UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23757
Goldman Sachs ETF Trust II
(Exact name of registrant as specified in charter)
200 West Street, New York, New York 10282
(Address of principal executive offices) (Zip code)
Copies to:
Robert Griffith, Esq. | Stephen H. Bier, Esq. | |
Goldman Sachs & Co. LLC | Dechert LLP | |
200 West Street | 1095 Avenue of the Americas | |
New York, New York 10282 | New York, NY 10036 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (212) 902-1000
Date of fiscal year end: August 31
Date of reporting period: August 31, 2023
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
| Annual Report | August 31, 2023 | |||
Goldman Sachs MarketBeta® ETFs II | ||||
Goldman Sachs MarketBeta® Total International Equity ETF | ||||
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF | ||||
Goldman Sachs MarketBeta® ETFs II
| ∎ | GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF |
| ∎ | GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF |
| 1 | ||||
| 5 | ||||
| 14 | ||||
| 66 | ||||
| 69 | ||||
| 69 | ||||
| 70 | ||||
| 71 | ||||
| 83 | ||||
| 87 | ||||
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
Goldman Sachs MarketBeta® Total International Equity ETF
Principal Investment Strategies
The investment objective of the MarketBeta® Total International Equity ETF (the “Fund”) is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Global Markets ex United States Large & Mid Cap Index (Net Total Return, USD) (the “Index”).
The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately 85% of the free-float market capitalization in the global markets excluding the United States. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2023, the Index consisted of 2,833 securities with a market capitalization range of between approximately $51 million and $2.25 trillion, and an average market capitalization of approximately $17 billion from issuers in the following countries: Australia, Austria, Belgium, Brazil, Canada, China, Chile, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hungary, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Kuwait, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, UAE and the United Kingdom.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Fund generally seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, the Fund may not hold all of the securities in the Index in the approximate Index weight and may instead hold a sample of securities in the Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
The Index is owned and calculated by Solactive.
The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, the Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
In managing the Fund, the Investment Adviser incorporates tax considerations into its investment process. Specifically, in seeking to track the underlying index, the Investment Adviser employs tax management strategies to seek tax efficiency for the Fund and its shareholders. These strategies generally seek to minimize taxable capital gain distributions to shareholders and include:
| ∎ | Use of the Fund’s in-kind redemption mechanism to effect changes to the portfolio; |
| ∎ | Monitoring the portfolio and from time to time selecting positions to sell to realize short-term capital losses and creating loss carryforward positions that offset long-term and short-term capital gains; and |
| ∎ | Use of tax lot selection to maximize tax efficiency. |
1
INVESTMENT PROCESS
There is no guarantee that such tax management strategies will be effective or will materially reduce the amount of taxable capital gains distributed by the Fund to shareholders.
* * *
At the end of the Reporting Period, i.e. August 31, 2023, we maintained conviction in our principal investment strategies, as the Fund continues to seek to provide efficient and diversified access to approximately 85% of the global markets (excluding the United States) in one portfolio.
2
INVESTMENT PROCESS
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF
Principal Investment Strategies
The investment objective of the MarketBeta® U.S. 1000 Equity ETF (the “Fund”) is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States 1000 Index (Total Return, Unhedged, USD) (the “Index”).
The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately the largest 1,000 of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2023, the Index consisted of 1,011 securities with a market capitalization range of between approximately $1.99 billion and $2,937.20 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be a U.S. issuer if it is organized under the laws of the U.S. and it is primarily listed in the U.S.; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is normally reconstituted on a quarterly basis in February, May, August, and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
The Index is owned and calculated by Solactive.
The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, the Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
In managing the Fund, the Investment Adviser incorporates tax considerations into its investment process. Specifically, in seeking to track the underlying index, the Investment Adviser employs tax management strategies to seek tax efficiency for the Fund and its shareholders. These strategies generally seek to minimize taxable capital gain distributions to shareholders and include:
| ∎ | Use of the Fund’s in-kind redemption mechanism to effect changes to the portfolio; |
| ∎ | Monitoring the portfolio and from time to time selecting positions to sell to realize short-term capital losses and creating loss carryforward positions that offset long-term and short-term capital gains; and |
| ∎ | Use of tax lot selection to maximize tax efficiency |
3
INVESTMENT PROCESS
There is no guarantee that such tax management strategies will be effective or will materially reduce the amount of taxable capital gains distributed by the Fund to shareholders.
* * *
At the end of the Reporting Period, i.e. August 31, 2023, we maintained conviction in our principal investment strategies, as the Fund continues to seek to provide efficient and diversified access to 1,000 equity securities represented by its Index in one portfolio.
4
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® Total International Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® Total International Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Global Markets ex United States Large & Mid Cap Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its inception on May 31, 2023 through August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund returned 3.35% based on net asset value (“NAV”) and 4.60% based on market price. The Index returned 3.93% during the same period. |
The Fund had an NAV of $39.43 per share on the date of its inception on May 31, 2023 and ended the Reporting Period with an NAV of $40.75 per share. The Fund’s market price on August 31, 2023 was $41.25 per share. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index. |
| Q | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which contributed least? |
| A | Index constituents in the energy, financials and consumer discretionary sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the health care, information technology and communication services sectors contributed least to the Index’s results during the Reporting Period. |
From a country perspective, Index constituents in India, Japan and France contributed most to the Index’s results during the Reporting Period. Index constituents in Taiwan, Hong Kong and Sweden contributed least to the Index’s results during the Reporting Period. |
| Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
| A | Positions in Japan-based auto company Toyota Motor, Switzerland-based financials company UBS Group and U.K.-based integrated energy company Shell contributed most (0.82%, 0.33% and 0.85% of Fund net assets as of August 31, 2023, respectively). Toyota Motor and UBS Group each posted a double-digit positive return within the Index during the Reporting Period. Shell generated a solid single-digit gain within the Index during the Reporting Period. |
| Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
| A | Positions in Netherlands-based financials company Adyen, Taiwan-based semiconductor company Taiwan Semiconductor Manufacturing and Netherlands-based information technology company ASML Holding contributed least (0.10%, 1.62% and 1.08% of Fund net assets as of August 31, 2023, respectively). Adyen generated a double-digit negative return within the Index during the Reporting Period. Taiwan Semiconductor Manufacturing and ASML Holding each posted a single-digit negative return within the Index during the Reporting Period. |
5
PORTFOLIO RESULTS
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
| Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| Sector Name | Fund2 | Solactive Index | ||||||||
Financials | 18.6 | % | 20.1 | % | ||||||
Industrials | 12.9 | 13.9 | ||||||||
Consumer Discretionary | 11.1 | 11.9 | ||||||||
Information Technology | 10.8 | 11.5 | ||||||||
Health Care | 8.9 | 9.5 | ||||||||
Consumer Staples | 7.8 | 8.4 | ||||||||
Materials | 7.4 | 8.0 | ||||||||
Exchange-Traded Fund | 7.0 | — | ||||||||
Communication Services | 5.4 | 5.8 | ||||||||
Energy | 5.3 | 5.7 | ||||||||
| Utilities | 2.9 | 3.1 | ||||||||
Real Estate | 1.9 | 2.1 | ||||||||
| Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1 |
| Sector Name | Fund2 | Solactive Index | ||||||||
| Japan | 16.06 | % | 15.89 | % | ||||||
| U.K. | 9.26 | 9.17 | ||||||||
| China | 7.73 | 8.06 | ||||||||
| Canada | 7.60 | 7.59 | ||||||||
| France | 6.94 | 6.86 | ||||||||
| Switzerland | 5.68 | 5.60 | ||||||||
| Germany | 5.01 | 4.95 | ||||||||
| Australia | 4.94 | 4.89 | ||||||||
| India | 4.29 | 4.51 | ||||||||
| Taiwan | 4.13 | 4.32 | ||||||||
| South Korea | 3.62 | 3.61 | ||||||||
| Netherlands | 3.14 | 3.14 | ||||||||
| Sweden | 2.14 | 2.12 | ||||||||
| Denmark | 1.98 | 1.97 | ||||||||
| Spain | 1.62 | 1.61 | ||||||||
| Italy | 1.60 | 1.58 | ||||||||
| Brazil | 1.55 | 1.62 | ||||||||
| Hong Kong | 1.49 | 1.48 | ||||||||
| Saudi Arabia | 1.10 | 1.15 | ||||||||
| Singapore | 0.96 | 0.96 | ||||||||
| South Africa | 0.79 | 0.82 | ||||||||
| Mexico | 0.78 | 0.81 | ||||||||
| Ireland | 0.68 | 0.70 | ||||||||
| United Arab Emirates | 0.59 | 0.62 | ||||||||
| Finland | 0.57 | 0.57 | ||||||||
| Thailand | 0.56 | 0.59 | ||||||||
| Indonesia | 0.55 | 0.57 | ||||||||
| Norway | 0.53 | 0.53 | ||||||||
| Belgium | 0.53 | 0.52 | ||||||||
| Israel | 0.50 | 0.50 | ||||||||
| Malaysia | 0.36 | 0.38 | ||||||||
| Turkey | 0.32 | 0.34 | ||||||||
| Qatar | 0.24 | 0.25 | ||||||||
| Kuwait | 0.23 | 0.24 | ||||||||
| New Zealand | 0.20 | 0.19 | ||||||||
| Poland | 0.19 | 0.19 | ||||||||
| Philippines | 0.19 | 0.19 | ||||||||
| Austria | 0.17 | 0.17 | ||||||||
| Portugal | 0.14 | 0.14 | ||||||||
| Chile | 0.14 | 0.15 | ||||||||
| Greece | 0.13 | 0.14 | ||||||||
| U.S. | 0.12 | 0.11 | ||||||||
| Hungary | 0.06 | 0.07 | ||||||||
| Colombia | 0.04 | 0.05 | ||||||||
| Czech Republic | 0.04 | 0.04 | ||||||||
| Egypt | 0.03 | 0.03 | ||||||||
| Luxembourg | 0.03 | 0.03 | ||||||||
| Romania | 0.00 | 0.00 | ||||||||
| Iceland | 0.00 | 0.00 | ||||||||
| Nigeria | 0.00 | 0.00 | ||||||||
| Ukraine | 0.00 | 0.00 | ||||||||
| Pakistan | 0.00 | 0.00 | ||||||||
| 1 | Sector and country classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector and country allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector and country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash. |
| 2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Global Markets ex United States Large & Mid Cap Index. |
6
FUND BASICS
MarketBeta® Total International Equity ETF
as of August 31, 2023
| FUND SNAPSHOT |
| |||||
| As of August 31, 2023 | ||||||
| Market Price1 | $ | 41.25 | ||||
| Net Asset Value (NAV)1 | $ | 40.75 | ||||
| 1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
| TOP 10 HOLDINGS AS OF 8/31/232 | ||||||||||
| Holding | % of Net Assets | Line of Business | Country | |||||||
| Vanguard FTSE Developed Markets ETF | 3.9 | % | Exchange-Traded Fund | United States | ||||||
| Vanguard FTSE All-World ex-US ETF, Class U | 2.7 | Exchange-Traded Fund | United States | |||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.6 | Information Technology | Taiwan | |||||||
| Nestle SA | 1.2 | Consumer Staples | United States | |||||||
| Novo Nordisk A/S, Class B | 1.1 | Health Care | Denmark | |||||||
| ASML Holding NV | 1.0 | Information Technology | Netherlands | |||||||
| Tencent Holdings Ltd. | 1.0 | Communication Services | China | |||||||
| Samsung Electronics Co. Ltd. | 0.9 | Information Technology | South Korea | |||||||
| LVMH Moet Hennessy Louis Vuitton SE | 0.9 | Consumer Discretionary | France | |||||||
| Roche Holding AG | 0.8 | Health Care | United States | |||||||
| 2 | The top 10 holdings may not be representative of the Fund’s future investments. |
7
MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Performance Summary
August 31, 2023
| Average Annual Total Return through August 31, 2023* | Since Inception | |
Shares based on NAV (Commenced May 31, 2023) | 3.35% | |
| ||
Shares based on Market Price (Commenced May 31, 2023) | 4.60% | |
| ||
Solactive GBS Global Markets ex United States Large & Mid Cap Index | 3.93% | |
| ||
| * | Total return for periods of less than one year represents cumulative total return. Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized. |
The returns set forth above represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
8
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® U.S. 1000 Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States 1000 Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund returned 15.44% based on net asset value (“NAV”) and 15.31% based on market price. The Index returned 15.38% during the same period. |
The Fund had an NAV of $34.49 per share on August 31, 2022 and ended the Reporting Period with an NAV of $39.08 per share. The Fund’s market price on August 31, 2023 was $39.09 per share. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index. |
| Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which contributed least? |
| A | Index constituents in the information technology, communication services and industrials sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the utilities, real estate and consumer staples sectors contributed least to the Index’s results during the Reporting Period. |
| Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
| A | Positions in information technology companies NVIDIA, Microsoft and Apple contributed most (3.09%, 6.33% and 7.34% of Fund net assets as of August 31, 2023, respectively). NVIDIA posted a triple-digit positive return within the Index during the Reporting Period, and Microsoft and Apple each generated a double-digit positive return within the Index during the Reporting Period. |
| Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
| A | Positions in electric vehicle maker Tesla, entertainment and media company The Walt Disney Company and pharmaceuticals company Pfizer contributed least (1.70%, 0.37% and 0.48% of Fund net assets as of August 31, 2023, respectively). Tesla posted a single-digit negative return within the Index during the Reporting Period. The Walt Disney Company and Pfizer each generated a double-digit negative return within the Index during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
9
PORTFOLIO RESULTS
| Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| Sector Name | Fund2 | Solactive Index | ||||||||
Information Technology | 27.3 | % | 27.3 | % | ||||||
Health Care | 13.0 | 13.0 | ||||||||
Financials | 12.4 | 12.4 | ||||||||
Consumer Discretionary | 11.1 | 11.1 | ||||||||
Industrials | 9.5 | 9.5 | ||||||||
Communication Services | 8.4 | 8.4 | ||||||||
Consumer Staples | 6.1 | 6.1 | ||||||||
Energy | 4.5 | 4.5 | ||||||||
Real Estate | 2.7 | 2.7 | ||||||||
Materials | 2.6 | 2.6 | ||||||||
Utilities | 2.4 | 2.4 | ||||||||
| 1 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. Figures above may not sum to 100% due to rounding due to the presence of cash. |
| 2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States 1000 Index. |
10
FUND BASICS
MarketBeta® U.S. 1000 Equity ETF
as of August 31, 2023
| FUND SNAPSHOT |
| |||||
| As of August 31, 2023 | ||||||
| Market Price1 | $ | 39.09 | ||||
| Net Asset Value (NAV)1 | $ | 39.08 | ||||
| 1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
| TOP 10 HOLDINGS AS OF 8/31/232 | ||||||||
| Holding | % of Net Assets | Line of Business | ||||||
| Apple, Inc. | 6.7 | % | Information Technology | |||||
| Microsoft Corp. | 5.8 | Information Technology | ||||||
| Amazon.com, Inc. | 3.0 | Consumer Discretionary | ||||||
| NVIDIA Corp. | 2.8 | Information Technology | ||||||
| Alphabet, Inc., Class A | 1.9 | Communication Services | ||||||
| Tesla, Inc. | 1.7 | Consumer Discretionary | ||||||
| Alphabet, Inc., Class C | 1.7 | Communication Services | ||||||
| Meta Platforms, Inc., Class A | 1.6 | Communication Services | ||||||
| Eli Lilly & Co. | 1.1 | Health Care | ||||||
| Berkshire Hathaway, Inc., Class B | 1.1 | Financials | ||||||
| 2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
11
MARKETBETA® U.S. 1000 EQUITY ETF
Performance Summary
August 31, 2023
The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on April 5, 2022 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index the Solactive GBS United States 1000 Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
| MarketBeta® U.S. 1000 Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from April 5, 2022 through August 31, 2023.
| Average Annual Total Return through August 31, 2023* | One Year | Since Inception | ||||
Shares based on NAV (Commenced April 5, 2022) | 15.44% | 0.83% | ||||
| ||||||
Shares based on Market Price (Commenced April 5, 2022) | 15.31% | 0.85% | ||||
| ||||||
Solactive GBS United States 1000 Index | 15.38% | 0.80% | ||||
| ||||||
| * | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
The returns set forth above represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
12
FUND BASICS
Index Definitions and Industry Terms
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
The Solactive GBS United States 1000 Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately the largest 1,000 of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
The Solactive GBS Global Markets ex United States Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the global markets excluding the United States. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
13
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – 91.8% | ||||||||
| Australia – 4.7% | ||||||||
| 9,194 | AGL Energy Ltd. (Utilities) | $ | 66,035 | |||||
| 8,983 | Allkem Ltd. (Materials)* | 81,682 | ||||||
| 36,296 | Alumina Ltd. (Materials)* | 25,388 | ||||||
| 3,692 | Ampol Ltd. (Energy) | 84,407 | ||||||
| 6,506 | AngloGold Ashanti Ltd. (Materials) | 110,896 | ||||||
| 46,540 | ANZ Group Holdings Ltd. (Financials) | 763,488 | ||||||
| 18,293 | APA Group (Utilities) | 106,509 | ||||||
| 9,167 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 242,824 | ||||||
| 2,973 | ASX Ltd. (Financials) | 110,887 | ||||||
| 18,350 | Atlas Arteria Ltd. (Industrials) | 72,257 | ||||||
| 28,466 | Aurizon Holdings Ltd. (Industrials) | 67,291 | ||||||
| 78,516 | BHP Group Ltd. (Materials) | 2,280,663 | ||||||
| 7,039 | BlueScope Steel Ltd. (Materials) | 95,781 | ||||||
| 21,518 | Brambles Ltd. (Industrials) | 208,624 | ||||||
| 5,223 | carsales.com Ltd. (Communication Services) | 97,218 | ||||||
| 7,210 | Charter Hall Group REIT (Real Estate) | 50,618 | ||||||
| 1,014 | Cochlear Ltd. (Health Care) | 178,292 | ||||||
| 20,083 | Coles Group Ltd. (Consumer Staples) | 211,620 | ||||||
| 25,912 | Commonwealth Bank of Australia (Financials) | 1,714,776 | ||||||
| 8,158 | Computershare Ltd. (Industrials) | 133,039 | ||||||
| 16,485 | Dexus REIT (Real Estate) | 82,743 | ||||||
| 909 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 31,820 | ||||||
| 2,422 | EBOS Group Ltd. (Health Care) | 54,731 | ||||||
| 20,921 | Endeavour Group Ltd. (Consumer Staples) | 74,522 | ||||||
| 27,663 | Evolution Mining Ltd. (Materials) | 66,468 | ||||||
| 2,737 | Flutter Entertainment PLC (Consumer Discretionary)* | 498,764 | ||||||
| 24,454 | Fortescue Metals Group Ltd. (Materials) | 339,401 | ||||||
| 145,048 | Glencore PLC (Materials) | 774,615 | ||||||
| 28,488 | Goodman Group REIT (Real Estate) | 430,998 | ||||||
| 29,539 | GPT Group (The) REIT (Real Estate) | 80,350 | ||||||
| 3,170 | IDP Education Ltd. (Consumer Discretionary) | 50,567 | ||||||
| 10,363 | IGO Ltd. (Materials) | 93,425 | ||||||
| 37,794 | Insurance Australia Group Ltd. (Financials) | 142,458 | ||||||
| 10,668 | Lendlease Corp. Ltd. (Real Estate) | 53,960 | ||||||
| 34,500 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 112,613 | ||||||
| 14,349 | Lynas Rare Earths Ltd. (Materials)* | 66,818 | ||||||
| 5,616 | Macquarie Group Ltd. (Financials) | 645,713 | ||||||
| 42,676 | Medibank Pvt Ltd. (Financials) | 101,159 | ||||||
| 2,591 | Mineral Resources Ltd. (Materials) | 120,032 | ||||||
| 60,869 | Mirvac Group REIT (Real Estate) | 95,401 | ||||||
| 48,424 | National Australia Bank Ltd. (Financials) | 908,238 | ||||||
| 13,809 | Newcrest Mining Ltd. (Materials) | 232,797 | ||||||
| 17,429 | Northern Star Resources Ltd. (Materials) | 134,439 | ||||||
| 7,032 | Orica Ltd. (Materials) | 71,548 | ||||||
| 26,482 | Origin Energy Ltd. (Utilities) | 149,386 | ||||||
| 42,463 | Pilbara Minerals Ltd. (Materials) | 128,430 | ||||||
| 26,610 | Qantas Airways Ltd. (Industrials)* | 101,853 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Australia – (continued) | ||||||||
| 23,105 | QBE Insurance Group Ltd. (Financials) | 224,160 | ||||||
| 2,807 | Ramsay Health Care Ltd. (Health Care) | 93,534 | ||||||
| 778 | REA Group Ltd. (Communication Services) | 83,179 | ||||||
| 4,568 | Reece Ltd. (Industrials) | 60,353 | ||||||
| 5,743 | Rio Tinto Ltd. (Materials) | 419,926 | ||||||
| 16,562 | Rio Tinto PLC (Materials) | 1,022,570 | ||||||
| 50,299 | Santos Ltd. (Energy) | 249,859 | ||||||
| 80,275 | Scentre Group REIT (Real Estate) | 142,973 | ||||||
| 5,308 | SEEK Ltd. (Communication Services) | 79,446 | ||||||
| 2,390 | Seven Group Holdings Ltd. (Industrials) | 43,279 | ||||||
| 6,975 | Sonic Healthcare Ltd. (Health Care) | 145,278 | ||||||
| 70,061 | South32 Ltd. (Materials) | 154,275 | ||||||
| 36,846 | Stockland REIT (Real Estate) | 101,180 | ||||||
| 19,580 | Suncorp Group Ltd. (Financials) | 172,842 | ||||||
| 178,822 | Telstra Group Ltd. (Communication Services) | 464,414 | ||||||
| 6,074 | TPG Telecom Ltd. (Communication Services) | 22,147 | ||||||
| 47,693 | Transurban Group (Industrials) | 409,580 | ||||||
| 11,159 | Treasury Wine Estates Ltd. (Consumer Staples) | 84,341 | ||||||
| 59,507 | Vicinity Ltd. REIT (Real Estate) | 72,069 | ||||||
| 3,590 | Washington H Soul Pattinson & Co. Ltd. (Financials) | 76,750 | ||||||
| 17,430 | Wesfarmers Ltd. (Consumer Discretionary) | 608,114 | ||||||
| 54,131 | Westpac Banking Corp. (Financials) | 769,522 | ||||||
| 12,828 | Whitehaven Coal Ltd. (Energy) | 50,596 | ||||||
| 2,653 | WiseTech Global Ltd. (Information Technology) | 119,416 | ||||||
| 29,395 | Woodside Energy Group Ltd. (Energy) | 704,775 | ||||||
| 18,730 | Woolworths Group Ltd. (Consumer Staples) | 462,535 | ||||||
| 3,434 | Yancoal Australia Ltd. (Energy)(a) | 11,517 | ||||||
|
| |||||||
| 19,194,174 | ||||||||
|
| |||||||
| Austria – 0.2% | ||||||||
| 4,039 | ams-OSRAM AG (Information Technology)* | 28,379 | ||||||
| 1,104 | ANDRITZ AG (Industrials) | 58,809 | ||||||
| 1,210 | BAWAG Group AG (Financials)*(a) | 57,180 | ||||||
| 677 | CA Immobilien Anlagen AG (Real Estate) | 22,485 | ||||||
| 5,069 | Erste Group Bank AG (Financials) | 181,389 | ||||||
| 550 | EVN AG (Utilities) | 13,640 | ||||||
| 133 | Mayr Melnhof Karton AG (Materials) | 18,881 | ||||||
| 7,527 | Mondi PLC (Materials) | 125,327 | ||||||
| 2,192 | OMV AG (Energy) | 101,754 | ||||||
| 2,307 | Raiffeisen Bank International AG (Financials)* | 33,177 | ||||||
| 501 | Verbund AG (Utilities) | 41,108 | ||||||
| 546 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 14,667 | ||||||
| 1,733 | voestalpine AG (Materials) | 50,747 | ||||||
| 1,657 | Wienerberger AG (Materials) | 45,752 | ||||||
|
| |||||||
| 793,295 | ||||||||
|
| |||||||
| 14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Belgium – 0.5% | ||||||||
| 343 | Ackermans & van Haaren NV (Industrials) | $ | 54,054 | |||||
| 2,350 | Ageas SA/NV (Financials) | 93,555 | ||||||
| 13,235 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 754,142 | ||||||
| 1,771 | Azelis Group NV (Industrials) | 39,289 | ||||||
| 323 | D’ieteren Group (Consumer Discretionary) | 52,866 | ||||||
| 434 | Elia Group SA/NV (Utilities) | 50,166 | ||||||
| 782 | Etablissements Franz Colruyt NV (Consumer Staples) | 29,901 | ||||||
| 1,414 | Groupe Bruxelles Lambert NV (Financials) | 114,119 | ||||||
| 3,874 | KBC Group NV (Financials) | 254,634 | ||||||
| 2,194 | Proximus SADP (Communication Services) | 16,616 | ||||||
| 232 | Sofina SA (Financials) | 52,274 | ||||||
| 1,083 | Solvay SA (Materials) | 125,654 | ||||||
| 1,863 | UCB SA (Health Care) | 167,422 | ||||||
| 3,129 | Umicore SA (Materials) | 83,102 | ||||||
| 2,507 | Warehouses De Pauw CVA REIT (Real Estate) | 71,834 | ||||||
|
| |||||||
| 1,959,628 | ||||||||
|
| |||||||
| Brazil – 1.2% | ||||||||
| 68,336 | Ambev SA (Consumer Staples) | 191,028 | ||||||
| 8,227 | Atacadao SA (Consumer Staples) | 17,049 | ||||||
| 87,439 | B3 SA – Brasil Bolsa Balcao (Financials) | 228,357 | ||||||
| 22,597 | Banco Bradesco SA (Financials) | 60,430 | ||||||
| 23,144 | Banco BTG Pactual SA (Financials) | 151,786 | ||||||
| 13,328 | Banco do Brasil SA (Financials) | 126,794 | ||||||
| 5,792 | Banco Santander Brasil SA (Financials) | 31,715 | ||||||
| 10,413 | BB Seguridade Participacoes SA (Financials) | 63,896 | ||||||
| 8,023 | Caixa Seguridade Participacoes SA (Financials) | 17,501 | ||||||
| 15,480 | CCR SA (Industrials) | 38,958 | ||||||
| 17,985 | Centrais Eletricas Brasileiras SA (Utilities) | 128,087 | ||||||
| 5,271 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Utilities) | 61,664 | ||||||
| 4,323 | Cia Energetica de Minas Gerais (Utilities) | 17,193 | ||||||
| 9,316 | Cia Siderurgica Nacional SA (Materials) | 22,787 | ||||||
| 18,111 | Cosan SA (Energy) | 64,090 | ||||||
| 2,911 | CPFL Energia SA (Utilities) | 20,079 | ||||||
| 7,415 | CSN Mineracao SA (Materials) | 6,410 | ||||||
| 4,599 | Energisa SA (Utilities) | 42,823 | ||||||
| 9,306 | Eneva SA (Utilities)* | 22,405 | ||||||
| 2,711 | Engie Brasil Energia SA (Utilities) | 23,064 | ||||||
| 15,170 | Equatorial Energia SA (Utilities) | 97,008 | ||||||
| 72,700 | Hapvida Participacoes e Investimentos SA (Health Care)*(a) | 62,554 | ||||||
| 6,237 | Hypera SA (Health Care) | 49,118 | ||||||
| 6,981 | Itau Unibanco Holding SA (Financials) | 32,868 | ||||||
| 12,889 | Klabin SA (Materials) | 59,252 | ||||||
| 13,239 | Localiza Rent a Car SA (Industrials) | 169,133 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Brazil – (continued) | ||||||||
| 14,782 | Lojas Renner SA (Consumer Discretionary) | 47,861 | ||||||
| 45,251 | Magazine Luiza SA (Consumer Discretionary)* | 25,226 | ||||||
| 4,142 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 20,698 | ||||||
| 13,006 | Natura & Co. Holding SA (Consumer Staples)* | 39,877 | ||||||
| 3,051 | Neoenergia SA (Utilities) | 11,240 | ||||||
| 35,639 | NU Holdings Ltd., Class A (Financials)* | 244,127 | ||||||
| 3,086 | Pagseguro Digital Ltd., Class A (Financials)* | 27,712 | ||||||
| 57,395 | Petroleo Brasileiro SA (Energy) | 400,413 | ||||||
| 2,790 | Porto Seguro SA (Financials) | 14,708 | ||||||
| 11,155 | PRIO SA (Energy)* | 104,589 | ||||||
| 19,502 | Raia Drogasil SA (Consumer Staples) | 108,245 | ||||||
| 16,979 | Rede D’Or Sao Luiz SA (Health Care)(a) | 98,288 | ||||||
| 18,889 | Rumo SA (Industrials) | 85,270 | ||||||
| 14,548 | Sendas Distribuidora SA (Consumer Staples) | 34,115 | ||||||
| 3,715 | StoneCo Ltd., Class A (Financials)* | 45,546 | ||||||
| 10,743 | Suzano SA (Materials) | 108,820 | ||||||
| 6,294 | Telefonica Brasil SA (Communication Services) | 52,567 | ||||||
| 12,385 | TIM SA (Communication Services) | 36,047 | ||||||
| 8,052 | TOTVS SA (Information Technology) | 45,115 | ||||||
| 11,216 | Ultrapar Participacoes SA (Energy) | 41,140 | ||||||
| 60,837 | Vale SA (Materials) | 799,699 | ||||||
| 17,285 | Vibra Energia SA (Consumer Discretionary) | 64,449 | ||||||
| 23,023 | WEG SA (Industrials) | 166,850 | ||||||
| 7,009 | Wheaton Precious Metals Corp. (Materials) | 305,341 | ||||||
| 5,933 | XP, Inc., Class A (Financials)* | 150,342 | ||||||
| 2,383 | Yara International ASA (Materials) | 87,124 | ||||||
|
| |||||||
| 4,971,458 | ||||||||
|
| |||||||
| Canada – 6.8% | ||||||||
| 7,659 | Agnico Eagle Mines Ltd. (Materials) | 371,416 | ||||||
| 5,548 | Air Canada (Industrials)* | 93,577 | ||||||
| 10,651 | Algonquin Power & Utilities Corp. (Utilities) | 80,535 | ||||||
| 11,467 | Alimentation Couche-Tard, Inc. (Consumer Staples) | 598,883 | ||||||
| 4,330 | AltaGas Ltd. (Utilities) | 84,555 | ||||||
| 9,429 | ARC Resources Ltd. (Energy) | 143,636 | ||||||
| 1,143 | Atco Ltd., Class I (Utilities) | 31,512 | ||||||
| 19,890 | B2Gold Corp. (Materials) | 61,157 | ||||||
| 11,055 | Bank of Montreal (Financials) | 950,863 | ||||||
| 18,573 | Bank of Nova Scotia (The) (Financials) | 880,225 | ||||||
| 27,033 | Barrick Gold Corp. (Materials) | 437,579 | ||||||
| 14,136 | BCE, Inc. (Communication Services) | 598,060 | ||||||
| 5,420 | Brookfield Asset Management Ltd., Class A (Financials) | 187,043 | ||||||
| 22,920 | Brookfield Corp. (Financials) | 781,308 | ||||||
| 4,927 | CAE, Inc. (Industrials)* | 118,682 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Canada – (continued) | ||||||||
| 6,691 | Cameco Corp. (Energy) | $ | 247,275 | |||||
| 2,588 | Canadian Apartment Properties REIT (Real Estate) | 92,716 | ||||||
| 14,225 | Canadian Imperial Bank of Commerce (Financials) | 562,923 | ||||||
| 9,080 | Canadian National Railway Co. (Industrials) | 1,021,454 | ||||||
| 16,700 | Canadian Natural Resources Ltd. (Energy) | 1,079,060 | ||||||
| 14,432 | Canadian Pacific Kansas City Ltd. (Industrials) | 1,144,149 | ||||||
| 807 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 95,615 | ||||||
| 1,911 | Canadian Utilities Ltd., Class A (Utilities) | 45,227 | ||||||
| 2,240 | CCL Industries, Inc., Class B (Materials) | 99,984 | ||||||
| 21,054 | Cenovus Energy, Inc. (Energy) | 419,228 | ||||||
| 3,207 | CGI, Inc. (Information Technology)* | 333,986 | ||||||
| 4,012 | Choice Properties Real Estate Investment Trust REIT (Real Estate) | 38,876 | ||||||
| 309 | Constellation Software, Inc. (Information Technology) | 633,887 | ||||||
| 4,287 | Dollarama, Inc. (Consumer Discretionary) | 277,604 | ||||||
| 4,207 | Emera, Inc. (Utilities) | 157,496 | ||||||
| 2,360 | Empire Co. Ltd., Class A (Consumer Staples) | 61,401 | ||||||
| 31,339 | Enbridge, Inc. (Energy) | 1,098,874 | ||||||
| 370 | Fairfax Financial Holdings Ltd. (Financials) | 304,727 | ||||||
| 600 | FirstService Corp. (Real Estate) | 90,615 | ||||||
| 7,502 | Fortis, Inc. (Utilities) | 293,825 | ||||||
| 2,952 | Franco-Nevada Corp. (Materials) | 424,728 | ||||||
| 946 | George Weston Ltd. (Consumer Staples) | 104,777 | ||||||
| 2,563 | GFL Environmental, Inc. (Industrials) | 82,955 | ||||||
| 2,706 | Gildan Activewear, Inc. (Consumer Discretionary) | 80,603 | ||||||
| 4,240 | Great-West Lifeco, Inc. (Financials) | 121,689 | ||||||
| 4,897 | Hydro One Ltd. (Utilities)(a) | 127,117 | ||||||
| 1,595 | iA Financial Corp., Inc. (Financials) | 99,936 | ||||||
| 1,387 | IGM Financial, Inc. (Financials) | 39,489 | ||||||
| 2,753 | Imperial Oil Ltd. (Energy) | 156,131 | ||||||
| 2,710 | Intact Financial Corp. (Financials) | 381,577 | ||||||
| 8,839 | Ivanhoe Mines Ltd., Class A (Materials)* | 78,528 | ||||||
| 3,539 | Keyera Corp. (Energy) | 87,314 | ||||||
| 18,840 | Kinross Gold Corp. (Materials) | 95,526 | ||||||
| 2,252 | Loblaw Cos. Ltd. (Consumer Staples) | 195,297 | ||||||
| 4,114 | Magna International, Inc. (Consumer Discretionary) | 241,680 | ||||||
| 28,601 | Manulife Financial Corp. (Financials) | 528,071 | ||||||
| 3,604 | Metro, Inc. (Consumer Staples) | 185,508 | ||||||
| 5,211 | National Bank of Canada (Financials) | 362,704 | ||||||
| 3,907 | Northland Power, Inc. (Utilities) | 73,782 | ||||||
| 7,689 | Nutrien Ltd. (Materials) | 486,420 | ||||||
| 960 | Nuvei Corp. (Financials)(a) | 17,306 | ||||||
| 1,023 | Onex Corp. (Financials) | 63,129 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Canada – (continued) | ||||||||
| 4,129 | Open Text Corp. (Information Technology) | 166,173 | ||||||
| 5,629 | Pan American Silver Corp. (Materials) | 92,946 | ||||||
| 8,523 | Pembina Pipeline Corp. (Energy) | 264,582 | ||||||
| 8,225 | Power Corp. of Canada (Financials) | 224,326 | ||||||
| 2,374 | Quebecor, Inc., Class B (Communication Services) | 54,202 | ||||||
| 2,810 | RB Global, Inc. (Industrials) | 173,549 | ||||||
| 4,337 | Restaurant Brands International, Inc. (Consumer Discretionary) | 300,844 | ||||||
| 4,642 | RioCan Real Estate Investment Trust REIT (Real Estate) | 66,253 | ||||||
| 5,765 | Rogers Communications, Inc., Class B (Communication Services) | 234,230 | ||||||
| 21,481 | Royal Bank of Canada (Financials) | 1,932,885 | ||||||
| 3,785 | Saputo, Inc. (Consumer Staples) | 81,718 | ||||||
| 17,901 | Shopify, Inc., Class A (Information Technology)* | 1,189,342 | ||||||
| 9,086 | Sun Life Financial, Inc. (Financials) | 442,632 | ||||||
| 20,291 | Suncor Energy, Inc. (Energy) | 686,440 | ||||||
| 15,501 | TC Energy Corp. (Energy) | 559,111 | ||||||
| 7,836 | Teck Resources Ltd., Class B (Materials) | 323,645 | ||||||
| 22,258 | TELUS Corp. (Communication Services) | 390,393 | ||||||
| 1,202 | TFI International, Inc. (Industrials) | 163,578 | ||||||
| 2,197 | Thomson Reuters Corp. (Industrials) | 282,535 | ||||||
| 28,322 | Toronto-Dominion Bank (The) (Financials) | 1,725,340 | ||||||
| 4,919 | Tourmaline Oil Corp. (Energy) | 251,922 | ||||||
| 849 | West Fraser Timber Co. Ltd. (Materials) | 64,095 | ||||||
| 1,923 | WSP Global, Inc. (Industrials) | 269,003 | ||||||
|
| |||||||
| 27,491,964 | ||||||||
|
| |||||||
| Chile – 0.1% | ||||||||
| 5,362 | Antofagasta PLC (Materials) | 98,384 | ||||||
| 678,447 | Banco de Chile (Financials) | 73,654 | ||||||
| 1,198 | Banco de Credito e Inversiones SA (Financials) | 34,300 | ||||||
| 958,966 | Banco Santander Chile (Financials) | 45,673 | ||||||
| 19,714 | Cencosud SA (Consumer Staples) | 41,999 | ||||||
| 1,955 | Cia Cervecerias Unidas SA (Consumer Staples) | 14,380 | ||||||
| 234,174 | Cia Sud Americana de Vapores SA (Industrials) | 15,554 | ||||||
| 18,027 | Empresas CMPC SA (Materials) | 32,575 | ||||||
| 6,442 | Empresas Copec SA (Energy) | 46,308 | ||||||
| 294,895 | Enel Americas SA (Utilities)* | 34,879 | ||||||
| 376,136 | Enel Chile SA (Utilities) | 25,225 | ||||||
| 18,289 | Falabella SA (Consumer Discretionary) | 44,836 | ||||||
| 10,388 | Lundin Mining Corp. (Materials) | 80,466 | ||||||
| 4,449 | Quinenco SA (Industrials) | 13,922 | ||||||
|
| |||||||
| 602,155 | ||||||||
|
| |||||||
| 16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – 8.0% | ||||||||
| 6,600 | 360 Security Technology, Inc., Class A (Information Technology)* | $ | 10,138 | |||||
| 2,100 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 7,121 | ||||||
| 200 | 3peak, Inc., Class A (Information Technology) | 5,052 | ||||||
| 575 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)* | 12,035 | ||||||
| 1,200 | AECC Aero-Engine Control Co. Ltd., Class A (Industrials) | 3,695 | ||||||
| 2,500 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 13,478 | ||||||
| 83,700 | Agricultural Bank of China Ltd., Class A (Financials) | 39,789 | ||||||
| 438,599 | Agricultural Bank of China Ltd., Class H (Financials) | 150,455 | ||||||
| 8,700 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 21,539 | ||||||
| 3,200 | AIM Vaccine Co. Ltd. (Health Care)* | 20,159 | ||||||
| 600 | AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary) | 2,341 | ||||||
| 7,100 | Air China Ltd., Class A (Industrials)* | 8,438 | ||||||
| 26,435 | Air China Ltd., Class H (Industrials)* | 19,586 | ||||||
| 2,636 | Airtac International Group (Industrials) | 76,150 | ||||||
| 1,700 | Aisino Corp., Class A (Information Technology) | 3,006 | ||||||
| 7,090 | Akeso, Inc. (Health Care)*(a) | 31,147 | ||||||
| 274,128 | Alibaba Group Holding Ltd. (Consumer Discretionary)* | 3,153,167 | ||||||
| 78,055 | Alibaba Health Information Technology Ltd. (Consumer Staples)* | 46,086 | ||||||
| 112,900 | Aluminum Corp. of China Ltd., Class H (Materials) | 54,566 | ||||||
| 387 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | 4,657 | ||||||
| 6,000 | Angang Steel Co. Ltd., Class A (Materials) | 2,275 | ||||||
| 21,882 | Angang Steel Co. Ltd., Class H (Materials) | 5,609 | ||||||
| 800 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 3,645 | ||||||
| 3,700 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 13,054 | ||||||
| 18,342 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 50,991 | ||||||
| 1,200 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 47,491 | ||||||
| 2,000 | Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)* | 3,525 | ||||||
| 600 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 4,696 | ||||||
| 600 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 6,317 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 300 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 5,379 | ||||||
| 300 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 3,449 | ||||||
| 19,852 | ANTA Sports Products Ltd. (Consumer Discretionary) | 223,665 | ||||||
| 1,100 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 2,652 | ||||||
| 300 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 5,484 | ||||||
| 427 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a) | 5,380 | ||||||
| 500 | Autobio Diagnostics Co. Ltd., Class A (Health Care) | 3,150 | ||||||
| 1,039 | Autohome, Inc. ADR (Communication Services) | 30,027 | ||||||
| 1,800 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 5,290 | ||||||
| 8,200 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 4,146 | ||||||
| 36,360 | AviChina Industry & Technology Co. Ltd., Class H (Industrials) | 16,321 | ||||||
| 4,366 | Baidu, Inc. ADR (Communication Services)* | 623,596 | ||||||
| 19,700 | Bank of Beijing Co. Ltd., Class A (Financials) | 12,099 | ||||||
| 3,700 | Bank of Changsha Co. Ltd., Class A (Financials) | 4,133 | ||||||
| 3,500 | Bank of Chengdu Co. Ltd., Class A (Financials) | 6,583 | ||||||
| 38,600 | Bank of China Ltd., Class A (Financials) | 19,887 | ||||||
| 1,296,465 | Bank of China Ltd., Class H (Financials) | 439,774 | ||||||
| 36,500 | Bank of Communications Co. Ltd., Class A (Financials) | 27,832 | ||||||
| 112,740 | Bank of Communications Co. Ltd., Class H (Financials) | 64,552 | ||||||
| 5,500 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 8,463 | ||||||
| 14,400 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 14,106 | ||||||
| 9,600 | Bank of Nanjing Co. Ltd., Class A (Financials) | 10,446 | ||||||
| 6,100 | Bank of Ningbo Co. Ltd., Class A (Financials) | 21,933 | ||||||
| 13,200 | Bank of Shanghai Co. Ltd., Class A (Financials) | 10,791 | ||||||
| 6,600 | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | 1,941 | ||||||
| 17,752 | Bank of Zhengzhou Co. Ltd., Class H (Financials)*(a) | 2,151 | ||||||
| 19,100 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 15,902 | ||||||
| 7,800 | BBMG Corp., Class A (Materials) | 2,358 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 36,265 | BBMG Corp., Class H (Materials) | $ | 3,792 | |||||
| 828 | BeiGene Ltd. ADR (Health Care)* | 171,851 | ||||||
| 3,900 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples) | 3,477 | ||||||
| 500 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 3,045 | ||||||
| 600 | Beijing E-Hualu Information Technology Co. Ltd., Class A (Information Technology)* | 2,486 | ||||||
| 2,700 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 3,465 | ||||||
| 7,347 | Beijing Enterprises Holdings Ltd. (Utilities) | 27,545 | ||||||
| 61,046 | Beijing Enterprises Water Group Ltd. (Utilities) | 14,090 | ||||||
| 200 | Beijing Huafeng Test & Control Technology Co. Ltd., Class A (Information Technology) | 3,863 | ||||||
| 429 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 23,258 | ||||||
| 1,600 | Beijing New Building Materials PLC, Class A (Industrials) | 6,573 | ||||||
| 3,400 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 2,485 | ||||||
| 200 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Discretionary) | 8,065 | ||||||
| 1,800 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)* | 3,361 | ||||||
| 3,400 | Beijing Shougang Co. Ltd., Class A (Materials) | 1,733 | ||||||
| 1,500 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 5,173 | ||||||
| 1,300 | Beijing Tongrentang Co. Ltd., Class A (Health Care) | 10,041 | ||||||
| 700 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 3,473 | ||||||
| 700 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 4,798 | ||||||
| 2,600 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 3,708 | ||||||
| 41,400 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 29,009 | ||||||
| 7,400 | Beiqi Foton Motor Co. Ltd., Class A (Consumer Discretionary)* | 3,640 | ||||||
| 400 | Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary) | 4,142 | ||||||
| 400 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 2,716 | ||||||
| 400 | BGI Genomics Co. Ltd., Class A (Health Care) | 2,952 | ||||||
| 3,773 | Bilibili, Inc., Class Z (Communication Services)* | 56,438 | ||||||
| 432 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | 5,494 | ||||||
| 3,228 | BOC Aviation Ltd. (Industrials)(a) | 24,225 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 55,637 | BOC Hong Kong Holdings Ltd. (Financials) | 154,670 | ||||||
| 2,600 | BOC International China Co. Ltd., Class A (Financials) | 4,244 | ||||||
| 34,900 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 19,228 | ||||||
| 1,000 | BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary)* | 2,386 | ||||||
| 26,241 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(a) | 56,887 | ||||||
| 1,700 | BYD Co. Ltd., Class A (Consumer Discretionary) | 58,251 | ||||||
| 15,003 | BYD Co. Ltd., Class H (Consumer Discretionary) | 470,270 | ||||||
| 11,654 | BYD Electronic International Co. Ltd. (Information Technology) | 54,021 | ||||||
| 1,600 | By-health Co. Ltd., Class A (Consumer Staples) | 4,249 | ||||||
| 8,359 | C&D International Investment Group Ltd. (Real Estate) | 21,277 | ||||||
| 4,300 | Caitong Securities Co. Ltd., Class A (Financials) | 4,732 | ||||||
| 2,659 | CALB Group Co. Ltd. (Consumer Discretionary)*(a) | 5,378 | ||||||
| 800 | Canmax Technologies Co. Ltd., Class A (Materials) | 2,968 | ||||||
| 200 | CanSino Biologics, Inc., Class A (Health Care)* | 2,016 | ||||||
| 1,404 | CanSino Biologics, Inc., Class H (Health Care)*(a) | 4,118 | ||||||
| 6,000 | CECEP Wind-Power Corp., Class A (Utilities) | 2,770 | ||||||
| 800 | CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology) | 2,749 | ||||||
| 14,300 | CGN Power Co. Ltd., Class A (Utilities) | 6,169 | ||||||
| 164,228 | CGN Power Co. Ltd., Class H (Utilities)(a) | 41,048 | ||||||
| 400 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 7,556 | ||||||
| 5,100 | Changjiang Securities Co. Ltd., Class A (Financials) | 4,190 | ||||||
| 300 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 6,094 | ||||||
| 1,800 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 7,941 | ||||||
| 800 | Chengxin Lithium Group Co. Ltd., Class A (Materials) | 2,512 | ||||||
| 1,500 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)* | 3,118 | ||||||
| 2,400 | China Baoan Group Co. Ltd., Class A (Industrials) | 3,515 | ||||||
| 46,337 | China Bohai Bank Co. Ltd., Class H (Financials)*(a) | 7,150 | ||||||
|
| |||||||
| 18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 138,781 | China Cinda Asset Management Co. Ltd., Class H (Financials) | $ | 13,627 | |||||
| 4,900 | China CITIC Bank Corp. Ltd., Class A (Financials) | 3,676 | ||||||
| 160,630 | China CITIC Bank Corp. Ltd., Class H (Financials) | 71,489 | ||||||
| 3,600 | China Coal Energy Co. Ltd., Class A (Energy) | 3,987 | ||||||
| 32,465 | China Coal Energy Co. Ltd., Class H (Energy) | 22,149 | ||||||
| 22,871 | China Conch Venture Holdings Ltd. (Industrials) | 22,487 | ||||||
| 8,900 | China Construction Bank Corp., Class A (Financials) | 7,337 | ||||||
| 1,460,147 | China Construction Bank Corp., Class H (Financials) | 782,047 | ||||||
| 4,200 | China CSSC Holdings Ltd., Class A (Industrials) | 16,382 | ||||||
| 9,800 | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | 5,844 | ||||||
| 31,518 | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | 11,133 | ||||||
| 30,200 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 9,502 | ||||||
| 94,792 | China Energy Engineering Corp. Ltd., Class H (Industrials) | 11,000 | ||||||
| 43,200 | China Everbright Bank Co. Ltd., Class A (Financials) | 17,865 | ||||||
| 113,175 | China Everbright Bank Co. Ltd., Class H (Financials) | 32,617 | ||||||
| 54,280 | China Everbright Environment Group Ltd. (Industrials) | 19,797 | ||||||
| 51,567 | China Feihe Ltd. (Consumer Staples)(a) | 31,039 | ||||||
| 1,700 | China Film Co. Ltd., Class A (Communication Services)* | 3,466 | ||||||
| 4,200 | China Galaxy Securities Co. Ltd., Class A (Financials) | 6,653 | ||||||
| 53,417 | China Galaxy Securities Co. Ltd., Class H (Financials) | 28,746 | ||||||
| 41,804 | China Gas Holdings Ltd. (Utilities) | 42,648 | ||||||
| 3,600 | China Great Wall Securities Co. Ltd., Class A (Financials) | 4,343 | ||||||
| 3,000 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | 4,489 | ||||||
| 36,898 | China Hongqiao Group Ltd. (Materials) | 36,796 | ||||||
| 194,881 | China Huarong Asset Management Co. Ltd., Class H (Financials)*(a) | 8,947 | ||||||
| 1,500 | China International Capital Corp. Ltd., Class A (Financials) | 8,037 | ||||||
| 23,017 | China International Capital Corp. Ltd., Class H (Financials)(a) | 44,263 | ||||||
| 2,100 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 2,034 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 103,579 | China Jinmao Holdings Group Ltd. (Real Estate) | 14,662 | ||||||
| 3,700 | China Jushi Co. Ltd., Class A (Materials) | 7,097 | ||||||
| 15,159 | China Lesso Group Holdings Ltd. (Industrials) | 8,351 | ||||||
| 2,000 | China Life Insurance Co. Ltd., Class A (Financials) | 9,790 | ||||||
| 115,367 | China Life Insurance Co. Ltd., Class H (Financials) | 175,072 | ||||||
| 5,745 | China Literature Ltd. (Communication Services)*(a) | 23,077 | ||||||
| 51,783 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 41,008 | ||||||
| 19,178 | China Medical System Holdings Ltd. (Health Care) | 27,684 | ||||||
| 46,096 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 155,187 | ||||||
| 19,200 | China Merchants Bank Co. Ltd., Class A (Financials) | 83,226 | ||||||
| 58,670 | China Merchants Bank Co. Ltd., Class H (Financials) | 231,934 | ||||||
| 7,500 | China Merchants Energy Shipping Co. Ltd., Class A (Energy) | 6,069 | ||||||
| 2,300 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 3,068 | ||||||
| 19,238 | China Merchants Port Holdings Co. Ltd. (Industrials) | 23,012 | ||||||
| 6,900 | China Merchants Securities Co. Ltd., Class A (Financials) | 13,471 | ||||||
| 7,033 | China Merchants Securities Co. Ltd., Class H (Financials)(a) | 6,484 | ||||||
| 7,200 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 13,513 | ||||||
| 33,000 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 17,138 | ||||||
| 107,139 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 34,430 | ||||||
| 65,989 | China National Building Material Co. Ltd., Class H (Materials) | 33,576 | ||||||
| 5,700 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 6,093 | ||||||
| 700 | China National Medicines Corp. Ltd., Class A (Health Care) | 3,130 | ||||||
| 17,600 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 17,410 | ||||||
| 800 | China National Software & Service Co. Ltd., Class A (Information Technology) | 4,748 | ||||||
| 3,400 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 10,314 | ||||||
| 1,300 | China Oilfield Services Ltd., Class A (Energy) | 2,647 | ||||||
| 28,081 | China Oilfield Services Ltd., Class H (Energy) | 31,835 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 57,523 | China Overseas Land & Investment Ltd. (Real Estate) | $ | 121,329 | |||||
| 19,779 | China Overseas Property Holdings Ltd. (Real Estate) | 23,634 | ||||||
| 6,400 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 24,357 | ||||||
| 39,167 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 89,704 | ||||||
| 29,200 | China Petroleum & Chemical Corp., Class A (Energy) | 24,352 | ||||||
| 372,295 | China Petroleum & Chemical Corp., Class H (Energy) | 217,915 | ||||||
| 74,780 | China Power International Development Ltd. (Utilities) | 26,701 | ||||||
| 19,100 | China Railway Group Ltd., Class A (Industrials) | 17,582 | ||||||
| 62,711 | China Railway Group Ltd., Class H (Industrials) | 33,188 | ||||||
| 5,728 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 4,415 | ||||||
| 26,710 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a) | 8,856 | ||||||
| 900 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials) | 3,535 | ||||||
| 24,188 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 142,196 | ||||||
| 33,969 | China Resources Cement Holdings Ltd. (Materials) | 11,263 | ||||||
| 13,825 | China Resources Gas Group Ltd. (Utilities) | 38,874 | ||||||
| 44,718 | China Resources Land Ltd. (Real Estate) | 189,040 | ||||||
| 1,038 | China Resources Microelectronics Ltd., Class A (Information Technology) | 8,347 | ||||||
| 9,300 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a) | 40,145 | ||||||
| 25,628 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 17,125 | ||||||
| 27,637 | China Resources Power Holdings Co. Ltd. (Utilities) | 54,134 | ||||||
| 900 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 5,883 | ||||||
| 6,000 | China Shenhua Energy Co. Ltd., Class A (Energy) | 23,222 | ||||||
| 52,364 | China Shenhua Energy Co. Ltd., Class H (Energy) | 152,583 | ||||||
| 10,400 | China Southern Airlines Co. Ltd., Class A (Industrials)* | 9,030 | ||||||
| 26,739 | China Southern Airlines Co. Ltd., Class H (Industrials)* | 14,219 | ||||||
| 2,700 | China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials) | 2,241 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,500 | China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities) | 2,028 | ||||||
| 39,000 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 30,167 | ||||||
| 27,484 | China State Construction International Holdings Ltd. (Industrials) | 30,597 | ||||||
| 900 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 1,019 | ||||||
| 28,512 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 10,035 | ||||||
| 21,590 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 22,742 | ||||||
| 26,600 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 17,981 | ||||||
| 1,800 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 26,936 | ||||||
| 1,381 | China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)(a) | 18,544 | ||||||
| 672,708 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 65,197 | ||||||
| 29,600 | China United Network Communications Ltd., Class A (Communication Services) | 21,188 | ||||||
| 9,000 | China Vanke Co. Ltd., Class A (Real Estate) | 16,866 | ||||||
| 34,210 | China Vanke Co. Ltd., Class H (Real Estate) | 39,917 | ||||||
| 4,800 | China XD Electric Co. Ltd., Class A (Industrials) | 3,172 | ||||||
| 17,600 | China Yangtze Power Co. Ltd., Class A (Utilities) | 53,343 | ||||||
| 500 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 6,298 | ||||||
| 20,000 | China Zheshang Bank Co. Ltd., Class A (Financials) | 7,062 | ||||||
| 800 | Chinalin Securities Co. Ltd., Class A (Financials) | 1,674 | ||||||
| 500 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 6,277 | ||||||
| 12,400 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 21,364 | ||||||
| 5,900 | Chongqing Hongjiu Fruit Co. Ltd., Class H (Consumer Staples)* | 4,620 | ||||||
| 8,200 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 4,236 | ||||||
| 36,637 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 12,942 | ||||||
| 2,200 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 13,360 | ||||||
| 27,071 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 41,081 | ||||||
| 98,634 | CITIC Ltd. (Industrials) | 97,983 | ||||||
| 1,700 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 3,314 | ||||||
|
| |||||||
| 20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 11,300 | CITIC Securities Co. Ltd., Class A (Financials) | $ | 34,466 | |||||
| 30,022 | CITIC Securities Co. Ltd., Class H (Financials) | 58,652 | ||||||
| 16,400 | CMOC Group Ltd., Class A (Materials) | 12,911 | ||||||
| 56,288 | CMOC Group Ltd., Class H (Materials) | 33,665 | ||||||
| 600 | CNGR Advanced Material Co. Ltd., Class A (Materials) | 4,524 | ||||||
| 5,700 | CNOOC Energy Technology & Services Ltd., Class A (Energy) | 2,420 | ||||||
| 5,100 | CNPC Capital Co. Ltd., Class A (Financials) | 4,716 | ||||||
| 4,100 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 133,249 | ||||||
| 9,200 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 3,008 | ||||||
| 3,200 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy) | 5,825 | ||||||
| 20,092 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy) | 21,061 | ||||||
| 11,900 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 16,023 | ||||||
| 48,883 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 50,181 | ||||||
| 203,071 | Country Garden Holdings Co. Ltd. (Real Estate)*(b) | 23,048 | ||||||
| 33,407 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 38,427 | ||||||
| 22,600 | CRRC Corp. Ltd., Class A (Industrials) | 18,444 | ||||||
| 67,768 | CRRC Corp. Ltd., Class H (Industrials) | 33,358 | ||||||
| 2,800 | CSC Financial Co. Ltd., Class A (Financials) | 9,917 | ||||||
| 14,099 | CSC Financial Co. Ltd., Class H (Financials)(a) | 15,013 | ||||||
| 129,384 | CSPC Pharmaceutical Group Ltd. (Health Care) | 97,346 | ||||||
| 31,851 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 15,231 | ||||||
| 14,100 | Daqin Railway Co. Ltd., Class A (Industrials) | 13,812 | ||||||
| 1,100 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 4,019 | ||||||
| 8,000 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 3,056 | ||||||
| 43,950 | Datang International Power Generation Co. Ltd., Class H (Utilities) | 6,950 | ||||||
| 3,000 | DHC Software Co. Ltd., Class A (Information Technology) | 2,770 | ||||||
| 1,000 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 2,253 | ||||||
| 600 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 4,273 | ||||||
| 2,600 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 5,994 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 5,273 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 6,085 | ||||||
| 40,328 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 14,811 | ||||||
| 3,000 | Dongxing Securities Co. Ltd., Class A (Financials) | 3,417 | ||||||
| 14,700 | East Money Information Co. Ltd., Class A (Financials) | 32,052 | ||||||
| 300 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 8,091 | ||||||
| 2,000 | Easyhome New Retail Group Co. Ltd., Class A (Consumer Discretionary) | 1,028 | ||||||
| 500 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 3,643 | ||||||
| 11,814 | ENN Energy Holdings Ltd. (Utilities) | 92,653 | ||||||
| 2,200 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 5,277 | ||||||
| 700 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 4,384 | ||||||
| 45,988 | ESR Group Ltd. (Real Estate)(a) | 69,084 | ||||||
| 1,900 | Eve Energy Co. Ltd., Class A (Industrials) | 12,895 | ||||||
| 3,600 | Everbright Securities Co. Ltd., Class A (Financials) | 8,487 | ||||||
| 3,700 | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | 2,964 | ||||||
| 2,300 | FAW Jiefang Group Co. Ltd., Class A (Industrials)* | 2,711 | ||||||
| 3,900 | First Capital Securities Co. Ltd., Class A (Financials) | 3,226 | ||||||
| 1,500 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 6,364 | ||||||
| 6,533 | Flat Glass Group Co. Ltd., Class H (Information Technology) | 16,229 | ||||||
| 13,400 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 14,176 | ||||||
| 4,000 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 21,488 | ||||||
| 32,334 | Fosun International Ltd. (Industrials) | 20,245 | ||||||
| 7,700 | Founder Securities Co. Ltd., Class A (Financials) | 7,638 | ||||||
| 9,500 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 28,597 | ||||||
| 1,200 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 3,212 | ||||||
| 12,302 | Full Truck Alliance Co. Ltd. ADR (Industrials)* | 82,423 | ||||||
| 1,900 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 9,920 | ||||||
| 9,407 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a) | 42,586 | ||||||
| 1,500 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 9,771 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 6,257 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)(a) | $ | 29,922 | |||||
| 100 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 5,739 | ||||||
| 16,600 | GD Power Development Co. Ltd., Class A (Utilities) | 8,005 | ||||||
| 1,692 | GDS Holdings Ltd. ADR (Information Technology)* | 20,236 | ||||||
| 89,249 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 110,853 | ||||||
| 4,800 | GEM Co. Ltd., Class A (Materials) | 4,128 | ||||||
| 4,200 | Gemdale Corp., Class A (Real Estate) | 4,155 | ||||||
| 17,737 | Genscript Biotech Corp. (Health Care)* | 41,573 | ||||||
| 5,500 | GF Securities Co. Ltd., Class A (Financials) | 11,380 | ||||||
| 15,710 | GF Securities Co. Ltd., Class H (Financials) | 22,438 | ||||||
| 5,790 | Giant Biogene Holding Co. Ltd. (Consumer Staples)*(a) | 27,762 | ||||||
| 1,900 | Giant Network Group Co. Ltd., Class A (Communication Services) | 3,811 | ||||||
| 600 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 7,747 | ||||||
| 400 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 4,124 | ||||||
| 3,200 | GoerTek, Inc., Class A (Information Technology) | 6,735 | ||||||
| 11,994 | Goldwind Science & Technology Co. Ltd. (Industrials) | 6,302 | ||||||
| 3,200 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 4,177 | ||||||
| 200 | Gongniu Group Co. Ltd., Class A (Industrials) | 2,913 | ||||||
| 200 | GoodWe Technologies Co. Ltd., Class A (Industrials) | 3,804 | ||||||
| 1,700 | Gotion High-tech Co. Ltd., Class A (Industrials)* | 5,657 | ||||||
| 2,600 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 9,327 | ||||||
| 35,950 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 42,635 | ||||||
| 5,200 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 25,570 | ||||||
| 9,900 | Greenland Holdings Corp. Ltd., Class A (Real Estate)* | 3,985 | ||||||
| 16,113 | Greentown China Holdings Ltd. (Real Estate) | 19,150 | ||||||
| 2,300 | GRG Banking Equipment Co. Ltd., Class A (Information Technology) | 3,966 | ||||||
| 2,100 | Guangdong Electric Power Development Co. Ltd., Class A (Utilities)* | 1,815 | ||||||
| 1,500 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 9,942 | ||||||
| 44,099 | Guangdong Investment Ltd. (Utilities) | 34,473 | ||||||
| 300 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 2,349 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 6,100 | Guanghui Energy Co. Ltd., Class A (Energy) | 5,515 | ||||||
| 3,000 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 4,155 | ||||||
| 43,369 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 22,841 | ||||||
| 2,200 | Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials)* | 3,564 | ||||||
| 1,300 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 5,523 | ||||||
| 3,409 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 9,586 | ||||||
| 400 | Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials)* | 1,968 | ||||||
| 400 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 3,279 | ||||||
| 700 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 5,125 | ||||||
| 1,800 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 8,119 | ||||||
| 3,300 | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials) | 3,119 | ||||||
| 2,200 | Guolian Securities Co. Ltd., Class A (Financials)* | 3,283 | ||||||
| 4,900 | Guosen Securities Co. Ltd., Class A (Financials) | 6,247 | ||||||
| 7,000 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 14,003 | ||||||
| 11,889 | Guotai Junan Securities Co. Ltd., Class H (Financials)(a) | 13,948 | ||||||
| 4,100 | Guoyuan Securities Co. Ltd., Class A (Financials) | 3,915 | ||||||
| 2,949 | H World Group Ltd. ADR (Consumer Discretionary)* | 118,786 | ||||||
| 26,182 | Haidilao International Holding Ltd. (Consumer Discretionary)(a) | 71,283 | ||||||
| 5,900 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 19,057 | ||||||
| 35,994 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 111,309 | ||||||
| 39,900 | Hainan Airlines Holding Co. Ltd., Class A (Industrials)* | 8,552 | ||||||
| 500 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care)* | 1,465 | ||||||
| 9,675 | Haitian International Holdings Ltd. (Industrials) | 20,777 | ||||||
| 9,000 | Haitong Securities Co. Ltd., Class A (Financials) | 12,155 | ||||||
| 40,819 | Haitong Securities Co. Ltd., Class H (Financials) | 25,350 | ||||||
| 1,000 | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 3,071 | ||||||
| 2,900 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | 4,180 | ||||||
|
| |||||||
| 22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 600 | Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology) | $ | 3,081 | |||||
| 1,700 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 7,262 | ||||||
| 600 | Hangzhou Lion Electronics Co. Ltd., Class A (Information Technology) | 2,719 | ||||||
| 900 | Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials) | 3,785 | ||||||
| 900 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 3,399 | ||||||
| 1,300 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 4,528 | ||||||
| 700 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 6,403 | ||||||
| 1,909 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a) | 10,407 | ||||||
| 16,655 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 21,664 | ||||||
| 600 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 2,769 | ||||||
| 900 | Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A (Consumer Staples) | 2,913 | ||||||
| 1,100 | Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples) | 3,710 | ||||||
| 800 | Hefei Meiya Optoelectronic Technology, Inc., Class A (Industrials) | 2,575 | ||||||
| 2,100 | Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials) | 4,582 | ||||||
| 2,800 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 10,333 | ||||||
| 9,061 | Hengan International Group Co. Ltd. (Consumer Staples) | 33,625 | ||||||
| 1,500 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 3,382 | ||||||
| 5,700 | Hengli Petrochemical Co. Ltd., Class A (Materials)* | 11,246 | ||||||
| 2,300 | Hengtong Optic-electric Co. Ltd., Class A (Information Technology) | 4,468 | ||||||
| 3,400 | Hengyi Petrochemical Co. Ltd., Class A (Materials)* | 3,583 | ||||||
| 9,600 | Hesteel Co. Ltd., Class A (Materials) | 2,981 | ||||||
| 500 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 11,496 | ||||||
| 1,000 | Hongfa Technology Co. Ltd., Class A (Industrials) | 4,825 | ||||||
| 2,100 | Hongta Securities Co. Ltd., Class A (Financials) | 2,305 | ||||||
| 600 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 5,091 | ||||||
| 500 | Hoyuan Green Energy Co. Ltd., Class A (Information Technology) | 2,863 | ||||||
| 12,399 | Hua Hong Semiconductor Ltd. (Information Technology)*(a) | 32,414 | ||||||
| 7,900 | Huadian Power International Corp. Ltd., Class A (Utilities) | 5,535 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 25,288 | Huadian Power International Corp. Ltd., Class H (Utilities) | 10,190 | ||||||
| 1,600 | Huadong Medicine Co. Ltd., Class A (Health Care) | 8,351 | ||||||
| 4,600 | Huafon Chemical Co. Ltd., Class A (Materials) | 4,424 | ||||||
| 900 | Huagong Tech Co. Ltd., Class A (Information Technology) | 3,889 | ||||||
| 2,300 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 3,707 | ||||||
| 1,700 | Hualan Biological Engineering, Inc., Class A (Health Care) | 4,959 | ||||||
| 400 | Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary) | 2,842 | ||||||
| 4,300 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 4,283 | ||||||
| 8,100 | Huaneng Power International, Inc., Class A (Utilities)* | 9,070 | ||||||
| 63,518 | Huaneng Power International, Inc., Class H (Utilities)* | 31,752 | ||||||
| 6,800 | Huatai Securities Co. Ltd., Class A (Financials) | 14,836 | ||||||
| 20,781 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 27,348 | ||||||
| 2,400 | Huaxi Securities Co. Ltd., Class A (Financials) | 2,809 | ||||||
| 12,100 | Huaxia Bank Co. Ltd., Class A (Financials) | 9,210 | ||||||
| 1,300 | Huaxin Cement Co. Ltd., Class A (Materials) | 2,352 | ||||||
| 2,900 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 7,487 | ||||||
| 3,700 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 2,206 | ||||||
| 900 | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care) | 3,237 | ||||||
| 1,000 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 2,789 | ||||||
| 500 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 9,996 | ||||||
| 1,500 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 4,814 | ||||||
| 1,795 | Hunan Changyuan Lico Co. Ltd., Class A (Materials) | 2,321 | ||||||
| 6,400 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 5,205 | ||||||
| 1,800 | Hundsun Technologies, Inc., Class A (Information Technology) | 8,903 | ||||||
| 5,427 | Hygeia Healthcare Holdings Co. Ltd. (Health Care)(a) | 27,440 | ||||||
| 2,200 | Iflytek Co. Ltd., Class A (Information Technology) | 16,573 | ||||||
| 200 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 12,049 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 57,300 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | $ | 36,371 | |||||
| 1,071,541 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 491,924 | ||||||
| 19,300 | Industrial Bank Co. Ltd., Class A (Financials) | 41,923 | ||||||
| 8,000 | Industrial Securities Co. Ltd., Class A (Financials) | 7,045 | ||||||
| 400 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 4,058 | ||||||
| 42,200 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)* | 10,378 | ||||||
| 1,900 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 3,459 | ||||||
| 5,800 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 6,933 | ||||||
| 7,800 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 4,479 | ||||||
| 5,900 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 21,076 | ||||||
| 3,400 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | 3,298 | ||||||
| 18,958 | Innovent Biologics, Inc. (Health Care)*(a) | 84,857 | ||||||
| 1,400 | Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology) | 7,527 | ||||||
| 7,173 | iQIYI, Inc. ADR (Communication Services)* | 36,152 | ||||||
| 900 | Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology) | 2,552 | ||||||
| 3,100 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 11,853 | ||||||
| 800 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 2,351 | ||||||
| 800 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 4,577 | ||||||
| 1,700 | JCET Group Co. Ltd., Class A (Information Technology) | 7,614 | ||||||
| 15,294 | JD Health International, Inc. (Consumer Staples)*(a) | 82,499 | ||||||
| 27,834 | JD Logistics, Inc. (Industrials)*(a) | 37,127 | ||||||
| 19,023 | JD.com, Inc. ADR (Consumer Discretionary) | 631,754 | ||||||
| 5,100 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 8,065 | ||||||
| 1,400 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 1,860 | ||||||
| 18,946 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 17,106 | ||||||
| 1,200 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 10,247 | ||||||
| 5,900 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 33,867 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,200 | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | 9,876 | ||||||
| 300 | Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology) | 3,943 | ||||||
| 2,000 | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services) | 3,003 | ||||||
| 1,300 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | 23,969 | ||||||
| 400 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 3,513 | ||||||
| 400 | Jiangsu Yoke Technology Co. Ltd., Class A (Materials) | 3,733 | ||||||
| 900 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 4,193 | ||||||
| 3,200 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 6,406 | ||||||
| 1,900 | Jiangxi Copper Co. Ltd., Class A (Materials) | 4,934 | ||||||
| 16,729 | Jiangxi Copper Co. Ltd., Class H (Materials) | 26,112 | ||||||
| 1,600 | Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)* | 1,996 | ||||||
| 2,500 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 3,734 | ||||||
| 300 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 3,693 | ||||||
| 600 | Joinn Laboratories China Co. Ltd., Class A (Health Care) | 1,978 | ||||||
| 1,551 | Joinn Laboratories China Co. Ltd., Class H (Health Care)(a) | 3,105 | ||||||
| 2,600 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3,690 | ||||||
| 700 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)* | 3,251 | ||||||
| 600 | Juewei Food Co. Ltd., Class A (Consumer Staples) | 2,942 | ||||||
| 2,100 | Juneyao Airlines Co. Ltd., Class A (Industrials)* | 4,579 | ||||||
| 4,097 | Kanzhun Ltd. ADR (Communication Services)* | 60,636 | ||||||
| 13,802 | KE Holdings, Inc. ADR (Real Estate)* | 237,394 | ||||||
| 1,800 | Keda Industrial Group Co. Ltd., Class A (Industrials) | 2,488 | ||||||
| 42,984 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 66,435 | ||||||
| 2,000 | Kingnet Network Co. Ltd., Class A (Communication Services)* | 4,160 | ||||||
| 14,692 | Kingsoft Corp. Ltd. (Communication Services) | 58,642 | ||||||
| 31,504 | Kuaishou Technology (Communication Services)*(a) | 257,922 | ||||||
| 2,000 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials) | 4,094 | ||||||
| 56,946 | Kunlun Energy Co. Ltd. (Utilities) | 41,683 | ||||||
|
| |||||||
| 24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,100 | Kunlun Tech Co. Ltd., Class A (Communication Services)* | $ | 5,468 | |||||
| 1,200 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 304,513 | ||||||
| 2,200 | LB Group Co. Ltd., Class A (Materials) | 5,480 | ||||||
| 109,047 | Lenovo Group Ltd. (Information Technology) | 123,346 | ||||||
| 4,600 | Lens Technology Co. Ltd., Class A (Information Technology) | 7,774 | ||||||
| 1,700 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 3,781 | ||||||
| 700 | Levima Advanced Materials Corp., Class A (Materials) | 1,943 | ||||||
| 17,326 | Li Auto, Inc., Class A (Consumer Discretionary)* | 357,048 | ||||||
| 36,580 | Li Ning Co. Ltd. (Consumer Discretionary) | 172,830 | ||||||
| 15,800 | Liaoning Port Co. Ltd., Class A (Industrials) | 3,430 | ||||||
| 6,500 | Lingyi iTech Guangdong Co., Class A (Information Technology) | 5,376 | ||||||
| 600 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 2,836 | ||||||
| 2,271 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 7,197 | ||||||
| 28,203 | Longfor Group Holdings Ltd. (Real Estate)(a) | 59,414 | ||||||
| 7,100 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 25,899 | ||||||
| 10,692 | Lufax Holding Ltd. ADR (Financials) | 12,937 | ||||||
| 1,800 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 2,515 | ||||||
| 6,600 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 29,924 | ||||||
| 1,400 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 44,682 | ||||||
| 1,700 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 6,899 | ||||||
| 500 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 8,525 | ||||||
| 2,700 | Meihua Holdings Group Co. Ltd., Class A (Consumer Staples) | 3,387 | ||||||
| 3,600 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)* | 3,363 | ||||||
| 70,688 | Meituan, Class B (Consumer Discretionary)*(a) | 1,158,339 | ||||||
| 16,600 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 8,302 | ||||||
| 44,513 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 9,707 | ||||||
| 11,957 | Microport Scientific Corp. (Health Care)* | 20,463 | ||||||
| 2,100 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 4,308 | ||||||
| 1,058 | Montage Technology Co. Ltd., Class A (Information Technology) | 7,448 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 5,100 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 28,434 | ||||||
| 1,400 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 2,275 | ||||||
| 3,400 | Nanjing Securities Co. Ltd., Class A (Financials) | 3,854 | ||||||
| 7,500 | NARI Technology Co. Ltd., Class A (Industrials) | 24,545 | ||||||
| 2,541 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)* | 7,108 | ||||||
| 500 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 18,634 | ||||||
| 2,200 | NavInfo Co. Ltd., Class A (Information Technology)* | 3,113 | ||||||
| 27,501 | NetEase, Inc. (Communication Services) | 574,446 | ||||||
| 1,600 | New China Life Insurance Co. Ltd., Class A (Financials) | 8,903 | ||||||
| 14,233 | New China Life Insurance Co. Ltd., Class H (Financials) | 35,647 | ||||||
| 4,200 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | 6,734 | ||||||
| 2,333 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)* | 126,542 | ||||||
| 1,300 | Ninestar Corp., Class A (Information Technology) | 4,997 | ||||||
| 400 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 5,068 | ||||||
| 600 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 3,050 | ||||||
| 419 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 2,932 | ||||||
| 2,100 | Ningbo Shanshan Co. Ltd., Class A (Materials) | 3,927 | ||||||
| 1,000 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 10,704 | ||||||
| 5,500 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 2,554 | ||||||
| 6,200 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 11,679 | ||||||
| 20,692 | NIO, Inc. ADR (Consumer Discretionary)* | 212,507 | ||||||
| 27,940 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 156,949 | ||||||
| 1,300 | North Industries Group Red Arrow Co. Ltd., Class A (Industrials) | 2,724 | ||||||
| 4,022 | NXP Semiconductors NV (Information Technology) | 827,406 | ||||||
| 5,700 | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | 3,344 | ||||||
| 4,100 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 3,278 | ||||||
| 3,000 | OFILM Group Co. Ltd., Class A (Information Technology)* | 2,378 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,583 | Onewo, Inc., Class H (Real Estate) | $ | 5,612 | |||||
| 500 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 6,726 | ||||||
| 6,900 | Orient Securities Co. Ltd., Class A (Financials) | 9,442 | ||||||
| 12,993 | Orient Securities Co. Ltd., Class H (Financials)(a) | 7,224 | ||||||
| 3,200 | Oriental Pearl Group Co. Ltd., Class A (Communication Services) | 3,504 | ||||||
| 800 | Ovctek China, Inc., Class A (Health Care) | 2,902 | ||||||
| 8,000 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)* | 4,133 | ||||||
| 9,231 | PDD Holdings, Inc. ADR (Consumer Discretionary)* | 913,592 | ||||||
| 9,000 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 7,221 | ||||||
| 135,292 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 46,065 | ||||||
| 1,800 | Perfect World Co. Ltd., Class A (Communication Services) | 3,420 | ||||||
| 22,700 | PetroChina Co. Ltd., Class A (Energy) | 24,170 | ||||||
| 327,115 | PetroChina Co. Ltd., Class H (Energy) | 236,104 | ||||||
| 1,400 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 5,732 | ||||||
| 4,436 | Pharmaron Beijing Co. Ltd., Class H (Health Care)(a) | 10,352 | ||||||
| 106,967 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 123,039 | ||||||
| 18,100 | Ping An Bank Co. Ltd., Class A (Financials) | 27,678 | ||||||
| 10,000 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 67,033 | ||||||
| 95,930 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 574,351 | ||||||
| 2,200 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 2,584 | ||||||
| 11,100 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 21,320 | ||||||
| 2,242 | Poly Property Services Co. Ltd., Class H (Real Estate) | 10,421 | ||||||
| 10,633 | Pop Mart International Group Ltd. (Consumer Discretionary)(a) | 34,577 | ||||||
| 23,700 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 15,825 | ||||||
| 173,788 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 85,767 | ||||||
| 16,000 | Power Construction Corp. of China Ltd., Class A (Industrials) | 11,321 | ||||||
| 10,906 | Prosus NV (Consumer Discretionary)* | 754,953 | ||||||
| 200 | Pylon Technologies Co. Ltd., Class A (Industrials) | 3,803 | ||||||
| 5,100 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 12,542 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 416 | Raytron Technology Co. Ltd., Class A (Information Technology) | 2,927 | ||||||
| 2,800 | Red Star Macalline Group Corp. Ltd., Class A (Real Estate) | 1,831 | ||||||
| 249 | Remegen Co. Ltd., Class A (Health Care)* | 2,104 | ||||||
| 2,243 | Remegen Co. Ltd., Class H (Health Care)*(a) | 10,469 | ||||||
| 1,100 | Risen Energy Co. Ltd., Class A (Information Technology) | 3,035 | ||||||
| 300 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 2,699 | ||||||
| 8,900 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 14,734 | ||||||
| 7,300 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 14,402 | ||||||
| 2,800 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 4,747 | ||||||
| 4,600 | Sanan Optoelectronics Co. Ltd., Class A (Information Technology) | 9,929 | ||||||
| 400 | Sangfor Technologies, Inc., Class A (Information Technology)* | 5,995 | ||||||
| 7,900 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 16,813 | ||||||
| 3,100 | Satellite Chemical Co. Ltd., Class A (Materials) | 6,516 | ||||||
| 5,800 | SDIC Capital Co. Ltd., Class A (Financials) | 5,841 | ||||||
| 5,800 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 10,128 | ||||||
| 2,100 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 4,184 | ||||||
| 219,444 | SenseTime Group, Inc., Class B (Information Technology)*(a) | 43,655 | ||||||
| 1,400 | Seres Group Co. Ltd., Class A (Consumer Discretionary)* | 6,932 | ||||||
| 4,600 | SF Holding Co. Ltd., Class A (Industrials) | 27,479 | ||||||
| 400 | SG Micro Corp., Class A (Information Technology) | 4,255 | ||||||
| 8,500 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 19,433 | ||||||
| 3,400 | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy) | 3,536 | ||||||
| 3,400 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 12,253 | ||||||
| 1,700 | Shandong Hi-speed Co. Ltd., Class A (Industrials) | 1,581 | ||||||
| 2,000 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 9,095 | ||||||
| 1,400 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 4,189 | ||||||
| 10,900 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 4,672 | ||||||
| 2,600 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | 4,097 | ||||||
|
| |||||||
| 26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 37,560 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | $ | 37,360 | |||||
| 1,700 | Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology) | 5,187 | ||||||
| 1,000 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 4,413 | ||||||
| 5,100 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 33,584 | ||||||
| 10,400 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 6,387 | ||||||
| 40,633 | Shanghai Electric Group Co. Ltd., Class H (Industrials)* | 9,120 | ||||||
| 2,600 | Shanghai Electric Power Co. Ltd., Class A (Utilities) | 3,279 | ||||||
| 100 | Shanghai Flyco Electrical Appliance Co. Ltd., Class A (Consumer Staples) | 932 | ||||||
| 2,000 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 7,675 | ||||||
| 7,355 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 17,314 | ||||||
| 200 | Shanghai Friendess Electronic Technology Corp. Ltd., Class A (Information Technology) | 7,237 | ||||||
| 495 | Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology) | 3,594 | ||||||
| 4,157 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | 9,966 | ||||||
| 2,300 | Shanghai International Airport Co. Ltd., Class A (Industrials)* | 12,397 | ||||||
| 6,400 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 4,484 | ||||||
| 900 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 4,764 | ||||||
| 713 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | 3,723 | ||||||
| 2,488 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a) | 6,790 | ||||||
| 2,000 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 3,264 | ||||||
| 1,500 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 2,059 | ||||||
| 900 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 4,662 | ||||||
| 200 | Shanghai Medicilon, Inc., Class A (Health Care) | 2,014 | ||||||
| 4,063 | Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)* | 9,658 | ||||||
| 2,100 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 5,159 | ||||||
| 11,114 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 18,283 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 27,300 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 26,180 | ||||||
| 1,900 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 8,541 | ||||||
| 6,300 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 6,154 | ||||||
| 9,000 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 7,197 | ||||||
| 3,600 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 3,640 | ||||||
| 1,800 | Shanxi Coal International Energy Group Co. Ltd., Class A (Industrials) | 4,162 | ||||||
| 5,300 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 6,073 | ||||||
| 2,800 | Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy) | 6,263 | ||||||
| 4,000 | Shanxi Meijin Energy Co. Ltd., Class A (Materials)* | 3,940 | ||||||
| 5,300 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 2,869 | ||||||
| 1,100 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 36,581 | ||||||
| 300 | Shede Spirits Co. Ltd., Class A (Consumer Staples) | 5,543 | ||||||
| 4,600 | Shenergy Co. Ltd., Class A (Utilities) | 4,121 | ||||||
| 2,200 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 4,479 | ||||||
| 500 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 4,546 | ||||||
| 19,500 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 11,681 | ||||||
| 700 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 4,614 | ||||||
| 300 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 3,866 | ||||||
| 3,800 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 3,383 | ||||||
| 400 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology)* | 3,257 | ||||||
| 100 | Shenzhen Han’s CNC Technology Co. Ltd., Class A (Industrials) | 512 | ||||||
| 800 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 1,277 | ||||||
| 2,500 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 23,453 | ||||||
| 1,500 | Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology) | 3,681 | ||||||
| 1,000 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)* | 3,829 | ||||||
| 200 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 3,198 | ||||||
| 500 | Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials) | 2,080 | ||||||
| 1,100 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 40,805 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 700 | Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care) | $ | 5,845 | |||||
| 7,600 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)* | 4,542 | ||||||
| 1,000 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | 3,799 | ||||||
| 300 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 3,651 | ||||||
| 1,100 | Shenzhen SED Industry Co. Ltd., Class A (Information Technology) | 4,150 | ||||||
| 506 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 10,207 | ||||||
| 12,227 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 125,517 | ||||||
| 1,600 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 5,115 | ||||||
| 1,700 | Shuangliang Eco-Energy Systems Co. Ltd., Class A (Industrials) | 2,378 | ||||||
| 3,700 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 7,605 | ||||||
| 1,400 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 5,213 | ||||||
| 5,800 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 7,100 | ||||||
| 500 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 4,545 | ||||||
| 1,100 | Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials) | 2,368 | ||||||
| 700 | Sieyuan Electric Co. Ltd., Class A (Industrials) | 4,922 | ||||||
| 3,500 | Sinolink Securities Co. Ltd., Class A (Financials) | 4,515 | ||||||
| 2,500 | Sinoma International Engineering Co., Class A (Industrials) | 4,036 | ||||||
| 1,600 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 4,825 | ||||||
| 700 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 3,578 | ||||||
| 7,300 | Sinopec Oilfield Service Corp., Class A (Energy)* | 2,076 | ||||||
| 5,700 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)* | 2,373 | ||||||
| 50,533 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)* | 7,088 | ||||||
| 20,804 | Sinopharm Group Co. Ltd., Class H (Health Care) | 60,355 | ||||||
| 3,600 | Sinotrans Ltd., Class A (Industrials) | 2,819 | ||||||
| 28,612 | Sinotrans Ltd., Class H (Industrials) | 11,603 | ||||||
| 10,273 | Sinotruk Hong Kong Ltd. (Industrials) | 19,048 | ||||||
| 500 | Skshu Paint Co. Ltd., Class A (Materials)* | 5,175 | ||||||
| 27,520 | Smoore International Holdings Ltd. (Consumer Staples)(a) | 27,830 | ||||||
| 2,400 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 4,089 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 4,700 | SooChow Securities Co. Ltd., Class A (Financials) | 5,289 | ||||||
| 900 | Spring Airlines Co. Ltd., Class A (Industrials)* | 7,245 | ||||||
| 200 | StarPower Semiconductor Ltd., Class A (Information Technology) | 5,443 | ||||||
| 3,000 | State Grid Yingda Co. Ltd., Class A (Industrials) | 2,086 | ||||||
| 1,400 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 19,187 | ||||||
| 10,456 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 85,469 | ||||||
| 500 | Sunresin New Materials Co. Ltd., Class A (Materials) | 4,181 | ||||||
| 1,700 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 3,700 | ||||||
| 1,600 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 4,133 | ||||||
| 300 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 6,288 | ||||||
| 6,737 | TAL Education Group ADR (Consumer Discretionary)* | 47,496 | ||||||
| 2,500 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 2,604 | ||||||
| 4,700 | TBEA Co. Ltd., Class A (Industrials) | 9,492 | ||||||
| 17,500 | TCL Technology Group Corp., Class A (Information Technology)* | 9,858 | ||||||
| 3,800 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 13,391 | ||||||
| 95,222 | Tencent Holdings Ltd. (Communication Services) | 3,946,460 | ||||||
| 10,064 | Tencent Music Entertainment Group ADR (Communication Services)* | 68,636 | ||||||
| 400 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 4,400 | ||||||
| 2,300 | Tianma Microelectronics Co. Ltd., Class A (Information Technology)* | 2,718 | ||||||
| 1,400 | Tianqi Lithium Corp., Class A (Materials) | 11,073 | ||||||
| 2,174 | Tianqi Lithium Corp., Class H (Materials) | 11,921 | ||||||
| 4,300 | Tianshan Aluminum Group Co. Ltd., Class A (Materials) | 3,734 | ||||||
| 3,000 | Tianshui Huatian Technology Co. Ltd., Class A (Information Technology) | 3,701 | ||||||
| 28,750 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 42,235 | ||||||
| 1,500 | Toly Bread Co. Ltd., Class A (Consumer Staples) | 1,797 | ||||||
| 18,687 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary)* | 41,893 | ||||||
| 1,400 | TongFu Microelectronics Co. Ltd., Class A (Information Technology) | 3,922 | ||||||
|
| |||||||
| 28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 2,200 | Tongkun Group Co. Ltd., Class A (Materials)* | $ | 4,486 | |||||
| 9,800 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 4,322 | ||||||
| 4,200 | Tongwei Co. Ltd., Class A (Information Technology) | 18,512 | ||||||
| 300 | Topchoice Medical Corp., Class A (Health Care)* | 3,846 | ||||||
| 43,151 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 35,107 | ||||||
| 14,459 | TravelSky Technology Ltd., Class H (Consumer Discretionary) | 25,924 | ||||||
| 2,022 | Trina Solar Co. Ltd., Class A (Information Technology) | 9,440 | ||||||
| 8,657 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 340,307 | ||||||
| 3,100 | Tsinghua Tongfang Co. Ltd., Class A (Information Technology)* | 3,054 | ||||||
| 700 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 8,761 | ||||||
| 9,562 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 79,686 | ||||||
| 800 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)* | 10,192 | ||||||
| 18,498 | Uni-President China Holdings Ltd. (Consumer Staples) | 13,682 | ||||||
| 2,700 | Unisplendour Corp. Ltd., Class A (Information Technology)* | 9,990 | ||||||
| 1,400 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 2,837 | ||||||
| 900 | Venustech Group, Inc., Class A (Information Technology) | 3,608 | ||||||
| 6,414 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 101,277 | ||||||
| 1,500 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 4,878 | ||||||
| 2,000 | Wanda Film Holding Co. Ltd., Class A (Communication Services)* | 3,696 | ||||||
| 1,100 | Wangfujing Group Co. Ltd., Class A (Consumer Discretionary) | 3,125 | ||||||
| 2,900 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 37,353 | ||||||
| 66,413 | Want Want China Holdings Ltd. (Consumer Staples) | 43,955 | ||||||
| 1,089 | Weibo Corp. ADR (Communication Services) | 14,048 | ||||||
| 6,300 | Weichai Power Co. Ltd., Class A (Industrials) | 10,214 | ||||||
| 30,124 | Weichai Power Co. Ltd., Class H (Industrials) | 39,106 | ||||||
| 800 | Weihai Guangwei Composites Co. Ltd., Class A (Materials) | 3,074 | ||||||
| 6,100 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples) | 13,962 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 2,200 | Western Mining Co. Ltd., Class A (Materials) | 3,863 | ||||||
| 4,200 | Western Securities Co. Ltd., Class A (Financials) | 3,895 | ||||||
| 604 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 3,936 | ||||||
| 14,821 | Wharf Holdings Ltd. (The) (Real Estate) | 31,412 | ||||||
| 1,100 | Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology) | 13,907 | ||||||
| 32,345 | Wilmar International Ltd. (Consumer Staples) | 90,532 | ||||||
| 1,200 | Wingtech Technology Co. Ltd., Class A (Information Technology)* | 7,614 | ||||||
| 400 | Winner Medical Co. Ltd., Class A (Health Care) | 2,325 | ||||||
| 2,000 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 1,981 | ||||||
| 20,700 | Wintime Energy Group Co. Ltd., Class A (Utilities)* | 4,152 | ||||||
| 4,000 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | 4,237 | ||||||
| 3,600 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 77,114 | ||||||
| 1,800 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | 5,226 | ||||||
| 2,400 | WuXi AppTec Co. Ltd., Class A (Health Care) | 26,874 | ||||||
| 5,510 | WuXi AppTec Co. Ltd., Class H (Health Care)(a) | 60,358 | ||||||
| 200 | Wuxi Autowell Technology Co. Ltd., Class A (Information Technology) | 4,625 | ||||||
| 56,527 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 318,254 | ||||||
| 1,500 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 6,082 | ||||||
| 11,000 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 9,143 | ||||||
| 2,800 | Xiamen C & D, Inc., Class A (Industrials) | 4,178 | ||||||
| 200 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 3,123 | ||||||
| 1,300 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 3,099 | ||||||
| 2,100 | Xiangcai Co. Ltd., Class A (Real Estate) | 2,455 | ||||||
| 1,200 | Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)* | 2,816 | ||||||
| 245,882 | Xiaomi Corp., Class B (Information Technology)*(a) | 387,554 | ||||||
| 1,329 | Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology) | 7,590 | ||||||
| 3,200 | Xinjiang Tianshan Cement Co. Ltd., Class A (Materials) | 3,390 | ||||||
| 24,476 | Xinyi Glass Holdings Ltd. (Industrials) | 36,144 | ||||||
| 70,445 | Xinyi Solar Holdings Ltd. (Information Technology) | 58,841 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 17,319 | XPeng, Inc., Class A (Consumer Discretionary)* | $ | 162,440 | |||||
| 17,874 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 34,372 | ||||||
| 500 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 2,454 | ||||||
| 41,113 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 51,448 | ||||||
| 3,500 | Yankuang Energy Group Co. Ltd., Class A, 02/28/23 (Energy) | 8,285 | ||||||
| 33,606 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 52,798 | ||||||
| 1,000 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 3,928 | ||||||
| 1,000 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 5,086 | ||||||
| 900 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 4,397 | ||||||
| 1,600 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 7,839 | ||||||
| 2,600 | Yintai Gold Co. Ltd., Class A (Materials) | 5,162 | ||||||
| 500 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 3,424 | ||||||
| 3,200 | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | 7,980 | ||||||
| 4,300 | Youngor Group Co. Ltd., Class A (Real Estate) | 4,106 | ||||||
| 3,200 | YTO Express Group Co. Ltd., Class A (Industrials) | 6,639 | ||||||
| 22,810 | Yuexiu Property Co. Ltd. (Real Estate) | 28,273 | ||||||
| 2,700 | Yunda Holding Co. Ltd., Class A (Industrials) | 3,654 | ||||||
| 3,200 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 6,349 | ||||||
| 1,700 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 12,764 | ||||||
| 300 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 4,196 | ||||||
| 4,700 | Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials) | 3,390 | ||||||
| 900 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 8,209 | ||||||
| 1,500 | Yunnan Tin Co. Ltd., Class A (Materials) | 2,885 | ||||||
| 1,700 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 4,027 | ||||||
| 1,374 | Zai Lab Ltd., 02/28/23 ADR (Health Care)* | 34,996 | ||||||
| 1,500 | Zangge Mining Co. Ltd., Class A (Materials) | 4,631 | ||||||
| 600 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 22,780 | ||||||
| 22,080 | Zhaojin Mining Industry Co. Ltd., Class H (Materials) | 31,198 | ||||||
| 4,900 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 2,659 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 6,900 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)* | 5,138 | ||||||
| 5,100 | Zhejiang China Commodities City Group Co. Ltd., Class A (Real Estate) | 5,760 | ||||||
| 2,000 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 6,809 | ||||||
| 3,100 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 9,191 | ||||||
| 500 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 3,650 | ||||||
| 18,228 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 13,621 | ||||||
| 1,400 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 3,231 | ||||||
| 1,600 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 8,771 | ||||||
| 1,200 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 9,287 | ||||||
| 3,300 | Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)* | 2,471 | ||||||
| 800 | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care) | 2,987 | ||||||
| 2,500 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 5,630 | ||||||
| 10,085 | Zhejiang Leapmotor Technologies Ltd. (Consumer Discretionary)*(a) | 50,542 | ||||||
| 3,000 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 3,800 | ||||||
| 2,900 | Zhejiang NHU Co. Ltd., Class A, 02/28/23 (Health Care) | 6,486 | ||||||
| 3,300 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 13,466 | ||||||
| 731 | Zhejiang Supcon Technology Co. Ltd., Class A (Information Technology) | 5,066 | ||||||
| 400 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 2,616 | ||||||
| 1,600 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 3,933 | ||||||
| 1,500 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 4,165 | ||||||
| 800 | Zhejiang Yongtai Technology Co. Ltd., Class A (Materials) | 1,420 | ||||||
| 9,000 | Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities)* | 5,453 | ||||||
| 3,600 | Zheshang Securities Co. Ltd., Class A (Financials) | 5,094 | ||||||
| 10,719 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a) | 31,849 | ||||||
| 700 | Zhongji Innolight Co. Ltd., Class A, 02/28/23 (Information Technology) | 11,023 | ||||||
| 4,500 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 6,875 | ||||||
| 10,888 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 33,184 | ||||||
|
| |||||||
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 6,100 | Zhongtai Securities Co. Ltd., Class A (Financials) | $ | 6,126 | |||||
| 594 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 3,561 | ||||||
| 7,886 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials) | 27,504 | ||||||
| 2,500 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | 2,999 | ||||||
| 19,200 | Zijin Mining Group Co. Ltd., Class A (Materials) | 32,605 | ||||||
| 88,945 | Zijin Mining Group Co. Ltd., Class H (Materials) | 139,966 | ||||||
| 7,607 | ZJLD Group, Inc. (Consumer Staples)*(a) | 8,488 | ||||||
| 6,600 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 5,858 | ||||||
| 21,521 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 10,292 | ||||||
| 3,700 | ZTE Corp., Class A (Information Technology) | 18,021 | ||||||
| 11,713 | ZTE Corp., Class H, 02/28/23 (Information Technology) | 37,715 | ||||||
| 6,375 | ZTO Express Cayman, Inc. ADR (Industrials) | 160,267 | ||||||
|
| |||||||
| 32,341,511 | ||||||||
|
| |||||||
| Colombia – 0.0% | ||||||||
| 3,561 | Bancolombia SA (Financials) | 25,302 | ||||||
| 73,360 | Ecopetrol SA (Energy) | 42,219 | ||||||
| 6,830 | Interconexion Electrica SA ESP (Utilities) | 24,982 | ||||||
|
| |||||||
| 92,503 | ||||||||
|
| |||||||
| Czech Republic – 0.0% | ||||||||
| 2,501 | CEZ AS (Utilities) | 106,432 | ||||||
| 1,150 | Komercni banka AS (Financials) | 35,966 | ||||||
|
| |||||||
| 142,398 | ||||||||
|
| |||||||
| Denmark – 1.8% | ||||||||
| 41 | AP Moller – Maersk A/S, Class A (Industrials) | 73,558 | ||||||
| 66 | AP Moller – Maersk A/S, Class B (Industrials) | 120,189 | ||||||
| 1,412 | Carlsberg AS, Class B (Consumer Staples) | 204,800 | ||||||
| 1,591 | Chr Hansen Holding A/S (Materials) | 104,121 | ||||||
| 1,910 | Coloplast A/S, Class B (Health Care) | 218,399 | ||||||
| 10,382 | Danske Bank A/S (Financials) | 233,812 | ||||||
| 1,311 | Demant A/S (Health Care)* | 53,781 | ||||||
| 2,745 | DSV A/S (Industrials) | 522,661 | ||||||
| 1,004 | Genmab A/S (Health Care)* | 385,988 | ||||||
| 24,597 | Novo Nordisk A/S, Class B (Health Care)* | 4,563,391 | ||||||
| 3,173 | Novozymes A/S, Class B (Materials) | 137,927 | ||||||
| 2,925 | Orsted AS (Utilities)(a) | 188,484 | ||||||
| 1,374 | Pandora A/S (Consumer Discretionary) | 142,823 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Denmark – (continued) | ||||||||
| 4,941 | Tryg A/S (Financials) | 94,439 | ||||||
| 15,597 | Vestas Wind Systems A/S (Industrials)* | 361,094 | ||||||
|
| |||||||
| 7,405,467 | ||||||||
|
| |||||||
| Egypt – 0.0% | ||||||||
| 4,528 | Abou Kir Fertilizers & Chemical Industries (Materials) | 7,730 | ||||||
| 36,264 | Commercial International Bank Egypt SAE (Financials) | 66,895 | ||||||
| 15,800 | Eastern Co. SAE (Consumer Staples) | 10,380 | ||||||
| 13,921 | EFG Holding S.A.E. (Financials)* | 7,181 | ||||||
| 7,738 | ElSewedy Electric Co. (Industrials) | 5,797 | ||||||
| 2,834 | Ezz Steel Co. SAE (Materials)* | 4,652 | ||||||
| 7,940 | Telecom Egypt Co. (Communication Services) | 6,758 | ||||||
|
| |||||||
| 109,393 | ||||||||
|
| |||||||
| Faroe Islands – 0.0% | ||||||||
| 770 | Bakkafrost P/F (Consumer Staples) | 38,908 | ||||||
|
| |||||||
| Finland – 0.7% | ||||||||
| 2,178 | Elisa OYJ (Communication Services) | 107,013 | ||||||
| 6,682 | Fortum OYJ (Utilities) | 89,929 | ||||||
| 1,618 | Huhtamaki OYJ (Materials) | 55,686 | ||||||
| 4,176 | Kesko OYJ, Class B (Consumer Staples) | 81,674 | ||||||
| 5,141 | Kone OYJ, Class B (Industrials) | 234,351 | ||||||
| 10,790 | Metso Corp. (Industrials) | 124,429 | ||||||
| 6,653 | Neste OYJ (Energy) | 243,920 | ||||||
| 81,882 | Nokia OYJ (Information Technology) | 327,666 | ||||||
| 49,377 | Nordea Bank Abp (Financials) | 542,237 | ||||||
| 1,647 | Orion OYJ, Class B (Health Care) | 67,552 | ||||||
| 7,183 | Sampo OYJ, Class A (Financials) | 315,975 | ||||||
| 8,841 | Stora Enso OYJ, Class R (Materials) | 112,796 | ||||||
| 8,183 | UPM-Kymmene OYJ (Materials) | 280,831 | ||||||
| 7,520 | Wartsila OYJ Abp (Industrials) | 95,697 | ||||||
|
| |||||||
| 2,679,756 | ||||||||
|
| |||||||
| France – 5.4% | ||||||||
| 3,049 | Adevinta ASA (Communication Services)* | 21,727 | ||||||
| 424 | Aeroports de Paris (Industrials) | 55,959 | ||||||
| 7,902 | Air Liquide SA (Materials) | 1,431,065 | ||||||
| 9,077 | Airbus SE (Industrials) | 1,333,727 | ||||||
| 27,578 | AXA SA (Financials) | 831,356 | ||||||
| 651 | BioMerieux (Health Care) | 67,547 | ||||||
| 16,625 | BNP Paribas SA (Financials) | 1,077,404 | ||||||
| 12,316 | Bollore SE (Communication Services) | 73,052 | ||||||
| 3,015 | Bouygues SA (Industrials) | 104,387 | ||||||
| 2,452 | Capgemini SE (Information Technology) | 458,671 | ||||||
| 9,101 | Carrefour SA (Consumer Staples) | 174,540 | ||||||
| 7,211 | Cie de Saint-Gobain SA (Industrials) | 470,840 | ||||||
| 10,407 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 326,545 | ||||||
| 17,180 | Credit Agricole SA (Financials) | 217,342 | ||||||
| 9,773 | Danone SA (Consumer Staples) | 570,982 | ||||||
| 10,521 | Dassault Systemes (Information Technology) | 418,049 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| France – (continued) | ||||||||
| 27,132 | Engie SA (Utilities) | $ | 438,477 | |||||
| 4,445 | EssilorLuxottica SA (Health Care) | 838,960 | ||||||
| 502 | Hermes International SCA (Consumer Discretionary) | 1,035,643 | ||||||
| 1,105 | Kering (Consumer Discretionary) | 592,700 | ||||||
| 3,971 | Legrand SA (Industrials) | 392,634 | ||||||
| 3,473 | L’Oreal SA (Consumer Staples) | 1,529,631 | ||||||
| 4,028 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 3,419,615 | ||||||
| 29,022 | Orange SA (Communication Services) | 326,267 | ||||||
| 3,006 | Pernod Ricard SA (Consumer Staples) | 591,176 | ||||||
| 5,494 | Safran SA (Industrials) | 884,300 | ||||||
| 377 | Sartorius Stedim Biotech (Health Care) | 107,245 | ||||||
| 11,582 | Societe Generale SA (Financials) | 329,536 | ||||||
| 1,257 | Sodexo SA (Consumer Discretionary) | 135,092 | ||||||
| 899 | Teleperformance SE (Industrials) | 124,747 | ||||||
| 1,507 | Thales SA (Industrials) | 220,482 | ||||||
| 35,400 | TotalEnergies SE (Energy) | 2,231,131 | ||||||
| 7,517 | Vinci SA (Industrials) | 840,007 | ||||||
| 3,687 | Worldline SA (Financials)*(a) | 120,371 | ||||||
|
| |||||||
| 21,791,207 | ||||||||
|
| |||||||
| Germany – 4.3% | ||||||||
| 2,569 | adidas AG (Consumer Discretionary) | 514,212 | ||||||
| 6,229 | Allianz SE (Financials) | 1,516,751 | ||||||
| 13,837 | BASF SE (Materials) | 702,692 | ||||||
| 15,231 | Bayer AG (Health Care) | 835,475 | ||||||
| 4,716 | Bayerische Motoren Werke AG (Consumer Discretionary) | 497,366 | ||||||
| 1,517 | Beiersdorf AG (Consumer Staples) | 198,894 | ||||||
| 1,442 | BioNTech SE ADR (Health Care)* | 177,636 | ||||||
| 567 | Carl Zeiss Meditec AG (Health Care) | 56,444 | ||||||
| 1,674 | Continental AG (Consumer Discretionary) | 124,674 | ||||||
| 6,662 | Daimler Truck Holding AG (Industrials) | 234,922 | ||||||
| 30,203 | Deutsche Bank AG (Financials) | 329,513 | ||||||
| 2,847 | Deutsche Boerse AG (Financials) | 506,295 | ||||||
| 50,049 | Deutsche Telekom AG (Communication Services) | 1,072,399 | ||||||
| 14,654 | DHL Group (Industrials) | 685,255 | ||||||
| 34,307 | E.ON SE (Utilities) | 423,736 | ||||||
| 3,114 | Evonik Industries AG (Materials) | 59,839 | ||||||
| 3,086 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 149,215 | ||||||
| 6,378 | Fresenius SE & Co. KGaA (Health Care) | 204,971 | ||||||
| 931 | Hannover Rueck SE (Financials) | 198,303 | ||||||
| 98 | Hapag-Lloyd AG (Industrials)(a) | 19,507 | ||||||
| 2,136 | Heidelberg Materials AG (Materials) | 172,204 | ||||||
| 1,492 | Henkel AG & Co. KGaA (Consumer Staples) | 103,282 | ||||||
| 20,190 | Infineon Technologies AG (Information Technology) | 723,465 | ||||||
| 1,024 | Knorr-Bremse AG (Industrials) | 70,129 | ||||||
| 12,188 | Mercedes-Benz Group AG (Consumer Discretionary) | 893,436 | ||||||
| 2,003 | Merck KGaA (Health Care) | 360,877 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Germany – (continued) | ||||||||
| 832 | MTU Aero Engines AG (Industrials) | 194,870 | ||||||
| 2,113 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 821,476 | ||||||
| 1,560 | Puma SE (Consumer Discretionary) | 104,975 | ||||||
| 11,532 | RWE AG (Utilities) | 476,369 | ||||||
| 15,868 | SAP SE (Information Technology) | 2,218,582 | ||||||
| 11,474 | Siemens AG (Industrials) | 1,729,516 | ||||||
| 7,767 | Siemens Energy AG (Industrials)* | 110,938 | ||||||
| 4,177 | Siemens Healthineers AG (Health Care)(a) | 209,675 | ||||||
| 2,058 | Symrise AG (Materials) | 214,788 | ||||||
| 694 | Talanx AG (Financials) | 46,738 | ||||||
| 13,805 | Telefonica Deutschland Holding AG (Communication Services) | 26,281 | ||||||
| 444 | Volkswagen AG (Consumer Discretionary) | 63,562 | ||||||
| 10,786 | Vonovia SE (Real Estate) | 258,833 | ||||||
| 3,411 | Zalando SE (Consumer Discretionary)*(a) | 106,362 | ||||||
|
| |||||||
| 17,414,457 | ||||||||
|
| |||||||
| Greece – 0.1% | ||||||||
| 31,267 | Alpha Services and Holdings SA (Financials)* | 52,821 | ||||||
| 37,469 | Eurobank Ergasias Services and Holdings SA (Financials)* | 65,189 | ||||||
| 2,694 | Hellenic Telecommunications Organization SA (Communication Services) | 40,350 | ||||||
| 1,620 | JUMBO SA (Consumer Discretionary) | 50,146 | ||||||
| 903 | Motor Oil Hellas Corinth Refineries SA (Energy) | 23,032 | ||||||
| 1,609 | Mytilineos SA (Industrials) | 65,382 | ||||||
| 8,453 | National Bank of Greece SA (Financials)* | 57,561 | ||||||
| 3,029 | OPAP SA (Consumer Discretionary) | 51,220 | ||||||
| 9,905 | Piraeus Financial Holdings SA (Financials)* | 34,315 | ||||||
| 3,248 | Public Power Corp. SA (Utilities)* | 35,605 | ||||||
| 1,046 | Star Bulk Carriers Corp. (Industrials) | 18,399 | ||||||
| 834 | Terna Energy SA (Utilities) | 15,026 | ||||||
|
| |||||||
| 509,046 | ||||||||
|
| |||||||
| Guatemala – 0.0% | ||||||||
| 2,007 | Millicom International Cellular SA SDR (Communication Services)* | 31,984 | ||||||
|
| |||||||
| Hong Kong – 1.3% | ||||||||
| 179,475 | AIA Group Ltd. (Financials) | 1,629,562 | ||||||
| 9,340 | Cathay Pacific Airways Ltd. (Industrials)* | 9,957 | ||||||
| 29,410 | CK Asset Holdings Ltd. (Real Estate) | 162,394 | ||||||
| 9,415 | CK Infrastructure Holdings Ltd. (Utilities) | 47,665 | ||||||
| 29,397 | CLP Holdings Ltd. (Utilities) | 230,550 | ||||||
|
| |||||||
| 32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Hong Kong – (continued) | ||||||||
| 1,103 | Futu Holdings Ltd. ADR (Financials)* | $ | 65,739 | |||||
| 27,232 | Hang Lung Properties Ltd. (Real Estate) | 36,394 | ||||||
| 11,172 | Hang Seng Bank Ltd. (Financials) | 142,468 | ||||||
| 20,402 | Henderson Land Development Co. Ltd. (Real Estate) | 56,067 | ||||||
| 35,069 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 20,348 | ||||||
| 55,972 | HKT Trust & HKT Ltd. (Communication Services) | 59,671 | ||||||
| 141,873 | Hong Kong & China Gas Co. Ltd. (Utilities) | 104,391 | ||||||
| 18,495 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 716,993 | ||||||
| 16,173 | Hongkong Land Holdings Ltd. (Real Estate) | 57,414 | ||||||
| 3,060 | Jardine Matheson Holdings Ltd. (Industrials) | 145,534 | ||||||
| 39,531 | Link REIT (Real Estate) | 196,099 | ||||||
| 24,270 | MTR Corp. Ltd. (Industrials) | 101,360 | ||||||
| 21,226 | New World Development Co. Ltd. (Real Estate) | 45,095 | ||||||
| 2,033 | Orient Overseas International Ltd. (Industrials) | 27,273 | ||||||
| 3,773 | Polestar Automotive Holding UK PLC, Class A ADR (Consumer Discretionary)* | 12,564 | ||||||
| 21,139 | Power Assets Holdings Ltd. (Utilities) | 104,189 | ||||||
| 42,659 | Prudential PLC (Financials) | 522,283 | ||||||
| 151,986 | Sino Biopharmaceutical Ltd. (Health Care) | 57,757 | ||||||
| 52,210 | Sino Land Co. Ltd. (Real Estate) | 59,855 | ||||||
| 938 | Star CM Holdings Ltd. (Communication Services)* | 2,960 | ||||||
| 22,571 | Sun Hung Kai Properties Ltd. (Real Estate) | 254,155 | ||||||
| 6,350 | Swire Pacific Ltd., Class A (Real Estate) | 52,392 | ||||||
| 11,847 | Swire Pacific Ltd., Class B (Real Estate) | 15,621 | ||||||
| 16,307 | Swire Properties Ltd. (Real Estate) | 34,104 | ||||||
| 21,145 | Techtronic Industries Co. Ltd. (Industrials) | 208,976 | ||||||
| 117,701 | WH Group Ltd. (Consumer Staples)(a) | 60,639 | ||||||
| 23,993 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 100,051 | ||||||
|
| |||||||
| 5,340,520 | ||||||||
|
| |||||||
| Hungary – 0.1% | ||||||||
| 6,851 | MOL Hungarian Oil & Gas PLC (Energy) | 51,854 | ||||||
| 3,527 | OTP Bank Nyrt (Financials) | 144,055 | ||||||
| 2,153 | Richter Gedeon Nyrt (Health Care) | 54,023 | ||||||
|
| |||||||
| 249,932 | ||||||||
|
| |||||||
| India – 4.2% | ||||||||
| 3,079 | Aarti Industries Ltd. (Materials) | 18,291 | ||||||
| 821 | ABB India Ltd. (Industrials) | 43,452 | ||||||
| 1,071 | ACC Ltd. (Materials) | 25,948 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 4,460 | Adani Energy Solutions Ltd. (Utilities)* | 43,754 | ||||||
| 4,834 | Adani Enterprises Ltd. (Industrials) | 141,263 | ||||||
| 4,785 | Adani Green Energy Ltd. (Utilities)* | 53,675 | ||||||
| 11,234 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 107,501 | ||||||
| 12,163 | Adani Power Ltd. (Utilities)* | 47,206 | ||||||
| 4,288 | Adani Total Gas Ltd. (Utilities) | 32,932 | ||||||
| 2,429 | Adani Wilmar Ltd. (Consumer Staples)* | 10,548 | ||||||
| 7,668 | Aditya Birla Capital Ltd. (Financials)* | 16,779 | ||||||
| 481 | Alkem Laboratories Ltd. (Health Care) | 21,165 | ||||||
| 9,390 | Ambuja Cements Ltd. (Materials) | 48,591 | ||||||
| 1,570 | Apollo Hospitals Enterprise Ltd. (Health Care) | 91,297 | ||||||
| 22,249 | Ashok Leyland Ltd., 02/28/23 (Industrials) | 49,410 | ||||||
| 6,311 | Asian Paints Ltd. (Materials) | 248,221 | ||||||
| 1,839 | Astral Ltd. (Industrials) | 43,407 | ||||||
| 7,089 | AU Small Finance Bank Ltd. (Financials)(a) | 61,958 | ||||||
| 4,375 | Aurobindo Pharma Ltd. (Health Care) | 43,863 | ||||||
| 2,246 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 100,935 | ||||||
| 35,333 | Axis Bank Ltd. (Financials) | 415,488 | ||||||
| 1,053 | Bajaj Auto Ltd. (Consumer Discretionary) | 58,685 | ||||||
| 4,121 | Bajaj Finance Ltd. (Financials) | 356,566 | ||||||
| 5,927 | Bajaj Finserv Ltd. (Financials) | 106,596 | ||||||
| 414 | Bajaj Holdings & Investment Ltd. (Financials) | 37,195 | ||||||
| 1,250 | Balkrishna Industries Ltd. (Consumer Discretionary) | 35,078 | ||||||
| 11,782 | Bandhan Bank Ltd. (Financials)(a) | 32,676 | ||||||
| 16,035 | Bank of Baroda (Financials) | 36,249 | ||||||
| 3,158 | Berger Paints India Ltd. (Materials) | 27,412 | ||||||
| 55,378 | Bharat Electronics Ltd. (Industrials) | 89,101 | ||||||
| 3,951 | Bharat Forge Ltd. (Consumer Discretionary) | 51,083 | ||||||
| 14,909 | Bharat Petroleum Corp. Ltd. (Energy) | 61,330 | ||||||
| 36,966 | Bharti Airtel Ltd. (Communication Services) | 382,403 | ||||||
| 6,938 | Biocon Ltd. (Health Care) | 21,735 | ||||||
| 135 | Bosch Ltd. (Consumer Discretionary) | 30,288 | ||||||
| 1,847 | Britannia Industries Ltd. (Consumer Staples) | 99,678 | ||||||
| 5,625 | Canara Bank (Financials) | 21,770 | ||||||
| 9,914 | CG Power & Industrial Solutions Ltd. (Industrials) | 51,416 | ||||||
| 6,175 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 83,678 | ||||||
| 8,326 | Cipla Ltd. (Health Care) | 126,480 | ||||||
| 32,358 | Coal India Ltd. (Energy) | 89,918 | ||||||
| 2,066 | Colgate-Palmolive India Ltd. (Consumer Staples) | 48,465 | ||||||
| 4,259 | Container Corp. Of India Ltd. (Industrials) | 34,592 | ||||||
| 2,105 | Cummins India Ltd. (Industrials) | 43,423 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 9,175 | Dabur India Ltd. (Consumer Staples) | $ | 61,299 | |||||
| 1,246 | Dalmia Bharat Ltd. (Materials) | 31,382 | ||||||
| 1,148 | Deepak Nitrite Ltd. (Materials) | 30,785 | ||||||
| 4,737 | Delhivery Ltd. (Industrials)* | 25,034 | ||||||
| 1,960 | Divi’s Laboratories Ltd. (Health Care) | 85,044 | ||||||
| 9,606 | DLF Ltd. (Real Estate) | 58,493 | ||||||
| 1,886 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 127,756 | ||||||
| 2,154 | Eicher Motors Ltd. (Consumer Discretionary) | 86,814 | ||||||
| 9,439 | Embassy Office Parks REIT (Real Estate) | 34,794 | ||||||
| 15,877 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)* | 25,613 | ||||||
| 41,812 | GAIL India Ltd. (Utilities) | 58,082 | ||||||
| 950 | Gland Pharma Ltd. (Health Care)*(a) | 19,984 | ||||||
| 5,831 | Godrej Consumer Products Ltd. (Consumer Staples)* | 70,797 | ||||||
| 1,788 | Godrej Properties Ltd. (Real Estate)* | 35,546 | ||||||
| 4,821 | Grasim Industries Ltd. (Materials) | 104,295 | ||||||
| 533 | Gujarat Fluorochemicals Ltd. (Materials) | 19,615 | ||||||
| 2,703 | Gujarat Gas Ltd. (Utilities)* | 14,671 | ||||||
| 3,404 | Havells India Ltd. (Industrials) | 56,930 | ||||||
| 16,423 | HCL Technologies Ltd. (Information Technology) | 232,529 | ||||||
| 1,222 | HDFC Asset Management Co. Ltd. (Financials)(a) | 37,259 | ||||||
| 15,174 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 118,177 | ||||||
| 2,020 | Hero MotoCorp Ltd. (Consumer Discretionary) | 71,150 | ||||||
| 22,601 | Hindalco Industries Ltd. (Materials) | 125,541 | ||||||
| 1,288 | Hindustan Aeronautics Ltd. (Industrials) | 60,681 | ||||||
| 9,917 | Hindustan Petroleum Corp. Ltd. (Energy)* | 29,720 | ||||||
| 13,876 | Hindustan Unilever Ltd. (Consumer Staples) | 419,877 | ||||||
| 34 | Honeywell Automation India Ltd. (Information Technology) | 16,282 | ||||||
| 80,271 | ICICI Bank Ltd. (Financials) | 929,621 | ||||||
| 3,656 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 58,016 | ||||||
| 5,941 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | 40,467 | ||||||
| 8,819 | IDBI Bank Ltd. (Financials) | 6,370 | ||||||
| 44,149 | IDFC First Bank Ltd. (Financials)* | 49,783 | ||||||
| 13,139 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 66,801 | ||||||
| 58,122 | Indian Oil Corp. Ltd. (Energy) | 62,555 | ||||||
| 4,661 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 37,835 | ||||||
| 5,426 | Indraprastha Gas Ltd. (Utilities) | 30,654 | ||||||
| 12,947 | Indus Towers Ltd. (Communication Services)* | 27,400 | ||||||
| 8,903 | IndusInd Bank Ltd. (Financials) | 148,209 | ||||||
| 1,067 | Info Edge India Ltd. (Communication Services) | 55,827 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 55,648 | Infosys Ltd. (Information Technology) | 964,894 | ||||||
| 1,678 | InterGlobe Aviation Ltd. (Industrials)*(a) | 49,355 | ||||||
| 46,244 | ITC Ltd. (Consumer Staples) | 245,614 | ||||||
| 5,902 | Jindal Steel & Power Ltd. (Materials) | 48,799 | ||||||
| 5,752 | JSW Energy Ltd. (Utilities) | 24,384 | ||||||
| 14,701 | JSW Steel Ltd. (Materials) | 138,449 | ||||||
| 5,920 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 36,616 | ||||||
| 16,940 | Kotak Mahindra Bank Ltd. (Financials) | 359,881 | ||||||
| 422 | L&T Technology Services Ltd. (Industrials)(a) | 22,450 | ||||||
| 10,678 | Larsen & Toubro Ltd. (Industrials) | 348,602 | ||||||
| 3,432 | Life Insurance Corp. Of India (Financials) | 26,752 | ||||||
| 303 | Linde India Ltd. (Materials) | 22,942 | ||||||
| 1,427 | LTIMindtree Ltd. (Information Technology)(a) | 89,519 | ||||||
| 3,725 | Lupin Ltd. (Health Care) | 49,398 | ||||||
| 3,736 | Macrotech Developers Ltd. (Real Estate)*(a) | 30,252 | ||||||
| 13,738 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 261,430 | ||||||
| 663 | Mankind Pharma Ltd. (Health Care)* | 14,439 | ||||||
| 8,091 | Marico Ltd. (Consumer Staples) | 55,713 | ||||||
| 2,043 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 246,874 | ||||||
| 3,429 | Max Financial Services Ltd. (Financials)* | 38,674 | ||||||
| 11,476 | Max Healthcare Institute Ltd. (Health Care)* | 81,725 | ||||||
| 1,294 | Mphasis Ltd. (Information Technology) | 37,964 | ||||||
| 35 | MRF Ltd. (Consumer Discretionary) | 45,950 | ||||||
| 1,653 | Muthoot Finance Ltd. (Financials) | 25,165 | ||||||
| 557 | Nestle India Ltd. (Consumer Staples) | 147,928 | ||||||
| 42,742 | NHPC Ltd. (Utilities) | 25,918 | ||||||
| 17,812 | NMDC Ltd. (Materials) | 26,475 | ||||||
| 73,352 | NTPC Ltd. (Utilities) | 195,195 | ||||||
| 1,820 | Oberoi Realty Ltd. (Real Estate) | 24,641 | ||||||
| 60,041 | Oil & Natural Gas Corp. Ltd. (Energy) | 126,303 | ||||||
| 3,121 | One 97 Communications Ltd. (Financials)* | 32,192 | ||||||
| 359 | Oracle Financial Services Software Ltd. (Information Technology) | 17,820 | ||||||
| 80 | Page Industries Ltd. (Consumer Discretionary) | 38,802 | ||||||
| 1,076 | Patanjali Foods Ltd. (Consumer Staples) | 15,948 | ||||||
| 3,665 | PB Fintech Ltd. (Financials)* | 34,294 | ||||||
| 773 | Persistent Systems Ltd. (Information Technology) | 50,148 | ||||||
| 11,627 | Petronet LNG Ltd. (Energy) | 30,238 | ||||||
| 1,253 | PI Industries Ltd. (Materials) | 54,916 | ||||||
| 2,362 | Pidilite Industries Ltd. (Materials) | 71,756 | ||||||
| 676 | Polycab India Ltd. (Industrials) | 41,833 | ||||||
| 18,011 | Power Finance Corp. Ltd. (Financials) | 56,609 | ||||||
| 52,624 | Power Grid Corp. of India Ltd. (Utilities) | 155,451 | ||||||
| 34,145 | Punjab National Bank (Financials) | 25,984 | ||||||
| 19,337 | REC Ltd. (Financials) | 55,743 | ||||||
|
| |||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 53,092 | Reliance Industries Ltd. (Energy) | $ | 1,543,643 | |||||
| 31,786 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 36,783 | ||||||
| 4,541 | SBI Cards & Payment Services Ltd. (Financials) | 44,789 | ||||||
| 6,912 | SBI Life Insurance Co. Ltd. (Financials)(a) | 107,918 | ||||||
| 627 | Schaeffler India Ltd. (Industrials) | 23,117 | ||||||
| 154 | Shree Cement Ltd. (Materials) | 44,275 | ||||||
| 3,706 | Shriram Finance Ltd. (Financials) | 86,322 | ||||||
| 1,380 | Siemens Ltd. (Industrials) | 65,379 | ||||||
| 377 | Solar Industries India Ltd. (Materials) | 22,033 | ||||||
| 4,214 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a) | 30,317 | ||||||
| 2,264 | SRF Ltd. (Materials) | 64,444 | ||||||
| 27,673 | State Bank of India (Financials) | 187,643 | ||||||
| 22,413 | Steel Authority of India Ltd. (Materials) | 24,556 | ||||||
| 16,712 | Sun Pharmaceutical Industries Ltd. (Health Care) | 224,398 | ||||||
| 1,739 | Tata Communications Ltd., 02/28/23 (Communication Services) | 37,582 | ||||||
| 15,708 | Tata Consultancy Services Ltd. (Information Technology) | 636,925 | ||||||
| 9,329 | Tata Consumer Products Ltd. (Consumer Staples) | 94,021 | ||||||
| 541 | Tata Elxsi Ltd. (Information Technology) | 47,359 | ||||||
| 26,758 | Tata Motors Ltd. (Consumer Discretionary) | 194,254 | ||||||
| 7,123 | Tata Motors Ltd., Class A (Consumer Discretionary) | 34,373 | ||||||
| 26,311 | Tata Power Co. Ltd. (The) (Utilities) | 77,897 | ||||||
| 125,157 | Tata Steel Ltd. (Materials) | 185,801 | ||||||
| 9,636 | Tech Mahindra Ltd. (Information Technology) | 139,902 | ||||||
| 5,767 | Titan Co. Ltd. (Consumer Discretionary) | 216,260 | ||||||
| 1,435 | Torrent Pharmaceuticals Ltd. (Health Care) | 31,938 | ||||||
| 2,811 | Trent Ltd., 02/28/23 (Consumer Discretionary) | 69,560 | ||||||
| 1,562 | Tube Investments of India Ltd. (Consumer Discretionary) | 54,726 | ||||||
| 3,556 | TVS Motor Co. Ltd. (Consumer Discretionary) | 60,990 | ||||||
| 1,783 | UltraTech Cement Ltd. (Materials) | 178,705 | ||||||
| 17,490 | Union Bank of India Ltd. (Financials) | 18,148 | ||||||
| 1,071 | United Breweries Ltd. (Consumer Staples) | 19,620 | ||||||
| 4,610 | United Spirits Ltd. (Consumer Staples)* | 56,106 | ||||||
| 8,059 | UPL Ltd. (Materials) | 57,547 | ||||||
| 7,202 | Varun Beverages Ltd. (Consumer Staples) | 78,252 | ||||||
| 569 | Vedant Fashions Ltd. (Consumer Discretionary) | 8,663 | ||||||
| 17,341 | Vedanta Ltd. (Materials) | 48,659 | ||||||
| 3,576 | Voltas Ltd. (Industrials) | 37,576 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 22,866 | Wipro Ltd. (Information Technology) | 112,802 | ||||||
| 662 | WNS Holdings Ltd., 02/28/23 ADR (Industrials)* | 43,262 | ||||||
| 196,724 | Yes Bank Ltd. (Financials)* | 39,922 | ||||||
| 58,884 | Zomato Ltd. (Consumer Discretionary)* | 69,421 | ||||||
| 3,919 | Zydus Lifesciences Ltd. (Health Care) | 29,627 | ||||||
|
| |||||||
| 16,842,739 | ||||||||
|
| |||||||
| Indonesia – 0.5% | ||||||||
| 170,626 | Adaro Energy Indonesia Tbk PT (Energy) | 29,913 | ||||||
| 102,460 | Adaro Minerals Indonesia Tbk PT (Materials)* | 9,149 | ||||||
| 130,393 | Aneka Tambang Tbk (Materials) | 17,038 | ||||||
| 313,015 | Astra International Tbk PT (Industrials) | 132,564 | ||||||
| 811,415 | Bank Central Asia Tbk PT (Financials) | 488,820 | ||||||
| 59,754 | Bank Jago Tbk PT (Financials)* | 9,142 | ||||||
| 563,420 | Bank Mandiri Persero Tbk PT (Financials) | 222,889 | ||||||
| 115,562 | Bank Negara Indonesia Persero Tbk PT (Financials) | 69,618 | ||||||
| 1,089,472 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 397,017 | ||||||
| 418,141 | Barito Pacific Tbk PT (Materials) | 29,377 | ||||||
| 106,495 | Chandra Asri Petrochemical Tbk PT (Materials) | 15,244 | ||||||
| 113,050 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples)* | 38,413 | ||||||
| 350,688 | Dayamitra Telekomunikasi PT (Communication Services) | 17,270 | ||||||
| 238,096 | Elang Mahkota Teknologi Tbk PT (Communication Services) | 8,911 | ||||||
| 11,690,426 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)* | 73,689 | ||||||
| 7,093 | Gudang Garam Tbk PT (Consumer Staples) | 11,201 | ||||||
| 39,648 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 23,690 | ||||||
| 24,085 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 16,921 | ||||||
| 35,199 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 25,885 | ||||||
| 67,954 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 31,679 | ||||||
| 20,487 | Indosat Tbk PT (Communication Services) | 12,914 | ||||||
| 294,302 | Kalbe Farma Tbk PT (Health Care) | 35,073 | ||||||
| 551,160 | Merdeka Battery Materials Tbk PT (Materials)* | 29,313 | ||||||
| 189,673 | Merdeka Copper Gold Tbk PT (Materials)* | 42,094 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Indonesia – (continued) | ||||||||
| 297,144 | Sarana Menara Nusantara Tbk PT (Communication Services) | $ | 20,096 | |||||
| 51,072 | Semen Indonesia Persero Tbk PT (Materials) | 22,803 | ||||||
| 292,156 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 55,630 | ||||||
| 735,782 | Telkom Indonesia Persero Tbk PT (Communication Services) | 180,201 | ||||||
| 85,558 | Tower Bersama Infrastructure Tbk PT (Communication Services) | 11,797 | ||||||
| 88,751 | Unilever Indonesia Tbk PT (Consumer Staples) | 21,386 | ||||||
| 21,897 | United Tractors Tbk PT (Energy) | 37,382 | ||||||
| 32,631 | Vale Indonesia Tbk PT (Materials) | 12,641 | ||||||
|
| |||||||
| 2,149,760 | ||||||||
|
| |||||||
| Ireland – 0.5% | ||||||||
| 2,566 | AerCap Holdings NV (Industrials)* | 157,860 | ||||||
| 16,362 | Bank of Ireland Group PLC (Financials) | 163,343 | ||||||
| 11,274 | CRH PLC (Materials) | 649,989 | ||||||
| 2,432 | Kerry Group PLC, Class A (Consumer Staples) | 227,373 | ||||||
| 2,374 | Kingspan Group PLC (Industrials) | 201,183 | ||||||
| 2,865 | Ryanair Holdings PLC ADR (Industrials)* | 284,351 | ||||||
| 4,011 | Smurfit Kappa Group PLC (Materials) | 168,822 | ||||||
|
| |||||||
| 1,852,921 | ||||||||
|
| |||||||
| Israel – 0.5% | ||||||||
| 895 | Airport City Ltd. (Real Estate)* | 13,749 | ||||||
| 2,368 | Alony Hetz Properties & Investments Ltd. (Real Estate) | 18,048 | ||||||
| 3,348 | Amot Investments Ltd. (Real Estate) | 15,866 | ||||||
| 595 | Ashtrom Group Ltd. (Industrials) | 8,177 | ||||||
| 567 | Azrieli Group Ltd. (Real Estate) | 30,482 | ||||||
| 19,267 | Bank Hapoalim BM (Financials) | 159,988 | ||||||
| 22,718 | Bank Leumi Le-Israel BM (Financials) | 176,861 | ||||||
| 31,028 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | 42,054 | ||||||
| 177 | Big Shopping Centers Ltd. (Real Estate)* | 14,819 | ||||||
| 1,420 | Check Point Software Technologies Ltd. (Information Technology)* | 191,118 | ||||||
| 144 | Delek Group Ltd. (Energy) | 20,715 | ||||||
| 384 | Elbit Systems Ltd. (Industrials) | 75,652 | ||||||
| 4,022 | Energix-Renewable Energies Ltd. (Utilities) | 12,548 | ||||||
| 1,798 | Enlight Renewable Energy Ltd. (Utilities)* | 29,311 | ||||||
| 103 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)* | 10,115 | ||||||
| 803 | First International Bank Of Israel Ltd. (The) (Financials) | 32,536 | ||||||
| 1,056 | Global-e Online Ltd. (Consumer Discretionary)* | 41,849 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Israel – (continued) | ||||||||
| 1,709 | Harel Insurance Investments & Financial Services Ltd. (Financials) | 12,468 | ||||||
| 10,812 | ICL Group Ltd. (Materials) | 64,901 | ||||||
| 58 | Israel Corp. Ltd. (Materials) | 16,156 | ||||||
| 19,179 | Israel Discount Bank Ltd., Class A (Financials) | 96,190 | ||||||
| 744 | Maytronics Ltd. (Consumer Discretionary) | 8,062 | ||||||
| 390 | Melisron Ltd. (Real Estate) | 24,489 | ||||||
| 9,083 | Mivne Real Estate KD Ltd. (Real Estate) | 21,797 | ||||||
| 2,331 | Mizrahi Tefahot Bank Ltd. (Financials) | 76,835 | ||||||
| 981 | Nice Ltd. (Information Technology)* | 194,222 | ||||||
| 445 | Nova Ltd. (Information Technology)* | 57,688 | ||||||
| 1,576 | OPC Energy Ltd. (Utilities)* | 9,751 | ||||||
| 2,536 | Phoenix Holdings Ltd. (The) (Financials) | 25,445 | ||||||
| 1,234 | Plus500 Ltd. (Financials) | 22,329 | ||||||
| 2,200 | Shapir Engineering and Industry Ltd. (Industrials) | 15,129 | ||||||
| 4,112 | Shufersal Ltd. (Consumer Staples)* | 19,173 | ||||||
| 776 | Strauss Group Ltd. (Consumer Staples)* | 16,871 | ||||||
| 17,278 | Teva Pharmaceutical Industries Ltd. (Health Care)* | 168,308 | ||||||
| 1,705 | Tower Semiconductor Ltd. (Information Technology)* | 49,871 | ||||||
| 851 | Wix.com Ltd. (Information Technology)* | 84,053 | ||||||
| 1,478 | ZIM Integrated Shipping Services Ltd. (Industrials)(b) | 17,839 | ||||||
|
| |||||||
| 1,895,465 | ||||||||
|
| |||||||
| Italy – 1.4% | ||||||||
| 24,106 | A2A SpA (Utilities) | 46,296 | ||||||
| 1,885 | Amplifon SpA (Health Care) | 61,458 | ||||||
| 15,915 | Assicurazioni Generali SpA (Financials) | 330,439 | ||||||
| 3,147 | Banca Mediolanum SpA (Financials) | 28,828 | ||||||
| 7,592 | Davide Campari-Milano NV (Consumer Staples) | 99,457 | ||||||
| 350 | DiaSorin SpA (Health Care) | 37,060 | ||||||
| 119,050 | Enel SpA (Utilities) | 802,400 | ||||||
| 32,885 | Eni SpA (Energy) | 509,821 | ||||||
| 2,024 | Ferrari NV (Consumer Discretionary) | 643,647 | ||||||
| 9,459 | FinecoBank Banca Fineco SpA (Financials) | 129,972 | ||||||
| 10,833 | Hera SpA (Utilities) | 32,874 | ||||||
| 4,823 | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | 59,753 | ||||||
| 1,117 | Interpump Group SpA (Industrials) | 56,677 | ||||||
| 240,510 | Intesa Sanpaolo SpA (Financials) | 645,285 | ||||||
| 6,208 | Leonardo SpA (Industrials) | 89,715 | ||||||
| 9,375 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 122,814 | ||||||
| 3,008 | Moncler SpA (Consumer Discretionary) | 204,503 | ||||||
| 7,535 | Nexi SpA (Financials)*(a) | 54,237 | ||||||
|
| |||||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Italy – (continued) | ||||||||
| 3,907 | Pirelli & C SpA (Consumer Discretionary)(a) | $ | 19,536 | |||||
| 7,067 | Poste Italiane SpA (Financials)(a) | 78,658 | ||||||
| 7,943 | PRADA SpA (Consumer Discretionary) | 51,912 | ||||||
| 3,963 | Prysmian SpA (Industrials) | 162,544 | ||||||
| 1,513 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 76,162 | ||||||
| 31,742 | Snam SpA (Utilities) | 164,125 | ||||||
| 513 | Stevanato Group SpA (Health Care) | 16,437 | ||||||
| 166,998 | Telecom Italia SpA (Communication Services)* | 51,928 | ||||||
| 93,454 | Telecom Italia SpA-RSP (Communication Services)* | 28,705 | ||||||
| 21,750 | Terna—Rete Elettrica Nazionale (Utilities) | 179,881 | ||||||
| 27,986 | UniCredit SpA (Financials) | 685,403 | ||||||
| 6,482 | UnipolSai Assicurazioni SpA (Financials) | 16,420 | ||||||
|
| |||||||
| 5,486,947 | ||||||||
|
| |||||||
| Japan – 14.8% | ||||||||
| 1,419 | ABC-Mart, Inc. (Consumer Discretionary) | 25,834 | ||||||
| 5,887 | Acom Co. Ltd. (Financials) | 13,979 | ||||||
| 2,843 | Advantest Corp. (Information Technology) | 357,560 | ||||||
| 12,136 | Aeon Co. Ltd. (Consumer Staples) | 251,665 | ||||||
| 1,422 | Aeon Mall Co. Ltd. (Real Estate) | 17,054 | ||||||
| 3,155 | AGC, Inc. (Industrials) | 110,805 | ||||||
| 3,133 | Air Water, Inc. (Materials) | 39,446 | ||||||
| 2,258 | Aisin Corp. (Consumer Discretionary) | 75,486 | ||||||
| 8,109 | Ajinomoto Co., Inc. (Consumer Staples) | 343,833 | ||||||
| 2,908 | Alfresa Holdings Corp. (Health Care) | 49,817 | ||||||
| 5,236 | Amada Co. Ltd. (Industrials) | 55,530 | ||||||
| 6,926 | ANA Holdings, Inc. (Industrials)* | 156,517 | ||||||
| 7,378 | Asahi Group Holdings Ltd. (Consumer Staples) | 287,650 | ||||||
| 3,307 | Asahi Intecc Co. Ltd. (Health Care) | 67,396 | ||||||
| 21,045 | Asahi Kasei Corp. (Materials) | 136,142 | ||||||
| 2,616 | Asics Corp. (Consumer Discretionary) | 95,433 | ||||||
| 27,689 | Astellas Pharma, Inc. (Health Care) | 421,179 | ||||||
| 2,026 | Azbil Corp. (Information Technology) | 67,633 | ||||||
| 8,987 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 208,772 | ||||||
| 2,002 | BayCurrent Consulting, Inc. (Industrials) | 68,936 | ||||||
| 8,498 | Bridgestone Corp. (Consumer Discretionary) | 330,441 | ||||||
| 3,896 | Brother Industries Ltd. (Information Technology) | 66,060 | ||||||
| 1,203 | Calbee, Inc. (Consumer Staples) | 24,009 | ||||||
| 15,512 | Canon, Inc. (Information Technology) | 382,299 | ||||||
| 2,593 | Capcom Co. Ltd. (Communication Services) | 109,412 | ||||||
| 3,451 | Casio Computer Co. Ltd. (Consumer Discretionary) | 30,614 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 2,888 | Central Japan Railway Co. (Industrials) | 370,757 | ||||||
| 11,332 | Chiba Bank Ltd. (The) (Financials) | 81,068 | ||||||
| 11,221 | Chubu Electric Power Co., Inc. (Utilities) | 149,911 | ||||||
| 9,912 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 303,450 | ||||||
| 2,176 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 28,376 | ||||||
| 17,381 | Concordia Financial Group Ltd. (Financials) | 77,172 | ||||||
| 295 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 34,680 | ||||||
| 6,408 | CyberAgent, Inc. (Communication Services) | 40,846 | ||||||
| 3,682 | Dai Nippon Printing Co. Ltd. (Industrials) | 100,734 | ||||||
| 5,301 | Daifuku Co. Ltd. (Industrials) | 98,075 | ||||||
| 14,962 | Dai-ichi Life Holdings, Inc. (Financials) | 278,665 | ||||||
| 29,705 | Daiichi Sankyo Co. Ltd. (Health Care) | 877,163 | ||||||
| 4,216 | Daikin Industries Ltd. (Industrials) | 730,491 | ||||||
| 929 | Daito Trust Construction Co. Ltd. (Real Estate) | 102,513 | ||||||
| 9,464 | Daiwa House Industry Co. Ltd. (Real Estate) | 263,147 | ||||||
| 33 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 62,607 | ||||||
| 22,175 | Daiwa Securities Group, Inc. (Financials) | 126,270 | ||||||
| 6,902 | Denso Corp. (Consumer Discretionary) | 472,144 | ||||||
| 3,083 | Dentsu Group, Inc. (Communication Services) | 92,224 | ||||||
| 1,381 | Disco Corp. (Information Technology) | 272,671 | ||||||
| 5,649 | East Japan Railway Co. (Industrials) | 319,419 | ||||||
| 1,431 | Ebara Corp. (Industrials) | 71,351 | ||||||
| 4,383 | Eisai Co. Ltd. (Health Care) | 278,723 | ||||||
| 2,604 | Electric Power Development Co. Ltd. (Utilities) | 40,638 | ||||||
| 43,116 | ENEOS Holdings, Inc. (Energy) | 161,791 | ||||||
| 14,581 | FANUC Corp. (Industrials) | 415,942 | ||||||
| 2,588 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 595,159 | ||||||
| 1,666 | Food & Life Cos. Ltd. (Consumer Discretionary) | 31,681 | ||||||
| 2,110 | Fuji Electric Co. Ltd. (Industrials) | 99,641 | ||||||
| 4,739 | FUJIFILM Holdings Corp. (Information Technology) | 280,398 | ||||||
| 2,946 | Fujitsu Ltd. (Information Technology) | 368,389 | ||||||
| 2,836 | Fukuoka Financial Group, Inc. (Financials) | 67,148 | ||||||
| 70 | GLP J REIT (Real Estate) | 66,016 | ||||||
| 681 | GMO Payment Gateway, Inc. (Financials) | 43,166 | ||||||
| 3,390 | Hakuhodo DY Holdings, Inc. (Communication Services) | 32,215 | ||||||
| 2,165 | Hamamatsu Photonics KK (Information Technology) | 100,320 | ||||||
| 3,660 | Hankyu Hanshin Holdings, Inc. (Industrials) | 131,482 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 698 | Harmonic Drive Systems, Inc. (Industrials) | $ | 18,387 | |||||
| 3,947 | Haseko Corp. (Consumer Discretionary) | 49,044 | ||||||
| 297 | Hikari Tsushin, Inc. (Industrials) | 49,492 | ||||||
| 4,323 | Hino Motors Ltd. (Industrials)* | 16,958 | ||||||
| 454 | Hirose Electric Co. Ltd. (Information Technology) | 55,056 | ||||||
| 1,110 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 37,680 | ||||||
| 1,601 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 49,937 | ||||||
| 14,206 | Hitachi Ltd. (Industrials) | 945,928 | ||||||
| 26,293 | Honda Motor Co. Ltd. (Consumer Discretionary) | 849,373 | ||||||
| 1,677 | Hoshizaki Corp. (Industrials) | 64,438 | ||||||
| 5,371 | Hoya Corp. (Health Care) | 595,999 | ||||||
| 7,441 | Hulic Co. Ltd. (Real Estate) | 66,853 | ||||||
| 1,931 | Ibiden Co. Ltd. (Information Technology) | 116,615 | ||||||
| 3,674 | Idemitsu Kosan Co. Ltd. (Energy) | 78,106 | ||||||
| 2,271 | IHI Corp. (Industrials) | 56,640 | ||||||
| 2,622 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 42,999 | ||||||
| 14,461 | Inpex Corp. (Energy) | 202,137 | ||||||
| 5,253 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 60,293 | ||||||
| 9,360 | Isuzu Motors Ltd. (Consumer Discretionary) | 120,227 | ||||||
| 861 | Ito En Ltd. (Consumer Staples) | 25,484 | ||||||
| 19,262 | ITOCHU Corp. (Industrials) | 723,987 | ||||||
| 1,318 | Itochu Techno-Solutions Corp. (Information Technology) | 39,155 | ||||||
| 3,864 | J Front Retailing Co. Ltd. (Consumer Discretionary)(b) | 40,741 | ||||||
| 6,656 | Japan Airlines Co. Ltd. (Industrials) | 137,203 | ||||||
| 8,195 | Japan Exchange Group, Inc. (Financials) | 143,146 | ||||||
| 108 | Japan Metropolitan Fund Invest REIT (Real Estate) | 72,551 | ||||||
| 5,973 | Japan Post Bank Co. Ltd. (Financials) | 47,941 | ||||||
| 32,743 | Japan Post Holdings Co. Ltd. (Financials) | 251,220 | ||||||
| 2,830 | Japan Post Insurance Co. Ltd. (Financials) | 45,633 | ||||||
| 17,177 | Japan Tobacco, Inc. (Consumer Staples) | 376,494 | ||||||
| 8,214 | JFE Holdings, Inc. (Materials) | 129,965 | ||||||
| 3,489 | JGC Holdings Corp. (Industrials) | 46,661 | ||||||
| 3,120 | JSR Corp. (Materials) | 87,223 | ||||||
| 3,471 | JTEKT Corp. (Consumer Discretionary) | 31,459 | ||||||
| 6,857 | Kajima Corp. (Industrials) | 114,617 | ||||||
| 1,918 | Kakaku.com, Inc. (Communication Services) | 22,858 | ||||||
| 11,363 | Kansai Electric Power Co., Inc. (The) (Utilities) | 161,877 | ||||||
| 3,025 | Kansai Paint Co. Ltd. (Materials) | 49,639 | ||||||
| 7,003 | Kao Corp. (Consumer Staples) | 271,250 | ||||||
| 2,423 | Kawasaki Heavy Industries Ltd. (Industrials) | 62,229 | ||||||
| 1,957 | Kawasaki Kisen Kaisha Ltd. (Industrials) | 65,679 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 23,882 | KDDI Corp. (Communication Services) | 709,480 | ||||||
| 1,662 | Keihan Holdings Co. Ltd. (Industrials) | 47,468 | ||||||
| 4,029 | Keikyu Corp. (Industrials) | 37,181 | ||||||
| 1,703 | Keio Corp. (Industrials) | 58,956 | ||||||
| 2,448 | Keisei Electric Railway Co. Ltd. (Industrials) | 93,794 | ||||||
| 1,597 | Kewpie Corp. (Consumer Staples) | 26,618 | ||||||
| 2,850 | Keyence Corp. (Information Technology) | 1,184,751 | ||||||
| 2,383 | Kikkoman Corp. (Consumer Staples) | 137,921 | ||||||
| 2,930 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 92,759 | ||||||
| 12,645 | Kirin Holdings Co. Ltd. (Consumer Staples) | 177,708 | ||||||
| 785 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 38,833 | ||||||
| 2,190 | Kobe Bussan Co. Ltd. (Consumer Staples) | 54,515 | ||||||
| 1,753 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 27,243 | ||||||
| 3,714 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 63,152 | ||||||
| 13,894 | Komatsu Ltd. (Industrials) | 396,058 | ||||||
| 1,483 | Konami Group Corp. (Communication Services) | 86,137 | ||||||
| 519 | Kose Corp. (Consumer Staples) | 43,100 | ||||||
| 16,477 | Kubota Corp. (Industrials) | 264,270 | ||||||
| 5,028 | Kuraray Co. Ltd. (Materials) | 57,175 | ||||||
| 1,743 | Kurita Water Industries Ltd. (Industrials) | 68,039 | ||||||
| 5,158 | Kyocera Corp. (Information Technology) | 264,942 | ||||||
| 3,855 | Kyowa Kirin Co. Ltd. (Health Care) | 70,713 | ||||||
| 7,162 | Kyushu Electric Power Co., Inc. (Utilities)* | 47,315 | ||||||
| 2,178 | Kyushu Railway Co. (Industrials) | 47,469 | ||||||
| 1,215 | Lasertec Corp. (Information Technology) | 189,237 | ||||||
| 692 | Lawson, Inc. (Consumer Staples) | 33,040 | ||||||
| 3,951 | Lion Corp. (Consumer Staples) | 43,029 | ||||||
| 4,314 | Lixil Corp. (Industrials) | 54,064 | ||||||
| 6,338 | M3, Inc. (Health Care) | 126,403 | ||||||
| 3,782 | Makita Corp. (Industrials) | 103,860 | ||||||
| 25,996 | Marubeni Corp. (Industrials) | 425,782 | ||||||
| 2,755 | Marui Group Co. Ltd. (Financials) | 47,735 | ||||||
| 1,836 | MatsukiyoCocokara & Co. (Consumer Staples) | 108,141 | ||||||
| 8,918 | Mazda Motor Corp. (Consumer Discretionary) | 93,875 | ||||||
| 1,322 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 52,577 | ||||||
| 16,400 | Mebuki Financial Group, Inc. (Financials) | 45,409 | ||||||
| 2,844 | Medipal Holdings Corp. (Health Care) | 48,779 | ||||||
| 4,109 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 103,074 | ||||||
| 1,691 | Mercari, Inc. (Consumer Discretionary)* | 38,539 | ||||||
| 6,002 | MINEBEA MITSUMI, Inc. (Industrials) | 102,057 | ||||||
| 4,412 | MISUMI Group, Inc. (Industrials) | 77,082 | ||||||
|
| |||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 22,084 | Mitsubishi Chemical Group Corp. (Materials) | $ | 132,017 | |||||
| 19,032 | Mitsubishi Corp. (Industrials) | 940,717 | ||||||
| 30,379 | Mitsubishi Electric Corp. (Industrials) | 396,261 | ||||||
| 19,742 | Mitsubishi Estate Co. Ltd. (Real Estate) | 252,564 | ||||||
| 2,808 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 38,305 | ||||||
| 12,902 | Mitsubishi HC Capital, Inc. (Financials) | 83,916 | ||||||
| 5,012 | Mitsubishi Heavy Industries Ltd. (Industrials) | 284,708 | ||||||
| 1,981 | Mitsubishi Materials Corp. (Materials) | 33,290 | ||||||
| 10,052 | Mitsubishi Motors Corp. (Consumer Discretionary) | 39,542 | ||||||
| 177,261 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 1,416,651 | ||||||
| 23,174 | Mitsui & Co. Ltd. (Industrials) | 864,658 | ||||||
| 2,754 | Mitsui Chemicals, Inc. (Materials) | 74,835 | ||||||
| 13,568 | Mitsui Fudosan Co. Ltd. (Real Estate) | 297,483 | ||||||
| 5,601 | Mitsui OSK Lines Ltd. (Industrials) | 155,275 | ||||||
| 1,564 | Miura Co. Ltd. (Industrials) | 36,150 | ||||||
| 39,115 | Mizuho Financial Group, Inc. (Financials) | 647,506 | ||||||
| 3,826 | MonotaRO Co. Ltd. (Industrials) | 45,254 | ||||||
| 6,594 | MS&AD Insurance Group Holdings, Inc. (Financials) | 237,336 | ||||||
| 9,557 | Murata Manufacturing Co. Ltd. (Information Technology) | 537,308 | ||||||
| 1,676 | Nabtesco Corp. (Industrials) | 31,762 | ||||||
| 3,047 | Nagoya Railroad Co. Ltd. (Industrials) | 48,954 | ||||||
| 3,937 | NEC Corp. (Information Technology) | 207,850 | ||||||
| 6,908 | Nexon Co. Ltd. (Communication Services) | 140,310 | ||||||
| 4,483 | NGK Insulators Ltd. (Industrials) | 59,554 | ||||||
| 1,503 | NH Foods Ltd. (Consumer Staples) | 46,643 | ||||||
| 1,966 | Nichirei Corp. (Consumer Staples) | 46,535 | ||||||
| 7,435 | NIDEC Corp. (Industrials) | 389,765 | ||||||
| 4,674 | Nihon M&A Center Holdings, Inc. (Industrials) | 26,008 | ||||||
| 5,047 | Nikon Corp. (Consumer Discretionary) | 54,566 | ||||||
| 17,842 | Nintendo Co. Ltd. (Communication Services) | 768,045 | ||||||
| 25 | Nippon Building Fund, Inc. REIT (Real Estate) | 105,608 | ||||||
| 1,281 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 66,600 | ||||||
| 13,786 | Nippon Paint Holdings Co. Ltd. (Materials) | 106,625 | ||||||
| 35 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 70,416 | ||||||
| 2,892 | Nippon Sanso Holdings Corp. (Materials) | 69,864 | ||||||
| 944 | Nippon Shinyaku Co. Ltd. (Health Care) | 41,492 | ||||||
| 13,230 | Nippon Steel Corp. (Materials) | 313,245 | ||||||
| 831,013 | Nippon Telegraph & Telephone Corp. (Communication Services) | 960,672 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 2,509 | Nippon Television Holdings, Inc. (Communication Services) | 23,404 | ||||||
| 7,659 | Nippon Yusen KK (Industrials) | 204,436 | ||||||
| 2,024 | Nissan Chemical Corp. (Materials) | 86,863 | ||||||
| 34,084 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 145,340 | ||||||
| 3,961 | Nisshin Seifun Group, Inc. (Consumer Staples) | 52,252 | ||||||
| 942 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 82,304 | ||||||
| 2,978 | Niterra Co. Ltd. (Consumer Discretionary) | 69,242 | ||||||
| 1,268 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 144,755 | ||||||
| 2,294 | Nitto Denko Corp. (Materials) | 156,768 | ||||||
| 46,047 | Nomura Holdings, Inc. (Financials) | 178,451 | ||||||
| 1,600 | Nomura Real Estate Holdings, Inc. (Real Estate) | 40,312 | ||||||
| 67 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 78,742 | ||||||
| 6,018 | Nomura Research Institute Ltd. (Information Technology) | 172,994 | ||||||
| 7,527 | NSK Ltd. (Industrials) | 43,910 | ||||||
| 9,620 | NTT Data Group Corp. (Information Technology) | 129,579 | ||||||
| 10,716 | Obayashi Corp. (Industrials) | 97,087 | ||||||
| 446 | OBIC Business Consultants Co. Ltd. (Information Technology) | 19,147 | ||||||
| 1,009 | Obic Co. Ltd. (Information Technology) | 175,554 | ||||||
| 4,920 | Odakyu Electric Railway Co. Ltd. (Industrials) | 73,199 | ||||||
| 14,393 | Oji Holdings Corp. (Materials) | 58,922 | ||||||
| 19,436 | Olympus Corp. (Health Care) | 263,067 | ||||||
| 2,903 | Omron Corp. (Information Technology) | 140,339 | ||||||
| 6,816 | Ono Pharmaceutical Co. Ltd. (Health Care) | 129,288 | ||||||
| 1,160 | Open House Group Co. Ltd. (Consumer Discretionary) | 39,250 | ||||||
| 516 | Oracle Corp. Japan (Information Technology) | 36,046 | ||||||
| 17,073 | Oriental Land Co. Ltd. (Consumer Discretionary) | 615,559 | ||||||
| 17,819 | ORIX Corp. (Financials) | 332,917 | ||||||
| 43 | Orix JREIT, Inc. REIT (Real Estate) | 53,490 | ||||||
| 6,367 | Osaka Gas Co. Ltd. (Utilities) | 101,900 | ||||||
| 1,703 | Otsuka Corp. (Information Technology) | 75,976 | ||||||
| 6,863 | Otsuka Holdings Co. Ltd. (Health Care) | 261,443 | ||||||
| 5,921 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 118,127 | ||||||
| 34,939 | Panasonic Holdings Corp. (Consumer Discretionary) | 403,064 | ||||||
| 1,975 | Park24 Co. Ltd. (Industrials)* | 27,892 | ||||||
| 2,854 | Persol Holdings Co. Ltd. (Industrials) | 48,911 | ||||||
| 1,280 | Pola Orbis Holdings, Inc. (Consumer Staples) | 16,534 | ||||||
| 1,346 | Rakus Co. Ltd. (Information Technology) | 21,921 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 22,007 | Rakuten Group, Inc. (Consumer Discretionary) | $ | 85,906 | |||||
| 22,315 | Recruit Holdings Co. Ltd. (Industrials) | 800,112 | ||||||
| 18,699 | Renesas Electronics Corp. (Information Technology)* | 314,743 | ||||||
| 36,788 | Resona Holdings, Inc. (Financials) | 195,153 | ||||||
| 2,742 | Resonac Holdings Corp. (Materials) | 44,656 | ||||||
| 8,770 | Ricoh Co. Ltd. (Information Technology) | 71,565 | ||||||
| 1,688 | Rinnai Corp. (Consumer Discretionary) | 32,714 | ||||||
| 1,361 | Rohm Co. Ltd. (Information Technology) | 113,771 | ||||||
| 3,051 | Rohto Pharmaceutical Co. Ltd. (Consumer Staples) | 79,573 | ||||||
| 3,989 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 51,471 | ||||||
| 5,648 | Santen Pharmaceutical Co. Ltd. (Health Care) | 52,548 | ||||||
| 3,741 | SBI Holdings, Inc. (Financials) | 76,459 | ||||||
| 1,160 | SBI Shinsei Bank Ltd. (Financials) | 22,517 | ||||||
| 722 | SCREEN Holdings Co. Ltd. (Information Technology) | 73,646 | ||||||
| 2,222 | SCSK Corp. (Information Technology) | 38,553 | ||||||
| 3,219 | Secom Co. Ltd. (Industrials) | 225,420 | ||||||
| 2,398 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 47,907 | ||||||
| 3,456 | Seibu Holdings, Inc. (Industrials) | 36,569 | ||||||
| 4,263 | Seiko Epson Corp. (Information Technology) | 66,836 | ||||||
| 5,847 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 89,802 | ||||||
| 9,256 | Sekisui House Ltd. (Consumer Discretionary) | 188,858 | ||||||
| 11,827 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 485,883 | ||||||
| 9,389 | Seven Bank Ltd. (Financials) | 19,980 | ||||||
| 7,020 | SG Holdings Co. Ltd. (Industrials) | 101,453 | ||||||
| 4,297 | Sharp Corp. (Consumer Discretionary)* | 26,472 | ||||||
| 4,249 | Shimadzu Corp. (Information Technology) | 125,090 | ||||||
| 366 | Shimamura Co. Ltd. (Consumer Discretionary) | 37,735 | ||||||
| 1,216 | Shimano, Inc. (Consumer Discretionary) | 178,744 | ||||||
| 8,404 | Shimizu Corp. (Industrials) | 56,554 | ||||||
| 30,380 | Shin-Etsu Chemical Co. Ltd. (Materials) | 972,218 | ||||||
| 987 | Shinko Electric Industries Co. Ltd. (Information Technology) | 40,515 | ||||||
| 4,547 | Shionogi & Co. Ltd. (Health Care) | 200,420 | ||||||
| 6,069 | Shiseido Co. Ltd. (Consumer Staples) | 246,620 | ||||||
| 8,500 | Shizuoka Financial Group, Inc. (Financials) | 69,186 | ||||||
| 873 | SMC Corp. (Industrials) | 423,353 | ||||||
| 43,335 | SoftBank Corp. (Communication Services) | 497,094 | ||||||
| 15,119 | SoftBank Group Corp. (Communication Services) | 679,698 | ||||||
| 5,488 | Sohgo Security Services Co. Ltd. (Industrials) | 35,008 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 3,593 | Sojitz Corp. (Industrials) | 77,297 | ||||||
| 5,045 | Sompo Holdings, Inc. (Financials) | 219,944 | ||||||
| 19,097 | Sony Group Corp. (Consumer Discretionary) | 1,593,111 | ||||||
| 1,366 | Square Enix Holdings Co. Ltd. (Communication Services) | 51,887 | ||||||
| 2,313 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 40,649 | ||||||
| 9,511 | Subaru Corp. (Consumer Discretionary) | 183,543 | ||||||
| 529 | Sugi Holdings Co. Ltd. (Consumer Staples) | 23,760 | ||||||
| 5,276 | SUMCO Corp. (Information Technology) | 70,559 | ||||||
| 22,189 | Sumitomo Chemical Co. Ltd. (Materials) | 61,483 | ||||||
| 18,078 | Sumitomo Corp. (Industrials) | 372,400 | ||||||
| 11,303 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 138,624 | ||||||
| 1,776 | Sumitomo Heavy Industries Ltd. (Industrials) | 44,563 | ||||||
| 3,872 | Sumitomo Metal Mining Co. Ltd. (Materials) | 120,215 | ||||||
| 19,295 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 885,461 | ||||||
| 5,155 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 193,014 | ||||||
| 2,379 | Sumitomo Pharma Co. Ltd. (Health Care) | 8,309 | ||||||
| 5,797 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 148,484 | ||||||
| 2,713 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 28,652 | ||||||
| 1,052 | Sundrug Co. Ltd. (Consumer Staples) | 31,094 | ||||||
| 1,941 | Suntory Beverage & Food Ltd. (Consumer Staples) | 62,849 | ||||||
| 6,153 | Suzuki Motor Corp. (Consumer Discretionary) | 242,384 | ||||||
| 2,461 | Sysmex Corp. (Health Care) | 131,025 | ||||||
| 8,373 | T&D Holdings, Inc. (Financials) | 133,056 | ||||||
| 2,586 | Taisei Corp. (Industrials) | 87,091 | ||||||
| 754 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 31,240 | ||||||
| 1,902 | Taiyo Yuden Co. Ltd. (Information Technology) | 53,003 | ||||||
| 23,674 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 733,059 | ||||||
| 2,087 | TBS Holdings, Inc. (Communication Services) | 36,935 | ||||||
| 5,802 | TDK Corp. (Information Technology) | 211,779 | ||||||
| 11,132 | Terumo Corp. (Health Care) | 337,435 | ||||||
| 1,901 | THK Co. Ltd. (Industrials) | 34,805 | ||||||
| 3,652 | TIS, Inc. (Information Technology) | 86,217 | ||||||
| 3,236 | Tobu Railway Co. Ltd. (Industrials) | 88,755 | ||||||
| 145 | Toei Animation Co. Ltd. (Communication Services) | 12,241 | ||||||
| 1,669 | Toho Co. Ltd. (Communication Services) | 63,683 | ||||||
| 7,151 | Tohoku Electric Power Co., Inc. (Utilities)* | 50,003 | ||||||
|
| |||||||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 29,486 | Tokio Marine Holdings, Inc. (Financials) | $ | 653,579 | |||||
| 635 | Tokyo Century Corp. (Financials) | 24,421 | ||||||
| 23,101 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 101,553 | ||||||
| 7,011 | Tokyo Electron Ltd. (Information Technology) | 1,038,997 | ||||||
| 6,401 | Tokyo Gas Co. Ltd. (Utilities) | 148,478 | ||||||
| 8,536 | Tokyu Corp. (Industrials) | 107,913 | ||||||
| 9,214 | Tokyu Fudosan Holdings Corp. (Real Estate) | 57,372 | ||||||
| 4,030 | TOPPAN, Inc. (Industrials) | 97,466 | ||||||
| 23,443 | Toray Industries, Inc. (Materials) | 126,583 | ||||||
| 6,460 | Toshiba Corp. (Industrials) | 204,203 | ||||||
| 4,645 | Tosoh Corp. (Materials) | 60,174 | ||||||
| 2,367 | TOTO Ltd. (Industrials) | 64,953 | ||||||
| 1,415 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 58,433 | ||||||
| 1,127 | Toyota Boshoku Corp. (Consumer Discretionary) | 21,346 | ||||||
| 2,575 | Toyota Industries Corp. (Industrials) | 182,179 | ||||||
| 176,493 | Toyota Motor Corp. (Consumer Discretionary) | 3,048,940 | ||||||
| 3,611 | Toyota Tsusho Corp. (Industrials) | 215,665 | ||||||
| 2,051 | Trend Micro, Inc. (Information Technology) | 87,191 | ||||||
| 586 | Tsuruha Holdings, Inc. (Consumer Staples) | 42,908 | ||||||
| 6,406 | Unicharm Corp. (Consumer Staples) | 255,738 | ||||||
| 48 | United Urban Investment Corp. REIT (Real Estate) | 51,599 | ||||||
| 3,074 | USS Co. Ltd. (Consumer Discretionary) | 53,727 | ||||||
| 1,425 | Welcia Holdings Co. Ltd. (Consumer Staples) | 26,208 | ||||||
| 3,686 | West Japan Railway Co. (Industrials) | 159,608 | ||||||
| 324 | Workman Co. Ltd. (Consumer Discretionary) | 11,706 | ||||||
| 2,057 | Yakult Honsha Co. Ltd. (Consumer Staples) | 107,862 | ||||||
| 10,062 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 31,654 | ||||||
| 2,514 | Yamaha Corp. (Consumer Discretionary) | 77,690 | ||||||
| 4,740 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 123,038 | ||||||
| 4,776 | Yamato Holdings Co. Ltd. (Industrials) | 89,772 | ||||||
| 2,053 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 38,914 | ||||||
| 4,059 | Yaskawa Electric Corp. (Industrials) | 159,505 | ||||||
| 3,711 | Yokogawa Electric Corp. (Information Technology) | 73,629 | ||||||
| 2,036 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 41,458 | ||||||
| 40,528 | Z Holdings Corp. (Communication Services) | 121,875 | ||||||
| 1,813 | ZOZO, Inc. (Consumer Discretionary) | 36,233 | ||||||
|
| |||||||
| 59,854,655 | ||||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Jordan – 0.0% | ||||||||
| 2,445 | Hikma Pharmaceuticals PLC (Health Care) | 67,819 | ||||||
|
| |||||||
| Kuwait – 0.2% | ||||||||
| 23,267 | Agility Public Warehousing Co. KSC (Industrials)* | 43,401 | ||||||
| 20,148 | Boubyan Bank KSCP (Financials) | 39,871 | ||||||
| 31,523 | Gulf Bank KSCP (Financials) | 25,771 | ||||||
| 160,110 | Kuwait Finance House KSCP (Financials) | 386,965 | ||||||
| 9,798 | Mabanee Co KPSC (Real Estate) | 26,573 | ||||||
| 32,524 | Mobile Telecommunications Co. KSCP (Communication Services) | 53,811 | ||||||
| 115,716 | National Bank of Kuwait SAKP (Financials) | 345,365 | ||||||
|
| |||||||
| 921,757 | ||||||||
|
| |||||||
| Luxembourg – 0.1% | ||||||||
| 7,109 | ArcelorMittal (Materials) | 189,267 | ||||||
| 2,009 | Eurofins Scientific SE (Health Care) | 123,938 | ||||||
| 2,097 | Reinet Investments SCA (Financials) | 44,784 | ||||||
|
| |||||||
| 357,989 | ||||||||
|
| |||||||
| Macau – 0.1% | ||||||||
| 28,823 | Galaxy Entertainment Group Ltd. (Consumer Discretionary)* | 190,763 | ||||||
| 37,594 | Sands China Ltd. (Consumer Discretionary)* | 127,283 | ||||||
|
| |||||||
| 318,046 | ||||||||
|
| |||||||
| Mexico – 0.8% | ||||||||
| 74,710 | Alfa SAB de CV, Class A (Industrials) | 50,023 | ||||||
| 499,286 | America Movil SAB de CV, Series B (Communication Services) | 476,097 | ||||||
| 7,230 | Arca Continental SAB de CV (Consumer Staples) | 71,305 | ||||||
| 27,246 | Becle SAB de CV (Consumer Staples) | 74,526 | ||||||
| 234,371 | Cemex SAB de CV, Series CPO (Materials)* | 187,282 | ||||||
| 8,143 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 69,893 | ||||||
| 74,556 | Controladora Axtel SAB de CV (Communication Services)* | 793 | ||||||
| 3,061 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 19,299 | ||||||
| 44,373 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 65,485 | ||||||
| 33,506 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 379,854 | ||||||
| 2,857 | Fresnillo PLC (Materials) | 20,831 | ||||||
| 2,803 | Gruma SAB de CV, Class B (Consumer Staples) | 47,400 | ||||||
| 5,874 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 109,323 | ||||||
| 2,820 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 77,836 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Mexico – (continued) | ||||||||
| 21,103 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | $ | 105,165 | |||||
| 7,580 | Grupo Carso SAB de CV, Series A1 (Industrials) | 61,206 | ||||||
| 7,005 | Grupo Comercial Chedraui SA de CV (Consumer Staples) | 39,728 | ||||||
| 802 | Grupo Elektra SAB DE CV (Financials) | 55,901 | ||||||
| 44,705 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 383,578 | ||||||
| 30,362 | Grupo Financiero Inbursa SAB de CV, Class O, 02/28/23 (Financials)* | 66,436 | ||||||
| 47,823 | Grupo Mexico SAB de CV, Series B (Materials) | 230,737 | ||||||
| 39,185 | Grupo Televisa SAB, Series CPO (Communication Services) | 35,223 | ||||||
| 2,909 | Industrias Penoles SAB de CV (Materials)* | 41,679 | ||||||
| 24,818 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 56,561 | ||||||
| 18,371 | Operadora De Sites Mexicanos SAB de CV, Class A-1 (Communication Services) | 17,376 | ||||||
| 14,118 | Orbia Advance Corp. SAB de CV (Materials) | 31,831 | ||||||
| 77,238 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 308,232 | ||||||
|
| |||||||
| 3,083,600 | ||||||||
|
| |||||||
| Netherlands – 3.0% | ||||||||
| 466 | Adyen NV (Financials)*(a) | 390,710 | ||||||
| 2,645 | Akzo Nobel NV (Materials) | 215,421 | ||||||
| 863 | Argenx SE ADR (Health Care)* | 433,649 | ||||||
| 713 | ASM International NV (Information Technology) | 344,520 | ||||||
| 6,120 | ASML Holding NV (Information Technology) | 4,037,881 | ||||||
| 1,649 | EXOR NV (Financials) | 146,294 | ||||||
| 1,401 | HAL Trust (Financials) | 176,691 | ||||||
| 1,718 | Heineken Holding NV (Consumer Staples) | 137,796 | ||||||
| 4,455 | Heineken NV (Consumer Staples) | 434,301 | ||||||
| 54,499 | ING Groep NV (Financials) | 774,872 | ||||||
| 1,510 | JDE Peet’s NV (Consumer Staples) | 42,086 | ||||||
| 14,878 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 487,261 | ||||||
| 49,736 | Koninklijke KPN NV (Communication Services) | 174,197 | ||||||
| 14,261 | Koninklijke Philips NV (Health Care)* | 321,946 | ||||||
| 3,877 | NN Group NV (Financials) | 149,633 | ||||||
| 104,261 | Shell PLC (Energy) | 3,185,939 | ||||||
| 11,915 | Universal Music Group NV (Communication Services) | 296,012 | ||||||
| 3,839 | Wolters Kluwer NV (Industrials) | 463,333 | ||||||
|
| |||||||
| 12,212,542 | ||||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| New Zealand – 0.2% | ||||||||
| 10,471 | a2 Milk Co. Ltd. (The) (Consumer Staples)* | 31,175 | ||||||
| 18,705 | Auckland International Airport Ltd. (Industrials)* | 86,987 | ||||||
| 6,309 | Chorus Ltd. (Communication Services) | 30,148 | ||||||
| 12,019 | Contact Energy Ltd. (Utilities) | 59,902 | ||||||
| 8,503 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 114,983 | ||||||
| 12,508 | Infratil Ltd. (Industrials) | 75,149 | ||||||
| 1,284 | Mainfreight Ltd. (Industrials) | 50,124 | ||||||
| 10,109 | Mercury NZ Ltd. (Utilities) | 37,350 | ||||||
| 19,609 | Meridian Energy Ltd. (Utilities) | 62,643 | ||||||
| 9,295 | Ryman Healthcare Ltd. (Health Care) | 36,751 | ||||||
| 28,317 | Spark New Zealand Ltd. (Communication Services) | 85,571 | ||||||
| 1,970 | Xero Ltd. (Information Technology)* | 159,611 | ||||||
|
| |||||||
| 830,394 | ||||||||
|
| |||||||
| Norway – 0.5% | ||||||||
| 343 | Aker ASA, Class A (Industrials) | 21,153 | ||||||
| 4,756 | Aker BP ASA (Energy) | 129,037 | ||||||
| 11,426 | AutoStore Holdings Ltd. (Industrials)*(a) | 19,582 | ||||||
| 13,776 | DNB Bank ASA (Financials) | 272,745 | ||||||
| 15,313 | Equinor ASA (Energy) | 472,469 | ||||||
| 2,216 | Frontline PLC (Energy) | 39,640 | ||||||
| 2,807 | Gjensidige Forsikring ASA (Financials) | 43,673 | ||||||
| 1,296 | Kongsberg Gruppen ASA (Industrials) | 53,706 | ||||||
| 4,159 | Leroy Seafood Group ASA (Consumer Staples) | 17,211 | ||||||
| 6,864 | Mowi ASA (Consumer Staples) | 124,540 | ||||||
| 25,860 | NEL ASA (Industrials)* | 28,420 | ||||||
| 2,556 | Nordic Semiconductor ASA (Information Technology)* | 31,262 | ||||||
| 20,256 | Norsk Hydro ASA (Materials) | 112,542 | ||||||
| 12,326 | Orkla ASA (Consumer Staples) | 94,185 | ||||||
| 1,007 | Salmar ASA (Consumer Staples) | 49,227 | ||||||
| 1,062 | Schibsted ASA, Class A (Communication Services) | 22,614 | ||||||
| 1,479 | Schibsted ASA, Class B (Communication Services) | 29,087 | ||||||
| 1,117 | Seadrill Ltd. (Energy)* | 54,605 | ||||||
| 2,637 | SpareBank 1 SR-Bank ASA (Financials) | 31,905 | ||||||
| 6,739 | Storebrand ASA (Financials) | 54,104 | ||||||
| 9,981 | Telenor ASA (Communication Services) | 106,874 | ||||||
| 3,616 | TOMRA Systems ASA (Industrials) | 49,682 | ||||||
| 6,040 | Var Energi ASA (Energy) | 17,523 | ||||||
| 1,573 | Wallenius Wilhelmsen ASA (Industrials) | 12,762 | ||||||
|
| |||||||
| 1,888,548 | ||||||||
|
| |||||||
| Philippines – 0.2% | ||||||||
| 32,775 | Aboitiz Equity Ventures, Inc. (Industrials) | 27,206 | ||||||
| 124,029 | ACEN Corp. (Utilities) | 10,975 | ||||||
| 3,844 | Ayala Corp. (Industrials) | 41,821 | ||||||
| 92,789 | Ayala Land, Inc. (Real Estate) | 44,493 | ||||||
|
| |||||||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Philippines – (continued) | ||||||||
| 30,667 | Bank of the Philippine Islands (Financials) | $ | 59,579 | |||||
| 32,653 | BDO Unibank, Inc. (Financials) | 80,335 | ||||||
| 48,354 | Emperador, Inc. (Consumer Staples) | 17,849 | ||||||
| 549 | Globe Telecom, Inc. (Communication Services) | 17,473 | ||||||
| 12,601 | International Container Terminal Services, Inc. (Industrials) | 46,113 | ||||||
| 46,387 | JG Summit Holdings, Inc. (Industrials) | 29,944 | ||||||
| 6,941 | Jollibee Foods Corp. (Consumer Discretionary) | 29,054 | ||||||
| 4,568 | Manila Electric Co. (Utilities) | 27,721 | ||||||
| 27,891 | Metropolitan Bank & Trust Co. (Financials) | 27,191 | ||||||
| 111,822 | Monde Nissin Corp. (Consumer Staples)(a) | 14,220 | ||||||
| 1,340 | PLDT, Inc. (Communication Services) | 27,216 | ||||||
| 7,578 | SM Investments Corp. (Industrials) | 111,488 | ||||||
| 179,095 | SM Prime Holdings, Inc. (Real Estate) | 92,363 | ||||||
| 1,061 | TELUS International CDA, Inc. (Industrials)* | 9,309 | ||||||
| 13,510 | Universal Robina Corp. (Consumer Staples) | 26,653 | ||||||
|
| |||||||
| 741,003 | ||||||||
|
| |||||||
| Poland – 0.2% | ||||||||
| 6,506 | Allegro.eu SA (Consumer Discretionary)*(a) | 52,127 | ||||||
| 2,735 | Bank Polska Kasa Opieki SA (Financials) | 71,606 | ||||||
| 1,072 | CD Projekt SA (Communication Services) | 38,380 | ||||||
| 3,764 | Cyfrowy Polsat SA (Communication Services) | 12,385 | ||||||
| 742 | Dino Polska SA (Consumer Staples)*(a) | 68,218 | ||||||
| 2,689 | InPost SA (Industrials)* | 31,680 | ||||||
| 2,115 | KGHM Polska Miedz SA (Materials) | 58,556 | ||||||
| 203 | mBank SA (Financials)* | 21,131 | ||||||
| 9,018 | ORLEN SA (Energy) | 137,964 | ||||||
| 13,613 | PGE Polska Grupa Energetyczna SA (Utilities)* | 28,030 | ||||||
| 13,296 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials)* | 120,499 | ||||||
| 8,811 | Powszechny Zaklad Ubezpieczen SA (Financials) | 88,361 | ||||||
| 516 | Santander Bank Polska SA (Financials)* | 46,526 | ||||||
|
| |||||||
| 775,463 | ||||||||
|
| |||||||
| Portugal – 0.1% | ||||||||
| 113,560 | Banco Comercial Portugues SA, Class R (Financials)* | 31,725 | ||||||
| 43,481 | EDP – Energias de Portugal SA (Utilities) | 198,490 | ||||||
| 7,386 | Galp Energia SGPS SA (Energy) | 101,848 | ||||||
| 4,261 | Jeronimo Martins SGPS SA (Consumer Staples) | 108,680 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Portugal – (continued) | ||||||||
| 3,311 | Navigator Co SA (The) (Materials) | 12,125 | ||||||
|
| |||||||
| 452,868 | ||||||||
|
| |||||||
| Qatar – 0.2% | ||||||||
| 52,213 | Commercial Bank PSQC (The) (Financials) | 81,475 | ||||||
| 27,056 | Dukhan Bank (Financials) | 31,070 | ||||||
| 30,800 | Industries Qatar QSC (Industrials) | 104,585 | ||||||
| 106,925 | Masraf Al Rayan QSC (Financials) | 65,213 | ||||||
| 67,293 | Mesaieed Petrochemical Holding Co. (Materials) | 34,016 | ||||||
| 10,838 | Ooredoo QPSC (Communication Services) | 32,157 | ||||||
| 7,544 | Qatar Electricity & Water Co. QSC (Utilities) | 37,119 | ||||||
| 9,079 | Qatar Fuel QSC (Energy) | 39,908 | ||||||
| 54,763 | Qatar Gas Transport Co. Ltd. (Energy) | 55,771 | ||||||
| 17,220 | Qatar International Islamic Bank QSC (Financials) | 46,792 | ||||||
| 25,436 | Qatar Islamic Bank (Financials) | 135,006 | ||||||
| 68,829 | Qatar National Bank QPSC (Financials) | 294,981 | ||||||
|
| |||||||
| 958,093 | ||||||||
|
| |||||||
| Saudi Arabia – 1.1% | ||||||||
| 2,063 | ACWA Power Co. (Utilities) | 106,157 | ||||||
| 1,975 | Advanced Petrochemical Co. (Materials) | 22,406 | ||||||
| 30,388 | Al Rajhi Bank (Financials) | 584,969 | ||||||
| 15,194 | Alinma Bank (Financials) | 149,483 | ||||||
| 3,812 | Almarai Co. JSC (Consumer Staples) | 64,437 | ||||||
| 10,318 | Arab National Bank (Financials) | 70,975 | ||||||
| 391 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | 36,800 | ||||||
| 7,597 | Bank AlBilad (Financials) | 86,895 | ||||||
| 9,157 | Banque Saudi Fransi (Financials) | 93,629 | ||||||
| 1,149 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 61,759 | ||||||
| 1,311 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 84,938 | ||||||
| 409 | Elm Co. (Information Technology) | 92,691 | ||||||
| 5,849 | Etihad Etisalat Co. (Communication Services) | 70,410 | ||||||
| 9,117 | Jarir Marketing Co. (Consumer Discretionary) | 35,878 | ||||||
| 1,472 | Mouwasat Medical Services Co. (Health Care) | 43,250 | ||||||
| 604 | Nahdi Medical Co. (Consumer Staples) | 24,446 | ||||||
| 6,477 | Rabigh Refining & Petrochemical Co. (Energy)* | 17,822 | ||||||
| 22,791 | Riyad Bank (Financials) | 185,031 | ||||||
| 3,616 | SABIC Agri-Nutrients Co. (Materials) | 132,660 | ||||||
| 5,571 | Sahara International Petrochemical Co. (Materials) | 54,141 | ||||||
| 18,779 | Saudi Arabian Mining Co. (Materials)* | 202,778 | ||||||
| 67,910 | Saudi Arabian Oil Co. (Energy)(a) | 631,906 | ||||||
| 785 | Saudi Aramco Base Oil Co. (Materials) | 30,641 | ||||||
| 15,523 | Saudi Awwal Bank (Financials) | 148,374 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Saudi Arabia – (continued) | ||||||||
| 13,952 | Saudi Basic Industries Corp. (Materials) | $ | 328,838 | |||||
| 12,121 | Saudi Electricity Co. (Utilities) | 66,896 | ||||||
| 5,734 | Saudi Industrial Investment Group (Materials) | 39,443 | ||||||
| 11,395 | Saudi Kayan Petrochemical Co. (Materials)* | 37,004 | ||||||
| 45,581 | Saudi National Bank (The) (Financials) | 434,464 | ||||||
| 27,903 | Saudi Telecom Co. (Communication Services) | 296,092 | ||||||
| 4,057 | Savola Group (The) (Consumer Staples) | 40,996 | ||||||
| 4,272 | Yanbu National Petrochemical Co. (Materials) | 48,180 | ||||||
|
| |||||||
| 4,324,389 | ||||||||
|
| |||||||
| Singapore – 1.0% | ||||||||
| 37,213 | Capital and Investment Ltd. (Real Estate) | 89,278 | ||||||
| 55,042 | CapitaLand Ascendas REIT REIT (Real Estate) | 112,896 | ||||||
| 78,790 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 111,432 | ||||||
| 6,838 | City Developments Ltd. (Real Estate) | 33,823 | ||||||
| 28,338 | DBS Group Holdings Ltd. (Financials) | 698,745 | ||||||
| 43,161 | Frasers Logistics & Commercial Trust REIT (Real Estate) | 38,351 | ||||||
| 87,901 | Genting Singapore Ltd. (Consumer Discretionary) | 56,952 | ||||||
| 28,731 | Grab Holdings Ltd., Class A (Industrials)* | 108,316 | ||||||
| 1,469 | Jardine Cycle & Carriage Ltd. (Industrials) | 36,352 | ||||||
| 21,499 | Keppel Corp. Ltd. (Industrials) | 110,480 | ||||||
| 21,455 | Keppel DC REIT (Real Estate) | 34,951 | ||||||
| 31,021 | Mapletree Industrial Trust REIT (Real Estate) | 52,831 | ||||||
| 51,404 | Mapletree Logistics Trust REIT (Real Estate) | 63,946 | ||||||
| 33,725 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) | 37,958 | ||||||
| 13,878 | Olam Group Ltd. (Consumer Staples) | 12,845 | ||||||
| 49,781 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 462,608 | ||||||
| 13,467 | SATS Ltd. (Industrials)* | 25,827 | ||||||
| 5,641 | Sea Ltd. ADR (Communication Services)* | 212,271 | ||||||
| 1,000,740 | Seatrium Ltd. (Industrials)* | 107,447 | ||||||
| 13,900 | Sembcorp Industries Ltd. (Utilities) | 55,065 | ||||||
| 20,531 | Singapore Airlines Ltd. (Industrials) | 104,441 | ||||||
| 12,682 | Singapore Exchange Ltd. (Financials) | 90,431 | ||||||
| 23,536 | Singapore Technologies Engineering Ltd. (Industrials) | 66,399 | ||||||
| 110,726 | Singapore Telecommunications Ltd. (Communication Services) | 195,134 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Singapore – (continued) | ||||||||
| 10,085 | STMicroelectronics NV (Information Technology) | 477,947 | ||||||
| 27,563 | Suntec Real Estate Investment Trust REIT (Real Estate) | 24,695 | ||||||
| 20,732 | United Overseas Bank Ltd. (Financials) | 436,592 | ||||||
| 8,144 | UOL Group Ltd. (Real Estate) | 40,042 | ||||||
| 4,191 | Venture Corp. Ltd. (Information Technology) | 40,684 | ||||||
|
| |||||||
| 3,938,739 | ||||||||
|
| |||||||
| South Africa – 0.9% | ||||||||
| 11,895 | Absa Group Ltd. (Financials) | 114,515 | ||||||
| 1,651 | African Rainbow Minerals Ltd. (Materials) | 15,608 | ||||||
| 863 | Anglo American Platinum Ltd. (Materials) | 30,130 | ||||||
| 17,901 | Anglo American PLC (Materials) | 476,462 | ||||||
| 5,561 | Aspen Pharmacare Holdings Ltd. (Health Care) | 50,573 | ||||||
| 5,178 | Bid Corp. Ltd. (Consumer Staples) | 116,175 | ||||||
| 5,260 | Bidvest Group Ltd. (The) (Industrials) | 79,157 | ||||||
| 1,511 | Capitec Bank Holdings Ltd. (Financials) | 126,458 | ||||||
| 3,750 | Clicks Group Ltd. (Consumer Staples) | 54,166 | ||||||
| 8,244 | Discovery Ltd. (Financials)* | 63,884 | ||||||
| 3,735 | Exxaro Resources Ltd. (Energy) | 33,105 | ||||||
| 77,578 | FirstRand Ltd. (Financials) | 300,725 | ||||||
| 13,639 | Gold Fields Ltd. (Materials) | 174,941 | ||||||
| 13,368 | Impala Platinum Holdings Ltd. (Materials) | 68,806 | ||||||
| 3,262 | Investec Ltd. (Financials) | 19,095 | ||||||
| 869 | Kumba Iron Ore Ltd. (Materials) | 19,063 | ||||||
| 26,069 | MTN Group Ltd. (Communication Services) | 165,652 | ||||||
| 4,793 | MultiChoice Group (Communication Services) | 19,815 | ||||||
| 3,269 | Naspers Ltd., Class N (Consumer Discretionary) | 555,392 | ||||||
| 6,866 | Nedbank Group Ltd. (Financials) | 78,255 | ||||||
| 5,100 | Northam Platinum Holdings Ltd. (Materials)* | 33,533 | ||||||
| 75,558 | Old Mutual Ltd. (Financials) | 50,638 | ||||||
| 13,102 | OUTsurance Group Ltd. (Financials) | 27,678 | ||||||
| 24,782 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 21,333 | ||||||
| 7,863 | Remgro Ltd. (Financials) | 65,632 | ||||||
| 25,495 | Sanlam Ltd. (Financials) | 91,760 | ||||||
| 9,009 | Sasol Ltd. (Materials) | 116,215 | ||||||
| 7,350 | Shoprite Holdings Ltd. (Consumer Staples) | 102,411 | ||||||
| 43,372 | Sibanye Stillwater Ltd. (Materials) | 65,831 | ||||||
| 20,941 | Standard Bank Group Ltd. (Financials) | 213,679 | ||||||
| 9,182 | Vodacom Group Ltd. (Communication Services) | 52,304 | ||||||
| 13,885 | Woolworths Holdings Ltd. (Consumer Discretionary) | 54,396 | ||||||
|
| |||||||
| 3,457,387 | ||||||||
|
| |||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Korea – 3.2% | ||||||||
| 554 | Alteogen, Inc. (Health Care)* | $ | 18,966 | |||||
| 451 | Amorepacific Corp. (Consumer Staples) | 45,689 | ||||||
| 390 | AMOREPACIFIC Group (Consumer Staples) | 9,929 | ||||||
| 120 | BGF retail Co. Ltd. (Consumer Staples) | 14,199 | ||||||
| 4,232 | BNK Financial Group, Inc. (Financials) | 21,836 | ||||||
| 1,532 | Celltrion Healthcare Co. Ltd. (Health Care) | 74,992 | ||||||
| 275 | Celltrion Pharm, Inc. (Health Care)* | 14,294 | ||||||
| 1,693 | Celltrion, Inc. (Health Care) | 184,318 | ||||||
| 1,059 | Cheil Worldwide, Inc. (Communication Services) | 15,103 | ||||||
| 68 | Chunbo Co. Ltd. (Materials) | 7,748 | ||||||
| 122 | CJ CheilJedang Corp. (Consumer Staples) | 27,598 | ||||||
| 203 | CJ Corp. (Industrials) | 10,797 | ||||||
| 159 | CJ ENM Co. Ltd. (Communication Services)* | 7,001 | ||||||
| 139 | CJ Logistics Corp. (Industrials) | 8,297 | ||||||
| 336 | CosmoAM&T Co. Ltd. (Information Technology)* | 40,089 | ||||||
| 838 | Coway Co. Ltd. (Consumer Discretionary) | 27,389 | ||||||
| 357 | CS Wind Corp. (Industrials) | 17,151 | ||||||
| 3,087 | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | 10,744 | ||||||
| 549 | DB HiTek Co. Ltd. (Information Technology) | 22,222 | ||||||
| 676 | DB Insurance Co. Ltd. (Financials) | 41,785 | ||||||
| 3,098 | Delivery Hero SE (Consumer Discretionary)*(a) | 113,397 | ||||||
| 438 | DL E&C Co. Ltd. (Industrials) | 10,273 | ||||||
| 497 | Dongsuh Cos., Inc. (Consumer Staples) | 6,734 | ||||||
| 759 | Doosan Bobcat, Inc. (Industrials) | 30,894 | ||||||
| 108 | Doosan Co. Ltd. (Industrials) | 9,609 | ||||||
| 6,655 | Doosan Enerbility Co. Ltd. (Industrials)* | 91,738 | ||||||
| 625 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 11,703 | ||||||
| 710 | Ecopro BM Co. Ltd. (Industrials) | 174,311 | ||||||
| 301 | Ecopro Co. Ltd. (Materials) | 286,255 | ||||||
| 292 | E-MART, Inc. (Consumer Staples) | 16,304 | ||||||
| 239 | F&F Co. Ltd. (Consumer Discretionary) | 18,625 | ||||||
| 679 | Fila Holdings Corp. (Consumer Discretionary) | 19,470 | ||||||
| 84 | Green Cross Corp. (Health Care) | 7,353 | ||||||
| 994 | GS Engineering & Construction Corp. (Industrials) | 10,927 | ||||||
| 693 | GS Holdings Corp. (Industrials) | 19,688 | ||||||
| 644 | GS Retail Co. Ltd. (Consumer Staples) | 11,523 | ||||||
| 4,471 | Hana Financial Group, Inc. (Financials) | 133,783 | ||||||
| 410 | Hanjin Kal Corp. (Industrials) | 13,788 | ||||||
| 1,061 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 31,106 | ||||||
| 97 | Hanmi Pharm Co. Ltd. (Health Care) | 21,613 | ||||||
| 300 | Hanmi Science Co. Ltd. (Health Care) | 8,171 | ||||||
| 2,482 | Hanon Systems (Consumer Discretionary) | 17,107 | ||||||
| 142 | Hansol Chemical Co. Ltd. (Materials) | 17,351 | ||||||
| 140 | Hanssem Co. Ltd. (Consumer Discretionary) | 6,270 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 517 | Hanwha Aerospace Co. Ltd. (Industrials) | 44,669 | ||||||
| 553 | Hanwha Corp. (Industrials) | 10,460 | ||||||
| 4,220 | Hanwha Life Insurance Co. Ltd. (Financials)* | 8,030 | ||||||
| 2,296 | Hanwha Ocean Co. Ltd. (Industrials)* | 66,617 | ||||||
| 969 | Hanwha Systems Co. Ltd. (Industrials) | 9,846 | ||||||
| 651 | HD Hyundai Co. Ltd. (Energy) | 29,108 | ||||||
| 296 | HD Hyundai Heavy Industries Co. Ltd. (Industrials)* | 29,292 | ||||||
| 1,943 | HD Hyundai Infracore Co. Ltd. (Industrials) | 15,479 | ||||||
| 691 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | 64,669 | ||||||
| 485 | Hite Jinro Co. Ltd. (Consumer Staples) | 7,122 | ||||||
| 496 | HL Mando Co. Ltd. (Consumer Discretionary) | 15,723 | ||||||
| 1,748 | HLB, Inc. (Health Care)* | 38,154 | ||||||
| 3,764 | HMM Co. Ltd. (Industrials) | 47,443 | ||||||
| 472 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 31,496 | ||||||
| 95 | Hugel, Inc. (Health Care)* | 8,079 | ||||||
| 278 | HYBE Co. Ltd. (Communication Services)* | 53,108 | ||||||
| 38 | Hyosung Advanced Materials Corp. (Materials) | 12,995 | ||||||
| 37 | Hyosung TNC Corp. (Materials) | 9,266 | ||||||
| 103 | Hyundai Autoever Corp. (Information Technology) | 13,692 | ||||||
| 208 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 10,921 | ||||||
| 326 | Hyundai Elevator Co. Ltd. (Industrials) | 11,099 | ||||||
| 1,124 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 30,189 | ||||||
| 289 | Hyundai Glovis Co. Ltd. (Industrials) | 37,717 | ||||||
| 900 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 20,598 | ||||||
| 353 | Hyundai Mipo Dockyard Co. Ltd. (Industrials)* | 24,303 | ||||||
| 966 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 168,826 | ||||||
| 2,100 | Hyundai Motor Co. (Consumer Discretionary) | 300,443 | ||||||
| 1,121 | Hyundai Rotem Co. Ltd. (Industrials)* | 26,080 | ||||||
| 1,295 | Hyundai Steel Co. (Materials) | 35,467 | ||||||
| 3,877 | Industrial Bank of Korea (Financials) | 31,562 | ||||||
| 4,681 | Kakao Corp. (Communication Services) | 170,347 | ||||||
| 625 | Kakao Games Corp. (Communication Services)* | 13,453 | ||||||
| 3,313 | KakaoBank Corp. (Financials) | 66,047 | ||||||
| 359 | Kakaopay Corp. (Financials)* | 12,290 | ||||||
| 1,774 | Kangwon Land, Inc. (Consumer Discretionary) | 20,817 | ||||||
| 5,787 | KB Financial Group, Inc. (Financials) | 236,865 | ||||||
| 64 | KCC Corp. (Materials) | 10,580 | ||||||
| 200 | KEPCO Engineering & Construction Co., Inc. (Industrials) | 10,017 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 336 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials) | $ | 8,529 | |||||
| 3,831 | Kia Corp. (Consumer Discretionary) | 232,454 | ||||||
| 217 | KIWOOM Securities Co. Ltd. (Financials) | 16,959 | ||||||
| 1,088 | Korea Aerospace Industries Ltd. (Industrials) | 41,651 | ||||||
| 3,981 | Korea Electric Power Corp. (Utilities)* | 53,672 | ||||||
| 429 | Korea Gas Corp. (Utilities)* | 8,147 | ||||||
| 639 | Korea Investment Holdings Co. Ltd. (Financials) | 25,139 | ||||||
| 144 | Korea Zinc Co. Ltd. (Materials) | 57,415 | ||||||
| 2,854 | Korean Air Lines Co. Ltd. (Industrials) | 49,231 | ||||||
| 444 | Krafton, Inc. (Communication Services)* | 52,067 | ||||||
| 1,984 | KT Corp. (Communication Services) | 49,534 | ||||||
| 1,740 | KT&G Corp. (Consumer Staples) | 114,398 | ||||||
| 255 | Kumho Petrochemical Co. Ltd. (Materials) | 24,077 | ||||||
| 385 | L&F Co. Ltd. (Information Technology) | 62,625 | ||||||
| 153 | LEENO Industrial, Inc. (Information Technology) | 19,459 | ||||||
| 729 | LG Chem Ltd. (Materials) | 321,549 | ||||||
| 1,380 | LG Corp. (Industrials) | 85,718 | ||||||
| 3,444 | LG Display Co. Ltd. (Information Technology)* | 34,916 | ||||||
| 1,669 | LG Electronics, Inc. (Consumer Discretionary) | 124,378 | ||||||
| 537 | LG Energy Solution Ltd. (Industrials)* | 221,016 | ||||||
| 145 | LG H&H Co. Ltd. (Consumer Staples) | 50,957 | ||||||
| 217 | LG Innotek Co. Ltd. (Information Technology) | 44,328 | ||||||
| 3,317 | LG Uplus Corp. (Communication Services) | 26,225 | ||||||
| 282 | Lotte Chemical Corp. (Materials) | 29,144 | ||||||
| 419 | Lotte Corp. (Industrials) | 7,909 | ||||||
| 334 | Lotte Energy Materials Corp. (Information Technology) | 12,306 | ||||||
| 170 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 9,132 | ||||||
| 265 | LS Corp. (Industrials) | 21,473 | ||||||
| 1,621 | Meritz Financial Group, Inc. (Financials)* | 67,084 | ||||||
| 3,830 | Mirae Asset Securities Co. Ltd. (Financials) | 19,299 | ||||||
| 2,105 | NAVER Corp. (Communication Services) | 341,610 | ||||||
| 212 | NCSoft Corp. (Communication Services) | 40,339 | ||||||
| 334 | Netmarble Corp. (Communication Services)*(a) | 10,828 | ||||||
| 2,041 | NH Investment & Securities Co. Ltd. (Financials) | 15,905 | ||||||
| 49 | NongShim Co. Ltd. (Consumer Staples) | 16,998 | ||||||
| 88 | OCI Co. Ltd. (Materials)* | 8,495 | ||||||
| 196 | OCI Holdings Co. Ltd. (Materials) | 13,657 | ||||||
| 344 | Orion Corp. (Consumer Staples) | 31,700 | ||||||
| 3,747 | Pan Ocean Co. Ltd. (Industrials) | 12,644 | ||||||
| 456 | Pearl Abyss Corp. (Communication Services)* | 16,663 | ||||||
| 439 | POSCO Future M Co. Ltd. (Industrials) | 149,295 | ||||||
| 1,105 | POSCO Holdings, Inc. (Materials) | 484,051 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 795 | Posco International Corp. (Industrials) | 47,637 | ||||||
| 277 | S-1 Corp. (Industrials) | 11,694 | ||||||
| 273 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 152,223 | ||||||
| 1,251 | Samsung C&T Corp. (Industrials) | 99,096 | ||||||
| 363 | Samsung Card Co. Ltd. (Financials) | 8,225 | ||||||
| 851 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 87,176 | ||||||
| 75,338 | Samsung Electronics Co. Ltd. (Information Technology) | 3,813,211 | ||||||
| 2,405 | Samsung Engineering Co. Ltd. (Industrials)* | 61,865 | ||||||
| 482 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 89,891 | ||||||
| 10,043 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 66,941 | ||||||
| 1,175 | Samsung Life Insurance Co. Ltd. (Financials) | 60,095 | ||||||
| 796 | Samsung SDI Co. Ltd. (Information Technology) | 369,770 | ||||||
| 563 | Samsung SDS Co. Ltd. (Information Technology) | 60,485 | ||||||
| 962 | Samsung Securities Co. Ltd. (Financials) | 27,184 | ||||||
| 560 | SD Biosensor, Inc. (Health Care) | 5,300 | ||||||
| 519 | Seegene, Inc. (Health Care) | 8,717 | ||||||
| 6,984 | Shinhan Financial Group Co. Ltd. (Financials) | 187,843 | ||||||
| 109 | Shinsegae, Inc. (Consumer Discretionary) | 16,741 | ||||||
| 433 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 28,075 | ||||||
| 368 | SK Bioscience Co. Ltd. (Health Care)* | 20,436 | ||||||
| 152 | SK Chemicals Co. Ltd. (Materials) | 7,233 | ||||||
| 8,337 | SK Hynix, Inc. (Information Technology) | 768,259 | ||||||
| 415 | SK IE Technology Co. Ltd. (Materials)*(a) | 28,352 | ||||||
| 821 | SK Innovation Co. Ltd. (Energy)* | 110,253 | ||||||
| 1,699 | SK Networks Co. Ltd. (Industrials) | 9,268 | ||||||
| 1,533 | SK Square Co. Ltd. (Industrials)* | 52,308 | ||||||
| 831 | SK Telecom Co. Ltd. (Communication Services) | 30,210 | ||||||
| 553 | SK, Inc. (Industrials) | 60,457 | ||||||
| 287 | SKC Co. Ltd. (Materials) | 19,868 | ||||||
| 638 | S-Oil Corp. (Energy) | 35,237 | ||||||
| 254 | Solus Advanced Materials Co. Ltd. (Information Technology) | 6,284 | ||||||
| 65 | Soulbrain Co. Ltd. (Materials) | 11,188 | ||||||
| 1,709 | SSANGYONG C&E Co. Ltd. (Materials) | 7,111 | ||||||
| 183 | Studio Dragon Corp. (Communication Services)* | 7,144 | ||||||
| 283 | Wemade Co. Ltd. (Communication Services) | 7,729 | ||||||
| 490 | WONIK IPS Co. Ltd. (Information Technology) | 11,437 | ||||||
| 9,585 | Woori Financial Group, Inc. (Financials) | 86,368 | ||||||
| 807 | Yuhan Corp. (Health Care) | 44,448 | ||||||
|
| |||||||
| 13,019,744 | ||||||||
|
| |||||||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Spain – 1.4% | ||||||||
| 3,163 | ACS Actividades de Construccion y Servicios SA (Industrials) | $ | 111,194 | |||||
| 1,140 | Aena SME SA (Industrials)(a) | 179,408 | ||||||
| 6,965 | Amadeus IT Group SA (Consumer Discretionary) | 478,514 | ||||||
| 92,288 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 727,798 | ||||||
| 245,453 | Banco Santander SA (Financials) | 959,582 | ||||||
| 58,531 | CaixaBank SA (Financials) | 237,208 | ||||||
| 8,826 | Cellnex Telecom SA (Communication Services)*(a) | 338,149 | ||||||
| 884 | Corp ACCIONA Energias Renovables SA (Utilities) | 26,327 | ||||||
| 4,571 | EDP Renovaveis SA (Utilities) | 83,868 | ||||||
| 4,903 | Endesa SA (Utilities) | 102,066 | ||||||
| 4,575 | Grifols SA (Health Care)* | 62,788 | ||||||
| 90,093 | Iberdrola SA (Utilities) | 1,071,696 | ||||||
| 17,127 | Industria de Diseno Textil SA (Consumer Discretionary) | 657,300 | ||||||
| 14,165 | Mapfre SA (Financials) | 29,995 | ||||||
| 1,936 | Naturgy Energy Group SA (Utilities) | 56,187 | ||||||
| 6,262 | Redeia Corp. SA (Utilities) | 101,981 | ||||||
| 19,777 | Repsol SA (Energy) | 305,232 | ||||||
| 80,086 | Telefonica SA (Communication Services) | 332,387 | ||||||
|
| |||||||
| 5,861,680 | ||||||||
|
| |||||||
| Sweden – 1.8% | ||||||||
| 2,721 | AAK AB (Consumer Staples) | 50,494 | ||||||
| 3,702 | AddTech AB, Class B (Industrials) | 62,681 | ||||||
| 4,371 | Alfa Laval AB (Industrials) | 153,765 | ||||||
| 15,052 | Assa Abloy AB, Class B (Industrials) | 339,395 | ||||||
| 39,245 | Atlas Copco AB, Class A (Industrials) | 519,508 | ||||||
| 23,317 | Atlas Copco AB, Class B (Industrials) | 269,053 | ||||||
| 1,837 | Avanza Bank Holding AB (Financials) | 35,566 | ||||||
| 1,631 | Axfood AB (Consumer Staples) | 39,427 | ||||||
| 5,792 | Beijer Ref AB (Industrials) | 66,543 | ||||||
| 4,163 | Boliden AB (Materials) | 110,843 | ||||||
| 5,871 | Castellum AB (Real Estate) | 62,732 | ||||||
| 3,239 | Electrolux AB, Class B (Consumer Discretionary) | 35,688 | ||||||
| 5,369 | Elekta AB, Class B (Health Care) | 38,432 | ||||||
| 11,139 | Embracer Group AB (Communication Services)*(b) | 27,009 | ||||||
| 9,629 | Epiroc AB, Class A (Industrials) | 185,195 | ||||||
| 5,845 | Epiroc AB, Class B (Industrials) | 95,870 | ||||||
| 6,928 | EQT AB (Financials) | 139,700 | ||||||
| 9,341 | Essity AB, Class B (Consumer Staples) | 218,129 | ||||||
| 2,770 | Evolution AB (Consumer Discretionary)(a) | 300,073 | ||||||
| 3,896 | Fabege AB (Real Estate) | 33,403 | ||||||
| 9,909 | Fastighets AB Balder, Class B (Real Estate)* | 47,509 | ||||||
| 3,371 | Getinge AB, Class B (Health Care) | 58,601 | ||||||
| 9,498 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 145,273 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Sweden – (continued) | ||||||||
| 29,905 | Hexagon AB, Class B (Information Technology) | 267,372 | ||||||
| 1,405 | Holmen AB, Class B (Materials) | 53,314 | ||||||
| 5,947 | Husqvarna AB, Class B (Industrials) | 51,324 | ||||||
| 2,407 | Industrivarden AB, Class A (Financials) | 62,802 | ||||||
| 2,001 | Industrivarden AB, Class C (Financials) | 52,118 | ||||||
| 4,140 | Indutrade AB (Industrials) | 79,663 | ||||||
| 2,090 | Investment AB Latour, Class B (Industrials) | 38,069 | ||||||
| 7,437 | Investor AB, Class A (Financials) | 142,153 | ||||||
| 28,119 | Investor AB, Class B (Financials) | 542,098 | ||||||
| 3,688 | Kinnevik AB, Class B (Financials)* | 43,431 | ||||||
| 697 | L E Lundbergforetagen AB, Class B (Financials) | 28,377 | ||||||
| 3,491 | Lifco AB, Class B (Industrials) | 64,018 | ||||||
| 22,863 | Nibe Industrier AB, Class B (Industrials) | 171,589 | ||||||
| 1,193 | Saab AB, Class B (Industrials) | 63,039 | ||||||
| 3,164 | Sagax AB, Class B (Real Estate) | 65,910 | ||||||
| 16,223 | Sandvik AB (Industrials) | 307,277 | ||||||
| 7,783 | Securitas AB, Class B (Industrials) | 63,444 | ||||||
| 24,581 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 285,434 | ||||||
| 5,134 | Skanska AB, Class B (Industrials) | 75,299 | ||||||
| 5,780 | SKF AB, Class B (Industrials) | 93,827 | ||||||
| 3,414 | SSAB AB, Class A (Materials) | 19,611 | ||||||
| 9,832 | SSAB AB, Class B (Materials) | 54,485 | ||||||
| 9,260 | Svenska Cellulosa AB SCA, Class B (Materials) | 123,468 | ||||||
| 22,701 | Svenska Handelsbanken AB, Class A (Financials) | 189,405 | ||||||
| 547 | Svenska Handelsbanken AB, Class B (Financials) | 5,515 | ||||||
| 2,803 | Sweco AB, Class B (Industrials) | 27,339 | ||||||
| 15,447 | Swedbank AB, Class A (Financials) | 273,887 | ||||||
| 3,143 | Swedish Orphan Biovitrum AB (Health Care)*(b) | 60,737 | ||||||
| 8,567 | Tele2 AB, Class B (Communication Services) | 60,509 | ||||||
| 45,111 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 232,066 | ||||||
| 34,945 | Telia Co. AB (Communication Services) | 70,561 | ||||||
| 1,637 | Thule Group AB (Consumer Discretionary)(a) | 47,436 | ||||||
| 3,245 | Trelleborg AB, Class B (Industrials) | 82,504 | ||||||
| 1,164 | Vitrolife AB (Health Care) | 15,892 | ||||||
| 2,944 | Volvo AB, Class A (Industrials) | 60,332 | ||||||
| 23,142 | Volvo AB, Class B (Industrials) | 467,494 | ||||||
| 7,360 | Volvo Car AB, Class B (Consumer Discretionary)* | 28,042 | ||||||
| 5,403 | Wallenstam AB, Class B (Real Estate) | 19,510 | ||||||
|
| |||||||
| 7,424,240 | ||||||||
|
| |||||||
| Switzerland – 3.0% | ||||||||
| 24,260 | ABB Ltd. (Industrials) | 925,354 | ||||||
| 7,621 | Alcon, Inc. (Health Care) | 637,808 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Switzerland – (continued) | ||||||||
| 7,811 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | $ | 1,110,741 | |||||
| 4,073 | DSM-Firmenich AG (Materials) | 376,417 | ||||||
| 512 | Geberit AG (Industrials) | 265,840 | ||||||
| 143 | Givaudan SA (Materials) | 477,287 | ||||||
| 793 | Kuehne + Nagel International AG (Industrials) | 238,730 | ||||||
| 1,149 | Lonza Group AG (Health Care) | 635,999 | ||||||
| 30,486 | Novartis AG (Health Care) | 3,082,598 | ||||||
| 334 | Partners Group Holding AG (Financials) | 361,208 | ||||||
| 306 | Schindler Holding AG (Industrials) | 64,405 | ||||||
| 631 | Schindler Holding AG Participation Certificates (Industrials) | 140,845 | ||||||
| 2,300 | SGS SA (Industrials) | 209,311 | ||||||
| 2,259 | Sika AG (Materials) | 640,423 | ||||||
| 1,651 | Straumann Holding AG (Health Care) | 250,477 | ||||||
| 436 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 122,766 | ||||||
| 818 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 43,667 | ||||||
| 394 | Swisscom AG (Communication Services) | 239,991 | ||||||
| 46,199 | UBS Group AG (Financials) | 1,229,184 | ||||||
| 2,296 | Zurich Insurance Group AG (Financials) | 1,078,789 | ||||||
|
| |||||||
| 12,131,840 | ||||||||
|
| |||||||
| Taiwan – 4.0% | ||||||||
| 7,829 | Accton Technology Corp. (Information Technology) | 117,509 | ||||||
| 45,397 | Acer, Inc. (Information Technology) | 52,173 | ||||||
| 6,678 | Advantech Co. Ltd. (Information Technology) | 72,135 | ||||||
| 1,086 | Alchip Technologies Ltd. (Information Technology) | 84,230 | ||||||
| 57,134 | ASE Technology Holding Co. Ltd. (Information Technology) | 211,697 | ||||||
| 39,836 | Asia Cement Corp. (Materials) | 49,910 | ||||||
| 467 | ASMedia Technology, Inc. (Information Technology) | 14,415 | ||||||
| 465 | ASPEED Technology, Inc. (Information Technology) | 39,423 | ||||||
| 10,879 | Asustek Computer, Inc. (Information Technology) | 137,497 | ||||||
| 89,544 | AUO Corp. (Information Technology)* | 50,049 | ||||||
| 10,120 | Catcher Technology Co. Ltd. (Information Technology) | 57,358 | ||||||
| 160,872 | Cathay Financial Holding Co. Ltd. (Financials)* | 230,348 | ||||||
| 23,431 | Chailease Holding Co. Ltd. (Financials) | 130,595 | ||||||
| 91,185 | Chang Hwa Commercial Bank Ltd. (Financials) | 49,534 | ||||||
| 33,530 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 41,746 | ||||||
| 9,289 | Chicony Electronics Co. Ltd. (Information Technology) | 30,189 | ||||||
| 44,283 | China Airlines Ltd. (Industrials) | 31,426 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 251,490 | China Development Financial Holding Corp. (Financials)* | 93,579 | ||||||
| 188,741 | China Steel Corp. (Materials) | 157,055 | ||||||
| 6,243 | Chroma ATE, Inc. (Information Technology) | 54,890 | ||||||
| 58,932 | Chunghwa Telecom Co. Ltd. (Communication Services) | 214,658 | ||||||
| 61,770 | Compal Electronics, Inc. (Information Technology) | 61,874 | ||||||
| 281,896 | CTBC Financial Holding Co. Ltd. (Financials) | 211,113 | ||||||
| 29,787 | Delta Electronics, Inc. (Information Technology) | 323,624 | ||||||
| 13,975 | E Ink Holdings, Inc. (Information Technology) | 80,085 | ||||||
| 3,497 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 55,892 | ||||||
| 952 | eMemory Technology, Inc. (Information Technology) | 54,257 | ||||||
| 216,743 | E.Sun Financial Holding Co. Ltd. (Financials) | 166,403 | ||||||
| 39,492 | Eva Airways Corp. (Industrials) | 39,062 | ||||||
| 15,586 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 52,122 | ||||||
| 46,363 | Far Eastern New Century Corp. (Industrials) | 40,982 | ||||||
| 24,755 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 54,879 | ||||||
| 7,428 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 39,185 | ||||||
| 167,789 | First Financial Holding Co. Ltd. (Financials) | 138,566 | ||||||
| 68,785 | Formosa Chemicals & Fibre Corp. (Materials) | 133,913 | ||||||
| 21,497 | Formosa Petrochemical Corp. (Energy) | 53,529 | ||||||
| 83,957 | Formosa Plastics Corp. (Materials) | 209,586 | ||||||
| 1,526 | Formosa Sumco Technology Corp. (Information Technology) | 6,900 | ||||||
| 12,911 | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | 10,338 | ||||||
| 15,283 | Foxconn Technology Co. Ltd. (Information Technology) | 26,730 | ||||||
| 124,362 | Fubon Financial Holding Co. Ltd. (Financials) | 248,361 | ||||||
| 4,976 | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | 30,625 | ||||||
| 1,353 | Global Unichip Corp. (Information Technology) | 62,028 | ||||||
| 3,270 | Globalwafers Co. Ltd. (Information Technology) | 47,130 | ||||||
| 24,858 | Highwealth Construction Corp. (Real Estate) | 33,564 | ||||||
| 4,299 | Hiwin Technologies Corp. (Industrials) | 27,673 | ||||||
| 185,099 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 619,002 | ||||||
|
| |||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 4,961 | Hotai Motor Co. Ltd. (Consumer Discretionary) | $ | 105,774 | |||||
| 154,472 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 99,436 | ||||||
| 131,592 | Innolux Corp. (Information Technology)* | 59,708 | ||||||
| 48,626 | Inventec Corp. (Information Technology) | 86,116 | ||||||
| 1,477 | Largan Precision Co. Ltd. (Information Technology) | 95,076 | ||||||
| 34,491 | Lite-On Technology Corp. (Information Technology) | 148,376 | ||||||
| 1,386 | Lotes Co. Ltd. (Information Technology) | 37,646 | ||||||
| 27,033 | Macronix International Co. Ltd. (Information Technology) | 28,606 | ||||||
| 23,323 | MediaTek, Inc. (Information Technology) | 516,312 | ||||||
| 167,162 | Mega Financial Holding Co. Ltd. (Financials) | 188,439 | ||||||
| 3,381 | Merida Industry Co. Ltd. (Consumer Discretionary) | 20,490 | ||||||
| 11,033 | Micro-Star International Co. Ltd. (Information Technology) | 55,258 | ||||||
| 1,215 | momo.com, Inc. (Consumer Discretionary) | 19,839 | ||||||
| 86,916 | Nan Ya Plastics Corp. (Materials) | 180,401 | ||||||
| 3,309 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 25,093 | ||||||
| 17,945 | Nanya Technology Corp. (Information Technology) | 37,528 | ||||||
| 2,925 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 27,462 | ||||||
| 8,778 | Novatek Microelectronics Corp. (Information Technology) | 110,116 | ||||||
| 4,789 | Oneness Biotech Co. Ltd. (Health Care) | 29,850 | ||||||
| 30,028 | Pegatron Corp. (Information Technology) | 73,546 | ||||||
| 3,843 | PharmaEssentia Corp. (Health Care)* | 43,140 | ||||||
| 2,567 | Phison Electronics Corp. (Information Technology) | 34,136 | ||||||
| 4,650 | Polaris Group (Health Care)* | 12,616 | ||||||
| 35,650 | Pou Chen Corp. (Consumer Discretionary) | 32,016 | ||||||
| 46,755 | Powerchip Semiconductor Manufacturing Corp. (Information Technology) | 40,888 | ||||||
| 10,294 | Powertech Technology, Inc. (Information Technology) | 32,227 | ||||||
| 8,523 | President Chain Store Corp. (Consumer Staples) | 71,590 | ||||||
| 36,620 | Quanta Computer, Inc. (Information Technology) | 291,497 | ||||||
| 7,039 | Realtek Semiconductor Corp. (Information Technology) | 92,390 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 29,320 | Ruentex Development Co. Ltd. (Real Estate)* | 33,927 | ||||||
| 10,943 | Ruentex Industries Ltd. (Consumer Discretionary)* | 21,407 | ||||||
| 70,450 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 94,239 | ||||||
| 206,788 | Shin Kong Financial Holding Co. Ltd. (Financials)* | 61,491 | ||||||
| 491 | Silicon Motion Technology Corp. ADR (Information Technology)* | 26,666 | ||||||
| 8,234 | Sino-American Silicon Products, Inc. (Information Technology) | 40,464 | ||||||
| 167,117 | SinoPac Financial Holdings Co. Ltd. (Financials) | 89,734 | ||||||
| 19,559 | Synnex Technology International Corp. (Information Technology) | 37,525 | ||||||
| 35,216 | TA Chen Stainless Pipe (Materials) | 40,141 | ||||||
| 176,942 | Taishin Financial Holding Co. Ltd. (Financials) | 98,898 | ||||||
| 96,118 | Taiwan Business Bank (Financials) | 40,292 | ||||||
| 96,209 | Taiwan Cement Corp. (Materials) | 105,585 | ||||||
| 156,393 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 128,910 | ||||||
| 10,411 | Taiwan Fertilizer Co. Ltd. (Materials) | 19,484 | ||||||
| 32,236 | Taiwan High Speed Rail Corp. (Industrials) | 30,114 | ||||||
| 26,735 | Taiwan Mobile Co. Ltd. (Communication Services) | 78,241 | ||||||
| 371,184 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 6,398,820 | ||||||
| 31,592 | Tatung Co. Ltd. (Industrials)* | 50,196 | ||||||
| 26,968 | Teco Electric and Machinery Co. Ltd. (Industrials) | 42,256 | ||||||
| 7,601 | Tripod Technology Corp. (Information Technology) | 45,110 | ||||||
| 20,230 | Unimicron Technology Corp. (Information Technology) | 117,836 | ||||||
| 73,383 | Uni-President Enterprises Corp. (Consumer Staples) | 162,912 | ||||||
| 178,902 | United Microelectronics Corp. (Information Technology) | 255,602 | ||||||
| 13,890 | Vanguard International Semiconductor Corp. (Information Technology) | 29,789 | ||||||
| 1,517 | VisEra Technologies Co. Ltd. (Information Technology) | 10,122 | ||||||
| 1,096 | Voltronic Power Technology Corp. (Industrials) | 49,902 | ||||||
| 39,487 | Walsin Lihwa Corp. (Industrials) | 47,117 | ||||||
| 5,919 | Walsin Technology Corp. (Information Technology) | 18,326 | ||||||
| 21,750 | Wan Hai Lines Ltd. (Industrials) | 30,938 | ||||||
| 5,424 | Win Semiconductors Corp. (Information Technology) | 23,163 | ||||||
| 42,018 | Winbond Electronics Corp. (Information Technology)* | 34,766 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 41,804 | Wistron Corp. (Information Technology) | $ | 153,583 | |||||
| 1,448 | Wiwynn Corp. (Information Technology) | 70,930 | ||||||
| 24,358 | WPG Holdings Ltd. (Information Technology) | 41,991 | ||||||
| 6,035 | Yageo Corp. (Information Technology) | 91,909 | ||||||
| 27,066 | Yang Ming Marine Transport Corp. (Industrials) | 35,908 | ||||||
| 171,381 | Yuanta Financial Holding Co. Ltd. (Financials) | 131,308 | ||||||
| 5,466 | Yulon Finance Corp. (Financials) | 30,551 | ||||||
| 9,386 | Yulon Motor Co. Ltd. (Consumer Discretionary) | 24,580 | ||||||
| 9,873 | Zhen Ding Technology Holding Ltd. (Information Technology) | 29,979 | ||||||
|
| |||||||
| 16,218,123 | ||||||||
|
| |||||||
| Thailand – 0.5% | ||||||||
| 16,711 | Advanced Info Service PCL NVDR (Communication Services) | 103,079 | ||||||
| 66,445 | Airports of Thailand PCL NVDR (Industrials)* | 137,567 | ||||||
| 124,045 | Asset World Corp. PCL NVDR (Consumer Discretionary) | 15,445 | ||||||
| 15,856 | B Grimm Power PCL NVDR (Utilities) | 15,395 | ||||||
| 15,646 | Bangkok Bank PCL NVDR (Financials) | 75,733 | ||||||
| 25,666 | Bangkok Commercial Asset Management PCL NVDR (Financials) | 8,722 | ||||||
| 94,540 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 75,594 | ||||||
| 120,770 | Bangkok Expressway & Metro PCL NVDR (Industrials) | 29,833 | ||||||
| 4,045 | Bangkok Life Assurance PCL NVDR (Financials) | 2,830 | ||||||
| 64,888 | Banpu PCL NVDR (Energy) | 15,936 | ||||||
| 15,885 | Berli Jucker PCL NVDR (Consumer Staples) | 15,310 | ||||||
| 122,058 | BTS Group Holdings PCL NVDR (Industrials) | 25,619 | ||||||
| 8,008 | Bumrungrad Hospital PCL NVDR (Health Care) | 59,230 | ||||||
| 4,977 | Carabao Group PCL NVDR (Consumer Staples) | 12,223 | ||||||
| 25,869 | Central Pattana PCL NVDR (Real Estate) | 50,789 | ||||||
| 9,172 | Central Plaza Hotel PCL NVDR (Consumer Discretionary)* | 12,507 | ||||||
| 50,132 | Central Retail Corp. PCL NVDR (Consumer Discretionary) | 59,055 | ||||||
| 60,306 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 35,649 | ||||||
| 13,188 | Com7 PCL NVDR (Consumer Discretionary) | 12,146 | ||||||
| 84,138 | CP ALL PCL NVDR (Consumer Staples) | 156,779 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Thailand – (continued) | ||||||||
| 22,202 | CP Axtra PCL NVDR (Consumer Staples) | 22,983 | ||||||
| 5,778 | Delta Electronics Thailand PCL NVDR (Information Technology) | 17,903 | ||||||
| 3,758 | Electricity Generating PCL NVDR (Utilities) | 14,327 | ||||||
| 24,290 | Energy Absolute PCL NVDR (Utilities) | 43,874 | ||||||
| 10,826 | Global Power Synergy PCL NVDR (Utilities) | 16,308 | ||||||
| 73,686 | Gulf Energy Development PCL NVDR (Utilities) | 101,005 | ||||||
| 75,452 | Home Product Center PCL NVDR (Consumer Discretionary) | 29,519 | ||||||
| 26,490 | Indorama Ventures PCL NVDR (Materials) | �� | 21,938 | |||||
| 14,116 | Intouch Holdings PCL NVDR (Communication Services) | 29,326 | ||||||
| 164,582 | IRPC PCL NVDR (Energy) | 10,998 | ||||||
| 9,836 | JMT Network Services PCL NVDR (Financials) | 13,061 | ||||||
| 22,578 | Kasikornbank PCL NVDR (Financials) | 84,142 | ||||||
| 9,823 | KCE Electronics PCL NVDR (Information Technology) | 14,306 | ||||||
| 73,476 | Krung Thai Bank PCL NVDR (Financials) | 40,497 | ||||||
| 14,384 | Krungthai Card PCL NVDR (Financials) | 19,922 | ||||||
| 88,954 | Land & Houses PCL NVDR (Real Estate) | 21,084 | ||||||
| 47,804 | Minor International PCL NVDR (Consumer Discretionary) | 45,391 | ||||||
| 10,695 | Muangthai Capital PCL NVDR (Financials) | 12,446 | ||||||
| 19,603 | Ngern Tid Lor PCL NVDR (Financials) | 13,211 | ||||||
| 25,203 | Osotspa PCL NVDR (Consumer Staples) | 21,592 | ||||||
| 162,700 | PSG Corp. PCL NVDR (Industrials)* | 4,646 | ||||||
| 21,366 | PTT Exploration & Production PCL NVDR (Energy) | 96,709 | ||||||
| 30,216 | PTT Global Chemical PCL NVDR (Materials) | 32,142 | ||||||
| 42,851 | PTT Oil & Retail Business PCL NVDR (Consumer Discretionary) | 24,964 | ||||||
| 151,024 | PTT PCL NVDR (Energy) | 149,870 | ||||||
| 10,511 | Ratch Group PCL NVDR (Utilities) | 10,656 | ||||||
| 16,260 | SCB X PCL NVDR (Financials) | 54,792 | ||||||
| 18,559 | SCG Packaging PCL NVDR (Materials) | 21,730 | ||||||
| 6,358 | Siam Cement PCL (The) NVDR (Materials) | 56,830 | ||||||
| 25,813 | Siam Global House PCL NVDR (Consumer Discretionary) | 13,858 | ||||||
| 12,477 | Srisawad Corp. PCL NVDR (Financials) | 18,172 | ||||||
| 133,357 | Thai Beverage PCL (Consumer Staples) | 56,285 | ||||||
| 38,656 | Thai Life Insurance PCL NVDR (Financials) | 13,026 | ||||||
| 18,009 | Thai Oil PCL NVDR (Energy) | 26,486 | ||||||
|
| |||||||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Thailand – (continued) | ||||||||
| 39,121 | Thai Union Group PCL NVDR (Consumer Staples) | $ | 15,976 | |||||
| 5,598 | Thonburi Healthcare Group PCL NVDR (Health Care) | 10,471 | ||||||
| 7,296 | Tisco Financial Group PCL NVDR (Financials) | 21,460 | ||||||
| 613,328 | TMBThanachart Bank PCL NVDR (Financials) | 29,951 | ||||||
| 7,870 | TOA Paint Thailand PCL NVDR (Materials) | 5,956 | ||||||
| 156,417 | True Corp. PCL NVDR (Communication Services) | 30,821 | ||||||
| 67,652 | VGI PCL NVDR (Communication Services) | 5,719 | ||||||
|
| |||||||
| 2,213,794 | ||||||||
|
| |||||||
| Turkey – 0.3% | ||||||||
| 1,668 | AG Anadolu Grubu Holding AS (Industrials) | 12,965 | ||||||
| 10,220 | Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)* | 5,367 | ||||||
| 47,766 | Akbank TAS (Financials) | 51,569 | ||||||
| 1,955 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 5,885 | ||||||
| 2,852 | Aksa Enerji Uretim AS (Utilities) | 4,275 | ||||||
| 1,983 | Alarko Holding AS (Industrials) | 9,559 | ||||||
| 3,025 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 12,244 | ||||||
| 236 | Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials) | 2,106 | ||||||
| 2,776 | Arcelik AS (Consumer Discretionary)* | 16,953 | ||||||
| 18,242 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 26,360 | ||||||
| 3,256 | Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS (Industrials) | 17,588 | ||||||
| 1,724 | Aydem Yenilenebilir Enerji AS (Utilities)* | 1,193 | ||||||
| 989 | Aygaz AS (Utilities) | 4,482 | ||||||
| 1,658 | Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities) | 1,179 | ||||||
| 9,301 | Bera Holding AS (Industrials)* | 4,707 | ||||||
| 6,879 | BIM Birlesik Magazalar AS (Consumer Staples) | 65,080 | ||||||
| 370 | Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)* | 10,549 | ||||||
| 81 | Borusan Yatirim ve Pazarlama AS (Financials) | 6,068 | ||||||
| 604 | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary) | 1,653 | ||||||
| 2,879 | Can2 Termik AS (Utilities)* | 2,017 | ||||||
| 38 | Celebi Hava Servisi AS (Industrials) | 1,239 | ||||||
| 762 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 6,120 | ||||||
| 1,114 | Coca-Cola Icecek AS (Consumer Staples) | 16,427 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Turkey – (continued) | ||||||||
| 445 | CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)* | 5,691 | ||||||
| 552 | Deva Holding AS (Health Care) | 1,857 | ||||||
| 16,767 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | 8,906 | ||||||
| 679 | Dogu Aras Enerji Yatirimlari AS (Utilities) | 1,303 | ||||||
| 844 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | 9,036 | ||||||
| 300 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 2,431 | ||||||
| 17 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 4,585 | ||||||
| 1,995 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 3,757 | ||||||
| 29,842 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 9,616 | ||||||
| 3,662 | Enerjisa Enerji AS (Utilities)(a) | 7,040 | ||||||
| 25,026 | Enka Insaat ve Sanayi AS (Industrials) | 30,793 | ||||||
| 22,044 | Eregli Demir ve Celik Fabrikalari TAS (Materials)* | 35,575 | ||||||
| 930 | Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (Industrials)* | 6,943 | ||||||
| 973 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 31,489 | ||||||
| 1,247 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 3,041 | ||||||
| 1,815 | Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)* | 6,318 | ||||||
| 777 | Gubre Fabrikalari TAS (Materials)* | 10,411 | ||||||
| 20,509 | Haci Omer Sabanci Holding AS (Financials) | 46,007 | ||||||
| 16,153 | Hektas Ticaret TAS (Materials)* | 15,549 | ||||||
| 291 | Investco Holding AS (Financials)* | 3,428 | ||||||
| 6,082 | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 4,346 | ||||||
| 7,968 | Is Yatirim Menkul Degerler AS (Financials) | 12,709 | ||||||
| 7,187 | Izmir Demir Celik Sanayi AS (Materials)* | 2,184 | ||||||
| 287 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 1,498 | ||||||
| 12,094 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Materials) | 11,342 | ||||||
| 2,914 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials) | 2,613 | ||||||
| 1,509 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials) | 1,278 | ||||||
| 254 | Kartonsan Karton Sanayi ve Ticaret AS (Materials) | 802 | ||||||
| 3,777 | Kiler Holding AS (Industrials)* | 3,162 | ||||||
| 1,163 | Kizilbuk Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | 980 | ||||||
| 16,879 | KOC Holding AS (Industrials) | 89,785 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Turkey – (continued) | ||||||||
| 14 | Konya Cimento Sanayii AS (Materials)* | $ | 3,082 | |||||
| 871 | Kordsa Teknik Tekstil AS (Consumer Discretionary) | 2,674 | ||||||
| 14,895 | Koza Altin Isletmeleri AS (Materials) | 15,902 | ||||||
| 2,873 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)* | 7,065 | ||||||
| 1,029 | Logo Yazilim Sanayi Ve Ticaret AS (Information Technology) | 2,862 | ||||||
| 1,534 | Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities) | 2,987 | ||||||
| 1,381 | Migros Ticaret AS (Consumer Staples) | 17,971 | ||||||
| 1,386 | MLP Saglik Hizmetleri AS (Health Care)*(a) | 6,603 | ||||||
| 921 | Nuh Cimento Sanayi AS (Materials) | 6,564 | ||||||
| 17,176 | ODAS Elektrik Uretim ve Sanayi Ticaret AS (Utilities)* | 8,479 | ||||||
| 568 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)* | 7,649 | ||||||
| 4,811 | Oyak Cimento Fabrikalari AS (Materials)* | 11,442 | ||||||
| 646 | Pegasus Hava Tasimaciligi AS (Industrials)* | 21,202 | ||||||
| 965 | Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)* | 835 | ||||||
| 19,251 | Petkim Petrokimya Holding AS (Materials)* | 14,761 | ||||||
| 12,258 | Qua Granite Hayal (Industrials)* | 3,196 | ||||||
| 5,453 | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials) | 7,708 | ||||||
| 18,659 | Sasa Polyester Sanayi AS (Materials)* | 36,922 | ||||||
| 1,436 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 3,184 | ||||||
| 4,258 | Sok Marketler Ticaret AS (Consumer Staples) | 9,927 | ||||||
| 2,750 | TAV Havalimanlari Holding AS (Industrials)* | 12,658 | ||||||
| 2,853 | Tekfen Holding AS (Industrials) | 5,105 | ||||||
| 1,904 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 19,277 | ||||||
| 2,349 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 2,247 | ||||||
| 10,886 | Turk Hava Yollari AO (Industrials)* | 100,049 | ||||||
| 547 | Turk Prysmian Kablo ve Sistemleri AS (Industrials) | 711 | ||||||
| 7,226 | Turk Telekomunikasyon AS (Communication Services)* | 6,961 | ||||||
| 388 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 13,248 | ||||||
| 18,418 | Turkcell Iletisim Hizmetleri AS (Communication Services)* | 38,553 | ||||||
| 9,478 | Turkiye Halk Bankasi AS (Financials)* | 4,743 | ||||||
| 53,634 | Turkiye Is Bankasi AS, Class C (Financials) | 42,372 | ||||||
| 14,116 | Turkiye Petrol Rafinerileri AS (Energy) | 74,717 | ||||||
| 3,167 | Turkiye Sigorta AS (Financials)* | 3,208 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Turkey – (continued) | ||||||||
| 19,069 | Turkiye Sinai Kalkinma Bankasi AS (Financials)* | 5,086 | ||||||
| 20,351 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 39,125 | ||||||
| 16,083 | Turkiye Vakiflar Bankasi TAO, Class D (Financials)* | 8,193 | ||||||
| 396 | Verusa Holding AS (Financials) | 2,473 | ||||||
| 4,800 | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) | 3,265 | ||||||
| 2,031 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)* | 5,242 | ||||||
| 41,941 | Yapi ve Kredi Bankasi AS (Financials) | 25,016 | ||||||
| 2,530 | Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples) | 2,259 | ||||||
| 21,842 | Zorlu Enerji Elektrik Uretim AS (Utilities)* | 3,974 | ||||||
|
| |||||||
| 1,269,557 | ||||||||
|
| |||||||
| United Arab Emirates – 0.6% | ||||||||
| 45,164 | Abu Dhabi Commercial Bank PJSC (Financials) | 106,115 | ||||||
| 22,525 | Abu Dhabi Islamic Bank PJSC (Financials) | 63,901 | ||||||
| 46,645 | Abu Dhabi National Energy Co. PJSC (Utilities) | 43,685 | ||||||
| 44,574 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 46,236 | ||||||
| 27,288 | ADNOC Drilling Co. PJSC (Energy) | 30,460 | ||||||
| 118,994 | Adnoc Gas PLC (Energy)* | 111,444 | ||||||
| 56,635 | Aldar Properties PJSC (Real Estate) | 81,104 | ||||||
| 21,489 | Alpha Dhabi Holding PJSC (Industrials)* | 117,594 | ||||||
| 46,600 | Borouge PLC (Materials) | 34,636 | ||||||
| 139,534 | Dubai Electricity & Water Authority PJSC (Utilities) | 96,871 | ||||||
| 44,904 | Dubai Islamic Bank PJSC (Financials) | 68,951 | ||||||
| 96,297 | Emaar Properties PJSC (Real Estate) | 185,093 | ||||||
| 38,109 | Emirates NBD Bank PJSC (Financials) | 169,636 | ||||||
| 53,933 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 291,319 | ||||||
| 68,513 | First Abu Dhabi Bank PJSC (Financials) | 255,172 | ||||||
| 5,552 | International Holding Co. PJSC (Industrials)* | 618,224 | ||||||
|
| |||||||
| 2,320,441 | ||||||||
|
| |||||||
| United Kingdom – 6.7% | ||||||||
| 14,620 | 3i Group PLC (Financials) | 369,311 | ||||||
| 30,322 | abrdn PLC (Financials) | 63,436 | ||||||
| 2,959 | Admiral Group PLC (Financials) | 93,363 | ||||||
| 4,605 | Allfunds Group PLC (Financials) | 27,339 | ||||||
| 6,783 | Ashtead Group PLC (Industrials) | 474,792 | ||||||
| 5,362 | Associated British Foods PLC (Consumer Staples) | 135,380 | ||||||
| 23,224 | AstraZeneca PLC (Health Care) | 3,137,647 | ||||||
|
| |||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| United Kingdom – (continued) | ||||||||
| 14,128 | Auto Trader Group PLC (Communication Services)(a) | $ | 108,560 | |||||
| 42,414 | Aviva PLC (Financials) | 201,651 | ||||||
| 14,448 | B&M European Value Retail SA (Consumer Discretionary) | 105,746 | ||||||
| 47,262 | BAE Systems PLC (Industrials) | 603,372 | ||||||
| 240,935 | Barclays PLC (Financials) | 449,892 | ||||||
| 15,081 | Barratt Developments PLC (Consumer Discretionary) | 86,625 | ||||||
| 1,621 | Berkeley Group Holdings PLC (Consumer Discretionary) | 83,415 | ||||||
| 242,002 | BP PLC (Energy) | 1,494,934 | ||||||
| 31,785 | British American Tobacco PLC (Consumer Staples) | 1,056,248 | ||||||
| 13,919 | British Land Co. PLC (The) REIT (Real Estate) | 57,075 | ||||||
| 97,705 | BT Group PLC (Communication Services) | 143,121 | ||||||
| 5,208 | Bunzl PLC (Industrials) | 186,761 | ||||||
| 5,866 | Burberry Group PLC (Consumer Discretionary) | 162,339 | ||||||
| 41,168 | CK Hutchison Holdings Ltd. (Industrials) | 224,431 | ||||||
| 14,834 | CNH Industrial NV (Industrials) | 205,759 | ||||||
| 3,145 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 201,626 | ||||||
| 26,866 | Compass Group PLC (Consumer Discretionary) | 678,483 | ||||||
| 25,574 | ConvaTec Group PLC (Health Care)(a) | 75,312 | ||||||
| 2,160 | Croda International PLC (Materials) | 151,140 | ||||||
| 1,531 | DCC PLC (Industrials) | 83,944 | ||||||
| 34,816 | Diageo PLC (Consumer Staples) | 1,430,939 | ||||||
| 21,385 | Dowlais Group PLC (Consumer Discretionary)* | 30,783 | ||||||
| 20,682 | DS Smith PLC (Materials) | 81,845 | ||||||
| 9,893 | Entain PLC (Consumer Discretionary) | 145,103 | ||||||
| 5,849 | Halma PLC (Information Technology) | 158,904 | ||||||
| 5,478 | Hargreaves Lansdown PLC (Financials) | 52,838 | ||||||
| 307,152 | HSBC Holdings PLC (Financials) | 2,269,471 | ||||||
| 13,390 | Imperial Brands PLC (Consumer Staples) | 303,627 | ||||||
| 21,702 | Informa PLC (Communication Services) | 200,968 | ||||||
| 2,521 | InterContinental Hotels Group PLC (Consumer Discretionary) | 190,200 | ||||||
| 4,483 | Intermediate Capital Group PLC (Financials) | 76,831 | ||||||
| 28,877 | International Consolidated Airlines Group SA ADR (Industrials)* | 116,952 | ||||||
| 2,495 | Intertek Group PLC (Industrials) | 130,888 | ||||||
| 27,229 | J Sainsbury PLC (Consumer Staples) | 93,193 | ||||||
| 38,713 | JD Sports Fashion PLC (Consumer Discretionary) | 71,253 | ||||||
| 2,826 | Johnson Matthey PLC (Materials) | 58,370 | ||||||
| 29,708 | Kingfisher PLC (Consumer Discretionary) | 88,088 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| United Kingdom – (continued) | ||||||||
| 10,432 | Land Securities Group PLC REIT (Real Estate) | 79,657 | ||||||
| 92,033 | Legal & General Group PLC (Financials) | 255,047 | ||||||
| 2,563 | Liberty Global PLC, Class A (Communication Services)* | 47,262 | ||||||
| 3,697 | Liberty Global PLC, Class C (Communication Services)* | 73,348 | ||||||
| 996,792 | Lloyds Banking Group PLC (Financials) | 534,980 | ||||||
| 5,578 | London Stock Exchange Group PLC (Financials) | 578,035 | ||||||
| 34,557 | M&G PLC (Financials) | 83,637 | ||||||
| 20,738 | Melrose Industries PLC (Industrials) | 134,702 | ||||||
| 57,065 | National Grid PLC (Utilities) | 716,013 | ||||||
| 69,747 | NatWest Group PLC (Financials) | 203,627 | ||||||
| 1,855 | Next PLC (Consumer Discretionary) | 164,257 | ||||||
| 9,139 | Ocado Group PLC (Consumer Staples)* | 100,936 | ||||||
| 11,088 | Pearson PLC (Consumer Discretionary) | 117,881 | ||||||
| 4,951 | Persimmon PLC (Consumer Discretionary) | 66,877 | ||||||
| 11,596 | Phoenix Group Holdings PLC (Financials) | 76,555 | ||||||
| 11,087 | Reckitt Benckiser Group PLC (Consumer Staples) | 801,068 | ||||||
| 29,269 | RELX PLC (Industrials) | 956,135 | ||||||
| 38,857 | Rentokil Initial PLC (Industrials) | 296,312 | ||||||
| 12,610 | Rightmove PLC (Communication Services) | 89,481 | ||||||
| 130,476 | Rolls-Royce Holdings PLC (Industrials)* | 367,535 | ||||||
| 15,814 | Sage Group PLC (The) (Information Technology) | 194,576 | ||||||
| 13,642 | Schroders PLC (Financials) | 71,186 | ||||||
| 18,959 | Segro PLC REIT (Real Estate) | 177,152 | ||||||
| 3,905 | Severn Trent PLC (Utilities) | 118,757 | ||||||
| 13,539 | Smith & Nephew PLC (Health Care) | 183,569 | ||||||
| 5,427 | Smiths Group PLC (Industrials) | 112,780 | ||||||
| 1,139 | Spirax-Sarco Engineering PLC (Industrials) | 146,277 | ||||||
| 16,894 | SSE PLC (Utilities) | 348,189 | ||||||
| 8,484 | St James’s Place PLC (Financials) | 95,121 | ||||||
| 36,448 | Standard Chartered PLC (Financials) | 328,653 | ||||||
| 54,710 | Taylor Wimpey PLC (Consumer Discretionary) | 79,239 | ||||||
| 111,532 | Tesco PLC (Consumer Staples) | 375,508 | ||||||
| 38,641 | Unilever PLC (Consumer Staples) | 1,979,124 | ||||||
| 10,571 | United Utilities Group PLC (Utilities) | 126,851 | ||||||
| 377,666 | Vodafone Group PLC (Communication Services) | 350,354 | ||||||
| 4,022 | Weir Group PLC (The) (Industrials) | 93,495 | ||||||
| 3,073 | Whitbread PLC (Consumer Discretionary) | 133,952 | ||||||
| 9,085 | Wise PLC, Class A (Financials)* | 73,700 | ||||||
| 16,638 | WPP PLC (Communication Services) | 161,453 | ||||||
|
| |||||||
| 27,055,236 | ||||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| United States – 4.5% | ||||||||
| 538 | BRP, Inc. (Consumer Discretionary) | $ | 41,089 | |||||
| 7,437 | CSL Ltd. (Health Care) | 1,317,478 | ||||||
| 625 | CyberArk Software Ltd. (Information Technology)* | 103,775 | ||||||
| 14,246 | Experian PLC (Industrials) | 498,592 | ||||||
| 7,304 | Ferrovial SE (Industrials) | 231,876 | ||||||
| 483 | Fiverr International Ltd. (Industrials)* | 13,596 | ||||||
| 63,452 | GSK PLC (Health Care) | 1,116,641 | ||||||
| 78,815 | Haleon PLC (Consumer Staples) | 322,082 | ||||||
| 7,944 | Holcim AG (Materials)* | 526,692 | ||||||
| 1,261 | ICON PLC (Health Care)* | 327,784 | ||||||
| 1,112 | Inmode Ltd. (Health Care)* | 43,468 | ||||||
| 6,824 | James Hardie Industries PLC CDI (Materials)* | 205,642 | ||||||
| 10,439 | JBS SA (Consumer Staples) | 38,796 | ||||||
| 312 | Monday.com Ltd. (Information Technology)* | 55,361 | ||||||
| 41,333 | Nestle SA (Consumer Staples) | 4,979,147 | ||||||
| 1,176 | Parade Technologies Ltd. (Information Technology) | 33,161 | ||||||
| 445 | Roche Holding AG (Health Care) | 139,155 | ||||||
| 10,889 | Roche Holding AG (Health Care) | 3,209,065 | ||||||
| 17,140 | Sanofi (Health Care) | 1,834,991 | ||||||
| 8,346 | Schneider Electric SE (Industrials) | 1,436,471 | ||||||
| 33,856 | Stellantis NV (Consumer Discretionary) | 631,143 | ||||||
| 4,477 | Swiss Re AG (Financials) | 435,408 | ||||||
| 7,224 | Tenaris SA (Energy) | 115,727 | ||||||
| 3,980 | Waste Connections, Inc. (Industrials) | 544,924 | ||||||
|
| |||||||
| 18,202,064 | ||||||||
|
| |||||||
| Zambia – 0.1% | ||||||||
| 8,604 | First Quantum Minerals Ltd. (Materials) | 230,848 | ||||||
|
| |||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $290,518,679) | $ | 371,518,447 | ||||||
|
| |||||||
| Shares | Description | Rate | Value | |||||||
| Preferred Stocks – 0.8% | ||||||||||
| Brazil – 0.4% | ||||||||||
| 80,500 | Banco Bradesco SA (Financials) | 6.74 | % | $ | 243,079 | |||||
| 2,936 | Braskem SA, Class A (Materials)* | 0.00 | 13,189 | |||||||
| 3,767 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 3.86 | 29,476 | |||||||
| 22,299 | Cia Energetica de Minas Gerais (Utilities) | 9.16 | 55,534 | |||||||
| 17,732 | Gerdau SA (Materials) | 14.91 | 92,583 | |||||||
| 75,076 | Itau Unibanco Holding SA (Financials) | 4.47 | 415,947 | |||||||
| 78,727 | Itausa SA (Financials) | 6.42 | 146,929 | |||||||
| 70,800 | Petroleo Brasileiro SA (Energy) | 11.38 | 456,751 | |||||||
| 18,651 | Raizen SA (Energy) | 6.44 | 13,675 | |||||||
|
| |||||||||
| 1,467,163 | ||||||||||
| ||||||||||
| Preferred Stocks – (continued) | ||||||||||
| Chile – 0.0% | ||||||||||
| 2,132 | Sociedad Quimica y Minera de Chile SA, Class B (Industrials) | 14.38 | % | $ | 131,407 | |||||
| ||||||||||
| Colombia – 0.0% | ||||||||||
| 7,010 | Bancolombia SA (Financials) | 12.24 | 46,556 | |||||||
| ||||||||||
| Germany – 0.3% | ||||||||||
| 914 | Bayerische Motoren Werke AG (Consumer Discretionary) | 9.84 | 88,041 | |||||||
| 1,766 | Dr. Ing hc F Porsche AG (Consumer Discretionary)(a) | 1.03 | 195,219 | |||||||
| 2,556 | Henkel AG & Co. KGaA (Consumer Staples) | 2.60 | 196,188 | |||||||
| 2,374 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.27 | 127,723 | |||||||
| 381 | Sartorius AG (Health Care) | 0.39 | 156,062 | |||||||
| 2,838 | Volkswagen AG (Consumer Discretionary) | 25.69 | 348,189 | |||||||
|
| |||||||||
| 1,111,422 | ||||||||||
| ||||||||||
| South Korea – 0.1% | ||||||||||
| 534 | Hyundai Motor Co. (Consumer Discretionary) | 7.34 | 42,057 | |||||||
| 337 | Hyundai Motor Co. (Consumer Discretionary) | 7.42 | 25,955 | |||||||
| 119 | LG Chem Ltd. (Materials) | 2.99 | 30,746 | |||||||
| 266 | LG Electronics, Inc. (Consumer Discretionary) | 1.58 | 9,429 | |||||||
| 32 | LG H&H Co. Ltd. (Consumer Staples) | 2.07 | 4,629 | |||||||
| 12,741 | Samsung Electronics Co. Ltd. (Information Technology) | 2.54 | 520,533 | |||||||
| 22 | Samsung SDI Co. Ltd. (Information Technology) | 0.37 | 4,993 | |||||||
|
| |||||||||
| 638,342 | ||||||||||
| ||||||||||
| Spain – 0.0% | ||||||||||
| 4,053 | Grifols SA, Class B (Health Care)* | 0.00 | 38,513 | |||||||
| ||||||||||
| TOTAL PREFERRED STOCKS |
| |||||||||
| (Cost $3,435,036) | $ | 3,433,403 | ||||||||
| ||||||||||
| Units | Description | Expiration Month | Value | |||||||
| Rights – 0.0% | ||||||||||
| Canada – 0.0% | ||||||||||
| 309 | Constellation Software, Inc.* | 10/23 | $ | 171 | ||||||
| ||||||||||
| Sweden – 0.0% | ||||||||||
| 3,143 | Swedish Orphan Biovitrum AB* | 09/23 | 2,839 | |||||||
| ||||||||||
| TOTAL RIGHTS |
| |||||||||
| (Cost $0) | $ | 3,010 | ||||||||
| ||||||||||
| Warrant – 0.0% | ||||||||||
| Canada – 0.0% | ||||||||||
| 309 | Constellation Software, Inc. (Information Technology)* | |||||||||
| (Cost $0) | 08/28 | $ | — | |||||||
| ||||||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF
| Shares | Description | Value | ||||||
| Exchange-Traded Funds – 7.0% | ||||||||
| United States – 7.0% | ||||||||
| 67,321 | iShares MSCI Malaysia ETF | $ | 1,419,127 | |||||
| 205,000 | Vanguard FTSE All-World ex-US ETF, Class U | 11,065,900 | ||||||
| 342,000 | Vanguard FTSE Developed Markets ETF | 15,646,500 | ||||||
|
| |||||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost $23,954,203) | $ | 28,131,527 | ||||||
|
| |||||||
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
| (Cost $317,907,918) | $ | 403,086,387 | ||||||
|
| |||||||
| Shares | Dividend Rate | Value | ||||||
| Securities Lending Reinvestment Vehicle – 0.0%(c) | ||||||||
| | Goldman Sachs Financial Square Government Fund – | | ||||||
| 143,099 | 5.234% | $ | 143,099 | |||||
| (Cost $143,099) | ||||||||
|
| |||||||
| TOTAL INVESTMENTS – 99.6% | ||||||||
| (Cost $318,051,017) | $ | 403,229,486 | ||||||
|
| |||||||
| | OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4% | 1,612,242 | ||||||
|
| |||||||
| NET ASSETS – 100.0% | $ | 404,841,728 | ||||||
|
| |||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | 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 | |
CVA | —Dutch Certification | |
NVDR | —Non-Voting Depository Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SDR | —Swedish Depositary Receipt | |
| ||
| Sector Name | % of Market Value | |||
Financials | 18.6 | % | ||
Industrials | 12.9 | |||
Consumer Discretionary | 11.1 | |||
Information Technology | 10.8 | |||
Health Care | 8.9 | |||
Consumer Staples | 7.8 | |||
Materials | 7.4 | |||
Exchange-Traded Fund | 7.0 | |||
Communication Services | 5.4 | |||
Energy | 5.3 | |||
Utilities | 2.9 | |||
Real Estate | 1.9 | |||
Securities Lending Reinvestment Vehicle | 0.0 | |||
| ||||
| TOTAL INVESTMENTS | 100.0 | % | ||
| ||||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
Schedule of Investments
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – 99.7% | ||||||||
| Communication Services – 8.4% | ||||||||
| 24,447 | Activision Blizzard, Inc. | $ | 2,248,880 | |||||
| 199,695 | Alphabet, Inc., Class A* | 27,192,468 | ||||||
| 171,671 | Alphabet, Inc., Class C* | 23,579,012 | ||||||
| 1,972 | AMC Entertainment Holdings, Inc., Class A*(a) | 24,743 | ||||||
| 240,204 | AT&T, Inc. | 3,552,617 | ||||||
| 215 | Atlanta Braves Holdings, Inc., Class C* | 7,921 | ||||||
| 150 | Cable One, Inc. | 97,586 | ||||||
| 3,373 | Charter Communications, Inc., Class A* | 1,477,779 | ||||||
| 138,525 | Comcast Corp., Class A | 6,477,429 | ||||||
| 8,321 | DISH Network Corp., Class A* | 49,926 | ||||||
| 9,134 | Electronic Arts, Inc. | 1,095,897 | ||||||
| 2,569 | Endeavor Group Holdings, Inc., Class A* | 56,235 | ||||||
| 8,886 | Fox Corp., Class A | 293,771 | ||||||
| 4,346 | Fox Corp., Class B | 132,640 | ||||||
| 7,361 | Frontier Communications Parent, Inc.* | 117,923 | ||||||
| 2,521 | IAC, Inc.* | 139,487 | ||||||
| 12,903 | Interpublic Group of Cos., Inc. (The) | 420,767 | ||||||
| 3,837 | Iridium Communications, Inc. | 187,821 | ||||||
| 557 | Liberty Broadband Corp., Class A* | 52,158 | ||||||
| 3,877 | Liberty Broadband Corp., Class C* | 362,732 | ||||||
| 765 | Liberty Media Corp.-Liberty Formula One, Class A* | 46,397 | ||||||
| 6,710 | Liberty Media Corp.-Liberty Formula One, Class C* | 461,581 | ||||||
| 651 | Liberty Media Corp.-Liberty Live, Class A* | 21,685 | ||||||
| 1,565 | Liberty Media Corp.-Liberty Live, Class C* | 52,662 | ||||||
| 5,117 | Liberty Media Corp.-Liberty SiriusXM* | 125,060 | ||||||
| 2,472 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 59,402 | ||||||
| 4,904 | Live Nation Entertainment, Inc.* | 414,535 | ||||||
| 9,321 | Match Group, Inc.* | 436,875 | ||||||
| 74,019 | Meta Platforms, Inc., Class A* | 21,901,482 | ||||||
| 14,584 | Netflix, Inc.* | 6,324,789 | ||||||
| 5,379 | New York Times Co. (The), Class A | 238,128 | ||||||
| 12,719 | News Corp., Class A | 273,331 | ||||||
| 3,532 | News Corp., Class B | 77,704 | ||||||
| 1,144 | Nexstar Media Group, Inc. | 186,243 | ||||||
| 6,643 | Omnicom Group, Inc. | 538,149 | ||||||
| 16,366 | Paramount Global, Class B | 246,963 | ||||||
| 18,137 | Pinterest, Inc., Class A* | 498,586 | ||||||
| 1,564 | Playtika Holding Corp.* | 15,265 | ||||||
| 11,930 | ROBLOX Corp., Class A* | 337,500 | ||||||
| 4,136 | Roku, Inc.* | 335,843 | ||||||
| 21,419 | Sirius XM Holdings, Inc.(a) | 94,244 | ||||||
| 33,172 | Snap, Inc., Class A* | 343,330 | ||||||
| 4,521 | Spotify Technology SA* | 696,098 | ||||||
| 5,635 | Take-Two Interactive Software, Inc.* | 801,297 | ||||||
| 18,556 | T-Mobile US, Inc.* | 2,528,255 | ||||||
| 14,825 | Trade Desk, Inc. (The), Class A* | 1,186,445 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Communication Services – (continued) | ||||||||
| 141,297 | Verizon Communications, Inc. | 4,942,569 | ||||||
| 61,416 | Walt Disney Co. (The)* | 5,139,291 | ||||||
| 75,021 | Warner Bros Discovery, Inc.* | 985,776 | ||||||
| 4,188 | Warner Music Group Corp., Class A | 139,460 | ||||||
| 1,420 | World Wrestling Entertainment, Inc., Class A | 137,101 | ||||||
| 1,564 | Ziff Davis, Inc.* | 104,241 | ||||||
| 9,526 | ZoomInfo Technologies, Inc.* | 171,659 | ||||||
|
| |||||||
| 117,429,738 | ||||||||
|
| |||||||
| Consumer Discretionary – 11.0% | ||||||||
| 7,554 | ADT, Inc. | 48,497 | ||||||
| 1,987 | Advance Auto Parts, Inc. | 136,745 | ||||||
| 13,491 | Airbnb, Inc., Class A* | 1,774,741 | ||||||
| 302,491 | Amazon.com, Inc.* | 41,746,783 | ||||||
| 9,478 | Aptiv PLC* | 961,543 | ||||||
| 8,708 | Aramark | 323,763 | ||||||
| 721 | Asbury Automotive Group, Inc.* | 165,830 | ||||||
| 2,566 | Autoliv, Inc. (Sweden) | 250,442 | ||||||
| 930 | AutoNation, Inc.* | 146,094 | ||||||
| 608 | AutoZone, Inc.* | 1,539,049 | ||||||
| 7,645 | Bath & Body Works, Inc. | 281,871 | ||||||
| 6,534 | Best Buy Co., Inc. | 499,524 | ||||||
| 1,240 | Booking Holdings, Inc.* | 3,850,237 | ||||||
| 7,831 | BorgWarner, Inc. | 319,113 | ||||||
| 2,540 | Boyd Gaming Corp. | 169,850 | ||||||
| 1,924 | Bright Horizons Family Solutions, Inc.* | 181,664 | ||||||
| 2,339 | Brunswick Corp. | 185,062 | ||||||
| 2,177 | Burlington Stores, Inc.* | 353,240 | ||||||
| 6,916 | Caesars Entertainment, Inc.* | 382,178 | ||||||
| 3,842 | Capri Holdings Ltd.* | 201,667 | ||||||
| 5,306 | CarMax, Inc.* | 433,394 | ||||||
| 33,457 | Carnival Corp.* | 529,290 | ||||||
| 3,853 | Chewy, Inc., Class A* | 92,395 | ||||||
| 921 | Chipotle Mexican Grill, Inc.* | 1,774,435 | ||||||
| 1,027 | Choice Hotels International, Inc. | 130,326 | ||||||
| 2,251 | Churchill Downs, Inc. | 282,005 | ||||||
| 1,175 | Columbia Sportswear Co. | 86,175 | ||||||
| 36,697 | Coupang, Inc. (South Korea)* | 696,509 | ||||||
| 2,039 | Crocs, Inc.* | 198,476 | ||||||
| 4,050 | Darden Restaurants, Inc. | 629,816 | ||||||
| 870 | Deckers Outdoor Corp.* | 460,308 | ||||||
| 2,025 | Dick’s Sporting Goods, Inc. | 235,589 | ||||||
| 277 | Dillard’s, Inc., Class A | 95,598 | ||||||
| 1,181 | Domino’s Pizza, Inc. | 457,519 | ||||||
| 8,839 | DoorDash, Inc., Class A* | 743,625 | ||||||
| 10,328 | D.R. Horton, Inc. | 1,229,239 | ||||||
| 14,125 | DraftKings, Inc., Class A* | 418,806 | ||||||
| 1,045 | Duolingo, Inc.* | 153,782 | ||||||
| 1,367 | Dutch Bros, Inc., Class A* | 40,477 | ||||||
| 17,940 | eBay, Inc. | 803,353 | ||||||
| 4,092 | Etsy, Inc.* | 301,048 | ||||||
| 4,771 | Expedia Group, Inc.* | 517,129 | ||||||
| 1,828 | Five Below, Inc.* | 314,343 | ||||||
| 3,512 | Floor & Decor Holdings, Inc., Class A* | 350,146 | ||||||
|
| |||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Consumer Discretionary – (continued) | ||||||||
| 131,868 | Ford Motor Co. | $ | 1,599,559 | |||||
| 1,415 | Fox Factory Holding Corp.* | 156,796 | ||||||
| 8,923 | GameStop Corp., Class A*(a) | 165,522 | ||||||
| 5,118 | Garmin Ltd. | 542,610 | ||||||
| 46,546 | General Motors Co. | 1,559,757 | ||||||
| 7,830 | Gentex Corp. | 255,728 | ||||||
| 4,624 | Genuine Parts Co. | 710,848 | ||||||
| 5,093 | H&R Block, Inc. | 203,618 | ||||||
| 4,804 | Harley-Davidson, Inc. | 162,135 | ||||||
| 4,298 | Hasbro, Inc. | 309,456 | ||||||
| 8,733 | Hilton Worldwide Holdings, Inc. | 1,298,160 | ||||||
| 33,739 | Home Depot, Inc. (The) | 11,143,992 | ||||||
| 1,533 | Hyatt Hotels Corp., Class A | 172,325 | ||||||
| 3,705 | International Game Technology PLC | 118,634 | ||||||
| 10,977 | Las Vegas Sands Corp. | 602,198 | ||||||
| 1,980 | Lear Corp. | 285,298 | ||||||
| 4,405 | Leggett & Platt, Inc. | 124,221 | ||||||
| 8,306 | Lennar Corp., Class A | 989,162 | ||||||
| 437 | Lennar Corp., Class B | 46,610 | ||||||
| 3,139 | Levi Strauss & Co., Class A | 43,224 | ||||||
| 3,035 | Light & Wonder, Inc.* | 232,693 | ||||||
| 903 | Lithia Motors, Inc. | 278,142 | ||||||
| 8,519 | LKQ Corp. | 447,503 | ||||||
| 19,682 | Lowe’s Cos., Inc. | 4,536,307 | ||||||
| 25,116 | Lucid Group, Inc.* | 157,729 | ||||||
| 3,728 | Lululemon Athletica, Inc.* | 1,421,337 | ||||||
| 9,083 | Macy’s, Inc. | 111,085 | ||||||
| 8,945 | Marriott International, Inc., Class A | 1,820,397 | ||||||
| 1,134 | Marriott Vacations Worldwide Corp. | 123,255 | ||||||
| 11,806 | Mattel, Inc.* | 261,621 | ||||||
| 24,501 | McDonald’s Corp. | 6,888,456 | ||||||
| 1,498 | MercadoLibre, Inc. (Brazil)* | 2,055,795 | ||||||
| 9,756 | MGM Resorts International | 429,069 | ||||||
| 2,824 | Mobileye Global, Inc., Class A (Israel)* | 100,280 | ||||||
| 1,762 | Mohawk Industries, Inc.* | 178,649 | ||||||
| 667 | Murphy USA, Inc. | 211,866 | ||||||
| 13,873 | Newell Brands, Inc. | 146,776 | ||||||
| 40,976 | NIKE, Inc., Class B | 4,167,669 | ||||||
| 14,095 | Norwegian Cruise Line Holdings Ltd.* | 233,554 | ||||||
| 103 | NVR, Inc.* | 656,865 | ||||||
| 2,022 | O’Reilly Automotive, Inc.* | 1,900,073 | ||||||
| 5,097 | Penn Entertainment, Inc.* | 120,748 | ||||||
| 684 | Penske Automotive Group, Inc. | 112,381 | ||||||
| 2,771 | Planet Fitness, Inc., Class A* | 168,477 | ||||||
| 1,797 | Polaris, Inc. | 201,426 | ||||||
| 1,274 | Pool Corp. | 465,774 | ||||||
| 7,011 | PulteGroup, Inc. | 575,323 | ||||||
| 2,101 | PVH Corp. | 175,644 | ||||||
| 1,325 | Ralph Lauren Corp. | 154,535 | ||||||
| 516 | RH* | 188,438 | ||||||
| 22,243 | Rivian Automotive, Inc., Class A* | 505,583 | ||||||
| 11,226 | Ross Stores, Inc. | 1,367,439 | ||||||
| 7,415 | Royal Caribbean Cruises Ltd.* | 733,640 | ||||||
| 4,932 | Service Corp. International | 311,259 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Consumer Discretionary – (continued) | ||||||||
| 4,465 | Skechers USA, Inc., Class A* | 224,634 | ||||||
| 37,784 | Starbucks Corp. | 3,681,673 | ||||||
| 7,758 | Tapestry, Inc. | 258,497 | ||||||
| 5,608 | Tempur Sealy International, Inc. | 262,006 | ||||||
| 92,174 | Tesla, Inc.* | 23,788,266 | ||||||
| 2,228 | Texas Roadhouse, Inc. | 231,935 | ||||||
| 1,710 | Thor Industries, Inc. | 179,242 | ||||||
| 38,599 | TJX Cos., Inc. (The) | 3,569,636 | ||||||
| 3,634 | Toll Brothers, Inc. | 297,734 | ||||||
| 1,060 | TopBuild Corp.* | 307,485 | ||||||
| 3,675 | Tractor Supply Co. | 802,988 | ||||||
| 1,643 | Ulta Beauty, Inc.* | 681,894 | ||||||
| 1,282 | Vail Resorts, Inc. | 290,142 | ||||||
| 5,548 | Valvoline, Inc. | 191,073 | ||||||
| 12,374 | VF Corp. | 244,510 | ||||||
| 942 | Visteon Corp.* | 131,192 | ||||||
| 2,618 | Wayfair, Inc., Class A* | 180,930 | ||||||
| 6,482 | Wendy’s Co. (The) | 128,279 | ||||||
| 1,794 | Whirlpool Corp. | 251,088 | ||||||
| 2,121 | Williams-Sonoma, Inc. | 299,485 | ||||||
| 2,824 | Wyndham Hotels & Resorts, Inc. | 212,901 | ||||||
| 3,245 | Wynn Resorts Ltd. | 328,978 | ||||||
| 13,581 | Yum China Holdings, Inc. (China) | 729,164 | ||||||
| 9,408 | Yum! Brands, Inc. | 1,217,207 | ||||||
|
| |||||||
| 154,912,256 | ||||||||
|
| |||||||
| Consumer Staples – 6.1% | ||||||||
| 13,563 | Albertsons Cos., Inc., Class A | 303,811 | ||||||
| 59,967 | Altria Group, Inc. | 2,651,741 | ||||||
| 18,166 | Archer-Daniels-Midland Co. | 1,440,564 | ||||||
| 4,474 | BJ’s Wholesale Club Holdings, Inc.* | 301,503 | ||||||
| 316 | Boston Beer Co., Inc. (The), Class A* | 115,476 | ||||||
| 10,271 | Brown-Forman Corp., Class B | 679,221 | ||||||
| 5,017 | Bunge Ltd. | 573,543 | ||||||
| 6,418 | Campbell Soup Co. | 267,631 | ||||||
| 1,248 | Casey’s General Stores, Inc. | 305,024 | ||||||
| 1,411 | Celsius Holdings, Inc.* | 276,612 | ||||||
| 8,197 | Church & Dwight Co., Inc. | 793,224 | ||||||
| 4,153 | Clorox Co. (The) | 649,737 | ||||||
| 130,754 | Coca-Cola Co. (The) | 7,823,012 | ||||||
| 159 | Coca-Cola Consolidated, Inc. | 111,125 | ||||||
| 27,868 | Colgate-Palmolive Co. | 2,047,462 | ||||||
| 15,958 | Conagra Brands, Inc. | 476,825 | ||||||
| 5,284 | Constellation Brands, Inc., Class A | 1,376,799 | ||||||
| 14,864 | Costco Wholesale Corp. | 8,164,498 | ||||||
| 12,115 | Coty, Inc., Class A* | 140,049 | ||||||
| 5,290 | Darling Ingredients, Inc.* | 326,710 | ||||||
| 7,328 | Dollar General Corp. | 1,014,928 | ||||||
| 6,978 | Dollar Tree, Inc.* | 853,828 | ||||||
| 1,712 | elf Beauty, Inc.* | 237,471 | ||||||
| 7,193 | Estee Lauder Cos., Inc. (The), Class A | 1,154,692 | ||||||
| 6,539 | Flowers Foods, Inc. | 154,059 | ||||||
| 19,633 | General Mills, Inc. | 1,328,369 | ||||||
| 4,938 | Hershey Co. (The) | 1,060,979 | ||||||
| 9,707 | Hormel Foods Corp. | 374,593 | ||||||
| 2,213 | Ingredion, Inc. | 227,740 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Consumer Staples – (continued) | ||||||||
| 605 | Inter Parfums, Inc. | $ | 84,537 | |||||
| 3,312 | J M Smucker Co. (The) | 480,074 | ||||||
| 8,603 | Kellogg Co. | 524,955 | ||||||
| 6,681 | Kenvue, Inc. | 153,997 | ||||||
| 30,399 | Keurig Dr Pepper, Inc. | 1,022,926 | ||||||
| 11,308 | Kimberly-Clark Corp. | 1,456,810 | ||||||
| 26,488 | Kraft Heinz Co. (The) | 876,488 | ||||||
| 23,829 | Kroger Co. (The) | 1,105,427 | ||||||
| 4,788 | Lamb Weston Holdings, Inc. | 466,399 | ||||||
| 647 | Lancaster Colony Corp. | 106,878 | ||||||
| 8,440 | McCormick & Co., Inc. | 692,755 | ||||||
| 5,867 | Molson Coors Beverage Co., Class B | 372,496 | ||||||
| 45,646 | Mondelez International, Inc., Class A | 3,252,734 | ||||||
| 17,061 | Monster Beverage Corp.* | 979,472 | ||||||
| 46,266 | PepsiCo, Inc. | 8,231,647 | ||||||
| 5,079 | Performance Food Group Co.* | 315,558 | ||||||
| 52,111 | Philip Morris International, Inc. | 5,005,783 | ||||||
| 1,335 | Pilgrim’s Pride Corp.* | 33,589 | ||||||
| 1,780 | Post Holdings, Inc.* | 159,684 | ||||||
| 79,148 | Procter & Gamble Co. (The) | 12,215,702 | ||||||
| 1,822 | Reynolds Consumer Products, Inc. | 49,722 | ||||||
| 17,010 | Sysco Corp. | 1,184,746 | ||||||
| 15,487 | Target Corp. | 1,959,880 | ||||||
| 9,446 | Tyson Foods, Inc., Class A | 503,188 | ||||||
| 7,790 | US Foods Holding Corp.* | 314,950 | ||||||
| 23,938 | Walgreens Boots Alliance, Inc. | 605,871 | ||||||
| 47,706 | Walmart, Inc. | 7,757,473 | ||||||
|
| |||||||
| 85,144,967 | ||||||||
|
| |||||||
| Energy – 4.5% | ||||||||
| 10,888 | Antero Midstream Corp. | 131,963 | ||||||
| 8,866 | Antero Resources Corp.* | 245,322 | ||||||
| 10,318 | APA Corp. | 452,341 | ||||||
| 33,995 | Baker Hughes Co. | 1,230,279 | ||||||
| 6,591 | ChampionX Corp. | 237,869 | ||||||
| 8,076 | Cheniere Energy, Inc. | 1,318,003 | ||||||
| 3,765 | Chesapeake Energy Corp. | 332,111 | ||||||
| 59,380 | Chevron Corp. | 9,566,118 | ||||||
| 1,356 | Chord Energy Corp. | 218,994 | ||||||
| 2,280 | Civitas Resources, Inc. | 187,462 | ||||||
| 40,648 | ConocoPhillips | 4,838,331 | ||||||
| 25,041 | Coterra Energy, Inc. | 705,906 | ||||||
| 21,400 | Devon Energy Corp. | 1,093,326 | ||||||
| 5,788 | Diamondback Energy, Inc. | 878,503 | ||||||
| 3,262 | DT Midstream, Inc. | 170,570 | ||||||
| 8,297 | EnLink Midstream LLC* | 103,215 | ||||||
| 19,610 | EOG Resources, Inc. | 2,522,238 | ||||||
| 12,043 | EQT Corp. | 520,498 | ||||||
| 135,867 | Exxon Mobil Corp. | 15,107,052 | ||||||
| 30,217 | Halliburton Co. | 1,166,981 | ||||||
| 3,326 | Helmerich & Payne, Inc. | 133,007 | ||||||
| 9,308 | Hess Corp. | 1,438,086 | ||||||
| 1,445 | Hess Midstream LP, Class A | 41,760 | ||||||
| 4,855 | HF Sinclair Corp. | 267,462 | ||||||
| 65,834 | Kinder Morgan, Inc. | 1,133,661 | ||||||
| 5,930 | Magnolia Oil & Gas Corp., Class A | 135,204 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Energy – (continued) | ||||||||
| 20,673 | Marathon Oil Corp. | 544,734 | ||||||
| 14,249 | Marathon Petroleum Corp. | 2,034,330 | ||||||
| 3,641 | Matador Resources Co. | 231,204 | ||||||
| 4,915 | Murphy Oil Corp. | 223,141 | ||||||
| 2,500 | New Fortress Energy, Inc. | 77,600 | ||||||
| 3,683 | Noble Corp. PLC | 194,241 | ||||||
| 13,126 | NOV, Inc. | 277,352 | ||||||
| 23,454 | Occidental Petroleum Corp. | 1,472,677 | ||||||
| 14,998 | ONEOK, Inc. | 977,870 | ||||||
| 8,168 | Ovintiv, Inc. | 383,569 | ||||||
| 3,730 | PBF Energy, Inc., Class A | 174,900 | ||||||
| 8,348 | Permian Resources Corp. | 118,375 | ||||||
| 15,401 | Phillips 66 | 1,758,178 | ||||||
| 7,811 | Pioneer Natural Resources Co. | 1,858,471 | ||||||
| 6,379 | Plains GP Holdings LP, Class A* | 102,319 | ||||||
| 7,985 | Range Resources Corp. | 258,554 | ||||||
| 47,818 | Schlumberger NV | 2,819,349 | ||||||
| 1,765 | Scorpio Tankers, Inc. (Monaco) | 89,150 | ||||||
| 3,979 | SM Energy Co. | 168,351 | ||||||
| 32,900 | Southwestern Energy Co.* | 223,062 | ||||||
| 7,471 | Targa Resources Corp. | 644,374 | ||||||
| 258 | Texas Pacific Land Corp. | 486,266 | ||||||
| 22,712 | Transocean Ltd.* | 185,784 | ||||||
| 12,097 | Valero Energy Corp. | 1,571,400 | ||||||
| 2,121 | Viper Energy Partners LP | 59,006 | ||||||
| 40,879 | Williams Cos., Inc. (The) | 1,411,552 | ||||||
|
| |||||||
| 62,522,071 | ||||||||
|
| |||||||
| Financials – 12.3% | ||||||||
| 1,195 | Affiliated Managers Group, Inc. | 160,142 | ||||||
| 18,364 | Aflac, Inc. | 1,369,403 | ||||||
| 19,843 | AGNC Investment Corp. REIT | 196,644 | ||||||
| 8,791 | Allstate Corp. (The) | 947,758 | ||||||
| 9,078 | Ally Financial, Inc. | 251,370 | ||||||
| 19,865 | American Express Co. | 3,138,471 | ||||||
| 2,637 | American Financial Group, Inc. | 305,681 | ||||||
| 24,636 | American International Group, Inc. | 1,441,699 | ||||||
| 3,491 | Ameriprise Financial, Inc. | 1,178,492 | ||||||
| 16,473 | Annaly Capital Management, Inc. REIT | 333,908 | ||||||
| 6,790 | Aon PLC, Class A | 2,263,718 | ||||||
| 13,599 | Apollo Global Management, Inc. | 1,187,737 | ||||||
| 11,993 | Arch Capital Group Ltd.* | 921,782 | ||||||
| 4,874 | Ares Management Corp., Class A | 504,167 | ||||||
| 7,121 | Arthur J Gallagher & Co. | 1,641,248 | ||||||
| 1,778 | Assurant, Inc. | 247,729 | ||||||
| 2,570 | Axis Capital Holdings Ltd. | 140,990 | ||||||
| 232,858 | Bank of America Corp. | 6,676,039 | ||||||
| 25,691 | Bank of New York Mellon Corp. (The) | 1,152,755 | ||||||
| 3,627 | Bank OZK | 145,697 | ||||||
| 43,414 | Berkshire Hathaway, Inc., Class B* | 15,637,723 | ||||||
| 4,980 | BlackRock, Inc. | 3,488,689 | ||||||
| 23,598 | Blackstone, Inc. | 2,510,119 | ||||||
| 18,196 | Block, Inc.* | 1,048,999 | ||||||
| 14,468 | Blue Owl Capital, Inc. | 172,893 | ||||||
|
| |||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Financials – (continued) | ||||||||
| 948 | BOK Financial Corp. | $ | 78,788 | |||||
| 7,949 | Brown & Brown, Inc. | 589,021 | ||||||
| 12,675 | Capital One Financial Corp. | 1,297,793 | ||||||
| 6,754 | Carlyle Group, Inc. (The) | 218,492 | ||||||
| 3,531 | Cboe Global Markets, Inc. | 528,626 | ||||||
| 46,396 | Charles Schwab Corp. (The) | 2,744,323 | ||||||
| 13,867 | Chubb Ltd. | 2,785,464 | ||||||
| 5,194 | Cincinnati Financial Corp. | 549,473 | ||||||
| 63,554 | Citigroup, Inc. | 2,624,145 | ||||||
| 16,219 | Citizens Financial Group, Inc. | 456,240 | ||||||
| 12,053 | CME Group, Inc. | 2,442,902 | ||||||
| 857 | CNA Financial Corp. | 33,706 | ||||||
| 5,018 | Coinbase Global, Inc., Class A* | 399,433 | ||||||
| 4,391 | Comerica, Inc. | 211,251 | ||||||
| 4,049 | Commerce Bancshares, Inc. | 198,765 | ||||||
| 5,631 | Corebridge Financial, Inc. | 100,401 | ||||||
| 265 | Credit Acceptance Corp.* | 132,969 | ||||||
| 2,012 | Cullen/Frost Bankers, Inc. | 190,194 | ||||||
| 8,504 | Discover Financial Services | 765,955 | ||||||
| 2,443 | Dlocal Ltd. (Uruguay)* | 52,378 | ||||||
| 4,668 | East West Bancorp, Inc. | 258,327 | ||||||
| 11,916 | Equitable Holdings, Inc. | 343,181 | ||||||
| 846 | Erie Indemnity Co., Class A | 235,806 | ||||||
| 3,458 | Essent Group Ltd. | 173,661 | ||||||
| 1,577 | Euronet Worldwide, Inc.* | 137,767 | ||||||
| 1,169 | Evercore, Inc., Class A | 163,718 | ||||||
| 1,441 | Everest Group Ltd. | 519,740 | ||||||
| 1,281 | FactSet Research Systems, Inc. | 559,041 | ||||||
| 8,702 | Fidelity National Financial, Inc. | 360,263 | ||||||
| 19,867 | Fidelity National Information Services, Inc. | 1,109,771 | ||||||
| 22,808 | Fifth Third Bancorp | 605,552 | ||||||
| 3,314 | First American Financial Corp. | 204,407 | ||||||
| 339 | First Citizens BancShares, Inc., Class A | 461,176 | ||||||
| 4,608 | First Financial Bankshares, Inc. | 132,342 | ||||||
| 17,758 | First Horizon Corp. | 222,863 | ||||||
| 20,586 | Fiserv, Inc.* | 2,498,935 | ||||||
| 2,408 | FleetCor Technologies, Inc.* | 654,326 | ||||||
| 9,562 | Franklin Resources, Inc. | 255,688 | ||||||
| 3,715 | Glacier Bancorp, Inc. | 112,230 | ||||||
| 8,750 | Global Payments, Inc. | 1,108,537 | ||||||
| 3,146 | Globe Life, Inc. | 350,999 | ||||||
| 11,123 | Goldman Sachs Group, Inc. (The)(b) | 3,645,118 | ||||||
| 1,173 | Hanover Insurance Group, Inc. (The) | 125,183 | ||||||
| 10,387 | Hartford Financial Services Group, Inc. (The) | 745,994 | ||||||
| 1,707 | Houlihan Lokey, Inc. | 179,815 | ||||||
| 48,297 | Huntington Bancshares, Inc. | 535,614 | ||||||
| 3,282 | Interactive Brokers Group, Inc., Class A | 298,925 | ||||||
| 18,611 | Intercontinental Exchange, Inc. | 2,195,912 | ||||||
| 15,090 | Invesco Ltd. | 240,233 | ||||||
| 2,433 | Jack Henry & Associates, Inc. | 381,446 | ||||||
| 5,531 | Janus Henderson Group PLC | 151,937 | ||||||
| 6,195 | Jefferies Financial Group, Inc. | 221,100 | ||||||
| 97,453 | JPMorgan Chase & Co. | 14,260,297 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Financials – (continued) | ||||||||
| 31,334 | KeyCorp | 355,014 | ||||||
| 735 | Kinsale Capital Group, Inc. | 292,993 | ||||||
| 21,850 | KKR & Co., Inc. | 1,372,398 | ||||||
| 3,655 | Lazard Ltd., Class A | 126,975 | ||||||
| 5,644 | Lincoln National Corp. | 144,825 | ||||||
| 6,245 | Loews Corp. | 387,752 | ||||||
| 2,588 | LPL Financial Holdings, Inc. | 596,767 | ||||||
| 5,550 | M&T Bank Corp. | 694,027 | ||||||
| 443 | Markel Group, Inc.* | 655,162 | ||||||
| 1,236 | MarketAxess Holdings, Inc. | 297,789 | ||||||
| 16,594 | Marsh & McLennan Cos., Inc. | 3,235,664 | ||||||
| 28,176 | Mastercard, Inc., Class A | 11,626,545 | ||||||
| 21,658 | MetLife, Inc. | 1,371,818 | ||||||
| 5,328 | Moody’s Corp. | 1,794,470 | ||||||
| 43,332 | Morgan Stanley | 3,689,720 | ||||||
| 873 | Morningstar, Inc. | 203,121 | ||||||
| 2,610 | MSCI, Inc. | 1,418,848 | ||||||
| 11,507 | Nasdaq, Inc. | 603,887 | ||||||
| 22,622 | New York Community Bancorp, Inc. | 277,798 | ||||||
| 6,979 | Northern Trust Corp. | 530,893 | ||||||
| 9,713 | Old National Bancorp | 148,220 | ||||||
| 9,105 | Old Republic International Corp. | 249,022 | ||||||
| 4,015 | OneMain Holdings, Inc. | 166,663 | ||||||
| 37,458 | PayPal Holdings, Inc.* | 2,341,500 | ||||||
| 2,519 | Pinnacle Financial Partners, Inc. | 167,665 | ||||||
| 13,376 | PNC Financial Services Group, Inc. (The) | 1,614,884 | ||||||
| 2,358 | Popular, Inc. (Puerto Rico) | 161,004 | ||||||
| 1,210 | Primerica, Inc. | 243,162 | ||||||
| 8,148 | Principal Financial Group, Inc. | 633,181 | ||||||
| 19,619 | Progressive Corp. (The) | 2,618,548 | ||||||
| 3,040 | Prosperity Bancshares, Inc. | 172,702 | ||||||
| 12,256 | Prudential Financial, Inc. | 1,160,276 | ||||||
| 6,451 | Raymond James Financial, Inc. | 674,710 | ||||||
| 31,480 | Regions Financial Corp. | 577,343 | ||||||
| 2,225 | Reinsurance Group of America, Inc. | 308,429 | ||||||
| 1,658 | RenaissanceRe Holdings Ltd. (Bermuda) | 311,522 | ||||||
| 16,146 | Rithm Capital Corp. REIT | 166,465 | ||||||
| 1,351 | RLI Corp. | 177,684 | ||||||
| 19,464 | Robinhood Markets, Inc., Class A* | 211,963 | ||||||
| 3,513 | Rocket Cos., Inc., Class A*(a) | 37,519 | ||||||
| 3,140 | Ryan Specialty Holdings, Inc.* | 153,075 | ||||||
| 10,770 | S&P Global, Inc. | 4,209,562 | ||||||
| 3,677 | SEI Investments Co. | 228,195 | ||||||
| 1,977 | Selective Insurance Group, Inc. | 196,138 | ||||||
| 1,891 | Shift4 Payments, Inc., Class A* | 107,390 | ||||||
| 8,006 | SLM Corp. | 114,005 | ||||||
| 27,547 | SoFi Technologies, Inc.* | 238,557 | ||||||
| 2,523 | SouthState Corp. | 182,413 | ||||||
| 9,892 | Starwood Property Trust, Inc. REIT | 202,094 | ||||||
| 11,201 | State Street Corp. | 769,957 | ||||||
| 3,393 | Stifel Financial Corp. | 220,613 | ||||||
| 14,321 | Synchrony Financial | 462,282 | ||||||
| 4,807 | Synovus Financial Corp. | 148,825 | ||||||
| 7,414 | T. Rowe Price Group, Inc. | 832,073 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Financials – (continued) | ||||||||
| 1,727 | TFS Financial Corp. | $ | 23,504 | |||||
| 10,858 | Toast, Inc., Class A* | 240,722 | ||||||
| 2,116 | TPG, Inc. | 59,502 | ||||||
| 3,829 | Tradeweb Markets, Inc., Class A | 330,940 | ||||||
| 7,732 | Travelers Cos., Inc. (The) | 1,246,630 | ||||||
| 44,656 | Truist Financial Corp. | 1,364,241 | ||||||
| 4,437 | United Bankshares, Inc. | 133,465 | ||||||
| 6,572 | Unum Group | 323,277 | ||||||
| 49,707 | US Bancorp | 1,815,797 | ||||||
| 2,844 | UWM Holdings Corp. | 16,950 | ||||||
| 14,063 | Valley National Bancorp | 129,098 | ||||||
| 54,371 | Visa, Inc., Class A | 13,357,867 | ||||||
| 3,274 | Voya Financial, Inc. | 228,132 | ||||||
| 6,909 | W R Berkley Corp. | 427,391 | ||||||
| 5,726 | Webster Financial Corp. | 242,840 | ||||||
| 125,367 | Wells Fargo & Co. | 5,176,403 | ||||||
| 3,626 | Western Alliance Bancorp | 181,336 | ||||||
| 12,526 | Western Union Co. (The) | 154,696 | ||||||
| 1,430 | WEX, Inc.* | 280,537 | ||||||
| 3,554 | Willis Towers Watson PLC | 734,825 | ||||||
| 2,023 | Wintrust Financial Corp. | 157,005 | ||||||
| 4,893 | Zions Bancorp NA | 173,701 | ||||||
|
| |||||||
| 173,597,042 | ||||||||
|
| |||||||
| Health Care – 13.0% | ||||||||
| 2,869 | 10X Genomics, Inc., Class A* | 148,758 | ||||||
| 58,160 | Abbott Laboratories | 5,984,664 | ||||||
| 59,260 | AbbVie, Inc. | 8,708,850 | ||||||
| 3,007 | Acadia Healthcare Co., Inc.* | 231,840 | ||||||
| 9,909 | Agilent Technologies, Inc. | 1,199,683 | ||||||
| 7,136 | agilon health, Inc.* | 126,450 | ||||||
| 2,406 | Align Technology, Inc.* | 890,557 | ||||||
| 4,167 | Alnylam Pharmaceuticals, Inc.* | 824,316 | ||||||
| 17,898 | Amgen, Inc. | 4,587,973 | ||||||
| 3,233 | Apellis Pharmaceuticals, Inc.* | 136,465 | ||||||
| 21,897 | Avantor, Inc.* | 474,070 | ||||||
| 1,280 | Bausch + Lomb Corp.* | 22,950 | ||||||
| 16,952 | Baxter International, Inc. | 688,251 | ||||||
| 9,736 | Becton Dickinson & Co. | 2,720,725 | ||||||
| 4,834 | Biogen, Inc.* | 1,292,418 | ||||||
| 6,227 | BioMarin Pharmaceutical, Inc.* | 569,023 | ||||||
| 706 | Bio-Rad Laboratories, Inc., Class A* | 282,541 | ||||||
| 5,196 | Bio-Techne Corp. | 407,366 | ||||||
| 49,019 | Boston Scientific Corp.* | 2,644,085 | ||||||
| 70,568 | Bristol-Myers Squibb Co. | 4,350,517 | ||||||
| 3,315 | Bruker Corp. | 217,464 | ||||||
| 8,553 | Cardinal Health, Inc. | 746,933 | ||||||
| 6,044 | Catalent, Inc.* | 302,019 | ||||||
| 5,655 | Cencora, Inc. | 995,167 | ||||||
| 18,404 | Centene Corp.* | 1,134,607 | ||||||
| 1,689 | Charles River Laboratories International, Inc.* | 349,319 | ||||||
| 492 | Chemed Corp. | 251,628 | ||||||
| 9,884 | Cigna Group (The) | 2,730,554 | ||||||
| 1,656 | Cooper Cos., Inc. (The) | 612,703 | ||||||
| 305 | CorVel Corp.* | 66,017 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Health Care – (continued) | ||||||||
| 43,038 | CVS Health Corp. | 2,804,786 | ||||||
| 22,601 | Danaher Corp. | 5,989,265 | ||||||
| 1,808 | DaVita, Inc.* | 185,175 | ||||||
| 7,072 | DENTSPLY SIRONA, Inc. | 262,300 | ||||||
| 12,976 | Dexcom, Inc.* | 1,310,316 | ||||||
| 3,989 | Doximity, Inc., Class A* | 95,098 | ||||||
| 20,210 | Edwards Lifesciences Corp.* | 1,545,459 | ||||||
| 16,459 | Elanco Animal Health, Inc.* | 200,800 | ||||||
| 7,943 | Elevance Health, Inc. | 3,510,885 | ||||||
| 28,415 | Eli Lilly & Co. | 15,747,593 | ||||||
| 3,305 | Encompass Health Corp. | 234,787 | ||||||
| 1,806 | Ensign Group, Inc. (The) | 180,997 | ||||||
| 5,469 | Envista Holdings Corp.* | 175,117 | ||||||
| 6,004 | Exact Sciences Corp.* | 502,355 | ||||||
| 10,651 | Exelixis, Inc.* | 238,476 | ||||||
| 12,247 | GE HealthCare Technologies, Inc. | 862,801 | ||||||
| 41,868 | Gilead Sciences, Inc. | 3,202,065 | ||||||
| 3,352 | Globus Medical, Inc., Class A* | 181,343 | ||||||
| 4,382 | Halozyme Therapeutics, Inc.* | 186,498 | ||||||
| 6,938 | HCA Healthcare, Inc. | 1,923,907 | ||||||
| 2,800 | HealthEquity, Inc.* | 189,140 | ||||||
| 4,366 | Henry Schein, Inc.* | 334,174 | ||||||
| 8,216 | Hologic, Inc.* | 614,064 | ||||||
| 7,631 | Horizon Therapeutics PLC* | 860,319 | ||||||
| 4,190 | Humana, Inc. | 1,934,230 | ||||||
| 2,764 | IDEXX Laboratories, Inc.* | 1,413,537 | ||||||
| 5,308 | Illumina, Inc.* | 876,988 | ||||||
| 6,263 | Incyte Corp.* | 404,151 | ||||||
| 963 | Inspire Medical Systems, Inc.* | 218,485 | ||||||
| 2,325 | Insulet Corp.* | 445,726 | ||||||
| 2,342 | Integra LifeSciences Holdings Corp.* | 99,629 | ||||||
| 3,139 | Intra-Cellular Therapies, Inc.* | 174,277 | ||||||
| 11,705 | Intuitive Surgical, Inc.* | 3,659,919 | ||||||
| 4,689 | Ionis Pharmaceuticals, Inc.* | 188,826 | ||||||
| 6,083 | IQVIA Holdings, Inc.* | 1,354,258 | ||||||
| 2,104 | Jazz Pharmaceuticals PLC* | 301,629 | ||||||
| 87,288 | Johnson & Johnson | 14,112,724 | ||||||
| 1,193 | Karuna Therapeutics, Inc.* | 223,998 | ||||||
| 2,968 | Laboratory Corp. of America Holdings | 617,641 | ||||||
| 2,247 | Lantheus Holdings, Inc.* | 153,785 | ||||||
| 1,655 | Masimo Corp.* | 189,133 | ||||||
| 4,551 | McKesson Corp. | 1,876,468 | ||||||
| 780 | Medpace Holdings, Inc.* | 210,811 | ||||||
| 44,711 | Medtronic PLC | 3,643,946 | ||||||
| 85,247 | Merck & Co., Inc. | 9,290,218 | ||||||
| 729 | Mettler-Toledo International, Inc.* | 884,627 | ||||||
| 11,136 | Moderna, Inc.* | 1,259,148 | ||||||
| 1,938 | Molina Healthcare, Inc.* | 601,013 | ||||||
| 3,504 | Natera, Inc.* | 205,790 | ||||||
| 3,222 | Neurocrine Biosciences, Inc.* | 350,844 | ||||||
| 3,501 | Novocure Ltd.* | 77,232 | ||||||
| 6,019 | Option Care Health, Inc.* | 209,642 | ||||||
| 8,560 | Organon & Co. | 187,978 | ||||||
| 1,230 | Penumbra, Inc.* | 325,335 | ||||||
| 4,524 | Perrigo Co. PLC | 158,340 | ||||||
| 189,741 | Pfizer, Inc. | 6,713,037 | ||||||
|
| |||||||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Health Care – (continued) | ||||||||
| 7,622 | QIAGEN NV* | $ | 346,725 | |||||
| 3,744 | Quest Diagnostics, Inc. | 492,336 | ||||||
| 1,622 | QuidelOrtho Corp.* | 133,588 | ||||||
| 6,495 | R1 RCM, Inc.* | 111,974 | ||||||
| 3,476 | Regeneron Pharmaceuticals, Inc.* | 2,872,879 | ||||||
| 1,739 | Repligen Corp.* | 302,429 | ||||||
| 4,876 | ResMed, Inc. | 778,161 | ||||||
| 4,201 | Revvity, Inc. | 491,643 | ||||||
| 14,614 | Roivant Sciences Ltd.* | 169,084 | ||||||
| 12,619 | Royalty Pharma PLC, Class A | 376,299 | ||||||
| 2,940 | Sarepta Therapeutics, Inc.* | 355,769 | ||||||
| 4,640 | Seagen, Inc.* | 956,165 | ||||||
| 1,212 | Shockwave Medical, Inc.* | 267,113 | ||||||
| 3,307 | STERIS PLC | 759,254 | ||||||
| 10,630 | Stryker Corp. | 3,014,136 | ||||||
| 3,449 | Syneos Health, Inc.* | 147,376 | ||||||
| 5,463 | Teladoc Health, Inc.* | 123,682 | ||||||
| 1,578 | Teleflex, Inc. | 335,704 | ||||||
| 3,326 | Tenet Healthcare Corp.* | 257,965 | ||||||
| 12,948 | Thermo Fisher Scientific, Inc. | 7,213,331 | ||||||
| 1,549 | United Therapeutics Corp.* | 347,534 | ||||||
| 31,174 | UnitedHealth Group, Inc. | 14,856,905 | ||||||
| 2,016 | Universal Health Services, Inc., Class B | 271,555 | ||||||
| 4,867 | Veeva Systems, Inc., Class A* | 1,015,743 | ||||||
| 8,649 | Vertex Pharmaceuticals, Inc.* | 3,012,793 | ||||||
| 40,211 | Viatris, Inc. | 432,268 | ||||||
| 1,974 | Waters Corp.* | 554,299 | ||||||
| 2,481 | West Pharmaceutical Services, Inc. | 1,009,519 | ||||||
| 7,013 | Zimmer Biomet Holdings, Inc. | 835,389 | ||||||
| 15,525 | Zoetis, Inc. | 2,957,668 | ||||||
|
| |||||||
| 182,198,284 | ||||||||
|
| |||||||
| Industrials – 9.5% | ||||||||
| 18,484 | 3M Co. | 1,971,688 | ||||||
| 4,117 | A O Smith Corp. | 298,483 | ||||||
| 1,046 | Acuity Brands, Inc. | 168,699 | ||||||
| 2,300 | Advanced Drainage Systems, Inc. | 294,768 | ||||||
| 4,652 | AECOM | 408,213 | ||||||
| 2,091 | AGCO Corp. | 270,847 | ||||||
| 3,467 | Air Lease Corp. | 141,315 | ||||||
| 4,278 | Alaska Air Group, Inc.* | 179,548 | ||||||
| 2,942 | Allegion PLC | 334,829 | ||||||
| 21,669 | American Airlines Group, Inc.* | 319,184 | ||||||
| 7,726 | AMETEK, Inc. | 1,232,374 | ||||||
| 7,076 | API Group Corp.* | 199,189 | ||||||
| 1,277 | Applied Industrial Technologies, Inc. | 197,130 | ||||||
| 1,602 | ASGN, Inc.* | 131,620 | ||||||
| 1,254 | Atkore, Inc.* | 193,078 | ||||||
| 13,885 | Automatic Data Processing, Inc. | 3,535,260 | ||||||
| 686 | Avis Budget Group, Inc.* | 146,386 | ||||||
| 2,320 | Axon Enterprise, Inc.* | 493,951 | ||||||
| 18,735 | Boeing Co. (The)* | 4,197,202 | ||||||
| 4,317 | Booz Allen Hamilton Holding Corp. | 489,159 | ||||||
| 3,932 | Broadridge Financial Solutions, Inc. | 732,178 | ||||||
| 4,229 | Builders FirstSource, Inc.* | 613,374 | ||||||
| 3,064 | BWX Technologies, Inc. | 226,001 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Industrials – (continued) | ||||||||
| 751 | CACI International, Inc., Class A* | 246,336 | ||||||
| 1,700 | Carlisle Cos., Inc. | 447,134 | ||||||
| 28,035 | Carrier Global Corp. | 1,610,611 | ||||||
| 17,302 | Caterpillar, Inc. | 4,864,111 | ||||||
| 5,001 | Ceridian HCM Holding, Inc.* | 362,673 | ||||||
| 3,874 | C.H. Robinson Worldwide, Inc. | 350,326 | ||||||
| 1,403 | Chart Industries, Inc.* | 253,354 | ||||||
| 2,906 | Cintas Corp. | 1,465,118 | ||||||
| 13,716 | Clarivate PLC* | 101,910 | ||||||
| 1,696 | Clean Harbors, Inc.* | 287,201 | ||||||
| 1,440 | Concentrix Corp. | 114,955 | ||||||
| 28,488 | Copart, Inc.* | 1,277,117 | ||||||
| 3,013 | Core & Main, Inc., Class A* | 98,947 | ||||||
| 68,147 | CSX Corp. | 2,058,039 | ||||||
| 4,759 | Cummins, Inc. | 1,094,760 | ||||||
| 1,284 | Curtiss-Wright Corp. | 267,059 | ||||||
| 9,056 | Deere & Co. | 3,721,473 | ||||||
| 21,527 | Delta Air Lines, Inc. | 923,078 | ||||||
| 4,049 | Donaldson Co., Inc. | 258,610 | ||||||
| 4,680 | Dover Corp. | 694,044 | ||||||
| 7,671 | Dun & Bradstreet Holdings, Inc. | 83,614 | ||||||
| 13,324 | Eaton Corp. PLC | 3,069,450 | ||||||
| 1,580 | EMCOR Group, Inc. | 354,315 | ||||||
| 19,148 | Emerson Electric Co. | 1,881,291 | ||||||
| 4,088 | Equifax, Inc. | 844,990 | ||||||
| 5,395 | ExlService Holdings, Inc.* | 157,696 | ||||||
| 5,109 | Expeditors International of Washington, Inc. | 596,271 | ||||||
| 1,681 | Exponent, Inc. | 151,055 | ||||||
| 19,164 | Fastenal Co. | 1,103,463 | ||||||
| 7,741 | FedEx Corp. | 2,020,556 | ||||||
| 6,502 | Ferguson PLC | 1,050,463 | ||||||
| 4,395 | Flowserve Corp. | 173,910 | ||||||
| 11,866 | Fortive Corp. | 935,634 | ||||||
| 4,226 | Fortune Brands Innovations, Inc. | 291,679 | ||||||
| 1,118 | FTI Consulting, Inc.* | 207,747 | ||||||
| 1,176 | GATX Corp. | 138,933 | ||||||
| 2,059 | Generac Holdings, Inc.* | 244,630 | ||||||
| 7,583 | General Dynamics Corp. | 1,718,611 | ||||||
| 36,349 | General Electric Co. | 4,160,507 | ||||||
| 5,686 | Genpact Ltd. | 212,258 | ||||||
| 5,605 | Graco, Inc. | 442,459 | ||||||
| 3,919 | GXO Logistics, Inc.* | 250,698 | ||||||
| 1,415 | HEICO Corp. | 238,725 | ||||||
| 2,502 | HEICO Corp., Class A | 338,846 | ||||||
| 4,576 | Hertz Global Holdings, Inc.* | 77,563 | ||||||
| 2,823 | Hexcel Corp. | 206,926 | ||||||
| 22,362 | Honeywell International, Inc. | 4,202,714 | ||||||
| 13,731 | Howmet Aerospace, Inc. | 679,273 | ||||||
| 1,796 | Hubbell, Inc. | 585,586 | ||||||
| 1,317 | Huntington Ingalls Industries, Inc. | 290,161 | ||||||
| 2,535 | IDEX Corp. | 573,924 | ||||||
| 10,189 | Illinois Tool Works, Inc. | 2,520,249 | ||||||
| 13,576 | Ingersoll Rand, Inc. | 945,025 | ||||||
| 1,209 | Insperity, Inc. | 122,508 | ||||||
| 2,753 | ITT, Inc. | 281,577 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Industrials – (continued) | ||||||||
| 4,218 | Jacobs Solutions, Inc. | $ | 568,671 | |||||
| 2,759 | J.B. Hunt Transport Services, Inc. | 518,361 | ||||||
| 10,530 | Joby Aviation, Inc.* | 78,449 | ||||||
| 22,901 | Johnson Controls International PLC | 1,352,533 | ||||||
| 4,466 | KBR, Inc. | 274,748 | ||||||
| 5,053 | Knight-Swift Transportation Holdings, Inc. | 277,005 | ||||||
| 6,345 | L3Harris Technologies, Inc. | 1,129,981 | ||||||
| 1,198 | Landstar System, Inc. | 227,392 | ||||||
| 4,587 | Leidos Holdings, Inc. | 447,278 | ||||||
| 1,069 | Lennox International, Inc. | 402,810 | ||||||
| 1,891 | Lincoln Electric Holdings, Inc. | 363,942 | ||||||
| 8,507 | Lockheed Martin Corp. | 3,814,113 | ||||||
| 10,613 | Lyft, Inc., Class A* | 125,021 | ||||||
| 1,677 | ManpowerGroup, Inc. | 132,265 | ||||||
| 7,547 | Masco Corp. | 445,348 | ||||||
| 2,117 | MasTec, Inc.* | 210,620 | ||||||
| 2,024 | Maximus, Inc. | 163,580 | ||||||
| 6,453 | MDU Resources Group, Inc. | 131,383 | ||||||
| 1,777 | Middleby Corp. (The)* | 258,713 | ||||||
| 1,239 | MSA Safety, Inc. | 226,341 | ||||||
| 1,541 | MSC Industrial Direct Co., Inc., Class A | 157,274 | ||||||
| 1,715 | Nordson Corp. | 418,700 | ||||||
| 7,640 | Norfolk Southern Corp. | 1,566,276 | ||||||
| 5,096 | Northrop Grumman Corp. | 2,207,027 | ||||||
| 5,426 | nVent Electric PLC | 306,786 | ||||||
| 3,206 | Old Dominion Freight Line, Inc. | 1,370,148 | ||||||
| 2,180 | Oshkosh Corp. | 226,349 | ||||||
| 13,887 | Otis Worldwide Corp. | 1,188,033 | ||||||
| 3,004 | Owens Corning | 432,306 | ||||||
| 17,334 | PACCAR, Inc. | 1,426,415 | ||||||
| 4,290 | Parker-Hannifin Corp. | 1,788,501 | ||||||
| 1,367 | Parsons Corp.* | 77,946 | ||||||
| 10,815 | Paychex, Inc. | 1,321,917 | ||||||
| 1,720 | Paycom Software, Inc. | 507,125 | ||||||
| 2,130 | Paycor HCM, Inc.* | 49,991 | ||||||
| 1,415 | Paylocity Holding Corp.* | 283,708 | ||||||
| 5,519 | Pentair PLC | 387,765 | ||||||
| 17,969 | Plug Power, Inc.*(a) | 152,018 | ||||||
| 4,824 | Quanta Services, Inc. | 1,012,413 | ||||||
| 959 | RBC Bearings, Inc.* | 221,088 | ||||||
| 2,205 | Regal Rexnord Corp. | 357,629 | ||||||
| 6,931 | Republic Services, Inc. | 998,965 | ||||||
| 3,520 | Robert Half, Inc. | 260,339 | ||||||
| 3,856 | Rockwell Automation, Inc. | 1,203,380 | ||||||
| 7,961 | Rollins, Inc. | 315,017 | ||||||
| 49,063 | RTX Corp. | 4,221,381 | ||||||
| 886 | Saia, Inc.* | 377,613 | ||||||
| 1,785 | Science Applications International Corp. | 210,023 | ||||||
| 5,090 | Sensata Technologies Holding PLC | 191,486 | ||||||
| 1,489 | SiteOne Landscape Supply, Inc.* | 254,902 | ||||||
| 1,750 | Snap-on, Inc. | 470,050 | ||||||
| 19,940 | Southwest Airlines Co. | 630,104 | ||||||
| 7,308 | SS&C Technologies Holdings, Inc. | 419,625 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Industrials – (continued) | ||||||||
| 5,093 | Stanley Black & Decker, Inc. | 480,677 | ||||||
| 3,093 | Stericycle, Inc.* | 136,742 | ||||||
| 7,020 | Sunrun, Inc.* | 109,723 | ||||||
| 1,774 | Tetra Tech, Inc. | 279,139 | ||||||
| 6,757 | Textron, Inc. | 525,086 | ||||||
| 2,155 | Timken Co. (The) | 164,685 | ||||||
| 3,477 | Toro Co. (The) | 355,767 | ||||||
| 7,649 | Trane Technologies PLC | 1,570,034 | ||||||
| 1,736 | TransDigm Group, Inc.* | 1,569,084 | ||||||
| 6,484 | TransUnion | 526,630 | ||||||
| 3,642 | Trex Co., Inc.* | 259,930 | ||||||
| 1,856 | TriNet Group, Inc.* | 205,886 | ||||||
| 65,464 | Uber Technologies, Inc.* | 3,091,865 | ||||||
| 2,026 | UFP Industries, Inc. | 211,413 | ||||||
| 253 | U-Haul Holding Co. | 14,413 | ||||||
| 3,385 | U-Haul Holding Co. | 180,217 | ||||||
| 20,463 | Union Pacific Corp. | 4,513,524 | ||||||
| 10,968 | United Airlines Holdings, Inc.* | 546,316 | ||||||
| 24,363 | United Parcel Service, Inc., Class B | 4,127,092 | ||||||
| 2,302 | United Rentals, Inc. | 1,096,995 | ||||||
| 687 | Valmont Industries, Inc. | 174,155 | ||||||
| 4,837 | Verisk Analytics, Inc. | 1,171,618 | ||||||
| 10,542 | Vertiv Holdings Co. | 415,249 | ||||||
| 13,651 | Waste Management, Inc. | 2,140,204 | ||||||
| 1,113 | Watsco, Inc. | 405,744 | ||||||
| 907 | Watts Water Technologies, Inc., Class A | 171,214 | ||||||
| 1,502 | WESCO International, Inc. | 243,099 | ||||||
| 5,979 | Westinghouse Air Brake Technologies Corp. | 672,757 | ||||||
| 6,651 | WillScot Mobile Mini Holdings Corp.* | 272,824 | ||||||
| 1,873 | Woodward, Inc. | 242,310 | ||||||
| 1,361 | W.W. Grainger, Inc. | 971,945 | ||||||
| 3,810 | XPO, Inc.* | 284,340 | ||||||
| 8,032 | Xylem, Inc. | 831,633 | ||||||
|
| |||||||
| 132,547,803 | ||||||||
|
| |||||||
| Information Technology – 27.2% | ||||||||
| 22,316 | Accenture PLC, Class A | 7,225,251 | ||||||
| 15,287 | Adobe, Inc.* | 8,550,631 | ||||||
| 53,740 | Advanced Micro Devices, Inc.* | 5,681,393 | ||||||
| 5,025 | Akamai Technologies, Inc.* | 528,077 | ||||||
| 2,345 | Allegro MicroSystems, Inc. (Japan)* | 89,696 | ||||||
| 1,765 | Altair Engineering, Inc., Class A* | 117,337 | ||||||
| 3,989 | Amdocs Ltd. | 355,819 | ||||||
| 3,139 | Amkor Technology, Inc. | 87,766 | ||||||
| 19,847 | Amphenol Corp., Class A | 1,754,078 | ||||||
| 16,946 | Analog Devices, Inc. | 3,080,444 | ||||||
| 2,905 | ANSYS, Inc.* | 926,317 | ||||||
| 619 | Appfolio, Inc., Class A* | 119,325 | ||||||
| 497,819 | Apple, Inc. | 93,525,256 | ||||||
| 28,159 | Applied Materials, Inc. | 4,301,569 | ||||||
| 5,161 | AppLovin Corp., Class A* | 223,058 | ||||||
| 7,943 | Arista Networks, Inc.* | 1,550,712 | ||||||
| 1,893 | Arrow Electronics, Inc.* | 252,583 | ||||||
|
| |||||||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Information Technology – (continued) | ||||||||
| 950 | Aspen Technology, Inc.* | $ | 184,300 | |||||
| 5,091 | Atlassian Corp., Class A* | 1,038,869 | ||||||
| 7,177 | Autodesk, Inc.* | 1,592,863 | ||||||
| 6,843 | Bentley Systems, Inc., Class B | 341,534 | ||||||
| 3,387 | BILL Holdings, Inc.* | 390,521 | ||||||
| 5,199 | Black Knight, Inc.* | 393,876 | ||||||
| 13,566 | Broadcom, Inc. | 12,519,926 | ||||||
| 9,074 | Cadence Design Systems, Inc.* | 2,181,753 | ||||||
| 4,801 | CCC Intelligent Solutions Holdings, Inc.* | 51,371 | ||||||
| 4,520 | CDW Corp. | 954,398 | ||||||
| 4,951 | Ciena Corp.* | 247,451 | ||||||
| 136,972 | Cisco Systems, Inc. | 7,855,344 | ||||||
| 9,506 | Cloudflare, Inc., Class A* | 618,175 | ||||||
| 5,798 | Cognex Corp. | 272,970 | ||||||
| 17,038 | Cognizant Technology Solutions Corp., Class A | 1,220,091 | ||||||
| 4,020 | Coherent Corp.* | 151,273 | ||||||
| 6,207 | Confluent, Inc., Class A* | 205,390 | ||||||
| 25,824 | Corning, Inc. | 847,544 | ||||||
| 7,322 | Crowdstrike Holdings, Inc., Class A* | 1,193,706 | ||||||
| 9,619 | Datadog, Inc., Class A* | 928,041 | ||||||
| 8,274 | Dell Technologies, Inc., Class C | 465,330 | ||||||
| 6,739 | DocuSign, Inc.* | 338,972 | ||||||
| 1,984 | Dolby Laboratories, Inc., Class A | 167,588 | ||||||
| 3,584 | DoubleVerify Holdings, Inc.* | 121,175 | ||||||
| 8,655 | Dropbox, Inc., Class A* | 240,522 | ||||||
| 7,028 | DXC Technology Co.* | 145,761 | ||||||
| 7,843 | Dynatrace, Inc.* | 378,033 | ||||||
| 2,611 | Elastic NV* | 161,569 | ||||||
| 4,455 | Enphase Energy, Inc.* | 563,691 | ||||||
| 5,000 | Entegris, Inc. | 506,350 | ||||||
| 1,883 | EPAM Systems, Inc.* | 487,678 | ||||||
| 2,022 | F5, Inc.* | 330,921 | ||||||
| 822 | Fair Isaac Corp.* | 743,573 | ||||||
| 3,402 | First Solar, Inc.* | 643,386 | ||||||
| 2,343 | Five9, Inc.* | 169,563 | ||||||
| 14,669 | Flex Ltd.* | 404,718 | ||||||
| 22,731 | Fortinet, Inc.* | 1,368,634 | ||||||
| 2,571 | Gartner, Inc.* | 899,027 | ||||||
| 20,809 | Gen Digital, Inc. | 421,382 | ||||||
| 2,726 | Gitlab, Inc., Class A* | 129,131 | ||||||
| 2,546 | GLOBALFOUNDRIES, Inc.* | 140,666 | ||||||
| 1,388 | Globant SA* | 283,804 | ||||||
| 5,156 | GoDaddy, Inc., Class A* | 373,862 | ||||||
| 2,702 | Guidewire Software, Inc.* | 233,534 | ||||||
| 3,032 | HashiCorp, Inc., Class A* | 88,413 | ||||||
| 43,251 | Hewlett Packard Enterprise Co. | 734,834 | ||||||
| 33,096 | HP, Inc. | 983,282 | ||||||
| 1,588 | HubSpot, Inc.* | 867,874 | ||||||
| 3,772 | Informatica, Inc., Class A* | 79,023 | ||||||
| 140,156 | Intel Corp. | 4,925,082 | ||||||
| 30,507 | International Business Machines Corp. | 4,479,343 | ||||||
| 9,154 | Intuit, Inc. | 4,959,729 | ||||||
| 980 | IPG Photonics Corp.* | 106,193 | ||||||
| 4,213 | Jabil, Inc. | 482,051 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Information Technology – (continued) | ||||||||
| 10,666 | Juniper Networks, Inc. | 310,594 | ||||||
| 5,974 | Keysight Technologies, Inc.* | 796,334 | ||||||
| 4,605 | KLA Corp. | 2,311,111 | ||||||
| 4,500 | Lam Research Corp. | 3,160,800 | ||||||
| 4,568 | Lattice Semiconductor Corp.* | 444,284 | ||||||
| 821 | Littelfuse, Inc. | 219,273 | ||||||
| 2,057 | Manhattan Associates, Inc.* | 416,789 | ||||||
| 28,790 | Marvell Technology, Inc. | 1,677,017 | ||||||
| 17,967 | Microchip Technology, Inc. | 1,470,419 | ||||||
| 36,664 | Micron Technology, Inc. | 2,564,280 | ||||||
| 246,422 | Microsoft Corp. | 80,767,275 | ||||||
| 368 | MicroStrategy, Inc., Class A* | 131,571 | ||||||
| 2,010 | MKS Instruments, Inc. | 201,462 | ||||||
| 2,283 | MongoDB, Inc.* | 870,508 | ||||||
| 1,547 | Monolithic Power Systems, Inc. | 806,312 | ||||||
| 5,618 | Motorola Solutions, Inc. | 1,593,096 | ||||||
| 4,423 | National Instruments Corp. | 263,611 | ||||||
| 7,126 | NetApp, Inc. | 546,564 | ||||||
| 1,193 | Novanta, Inc.* | 199,207 | ||||||
| 7,876 | Nutanix, Inc., Class A* | 244,944 | ||||||
| 79,721 | NVIDIA Corp. | 39,346,300 | ||||||
| 5,061 | Okta, Inc.* | 422,644 | ||||||
| 14,463 | ON Semiconductor Corp.* | 1,424,027 | ||||||
| 52,237 | Oracle Corp. | 6,288,812 | ||||||
| 59,763 | Palantir Technologies, Inc., Class A* | 895,250 | ||||||
| 10,115 | Palo Alto Networks, Inc.* | 2,460,979 | ||||||
| 4,199 | Procore Technologies, Inc.* | 283,642 | ||||||
| 3,727 | PTC, Inc.* | 548,503 | ||||||
| 9,669 | Pure Storage, Inc., Class A* | 353,789 | ||||||
| 3,300 | Qorvo, Inc.* | 354,387 | ||||||
| 37,398 | QUALCOMM, Inc. | 4,283,193 | ||||||
| 1,207 | Qualys, Inc.* | 187,870 | ||||||
| 3,629 | Rambus, Inc.* | 204,930 | ||||||
| 3,572 | Roper Technologies, Inc. | 1,782,642 | ||||||
| 31,610 | Salesforce, Inc.* | 7,000,351 | ||||||
| 4,599 | Samsara, Inc., Class A* | 125,829 | ||||||
| 1,907 | Sanmina Corp.* | 106,220 | ||||||
| 6,474 | Seagate Technology Holdings PLC | 458,294 | ||||||
| 7,421 | SentinelOne, Inc., Class A* | 123,411 | ||||||
| 6,833 | ServiceNow, Inc.* | 4,023,475 | ||||||
| 1,046 | Silicon Laboratories, Inc.* | 141,064 | ||||||
| 5,339 | Skyworks Solutions, Inc. | 580,563 | ||||||
| 4,282 | Smartsheet, Inc., Class A* | 178,688 | ||||||
| 9,198 | Snowflake, Inc., Class A* | 1,442,706 | ||||||
| 1,879 | SolarEdge Technologies, Inc.* | 305,469 | ||||||
| 5,121 | Splunk, Inc.* | 620,972 | ||||||
| 1,219 | SPS Commerce, Inc.* | 226,892 | ||||||
| 1,534 | Super Micro Computer, Inc.* | 421,973 | ||||||
| 1,308 | Synaptics, Inc.* | 114,502 | ||||||
| 5,085 | Synopsys, Inc.* | 2,333,456 | ||||||
| 1,534 | TD SYNNEX Corp. | 156,084 | ||||||
| 10,574 | TE Connectivity Ltd. | 1,399,892 | ||||||
| 1,564 | Teledyne Technologies, Inc.* | 654,221 | ||||||
| 3,686 | Tenable Holdings, Inc.* | 167,234 | ||||||
| 5,195 | Teradyne, Inc. | 560,385 | ||||||
| 30,374 | Texas Instruments, Inc. | 5,104,654 | ||||||
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Information Technology – (continued) | ||||||||
| 8,288 | Trimble, Inc.* | $ | 454,100 | |||||
| 5,819 | Twilio, Inc., Class A* | 370,728 | ||||||
| 1,396 | Tyler Technologies, Inc.* | 556,208 | ||||||
| 139 | Ubiquiti, Inc. | 24,329 | ||||||
| 13,048 | UiPath, Inc., Class A* | 206,289 | ||||||
| 8,123 | Unity Software, Inc.* | 301,120 | ||||||
| 1,465 | Universal Display Corp. | 238,150 | ||||||
| 3,036 | VeriSign, Inc.* | 630,850 | ||||||
| 7,318 | VMware, Inc., Class A* | 1,235,132 | ||||||
| 10,740 | Western Digital Corp.* | 483,300 | ||||||
| 4,158 | Wolfspeed, Inc.* | 198,836 | ||||||
| 6,868 | Workday, Inc., Class A* | 1,679,226 | ||||||
| 1,719 | Zebra Technologies Corp., Class A* | 472,742 | ||||||
| 8,421 | Zoom Video Communications, Inc., Class A* | 598,144 | ||||||
| 2,932 | Zscaler, Inc.* | 457,539 | ||||||
|
| |||||||
| 380,968,849 | ||||||||
|
| |||||||
| Materials – 2.6% | ||||||||
| 7,357 | Air Products and Chemicals, Inc. | 2,173,920 | ||||||
| 3,929 | Albemarle Corp. | 780,732 | ||||||
| 5,947 | Alcoa Corp. | 178,886 | ||||||
| 49,060 | Amcor PLC | 477,844 | ||||||
| 2,189 | AptarGroup, Inc. | 290,174 | ||||||
| 1,752 | Ashland, Inc. | 151,776 | ||||||
| 2,664 | Avery Dennison Corp. | 501,844 | ||||||
| 7,412 | Axalta Coating Systems Ltd.* | 209,760 | ||||||
| 10,413 | Ball Corp. | 566,988 | ||||||
| 3,959 | Berry Global Group, Inc. | 258,681 | ||||||
| 3,646 | Celanese Corp. | 460,709 | ||||||
| 6,523 | CF Industries Holdings, Inc. | 502,728 | ||||||
| 16,981 | Cleveland-Cliffs, Inc.* | 259,640 | ||||||
| 3,883 | Commercial Metals Co. | 218,574 | ||||||
| 23,877 | Corteva, Inc. | 1,206,027 | ||||||
| 4,002 | Crown Holdings, Inc. | 370,825 | ||||||
| 23,754 | Dow, Inc. | 1,296,018 | ||||||
| 14,104 | DuPont de Nemours, Inc. | 1,084,457 | ||||||
| 1,178 | Eagle Materials, Inc. | 223,019 | ||||||
| 3,979 | Eastman Chemical Co. | 338,255 | ||||||
| 8,479 | Ecolab, Inc. | 1,558,525 | ||||||
| 4,168 | FMC Corp. | 359,407 | ||||||
| 47,999 | Freeport-McMoRan, Inc. | 1,915,640 | ||||||
| 10,216 | Graphic Packaging Holding Co. | 227,204 | ||||||
| 5,772 | Huntsman Corp. | 160,866 | ||||||
| 8,563 | International Flavors & Fragrances, Inc. | 603,263 | ||||||
| 11,545 | International Paper Co. | 403,151 | ||||||
| 16,431 | Linde PLC | 6,359,454 | ||||||
| 6,002 | Livent Corp.* | 128,863 | ||||||
| 2,355 | Louisiana-Pacific Corp. | 147,140 | ||||||
| 8,563 | LyondellBasell Industries NV, Class A | 845,768 | ||||||
| 2,073 | Martin Marietta Materials, Inc. | 925,408 | ||||||
| 11,117 | Mosaic Co. (The) | 431,895 | ||||||
| 4,813 | MP Materials Corp.* | 100,784 | ||||||
| 26,688 | Newmont Corp. | 1,052,041 | ||||||
| 8,424 | Nucor Corp. | 1,449,770 | ||||||
| 4,327 | Olin Corp. | 251,053 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Materials – (continued) | ||||||||
| 2,981 | Packaging Corp. of America | 444,467 | ||||||
| 7,900 | PPG Industries, Inc. | 1,119,904 | ||||||
| 1,958 | Reliance Steel & Aluminum Co. | 557,952 | ||||||
| 2,204 | Royal Gold, Inc. | 247,046 | ||||||
| 4,279 | RPM International, Inc. | 426,787 | ||||||
| 4,806 | Sealed Air Corp. | 178,110 | ||||||
| 7,958 | Sherwin-Williams Co. (The) | 2,162,348 | ||||||
| 2,824 | Silgan Holdings, Inc. | 127,447 | ||||||
| 3,265 | Sonoco Products Co. | 187,574 | ||||||
| 2,865 | Southern Copper Corp. (Mexico) | 231,091 | ||||||
| 5,325 | Steel Dynamics, Inc. | 567,592 | ||||||
| 7,526 | United States Steel Corp. | 233,983 | ||||||
| 4,456 | Vulcan Materials Co. | 972,522 | ||||||
| 1,084 | Westlake Corp. | 141,982 | ||||||
| 8,570 | Westrock Co. | 280,325 | ||||||
|
| |||||||
| 36,350,219 | ||||||||
|
| |||||||
| Real Estate – 2.7% | ||||||||
| 3,081 | Agree Realty Corp. REIT | 190,467 | ||||||
| 5,756 | Alexandria Real Estate Equities, Inc. REIT | 669,653 | ||||||
| 11,187 | American Homes 4 Rent, Class A REIT | 403,179 | ||||||
| 15,648 | American Tower Corp. REIT | 2,837,295 | ||||||
| 9,059 | Americold Realty Trust, Inc. REIT | 304,835 | ||||||
| 5,007 | Apartment Income REIT Corp. REIT | 170,538 | ||||||
| 4,756 | AvalonBay Communities, Inc. REIT | 874,248 | ||||||
| 5,262 | Boston Properties, Inc. REIT | 351,344 | ||||||
| 10,051 | Brixmor Property Group, Inc. REIT | 220,921 | ||||||
| 3,543 | Camden Property Trust REIT | 381,298 | ||||||
| 10,400 | CBRE Group, Inc., Class A* | 884,520 | ||||||
| 13,623 | CoStar Group, Inc.* | 1,116,950 | ||||||
| 14,510 | Crown Castle, Inc. REIT | 1,458,255 | ||||||
| 7,493 | CubeSmart REIT | 312,533 | ||||||
| 9,776 | Digital Realty Trust, Inc. REIT | 1,287,695 | ||||||
| 1,471 | EastGroup Properties, Inc. REIT | 264,236 | ||||||
| 3,134 | Equinix, Inc. REIT | 2,448,845 | ||||||
| 5,942 | Equity LifeStyle Properties, Inc. REIT | 397,876 | ||||||
| 12,521 | Equity Residential REIT | 811,736 | ||||||
| 2,142 | Essex Property Trust, Inc. REIT | 510,631 | ||||||
| 7,018 | Extra Space Storage, Inc. REIT | 903,076 | ||||||
| 2,711 | Federal Realty Investment Trust REIT | 265,515 | ||||||
| 4,408 | First Industrial Realty Trust, Inc. REIT | 228,952 | ||||||
| 8,439 | Gaming and Leisure Properties, Inc. REIT | 400,009 | ||||||
| 12,675 | Healthcare Realty Trust, Inc. REIT | 222,066 | ||||||
| 18,340 | Healthpeak Properties, Inc. REIT | 377,437 | ||||||
| 23,629 | Host Hotels & Resorts, Inc. REIT | 373,102 | ||||||
| 19,227 | Invitation Homes, Inc. REIT | 655,448 | ||||||
| 9,716 | Iron Mountain, Inc. REIT | 617,355 | ||||||
| 1,588 | Jones Lang LaSalle, Inc.* | 274,406 | ||||||
| 3,886 | Kilroy Realty Corp. REIT | 143,588 | ||||||
| 20,371 | Kimco Realty Corp. REIT | 385,827 | ||||||
| 2,916 | Lamar Advertising Co., Class A REIT | 265,998 | ||||||
| 7,186 | Macerich Co. (The) REIT | 84,004 | ||||||
| 19,817 | Medical Properties Trust, Inc. REIT | 143,079 | ||||||
| 3,897 | Mid-America Apartment Communities, Inc. REIT | 565,961 | ||||||
|
| |||||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. 1000 EQUITY ETF
| Shares | Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Real Estate – (continued) | ||||||||
| 2,763 | National Storage Affiliates Trust REIT | $ | 92,837 | |||||
| 6,053 | NNN REIT, Inc. REIT | 238,428 | ||||||
| 7,860 | Omega Healthcare Investors, Inc. REIT | 250,105 | ||||||
| 30,934 | Prologis, Inc. REIT | 3,842,003 | ||||||
| 5,303 | Public Storage REIT | 1,465,643 | ||||||
| 4,939 | Rayonier, Inc. REIT | 147,676 | ||||||
| 22,613 | Realty Income Corp. REIT | 1,267,233 | ||||||
| 5,697 | Regency Centers Corp. REIT | 354,353 | ||||||
| 7,192 | Rexford Industrial Realty, Inc. REIT | 384,556 | ||||||
| 3,596 | SBA Communications Corp. REIT | 807,410 | ||||||
| 10,832 | Simon Property Group, Inc. REIT | 1,229,324 | ||||||
| 4,679 | Spirit Realty Capital, Inc. REIT | 180,656 | ||||||
| 6,024 | STAG Industrial, Inc. REIT | 220,057 | ||||||
| 4,104 | Sun Communities, Inc. REIT | 502,412 | ||||||
| 11,002 | UDR, Inc. REIT | 438,980 | ||||||
| 13,407 | Ventas, Inc. REIT | 585,618 | ||||||
| 33,704 | VICI Properties, Inc. REIT | 1,039,431 | ||||||
| 16,698 | Welltower, Inc. REIT | 1,383,930 | ||||||
| 24,568 | Weyerhaeuser Co. REIT | 804,602 | ||||||
| 7,119 | W.P. Carey, Inc. REIT | 463,091 | ||||||
| 1,877 | Zillow Group, Inc., Class A* | 95,577 | ||||||
| 5,247 | Zillow Group, Inc., Class C* | 273,684 | ||||||
|
| |||||||
| 37,870,484 | ||||||||
|
| |||||||
| Utilities – 2.4% | ||||||||
| 22,412 | AES Corp. (The) | 401,847 | ||||||
| 8,447 | Alliant Energy Corp. | 423,786 | ||||||
| 8,791 | Ameren Corp. | 696,863 | ||||||
| 17,300 | American Electric Power Co., Inc. | 1,356,320 | ||||||
| 6,534 | American Water Works Co., Inc. | 906,527 | ||||||
| 4,832 | Atmos Energy Corp. | 560,270 | ||||||
| 2,383 | Avangrid, Inc. | 82,214 | ||||||
| 6,015 | Brookfield Renewable Corp., Class A(a) | 168,119 | ||||||
| 21,196 | CenterPoint Energy, Inc. | 591,156 | ||||||
| 1,099 | Clearway Energy, Inc., Class A | 25,761 | ||||||
| 2,751 | Clearway Energy, Inc., Class C | 68,142 | ||||||
| 9,773 | CMS Energy Corp. | 549,145 | ||||||
| 11,647 | Consolidated Edison, Inc. | 1,036,117 | ||||||
| 10,897 | Constellation Energy Corp. | 1,135,032 | ||||||
| 28,081 | Dominion Energy, Inc. | 1,363,052 | ||||||
| 6,887 | DTE Energy Co. | 711,978 | ||||||
| 25,880 | Duke Energy Corp. | 2,298,144 | ||||||
| 12,865 | Edison International | 885,755 | ||||||
| 7,082 | Entergy Corp. | 674,561 | ||||||
| 8,876 | Essential Utilities, Inc. | 327,524 | ||||||
| 7,619 | Evergy, Inc. | 418,816 | ||||||
| 11,697 | Eversource Energy | 746,503 | ||||||
| 33,371 | Exelon Corp. | 1,338,845 | ||||||
| 18,273 | FirstEnergy Corp. | 659,107 | ||||||
| 1,690 | IDACORP, Inc. | 161,970 | ||||||
| 2,952 | National Fuel Gas Co. | 158,640 | ||||||
| 2,941 | NextEra Energy Partners LP | 146,697 | ||||||
| 67,967 | NextEra Energy, Inc. | 4,540,196 | ||||||
| 13,855 | NiSource, Inc. | 370,760 | ||||||
| 7,537 | NRG Energy, Inc. | 283,014 | ||||||
| 6,720 | OGE Energy Corp. | 228,816 | ||||||
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Utilities – (continued) | ||||||||
| 78,778 | PG&E Corp.* | 1,284,081 | ||||||
| 3,804 | Pinnacle West Capital Corp. | 293,935 | ||||||
| 24,776 | PPL Corp. | 617,418 | ||||||
| 16,761 | Public Service Enterprise Group, Inc. | 1,023,762 | ||||||
| 21,146 | Sempra | 1,484,872 | ||||||
| 36,566 | Southern Co. (The) | 2,476,615 | ||||||
| 2,355 | Southwest Gas Holdings, Inc. | 145,845 | ||||||
| 6,990 | UGI Corp. | 176,008 | ||||||
| 12,040 | Vistra Corp. | 378,297 | ||||||
| 10,589 | WEC Energy Group, Inc. | 890,747 | ||||||
| 18,492 | Xcel Energy, Inc. | 1,056,448 | ||||||
|
| |||||||
| 33,143,705 | ||||||||
|
| |||||||
| | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
| (Cost $473,710,650) | $ | 1,396,685,418 | ||||||
|
| |||||||
| Shares | Dividend Rate | Value | ||||||
| Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
| 623,351 | 5.234% | $ | 623,351 | |||||
| (Cost $623,351) |
| |||||||
| ||||||||
| TOTAL INVESTMENTS – 99.7% |
| |||||||
| (Cost $474,334,001) |
| $ | 1,397,308,769 | |||||
| ||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
| 3,072,309 | ||||||
| ||||||||
| NET ASSETS – 100.0% |
| $ | 1,400,381,078 | |||||
| ||||||||
| 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: | ||
LP | —Limited Partnership | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
| ||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS MARKETBETA II ETFS
Statements of Assets and Liabilities
August 31, 2023
| MarketBeta® Total International Equity ETF | MarketBeta® U.S. 1000 Equity ETF | |||||||||
| Assets: | ||||||||||
Investments in unaffiliated issuers, at value (cost $317,907,918 and $472,573,323, respectively)(a) | $ | 403,086,387 | $ | 1,393,040,300 | ||||||
Investments in affiliated issuers, at value (cost $— and $1,137,327, respectively) | — | 3,645,118 | ||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 143,099 | 623,351 | ||||||||
Cash | 849,485 | 1,732,164 | ||||||||
Foreign currency, at value (cost $34,683 and $—, respectively) | 34,665 | — | ||||||||
Receivables: | ||||||||||
Dividends | 908,004 | 2,057,828 | ||||||||
Foreign tax reclaims | 23,288 | 5,305 | ||||||||
Investments sold | 1,763 | — | ||||||||
Securities lending income | 1,198 | 27,221 | ||||||||
| Total assets | 405,047,889 | 1,401,131,287 | ||||||||
| Liabilities: | ||||||||||
Payables: | ||||||||||
Upon return of securities loaned | 143,099 | 623,351 | ||||||||
Management fees | 63,062 | 126,858 | ||||||||
| Total liabilities | 206,161 | 750,209 | ||||||||
| Net Assets: | ||||||||||
Paid-in capital | $ | 321,823,160 | $ | 483,074,044 | ||||||
Total distributable earnings | 83,018,568 | 917,307,034 | ||||||||
| NET ASSETS | $ | 404,841,728 | $ | 1,400,381,078 | ||||||
| SHARES ISSUED AND OUTSTANDING | ||||||||||
Shares outstanding no par value (unlimited shares authorized): | 9,935,415 | 35,837,538 | ||||||||
Net asset value per share: | $40.75 | $39.08 | ||||||||
| (a) | Includes loaned securities having a market value of $133,530 and $601,685 for MarketBeta® Total International Equity ETF and MarketBeta® U.S. 1000 Equity ETF, respectively. |
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA II ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2023
| MarketBeta® Total International Equity ETF* | MarketBeta® U.S. 1000 Equity ETF | |||||||||
| Investment income: |
| |||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $199,833 and $3,850, respectively) | $ | 2,214,315 | $ | 20,613,058 | ||||||
Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer | 18,623 | 79,223 | ||||||||
Dividends — affiliated issuers | — | 115,156 | ||||||||
| Total investment income | 2,232,938 | 20,807,437 | ||||||||
| Expenses: | ||||||||||
Management fees | 192,193 | 1,344,576 | ||||||||
Trustee fees | — | 47,098 | ||||||||
| Total expenses | 192,193 | 1,391,674 | ||||||||
| NET INVESTMENT INCOME | 2,040,745 | 19,415,763 | ||||||||
| Realized and unrealized gain (loss): |
| |||||||||
Net realized gain (loss) from: | ||||||||||
Investments — unaffiliated issuers | (4,376,542 | ) | (8,744,526 | ) | ||||||
Investments — affiliated issuers | — | (15,220 | ) | |||||||
In-kind redemptions — unaffiliated issuers | 113,167,778 | 19,428,081 | ||||||||
In-kind redemptions — affiliated issuers | — | 41,871 | ||||||||
Foreign currency transactions | 177,096 | — | ||||||||
Net change in unrealized gain (loss) on: | ||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2 and $—, respectively) | 85,178,471 | 156,861,843 | ||||||||
Investments — affiliated issuers | — | (93,639 | ) | |||||||
Foreign currency translations | (1,201 | ) | — | |||||||
| Net realized and unrealized gain | 194,145,602 | 167,478,410 | ||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 196,186,347 | $ | 186,894,173 | ||||||
| * | For the period May 31, 2023 (commencement of operations) through August 31, 2023 |
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS MARKETBETA II ETFS
Statements of Changes in Net Assets
| MarketBeta® Total International Equity ETF | MarketBeta® U.S. 1000 Equity ETF | |||||||||||||
| For the Period May 31, 2023* to August 31, 2023 | For the Fiscal Year Ended August 31, 2023 | For the Period April 5, 2022* to August 31, 2022 | ||||||||||||
| From operations: | ||||||||||||||
Net investment income | $ | 2,040,745 | $ | 19,415,763 | $ | 7,622,092 | ||||||||
Net realized gain | 108,968,332 | 10,710,206 | 229,649,854 | |||||||||||
Net change in unrealized gain | 85,177,270 | 156,768,204 | 766,206,564 | |||||||||||
| Net increase in net assets resulting from operations | 196,186,347 | 186,894,173 | 1,003,478,510 | |||||||||||
| Distributions to shareholders: | ||||||||||||||
From distributable earnings | — | (22,665,809 | ) | (4,149,270 | ) | |||||||||
| From share transactions: | ||||||||||||||
Proceeds from sales of shares | 410,756,872 | 31,474,099 | 492,848,852 | |||||||||||
Cost of shares redeemed | (202,101,491 | ) | (31,339,095 | ) | (256,160,382 | ) | ||||||||
| Net increase in net assets resulting from share transactions | 208,655,381 | 135,004 | 236,688,470 | |||||||||||
| TOTAL INCREASE | 404,841,728 | 164,363,368 | 1,236,017,710 | |||||||||||
| Net assets: | ||||||||||||||
Beginning of period | $ | — | $ | 1,236,017,710 | $ | — | ||||||||
End of period | $ | 404,841,728 | $ | 1,400,381,078 | $ | 1,236,017,710 | ||||||||
| * | Commencement of operations. |
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA II ETFS
Selected Data for a Share Outstanding Throughout the Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS MARKETBETA II ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| MarketBeta® U.S. 1000 Equity ETF | ||||||||||
| For the Fiscal Year Ended August 31, 2023 | For the Period April 5, 2022* to August 31, 2022 | |||||||||
| Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 34.49 | $ | 39.49 | ||||||
Net investment income(a) | 0.54 | 0.21 | ||||||||
Net realized and unrealized gain (loss) | 4.69 | (5.09 | )(b) | |||||||
Total gain (loss) from investment operations | 5.23 | (4.88 | ) | |||||||
Distributions to shareholders from net investment income | (0.55 | ) | (0.12 | ) | ||||||
Distributions to shareholders from net realized gains | (0.09 | ) | — | |||||||
Total distributions to shareholders | (0.64 | ) | (0.12 | ) | ||||||
Net asset value, end of period | $ | 39.08 | $ | 34.49 | ||||||
Market price, end of period | $ | 39.09 | $ | 34.54 | ||||||
| Total Return at Net Asset Value(c) | 15.44 | % | (12.36 | )% | ||||||
Net assets, end of period (in 000’s) | $ | 1,400,381 | $ | 1,236,018 | ||||||
Ratio of total expenses to average net assets | 0.11 | % | 0.11 | %(d) | ||||||
Ratio of net investment income to average net assets | 1.53 | % | 1.47 | %(d) | ||||||
Portfolio turnover rate(e) | 7 | % | 25 | % | ||||||
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Per Share net realized and unrealized loss may not correspond with the aggregate realized and change in unrealized gains and losses in the Fund’s investments due to in-kind purchases processed at original security cost. |
| (c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA II ETFS
August 31, 2023
| 1. ORGANIZATION |
Goldman Sachs ETF Trust II (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust and was established by an Agreement and Declaration of Trust dated September 13, 2021. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
| Fund | Diversification Classification | |||
MarketBeta® Total International Equity ETF* | Diversified | |||
MarketBeta® U.S. 1000 Equity ETF | Diversified |
| * | The MarketBeta® Total International Equity ETF commenced operations on May 31, 2023. |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (“Agreement”) with the Trust. Each Fund is an exchange- traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Funds shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
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GOLDMAN SACHS MARKETBETA II ETFS
Notes to Financial Statements (continued)
August 31, 2023
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has
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GOLDMAN SACHS MARKETBETA II ETFS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
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Notes to Financial Statements (continued)
August 31, 2023
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2023:
| MARKETBETA® TOTAL INTERNATIONAL EQUITY ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 3,797,628 | $ | — | $ | — | ||||||
Asia | 162,576,441 | 2,798,056 | — | |||||||||
Europe | 128,718,100 | 919,042 | — | |||||||||
North America | 76,703,513 | 237,797 | — | |||||||||
Oceania | 20,024,568 | — | — | |||||||||
South America | 5,797,523 | 1,513,719 | — | |||||||||
Securities Lending Reinvestment Vehicle | 143,099 | — | — | |||||||||
| Total | $ | 397,760,872 | $ | 5,468,614 | $ | — | ||||||
| (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. |
| MARKETBETA® U.S. 1000 EQUITY ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 1,615,649 | $ | — | $ | — | ||||||
Europe | 339,592 | — | — | |||||||||
North America | 1,392,622,004 | — | — | |||||||||
South America | 2,108,173 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 623,351 | — | — | |||||||||
| Total | $ | 1,397,308,769 | $ | — | $ | — | ||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
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GOLDMAN SACHS MARKETBETA II ETFS
| 4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2023, contractual and effective net unitary management fees with GSAM were at the following rates:
| Contractual Unitary Management Fee | Effective Net Unitary Management Fee* | |||||||||||||||||||
| Fund | First $100 million | Next $400 million | Next $500 million | Over $1 billion | ||||||||||||||||
MarketBeta® Total International Equity ETF** | 0.20 | % | 0.18 | % | 0.12 | % | 0.10 | % | 0.18 | % | ||||||||||
| Contractual Unitary Management Fee | Effective Net Unitary Management Fee* | |||||||||||||||||||
| Fund | First $300 million | Next $700 million | Next $4 billion | Over $5 billion | ||||||||||||||||
MarketBeta® U.S. 1000 Equity ETF | 0.15 | % | 0.10 | % | 0.09 | % | 0.08 | % | 0.11 | % | ||||||||||
| * | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
| ** | Commenced operations on May 31, 2023. |
B. Other Transactions with Affiliates — For the period ended August 31, 2023, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.
The following table provides information about the Funds’ investments in the Goldman Sachs Group, Inc. as of and for the period ended August 31, 2023.
| Fund | Beginning value as of August 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Depreciation | Ending value as of August 31, 2022 | Shares as of August 31, 2022 | Dividend Income | ||||||||||||||||||||||||
MarketBeta® U.S. 1000 Equity ETF | $ | 3,945,799 | $ | 82,161 | $ | (315,854 | ) | $ | 26,651 | $ | (93,639 | ) | $ | 3,645,118 | 11,123 | $ | 115,156 | |||||||||||||||
| 5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.
Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact
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Notes to Financial Statements (continued)
August 31, 2023
| 5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
| MarketBeta® Total International Equity ETF | ||||||||||||||||
| For the period May 31, 2023* through August 31, 2023 | ||||||||||||||||
|
| |||||||||||||||
| Shares | Dollars | |||||||||||||||
|
| |||||||||||||||
| Fund Share Activity | ||||||||||||||||
Shares Sold | 14,810,415 | $ | 410,756,872 | |||||||||||||
Shares Redeemed | (4,875,000 | ) | (202,101,491 | ) | ||||||||||||
NET INCREASE IN SHARES | 9,935,415 | $ | 208,655,381 | |||||||||||||
| MarketBeta® U.S. 1000 Equity ETF | ||||||||||||||||
| For the fiscal year Ended August 31, 2023 | For the period April 5, 2022* through August 31, 2022 | |||||||||||||||
|
| |||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
| Fund Share Activity | ||||||||||||||||
Shares Sold | 900,000 | $ | 31,474,099 | 42,987,538 | $ | 492,848,852 | ||||||||||
Shares Redeemed | (900,000 | ) | (31,339,095 | ) | (7,150,000 | ) | (256,160,382 | ) | ||||||||
NET INCREASE IN SHARES | — | $ | 135,004 | 35,837,538 | $ | 236,688,470 | ||||||||||
| * | Commencement of operations. |
| 6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2023, were as follows:
| Fund | Purchases | Sales | ||||||||
MarketBeta® Total International Equity ETF* | $ | 398,014,103 | $ | 196,320,002 | ||||||
MarketBeta® U.S. 1000 Equity ETF | 83,380,321 | 84,653,783 | ||||||||
| * | Commenced operations on May 31, 2023. |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2023, were as follows:
| Fund | Purchases | Sales | ||||||||
MarketBeta® Total International Equity ETF* | $ | 207,834,184 | $ | 200,327,900 | ||||||
MarketBeta® U.S. 1000 Equity ETF | 26,466,132 | 28,079,718 | ||||||||
| * | Commenced operations on May 31, 2023. |
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GOLDMAN SACHS MARKETBETA II ETFS
| 7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2023 were as follows:
| Fiscal Year Ended August 31, 2023 | ||||||||
| MarketBeta® Total International Equity ETF | MarketBeta® U.S. 1000 Equity ETF | |||||||
Distributions paid from: | ||||||||
Ordinary Income | $ | — | $ | 19,476,116 | ||||
Realized capital gain | 3,189,693 | |||||||
Total taxable distributions | $ | — | $ | 22,665,809 | ||||
The tax character of distributions paid during the fiscal year ended August 31, 2022 were as follows:
| Fiscal Year Ended August 31, 2022 | ||||||||
| MarketBeta® U.S. 1000 Equity ETF | ||||||||
Distributions paid from: | ||||||||
Ordinary Income | $ | 4,149,270 | ||||||
Total taxable distributions | $ | 4,149,270 | ||||||
As of August 31, 2023, the components of accumulated earnings (losses) on a tax-basis were as follows:
| MarketBeta® Total International Equity ETF | MarketBeta® U.S. 1000 Equity ETF | |||||||
Undistributed ordinary income — net | $ | 3,039,694 | $ | 3,435,979 | ||||
Total undistributed earnings | $ | 3,039,694 | $ | 3,435,979 | ||||
Capital loss carryforwards: | ||||||||
Perpetual Short-Term | $ | (4,243,494 | ) | $ | (1,941,639 | ) | ||
Timing differences — (Late Year Ordinary Loss Deferral and Post-October Capital Loss Deferral) | — | (1,983,545 | ) | |||||
Unrealized gains (losses) — net | 84,222,368 | 917,796,239 | ||||||
Total accumulated earnings (losses) net | $ | 83,018,568 | $ | 917,307,034 | ||||
As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| MarketBeta® Total International Equity ETF | MarketBeta® U.S. 1000 Equity ETF | |||||||||
Tax Cost | $ | 319,005,919 | $ | 479,512,530 | ||||||
Gross unrealized gain | 94,874,429 | 937,842,753 | ||||||||
Gross unrealized loss | (10,652,061 | ) | (20,046,514 | ) | ||||||
Net unrealized gains (losses) | $ | 84,222,368 | $ | 917,796,239 | ||||||
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of partnership investments and of passive foreign investment company investments.
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GOLDMAN SACHS MARKETBETA II ETFS
Notes to Financial Statements (continued)
August 31, 2023
| 7. TAX INFORMATION (continued) |
In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds’ and result primarily from net operating losses and redemption in-kind transactions.
| Fund | Paid-in Capital | Total Distributable Earnings | ||||||||
MarketBeta® Total International Equity ETF | $ | 113,167,779 | $ | (113,167,779 | ) | |||||
MarketBeta® U.S. 1000 Equity ETF | $ | 19,458,794 | $ | (19,458,794 | ) | |||||
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
| 8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
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GOLDMAN SACHS MARKETBETA II ETFS
| 8. SECURITIES LENDING (continued) |
Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2023:
| Fund | Beginning value as of August 31, 2022 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2023 | ||||||||||||
MarketBeta® Total International Equity ETF* | $ | — | $ | 26,549,703 | $ | (26,406,604 | ) | $ | 143,099 | |||||||
MarketBeta® U.S. 1000 Equity ETF | — | 25,224,434 | (24,601,083 | ) | 623,351 | |||||||||||
| * | Commenced operations on May 31, 2023. |
| 9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index, (or a Reference Index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) (collectively “Depositary Receipts”). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund’s performance.
Foreign and Emerging Countries Risk — For the MarketBeta® Total International Equity ETF, investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share 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
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GOLDMAN SACHS MARKETBETA II ETFS
Notes to Financial Statements (continued)
August 31, 2023
| 9. OTHER RISKS (continued) |
and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Geographic Risk — If the Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
Index Risk — Solactive AG (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. The Funds will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.
Large Shareholder Transactions Risk – Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly
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| 9. OTHER RISKS (continued) |
impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Mid-Cap Risk — Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). Seed investors may contribute cash and/or securities in kind and such seed investment may constitute all or a majority of the assets in the Fund. There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s Shares. The form of a seed investor’s contribution and any redemption activity by a seed investor can affect, including adversely, the tax efficiency of the Fund.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
| 10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 11. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees currently serve as a Trustee of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. If
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GOLDMAN SACHS MARKETBETA II ETFS
Notes to Financial Statements (continued)
August 31, 2023
| 11. OTHER MATTERS (continued) |
elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
| 12. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
82
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust II and Shareholders of Goldman Sachs MarketBeta® Total International Equity ETF and Goldman Sachs MarketBeta® U.S. 1000 Equity ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (two of the funds constituting Goldman Sachs ETF Trust II, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Fund | Statement of operations | Statements of changes in net assets | Financial highlights | |||
| Goldman Sachs MarketBeta® Total International Equity ETF | For the period May 31, 2023 (commencement of operations) through August 31, 2023 | |||||
| Goldman Sachs MarketBeta® U.S. 1000 Equity ETF | For the year ended August 31, 2023 | For the year ended August 31, 2023, and for the period April 5, 2022 (commencement of operations) through August 31, 2022 | ||||
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2023
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
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GOLDMAN SACHS MARKETBETA II ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs MarketBeta® Total International Equity ETF (Unaudited)
Background
The Goldman Sachs MarketBeta® Total International Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust II (the “Trust”) that commenced investment operations on May 31, 2023. At a meeting held on September 19-20, 2022 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index owned and calculated by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the
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GOLDMAN SACHS MARKETBETA II ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs MarketBeta® Total International Equity ETF (Unaudited) (continued)
Investment Adviser to Solactive AG for the use of its index. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as the Fund’s peer group and category medians. The comparisons of the Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Fund, unlike many other ETFs, would have management fee breakpoints. The Trustees considered the proposed breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of the Fund:
| Average Daily Net Assets | Management Fee Annual Rate | |||
First $100 million | 0.20 | % | ||
Next $400 million | 0.18 | |||
Next $500 million | 0.12 | |||
Over $1 billion | 0.10 | |||
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the Fund’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group. Upon reviewing these matters, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (d) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (e) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Fund’s access to certain affiliated distribution channels.
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GOLDMAN SACHS MARKETBETA II ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs MarketBeta® Total International Equity ETF (Unaudited) (continued)
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.
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GOLDMAN SACHS MARKETBETA II ETFS
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.
Except with respect to the MarketBeta® Total International Equity ETF fund, which commenced operations on May 31, 2023, the example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2023 and held for the six months ended August 31, 2023, which represents a period of 184 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| MarketBeta® Total International Equity ETF* | MarketBeta® U.S. 1000 Equity ETF | |||||||||||||||||||||||
| Beginning Account Value 5/31/23 | Ending Account Value 8/31/23 | Expenses Paid** | Beginning Account Value 3/1/23 | Ending Account Value 8/31/23 | Expenses Paid** | |||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,033.50 | $ | 0.47 | $ | 1,000 | $ | 1,138.53 | $ | 0.59 | ||||||||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,012.27 | + | $ | 0.47 | $ | 1,000 | $ | 1,024.66 | + | $ | 0.56 | ||||||||||
| + | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
| * | Fund commenced operations on May 31, 2023. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 93/365, which represents a period of 93 days of a 365 day year (to reflect he Fund’s commencement of operation). |
| ** | Expenses for each fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows: |
| Fund | ||||
MarketBeta® Total International Equity ETF* | 0.18 | % | ||
MarketBeta® U.S. 1000 Equity ETF | 0.11 | |||
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GOLDMAN SACHS MARKETBETA II ETFS
Trustees and Officers (Unaudited)
Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Length of | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
Cheryl K. Beebe Age: 67 | Chair of the Board of Trustees | Since 2021 | Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014).
Chair of the Board of Trustees — Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 68 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
Lawrence Hughes Age: 65 | Trustee | Since 2021 | Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).
Trustee — Goldman Sachs ETF Trust II; Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 68 | None | |||||
John F. Killian Age: 68 | Trustee | Since 2021 | Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).
Trustee — Goldman Sachs ETF Trust II; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 68 | Consolidated Edison, Inc. (a utility holding company) | |||||
Steven D. Krichmar Age: 65 | Trustee | Since 2021 | Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001).
Trustee — Goldman Sachs ETF Trust II; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 68 | None | |||||
Michael Latham Age: 57 | Trustee | Since 2021 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust II; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 69 | None | |||||
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GOLDMAN SACHS MARKETBETA II ETFS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Length of | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
Lawrence W. Stranghoener Age: 69 | Trustee | Since 2021 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Chair of the Board of Trustees — Goldman Sachs Credit Income Fund. | 69 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and Length of Time Served2 | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
James A. McNamara Age: 60 | President and Trustee | Since 2021 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998 - December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust II; Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 172 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023. |
| 2 | Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs ETF Trust II consisted of 2 portfolios; Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund each did not offer shares to the public. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in each Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
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GOLDMAN SACHS MARKETBETA II ETFS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and Length of Time Served2 | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 60 | Trustee and President | Since 2021 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust II; Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 46 | Secretary | Since 2021 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust II; Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2021 | Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust II; Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
| 1 | Information is provided as of August 31, 2023. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs MarketBeta II ETFs — Tax Information (Unaudited)
For the fiscal year ended August 31, 2023, 99.53% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. 1000 Equity ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the year ended August 31, 2023, 0.47% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. 1000 Equity ETF qualify as section 199A dividends.
For the fiscal year ended August 31, 2023, 96.99% of the dividends paid from net investment company taxable income by MarketBeta® U.S. 1000 Equity ETF qualify for the dividends received deduction available to corporations.
90
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
| GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
| Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
| Goldman Sachs ActiveBeta® Europe Equity ETF |
| Goldman Sachs ActiveBeta® International Equity ETF |
| Goldman Sachs ActiveBeta® Japan Equity ETF |
| Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
| Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
| Goldman Sachs Bloomberg Clean Energy Equity ETF |
| Goldman Sachs Community Municipal Bond ETF |
| Goldman Sachs Defensive Equity ETF |
| Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
| Goldman Sachs Hedge Industry VIP ETF |
| Goldman Sachs Innovate Equity ETF |
| Goldman Sachs JUST U.S. Large Cap Equity ETF |
| Goldman Sachs Access Emerging Markets USD Bond ETF |
| Goldman Sachs Access High Yield Corporate Bond ETF |
| Goldman Sachs Access Inflation Protected USD Bond ETF |
| Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
| Goldman Sachs Access Investment Grade Corporate Bond ETF |
| Goldman Sachs Access Treasury 0-1 Year ETF |
| Goldman Sachs Access U.S. Aggregate Bond ETF |
| Goldman Sachs Access Ultra Short Bond ETF |
| Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
| Goldman Sachs MarketBeta® International Equity ETF |
| Goldman Sachs MarketBeta® U.S. Equity ETF |
| Goldman Sachs MarketBeta® U.S. 1000 Equity ETF |
| Goldman Sachs MarketBeta® Total International Equity ETF |
Goldman Sachs Future Planet Equity ETF Goldman Sachs Future Tech Leaders Equity ETF |
| Goldman Sachs Future Health Care Equity ETF |
| Goldman Sachs Future Consumer Equity ETF |
| Goldman Sachs Future Real Estate and Infrastructure Equity ETF |
| Goldman Sachs North American Pipelines & Power Equity ETF |
Goldman Sachs Small Cap Core Equity ETF
|
INDEX DISCLAIMERS
The Goldman Sachs MarketBeta® U.S. Equity ETF, Goldman Sachs MarketBeta® Total International Equity ETF and Goldman Sachs MarketBeta® U.S. 1000 Equity ETF are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive GBS United States Large & Mid Cap Index, Solactive GBS Global Markets ex United States Large & Mid Solactive GBS United States 1000 Index (“Solactive Indexes”) and/ or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with a Fund constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.
TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener | OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary*
* Effective September 20, 2023 | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser | |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Funds at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary Prospectus, if applicable. Investors should consider the Funds’ objective, risks, and charges and expenses, and read the summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary Prospectus, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
MarketBeta® and ActiveBeta® are registered trademarks of GSAM.
©2023 Goldman Sachs. All rights reserved. 339816-OTU-10/2023 MKTBETAIIETFAR-23
| ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b) Not applicable.
(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(e) Not applicable.
(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Funds of the Goldman Sachs ETF Trust II to which this certified shareholder report relates.
| 2023 | 2022 | Description of Services Rendered | |||||||||||
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|
|
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| |||||||||
Audit Fees: | |||||||||||||
| • PricewaterhouseCoopers LLP (“PwC”) | $21,315 | $13,000 | Financial Statement audits. | ||||||||||
Audit-Related Fees: | |||||||||||||
• PwC | $6,300 | $ 0 | Other attest services. | ||||||||||
Tax Fees: | |||||||||||||
• PwC | $ 0 | $ 0 | |||||||||||
Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust II’s service affiliates* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust II pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X. | |||||||||||||
2023 |
2022 | Description of Services Rendered | |||||||||||
|
|
|
|
| |||||||||
Audit-Related Fees: | |||||||||||||
• PwC | $2,075,449 | $1,906,448 | Internal control review performanced in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser. | ||||||||||
| * | These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”). |
Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs ETF Trust II. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs ETF Trust II (“GS ETF II”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GS ETF II may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.
De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GS ETF II at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.
Pre-Approval of Non-Audit Services Provided to the Goldman Sachs ETF II’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GS ETF II, the Audit Committee will pre-approve those non-audit services provided to GS ETF II’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GS ETF II) where the engagement relates directly to the operations or financial reporting of GS ETF II.
Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GS ETF II’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GS ETF II’s service affiliates listed in Table 2 were approved by GS ETF II’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.
Item 4(f) – Not applicable.
Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GS ETF II by PwC for the twelve months ended August 31, 2023 and August 31, 2022 were approximately $6,300 and $0, respectively. The aggregate non-audit fees billed to GS ETF II’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2022 and December 31, 2021 were approximately $17.1 million and $14.4 million, respectively. With regard to the aggregate non-audit fees billed to GS ETF II’s adviser and service affiliates, the 2022 and 2021 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF II’s operations or financial reporting.
Item 4(h) — GS ETF II’s Audit Committee has considered whether the provision of non-audit services to GS ETF II’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.
Item 4(i) – Not applicable.
Item 4(j) – Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Michael Latham, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar, and Lawrence W. Stranghoener, each a Trustee of the Registrant. |
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable. |
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
| ITEM 13. | EXHIBITS. |
| (a)(1) | Goldman Sachs ETF II’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on November 3, 2022. | |||
| (a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
| (a)(3) | Not applicable to open-end investment companies. | |||
| (a)(4) | There was no change in the registrant’s independent public accountant for the period covered by this report. | |||
| (b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Goldman Sachs ETF Trust II | ||
| By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
| President/Chief Executive Officer | ||
| Goldman Sachs ETF Trust II | ||
| Date: | November 3, 2023 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
| President/Chief Executive Officer | ||
| Goldman Sachs ETF Trust II | ||
| Date: | November 3, 2023 | |
| By: | /s/ Joseph F. DiMaria | |
| ||
Joseph F. DiMaria | ||
| Principal Financial Officer | ||
| Goldman Sachs ETF Trust II | ||
| Date: | November 3, 2023 | |