials) | 1,013,894 | ||||||
21,619 | Securitas AB, Class B (Industrials) | 232,644 | ||||||
68,255 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 1,014,513 | ||||||
14,256 | Skanska AB, Class B (Industrials) | 263,147 | ||||||
16,052 | SKF AB, Class B (Industrials) | 350,284 | ||||||
9,483 | SSAB AB, Class A (Materials) | 74,233 | ||||||
27,294 | SSAB AB, Class B (Materials) | 213,869 | ||||||
25,710 | Svenska Cellulosa AB SCA, Class B (Materials) | 364,377 | ||||||
63,038 | Svenska Handelsbanken AB, Class A (Financials) | 754,206 | ||||||
1,521 | Svenska Handelsbanken AB, Class B (Financials) | 22,637 | ||||||
7,787 | Sweco AB, Class B (Industrials) | 83,082 | ||||||
42,891 | Swedbank AB, Class A (Financials) | 942,591 | ||||||
10,007 | Swedish Orphan Biovitrum AB (Health Care)* | 246,223 | ||||||
23,781 | Tele2 AB, Class B (Communication Services) | 199,764 | ||||||
125,271 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 680,746 | ||||||
97,041 | Telia Co. AB (Communication Services) | 231,361 | ||||||
4,548 | Thule Group AB (Consumer Discretionary)(b) | 123,727 | ||||||
9,011 | Trelleborg AB, Class B (Industrials) | 327,524 | ||||||
8,181 | Volvo AB, Class A (Industrials) | 228,334 | ||||||
64,252 | Volvo AB, Class B (Industrials) | 1,770,315 |
68 | 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) |
| |||||||
20,440 | Volvo Car AB, Class B (Consumer Discretionary)* | $ | 74,590 | |||||
|
| |||||||
25,050,249 | ||||||||
| ||||||||
Switzerland – 5.1% |
| |||||||
69,590 | ABB Ltd. (Industrials) | 3,218,108 | ||||||
21,154 | Alcon, Inc. (Health Care) | 1,806,096 | ||||||
22,864 | Cie Financiere Richemont SA (Consumer Discretionary) | 3,650,762 | ||||||
11,315 | DSM-Firmenich AG (Materials) | 1,212,209 | ||||||
1,422 | Geberit AG (Industrials) | 828,766 | ||||||
396 | Givaudan SA (Materials) | 1,667,108 | ||||||
2,205 | Kuehne + Nagel International AG (Industrials) | 745,225 | ||||||
3,188 | Lonza Group AG (Health Care) | 1,672,655 | ||||||
86,664 | Novartis AG (Health Care) | 8,807,633 | ||||||
927 | Partners Group Holding AG (Financials) | 1,335,941 | ||||||
855 | Schindler Holding AG (Industrials) | 218,277 | ||||||
1,747 | Schindler Holding AG Participation Certificates (Industrials) | 462,071 | ||||||
6,387 | SGS SA (Industrials) | 615,090 | ||||||
6,592 | Sika AG (Materials) | 1,912,732 | ||||||
4,585 | Straumann Holding AG (Health Care) | 726,893 | ||||||
1,209 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 286,409 | ||||||
2,268 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 104,185 | ||||||
1,090 | Swisscom AG (Communication Services) | 625,616 | ||||||
129,187 | UBS Group AG (Financials) | 3,698,602 | ||||||
6,244 | Zurich Insurance Group AG (Financials) | 3,332,781 | ||||||
|
| |||||||
36,927,159 | ||||||||
| ||||||||
United Kingdom – 10.6% |
| |||||||
40,591 | 3i Group PLC (Financials) | 1,267,210 | ||||||
10,195 | Admiral Group PLC (Financials) | 343,812 | ||||||
12,789 | Allfunds Group PLC (Financials) | 90,788 | ||||||
18,825 | Ashtead Group PLC (Industrials) | 1,352,561 | ||||||
14,891 | Associated British Foods PLC (Consumer Staples) | 428,151 | ||||||
64,946 | AstraZeneca PLC (Health Care) | 8,201,384 | ||||||
39,238 | Auto Trader Group PLC (Communication Services)(b) | 367,491 | ||||||
117,783 | Aviva PLC (Financials) | 664,941 | ||||||
40,116 | B&M European Value Retail SA (Consumer Discretionary) | 266,816 | ||||||
131,244 | BAE Systems PLC (Industrials) | 2,061,934 | ||||||
654,420 | Barclays PLC (Financials) | 1,361,415 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United Kingdom – (continued) |
| |||||||
41,876 | Barratt Developments PLC (Consumer Discretionary) | $ | 247,110 | |||||
4,507 | Berkeley Group Holdings PLC (Consumer Discretionary) | 264,704 | ||||||
671,979 | BP PLC (Energy) | 3,916,044 | ||||||
88,255 | British American Tobacco PLC (Consumer Staples) | 2,617,917 | ||||||
271,305 | BT Group PLC (Communication Services) | 358,459 | ||||||
14,464 | Bunzl PLC (Industrials) | 576,881 | ||||||
15,934 | Burberry Group PLC (Consumer Discretionary) | 259,001 | ||||||
240,576 | Centrica PLC (Utilities) | 382,983 | ||||||
114,318 | CK Hutchison Holdings Ltd. (Industrials) | 580,439 | ||||||
8,735 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 599,483 | ||||||
74,606 | Compass Group PLC (Consumer Discretionary) | 2,047,893 | ||||||
71,008 | ConvaTec Group PLC (Health Care)(b) | 221,141 | ||||||
6,001 | Croda International PLC (Materials) | 361,786 | ||||||
4,256 | DCC PLC (Industrials) | 302,345 | ||||||
96,677 | Diageo PLC (Consumer Staples) | 3,622,279 | ||||||
57,432 | DS Smith PLC (Materials) | 234,001 | ||||||
27,478 | Entain PLC (Consumer Discretionary) | 317,343 | ||||||
16,234 | Halma PLC (Information Technology) | 472,721 | ||||||
15,219 | Hargreaves Lansdown PLC (Financials) | 140,226 | ||||||
835,270 | HSBC Holdings PLC (Financials) | 6,492,657 | ||||||
35,800 | Imperial Brands PLC (Consumer Staples) | 771,887 | ||||||
60,262 | Informa PLC (Communication Services) | 617,603 | ||||||
6,898 | InterContinental Hotels Group PLC (Consumer Discretionary) | 731,208 | ||||||
12,437 | Intermediate Capital Group PLC (Financials) | 302,923 | ||||||
79,669 | International Consolidated Airlines Group SA ADR (Industrials)* | 293,979 | ||||||
6,927 | Intertek Group PLC (Industrials) | 404,994 | ||||||
75,605 | J Sainsbury PLC (Consumer Staples) | 238,709 | ||||||
107,511 | JD Sports Fashion PLC (Consumer Discretionary) | 160,339 | ||||||
81,636 | Kingfisher PLC (Consumer Discretionary) | 242,158 | ||||||
29,534 | Land Securities Group PLC REIT (Real Estate) | 231,477 | ||||||
255,548 | Legal & General Group PLC (Financials) | 782,602 |
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
| Shares | Description | Value | |||||
Common Stocks – (continued) |
| |||||||
United Kingdom – (continued) |
| |||||||
2,767,996 | Lloyds Banking Group PLC (Financials) | $ | 1,630,592 | |||||
18,176 | London Stock Exchange Group PLC (Financials) | 2,040,748 | ||||||
95,953 | M&G PLC (Financials) | 272,732 | ||||||
57,582 | Melrose Industries PLC (Industrials) | 462,524 | ||||||
158,454 | National Grid PLC (Utilities) | 2,079,529 | ||||||
235,822 | NatWest Group PLC (Financials) | 713,243 | ||||||
5,141 | Next PLC (Consumer Discretionary) | 540,669 | ||||||
25,370 | Ocado Group PLC (Consumer Staples)* | 164,117 | ||||||
30,785 | Pearson PLC (Consumer Discretionary) | 374,072 | ||||||
13,739 | Persimmon PLC (Consumer Discretionary) | 236,965 | ||||||
32,205 | Phoenix Group Holdings PLC (Financials) | 202,589 | ||||||
30,792 | Reckitt Benckiser Group PLC (Consumer Staples) | 1,946,739 | ||||||
81,279 | RELX PLC (Industrials) | 3,558,391 | ||||||
107,894 | Rentokil Initial PLC (Industrials) | 598,195 | ||||||
35,013 | Rightmove PLC (Communication Services) | 250,946 | ||||||
362,322 | Rolls-Royce Holdings PLC (Industrials)* | 1,691,657 | ||||||
43,924 | Sage Group PLC (The) (Information Technology) | 691,465 | ||||||
37,874 | Schroders PLC (Financials) | 188,425 | ||||||
50,055 | Segro PLC REIT (Real Estate) | 535,283 | ||||||
11,358 | Severn Trent PLC (Utilities) | 359,183 | ||||||
37,592 | Smith & Nephew PLC (Health Care) | 494,779 | ||||||
15,061 | Smiths Group PLC (Industrials) | 306,347 | ||||||
3,161 | Spirax-Sarco Engineering PLC (Industrials) | 412,846 | ||||||
46,926 | SSE PLC (Utilities) | 964,882 | ||||||
23,565 | St James’s Place PLC (Financials) | 149,937 | ||||||
94,961 | Standard Chartered PLC (Financials) | 801,928 | ||||||
151,905 | Taylor Wimpey PLC (Consumer Discretionary) | 264,882 | ||||||
307,138 | Tesco PLC (Consumer Staples) | 1,083,178 | ||||||
108,060 | Unilever PLC (Consumer Staples) | 5,285,142 | ||||||
29,352 | United Utilities Group PLC (Utilities) | 380,571 | ||||||
1,048,663 | Vodafone Group PLC (Communication Services) | 916,882 | ||||||
11,172 | Weir Group PLC (The) (Industrials) | 259,040 | ||||||
8,358 | Whitbread PLC (Consumer Discretionary) | 349,208 |
| Shares | Description | Value | |||||
Common Stocks – (continued) |
| |||||||
United Kingdom – (continued) |
| |||||||
25,216 | Wise PLC, Class A (Financials)* | $ | 292,751 | |||||
46,196 | WPP PLC (Communication Services) | 413,257 | ||||||
|
| |||||||
76,113,489 | ||||||||
| ||||||||
United States – 6.9% |
| |||||||
20,797 | CSL Ltd. (Health Care) | 3,876,254 | ||||||
1,733 | CyberArk Software Ltd. (Information Technology)* | 457,096 | ||||||
39,554 | Experian PLC (Industrials) | 1,693,646 | ||||||
20,275 | Ferrovial SE (Industrials) | 760,242 | ||||||
176,194 | GSK PLC (Health Care) | 3,710,007 | ||||||
218,857 | Haleon PLC (Consumer Staples) | 917,597 | ||||||
22,062 | Holcim AG (Materials)* | 1,806,451 | ||||||
3,504 | ICON PLC (Health Care)* | 1,123,453 | ||||||
3,092 | Inmode Ltd. (Health Care)* | 68,024 | ||||||
18,940 | James Hardie Industries PLC CDI (Materials)* | 749,217 | ||||||
1,132 | Monday.com Ltd. (Information Technology)* | 252,447 | ||||||
115,585 | Nestle SA (Consumer Staples) | 12,044,835 | ||||||
1,233 | Roche Holding AG (Health Care) | 343,624 | ||||||
30,451 | Roche Holding AG (Health Care) | 8,021,247 | ||||||
47,933 | Sanofi SA (Health Care) | 4,558,917 | ||||||
23,339 | Schneider Electric SE (Industrials) | 5,298,773 | ||||||
93,797 | Stellantis NV (Consumer Discretionary) | 2,449,762 | ||||||
12,431 | Swiss Re AG (Financials) | 1,504,906 | ||||||
19,835 | Tenaris SA (Energy) | 352,446 | ||||||
|
| |||||||
49,988,944 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $643,278,832) | 715,372,517 | |||||||
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 0.4% |
| |||||||||
Germany – 0.4% |
| |||||||||
2,527 | Bayerische Motoren Werke AG (Consumer Discretionary) | 8.33% | 277,014 | |||||||
4,907 | Dr. Ing hc F Porsche AG (Consumer Discretionary)(b) | 1.16 | 458,475 | |||||||
7,094 | Henkel AG & Co. KGaA (Consumer Staples) | 2.66 | 533,997 |
70 | 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) |
| |||||||||||
6,597 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.18 | % | $ | 352,521 | |||||||
1,058 | Sartorius AG (Health Care) | 0.41 | 400,491 | |||||||||
7,881 | Volkswagen AG (Consumer Discretionary) | 7.00 | 1,068,953 | |||||||||
|
| |||||||||||
3,091,451 | ||||||||||||
| ||||||||||||
Spain – 0.0% |
| |||||||||||
11,254 | Grifols SA, Class B (Health Care)* | 0.00 | 62,537 | |||||||||
| ||||||||||||
TOTAL PREFERRED STOCKS (Cost $3,435,269) |
| 3,153,988 | ||||||||||
|
| Shares | Dividend Rate | Value | |||||
Investment Company – 0.3%(d) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
2,040,168 | 5.195% | 2,040,168 | ||||||
(Cost $2,040,168) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $648,754,269) | 720,566,673 | |||||||
| ||||||||
Securities Lending Reinvestment Vehicle – 0.6%(d) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
4,091,567 | 5.219% | 4,091,567 | ||||||
(Cost $4,091,567) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.3% (Cost $652,845,836) | $ | 724,658,240 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (1,808,034 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 722,850,206 | ||||||
|
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. | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
CVA | —Dutch Certification | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SDR | —Swedish Depositary Receipt | |
|
Sector Name | % of Market Value | |||
Financials | 18.5 | % | ||
Industrials | 17.0 | |||
Health Care | 12.6 | |||
Consumer Discretionary | 12.3 | |||
Information Technology | 9.5 | |||
Consumer Staples | 8.7 | |||
Materials | 6.8 | |||
Communication Services | 4.4 | |||
Energy | 4.0 | |||
Utilities | 3.0 | |||
Real Estate | 2.3 | |||
Investment Company | 0.3 | |||
Securities Lending Reinvestment Vehicle | 0.6 | |||
TOTAL INVESTMENTS | 100.0 | % |
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| ||||||||||||||||
Long position contracts: | ||||||||||||||||
MSCI EAFE E-Mini Index | 25 | 03/15/24 | $ | 2,859,875 | $ | 126,170 | ||||||||||
|
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.9% |
| |||||||
Communication Services – 10.5% |
| |||||||
75,171 | Alphabet, Inc., Class A* | $ | 10,408,176 | |||||
63,492 | Alphabet, Inc., Class C* | 8,874,912 | ||||||
2,065 | Charter Communications, Inc., Class A* | 606,966 | ||||||
2,145 | Iridium Communications, Inc. | 62,098 | ||||||
390 | Liberty Broadband Corp., Class C* | 23,470 | ||||||
585 | Live Nation Entertainment, Inc.* | 56,733 | ||||||
4,680 | Match Group, Inc.* | 168,667 | ||||||
37,817 | Meta Platforms, Inc., Class A | 18,535,246 | ||||||
8,839 | Netflix, Inc.* | 5,329,210 | ||||||
195 | Nexstar Media Group, Inc. | 32,403 | ||||||
11,982 | Pinterest, Inc., Class A* | 439,739 | ||||||
389 | Playtika Holding Corp.* | 2,883 | ||||||
9,504 | ROBLOX Corp., Class A* | 379,210 | ||||||
195 | Roku, Inc.* | 12,320 | ||||||
2,872 | Spotify Technology SA* | 736,410 | ||||||
1,170 | TKO Group Holdings, Inc. | 97,964 | ||||||
9,018 | Trade Desk, Inc. (The), Class A* | 770,408 | ||||||
3,120 | ZoomInfo Technologies, Inc.* | 52,291 | ||||||
|
| |||||||
46,589,106 | ||||||||
| ||||||||
Consumer Discretionary – 15.3% |
| |||||||
8,303 | Airbnb, Inc., Class A* | 1,307,473 | ||||||
114,648 | Amazon.com, Inc.* | 20,265,180 | ||||||
297 | AutoZone, Inc.* | 892,788 | ||||||
585 | Best Buy Co., Inc. | 47,315 | ||||||
733 | Booking Holdings, Inc.* | 2,542,652 | ||||||
195 | Bright Horizons Family Solutions, Inc.* | 22,398 | ||||||
195 | Brunswick Corp. | 17,043 | ||||||
1,324 | Burlington Stores, Inc.* | 271,552 | ||||||
1,560 | Caesars Entertainment, Inc.* | 67,813 | ||||||
195 | CarMax, Inc.* | 15,405 | ||||||
195 | Cava Group, Inc.* | 11,390 | ||||||
563 | Chipotle Mexican Grill, Inc.* | 1,513,778 | ||||||
585 | Choice Hotels International, Inc. | 65,485 | ||||||
1,365 | Churchill Downs, Inc. | 166,353 | ||||||
22,423 | Coupang, Inc. (South Korea)* | 415,274 | ||||||
1,170 | Crocs, Inc.* | 143,033 | ||||||
1,168 | Darden Restaurants, Inc. | 199,389 | ||||||
538 | Deckers Outdoor Corp.* | 481,827 | ||||||
193 | Dick’s Sporting Goods, Inc. | 34,333 | ||||||
666 | Domino’s Pizza, Inc. | 298,601 | ||||||
4,902 | DoorDash, Inc., Class A* | 610,642 | ||||||
8,555 | DraftKings, Inc., Class A* | 370,603 | ||||||
585 | eBay, Inc. | 27,659 | ||||||
1,365 | Etsy, Inc.* | 97,857 | ||||||
1,950 | Expedia Group, Inc.* | 266,799 | ||||||
1,123 | Five Below, Inc.* | 225,364 | ||||||
2,130 | Floor & Decor Holdings, Inc., Class A* | 257,986 | ||||||
195 | Grand Canyon Education, Inc.* | 26,286 | ||||||
1,755 | H&R Block, Inc. | 85,907 | ||||||
2,336 | Hilton Worldwide Holdings, Inc. | 477,292 | ||||||
20,483 | Home Depot, Inc. (The) | 7,796,035 | ||||||
7,032 | Las Vegas Sands Corp. | 383,385 | ||||||
8,674 | Lowe’s Cos., Inc. | 2,087,572 | ||||||
2,280 | Lululemon Athletica, Inc.* | 1,064,965 |
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) |
| |||||||
4,992 | Marriott International, Inc., Class A | $ | 1,247,351 | |||||
6,172 | McDonald’s Corp. | 1,803,952 | ||||||
390 | Murphy USA, Inc. | 162,634 | ||||||
12,984 | NIKE, Inc., Class B | 1,349,427 | ||||||
1,950 | Norwegian Cruise Line Holdings Ltd.* | 37,811 | ||||||
5 | NVR, Inc.* | 38,128 | ||||||
390 | Ollie’s Bargain Outlet Holdings, Inc.* | 31,266 | ||||||
1,024 | O’Reilly Automotive, Inc.* | 1,113,518 | ||||||
6,041 | Peloton Interactive, Inc., Class A* | 27,305 | ||||||
780 | Planet Fitness, Inc., Class A* | 48,399 | ||||||
780 | Pool Corp. | 310,534 | ||||||
1 | RH* | 274 | ||||||
6,415 | Ross Stores, Inc. | 955,578 | ||||||
1,365 | Royal Caribbean Cruises Ltd.* | 168,373 | ||||||
975 | Service Corp. International | 71,360 | ||||||
195 | Skechers USA, Inc., Class A* | 12,053 | ||||||
23,109 | Starbucks Corp. | 2,193,044 | ||||||
195 | Tapestry, Inc. | 9,268 | ||||||
585 | Tempur Sealy International, Inc. | 31,865 | ||||||
56,509 | Tesla, Inc.* | 11,408,037 | ||||||
1,368 | Texas Roadhouse, Inc. | 204,338 | ||||||
23,587 | TJX Cos., Inc. (The) | 2,338,415 | ||||||
1 | TopBuild Corp.* | 402 | ||||||
2,245 | Tractor Supply Co. | 570,948 | ||||||
585 | Travel + Leisure Co. | 26,144 | ||||||
975 | Ulta Beauty, Inc.* | 534,846 | ||||||
780 | Valvoline, Inc.* | 33,259 | ||||||
585 | Victoria’s Secret & Co.* | 16,708 | ||||||
585 | Wayfair, Inc., Class A* | 34,866 | ||||||
3,315 | Wendy’s Co. (The) | 60,035 | ||||||
195 | Williams-Sonoma, Inc. | 45,928 | ||||||
585 | Wingstop, Inc. | 205,364 | ||||||
195 | Wyndham Hotels & Resorts, Inc. | 14,927 | ||||||
195 | Wynn Resorts Ltd. | 20,514 | ||||||
1,560 | YETI Holdings, Inc.* | 64,022 | ||||||
5,040 | Yum! Brands, Inc. | 697,637 | ||||||
|
| |||||||
68,445,964 | ||||||||
| ||||||||
Consumer Staples – 4.8% |
| |||||||
585 | Albertsons Cos., Inc., Class A | 11,864 | ||||||
780 | BJ’s Wholesale Club Holdings, Inc.* | 56,971 | ||||||
195 | Boston Beer Co., Inc. (The), Class A* | 60,087 | ||||||
780 | Brown-Forman Corp., Class A | 46,753 | ||||||
2,730 | Brown-Forman Corp., Class B | 164,428 | ||||||
113 | Casey’s General Stores, Inc. | 34,407 | ||||||
2,730 | Celsius Holdings, Inc.* | 222,822 | ||||||
4,480 | Church & Dwight Co., Inc. | 448,538 | ||||||
2,531 | Clorox Co. (The) | 388,028 | ||||||
39,564 | Coca-Cola Co. (The) | 2,374,631 | ||||||
390 | Constellation Brands, Inc., Class A | 96,923 | ||||||
9,077 | Costco Wholesale Corp. | 6,752,289 | ||||||
4,485 | Dollar General Corp. | 651,715 |
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – (continued) |
| |||||||
1,365 | Estee Lauder Cos., Inc. (The), Class A | $ | 202,812 | |||||
195 | Freshpet, Inc.* | 22,041 | ||||||
2,279 | Hershey Co. (The) | 428,270 | ||||||
11,115 | Kenvue, Inc. | 211,185 | ||||||
6,488 | Kimberly-Clark Corp. | 786,151 | ||||||
2,804 | Lamb Weston Holdings, Inc. | 286,597 | ||||||
15,231 | Monster Beverage Corp.* | 900,152 | ||||||
19,496 | PepsiCo, Inc. | 3,223,469 | ||||||
1,365 | Performance Food Group Co.* | 104,791 | ||||||
9,069 | Procter & Gamble Co. (The) | 1,441,427 | ||||||
10,395 | Sysco Corp. | 841,683 | ||||||
9,417 | Target Corp. | 1,440,048 | ||||||
|
| |||||||
21,198,082 | ||||||||
| ||||||||
Energy – 0.5% |
| |||||||
2,145 | Antero Midstream Corp. | 28,743 | ||||||
5,070 | APA Corp. | 151,035 | ||||||
4,904 | Cheniere Energy, Inc. | 761,101 | ||||||
3,315 | Halliburton Co. | 116,257 | ||||||
3,172 | Hess Corp. | 462,319 | ||||||
1,170 | New Fortress Energy, Inc. | 41,126 | ||||||
585 | ONEOK, Inc. | 43,945 | ||||||
2,145 | Ovintiv, Inc. | 105,985 | ||||||
4,522 | Targa Resources Corp. | 444,241 | ||||||
117 | Texas Pacific Land Corp. | 184,324 | ||||||
|
| |||||||
2,339,076 | ||||||||
| ||||||||
Financials – 7.5% |
| |||||||
3,897 | American Express Co. | 855,080 | ||||||
2,102 | Ameriprise Financial, Inc. | 856,271 | ||||||
10,681 | Apollo Global Management, Inc. | 1,194,136 | ||||||
975 | Arch Capital Group Ltd.* | 85,400 | ||||||
3,341 | Ares Management Corp., Class A | 443,117 | ||||||
195 | Arthur J Gallagher & Co. | 47,566 | ||||||
14,594 | Blackstone, Inc. | 1,865,405 | ||||||
4,127 | Block, Inc.* | 327,973 | ||||||
1,170 | Blue Owl Capital, Inc. | 21,013 | ||||||
195 | Brighthouse Financial, Inc.* | 9,077 | ||||||
1,755 | Brown & Brown, Inc. | 147,789 | ||||||
6,630 | Equitable Holdings, Inc. | 227,011 | ||||||
390 | Euronet Worldwide, Inc.* | 42,682 | ||||||
121 | Everest Group Ltd. | 44,634 | ||||||
780 | FactSet Research Systems, Inc. | 360,812 | ||||||
23 | First Citizens BancShares, Inc., Class A | 36,198 | ||||||
3,353 | Fiserv, Inc.* | 500,502 | ||||||
1,363 | FleetCor Technologies, Inc.* | 380,645 | ||||||
390 | Jack Henry & Associates, Inc. | 67,770 | ||||||
444 | Kinsale Capital Group, Inc. | 229,184 | ||||||
3,340 | KKR & Co., Inc. | 328,188 | ||||||
390 | Lincoln National Corp. | 10,741 | ||||||
1,560 | LPL Financial Holdings, Inc. | 417,908 | ||||||
778 | MarketAxess Holdings, Inc. | 166,033 | ||||||
8,122 | Marsh & McLennan Cos., Inc. | 1,642,837 | ||||||
17,003 | Mastercard, Inc., Class A | 8,072,344 | ||||||
2,962 | Moody’s Corp. | 1,123,842 | ||||||
583 | Morningstar, Inc. | 174,078 | ||||||
779 | MSCI, Inc. | 436,996 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
32,772 | NU Holdings Ltd., Class A (Brazil)* | $ | 363,114 | |||||
20,376 | PayPal Holdings, Inc.* | 1,229,488 | ||||||
468 | Primerica, Inc. | 114,782 | ||||||
8,965 | Progressive Corp. (The) | 1,699,405 | ||||||
195 | RenaissanceRe Holdings Ltd. (Bermuda) | 43,840 | ||||||
195 | RLI Corp. | 28,558 | ||||||
780 | Rocket Cos., Inc., Class A* | 9,797 | ||||||
1,755 | Ryan Specialty Holdings, Inc.* | 91,927 | ||||||
583 | S&P Global, Inc. | 249,745 | ||||||
975 | Shift4 Payments, Inc., Class A* | 80,164 | ||||||
1,755 | SLM Corp. | 36,557 | ||||||
6,630 | Toast, Inc., Class A* | 152,490 | ||||||
390 | TPG, Inc. | 17,296 | ||||||
780 | Tradeweb Markets, Inc., Class A | 82,540 | ||||||
584 | UWM Holdings Corp. | 3,726 | ||||||
32,672 | Visa, Inc., Class A | 9,234,414 | ||||||
975 | Western Union Co. (The) | 13,075 | ||||||
390 | WEX, Inc.* | 85,695 | ||||||
195 | Willis Towers Watson PLC | 53,159 | ||||||
585 | XP, Inc., Class A (Brazil) | 13,829 | ||||||
|
| |||||||
33,718,833 | ||||||||
| ||||||||
Health Care – 12.5% |
| |||||||
1,755 | 10X Genomics, Inc., Class A* | 81,853 | ||||||
2,145 | Abbott Laboratories | 254,483 | ||||||
36,138 | AbbVie, Inc. | 6,362,095 | ||||||
4,863 | Agilent Technologies, Inc. | 667,982 | ||||||
4,875 | agilon health, Inc.* | 29,884 | ||||||
1,558 | Align Technology, Inc.* | 471,170 | ||||||
1,950 | Alnylam Pharmaceuticals, Inc.* | 294,626 | ||||||
7,438 | Amgen, Inc. | 2,036,748 | ||||||
1,950 | Apellis Pharmaceuticals, Inc.* | 120,842 | ||||||
390 | BioMarin Pharmaceutical, Inc.* | 33,649 | ||||||
2,730 | Bio-Techne Corp. | 200,846 | ||||||
1,950 | Bruker Corp. | 168,753 | ||||||
2,535 | Cardinal Health, Inc. | 283,869 | ||||||
3,309 | Cencora, Inc. | 779,600 | ||||||
780 | Certara, Inc.* | 13,166 | ||||||
195 | Chemed Corp. | 122,095 | ||||||
390 | Cigna Group (The) | 131,095 | ||||||
975 | DaVita, Inc.* | 123,796 | ||||||
7,920 | Dexcom, Inc.* | 911,354 | ||||||
975 | Doximity, Inc., Class A* | 27,524 | ||||||
12,326 | Edwards Lifesciences Corp.* | 1,046,108 | ||||||
643 | Elevance Health, Inc. | 322,304 | ||||||
17,333 | Eli Lilly & Co. | 13,063,535 | ||||||
195 | Encompass Health Corp. | 14,508 | ||||||
1,170 | Exact Sciences Corp.* | 67,310 | ||||||
4,485 | Exelixis, Inc.* | 98,222 | ||||||
585 | GE HealthCare Technologies, Inc. | 53,399 | ||||||
585 | Globus Medical, Inc., Class A* | 31,584 | ||||||
780 | HCA Healthcare, Inc. | 243,126 | ||||||
1,113 | Humana, Inc. | 389,906 | ||||||
196 | ICON PLC* | 62,842 | ||||||
1,688 | IDEXX Laboratories, Inc.* | 970,988 | ||||||
975 | Illumina, Inc.* | 136,334 |
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
2,535 | Incyte Corp.* | $ | 147,943 | |||||
585 | Inspire Medical Systems, Inc.* | 104,738 | ||||||
1,365 | Insulet Corp.* | 223,860 | ||||||
7,155 | Intuitive Surgical, Inc.* | 2,758,968 | ||||||
2,340 | Ionis Pharmaceuticals, Inc.* | 105,791 | ||||||
3,455 | IQVIA Holdings, Inc.* | 853,938 | ||||||
585 | Jazz Pharmaceuticals PLC* | 69,556 | ||||||
648 | Karuna Therapeutics, Inc.* | 203,453 | ||||||
1,176 | Maravai LifeSciences Holdings, Inc., Class A* | 9,090 | ||||||
780 | Masimo Corp.* | 100,261 | ||||||
1,054 | McKesson Corp. | 549,566 | ||||||
473 | Medpace Holdings, Inc.* | 188,027 | ||||||
9,571 | Merck & Co., Inc. | 1,216,953 | ||||||
444 | Mettler-Toledo International, Inc.* | 553,766 | ||||||
641 | Molina Healthcare, Inc.* | 252,496 | ||||||
1,950 | Natera, Inc.* | 168,656 | ||||||
1,976 | Neurocrine Biosciences, Inc.* | 257,670 | ||||||
1,950 | Novocure Ltd.* | 29,854 | ||||||
778 | Penumbra, Inc.* | 182,768 | ||||||
132 | Regeneron Pharmaceuticals, Inc.* | 127,524 | ||||||
505 | Repligen Corp.* | 97,965 | ||||||
2,970 | ResMed, Inc. | 515,948 | ||||||
6,240 | Roivant Sciences Ltd.* | 71,386 | ||||||
1,755 | Sarepta Therapeutics, Inc.* | 224,465 | ||||||
778 | Shockwave Medical, Inc.* | 202,957 | ||||||
1,365 | Sotera Health Co.* | 20,489 | ||||||
1,852 | Stryker Corp. | 646,478 | ||||||
195 | Tandem Diabetes Care, Inc.* | 5,193 | ||||||
4,867 | Thermo Fisher Scientific, Inc. | 2,775,066 | ||||||
1,365 | Ultragenyx Pharmaceutical, Inc.* | 70,598 | ||||||
16,009 | UnitedHealth Group, Inc. | 7,902,042 | ||||||
2,963 | Veeva Systems, Inc., Class A* | 668,186 | ||||||
4,829 | Vertex Pharmaceuticals, Inc.* | 2,031,753 | ||||||
1,170 | Waters Corp.* | 394,781 | ||||||
1,516 | West Pharmaceutical Services, Inc. | 543,274 | ||||||
9,482 | Zoetis, Inc. | 1,880,565 | ||||||
|
| |||||||
55,771,620 | ||||||||
| ||||||||
Industrials – 6.8% |
| |||||||
195 | A O Smith Corp. | 16,165 | ||||||
1,365 | Advanced Drainage Systems, Inc. | 222,823 | ||||||
1,560 | Allegion PLC | 199,477 | ||||||
195 | Allison Transmission Holdings, Inc. | 14,689 | ||||||
4,485 | American Airlines Group, Inc.* | 70,325 | ||||||
195 | Armstrong World Industries, Inc. | 23,519 | ||||||
7,265 | Automatic Data Processing, Inc. | 1,824,459 | ||||||
195 | Avis Budget Group, Inc. | 21,068 | ||||||
1,437 | Axon Enterprise, Inc.* | 441,691 | ||||||
1,558 | Boeing Co. (The)* | 317,396 | ||||||
2,535 | Booz Allen Hamilton Holding Corp. | 374,445 | ||||||
1,948 | Broadridge Financial Solutions, Inc. | 396,574 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
390 | BWX Technologies, Inc. | $ | 39,324 | |||||
1,755 | C.H. Robinson Worldwide, Inc. | 130,010 | ||||||
7,835 | Caterpillar, Inc. | 2,616,577 | ||||||
5,819 | ChargePoint Holdings, Inc.*(a) | 12,045 | ||||||
1,578 | Cintas Corp. | 991,947 | ||||||
17,562 | Copart, Inc.* | 933,420 | ||||||
4,095 | CSX Corp. | 155,364 | ||||||
195 | Dayforce, Inc.* | 13,603 | ||||||
5,075 | Deere & Co. | 1,852,629 | ||||||
585 | Delta Air Lines, Inc. | 24,728 | ||||||
975 | Donaldson Co., Inc. | 69,829 | ||||||
390 | EMCOR Group, Inc. | 122,273 | ||||||
1,727 | Equifax, Inc. | 472,490 | ||||||
390 | Expeditors International of Washington, Inc. | 46,644 | ||||||
8,755 | Fastenal Co. | 639,203 | ||||||
195 | Ferguson PLC | 41,233 | ||||||
195 | FTI Consulting, Inc.* | 40,342 | ||||||
780 | Genpact Ltd. | 26,520 | ||||||
1,365 | Graco, Inc. | 124,570 | ||||||
780 | HEICO Corp. | 150,852 | ||||||
1,498 | HEICO Corp., Class A | 233,074 | ||||||
1,753 | Honeywell International, Inc. | 348,374 | ||||||
503 | Hubbell, Inc. | 191,477 | ||||||
195 | IDEX Corp. | 46,001 | ||||||
4,999 | Illinois Tool Works, Inc. | 1,310,488 | ||||||
390 | J.B. Hunt Transport Services, Inc. | 80,461 | ||||||
975 | KBR, Inc. | 58,529 | ||||||
585 | Landstar System, Inc. | 111,267 | ||||||
1,064 | Lincoln Electric Holdings, Inc. | 273,022 | ||||||
4,535 | Lockheed Martin Corp. | 1,942,068 | ||||||
6,240 | Lyft, Inc., Class A* | 99,091 | ||||||
195 | MSA Safety, Inc. | 35,909 | ||||||
195 | Northrop Grumman Corp. | 89,899 | ||||||
1,883 | Old Dominion Freight Line, Inc. | 833,190 | ||||||
390 | Otis Worldwide Corp. | 37,167 | ||||||
6,597 | Paychex, Inc. | 808,924 | ||||||
975 | Paycom Software, Inc. | 177,830 | ||||||
390 | Paycor HCM, Inc.* | 8,237 | ||||||
780 | Paylocity Holding Corp.* | 131,516 | ||||||
780 | Quanta Services, Inc. | 188,378 | ||||||
2,846 | RB Global, Inc. (Canada) | 216,040 | ||||||
2,351 | Rockwell Automation, Inc. | 670,223 | ||||||
4,875 | Rollins, Inc. | 214,841 | ||||||
57 | Saia, Inc.* | 32,798 | ||||||
197 | SiteOne Landscape Supply, Inc.* | 33,191 | ||||||
195 | Spirit AeroSystems Holdings, Inc., Class A* | 5,577 | ||||||
195 | Tetra Tech, Inc. | 34,577 | ||||||
1,950 | Toro Co. (The) | 180,004 | ||||||
1,363 | Trane Technologies PLC | 384,325 | ||||||
195 | TransDigm Group, Inc. | 229,659 | ||||||
2,219 | Trex Co., Inc.* | 203,615 | ||||||
40,305 | Uber Technologies, Inc.* | 3,204,247 | ||||||
780 | U-Haul Holding Co. | 49,585 | ||||||
5,340 | Union Pacific Corp. | 1,354,705 | ||||||
4,108 | United Parcel Service, Inc., Class B | 609,052 |
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
264 | United Rentals, Inc. | $ | 183,023 | |||||
2,921 | Verisk Analytics, Inc. | 706,590 | ||||||
390 | Vertiv Holdings Co., Class A | 26,372 | ||||||
907 | W.W. Grainger, Inc. | 882,928 | ||||||
7,483 | Waste Management, Inc. | 1,538,879 | ||||||
195 | Watsco, Inc. | 76,853 | ||||||
975 | WillScot Mobile Mini Holdings Corp.* | 46,556 | ||||||
585 | Xylem, Inc. | 74,324 | ||||||
|
| |||||||
30,389,100 | ||||||||
| ||||||||
Information Technology – 40.2% |
| |||||||
12,938 | Accenture PLC, Class A | 4,848,904 | ||||||
9,383 | Adobe, Inc.* | 5,257,107 | ||||||
18,680 | Advanced Micro Devices, Inc.* | 3,596,460 | ||||||
1,365 | Allegro MicroSystems, Inc. (Japan)* | 42,984 | ||||||
1,170 | Alteryx, Inc., Class A* | 56,207 | ||||||
6,006 | Amphenol Corp., Class A | 656,095 | ||||||
1,469 | ANSYS, Inc.* | 490,896 | ||||||
190,186 | Apple, Inc. | 34,376,120 | ||||||
14,458 | Applied Materials, Inc. | 2,915,022 | ||||||
975 | AppLovin Corp., Class A* | 58,227 | ||||||
5,131 | Arista Networks, Inc.* | 1,424,058 | ||||||
3,171 | Atlassian Corp., Class A* | 657,729 | ||||||
4,403 | Autodesk, Inc.* | 1,136,723 | ||||||
3,315 | Bentley Systems, Inc., Class B | 170,292 | ||||||
8,827 | Broadcom, Inc. | 11,479,425 | ||||||
5,532 | Cadence Design Systems, Inc.* | 1,683,830 | ||||||
2,533 | CDW Corp. | 623,650 | ||||||
5,952 | Cloudflare, Inc., Class A* | 586,510 | ||||||
3,510 | Confluent, Inc., Class A* | 118,884 | ||||||
4,366 | Crowdstrike Holdings, Inc., Class A* | 1,415,239 | ||||||
5,592 | Datadog, Inc., Class A* | 735,124 | ||||||
4,137 | DocuSign, Inc.* | 220,378 | ||||||
2,535 | DoubleVerify Holdings, Inc.* | 78,306 | ||||||
4,290 | Dropbox, Inc., Class A* | 102,746 | ||||||
4,918 | Dynatrace, Inc.* | 243,687 | ||||||
1,559 | Elastic NV* | 208,610 | ||||||
2,724 | Enphase Energy, Inc.* | 345,975 | ||||||
195 | Entegris, Inc. | 26,200 | ||||||
1,168 | EPAM Systems, Inc.* | 355,539 | ||||||
500 | Fair Isaac Corp.* | 634,955 | ||||||
1,365 | Five9, Inc.* | 83,265 | ||||||
13,446 | Fortinet, Inc.* | 929,253 | ||||||
1,571 | Gartner, Inc.* | 731,395 | ||||||
1,560 | Gen Digital, Inc. | 33,524 | ||||||
1,560 | Gitlab, Inc., Class A* | 112,507 | ||||||
780 | Globant SA* | 174,073 | ||||||
1,755 | GoDaddy, Inc., Class A* | 200,333 | ||||||
1,170 | HashiCorp, Inc., Class A* | 30,502 | ||||||
3,315 | HP, Inc. | 93,914 | ||||||
936 | HubSpot, Inc.* | 579,206 | ||||||
5,597 | Intuit, Inc. | 3,710,195 | ||||||
1,560 | Jabil, Inc. | 224,780 | ||||||
973 | Keysight Technologies, Inc.* | 150,134 | ||||||
2,806 | KLA Corp. | 1,914,534 | ||||||
2,552 | Lam Research Corp. | 2,394,414 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
2,535 | Lattice Semiconductor Corp.* | $ | 194,206 | |||||
1,257 | Manhattan Associates, Inc.* | 318,436 | ||||||
7,848 | Microchip Technology, Inc. | 660,331 | ||||||
93,274 | Microsoft Corp. | 38,581,857 | ||||||
1,369 | MongoDB, Inc.* | 612,737 | ||||||
942 | Monolithic Power Systems, Inc. | 678,278 | ||||||
3,112 | Motorola Solutions, Inc. | 1,028,174 | ||||||
195 | nCino, Inc.* | 5,819 | ||||||
1,560 | NetApp, Inc. | 139,027 | ||||||
975 | Nutanix, Inc., Class A* | 61,581 | ||||||
34,157 | NVIDIA Corp. | 27,022,286 | ||||||
195 | Okta, Inc.* | 20,923 | ||||||
12,989 | Oracle Corp. | 1,450,612 | ||||||
38,987 | Palantir Technologies, Inc., Class A* | 977,794 | ||||||
6,175 | Palo Alto Networks, Inc.* | 1,917,646 | ||||||
780 | Pegasystems, Inc. | 50,731 | ||||||
1,560 | Procore Technologies, Inc.* | 121,727 | ||||||
1,170 | PTC, Inc.* | 214,122 | ||||||
4,095 | Pure Storage, Inc., Class A* | 215,602 | ||||||
19,922 | QUALCOMM, Inc. | 3,143,492 | ||||||
1,560 | RingCentral, Inc., Class A* | 52,135 | ||||||
14,616 | Salesforce, Inc.* | 4,513,713 | ||||||
585 | SentinelOne, Inc., Class A* | 16,479 | ||||||
4,167 | ServiceNow, Inc.* | 3,214,174 | ||||||
2,340 | Smartsheet, Inc., Class A* | 98,771 | ||||||
6,436 | Snowflake, Inc., Class A* | 1,211,770 | ||||||
3,180 | Splunk, Inc.* | 496,780 | ||||||
3,111 | Synopsys, Inc.* | 1,784,874 | ||||||
1,950 | Teradata Corp.* | 73,359 | ||||||
2,631 | Teradyne, Inc. | 272,545 | ||||||
7,586 | Texas Instruments, Inc. | 1,269,365 | ||||||
585 | Twilio, Inc., Class A* | 34,860 | ||||||
641 | Tyler Technologies, Inc.* | 280,207 | ||||||
5,460 | UiPath, Inc., Class A* | 129,675 | ||||||
2,145 | Unity Software, Inc.* | 62,891 | ||||||
390 | Universal Display Corp. | 68,024 | ||||||
2 | VeriSign, Inc.* | 391 | ||||||
975 | Vontier Corp. | 41,925 | ||||||
4,109 | Workday, Inc., Class A* | 1,210,758 | ||||||
195 | Zebra Technologies Corp., Class A* | 54,499 | ||||||
1,754 | Zscaler, Inc.* | 424,415 | ||||||
|
| |||||||
178,634,902 | ||||||||
| ||||||||
Materials – 0.8% |
| |||||||
2,679 | Ardagh Metal Packaging SA | 8,787 | ||||||
585 | Avery Dennison Corp. | 126,670 | ||||||
390 | Axalta Coating Systems Ltd.* | 12,765 | ||||||
390 | Eagle Materials, Inc. | 98,884 | ||||||
3,955 | Ecolab, Inc. | 889,242 | ||||||
390 | FMC Corp. | 21,992 | ||||||
2,882 | Ginkgo Bioworks Holdings, Inc.*(a) | 4,381 | ||||||
3,120 | Graphic Packaging Holding Co. | 80,964 | ||||||
935 | Linde PLC | 419,647 | ||||||
1,170 | PPG Industries, Inc. | 165,672 | ||||||
390 | RPM International, Inc. | 44,986 | ||||||
780 | Scotts Miracle-Gro Co. (The) | 51,246 |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 GROWTH EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – (continued) |
| |||||||
1,560 | Sealed Air Corp. | $ | 54,397 | |||||
4,058 | Sherwin-Williams Co. (The) | 1,347,378 | ||||||
1,560 | Southern Copper Corp. (Mexico) | 126,142 | ||||||
585 | Vulcan Materials Co. | 155,522 | ||||||
|
| |||||||
3,608,675 | ||||||||
| ||||||||
Real Estate – 1.0% |
| |||||||
9,535 | American Tower Corp. REIT | 1,896,130 | ||||||
3,556 | CoStar Group, Inc.* | 309,479 | ||||||
780 | Crown Castle, Inc. REIT | 85,753 | ||||||
960 | Equinix, Inc. REIT | 853,267 | ||||||
1,170 | Equity LifeStyle Properties, Inc. REIT | 78,765 | ||||||
2,730 | Iron Mountain, Inc. REIT | 214,687 | ||||||
1,364 | Lamar Advertising Co., Class A REIT | 150,790 | ||||||
1,867 | Public Storage REIT | 529,985 | ||||||
195 | SBA Communications Corp. REIT | 40,800 | ||||||
1,365 | Simon Property Group, Inc. REIT | 202,211 | ||||||
585 | Sun Communities, Inc. REIT | 78,250 | ||||||
390 | UDR, Inc. REIT | 13,845 | ||||||
|
| |||||||
4,453,962 | ||||||||
| ||||||||
Utilities – 0.0% |
| |||||||
7,605 | AES Corp. (The) | 115,596 | ||||||
1,950 | Vistra Corp. | 106,353 | ||||||
|
| |||||||
221,949 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $412,004,673) | 445,371,269 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.0%(b) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
76,423 | 5.195% | 76,423 | ||||||
(Cost $76,423) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $412,081,096) | 445,447,692 | |||||||
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.0%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
6,529 | 5.219% | $ | 6,529 | |||||
(Cost $6,529) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.9% (Cost $412,087,625) | $ | 445,454,221 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 271,003 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 445,725,224 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.6% |
| |||||||
Communication Services – 4.6% |
| |||||||
969 | AMC Entertainment Holdings, Inc., Class A* | $ | 4,186 | |||||
121,815 | AT&T, Inc. | 2,062,328 | ||||||
1 | Cable One, Inc. | 456 | ||||||
67,798 | Comcast Corp., Class A | 2,905,144 | ||||||
4,522 | Electronic Arts, Inc. | 630,729 | ||||||
4,522 | Fox Corp., Class A | 134,711 | ||||||
2,261 | Fox Corp., Class B | 61,906 | ||||||
4,199 | Frontier Communications Parent, Inc.* | 99,432 | ||||||
1,292 | IAC, Inc.* | 73,386 | ||||||
6,460 | Interpublic Group of Cos., Inc. (The) | 202,844 | ||||||
323 | Liberty Broadband Corp., Class A* | 19,428 | ||||||
1,615 | Liberty Broadband Corp., Class C* | 97,191 | ||||||
323 | Liberty Media Corp.-Liberty Formula One, Class A* | 21,172 | ||||||
3,230 | Liberty Media Corp.-Liberty Formula One, Class C* | 235,015 | ||||||
323 | Liberty Media Corp.-Liberty Live, Class A* | 12,464 | ||||||
646 | Liberty Media Corp.-Liberty Live, Class C* | 25,724 | ||||||
2,584 | Liberty Media Corp.-Liberty SiriusXM* | 74,884 | ||||||
1,292 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 37,649 | ||||||
1,938 | Live Nation Entertainment, Inc.* | 187,947 | ||||||
323 | Madison Square Garden Sports Corp.* | 60,785 | ||||||
323 | Match Group, Inc.* | 11,641 | ||||||
2,584 | New York Times Co. (The), Class A | 114,420 | ||||||
6,460 | News Corp., Class A | 173,645 | ||||||
1,938 | News Corp., Class B | 54,244 | ||||||
323 | Nexstar Media Group, Inc. | 53,673 | ||||||
3,230 | Omnicom Group, Inc. | 285,500 | ||||||
9,690 | Paramount Global, Class B | 106,978 | ||||||
1,938 | Roku, Inc.* | 122,443 | ||||||
10,952 | Sirius XM Holdings, Inc. | 48,408 | ||||||
2,907 | Take-Two Interactive Software, Inc.* | 427,126 | ||||||
9,042 | T-Mobile US, Inc. | 1,476,559 | ||||||
1,938 | TripAdvisor, Inc.* | 51,977 | ||||||
71,558 | Verizon Communications, Inc. | 2,863,751 | ||||||
30,956 | Walt Disney Co. (The) | 3,454,070 | ||||||
37,400 | Warner Bros Discovery, Inc.* | 328,746 | ||||||
2,584 | ZoomInfo Technologies, Inc.* | 43,308 | ||||||
|
| |||||||
16,563,870 | ||||||||
| ||||||||
Consumer Discretionary – 5.0% |
| |||||||
3,553 | ADT, Inc. | 25,795 | ||||||
969 | Advance Auto Parts, Inc. | 65,446 | ||||||
4,522 | Aptiv PLC* | 359,454 | ||||||
3,876 | Aramark | 117,559 | ||||||
644 | AutoNation, Inc.* | 96,471 | ||||||
1 | AutoZone, Inc.* | 3,006 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Discretionary – (continued) |
| |||||||
3,876 | Bath & Body Works, Inc. | $ | 177,133 | |||||
2,907 | Best Buy Co., Inc. | 235,118 | ||||||
3,876 | BorgWarner, Inc. | 120,660 | ||||||
1,292 | Boyd Gaming Corp. | 85,440 | ||||||
969 | Bright Horizons Family Solutions, Inc.* | 111,299 | ||||||
969 | Brunswick Corp. | 84,691 | ||||||
1,938 | Caesars Entertainment, Inc.* | 84,245 | ||||||
1,938 | Capri Holdings Ltd.* | 89,400 | ||||||
2,584 | CarMax, Inc.* | 204,136 | ||||||
16,754 | Carnival Corp.* | 265,718 | ||||||
646 | Carter’s, Inc. | 52,294 | ||||||
646 | Columbia Sportswear Co. | 53,418 | ||||||
5,168 | D.R. Horton, Inc. | 772,306 | ||||||
969 | Darden Restaurants, Inc. | 165,418 | ||||||
969 | Dick’s Sporting Goods, Inc. | 172,375 | ||||||
969 | DoorDash, Inc., Class A* | 120,708 | ||||||
8,398 | eBay, Inc. | 397,057 | ||||||
969 | Etsy, Inc.* | 69,468 | ||||||
646 | Expedia Group, Inc.* | 88,386 | ||||||
66,789 | Ford Motor Co. | 830,855 | ||||||
4,522 | GameStop Corp., Class A* | 64,529 | ||||||
3,230 | Gap, Inc. (The) | 61,176 | ||||||
2,584 | Garmin Ltd. | 354,912 | ||||||
23,214 | General Motors Co. | 951,310 | ||||||
3,876 | Gentex Corp. | 141,590 | ||||||
2,261 | Genuine Parts Co. | 337,477 | ||||||
323 | Grand Canyon Education, Inc.* | 43,540 | ||||||
969 | H&R Block, Inc. | 47,433 | ||||||
2,261 | Harley-Davidson, Inc. | 82,006 | ||||||
2,261 | Hasbro, Inc. | 113,706 | ||||||
2,261 | Hilton Worldwide Holdings, Inc. | 461,968 | ||||||
646 | Hyatt Hotels Corp., Class A | 99,219 | ||||||
1,938 | Kohl’s Corp. | 54,012 | ||||||
323 | Las Vegas Sands Corp. | 17,610 | ||||||
969 | Lear Corp. | 133,092 | ||||||
2,261 | Leggett & Platt, Inc. | 46,170 | ||||||
4,199 | Lennar Corp., Class A | 665,583 | ||||||
323 | Lennar Corp., Class B | 47,601 | ||||||
644 | Lithia Motors, Inc. | 192,595 | ||||||
4,522 | LKQ Corp. | 236,455 | ||||||
2,584 | Lowe’s Cos., Inc. | 621,891 | ||||||
12,681 | Lucid Group, Inc.* | 41,847 | ||||||
4,522 | Macy’s, Inc. | 78,864 | ||||||
646 | Marriott Vacations Worldwide Corp. | 60,201 | ||||||
5,814 | Mattel, Inc.* | 114,536 | ||||||
7,427 | McDonald’s Corp. | 2,170,764 | ||||||
4,845 | MGM Resorts International* | 209,692 | ||||||
1,292 | Mister Car Wash, Inc.* | 10,711 | ||||||
969 | Mohawk Industries, Inc.* | 114,943 | ||||||
6,460 | Newell Brands, Inc. | 48,450 | ||||||
9,367 | NIKE, Inc., Class B | 973,512 | ||||||
1,938 | Nordstrom, Inc. | 40,640 | ||||||
5,491 | Norwegian Cruise Line Holdings Ltd.* | 106,470 | ||||||
54 | NVR, Inc.* | 411,781 |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Discretionary – (continued) |
| |||||||
646 | Ollie’s Bargain Outlet Holdings, Inc.* | $ | 51,790 | |||||
2 | O’Reilly Automotive, Inc.* | 2,175 | ||||||
2,584 | Penn Entertainment, Inc.* | 47,287 | ||||||
323 | Penske Automotive Group, Inc. | 49,581 | ||||||
1,376 | Petco Health & Wellness Co., Inc.* | 3,578 | ||||||
646 | Phinia, Inc. | 22,106 | ||||||
646 | Planet Fitness, Inc., Class A* | 40,084 | ||||||
969 | Polaris, Inc. | 89,836 | ||||||
3,553 | PulteGroup, Inc. | 385,074 | ||||||
969 | PVH Corp. | 132,433 | ||||||
4,845 | QuantumScape Corp.* | 30,378 | ||||||
646 | Ralph Lauren Corp. | 120,104 | ||||||
322 | RH* | 88,357 | ||||||
11,305 | Rivian Automotive, Inc., Class A* | 127,973 | ||||||
323 | Ross Stores, Inc. | 48,114 | ||||||
2,907 | Royal Caribbean Cruises Ltd.* | 358,578 | ||||||
1,615 | Service Corp. International | 118,202 | ||||||
1,938 | Skechers USA, Inc., Class A* | 119,788 | ||||||
3,876 | Tapestry, Inc. | 184,226 | ||||||
2,261 | Tempur Sealy International, Inc. | 123,157 | ||||||
969 | Thor Industries, Inc. | 124,206 | ||||||
1,938 | Toll Brothers, Inc. | 222,172 | ||||||
644 | TopBuild Corp.* | 259,133 | ||||||
646 | Travel + Leisure Co. | 28,870 | ||||||
3,230 | Under Armour, Inc., Class A* | 28,941 | ||||||
3,553 | Under Armour, Inc., Class C* | 30,342 | ||||||
646 | Vail Resorts, Inc. | 148,780 | ||||||
1,938 | Valvoline, Inc.* | 82,636 | ||||||
5,814 | VF Corp. | 95,001 | ||||||
646 | Victoria’s Secret & Co.* | 18,450 | ||||||
969 | Wayfair, Inc., Class A* | 57,752 | ||||||
969 | Whirlpool Corp. | 104,061 | ||||||
969 | Williams-Sonoma, Inc. | 228,229 | ||||||
1,292 | Wyndham Hotels & Resorts, Inc. | 98,903 | ||||||
1,615 | Wynn Resorts Ltd. | 169,898 | ||||||
646 | Yum! Brands, Inc. | 89,419 | ||||||
|
| |||||||
17,933,756 | ||||||||
| ||||||||
Consumer Staples – 7.8% |
| |||||||
6,460 | Albertsons Cos., Inc., Class A | 131,009 | ||||||
30,310 | Altria Group, Inc. | 1,239,982 | ||||||
9,044 | Archer-Daniels-Midland Co. | 480,327 | ||||||
1,615 | BJ’s Wholesale Club Holdings, Inc.* | 117,960 | ||||||
323 | Brown-Forman Corp., Class A | 19,361 | ||||||
646 | Brown-Forman Corp., Class B | 38,908 | ||||||
2,584 | Bunge Global SA | 243,852 | ||||||
3,230 | Campbell Soup Co. | 137,727 | ||||||
645 | Casey’s General Stores, Inc. | 196,396 | ||||||
323 | Church & Dwight Co., Inc. | 32,339 | ||||||
33,217 | Coca-Cola Co. (The) | 1,993,684 | ||||||
13,847 | Colgate-Palmolive Co. | 1,198,042 | ||||||
8,075 | Conagra Brands, Inc. | 226,746 | ||||||
2,582 | Constellation Brands, Inc., Class A | 641,679 | ||||||
6,137 | Coty, Inc., Class A* | 77,081 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – (continued) |
| |||||||
2,584 | Darling Ingredients, Inc.* | $ | 109,329 | |||||
3,553 | Dollar Tree, Inc.* | 521,154 | ||||||
2,584 | Estee Lauder Cos., Inc. (The), Class A | 383,931 | ||||||
3,230 | Flowers Foods, Inc. | 72,417 | ||||||
646 | Freshpet, Inc.* | 73,017 | ||||||
10,013 | General Mills, Inc. | 642,634 | ||||||
1,615 | Grocery Outlet Holding Corp.* | 41,651 | ||||||
646 | Hershey Co. (The) | 121,396 | ||||||
4,845 | Hormel Foods Corp. | 171,125 | ||||||
969 | Ingredion, Inc. | 113,983 | ||||||
1,615 | J M Smucker Co. (The) | 194,075 | ||||||
4,522 | Kellanova | 249,388 | ||||||
19,338 | Kenvue, Inc. | 367,422 | ||||||
16,108 | Keurig Dr Pepper, Inc. | 481,790 | ||||||
323 | Kimberly-Clark Corp. | 39,138 | ||||||
13,524 | Kraft Heinz Co. (The) | 477,127 | ||||||
10,982 | Kroger Co. (The) | 544,817 | ||||||
4,199 | McCormick & Co., Inc. | 289,143 | ||||||
2,907 | Molson Coors Beverage Co., Class B | 181,455 | ||||||
22,891 | Mondelez International, Inc., Class A | 1,672,645 | ||||||
2,488 | Olaplex Holdings, Inc.* | 4,628 | ||||||
7,106 | PepsiCo, Inc. | 1,174,906 | ||||||
1,292 | Performance Food Group Co.* | 99,187 | ||||||
26,434 | Philip Morris International, Inc. | 2,378,003 | ||||||
646 | Pilgrim’s Pride Corp.* | 20,569 | ||||||
969 | Post Holdings, Inc.* | 100,931 | ||||||
32,248 | Procter & Gamble Co. (The) | 5,125,497 | ||||||
969 | Reynolds Consumer Products, Inc. | 28,586 | ||||||
646 | Spectrum Brands Holdings, Inc. | 51,951 | ||||||
4,845 | Tyson Foods, Inc., Class A | 262,793 | ||||||
3,876 | US Foods Holding Corp.* | 196,862 | ||||||
12,232 | Walgreens Boots Alliance, Inc. | 260,052 | ||||||
72,633 | Walmart, Inc. | 4,257,020 | ||||||
969 | WK Kellogg Co. | 14,186 | ||||||
|
| |||||||
27,497,901 | ||||||||
| ||||||||
Energy – 7.6% |
| |||||||
3,876 | Antero Midstream Corp. | 51,938 | ||||||
4,845 | Antero Resources Corp.* | 124,517 | ||||||
646 | APA Corp. | 19,244 | ||||||
17,077 | Baker Hughes Co. | 505,308 | ||||||
2,261 | Chesapeake Energy Corp. | 187,166 | ||||||
29,013 | Chevron Corp. | 4,410,266 | ||||||
20,307 | ConocoPhillips | 2,285,350 | ||||||
12,555 | Coterra Energy, Inc. | 323,668 | ||||||
10,982 | Devon Energy Corp. | 483,867 | ||||||
2,908 | Diamondback Energy, Inc. | 530,768 | ||||||
1,615 | DT Midstream, Inc. | 93,073 | ||||||
10,013 | EOG Resources, Inc. | 1,146,088 | ||||||
6,137 | EQT Corp. | 227,990 | ||||||
68,769 | Exxon Mobil Corp. | 7,187,736 | ||||||
12,232 | Halliburton Co. | 428,976 | ||||||
1,938 | Hess Corp. | 282,464 | ||||||
2,261 | HF Sinclair Corp. | 125,486 | ||||||
33,201 | Kinder Morgan, Inc. | 577,365 |
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Energy – (continued) |
| |||||||
10,659 | Marathon Oil Corp. | $ | 258,481 | |||||
6,460 | Marathon Petroleum Corp. | 1,093,226 | ||||||
6,783 | NOV, Inc. | 114,633 | ||||||
11,951 | Occidental Petroleum Corp. | 724,350 | ||||||
9,366 | ONEOK, Inc. | 703,574 | ||||||
2,584 | Ovintiv, Inc. | 127,675 | ||||||
7,430 | Phillips 66 | 1,058,849 | ||||||
3,876 | Pioneer Natural Resources Co. | 911,596 | ||||||
3,876 | Range Resources Corp. | 122,559 | ||||||
24,173 | Schlumberger NV | 1,168,281 | ||||||
18,961 | Southwestern Energy Co.* | 132,158 | ||||||
7,429 | TechnipFMC PLC (United Kingdom) | 161,135 | ||||||
5,814 | Valero Energy Corp. | 822,448 | ||||||
20,630 | Williams Cos., Inc. (The) | 741,442 | ||||||
|
| |||||||
27,131,677 | ||||||||
| ||||||||
Financials – 22.4% |
| |||||||
646 | Affiliated Managers Group, Inc. | 100,976 | ||||||
3,553 | Affirm Holdings, Inc.* | 133,309 | ||||||
10,013 | Aflac, Inc. | 808,450 | ||||||
10,013 | AGNC Investment Corp. REIT | 95,724 | ||||||
4,522 | Allstate Corp. (The) | 721,349 | ||||||
4,522 | Ally Financial, Inc. | 167,269 | ||||||
6,781 | American Express Co. | 1,487,887 | ||||||
1,292 | American Financial Group, Inc. | 164,950 | ||||||
12,232 | American International Group, Inc. | 891,590 | ||||||
8,398 | Annaly Capital Management, Inc. REIT | 160,318 | ||||||
3,551 | Aon PLC, Class A | 1,122,080 | ||||||
5,168 | Arch Capital Group Ltd.* | 452,665 | ||||||
3,551 | Arthur J Gallagher & Co. | 866,195 | ||||||
969 | Assurant, Inc. | 175,825 | ||||||
969 | Assured Guaranty Ltd. | 88,760 | ||||||
1,292 | Axis Capital Holdings Ltd. | 80,840 | ||||||
117,292 | Bank of America Corp. | 4,048,920 | ||||||
13,201 | Bank of New York Mellon Corp. (The) | 740,444 | ||||||
1,938 | Bank OZK | 84,884 | ||||||
30,956 | Berkshire Hathaway, Inc., Class B* | 12,673,386 | ||||||
2,583 | BlackRock, Inc. | 2,095,691 | ||||||
5,814 | Block, Inc.* | 462,039 | ||||||
6,460 | Blue Owl Capital, Inc. | 116,022 | ||||||
323 | BOK Financial Corp. | 27,458 | ||||||
969 | Brighthouse Financial, Inc.* | 45,107 | ||||||
2,584 | Brown & Brown, Inc. | 217,599 | ||||||
6,460 | Capital One Financial Corp. | 888,961 | ||||||
3,553 | Carlyle Group, Inc. (The) | 162,905 | ||||||
1,936 | Cboe Global Markets, Inc. | 371,712 | ||||||
25,142 | Charles Schwab Corp. (The) | 1,678,983 | ||||||
6,784 | Chubb Ltd. | 1,707,329 | ||||||
2,584 | Cincinnati Financial Corp. | 294,576 | ||||||
32,569 | Citigroup, Inc. | 1,807,254 | ||||||
8,075 | Citizens Financial Group, Inc. | 253,474 | ||||||
6,137 | CME Group, Inc. | 1,352,288 | ||||||
323 | CNA Financial Corp. | 14,196 | ||||||
2,907 | Coinbase Global, Inc., Class A* | 591,749 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
3,553 | Columbia Banking System, Inc. | $ | 64,309 | |||||
2,261 | Comerica, Inc. | 111,648 | ||||||
1,939 | Commerce Bancshares, Inc. | 100,906 | ||||||
3,230 | Corebridge Financial, Inc. | 80,201 | ||||||
1 | Credit Acceptance Corp.* | 554 | ||||||
969 | Cullen/Frost Bankers, Inc. | 105,146 | ||||||
4,199 | Discover Financial Services | 506,819 | ||||||
2,261 | East West Bancorp, Inc. | 164,736 | ||||||
323 | Euronet Worldwide, Inc.* | 35,349 | ||||||
646 | Evercore, Inc., Class A | 120,854 | ||||||
646 | Everest Group Ltd. | 238,296 | ||||||
4,522 | Fidelity National Financial, Inc. | 228,723 | ||||||
10,013 | Fidelity National Information Services, Inc. | 692,799 | ||||||
11,628 | Fifth Third Bancorp | 399,305 | ||||||
1,615 | First American Financial Corp. | 94,332 | ||||||
136 | First Citizens BancShares, Inc., Class A | 214,038 | ||||||
2,261 | First Hawaiian, Inc. | 47,391 | ||||||
9,367 | First Horizon Corp. | 132,075 | ||||||
7,429 | Fiserv, Inc.* | 1,108,927 | ||||||
6,137 | FNB Corp. | 81,868 | ||||||
4,845 | Franklin Resources, Inc. | 132,995 | ||||||
4,520 | Global Payments, Inc. | 586,244 | ||||||
1,615 | Globe Life, Inc. | 204,992 | ||||||
5,490 | Goldman Sachs Group, Inc. (The)(a) | 2,135,885 | ||||||
646 | Hanover Insurance Group, Inc. (The) | 84,930 | ||||||
5,168 | Hartford Financial Services Group, Inc. (The) | 495,301 | ||||||
646 | Houlihan Lokey, Inc. | 83,114 | ||||||
24,496 | Huntington Bancshares, Inc. | 319,428 | ||||||
1,615 | Interactive Brokers Group, Inc., Class A | 175,583 | ||||||
9,690 | Intercontinental Exchange, Inc. | 1,341,290 | ||||||
6,137 | Invesco Ltd. | 94,571 | ||||||
967 | Jack Henry & Associates, Inc. | 168,036 | ||||||
2,261 | Janus Henderson Group PLC | 70,453 | ||||||
3,230 | Jefferies Financial Group, Inc. | 135,079 | ||||||
49,026 | JPMorgan Chase & Co. | 9,121,778 | ||||||
969 | Kemper Corp. | 55,553 | ||||||
15,785 | KeyCorp | 225,252 | ||||||
8,398 | KKR & Co., Inc. | 825,187 | ||||||
1,938 | Lazard, Inc. | 74,690 | ||||||
2,584 | Lincoln National Corp. | 71,163 | ||||||
3,230 | Loews Corp. | 242,670 | ||||||
2,907 | M&T Bank Corp. | 406,224 | ||||||
322 | Markel Group, Inc.* | 480,579 | ||||||
1,615 | Marsh & McLennan Cos., Inc. | 326,666 | ||||||
10,982 | MetLife, Inc. | 765,885 | ||||||
4,845 | MGIC Investment Corp. | 96,367 | ||||||
322 | Moody’s Corp. | 122,173 | ||||||
20,307 | Morgan Stanley | 1,747,214 | ||||||
646 | MSCI, Inc. | 362,387 | ||||||
5,814 | Nasdaq, Inc. | 326,747 | ||||||
969 | NCR Atleos Corp.* | 21,085 |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
11,909 | New York Community Bancorp, Inc. | $ | 57,044 | |||||
3,553 | Northern Trust Corp. | 291,808 | ||||||
12,232 | NU Holdings Ltd., Class A (Brazil)* | 135,531 | ||||||
4,522 | Old Republic International Corp. | 130,957 | ||||||
1,938 | OneMain Holdings, Inc. | 91,532 | ||||||
1,938 | PayPal Holdings, Inc.* | 116,939 | ||||||
1,292 | Pinnacle Financial Partners, Inc. | 106,874 | ||||||
6,783 | PNC Financial Services Group, Inc. (The) | 998,458 | ||||||
1,292 | Popular, Inc. (Puerto Rico) | 108,115 | ||||||
323 | Primerica, Inc. | 79,219 | ||||||
4,199 | Principal Financial Group, Inc. | 339,531 | ||||||
2,584 | Progressive Corp. (The) | 489,823 | ||||||
1,615 | Prosperity Bancshares, Inc. | 100,792 | ||||||
6,137 | Prudential Financial, Inc. | 668,872 | ||||||
3,230 | Raymond James Financial, Inc. | 388,634 | ||||||
15,785 | Regions Financial Corp. | 294,075 | ||||||
969 | Reinsurance Group of America, Inc. | 171,368 | ||||||
646 | RenaissanceRe Holdings Ltd. (Bermuda) | 145,234 | ||||||
8,075 | Rithm Capital Corp. REIT | 87,533 | ||||||
646 | RLI Corp. | 94,607 | ||||||
11,305 | Robinhood Markets, Inc., Class A* | 184,385 | ||||||
1,292 | Rocket Cos., Inc., Class A* | 16,228 | ||||||
5,166 | S&P Global, Inc. | 2,213,011 | ||||||
1,615 | SEI Investments Co. | 108,609 | ||||||
2,261 | SLM Corp. | 47,097 | ||||||
15,446 | SoFi Technologies, Inc.* | 138,705 | ||||||
4,845 | Starwood Property Trust, Inc. REIT | 98,790 | ||||||
5,491 | State Street Corp. | 404,851 | ||||||
1,615 | Stifel Financial Corp. | 122,514 | ||||||
7,106 | Synchrony Financial | 293,478 | ||||||
2,584 | Synovus Financial Corp. | 98,037 | ||||||
3,876 | T. Rowe Price Group, Inc. | 439,345 | ||||||
969 | TFS Financial Corp. | 12,355 | ||||||
646 | TPG, Inc. | 28,650 | ||||||
1,292 | Tradeweb Markets, Inc., Class A | 136,719 | ||||||
3,876 | Travelers Cos., Inc. (The) | 856,441 | ||||||
22,568 | Truist Financial Corp. | 789,429 | ||||||
3,230 | Unum Group | 159,723 | ||||||
25,788 | US Bancorp | 1,082,064 | ||||||
969 | UWM Holdings Corp. | 6,182 | ||||||
1,615 | Virtu Financial, Inc., Class A | 29,151 | ||||||
1,615 | Voya Financial, Inc. | 110,401 | ||||||
3,553 | W R Berkley Corp. | 297,031 | ||||||
2,907 | Webster Financial Corp. | 138,489 | ||||||
62,309 | Wells Fargo & Co. | 3,463,757 | ||||||
1,938 | Western Alliance Bancorp | 111,881 | ||||||
5,491 | Western Union Co. (The) | 73,634 | ||||||
323 | WEX, Inc.* | 70,973 | ||||||
1 | White Mountains Insurance Group Ltd. | 1,765 | ||||||
1,615 | Willis Towers Watson PLC | 440,265 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
969 | Wintrust Financial Corp. | $ | 93,363 | |||||
5,168 | XP, Inc., Class A (Brazil) | 122,171 | ||||||
2,584 | Zions Bancorp NA | 101,887 | ||||||
|
| |||||||
80,169,288 | ||||||||
| ||||||||
Health Care – 14.7% |
| |||||||
27,397 | Abbott Laboratories | 3,250,380 | ||||||
1,615 | Acadia Healthcare Co., Inc.* | 134,772 | ||||||
969 | Agilent Technologies, Inc. | 133,102 | ||||||
646 | agilon health, Inc.* | 3,960 | ||||||
323 | Alnylam Pharmaceuticals, Inc.* | 48,802 | ||||||
646 | Amedisys, Inc.* | 60,091 | ||||||
2,907 | Amgen, Inc. | 796,024 | ||||||
11,305 | Avantor, Inc.* | 278,555 | ||||||
969 | Azenta, Inc.* | 63,130 | ||||||
8,721 | Baxter International, Inc. | 356,863 | ||||||
4,845 | Becton Dickinson & Co. | 1,141,240 | ||||||
2,582 | Biogen, Inc.* | 560,268 | ||||||
2,907 | BioMarin Pharmaceutical, Inc.* | 250,816 | ||||||
323 | Bio-Rad Laboratories, Inc., Class A* | 105,259 | ||||||
24,818 | Boston Scientific Corp.* | 1,643,200 | ||||||
34,493 | Bristol-Myers Squibb Co. | 1,750,520 | ||||||
1,939 | Cardinal Health, Inc. | 217,129 | ||||||
2,907 | Catalent, Inc.* | 166,687 | ||||||
9,044 | Centene Corp.* | 709,321 | ||||||
1,292 | Certara, Inc.* | 21,809 | ||||||
969 | Charles River Laboratories International, Inc.* | 246,310 | ||||||
1 | Chemed Corp. | 626 | ||||||
4,522 | Cigna Group (The) | 1,520,025 | ||||||
3,868 | Cooper Cos., Inc. (The) | 362,045 | ||||||
21,599 | CVS Health Corp. | 1,606,318 | ||||||
11,303 | Danaher Corp. | 2,861,241 | ||||||
3,553 | DENTSPLY SIRONA, Inc. | 116,112 | ||||||
1,292 | Doximity, Inc., Class A* | 36,473 | ||||||
8,398 | Elanco Animal Health, Inc.* | 133,444 | ||||||
3,552 | Elevance Health, Inc. | 1,780,440 | ||||||
1,615 | Encompass Health Corp. | 120,156 | ||||||
969 | Enovis Corp.* | 57,956 | ||||||
2,907 | Envista Holdings Corp.* | 60,030 | ||||||
1,938 | Exact Sciences Corp.* | 111,493 | ||||||
1,292 | Exelixis, Inc.* | 28,295 | ||||||
1,615 | Fortrea Holdings, Inc.* | 60,627 | ||||||
6,137 | GE HealthCare Technologies, Inc. | 560,185 | ||||||
21,276 | Gilead Sciences, Inc. | 1,534,000 | ||||||
1,292 | Globus Medical, Inc., Class A* | 69,755 | ||||||
2,585 | HCA Healthcare, Inc. | 805,744 | ||||||
2,261 | Henry Schein, Inc.* | 172,899 | ||||||
4,199 | Hologic, Inc.* | 309,886 | ||||||
1,291 | Humana, Inc. | 452,263 | ||||||
1,291 | ICON PLC* | 413,920 | ||||||
323 | ICU Medical, Inc.* | 35,281 | ||||||
1,938 | Illumina, Inc.* | 270,991 | ||||||
969 | Incyte Corp.* | 56,551 | ||||||
1,292 | Integra LifeSciences Holdings Corp.* | 47,688 | ||||||
323 | Ionis Pharmaceuticals, Inc.* | 14,603 |
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
323 | IQVIA Holdings, Inc.* | $ | 79,833 | |||||
646 | Jazz Pharmaceuticals PLC* | 76,809 | ||||||
40,951 | Johnson & Johnson | 6,608,672 | ||||||
1,613 | Laboratory Corp. of America Holdings | 348,134 | ||||||
646 | Maravai LifeSciences Holdings, Inc., Class A* | 4,994 | ||||||
1,613 | McKesson Corp. | 841,034 | ||||||
22,568 | Medtronic PLC | 1,881,268 | ||||||
35,139 | Merck & Co., Inc. | 4,467,924 | ||||||
5,491 | Moderna, Inc.* | 506,490 | ||||||
644 | Molina Healthcare, Inc.* | 253,678 | ||||||
4,199 | Organon & Co. | 73,105 | ||||||
2,261 | Perrigo Co. PLC | 59,374 | ||||||
96,292 | Pfizer, Inc. | 2,557,515 | ||||||
1,938 | Premier, Inc., Class A | 40,427 | ||||||
3,735 | QIAGEN NV* | 159,821 | ||||||
1,938 | Quest Diagnostics, Inc. | 242,037 | ||||||
969 | QuidelOrtho Corp.* | 44,186 | ||||||
2,584 | R1 RCM, Inc.* | 36,305 | ||||||
1,615 | Regeneron Pharmaceuticals, Inc.* | 1,560,235 | ||||||
644 | Repligen Corp.* | 124,930 | ||||||
2,261 | Revvity, Inc. | 247,783 | ||||||
323 | Roivant Sciences Ltd.* | 3,695 | ||||||
6,137 | Royalty Pharma PLC, Class A | 186,197 | ||||||
646 | Sotera Health Co.* | 9,696 | ||||||
1,615 | STERIS PLC | 376,150 | ||||||
4,522 | Stryker Corp. | 1,578,495 | ||||||
969 | Tandem Diabetes Care, Inc.* | 25,804 | ||||||
2,907 | Teladoc Health, Inc.* | 43,838 | ||||||
967 | Teleflex, Inc. | 215,438 | ||||||
1,615 | Tenet Healthcare Corp.* | 150,195 | ||||||
2,583 | Thermo Fisher Scientific, Inc. | 1,472,775 | ||||||
646 | United Therapeutics Corp.* | 145,763 | ||||||
2,583 | UnitedHealth Group, Inc. | 1,274,969 | ||||||
969 | Universal Health Services, Inc., Class B | 161,881 | ||||||
324 | Vertex Pharmaceuticals, Inc.* | 136,320 | ||||||
20,307 | Viatris, Inc. | 251,198 | ||||||
3,553 | Zimmer Biomet Holdings, Inc. | 441,851 | ||||||
|
| |||||||
52,226,104 | ||||||||
| ||||||||
Industrials – 14.3% |
| |||||||
9,367 | 3M Co. | 862,888 | ||||||
1,938 | A O Smith Corp. | 160,660 | ||||||
646 | Acuity Brands, Inc. | 162,301 | ||||||
2,261 | AECOM | 200,845 | ||||||
969 | AGCO Corp. | 106,299 | ||||||
1,615 | Air Lease Corp. | 64,761 | ||||||
2,261 | Alaska Air Group, Inc.* | 84,539 | ||||||
1,292 | Allison Transmission Holdings, Inc. | 97,326 | ||||||
6,783 | American Airlines Group, Inc.* | 106,357 | ||||||
3,876 | AMETEK, Inc. | 698,378 | ||||||
646 | Armstrong World Industries, Inc. | 77,914 | ||||||
969 | Automatic Data Processing, Inc. | 243,345 | ||||||
323 | Avis Budget Group, Inc. | 34,897 | ||||||
2,261 | AZEK Co., Inc. (The)* | 108,777 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
8,075 | Boeing Co. (The)* | $ | 1,645,039 | |||||
323 | Broadridge Financial Solutions, Inc. | 65,756 | ||||||
2,259 | Builders FirstSource, Inc.* | 440,912 | ||||||
1,292 | BWX Technologies, Inc. | 130,272 | ||||||
323 | C.H. Robinson Worldwide, Inc. | 23,928 | ||||||
323 | CACI International, Inc., Class A* | 121,077 | ||||||
967 | Carlisle Cos., Inc. | 338,450 | ||||||
14,170 | Carrier Global Corp. | 787,569 | ||||||
2,260 | Caterpillar, Inc. | 754,750 | ||||||
2 | Cintas Corp. | 1,257 | ||||||
8,075 | Clarivate PLC* | 57,978 | ||||||
969 | Clean Harbors, Inc.* | 176,455 | ||||||
16,431 | CNH Industrial NV | 196,350 | ||||||
646 | Concentrix Corp. | 46,803 | ||||||
2,261 | Core & Main, Inc., Class A* | 107,918 | ||||||
969 | Crane Co. | 117,792 | ||||||
29,664 | CSX Corp. | 1,125,452 | ||||||
2,918 | Cummins, Inc. | 783,804 | ||||||
646 | Curtiss-Wright Corp. | 152,630 | ||||||
2,261 | Dayforce, Inc.* | 157,727 | ||||||
323 | Deere & Co. | 117,911 | ||||||
10,336 | Delta Air Lines, Inc. | 436,903 | ||||||
1,292 | Donaldson Co., Inc. | 92,533 | ||||||
2,261 | Dover Corp. | 373,924 | ||||||
969 | Driven Brands Holdings, Inc.* | 13,362 | ||||||
4,522 | Dun & Bradstreet Holdings, Inc. | 47,662 | ||||||
6,783 | Eaton Corp. PLC | 1,960,287 | ||||||
644 | EMCOR Group, Inc. | 201,907 | ||||||
9,690 | Emerson Electric Co. | 1,035,376 | ||||||
646 | Equifax, Inc. | 176,739 | ||||||
969 | Esab Corp. | 96,047 | ||||||
2,261 | Expeditors International of Washington, Inc. | 270,416 | ||||||
2,584 | Fastenal Co. | 188,658 | ||||||
3,876 | FedEx Corp. | 965,008 | ||||||
3,230 | Ferguson PLC | 682,983 | ||||||
2,261 | Flowserve Corp. | 95,686 | ||||||
6,137 | Fortive Corp. | 522,443 | ||||||
2,261 | Fortune Brands Innovations, Inc. | 183,910 | ||||||
644 | FTI Consulting, Inc.* | 133,231 | ||||||
1,938 | Gates Industrial Corp. PLC* | 28,527 | ||||||
969 | Generac Holdings, Inc.* | 109,022 | ||||||
4,198 | General Dynamics Corp. | 1,147,103 | ||||||
18,369 | General Electric Co. | 2,881,912 | ||||||
2,261 | Genpact Ltd. | 76,874 | ||||||
1,615 | Graco, Inc. | 147,385 | ||||||
1,938 | GXO Logistics, Inc.* | 100,311 | ||||||
2,261 | Hayward Holdings, Inc.* | 33,440 | ||||||
2,261 | Hertz Global Holdings, Inc.* | 17,749 | ||||||
1,292 | Hexcel Corp. | 96,202 | ||||||
10,011 | Honeywell International, Inc. | 1,989,486 | ||||||
6,460 | Howmet Aerospace, Inc. | 429,913 | ||||||
644 | Hubbell, Inc. | 245,151 | ||||||
646 | Huntington Ingalls Industries, Inc. | 188,387 | ||||||
1,292 | IDEX Corp. | 304,783 |
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
969 | Illinois Tool Works, Inc. | $ | 254,023 | |||||
6,783 | Ingersoll Rand, Inc. | 619,491 | ||||||
1,292 | ITT, Inc. | 162,973 | ||||||
1,290 | J.B. Hunt Transport Services, Inc. | 266,140 | ||||||
2,259 | Jacobs Solutions, Inc. | 331,282 | ||||||
11,628 | Johnson Controls International PLC | 689,192 | ||||||
1,615 | KBR, Inc. | 96,948 | ||||||
969 | Kirby Corp.* | 85,001 | ||||||
2,584 | Knight-Swift Transportation Holdings, Inc. | 145,583 | ||||||
3,230 | L3Harris Technologies, Inc. | 683,662 | ||||||
2 | Landstar System, Inc. | 380 | ||||||
2,261 | Leidos Holdings, Inc. | 289,091 | ||||||
645 | Lennox International, Inc. | 303,930 | ||||||
969 | ManpowerGroup, Inc. | 69,923 | ||||||
3,876 | Masco Corp. | 297,522 | ||||||
969 | MasTec, Inc.* | 73,121 | ||||||
3,553 | MDU Resources Group, Inc. | 77,029 | ||||||
969 | Mercury Systems, Inc.* | 28,944 | ||||||
969 | Middleby Corp. (The)* | 147,443 | ||||||
644 | MSA Safety, Inc. | 118,593 | ||||||
646 | MSC Industrial Direct Co., Inc., Class A | 65,207 | ||||||
969 | Nordson Corp. | 257,415 | ||||||
3,876 | Norfolk Southern Corp. | 982,101 | ||||||
2,261 | Northrop Grumman Corp. | 1,042,366 | ||||||
2,907 | nVent Electric PLC | 195,699 | ||||||
1 | Old Dominion Freight Line, Inc. | 442 | ||||||
969 | Oshkosh Corp. | 107,423 | ||||||
6,460 | Otis Worldwide Corp. | 615,638 | ||||||
1,615 | Owens Corning | 241,895 | ||||||
8,721 | PACCAR, Inc. | 967,072 | ||||||
2,260 | Parker-Hannifin Corp. | 1,210,117 | ||||||
646 | Paycor HCM, Inc.* | 13,644 | ||||||
2,907 | Pentair PLC | 226,136 | ||||||
9,002 | Plug Power, Inc.* | 31,777 | ||||||
1,936 | Quanta Services, Inc. | 467,563 | ||||||
646 | RB Global, Inc. (Canada) | 49,038 | ||||||
644 | RBC Bearings, Inc.* | 175,703 | ||||||
969 | Regal Rexnord Corp. | 166,174 | ||||||
3,553 | Republic Services, Inc. | 652,331 | ||||||
1,938 | Robert Half, Inc. | 155,815 | ||||||
24,504 | RTX Corp. | 2,197,274 | ||||||
646 | Ryder System, Inc. | 73,709 | ||||||
324 | Saia, Inc.* | 186,430 | ||||||
969 | Schneider National, Inc., Class B | 22,820 | ||||||
969 | Science Applications International Corp. | 135,621 | ||||||
2,584 | Sensata Technologies Holding PLC | 88,941 | ||||||
644 | SiteOne Landscape Supply, Inc.* | 108,501 | ||||||
968 | Snap-on, Inc. | 266,839 | ||||||
10,013 | Southwest Airlines Co. | 343,145 | ||||||
1,615 | Spirit AeroSystems Holdings, Inc., Class A* | 46,189 | ||||||
3,553 | SS&C Technologies Holdings, Inc. | 226,539 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
2,584 | Stanley Black & Decker, Inc. | $ | 230,725 | |||||
1,615 | Stericycle, Inc.* | 87,840 | ||||||
3,553 | Sunrun, Inc.* | 42,778 | ||||||
646 | Tetra Tech, Inc. | 114,549 | ||||||
3,230 | Textron, Inc. | 287,696 | ||||||
969 | Timken Co. (The) | 81,386 | ||||||
2,905 | Trane Technologies PLC | 819,123 | ||||||
647 | TransDigm Group, Inc. | 761,998 | ||||||
3,230 | TransUnion | 250,745 | ||||||
969 | U-Haul Holding Co. | 61,599 | ||||||
5,814 | Union Pacific Corp. | 1,474,954 | ||||||
5,491 | United Airlines Holdings, Inc.* | 249,786 | ||||||
9,042 | United Parcel Service, Inc., Class B | 1,340,567 | ||||||
968 | United Rentals, Inc. | 671,085 | ||||||
323 | Valmont Industries, Inc. | 68,453 | ||||||
3,876 | Veralto Corp. | 334,964 | ||||||
5,491 | Vertiv Holdings Co., Class A | 371,301 | ||||||
1,938 | Vestis Corp. | 36,357 | ||||||
646 | Waste Management, Inc. | 132,850 | ||||||
324 | Watsco, Inc. | 127,695 | ||||||
646 | WESCO International, Inc. | 96,571 | ||||||
2,907 | Westinghouse Air Brake Technologies Corp. | 410,730 | ||||||
2,584 | WillScot Mobile Mini Holdings Corp.* | 123,386 | ||||||
969 | Woodward, Inc. | 137,104 | ||||||
1,938 | XPO, Inc.* | 233,180 | ||||||
3,553 | Xylem, Inc. | 451,409 | ||||||
|
| |||||||
50,691,103 | ||||||||
| ||||||||
Information Technology – 9.3% |
| |||||||
11,628 | Advanced Micro Devices, Inc.* | 2,238,739 | ||||||
2,584 | Akamai Technologies, Inc.* | 286,617 | ||||||
1,938 | Amdocs Ltd. | 176,746 | ||||||
4,845 | Amphenol Corp., Class A | 529,268 | ||||||
8,399 | Analog Devices, Inc. | 1,611,096 | ||||||
322 | ANSYS, Inc.* | 107,603 | ||||||
2,261 | Applied Materials, Inc. | 455,863 | ||||||
2,584 | AppLovin Corp., Class A* | 154,316 | ||||||
969 | Arrow Electronics, Inc.* | 113,857 | ||||||
644 | Aspen Technology, Inc.* | 124,865 | ||||||
1,615 | Avnet, Inc. | 75,243 | ||||||
323 | Bentley Systems, Inc., Class B | 16,592 | ||||||
1,615 | BILL Holdings, Inc.* | 102,278 | ||||||
3,553 | CCC Intelligent Solutions Holdings, Inc.* | 41,606 | ||||||
2 | CDW Corp. | 492 | ||||||
2,584 | Ciena Corp.* | 147,236 | ||||||
969 | Cirrus Logic, Inc.* | 88,974 | ||||||
68,768 | Cisco Systems, Inc. | 3,326,308 | ||||||
2,907 | Cognex Corp. | 114,681 | ||||||
8,721 | Cognizant Technology Solutions Corp., Class A | 689,133 | ||||||
1,938 | Coherent Corp.* | 115,272 | ||||||
12,878 | Corning, Inc. | 415,187 | ||||||
969 | Crane NXT Co. | 56,609 | ||||||
969 | Dolby Laboratories, Inc., Class A | 78,489 | ||||||
646 | Dropbox, Inc., Class A* | 15,472 |
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
3,553 | DXC Technology Co.* | $ | 77,669 | |||||
2,261 | Entegris, Inc. | 303,788 | ||||||
969 | F5, Inc.* | 181,416 | ||||||
1,936 | First Solar, Inc.* | 297,931 | ||||||
8,075 | Gen Digital, Inc. | 173,532 | ||||||
1,292 | GLOBALFOUNDRIES, Inc.* | 70,634 | ||||||
969 | GoDaddy, Inc., Class A* | 110,611 | ||||||
1,292 | Guidewire Software, Inc.* | 154,187 | ||||||
646 | HashiCorp, Inc., Class A* | 16,841 | ||||||
21,922 | Hewlett Packard Enterprise Co. | 333,872 | ||||||
11,628 | HP, Inc. | 329,421 | ||||||
646 | Informatica, Inc., Class A* | 21,047 | ||||||
71,674 | Intel Corp. | 3,085,566 | ||||||
15,462 | International Business Machines | |||||||
Corp. | 2,860,934 | |||||||
646 | IPG Photonics Corp.* | 55,782 | ||||||
646 | Jabil, Inc. | 93,082 | ||||||
5,491 | Juniper Networks, Inc. | 203,332 | ||||||
2,261 | Keysight Technologies, Inc.* | 348,872 | ||||||
3,876 | Kyndryl Holdings, Inc.* | 85,156 | ||||||
1 | Lam Research Corp. | 938 | ||||||
323 | Littelfuse, Inc. | 76,952 | ||||||
1,292 | Lumentum Holdings, Inc.* | 62,623 | ||||||
14,493 | Marvell Technology, Inc. | 1,038,568 | ||||||
2,584 | Microchip Technology, Inc. | 217,418 | ||||||
18,369 | Micron Technology, Inc. | 1,664,415 | ||||||
969 | MKS Instruments, Inc. | 118,954 | ||||||
322 | Motorola Solutions, Inc. | 106,386 | ||||||
969 | nCino, Inc.* | 28,915 | ||||||
2,261 | NCR Voyix Corp.* | 33,033 | ||||||
2,261 | NetApp, Inc. | 201,500 | ||||||
2,907 | Nutanix, Inc., Class A* | 183,606 | ||||||
2,261 | Okta, Inc.* | 242,605 | ||||||
7,429 | ON Semiconductor Corp.* | 586,297 | ||||||
15,139 | Oracle Corp. | 1,690,724 | ||||||
969 | PTC, Inc.* | 177,337 | ||||||
969 | Pure Storage, Inc., Class A* | 51,018 | ||||||
1,615 | Qorvo, Inc.* | 184,998 | ||||||
2,582 | QUALCOMM, Inc. | 407,414 | ||||||
1,936 | Roper Technologies, Inc. | 1,054,597 | ||||||
3,876 | Salesforce, Inc.* | 1,196,986 | ||||||
3,230 | SentinelOne, Inc., Class A* | 90,989 | ||||||
2,584 | Skyworks Solutions, Inc. | 271,113 | ||||||
646 | TD SYNNEX Corp. | 67,119 | ||||||
967 | Teledyne Technologies, Inc.* | 413,170 | ||||||
323 | Teradyne, Inc. | 33,460 | ||||||
9,044 | Texas Instruments, Inc. | 1,513,333 | ||||||
4,199 | Trimble, Inc.* | 256,937 | ||||||
2,261 | Twilio, Inc., Class A* | 134,733 | ||||||
2 | Tyler Technologies, Inc.* | 874 | ||||||
1,615 | UiPath, Inc., Class A* | 38,356 | ||||||
2,907 | Unity Software, Inc.* | 85,233 | ||||||
323 | Universal Display Corp. | 56,338 | ||||||
1,613 | VeriSign, Inc.* | 315,003 | ||||||
1,938 | Viasat, Inc.* | 37,927 | ||||||
1,615 | Vontier Corp. | 69,445 | ||||||
5,491 | Western Digital Corp.* | 326,550 | ||||||
2,261 | Wolfspeed, Inc.* | 58,831 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
646 | Zebra Technologies Corp., Class A* | $ | 180,544 | |||||
4,199 | Zoom Video Communications, Inc., Class A* | 296,995 | ||||||
|
| |||||||
33,458,449 | ||||||||
| ||||||||
Materials – 4.6% |
| |||||||
3,875 | Air Products and Chemicals, Inc. | 906,905 | ||||||
1,938 | Albemarle Corp. | 267,153 | ||||||
2,907 | Alcoa Corp. | 79,099 | ||||||
25,461 | Amcor PLC | 230,677 | ||||||
969 | AptarGroup, Inc. | 136,106 | ||||||
323 | Ardagh Metal Packaging SA | 1,059 | ||||||
646 | Ashland, Inc. | 60,491 | ||||||
969 | Avery Dennison Corp. | 209,818 | ||||||
3,230 | Axalta Coating Systems Ltd.* | 105,718 | ||||||
5,168 | Ball Corp. | 330,855 | ||||||
1,938 | Berry Global Group, Inc. | 112,811 | ||||||
1,615 | Celanese Corp. | 245,431 | ||||||
3,230 | CF Industries Holdings, Inc. | 260,726 | ||||||
2,584 | Chemours Co. (The) | 50,827 | ||||||
8,721 | Cleveland-Cliffs, Inc.* | 181,397 | ||||||
11,951 | Corteva, Inc. | 639,617 | ||||||
1,938 | Crown Holdings, Inc. | 148,490 | ||||||
11,951 | Dow, Inc. | 667,822 | ||||||
7,752 | DuPont de Nemours, Inc. | 536,361 | ||||||
2 | Eagle Materials, Inc. | 507 | ||||||
1,938 | Eastman Chemical Co. | 170,040 | ||||||
969 | Ecolab, Inc. | 217,870 | ||||||
3,876 | Element Solutions, Inc. | 91,086 | ||||||
1,938 | FMC Corp. | 109,284 | ||||||
24,173 | Freeport-McMoRan, Inc. | 913,981 | ||||||
23,782 | Ginkgo Bioworks Holdings, Inc.* | 36,149 | ||||||
2,261 | Graphic Packaging Holding Co. | 58,673 | ||||||
2,907 | Huntsman Corp. | 74,419 | ||||||
4,199 | International Flavors & Fragrances, Inc. | 317,024 | ||||||
5,814 | International Paper Co. | 205,583 | ||||||
7,429 | Linde PLC | 3,334,284 | ||||||
969 | Louisiana-Pacific Corp. | 71,677 | ||||||
4,522 | LyondellBasell Industries NV, Class A | 453,466 | ||||||
970 | Martin Marietta Materials, Inc. | 560,379 | ||||||
5,491 | Mosaic Co. (The) | 171,100 | ||||||
1,615 | MP Materials Corp.* | 24,564 | ||||||
1 | NewMarket Corp. | 642 | ||||||
19,661 | Newmont Corp. | 614,406 | ||||||
4,199 | Nucor Corp. | 807,468 | ||||||
2,261 | Olin Corp. | 121,642 | ||||||
1,615 | Packaging Corp. of America | 292,622 | ||||||
2,907 | PPG Industries, Inc. | 411,631 | ||||||
969 | Reliance, Inc. | 311,262 | ||||||
969 | Royal Gold, Inc. | 99,448 | ||||||
1,615 | RPM International, Inc. | 186,290 | ||||||
969 | Sealed Air Corp. | 33,789 | ||||||
646 | Sherwin-Williams Co. (The) | 214,491 | ||||||
1,292 | Silgan Holdings, Inc. | 56,732 | ||||||
1,615 | Sonoco Products Co. | 91,538 | ||||||
3,553 | SSR Mining, Inc. (Canada) | 15,278 |
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – (continued) |
| |||||||
2,584 | Steel Dynamics, Inc. | $ | 345,791 | |||||
3,876 | United States Steel Corp. | 183,490 | ||||||
1,936 | Vulcan Materials Co. | 514,686 | ||||||
646 | Westlake Corp. | 89,607 | ||||||
4,199 | Westrock Co. | 190,173 | ||||||
|
| |||||||
16,562,435 | ||||||||
| ||||||||
Real Estate – 4.8% |
| |||||||
1,615 | Agree Realty Corp. REIT | 88,744 | ||||||
2,907 | Alexandria Real Estate Equities, Inc. REIT | 362,590 | ||||||
5,491 | American Homes 4 Rent, Class A REIT | 203,222 | ||||||
4,522 | Americold Realty Trust, Inc. REIT | 114,407 | ||||||
2,584 | Apartment Income REIT Corp. REIT | 78,347 | ||||||
2,582 | AvalonBay Communities, Inc. REIT | 457,091 | ||||||
2,584 | Boston Properties, Inc. REIT | 167,236 | ||||||
5,168 | Brixmor Property Group, Inc. REIT | 116,848 | ||||||
1,615 | Camden Property Trust REIT | 152,585 | ||||||
5,168 | CBRE Group, Inc., Class A* | 474,888 | ||||||
3,876 | CoStar Group, Inc.* | 337,328 | ||||||
2,584 | Cousins Properties, Inc. REIT | 58,941 | ||||||
6,460 | Crown Castle, Inc. REIT | 710,212 | ||||||
3,876 | CubeSmart REIT | 169,032 | ||||||
5,168 | Digital Realty Trust, Inc. REIT | 758,714 | ||||||
967 | EastGroup Properties, Inc. REIT | 169,892 | ||||||
1,292 | EPR Properties REIT | 53,075 | ||||||
967 | Equinix, Inc. REIT | 859,489 | ||||||
1,938 | Equity LifeStyle Properties, Inc. REIT | 130,466 | ||||||
6,460 | Equity Residential REIT | 388,957 | ||||||
969 | Essex Property Trust, Inc. REIT | 224,227 | ||||||
3,553 | Extra Space Storage, Inc. REIT | 500,866 | ||||||
1,292 | Federal Realty Investment Trust REIT | 130,298 | ||||||
2,261 | First Industrial Realty Trust, Inc. REIT | 119,833 | ||||||
4,199 | Gaming and Leisure Properties, Inc. REIT | 190,971 | ||||||
6,460 | Healthcare Realty Trust, Inc. REIT | 89,019 | ||||||
9,367 | Healthpeak Properties, Inc. REIT | 156,897 | ||||||
1,615 | Highwoods Properties, Inc. REIT | 39,487 | ||||||
11,951 | Host Hotels & Resorts, Inc. REIT | 247,864 | ||||||
646 | Howard Hughes Holdings, Inc.* | 49,354 | ||||||
10,336 | Invitation Homes, Inc. REIT | 352,148 | ||||||
2,584 | Iron Mountain, Inc. REIT | 203,206 | ||||||
967 | Jones Lang LaSalle, Inc.* | 183,962 | ||||||
1,938 | Kilroy Realty Corp. REIT | 73,431 | ||||||
10,336 | Kimco Realty Corp. REIT | 204,239 | ||||||
323 | Lamar Advertising Co., Class A REIT | 35,708 | ||||||
9,971 | Medical Properties Trust, Inc. REIT | 41,978 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – (continued) |
| |||||||
1,938 | Mid-America Apartment Communities, Inc. REIT | $ | 243,568 | |||||
1,292 | National Storage Affiliates Trust REIT | 46,267 | ||||||
323 | NET Lease Office Properties REIT | 7,878 | ||||||
3,230 | NNN REIT, Inc. REIT | 131,429 | ||||||
3,876 | Omega Healthcare Investors, Inc. REIT | 120,621 | ||||||
3,553 | Park Hotels & Resorts, Inc. REIT | 58,980 | ||||||
15,784 | Prologis, Inc. REIT | 2,103,534 | ||||||
1,290 | Public Storage REIT | 366,192 | ||||||
2,584 | Rayonier, Inc. REIT | 88,967 | ||||||
13,951 | Realty Income Corp. REIT | 726,987 | ||||||
2,907 | Regency Centers Corp. REIT | 180,089 | ||||||
3,553 | Rexford Industrial Realty, Inc. REIT | 180,777 | ||||||
1,615 | SBA Communications Corp. REIT | 337,906 | ||||||
4,199 | Simon Property Group, Inc. REIT | 622,040 | ||||||
2,907 | STAG Industrial, Inc. REIT | 107,966 | ||||||
1,615 | Sun Communities, Inc. REIT | 216,022 | ||||||
5,168 | UDR, Inc. REIT | 183,464 | ||||||
6,783 | Ventas, Inc. REIT | 286,853 | ||||||
17,077 | VICI Properties, Inc. REIT | 511,115 | ||||||
2,907 | Vornado Realty Trust REIT | 76,454 | ||||||
3,553 | W.P. Carey, Inc. REIT | 200,140 | ||||||
9,045 | Welltower, Inc. REIT | 833,587 | ||||||
12,274 | Weyerhaeuser Co. REIT | 421,980 | ||||||
969 | Zillow Group, Inc., Class A* | 52,384 | ||||||
2,584 | Zillow Group, Inc., Class C* | 145,092 | ||||||
|
| |||||||
16,945,844 | ||||||||
| ||||||||
Utilities – 4.5% |
| |||||||
4,522 | AES Corp. (The) | 68,734 | ||||||
4,199 | Alliant Energy Corp. | 200,502 | ||||||
4,522 | Ameren Corp. | 321,921 | ||||||
8,721 | American Electric Power Co., Inc. | 742,942 | ||||||
3,230 | American Water Works Co., Inc. | 382,884 | ||||||
2,584 | Atmos Energy Corp. | 291,760 | ||||||
1,292 | Avangrid, Inc. | 40,220 | ||||||
2,261 | Brookfield Renewable Corp., Class A | 53,631 | ||||||
10,659 | CenterPoint Energy, Inc. | 293,123 | ||||||
646 | Clearway Energy, Inc., Class A | 13,088 | ||||||
1,292 | Clearway Energy, Inc., Class C | 28,166 | ||||||
4,845 | CMS Energy Corp. | 277,958 | ||||||
5,814 | Consolidated Edison, Inc. | 507,039 | ||||||
5,491 | Constellation Energy Corp. | 924,959 | ||||||
14,170 | Dominion Energy, Inc. | 677,751 | ||||||
3,553 | DTE Energy Co. | 384,968 | ||||||
12,878 | Duke Energy Corp. | 1,182,587 | ||||||
6,460 | Edison International | 439,409 | ||||||
3,553 | Entergy Corp. | 360,878 | ||||||
4,199 | Essential Utilities, Inc. | 146,041 | ||||||
3,876 | Evergy, Inc. | 192,017 | ||||||
5,814 | Eversource Energy | 341,282 |
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS MARKETBETA® RUSSELL 1000 VALUE EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Utilities – (continued) |
| |||||||
16,754 | Exelon Corp. | $ | 600,463 | |||||
9,367 | FirstEnergy Corp. | 342,926 | ||||||
1,938 | Hawaiian Electric Industries, Inc. | 23,605 | ||||||
969 | IDACORP, Inc. | 85,379 | ||||||
1,615 | National Fuel Gas Co. | 78,715 | ||||||
34,170 | NextEra Energy, Inc. | 1,885,842 | ||||||
7,106 | NiSource, Inc. | 185,182 | ||||||
3,876 | NRG Energy, Inc. | 214,420 | ||||||
3,230 | OGE Energy Corp. | 106,299 | ||||||
33,847 | PG&E Corp. | 564,906 | ||||||
1,938 | Pinnacle West Capital Corp. | 132,424 | ||||||
12,555 | PPL Corp. | 331,075 | ||||||
8,398 | Public Service Enterprise Group, Inc. | 524,035 | ||||||
10,659 | Sempra | 752,525 | ||||||
18,369 | Southern Co. (The) | 1,235,315 | ||||||
3,553 | UGI Corp. | 86,978 | ||||||
4,522 | Vistra Corp. | 246,630 | ||||||
5,491 | WEC Energy Group, Inc. | 430,989 | ||||||
9,367 | Xcel Energy, Inc. | 493,547 | ||||||
|
| |||||||
16,193,115 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $342,727,853) | 355,373,542 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.1%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
180,000 | 5.195% | 180,000 | ||||||
(Cost $180,000) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $342,907,853) | 355,553,542 | |||||||
| ||||||||
Securities Lending Reinvestment Vehicle – 0.1%(a) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
238,896 | 5.219% | 238,896 | ||||||
(Cost $238,896) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.8% (Cost $343,146,749) | $ | 355,792,438 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | 600,635 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 356,393,073 | ||||||
|
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 | |
|
86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.7% |
| |||||||
Communication Services – 9.1% |
| |||||||
248,061 | Alphabet, Inc., Class A* | $ | 34,346,526 | |||||
206,977 | Alphabet, Inc., Class C* | 28,931,245 | ||||||
298,399 | AT&T, Inc. | 5,051,895 | ||||||
4,146 | Charter Communications, Inc., Class A* | 1,218,634 | ||||||
166,244 | Comcast Corp., Class A | 7,123,555 | ||||||
11,291 | Electronic Arts, Inc. | 1,574,869 | ||||||
10,373 | Fox Corp., Class A | 309,011 | ||||||
5,502 | Fox Corp., Class B | 150,645 | ||||||
619 | Liberty Broadband Corp., Class A* | 37,233 | ||||||
4,723 | Liberty Broadband Corp., Class C* | 284,230 | ||||||
6,122 | Live Nation Entertainment, Inc.* | 593,712 | ||||||
11,644 | Match Group, Inc.* | 419,650 | ||||||
91,941 | Meta Platforms, Inc., Class A | 45,063,042 | ||||||
18,087 | Netflix, Inc.* | 10,905,014 | ||||||
8,179 | Omnicom Group, Inc. | 722,942 | ||||||
24,185 | Pinterest, Inc., Class A* | 887,589 | ||||||
19,410 | ROBLOX Corp., Class A* | 774,459 | ||||||
26,616 | Sirius XM Holdings, Inc.(a) | 117,643 | ||||||
42,363 | Snap, Inc., Class A* | 466,840 | ||||||
5,619 | Spotify Technology SA* | 1,440,768 | ||||||
7,028 | Take-Two Interactive Software, Inc.* | 1,032,624 | ||||||
19,007 | T-Mobile US, Inc. | 3,103,843 | ||||||
18,412 | Trade Desk, Inc. (The), Class A* | 1,572,937 | ||||||
175,570 | Verizon Communications, Inc. | 7,026,311 | ||||||
76,302 | Walt Disney Co. (The) | 8,513,777 | ||||||
92,582 | Warner Bros Discovery, Inc.* | 813,796 | ||||||
5,149 | Warner Music Group Corp., Class A | 179,855 | ||||||
|
| |||||||
162,662,645 | ||||||||
| ||||||||
Consumer Discretionary – 10.6% |
| |||||||
17,479 | Airbnb, Inc., Class A* | 2,752,418 | ||||||
376,141 | Amazon.com, Inc.* | 66,486,683 | ||||||
11,749 | Aptiv PLC* | 933,928 | ||||||
716 | AutoZone, Inc.* | 2,152,310 | ||||||
8,128 | Best Buy Co., Inc. | 657,393 | ||||||
1,456 | Booking Holdings, Inc.* | 5,050,616 | ||||||
6,590 | CarMax, Inc.* | 520,610 | ||||||
41,294 | Carnival Corp.* | 654,923 | ||||||
1,125 | Chipotle Mexican Grill, Inc.* | 3,024,866 | ||||||
45,188 | Coupang, Inc. (South Korea)* | 836,882 | ||||||
12,791 | D.R. Horton, Inc. | 1,911,487 | ||||||
5,051 | Darden Restaurants, Inc. | 862,256 | ||||||
1,479 | Domino’s Pizza, Inc. | 663,110 | ||||||
12,831 | DoorDash, Inc., Class A* | 1,598,358 | ||||||
22,303 | eBay, Inc. | 1,054,486 | ||||||
5,545 | Expedia Group, Inc.* | 758,667 | ||||||
163,841 | Ford Motor Co. | 2,038,182 | ||||||
6,270 | Garmin Ltd. | 861,184 | ||||||
57,772 | General Motors Co. | 2,367,496 | ||||||
5,692 | Genuine Parts Co. | 849,588 | ||||||
10,518 | Hilton Worldwide Holdings, Inc. | 2,149,038 | ||||||
41,930 | Home Depot, Inc. (The) | 15,958,977 | ||||||
15,285 | Las Vegas Sands Corp. | 833,338 | ||||||
10,283 | Lennar Corp., Class A | 1,629,959 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Discretionary – (continued) |
| |||||||
452 | Lennar Corp., Class B | $ | 66,611 | |||||
10,611 | LKQ Corp. | 554,849 | ||||||
24,442 | Lowe’s Cos., Inc. | 5,882,456 | ||||||
34,919 | Lucid Group, Inc.*(a) | 115,233 | ||||||
4,611 | Lululemon Athletica, Inc.* | 2,153,752 | ||||||
10,856 | Marriott International, Inc., Class A | 2,712,589 | ||||||
30,401 | McDonald’s Corp. | 8,885,604 | ||||||
1,892 | MercadoLibre, Inc. (Brazil)* | 3,018,308 | ||||||
11,613 | MGM Resorts International* | 502,611 | ||||||
3,528 | Mobileye Global, Inc., Class A (Israel)* | 89,858 | ||||||
50,871 | NIKE, Inc., Class B | 5,287,023 | ||||||
124 | NVR, Inc.* | 945,571 | ||||||
2,518 | O’Reilly Automotive, Inc.* | 2,738,123 | ||||||
9,115 | PulteGroup, Inc. | 987,884 | ||||||
27,588 | Rivian Automotive, Inc., Class A* | 312,296 | ||||||
13,898 | Ross Stores, Inc. | 2,070,246 | ||||||
9,176 | Royal Caribbean Cruises Ltd.* | 1,131,860 | ||||||
46,969 | Starbucks Corp. | 4,457,358 | ||||||
114,730 | Tesla, Inc.* | 23,161,692 | ||||||
47,823 | TJX Cos., Inc. (The) | 4,741,172 | ||||||
4,581 | Tractor Supply Co. | 1,165,040 | ||||||
2,048 | Ulta Beauty, Inc.* | 1,123,451 | ||||||
16,846 | Yum China Holdings, Inc. (China) | 722,525 | ||||||
11,671 | Yum! Brands, Inc. | 1,615,500 | ||||||
|
| |||||||
191,048,367 | ||||||||
| ||||||||
Consumer Staples – 5.9% |
| |||||||
74,459 | Altria Group, Inc. | 3,046,118 | ||||||
22,311 | Archer-Daniels-Midland Co. | 1,184,937 | ||||||
2,042 | Brown-Forman Corp., Class A | 122,397 | ||||||
12,734 | Brown-Forman Corp., Class B | 766,969 | ||||||
8,058 | Campbell Soup Co. | 343,593 | ||||||
10,170 | Church & Dwight Co., Inc. | 1,018,220 | ||||||
5,113 | Clorox Co. (The) | 783,874 | ||||||
162,429 | Coca-Cola Co. (The) | 9,748,989 | ||||||
34,655 | Colgate-Palmolive Co. | 2,998,351 | ||||||
19,794 | Conagra Brands, Inc. | 555,816 | ||||||
6,580 | Constellation Brands, Inc., Class A | 1,635,262 | ||||||
18,462 | Costco Wholesale Corp. | 13,733,697 | ||||||
9,115 | Dollar General Corp. | 1,324,501 | ||||||
8,663 | Dollar Tree, Inc.* | 1,270,689 | ||||||
8,904 | Estee Lauder Cos., Inc. (The), Class A | 1,322,956 | ||||||
24,404 | General Mills, Inc. | 1,566,249 | ||||||
6,113 | Hershey Co. (The) | 1,148,755 | ||||||
11,956 | Hormel Foods Corp. | 422,286 | ||||||
4,112 | J M Smucker Co. (The) | 494,139 | ||||||
10,668 | Kellanova | 588,340 | ||||||
72,336 | Kenvue, Inc. | 1,374,384 | ||||||
37,692 | Keurig Dr Pepper, Inc. | 1,127,368 | ||||||
14,012 | Kimberly-Clark Corp. | 1,697,834 | ||||||
32,722 | Kraft Heinz Co. (The) | 1,154,432 | ||||||
29,486 | Kroger Co. (The) | 1,462,800 | ||||||
10,358 | McCormick & Co., Inc. | 713,252 |
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – (continued) |
| |||||||
7,212 | Molson Coors Beverage Co., Class B | $ | 450,173 | |||||
56,729 | Mondelez International, Inc., Class A | 4,145,188 | ||||||
21,033 | Monster Beverage Corp.* | 1,243,050 | ||||||
57,462 | PepsiCo, Inc. | 9,500,767 | ||||||
64,705 | Philip Morris International, Inc. | 5,820,862 | ||||||
98,330 | Procter & Gamble Co. (The) | 15,628,570 | ||||||
21,045 | Sysco Corp. | 1,704,014 | ||||||
19,276 | Target Corp. | 2,947,686 | ||||||
11,717 | Tyson Foods, Inc., Class A | 635,530 | ||||||
29,630 | Walgreens Boots Alliance, Inc. | 629,934 | ||||||
177,876 | Walmart, Inc. | 10,425,312 | ||||||
|
| |||||||
104,737,294 | ||||||||
| ||||||||
Energy – 3.6% |
| |||||||
41,989 | Baker Hughes Co. | 1,242,455 | ||||||
10,068 | Cheniere Energy, Inc. | 1,562,554 | ||||||
71,837 | Chevron Corp. | 10,919,942 | ||||||
50,518 | ConocoPhillips | 5,685,296 | ||||||
31,130 | Coterra Energy, Inc. | 802,531 | ||||||
26,598 | Devon Energy Corp. | 1,171,908 | ||||||
7,115 | Diamondback Energy, Inc. | 1,298,630 | ||||||
24,394 | EOG Resources, Inc. | 2,792,137 | ||||||
167,343 | Exxon Mobil Corp. | 17,490,690 | ||||||
37,420 | Halliburton Co. | 1,312,319 | ||||||
11,599 | Hess Corp. | 1,690,554 | ||||||
81,589 | Kinder Morgan, Inc. | 1,418,833 | ||||||
15,854 | Marathon Petroleum Corp. | 2,682,973 | ||||||
29,148 | Occidental Petroleum Corp. | 1,766,660 | ||||||
24,225 | ONEOK, Inc. | 1,819,782 | ||||||
18,541 | Phillips 66 | 2,642,278 | ||||||
9,717 | Pioneer Natural Resources Co. | 2,285,341 | ||||||
59,409 | Schlumberger NV | 2,871,237 | ||||||
14,163 | Valero Energy Corp. | 2,003,498 | ||||||
50,598 | Williams Cos., Inc. (The) | 1,818,492 | ||||||
|
| |||||||
65,278,110 | ||||||||
| ||||||||
Financials – 12.9% |
| |||||||
22,415 | Aflac, Inc. | 1,809,787 | ||||||
10,895 | Allstate Corp. (The) | 1,737,970 | ||||||
24,665 | American Express Co. | 5,411,994 | ||||||
29,685 | American International Group, Inc. | 2,163,740 | ||||||
4,248 | Ameriprise Financial, Inc. | 1,730,465 | ||||||
8,376 | Aon PLC, Class A | 2,646,732 | ||||||
16,905 | Apollo Global Management, Inc. | 1,889,979 | ||||||
14,806 | Arch Capital Group Ltd.* | 1,296,858 | ||||||
7,073 | Ares Management Corp., Class A | 938,092 | ||||||
8,824 | Arthur J Gallagher & Co. | 2,152,438 | ||||||
289,310 | Bank of America Corp. | 9,986,981 | ||||||
31,424 | Bank of New York Mellon Corp. (The) | 1,762,572 | ||||||
53,910 | Berkshire Hathaway, Inc., Class B* | 22,070,754 | ||||||
6,180 | BlackRock, Inc. | 5,014,081 | ||||||
29,298 | Blackstone, Inc. | 3,744,870 | ||||||
22,857 | Block, Inc.* | 1,816,446 | ||||||
15,714 | Capital One Financial Corp. | 2,162,404 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
4,423 | Cboe Global Markets, Inc. | $ | 849,216 | |||||
57,682 | Charles Schwab Corp. (The) | 3,852,004 | ||||||
17,258 | Chubb Ltd. | 4,343,321 | ||||||
6,435 | Cincinnati Financial Corp. | 733,590 | ||||||
78,941 | Citigroup, Inc. | 4,380,436 | ||||||
20,029 | Citizens Financial Group, Inc. | 628,710 | ||||||
14,954 | CME Group, Inc. | 3,295,114 | ||||||
6,518 | Coinbase Global, Inc., Class A* | 1,326,804 | ||||||
10,373 | Discover Financial Services | 1,252,021 | ||||||
1,411 | Everest Group Ltd. | 520,490 | ||||||
10,757 | Fidelity National Financial, Inc. | 544,089 | ||||||
24,703 | Fidelity National Information Services, Inc. | 1,709,201 | ||||||
28,131 | Fifth Third Bancorp | 966,019 | ||||||
25,288 | Fiserv, Inc.* | 3,774,740 | ||||||
3,005 | FleetCor Technologies, Inc.* | 839,206 | ||||||
11,790 | Franklin Resources, Inc. | 323,636 | ||||||
10,823 | Global Payments, Inc. | 1,403,743 | ||||||
3,939 | Globe Life, Inc. | 499,977 | ||||||
13,821 | Goldman Sachs Group, Inc. (The)(b) | 5,377,060 | ||||||
12,733 | Hartford Financial Services Group, Inc. (The) | 1,220,331 | ||||||
59,733 | Huntington Bancshares, Inc. | 778,918 | ||||||
4,217 | Interactive Brokers Group, Inc., Class A | 458,472 | ||||||
23,663 | Intercontinental Exchange, Inc. | 3,275,433 | ||||||
121,035 | JPMorgan Chase & Co. | 22,519,772 | ||||||
38,553 | KeyCorp | 550,151 | ||||||
27,947 | KKR & Co., Inc. | 2,746,072 | ||||||
7,663 | Loews Corp. | 575,721 | ||||||
6,922 | M&T Bank Corp. | 967,280 | ||||||
544 | Markel Group, Inc.* | 811,909 | ||||||
20,595 | Marsh & McLennan Cos., Inc. | 4,165,751 | ||||||
34,977 | Mastercard, Inc., Class A | 16,605,681 | ||||||
26,305 | MetLife, Inc. | 1,834,511 | ||||||
6,607 | Moody’s Corp. | 2,506,828 | ||||||
53,825 | Morgan Stanley | 4,631,103 | ||||||
3,214 | MSCI, Inc. | 1,802,958 | ||||||
14,238 | Nasdaq, Inc. | 800,176 | ||||||
8,654 | Northern Trust Corp. | 710,753 | ||||||
45,762 | PayPal Holdings, Inc.* | 2,761,279 | ||||||
16,580 | PNC Financial Services Group, Inc. (The) | 2,440,576 | ||||||
10,146 | Principal Financial Group, Inc. | 820,406 | ||||||
24,408 | Progressive Corp. (The) | 4,626,781 | ||||||
15,259 | Prudential Financial, Inc. | 1,663,078 | ||||||
7,841 | Raymond James Financial, Inc. | 943,429 | ||||||
38,818 | Regions Financial Corp. | 723,179 | ||||||
4,274 | Rocket Cos., Inc., Class A* | 53,681 | ||||||
13,370 | S&P Global, Inc. | 5,727,441 | ||||||
13,269 | State Street Corp. | 978,323 | ||||||
17,363 | Synchrony Financial | 717,092 | ||||||
9,181 | T. Rowe Price Group, Inc. | 1,040,666 | ||||||
9,627 | Travelers Cos., Inc. (The) | 2,127,182 | ||||||
55,450 | Truist Financial Corp. | 1,939,641 | ||||||
61,796 | US Bancorp | 2,592,960 | ||||||
66,040 | Visa, Inc., Class A | 18,665,546 |
88 | 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) |
| |||||||
8,311 | W R Berkley Corp. | $ | 694,800 | |||||
151,793 | Wells Fargo & Co. | 8,438,173 | ||||||
4,448 | Willis Towers Watson PLC | 1,212,569 | ||||||
|
| |||||||
230,084,162 | ||||||||
| ||||||||
Health Care – 12.4% |
| |||||||
72,248 | Abbott Laboratories | 8,571,503 | ||||||
73,646 | AbbVie, Inc. | 12,965,378 | ||||||
12,274 | Agilent Technologies, Inc. | 1,685,957 | ||||||
3,003 | Align Technology, Inc.* | 908,167 | ||||||
5,130 | Alnylam Pharmaceuticals, Inc.* | 775,092 | ||||||
22,201 | Amgen, Inc. | 6,079,300 | ||||||
27,082 | Avantor, Inc.* | 667,300 | ||||||
20,978 | Baxter International, Inc. | 858,420 | ||||||
12,140 | Becton Dickinson & Co. | 2,859,577 | ||||||
6,035 | Biogen, Inc.* | 1,309,535 | ||||||
7,662 | BioMarin Pharmaceutical, Inc.* | 661,077 | ||||||
60,907 | Boston Scientific Corp.* | 4,032,652 | ||||||
85,002 | Bristol-Myers Squibb Co. | 4,313,851 | ||||||
10,426 | Cardinal Health, Inc. | 1,167,503 | ||||||
7,055 | Cencora, Inc. | 1,662,158 | ||||||
22,893 | Centene Corp.* | 1,795,498 | ||||||
12,277 | Cigna Group (The) | 4,126,791 | ||||||
8,180 | Cooper Cos., Inc. (The) | 765,648 | ||||||
53,432 | CVS Health Corp. | 3,973,738 | ||||||
27,539 | Danaher Corp. | 6,971,222 | ||||||
16,176 | Dexcom, Inc.* | 1,861,372 | ||||||
25,085 | Edwards Lifesciences Corp.* | 2,128,964 | ||||||
9,846 | Elevance Health, Inc. | 4,935,307 | ||||||
35,307 | Eli Lilly & Co. | 26,610,180 | ||||||
15,128 | GE HealthCare Technologies, Inc. | 1,380,884 | ||||||
52,036 | Gilead Sciences, Inc. | 3,751,796 | ||||||
8,198 | HCA Healthcare, Inc. | 2,555,317 | ||||||
5,459 | Henry Schein, Inc.* | 417,450 | ||||||
10,201 | Hologic, Inc.* | 752,834 | ||||||
5,192 | Humana, Inc. | 1,818,861 | ||||||
3,459 | IDEXX Laboratories, Inc.* | 1,989,721 | ||||||
6,597 | Illumina, Inc.* | 922,458 | ||||||
7,716 | Incyte Corp.* | 450,306 | ||||||
14,509 | Intuitive Surgical, Inc.* | 5,594,670 | ||||||
7,587 | IQVIA Holdings, Inc.* | 1,875,203 | ||||||
100,507 | Johnson & Johnson | 16,219,820 | ||||||
3,637 | Laboratory Corp. of America Holdings | 784,974 | ||||||
5,651 | McKesson Corp. | 2,946,488 | ||||||
55,507 | Medtronic PLC | 4,627,064 | ||||||
105,912 | Merck & Co., Inc. | 13,466,711 | ||||||
925 | Mettler-Toledo International, Inc.* | 1,153,678 | ||||||
13,781 | Moderna, Inc.* | 1,271,159 | ||||||
235,697 | Pfizer, Inc. | 6,260,112 | ||||||
4,604 | Quest Diagnostics, Inc. | 574,994 | ||||||
4,282 | Regeneron Pharmaceuticals, Inc.* | 4,136,797 | ||||||
6,073 | ResMed, Inc. | 1,055,002 | ||||||
15,417 | Royalty Pharma PLC, Class A | 467,752 | ||||||
4,107 | STERIS PLC | 956,561 | ||||||
13,225 | Stryker Corp. | 4,616,451 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
16,053 | Thermo Fisher Scientific, Inc. | $ | 9,153,100 | |||||
38,760 | UnitedHealth Group, Inc. | 19,131,936 | ||||||
6,051 | Veeva Systems, Inc., Class A* | 1,364,561 | ||||||
10,746 | Vertex Pharmaceuticals, Inc.* | 4,521,272 | ||||||
49,641 | Viatris, Inc. | 614,059 | ||||||
2,471 | Waters Corp.* | 833,765 | ||||||
3,066 | West Pharmaceutical Services, Inc. | 1,098,732 | ||||||
8,716 | Zimmer Biomet Holdings, Inc. | 1,083,922 | ||||||
19,313 | Zoetis, Inc. | 3,830,347 | ||||||
|
| |||||||
223,364,947 | ||||||||
| ||||||||
Industrials – 8.3% |
| |||||||
22,980 | 3M Co. | 2,116,918 | ||||||
5,117 | A O Smith Corp. | 424,199 | ||||||
9,608 | AMETEK, Inc. | 1,731,170 | ||||||
17,277 | Automatic Data Processing, Inc. | 4,338,773 | ||||||
23,236 | Boeing Co. (The)* | 4,733,638 | ||||||
4,884 | Broadridge Financial Solutions, Inc. | 994,285 | ||||||
4,699 | C.H. Robinson Worldwide, Inc. | 348,102 | ||||||
34,664 | Carrier Global Corp. | 1,926,625 | ||||||
21,464 | Caterpillar, Inc. | 7,168,118 | ||||||
3,606 | Cintas Corp. | 2,266,768 | ||||||
35,294 | Copart, Inc.* | 1,875,876 | ||||||
83,538 | CSX Corp. | 3,169,432 | ||||||
5,987 | Cummins, Inc. | 1,608,168 | ||||||
10,711 | Deere & Co. | 3,910,051 | ||||||
26,586 | Delta Air Lines, Inc. | 1,123,790 | ||||||
5,725 | Dover Corp. | 946,801 | ||||||
16,527 | Eaton Corp. PLC | 4,776,303 | ||||||
23,751 | Emerson Electric Co. | 2,537,794 | ||||||
5,095 | Equifax, Inc. | 1,393,941 | ||||||
6,142 | Expeditors International of Washington, Inc. | 734,583 | ||||||
23,637 | Fastenal Co. | 1,725,737 | ||||||
9,642 | FedEx Corp. | 2,400,569 | ||||||
8,097 | Ferguson PLC | 1,712,111 | ||||||
14,730 | Fortive Corp. | 1,253,965 | ||||||
9,388 | General Dynamics Corp. | 2,565,271 | ||||||
45,143 | General Electric Co. | 7,082,485 | ||||||
27,762 | Honeywell International, Inc. | 5,517,142 | ||||||
12,682 | Illinois Tool Works, Inc. | 3,324,586 | ||||||
16,839 | Ingersoll Rand, Inc. | 1,537,906 | ||||||
3,453 | J.B. Hunt Transport Services, Inc. | 712,388 | ||||||
28,288 | Johnson Controls International PLC | 1,676,630 | ||||||
7,850 | L3Harris Technologies, Inc. | 1,661,531 | ||||||
5,650 | Leidos Holdings, Inc. | 722,409 | ||||||
10,366 | Lockheed Martin Corp. | 4,439,136 | ||||||
9,290 | Masco Corp. | 713,100 | ||||||
9,530 | Norfolk Southern Corp. | 2,414,711 | ||||||
6,301 | Northrop Grumman Corp. | 2,904,887 | ||||||
4,001 | Old Dominion Freight Line, Inc. | 1,770,363 | ||||||
17,302 | Otis Worldwide Corp. | 1,648,881 | ||||||
21,458 | PACCAR, Inc. | 2,379,478 | ||||||
5,295 | Parker-Hannifin Corp. | 2,835,208 | ||||||
13,349 | Paychex, Inc. | 1,636,854 | ||||||
2,097 | Paycom Software, Inc. | 382,472 |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
5,993 | Quanta Services, Inc. | $ | 1,447,370 | |||||
8,634 | Republic Services, Inc. | 1,585,202 | ||||||
4,761 | Rockwell Automation, Inc. | 1,357,266 | ||||||
12,989 | Rollins, Inc. | 572,425 | ||||||
60,954 | RTX Corp. | 5,465,745 | ||||||
2,123 | Snap-on, Inc. | 585,226 | ||||||
24,609 | Southwest Airlines Co. | 843,350 | ||||||
9,141 | SS&C Technologies Holdings, Inc. | 582,830 | ||||||
6,235 | Stanley Black & Decker, Inc. | 556,723 | ||||||
8,140 | Textron, Inc. | 725,030 | ||||||
9,539 | Trane Technologies PLC | 2,689,712 | ||||||
2,139 | TransDigm Group, Inc. | 2,519,186 | ||||||
8,075 | TransUnion | 626,862 | ||||||
81,346 | Uber Technologies, Inc.* | 6,467,007 | ||||||
25,419 | Union Pacific Corp. | 6,448,546 | ||||||
13,472 | United Airlines Holdings, Inc.* | 612,841 | ||||||
30,259 | United Parcel Service, Inc., Class B | 4,486,199 | ||||||
2,895 | United Rentals, Inc. | 2,007,017 | ||||||
6,046 | Verisk Analytics, Inc. | 1,462,527 | ||||||
1,666 | W.W. Grainger, Inc. | 1,621,784 | ||||||
16,919 | Waste Management, Inc. | 3,479,392 | ||||||
7,354 | Westinghouse Air Brake Technologies Corp. | 1,039,047 | ||||||
9,868 | Xylem, Inc. | 1,253,729 | ||||||
|
| |||||||
149,578,171 | ||||||||
| ||||||||
Information Technology – 30.4% |
| |||||||
26,527 | Accenture PLC, Class A | 9,941,789 | ||||||
18,986 | Adobe, Inc.* | 10,637,476 | ||||||
66,735 | Advanced Micro Devices, Inc.* | 12,848,490 | ||||||
6,209 | Akamai Technologies, Inc.* | 688,702 | ||||||
4,983 | Amdocs Ltd. | 454,450 | ||||||
24,576 | Amphenol Corp., Class A | 2,684,682 | ||||||
21,044 | Analog Devices, Inc. | 4,036,660 | ||||||
3,596 | ANSYS, Inc.* | 1,201,675 | ||||||
619,020 | Apple, Inc. | 111,887,865 | ||||||
34,958 | Applied Materials, Inc. | 7,048,232 | ||||||
9,846 | Arista Networks, Inc.* | 2,732,659 | ||||||
3,993 | ARM Holdings PLC ADR* | 563,173 | ||||||
6,295 | Atlassian Corp., Class A* | 1,305,709 | ||||||
8,882 | Autodesk, Inc.* | 2,293,066 | ||||||
19,177 | Broadcom, Inc. | 24,939,497 | ||||||
11,273 | Cadence Design Systems, Inc.* | 3,431,276 | ||||||
5,626 | CDW Corp. | 1,385,178 | ||||||
170,146 | Cisco Systems, Inc. | 8,229,962 | ||||||
11,699 | Cloudflare, Inc., Class A* | 1,152,819 | ||||||
21,093 | Cognizant Technology Solutions Corp., Class A | 1,666,769 | ||||||
31,918 | Corning, Inc. | 1,029,036 | ||||||
9,117 | Crowdstrike Holdings, Inc., Class A* | 2,955,276 | ||||||
11,922 | Datadog, Inc., Class A* | 1,567,266 | ||||||
10,273 | Dell Technologies, Inc., Class C | 972,442 | ||||||
5,542 | Enphase Energy, Inc.* | 703,889 | ||||||
2,378 | EPAM Systems, Inc.* | 723,863 | ||||||
1,021 | Fair Isaac Corp.* | 1,296,578 | ||||||
28,102 | Fortinet, Inc.* | 1,942,129 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
3,174 | Gartner, Inc.* | $ | 1,477,687 | |||||
25,652 | Gen Digital, Inc. | 551,262 | ||||||
3,114 | GLOBALFOUNDRIES, Inc.* | 170,242 | ||||||
53,692 | Hewlett Packard Enterprise Co. | 817,729 | ||||||
40,919 | HP, Inc. | 1,159,235 | ||||||
1,985 | HubSpot, Inc.* | 1,228,338 | ||||||
174,126 | Intel Corp. | 7,496,124 | ||||||
37,901 | International Business Machines Corp. | 7,012,822 | ||||||
11,355 | Intuit, Inc. | 7,527,116 | ||||||
7,452 | Keysight Technologies, Inc.* | 1,149,844 | ||||||
5,702 | KLA Corp. | 3,890,475 | ||||||
5,598 | Lam Research Corp. | 5,252,324 | ||||||
35,780 | Marvell Technology, Inc. | 2,563,995 | ||||||
22,354 | Microchip Technology, Inc. | 1,880,866 | ||||||
45,553 | Micron Technology, Inc. | 4,127,557 | ||||||
306,428 | Microsoft Corp. | 126,750,878 | ||||||
2,875 | MongoDB, Inc.* | 1,286,793 | ||||||
7,005 | Motorola Solutions, Inc. | 2,314,382 | ||||||
8,812 | NetApp, Inc. | 785,325 | ||||||
99,127 | NVIDIA Corp. | 78,421,352 | ||||||
6,187 | Okta, Inc.* | 663,865 | ||||||
17,899 | ON Semiconductor Corp.* | 1,412,589 | ||||||
64,922 | Oracle Corp. | 7,250,489 | ||||||
76,118 | Palantir Technologies, Inc., Class A* | 1,909,039 | ||||||
13,037 | Palo Alto Networks, Inc.* | 4,048,640 | ||||||
46,484 | QUALCOMM, Inc. | 7,334,710 | ||||||
4,466 | Roper Technologies, Inc. | 2,432,764 | ||||||
39,297 | Salesforce, Inc.* | 12,135,700 | ||||||
8,068 | Seagate Technology Holdings PLC | 750,727 | ||||||
8,525 | ServiceNow, Inc.* | 6,575,674 | ||||||
6,615 | Skyworks Solutions, Inc. | 694,046 | ||||||
11,400 | Snowflake, Inc., Class A* | 2,146,392 | ||||||
6,327 | Splunk, Inc.* | 988,404 | ||||||
6,289 | Synopsys, Inc.* | 3,608,188 | ||||||
13,165 | TE Connectivity Ltd. | 1,889,967 | ||||||
6,487 | Teradyne, Inc. | 671,988 | ||||||
37,763 | Texas Instruments, Inc. | 6,318,883 | ||||||
10,231 | Trimble, Inc.* | 626,035 | ||||||
7,220 | Twilio, Inc., Class A* | 430,240 | ||||||
10,298 | Unity Software, Inc.* | 301,937 | ||||||
3,706 | VeriSign, Inc.* | 723,745 | ||||||
13,275 | Western Digital Corp.* | 789,464 | ||||||
8,561 | Workday, Inc., Class A* | 2,522,584 | ||||||
2,095 | Zebra Technologies Corp., Class A* | 585,511 | ||||||
10,629 | Zoom Video Communications, Inc., Class A* | 751,789 | ||||||
3,597 | Zscaler, Inc.* | 870,366 | ||||||
|
| |||||||
544,618,690 | ||||||||
| ||||||||
Materials – 2.2% |
| |||||||
9,141 | Air Products and Chemicals, Inc. | 2,139,360 | ||||||
4,922 | Albemarle Corp. | 678,498 | ||||||
60,301 | Amcor PLC | 546,327 | ||||||
12,849 | Ball Corp. | 822,593 | ||||||
4,541 | Celanese Corp. | 690,096 |
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Materials – (continued) |
| |||||||
29,634 | Corteva, Inc. | $ | 1,586,012 | |||||
28,816 | CRH PLC | 2,429,477 | ||||||
29,542 | Dow, Inc. | 1,650,807 | ||||||
17,411 | DuPont de Nemours, Inc. | 1,204,667 | ||||||
10,571 | Ecolab, Inc. | 2,376,783 | ||||||
59,558 | Freeport-McMoRan, Inc. | 2,251,888 | ||||||
10,650 | International Flavors & Fragrances, Inc. | 804,075 | ||||||
14,375 | International Paper Co. | 508,300 | ||||||
20,409 | Linde PLC | 9,159,967 | ||||||
10,666 | LyondellBasell Industries NV, Class A | 1,069,586 | ||||||
2,566 | Martin Marietta Materials, Inc. | 1,482,404 | ||||||
13,815 | Mosaic Co. (The) | 430,475 | ||||||
48,123 | Newmont Corp. | 1,503,844 | ||||||
10,429 | Nucor Corp. | 2,005,497 | ||||||
3,642 | Packaging Corp. of America | 659,894 | ||||||
9,746 | PPG Industries, Inc. | 1,380,033 | ||||||
9,862 | Sherwin-Williams Co. (The) | 3,274,480 | ||||||
3,559 | Southern Copper Corp. (Mexico) | 287,781 | ||||||
5,554 | Vulcan Materials Co. | 1,476,531 | ||||||
|
| |||||||
40,419,375 | ||||||||
| ||||||||
Real Estate – 2.2% |
| |||||||
6,504 | Alexandria Real Estate Equities, Inc. REIT | 811,244 | ||||||
19,444 | American Tower Corp. REIT | 3,866,634 | ||||||
5,952 | AvalonBay Communities, Inc. REIT | 1,053,683 | ||||||
12,813 | CBRE Group, Inc., Class A* | 1,177,387 | ||||||
16,921 | CoStar Group, Inc.* | 1,472,635 | ||||||
17,927 | Crown Castle, Inc. REIT | 1,970,894 | ||||||
12,659 | Digital Realty Trust, Inc. REIT | 1,858,468 | ||||||
3,927 | Equinix, Inc. REIT | 3,490,396 | ||||||
14,278 | Equity Residential REIT | 859,678 | ||||||
2,623 | Essex Property Trust, Inc. REIT | 606,962 | ||||||
8,720 | Extra Space Storage, Inc. REIT | 1,229,258 | ||||||
22,619 | Healthpeak Properties, Inc. REIT | 378,868 | ||||||
29,264 | Host Hotels & Resorts, Inc. REIT | 606,935 | ||||||
23,692 | Invitation Homes, Inc. REIT | 807,187 | ||||||
11,923 | Iron Mountain, Inc. REIT | 937,625 | ||||||
4,740 | Mid-America Apartment Communities, Inc. REIT | 595,723 | ||||||
574 | NET Lease Office Properties REIT | 14,000 | ||||||
38,468 | Prologis, Inc. REIT | 5,126,630 | ||||||
6,594 | Public Storage REIT | 1,871,839 | ||||||
29,600 | Realty Income Corp. REIT | 1,542,456 | ||||||
4,491 | SBA Communications Corp. REIT | 939,652 | ||||||
13,486 | Simon Property Group, Inc. REIT | 1,997,816 | ||||||
12,716 | UDR, Inc. REIT | 451,418 | ||||||
16,517 | Ventas, Inc. REIT | 698,504 | ||||||
42,287 | VICI Properties, Inc. REIT | 1,265,650 | ||||||
8,682 | W.P. Carey, Inc. REIT | 489,057 | ||||||
23,119 | Welltower, Inc. REIT | 2,130,647 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – (continued) |
| |||||||
30,329 | Weyerhaeuser Co. REIT | $ | 1,042,711 | |||||
|
| |||||||
39,293,957 | ||||||||
| ||||||||
Utilities – 2.1% |
| |||||||
10,357 | Alliant Energy Corp. | 494,547 | ||||||
10,803 | Ameren Corp. | 769,065 | ||||||
21,425 | American Electric Power Co., Inc. | 1,825,196 | ||||||
8,122 | American Water Works Co., Inc. | 962,782 | ||||||
6,166 | Atmos Energy Corp. | 696,203 | ||||||
2,992 | Avangrid, Inc. | 93,141 | ||||||
26,142 | CenterPoint Energy, Inc. | 718,905 | ||||||
12,136 | CMS Energy Corp. | 696,242 | ||||||
14,393 | Consolidated Edison, Inc. | 1,255,213 | ||||||
13,502 | Constellation Energy Corp. | 2,274,412 | ||||||
34,741 | Dominion Energy, Inc. | 1,661,662 | ||||||
8,577 | DTE Energy Co. | 929,318 | ||||||
32,171 | Duke Energy Corp. | 2,954,263 | ||||||
15,883 | Edison International | 1,080,362 | ||||||
8,735 | Entergy Corp. | 887,214 | ||||||
9,342 | Evergy, Inc. | 462,803 | ||||||
14,414 | Eversource Energy | 846,102 | ||||||
41,463 | Exelon Corp. | 1,486,034 | ||||||
22,675 | FirstEnergy Corp. | 830,132 | ||||||
84,450 | NextEra Energy, Inc. | 4,660,795 | ||||||
17,036 | NiSource, Inc. | 443,958 | ||||||
102,385 | PG&E Corp. | 1,708,806 | ||||||
30,661 | PPL Corp. | 808,530 | ||||||
20,655 | Public Service Enterprise Group, Inc. | 1,288,872 | ||||||
26,247 | Sempra | 1,853,038 | ||||||
45,451 | Southern Co. (The) | 3,056,580 | ||||||
13,177 | WEC Energy Group, Inc. | 1,034,263 | ||||||
22,903 | Xcel Energy, Inc. | 1,206,759 | ||||||
|
| |||||||
36,985,197 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $1,477,889,757) | 1,788,070,915 | |||||||
| ||||||||
| Shares | Dividend Rate | Value | |||||
Investment Company – 0.2%(b) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
3,503,891 | 5.195% | 3,503,891 | ||||||
(Cost $3,503,891) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,481,393,648) | 1,791,574,806 | |||||||
|
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.0%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
235,407 | 5.219% | $ | 235,407 | |||||
(Cost $235,407) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.9% (Cost $1,481,629,055) | $ | 1,791,810,213 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 2,314,465 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 1,794,124,678 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2024, 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 | 12 | 03/15/24 | $ | 3,062,250 | $ | 225,289 | ||||||||||||||
|
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® ETFS
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | MarketBeta® Russell 1000 Growth Equity ETF | MarketBeta® Russell 1000 Value Equity ETF | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $100,008,877, $646,714,101, $412,004,673 and $340,627,809, respectively)(a) | $ | 107,675,662 | $ | 718,526,505 | $ | 445,371,269 | $ | 353,237,657 | ||||||||||||
Investments in affiliated issuers, at value (cost $472,468, $2,040,168, $76,423 and $2,280,044, respectively) | 472,468 | 2,040,168 | 76,423 | 2,315,885 | ||||||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 444,040 | 4,091,567 | 6,529 | 238,896 | ||||||||||||||||
Cash | — | 2,171 | 9,339 | 17,493 | ||||||||||||||||
Foreign Currency, at value (cost $40,765, $163,410, $– and $–, respectively) | 39,066 | 160,707 | — | — | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Dividends | 187,639 | 1,124,302 | 317,799 | 876,379 | ||||||||||||||||
Securities lending income | 1,045 | 1,687 | — | — | ||||||||||||||||
Investments sold | — | 583,124 | — | 46,343,254 | ||||||||||||||||
Collateral on futures contracts | — | 96,559 | — | — | ||||||||||||||||
Foreign tax reclaims | — | 421,599 | — | — | ||||||||||||||||
Fund shares sold | — | 11,016,128 | — | — | ||||||||||||||||
Variation margin on futures contracts | — | 5,918 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total assets | 108,819,920 | 738,070,435 | 445,781,359 | 403,029,564 | ||||||||||||||||
| ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Foreign capital gains taxes | 548,743 | — | — | — | ||||||||||||||||
Payable upon return of securities loaned | 444,040 | 4,091,567 | 6,529 | 238,896 | ||||||||||||||||
Management fees | 30,285 | 111,799 | 39,916 | 38,218 | ||||||||||||||||
Investments purchased | 4,629 | 11,016,863 | 9,690 | 17,244 | ||||||||||||||||
Due to custodian | 772 | — | — | — | ||||||||||||||||
Fund shares redeemed | — | — | — | 46,342,133 | ||||||||||||||||
| ||||||||||||||||||||
Total liabilities | 1,028,469 | 15,220,229 | 56,135 | 46,636,491 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 102,979,856 | 638,997,349 | 408,722,805 | 338,350,658 | ||||||||||||||||
Total distributable earnings (loss) | 4,811,595 | 83,852,857 | 37,002,419 | 18,042,415 | ||||||||||||||||
| ||||||||||||||||||||
NET ASSETS | $ | 107,791,451 | $ | 722,850,206 | $ | 445,725,224 | $ | 356,393,073 | ||||||||||||
| ||||||||||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 2,550,000 | 13,100,000 | 9,750,000 | 8,075,000 | ||||||||||||||||
Net asset value per share: | $ | 42.27 | $ | 55.18 | $ | 45.72 | $ | 44.14 | ||||||||||||
|
(a) | Includes loaned securities having a market value of $426,601, $3,926,011, $6,337 and $232,705 for MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF, MarketBeta® Russell 1000 Growth Equity ETF and MarketBeta® Russell 1000 Value Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Assets and Liabilities (continued)
February 29, 2024 (Unaudited) |
MarketBeta® U.S. | ||||||||
Assets: | ||||||||
Investments in unaffiliated issuers, at value (cost $1,473,410,724)(a) | $ | 1,782,693,855 | ||||||
Investments in affiliated issuers, at value (cost $7,982,924) | 8,880,951 | |||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 235,407 | |||||||
Cash | 43,227 | |||||||
Receivables: | ||||||||
Investments sold | 10,472,016 | |||||||
Dividends | 2,493,849 | |||||||
Collateral on futures contracts | 155,760 | |||||||
Securities lending income | 5,363 | |||||||
Variation margin on futures contracts | 13,650 | |||||||
| ||||||||
Total assets | 1,804,994,078 | |||||||
| ||||||||
Liabilities: | ||||||||
Payables: | ||||||||
Fund shares redeemed | 10,491,956 | |||||||
Payable upon return of securities loaned | 235,407 | |||||||
Management fees | 97,870 | |||||||
Investments purchased | 44,167 | |||||||
| ||||||||
Total liabilities | 10,869,400 | |||||||
| ||||||||
Net Assets: | ||||||||
Paid-in capital | 1,444,091,023 | |||||||
Total distributable earnings (loss) | 350,033,655 | |||||||
| ||||||||
NET ASSETS | $ | 1,794,124,678 | ||||||
| ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||
Shares outstanding no par value (unlimited shares authorized): | 25,650,000 | |||||||
Net asset value per share: | $ | 69.95 | ||||||
|
(a) | Includes loaned securities having a market value of $227,206 for MarketBeta® U.S. Equity ETF. |
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Operations
For the Six Months Ended February 29, 2024 (Unaudited) |
MarketBeta® | MarketBeta® International Equity ETF | MarketBeta® Russell 1000 Growth Equity ETF* | MarketBeta® Russell 1000 Value Equity ETF* | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $61,098, $481,806, $4 and $3, respectively) | $ | 463,815 | $ | 5,317,336 | $ | 711,735 | $ | 1,691,247 | ||||||||||||
Dividends — affiliated issuers | 6,534 | 35,338 | 1,551 | 19,464 | ||||||||||||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 3,144 | 19,398 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 473,493 | 5,372,072 | 713,286 | 1,710,711 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 132,786 | 789,236 | 93,662 | 91,334 | ||||||||||||||||
Trustee fees | 8,532 | 9,329 | — | — | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 141,318 | 798,565 | 93,662 | 91,334 | ||||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (28,627 | ) | (160,905 | ) | (52 | ) | (74 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 112,691 | 637,660 | 93,610 | 91,260 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME | 360,802 | 4,734,412 | 619,676 | 1,619,451 | ||||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | (303,932 | ) | (3,146,355 | ) | 1,243,709 | 14,171 | ||||||||||||||
Investments — affiliated issuers | — | — | — | 43 | ||||||||||||||||
In-kind redemptions — affiliated issuers | — | — | — | 12,890 | ||||||||||||||||
In-kind redemptions — unaffiliated issuers | (118 | ) | 21,937,549 | 1,780,795 | 3,760,911 | |||||||||||||||
Futures contracts | (2,087 | ) | (18,947 | ) | — | — | ||||||||||||||
Foreign currency transactions | 39,017 | 929 | — | — | ||||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $403,213, $–, $– and $–, respectively) | 3,728,975 | 48,432,617 | 33,366,596 | 12,609,848 | ||||||||||||||||
Investment transactions in affiliated securities | — | — | — | 35,841 | ||||||||||||||||
Futures contracts | 342 | 151,156 | — | — | ||||||||||||||||
Foreign currency translations | (3,690 | ) | (31,853 | ) | — | — | ||||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain | 3,458,507 | 67,325,096 | 36,391,100 | 16,433,704 | ||||||||||||||||
| ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,819,309 | $ | 72,059,508 | $ | 37,010,776 | $ | 18,053,155 | ||||||||||||
|
* For the period November 28, 2023 (commencement of operations) through February 29, 2024.
The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Operations (continued)
For the Six Months Ended February 29, 2024 (Unaudited) |
MarketBeta® U.S. Equity ETF | ||||||||
Investment income: | ||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $ 59) | $ | 11,607,711 | ||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 314,277 | |||||||
Dividends — affiliated issuers | 137,755 | |||||||
| ||||||||
Total Investment Income | 12,059,743 | |||||||
| ||||||||
Expenses: | ||||||||
Management fees | 659,667 | |||||||
Trustee fees | 10,370 | |||||||
| ||||||||
Total expenses | 670,037 | |||||||
| ||||||||
Less — expense reductions | (150,963 | ) | ||||||
| ||||||||
Net expenses | 519,074 | |||||||
| ||||||||
NET INVESTMENT INCOME | 11,540,669 | |||||||
| ||||||||
Realized and Unrealized gain (loss): | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated issuers | (2,658,389 | ) | ||||||
Investments — affiliated issuers | (3,402 | ) | ||||||
In-kind redemptions — affiliated issuers | 151,066 | |||||||
In-kind redemptions — unaffiliated issuers | 48,527,747 | |||||||
Futures contracts | (12,901 | ) | ||||||
Net change in unrealized gain (loss) on: | ||||||||
Investments — unaffiliated issuers | 188,166,478 | |||||||
Investment transactions in affiliated securities | 747,765 | |||||||
Futures contracts | 221,297 | |||||||
| ||||||||
Net realized and unrealized gain | 235,139,661 | |||||||
| ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 246,680,330 | ||||||
|
96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Changes in Net Assets
February 29, 2024 |
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | |||||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 360,802 | $ | 698,232 | $ | 4,734,412 | $ | 11,193,368 | ||||||||||||
Net realized gain (loss) | (267,120 | ) | (1,150,761 | ) | 18,773,176 | 5,704,950 | ||||||||||||||
Net change in unrealized gain | 3,725,627 | 751,467 | 48,551,920 | 40,065,594 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 3,819,309 | 298,938 | 72,059,508 | 56,963,912 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (563,857 | ) | (708,842 | ) | (4,147,759 | ) | (10,832,595 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 78,012,312 | – | 297,680,752 | 108,284,224 | ||||||||||||||||
Cost of shares redeemed | – | (6,047,689 | ) | (80,221,062 | ) | (73,987,067 | ) | |||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 78,012,312 | (6,047,689 | ) | 217,459,690 | 34,297,157 | |||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 81,267,764 | (6,457,593 | ) | 285,371,439 | 80,428,474 | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 26,523,687 | $ | 32,981,280 | $ | 437,478,767 | $ | 357,050,293 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 107,791,451 | $ | 26,523,687 | $ | 722,850,206 | $ | 437,478,767 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Changes in Net Assets (continued)
February 29, 2024 |
MarketBeta® Russell 1000 Growth Equity ETF | MarketBeta® Russell 1000 Value Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||||||||||
For the Period November 28, 2023* to February 29, 2024 (Unaudited) | For the Period November 28, 2023* to February 29, 2024 (Unaudited) | For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 619,676 | $ | 1,619,451 | $ | 11,540,669 | $ | 13,132,081 | ||||||||||||
Net realized gain | 3,024,504 | 3,788,015 | 46,004,121 | 33,617,047 | ||||||||||||||||
Net change in unrealized gain | 33,366,596 | 12,645,689 | 189,135,540 | 98,152,387 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 37,010,776 | 18,053,155 | 246,680,330 | 144,901,515 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings | (8,357 | ) | (10,740 | ) | (10,078,921 | ) | (12,492,359 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 441,245,638 | 421,199,138 | 655,372,957 | 351,057,391 | ||||||||||||||||
Cost of shares redeemed | (32,522,833 | ) | (82,848,480 | ) | (114,786,568 | ) | (151,765,428 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from share transactions | 408,722,805 | 338,350,658 | 540,586,389 | 199,291,963 | ||||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE | 445,725,224 | 356,393,073 | 777,187,798 | 331,701,119 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | – | $ | – | $ | 1,016,936,880 | $ | 685,235,761 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 445,725,224 | $ | 356,393,073 | $ | 1,794,124,678 | $ | 1,016,936,880 | ||||||||||||
|
* | Commencement of operations. |
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
* | 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 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 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 redemption 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 redemption 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 MARKETBETA 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) | Reflects income recognized from non-recurring special dividends which amounted to $0.01 per share and 0.11% of average net assets. (c) Amount is less than $0.005 per share. |
(d) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS MARKETBETA 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) | 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 dividends and distributions, 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
102 | 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 dividends and distributions, 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 redemption 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 MARKETBETA® ETFS
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 | Diversified/ Non-Diversified | |||
MarketBeta® Emerging Markets Equity ETF | Diversified | |||
MarketBeta® International Equity ETF | Diversified | |||
MarketBeta® Russell 1000 Growth Equity ETF(a) | Diversified | |||
MarketBeta® Russell 1000 Value Equity ETF(a) | Diversified | |||
MarketBeta® U.S. Equity ETF | Diversified |
(a) Commenced operations on November 28, 2023.
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 Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF are listed and traded on the Cboe BZX Exchange, Inc., and shares of the Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000 Value Equity ETF are listed and traded on NYSE Arca, 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
104 |
GOLDMAN SACHS MARKETBETA® ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid 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.
Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of assets and liabilities denominated in local currency to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars may be determined by GSAM under Valuation Procedures as discussed in Note 3.
Monetary policies enacted by government agencies in Egypt that limit their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacted the Goldman Sachs MarketBeta® Total International Equity ETF’s ability to convert assets and liabilities amounts denominated in local currency to U.S. dollars using quoted immediate currency settlement rates. As of February 29, 2024, the Goldman Sachs MarketBeta® Total International Equity ETF’s assets and liabilities denominated in Egyptian Pound were valued using the 12-month non-deliverable forward rate.
Effective March 6, 2024, the government of Egypt allowed its currency to float and as a result of the devaluation the Goldman Sachs MarketBeta® Total International Equity ETF reverted to using the immediate current settlement rates for the purposes of translating Egyptian Pound-denominated assets and liabilities to U.S. dollars.
105 |
GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker or receivable for collateral on certain 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 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
106 |
GOLDMAN SACHS MARKETBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 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.
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 29, 2024:
MarketBeta® Emerging Markets Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(b) | ||||||||||||
Africa | $ | 2,600,625 | $ | — | $ | 78,200 | ||||||
Asia | 90,937,791 | 2,500,943 | 5,718 | |||||||||
Europe | 984,494 | — | — | |||||||||
North America | 3,088,930 | — | — | |||||||||
Oceania | 13,149 | — | — | |||||||||
South America | 5,506,041 | 1,680,041 | — | |||||||||
Exchange-Traded Fund | 279,730 | — | — | |||||||||
Investment Company | 472,468 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 444,040 | — | — | |||||||||
| ||||||||||||
Total | $ | 104,327,268 | $ | 4,180,984 | $ | 83,918 | ||||||
|
107 |
GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
MarketBeta® International Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(b) | ||||||||||||
Africa | $ | 1,069,493 | $ | — | $ | — | ||||||
Asia | 224,074,840 | — | — | |||||||||
Europe | 383,707,038 | 2,632,976 | — | |||||||||
North America | 49,285,437 | 852,928 | — | |||||||||
Oceania | 56,373,595 | — | — | |||||||||
South America | 530,198 | — | — | |||||||||
Investment Company | 2,040,168 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 4,091,567 | — | — | |||||||||
| ||||||||||||
Total | $ | 721,172,336 | $ | 3,485,904 | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(c) | $ | 126,170 | $ | — | $ | — | ||||||
| ||||||||||||
MarketBeta® Russell 1000 Growth Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 458,258 | $ | — | $ | — | ||||||
North America | 444,536,068 | — | — | |||||||||
South America | 376,943 | — | — | |||||||||
Investment Company | 76,423 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 6,529 | — | — | |||||||||
| ||||||||||||
Total | $ | 445,454,221 | $ | — | $ | — | ||||||
| ||||||||||||
MarketBeta® Russell 1000 Value Equity ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Europe | $ | 161,135 | $ | — | $ | — | ||||||
North America | 354,954,705 | — | — | |||||||||
South America | 257,702 | — | — | |||||||||
Investment Company | 180,000 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 238,896 | — | — | |||||||||
| ||||||||||||
Total | $ | 355,792,438 | $ | — | $ | — | ||||||
|
108 |
GOLDMAN SACHS MARKETBETA® ETFS
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 | $ | 1,649,265 | $ | — | $ | — | ||||||
North America | 1,783,403,342 | — | — | |||||||||
South America | 3,018,308 | — | — | |||||||||
Investment Company | 3,503,891 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 235,407 | — | — | |||||||||
| ||||||||||||
Total | $ | 1,791,810,213 | $ | — | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 225,289 | $ | — | $ | — | ||||||
|
(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. |
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 29, 2024. 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.
MarketBeta® International Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 126,170 | Variation margin on futures contracts | $ | — | ||||||
MarketBeta® U.S. Equity ETF
| ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 225,289 | Variation margin on futures contracts | $ | — |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 29, 2024 is reported within the Statement 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 29, 2024. 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:
109 |
GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
4. INVESTMENTS IN DERIVATIVES (continued) |
MarketBeta® Emerging Markets Equity ETF |
| |||||||||
Risk | Statement of Operations | | Net Realized Gain (Loss) | | | Net Change in Unrealized Gain (Loss) | | |||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $ | (2,087 | ) | $ | 342 | ||||
MarketBeta® International Equity ETF |
| |||||||||
Risk | Statement of Operations | | Net Realized Gain (Loss) | | | Net Change in Unrealized Gain (Loss) | | |||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (18,947 | ) | 151,156 | ||||||
MarketBeta® U.S. Equity ETF | ||||||||||
Risk | Statement of Operations | | Net Realized Gain (Loss) | | | Net Change in Unrealized Gain (Loss) | | |||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (12,901 | ) | 221,297 |
For the six months ended February 29, 2024., the relevant values for each derivative type were as follows:
Average number of | ||||
Fund | Futures Contracts | |||
MarketBeta® Emerging Markets Equity ETF | 1 | |||
MarketBeta® International Equity ETF | 28 | |||
MarketBeta® U.S. Equity ETF | 12 |
(a) | Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024. |
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 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 29, 2024, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:
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GOLDMAN SACHS MARKETBETA® ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
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® Russell 1000 Growth Equity ETF | 0.12 | 0.12 | ||||||
MarketBeta® Russell 1000 Value Equity ETF | 0.12 | 0.12 | ||||||
MarketBeta® U.S. Equity ETF | 0.09 | 0.07 |
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, 2024 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 29, 2024, GSAM waived $28,425, $159,713 and $148,897 of the Funds’ management fees for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively.
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations 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 29, 2024, the management fee waived by GSAM was $202, $1,192, $52, $74 and $2,066 for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF, MarketBeta® Russell 1000 Growth Equity ETF, MarketBeta® Russell 1000 Value Equity ETF and MarketBeta® U.S. Equity ETF, respectively.
B. Other Transactions with Affiliates — The following table provides information about the Fund’s investment in shares of Goldman Sachs Financial Square Treasury Obligations Fund and The Goldman Sachs Group, Inc. as of and for the six months ended February 29, 2024:
MarketBeta® Emerging Markets Equity ETF |
| |||||||||||||||||||||||||||||||||||
| Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | | Dividend Income | | | Capital Gain Distribution | | ||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
$ | – | $ | 7,617,319 | $ | (7,144,851 | ) | $ | – | $ | – | $ | 472,468 | 472,468 | $ | 6,534 | $ | – | |||||||||||||||||||
MarketBeta® International Equity ETF |
| |||||||||||||||||||||||||||||||||||
| Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | | Dividend Income | | | Capital Gain Distribution | | ||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||||||||||||||
– | 15,322,308 | (13,282,140 | ) | – | – | 2,040,168 | 2,040,168 | 35,338 | – |
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GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
MarketBeta® Russell 1000 Growth Equity ETF |
| ||||||||||||||||||||||||||||||||||||||||||||
| Beginning value as of November 28, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | | Dividend Income | | | Capital Gain Distribution | | |||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| ||||||||||||||||||||||||||||||||||||||||||||
$ – | $ | 503,735 | $ | (427,312 | ) | $ | – | $ | – | $ | 76,423 | 76,423 | $ | 1,551 | $ | – | |||||||||||||||||||||||||||||
MarketBeta® Russell 1000 Value Equity ETF |
| ||||||||||||||||||||||||||||||||||||||||||||
| Beginning value as of November 28, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | | Dividend Income | | | Capital Gain Distribution | | |||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| ||||||||||||||||||||||||||||||||||||||||||||
– | 768,184 | (588,184 | ) | – | – | 180,000 | 180,000 | 2,216 | – | ||||||||||||||||||||||||||||||||||||
Goldman Sachs Group, Inc. (The) |
| ||||||||||||||||||||||||||||||||||||||||||||
– | 2,585,467 | (498,356 | ) | 12,933 | 35,841 | 2,135,885 | 5,490 | 17,248 | – | ||||||||||||||||||||||||||||||||||||
Total | $ | – | $ | 3,353,651 | $ | (1,086,540 | ) | $ | 12,933 | $ | 35,841 | $ | 2,315,885 | $ | 19,464 | $ | – | ||||||||||||||||||||||||||||
MarketBeta® U.S. Equity ETF |
| ||||||||||||||||||||||||||||||||||||||||||||
| Beginning value as of August 31, 2023 | | Purchases at Cost | | Proceeds from Sales | | | Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Ending value as of February 29, 2024 | | | Shares as of February 29, 2024 | | | Dividend Income | | | Capital Gain Distribution | | |||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| ||||||||||||||||||||||||||||||||||||||||||||
– | 14,889,333 | (11,385,442 | ) | – | – | 3,503,891 | 3,503,891 | 60,477 | – | ||||||||||||||||||||||||||||||||||||
Goldman Sachs Group, Inc. (The) |
| ||||||||||||||||||||||||||||||||||||||||||||
2,921,535 | 1,922,144 | (362,032 | ) | 147,648 | 747,765 | 5,377,060 | 13,821 | 77,278 | – | ||||||||||||||||||||||||||||||||||||
Total | $ | 2,921,535 | $ | 16,811,477 | $ | (11,747,474 | ) | $ | 147,648 | $ | 747,765 | $ | 8,880,951 | $ | 137,755 | $ | – |
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:
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6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
MarketBeta® Emerging Markets Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 1,900,000 | $ | 78,012,311 | — | $ | — | ||||||||||
Shares redeemed | — | — | (150,000 | ) | (6,047,689) | |||||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | 1,900,000 | $ | 78,012,311 | (150,000 | ) | $ | (6,047,689) | |||||||||
| ||||||||||||||||
MarketBeta® International Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 6,000,000 | $ | 297,680,751 | 2,200,000 | $ | 108,284,224 | ||||||||||
Shares redeemed | (1,500,000 | ) | (80,221,062 | ) | (1,600,000 | ) | (73,987,067) | |||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 4,500,000 | $ | 217,459,689 | 600,000 | $ | 34,297,157 | ||||||||||
| ||||||||||||||||
MarketBeta® Russell 1000 Growth Equity ETF | ||||||||||||||||
For the Period November 28, 2023(a) to February 29, 2024 (Unaudited) | ||||||||||||||||
|
| |||||||||||||||
Shares | Dollars | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 10,500,000 | $ | 441,245,638 | |||||||||||||
Shares redeemed | (750,000 | ) | (32,522,833) | |||||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 9,750,000 | $ | 408,722,805 | |||||||||||||
| ||||||||||||||||
MarketBeta® Russell 1000 Value Equity ETF | ||||||||||||||||
For the Period November 28, 2023(a) to February 29, 2024 (Unaudited) | ||||||||||||||||
|
| |||||||||||||||
Shares | Dollars | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 9,975,000 | $ | 421,199,138 | |||||||||||||
Shares redeemed | (1,900,000 | ) | (82,848,480) | |||||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 8,075,000 | $ | 338,350,658 | |||||||||||||
|
113 |
GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
MarketBeta® U.S. Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2024 (Unaudited) | For the Fiscal Year Ended August 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares sold | 10,850,000 | $ | 655,372,957 | 6,600,000 | $ | 351,057,391 | ||||||||||
Shares redeemed | (1,700,000 | ) | (114,786,568 | ) | (2,800,000 | ) | (151,765,428 | ) | ||||||||
NET INCREASE IN SHARES | 9,150,000 | $ | 540,586,389 | 3,800,000 | $ | 199,291,963 |
(a) | Commenced operations on November 28, 2023. |
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
MarketBeta® Emerging Markets Equity ETF | $ 65,598,653 | $ | 1,535,959 | |||||
MarketBeta® International Equity ETF | 16,267,402 | 11,535,404 | ||||||
MarketBeta® Russell 1000 Growth Equity ETF(a) | 31,557,985 | 31,300,316 | ||||||
MarketBeta® Russell 1000 Value Equity ETF(a) | 2,232,622 | 118,012 | ||||||
MarketBeta® U.S. Equity ETF | 15,579,354 | 16,899,962 | ||||||
(a) Commenced operations on November 28, 2023.
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:
|
| |||||||
Fund | Purchases | Sales | ||||||
MarketBeta® Emerging Markets Equity ETF | $ 13,340,538 | $ | — | |||||
MarketBeta® International Equity ETF | 290,810,933 | 78,938,340 | ||||||
MarketBeta® Russell 1000 Growth Equity ETF(a) | 441,245,591 | 32,523,005 | ||||||
MarketBeta® Russell 1000 Value Equity ETF(a) | 419,678,688 | 82,844,251 | ||||||
MarketBeta® U.S. Equity ETF | 654,895,475 | 114,582,495 |
(a) | Commenced operations on November 28, 2023. |
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
114 |
GOLDMAN SACHS MARKETBETA® ETFS
8. SECURITIES LENDING (continued) |
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 29, 2024, 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 29, 2024, 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 29, 2024:
Fund | | Beginning value as of August 31, 2023 | | | Purchases at Cost | | | Proceeds from Sales | | | Ending value as of February 29, 2024 | | ||||
MarketBeta® Emerging Markets Equity ETF | $ | 104,477 | $ | 1,807,945 | $ | (1,468,382 | ) | $ | 444,040 | |||||||
MarketBeta® International Equity ETF | 1,807,609 | 28,841,835 | (26,557,876 | ) | 4,091,567 | |||||||||||
MarketBeta® Russell 1000 Growth Equity ETF* | — | 19,766 | (13,238 | ) | 6,529 | |||||||||||
MarketBeta® Russell 1000 Value Equity ETF* | — | 365,043 | (126,147 | ) | 238,896 | |||||||||||
MarketBeta® U.S. Equity ETF | 605,811 | 4,901,429 | (5,271,833 | ) | 235,407 |
* | Commenced operations on November 28, 2023 |
115 |
GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2023, 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® Russell 1000 Growth Equity ETF(a) | MarketBeta® Russell 1000 Value Equity ETF(a) | MarketBeta® U.S. Equity ETF | ||||||||||||||||||
| ||||||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||||
Perpetual Short-Term | $ | (174,736 | ) | $ | (1,532,205 | ) | $ | — | $ | — | $ (541,006 | ) | ||||||||||
Perpetual Long-Term | — | (906,218 | ) | — | — | (62,686 | ) | |||||||||||||||
| ||||||||||||||||||||||
Total capital loss carryforwards | (174,736 | ) | (2,438,423 | ) | — | — | (603,692 | ) | ||||||||||||||
| ||||||||||||||||||||||
Timing differences — (Late Year Ordinary Loss Deferral and Post-October Capital | (1,577,217 | ) | (3,249,661 | ) | — | — | (6,112,011 | ) | ||||||||||||||
|
(a) | Commenced operations on November 28, 2023. |
As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | MarketBeta® Russell 1000 Growth Equity ETF(a) | MarketBeta® Russell 1000 Value Equity ETF(a) | MarketBeta® U.S. Equity ETF | ||||||||||||||||||
| ||||||||||||||||||||||
Tax Cost | $ | 101,278,570 | $ | 655,524,040 | $ | 412,087,625 | $ | 343,146,749 | $ | 1,485,311,269 | ||||||||||||
| ||||||||||||||||||||||
Gross unrealized gain | 13,383,051 | 107,270,754 | 41,990,367 | 21,023,653 | 347,286,622 | |||||||||||||||||
Gross unrealized loss | (6,069,451 | ) | (38,136,554 | ) | (8,623,771 | ) | (8,377,964 | ) | (40,787,678) | |||||||||||||
| ||||||||||||||||||||||
Net unrealized gain (loss) | $ | 7,313,600 | $ | 69,134,200 | $ | 33,366,596 | $ | 12,645,689 | $ | 306,498,944 | ||||||||||||
|
(a) | Commenced operations on November 28, 2023. |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, and differences in the tax treatment of partnership investments, and passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Advisernor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”). To the extent the Fund acquires
116 |
GOLDMAN SACHS MARKETBETA® ETFS
10. OTHER RISKS (continued) |
Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such
instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund’s performance.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
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.
Index Risk — Solactive AG and FTSE Russell (the “Index Providers”) constructs 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. When the Index is rebalanced and the 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 Providers may utilize third party data in constructing each respective Index, but it does not guarantee the accuracy or availability of any 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 Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman
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Notes to Financial Statements (continued)
February 29, 2024 (Unaudited) |
10. OTHER RISKS (continued) |
Sachs MarketBeta® International Equity ETF, Goldman Sachs MarketBeta® U.S. Equity ETF, and Goldman Sachs MarketBeta® International Small Cap Equity ETF, and FTSE Russell, the index provider for Goldman Sachs MarketBeta® Russell 1000 Growth ETF and Goldman Sachs MarketBeta® Russell 1000 Value 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.
Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.
Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on (insert exchange for the fund/funds here) and may, therefore, have a material upward or downward effect on the market price of the Shares.
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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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 pay more for, or receive less than, the underlying value of the Shares, respectively. 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.
Mid-Cap Risk — Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
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.
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11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:
Proposal Election of Trustees | For | Withheld | ||||
Gregory G. Weaver | 312,642,103 | 27,755,773 | ||||
Dwight L. Bush | 339,557,290 | 840,586 | ||||
Kathryn A. Cassidy | 339,692,259 | 705,617 | ||||
John G. Chou | 339,628,535 | 769,341 | ||||
Joaquin Delgado | 339,626,867 | 771,009 | ||||
Eileen H. Dowling | 339,570,827 | 827,049 | ||||
Paul C. Wirth | 339,591,397 | 806,479 |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs
MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF
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, 2024 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, 2023 (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. 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 (i) 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”), (ii) its underlying index; and (iii) 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 to implement a fee waiver; |
(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 |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs
MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF
(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. 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 investment strategies similar to those of the Funds. 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. 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, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. 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. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective index.
In addition, 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.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs
MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF
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.
They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund. 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 2022 and 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, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, 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 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 funds in which the 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 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.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs
MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF
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 from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) 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, 2024.
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Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs
Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000 Value Equity ETF (Unaudited)
Background
The Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000 Value ETF (each, a “Fund”) are newly-organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on November 11, 2023. At a meeting held on September 19-20, 2023 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees who are not parties to the Funds’ 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 Funds. At the Meeting, the Trustees reviewed the Management Agreement with respect to each 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 each Fund; a comparison of each Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with each Fund; and potential benefits to be derived by each Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were 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 Funds 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 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 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, each 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 each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. 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 Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
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 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 each 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 each Fund’s peer group and
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Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs (continued)
category medians. The comparisons of each 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 each 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 Funds. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser’s representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered each 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 that 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 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 funds in which the 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 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 & Co. LLC (“Goldman Sachs”).
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds are expected to receive 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 Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) the Funds’ access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund for an initial two-year period from its effective date.
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GOLDMAN SACHS MARKETBETA ETFS
Liquidity Risk Management Program
February 29, 2024
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 13-14, 2024, 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, 2023 through December 31, 2023 (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. 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 Months ended February 29, 2024 (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 MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000, which commenced operations on November 28, 2023, 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, 2023 through February 29, 2024, which represents a period of 182 days of a 366 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® Russell 1000 Growth Equity ETF** | MarketBeta® Russell 1000 Value Equity ETF** | |||||||||||||||||||||
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 11/28/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 11/28/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||||||||
Actual based on NAV | $1,000.00 | $1,048.91 | $1.83 | $1,000.00 | $1,091.70 | $1.04 | $1,000.00 | $1,138.80 | $0.33 | $1,000.00 | $1,107.40 | $0.32 | ||||||||||||
Hypothetical 5% return | 1,000.00 | 1,023.07+ | 1.81 | 1,000.00 | 1,023.87+ | 1.01 | 1,000.00 | 1,024.27+ | 0.60 | 1,000.00 | 1,024.27+ | 0.60 | ||||||||||||
| ||||||||||||||||||||||||
MarketBeta® U.S. Equity ETF | ||||||||||||||||||||||||
Beginning Account Value 9/1/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months | ||||||||||||||||||||||
Actual based on NAV | $1,000.00 | $1,142.92 | $0.37 | |||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,024.52+ | 0.35 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
** | Fund commenced operations on November 28, 2023. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 94/366, which represents a period of 94 days of a 366 day year (to reflect the Fund’s commencement of operation). |
The annualized net expense ratios for the period were as follows:
Fund | ||||||
MarketBeta® Emerging Markets Equity ETF | 0.36% | |||||
MarketBeta® International Equity ETF | 0.20 | |||||
MarketBeta® Russell 1000 Growth Equity ETF | 0.12 | |||||
MarketBeta® Russell 1000 Value Equity ETF | 0.12 | |||||
MarketBeta® U.S. Equity ETF | 0.07 |
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FUNDS PROFILE
Goldman Sachs ETFs
THE GOLDMAN
SACHS ADVANTAGE
Our goal is to deliver:
Strong, Consistent
Investment Results
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∎ Global Resources and |
∎ Team Approach |
∎ Disciplined
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Innovative,
Value-Added
Investment Products
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∎ Thoughtful |
∎ Risk Management
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Outstanding
Client Service
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∎ Dedicated Service |
∎ Excellence and
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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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 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 Bonds 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 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® 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 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 |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® Total International Equity ETF |
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF |
Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF |
Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF |
Goldman Sachs Nasdaq-100 Core Premium Income ETF |
Goldman Sachs North American Pipelines & Power Equity ETF |
Goldman Sachs Small Cap Core Equity ETF |
Goldman Sachs S&P 500 Core Premium Income 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.
The Goldman Sachs MarketBeta® Russell 1000 Growth ETF and Goldman Sachs MarketBeta® Russell 1000 Value ETF 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”). Russell is a trading name of certain of the LSE Group companies. All rights in the Russell 1000 Growth 40 Act Daily Capped Index and Russell 1000 Value 40 Act Daily Capped Index (each, a “Russell Index” and collectively, the “Russell Indexes”) vest in the relevant LSE Group company which owns each Russell Index. “Russell®” is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Russell Indexes are calculated by or on behalf of FTSE Russell 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 Russell Indexes or (b) investment in or operation of the Goldman Sachs MarketBeta® Russell 1000 Growth ETF and Goldman Sachs MarketBeta® Russell 1000 Value ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Goldman Sachs MarketBeta® Russell 1000 Growth ETF and Goldman Sachs MarketBeta® Russell 1000 Value ETF or the suitability of each Russell Index for the purpose to which it is being put by GSAM.
The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI
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FUNDS PROFILE
and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
133 |
TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser Visit our web site 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’’) website 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 website 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 29, 2024 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 return s. 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. © 2024 Goldman Sachs. All rights reserved. 367263-OTU-04/2024 GST 2507 MCEQWGETFSAR-24
Goldman Sachs Funds Semi-Annual Report February 29, 2024 Goldman Sachs Core Premium Income ETFs Nasdaq-100 Core Premium Income ETF (GPIQ) S&P 500 Core Premium Income ETF (GPIX)
Goldman Sachs Core Premium Income ETFs
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GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF |
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GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF |
TABLE OF CONTENTS
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Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
MARKET REVIEW
Goldman Sachs Core Premium Income ETFs
The following are highlights both of key factors affecting the U.S. equity markets and of any key changes made to the Goldman Sachs Core Premium Income ETFs (the “Funds”) during the period from their inception on October 24, 2023 through February 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmarks during the Reporting Period. A streamlined annual shareholder report covering the period since the Funds’ inception through August 31, 2024 will be provided to Fund shareholders, per new SEC requirements with a compliance date of July 24, 2024.
• | Despite ongoing geopolitical tensions and persistent volatility, the U.S. equity market recorded strongly positive returns during the Reporting Period amid a backdrop of shifting expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership. |
• | U.S. equities began the Reporting Period in late October 2023 with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed narrative. |
• | Market sentiment turned positive in November 2023 on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes. (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.) |
• | In December, the Fed signaled it might have reached the peak of its current monetary policy tightening cycle, with its median dot plot projection showing 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.) |
• | Market seasonality also proved to be a tailwind to U.S. equities during November and December, which historically represent the strongest two-month period for U.S. stocks. |
• | U.S. equities advanced in January 2024, albeit modestly. |
• | Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors. |
• | Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy. |
• | The trend of broadened market leadership witnessed in the latter part of 2023 reversed course during January, highlighted by the outperformance of mega-cap stocks. |
• | Nevertheless, U.S. equities finished the month mostly higher, as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative. |
• | In February 2024, U.S. equities reached new highs, as market leadership broadened once again. |
• | U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.) |
• | The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact. |
• | Economic data remained robust, which helped ease concerns of a hard landing. |
• | Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024. |
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MARKET REVIEW
• | Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors. |
Fund Changes and Highlights
Goldman Sachs Nasdaq-100 Core Premium Income ETF
• | The Fund, which seeks current income while maintaining prospects for capital appreciation, launched on October 24, 2023. |
• | The new 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 pursues its investment objective by investing primarily in a portfolio of stocks comprised significantly of those included in the Fund’s benchmark index—the Nasdaq-100 Index —and selling call options with exposure to the Nasdaq-100 Index. (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.) |
• | The Fund is managed in a way that seeks, under normal circumstances, to provide monthly distributions at a relatively stable rate with performance that captures the majority of the returns (and risk) associated with the Nasdaq-100 Index. |
• | To generate income, the Fund employs an actively managed options strategy (“option overlay strategy”) whereby the Fund sells (writes) call options on a varying percentage of the market value of the equity investments in the Fund’s portfolio. |
• | During periods in which the equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the Nasdaq-100 Index over its exercise price, a portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. |
• | However, in rising markets where the aggregate appreciation of the Nasdaq-100 Index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could underperform the same portfolio without the options. |
• | During the Reporting Period, the Fund generated a positive absolute return but materially underperformed the Nasdaq-100 Index, largely because of the option overlay strategy, which limited its participation in Nasdaq-100 Index gains. |
• | On an absolute basis, the Fund delivered on its stated objective of providing current income while maintaining prospects of capital appreciation. |
• | The Fund made distributions each month of the Reporting Period at an approximate rate of 10.5% (annualized). |
Goldman Sachs S&P 500 Core Premium Income ETF
• | The Fund, which seeks current income while maintaining prospects for capital appreciation, launched on October 24, 2023. |
• | The new 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 pursues its objective by investing primarily in a portfolio of stocks comprised significantly of those included in the Fund’s benchmark index—the S&P 500® Index—and selling call options with exposure to the S&P 500® Index. (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.) |
• | The Fund is managed in a way that seeks, under normal circumstances, to provide monthly distributions at a relatively stable rate with performance that captures the majority of the returns (and risk) associated with the S&P 500® Index. |
• | To generate income, the Fund employs an actively managed options strategy (“option overlay strategy”) whereby the Fund sells (writes) call options on a varying percentage of the market value of the equity investments in the Fund’s portfolio. |
• | During periods in which the equity markets are generally unchanged or falling, or in a modestly rising market where the income from premiums exceeds the aggregate appreciation of the S&P 500® Index over its exercise price, a portfolio receiving premiums from its call option writing strategy may outperform the same portfolio without such an options strategy. |
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MARKET REVIEW
• | However, in rising markets where the aggregate appreciation of the S&P 500® Index over its exercise price exceeds the income from premiums, a portfolio with a call writing strategy could underperform the same portfolio without the options. |
• | During the Reporting Period, the Fund generated a positive absolute return but notably underperformed the S&P 500® Index, largely because of the option overlay strategy, which limited its participation in S&P 500® Index gains. |
• | On an absolute basis, the Fund delivered on its stated objective of providing current income while maintaining prospects of capital appreciation. |
• | The Fund made distributions each month of the Reporting Period at an approximate rate of 8.5% (annualized). |
3 |
Goldman Sachs Nasdaq-100 Core Premium Income ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $46.25 | |||
Net Asset Value (NAV)1 | $46.21 |
1 | The Market Price is the price at which the Fund’s shares are trading on The NASDAQ Stock Market LLC (the “Exchange”). 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 the Exchange 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 |
October 24, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total | Nasdaq-100 (Total Return, Unhedged, USD)3 | |||||
Shares | 17.50% | 17.55% | 22.79% |
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 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 | Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S). |
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. |
4 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Microsoft Corp. | 8.8% | Software | ||
Apple, Inc. | 8.1 | Technology Hardware, Storage & Peripherals | ||
NVIDIA Corp. | 5.6 | Semiconductors & Semiconductor Equipment | ||
Amazon.com, Inc. | 5.2 | Broadline Retail | ||
Meta Platforms, Inc., Class A | 5.0 | Interactive Media & Services | ||
Broadcom, Inc. | 4.5 | Semiconductors & Semiconductor Equipment | ||
Tesla, Inc. | 2.8 | Automobiles | ||
Costco Wholesale Corp. | 2.4 | Consumer Staples Distribution & Retail | ||
Alphabet, Inc., Class A | 2.3 | Interactive Media & Services | ||
Advanced Micro Devices, Inc. | 2.3 | Semiconductors & Semiconductor Equipment |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
February 29, 2024
|
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 Morgan Stanley Capital Index (“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. |
5 |
FUND BASICS
S&P 500 Core Premium Income ETF
as of February 29, 2024
FUND SNAPSHOT |
As of February 29, 2024 | ||||
Market Price1 | $46.12 | |||
Net Asset Value (NAV)1 | $46.12 |
1 | The Market Price is the price at which the Fund’s shares are trading on The NASDAQ Stock Market LLC (the “Exchange”). 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 the Exchange 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 |
October 24, 2023-February 29, 2024 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | S&P 500 (TR, Unhedged, USD)3 | |||||
Shares | 16.84% | 16.89% | 20.68% |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees 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. |
6 |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/244 |
Holding | % of Net Assets | Line of Business | ||
Microsoft Corp. | 7.2% | Software | ||
Apple, Inc. | 6.2 | Technology Hardware, Storage & Peripherals | ||
NVIDIA Corp. | 4.6 | Semiconductors & Semiconductor Equipment | ||
Amazon.com, Inc. | 3.8 | Broadline Retail | ||
Meta Platforms, Inc., Class A | 2.5 | Interactive Media & Services | ||
Alphabet, Inc., Class A | 1.9 | Interactive Media & Services | ||
Berkshire Hathaway, Inc., Class B | 1.8 | Financial Services | ||
Alphabet, Inc., Class C | 1.6 | Interactive Media & Services | ||
Eli Lilly & Co. | 1.4 | Pharmaceuticals | ||
Broadcom, Inc. | 1.3 | Semiconductors & Semiconductor Equipment |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 |
February 29, 2024
|
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 Morgan Stanley Capital Index (“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. |
7 |
PORTFOLIO RESULTS
Index Definitions
Nasdaq-100 Index is the US stock market index consisting of 101 equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock market.
S&P 500 Index is a stock market index that tracks the stocks of 500 large-cap U.S. companies.
8 |
GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF
Shares |
Description | Value | ||||||
Common Stocks – 99.6% |
| |||||||
Communication Services – 15.5% |
| |||||||
6,492 | Alphabet, Inc., Class A* | $ | 898,883 | |||||
6,294 | Alphabet, Inc., Class C* | 879,775 | ||||||
416 | Charter Communications, Inc., Class A* | 122,275 | ||||||
11,386 | Comcast Corp., Class A | 487,890 | ||||||
754 | Electronic Arts, Inc. | 105,168 | ||||||
3,873 | Meta Platforms, Inc., Class A | 1,898,273 | ||||||
1,242 | Netflix, Inc.* | 748,827 | ||||||
10,825 | Sirius XM Holdings, Inc. | 47,846 | ||||||
484 | Take-Two Interactive Software, Inc.* | 71,114 | ||||||
3,292 | T-Mobile US, Inc. | 537,584 | ||||||
1,252 | Trade Desk, Inc. (The), Class A* | 106,958 | ||||||
6,870 | Warner Bros Discovery, Inc.* | 60,387 | ||||||
|
| |||||||
5,964,980 | ||||||||
| ||||||||
Consumer Discretionary – 13.6% |
| |||||||
1,230 | Airbnb, Inc., Class A* | 193,688 | ||||||
11,362 | Amazon.com, Inc.* | 2,008,347 | ||||||
101 | Booking Holdings, Inc.* | 350,352 | ||||||
1,054 | DoorDash, Inc., Class A* | 131,297 | ||||||
338 | Lululemon Athletica, Inc.* | 157,877 | ||||||
832 | Marriott International, Inc., Class A | 207,892 | ||||||
141 | MercadoLibre, Inc. (Brazil)* | 224,937 | ||||||
167 | O’Reilly Automotive, Inc.* | 181,599 | ||||||
1,898 | PDD Holdings, Inc. ADR (China)* | 236,377 | ||||||
943 | Ross Stores, Inc. | 140,469 | ||||||
3,227 | Starbucks Corp. | 306,242 | ||||||
5,291 | Tesla, Inc.* | 1,068,147 | ||||||
|
| |||||||
5,207,224 | ||||||||
| ||||||||
Consumer Staples – 6.5% |
| |||||||
1,275 | Coca-Cola Europacific Partners | |||||||
PLC (United Kingdom) | 87,503 | |||||||
1,253 | Costco Wholesale Corp. | 932,094 | ||||||
606 | Dollar Tree, Inc.* | 88,888 | ||||||
3,948 | Keurig Dr Pepper, Inc. | 118,085 | ||||||
3,461 | Kraft Heinz Co. (The) | 122,104 | ||||||
3,872 | Mondelez International, Inc., Class A | 282,927 | ||||||
2,945 | Monster Beverage Corp.* | 174,049 | ||||||
3,902 | PepsiCo, Inc. | 645,157 | ||||||
2,425 | Walgreens Boots Alliance, Inc. | 51,556 | ||||||
|
| |||||||
2,502,363 | ||||||||
| ||||||||
Energy – 0.5% |
| |||||||
2,830 | Baker Hughes Co. | 83,740 | ||||||
502 | Diamondback Energy, Inc. | 91,625 | ||||||
|
| |||||||
175,365 | ||||||||
| ||||||||
Financials – 0.5% |
| |||||||
3,061 | PayPal Holdings, Inc.* | 184,701 | ||||||
| ||||||||
Health Care – 6.2% |
| |||||||
1,527 | Amgen, Inc. | 418,139 | ||||||
1,644 | AstraZeneca PLC ADR (United Kingdom) | 105,479 | ||||||
410 | Biogen, Inc.* | 88,966 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
1,084 | Dexcom, Inc.* | $ | 124,736 | |||||
1,272 | GE HealthCare Technologies, Inc. | 116,108 | ||||||
3,544 | Gilead Sciences, Inc. | 255,522 | ||||||
240 | IDEXX Laboratories, Inc.* | 138,055 | ||||||
440 | Illumina, Inc.* | 61,525 | ||||||
997 | Intuitive Surgical, Inc.* | 384,443 | ||||||
1,074 | Moderna, Inc.* | 99,066 | ||||||
299 | Regeneron Pharmaceuticals, Inc.* | 288,861 | ||||||
736 | Vertex Pharmaceuticals, Inc.* | 309,665 | ||||||
|
| |||||||
2,390,565 | ||||||||
| ||||||||
Industrials – 4.8% |
| |||||||
1,165 | Automatic Data Processing, Inc. | 292,566 | ||||||
278 | Cintas Corp. | 174,754 | ||||||
2,712 | Copart, Inc.* | 144,143 | ||||||
5,615 | CSX Corp. | 213,033 | ||||||
1,584 | Fastenal Co. | 115,648 | ||||||
1,859 | Honeywell International, Inc. | 369,439 | ||||||
306 | Old Dominion Freight Line, Inc. | 135,399 | ||||||
1,478 | PACCAR, Inc. | 163,895 | ||||||
1,033 | Paychex, Inc. | 126,667 | ||||||
410 | Verisk Analytics, Inc. | 99,179 | ||||||
|
| |||||||
1,834,723 | ||||||||
| ||||||||
Information Technology – 50.5% |
| |||||||
1,288 | Adobe, Inc.* | 721,641 | ||||||
4,578 | Advanced Micro Devices, Inc.* | 881,402 | ||||||
1,408 | Analog Devices, Inc. | 270,083 | ||||||
246 | ANSYS, Inc.* | 82,206 | ||||||
17,096 | Apple, Inc. | 3,090,102 | ||||||
2,374 | Applied Materials, Inc. | 478,646 | ||||||
248 | ASML Holding NV (Netherlands) | 236,017 | ||||||
443 | Atlassian Corp., Class A* | 91,887 | ||||||
595 | Autodesk, Inc.* | 153,611 | ||||||
1,325 | Broadcom, Inc. | 1,723,149 | ||||||
778 | Cadence Design Systems, Inc.* | 236,808 | ||||||
375 | CDW Corp. | 92,329 | ||||||
11,528 | Cisco Systems, Inc. | 557,609 | ||||||
1,410 | Cognizant Technology Solutions Corp., Class A | 111,418 | ||||||
639 | Crowdstrike Holdings, Inc., Class A* | 207,132 | ||||||
844 | Datadog, Inc., Class A* | 110,952 | ||||||
2,162 | Fortinet, Inc.* | 149,416 | ||||||
1,552 | GLOBALFOUNDRIES, Inc.* | 84,848 | ||||||
11,958 | Intel Corp. | 514,792 | ||||||
796 | Intuit, Inc. | 527,660 | ||||||
386 | KLA Corp. | 263,368 | ||||||
368 | Lam Research Corp. | 345,276 | ||||||
2,423 | Marvell Technology, Inc. | 173,632 | ||||||
1,516 | Microchip Technology, Inc. | 127,556 | ||||||
3,137 | Micron Technology, Inc. | 284,244 | ||||||
8,167 | Microsoft Corp. | 3,378,198 | ||||||
204 | MongoDB, Inc.* | 91,306 | ||||||
2,720 | NVIDIA Corp. | 2,151,846 |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
732 | NXP Semiconductors NV (China) | $ | 182,802 | |||||
1,222 | ON Semiconductor Corp.* | 96,440 | ||||||
891 | Palo Alto Networks, Inc.* | 276,700 | ||||||
3,155 | QUALCOMM, Inc. | 497,827 | ||||||
303 | Roper Technologies, Inc. | 165,053 | ||||||
481 | Splunk, Inc.* | 75,142 | ||||||
426 | Synopsys, Inc.* | 244,409 | ||||||
2,574 | Texas Instruments, Inc. | 430,707 | ||||||
586 | Workday, Inc., Class A* | 172,671 | ||||||
416 | Zscaler, Inc.* | 100,660 | ||||||
|
| |||||||
19,379,545 | ||||||||
| ||||||||
Real Estate – 0.3% |
| |||||||
1,153 | CoStar Group, Inc.* | 100,346 | ||||||
| ||||||||
Utilities – 1.2% |
| |||||||
1,484 | American Electric Power Co., Inc. | 126,422 | ||||||
903 | Constellation Energy Corp. | 152,110 | ||||||
2,806 | Exelon Corp. | 100,567 | ||||||
1,560 | Xcel Energy, Inc. | 82,197 | ||||||
|
| |||||||
461,296 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $35,626,491) | 38,201,108 | |||||||
| ||||||||
Exchange-Traded Fund – 0.1% |
| |||||||
265 | Invesco Nasdaq 100 ETF | |||||||
(Cost $44,017) | 47,883 | |||||||
|
Shares |
Dividend Rate | Value | ||||||
Investment Company – 0.4%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
139,376 | 5.195% | $ | 139,376 | |||||
(Cost $139,376) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.1% (Cost $35,809,884) | $ | 38,388,367 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% | (32,385) | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 38,355,982 | ||||||
|
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: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
|
ADDITIONAL INVESTMENT INFORMATION |
WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following written option contracts:
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Fund | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Written Option Contracts: | ||||||||||||||||||||||||||||
Calls | ||||||||||||||||||||||||||||
Invesco QQQ Trust Series 1 | $ | 439.00 | 03/28/2024 | 360 | $ | (15,804) | $ | (300,588 | ) | $ | (289,350 | ) | $ | (11,238) | ||||||||||||||
|
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF
Schedule of Investments
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – 99.7% |
| |||||||
Communication Services – 8.9% |
| |||||||
7,058 | Alphabet, Inc., Class A* | $ | 977,250 | |||||
5,937 | Alphabet, Inc., Class C* | 829,874 | ||||||
8,468 | AT&T, Inc. | 143,363 | ||||||
117 | Charter Communications, Inc., Class A* | 34,390 | ||||||
4,789 | Comcast Corp., Class A | 205,209 | ||||||
306 | Electronic Arts, Inc. | 42,681 | ||||||
215 | Fox Corp., Class A | 6,405 | ||||||
260 | Fox Corp., Class B | 7,119 | ||||||
450 | Interpublic Group of Cos., Inc. (The) | 14,130 | ||||||
199 | Live Nation Entertainment, Inc.* | 19,299 | ||||||
315 | Match Group, Inc.* | 11,352 | ||||||
2,652 | Meta Platforms, Inc., Class A | 1,299,825 | ||||||
532 | Netflix, Inc.* | 320,753 | ||||||
317 | News Corp., Class A | 8,521 | ||||||
199 | News Corp., Class B | 5,570 | ||||||
230 | Omnicom Group, Inc. | 20,330 | ||||||
592 | Paramount Global, Class B | 6,536 | ||||||
202 | Take-Two Interactive Software, Inc.* | 29,680 | ||||||
587 | T-Mobile US, Inc. | 95,857 | ||||||
5,003 | Verizon Communications, Inc. | 200,220 | ||||||
2,189 | Walt Disney Co. (The) | 244,249 | ||||||
2,660 | Warner Bros Discovery, Inc.* | 23,381 | ||||||
|
| |||||||
4,545,994 | ||||||||
| ||||||||
Consumer Discretionary – 10.5% |
| |||||||
522 | Airbnb, Inc., Class A* | 82,199 | ||||||
10,858 | Amazon.com, Inc.* | 1,919,260 | ||||||
363 | Aptiv PLC* | 28,855 | ||||||
19 | AutoZone, Inc.* | 57,114 | ||||||
255 | Bath & Body Works, Inc. | 11,653 | ||||||
227 | Best Buy Co., Inc. | 18,360 | ||||||
39 | Booking Holdings, Inc.* | 135,284 | ||||||
332 | BorgWarner, Inc. | 10,335 | ||||||
303 | Caesars Entertainment, Inc.* | 13,171 | ||||||
202 | CarMax, Inc.* | 15,958 | ||||||
1,187 | Carnival Corp.* | 18,826 | ||||||
27 | Chipotle Mexican Grill, Inc.* | 72,597 | ||||||
349 | D.R. Horton, Inc. | 52,155 | ||||||
133 | Darden Restaurants, Inc. | 22,704 | ||||||
44 | Domino’s Pizza, Inc. | 19,727 | ||||||
596 | eBay, Inc. | 28,179 | ||||||
118 | Etsy, Inc.* | 8,459 | ||||||
166 | Expedia Group, Inc.* | 22,712 | ||||||
4,992 | Ford Motor Co. | 62,100 | ||||||
201 | Garmin Ltd. | 27,607 | ||||||
1,123 | General Motors Co. | 46,021 | ||||||
198 | Genuine Parts Co. | 29,553 | ||||||
198 | Hasbro, Inc. | 9,957 | ||||||
312 | Hilton Worldwide Holdings, Inc. | 63,748 | ||||||
1,201 | Home Depot, Inc. (The) | 457,113 | ||||||
439 | Las Vegas Sands Corp. | 23,934 | ||||||
306 | Lennar Corp., Class A | 48,504 | ||||||
313 | LKQ Corp. | 16,367 | ||||||
677 | Lowe’s Cos., Inc. | 162,934 | ||||||
128 | Lululemon Athletica, Inc.* | 59,788 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Discretionary – (continued) |
| |||||||
305 | Marriott International, Inc., Class A | $ | 76,210 | |||||
872 | McDonald’s Corp. | 254,868 | ||||||
318 | MGM Resorts International* | 13,763 | ||||||
94 | Mohawk Industries, Inc.* | 11,150 | ||||||
1,446 | NIKE, Inc., Class B | 150,283 | ||||||
520 | Norwegian Cruise Line Holdings Ltd.* | 10,083 | ||||||
3 | NVR, Inc.* | 22,877 | ||||||
73 | O’Reilly Automotive, Inc.* | 79,382 | ||||||
46 | Pool Corp. | 18,314 | ||||||
245 | PulteGroup, Inc. | 26,553 | ||||||
33 | Ralph Lauren Corp. | 6,135 | ||||||
411 | Ross Stores, Inc. | 61,223 | ||||||
303 | Royal Caribbean Cruises Ltd.* | 37,375 | ||||||
1,345 | Starbucks Corp. | 127,641 | ||||||
256 | Tapestry, Inc. | 12,168 | ||||||
3,308 | Tesla, Inc.* | 667,819 | ||||||
1,347 | TJX Cos., Inc. (The) | 133,542 | ||||||
123 | Tractor Supply Co. | 31,281 | ||||||
67 | Ulta Beauty, Inc.* | 36,754 | ||||||
414 | VF Corp. | 6,765 | ||||||
94 | Whirlpool Corp. | 10,095 | ||||||
127 | Wynn Resorts Ltd. | 13,360 | ||||||
332 | Yum! Brands, Inc. | 45,955 | ||||||
|
| |||||||
5,398,770 | ||||||||
| ||||||||
Consumer Staples – 6.1% |
| |||||||
2,097 | Altria Group, Inc. | 85,788 | ||||||
642 | Archer-Daniels-Midland Co. | 34,097 | ||||||
218 | Brown-Forman Corp., Class B | 13,130 | ||||||
200 | Bunge Global SA | 18,874 | ||||||
229 | Campbell Soup Co. | 9,764 | ||||||
274 | Church & Dwight Co., Inc. | 27,433 | ||||||
136 | Clorox Co. (The) | 20,850 | ||||||
4,647 | Coca-Cola Co. (The) | 278,913 | ||||||
981 | Colgate-Palmolive Co. | 84,876 | ||||||
562 | Conagra Brands, Inc. | 15,781 | ||||||
203 | Constellation Brands, Inc., Class A | 50,449 | ||||||
537 | Costco Wholesale Corp. | 399,469 | ||||||
248 | Dollar General Corp. | 36,037 | ||||||
239 | Dollar Tree, Inc.* | 35,057 | ||||||
301 | Estee Lauder Cos., Inc. (The), Class A | 44,723 | ||||||
681 | General Mills, Inc. | 43,707 | ||||||
200 | Hershey Co. (The) | 37,584 | ||||||
340 | Hormel Foods Corp. | 12,009 | ||||||
135 | J M Smucker Co. (The) | 16,223 | ||||||
309 | Kellanova | 17,041 | ||||||
2,055 | Kenvue, Inc. | 39,045 | ||||||
1,200 | Keurig Dr Pepper, Inc. | 35,892 | ||||||
411 | Kimberly-Clark Corp. | 49,801 | ||||||
984 | Kraft Heinz Co. (The) | 34,715 | ||||||
781 | Kroger Co. (The) | 38,745 | ||||||
170 | Lamb Weston Holdings, Inc. | 17,376 | ||||||
308 | McCormick & Co., Inc. | 21,209 | ||||||
220 | Molson Coors Beverage Co., Class B | 13,732 |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Consumer Staples – (continued) |
| |||||||
1,626 | Mondelez International, Inc., Class A | $ | 118,812 | |||||
878 | Monster Beverage Corp.* | 51,890 | ||||||
1,648 | PepsiCo, Inc. | 272,480 | ||||||
1,851 | Philip Morris International, Inc. | 166,516 | ||||||
2,819 | Procter & Gamble Co. (The) | 448,052 | ||||||
586 | Sysco Corp. | 47,448 | ||||||
549 | Target Corp. | 83,953 | ||||||
336 | Tyson Foods, Inc., Class A | 18,225 | ||||||
860 | Walgreens Boots Alliance, Inc. | 18,284 | ||||||
5,070 | Walmart, Inc. | 297,153 | ||||||
|
| |||||||
3,055,133 | ||||||||
| ||||||||
Energy – 3.7% |
| |||||||
379 | APA Corp. | 11,290 | ||||||
1,194 | Baker Hughes Co. | 35,330 | ||||||
2,099 | Chevron Corp. | 319,069 | ||||||
1,416 | ConocoPhillips | 159,357 | ||||||
889 | Coterra Energy, Inc. | 22,918 | ||||||
764 | Devon Energy Corp. | 33,662 | ||||||
215 | Diamondback Energy, Inc. | 39,242 | ||||||
682 | EOG Resources, Inc. | 78,062 | ||||||
473 | EQT Corp. | 17,572 | ||||||
4,776 | Exxon Mobil Corp. | 499,187 | ||||||
1,040 | Halliburton Co. | 36,473 | ||||||
329 | Hess Corp. | 47,952 | ||||||
2,324 | Kinder Morgan, Inc. | 40,414 | ||||||
700 | Marathon Oil Corp. | 16,975 | ||||||
447 | Marathon Petroleum Corp. | 75,646 | ||||||
780 | Occidental Petroleum Corp. | 47,276 | ||||||
682 | ONEOK, Inc. | 51,232 | ||||||
531 | Phillips 66 | 75,673 | ||||||
272 | Pioneer Natural Resources Co. | 63,972 | ||||||
1,682 | Schlumberger NV | 81,291 | ||||||
270 | Targa Resources Corp. | 26,525 | ||||||
417 | Valero Energy Corp. | 58,989 | ||||||
1,440 | Williams Cos., Inc. (The) | 51,753 | ||||||
|
| |||||||
1,889,860 | ||||||||
| ||||||||
Financials – 12.8% |
| |||||||
635 | Aflac, Inc. | 51,270 | ||||||
317 | Allstate Corp. (The) | 50,568 | ||||||
676 | American Express Co. | 148,328 | ||||||
843 | American International Group, Inc. | 61,446 | ||||||
125 | Ameriprise Financial, Inc. | 50,920 | ||||||
233 | Aon PLC, Class A | 73,626 | ||||||
442 | Arch Capital Group Ltd.* | 38,715 | ||||||
245 | Arthur J Gallagher & Co. | 59,763 | ||||||
80 | Assurant, Inc. | 14,516 | ||||||
8,231 | Bank of America Corp. | 284,134 | ||||||
1,055 | Bank of New York Mellon Corp. (The) | 59,175 | ||||||
2,186 | Berkshire Hathaway, Inc., Class B* | 894,948 | ||||||
178 | BlackRock, Inc. | 144,418 | ||||||
850 | Blackstone, Inc. | 108,647 | ||||||
274 | Brown & Brown, Inc. | 23,073 | ||||||
448 | Capital One Financial Corp. | 61,649 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
125 | Cboe Global Markets, Inc. | $ | 24,000 | |||||
1,760 | Charles Schwab Corp. (The) | 117,533 | ||||||
479 | Chubb Ltd. | 120,550 | ||||||
202 | Cincinnati Financial Corp. | 23,028 | ||||||
2,279 | Citigroup, Inc. | 126,462 | ||||||
552 | Citizens Financial Group, Inc. | 17,327 | ||||||
447 | CME Group, Inc. | 98,496 | ||||||
170 | Comerica, Inc. | 8,395 | ||||||
307 | Discover Financial Services | 37,055 | ||||||
49 | Everest Group Ltd. | 18,075 | ||||||
50 | FactSet Research Systems, Inc. | 23,129 | ||||||
516 | Fidelity National Information Services, Inc. | 35,702 | ||||||
797 | Fifth Third Bancorp | 27,369 | ||||||
725 | Fiserv, Inc.* | 108,221 | ||||||
100 | FleetCor Technologies, Inc.* | 27,927 | ||||||
515 | Franklin Resources, Inc. | 14,137 | ||||||
316 | Global Payments, Inc. | 40,985 | ||||||
88 | Globe Life, Inc. | 11,170 | ||||||
349 | Hartford Financial Services Group, Inc. (The) | 33,448 | ||||||
1,727 | Huntington Bancshares, Inc. | 22,520 | ||||||
748 | Intercontinental Exchange, Inc. | 103,538 | ||||||
808 | Invesco Ltd. | 12,451 | ||||||
99 | Jack Henry & Associates, Inc. | 17,203 | ||||||
3,460 | JPMorgan Chase & Co. | 643,768 | ||||||
1,114 | KeyCorp | 15,897 | ||||||
218 | Loews Corp. | 16,378 | ||||||
205 | M&T Bank Corp. | 28,647 | ||||||
45 | MarketAxess Holdings, Inc. | 9,603 | ||||||
574 | Marsh & McLennan Cos., Inc. | 116,103 | ||||||
991 | Mastercard, Inc., Class A | 470,487 | ||||||
743 | MetLife, Inc. | 51,817 | ||||||
213 | Moody’s Corp. | 80,816 | ||||||
1,583 | Morgan Stanley | 136,201 | ||||||
103 | MSCI, Inc. | 57,780 | ||||||
467 | Nasdaq, Inc. | 26,245 | ||||||
293 | Northern Trust Corp. | 24,064 | ||||||
1,287 | PayPal Holdings, Inc.* | 77,658 | ||||||
463 | PNC Financial Services Group, Inc. (The) | 68,154 | ||||||
248 | Principal Financial Group, Inc. | 20,053 | ||||||
684 | Progressive Corp. (The) | 129,659 | ||||||
432 | Prudential Financial, Inc. | 47,084 | ||||||
233 | Raymond James Financial, Inc. | 28,035 | ||||||
1,098 | Regions Financial Corp. | 20,456 | ||||||
414 | S&P Global, Inc. | 177,349 | ||||||
435 | State Street Corp. | 32,073 | ||||||
504 | Synchrony Financial | 20,815 | ||||||
309 | T. Rowe Price Group, Inc. | 35,025 | ||||||
271 | Travelers Cos., Inc. (The) | 59,880 | ||||||
1,599 | Truist Financial Corp. | 55,933 | ||||||
1,850 | US Bancorp | 77,626 | ||||||
1,909 | Visa, Inc., Class A | 539,560 | ||||||
235 | W R Berkley Corp. | 19,646 | ||||||
4,352 | Wells Fargo & Co. | 241,928 | ||||||
119 | Willis Towers Watson PLC | 32,441 |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financials – (continued) |
| |||||||
201 | Zions Bancorp NA | $ | 7,925 | |||||
|
| |||||||
6,563,023 | ||||||||
| ||||||||
Health Care – 12.5% |
| |||||||
2,077 | Abbott Laboratories | 246,415 | ||||||
2,107 | AbbVie, Inc. | 370,937 | ||||||
342 | Agilent Technologies, Inc. | 46,977 | ||||||
99 | Align Technology, Inc.* | 29,940 | ||||||
647 | Amgen, Inc. | 177,168 | ||||||
615 | Baxter International, Inc. | 25,166 | ||||||
340 | Becton Dickinson & Co. | 80,087 | ||||||
199 | Biogen, Inc.* | 43,181 | ||||||
17 | Bio-Rad Laboratories, Inc., Class A* | 5,540 | ||||||
202 | Bio-Techne Corp. | 14,861 | ||||||
1,740 | Boston Scientific Corp.* | 115,205 | ||||||
2,412 | Bristol-Myers Squibb Co. | 122,409 | ||||||
276 | Cardinal Health, Inc. | 30,906 | ||||||
209 | Catalent, Inc.* | 11,984 | ||||||
205 | Cencora, Inc. | 48,298 | ||||||
637 | Centene Corp.* | 49,960 | ||||||
68 | Charles River Laboratories International, Inc.* | 17,285 | ||||||
342 | Cigna Group (The) | 114,960 | ||||||
268 | Cooper Cos., Inc. (The) | 25,085 | ||||||
1,525 | CVS Health Corp. | 113,414 | ||||||
782 | Danaher Corp. | 197,955 | ||||||
80 | DaVita, Inc.* | 10,158 | ||||||
242 | DENTSPLY SIRONA, Inc. | 7,909 | ||||||
453 | Dexcom, Inc.* | 52,127 | ||||||
702 | Edwards Lifesciences Corp.* | 59,579 | ||||||
295 | Elevance Health, Inc. | 147,869 | ||||||
966 | Eli Lilly & Co. | 728,055 | ||||||
457 | GE HealthCare Technologies, Inc. | 41,715 | ||||||
1,464 | Gilead Sciences, Inc. | 105,554 | ||||||
230 | HCA Healthcare, Inc. | 71,691 | ||||||
141 | Henry Schein, Inc.* | 10,782 | ||||||
307 | Hologic, Inc.* | 22,657 | ||||||
135 | Humana, Inc. | 47,293 | ||||||
102 | IDEXX Laboratories, Inc.* | 58,673 | ||||||
202 | Illumina, Inc.* | 28,246 | ||||||
221 | Incyte Corp.* | 12,898 | ||||||
99 | Insulet Corp.* | 16,236 | ||||||
425 | Intuitive Surgical, Inc.* | 163,880 | ||||||
218 | IQVIA Holdings, Inc.* | 53,881 | ||||||
2,876 | Johnson & Johnson | 464,129 | ||||||
102 | Laboratory Corp. of America Holdings | 22,015 | ||||||
157 | McKesson Corp. | 81,861 | ||||||
1,567 | Medtronic PLC | 130,625 | ||||||
3,015 | Merck & Co., Inc. | 383,357 | ||||||
18 | Mettler-Toledo International, Inc.* | 22,450 | ||||||
409 | Moderna, Inc.* | 37,726 | ||||||
86 | Molina Healthcare, Inc.* | 33,876 | ||||||
6,736 | Pfizer, Inc. | 178,908 | ||||||
126 | Quest Diagnostics, Inc. | 15,736 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care – (continued) |
| |||||||
122 | Regeneron Pharmaceuticals, Inc.* | $ | 117,863 | |||||
199 | ResMed, Inc. | 34,570 | ||||||
135 | Revvity, Inc. | 14,795 | ||||||
115 | STERIS PLC | 26,785 | ||||||
416 | Stryker Corp. | 145,213 | ||||||
51 | Teleflex, Inc. | 11,362 | ||||||
458 | Thermo Fisher Scientific, Inc. | 261,142 | ||||||
1,105 | UnitedHealth Group, Inc. | 545,428 | ||||||
96 | Universal Health Services, Inc., Class B | 16,038 | ||||||
313 | Vertex Pharmaceuticals, Inc.* | 131,692 | ||||||
1,425 | Viatris, Inc. | 17,627 | ||||||
73 | Waters Corp.* | 24,632 | ||||||
99 | West Pharmaceutical Services, Inc. | 35,478 | ||||||
239 | Zimmer Biomet Holdings, Inc. | 29,722 | ||||||
547 | Zoetis, Inc. | 108,487 | ||||||
|
| |||||||
6,418,453 | ||||||||
| ||||||||
Industrials – 8.8% |
| |||||||
657 | 3M Co. | 60,523 | ||||||
135 | A O Smith Corp. | 11,192 | ||||||
104 | Allegion PLC | 13,298 | ||||||
774 | American Airlines Group, Inc.* | 12,136 | ||||||
301 | AMETEK, Inc. | 54,234 | ||||||
479 | Automatic Data Processing, Inc. | 120,291 | ||||||
99 | Axon Enterprise, Inc.* | 30,430 | ||||||
675 | Boeing Co. (The)* | 137,511 | ||||||
131 | Broadridge Financial Solutions, Inc. | 26,669 | ||||||
135 | Builders FirstSource, Inc.* | 26,349 | ||||||
144 | C.H. Robinson Worldwide, Inc. | 10,668 | ||||||
994 | Carrier Global Corp. | 55,247 | ||||||
626 | Caterpillar, Inc. | 209,059 | ||||||
105 | Cintas Corp. | 66,004 | ||||||
1,023 | Copart, Inc.* | 54,372 | ||||||
2,335 | CSX Corp. | 88,590 | ||||||
169 | Cummins, Inc. | 45,395 | ||||||
202 | Dayforce, Inc.* | 14,092 | ||||||
322 | Deere & Co. | 117,546 | ||||||
761 | Delta Air Lines, Inc. | 32,167 | ||||||
197 | Dover Corp. | 32,580 | ||||||
464 | Eaton Corp. PLC | 134,096 | ||||||
672 | Emerson Electric Co. | 71,803 | ||||||
135 | Equifax, Inc. | 36,935 | ||||||
171 | Expeditors International of Washington, Inc. | 20,452 | ||||||
675 | Fastenal Co. | 49,282 | ||||||
301 | FedEx Corp. | 74,940 | ||||||
424 | Fortive Corp. | 36,095 | ||||||
82 | Generac Holdings, Inc.* | 9,226 | ||||||
270 | General Dynamics Corp. | 73,777 | ||||||
1,309 | General Electric Co. | 205,369 | ||||||
779 | Honeywell International, Inc. | 154,811 | ||||||
457 | Howmet Aerospace, Inc. | 30,413 | ||||||
70 | Hubbell, Inc. | 26,647 | ||||||
46 | Huntington Ingalls Industries, Inc. | 13,415 |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Industrials – (continued) |
| |||||||
100 | IDEX Corp. | $ | 23,590 | |||||
327 | Illinois Tool Works, Inc. | 85,723 | ||||||
468 | Ingersoll Rand, Inc. | 42,742 | ||||||
102 | J.B. Hunt Transport Services, Inc. | 21,044 | ||||||
137 | Jacobs Solutions, Inc. | 20,091 | ||||||
796 | Johnson Controls International PLC | 47,179 | ||||||
223 | L3Harris Technologies, Inc. | 47,200 | ||||||
167 | Leidos Holdings, Inc. | 21,353 | ||||||
263 | Lockheed Martin Corp. | 112,627 | ||||||
270 | Masco Corp. | 20,725 | ||||||
84 | Nordson Corp. | 22,315 | ||||||
270 | Norfolk Southern Corp. | 68,413 | ||||||
188 | Northrop Grumman Corp. | 86,672 | ||||||
107 | Old Dominion Freight Line, Inc. | 47,345 | ||||||
501 | Otis Worldwide Corp. | 47,745 | ||||||
628 | PACCAR, Inc. | 69,639 | ||||||
143 | Parker-Hannifin Corp. | 76,569 | ||||||
366 | Paychex, Inc. | 44,879 | ||||||
79 | Paycom Software, Inc. | 14,409 | ||||||
204 | Pentair PLC | 15,869 | ||||||
199 | Quanta Services, Inc. | 48,060 | ||||||
236 | Republic Services, Inc. | 43,330 | ||||||
135 | Robert Half, Inc. | 10,854 | ||||||
128 | Rockwell Automation, Inc. | 36,490 | ||||||
332 | Rollins, Inc. | 14,631 | ||||||
1,719 | RTX Corp. | 154,143 | ||||||
69 | Snap-on, Inc. | 19,021 | ||||||
722 | Southwest Airlines Co. | 24,743 | ||||||
201 | Stanley Black & Decker, Inc. | 17,947 | ||||||
229 | Textron, Inc. | 20,397 | ||||||
271 | Trane Technologies PLC | 76,414 | ||||||
71 | TransDigm Group, Inc. | 83,620 | ||||||
2,431 | Uber Technologies, Inc.* | 193,264 | ||||||
738 | Union Pacific Corp. | 187,223 | ||||||
408 | United Airlines Holdings, Inc.* | 18,560 | ||||||
865 | United Parcel Service, Inc., Class B | 128,245 | ||||||
78 | United Rentals, Inc. | 54,075 | ||||||
248 | Veralto Corp. | 21,432 | ||||||
199 | Verisk Analytics, Inc. | 48,138 | ||||||
49 | W.W. Grainger, Inc. | 47,700 | ||||||
437 | Waste Management, Inc. | 89,869 | ||||||
215 | Westinghouse Air Brake Technologies Corp. | 30,377 | ||||||
304 | Xylem, Inc. | 38,623 | ||||||
|
| |||||||
4,498,899 | ||||||||
| ||||||||
Information Technology – 29.7% |
| |||||||
757 | Accenture PLC, Class A | 283,708 | ||||||
547 | Adobe, Inc.* | 306,473 | ||||||
1,915 | Advanced Micro Devices, Inc.* | 368,695 | ||||||
201 | Akamai Technologies, Inc.* | 22,295 | ||||||
724 | Amphenol Corp., Class A | 79,090 | ||||||
579 | Analog Devices, Inc. | 111,064 | ||||||
105 | ANSYS, Inc.* | 35,088 | ||||||
17,441 | Apple, Inc. | 3,152,461 | ||||||
992 | Applied Materials, Inc. | 200,007 | ||||||
309 | Arista Networks, Inc.* | 85,760 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
243 | Autodesk, Inc.* | $ | 62,735 | |||||
529 | Broadcom, Inc. | 687,959 | ||||||
325 | Cadence Design Systems, Inc.* | 98,923 | ||||||
173 | CDW Corp. | 42,594 | ||||||
4,808 | Cisco Systems, Inc. | 232,563 | ||||||
581 | Cognizant Technology Solutions Corp., Class A | 45,911 | ||||||
931 | Corning, Inc. | 30,015 | ||||||
167 | Enphase Energy, Inc.* | 21,211 | ||||||
86 | EPAM Systems, Inc.* | 26,178 | ||||||
82 | F5, Inc.* | 15,352 | ||||||
20 | Fair Isaac Corp.* | 25,398 | ||||||
122 | First Solar, Inc.* | 18,775 | ||||||
761 | Fortinet, Inc.* | 52,593 | ||||||
101 | Gartner, Inc.* | 47,022 | ||||||
667 | Gen Digital, Inc. | 14,334 | ||||||
1,530 | Hewlett Packard Enterprise Co. | 23,302 | ||||||
1,019 | HP, Inc. | 28,868 | ||||||
5,013 | Intel Corp. | 215,810 | ||||||
1,095 | International Business Machines Corp. | 202,608 | ||||||
334 | Intuit, Inc. | 221,405 | ||||||
139 | Jabil, Inc. | 20,028 | ||||||
407 | Juniper Networks, Inc. | 15,071 | ||||||
214 | Keysight Technologies, Inc.* | 33,020 | ||||||
160 | KLA Corp. | 109,168 | ||||||
156 | Lam Research Corp. | 146,367 | ||||||
648 | Microchip Technology, Inc. | 54,523 | ||||||
1,304 | Micron Technology, Inc. | 118,155 | ||||||
8,871 | Microsoft Corp. | 3,669,400 | ||||||
64 | Monolithic Power Systems, Inc. | 46,083 | ||||||
204 | Motorola Solutions, Inc. | 67,400 | ||||||
239 | NetApp, Inc. | 21,300 | ||||||
2,947 | NVIDIA Corp. | 2,331,431 | ||||||
313 | NXP Semiconductors NV (China) | 78,165 | ||||||
517 | ON Semiconductor Corp.* | 40,802 | ||||||
1,893 | Oracle Corp. | 211,410 | ||||||
357 | Palo Alto Networks, Inc.* | 110,866 | ||||||
131 | PTC, Inc.* | 23,974 | ||||||
114 | Qorvo, Inc.* | 13,059 | ||||||
1,329 | QUALCOMM, Inc. | 209,703 | ||||||
122 | Roper Technologies, Inc. | 66,457 | ||||||
1,149 | Salesforce, Inc.* | 354,834 | ||||||
228 | Seagate Technology Holdings PLC | 21,215 | ||||||
238 | ServiceNow, Inc.* | 183,579 | ||||||
203 | Skyworks Solutions, Inc. | 21,299 | ||||||
180 | Synopsys, Inc.* | 103,271 | ||||||
357 | TE Connectivity Ltd. | 51,251 | ||||||
68 | Teledyne Technologies, Inc.* | 29,054 | ||||||
201 | Teradyne, Inc. | 20,822 | ||||||
1,085 | Texas Instruments, Inc. | 181,553 | ||||||
309 | Trimble, Inc.* | 18,908 | ||||||
35 | Tyler Technologies, Inc.* | 15,300 | ||||||
107 | VeriSign, Inc.* | 20,896 | ||||||
397 | Western Digital Corp.* | 23,610 |
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Information Technology – (continued) |
| |||||||
68 | Zebra Technologies Corp., Class A* | $ | 19,005 | |||||
|
| |||||||
15,209,176 | ||||||||
| ||||||||
Materials – 2.3% |
| |||||||
250 | Air Products and Chemicals, Inc. | 58,510 | ||||||
144 | Albemarle Corp. | 19,850 | ||||||
1,681 | Amcor PLC | 15,230 | ||||||
102 | Avery Dennison Corp. | 22,086 | ||||||
361 | Ball Corp. | 23,111 | ||||||
116 | Celanese Corp. | 17,628 | ||||||
225 | CF Industries Holdings, Inc. | 18,162 | ||||||
845 | Corteva, Inc. | 45,224 | ||||||
842 | Dow, Inc. | 47,051 | ||||||
518 | DuPont de Nemours, Inc. | 35,840 | ||||||
131 | Eastman Chemical Co. | 11,494 | ||||||
308 | Ecolab, Inc. | 69,251 | ||||||
150 | FMC Corp. | 8,458 | ||||||
1,715 | Freeport-McMoRan, Inc. | 64,844 | ||||||
308 | International Flavors & Fragrances, Inc. | 23,254 | ||||||
413 | International Paper Co. | 14,604 | ||||||
573 | Linde PLC | 257,174 | ||||||
310 | LyondellBasell Industries NV, Class A | 31,087 | ||||||
74 | Martin Marietta Materials, Inc. | 42,751 | ||||||
409 | Mosaic Co. (The) | 12,744 | ||||||
1,353 | Newmont Corp. | 42,281 | ||||||
305 | Nucor Corp. | 58,651 | ||||||
108 | Packaging Corp. of America | 19,569 | ||||||
303 | PPG Industries, Inc. | 42,905 | ||||||
288 | Sherwin-Williams Co. (The) | 95,625 | ||||||
202 | Steel Dynamics, Inc. | 27,032 | ||||||
143 | Vulcan Materials Co. | 38,017 | ||||||
309 | Westrock Co. | 13,995 | ||||||
|
| |||||||
1,176,428 | ||||||||
| ||||||||
Real Estate – 2.3% |
| |||||||
202 | Alexandria Real Estate Equities, Inc. REIT | 25,195 | ||||||
552 | American Tower Corp. REIT | 109,771 | ||||||
198 | AvalonBay Communities, Inc. REIT | 35,052 | ||||||
198 | Boston Properties, Inc. REIT | 12,815 | ||||||
122 | Camden Property Trust REIT | 11,527 | ||||||
352 | CBRE Group, Inc., Class A* | 32,345 | ||||||
471 | CoStar Group, Inc.* | 40,991 | ||||||
526 | Crown Castle, Inc. REIT | 57,828 | ||||||
350 | Digital Realty Trust, Inc. REIT | 51,383 | ||||||
111 | Equinix, Inc. REIT | 98,659 | ||||||
412 | Equity Residential REIT | 24,807 | ||||||
97 | Essex Property Trust, Inc. REIT | 22,446 | ||||||
241 | Extra Space Storage, Inc. REIT | 33,974 | ||||||
100 | Federal Realty Investment Trust REIT | 10,085 | ||||||
629 | Healthpeak Properties, Inc. REIT | 10,536 | ||||||
817 | Host Hotels & Resorts, Inc. REIT | 16,945 | ||||||
676 | Invitation Homes, Inc. REIT | 23,031 |
Shares |
Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Real Estate – (continued) |
| |||||||
342 | Iron Mountain, Inc. REIT | $ | 26,895 | |||||
813 | Kimco Realty Corp. REIT | 16,065 | ||||||
130 | Mid-America Apartment Communities, Inc. REIT | 16,338 | ||||||
1,098 | Prologis, Inc. REIT | 146,330 | ||||||
202 | Public Storage REIT | 57,342 | ||||||
1,015 | Realty Income Corp. REIT | 52,892 | ||||||
203 | Regency Centers Corp. REIT | 12,576 | ||||||
123 | SBA Communications Corp. REIT | 25,735 | ||||||
408 | Simon Property Group, Inc. REIT | 60,441 | ||||||
350 | UDR, Inc. REIT | 12,425 | ||||||
466 | Ventas, Inc. REIT | 19,707 | ||||||
1,252 | VICI Properties, Inc. REIT | 37,472 | ||||||
658 | Welltower, Inc. REIT | 60,641 | ||||||
866 | Weyerhaeuser Co. REIT | 29,773 | ||||||
|
| |||||||
1,192,022 | ||||||||
| ||||||||
Utilities – 2.1% |
| |||||||
822 | AES Corp. (The) | 12,494 | ||||||
276 | Alliant Energy Corp. | 13,179 | ||||||
318 | Ameren Corp. | 22,638 | ||||||
630 | American Electric Power Co., Inc. | 53,670 | ||||||
228 | American Water Works Co., Inc. | 27,027 | ||||||
171 | Atmos Energy Corp. | 19,308 | ||||||
751 | CenterPoint Energy, Inc. | 20,653 | ||||||
341 | CMS Energy Corp. | 19,563 | ||||||
419 | Consolidated Edison, Inc. | 36,541 | ||||||
364 | Constellation Energy Corp. | 61,316 | ||||||
992 | Dominion Energy, Inc. | 47,447 | ||||||
237 | DTE Energy Co. | 25,679 | ||||||
943 | Duke Energy Corp. | 86,596 | ||||||
450 | Edison International | 30,609 | ||||||
241 | Entergy Corp. | 24,478 | ||||||
285 | Evergy, Inc. | 14,119 | ||||||
414 | Eversource Energy | 24,302 | ||||||
1,186 | Exelon Corp. | 42,506 | ||||||
623 | FirstEnergy Corp. | 22,808 | ||||||
2,426 | NextEra Energy, Inc. | 133,891 | ||||||
461 | NiSource, Inc. | 12,014 | ||||||
274 | NRG Energy, Inc. | 15,158 | ||||||
2,556 | PG&E Corp. | 42,660 | ||||||
128 | Pinnacle West Capital Corp. | 8,746 | ||||||
872 | PPL Corp. | 22,995 | ||||||
579 | Public Service Enterprise Group, Inc. | 36,130 | ||||||
749 | Sempra | 52,879 | ||||||
1,298 | Southern Co. (The) | 87,290 | ||||||
361 | WEC Energy Group, Inc. | 28,335 | ||||||
657 | Xcel Energy, Inc. | 34,617 | ||||||
|
| |||||||
1,079,648 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $47,516,298) | 51,027,406 | |||||||
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF
Schedule of Investments (continued)
February 29, 2024 (Unaudited) |
Shares |
Description | Value | ||||||
Exchange-Traded Fund – 0.2% |
| |||||||
255 | Vanguard S&P 500 ETF | |||||||
(Cost $110,787) | $ | 119,067 | ||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.4%(a) |
| |||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | ||||||||
217,856 | 5.195% | 217,856 | ||||||
(Cost $217,856) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.3% (Cost $47,844,941) | $ | 51,364,329 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (167,459 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 51,196,870 | ||||||
|
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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
WRITTEN OPTIONS CONTRACTS — At February 29, 2024, the Fund had the following written option contracts:
EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Fund | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Written Option Contracts: | ||||||||||||||||||||||||||||
Calls | ||||||||||||||||||||||||||||
SPDR S&P 500 ETF Trust | $ | 508.00 | 03/28/2024 | 430 | $ | (21,844) | $ | (274,100 | ) | $ | (294,442 | ) | $ | 20,342 | ||||||||||||||
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Nasdaq-100 Core | S&P 500 Core Premium Income ETF | |||||||||||
Assets: | ||||||||||||
Investments in unaffiliated issuers, at value (cost $35,670,508 and $47,627,085, respectively) | $ | 38,248,991 | $ | 51,146,473 | ||||||||
Investments in affiliated issuers, at value (cost $139,376 and $217,856, respectively) | 139,376 | 217,856 | ||||||||||
Cash | 511 | 1,280 | ||||||||||
Receivables: | ||||||||||||
Fund shares sold | 462,251 | 461,046 | ||||||||||
Investments sold | 289,350 | 294,443 | ||||||||||
Dividends | 31,035 | 62,680 | ||||||||||
Collateral on certain derivative contracts | 11,020 | 10,022 | ||||||||||
| ||||||||||||
Total assets | 39,182,534 | 52,193,800 | ||||||||||
| ||||||||||||
Liabilities: | ||||||||||||
Written options, at value (premiums received A$289,350 and B$294,442, respectively) | 300,588 | 274,100 | ||||||||||
Payables: | ||||||||||||
Investments purchased | 519,307 | 713,720 | ||||||||||
Management fees | 6,657 | 9,110 | ||||||||||
| ||||||||||||
Total liabilities | 826,552 | 996,930 | ||||||||||
| ||||||||||||
Net Assets: | ||||||||||||
Paid-in capital | 35,877,177 | 48,503,661 | ||||||||||
Total distributable earnings (loss) | 2,478,805 | 2,693,209 | ||||||||||
| ||||||||||||
NET ASSETS | $ | 38,355,982 | $ | 51,196,870 | ||||||||
| ||||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 830,000 | 1,110,000 | ||||||||||
Net asset value per share: | $ | 46.21 | $ | 46.12 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Statements of Operations
For the Period Ended February 29, 2024 (Unaudited) |
Nasdaq-100 Core Premium Income ETF* | S&P 500 Core Premium Income ETF* | |||||||||||
Investment income: | ||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $ 14 and $ 27, respectively) | $ | 84,127 | $ | 132,898 | ||||||||
Dividends — affiliated issuers | 2,271 | 2,317 | ||||||||||
Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 39 | — | ||||||||||
| ||||||||||||
Total Investment Income | 86,437 | 135,215 | ||||||||||
| ||||||||||||
Expenses: | ||||||||||||
Management fees | 24,645 | 27,271 | ||||||||||
| ||||||||||||
Total expenses | 24,645 | 27,271 | ||||||||||
| ||||||||||||
Less — expense reductions | (4,301 | ) | (4,753 | ) | ||||||||
| ||||||||||||
Net expenses | 20,344 | 22,518 | ||||||||||
| ||||||||||||
NET INVESTMENT INCOME | 66,093 | 112,697 | ||||||||||
| ||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated issuers | 40,434 | 7,373 | ||||||||||
In-kind redemptions | 1,051,528 | 197,489 | ||||||||||
Written options | (724,925 | ) | (691,767 | ) | ||||||||
Net change in unrealized gain (loss) on: | ||||||||||||
Investments — unaffiliated issuers | 2,578,483 | 3,519,388 | ||||||||||
Written options | (11,238 | ) | 20,342 | |||||||||
| ||||||||||||
Net realized and unrealized gain | 2,934,282 | 3,052,825 | ||||||||||
| ||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,000,375 | $ | 3,165,522 | ||||||||
|
* For the period October 24, 2023 (commencement of operations) through February 29, 2024.
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Statements of Changes in Net Assets
|
Nasdaq-100 Core Premium Income ETF | S&P 500 Core Premium Income ETF | |||||||||||
For the Period to February 29, 2024 | For the Period to February 29, 2024 | |||||||||||
From operations: | ||||||||||||
Net investment income | $ | 66,093 | $ | 112,697 | ||||||||
Net realized gain (loss) | 367,037 | (486,905 | ) | |||||||||
Net change in unrealized gain | 2,567,245 | 3,539,730 | ||||||||||
| ||||||||||||
Net increase in net assets resulting from operations | 3,000,375 | 3,165,522 | ||||||||||
| ||||||||||||
Distributions to shareholders: | ||||||||||||
From distributable earnings | (521,570 | ) | (472,313 | ) | ||||||||
From share transactions: | ||||||||||||
Proceeds from sales of shares | 43,002,042 | 51,063,847 | ||||||||||
Cost of shares redeemed | (7,124,865 | ) | (2,560,186 | ) | ||||||||
| ||||||||||||
Net increase in net assets resulting from share transactions | 35,877,177 | 48,503,661 | ||||||||||
| ||||||||||||
TOTAL INCREASE | 38,355,982 | 51,196,870 | ||||||||||
| ||||||||||||
Net Assets: | ||||||||||||
Beginning of period | $ | – | $ | – | ||||||||
| ||||||||||||
End of period | $ | 38,355,982 | $ | 51,196,870 | ||||||||
|
* Commencement of operations.
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS NASDAQ-100 CORE PREMIUM INCOME ETF
Nasdaq-100 Core Premium Income ETF | ||||||
For the Period to February 29, 2024 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 40.39 | ||||
Net investment income(a) | 0.15 | (b) | ||||
Net realized and unrealized gain | 6.82 | |||||
Total from investment operations | 6.97 | |||||
Distributions to shareholders from net investment income | (1.15 | ) | ||||
Net asset value, end of period | $ | 46.21 | ||||
Market price, end of period | $ | 46.25 | ||||
Total Return at Net Asset Value(c) | 17.50 | % | ||||
Net assets, end of period (in 000’s) | $ | 38,356 | ||||
Ratio of net expenses to average net assets | 0.29 | %(d) | ||||
Ratio of total expenses to average net assets | 0.35 | %(d) | ||||
Ratio of net investment income to average net assets | 0.94 | %(d) | ||||
Portfolio turnover rate(e) | 9 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.19% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout The Period |
S&P 500 Core Premium Income ETF | ||||||
For the Period to February 29, 2024 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 40.30 | ||||
Net investment income(a) | 0.23 | |||||
Net realized and unrealized gain | 6.52 | |||||
Total from investment operations | 6.75 | |||||
Distributions to shareholders from net investment income | (0.93 | ) | ||||
Net asset value, end of period | $ | 46.12 | ||||
Market price, end of period | $ | 46.12 | ||||
Total Return at Net Asset Value(b) | 16.84 | % | ||||
Net assets, end of period (in 000’s) | $ | 51,197 | ||||
Ratio of net expenses to average net assets | 0.29 | %(c) | ||||
Ratio of total expenses to average net assets | 0.35 | %(c) | ||||
Ratio of net investment income to average net assets | 1.45 | %(c) | ||||
Portfolio turnover rate(d) | 2 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions 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. | 21 |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
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 | Diversified/ Non-diversified | |||
Nasdaq-100 Core Premium Income ETF | Non-Diversified | |||
S&P 500 Core Premium Income ETF | Diversified |
The investment objective of each Fund is to seek current income while maintaining prospects for 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 NASDAQ Stock Market LLC (“NASDAQ”). 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. 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 that may not solely relate to the Fund are allocated to the Fund and the other 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
22 |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 the Funds, income distributions, if any, are normally declared and paid monthly. Capital gains distributions, if any, are normally declared and paid annually. Because the Fund seeks to provide monthly distributions at a relatively stable rate, shareholders may receive distributions which constitute a return of capital for tax purposes. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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
23 |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 Statement 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 Schedule 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. 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.
Money Market Funds — Investments in the Goldman Sachs Financial Square Treasury Obligations Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2024:
24 |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Nasdaq-100 Core Premium Income ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 419,179 | $ | — | $ | — | ||||||
Europe | 428,999 | — | — | |||||||||
North America | 37,127,993 | — | — | |||||||||
South America | 224,937 | — | — | |||||||||
Exchange-Traded Fund | 47,883 | — | — | |||||||||
Investment Company | 139,376 | — | — | |||||||||
| ||||||||||||
Total | $ | 38,388,367 | $ | — | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Liabilities | ||||||||||||
Written Options Contracts | $ | (300,588 | ) | $ | — | $ | — | |||||
| ||||||||||||
S&P 500 Core Premium Income ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 78,165 | $ | — | $ | — | ||||||
North America | 50,949,241 | — | — | |||||||||
Exchange-Traded Fund | 119,067 | — | — | |||||||||
Investment Company | 217,856 | — | — | |||||||||
| ||||||||||||
Total | $ | 51,364,329 | $ | — | $ | — | ||||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Liabilities | ||||||||||||
Written Options Contracts | $ | (274,100 | ) | $ | — | $ | — | |||||
|
(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 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 29, 2024. 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.
25 |
GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
4. INVESTMENTS IN DERIVATIVES (continued) |
Nasdaq-100 Core Premium Income ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities | ||||||||
Equity | Written options at value | $ | — | Written options at value | $ | (300,588 | ) | |||||
S&P 500 Core Premium Income ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities | ||||||||
Equity | Written options at value | $ | — | Written options at value | $ | (274,100 | ) |
The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the period ended February 29, 2024. 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:
Nasdaq-100 Core Premium Income ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from written options/Net change in unrealized gain (loss) on written options | $ | (724,925 | ) | $ | (11,238 | ) | |||
S&P 500 Core Premium Income ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from written options/Net change in unrealized gain (loss) on written options | (691,767 | ) | 20,342 |
For the period ended February 29, 2024, the relevant values for each derivative type was as follows:
Average number of Contracts(a) | ||
| ||
Fund | Written Options | |
| ||
Nasdaq-100 Core Premium Income ETF | 170 | |
| ||
S&P 500 Core Premium Income ETF | 165 | |
|
(a) | Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024. |
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.
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the period ended February 29, 2024, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:
Fund | Contractual Unitary Management Fee | Effective Net Unitary Management Fee* | ||||
| ||||||
Nasdaq-100 Core Premium Income ETF | 0.35% | 0.29% | ||||
| ||||||
S&P 500 Core Premium Income ETF | 0.35 | 0.29 | ||||
|
* | 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 0.29% as an annual percentage rate of average daily net assets of each Fund. These arrangements will remain in effect through at least December 29, 2024, and prior to such date GSAM may not terminate the arrangement without the approval of the Board of Trustees. For the period ended February 29, 2024, GSAM waived $4,225 and $4,675 of the Funds’ management fees for Nasdaq-100 Core Premium Income ETF and S&P 500 Core Premium Income ETF, respectively.
The Funds invest in Institutional Shares of the Underlying Money Market 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, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the period ended February 29, 2024, GSAM waived $76 and $78 of the Funds’ management fees for Nasdaq-100 Core Premium Income ETF and S&P 500 Core Premium Income ETF, respectively.
B. Other Transactions with Affiliates — For the period ended February 29, 2024, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.
The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Treasury Obligations Fund as of and for the period ended February 29, 2024
Nasdaq-100 Core Premium Income ETF |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 24, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||
$ | – | $ | 4,341,284 | $ | 4,201,908 | $ | 139,376 | 139,376 | $ | 2,271 | ||||||||||||||
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
S&P 500 Core Premium Income ETF |
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of October 24, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | Shares as of February 29, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| |||||||||||||||||||||||
– | 3,218,928 | 3,001,072 | 217,856 | 217,856 | 2,317 | |||||||||||||||||||
| ||||||||||||||||||||||||
|
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
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:
Nasdaq-100 Core Premium Income ETF
| ||||||||
For the Period October 24, 2023(a) to February 29, 2024 (Unaudited) | ||||||||
|
| |||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity | ||||||||
Shares sold | 990,000 | $ | 43,002,042 | |||||
Shares redeemed | (160,000) | (7,124,865) | ||||||
| ||||||||
NET INCREASE IN SHARES | 830,000 | $ | 35,877,177 | |||||
| ||||||||
S&P 500 Core Premium Income ETF
| ||||||||
For the Period October 24, 2023(a) to February 29, 2024 (Unaudited) | ||||||||
|
| |||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity | ||||||||
Shares sold | 1,170,000 | $ | 51,063,847 | |||||
Shares redeemed | (60,000) | (2,560,186) | ||||||
| ||||||||
NET INCREASE IN SHARES | 1,110,000 | $ | 48,503,661 | |||||
|
(a) | Commenced operations on October 24, 2023. |
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
| ||||||||
Nasdaq-100 Core Premium Income ETF(a) | $ | 4,424,887 | $ | 1,650,451 | ||||
| ||||||||
S&P 500 Core Premium Income ETF(a) | 3,072,447 | 605,893 | ||||||
|
(a) | Commenced operations on October 24, 2023. |
The purchases and sales from in-kind creation and redemption transactions for the period ended February 29, 2024, were as follows:
Fund | Purchases | Sales | ||||||
| ||||||||
Nasdaq-100 Core Premium Income ETF(a) | $ | 38,896,831 | $ | 7,092,721 | ||||
| ||||||||
S&P 500 Core Premium Income ETF(a) | 47,506,918 | 2,550,560 | ||||||
|
(a) | Commenced operations on October 24, 2023. |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
8. SECURITIES LENDING (continued) |
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 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Funds did not have securities on loan as of February 29, 2024.
Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the period ended February 29, 2024, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the period ended February 29, 2024:
Fund | Beginning value as of October 24, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2024 | ||||||||||||
| ||||||||||||||||
Nasdaq-100 Core Premium Income ETF | $ | — | $ | 13,750 | $ | (13,750) | $ | — | ||||||||
|
9. TAX INFORMATION |
As of February 29, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Nasdaq-100 Core Premium Income ETF | S&P 500 Core Premium Income ETF | |||||||
| ||||||||
Tax Cost | $ | 35,809,884 | $ | 47,844,941 | ||||
| ||||||||
Gross unrealized gain | 3,095,068 | 3,971,933 | ||||||
Gross unrealized loss | (516,585) | (452,545) | ||||||
| ||||||||
Net unrealized gain (loss) | $ | 2,578,483 | $ | 3,519,388 | ||||
|
GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.
Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NASDAQ and may, therefore, have a material upward or downward effect on the market price of the Shares.
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
10. OTHER RISKS (continued ) |
Market Risk — The value of the securities in which the 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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.
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 pay more for, or receive less than, the underlying value of the Shares, respectively. 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.
Non-Diversification Risk — The Nasdaq-100 Core Premium Income ETF is non-diversified, meaning that it is permitted to invest a larger percentage of its 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.
Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund’s NAV. Furthermore, the premium received from the Fund’s option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.
Tracking Error/Index Risk — Tracking error is the divergence of the Fund’s performance (without regard to the options overwrite strategy) from that of the benchmark. The performance of the Fund’s equity investments may diverge from that of the benchmark for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the benchmark or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the benchmark 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. The Fund will be negatively affected by general declines in the securities and asset classes represented in the benchmark. In addition, unless a specific security is removed from the benchmark, the Fund generally would not sell a security because the security’s issuer was in financial trouble.
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.
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Notes to Financial Statements (continued)
February 29, 2024 |
12. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Nasdaq-100 Core Premium Income ETF and Goldman Sachs S&P 500 Core Premium Income ETF (each, a “Fund”) are newly-organized investment portfolios of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on October 24, 2023. At a meeting held on June 6-7, 2023 (the “Meeting”) in connection with the Funds’ organization, the Board of Trustees, including all of the Trustees who are not parties to the Funds’ 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 Funds. At the Meeting, the Trustees reviewed the Management Agreement with respect to each 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 each Fund; a comparison of each Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with each Fund; and potential benefits to be derived by each Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were 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 Funds 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 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 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, each 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 each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as an actively-managed ETF that seeks current income while maintaining prospects for capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. 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 Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
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 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 Funds, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers for the Funds. The Trustees also reviewed information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as each Fund’s peer group and category medians. The comparisons of each Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each 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 Funds. The Trustees concluded that the Investment Adviser’s management of the Funds likely would benefit the Funds and their shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser’s representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered each 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 that 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 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 funds in which the 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 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 & Co. LLC (“Goldman Sachs”).
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds are expected to receive 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 Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) 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; (g) 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 (h) the Funds’ access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund for an initial two-year period from its effective date.
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GOLDMAN SACHS CORE PREMIUM INCOME ETFS
Liquidity Risk Management Program
February 29, 2024
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 13-14, 2024, 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, 2023 through December 31, 2023 (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. 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 CORE PREMIUM INCOME ETFS
Fund Expenses — Period Ended February 29, 2024 (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 period from October 24, 2023 through February 29, 2024, which represents a period of 127 days of a 365 day year.
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Nasdaq-100 Core Premium Income ETF | S&P 500 Core Premium Income ETF | |||||||||||
Beginning Account Value 10/24/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | Beginning Account Value 10/24/23 | Ending Account Value 2/29/24 | Expenses Paid for the 6 months ended 2/29/24* | |||||||
Actual based on NAV | $1,000.00 | $1,175.00 | $1.10 | $1,000.00 | $1,168.40 | $1.10 | ||||||
Hypothetical 5% return | 1,000.00 | 1,023.43+ | 1.45 | 1,000.00 | 1,023.43+ | 1.45 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the period ended February 29, 2024. 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 half year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratios for the period were as follows:
Fund | ||||||
Nasdaq-100 Core Premium Income ETF | 0.29 | % | ||||
S&P 500 Core Premium Income ETF | 0.29 |
36
FUNDS PROFILE
Goldman Sachs ETFs
THE GOLDMAN SACHS ADVANTAGE
Our goal is to deliver:
Strong, Consistent Investment Results | ||
∎ | Global Resources and Global Research | |
∎ | Team Approach | |
∎ | Disciplined Processes |
Innovative, Value-Added Investment Products | ||
∎ | Thoughtful Solutions | |
∎ | Risk Management |
Outstanding Client Service | ||
∎ | Dedicated Service Teams | |
∎ | Excellence and Integrity |
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 $2.54 trillion in assets under supervision as of December 31, 2023, 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 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 Bonds 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 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® 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 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 Goldman Sachs Hedge Industry VIP ETF Goldman Sachs Innovate Equity ETF Goldman Sachs JUST U.S. Large Cap Equity ETF Goldman Sachs MarketBeta® Emerging Markets Equity ETF Goldman Sachs MarketBeta® International Equity ETF Goldman Sachs MarketBeta® Total International Equity ETF Goldman Sachs MarketBeta® U.S. 1000 Equity ETF Goldman Sachs MarketBeta® U.S. Equity ETF Goldman Sachs MarketBeta® Russell 1000 Growth Equity ETF Goldman Sachs MarketBeta® Russell 1000 Value Equity ETF Goldman Sachs Nasdaq-100 Core Premium Income ETF Goldman Sachs North American Pipelines & Power Equity ETF Goldman Sachs Small Cap Core Equity ETF Goldman Sachs S&P 500 Core Premium Income ETF |
INDEX DISCLAIMERS
The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
37 |
TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 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. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365115-OTU-04/2024 PREINCETFSAR-24
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 14(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. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “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 Cheryl K. Beebe, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener, Paul C. Wirth, and Gregory G. Weaver, 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. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
(a) | Not Applicable. |
(b) | Not Applicable. |
ITEM 14. | 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: | April 30, 2024 |
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: | April 30, 2024 | |
By: | /s/ Joseph F. DiMaria | |
| ||
Joseph F. DiMaria | ||
Principal Financial Officer | ||
Goldman Sachs ETF Trust | ||
Date: | April 30, 2024 |