GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 98.5% | ||||||
Belgium – 0.9% | ||||||
167 | Elia Group SA/NV (Utilities) | $ 20,136 | ||||
2,103 | Umicore SA (Materials) | 58,292 | ||||
| ||||||
78,428 | ||||||
|
| |||||
Brazil – 0.3% | ||||||
3,521 | Centrais Eletricas Brasileiras SA (Utilities) | 24,267 | ||||
849 | Cosan SA (Energy) | 2,486 | ||||
290 | Energisa SA (Utilities) | 2,494 | ||||
| ||||||
29,247 | ||||||
|
| |||||
Canada – 3.6% | ||||||
3,963 | Algonquin Power & Utilities Corp. (Utilities) | 33,353 | ||||
586 | Atco Ltd., Class I (Utilities) | 17,990 | ||||
2,472 | Ballard Power Systems, Inc. (Industrials)* | 10,348 | ||||
1,061 | Boralex, Inc., Class A (Utilities) | 29,278 | ||||
83 | Capital Power Corp. (Utilities) | 2,777 | ||||
2,758 | Fortis, Inc. (Utilities) | 115,855 | ||||
1,808 | Hydro One Ltd. (Utilities)(a) | 51,461 | ||||
2,559 | Northland Power, Inc. (Utilities) | 56,064 | ||||
124 | SNC-Lavalin Group, Inc. (Industrials) | 2,892 | ||||
88 | WSP Global, Inc. (Industrials) | 10,891 | ||||
| ||||||
330,909 | ||||||
|
| |||||
China – 18.6% | ||||||
1,500 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)* | 10,323 | ||||
7,100 | Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology) | 6,008 | ||||
3,000 | BYD Co. Ltd., Class A (Consumer Discretionary) | 106,792 | ||||
11,400 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 11,183 | ||||
18,900 | CECEP Wind-Power Corp., Class A (Utilities)* | 10,212 | ||||
7,500 | China Baoan Group Co. Ltd., Class A (Industrials) | 12,725 | ||||
23,040 | China Datang Corp Renewable Power Co. Ltd., Class H (Utilities) | 8,300 | ||||
34,800 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 39,031 | ||||
55,100 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 54,437 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
China – (continued) | ||||||
10,166 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | $ 3,844 | ||||
83,600 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 63,705 | ||||
12,780 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 396,665 | ||||
1,900 | Dajin Heavy Industry Co. Ltd., Class A (Industrials) | 8,847 | ||||
388 | Daqo New Energy Corp. ADR (Information Technology)* | 13,949 | ||||
6,000 | Eve Energy Co. Ltd., Class A (Industrials) | 53,889 | ||||
300 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 2,610 | ||||
17,100 | GCL System Integration Technology Co. Ltd., Class A (Information Technology)* | 7,007 | ||||
210,801 | GCL Technology Holdings Ltd. (Information Technology)* | 45,778 | ||||
15,000 | GEM Co. Ltd., Class A (Materials) | 14,041 | ||||
1,150 | Ginlong Technologies Co. Ltd., Class A (Industrials)* | 16,108 | ||||
312 | GoodWe Technologies Co. Ltd., Class A (Industrials) | 10,212 | ||||
5,200 | Gotion High-tech Co. Ltd., Class A (Industrials) | 19,418 | ||||
1,300 | Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials) | 8,554 | ||||
5,600 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 32,135 | ||||
5,432 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 23,357 | ||||
2,700 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 6,866 | ||||
1,220 | Hoyuan Green Energy Co. Ltd., Class A (Industrials) | 13,222 | ||||
9,604 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 48,520 | ||||
4,600 | Jilin Electric Power Co. Ltd., Class A (Utilities)* | 3,647 | ||||
261 | JinkoSolar Holding Co. Ltd. ADR (Information Technology)* | 10,939 | ||||
22,160 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 89,625 | ||||
|
|
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
China – (continued) | ||||||
920 | Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials) | $ 4,714 | ||||
6,600 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 16,274 | ||||
1,300 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 10,501 | ||||
184 | NXP Semiconductors NV (Information Technology) | 32,954 | ||||
2,600 | Risen Energy Co. Ltd., Class A (Information Technology)* | 8,538 | ||||
435 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 2,168 | ||||
1,200 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 7,918 | ||||
800 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 12,345 | ||||
1,700 | Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials) | 9,240 | ||||
600 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 8,052 | ||||
3,696 | Shenzhen Senior Technology Material Co. Ltd., Class A (Materials) | 8,392 | ||||
700 | Sineng Electric Co. Ltd., Class A (Industrials)* | 4,645 | ||||
4,300 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 66,463 | ||||
768 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 17,029 | ||||
6,300 | TBEA Co. Ltd., Class A (Industrials) | 19,778 | ||||
9,400 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 49,006 | ||||
6,924 | Tianneng Power International Ltd. (Consumer Discretionary)(b) | 7,960 | ||||
5,300 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | 11,573 | ||||
13,200 | Tongwei Co. Ltd., Class A (Information Technology) | 63,205 | ||||
6,329 | Trina Solar Co. Ltd., Class A (Information Technology) | 34,906 | ||||
480 | Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology) | 6,739 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
China – (continued) | ||||||
451 | Wuxi Autowell Technology Co. Ltd., Class A (Information Technology) | $ 11,132 | ||||
2,300 | Xiamen Tungsten Co. Ltd., Class A (Materials)* | 5,829 | ||||
4,633 | Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology) | 27,762 | ||||
10,100 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 15,421 | ||||
1,933 | Xinte Energy Co. Ltd., Class H (Industrials)*(b) | 4,119 | ||||
1,123 | Xinyi Glass Holdings Ltd. (Industrials) | 1,661 | ||||
24,345 | Xinyi Solar Holdings Ltd. (Information Technology) | 24,039 | ||||
3,500 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 12,844 | ||||
3,800 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 36,769 | ||||
| ||||||
1,693,925 | ||||||
|
| |||||
Czech Republic – 0.5% | ||||||
931 | CEZ AS (Utilities) | 41,698 | ||||
|
| |||||
Denmark – 5.0% | ||||||
1,861 | Orsted AS (Utilities)(a) | 162,516 | ||||
10,209 | Vestas Wind Systems A/S (Industrials)* | 289,878 | ||||
| ||||||
452,394 | ||||||
|
| |||||
Finland – 1.2% | ||||||
307 | Fortum OYJ (Utilities) | 4,068 | ||||
2,753 | Neste OYJ (Energy) | 103,810 | ||||
| ||||||
107,878 | ||||||
|
| |||||
France – 0.9% | ||||||
1,231 | Engie SA (Utilities) | 18,428 | ||||
620 | Neoen SA (Utilities)(a) | 18,534 | ||||
400 | Vinci SA (Industrials) | 45,339 | ||||
| ||||||
82,301 | ||||||
|
| |||||
Germany – 4.0% | ||||||
635 | BASF SE (Materials) | 30,068 | ||||
1,086 | Encavis AG (Utilities)* | 17,517 | ||||
12,870 | E.ON SE (Utilities) | 155,181 | ||||
|
|
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Germany – (continued) | ||||||
871 | Infineon Technologies AG (Information Technology) | $ 32,249 | ||||
1,604 | Nordex SE (Industrials)*(b) | 19,298 | ||||
444 | RWE AG (Utilities) | 18,517 | ||||
2,533 | Siemens Energy AG (Industrials)* | 64,108 | ||||
108 | SMA Solar Technology AG (Information Technology)* | 11,572 | ||||
204 | VERBIO Vereinigte BioEnergie AG (Energy) | 7,247 | ||||
84 | Wacker Chemie AG (Materials) | 11,122 | ||||
| ||||||
366,879 | ||||||
|
| |||||
Greece – 0.1% | ||||||
552 | Terna Energy SA (Utilities) | 11,852 | ||||
|
| |||||
India – 1.0% | ||||||
4,692 | Adani Green Energy Ltd. (Utilities)* | 55,449 | ||||
24,337 | NHPC Ltd. (Utilities) | 12,781 | ||||
2,100 | Power Grid Corp. of India Ltd. (Utilities) | 5,936 | ||||
69,853 | Suzlon Energy Ltd. (Industrials)* | 9,921 | ||||
1,029 | Tata Power Co. Ltd. (The) (Utilities) | 2,656 | ||||
| ||||||
86,743 | ||||||
|
| |||||
Israel – 0.2% | ||||||
1,042 | Enlight Renewable Energy Ltd. (Utilities)* | 19,382 | ||||
|
| |||||
Italy – 4.0% | ||||||
42,038 | Enel SpA (Utilities) | 262,536 | ||||
1,726 | Eni SpA (Energy) | 22,909 | ||||
462 | ERG SpA (Utilities) | 12,639 | ||||
8,183 | Terna - Rete Elettrica Nazionale (Utilities) | 68,326 | ||||
| ||||||
366,410 | ||||||
|
| |||||
Japan – 2.3% | ||||||
305 | Denso Corp. (Consumer Discretionary) | 18,798 | ||||
650 | Hitachi Ltd. (Industrials) | 37,433 | ||||
234 | Kyocera Corp. (Information Technology) | 13,275 | ||||
1,173 | Marubeni Corp. (Industrials) | 16,724 | ||||
350 | NIDEC Corp. (Industrials) | 17,385 | ||||
1,528 | Panasonic Holdings Corp. (Consumer Discretionary) | 15,973 | ||||
814 | Renesas Electronics Corp. (Information Technology)* | 13,342 | ||||
382 | RENOVA, Inc. (Utilities)* | 4,408 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Japan – (continued) | ||||||
61 | Rohm Co. Ltd. (Information Technology) | $ 5,156 | ||||
3,543 | SUMCO Corp. (Information Technology) | 50,489 | ||||
298 | Toshiba Corp. (Industrials) | 9,596 | ||||
222 | West Holdings Corp. (Utilities) | 4,508 | ||||
| ||||||
207,087 | ||||||
|
| |||||
Norway – 0.1% | ||||||
9,921 | NEL ASA (Industrials)* | 12,527 | ||||
|
| |||||
Portugal – 0.1% | ||||||
1,969 | EDP – Energias de Portugal SA (Utilities) | 9,576 | ||||
|
| |||||
Singapore – 0.2% | ||||||
463 | STMicroelectronics NV (Information Technology) | 20,038 | ||||
|
| |||||
South Korea – 6.2% | ||||||
204 | CS Wind Corp. (Industrials) | 12,142 | ||||
280 | Doosan Enerbility Co. Ltd. (Industrials)* | 3,392 | ||||
194 | Ecopro Co. Ltd. (Materials) | 82,292 | ||||
578 | Hanwha Galleria Corp. (Consumer Discretionary)* | 720 | ||||
513 | Hanwha Solutions Corp. (Materials)* | 17,297 | ||||
240 | L&F Co. Ltd. (Information Technology) | 48,823 | ||||
244 | LG Chem Ltd. (Materials) | 127,400 | ||||
56 | OCI Co. Ltd. (Materials)* | 6,097 | ||||
124 | OCI Holdings Co. Ltd. (Materials) | 8,053 | ||||
484 | Samsung SDI Co. Ltd. (Information Technology) | 261,829 | ||||
| ||||||
568,045 | ||||||
|
| |||||
Spain – 3.2% | ||||||
138 | Acciona SA (Utilities) | 22,260 | ||||
225 | Endesa SA (Utilities) | 4,853 | ||||
20,843 | Iberdrola SA (Utilities) | 253,316 | ||||
847 | Solaria Energia y Medio Ambiente SA (Utilities)* | 11,463 | ||||
| ||||||
291,892 | ||||||
|
| |||||
Switzerland – 0.9% | ||||||
1,136 | ABB Ltd. (Industrials) | 41,332 | ||||
114 | BKW AG (Utilities) | 20,365 | ||||
|
|
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Switzerland – (continued) | ||||||
37,299 | Meyer Burger Technology AG (Information Technology)* | $ 23,420 | ||||
| ||||||
85,117 | ||||||
|
| |||||
Taiwan – 0.4% | ||||||
1,313 | Delta Electronics, Inc. (Information Technology) | 13,524 | ||||
5,263 | Sino-American Silicon Products, Inc. (Information Technology) | 27,234 | ||||
| ||||||
40,758 | ||||||
|
| |||||
Thailand – 0.3% | ||||||
15,295 | Energy Absolute PCL NVDR (Utilities) | 28,568 | ||||
|
| |||||
United Kingdom – 4.8% | ||||||
4,168 | Drax Group PLC (Utilities) | 28,588 | ||||
19,040 | National Grid PLC (Utilities)(b) | 260,996 | ||||
6,280 | SSE PLC (Utilities) | 146,445 | ||||
| ||||||
436,029 | ||||||
|
| |||||
United States – 39.7% | ||||||
3,804 | AES Corp. (The) (Utilities) | 75,091 | ||||
178 | Alliant Energy Corp. (Utilities) | 9,160 | ||||
365 | American Electric Power Co., Inc. (Utilities) | 30,339 | ||||
388 | Archer-Daniels-Midland Co. (Consumer Staples) | 27,412 | ||||
1,487 | Array Technologies, Inc. (Industrials)* | 32,967 | ||||
411 | Avangrid, Inc. (Utilities) | 15,425 | ||||
52 | Avista Corp. (Utilities) | 2,150 | ||||
1,723 | Bloom Energy Corp., Class A (Industrials)* | 23,640 | ||||
1,328 | Brookfield Renewable Corp., Class A (Utilities) | 44,511 | ||||
105 | Bunge Ltd. (Consumer Staples) | 9,727 | ||||
473 | Clearway Energy, Inc., Class C (Utilities) | 13,589 | ||||
252 | Consolidated Edison, Inc. (Utilities) | 23,512 | ||||
591 | Dominion Energy, Inc. (Utilities) | 29,715 | ||||
120 | DTE Energy Co. (Utilities) | 12,912 | ||||
546 | Duke Energy Corp. (Utilities) | 48,752 | ||||
3,975 | Edison International (Utilities) | 268,392 | ||||
33 | EMCOR Group, Inc. (Industrials) | 5,440 | ||||
412 | Emerson Electric Co. (Industrials) | 32,004 | ||||
1,215 | Enovix Corp. (Industrials)*(b) | 16,123 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
United States – (continued) | ||||||
1,386 | Enphase Energy, Inc. (Information Technology)* | $ 240,998 | ||||
316 | Enviva, Inc. (Energy) | 2,774 | ||||
697 | Exelon Corp. (Utilities) | 27,636 | ||||
1,053 | First Solar, Inc. (Information Technology)* | 213,717 | ||||
402 | Fluence Energy, Inc. (Industrials)* | 9,970 | ||||
4,220 | FuelCell Energy, Inc. (Industrials)* | 8,946 | ||||
363 | Generac Holdings, Inc. (Industrials)* | 39,538 | ||||
2,851 | General Electric Co. (Industrials) | 289,462 | ||||
595 | Green Plains, Inc. (Energy)* | 17,255 | ||||
911 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials) | 21,436 | ||||
466 | Itron, Inc. (Information Technology)* | 31,562 | ||||
43 | MasTec, Inc. (Industrials)* | 4,358 | ||||
6,283 | NextEra Energy, Inc. (Utilities) | 461,549 | ||||
41 | NorthWestern Corp. (Utilities) | 2,320 | ||||
306 | ON Semiconductor Corp. (Information Technology)* | 25,582 | ||||
495 | Ormat Technologies, Inc. (Utilities) | 42,125 | ||||
5,976 | Plug Power, Inc. (Industrials)*(b) | 49,720 | ||||
354 | Public Service Enterprise Group, Inc. (Utilities) | 21,152 | ||||
100 | Quanta Services, Inc. (Industrials) | 17,758 | ||||
2,394 | QuantumScape Corp. (Consumer Discretionary)*(b) | 15,537 | ||||
4,226 | REC Silicon ASA (Information Technology)* | 6,377 | ||||
1,464 | Schneider Electric SE (Industrials) | 251,815 | ||||
1,526 | Sempra Energy (Utilities) | 219,027 | ||||
577 | SolarEdge Technologies, Inc. (Information Technology)* | 164,347 | ||||
1,030 | Sunnova Energy International, Inc. (Utilities)*(b) | 18,190 | ||||
884 | SunPower Corp. (Industrials)* | 9,370 | ||||
2,155 | Sunrun, Inc. (Industrials)* | 38,014 | ||||
2,257 | Tesla, Inc. (Consumer Discretionary)* | 460,270 | ||||
542 | Texas Instruments, Inc. (Information Technology) | 94,243 | ||||
46 | Timken Co. (The) (Industrials) | 3,291 | ||||
15 | Valmont Industries, Inc. (Industrials) | 3,934 | ||||
1,284 | Wolfspeed, Inc. (Information Technology)* | 61,683 | ||||
|
|
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
United States – (continued) | ||||||
388 | Xcel Energy, Inc. (Utilities) | $ 25,333 | ||||
| ||||||
3,620,150 | ||||||
|
| |||||
| TOTAL COMMON STOCKS (Cost $9,555,162) | $8,987,833 | ||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stock – 0.1% | ||||||||||
Brazil – 0.1% | ||||||||||
1,414 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | |||||||||
(Cost $11,810) | 3.79% | $ 10,877 | ||||||||
|
| |||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $9,566,972) | $8,998,710 | ||||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 4.8%(c) | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional | |||||
439,614 | 5.003% | $ 439,614 | ||||
(Cost $439,614) | ||||||
|
| |||||
| TOTAL INVESTMENTS – 103.4% (Cost $10,006,586) | $9,438,324 | ||||
|
| |||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (3.4)% | (316,375) | ||||
|
| |||||
NET ASSETS – 100.0% | $9,121,949 | |||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) | All or a portion of security is on loan. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | — American Depositary Receipt | |
NVDR | — Non-Voting Depository Receipt | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
Sector Name | % of Market Value | |||
| ||||
Utilities | 38.5% | |||
Industrials | 23.1 | |||
Information Technology | 20.3 | |||
Consumer Discretionary | 6.6 | |||
Materials | 4.5 | |||
Energy | 1.7 | |||
Consumer Staples | 0.4 | |||
Financials | 0.2 | |||
Securities Lending Reinvestment Vehicle | 4.7 | |||
| ||||
TOTAL INVESTMENTS | 100.0% | |||
|
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 99.7% | ||||||
Communication Services – 4.4% | ||||||
11,844 | Activision Blizzard, Inc.* | $ 949,889 | ||||
8,470 | Alphabet, Inc., Class A* | 1,040,709 | ||||
52,267 | AT&T, Inc. | 822,160 | ||||
2,487 | Charter Communications, Inc., Class A* | 811,135 | ||||
21,815 | Comcast Corp., Class A | 858,420 | ||||
7,130 | Electronic Arts, Inc. | 912,640 | ||||
25,233 | Interpublic Group of Cos., Inc. (The) | 938,415 | ||||
3,717 | Meta Platforms, Inc., Class A* | 983,964 | ||||
2,800 | Netflix, Inc.* | 1,106,644 | ||||
9,936 | Omnicom Group, Inc. | 876,256 | ||||
38,993 | Paramount Global, Class B | 593,084 | ||||
42,325 | Pinterest, Inc., Class A* | 1,013,261 | ||||
26,084 | ROBLOX Corp., Class A* | 1,091,876 | ||||
109,279 | Snap, Inc., Class A* | 1,114,646 | ||||
6,437 | Spotify Technology SA* | 958,469 | ||||
7,277 | Take-Two Interactive Software, Inc.* | 1,002,261 | ||||
6,400 | T-Mobile US, Inc.* | 878,400 | ||||
14,175 | Trade Desk, Inc. (The), Class A* | 993,384 | ||||
23,635 | Verizon Communications, Inc. | 842,115 | ||||
8,817 | Walt Disney Co. (The)* | 775,543 | ||||
69,914 | Warner Bros Discovery, Inc.* | 788,630 | ||||
| ||||||
19,351,901 | ||||||
|
| |||||
Consumer Discretionary – 8.2% | ||||||
7,506 | Airbnb, Inc., Class A* | 823,934 | ||||
8,537 | Amazon.com, Inc.* | 1,029,391 | ||||
331 | AutoZone, Inc.* | 790,044 | ||||
12,173 | Best Buy Co., Inc. | 884,612 | ||||
334 | Booking Holdings, Inc.* | 837,929 | ||||
4,803 | Burlington Stores, Inc.* | 722,659 | ||||
437 | Chipotle Mexican Grill, Inc.* | 907,426 | ||||
5,938 | Darden Restaurants, Inc. | 941,292 | ||||
1,845 | Deckers Outdoor Corp.* | 876,375 | ||||
2,838 | Domino’s Pizza, Inc. | 822,594 | ||||
14,307 | DoorDash, Inc., Class A* | 934,104 | ||||
8,131 | D.R. Horton, Inc. | 868,716 | ||||
19,738 | eBay, Inc. | 839,655 | ||||
8,929 | Etsy, Inc.* | 723,695 | ||||
9,700 | Expedia Group, Inc.* | 928,387 | ||||
75,317 | Ford Motor Co. | 903,804 | ||||
9,092 | Garmin Ltd. | 937,840 | ||||
27,125 | General Motors Co. | 879,121 | ||||
5,192 | Genuine Parts Co. | 773,245 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Discretionary – (continued) | ||||||
6,100 | Hilton Worldwide Holdings, Inc. | $ 830,332 | ||||
3,022 | Home Depot, Inc. (The) | 856,586 | ||||
14,364 | Las Vegas Sands Corp.* | 791,887 | ||||
7,848 | Lennar Corp., Class A | 840,678 | ||||
15,519 | LKQ Corp. | 818,627 | ||||
4,289 | Lowe’s Cos., Inc. | 862,647 | ||||
5,009 | Marriott International, Inc., Class A | 840,460 | ||||
3,032 | McDonald’s Corp. | 864,454 | ||||
20,013 | MGM Resorts International | 786,311 | ||||
7,075 | NIKE, Inc., Class B | 744,714 | ||||
153 | NVR, Inc.* | 849,796 | ||||
964 | O’Reilly Automotive, Inc.* | 870,791 | ||||
2,534 | Pool Corp. | 801,327 | ||||
13,424 | PulteGroup, Inc. | 887,058 | ||||
8,545 | Ross Stores, Inc. | 885,433 | ||||
13,183 | Royal Caribbean Cruises Ltd.* | 1,067,427 | ||||
8,596 | Starbucks Corp. | 839,313 | ||||
56,129 | Stellantis NV | 858,774 | ||||
5,465 | Tesla, Inc.* | 1,114,477 | ||||
11,438 | TJX Cos., Inc. (The) | 878,324 | ||||
3,674 | Tractor Supply Co. | 770,034 | ||||
1,703 | Ulta Beauty, Inc.* | 697,940 | ||||
6,530 | Yum! Brands, Inc. | 840,346 | ||||
| ||||||
36,022,559 | ||||||
|
| |||||
Consumer Staples – 6.7% | ||||||
18,973 | Altria Group, Inc. | 842,781 | ||||
11,824 | Archer-Daniels-Midland Co. | 835,366 | ||||
13,787 | Brown-Forman Corp., Class B | 851,623 | ||||
9,812 | Bunge Ltd. | 908,984 | ||||
9,149 | Church & Dwight Co., Inc. | 845,825 | ||||
5,041 | Clorox Co. (The) | 797,385 | ||||
14,004 | Coca-Cola Co. (The) | 835,479 | ||||
11,019 | Colgate-Palmolive Co. | 819,593 | ||||
23,256 | Conagra Brands, Inc. | 810,937 | ||||
3,908 | Constellation Brands, Inc., Class A | 949,527 | ||||
1,812 | Costco Wholesale Corp. | 926,947 | ||||
4,105 | Dollar General Corp. | 825,475 | ||||
5,831 | Dollar Tree, Inc.* | 786,485 | ||||
4,350 | Estee Lauder Cos., Inc. (The), Class A | 800,531 | ||||
9,997 | General Mills, Inc. | 841,348 | ||||
3,242 | Hershey Co. (The) | 841,947 | ||||
21,926 | Hormel Foods Corp. | 838,670 | ||||
|
|
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Staples – (continued) | ||||||
5,621 | J M Smucker Co. (The) | $ 823,982 | ||||
12,472 | Kellogg Co. | 832,755 | ||||
27,167 | Keurig Dr Pepper, Inc. | 845,437 | ||||
6,101 | Kimberly-Clark Corp. | 819,242 | ||||
21,804 | Kraft Heinz Co. (The) | 833,349 | ||||
18,171 | Kroger Co. (The) | 823,691 | ||||
7,941 | Lamb Weston Holdings, Inc. | 883,039 | ||||
10,081 | McCormick & Co., Inc. | 864,244 | ||||
11,591 | Mondelez International, Inc., Class A | 850,895 | ||||
15,453 | Monster Beverage Corp.* | 905,855 | ||||
4,647 | PepsiCo, Inc. | 847,380 | ||||
9,239 | Philip Morris International, Inc. | 831,602 | ||||
5,701 | Procter & Gamble Co. (The) | 812,393 | ||||
11,898 | Sysco Corp. | 832,265 | ||||
5,740 | Target Corp. | 751,538 | ||||
14,622 | Tyson Foods, Inc., Class A | 740,458 | ||||
27,712 | Walgreens Boots Alliance, Inc. | 841,613 | ||||
5,939 | Walmart, Inc. | 872,261 | ||||
| ||||||
29,370,902 | ||||||
|
| |||||
Energy – 4.9% | ||||||
26,190 | APA Corp. | 832,318 | ||||
32,540 | Baker Hughes Co. | 886,715 | ||||
6,086 | Cheniere Energy, Inc. | 850,640 | ||||
5,664 | Chevron Corp. | 853,112 | ||||
9,292 | ConocoPhillips | 922,696 | ||||
37,044 | Coterra Energy, Inc. | 861,273 | ||||
18,078 | Devon Energy Corp. | 833,396 | ||||
6,830 | Diamondback Energy, Inc. | 868,435 | ||||
8,089 | EOG Resources, Inc. | 867,869 | ||||
27,765 | EQT Corp. | 965,389 | ||||
8,201 | Exxon Mobil Corp. | 837,978 | ||||
30,245 | Halliburton Co. | 866,519 | ||||
6,618 | Hess Corp. | 838,302 | ||||
53,675 | Kinder Morgan, Inc. | 864,704 | ||||
40,038 | Marathon Oil Corp. | 887,242 | ||||
8,019 | Marathon Petroleum Corp. | 841,273 | ||||
15,044 | Occidental Petroleum Corp. | 867,437 | ||||
14,121 | ONEOK, Inc. | 800,096 | ||||
9,494 | Phillips 66 | 869,745 | ||||
4,302 | Pioneer Natural Resources Co. | 857,991 | ||||
19,631 | Schlumberger NV | 840,796 | ||||
12,489 | Targa Resources Corp. | 849,876 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Energy – (continued) | ||||||
631 | Texas Pacific Land Corp. | $ 822,635 | ||||
8,269 | Valero Energy Corp. | 885,114 | ||||
30,608 | Williams Cos., Inc. (The) | 877,225 | ||||
| ||||||
21,548,776 | ||||||
|
| |||||
Financials – 14.3% | ||||||
13,073 | Aflac, Inc. | 839,417 | ||||
8,029 | Allstate Corp. (The) | 870,745 | ||||
5,814 | American Express Co. | 921,868 | ||||
17,289 | American International Group, Inc. | 913,378 | ||||
3,039 | Ameriprise Financial, Inc. | 907,050 | ||||
2,789 | Aon PLC, Class A | 859,821 | ||||
14,642 | Apollo Global Management, Inc. | 978,818 | ||||
11,860 | Arch Capital Group Ltd.* | 826,642 | ||||
10,868 | Ares Management Corp., Class A | 946,494 | ||||
4,243 | Arthur J Gallagher & Co. | 850,000 | ||||
31,644 | Bank of America Corp. | 879,387 | ||||
21,603 | Bank of New York Mellon Corp. (The) | 868,441 | ||||
2,748 | Berkshire Hathaway, Inc., Class B* | 882,328 | ||||
1,369 | BlackRock, Inc. | 900,186 | ||||
10,639 | Blackstone, Inc. | 911,124 | ||||
15,133 | Block, Inc.* | 913,882 | ||||
13,758 | Brown & Brown, Inc. | 857,536 | ||||
9,995 | Capital One Financial Corp. | 1,041,579 | ||||
6,467 | Cboe Global Markets, Inc. | 856,360 | ||||
18,186 | Charles Schwab Corp. (The) | 958,220 | ||||
4,488 | Chubb Ltd. | 833,870 | ||||
8,537 | Cincinnati Financial Corp. | 823,821 | ||||
19,364 | Citigroup, Inc. | 858,213 | ||||
32,958 | Citizens Financial Group, Inc. | 849,657 | ||||
4,879 | CME Group, Inc. | 872,121 | ||||
9,258 | Discover Financial Services | 951,167 | ||||
2,364 | Everest Re Group Ltd. | 803,807 | ||||
2,268 | FactSet Research Systems, Inc. | 872,931 | ||||
16,896 | Fidelity National Information Services, Inc. | 922,015 | ||||
36,249 | Fifth Third Bancorp | 879,763 | ||||
7,452 | Fiserv, Inc.* | 836,040 | ||||
4,291 | FleetCor Technologies, Inc.* | 972,126 | ||||
8,525 | Global Payments, Inc. | 832,807 | ||||
2,695 | Goldman Sachs Group, Inc. (The)(a) | 872,911 | ||||
12,809 | Hartford Financial Services Group, Inc. (The) | 877,673 | ||||
86,424 | Huntington Bancshares, Inc. | 891,031 | ||||
8,425 | Intercontinental Exchange, Inc. | 892,629 | ||||
|
|
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Financials – (continued) | ||||||
5,814 | Jack Henry & Associates, Inc. | $ 888,902 | ||||
6,515 | JPMorgan Chase & Co. | 884,151 | ||||
90,617 | KeyCorp | 846,363 | ||||
17,524 | KKR & Co., Inc. | 902,311 | ||||
4,618 | LPL Financial Holdings, Inc. | 899,494 | ||||
7,458 | M&T Bank Corp. | 888,695 | ||||
665 | Markel Group, Inc.* | 874,295 | ||||
2,962 | MarketAxess Holdings, Inc. | 806,878 | ||||
4,989 | Marsh & McLennan Cos., Inc. | 863,995 | ||||
2,370 | Mastercard, Inc., Class A | 865,097 | ||||
14,960 | MetLife, Inc. | 741,268 | ||||
2,928 | Moody’s Corp. | 927,825 | ||||
10,315 | Morgan Stanley | 843,354 | ||||
1,904 | MSCI, Inc. | 895,889 | ||||
16,468 | Nasdaq, Inc. | 911,504 | ||||
11,979 | Northern Trust Corp. | 861,530 | ||||
12,374 | PayPal Holdings, Inc.* | 767,064 | ||||
7,537 | PNC Financial Services Group, Inc. (The) | 873,011 | ||||
12,510 | Principal Financial Group, Inc. | 818,905 | ||||
7,337 | Progressive Corp. (The) | 938,476 | ||||
10,724 | Prudential Financial, Inc. | 843,872 | ||||
10,347 | Raymond James Financial, Inc. | 934,851 | ||||
52,978 | Regions Financial Corp. | 914,930 | ||||
2,520 | S&P Global, Inc. | 925,924 | ||||
12,784 | State Street Corp. | 869,568 | ||||
32,018 | Synchrony Financial | 991,277 | ||||
8,361 | T. Rowe Price Group, Inc. | 895,965 | ||||
4,966 | Travelers Cos., Inc. (The) | 840,446 | ||||
30,360 | Truist Financial Corp. | 925,069 | ||||
29,069 | US Bancorp | 869,163 | ||||
3,943 | Visa, Inc., Class A | 871,521 | ||||
15,364 | W R Berkley Corp. | 855,468 | ||||
22,819 | Wells Fargo & Co. | 908,424 | ||||
3,972 | Willis Towers Watson PLC | 869,272 | ||||
| ||||||
62,640,615 | ||||||
|
| |||||
Health Care – 12.8% | ||||||
8,004 | Abbott Laboratories | 816,408 | ||||
5,957 | AbbVie, Inc. | 821,828 | ||||
6,593 | Agilent Technologies, Inc. | 762,612 | ||||
2,949 | Align Technology, Inc.* | 833,564 | ||||
4,504 | Alnylam Pharmaceuticals, Inc.* | 833,285 | ||||
5,344 | AmerisourceBergen Corp. | 909,282 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – (continued) | ||||||
3,848 | Amgen, Inc. | $ 849,061 | ||||
43,749 | Avantor, Inc.* | 872,355 | ||||
19,055 | Baxter International, Inc. | 775,920 | ||||
3,391 | Becton Dickinson & Co. | 819,808 | ||||
2,873 | Biogen, Inc.* | 851,586 | ||||
9,574 | BioMarin Pharmaceutical, Inc.* | 832,364 | ||||
10,676 | Bio-Techne Corp. | 873,190 | ||||
16,925 | Boston Scientific Corp.* | 871,299 | ||||
13,320 | Bristol-Myers Squibb Co. | 858,341 | ||||
10,878 | Cardinal Health, Inc. | 895,259 | ||||
12,982 | Centene Corp.* | 810,207 | ||||
4,644 | Charles River Laboratories International, Inc.* | 898,057 | ||||
3,617 | Cigna Group (The) | 894,882 | ||||
2,340 | Cooper Cos., Inc. (The) | 869,380 | ||||
12,688 | CVS Health Corp. | 863,165 | ||||
3,619 | Danaher Corp. | 830,995 | ||||
7,545 | Dexcom, Inc.* | 884,727 | ||||
10,137 | Edwards Lifesciences Corp.* | 853,840 | ||||
1,938 | Elevance Health, Inc. | 867,875 | ||||
2,096 | Eli Lilly & Co. | 900,148 | ||||
13,981 | Exact Sciences Corp.* | 1,140,570 | ||||
11,412 | GE HealthCare Technologies, Inc. | 907,368 | ||||
11,184 | Gilead Sciences, Inc. | 860,497 | ||||
3,205 | HCA Healthcare, Inc. | 846,729 | ||||
10,570 | Hologic, Inc.* | 833,867 | ||||
8,078 | Horizon Therapeutics PLC* | 808,042 | ||||
1,686 | Humana, Inc. | 846,153 | ||||
1,875 | IDEXX Laboratories, Inc.* | 871,444 | ||||
4,534 | Illumina, Inc.* | 891,611 | ||||
13,091 | Incyte Corp.* | 805,751 | ||||
2,789 | Insulet Corp.* | 764,883 | ||||
2,937 | Intuitive Surgical, Inc.* | 904,126 | ||||
4,788 | IQVIA Holdings, Inc.* | 942,805 | ||||
5,459 | Johnson & Johnson | 846,473 | ||||
3,942 | Laboratory Corp. of America Holdings | 837,793 | ||||
2,497 | McKesson Corp. | 975,927 | ||||
9,825 | Medtronic PLC | 813,117 | ||||
7,506 | Merck & Co., Inc. | 828,737 | ||||
598 | Mettler-Toledo International, Inc.* | 790,478 | ||||
6,835 | Moderna, Inc.* | 872,898 | ||||
3,003 | Molina Healthcare, Inc.* | 822,522 | ||||
23,131 | Pfizer, Inc. | 879,441 | ||||
6,525 | Quest Diagnostics, Inc. | 865,541 | ||||
|
|
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – (continued) | ||||||
1,109 | Regeneron Pharmaceuticals, Inc.* | $ 815,736 | ||||
3,764 | ResMed, Inc. | 793,414 | ||||
6,883 | Revvity, Inc. | 793,748 | ||||
25,176 | Royalty Pharma PLC, Class A | 824,262 | ||||
4,478 | Seagen, Inc.* | 876,345 | ||||
4,751 | STERIS PLC | 950,057 | ||||
3,096 | Stryker Corp. | 853,196 | ||||
3,296 | Teleflex, Inc. | 773,736 | ||||
1,618 | Thermo Fisher Scientific, Inc. | 822,688 | ||||
1,822 | UnitedHealth Group, Inc. | 887,751 | ||||
5,035 | Veeva Systems, Inc., Class A* | 834,300 | ||||
2,571 | Vertex Pharmaceuticals, Inc.* | 831,898 | ||||
97,514 | Viatris, Inc. | 892,253 | ||||
3,015 | Waters Corp.* | 757,428 | ||||
2,405 | West Pharmaceutical Services, Inc. | 804,785 | ||||
6,359 | Zimmer Biomet Holdings, Inc. | 809,755 | ||||
5,000 | Zoetis, Inc. | 815,050 | ||||
| ||||||
56,242,613 | ||||||
|
| |||||
Industrials – 14.5% | ||||||
8,644 | 3M Co. | 806,572 | ||||
6,146 | AMETEK, Inc. | 891,600 | ||||
4,108 | Automatic Data Processing, Inc. | 858,531 | ||||
3,973 | Axon Enterprise, Inc.* | 766,431 | ||||
4,397 | Boeing Co. (The)* | 904,463 | ||||
9,501 | Booz Allen Hamilton Holding Corp. | 955,611 | ||||
5,651 | Broadridge Financial Solutions, Inc. | 829,115 | ||||
8,389 | Builders FirstSource, Inc.* | 972,705 | ||||
4,192 | Carlisle Cos., Inc. | 890,548 | ||||
21,558 | Carrier Global Corp. | 881,722 | ||||
4,115 | Caterpillar, Inc. | 846,661 | ||||
8,519 | C.H. Robinson Worldwide, Inc. | 805,386 | ||||
1,942 | Cintas Corp. | 916,896 | ||||
11,255 | Copart, Inc.* | 985,825 | ||||
11,979 | CoStar Group, Inc.* | 951,133 | ||||
28,698 | CSX Corp. | 880,168 | ||||
3,939 | Cummins, Inc. | 805,171 | ||||
2,319 | Deere & Co. | 802,328 | ||||
26,190 | Delta Air Lines, Inc.* | 951,483 | ||||
6,142 | Dover Corp. | 818,913 | ||||
5,172 | Eaton Corp. PLC | 909,755 | ||||
10,453 | Emerson Electric Co. | 811,989 | ||||
4,419 | Equifax, Inc. | 921,892 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Industrials – (continued) | ||||||
7,631 | Expeditors International of Washington, Inc. | $ 841,776 | ||||
16,441 | Fastenal Co. | 885,348 | ||||
3,905 | FedEx Corp. | 851,212 | ||||
13,879 | Fortive Corp. | 903,662 | ||||
4,224 | General Dynamics Corp. | 862,456 | ||||
8,803 | General Electric Co. | 893,769 | ||||
11,271 | Graco, Inc. | 862,119 | ||||
4,508 | Honeywell International, Inc. | 863,733 | ||||
19,923 | Howmet Aerospace, Inc. | 851,708 | ||||
3,242 | Hubbell, Inc. | 915,735 | ||||
4,301 | IDEX Corp. | 856,587 | ||||
3,844 | Illinois Tool Works, Inc. | 840,798 | ||||
15,697 | Ingersoll Rand, Inc. | 889,392 | ||||
7,732 | Jacobs Solutions, Inc. | 847,427 | ||||
5,037 | J.B. Hunt Transport Services, Inc. | 841,028 | ||||
15,062 | Johnson Controls International PLC | 899,201 | ||||
4,743 | L3Harris Technologies, Inc. | 834,389 | ||||
10,870 | Leidos Holdings, Inc. | 848,512 | ||||
1,970 | Lockheed Martin Corp. | 874,700 | ||||
16,561 | Masco Corp. | 800,227 | ||||
4,354 | Norfolk Southern Corp. | 906,416 | ||||
2,005 | Northrop Grumman Corp. | 873,157 | ||||
2,777 | Old Dominion Freight Line, Inc. | 862,092 | ||||
10,393 | Otis Worldwide Corp. | 826,347 | ||||
12,307 | PACCAR, Inc. | 846,475 | ||||
2,748 | Parker-Hannifin Corp. | 880,569 | ||||
8,245 | Paychex, Inc. | 865,148 | ||||
3,006 | Paycom Software, Inc. | 842,071 | ||||
5,267 | Quanta Services, Inc. | 935,314 | ||||
9,120 | Raytheon Technologies Corp. | 840,317 | ||||
6,122 | Republic Services, Inc. | 867,059 | ||||
3,199 | Rockwell Automation, Inc. | 891,241 | ||||
3,394 | Snap-on, Inc. | 844,631 | ||||
29,354 | Southwest Airlines Co. | 876,804 | ||||
16,025 | SS&C Technologies Holdings, Inc. | 880,734 | ||||
10,245 | Stanley Black & Decker, Inc. | 768,068 | ||||
13,270 | Textron, Inc. | 821,015 | ||||
4,988 | Trane Technologies PLC | 814,191 | ||||
1,154 | TransDigm Group, Inc. | 892,792 | ||||
13,477 | TransUnion | 970,074 | ||||
23,505 | Uber Technologies, Inc.* | 891,545 | ||||
4,544 | Union Pacific Corp. | 874,811 | ||||
20,084 | United Airlines Holdings, Inc.* | 953,287 | ||||
|
|
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Industrials – (continued) | ||||||
5,067 | United Parcel Service, Inc., Class B | $ 846,189 | ||||
2,504 | United Rentals, Inc. | 835,810 | ||||
4,373 | Verisk Analytics, Inc. | 958,168 | ||||
5,336 | Waste Management, Inc. | 864,005 | ||||
9,129 | Westinghouse Air Brake Technologies Corp. | 845,619 | ||||
1,304 | W.W. Grainger, Inc. | 846,322 | ||||
8,537 | Xylem, Inc. | 855,407 | ||||
| ||||||
63,504,355 | ||||||
|
| |||||
Information Technology – 17.3% | ||||||
3,219 | Accenture PLC, Class A | 984,756 | ||||
2,539 | Adobe, Inc.* | 1,060,769 | ||||
10,904 | Advanced Micro Devices, Inc.* | 1,288,962 | ||||
11,359 | Akamai Technologies, Inc.* | 1,046,391 | ||||
11,846 | Amphenol Corp., Class A | 893,781 | ||||
4,893 | Analog Devices, Inc. | 869,437 | ||||
2,886 | ANSYS, Inc.* | 933,881 | ||||
5,282 | Apple, Inc. | 936,234 | ||||
7,940 | Applied Materials, Inc. | 1,058,402 | ||||
6,591 | Arista Networks, Inc.* | 1,096,347 | ||||
6,143 | Atlassian Corp., Class A* | 1,110,593 | ||||
4,600 | Autodesk, Inc.* | 917,194 | ||||
1,455 | Broadcom, Inc. | 1,175,582 | ||||
4,310 | Cadence Design Systems, Inc.* | 995,222 | ||||
5,373 | CDW Corp. | 922,490 | ||||
19,381 | Cisco Systems, Inc. | 962,654 | ||||
21,052 | Cloudflare, Inc., Class A* | 1,455,956 | ||||
15,056 | Cognizant Technology Solutions Corp., Class A | 940,849 | ||||
27,738 | Corning, Inc. | 854,608 | ||||
7,575 | Crowdstrike Holdings, Inc., Class A* | 1,212,985 | ||||
13,501 | Datadog, Inc., Class A* | 1,281,380 | ||||
5,745 | Enphase Energy, Inc.* | 998,941 | ||||
11,963 | Entegris, Inc. | 1,259,106 | ||||
3,277 | EPAM Systems, Inc.* | 840,944 | ||||
1,213 | Fair Isaac Corp.* | 955,444 | ||||
5,109 | First Solar, Inc.* | 1,036,923 | ||||
14,558 | Fortinet, Inc.* | 994,748 | ||||
2,916 | Gartner, Inc.* | 999,780 | ||||
52,853 | Gen Digital, Inc. | 927,042 | ||||
12,208 | GoDaddy, Inc., Class A* | 895,823 | ||||
63,797 | Hewlett Packard Enterprise Co. | 919,953 | ||||
29,755 | HP, Inc. | 864,680 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Information Technology – (continued) | ||||||
2,130 | HubSpot, Inc.* | $ 1,103,319 | ||||
29,413 | Intel Corp. | 924,745 | ||||
7,196 | International Business Machines Corp. | 925,334 | ||||
2,069 | Intuit, Inc. | 867,159 | ||||
6,219 | Keysight Technologies, Inc.* | 1,006,234 | ||||
2,365 | KLA Corp. | 1,047,671 | ||||
1,740 | Lam Research Corp. | 1,073,058 | ||||
10,822 | Lattice Semiconductor Corp.* | 879,937 | ||||
22,736 | Marvell Technology, Inc. | 1,329,829 | ||||
11,723 | Microchip Technology, Inc. | 882,273 | ||||
14,639 | Micron Technology, Inc. | 998,380 | ||||
2,928 | Microsoft Corp. | 961,526 | ||||
4,042 | MongoDB, Inc.* | 1,187,499 | ||||
1,931 | Monolithic Power Systems, Inc. | 946,016 | ||||
3,070 | Motorola Solutions, Inc. | 865,494 | ||||
14,299 | NetApp, Inc. | 948,739 | ||||
3,216 | NVIDIA Corp. | 1,216,741 | ||||
11,327 | ON Semiconductor Corp.* | 946,937 | ||||
9,451 | Oracle Corp. | 1,001,239 | ||||
119,791 | Palantir Technologies, Inc., Class A* | 1,762,126 | ||||
4,986 | Palo Alto Networks, Inc.* | 1,063,963 | ||||
7,174 | PTC, Inc.* | 964,186 | ||||
7,836 | QUALCOMM, Inc. | 888,681 | ||||
1,952 | Roper Technologies, Inc. | 886,637 | ||||
4,620 | Salesforce, Inc.* | 1,032,016 | ||||
15,892 | Seagate Technology Holdings PLC | 955,109 | ||||
2,016 | ServiceNow, Inc.* | 1,098,276 | ||||
8,428 | Skyworks Solutions, Inc. | 872,382 | ||||
6,104 | Snowflake, Inc., Class A* | 1,009,357 | ||||
10,763 | Splunk, Inc.* | 1,068,658 | ||||
2,436 | Synopsys, Inc.* | 1,108,283 | ||||
2,163 | Teledyne Technologies, Inc.* | 840,650 | ||||
9,707 | Teradyne, Inc. | 972,544 | ||||
5,450 | Texas Instruments, Inc. | 947,646 | ||||
18,695 | Trimble, Inc.* | 872,496 | ||||
17,694 | Twilio, Inc., Class A* | 1,231,856 | ||||
2,349 | Tyler Technologies, Inc.* | 932,459 | ||||
3,991 | VeriSign, Inc.* | 891,270 | ||||
7,257 | VMware, Inc., Class A* | 989,056 | ||||
26,883 | Western Digital Corp.* | 1,041,179 | ||||
4,872 | Workday, Inc., Class A* | 1,032,815 | ||||
3,455 | Zebra Technologies Corp., Class A* | 907,179 | ||||
|
|
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Information Technology – (continued) | ||||||
14,619 | Zoom Video Communications, Inc., Class A* | $ 981,373 | ||||
| ||||||
76,154,184 | ||||||
|
| |||||
Materials – 5.1% | ||||||
3,030 | Air Products and Chemicals, Inc. | 815,494 | ||||
5,085 | Albemarle Corp. | 984,100 | ||||
5,181 | Avery Dennison Corp. | 834,815 | ||||
17,006 | Ball Corp. | 870,027 | ||||
8,775 | Celanese Corp. | 912,775 | ||||
12,027 | CF Industries Holdings, Inc. | 739,781 | ||||
14,723 | Corteva, Inc. | 787,533 | ||||
16,681 | Dow, Inc. | 813,699 | ||||
13,693 | DuPont de Nemours, Inc. | 920,033 | ||||
5,069 | Ecolab, Inc. | 836,638 | ||||
7,683 | FMC Corp. | 799,647 | ||||
24,369 | Freeport-McMoRan, Inc. | 836,831 | ||||
9,421 | International Flavors & Fragrances, Inc. | 728,149 | ||||
27,458 | International Paper Co. | 808,364 | ||||
2,429 | Linde PLC | 859,040 | ||||
9,842 | LyondellBasell Industries NV, Class A | 841,885 | ||||
2,404 | Martin Marietta Materials, Inc. | 956,888 | ||||
20,667 | Mosaic Co. (The) | 660,517 | ||||
18,646 | Newmont Corp. | 756,095 | ||||
6,063 | Nucor Corp. | 800,680 | ||||
6,618 | Packaging Corp. of America | 820,831 | ||||
6,372 | PPG Industries, Inc. | 836,580 | ||||
3,599 | Reliance Steel & Aluminum Co. | 844,613 | ||||
10,810 | RPM International, Inc. | 862,530 | ||||
3,824 | Sherwin-Williams Co. (The) | 871,031 | ||||
8,617 | Steel Dynamics, Inc. | 791,902 | ||||
4,962 | Vulcan Materials Co. | 970,071 | ||||
| ||||||
22,560,549 | ||||||
|
| |||||
Real Estate – 6.1% | ||||||
7,407 | Alexandria Real Estate Equities, Inc. REIT | 840,398 | ||||
4,573 | American Tower Corp. REIT | 843,444 | ||||
5,005 | AvalonBay Communities, Inc. REIT | 870,770 | ||||
8,141 | Camden Property Trust REIT | 850,490 | ||||
11,817 | CBRE Group, Inc., Class A* | 885,330 | ||||
7,544 | Crown Castle, Inc. REIT | 854,056 | ||||
9,417 | Digital Realty Trust, Inc. REIT | 964,866 | ||||
1,268 | Equinix, Inc. REIT | 945,357 | ||||
13,206 | Equity LifeStyle Properties, Inc. REIT | 834,223 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Real Estate – (continued) | ||||||
14,296 | Equity Residential REIT | $ 869,197 | ||||
4,113 | Essex Property Trust, Inc. REIT | 888,655 | ||||
6,036 | Extra Space Storage, Inc. REIT | 870,814 | ||||
17,853 | Gaming and Leisure Properties, Inc. REIT | 859,443 | ||||
41,695 | Healthpeak Properties, Inc. REIT | 832,232 | ||||
54,791 | Host Hotels & Resorts, Inc. REIT | 909,531 | ||||
26,431 | Invitation Homes, Inc. REIT | 895,482 | ||||
16,159 | Iron Mountain, Inc. REIT | 863,214 | ||||
48,116 | Kimco Realty Corp. REIT | 884,372 | ||||
5,924 | Mid-America Apartment Communities, Inc. REIT | 871,183 | ||||
7,198 | Prologis, Inc. REIT | 896,511 | ||||
3,146 | Public Storage REIT | 891,262 | ||||
14,548 | Realty Income Corp. REIT | 864,733 | ||||
3,648 | SBA Communications Corp. REIT | 809,053 | ||||
8,128 | Simon Property Group, Inc. REIT | 854,659 | ||||
6,622 | Sun Communities, Inc. REIT | 838,544 | ||||
22,152 | UDR, Inc. REIT | 878,770 | ||||
18,705 | Ventas, Inc. REIT | 806,934 | ||||
27,654 | VICI Properties, Inc. REIT | 855,338 | ||||
11,403 | Welltower, Inc. REIT | 850,778 | ||||
30,024 | Weyerhaeuser Co. REIT | 860,488 | ||||
12,352 | W.P. Carey, Inc. REIT | 856,735 | ||||
| ||||||
26,896,862 | ||||||
|
| |||||
Utilities – 5.4% | ||||||
39,790 | AES Corp. (The) | 785,455 | ||||
16,315 | Alliant Energy Corp. | 839,570 | ||||
10,018 | Ameren Corp. | 812,159 | ||||
9,801 | American Electric Power Co., Inc. | 814,659 | ||||
6,044 | American Water Works Co., Inc. | 873,056 | ||||
7,865 | Atmos Energy Corp. | 906,677 | ||||
29,625 | CenterPoint Energy, Inc. | 835,721 | ||||
14,522 | CMS Energy Corp. | 841,985 | ||||
9,072 | Consolidated Edison, Inc. | 846,418 | ||||
11,666 | Constellation Energy Corp. | 980,177 | ||||
15,908 | Dominion Energy, Inc. | 799,854 | ||||
7,971 | DTE Energy Co. | 857,680 | ||||
9,148 | Duke Energy Corp. | 816,825 | ||||
12,333 | Edison International | 832,724 | ||||
8,395 | Entergy Corp. | 824,389 | ||||
14,437 | Evergy, Inc. | 835,180 | ||||
11,672 | Eversource Energy | 808,052 | ||||
|
|
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Utilities – (continued) | ||||||
21,021 | Exelon Corp. | $ 833,483 | ||||
23,022 | FirstEnergy Corp. | 860,793 | ||||
11,769 | NextEra Energy, Inc. | 864,551 | ||||
31,779 | NiSource, Inc. | 854,537 | ||||
51,874 | PG&E Corp.* | 878,746 | ||||
31,279 | PPL Corp. | 819,510 | ||||
14,180 | Public Service Enterprise Group, Inc. | 847,255 | ||||
5,843 | Sempra Energy | 838,646 | ||||
12,140 | Southern Co. (The) | 846,765 | ||||
9,458 | WEC Energy Group, Inc. | 826,156 | ||||
12,961 | Xcel Energy, Inc. | 846,224 | ||||
| ||||||
23,627,247 | ||||||
|
| |||||
TOTAL INVESTMENTS – 99.7% | ||||||
(Cost $438,789,094) | $437,920,563 | |||||
|
| |||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 1,220,961 | ||||
|
| |||||
NET ASSETS – 100.0% | $439,141,524 | |||||
|
|
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 | |
|
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 100.0% | ||||||
Communication Services – 16.3% | ||||||
31,221 | Activision Blizzard, Inc.* | $ 2,503,924 | ||||
20,990 | Alphabet, Inc., Class A* | 2,579,041 | ||||
32,274 | GCI Liberty Inc., Class A* | — | ||||
41,485 | IAC, Inc.* | 2,316,522 | ||||
10,238 | Meta Platforms, Inc., Class A* | 2,710,203 | ||||
7,281 | Netflix, Inc.* | 2,877,670 | ||||
16,957 | Spotify Technology SA* | 2,524,897 | ||||
19,553 | Take-Two Interactive Software, Inc.* | 2,693,035 | ||||
16,910 | T-Mobile US, Inc.* | 2,320,898 | ||||
| ||||||
20,526,190 | ||||||
|
| |||||
Consumer Discretionary – 5.7% | ||||||
27,683 | Alibaba Group Holding Ltd. ADR (China)* | 2,202,183 | ||||
21,992 | Amazon.com, Inc.* | 2,651,795 | ||||
1,886 | MercadoLibre, Inc. (Brazil)* | 2,336,754 | ||||
| ||||||
7,190,732 | ||||||
|
| |||||
Consumer Staples – 1.9% | ||||||
16,102 | Walmart, Inc. | 2,364,901 | ||||
|
| |||||
Energy – 7.5% | ||||||
29,820 | Chesapeake Energy Corp. | 2,243,955 | ||||
195,485 | Energy Transfer LP | 2,424,014 | ||||
69,593 | EQT Corp. | 2,419,748 | ||||
40,827 | Valaris Ltd.* | 2,356,943 | ||||
| ||||||
9,444,660 | ||||||
|
| |||||
Financials – 17.2% | ||||||
38,707 | Apollo Global Management, Inc. | 2,587,563 | ||||
7,559 | Berkshire Hathaway, Inc., Class B* | 2,427,044 | ||||
1,932 | First Citizens BancShares, Inc., Class A | 2,409,590 | ||||
20,427 | Fiserv, Inc.* | 2,291,705 | ||||
18,084 | JPMorgan Chase & Co. | 2,454,180 | ||||
6,378 | Mastercard, Inc., Class A | 2,328,098 | ||||
39,285 | PayPal Holdings, Inc.* | 2,435,277 | ||||
6,765 | S&P Global, Inc. | 2,485,664 | ||||
10,504 | Visa, Inc., Class A | 2,321,699 | ||||
| ||||||
21,740,820 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – 11.3% | ||||||
5,628 | Eli Lilly & Co. | $ 2,417,001 | ||||
21,786 | Horizon Therapeutics PLC* | 2,179,254 | ||||
4,680 | Humana, Inc. | 2,348,752 | ||||
65,023 | IVERIC bio, Inc.* | 2,454,618 | ||||
34,400 | Tenet Healthcare Corp.* | 2,449,280 | ||||
5,023 | UnitedHealth Group, Inc. | 2,447,406 | ||||
| ||||||
14,296,311 | ||||||
|
| |||||
Industrials – 5.7% | ||||||
42,237 | AerCap Holdings NV (Ireland)* | 2,410,888 | ||||
3,026 | TransDigm Group, Inc. | 2,341,065 | ||||
64,119 | Uber Technologies, Inc.* | 2,432,033 | ||||
| ||||||
7,183,986 | ||||||
|
| |||||
Information Technology – 32.4% | ||||||
25,108 | Advanced Micro Devices, Inc.* | 2,968,017 | ||||
14,212 | Apple, Inc. | 2,519,077 | ||||
3,822 | Broadcom, Inc. | 3,088,023 | ||||
27,633 | Datadog, Inc., Class A* | 2,622,648 | ||||
103,623 | Flex Ltd.* | 2,630,988 | ||||
34,103 | GoDaddy, Inc., Class A* | 2,502,478 | ||||
7,903 | Microsoft Corp. | 2,595,266 | ||||
32,131 | New Relic, Inc.* | 2,263,629 | ||||
8,446 | NVIDIA Corp. | 3,195,460 | ||||
12,671 | Palo Alto Networks, Inc.* | 2,703,865 | ||||
12,027 | Salesforce, Inc.* | 2,686,591 | ||||
5,280 | ServiceNow, Inc.* | 2,876,438 | ||||
28,549 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2,814,646 | ||||
19,695 | VMware, Inc., Class A* | 2,684,232 | ||||
13,186 | Workday, Inc., Class A* | 2,795,300 | ||||
| ||||||
40,946,658 | ||||||
|
|
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Utilities – 2.0% | ||||||
30,466 | Constellation Energy Corp. | $ 2,559,753 | ||||
|
| |||||
| TOTAL INVESTMENTS – 100.0% (Cost $115,820,567) | $126,254,011 | ||||
|
| |||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 12,074 | ||||
|
| |||||
NET ASSETS – 100.0% | $126,266,085 | |||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. |
| ||
Investment Abbreviations: | ||
ADR | — American Depositary Receipt | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
|
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 99.4% | ||||||
Communication Services – 12.1% | ||||||
12,917 | Activision Blizzard, Inc.* | $ 1,035,943 | ||||
3,835 | AfreecaTV Co. Ltd. (South Korea) | 217,285 | ||||
60,293 | Alphabet, Inc., Class A* | 7,408,201 | ||||
14,992 | Baidu, Inc. ADR (China)* | 1,841,767 | ||||
16,971 | Bilibili, Inc. ADR (China)* | 265,766 | ||||
18,499 | Bumble, Inc., Class A* | 283,035 | ||||
6,686 | CTS Eventim AG & Co. KGaA (Germany) | 448,348 | ||||
7,864 | Electronic Arts, Inc. | 1,006,592 | ||||
25,752 | Gree, Inc. (Japan) | 124,046 | ||||
34,288 | Hello Group, Inc. ADR (China) | 276,704 | ||||
4,864 | IDT Corp., Class B* | 147,817 | ||||
5,245 | Infocom Corp. (Japan) | 82,327 | ||||
5,427 | Iridium Communications, Inc. | 325,837 | ||||
12,141 | JOYY, Inc. ADR (China) | 301,097 | ||||
126,115 | Kuaishou Technology (China)*(a) | 853,843 | ||||
8,305 | Liberty Media Corp.-Liberty Braves, Class C* | 304,627 | ||||
5,807 | Liberty Media Corp.-Liberty Formula One, Class A* | 366,712 | ||||
22,511 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 629,858 | ||||
8,543 | Live Nation Entertainment, Inc.* | 682,927 | ||||
7,805 | Madison Square Garden Entertainment Corp.* | 273,877 | ||||
1,492 | Madison Square Garden Sports Corp. | 263,562 | ||||
16,898 | Match Group, Inc.* | 582,981 | ||||
26,712 | Meta Platforms, Inc., Class A* | 7,071,201 | ||||
11,608 | MIXI, Inc. (Japan) | 226,652 | ||||
13,595 | NetEase, Inc. ADR (China) | 1,156,663 | ||||
4,258 | Netflix, Inc.* | 1,682,889 | ||||
33,674 | Pinterest, Inc., Class A* | 806,156 | ||||
68,548 | Rightmove PLC (United Kingdom) | 444,842 | ||||
30,484 | Rumble, Inc.*(b) | 300,877 | ||||
5,908 | Scout24 SE (Germany)(a) | 377,911 | ||||
24,189 | Sea Ltd. ADR (Singapore)* | 1,388,691 | ||||
61,984 | Snap, Inc., Class A* | 632,237 | ||||
4,716 | Spotify Technology SA* | 702,212 | ||||
3,685 | Take-Two Interactive Software, Inc.* | 507,535 | ||||
28,117 | TELUS Corp. (Canada) | 532,016 | ||||
47,200 | Tencent Holdings Ltd. (China) | 1,872,746 | ||||
73,622 | Tencent Music Entertainment Group ADR (China)* | 510,937 | ||||
9,621 | Ubisoft Entertainment SA (France)* | 272,117 | ||||
12,945 | Vivid Seats, Inc., Class A*(b) | 94,628 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Communication Services – (continued) | ||||||
56,763 | VK Co. Ltd. GDR (Russia)*(c) | $ — | ||||
17,334 | Walt Disney Co. (The)* | 1,524,699 | ||||
21,887 | Weibo Corp. ADR (China)* | 305,761 | ||||
4,401 | World Wrestling Entertainment, Inc., Class A | 445,909 | ||||
4,312 | Ziff Davis, Inc.* | 254,580 | ||||
15,474 | ZoomInfo Technologies, Inc.* | 382,672 | ||||
| ||||||
39,217,083 | ||||||
|
| |||||
Consumer Discretionary – 14.6% | ||||||
5,908 | Academy Sports & Outdoors, Inc. | 289,256 | ||||
2,811 | adidas AG (Germany) | 454,016 | ||||
7,317 | Airbnb, Inc., Class A* | 803,187 | ||||
43,679 | Alibaba Group Holding Ltd. ADR (China)* | 3,474,665 | ||||
60,245 | Amazon.com, Inc.* | 7,264,342 | ||||
55,566 | ANTA Sports Products Ltd. (China) | 567,496 | ||||
9,590 | Aptiv PLC* | 844,687 | ||||
12,516 | Atour Lifestyle Holdings Ltd. ADR (China)* | 202,259 | ||||
28,291 | Bandai Namco Holdings, Inc. (Japan) | 662,347 | ||||
25,731 | Chegg, Inc.* | 231,064 | ||||
11,250 | Chewy, Inc., Class A* | 331,763 | ||||
3,505 | Columbia Sportswear Co. | 258,774 | ||||
8,641 | Continental AG (Germany) | 573,734 | ||||
19,170 | Coursera, Inc.* | 242,692 | ||||
3,873 | Dick’s Sporting Goods, Inc. | 493,846 | ||||
2,938 | Duolingo, Inc.* | 439,437 | ||||
123,519 | East Buy Holding Ltd. (China)*(a)(b) | 458,369 | ||||
14,509 | eBay, Inc. | 617,213 | ||||
7,154 | Etsy, Inc.* | 579,832 | ||||
19,059 | Everi Holdings, Inc.* | 264,920 | ||||
36,348 | Fisker, Inc.*(b) | 228,265 | ||||
95,467 | Ford Motor Co. | 1,145,604 | ||||
76,874 | Fosun Tourism Group (China)*(a) | 68,741 | ||||
25,261 | GameStop Corp., Class A*(b) | 607,527 | ||||
33,130 | General Motors Co. | 1,073,743 | ||||
608 | Graham Holdings Co., Class B | 343,368 | ||||
6,304 | Hyundai Motor Co. (South Korea) | 949,934 | ||||
7,578 | iRobot Corp.* | 268,640 | ||||
235,912 | JD Sports Fashion PLC (United Kingdom) | 444,432 | ||||
21,454 | JD.com, Inc. ADR (China) | 699,400 | ||||
15,038 | Just Eat Takeaway.com NV (United Kingdom)*(a) | 225,538 | ||||
11,392 | Kia Corp. (South Korea) | 737,294 | ||||
11,655 | Las Vegas Sands Corp.* | 642,540 | ||||
|
|
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Discretionary – (continued) | ||||||
23,692 | Li Auto, Inc. ADR (China)* | $ 688,253 | ||||
74,926 | Li Ning Co. Ltd. (China) | 401,992 | ||||
90,161 | Lucid Group, Inc.*(b) | 699,649 | ||||
2,255 | Lululemon Athletica, Inc.* | 748,502 | ||||
8,089 | MakeMyTrip Ltd. (India)* | 210,880 | ||||
51,181 | Meituan, Class B (China)*(a) | 720,486 | ||||
1,861 | MercadoLibre, Inc. (Brazil)* | 2,305,779 | ||||
15,709 | MGM Resorts International | 617,207 | ||||
13,674 | New Oriental Education & Technology Group, Inc. ADR (China)* | 515,100 | ||||
181,707 | Nexteer Automotive Group Ltd. (China) | 81,241 | ||||
9,984 | NIKE, Inc., Class B | 1,050,916 | ||||
85,828 | NIO, Inc. ADR (China)* | 646,285 | ||||
9,075 | Overstock.com, Inc.* | 169,975 | ||||
14,023 | PDD Holdings, Inc. ADR (China)* | 915,982 | ||||
38,265 | Pearson PLC (United Kingdom) | 378,552 | ||||
44,526 | Peloton Interactive, Inc., Class A* | 324,149 | ||||
16,549 | Penn Entertainment, Inc.* | 414,387 | ||||
4,195 | Planet Fitness, Inc., Class A* | 268,228 | ||||
29,698 | Playtech PLC (United Kingdom)* | 221,214 | ||||
86,312 | Polestar Automotive Holding UK PLC, Class A ADR (Hong Kong)*(b) | 294,324 | ||||
111,308 | Rakuten Group, Inc. (Japan)(b) | 458,887 | ||||
50,747 | Rivian Automotive, Inc., Class A* | 747,503 | ||||
405,905 | Sa Sa International Holdings Ltd. (Hong Kong)* | 69,481 | ||||
54,102 | Sabre Corp.* | 167,716 | ||||
46,250 | Sharp Corp. (Japan)* | 264,825 | ||||
11,045 | Skechers USA, Inc., Class A* | 567,382 | ||||
6,229 | Stride, Inc.* | 251,714 | ||||
47,576 | TAL Education Group ADR (China)* | 258,338 | ||||
16,252 | Tesla, Inc.* | 3,314,270 | ||||
106,498 | Toyota Motor Corp. (Japan) | 1,454,757 | ||||
28,868 | Udemy, Inc.* | 288,680 | ||||
6,168 | Wayfair, Inc., Class A* | 248,694 | ||||
48,494 | XPeng, Inc. ADR (China)*(b) | 382,133 | ||||
7,576 | Xponential Fitness, Inc., Class A* | 200,688 | ||||
18,880 | Yamaha Motor Co. Ltd. (Japan) | 464,855 | ||||
11,616 | Zalando SE (Germany)*(a) | 334,859 | ||||
| ||||||
47,636,808 | ||||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Staples – 0.8% | ||||||
842,798 | Alibaba Health Information Technology Ltd. (China)* | $ 499,548 | ||||
18,142 | Beyond Meat, Inc.*(b) | 184,141 | ||||
212,549 | Hong Kong Technology Venture Co. Ltd. (Hong Kong) | 115,394 | ||||
12,682 | Walmart, Inc. | 1,862,605 | ||||
| ||||||
2,661,688 | ||||||
|
| |||||
Energy – 0.9% | ||||||
522,567 | China Suntien Green Energy Corp. Ltd., Class H (China) | 197,592 | ||||
26,637 | Enbridge, Inc. (Canada) | 936,498 | ||||
6,992 | HD Hyundai Co. Ltd. (South Korea) | 300,805 | ||||
22,057 | Oceaneering International, Inc.* | 337,693 | ||||
21,719 | TotalEnergies SE (France) | 1,229,048 | ||||
| ||||||
3,001,636 | ||||||
|
| |||||
Financials – 14.5% | ||||||
33,784 | 3i Group PLC (United Kingdom) | 818,805 | ||||
511 | Adyen NV (Netherlands)*(a) | 831,766 | ||||
35,456 | Affirm Holdings, Inc.* | 526,876 | ||||
3,014 | Ameriprise Financial, Inc. | 899,589 | ||||
16,683 | Apollo Global Management, Inc. | 1,115,259 | ||||
34,965 | AvidXchange Holdings, Inc.* | 338,811 | ||||
2,337 | BlackRock, Inc. | 1,536,694 | ||||
15,203 | Blackstone, Inc. | 1,301,985 | ||||
34,937 | Block, Inc.* | 2,109,845 | ||||
16,589 | Carlyle Group, Inc. (The) | 454,704 | ||||
24,143 | Charles Schwab Corp. (The) | 1,272,095 | ||||
33,339 | CI Financial Corp. (Canada) | 321,544 | ||||
3,963 | CME Group, Inc. | 708,386 | ||||
13,364 | Coinbase Global, Inc., Class A*(b) | 831,241 | ||||
33,792 | Corebridge Financial, Inc. | 561,623 | ||||
415,147 | Credit Suisse Group AG (Switzerland)* | 342,145 | ||||
6,336 | Discover Financial Services | 650,961 | ||||
4,935 | DWS Group GmbH & Co. KGaA (Germany)(a) | 158,573 | ||||
4,883 | Eurazeo SE (France) | 332,649 | ||||
4,360 | Euronet Worldwide, Inc.* | 485,704 | ||||
3,459 | Evercore, Inc., Class A | 373,399 | ||||
16,916 | Fidelity National Information Services, Inc. | 923,106 | ||||
2,571 | FleetCor Technologies, Inc.* | 582,460 | ||||
7,121 | Global Payments, Inc. | 695,650 | ||||
4,128 | GMO Payment Gateway, Inc. (Japan) | 325,595 | ||||
|
|
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Financials – (continued) | ||||||
5,022 | Goldman Sachs Group, Inc. (The)(d) | $ 1,626,626 | ||||
32,529 | Hargreaves Lansdown PLC (United Kingdom) | 323,419 | ||||
8,896 | Interactive Brokers Group, Inc., Class A | 687,038 | ||||
3,457 | Jack Henry & Associates, Inc. | 528,541 | ||||
6,055 | Kaspi.KZ JSC GDR (Kazakhstan) | 484,400 | ||||
22,294 | KKR & Co., Inc. | 1,147,918 | ||||
10,211 | Lazard Ltd., Class A | 292,954 | ||||
170,279 | Legal & General Group PLC (United Kingdom) | 481,391 | ||||
7,719 | London Stock Exchange Group PLC (United Kingdom) | 817,973 | ||||
85,000 | Marqeta, Inc., Class A* | 407,150 | ||||
6,175 | Mastercard, Inc., Class A | 2,253,998 | ||||
12,992 | Morgan Stanley | 1,062,226 | ||||
2,456 | Morningstar, Inc. | 502,743 | ||||
2,238 | MSCI, Inc. | 1,053,046 | ||||
8,331 | Northern Trust Corp. | 599,166 | ||||
167,479 | NU Holdings Ltd., Class A (Brazil)* | 1,128,808 | ||||
10,298 | Nuvei Corp. (Canada)*(a) | 322,660 | ||||
41,829 | Owl Rock Capital Corp.(b) | 561,763 | ||||
30,279 | Pagseguro Digital Ltd., Class A (Brazil)* | 301,276 | ||||
49,303 | Payoneer Global, Inc.* | 204,607 | ||||
20,326 | PayPal Holdings, Inc.* | 1,260,009 | ||||
32,535 | Paysafe Ltd.* | 314,288 | ||||
12,544 | Plus500 Ltd. (Israel) | 224,188 | ||||
34,453 | Repay Holdings Corp.* | 218,087 | ||||
54,867 | Robinhood Markets, Inc., Class A* | 489,414 | ||||
24,400 | Rocket Cos., Inc., Class A*(b) | 195,688 | ||||
3,995 | S&P Global, Inc. | 1,467,883 | ||||
8,380 | Shift4 Payments, Inc., Class A* | 525,594 | ||||
106,803 | SoFi Technologies, Inc.*(b) | 741,213 | ||||
2,502 | Sprott, Inc. (Canada) | 84,670 | ||||
8,916 | State Street Corp. | 606,466 | ||||
8,343 | Stifel Financial Corp. | 463,621 | ||||
29,677 | StoneCo Ltd., Class A (Brazil)* | 371,853 | ||||
107,728 | SY Holdings Group Ltd. (China) | 79,266 | ||||
18,612 | Synchrony Financial | 576,228 | ||||
46,388 | TP ICAP Group PLC (United Kingdom) | 87,102 | ||||
10,360 | TPG, Inc. | 267,288 | ||||
8,416 | Tradeweb Markets, Inc., Class A | 563,451 | ||||
81,312 | Tyro Payments Ltd. (Australia)* | 62,093 | ||||
57,276 | UBS Group AG (Switzerland) | 1,080,171 | ||||
14,112 | Upstart Holdings, Inc.*(b) | 384,411 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Financials – (continued) | ||||||
12,700 | Virtu Financial, Inc., Class A | $ 223,393 | ||||
1,211 | Virtus Investment Partners, Inc. | 231,035 | ||||
10,505 | Visa, Inc., Class A | 2,321,920 | ||||
39,637 | Waterdrop, Inc. ADR (China)*(b) | 99,092 | ||||
2,720 | WEX, Inc.* | 451,112 | ||||
49,976 | WisdomTree, Inc. | 339,837 | ||||
| ||||||
47,016,541 | ||||||
|
| |||||
Health Care – 20.1% | ||||||
8,490 | 10X Genomics, Inc., Class A* | 445,385 | ||||
375,685 | 3SBio, Inc. (China)(a) | 380,088 | ||||
17,776 | Abbott Laboratories | 1,813,152 | ||||
13,805 | AbbVie, Inc. | 1,904,538 | ||||
28,606 | AdaptHealth Corp.* | 299,791 | ||||
31,596 | Adaptive Biotechnologies Corp.* | 219,908 | ||||
7,268 | Agilent Technologies, Inc. | 840,690 | ||||
5,635 | Amgen, Inc. | 1,243,363 | ||||
11,222 | AstraZeneca PLC (United Kingdom) | 1,621,738 | ||||
14,748 | Baxter International, Inc. | 600,539 | ||||
8,400 | Beam Therapeutics, Inc.* | 267,960 | ||||
2,523 | Biogen, Inc.* | 747,842 | ||||
8,551 | BioNTech SE ADR (Germany) | 898,539 | ||||
7,674 | Bio-Techne Corp. | 627,656 | ||||
15,136 | Boston Scientific Corp.* | 779,201 | ||||
23,187 | Bristol-Myers Squibb Co. | 1,494,170 | ||||
6,492 | Castle Biosciences, Inc.* | 158,600 | ||||
8,378 | Celltrion Healthcare Co. Ltd. (South Korea) | 467,110 | ||||
25,629 | Chugai Pharmaceutical Co. Ltd. (Japan) | 688,809 | ||||
27,973 | Coherus Biosciences, Inc.* | 114,410 | ||||
3,465 | CompuGroup Medical SE & Co KgaA (Germany) | 183,594 | ||||
9,882 | CRISPR Therapeutics AG (Switzerland)* | 632,843 | ||||
4,034 | Danaher Corp. | 926,287 | ||||
9,995 | Dexcom, Inc.* | 1,172,014 | ||||
26,126 | DocGo, Inc.* | 233,828 | ||||
25,856 | Editas Medicine, Inc.* | 237,358 | ||||
10,190 | Edwards Lifesciences Corp.* | 858,304 | ||||
5,318 | Eli Lilly & Co. | 2,283,868 | ||||
99,794 | EQRx, Inc.* | 175,637 | ||||
11,040 | Exact Sciences Corp.* | 900,643 | ||||
23,738 | Exelixis, Inc.* | 457,669 | ||||
24,946 | Exscientia PLC ADR (United Kingdom)*(b) | 192,334 | ||||
6,347 | Fulgent Genetics, Inc.* | 252,420 | ||||
|
|
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – (continued) | ||||||
7,715 | Galapagos NV (Belgium)* | $ 318,142 | ||||
18,758 | Gilead Sciences, Inc. | 1,443,241 | ||||
6,300 | Globus Medical, Inc., Class A* | 341,019 | ||||
18,552 | Guardant Health, Inc.* | 543,945 | ||||
17,058 | Ideaya Biosciences, Inc.* | 389,605 | ||||
4,642 | Illumina, Inc.* | 912,849 | ||||
4,745 | Immunocore Holdings PLC ADR (United Kingdom)* | 261,829 | ||||
2,592 | Insulet Corp.* | 710,856 | ||||
9,932 | Intellia Therapeutics, Inc.* | 370,066 | ||||
4,755 | Intuitive Surgical, Inc.* | 1,463,779 | ||||
2,822 | iRhythm Technologies, Inc.* | 322,470 | ||||
15,216 | Johnson & Johnson | 2,359,393 | ||||
38,024 | Keymed Biosciences, Inc. (China)*(a) | 197,934 | ||||
33,643 | Koninklijke Philips NV (Netherlands)* | 632,906 | ||||
22,703 | M3, Inc. (Japan) | 505,035 | ||||
49,822 | MannKind Corp.* | 231,174 | ||||
28,561 | Maravai LifeSciences Holdings, Inc., Class A* | 366,723 | ||||
3,529 | Masimo Corp.* | 571,133 | ||||
18,624 | Medtronic PLC | 1,541,322 | ||||
17,256 | Merck & Co., Inc. | 1,905,235 | ||||
9,396 | Mezzion Pharma Co. Ltd. (South Korea)* | 176,982 | ||||
9,044 | Moderna, Inc.* | 1,155,009 | ||||
8,162 | MorphoSys AG (Germany)*(b) | 207,096 | ||||
14,757 | Myriad Genetics, Inc.* | 325,539 | ||||
12,416 | NextGen Healthcare, Inc.* | 193,317 | ||||
16,376 | Novartis AG (Switzerland) | 1,561,376 | ||||
10,752 | Novo Nordisk A/S ADR (Denmark) | 1,725,266 | ||||
21,982 | Ono Pharmaceutical Co. Ltd. (Japan) | 410,407 | ||||
28,073 | Pacific Biosciences of California, Inc.* | 347,544 | ||||
13,537 | Pediatrix Medical Group, Inc.* | 180,042 | ||||
51,163 | Pfizer, Inc. | 1,945,217 | ||||
8,169 | PHC Holdings Corp. (Japan) | 85,716 | ||||
10,714 | PROCEPT BioRobotics Corp.* | 358,383 | ||||
10,819 | QIAGEN NV* | 488,586 | ||||
1,464 | Regeneron Pharmaceuticals, Inc.* | 1,076,860 | ||||
8,694 | REGENXBIO, Inc.* | 149,798 | ||||
25,663 | Relay Therapeutics, Inc.* | 285,886 | ||||
24,779 | ResMed, Inc. CDI | 520,360 | ||||
6,798 | Roche Holding AG | 2,143,175 | ||||
18,017 | Rocket Pharmaceuticals, Inc.* | 377,096 | ||||
56,112 | Sana Biotechnology, Inc.*(b) | 337,794 | ||||
13,581 | Sanofi(b) | 1,373,740 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – (continued) | ||||||
4,545 | Sarepta Therapeutics, Inc.* | $ 561,762 | ||||
159 | Scilex Holding Co. (Singapore)*(b) | 946 | ||||
23,159 | Scilex Holding Co.* | 121,031 | ||||
4,563 | Seagen, Inc.* | 892,979 | ||||
59,140 | Shanghai MicroPort MedBot Group Co. Ltd. (China)*(b) | 137,646 | ||||
64,379 | Sharecare, Inc.* | 95,925 | ||||
20,676 | Siemens Healthineers AG (Germany)(a) | 1,166,058 | ||||
29,824 | Smith & Nephew PLC (United Kingdom) | 444,306 | ||||
4,850 | Stryker Corp. | 1,336,563 | ||||
10,103 | Takara Bio, Inc. (Japan) | 117,651 | ||||
11,055 | Tandem Diabetes Care, Inc.* | 287,319 | ||||
15,412 | Teladoc Health, Inc.* | 356,788 | ||||
2,741 | Thermo Fisher Scientific, Inc. | 1,393,689 | ||||
1,832 | UFP Technologies, Inc.* | 283,282 | ||||
8,795 | uniQure NV (Netherlands)* | 169,656 | ||||
16,397 | Veracyte, Inc.* | 424,354 | ||||
16,526 | Veradigm, Inc.* | 194,676 | ||||
13,323 | Verona Pharma PLC ADR (United Kingdom)* | 286,711 | ||||
4,419 | Vertex Pharmaceuticals, Inc.* | 1,429,856 | ||||
12,523 | Verve Therapeutics, Inc.* | 193,856 | ||||
105,390 | Well Health Technologies Corp. (Canada)* | 376,808 | ||||
218,157 | Yidu Tech, Inc. (China)*(a) | 138,225 | ||||
| ||||||
65,344,220 | ||||||
|
| |||||
Industrials – 7.3% | ||||||
32,916 | 3D Systems Corp.* | 269,911 | ||||
37,708 | ABB Ltd. (Switzerland) | 1,371,950 | ||||
4,403 | AeroVironment, Inc.* | 411,284 | ||||
3,091 | Alfen N.V. (Netherlands)*(a)(b) | 220,061 | ||||
5,950 | ASGN, Inc.* | 389,309 | ||||
88,966 | Aurora Innovation, Inc.* | 125,442 | ||||
1,061 | CACI International, Inc., Class A* | 317,472 | ||||
38,388 | ChargePoint Holdings, Inc.*(b) | 371,212 | ||||
4,196 | Daihen Corp. (Japan) | 151,064 | ||||
151,686 | Desktop Metal, Inc., Class A*(b) | 282,136 | ||||
1,070 | Energiekontor AG (Germany) | 78,482 | ||||
2,208 | ExlService Holdings, Inc.* | 333,276 | ||||
29,207 | FANUC Corp. (Japan) | 1,003,007 | ||||
59,895 | Full Truck Alliance Co. Ltd. ADR (China)* | 347,990 | ||||
15,455 | General Electric Co. | 1,569,146 | ||||
308,871 | Grab Holdings Ltd., Class A (Singapore)* | 920,436 | ||||
9,430 | Johnson Controls International PLC | 562,971 | ||||
|
|
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Industrials – (continued) | ||||||
6,103 | Kaman Corp. | $ 126,820 | ||||
17,051 | Kawasaki Heavy Industries Ltd. (Japan) | 357,459 | ||||
10,638 | Korea Aerospace Industries Ltd. (South Korea) | 412,776 | ||||
4,703 | Leidos Holdings, Inc. | 367,116 | ||||
2,146 | LG Energy Solution Ltd. (South Korea)* | 968,509 | ||||
5,849 | LIG Nex1 Co. Ltd. (South Korea) | 349,023 | ||||
3,373 | Lockheed Martin Corp. | 1,497,646 | ||||
30,424 | Lyft, Inc., Class A* | 274,424 | ||||
13,608 | Meitec Corp. (Japan) | 225,867 | ||||
52,208 | Mitsubishi Electric Corp. (Japan) | 679,715 | ||||
4,991 | Moog, Inc., Class A | 485,175 | ||||
11,650 | Nabtesco Corp. (Japan) | 259,324 | ||||
18,280 | NIDEC Corp. (Japan) | 908,014 | ||||
244,894 | Nikola Corp.*(b) | 152,814 | ||||
32,910 | Nordex SE (Germany)* | 395,938 | ||||
7,229 | Parsons Corp.* | 323,064 | ||||
10,151 | PNE AG (Germany) | 153,456 | ||||
8,950 | Proto Labs, Inc.* | 275,302 | ||||
3,915 | Rainbow Robotics (South Korea)* | 306,475 | ||||
6,297 | Shibaura Machine Co. Ltd. (Japan) | 195,831 | ||||
31,831 | Siemens Energy AG (Germany)* | 805,618 | ||||
13,822 | SS&C Technologies Holdings, Inc. | 759,657 | ||||
24,780 | SunPower Corp.* | 262,668 | ||||
15,475 | Sunrun, Inc.* | 272,979 | ||||
32,562 | TELUS International CDA, Inc. (Philippines)*(b) | 507,967 | ||||
6,211 | Textron, Inc. | 384,275 | ||||
3,775 | Thales SA (France) | 524,396 | ||||
21,592 | Uber Technologies, Inc.* | 818,985 | ||||
3,180 | Verisk Analytics, Inc. | 696,770 | ||||
394,447 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China) | 286,202 | ||||
72,510 | Xinte Energy Co. Ltd., Class H (China)*(b) | 154,500 | ||||
17,231 | Xometry, Inc., Class A* | 315,327 | ||||
13,532 | Yaskawa Electric Corp. (Japan) | 571,440 | ||||
| ||||||
23,800,681 | ||||||
|
| |||||
Information Technology – 26.8% | ||||||
16,785 | ACI Worldwide, Inc.* | 382,866 | ||||
3,503 | Adobe, Inc.* | 1,463,518 | ||||
14,600 | Advanced Micro Devices, Inc.* | 1,725,866 | ||||
4,748 | Akamai Technologies, Inc.* | 437,386 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Information Technology – (continued) | ||||||
15,644 | Alkami Technology, Inc.* | $ 234,660 | ||||
6,425 | Alteryx, Inc., Class A* | 250,190 | ||||
12,090 | Ambarella, Inc.* | 874,349 | ||||
7,116 | Amphenol Corp., Class A | 536,902 | ||||
36,672 | Apple, Inc. | 6,500,112 | ||||
5,578 | Arista Networks, Inc.* | 927,845 | ||||
20,967 | Atos SE (France)* | 304,335 | ||||
3,727 | Autodesk, Inc.* | 743,127 | ||||
3,905 | Belden, Inc. | 341,648 | ||||
33,553 | BigCommerce Holdings, Inc.Series 1* | 267,417 | ||||
82,729 | BlackBerry Ltd. (Canada)* | 442,600 | ||||
402,260 | BrainChip Holdings Ltd. (Australia)*(b) | 118,447 | ||||
2,330 | Broadcom, Inc. | 1,882,547 | ||||
15,831 | C3.ai, Inc., Class A*(b) | 633,398 | ||||
6,545 | Canadian Solar, Inc. (Canada)* | 273,581 | ||||
5,956 | CEVA, Inc.* | 149,019 | ||||
6,621 | Ciena Corp.* | 309,466 | ||||
102,959 | Cipher Mining, Inc.*(b) | 261,516 | ||||
33,764 | Cisco Systems, Inc. | 1,677,058 | ||||
11,300 | Cloudflare, Inc., Class A* | 781,508 | ||||
8,209 | Cognex Corp. | 451,167 | ||||
9,475 | Coherent Corp.* | 350,196 | ||||
4,781 | Consensus Cloud Solutions, Inc.* | 174,267 | ||||
47,481 | Converge Technology Solutions Corp. (Canada)* | 131,339 | ||||
15,641 | Corning, Inc. | 481,899 | ||||
6,578 | Crowdstrike Holdings, Inc., Class A* | 1,053,335 | ||||
3,115 | CyberArk Software Ltd.* | 481,984 | ||||
21,087 | Dassault Systemes (France) | 924,188 | ||||
8,448 | Digi International, Inc.* | 303,706 | ||||
4,776 | Digital Garage, Inc. (Japan) | 130,924 | ||||
6,786 | DocuSign, Inc.* | 382,730 | ||||
27,188 | EngageSmart, Inc.* | 516,028 | ||||
5,351 | Envestnet, Inc.* | 280,018 | ||||
20,093 | Extreme Networks, Inc.* | 413,916 | ||||
672 | Fair Isaac Corp.* | 529,314 | ||||
3,054 | First Solar, Inc.* | 619,840 | ||||
11,049 | ForgeRock, Inc., Class A* | 222,416 | ||||
15,070 | Fortinet, Inc.* | 1,029,733 | ||||
26,462 | Gen Digital, Inc. | 464,143 | ||||
2,340 | Globant SA* | 430,115 | ||||
12,035 | GMO internet group, Inc. (Japan) | 220,431 | ||||
27,442 | Hewlett Packard Enterprise Co. | 395,714 | ||||
|
|
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Information Technology – (continued) | ||||||
18,154 | HP, Inc. | $ 527,555 | ||||
1,086 | HubSpot, Inc.* | 562,537 | ||||
29,887 | indie Semiconductor, Inc., Class A (China)* | 283,927 | ||||
25,545 | Infineon Technologies AG (Germany) | 945,821 | ||||
33,389 | Infinera Corp.* | 163,606 | ||||
8,504 | Instructure Holdings, Inc.* | 208,858 | ||||
7,251 | Intapp, Inc.* | 306,500 | ||||
77,303 | Intel Corp. | 2,430,406 | ||||
4,072 | InterDigital, Inc. | 338,139 | ||||
10,781 | International Business Machines Corp. | 1,386,329 | ||||
14,131 | Juniper Networks, Inc. | 429,158 | ||||
9,443 | Kainos Group PLC (United Kingdom) | 150,041 | ||||
2,214 | Keyence Corp. (Japan) | 1,074,396 | ||||
5,095 | Keysight Technologies, Inc.* | 824,371 | ||||
6,582 | Kontron AG (Austria)(b) | 134,307 | ||||
131,609 | Learning Technologies Group PLC (United Kingdom) | 163,116 | ||||
34,208 | Marathon Digital Holdings, Inc.*(b) | 334,896 | ||||
19,147 | Marvell Technology, Inc. | 1,119,908 | ||||
7,656 | Maxeon Solar Technologies Ltd.* | 212,760 | ||||
9,652 | Micron Technology, Inc. | 658,266 | ||||
20,490 | Microsoft Corp. | 6,728,711 | ||||
1,356 | MicroStrategy, Inc., Class A* | 409,010 | ||||
81,292 | Nano Dimension Ltd. ADR (Israel)* | 195,914 | ||||
12,343 | nCino, Inc.* | 339,309 | ||||
19,424 | NCR Corp.* | 460,349 | ||||
5,114 | Nemetschek SE (Germany) | 399,307 | ||||
9,979 | NetScout Systems, Inc.* | 304,559 | ||||
35,832 | NEXTDC Ltd. (Australia)* | 294,728 | ||||
1,977 | Nice Ltd. ADR (Israel)* | 407,143 | ||||
169,610 | Nokia OYJ ADR (Finland) | 680,136 | ||||
1,993 | Novanta, Inc.* | 330,041 | ||||
22,194 | NVIDIA Corp. | 8,396,878 | ||||
4,611 | NXP Semiconductors NV (China) | 825,830 | ||||
7,344 | Okta, Inc.* | 667,570 | ||||
12,132 | OneSpan, Inc.* | 183,678 | ||||
8,250 | Open Text Corp. (Canada) | 343,365 | ||||
1,920 | OSI Systems, Inc.* | 228,499 | ||||
4,912 | Palo Alto Networks, Inc.* | 1,048,172 | ||||
3,984 | PTC, Inc.* | 535,450 | ||||
14,930 | Q2 Holdings, Inc.* | 434,762 | ||||
3,358 | Qorvo, Inc.* | 326,599 | ||||
12,704 | QUALCOMM, Inc. | 1,440,761 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Information Technology – (continued) | ||||||
13,788 | Qualtrics International, Inc., Class A* | $ 249,287 | ||||
34,052 | Riot Platforms, Inc.*(b) | 408,624 | ||||
7,928 | Salesforce, Inc.* | 1,770,957 | ||||
26,828 | Seiko Epson Corp. (Japan) | 406,889 | ||||
14,687 | Semtech Corp.* | 319,295 | ||||
25,627 | SentinelOne, Inc., Class A* | 547,905 | ||||
2,772 | ServiceNow, Inc.* | 1,510,130 | ||||
21,436 | Shopify, Inc., Class A (Canada)* | 1,225,925 | ||||
2,716 | Silicon Laboratories, Inc.* | 382,060 | ||||
6,368 | Skyworks Solutions, Inc. | 659,152 | ||||
6,572 | Snowflake, Inc., Class A* | 1,086,746 | ||||
9,982 | Software AG (Germany) | 351,606 | ||||
103,376 | Spirent Communications PLC (United Kingdom) | 229,983 | ||||
6,332 | Splunk, Inc.* | 628,704 | ||||
5,660 | Sprout Social, Inc., Class A* | 245,135 | ||||
15,101 | STMicroelectronics NV (Singapore) | 653,546 | ||||
21,710 | Stratasys Ltd.* | 315,881 | ||||
2,839 | Synaptics, Inc.* | 244,268 | ||||
23,376 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2,304,640 | ||||
5,666 | TD SYNNEX Corp. | 506,427 | ||||
8,378 | Tenable Holdings, Inc.* | 343,414 | ||||
12,300 | Teradyne, Inc. | 1,232,337 | ||||
29,717 | TomTom NV (Netherlands)* | 226,205 | ||||
38,257 | UiPath, Inc., Class A* | 684,418 | ||||
163,272 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H (China)(a) | 268,635 | ||||
2,677 | Zebra Technologies Corp., Class A* | 702,900 | ||||
30,204 | Zeta Global Holdings Corp., Class A* | 272,440 | ||||
6,101 | Zscaler, Inc.* | 826,563 | ||||
| ||||||
87,346,504 | ||||||
|
| |||||
Real Estate – 1.0% | ||||||
4,952 | American Tower Corp. REIT | 913,347 | ||||
7,609 | Crown Castle, Inc. REIT | 861,415 | ||||
7,136 | Digital Realty Trust, Inc. REIT | 731,155 | ||||
1,057 | Equinix, Inc. REIT | 788,046 | ||||
| ||||||
3,293,963 | ||||||
|
| |||||
Utilities – 1.3% | ||||||
9,824 | Atlantica Sustainable Infrastructure PLC (Spain) | 237,446 | ||||
|
|
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Utilities – (continued) | ||||||
13,010 | Avangrid, Inc. | $ 488,265 | ||||
445,266 | Beijing Jingneng Clean Energy Co. Ltd., Class H (China) | 104,658 | ||||
13,268 | Brookfield Renewable Corp., Class A(b) | 445,540 | ||||
9,541 | Brookfield Renewable Partners LP (Canada) | 288,413 | ||||
12,836 | Dominion Energy, Inc. | 645,394 | ||||
29,099 | Innergex Renewable Energy, Inc. (Canada) | 300,987 | ||||
19,550 | NextEra Energy, Inc. | 1,436,143 | ||||
45,311 | ReNew Energy Global PLC, Class A (India)*(b) | 247,851 | ||||
| ||||||
4,194,697 | ||||||
|
| |||||
TOTAL COMMON STOCKS | ||||||
(Cost $330,396,409) | $323,513,821 | |||||
|
| |||||
Exchange-Traded Funds – 0.2% | ||||||
157,822 | Greencoat UK Wind PLC/Funds | $ 291,451 | ||||
214,529 | Renewables Infrastructure Group Ltd. (The) | 319,065 | ||||
|
| |||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||
(Cost $606,674) | $ 610,516 | |||||
|
| |||||
Units | Description | Expiration Month | Value | |||||
Rights – 0.0% | ||||||||
Health Care – 0.0% | ||||||||
9,282 | AstraZeneca PLC(c) | 12/28 | $ 28,403 | |||||
|
| |||||||
Information Technology – 0.0% | ||||||||
4,312 | NEXTDC Ltd.* | 06/23 | 0 | |||||
|
| |||||||
| TOTAL RIGHTS (Cost $0) | $ 28,403 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $331,003,083) | $324,152,740 | ||||||
|
|
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 3.4% | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional | |||||
10,948,095 | 5.003% | $ 10,948,095 | ||||
(Cost $10,948,095) | ||||||
|
| |||||
TOTAL INVESTMENTS – 103.0% | ||||||
(Cost $341,951,178) | $335,100,835 | |||||
|
| |||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (3.0)% | (9,723,874) | ||||
|
| |||||
NET ASSETS – 100.0% | $325,376,961 | |||||
|
|
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 | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 99.7% | ||||||
Communication Services – 7.3% | ||||||
7,669 | Activision Blizzard, Inc.* | $ 615,054 | ||||
48,453 | Alphabet, Inc., Class A* | 5,953,420 | ||||
42,130 | Alphabet, Inc., Class C* | 5,197,578 | ||||
67,077 | AT&T, Inc. | 1,055,121 | ||||
988 | Charter Communications, Inc., Class A* | 322,236 | ||||
2,703 | Electronic Arts, Inc. | 345,984 | ||||
2,932 | Fox Corp., Class A | 91,479 | ||||
1,403 | Fox Corp., Class B | 40,982 | ||||
3,828 | Interpublic Group of Cos., Inc. (The) | 142,363 | ||||
9,582 | Lumen Technologies, Inc. | 18,972 | ||||
4,333 | Netflix, Inc.* | 1,712,532 | ||||
1,600 | New York Times Co. (The), Class A | 56,672 | ||||
87 | Paramount Global, Class A(a) | 1,529 | ||||
5,690 | Paramount Global, Class B | 86,545 | ||||
1,138 | Roku, Inc.* | 66,232 | ||||
1,610 | Take-Two Interactive Software, Inc.* | 221,745 | ||||
5,496 | T-Mobile US, Inc.* | 754,326 | ||||
1,004 | TripAdvisor, Inc.* | 15,622 | ||||
39,382 | Verizon Communications, Inc. | 1,403,181 | ||||
18,041 | Walt Disney Co. (The)* | 1,586,886 | ||||
2,206 | ZoomInfo Technologies, Inc.* | 54,554 | ||||
| ||||||
19,743,013 | ||||||
|
| |||||
Consumer Discretionary – 10.2% | ||||||
3,706 | Airbnb, Inc., Class A* | 406,808 | ||||
87,998 | Amazon.com, Inc.* | 10,610,799 | ||||
2,665 | Aptiv PLC* | 234,733 | ||||
1,982 | Best Buy Co., Inc. | 144,032 | ||||
384 | Booking Holdings, Inc.* | 963,368 | ||||
2,300 | BorgWarner, Inc. | 101,959 | ||||
670 | Brunswick Corp. | 50,585 | ||||
1,555 | CarMax, Inc.* | 112,287 | ||||
273 | Chipotle Mexican Grill, Inc.* | 566,882 | ||||
1,205 | Darden Restaurants, Inc. | 191,017 | ||||
262 | Deckers Outdoor Corp.* | 124,450 | ||||
524 | Dick’s Sporting Goods, Inc. | 66,815 | ||||
3,492 | DraftKings, Inc., Class A* | 81,503 | ||||
5,359 | eBay, Inc. | 227,972 | ||||
1,232 | Etsy, Inc.* | 99,854 | ||||
1,459 | Expedia Group, Inc.* | 139,641 | ||||
38,909 | Ford Motor Co. | 466,908 | ||||
1,916 | Gap, Inc. (The) | 15,366 | ||||
1,523 | Garmin Ltd. | 157,097 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Discretionary – (continued) | ||||||
13,765 | General Motors Co. | $ 446,124 | ||||
300 | Grand Canyon Education, Inc.* | 31,428 | ||||
1,534 | H&R Block, Inc. | 45,790 | ||||
1,328 | Harley-Davidson, Inc. | 41,314 | ||||
1,297 | Hasbro, Inc. | 76,977 | ||||
2,598 | Hilton Worldwide Holdings, Inc. | 353,640 | ||||
10,094 | Home Depot, Inc. (The) | 2,861,144 | ||||
464 | Hyatt Hotels Corp., Class A | 49,871 | ||||
1,146 | Kohl’s Corp. | 20,995 | ||||
3,262 | Las Vegas Sands Corp.* | 179,834 | ||||
581 | Lear Corp. | 71,265 | ||||
265 | Lithia Motors, Inc. | 61,819 | ||||
5,989 | Lowe’s Cos., Inc. | 1,204,568 | ||||
1,102 | Lululemon Athletica, Inc.* | 365,787 | ||||
2,655 | Macy’s, Inc. | 36,081 | ||||
2,622 | Marriott International, Inc., Class A | 439,945 | ||||
369 | Marriott Vacations Worldwide Corp. | 45,468 | ||||
7,319 | McDonald’s Corp. | 2,086,720 | ||||
3,166 | MGM Resorts International | 124,392 | ||||
487 | Mohawk Industries, Inc.* | 44,823 | ||||
11,914 | NIKE, Inc., Class B | 1,254,068 | ||||
1,104 | Nordstrom, Inc.(a) | 16,891 | ||||
3,038 | Peloton Interactive, Inc., Class A* | 22,117 | ||||
543 | Polaris, Inc. | 58,487 | ||||
2,237 | PulteGroup, Inc. | 147,821 | ||||
637 | PVH Corp. | 54,795 | ||||
2,543 | QuantumScape Corp.*(a) | 16,504 | ||||
401 | Ralph Lauren Corp. | 42,630 | ||||
2,172 | Royal Caribbean Cruises Ltd.* | 175,867 | ||||
1,476 | Service Corp. International | 93,888 | ||||
11,356 | Starbucks Corp. | 1,108,800 | ||||
2,389 | Tapestry, Inc. | 95,608 | ||||
11,460 | TJX Cos., Inc. (The) | 880,013 | ||||
1,089 | Tractor Supply Co. | 228,243 | ||||
398 | Vail Resorts, Inc. | 96,794 | ||||
779 | Wayfair, Inc., Class A* | 31,409 | ||||
525 | Whirlpool Corp. | 67,877 | ||||
651 | Williams-Sonoma, Inc. | 73,895 | ||||
849 | YETI Holdings, Inc.* | 31,048 | ||||
| ||||||
27,846,816 | ||||||
|
| |||||
Consumer Staples – 6.6% | ||||||
5,266 | Archer-Daniels-Midland Co. | 372,043 | ||||
|
|
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Staples – (continued) | ||||||
1,334 | Bunge Ltd. | $ 123,582 | ||||
1,868 | Campbell Soup Co. | 94,427 | ||||
2,337 | Church & Dwight Co., Inc. | 216,056 | ||||
1,184 | Clorox Co. (The) | 187,285 | ||||
37,733 | Coca-Cola Co. (The) | 2,251,151 | ||||
7,977 | Colgate-Palmolive Co. | 593,329 | ||||
4,384 | Costco Wholesale Corp. | 2,242,679 | ||||
5,698 | General Mills, Inc. | 479,544 | ||||
1,404 | Hershey Co. (The) | 364,619 | ||||
2,761 | Hormel Foods Corp. | 105,608 | ||||
629 | Ingredion, Inc. | 65,793 | ||||
2,452 | Kellogg Co. | 163,720 | ||||
8,261 | Keurig Dr Pepper, Inc. | 257,082 | ||||
3,240 | Kimberly-Clark Corp. | 435,067 | ||||
6,312 | Kroger Co. (The) | 286,123 | ||||
2,415 | McCormick & Co., Inc. | 207,038 | ||||
1,687 | Molson Coors Beverage Co., Class B | 104,341 | ||||
7,052 | Monster Beverage Corp.* | 413,388 | ||||
13,362 | PepsiCo, Inc. | 2,436,561 | ||||
22,813 | Procter & Gamble Co. (The) | 3,250,853 | ||||
4,891 | Sysco Corp. | 342,125 | ||||
4,574 | Target Corp. | 598,874 | ||||
2,684 | Tyson Foods, Inc., Class A | 135,918 | ||||
6,908 | Walgreens Boots Alliance, Inc. | 209,796 | ||||
14,076 | Walmart, Inc. | 2,067,342 | ||||
| ||||||
18,004,344 | ||||||
|
| |||||
Energy – 4.3% | ||||||
2,888 | APA Corp. | 91,781 | ||||
8,490 | Baker Hughes Co. | 231,353 | ||||
2,247 | Cheniere Energy, Inc. | 314,063 | ||||
17,504 | Chevron Corp. | 2,636,453 | ||||
11,078 | ConocoPhillips | 1,100,045 | ||||
5,867 | Devon Energy Corp. | 270,469 | ||||
3,324 | EQT Corp. | 115,575 | ||||
37,294 | Exxon Mobil Corp. | 3,810,701 | ||||
8,099 | Halliburton Co. | 232,036 | ||||
17,919 | Kinder Morgan, Inc. | 288,675 | ||||
4,097 | Marathon Petroleum Corp. | 429,816 | ||||
7,164 | Occidental Petroleum Corp. | 413,076 | ||||
4,009 | ONEOK, Inc. | 227,150 | ||||
4,216 | Phillips 66 | 386,228 | ||||
2,143 | Pioneer Natural Resources Co. | 427,400 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Energy – (continued) | ||||||
2,121 | Range Resources Corp. | $ 58,052 | ||||
3,471 | Valero Energy Corp. | 371,536 | ||||
246 | Vitesse Energy, Inc. | 5,680 | ||||
10,987 | Williams Cos., Inc. (The) | 314,887 | ||||
| ||||||
11,724,976 | ||||||
|
| |||||
Financials – 12.7% | ||||||
2,733 | Allstate Corp. (The) | 296,394 | ||||
3,084 | Ally Financial, Inc. | 82,250 | ||||
5,552 | American Express Co. | 880,325 | ||||
7,689 | American International Group, Inc. | 406,210 | ||||
1,099 | Ameriprise Financial, Inc. | 328,019 | ||||
2,118 | Aon PLC, Class A | 652,958 | ||||
3,662 | Arch Capital Group Ltd.* | 255,241 | ||||
550 | Assurant, Inc. | 65,995 | ||||
807 | Axis Capital Holdings Ltd. | 41,883 | ||||
72,876 | Bank of America Corp. | 2,025,224 | ||||
410 | Bank of Hawaii Corp. | 16,052 | ||||
7,593 | Bank of New York Mellon Corp. (The) | 305,239 | ||||
1,543 | BlackRock, Inc. | 1,014,600 | ||||
4,991 | Block, Inc.* | 301,407 | ||||
3,541 | Capital One Financial Corp. | 369,008 | ||||
1,094 | Cboe Global Markets, Inc. | 144,868 | ||||
15,731 | Charles Schwab Corp. (The) | 828,866 | ||||
20,030 | Citigroup, Inc. | 887,730 | ||||
3,713 | CME Group, Inc. | 663,699 | ||||
2,144 | Columbia Banking System, Inc. | 42,944 | ||||
1,353 | Comerica, Inc. | 48,843 | ||||
377 | Evercore, Inc., Class A | 40,697 | ||||
403 | Everest Re Group Ltd. | 137,028 | ||||
5,520 | Fidelity National Information Services, Inc. | 301,226 | ||||
7,042 | Fifth Third Bancorp | 170,909 | ||||
3,605 | FNB Corp. | 39,619 | ||||
2,951 | Franklin Resources, Inc. | 70,854 | ||||
3,392 | Goldman Sachs Group, Inc. (The)(b) | 1,098,669 | ||||
366 | Hanover Insurance Group, Inc. (The) | 40,794 | ||||
3,282 | Hartford Financial Services Group, Inc. (The) | 224,883 | ||||
15,001 | Huntington Bancshares, Inc. | 154,660 | ||||
5,711 | Intercontinental Exchange, Inc. | 605,080 | ||||
2,073 | Jefferies Financial Group, Inc. | 62,335 | ||||
30,266 | JPMorgan Chase & Co. | 4,107,399 | ||||
9,604 | KeyCorp | 89,701 | ||||
854 | Lazard Ltd., Class A | 24,501 | ||||
|
|
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Financials – (continued) | ||||||
1,751 | Lincoln National Corp. | $ 36,631 | ||||
820 | LPL Financial Holdings, Inc. | 159,720 | ||||
385 | MarketAxess Holdings, Inc. | 104,878 | ||||
5,126 | Marsh & McLennan Cos., Inc. | 887,721 | ||||
7,943 | Mastercard, Inc., Class A | 2,899,354 | ||||
6,831 | MetLife, Inc. | 338,476 | ||||
3,051 | MGIC Investment Corp. | 46,131 | ||||
1,654 | Moody’s Corp. | 524,120 | ||||
12,794 | Morgan Stanley | 1,046,037 | ||||
259 | Morningstar, Inc. | 53,017 | ||||
806 | MSCI, Inc. | 379,247 | ||||
3,552 | Nasdaq, Inc. | 196,603 | ||||
2,123 | Northern Trust Corp. | 152,686 | ||||
1,183 | OneMain Holdings, Inc. | 44,788 | ||||
10,616 | PayPal Holdings, Inc.* | 658,086 | ||||
776 | Pinnacle Financial Partners, Inc. | 37,752 | ||||
4,165 | PNC Financial Services Group, Inc. (The) | 482,432 | ||||
379 | Primerica, Inc. | 68,986 | ||||
2,502 | Principal Financial Group, Inc. | 163,781 | ||||
6,042 | Progressive Corp. (The) | 772,832 | ||||
3,807 | Prudential Financial, Inc. | 299,573 | ||||
9,663 | Regions Financial Corp. | 166,880 | ||||
689 | Reinsurance Group of America, Inc. | 96,460 | ||||
1,170 | Rocket Cos., Inc., Class A*(a) | 9,383 | ||||
3,341 | S&P Global, Inc. | 1,227,584 | ||||
4,065 | Synchrony Financial | 125,852 | ||||
1,489 | Synovus Financial Corp. | 40,337 | ||||
1,114 | Tradeweb Markets, Inc., Class A | 74,582 | ||||
2,421 | Travelers Cos., Inc. (The) | 409,730 | ||||
13,752 | Truist Financial Corp. | 419,023 | ||||
2,049 | Unum Group | 89,029 | ||||
729 | Upstart Holdings, Inc.*(a) | 19,858 | ||||
14,344 | US Bancorp | 428,886 | ||||
15,182 | Visa, Inc., Class A | 3,355,678 | ||||
2,126 | W R Berkley Corp. | 118,376 | ||||
39,798 | Wells Fargo & Co. | 1,584,358 | ||||
3,641 | Western Union Co. (The) | 41,471 | ||||
| ||||||
34,386,448 | ||||||
|
| |||||
Health Care – 13.4% | ||||||
727 | 10X Genomics, Inc., Class A* | 38,138 | ||||
13,597 | Abbott Laboratories | 1,386,894 | ||||
14,016 | AbbVie, Inc. | 1,933,647 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – (continued) | ||||||
2,337 | Agilent Technologies, Inc. | $ 270,321 | ||||
622 | Align Technology, Inc.* | 175,815 | ||||
973 | Alnylam Pharmaceuticals, Inc.* | 180,015 | ||||
1,571 | AmerisourceBergen Corp. | 267,306 | ||||
4,225 | Amgen, Inc. | 932,246 | ||||
3,977 | Baxter International, Inc. | 161,943 | ||||
2,248 | Becton Dickinson & Co. | 543,477 | ||||
1,134 | Biogen, Inc.* | 336,129 | ||||
1,458 | BioMarin Pharmaceutical, Inc.* | 126,759 | ||||
11,285 | Boston Scientific Corp.* | 580,952 | ||||
16,888 | Bristol-Myers Squibb Co. | 1,088,263 | ||||
4,340 | Centene Corp.* | 270,859 | ||||
2,322 | Cigna Group (The) | 574,486 | ||||
12,405 | CVS Health Corp. | 843,912 | ||||
5,135 | Danaher Corp. | 1,179,099 | ||||
442 | DaVita, Inc.* | 41,402 | ||||
272 | Definitive Healthcare Corp.* | 2,649 | ||||
1,695 | DENTSPLY SIRONA, Inc. | 61,223 | ||||
3,044 | Dexcom, Inc.* | 356,939 | ||||
4,883 | Edwards Lifesciences Corp.* | 411,295 | ||||
1,908 | Elevance Health, Inc. | 854,441 | ||||
6,680 | Eli Lilly & Co. | 2,868,793 | ||||
2,884 | GE HealthCare Technologies, Inc. | 229,307 | ||||
9,926 | Gilead Sciences, Inc. | 763,706 | ||||
1,708 | HCA Healthcare, Inc. | 451,237 | ||||
1,942 | Hologic, Inc.* | 153,204 | ||||
1,747 | Horizon Therapeutics PLC* | 174,752 | ||||
998 | Humana, Inc. | 500,866 | ||||
647 | IDEXX Laboratories, Inc.* | 300,706 | ||||
1,241 | Illumina, Inc.* | 244,043 | ||||
1,441 | Incyte Corp.* | 88,694 | ||||
544 | Insulet Corp.* | 149,192 | ||||
2,788 | Intuitive Surgical, Inc.* | 858,258 | ||||
1,466 | IQVIA Holdings, Inc.* | 288,670 | ||||
20,869 | Johnson & Johnson | 3,235,947 | ||||
699 | Laboratory Corp. of America Holdings | 148,558 | ||||
866 | Maravai LifeSciences Holdings, Inc., Class A* | 11,119 | ||||
10,572 | Medtronic PLC | 874,939 | ||||
20,064 | Merck & Co., Inc. | 2,215,266 | ||||
2,627 | Moderna, Inc.* | 335,494 | ||||
749 | Neurocrine Biosciences, Inc.* | 67,058 | ||||
44,826 | Pfizer, Inc. | 1,704,285 | ||||
817 | Regeneron Pharmaceuticals, Inc.* | 600,953 | ||||
|
|
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – (continued) | ||||||
439 | Repligen Corp.* | $ 73,717 | ||||
1,143 | ResMed, Inc. | 240,933 | ||||
2,780 | Stryker Corp. | 766,112 | ||||
3,103 | Thermo Fisher Scientific, Inc. | 1,577,751 | ||||
527 | Ultragenyx Pharmaceutical, Inc.* | 26,013 | ||||
7,416 | UnitedHealth Group, Inc. | 3,613,372 | ||||
1,101 | Veeva Systems, Inc., Class A* | 182,436 | ||||
2,023 | Vertex Pharmaceuticals, Inc.* | 654,582 | ||||
550 | Waters Corp.* | 138,171 | ||||
1,658 | Zimmer Biomet Holdings, Inc. | 211,130 | ||||
| ||||||
36,367,474 | ||||||
|
| |||||
Industrials – 8.6% | ||||||
5,135 | 3M Co. | 479,147 | ||||
296 | Acuity Brands, Inc. | 44,604 | ||||
1,223 | AECOM | 95,455 | ||||
811 | Allegion PLC | 84,944 | ||||
6,370 | American Airlines Group, Inc.* | 94,149 | ||||
2,143 | AMETEK, Inc. | 310,885 | ||||
423 | Armstrong World Industries, Inc. | 26,412 | ||||
3,891 | Automatic Data Processing, Inc. | 813,180 | ||||
254 | Avis Budget Group, Inc.* | 42,619 | ||||
1,033 | AZEK Co., Inc. (The)* | 24,017 | ||||
5,177 | Boeing Co. (The)* | 1,064,909 | ||||
1,219 | Booz Allen Hamilton Holding Corp. | 122,607 | ||||
1,204 | Broadridge Financial Solutions, Inc. | 176,651 | ||||
7,775 | Carrier Global Corp. | 317,998 | ||||
4,844 | Caterpillar, Inc. | 996,653 | ||||
1,098 | Ceridian HCM Holding, Inc.* | 67,911 | ||||
1,079 | C.H. Robinson Worldwide, Inc. | 102,009 | ||||
2,279 | ChargePoint Holdings, Inc.*(a) | 22,038 | ||||
808 | Cintas Corp. | 381,489 | ||||
19,554 | CSX Corp. | 599,721 | ||||
1,313 | Cummins, Inc. | 268,390 | ||||
2,535 | Deere & Co. | 877,059 | ||||
6,313 | Delta Air Lines, Inc.* | 229,351 | ||||
3,719 | Eaton Corp. PLC | 654,172 | ||||
5,304 | Emerson Electric Co. | 412,015 | ||||
2,183 | FedEx Corp. | 475,850 | ||||
3,295 | Fortive Corp. | 214,537 | ||||
1,198 | Fortune Brands Innovations, Inc. | 72,419 | ||||
312 | FTI Consulting, Inc.* | 58,659 | ||||
10,117 | General Electric Co. | 1,027,179 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Industrials – (continued) | ||||||
1,681 | Genpact Ltd. | $ 61,827 | ||||
316 | Hertz Global Holdings, Inc.* | 4,955 | ||||
6,290 | Honeywell International, Inc. | 1,205,164 | ||||
497 | Hubbell, Inc. | 140,383 | ||||
706 | IDEX Corp. | 140,607 | ||||
2,843 | Illinois Tool Works, Inc. | 621,849 | ||||
3,778 | Ingersoll Rand, Inc. | 214,062 | ||||
1,186 | Jacobs Solutions, Inc. | 129,986 | ||||
6,447 | Johnson Controls International PLC | 384,886 | ||||
1,093 | KBR, Inc. | 64,509 | ||||
1,767 | L3Harris Technologies, Inc. | 310,851 | ||||
1,093 | Leidos Holdings, Inc. | 85,320 | ||||
295 | Lennox International, Inc. | 81,275 | ||||
520 | Lincoln Electric Holdings, Inc. | 88,223 | ||||
2,124 | Lockheed Martin Corp. | 943,077 | ||||
1,881 | MDU Resources Group, Inc. | 54,888 | ||||
455 | Mercury Systems, Inc.* | 18,468 | ||||
1,349 | Northrop Grumman Corp. | 587,476 | ||||
1,539 | nVent Electric PLC | 66,762 | ||||
613 | Oshkosh Corp. | 45,258 | ||||
3,881 | Otis Worldwide Corp. | 308,578 | ||||
866 | Owens Corning | 92,082 | ||||
13,729 | Raytheon Technologies Corp. | 1,264,990 | ||||
1,068 | Rockwell Automation, Inc. | 297,545 | ||||
501 | Schneider National, Inc., Class B | 12,986 | ||||
441 | SiteOne Landscape Supply, Inc.* | 60,810 | ||||
5,843 | Southwest Airlines Co. | 174,530 | ||||
973 | Spirit AeroSystems Holdings, Inc., Class A | 25,872 | ||||
1,371 | Stanley Black & Decker, Inc. | 102,784 | ||||
2,296 | Sunrun, Inc.* | 40,501 | ||||
1,938 | Textron, Inc. | 119,904 | ||||
556 | Timken Co. (The) | 39,782 | ||||
2,137 | Trane Technologies PLC | 348,823 | ||||
1,789 | TransUnion | 128,772 | ||||
18,948 | Uber Technologies, Inc.* | 718,698 | ||||
5,735 | Union Pacific Corp. | 1,104,102 | ||||
3,215 | United Airlines Holdings, Inc.* | 152,600 | ||||
6,862 | United Parcel Service, Inc., Class B | 1,145,954 | ||||
647 | United Rentals, Inc. | 215,962 | ||||
1,445 | Verisk Analytics, Inc. | 316,614 | ||||
4,532 | Waste Management, Inc. | 733,821 | ||||
1,894 | WillScot Mobile Mini Holdings Corp.* | 81,594 | ||||
548 | Woodward, Inc. | 57,765 | ||||
|
|
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Industrials – (continued) | ||||||
421 | W.W. Grainger, Inc. | $ 273,237 | ||||
1,667 | Xylem, Inc. | 167,033 | ||||
| ||||||
23,392,194 | ||||||
|
| |||||
Information Technology – 28.7% | ||||||
5,913 | Accenture PLC, Class A | 1,808,905 | ||||
3,685 | Adobe, Inc.* | 1,539,556 | ||||
13,006 | Advanced Micro Devices, Inc.* | 1,537,439 | ||||
1,242 | Akamai Technologies, Inc.* | 114,413 | ||||
4,075 | Analog Devices, Inc. | 724,087 | ||||
697 | ANSYS, Inc.* | 225,542 | ||||
121,058 | Apple, Inc. | 21,457,531 | ||||
6,780 | Applied Materials, Inc. | 903,774 | ||||
1,745 | Autodesk, Inc.* | 347,936 | ||||
3,180 | Broadcom, Inc. | 2,569,313 | ||||
2,190 | Cadence Design Systems, Inc.* | 505,693 | ||||
1,372 | Ciena Corp.* | 64,127 | ||||
442 | Cirrus Logic, Inc.* | 34,335 | ||||
38,499 | Cisco Systems, Inc. | 1,912,245 | ||||
2,267 | Cloudflare, Inc., Class A* | 156,786 | ||||
5,917 | Corning, Inc. | 182,303 | ||||
1,904 | Dell Technologies, Inc., Class C | 85,318 | ||||
1,583 | DocuSign, Inc.* | 89,281 | ||||
2,151 | Dropbox, Inc., Class A* | 49,516 | ||||
1,738 | Dynatrace, Inc.* | 88,621 | ||||
623 | Elastic NV* | 45,367 | ||||
475 | F5, Inc.* | 70,101 | ||||
959 | First Solar, Inc.* | 194,639 | ||||
5,182 | Fortinet, Inc.* | 354,086 | ||||
618 | Gartner, Inc.* | 211,887 | ||||
4,486 | Gen Digital, Inc. | 78,684 | ||||
1,255 | GoDaddy, Inc., Class A* | 92,092 | ||||
10,314 | Hewlett Packard Enterprise Co. | 148,728 | ||||
7,910 | HP, Inc. | 229,865 | ||||
33,350 | Intel Corp. | 1,048,524 | ||||
7,227 | International Business Machines Corp. | 929,320 | ||||
2,215 | Intuit, Inc. | 928,351 | ||||
530 | Jamf Holding Corp.* | 9,741 | ||||
2,985 | Juniper Networks, Inc. | 90,654 | ||||
1,669 | Keysight Technologies, Inc.* | 270,044 | ||||
1,085 | Lam Research Corp. | 669,120 | ||||
226 | Littelfuse, Inc. | 57,865 | ||||
6,814 | Marvell Technology, Inc. | 398,551 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Information Technology – (continued) | ||||||
8,721 | Micron Technology, Inc. | $ 594,772 | ||||
60,270 | Microsoft Corp. | 19,792,065 | ||||
532 | MongoDB, Inc.* | 156,296 | ||||
1,540 | Motorola Solutions, Inc. | 434,157 | ||||
1,741 | NetApp, Inc. | 115,515 | ||||
430 | New Relic, Inc.* | 30,294 | ||||
19,054 | NVIDIA Corp. | 7,208,890 | ||||
1,212 | Okta, Inc.* | 110,171 | ||||
3,483 | ON Semiconductor Corp.* | 291,179 | ||||
12,277 | Oracle Corp. | 1,300,625 | ||||
2,396 | Palo Alto Networks, Inc.* | 511,282 | ||||
331 | Pegasystems, Inc. | 16,007 | ||||
2,260 | Pure Storage, Inc., Class A* | 65,065 | ||||
9,022 | QUALCOMM, Inc. | 1,023,185 | ||||
7,748 | Salesforce, Inc.* | 1,730,748 | ||||
1,633 | ServiceNow, Inc.* | 889,626 | ||||
1,018 | Smartsheet, Inc., Class A* | 50,472 | ||||
1,307 | Splunk, Inc.* | 129,772 | ||||
1,222 | Synopsys, Inc.* | 555,961 | ||||
818 | Teradata Corp.* | 38,331 | ||||
1,256 | Teradyne, Inc. | 125,839 | ||||
7,311 | Texas Instruments, Inc. | 1,271,237 | ||||
677 | Thoughtworks Holding, Inc.* | 5,578 | ||||
2,288 | Trimble, Inc.* | 106,781 | ||||
1,396 | Twilio, Inc., Class A* | 97,190 | ||||
329 | Tyler Technologies, Inc.* | 130,600 | ||||
1,678 | VMware, Inc., Class A* | 228,695 | ||||
2,551 | Western Digital Corp.* | 98,800 | ||||
991 | Wolfspeed, Inc.* | 47,608 | ||||
1,602 | Workday, Inc., Class A* | 339,608 | ||||
478 | Zebra Technologies Corp., Class A* | 125,508 | ||||
1,976 | Zoom Video Communications, Inc., Class A* | 132,649 | ||||
676 | Zscaler, Inc.* | 91,584 | ||||
| ||||||
78,070,430 | ||||||
|
| |||||
Materials – 2.5% | ||||||
2,015 | Air Products and Chemicals, Inc. | 542,317 | ||||
1,063 | Albemarle Corp. | 205,722 | ||||
611 | AptarGroup, Inc. | 68,731 | ||||
741 | Avery Dennison Corp. | 119,397 | ||||
2,055 | Axalta Coating Systems Ltd.* | 59,615 | ||||
2,868 | Ball Corp. | 146,727 | ||||
987 | Celanese Corp. | 102,668 | ||||
|
|
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Materials – (continued) | ||||||
1,779 | CF Industries Holdings, Inc. | $ 109,426 | ||||
4,642 | Cleveland-Cliffs, Inc.* | 64,431 | ||||
6,888 | Corteva, Inc. | 368,439 | ||||
6,406 | Dow, Inc. | 312,485 | ||||
4,275 | DuPont de Nemours, Inc. | 287,237 | ||||
1,087 | Eastman Chemical Co. | 83,797 | ||||
2,259 | Ecolab, Inc. | 372,848 | ||||
12,970 | Freeport-McMoRan, Inc. | 445,390 | ||||
2,316 | International Flavors & Fragrances, Inc. | 179,004 | ||||
3,227 | International Paper Co. | 95,003 | ||||
4,506 | Linde PLC | 1,593,592 | ||||
2,335 | LyondellBasell Industries NV, Class A | 199,736 | ||||
580 | Martin Marietta Materials, Inc. | 230,863 | ||||
7,225 | Newmont Corp. | 292,974 | ||||
2,330 | Nucor Corp. | 307,700 | ||||
855 | Packaging Corp. of America | 106,046 | ||||
367 | Scotts Miracle-Gro Co. (The) | 23,194 | ||||
1,874 | SSR Mining, Inc. (Canada) | 27,679 | ||||
1,230 | Vulcan Materials Co. | 240,465 | ||||
2,357 | Westrock Co. | 66,020 | ||||
| ||||||
6,651,506 | ||||||
|
| |||||
Real Estate – 2.9% | ||||||
4,274 | American Homes 4 Rent, Class A REIT | 146,513 | ||||
6,468 | American Tower Corp. REIT | 1,192,958 | ||||
2,083 | Apartment Income REIT Corp. REIT | 72,259 | ||||
1,939 | AvalonBay Communities, Inc. REIT | 337,347 | ||||
2,178 | Boston Properties, Inc. REIT | 106,003 | ||||
1,440 | Camden Property Trust REIT | 150,437 | ||||
4,381 | CBRE Group, Inc., Class A* | 328,224 | ||||
6,002 | Crown Castle, Inc. REIT | 679,486 | ||||
3,987 | Digital Realty Trust, Inc. REIT | 408,508 | ||||
1,285 | Equinix, Inc. REIT | 958,032 | ||||
5,149 | Equity Residential REIT | 313,059 | ||||
903 | Essex Property Trust, Inc. REIT | 195,102 | ||||
4,012 | Iron Mountain, Inc. REIT | 214,321 | ||||
1,485 | JBG SMITH Properties REIT | 21,028 | ||||
661 | Jones Lang LaSalle, Inc.* | 92,765 | ||||
8,394 | Kimco Realty Corp. REIT | 154,282 | ||||
12,837 | Prologis, Inc. REIT | 1,598,848 | ||||
1,483 | SBA Communications Corp. REIT | 328,900 | ||||
889 | SL Green Realty Corp. REIT | 20,563 | ||||
4,498 | UDR, Inc. REIT | 178,436 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Real Estate – (continued) | ||||||
10,229 | Weyerhaeuser Co. REIT | $ 293,163 | ||||
785 | Zillow Group, Inc., Class A* | 35,160 | ||||
2,194 | Zillow Group, Inc., Class C* | 100,068 | ||||
| ||||||
7,925,462 | ||||||
|
| |||||
Utilities – 2.5% | ||||||
7,362 | AES Corp. (The) | 145,326 | ||||
2,839 | Ameren Corp. | 230,158 | ||||
5,681 | American Electric Power Co., Inc. | 472,205 | ||||
2,134 | American Water Works Co., Inc. | 308,256 | ||||
784 | Avangrid, Inc. | 29,423 | ||||
9,192 | Dominion Energy, Inc. | 462,174 | ||||
2,146 | DTE Energy Co. | 230,910 | ||||
8,506 | Duke Energy Corp. | 759,501 | ||||
4,150 | Edison International | 280,208 | ||||
2,243 | Entergy Corp. | 220,263 | ||||
3,804 | Eversource Energy | 263,351 | ||||
10,969 | Exelon Corp. | 434,921 | ||||
22,003 | NextEra Energy, Inc. | 1,616,340 | ||||
2,348 | NRG Energy, Inc. | 79,339 | ||||
5,499 | Public Service Enterprise Group, Inc. | 328,565 | ||||
3,476 | Sempra Energy | 498,910 | ||||
4,335 | Vistra Corp. | 103,910 | ||||
6,022 | Xcel Energy, Inc. | 393,176 | ||||
| ||||||
6,856,936 | ||||||
|
| |||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $230,816,464) | $270,969,599 | ||||
|
|
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||
| Goldman Sachs Financial Square Government Fund – Institutional | |||||
88,914 | 5.003% | $ 88,914 | ||||
(Cost $88,914) | ||||||
|
| |||||
| TOTAL INVESTMENTS – 99.7% (Cost $230,905,378) | $271,058,513 | ||||
|
| |||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 827,541 | ||||
|
| |||||
NET ASSETS – 100.0% | $271,886,054 | |||||
|
|
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 | |
|
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – 90.0% | ||||||
Communication Services – 5.1% | ||||||
1,829 | Alphabet, Inc., Class A* | $ 224,729 | ||||
156 | Electronic Arts, Inc. | 19,968 | ||||
358 | Fox Corp., Class A | 11,169 | ||||
202 | New York Times Co. (The), Class A | 7,155 | ||||
115 | Omnicom Group, Inc. | 10,142 | ||||
464 | Pinterest, Inc., Class A* | 11,108 | ||||
127 | T-Mobile US, Inc.* | 17,431 | ||||
446 | Walt Disney Co. (The)* | 39,230 | ||||
| ||||||
340,932 | ||||||
|
| |||||
Consumer Discretionary – 7.9% | ||||||
113 | Airbnb, Inc., Class A* | 12,404 | ||||
143 | Aptiv PLC* | 12,596 | ||||
10 | AutoZone, Inc.* | 23,868 | ||||
11 | Booking Holdings, Inc.* | 27,597 | ||||
13 | Chipotle Mexican Grill, Inc.* | 26,994 | ||||
17 | Deckers Outdoor Corp.* | 8,075 | ||||
36 | Domino’s Pizza, Inc. | 10,435 | ||||
88 | Genuine Parts Co. | 13,106 | ||||
135 | Hilton Worldwide Holdings, Inc. | 18,376 | ||||
189 | Home Depot, Inc. (The) | 53,572 | ||||
148 | Las Vegas Sands Corp.* | 8,159 | ||||
143 | LKQ Corp. | 7,543 | ||||
153 | Lowe’s Cos., Inc. | 30,773 | ||||
117 | Marriott International, Inc., Class A | 19,631 | ||||
162 | McDonald’s Corp. | 46,188 | ||||
14 | MercadoLibre, Inc. (Brazil)* | 17,346 | ||||
278 | NIKE, Inc., Class B | 29,262 | ||||
26 | O’Reilly Automotive, Inc.* | 23,486 | ||||
172 | Ross Stores, Inc. | 17,823 | ||||
300 | Starbucks Corp. | 29,292 | ||||
416 | TJX Cos., Inc. (The) | 31,945 | ||||
70 | Tractor Supply Co. | 14,671 | ||||
32 | Ulta Beauty, Inc.* | 13,115 | ||||
41 | Vail Resorts, Inc. | 9,971 | ||||
139 | Yum! Brands, Inc. | 17,888 | ||||
| ||||||
524,116 | ||||||
|
| |||||
Consumer Staples – 8.5% | ||||||
97 | Church & Dwight Co., Inc. | 8,968 | ||||
99 | Clorox Co. (The) | 15,660 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Consumer Staples – (continued) | ||||||
918 | Coca-Cola Co. (The) | $ 54,768 | ||||
344 | Colgate-Palmolive Co. | 25,587 | ||||
89 | Constellation Brands, Inc., Class A | 21,624 | ||||
89 | Costco Wholesale Corp. | 45,529 | ||||
82 | Dollar General Corp. | 16,489 | ||||
139 | Dollar Tree, Inc.* | 18,748 | ||||
62 | Estee Lauder Cos., Inc. (The), Class A | 11,410 | ||||
184 | General Mills, Inc. | 15,485 | ||||
50 | Hershey Co. (The) | 12,985 | ||||
547 | Keurig Dr Pepper, Inc. | 17,023 | ||||
172 | Kimberly-Clark Corp. | 23,096 | ||||
256 | Kraft Heinz Co. (The) | 9,784 | ||||
124 | Lamb Weston Holdings, Inc. | 13,789 | ||||
150 | McCormick & Co., Inc. | 12,859 | ||||
297 | Mondelez International, Inc., Class A | 21,803 | ||||
295 | PepsiCo, Inc. | 53,793 | ||||
493 | Procter & Gamble Co. (The) | 70,253 | ||||
175 | Reynolds Consumer Products, Inc. | 4,802 | ||||
269 | Sysco Corp. | 18,817 | ||||
156 | Target Corp. | 20,425 | ||||
360 | Walmart, Inc. | 52,873 | ||||
| ||||||
566,570 | ||||||
|
| |||||
Energy – 0.9% | ||||||
71 | Diamondback Energy, Inc. | 9,027 | ||||
611 | Kinder Morgan, Inc. | 9,843 | ||||
192 | Occidental Petroleum Corp. | 11,071 | ||||
195 | ONEOK, Inc. | 11,049 | ||||
592 | Williams Cos., Inc. (The) | 16,967 | ||||
| ||||||
57,957 | ||||||
|
| |||||
Financials – 8.7% | ||||||
214 | Aflac, Inc. | 13,741 | ||||
126 | American Express Co. | 19,979 | ||||
91 | Aon PLC, Class A | 28,054 | ||||
85 | Arthur J Gallagher & Co. | 17,028 | ||||
35 | BlackRock, Inc. | 23,014 | ||||
115 | Chubb Ltd. | 21,367 | ||||
106 | CME Group, Inc. | 18,948 | ||||
39 | FactSet Research Systems, Inc. | 15,011 | ||||
222 | Fiserv, Inc.* | 24,906 | ||||
|
|
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Financials – (continued) | ||||||
107 | Global Payments, Inc. | $ 10,453 | ||||
192 | Intercontinental Exchange, Inc. | 20,342 | ||||
536 | JPMorgan Chase & Co. | 72,741 | ||||
148 | Marsh & McLennan Cos., Inc. | 25,631 | ||||
175 | Mastercard, Inc., Class A | 63,879 | ||||
63 | Moody’s Corp. | 19,963 | ||||
40 | MSCI, Inc. | 18,821 | ||||
226 | Nasdaq, Inc. | 12,509 | ||||
292 | PayPal Holdings, Inc.* | 18,101 | ||||
101 | Travelers Cos., Inc. (The) | 17,093 | ||||
335 | Visa, Inc., Class A | 74,045 | ||||
714 | Wells Fargo & Co. | 28,424 | ||||
88 | Willis Towers Watson PLC | 19,259 | ||||
| ||||||
583,309 | ||||||
|
| |||||
Health Care – 16.2% | ||||||
438 | Abbott Laboratories | 44,676 | ||||
355 | AbbVie, Inc. | 48,976 | ||||
118 | Agilent Technologies, Inc. | 13,649 | ||||
46 | Alnylam Pharmaceuticals, Inc.* | 8,510 | ||||
61 | AmerisourceBergen Corp. | 10,379 | ||||
132 | Amgen, Inc. | 29,126 | ||||
113 | Becton Dickinson & Co. | 27,319 | ||||
482 | Boston Scientific Corp.* | 24,813 | ||||
450 | Bristol-Myers Squibb Co. | 28,998 | ||||
96 | Bruker Corp. | 6,633 | ||||
69 | Cigna Group (The) | 17,071 | ||||
24 | Cooper Cos., Inc. (The) | 8,917 | ||||
306 | CVS Health Corp. | 20,817 | ||||
145 | Danaher Corp. | 33,295 | ||||
226 | DENTSPLY SIRONA, Inc. | 8,163 | ||||
123 | Dexcom, Inc.* | 14,423 | ||||
186 | Edwards Lifesciences Corp.* | 15,667 | ||||
71 | Elevance Health, Inc. | 31,795 | ||||
165 | Eli Lilly & Co. | 70,861 | ||||
282 | Gilead Sciences, Inc. | 21,697 | ||||
62 | HCA Healthcare, Inc. | 16,380 | ||||
154 | Henry Schein, Inc.* | 11,381 | ||||
237 | Hologic, Inc.* | 18,697 | ||||
48 | Humana, Inc. | 24,090 | ||||
31 | IDEXX Laboratories, Inc.* | 14,408 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Health Care – (continued) | ||||||
87 | Intuitive Surgical, Inc.* | $ 26,782 | ||||
58 | IQVIA Holdings, Inc.* | 11,421 | ||||
452 | Johnson & Johnson | 70,087 | ||||
42 | McKesson Corp. | 16,415 | ||||
458 | Merck & Co., Inc. | 50,568 | ||||
10 | Mettler-Toledo International, Inc.* | 13,219 | ||||
108 | Moderna, Inc.* | 13,793 | ||||
45 | Molina Healthcare, Inc.* | 12,325 | ||||
117 | Quest Diagnostics, Inc. | 15,520 | ||||
35 | Regeneron Pharmaceuticals, Inc.* | 25,745 | ||||
109 | Stryker Corp. | 30,038 | ||||
89 | Thermo Fisher Scientific, Inc. | 45,253 | ||||
175 | UnitedHealth Group, Inc. | 85,267 | ||||
105 | Veeva Systems, Inc., Class A* | 17,398 | ||||
89 | Vertex Pharmaceuticals, Inc.* | 28,798 | ||||
162 | Zimmer Biomet Holdings, Inc. | 20,629 | ||||
161 | Zoetis, Inc. | 26,245 | ||||
| ||||||
1,080,244 | ||||||
|
| |||||
Industrials – 12.7% | ||||||
113 | AMETEK, Inc. | 16,393 | ||||
127 | Automatic Data Processing, Inc. | 26,542 | ||||
162 | Boeing Co. (The)* | 33,323 | ||||
89 | Booz Allen Hamilton Holding Corp. | 8,952 | ||||
28 | CACI International, Inc., Class A* | 8,378 | ||||
397 | Carrier Global Corp. | 16,237 | ||||
130 | Caterpillar, Inc. | 26,748 | ||||
66 | C.H. Robinson Worldwide, Inc. | 6,240 | ||||
44 | Cintas Corp. | 20,774 | ||||
137 | Copart, Inc.* | 12,000 | ||||
155 | CoStar Group, Inc.* | 12,307 | ||||
108 | Eaton Corp. PLC | 18,997 | ||||
68 | EMCOR Group, Inc. | 11,209 | ||||
201 | Emerson Electric Co. | 15,614 | ||||
56 | Equifax, Inc. | 11,683 | ||||
122 | Expeditors International of Washington, Inc. | 13,458 | ||||
348 | Fastenal Co. | 18,740 | ||||
74 | FedEx Corp. | 16,131 | ||||
181 | Fortive Corp. | 11,785 | ||||
66 | General Dynamics Corp. | 13,476 | ||||
291 | General Electric Co. | 29,545 | ||||
|
|
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Industrials – (continued) | ||||||
101 | Graco, Inc. | $ 7,725 | ||||
191 | Honeywell International, Inc. | 36,596 | ||||
244 | Howmet Aerospace, Inc. | 10,431 | ||||
32 | Hubbell, Inc. | 9,039 | ||||
40 | IDEX Corp. | 7,966 | ||||
91 | Illinois Tool Works, Inc. | 19,904 | ||||
311 | Ingersoll Rand, Inc. | 17,621 | ||||
47 | J.B. Hunt Transport Services, Inc. | 7,848 | ||||
300 | Johnson Controls International PLC | 17,910 | ||||
58 | L3Harris Technologies, Inc. | 10,203 | ||||
73 | Lockheed Martin Corp. | 32,413 | ||||
40 | MSA Safety, Inc. | 5,502 | ||||
39 | Nordson Corp. | 8,499 | ||||
43 | Northrop Grumman Corp. | 18,726 | ||||
36 | Old Dominion Freight Line, Inc. | 11,176 | ||||
275 | Otis Worldwide Corp. | 21,865 | ||||
41 | Parker-Hannifin Corp. | 13,138 | ||||
221 | Paychex, Inc. | 23,190 | ||||
45 | Paycom Software, Inc. | 12,606 | ||||
416 | Raytheon Technologies Corp. | 38,330 | ||||
44 | Rockwell Automation, Inc. | 12,258 | ||||
170 | Rollins, Inc. | 6,684 | ||||
49 | Tetra Tech, Inc. | 6,736 | ||||
154 | Union Pacific Corp. | 29,648 | ||||
202 | United Parcel Service, Inc., Class B | 33,734 | ||||
57 | Verisk Analytics, Inc. | 12,489 | ||||
153 | Waste Management, Inc. | 24,774 | ||||
143 | Westinghouse Air Brake Technologies Corp. | 13,246 | ||||
28 | W.W. Grainger, Inc. | 18,173 | ||||
119 | Xylem, Inc. | 11,924 | ||||
| ||||||
848,886 | ||||||
|
| |||||
Information Technology – 24.4% | ||||||
139 | Accenture PLC, Class A | 42,523 | ||||
87 | Akamai Technologies, Inc.* | 8,014 | ||||
138 | Amdocs Ltd. | 12,995 | ||||
230 | Amphenol Corp., Class A | 17,354 | ||||
152 | Analog Devices, Inc. | 27,009 | ||||
53 | ANSYS, Inc.* | 17,150 | ||||
2,443 | Apple, Inc. | 433,022 | ||||
76 | Arista Networks, Inc.* | 12,642 | ||||
|
|
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Information Technology – (continued) | ||||||
74 | Cadence Design Systems, Inc.* | $ 17,087 | ||||
926 | Cisco Systems, Inc. | 45,994 | ||||
454 | Corning, Inc. | 13,988 | ||||
189 | Dynatrace, Inc.* | 9,637 | ||||
347 | Fortinet, Inc.* | 23,711 | ||||
53 | Gartner, Inc.* | 18,172 | ||||
92 | GoDaddy, Inc., Class A* | 6,751 | ||||
835 | Intel Corp. | 26,252 | ||||
199 | International Business Machines Corp. | 25,589 | ||||
71 | Intuit, Inc. | 29,758 | ||||
222 | Juniper Networks, Inc. | 6,742 | ||||
95 | Keysight Technologies, Inc.* | 15,371 | ||||
43 | KLA Corp. | 19,049 | ||||
1,168 | Microsoft Corp. | 383,560 | ||||
92 | Motorola Solutions, Inc. | 25,937 | ||||
400 | NVIDIA Corp. | 151,336 | ||||
733 | Palantir Technologies, Inc., Class A* | 10,782 | ||||
142 | PTC, Inc.* | 19,085 | ||||
48 | Qualys, Inc.* | 6,060 | ||||
56 | Roper Technologies, Inc. | 25,436 | ||||
209 | Salesforce, Inc.* | 46,686 | ||||
35 | Synopsys, Inc.* | 15,924 | ||||
135 | TE Connectivity Ltd. | 16,535 | ||||
26 | Teledyne Technologies, Inc.* | 10,105 | ||||
234 | Texas Instruments, Inc. | 40,688 | ||||
25 | Tyler Technologies, Inc.* | 9,924 | ||||
49 | VeriSign, Inc.* | 10,943 | ||||
83 | Workday, Inc., Class A* | 17,595 | ||||
46 | Zebra Technologies Corp., Class A* | 12,078 | ||||
| ||||||
1,631,484 | ||||||
|
| |||||
Materials – 1.7% | ||||||
76 | Air Products and Chemicals, Inc. | 20,455 | ||||
55 | Avery Dennison Corp. | 8,862 | ||||
245 | Dow, Inc. | 11,951 | ||||
109 | Ecolab, Inc. | 17,990 | ||||
69 | FMC Corp. | 7,182 | ||||
108 | International Flavors & Fragrances, Inc. | 8,347 | ||||
96 | Linde PLC | 33,951 | ||||
91 | RPM International, Inc. | 7,261 | ||||
| ||||||
115,999 | ||||||
|
|
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
Shares | Description | Value | ||||
Common Stocks – (continued) | ||||||
Real Estate – 1.4% | ||||||
31 | Equinix, Inc. REIT | $ 23,112 | ||||
230 | Equity Residential REIT | 13,984 | ||||
114 | Extra Space Storage, Inc. REIT | 16,447 | ||||
185 | Prologis, Inc. REIT | 23,041 | ||||
70 | Public Storage REIT | 19,831 | ||||
| ||||||
96,415 | ||||||
|
| |||||
Utilities – 2.5% | ||||||
156 | Ameren Corp. | 12,647 | ||||
238 | American Electric Power Co., Inc. | 19,783 | ||||
78 | Atmos Energy Corp. | 8,992 | ||||
162 | Consolidated Edison, Inc. | 15,115 | ||||
112 | Constellation Energy Corp. | 9,410 | ||||
221 | Duke Energy Corp. | 19,733 | ||||
137 | Evergy, Inc. | 7,925 | ||||
357 | Exelon Corp. | 14,155 | ||||
336 | FirstEnergy Corp. | 12,563 | ||||
95 | Pinnacle West Capital Corp. | 7,342 | ||||
123 | Sempra Energy | 17,654 | ||||
322 | Xcel Energy, Inc. | 21,023 | ||||
| ||||||
166,342 | ||||||
|
| |||||
| TOTAL INVESTMENTS – 90.0% (Cost $5,841,772) | $6,012,254 | ||||
|
| |||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 10.0% | 665,996 | ||||
|
| |||||
NET ASSETS – 100.0% | $6,678,250 | |||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. |
| ||
Investment Abbreviations: | ||
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At May 31, 2023, the Portfolio had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized (Depreciation) | ||||||||
| ||||||||||||
Long position contracts: | ||||||||||||
S&P 500 E-Mini Index | 3 | 06/16/23 | $ | 628,575 | $ | 44,402 | ||||||
|
PURCHASED & WRITTEN OPTIONS CONTRACTS — At May 31, 2023, the Portfolio had the following purchased option contracts:
EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Portfolio | Unrealized (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Purchased Option Contracts: |
| |||||||||||||||||||||||||||
Puts | ||||||||||||||||||||||||||||
S&P 500 Index | 4,110.000 | 06/30/2023 | 31 | $6,370,500 | $ | 53,863 | $ | 49,249 | $ | 4,614 | ||||||||||||||||||
| ||||||||||||||||||||||||||||
Total purchased option contract |
| 31 | $6,370,500 | $ | 53,863 | $ | 49,249 | $ | 4,614 | |||||||||||||||||||
|
EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Portfolio | Unrealized (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Written Option Contracts: |
| |||||||||||||||||||||||||||
Calls | ||||||||||||||||||||||||||||
S&P 500 Index | 4,310.000 | 06/30/2023 | (31) | $ | (6,680,500 | ) | $ | (42,238 | ) | $ | (62,352 | ) | $ | 20,114 | ||||||||||||||
| ||||||||||||||||||||||||||||
Puts | ||||||||||||||||||||||||||||
S&P 500 Index | 3,850.000 | 06/30/2023 | (31) | (5,967,500 | ) | (15,887 | ) | (15,463 | ) | (424 | ) | |||||||||||||||||
| ||||||||||||||||||||||||||||
Total written option contracts | (62) | $ | (12,648,000 | ) | $ | (58,125 | ) | $ | (77,815 | ) | $ | 19,690 | ||||||||||||||||
|
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
Investments and Fair Value Measurements — The fair value of a financial instrument is 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). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
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.
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.
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At May 31, 2020 the Funds did not hold Level 3 securities.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and classified in the fair value hierarchy as of May 31, 2023:
BLOOMBERG CLEAN ENERGY EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 2,635,978 | $ | 28,568 | $ | — | ||||||
Europe | 2,342,981 | — | — | |||||||||
North America | 3,951,059 | — | — | |||||||||
South America | 29,247 | 10,877 | — | |||||||||
Securities Lending Reinvestment Vehicle | 439,614 | — | — | |||||||||
Total | $ | 9,398,879 | $ | 39,445 | $ | — | ||||||
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 | $ | 437,920,563 | $ | — | $ | — | ||||||
Total | $ | 437,920,563 | $ | — | $ | — | ||||||
HEDGE INDUSTRY VIP ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 5,016,829 | $ | — | $ | — | ||||||
Europe | 2,410,888 | — | — | |||||||||
North America | 116,489,540 | — | — | |||||||||
South America | 2,336,754 | — | — | |||||||||
Total | $ | 126,254,011 | $ | — | $ | — |
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
INNOVATE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 45,951,021 | $ | 484,400 | $ | — | ||||||
Europe | 29,277,391 | — | — | |||||||||
North America | 243,218,025 | — | — | |||||||||
Oceania | 475,268 | — | — | |||||||||
South America | 4,107,716 | — | — | |||||||||
Rights | — | 28,403 | — | |||||||||
Exchange-Traded Funds | 610,516 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 10,948,095 | — | — | |||||||||
Total | $ | 334,588,032 | $ | 512,803 | $ | — | ||||||
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 | $ | 270,969,599 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 88,914 | — | — | |||||||||
Total | $ | 271,058,513 | $ | — | $ | — | ||||||
DEFENSIVE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
North America | $ | 5,994,908 | $ | — | $ | — | ||||||
South America | 17,346 | — | — | |||||||||
Total | $ | 6,012,254 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets | ||||||||||||
Futures(b) | $ | 44,402 | $ | — | $ | — | ||||||
Purchased Put Options | 53,863 | — | — | |||||||||
Total | $ | 98,265 | $ | — | $ | — | ||||||
Liabilities | ||||||||||||
Written Put Options | $ | (58,125 | ) | $ | — | $ | — | |||||
Total | $ | (58,125 | ) | $ | — | $ | — |
(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.
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
D. 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 May 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Index Risk (each Fund except Goldman Sachs Defensive Equity ETF) — GSAM, JUST Capital Foundation, Inc. and Solactive AG (the “Index Providers”) construct the respective Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Providers rely on third party data they believe to be reliable in constructing each respective Index, but they do not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovate Equity ETF, and JUST Capital Foundation, Inc., the index provider for the Goldman Sachs JUST U.S. Large Cap Equity ETF, may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
GOLDMAN SACHS EQUITY ETF
Schedule of Investments (continued)
May 31, 2023 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except Goldman Sachs Defensive Equity ETF) trading individually or in the aggregate at any point in time.
Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.
Tracking Error Risk (each Fund except Goldman Sachs Defensive Equity ETF) — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.