Goldman Sachs Funds

 

 

 
Annual Report      

August 31, 2023

 
     

Goldman Sachs MarketBeta® ETFs

     

MarketBeta® Emerging Markets Equity ETF (GSEE)

     

MarketBeta® International Equity ETF (GSID)

     

MarketBeta® U.S. Equity ETF (GSUS)

 

 

 

LOGO


Goldman Sachs MarketBeta® ETFs

 

 

MarketBeta® Emerging Markets Equity ETF

 

 

MarketBeta® International Equity ETF

 

 

MarketBeta® U.S. Equity ETF

 

TABLE OF CONTENTS

 

Investment Process

    1  

Portfolio Management Discussion and Performance Summaries

    3  

Schedules of Investments

    16  

Financial Statements

    65  

Financial Highlights

    69  

MarketBeta® Emerging Markets Equity ETF

    69  

MarketBeta® International Equity ETF

    70  

MarketBeta® U.S. Equity ETF

    71  

Notes to Financial Statements

    72  

Report of Independent Registered Public Accounting Firm

    86  

Other Information

    87  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


INVESTMENT PROCESS

 

Goldman Sachs MarketBeta® Equity ETFs

Principal Investment Strategies

The investment objective of each of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF (each, a “Fund”), is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective underlying index (each, an “Index”).

Each Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.

MarketBeta® Emerging Markets Equity ETF

The Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

As of August 31, 2023, the Index consisted of 1,770 securities with a market capitalization range of between approximately $50.9 million and $2,251.7 billion from issuers in the following emerging market countries: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hong Kong, Hungary, India, Indonesia, Kuwait, Luxembourg, Malaysia, Mexico, Pakistan, Peru, the Philippines, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in an emerging market country if it is organized under the laws of the emerging market country and it is primarily listed in the emerging market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

MarketBeta® International Equity ETF

The Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

As of August 31, 2023, the Index consisted of 977 securities with a market capitalization range of between approximately $1.063 billion and $425.7 billion from issuers in the following developed market countries: Australia, Austria, Belgium, Chile, China, Curacao, the Czech Republic, Denmark, Faeroe Island, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Jordan, Luxembourg, Macao, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in a developed market country if it is organized under the laws of the developed market country and it is primarily listed in the developed market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.

 

1


INVESTMENT PROCESS

 

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

MarketBeta® U.S. Equity ETF

The Solactive GBS United States Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.

As of August 31, 2023, the Index consisted of 497 securities with a market capitalization range of between approximately $2.5 billion and $2,937.2 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times. Solactive AG (“Solactive” or the “Index Provider”) will deem an issuer to be a U.S. issuer if it is organized under the laws of the U.S. and it is primarily listed in the U.S.; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

All Above Funds

Each Fund seeks to invest in the respective Index components in approximately the same weighting that such components have within the respective Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the respective Index in the approximate respective Index weight. In these circumstances, the Fund may purchase a sample of securities in the respective Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in each Fund’s Index, purchase securities not in each Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.

Each Index is owned and calculated by Solactive.

Each Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, each Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the respective Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.

Each Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the respective Index is concentrated. The degree to which components of the respective Index represent certain sectors or industries may change over time.

* * *

At the end of the Reporting Period, i.e. August 31, 2023, we maintained conviction in our principal investment strategies, as each Fund continues to seek to provide efficient and diversified access to approximately 85% of the broad equity market represented by each respective Index in one portfolio.

 

2


PORTFOLIO RESULTS

 

Goldman Sachs MarketBeta® Emerging Markets Equity ETF

 

Investment Objective

The Goldman Sachs MarketBeta® Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 1.61% based on net asset value (“NAV”) and 1.79% based on market price. The Index returned 2.05% during the same period.

 

  

The Fund had an NAV of $41.23 per share on August 31, 2022 and ended the Reporting Period with an NAV of $40.80 per share. The Fund’s market price on August 31, 2023 was $40.81 per share.

 

Q   What key factors were responsible for the Fund’s performance during the Reporting Period?

 

A   The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

 

  

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

 

Q   Which sectors and countries contributed most to the Index’s performance during the Reporting Period, and which contributed least?

 

A   Index constituents in the utilities sector contributed most positively to the Index’s results during the Reporting Period — the only sector to do so. Index constituents in the information technology, consumer discretionary and communication services sectors contributed least to the Index’s results during the Reporting Period.

 

  

From a country perspective, Index constituents in United Arab Emirates, Saudi Arabia and Indonesia contributed most to the Index’s results during the Reporting Period. Conversely, Index constituents in China, South Korea and Taiwan contributed least to the Index’s results during the Reporting Period.

 

Q   Which individual stock positions contributed the most to the Index’s returns during the Reporting Period?

 

A   Positions in United Arab Emirates-based health care supply chain company International Holding Company, Brazil-based energy company Petroleo Brasileiro (“Petrobras”)-Preferred and Petrobras contributed most positively (0.56%, 0.42% and 0.37% of Fund net assets as of August 31, 2023, respectively). Each of these holdings posted either a double-digit or triple-digit positive return within the Index during the Reporting Period.

 

Q   Which individual stock positions contributed the least to the Index’s results during the Reporting Period?

 

A   Positions in Taiwan-based semiconductor company Taiwan Semiconductor Manufacturing, China-based e-commerce retailer Alibaba Group Holding and China-based communication services company Tencent Holdings contributed least (6.0%, 3.0% and 3.7% of Fund net assets as of August 31, 2023, respectively). Each of these holdings posted a double-digit negative return within the Index during the Reporting Period.

 

Q   How did the Fund use derivatives and similar instruments during the Reporting Period?

 

A  

The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize

 

3


PORTFOLIO RESULTS

 

  excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1

 

     Sector Name   Fund2     Solactive
Index
 
  Financials     20.83     21.36
  Information Technology     19.52       20.04  
  Consumer Discretionary     12.74       13.08  
  Communication Services     9.10       9.27  
  Materials     8.29       8.19  
  Industrials     7.71       8.03  
  Energy     6.65       5.37  
  Consumer Staples     5.83       6.04  
  Health Care     3.47       3.58  
  Utilities     2.56       2.75  
    Real Estate     1.63       1.67  

 

Q   What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1

 

     Country Name   Fund2     Solactive
Index
 
  China     24.63     25.08
  India     15.43       15.87  
  Taiwan     14.88       15.27  
  South Korea     12.45       12.79  
  Brazil     5.60       5.72  
  Saudi Arabia     3.95       4.06  
  South Africa     2.81       2.89  
  Mexico     2.81       2.86  
  Russia     2.49       0.00  
  United Arab Emirates     2.11       2.16  
  Thailand     2.00       1.99  
  Indonesia     1.97       2.01  
  U.S.     1.19       0.19  
  Turkey     1.12       1.14  
  Hong Kong     1.04       1.06  
  Qatar     0.86       0.9  
  Kuwait     0.84       0.85  
  Ireland     0.83       0.85  
  Philippines     0.67       0.71  
  Chile     0.49       0.49  
  Greece     0.47       0.47  
  Hungary     0.23       0.23  
  Czech Republic     0.13       0.13  
  Colombia     0.12       0.12  
  Egypt     0.11       0.11  
  Luxembourg     0.04       0.04  
  Kazakhstan     0.03       0.00  
  Singapore     0.02       0.02  
  Australia     0.01       0.01  
    Malaysia     0.00       1.36  

 

  1    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of August 31, 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 Emerging Markets Large & Mid Cap Index.

 

4


FUND BASICS

 

MarketBeta® Emerging Markets Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 40.81  
    Net Asset Value (NAV)1   $ 40.80  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets        Line of Business      Country
  Taiwan Semiconductor Manufacturing Co. Ltd.     6.0      Information Technology      Taiwan
  Tencent Holdings Ltd.     3.7        Communication Services      China
  Samsung Electronics Co. Ltd.     3.6        Information Technology      South Korea
  Alibaba Group Holding Ltd.     3.0        Consumer Discretionary      China
  Reliance Industries Ltd.     1.4        Energy      India
  Meituan, Class B     1.1        Consumer Discretionary      China
  iShares MSCI Malaysia ETF     1.0        Exchange-Traded Fund      United States
  Infosys Ltd.     0.9        Information Technology      India
  ICICI Bank Ltd.     0.9        Financials      India
    PDD Holdings, Inc. ADR     0.9        Consumer Discretionary      China

 

2    The top 10 holdings may not be representative of the Fund’s future investments.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

5


MARKETBETA® EMERGING MARKETS 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 May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Solactive GBS Emerging Markets Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

 

MarketBeta® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2023.

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year      Since Inception

Shares based on NAV (Commenced May 12, 2020)

     1.61%      5.11%

 

Shares based on Market Price (Commenced May 12, 2020)

     1.79%      5.09%

 

Solactive GBS Emerging Markets Large & Mid Cap Index

     2.05%      5.43%

 

 

*   Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

 

6


PORTFOLIO RESULTS

 

Goldman Sachs MarketBeta® International Equity ETF

 

Investment Objective

The Goldman Sachs MarketBeta® International Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 17.22% based on net asset value (“NAV”) and 17.94% based on market price. The Index returned 17.36% during the same period.

 

  

The Fund had an NAV of $44.63 per share on August 31, 2022 and ended the Reporting Period with an NAV of $50.87 per share. The Fund’s market price on August 31, 2023 was $50.84 per share.

 

Q   What key factors were responsible for the Fund’s performance during the Reporting Period?

 

A   The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

 

  

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index.

 

Q   Which sectors and countries contributed most positively to the Index’s performance during the Reporting Period, and which contributed least?

 

A   Index constituents in the financials, industrials and consumer discretionary sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the real estate, communication services and utilities sectors contributed least to the Index’s results during the Reporting Period.

 

  

From a country perspective, Index constituents in Japan, France and Germany contributed most to the Fund’s results during the Reporting Period. Index constituents in Hong Kong, Israel and Norway contributed least to the Fund’s results during the Reporting Period.

 

Q   Which individual stock positions contributed the most to the Index’s returns during the Reporting Period?

 

A   Positions in Denmark-based health care company Novo Nordisk, Netherlands-based photolithography systems supplier ASML Holding and Germany-based enterprise software developer SAP contributed most (1.90%, 1.68% and 0.92% of Fund net assets as of August 31, 2023, respectively). Each of these holdings posted a robust double-digit positive return within the Index during the Reporting Period.

 

Q   Which individual stock positions contributed the least to the Index’s results during the Reporting Period?

 

A   Positions in Netherlands-based financials company Adyen, France-based financial institution Credit Suisse Group and Switzerland-based health care company Roche Holding contributed least (0.16%, 0.09% and 0.06% of Fund net assets as of August 31, 2023, respectively). Adyen and Credit Suisse Group each generated a double-digit negative return within the Index during the Reporting Period, while Roche Holding posted a single-digit negative return within the Index during the Reporting Period.

 

7


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     17.89      17.9
  Industrials     16.41        16.46  
  Health Care     13.28        13.29  
  Consumer Discretionary     12.42        12.44  
  Consumer Staples     9.88        9.91  
  Information Technology     8.13        8.13  
  Materials     7.39        7.40  
  Energy     4.43        4.44  
  Communication Services     4.41        4.42  
  Utilities     3.25        3.24  
    Real Estate     2.40        2.39  

 

Q   What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1

 

     Country Name   Fund2      Solactive
Index
 
  Japan     24.81      24.83
  U.K.     13.67        13.69  
  France     10.62        10.62  
  Switzerland     9.22        9.22  
  Germany     7.72        7.73  
  Australia     7.43        7.47  
  Netherlands     4.57        4.57  
  Sweden     3.09        3.11  
  Denmark     3.08        3.08  
  Spain     2.55        2.54  
  Hong Kong     2.55        2.56  
  Italy     2.26        2.26  
  Singapore     1.49        1.49  
  Ireland     1.45        1.45  
  Finland     1.12        1.12  
  Israel     0.89        0.89  
  Norway     0.81        0.81  
  Belgium     0.81        0.81  
  New Zealand     0.36        0.36  
  Poland     0.33        0.33  
  Austria     0.27        0.28  
  Luxembourg     0.19        0.19  
  Portugal     0.18        0.19  
  China     0.15        0.15  
  Curacao     0.07        0.07  
  Macau     0.05        0.05  
  Chile     0.04        0.04  
  Malaysia     0.03        0.03  
  Jordan     0.03        0.03  
  Bermuda     0.02        0.02  
  Faroe Islands     0.02        0.02  
  Mexico     0.01        0.01  
  Russia     0.00        0.00  
    United States     0.01        0.01  

 

  1    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 0.4% 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 Developed Markets ex North America Large & Mid Cap Index.

 

8


FUND BASICS

 

MarketBeta® International Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT  
     As of August 31, 2023       
  Market Price1   $ 50.84  
    Net Asset Value (NAV)1   $ 50.87  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets        Line of Business      Country
  Nestle SA     2.1      Consumer Staples      United States
  Novo Nordisk A/S, Class B     1.9        Health Care      Denmark
  ASML Holding NV     1.7        Information Technology      Netherlands
  LVMH Moet Hennessy Louis Vuitton SE     1.4        Consumer Discretionary      France
  Roche Holding AG     1.3        Health Care      United States
  Shell PLC     1.3        Energy      Netherlands
  AstraZeneca PLC     1.3        Health Care      United Kingdom
  Novartis AG     1.3        Health Care      Switzerland
  Toyota Motor Corp.     1.3        Consumer Discretionary      Japan
    BHP Group Ltd.     0.9        Materials      Australia

 

2    The top 10 holdings may not be representative of the Fund’s future investments.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

9


MARKETBETA® INTERNATIONAL EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Solactive GBS Developed Markets ex North America Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

 

MarketBeta® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2023.

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year      Since Inception

Shares based on NAV (Commenced May 12, 2020)

     17.22%      10.31%

 

Shares based on Market Price (Commenced May 12, 2020)

     17.94%      10.28%

 

Solactive GBS Developed Markets ex North America Large & Mid Cap Index

     17.36%      10.35%

 

 

*   Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

 

10


PORTFOLIO RESULTS

 

Goldman Sachs MarketBeta® U.S. Equity ETF

 

Investment Objective

The Goldman Sachs MarketBeta® U.S. Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 16.12% based on net asset value (“NAV”) and 16.19% based on market price. The Index returned 16.19% during the same period.

 

  

The Fund had an NAV of $53.96 per share on August 31, 2022 and ended the Reporting Period with an NAV of $61.63 per share. The Fund’s market price on August 31, 2023 was $61.68 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 A 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. 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 (1.87%, 0.40% and 0.53% of Fund net assets as of August 31, 2023, respectively). Tesla generated a single-digit negative return within the Index during the Reporting Period. The Walt Disney Company and Pfizer each posted a double-digit negative return within the Index during the Reporting Period.

 

Q   How did the Fund use derivatives and similar instruments during the Reporting Period?

 

A   The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

 

11


PORTFOLIO RESULTS

 

Q   What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1

 

     Sector Name   Fund2      Solactive
Index
 
  Information Technology     28.21      28.21
  Health Care     14.07        14.07  
  Consumer Discretionary     11.68        11.68  
  Financials     10.54        10.54  
  Communication Services     8.43        8.43  
  Industrials     7.72        7.72  
  Consumer Staples     6.66        6.66  
  Energy     4.55        4.55  
  Utilities     3.08        3.08  
 

Real Estate

    2.71        2.71  
    Materials     2.34        2.34  

 

  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 0.1% 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 Large & Mid Cap Index.

 

 

12


FUND BASICS

 

MarketBeta® U.S. Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023  
  Market Price1   $ 61.68  
    Net Asset Value (NAV)1   $ 61.63  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets        Line of Business      Country
  Apple, Inc.     7.3      Information Technology      United States
  Microsoft Corp.     6.3        Information Technology      United States
  Amazon.com, Inc.     3.3        Consumer Discretionary      United States
  NVIDIA Corp.     3.1        Information Technology      United States
  Alphabet, Inc., Class A     2.1        Communication Services      United States
  Tesla, Inc.     1.9        Consumer Discretionary      United States
  Alphabet, Inc., Class C     1.8        Communication Services      United States
  Meta Platforms, Inc., Class A     1.7        Communication Services      United States
  Eli Lilly & Co.     1.2        Health Care      United States
    Berkshire Hathaway, Inc., Class B     1.2        Financials      United States

 

2    The top 10 holdings may not be representative of the Fund’s future investments.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

13


MARKETBETA® U.S. EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Solactive GBS United States Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

 

MarketBeta® U.S. Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2023.

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year      Since Inception

Shares based on NAV (Commenced May 12, 2020)

     16.12%      16.18%

 

Shares based on Market Price (Commenced May 12, 2020)

     16.19%      16.20%

 

Solactive GBS United States Large & Mid Cap Index

     16.19%      16.25%

 

 

*   Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

 

14


FUND BASICS

 

Index Definitions and Industry Terms

 

Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.

The Solactive GBS Emerging Markets Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

The Solactive GBS Developed Markets ex North America Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.

The Solactive GBS United States Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.

 

15


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – 96.5%      
Australia – 0.1%      
  1,591     AngloGold Ashanti Ltd. (Materials)   $ 27,119  
  840     Yancoal Australia Ltd. (Energy)(a)     2,817  
   

 

 

 
      29,936  

 

 

 
Brazil – 4.3%      
  16,931     Ambev SA (Consumer Staples)     47,329  
  2,117     Atacadao SA (Consumer Staples)     4,387  
  21,663     B3 SA – Brasil Bolsa Balcao (Financials)     56,576  
  5,528     Banco Bradesco SA (Financials)     14,783  
  5,734     Banco BTG Pactual SA (Financials)     37,606  
  3,302     Banco do Brasil SA (Financials)     31,413  
  1,416     Banco Santander Brasil SA (Financials)     7,754  
  2,639     BB Seguridade Participacoes SA (Financials)     16,193  
  2,044     Caixa Seguridade Participacoes SA (Financials)     4,459  
  3,787     CCR SA (Industrials)     9,531  
  4,400     Centrais Eletricas Brasileiras SA (Utilities)     31,336  
  1,343     Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Utilities)     15,711  
  1,108     Cia Energetica de Minas Gerais (Utilities)     4,407  
  2,377     Cia Siderurgica Nacional SA (Materials)     5,814  
  4,430     Cosan SA (Energy)     15,676  
  741     CPFL Energia SA (Utilities)     5,111  
  1,679     CSN Mineracao SA (Materials)     1,451  
  1,139     Energisa SA (Utilities)     10,606  
  2,276     Eneva SA (Utilities)*     5,480  
  691     Engie Brasil Energia SA (Utilities)     5,879  
  3,717     Equatorial Energia SA (Utilities)     23,769  
  18,065     Hapvida Participacoes e Investimentos SA (Health Care)*(a)     15,544  
  1,590     Hypera SA (Health Care)     12,522  
  1,778     Itau Unibanco Holding SA (Financials)     8,371  
  3,229     Klabin SA (Materials)     14,844  
  3,280     Localiza Rent a Car SA (Industrials)     41,903  
  3,616     Lojas Renner SA (Consumer Discretionary)     11,708  
  11,398     Magazine Luiza SA (Consumer Discretionary)*     6,354  
  1,078     Multiplan Empreendimentos Imobiliarios SA (Real Estate)     5,387  
  3,222     Natura & Co. Holding SA (Consumer Staples)*     9,879  
  777     Neoenergia SA (Utilities)     2,863  
  8,830     NU Holdings Ltd., Class A (Financials)*     60,485  
  795     Pagseguro Digital Ltd., Class A (Financials)*     7,139  
  14,220     Petroleo Brasileiro SA (Energy)     99,205  
  748     Porto Seguro SA (Financials)     3,943  
  2,764     PRIO SA (Energy)*     25,915  
  4,770     Raia Drogasil SA (Consumer Staples)     26,476  
  4,206     Rede D’Or Sao Luiz SA (Health Care)(a)     24,348  
  4,757     Rumo SA (Industrials)     21,474  
  3,559     Sendas Distribuidora SA (Consumer Staples)     8,346  
  909     StoneCo Ltd., Class A (Financials)*     11,144  

 

 

 
Common Stocks – (continued)      
Brazil – (continued)      
  2,628     Suzano SA (Materials)   26,620  
  1,540     Telefonica Brasil SA (Communication Services)     12,862  
  3,194     TIM SA (Communication Services)     9,296  
  1,977     TOTVS SA (Information Technology)     11,077  
  2,779     Ultrapar Participacoes SA (Energy)     10,193  
  15,073     Vale SA (Materials)     198,134  
  4,282     Vibra Energia SA (Consumer Discretionary)     15,966  
  5,704     WEG SA (Industrials)     41,337  
  1,470     XP, Inc., Class A (Financials)*     37,250  
   

 

 

 
      1,135,856  

 

 

 
Chile – 0.4%      
  169,077     Banco de Chile (Financials)     18,355  
  304     Banco de Credito e Inversiones SA (Financials)     8,704  
  245,969     Banco Santander Chile (Financials)     11,715  
  4,971     Cencosud SA (Consumer Staples)     10,590  
  498     Cia Cervecerias Unidas SA (Consumer Staples)     3,663  
  57,281     Cia Sud Americana de Vapores SA (Industrials)     3,805  
  4,466     Empresas CMPC SA (Materials)     8,070  
  1,566     Empresas Copec SA (Energy)     11,257  
  73,064     Enel Americas SA (Utilities)*     8,642  
  98,102     Enel Chile SA (Utilities)     6,579  
  4,474     Falabella SA (Consumer Discretionary)     10,968  
  1,088     Quinenco SA (Industrials)     3,405  
   

 

 

 
      105,753  

 

 

 
China – 27.9%      
  1,665     360 Security Technology, Inc., Class A (Information Technology)*     2,557  
  368     37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)     1,248  
  162     Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)*     3,391  
  224     AECC Aero-Engine Control Co. Ltd., Class A (Industrials)     690  
  662     AECC Aviation Power Co. Ltd., Class A (Industrials)     3,569  
  20,744     Agricultural Bank of China Ltd., Class A (Financials)     9,861  
  107,293     Agricultural Bank of China Ltd., Class H (Financials)     36,805  
  2,202     Aier Eye Hospital Group Co. Ltd., Class A (Health Care)     5,452  
  841     AIM Vaccine Co. Ltd. (Health Care)*     5,298  
  150     AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary)     585  
  1,584     Air China Ltd., Class A (Industrials)*     1,882  
  6,735     Air China Ltd., Class H (Industrials)*     4,990  
  645     Airtac International Group (Industrials)     18,633  

 

 

 

 

16   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  400     Aisino Corp., Class A (Information Technology)   $ 707  
  1,757     Akeso, Inc. (Health Care)*(a)     7,719  
  67,916     Alibaba Group Holding Ltd. (Consumer Discretionary)*     781,206  
  3,264     Aluminum Corp. of China Ltd., Class A (Materials)     2,655  
  14,073     Aluminum Corp. of China Ltd., Class H (Materials)     6,802  
  162     Amlogic Shanghai Co. Ltd., Class A (Information Technology)*     1,949  
  1,454     Angang Steel Co. Ltd., Class A (Materials)     551  
  5,518     Angang Steel Co. Ltd., Class H (Materials)     1,414  
  231     Angel Yeast Co. Ltd., Class A (Consumer Staples)     1,052  
  973     Anhui Conch Cement Co. Ltd., Class A (Materials)     3,433  
  4,625     Anhui Conch Cement Co. Ltd., Class H (Materials)     12,857  
  295     Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples)     11,675  
  500     Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)*     881  
  105     Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples)     822  
  162     Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples)     1,706  
  81     Anjoy Foods Group Co. Ltd., Class A (Consumer Staples)     1,452  
  100     Anker Innovations Technology Co. Ltd., Class A (Information Technology)     1,150  
  4,918     ANTA Sports Products Ltd. (Consumer Discretionary)     55,409  
  243     Apeloa Pharmaceutical Co. Ltd., Class A (Health Care)     586  
  74     Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care)     1,353  
  87     Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a)     1,096  
  100     Autobio Diagnostics Co. Ltd., Class A (Health Care)     630  
  267     Autohome, Inc. ADR (Communication Services)     7,716  
  439     Avary Holding Shenzhen Co. Ltd., Class A (Information Technology)     1,290  
  2,130     AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)     1,077  
  8,926     AviChina Industry & Technology Co. Ltd., Class H (Industrials)     4,007  
  1,082     Baidu, Inc. ADR (Communication Services)*     154,542  
  5,223     Bank of Beijing Co. Ltd., Class A (Financials)     3,208  
  900     Bank of Changsha Co. Ltd., Class A (Financials)     1,005  
  895     Bank of Chengdu Co. Ltd., Class A (Financials)     1,683  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  9,711     Bank of China Ltd., Class A (Financials)   5,003  
  321,203     Bank of China Ltd., Class H (Financials)     108,955  
  9,203     Bank of Communications Co. Ltd., Class A (Financials)     7,017  
  28,405     Bank of Communications Co. Ltd., Class H (Financials)     16,264  
  1,410     Bank of Hangzhou Co. Ltd., Class A (Financials)     2,170  
  3,462     Bank of Jiangsu Co. Ltd., Class A (Financials)     3,391  
  2,384     Bank of Nanjing Co. Ltd., Class A (Financials)     2,594  
  1,552     Bank of Ningbo Co. Ltd., Class A (Financials)     5,580  
  3,454     Bank of Shanghai Co. Ltd., Class A (Financials)     2,824  
  1,736     Bank of Zhengzhou Co. Ltd., Class A (Financials)*     510  
  5,759     Bank of Zhengzhou Co. Ltd., Class H (Financials)*(a)     698  
  4,747     Baoshan Iron & Steel Co. Ltd., Class A (Materials)     3,952  
  2,027     BBMG Corp., Class A (Materials)     613  
  8,441     BBMG Corp., Class H (Materials)     883  
  205     BeiGene Ltd. ADR (Health Care)*     42,548  
  1,054     Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)     940  
  81     Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)     493  
  200     Beijing E-Hualu Information Technology Co. Ltd., Class A (Information Technology)*     829  
  649     Beijing Enlight Media Co. Ltd., Class A (Communication Services)     833  
  1,870     Beijing Enterprises Holdings Ltd. (Utilities)     7,011  
  15,223     Beijing Enterprises Water Group Ltd. (Utilities)     3,514  
  162     Beijing Kingsoft Office Software, Inc., Class A (Information Technology)     8,783  
  311     Beijing New Building Materials PLC, Class A (Industrials)     1,278  
  730     Beijing Originwater Technology Co. Ltd., Class A (Industrials)     534  
  443     Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology)*     827  
  568     Beijing Shougang Co. Ltd., Class A (Materials)     290  
  400     Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care)     1,379  
  324     Beijing Tongrentang Co. Ltd., Class A (Health Care)     2,503  
  171     Beijing United Information Technology Co. Ltd., Class A (Industrials)     848  
  190     Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)     1,302  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   17


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  600     Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)   $ 856  
  10,300     Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)     7,217  
  1,800     Beiqi Foton Motor Co. Ltd., Class A (Consumer Discretionary)*     885  
  81     Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary)     839  
  81     Betta Pharmaceuticals Co. Ltd., Class A (Health Care)     550  
  134     BGI Genomics Co. Ltd., Class A (Health Care)     989  
  935     Bilibili, Inc., Class Z (Communication Services)*     13,986  
  162     Bloomage Biotechnology Corp. Ltd., Class A (Health Care)     2,060  
  821     BOC Aviation Ltd. (Industrials)(a)     6,161  
  13,784     BOC Hong Kong Holdings Ltd. (Financials)     38,319  
  568     BOC International China Co. Ltd., Class A (Financials)     927  
  8,937     BOE Technology Group Co. Ltd., Class A (Information Technology)     4,924  
  300     BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary)*     716  
  395     BYD Co. Ltd., Class A (Consumer Discretionary)     13,535  
  3,717     BYD Co. Ltd., Class H (Consumer Discretionary)     116,510  
  249     By-health Co. Ltd., Class A (Consumer Staples)     661  
  2,071     C&D International Investment Group Ltd. (Real Estate)     5,271  
  1,057     Caitong Securities Co. Ltd., Class A (Financials)     1,163  
  659     CALB Group Co. Ltd. (Consumer Discretionary)*(a)     1,333  
  210     Canmax Technologies Co. Ltd., Class A (Materials)     779  
  341     CanSino Biologics, Inc., Class H (Health Care)*(a)     1,000  
  1,297     CECEP Wind-Power Corp., Class A (Utilities)     599  
  162     CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology)     557  
  3,486     CGN Power Co. Ltd., Class A (Utilities)     1,504  
  38,857     CGN Power Co. Ltd., Class H (Utilities)(a)     9,712  
  81     Changchun High & New Technology Industry Group, Inc., Class A (Health Care)     1,530  
  1,288     Changjiang Securities Co. Ltd., Class A (Financials)     1,058  
  81     Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary)     1,645  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  421     Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology)   1,857  
  243     Chengxin Lithium Group Co. Ltd., Class A (Materials)     763  
  400     Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)*     831  
  649     China Baoan Group Co. Ltd., Class A (Industrials)     951  
  10,245     China Bohai Bank Co. Ltd., Class H (Financials)*(a)     1,581  
  33,517     China Cinda Asset Management Co. Ltd., Class H (Financials)     3,291  
  1,401     China CITIC Bank Corp. Ltd., Class A (Financials)     1,051  
  39,293     China CITIC Bank Corp. Ltd., Class H (Financials)     17,487  
  805     China Coal Energy Co. Ltd., Class A (Energy)     891  
  8,272     China Coal Energy Co. Ltd., Class H (Energy)     5,644  
  5,469     China Conch Venture Holdings Ltd. (Industrials)     5,377  
  2,288     China Construction Bank Corp., Class A (Financials)     1,886  
  361,755     China Construction Bank Corp., Class H (Financials)     193,754  
  968     China CSSC Holdings Ltd., Class A (Industrials)     3,776  
  1,891     China Eastern Airlines Corp. Ltd., Class A (Industrials)*     1,128  
  7,786     China Eastern Airlines Corp. Ltd., Class H (Industrials)*     2,750  
  7,357     China Energy Engineering Corp. Ltd., Class A (Industrials)     2,315  
  23,187     China Energy Engineering Corp. Ltd., Class H (Industrials)     2,691  
  9,951     China Everbright Bank Co. Ltd., Class A (Financials)     4,115  
  28,839     China Everbright Bank Co. Ltd., Class H (Financials)     8,311  
  13,867     China Everbright Environment Group Ltd. (Industrials)     5,057  
  12,614     China Feihe Ltd. (Consumer Staples)(a)     7,592  
  400     China Film Co. Ltd., Class A (Communication Services)*     816  
  805     China Galaxy Securities Co. Ltd., Class A (Financials)     1,275  
  13,235     China Galaxy Securities Co. Ltd., Class H (Financials)     7,122  
  568     China Great Wall Securities Co. Ltd., Class A (Financials)     685  
  737     China Greatwall Technology Group Co. Ltd., Class A (Information Technology)     1,103  
  9,026     China Hongqiao Group Ltd. (Materials)     9,001  
  44,203     China Huarong Asset Management Co. Ltd., Class H (Financials)*(a)     2,029  

 

 

 

 

18   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  405     China International Capital Corp. Ltd., Class A (Financials)   $ 2,170  
  5,631     China International Capital Corp. Ltd., Class H (Financials)(a)     10,829  
  674     China International Marine Containers Group Co. Ltd., Class A (Industrials)     653  
  26,305     China Jinmao Holdings Group Ltd. (Real Estate)     3,723  
  962     China Jushi Co. Ltd., Class A (Materials)     1,845  
  3,836     China Lesso Group Holdings Ltd. (Industrials)     2,113  
  474     China Life Insurance Co. Ltd., Class A (Financials)     2,320  
  28,582     China Life Insurance Co. Ltd., Class H (Financials)     43,374  
  1,369     China Literature Ltd. (Communication Services)*(a)     5,499  
  13,194     China Longyuan Power Group Corp. Ltd., Class H (Utilities)     10,449  
  4,691     China Medical System Holdings Ltd. (Health Care)     6,772  
  4,798     China Merchants Bank Co. Ltd., Class A (Financials)     20,798  
  14,536     China Merchants Bank Co. Ltd., Class H (Financials)     57,464  
  1,946     China Merchants Energy Shipping Co. Ltd., Class A (Energy)     1,575  
  868     China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials)     1,158  
  4,766     China Merchants Port Holdings Co. Ltd. (Industrials)     5,701  
  1,779     China Merchants Securities Co. Ltd., Class A (Financials)     3,473  
  1,743     China Merchants Securities Co. Ltd., Class H (Financials)(a)     1,607  
  1,541     China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)     2,892  
  8,432     China Minsheng Banking Corp. Ltd., Class A (Financials)     4,379  
  26,209     China Minsheng Banking Corp. Ltd., Class H (Financials)     8,422  
  16,348     China National Building Material Co. Ltd., Class H (Materials)     8,318  
  1,459     China National Chemical Engineering Co. Ltd., Class A (Industrials)     1,560  
  200     China National Medicines Corp. Ltd., Class A (Health Care)     894  
  4,459     China National Nuclear Power Co. Ltd., Class A (Utilities)     4,411  
  160     China National Software & Service Co. Ltd., Class A (Information Technology)     950  
  872     China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)     2,645  
  243     China Oilfield Services Ltd., Class A (Energy)     495  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  7,155     China Oilfield Services Ltd., Class H (Energy)   8,111  
  14,072     China Overseas Land & Investment Ltd. (Real Estate)     29,681  
  4,839     China Overseas Property Holdings Ltd. (Real Estate)     5,782  
  1,572     China Pacific Insurance Group Co. Ltd., Class A (Financials)     5,983  
  9,581     China Pacific Insurance Group Co. Ltd., Class H (Financials)     21,943  
  7,238     China Petroleum & Chemical Corp., Class A (Energy)     6,036  
  92,237     China Petroleum & Chemical Corp., Class H (Energy)     53,989  
  19,667     China Power International Development Ltd. (Utilities)     7,022  
  4,886     China Railway Group Ltd., Class A (Industrials)     4,498  
  15,798     China Railway Group Ltd., Class H (Industrials)     8,361  
  1,501     China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)     1,157  
  6,403     China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a)     2,123  
  243     China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)     954  
  5,917     China Resources Beer Holdings Co. Ltd. (Consumer Staples)     34,785  
  8,681     China Resources Cement Holdings Ltd. (Materials)     2,878  
  3,519     China Resources Gas Group Ltd. (Utilities)     9,895  
  11,079     China Resources Land Ltd. (Real Estate)     46,835  
  243     China Resources Microelectronics Ltd., Class A (Information Technology)     1,954  
  2,275     China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a)     9,820  
  6,169     China Resources Pharmaceutical Group Ltd. (Health Care)(a)     4,122  
  7,019     China Resources Power Holdings Co. Ltd. (Utilities)     13,748  
  243     China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)     1,588  
  1,568     China Shenhua Energy Co. Ltd., Class A (Energy)     6,069  
  12,809     China Shenhua Energy Co. Ltd., Class H (Energy)     37,324  
  2,589     China Southern Airlines Co. Ltd., Class A (Industrials)*     2,248  
  6,540     China Southern Airlines Co. Ltd., Class H (Industrials)*     3,478  
  600     China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials)     498  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   19


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  300     China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities)   $ 406  
  9,973     China State Construction Engineering Corp. Ltd., Class A (Industrials)     7,714  
  6,974     China State Construction International Holdings Ltd. (Industrials)     7,764  
  405     China Suntien Green Energy Corp. Ltd., Class A (Energy)     458  
  6,834     China Suntien Green Energy Corp. Ltd., Class H (Energy)     2,405  
  5,536     China Taiping Insurance Holdings Co. Ltd. (Financials)     5,831  
  6,811     China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)     4,604  
  404     China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary)     6,046  
  338     China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)(a)     4,539  
  164,556     China Tower Corp. Ltd., Class H (Communication Services)(a)     15,948  
  7,541     China United Network Communications Ltd., Class A (Communication Services)     5,398  
  2,361     China Vanke Co. Ltd., Class A (Real Estate)     4,425  
  8,368     China Vanke Co. Ltd., Class H (Real Estate)     9,764  
  1,200     China XD Electric Co. Ltd., Class A (Industrials)     793  
  4,327     China Yangtze Power Co. Ltd., Class A (Utilities)     13,114  
  162     China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology)     2,041  
  4,376     China Zheshang Bank Co. Ltd., Class A (Financials)     1,545  
  147     Chongqing Brewery Co. Ltd., Class A (Consumer Staples)     1,846  
  3,097     Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary)     5,336  
  1,421     Chongqing Hongjiu Fruit Co. Ltd., Class H (Consumer Staples)*     1,113  
  2,270     Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)     1,173  
  9,210     Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)     3,253  
  522     Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)     3,170  
  24,129     CITIC Ltd. (Industrials)     23,970  
  405     Citic Pacific Special Steel Group Co. Ltd., Class A (Materials)     790  
  2,687     CITIC Securities Co. Ltd., Class A (Financials)     8,196  
  7,344     CITIC Securities Co. Ltd., Class H (Financials)     14,348  
  4,098     CMOC Group Ltd., Class A (Materials)     3,226  
  14,192     CMOC Group Ltd., Class H (Materials)     8,488  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  162     CNGR Advanced Material Co. Ltd., Class A (Materials)   1,221  
  1,400     CNOOC Energy Technology & Services Ltd., Class A (Energy)     594  
  892     CNPC Capital Co. Ltd., Class A (Financials)     825  
  1,060     Contemporary Amperex Technology Co. Ltd., Class A (Industrials)     34,450  
  2,351     COSCO SHIPPING Development Co. Ltd., Class A (Industrials)     769  
  892     COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)     1,624  
  5,118     COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)     5,365  
  3,033     COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)     4,084  
  12,452     COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)     12,783  
  51,536     Country Garden Holdings Co. Ltd. (Real Estate)*(b)     5,849  
  8,473     Country Garden Services Holdings Co. Ltd. (Real Estate)     9,746  
  5,700     CRRC Corp. Ltd., Class A (Industrials)     4,652  
  17,089     CRRC Corp. Ltd., Class H (Industrials)     8,412  
  692     CSC Financial Co. Ltd., Class A (Financials)     2,451  
  3,592     CSC Financial Co. Ltd., Class H (Financials)(a)     3,825  
  8,115     Dali Foods Group Co. Ltd. (Consumer Staples)(a)     3,881  
  3,568     Daqin Railway Co. Ltd., Class A (Industrials)     3,495  
  218     DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)     796  
  1,454     Datang International Power Generation Co. Ltd., Class A (Utilities)     555  
  11,084     Datang International Power Generation Co. Ltd., Class H (Utilities)     1,753  
  730     DHC Software Co. Ltd., Class A (Information Technology)     674  
  226     Do-Fluoride New Materials Co. Ltd., Class A (Materials)     509  
  158     Dong-E-E-Jiao Co. Ltd., Class A (Health Care)     1,125  
  603     Dongfang Electric Corp. Ltd., Class A (Industrials)     1,390  
  1,344     Dongfang Electric Corp. Ltd., Class H (Industrials)     1,551  
  10,486     Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)     3,851  
  765     Dongxing Securities Co. Ltd., Class A (Financials)     871  
  3,581     East Money Information Co. Ltd., Class A (Financials)     7,808  
  81     Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples)     2,185  

 

 

 

 

20   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  162     Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)   $ 1,180  
  2,890     ENN Energy Holdings Ltd. (Utilities)     22,665  
  530     ENN Natural Gas Co. Ltd., Class A (Utilities)     1,271  
  140     Eoptolink Technology, Inc. Ltd., Class A (Information Technology)     877  
  500     Eve Energy Co. Ltd., Class A (Industrials)     3,394  
  947     Everbright Securities Co. Ltd., Class A (Financials)     2,233  
  1,120     Fangda Carbon New Material Co. Ltd., Class A (Industrials)*     897  
  583     FAW Jiefang Group Co. Ltd., Class A (Industrials)*     687  
  1,054     First Capital Securities Co. Ltd., Class A (Financials)     872  
  279     Flat Glass Group Co. Ltd., Class A (Information Technology)     1,184  
  1,683     Flat Glass Group Co. Ltd., Class H (Information Technology)(b)     4,181  
  3,440     Focus Media Information Technology Co. Ltd., Class A (Communication Services)     3,639  
  992     Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples)     5,329  
  1,900     Founder Securities Co. Ltd., Class A (Financials)     1,885  
  2,394     Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)     7,206  
  264     Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)     707  
  3,048     Full Truck Alliance Co. Ltd. ADR (Industrials)*     20,422  
  474     Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)     2,475  
  2,397     Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a)     10,851  
  322     Ganfeng Lithium Group Co. Ltd., Class A (Materials)     2,097  
  1,531     Ganfeng Lithium Group Co. Ltd., Class H (Materials)(a)     7,321  
  4,378     GD Power Development Co. Ltd., Class A (Utilities)     2,111  
  419     GDS Holdings Ltd. ADR (Information Technology)*(b)     5,011  
  1,135     GEM Co. Ltd., Class A (Materials)     976  
  1,024     Gemdale Corp., Class A (Real Estate)     1,013  
  4,335     Genscript Biotech Corp. (Health Care)*     10,161  
  1,452     GF Securities Co. Ltd., Class A (Financials)     3,004  
  3,843     GF Securities Co. Ltd., Class H (Financials)     5,489  
  1,494     Giant Biogene Holding Co. Ltd. (Consumer Staples)*(a)     7,163  
  500     Giant Network Group Co. Ltd., Class A (Communication Services)     1,003  
  148     GigaDevice Semiconductor, Inc., Class A (Information Technology)     1,911  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  122     Ginlong Technologies Co. Ltd., Class A (Industrials)   1,258  
  790     GoerTek, Inc., Class A (Information Technology)     1,663  
  3,056     Goldwind Science & Technology Co. Ltd. (Industrials)     1,606  
  761     Goldwind Science & Technology Co. Ltd., Class A (Industrials)     993  
  48     Gongniu Group Co. Ltd., Class A (Industrials)     699  
  324     Gotion High-tech Co. Ltd., Class A (Industrials)*     1,078  
  555     Great Wall Motor Co. Ltd., Class A (Consumer Discretionary)     1,991  
  8,794     Great Wall Motor Co. Ltd., Class H (Consumer Discretionary)     10,429  
  1,297     Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)     6,378  
  2,300     Greenland Holdings Corp. Ltd., Class A (Real Estate)*     926  
  3,942     Greentown China Holdings Ltd. (Real Estate)     4,685  
  600     GRG Banking Equipment Co. Ltd., Class A (Information Technology)     1,035  
  500     Guangdong Electric Power Development Co. Ltd., Class A (Utilities)*     432  
  368     Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)     2,439  
  11,077     Guangdong Investment Ltd. (Utilities)     8,659  
  81     Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials)     634  
  1,622     Guanghui Energy Co. Ltd., Class A (Energy)     1,466  
  597     Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)     827  
  11,159     Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)     5,877  
  500     Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials)*     810  
  316     Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)     1,342  
  868     Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care)     2,441  
  81     Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials)*     399  
  147     Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)     1,205  
  158     Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology)     1,157  
  486     Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)     2,192  
  685     Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials)     647  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   21


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  500     Guolian Securities Co. Ltd., Class A (Financials)*   $ 746  
  1,162     Guosen Securities Co. Ltd., Class A (Financials)     1,482  
  1,742     Guotai Junan Securities Co. Ltd., Class A (Financials)     3,485  
  3,272     Guotai Junan Securities Co. Ltd., Class H (Financials)(a)     3,839  
  1,136     Guoyuan Securities Co. Ltd., Class A (Financials)     1,085  
  729     H World Group Ltd. ADR (Consumer Discretionary)*     29,364  
  6,405     Haidilao International Holding Ltd. (Consumer Discretionary)(a)     17,438  
  1,455     Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)     4,700  
  8,951     Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)     27,680  
  9,700     Hainan Airlines Holding Co. Ltd., Class A (Industrials)*     2,079  
  2,397     Haitian International Holdings Ltd. (Industrials)     5,147  
  2,226     Haitong Securities Co. Ltd., Class A (Financials)     3,006  
  9,986     Haitong Securities Co. Ltd., Class H (Financials)     6,202  
  205     Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials)     629  
  730     Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)     1,052  
  162     Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology)     832  
  466     Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)     1,991  
  162     Hangzhou Lion Electronics Co. Ltd., Class A (Information Technology)     734  
  243     Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials)     1,022  
  211     Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)     797  
  243     Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology)     846  
  174     Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care)     1,592  
  486     Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a)     2,649  
  4,236     Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a)     5,510  
  162     Haohua Chemical Science & Technology Co. Ltd., Class A (Materials)     748  
  200     Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A (Consumer Staples)     647  
  300     Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples)     1,012  
  200     Hefei Meiya Optoelectronic Technology, Inc., Class A (Industrials)     644  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  568     Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials)   1,239  
  730     Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)     2,694  
  2,343     Hengan International Group Co. Ltd. (Consumer Staples)     8,695  
  405     Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)     913  
  1,459     Hengli Petrochemical Co. Ltd., Class A (Materials)*     2,878  
  568     Hengtong Optic-electric Co. Ltd., Class A (Information Technology)     1,103  
  1,052     Hengyi Petrochemical Co. Ltd., Class A (Materials)*     1,109  
  2,399     Hesteel Co. Ltd., Class A (Materials)     745  
  124     Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)     2,851  
  146     Hongfa Technology Co. Ltd., Class A (Industrials)     704  
  500     Hongta Securities Co. Ltd., Class A (Financials)     549  
  162     Hoshine Silicon Industry Co. Ltd., Class A (Materials)     1,375  
  159     Hoyuan Green Energy Co. Ltd., Class A (Information Technology)     910  
  2,998     Hua Hong Semiconductor Ltd. (Information Technology)*(a)     7,837  
  1,595     Huadian Power International Corp. Ltd., Class A (Utilities)     1,118  
  6,942     Huadian Power International Corp. Ltd., Class H (Utilities)     2,797  
  421     Huadong Medicine Co. Ltd., Class A (Health Care)     2,197  
  1,173     Huafon Chemical Co. Ltd., Class A (Materials)     1,128  
  200     Huagong Tech Co. Ltd., Class A (Information Technology)     864  
  568     Huaibei Mining Holdings Co. Ltd., Class A (Materials)     915  
  402     Hualan Biological Engineering, Inc., Class A (Health Care)     1,173  
  100     Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary)     710  
  1,211     Huaneng Lancang River Hydropower, Inc., Class A (Utilities)     1,206  
  1,765     Huaneng Power International, Inc., Class A (Utilities)*     1,976  
  15,148     Huaneng Power International, Inc., Class H (Utilities)*     7,572  
  1,865     Huatai Securities Co. Ltd., Class A (Financials)     4,069  
  5,030     Huatai Securities Co. Ltd., Class H (Financials)(a)     6,620  
  713     Huaxi Securities Co. Ltd., Class A (Financials)     835  

 

 

 

 

22   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  3,048     Huaxia Bank Co. Ltd., Class A (Financials)   $ 2,320  
  324     Huaxin Cement Co. Ltd., Class A (Materials)     586  
  731     Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)     1,887  
  973     Hubei Energy Group Co. Ltd., Class A (Utilities)     580  
  200     Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care)     719  
  243     Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)     678  
  162     Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary)     3,239  
  324     Humanwell Healthcare Group Co. Ltd., Class A (Health Care)     1,040  
  439     Hunan Changyuan Lico Co. Ltd., Class A (Materials)     568  
  1,784     Hunan Valin Steel Co. Ltd., Class A (Materials)     1,451  
  454     Hundsun Technologies, Inc., Class A (Information Technology)     2,246  
  1,315     Hygeia Healthcare Holdings Co. Ltd. (Health Care)(a)     6,649  
  566     Iflytek Co. Ltd., Class A (Information Technology)     4,264  
  81     Imeik Technology Development Co. Ltd., Class A (Health Care)     4,880  
  14,158     Industrial & Commercial Bank of China Ltd., Class A (Financials)     8,987  
  265,477     Industrial & Commercial Bank of China Ltd., Class H (Financials)     121,875  
  5,011     Industrial Bank Co. Ltd., Class A (Financials)     10,885  
  1,603     Industrial Securities Co. Ltd., Class A (Financials)     1,412  
  81     Ingenic Semiconductor Co. Ltd., Class A (Information Technology)     822  
  10,821     Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*     2,661  
  500     Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy)     910  
  1,611     Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials)     1,926  
  2,000     Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials)     1,149  
  1,487     Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)     5,312  
  2,558     Inner Mongolia Yitai Coal Co. Ltd., Class H (Energy)*     5,709  
  892     Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)     865  
  4,621     Innovent Biologics, Inc. (Health Care)*(a)     20,684  
  324     Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology)     1,742  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  1,755     iQIYI, Inc. ADR (Communication Services)*   8,845  
  150     Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology)     425  
  800     JA Solar Technology Co. Ltd., Class A (Information Technology)     3,059  
  174     Jafron Biomedical Co. Ltd., Class A (Health Care)     511  
  211     Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary)     1,207  
  405     JCET Group Co. Ltd., Class A (Information Technology)     1,814  
  3,741     JD Health International, Inc. (Consumer Staples)*(a)     20,180  
  6,807     JD Logistics, Inc. (Industrials)*(a)     9,080  
  4,713     JD.com, Inc. ADR (Consumer Discretionary)     156,519  
  1,473     Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)     2,329  
  243     Jiangsu Expressway Co. Ltd., Class A (Industrials)     323  
  4,828     Jiangsu Expressway Co. Ltd., Class H (Industrials)     4,359  
  318     Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials)     2,715  
  1,441     Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)     8,272  
  264     Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples)     2,173  
  100     Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology)     1,314  
  500     Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services)     751  
  373     Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples)     6,877  
  105     Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials)     922  
  100     Jiangsu Yoke Technology Co. Ltd., Class A (Materials)     933  
  211     Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care)     983  
  730     Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials)     1,461  
  455     Jiangxi Copper Co. Ltd., Class A (Materials)     1,181  
  4,218     Jiangxi Copper Co. Ltd., Class H (Materials)     6,584  
  405     Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)*     505  
  600     Jinduicheng Molybdenum Co. Ltd., Class A (Materials)     896  
  81     JiuGui Liquor Co. Ltd., Class A (Consumer Staples)     997  
  159     Joinn Laboratories China Co. Ltd., Class A (Health Care)     524  
  344     Joinn Laboratories China Co. Ltd., Class H (Health Care)(a)     689  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   23


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  724     Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)   $ 1,028  
  162     Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples)*     752  
  162     Juewei Food Co. Ltd., Class A (Consumer Staples)     794  
  486     Juneyao Airlines Co. Ltd., Class A (Industrials)*     1,060  
  1,002     Kanzhun Ltd. ADR (Communication Services)*     14,830  
  3,419     KE Holdings, Inc. ADR (Real Estate)*     58,807  
  486     Keda Industrial Group Co. Ltd., Class A (Industrials)     672  
  10,818     Kingdee International Software Group Co. Ltd. (Information Technology)*     16,720  
  500     Kingnet Network Co. Ltd., Class A (Communication Services)*     1,040  
  3,587     Kingsoft Corp. Ltd. (Communication Services)     14,317  
  7,805     Kuaishou Technology (Communication Services)*(a)     63,899  
  542     Kuang-Chi Technologies Co. Ltd., Class A (Industrials)     1,110  
  14,510     Kunlun Energy Co. Ltd. (Utilities)     10,621  
  300     Kunlun Tech Co. Ltd., Class A (Communication Services)*     1,491  
  336     Kweichow Moutai Co. Ltd., Class A (Consumer Staples)     85,264  
  583     LB Group Co. Ltd., Class A (Materials)     1,452  
  27,408     Lenovo Group Ltd. (Information Technology)     31,002  
  1,198     Lens Technology Co. Ltd., Class A (Information Technology)     2,024  
  486     Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care)     1,081  
  162     Levima Advanced Materials Corp., Class A (Materials)     450  
  4,292     Li Auto, Inc., Class A (Consumer Discretionary)*     88,448  
  9,063     Li Ning Co. Ltd. (Consumer Discretionary)     42,820  
  3,359     Liaoning Port Co. Ltd., Class A (Industrials)     729  
  1,622     Lingyi iTech Guangdong Co., Class A (Information Technology)     1,342  
  105     Livzon Pharmaceutical Group, Inc., Class A (Health Care)     496  
  543     Livzon Pharmaceutical Group, Inc., Class H (Health Care)     1,721  
  6,899     Longfor Group Holdings Ltd. (Real Estate)(a)     14,534  
  1,764     LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)     6,435  
  2,616     Lufax Holding Ltd. ADR (Financials)     3,165  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  486     Luxi Chemical Group Co. Ltd., Class A (Materials)   679  
  1,687     Luxshare Precision Industry Co. Ltd., Class A (Information Technology)     7,649  
  319     Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)     10,181  
  406     Mango Excellent Media Co. Ltd., Class A (Communication Services)     1,648  
  130     Maxscend Microelectronics Co. Ltd., Class A (Information Technology)     2,217  
  700     Meihua Holdings Group Co. Ltd., Class A (Consumer Staples)     878  
  973     Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)*     909  
  17,513     Meituan, Class B (Consumer Discretionary)*(a)     286,979  
  4,474     Metallurgical Corp. of China Ltd., Class A (Industrials)     2,237  
  11,342     Metallurgical Corp. of China Ltd., Class H (Industrials)     2,473  
  2,919     Microport Scientific Corp. (Health Care)*     4,995  
  486     Ming Yang Smart Energy Group Ltd., Class A (Industrials)     997  
  243     Montage Technology Co. Ltd., Class A (Information Technology)     1,711  
  1,228     Muyuan Foods Co. Ltd., Class A (Consumer Staples)     6,846  
  316     Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)     514  
  800     Nanjing Securities Co. Ltd., Class A (Financials)     907  
  1,900     NARI Technology Co. Ltd., Class A (Industrials)     6,218  
  622     National Silicon Industry Group Co. Ltd., Class A (Information Technology)*     1,740  
  105     NAURA Technology Group Co. Ltd., Class A (Information Technology)     3,913  
  568     NavInfo Co. Ltd., Class A (Information Technology)*     804  
  6,813     NetEase, Inc. (Communication Services)     142,311  
  402     New China Life Insurance Co. Ltd., Class A (Financials)     2,237  
  3,482     New China Life Insurance Co. Ltd., Class H (Financials)     8,721  
  1,135     New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*     1,820  
  571     New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*     30,971  
  345     Ninestar Corp., Class A (Information Technology)     1,326  
  145     Ningbo Deye Technology Co. Ltd., Class A (Industrials)     1,837  
  162     Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials)     824  

 

 

 

 

24   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  162     Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials)   $ 1,134  
  486     Ningbo Shanshan Co. Ltd., Class A (Materials)     909  
  279     Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary)     2,986  
  1,288     Ningbo Zhoushan Port Co. Ltd., Class A (Industrials)     598  
  1,476     Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials)     2,780  
  5,126     NIO, Inc. ADR (Consumer Discretionary)*     52,644  
  6,937     Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)     38,968  
  300     North Industries Group Red Arrow Co. Ltd., Class A (Industrials)     629  
  1,386     Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)*     813  
  1,000     Offshore Oil Engineering Co. Ltd., Class A (Energy)     800  
  730     OFILM Group Co. Ltd., Class A (Information Technology)*     579  
  449     Onewo, Inc., Class H (Real Estate)     1,592  
  74     Oppein Home Group, Inc., Class A (Consumer Discretionary)     995  
  1,473     Orient Securities Co. Ltd., Class A (Financials)     2,016  
  3,448     Orient Securities Co. Ltd., Class H (Financials)(a)     1,917  
  800     Oriental Pearl Group Co. Ltd., Class A (Communication Services)     876  
  162     Ovctek China, Inc., Class A (Health Care)     588  
  2,189     Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)*     1,131  
  2,287     PDD Holdings, Inc. ADR (Consumer Discretionary)*     226,344  
  1,865     People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)     1,496  
  34,701     People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)     11,815  
  486     Perfect World Co. Ltd., Class A (Communication Services)     923  
  5,618     PetroChina Co. Ltd., Class A (Energy)     5,982  
  81,044     PetroChina Co. Ltd., Class H (Energy)     58,496  
  300     Pharmaron Beijing Co. Ltd., Class A (Health Care)     1,228  
  1,071     Pharmaron Beijing Co. Ltd., Class H (Health Care)(a)     2,499  
  26,166     PICC Property & Casualty Co. Ltd., Class H (Financials)     30,098  
  4,632     Ping An Bank Co. Ltd., Class A (Financials)     7,083  
  2,495     Ping An Insurance Group Co. of China Ltd., Class A (Financials)     16,725  
  23,767     Ping An Insurance Group Co. of China Ltd., Class H (Financials)     142,297  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  568     Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy)   667  
  2,838     Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate)     5,451  
  575     Poly Property Services Co. Ltd., Class H (Real Estate)     2,673  
  2,623     Pop Mart International Group Ltd. (Consumer Discretionary)(a)     8,530  
  5,872     Postal Savings Bank of China Co. Ltd., Class A (Financials)     3,921  
  42,513     Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)     20,981  
  3,665     Power Construction Corp. of China Ltd., Class A (Industrials)     2,593  
  1,297     Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*     3,190  
  162     Raytron Technology Co. Ltd., Class A (Information Technology)     1,140  
  232     Red Star Macalline Group Corp. Ltd., Class A (Real Estate)     152  
  549     Remegen Co. Ltd., Class H (Health Care)*(a)     2,562  
  300     Risen Energy Co. Ltd., Class A (Information Technology)     828  
  81     Rockchip Electronics Co. Ltd., Class A (Information Technology)     729  
  2,029     Rongsheng Petrochemical Co. Ltd., Class A (Materials)     3,359  
  1,786     SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)     3,524  
  700     Sailun Group Co. Ltd., Class A (Consumer Discretionary)     1,187  
  1,100     Sanan Optoelectronics Co. Ltd., Class A (Information Technology)     2,374  
  53     Sangfor Technologies, Inc., Class A (Information Technology)*     794  
  2,010     Sany Heavy Industry Co. Ltd., Class A (Industrials)     4,278  
  634     Satellite Chemical Co. Ltd., Class A (Materials)     1,333  
  1,400     SDIC Capital Co. Ltd., Class A (Financials)     1,410  
  1,600     SDIC Power Holdings Co. Ltd., Class A (Utilities)     2,794  
  514     Seazen Holdings Co. Ltd., Class A (Real Estate)*     1,024  
  54,367     SenseTime Group, Inc., Class B (Information Technology)*(a)(b)     10,816  
  300     Seres Group Co. Ltd., Class A (Consumer Discretionary)*     1,485  
  1,171     SF Holding Co. Ltd., Class A (Industrials)     6,995  
  153     SG Micro Corp., Class A (Information Technology)     1,628  
  2,239     Shaanxi Coal Industry Co. Ltd., Class A (Energy)     5,119  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   25


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  852     Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy)   $ 886  
  892     Shandong Gold Mining Co. Ltd., Class A (Materials)     3,215  
  2,983     Shandong Gold Mining Co. Ltd., Class H (Materials)(a)     6,033  
  500     Shandong Hi-speed Co. Ltd., Class A (Industrials)     465  
  503     Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials)     2,287  
  324     Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary)     970  
  3,000     Shandong Nanshan Aluminum Co. Ltd., Class A (Materials)     1,286  
  600     Shandong Sun Paper Industry JSC Ltd., Class A (Materials)     946  
  9,564     Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)     9,513  
  420     Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology)     1,282  
  259     Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples)     1,143  
  1,281     Shanghai Baosight Software Co. Ltd., Class A (Information Technology)     8,436  
  2,730     Shanghai Electric Group Co. Ltd., Class A (Industrials)*     1,677  
  10,246     Shanghai Electric Group Co. Ltd., Class H (Industrials)*     2,300  
  600     Shanghai Electric Power Co. Ltd., Class A (Utilities)     757  
  474     Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care)     1,819  
  1,872     Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care)     4,407  
  162     Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology)     1,176  
  1,069     Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)     2,563  
  568     Shanghai International Airport Co. Ltd., Class A (Industrials)*     3,061  
  1,810     Shanghai International Port Group Co. Ltd., Class A (Industrials)     1,268  
  243     Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary)     1,286  
  162     Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)*     846  
  620     Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a)     1,692  
  577     Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)     942  
  325     Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate)     446  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  211     Shanghai M&G Stationery, Inc., Class A (Industrials)   1,093  
  924     Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)*(b)     2,196  
  555     Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)     1,363  
  2,623     Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care)     4,315  
  6,961     Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)     6,676  
  500     Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)     2,248  
  1,184     Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)     1,157  
  2,270     Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)     1,815  
  1,109     Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)     1,121  
  500     Shanxi Coal International Energy Group Co. Ltd., Class A (Industrials)     1,156  
  973     Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy)     1,115  
  730     Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy)     1,633  
  1,057     Shanxi Meijin Energy Co. Ltd., Class A (Materials)*     1,041  
  1,340     Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)     725  
  302     Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)     10,043  
  100     Shede Spirits Co. Ltd., Class A (Consumer Staples)     1,848  
  1,100     Shenergy Co. Ltd., Class A (Utilities)     985  
  568     Shengyi Technology Co. Ltd., Class A (Information Technology)     1,157  
  162     Shennan Circuits Co. Ltd., Class A (Information Technology)     1,473  
  5,000     Shenwan Hongyuan Group Co. Ltd., Class A (Financials)     2,995  
  146     Shenzhen Capchem Technology Co. Ltd., Class A (Materials)     962  
  29     Shenzhen Dynanonic Co. Ltd., Class A (Materials)     374  
  892     Shenzhen Energy Group Co. Ltd., Class A (Utilities)     794  
  100     Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology)*     814  
  162     Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care)     259  
  597     Shenzhen Inovance Technology Co. Ltd., Class A (Industrials)     5,600  
  400     Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology)     982  
  153     Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)*     586  

 

 

 

 

26   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  81     Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary)   $ 1,295  
  100     Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)     416  
  292     Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)     10,832  
  200     Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care)     1,670  
  2,192     Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)*     1,310  
  300     Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care)     1,140  
  81     Shenzhen SC New Energy Technology Corp., Class A (Information Technology)     986  
  300     Shenzhen SED Industry Co. Ltd., Class A (Information Technology)     1,132  
  162     Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology)     3,268  
  2,991     Shenzhou International Group Holdings Ltd. (Consumer Discretionary)     30,704  
  405     Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)     1,295  
  400     Shuangliang Eco-Energy Systems Co. Ltd., Class A (Industrials)     559  
  725     Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)     1,490  
  216     Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)     804  
  1,475     Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)     1,806  
  81     Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)     736  
  243     Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials)     523  
  200     Sieyuan Electric Co. Ltd., Class A (Industrials)     1,406  
  800     Sinolink Securities Co. Ltd., Class A (Financials)     1,032  
  600     Sinoma International Engineering Co., Class A (Industrials)     969  
  324     Sinoma Science & Technology Co. Ltd., Class A (Materials)     977  
  213     Sinomine Resource Group Co. Ltd., Class A (Materials)     1,089  
  1,559     Sinopec Oilfield Service Corp., Class A (Energy)*     443  
  1,378     Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)*     574  
  12,838     Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials)*     1,801  
  5,245     Sinopharm Group Co. Ltd., Class H (Health Care)     15,216  
  919     Sinotrans Ltd., Class A (Industrials)     720  
  7,530     Sinotrans Ltd., Class H (Industrials)     3,054  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  2,618     Sinotruk Hong Kong Ltd. (Industrials)   4,854  
  113     Skshu Paint Co. Ltd., Class A (Materials)*     1,170  
  6,729     Smoore International Holdings Ltd. (Consumer Staples)(a)     6,805  
  649     Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary)     1,106  
  1,109     SooChow Securities Co. Ltd., Class A (Financials)     1,248  
  200     Spring Airlines Co. Ltd., Class A (Industrials)*     1,610  
  81     StarPower Semiconductor Ltd., Class A (Information Technology)     2,204  
  900     State Grid Yingda Co. Ltd., Class A (Industrials)     626  
  343     Sungrow Power Supply Co. Ltd., Class A (Industrials)     4,701  
  2,620     Sunny Optical Technology Group Co. Ltd. (Information Technology)     21,416  
  150     Sunresin New Materials Co. Ltd., Class A (Materials)     1,254  
  329     Sunwoda Electronic Co. Ltd., Class A (Industrials)     716  
  324     Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology)     837  
  29     Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)     608  
  1,669     TAL Education Group ADR (Consumer Discretionary)*     11,766  
  368     Tangshan Jidong Cement Co. Ltd., Class A (Materials)     383  
  1,163     TBEA Co. Ltd., Class A (Industrials)     2,349  
  3,628     TCL Technology Group Corp., Class A (Information Technology)*     2,044  
  956     TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)     3,369  
  23,592     Tencent Holdings Ltd. (Communication Services)     977,766  
  2,493     Tencent Music Entertainment Group ADR (Communication Services)*     17,002  
  81     Thunder Software Technology Co. Ltd., Class A (Information Technology)     891  
  555     Tianma Microelectronics Co. Ltd., Class A (Information Technology)*     656  
  324     Tianqi Lithium Corp., Class A (Materials)     2,563  
  532     Tianqi Lithium Corp., Class H (Materials)     2,917  
  1,135     Tianshan Aluminum Group Co. Ltd., Class A (Materials)     986  
  700     Tianshui Huatian Technology Co. Ltd., Class A (Information Technology)     864  
  7,281     Tingyi Cayman Islands Holding Corp. (Consumer Staples)     10,696  
  247     Toly Bread Co. Ltd., Class A (Consumer Staples)     296  
  4,630     Tongcheng Travel Holdings Ltd. (Consumer Discretionary)*     10,380  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   27


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  300     TongFu Microelectronics Co. Ltd., Class A (Information Technology)   $ 840  
  568     Tongkun Group Co. Ltd., Class A (Materials)*     1,158  
  2,676     Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials)     1,180  
  1,061     Tongwei Co. Ltd., Class A (Information Technology)     4,676  
  53     Topchoice Medical Corp., Class A (Health Care)*     680  
  10,555     Topsports International Holdings Ltd. (Consumer Discretionary)(a)     8,587  
  3,646     TravelSky Technology Ltd., Class H (Consumer Discretionary)     6,537  
  514     Trina Solar Co. Ltd., Class A (Information Technology)     2,400  
  2,145     Trip.com Group Ltd. ADR (Consumer Discretionary)*     84,320  
  800     Tsinghua Tongfang Co. Ltd., Class A (Information Technology)*     788  
  158     Tsingtao Brewery Co. Ltd., Class A (Consumer Staples)     1,978  
  2,339     Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)     19,492  
  183     Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology)*     2,331  
  4,713     Uni-President China Holdings Ltd. (Consumer Staples)     3,486  
  649     Unisplendour Corp. Ltd., Class A (Information Technology)*     2,401  
  243     Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology)     492  
  200     Venustech Group, Inc., Class A (Information Technology)     802  
  1,589     Vipshop Holdings Ltd. ADR (Consumer Discretionary)*     25,090  
  368     Walvax Biotechnology Co. Ltd., Class A (Health Care)     1,197  
  500     Wanda Film Holding Co. Ltd., Class A (Communication Services)*     924  
  300     Wangfujing Group Co. Ltd., Class A (Consumer Discretionary)     852  
  765     Wanhua Chemical Group Co. Ltd., Class A (Materials)     9,853  
  16,993     Want Want China Holdings Ltd. (Consumer Staples)     11,247  
  270     Weibo Corp. ADR (Communication Services)     3,483  
  1,712     Weichai Power Co. Ltd., Class A (Industrials)     2,776  
  7,676     Weichai Power Co. Ltd., Class H (Industrials)     9,965  
  259     Weihai Guangwei Composites Co. Ltd., Class A (Materials)     995  
  1,522     Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)     3,484  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  568     Western Mining Co. Ltd., Class A (Materials)   997  
  1,086     Western Securities Co. Ltd., Class A (Financials)     1,007  
  226     Western Superconducting Technologies Co. Ltd., Class A (Materials)     1,473  
  242     Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology)     3,060  
  264     Wingtech Technology Co. Ltd., Class A (Information Technology)*     1,675  
  140     Winner Medical Co. Ltd., Class A (Health Care)     814  
  500     Winning Health Technology Group Co. Ltd., Class A (Health Care)     495  
  5,100     Wintime Energy Group Co. Ltd., Class A (Utilities)*     1,023  
  977     Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)     1,035  
  927     Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)     19,857  
  486     WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology)     1,411  
  638     WuXi AppTec Co. Ltd., Class A (Health Care)     7,144  
  1,374     WuXi AppTec Co. Ltd., Class H (Health Care)(a)     15,051  
  13,930     Wuxi Biologics Cayman, Inc. (Health Care)*(a)     78,428  
  405     Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials)     1,642  
  2,353     XCMG Construction Machinery Co. Ltd., Class A (Industrials)     1,956  
  649     Xiamen C & D, Inc., Class A (Industrials)     968  
  81     Xiamen Faratronic Co. Ltd., Class A (Information Technology)     1,265  
  324     Xiamen Tungsten Co. Ltd., Class A (Materials)     772  
  500     Xiangcai Co. Ltd., Class A (Real Estate)     585  
  300     Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)*     704  
  60,918     Xiaomi Corp., Class B (Information Technology)*(a)     96,018  
  384     Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)     2,193  
  900     Xinjiang Tianshan Cement Co. Ltd., Class A (Materials)     953  
  17,231     Xinyi Solar Holdings Ltd. (Information Technology)     14,393  
  4,291     XPeng, Inc., Class A (Consumer Discretionary)*     40,247  
  4,414     Yadea Group Holdings Ltd. (Consumer Discretionary)(a)     8,488  
  162     Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology)     795  

 

 

 

 

28   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  789     Yankuang Energy Group Co. Ltd., Class A (Energy)   $ 1,868  
  8,220     Yankuang Energy Group Co. Ltd., Class H (Energy)     12,914  
  162     Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy)     636  
  234     Yealink Network Technology Corp. Ltd., Class A (Information Technology)     1,190  
  247     Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples)     1,207  
  424     Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)     2,077  
  649     Yintai Gold Co. Ltd., Class A (Materials)     1,288  
  2,100     Yonghui Superstores Co. Ltd., Class A (Consumer Staples)*     929  
  105     YongXing Special Materials Technology Co. Ltd., Class A (Materials)     719  
  752     Yonyou Network Technology Co. Ltd., Class A (Information Technology)     1,875  
  1,100     Youngor Group Co. Ltd., Class A (Real Estate)     1,050  
  649     YTO Express Group Co. Ltd., Class A (Industrials)     1,346  
  5,651     Yuexiu Property Co. Ltd. (Real Estate)     7,005  
  730     Yunda Holding Co. Ltd., Class A (Industrials)     988  
  730     Yunnan Aluminium Co. Ltd., Class A (Materials)     1,448  
  463     Yunnan Baiyao Group Co. Ltd., Class A (Health Care)     3,476  
  81     Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)     1,133  
  1,200     Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials)     866  
  239     Yunnan Energy New Material Co. Ltd., Class A (Materials)     2,180  
  405     Yunnan Tin Co. Ltd., Class A (Materials)     779  
  405     Yunnan Yuntianhua Co. Ltd., Class A (Materials)     959  
  333     Zai Lab Ltd. ADR (Health Care)*     8,481  
  324     Zangge Mining Co. Ltd., Class A (Materials)     1,000  
  105     Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)     3,986  
  5,470     Zhaojin Mining Industry Co. Ltd., Class H (Materials)     7,729  
  1,054     Zhefu Holding Group Co. Ltd., Class A (Industrials)     572  
  1,265     Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)*     942  
  1,200     Zhejiang China Commodities City Group Co. Ltd., Class A (Real Estate)     1,355  
  526     Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)     1,791  
  656     Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology)     1,945  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  81     Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials)   591  
  4,488     Zhejiang Expressway Co. Ltd., Class H (Industrials)     3,354  
  324     Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care)     748  
  342     Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials)     1,875  
  324     Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)     2,507  
  800     Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)*     599  
  162     Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care)     605  
  649     Zhejiang Juhua Co. Ltd., Class A (Materials)     1,461  
  2,583     Zhejiang Leapmotor Technologies Ltd. (Consumer Discretionary)*(a)     12,945  
  700     Zhejiang Longsheng Group Co. Ltd., Class A (Materials)     887  
  670     Zhejiang NHU Co. Ltd., Class A (Health Care)     1,499  
  811     Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials)     3,309  
  234     Zhejiang Supcon Technology Co. Ltd., Class A (Information Technology)     1,622  
  81     Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)     530  
  316     Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials)     777  
  405     Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)     1,125  
  162     Zhejiang Yongtai Technology Co. Ltd., Class A (Materials)     288  
  2,700     Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities)*     1,636  
  991     Zheshang Securities Co. Ltd., Class A (Financials)     1,402  
  2,622     ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a)     7,791  
  162     Zhongji Innolight Co. Ltd., Class A (Information Technology)     2,551  
  1,100     Zhongjin Gold Corp. Ltd., Class A (Materials)     1,681  
  2,782     Zhongsheng Group Holdings Ltd. (Consumer Discretionary)     8,479  
  1,378     Zhongtai Securities Co. Ltd., Class A (Financials)     1,384  
  162     Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials)     971  
  1,929     Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials)     6,728  
  649     Zhuzhou Kibing Group Co. Ltd., Class A (Industrials)     778  
  4,867     Zijin Mining Group Co. Ltd., Class A (Materials)     8,265  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   29


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
China – (continued)      
  21,758     Zijin Mining Group Co. Ltd., Class H (Materials)   $ 34,239  
  1,885     ZJLD Group, Inc. (Consumer Staples)*(a)     2,103  
  1,839     Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)     1,632  
  6,229     Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials)     2,979  
  973     ZTE Corp., Class A (Information Technology)     4,739  
  2,984     ZTE Corp., Class H (Information Technology)     9,608  
  1,579     ZTO Express Cayman, Inc. ADR (Industrials)     39,696  
   

 

 

 
      7,413,505  

 

 

 
Colombia – 0.1%      
  896     Bancolombia SA (Financials)     6,367  
  17,946     Ecopetrol SA (Energy)     10,328  
  1,691     Interconexion Electrica SA ESP (Utilities)     6,185  
   

 

 

 
      22,880  

 

 

 
Czech Republic – 0.1%      
  626     CEZ AS (Utilities)     26,640  
  295     Komercni banka AS (Financials)     9,226  
   

 

 

 
      35,866  

 

 

 
Egypt – 0.1%      
  1,130     Abou Kir Fertilizers & Chemical Industries (Materials)     1,929  
  8,871     Commercial International Bank Egypt SAE (Financials)     16,364  
  3,827     Eastern Co. SAE (Consumer Staples)     2,514  
  3,853     EFG Holding S.A.E. (Financials)*     1,988  
  1,917     ElSewedy Electric Co. (Industrials)     1,436  
  730     Ezz Steel Co. SAE (Materials)*     1,199  
  1,967     Telecom Egypt Co. (Communication Services)     1,674  
   

 

 

 
      27,104  

 

 

 
Greece – 0.5%      
  7,515     Alpha Services and Holdings SA (Financials)*     12,695  
  9,166     Eurobank Ergasias Services and Holdings SA (Financials)*     15,947  
  668     Hellenic Telecommunications Organization SA (Communication Services)     10,005  
  396     JUMBO SA (Consumer Discretionary)     12,258  
  224     Motor Oil Hellas Corinth Refineries SA (Energy)     5,713  
  399     Mytilineos SA (Industrials)     16,214  
  2,154     National Bank of Greece SA (Financials)*     14,668  
  728     OPAP SA (Consumer Discretionary)     12,310  
  2,530     Piraeus Financial Holdings SA (Financials)*     8,765  
  843     Public Power Corp. SA (Utilities)*     9,241  

 

 

 
Common Stocks – (continued)      
Greece – (continued)      
  266     Star Bulk Carriers Corp. (Industrials)   4,679  
  210     Terna Energy SA (Utilities)     3,784  
   

 

 

 
      126,279  

 

 

 
Hong Kong – 0.0%      
  497     Orient Overseas International Ltd. (Industrials)     6,667  
  229     Star CM Holdings Ltd. (Communication Services)*     723  
   

 

 

 
      7,390  

 

 

 
Hungary – 0.2%      
  1,676     MOL Hungarian Oil & Gas PLC (Energy)     12,685  
  874     OTP Bank Nyrt (Financials)     35,698  
  548     Richter Gedeon Nyrt (Health Care)     13,750  
   

 

 

 
      62,133  

 

 

 
India – 15.8%      
  751     Aarti Industries Ltd. (Materials)     4,461  
  198     ABB India Ltd. (Industrials)     10,479  
  262     ACC Ltd. (Materials)     6,348  
  1,126     Adani Energy Solutions Ltd. (Utilities)*     11,046  
  1,198     Adani Enterprises Ltd. (Industrials)     35,009  
  1,186     Adani Green Energy Ltd. (Utilities)*     13,304  
  2,748     Adani Ports & Special Economic Zone Ltd. (Industrials)     26,296  
  3,110     Adani Power Ltd. (Utilities)*     12,070  
  1,049     Adani Total Gas Ltd. (Utilities)     8,056  
  628     Adani Wilmar Ltd. (Consumer Staples)*     2,727  
  1,748     Aditya Birla Capital Ltd. (Financials)*     3,825  
  121     Alkem Laboratories Ltd. (Health Care)     5,324  
  2,360     Ambuja Cements Ltd. (Materials)     12,212  
  384     Apollo Hospitals Enterprise Ltd. (Health Care)     22,330  
  5,443     Ashok Leyland Ltd. (Industrials)     12,088  
  1,564     Asian Paints Ltd. (Materials)     61,514  
  452     Astral Ltd. (Industrials)     10,669  
  1,734     AU Small Finance Bank Ltd. (Financials)(a)     15,155  
  1,070     Aurobindo Pharma Ltd. (Health Care)     10,728  
  547     Avenue Supermarts Ltd. (Consumer Staples)*(a)     24,582  
  8,754     Axis Bank Ltd. (Financials)     102,940  
  258     Bajaj Auto Ltd. (Consumer Discretionary)     14,379  
  1,021     Bajaj Finance Ltd. (Financials)     88,341  
  1,468     Bajaj Finserv Ltd. (Financials)     26,402  
  105     Bajaj Holdings & Investment Ltd. (Financials)     9,433  
  306     Balkrishna Industries Ltd. (Consumer Discretionary)     8,587  
  2,882     Bandhan Bank Ltd. (Financials)(a)     7,993  
  4,086     Bank of Baroda (Financials)     9,237  
  773     Berger Paints India Ltd. (Materials)     6,710  
  13,732     Bharat Electronics Ltd. (Industrials)     22,094  
  979     Bharat Forge Ltd. (Consumer Discretionary)     12,658  

 

 

 

 

30   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
India – (continued)      
  3,647     Bharat Petroleum Corp. Ltd. (Energy)   $ 15,002  
  9,158     Bharti Airtel Ltd. (Communication Services)     94,737  
  1,697     Biocon Ltd. (Health Care)     5,316  
  33     Bosch Ltd. (Consumer Discretionary)     7,404  
  452     Britannia Industries Ltd. (Consumer Staples)     24,393  
  1,442     Canara Bank (Financials)     5,581  
  2,363     CG Power & Industrial Solutions Ltd. (Industrials)     12,255  
  1,510     Cholamandalam Investment and Finance Co. Ltd. (Financials)     20,462  
  2,037     Cipla Ltd. (Health Care)     30,944  
  7,916     Coal India Ltd. (Energy)     21,997  
  505     Colgate-Palmolive India Ltd. (Consumer Staples)     11,847  
  1,020     Container Corp. Of India Ltd. (Industrials)     8,285  
  515     Cummins India Ltd. (Industrials)     10,624  
  2,244     Dabur India Ltd. (Consumer Staples)     14,992  
  305     Dalmia Bharat Ltd. (Materials)     7,682  
  281     Deepak Nitrite Ltd. (Materials)     7,535  
  1,155     Delhivery Ltd. (Industrials)*     6,104  
  480     Divi’s Laboratories Ltd. (Health Care)     20,827  
  2,447     DLF Ltd. (Real Estate)     14,900  
  461     Dr. Reddy’s Laboratories Ltd. (Health Care)     31,228  
  527     Eicher Motors Ltd. (Consumer Discretionary)     21,240  
  2,309     Embassy Office Parks REIT (Real Estate)     8,512  
  3,883     FSN E-Commerce Ventures Ltd. (Consumer Discretionary)*     6,264  
  10,228     GAIL India Ltd. (Utilities)     14,208  
  234     Gland Pharma Ltd. (Health Care)*(a)     4,922  
  1,450     Godrej Consumer Products Ltd. (Consumer Staples)*     17,605  
  437     Godrej Properties Ltd. (Real Estate)*     8,688  
  1,179     Grasim Industries Ltd. (Materials)     25,506  
  140     Gujarat Fluorochemicals Ltd. (Materials)     5,152  
  681     Gujarat Gas Ltd. (Utilities)*     3,696  
  832     Havells India Ltd. (Industrials)     13,915  
  4,069     HCL Technologies Ltd. (Information Technology)     57,612  
  299     HDFC Asset Management Co. Ltd. (Financials)(a)     9,117  
  3,699     HDFC Life Insurance Co. Ltd. (Financials)(a)     28,808  
  512     Hero MotoCorp Ltd. (Consumer Discretionary)     18,034  
  5,529     Hindalco Industries Ltd. (Materials)     30,712  
  315     Hindustan Aeronautics Ltd. (Industrials)     14,841  
  2,457     Hindustan Petroleum Corp. Ltd. (Energy)*     7,363  
  3,438     Hindustan Unilever Ltd. (Consumer Staples)     104,031  
  8     Honeywell Automation India Ltd. (Information Technology)     3,831  
  19,888     ICICI Bank Ltd. (Financials)     230,324  

 

 

 
Common Stocks – (continued)      
India – (continued)      
  897     ICICI Lombard General Insurance Co. Ltd. (Financials)(a)   14,234  
  1,457     ICICI Prudential Life Insurance Co. Ltd. (Financials)(a)     9,924  
  2,185     IDBI Bank Ltd. (Financials)     1,578  
  10,784     IDFC First Bank Ltd. (Financials)*     12,160  
  3,335     Indian Hotels Co. Ltd. (Consumer Discretionary)     16,956  
  14,218     Indian Oil Corp. Ltd. (Energy)     15,302  
  1,140     Indian Railway Catering & Tourism Corp. Ltd. (Industrials)     9,254  
  1,327     Indraprastha Gas Ltd. (Utilities)     7,497  
  3,167     Indus Towers Ltd. (Communication Services)*     6,702  
  2,206     IndusInd Bank Ltd. (Financials)     36,724  
  264     Info Edge India Ltd. (Communication Services)     13,813  
  13,787     Infosys Ltd. (Information Technology)     239,056  
  425     InterGlobe Aviation Ltd. (Industrials)*(a)     12,501  
  11,457     ITC Ltd. (Consumer Staples)     60,851  
  1,444     Jindal Steel & Power Ltd. (Materials)     11,939  
  12,987     Jio Financial Services Ltd. (Financials)*     36,630  
  1,407     JSW Energy Ltd. (Utilities)     5,965  
  3,596     JSW Steel Ltd. (Materials)     33,866  
  1,481     Jubilant Foodworks Ltd. (Consumer Discretionary)     9,160  
  4,197     Kotak Mahindra Bank Ltd. (Financials)     89,163  
  96     L&T Technology Services Ltd. (Industrials)(a)     5,107  
  2,645     Larsen & Toubro Ltd. (Industrials)     86,351  
  878     Life Insurance Corp. of India (Financials)     6,844  
  78     Linde India Ltd. (Materials)     5,906  
  357     LTIMindtree Ltd. (Information Technology)(a)     22,396  
  911     Lupin Ltd. (Health Care)     12,081  
  874     Macrotech Developers Ltd. (Real Estate)*(a)     7,077  
  3,404     Mahindra & Mahindra Ltd. (Consumer Discretionary)     64,777  
  164     Mankind Pharma Ltd. (Health Care)*     3,572  
  1,979     Marico Ltd. (Consumer Staples)     13,627  
  506     Maruti Suzuki India Ltd. (Consumer Discretionary)     61,145  
  839     Max Financial Services Ltd. (Financials)*     9,463  
  2,843     Max Healthcare Institute Ltd. (Health Care)*     20,246  
  321     Mphasis Ltd. (Information Technology)     9,418  
  9     MRF Ltd. (Consumer Discretionary)     11,816  
  421     Muthoot Finance Ltd. (Financials)     6,409  
  138     Nestle India Ltd. (Consumer Staples)     36,650  
  10,455     NHPC Ltd. (Utilities)     6,340  
  4,357     NMDC Ltd. (Materials)     6,476  
  18,173     NTPC Ltd. (Utilities)     48,360  
  467     Oberoi Realty Ltd. (Real Estate)     6,323  
  14,687     Oil & Natural Gas Corp. Ltd. (Energy)     30,896  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   31


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
India – (continued)      
  763     One 97 Communications Ltd. (Financials)*   $ 7,870  
  89     Oracle Financial Services Software Ltd. (Information Technology)     4,418  
  20     Page Industries Ltd. (Consumer Discretionary)     9,700  
  275     Patanjali Foods Ltd. (Consumer Staples)     4,076  
  896     PB Fintech Ltd. (Financials)*     8,384  
  188     Persistent Systems Ltd. (Information Technology)     12,196  
  2,752     Petronet LNG Ltd. (Energy)     7,157  
  306     PI Industries Ltd. (Materials)     13,411  
  578     Pidilite Industries Ltd. (Materials)     17,559  
  167     Polycab India Ltd. (Industrials)     10,334  
  4,406     Power Finance Corp. Ltd. (Financials)     13,848  
  13,038     Power Grid Corp. of India Ltd. (Utilities)     38,514  
  8,055     Punjab National Bank (Financials)     6,130  
  4,730     REC Ltd. (Financials)     13,635  
  13,154     Reliance Industries Ltd. (Energy)     382,451  
  7,776     Samvardhana Motherson International Ltd. (Consumer Discretionary)     8,998  
  1,111     SBI Cards & Payment Services Ltd. (Financials)     10,958  
  1,691     SBI Life Insurance Co. Ltd. (Financials)(a)     26,402  
  159     Schaeffler India Ltd. (Industrials)     5,862  
  38     Shree Cement Ltd. (Materials)     10,925  
  906     Shriram Finance Ltd. (Financials)     21,103  
  338     Siemens Ltd. (Industrials)     16,013  
  96     Solar Industries India Ltd. (Materials)     5,611  
  1,044     Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a)     7,511  
  561     SRF Ltd. (Materials)     15,969  
  6,856     State Bank of India (Financials)     46,489  
  5,483     Steel Authority of India Ltd. (Materials)     6,007  
  4,140     Sun Pharmaceutical Industries Ltd. (Health Care)     55,589  
  431     Tata Communications Ltd. (Communication Services)     9,314  
  3,892     Tata Consultancy Services Ltd. (Information Technology)     157,812  
  2,299     Tata Consumer Products Ltd. (Consumer Staples)     23,170  
  139     Tata Elxsi Ltd. (Information Technology)     12,168  
  6,629     Tata Motors Ltd. (Consumer Discretionary)     48,124  
  1,763     Tata Motors Ltd., Class A (Consumer Discretionary)     8,508  
  6,436     Tata Power Co. Ltd. (The) (Utilities)     19,055  
  31,008     Tata Steel Ltd. (Materials)     46,033  
  2,356     Tech Mahindra Ltd. (Information Technology)     34,206  
  1,419     Titan Co. Ltd. (Consumer Discretionary)     53,212  
  356     Torrent Pharmaceuticals Ltd. (Health Care)     7,923  
  696     Trent Ltd. (Consumer Discretionary)     17,223  

 

 

 
Common Stocks – (continued)      
India – (continued)      
  387     Tube Investments of India Ltd. (Consumer Discretionary)   13,559  
  881     TVS Motor Co. Ltd. (Consumer Discretionary)     15,110  
  442     UltraTech Cement Ltd. (Materials)     44,301  
  4,278     Union Bank of India Ltd. (Financials)     4,439  
  281     United Breweries Ltd. (Consumer Staples)     5,148  
  1,128     United Spirits Ltd. (Consumer Staples)*     13,728  
  1,972     UPL Ltd. (Materials)     14,081  
  1,762     Varun Beverages Ltd. (Consumer Staples)     19,145  
  144     Vedant Fashions Ltd. (Consumer Discretionary)     2,192  
  4,242     Vedanta Ltd. (Materials)     11,903  
  875     Voltas Ltd. (Industrials)     9,194  
  5,592     Wipro Ltd. (Information Technology)     27,586  
  161     WNS Holdings Ltd. ADR (Industrials)*     10,521  
  48,123     Yes Bank Ltd. (Financials)*     9,766  
  14,362     Zomato Ltd. (Consumer Discretionary)*     16,932  
  959     Zydus Lifesciences Ltd. (Health Care)     7,250  
   

 

 

 
      4,196,771  

 

 

 
Indonesia – 2.0%      
  41,741     Adaro Energy Indonesia Tbk PT (Energy)     7,318  
  25,377     Adaro Minerals Indonesia Tbk PT (Materials)*     2,266  
  32,944     Aneka Tambang Tbk (Materials)     4,305  
  76,571     Astra International Tbk PT (Industrials)     32,428  
  201,031     Bank Central Asia Tbk PT (Financials)     121,107  
  14,481     Bank Jago Tbk PT (Financials)*     2,215  
  138,980     Bank Mandiri Persero Tbk PT (Financials)     54,981  
  29,235     Bank Negara Indonesia Persero Tbk PT (Financials)     17,612  
  269,920     Bank Rakyat Indonesia Persero Tbk PT (Financials)     98,362  
  101,810     Barito Pacific Tbk PT (Materials)     7,153  
  26,052     Chandra Asri Petrochemical Tbk PT (Materials)     3,729  
  28,602     Charoen Pokphand Indonesia Tbk PT (Consumer Staples)*     9,719  
  85,786     Dayamitra Telekomunikasi PT (Communication Services)     4,224  
  58,239     Elang Mahkota Teknologi Tbk PT (Communication Services)     2,180  
  2,859,889     GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)*     18,027  
  1,807     Gudang Garam Tbk PT (Consumer Staples)     2,853  
  10,031     Indah Kiat Pulp & Paper Tbk PT (Materials)     5,994  
  6,178     Indocement Tunggal Prakarsa Tbk PT (Materials)     4,340  

 

 

 

 

32   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Indonesia – (continued)      
  8,968     Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)   $ 6,595  
  17,315     Indofood Sukses Makmur Tbk PT (Consumer Staples)     8,072  
  5,160     Indosat Tbk PT (Communication Services)     3,252  
  71,991     Kalbe Farma Tbk PT (Health Care)     8,579  
  136,558     Merdeka Battery Materials Tbk PT (Materials)*     7,263  
  46,993     Merdeka Copper Gold Tbk PT (Materials)*     10,429  
  75,987     Sarana Menara Nusantara Tbk PT (Communication Services)     5,139  
  12,654     Semen Indonesia Persero Tbk PT (Materials)     5,650  
  74,431     Sumber Alfaria Trijaya Tbk PT (Consumer Staples)     14,173  
  182,293     Telkom Indonesia Persero Tbk PT (Communication Services)     44,646  
  18,454     Tower Bersama Infrastructure Tbk PT (Communication Services)     2,545  
  22,454     Unilever Indonesia Tbk PT (Consumer Staples)     5,411  
  5,357     United Tractors Tbk PT (Energy)     9,145  
  7,988     Vale Indonesia Tbk PT (Materials)     3,094  
   

 

 

 
      532,806  

 

 

 
Kuwait – 0.9%      
  5,765     Agility Public Warehousing Co. KSC (Industrials)*     10,754  
  4,915     Boubyan Bank KSCP (Financials)     9,726  
  7,941     Gulf Bank KSCP (Financials)     6,492  
  39,668     Kuwait Finance House KSCP (Financials)     95,873  
  2,476     Mabanee Co KPSC (Real Estate)     6,715  
  7,956     Mobile Telecommunications Co. KSCP (Communication Services)     13,163  
  28,669     National Bank of Kuwait SAKP (Financials)     85,565  
   

 

 

 
      228,288  

 

 

 
Luxembourg – 0.0%      
  513     Reinet Investments SCA (Financials)     10,956  

 

 

 
Mexico – 2.9%      
  19,031     Alfa SAB de CV, Class A (Industrials)     12,743  
  123,700     America Movil SAB de CV, Series B (Communication Services)     117,955  
  1,769     Arca Continental SAB de CV (Consumer Staples)     17,446  
  6,941     Becle SAB de CV (Consumer Staples)     18,986  
  58,066     Cemex SAB de CV, Series CPO (Materials)*     46,400  
  1,979     Coca-Cola Femsa SAB de CV (Consumer Staples)     16,986  
  19,031     Controladora Axtel SAB de CV (Communication Services)*     202  

 

 

 
Common Stocks – (continued)      
Mexico – (continued)      
  812     El Puerto de Liverpool SAB de CV, Class C1 (Consumer Discretionary)   5,119  
  11,220     Fibra Uno Administracion SA de CV REIT (Real Estate)     16,558  
  8,301     Fomento Economico Mexicano SAB de CV (Consumer Staples)     94,108  
  716     Gruma SAB de CV, Class B (Consumer Staples)     12,108  
  1,455     Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)     27,079  
  690     Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)     19,045  
  5,228     Grupo Bimbo SAB de CV, Series A (Consumer Staples)     26,053  
  1,878     Grupo Carso SAB de CV, Series A1 (Industrials)     15,164  
  1,775     Grupo Comercial Chedraui SA de CV (Consumer Staples)     10,067  
  199     Grupo Elektra SAB DE CV (Financials)     13,871  
  11,076     Grupo Financiero Banorte SAB de CV, Class O (Financials)     95,034  
  7,427     Grupo Financiero Inbursa SAB de CV, Class O (Financials)*     16,251  
  11,848     Grupo Mexico SAB de CV, Series B (Materials)     57,164  
  9,708     Grupo Televisa SAB, Series CPO (Communication Services)     8,727  
  712     Industrias Penoles SAB de CV (Materials)*     10,201  
  6,149     Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)     14,014  
  4,834     Operadora De Sites Mexicanos SAB de CV, Class A-1 (Communication Services)     4,572  
  3,699     Orbia Advance Corp. SAB de CV (Materials)     8,340  
  19,136     Wal-Mart de Mexico SAB de CV (Consumer Staples)     76,366  
   

 

 

 
      760,559  

 

 

 
Philippines – 0.7%      
  8,018     Aboitiz Equity Ventures, Inc. (Industrials)     6,656  
  28,344     ACEN Corp. (Utilities)     2,508  
  977     Ayala Corp. (Industrials)     10,629  
  23,526     Ayala Land, Inc. (Real Estate)     11,281  
  7,598     Bank of the Philippine Islands (Financials)     14,761  
  8,232     BDO Unibank, Inc. (Financials)     20,253  
  12,567     Emperador, Inc. (Consumer Staples)     4,639  
  144     Globe Telecom, Inc. (Communication Services)     4,583  
  3,242     International Container Terminal Services, Inc. (Industrials)     11,864  
  11,712     JG Summit Holdings, Inc. (Industrials)     7,560  
  1,757     Jollibee Foods Corp. (Consumer Discretionary)     7,354  
  1,117     Manila Electric Co. (Utilities)     6,779  
  7,105     Metropolitan Bank & Trust Co. (Financials)     6,927  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   33


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
Philippines – (continued)      
  28,545     Monde Nissin Corp. (Consumer Staples)(a)   $ 3,630  
  344     PLDT, Inc. (Communication Services)     6,987  
  1,884     SM Investments Corp. (Industrials)     27,718  
  43,811     SM Prime Holdings, Inc. (Real Estate)     22,594  
  3,487     Universal Robina Corp. (Consumer Staples)     6,879  
   

 

 

 
      183,602  

 

 

 
Qatar – 0.9%      
  12,773     Commercial Bank PSQC (The) (Financials)     19,931  
  6,703     Dukhan Bank (Financials)     7,697  
  7,534     Industries Qatar QSC (Industrials)     25,582  
  26,186     Masraf Al Rayan QSC (Financials)     15,971  
  17,034     Mesaieed Petrochemical Holding Co. (Materials)     8,611  
  2,651     Ooredoo QPSC (Communication Services)     7,866  
  1,845     Qatar Electricity & Water Co. QSC (Utilities)     9,078  
  2,221     Qatar Fuel QSC (Energy)     9,763  
  13,396     Qatar Gas Transport Co. Ltd. (Energy)     13,643  
  4,212     Qatar International Islamic Bank QSC (Financials)     11,445  
  6,222     Qatar Islamic Bank (Financials)     33,024  
  17,053     Qatar National Bank QPSC (Financials)     73,084  
   

 

 

 
      235,695  

 

 

 
Russia – 0.0%(c)      
  12,708     Alrosa PJSC (Materials)*      
  801     Gazprom Neft PJSC (Energy)      
  49,291     Gazprom PJSC (Energy)      
  1,413     LUKOIL PJSC (Energy)      
  263     MMC Norilsk Nickel PJSC (Materials)*      
  4,560     Mobile TeleSystems PJSC (Communication Services)      
  3,099     Novatek PJSC (Energy)      
  5,287     Novolipetsk Steel PJSC (Materials)*      
  780     PIK Group PJSC (Consumer Discretionary)*      
  1,389     Polymetal International PLC (Materials)*      
  128     Polyus PJSC (Materials)*      
  5,078     Rosneft Oil Co. PJSC (Energy)      
  44,370     Sberbank of Russia PJSC (Financials)      
  969     Severstal PAO (Materials)*      
  146,300     Surgutneftegas PJSC (Energy)      
  6,047     Tatneft PJSC (Energy)      
  6,503     United Co RUSAL International PJSC (Materials)      
  1,289     Yandex NV, Class A (Communication Services)*      
   

 

 

 
       

 

 

 
Common Stocks – (continued)      
Saudi Arabia – 4.0%      
  505     ACWA Power Co. (Utilities)   25,986  
  504     Advanced Petrochemical Co. (Materials)     5,718  
  7,534     Al Rajhi Bank (Financials)     145,029  
  3,717     Alinma Bank (Financials)     36,569  
  933     Almarai Co. JSC (Consumer Staples)     15,771  
  2,524     Arab National Bank (Financials)     17,362  
  95     Arabian Internet & Co.mmunications Services Co. (Information Technology)     8,941  
  1,922     Bank AlBilad (Financials)     21,984  
  2,269     Banque Saudi Fransi (Financials)     23,200  
  281     Bupa Arabia for Cooperative Insurance Co. (Financials)     15,104  
  325     Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)     21,056  
  100     Elm Co. (Information Technology)     22,663  
  1,480     Etihad Etisalat Co. (Communication Services)     17,816  
  2,300     Jarir Marketing Co. (Consumer Discretionary)     9,051  
  374     Mouwasat Medical Services Co. (Health Care)     10,989  
  148     Nahdi Medical Co. (Consumer Staples)     5,990  
  1,655     Rabigh Refining & Petrochemical Co. (Energy)*     4,554  
  5,646     Riyad Bank (Financials)     45,838  
  885     SABIC Agri-Nutrients Co. (Materials)     32,468  
  1,409     Sahara International Petrochemical Co. (Materials)     13,693  
  4,653     Saudi Arabian Mining Co. (Materials)*     50,244  
  16,825     Saudi Arabian Oil Co. (Energy)(a)     156,558  
  190     Saudi Aramco Base Oil Co. (Materials)     7,416  
  3,797     Saudi Awwal Bank (Financials)     36,293  
  3,457     Saudi Basic Industries Corp. (Materials)     81,479  
  3,070     Saudi Electricity Co. (Utilities)     16,943  
  1,481     Saudi Industrial Investment Group (Materials)     10,188  
  2,883     Saudi Kayan Petrochemical Co. (Materials)*     9,362  
  11,288     Saudi National Bank (The) (Financials)     107,594  
  6,913     Saudi Telecom Co. (Communication Services)     73,357  
  1,026     Savola Group (The) (Consumer Staples)     10,368  
  1,059     Yanbu National Petrochemical Co. (Materials)     11,943  
   

 

 

 
      1,071,527  

 

 

 
South Africa – 2.8%      
  2,910     Absa Group Ltd. (Financials)     28,015  
  404     African Rainbow Minerals Ltd. (Materials)     3,819  
  211     Anglo American Platinum Ltd. (Materials)(b)     7,367  
  1,422     Aspen Pharmacare Holdings Ltd. (Health Care)     12,932  
  1,283     Bid Corp. Ltd. (Consumer Staples)     28,786  

 

 

 

 

34   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
South Africa – (continued)      
  1,309     Bidvest Group Ltd. (The) (Industrials)   $ 19,699  
  370     Capitec Bank Holdings Ltd. (Financials)     30,966  
  929     Clicks Group Ltd. (Consumer Staples)     13,419  
  2,017     Discovery Ltd. (Financials)*     15,630  
  914     Exxaro Resources Ltd. (Energy)     8,101  
  19,220     FirstRand Ltd. (Financials)     74,505  
  3,379     Gold Fields Ltd. (Materials)     43,341  
  3,312     Impala Platinum Holdings Ltd. (Materials)     17,047  
  803     Investec Ltd. (Financials)     4,701  
  215     Kumba Iron Ore Ltd. (Materials)     4,716  
  6,459     MTN Group Ltd. (Communication Services)     41,043  
  1,208     MultiChoice Group (Communication Services)     4,994  
  810     Naspers Ltd., Class N (Consumer Discretionary)     137,616  
  1,701     Nedbank Group Ltd. (Financials)(b)     19,387  
  1,262     Northam Platinum Holdings Ltd. (Materials)*     8,298  
  18,719     Old Mutual Ltd. (Financials)     12,545  
  3,204     OUTsurance Group Ltd. (Financials)     6,768  
  6,072     Pepkor Holdings Ltd. (Consumer Discretionary)(a)     5,227  
  1,923     Remgro Ltd. (Financials)     16,051  
  6,316     Sanlam Ltd. (Financials)     22,732  
  2,204     Sasol Ltd. (Materials)     28,431  
  1,798     Shoprite Holdings Ltd. (Consumer Staples)     25,052  
  10,743     Sibanye Stillwater Ltd. (Materials)     16,306  
  5,188     Standard Bank Group Ltd. (Financials)     52,938  
  2,246     Vodacom Group Ltd. (Communication Services)     12,794  
  3,440     Woolworths Holdings Ltd. (Consumer Discretionary)     13,477  
   

 

 

 
      736,703  

 

 

 
South Korea – 12.1%      
  139     Alteogen, Inc. (Health Care)*     4,759  
  110     Amorepacific Corp. (Consumer Staples)     11,144  
  97     AMOREPACIFIC Group (Consumer Staples)     2,469  
  29     BGF retail Co. Ltd. (Consumer Staples)     3,432  
  1,089     BNK Financial Group, Inc. (Financials)     5,619  
  373     Celltrion Healthcare Co. Ltd. (Health Care)     18,258  
  72     Celltrion Pharm, Inc. (Health Care)*     3,742  
  419     Celltrion, Inc. (Health Care)     45,617  
  262     Cheil Worldwide, Inc. (Communication Services)     3,737  
  17     Chunbo Co. Ltd. (Materials)     1,937  
  30     CJ CheilJedang Corp. (Consumer Staples)     6,786  
  51     CJ Corp. (Industrials)     2,713  
  37     CJ ENM Co. Ltd. (Communication Services)*     1,629  
  29     CJ Logistics Corp. (Industrials)     1,731  
  82     CosmoAM&T Co. Ltd. (Information Technology)*     9,784  

 

 

 
Common Stocks – (continued)      
South Korea – (continued)      
  205     Coway Co. Ltd. (Consumer Discretionary)   6,700  
  89     CS Wind Corp. (Industrials)     4,276  
  734     Daewoo Engineering & Construction Co. Ltd. (Industrials)*     2,554  
  136     DB HiTek Co. Ltd. (Information Technology)     5,505  
  166     DB Insurance Co. Ltd. (Financials)     10,261  
  98     DL E&C Co. Ltd. (Industrials)     2,298  
  121     Dongsuh Cos., Inc. (Consumer Staples)     1,640  
  186     Doosan Bobcat, Inc. (Industrials)     7,571  
  24     Doosan Co. Ltd. (Industrials)     2,135  
  1,618     Doosan Enerbility Co. Ltd. (Industrials)*     22,304  
  161     Doosan Fuel Cell Co. Ltd. (Industrials)*     3,015  
  176     Ecopro BM Co. Ltd. (Industrials)     43,209  
  74     Ecopro Co. Ltd. (Materials)     70,375  
  67     E-MART, Inc. (Consumer Staples)     3,741  
  60     F&F Co. Ltd. (Consumer Discretionary)     4,676  
  156     Fila Holdings Corp. (Consumer Discretionary)     4,473  
  19     Green Cross Corp. (Health Care)     1,663  
  223     GS Engineering & Construction Corp. (Industrials)     2,451  
  169     GS Holdings Corp. (Industrials)     4,801  
  159     GS Retail Co. Ltd. (Consumer Staples)     2,845  
  1,108     Hana Financial Group, Inc. (Financials)     33,154  
  89     Hanjin Kal Corp. (Industrials)     2,993  
  257     Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)     7,535  
  24     Hanmi Pharm Co. Ltd. (Health Care)     5,347  
  74     Hanmi Science Co. Ltd. (Health Care)     2,016  
  607     Hanon Systems (Consumer Discretionary)     4,184  
  35     Hansol Chemical Co. Ltd. (Materials)     4,277  
  27     Hanssem Co. Ltd. (Consumer Discretionary)     1,209  
  126     Hanwha Aerospace Co. Ltd. (Industrials)     10,886  
  128     Hanwha Corp. (Industrials)     2,421  
  1,045     Hanwha Life Insurance Co. Ltd. (Financials)*     1,988  
  569     Hanwha Ocean Co. Ltd. (Industrials)*     16,509  
  208     Hanwha Systems Co. Ltd. (Industrials)     2,113  
  156     HD Hyundai Co. Ltd. (Energy)     6,975  
  73     HD Hyundai Heavy Industries Co. Ltd. (Industrials)*     7,224  
  468     HD Hyundai Infracore Co. Ltd. (Industrials)     3,728  
  171     HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)*     16,004  
  100     Hite Jinro Co. Ltd. (Consumer Staples)     1,469  
  121     HL Mando Co. Ltd. (Consumer Discretionary)     3,836  
  437     HLB, Inc. (Health Care)*     9,538  
  956     HMM Co. Ltd. (Industrials)     12,050  
  109     Hotel Shilla Co. Ltd. (Consumer Discretionary)     7,274  
  29     Hugel, Inc. (Health Care)*     2,466  
  69     HYBE Co. Ltd. (Communication Services)*     13,181  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   35


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
South Korea – (continued)      
  8     Hyosung Advanced Materials Corp. (Materials)   $ 2,736  
  9     Hyosung TNC Corp. (Materials)     2,254  
  25     Hyundai Autoever Corp. (Information Technology)     3,323  
  49     Hyundai Department Store Co. Ltd. (Consumer Discretionary)     2,573  
  95     Hyundai Elevator Co. Ltd. (Industrials)     3,234  
  275     Hyundai Engineering & Construction Co. Ltd. (Industrials)     7,386  
  71     Hyundai Glovis Co. Ltd. (Industrials)     9,266  
  223     Hyundai Marine & Fire Insurance Co. Ltd. (Financials)     5,104  
  86     Hyundai Mipo Dockyard Co. Ltd. (Industrials)*     5,921  
  239     Hyundai Mobis Co. Ltd. (Consumer Discretionary)     41,770  
  520     Hyundai Motor Co. (Consumer Discretionary)     74,395  
  262     Hyundai Rotem Co. Ltd. (Industrials)*     6,095  
  315     Hyundai Steel Co. (Materials)     8,627  
  948     Industrial Bank of Korea (Financials)     7,717  
  1,160     Kakao Corp. (Communication Services)     42,214  
  139     Kakao Games Corp. (Communication Services)*     2,992  
  821     KakaoBank Corp. (Financials)     16,367  
  84     Kakaopay Corp. (Financials)*     2,876  
  455     Kangwon Land, Inc. (Consumer Discretionary)     5,339  
  1,435     KB Financial Group, Inc. (Financials)     58,735  
  15     KCC Corp. (Materials)     2,480  
  49     KEPCO Engineering & Construction Co., Inc. (Industrials)     2,454  
  66     KEPCO Plant Service & Engineering Co. Ltd. (Industrials)     1,675  
  956     Kia Corp. (Consumer Discretionary)     58,007  
  49     KIWOOM Securities Co. Ltd. (Financials)     3,830  
  266     Korea Aerospace Industries Ltd. (Industrials)     10,183  
  986     Korea Electric Power Corp. (Utilities)*     13,293  
  109     Korea Gas Corp. (Utilities)*     2,070  
  152     Korea Investment Holdings Co. Ltd. (Financials)     5,980  
  36     Korea Zinc Co. Ltd. (Materials)     14,354  
  714     Korean Air Lines Co. Ltd. (Industrials)     12,316  
  110     Krafton, Inc. (Communication Services)*     12,900  
  485     KT Corp. (Communication Services)     12,109  
  431     KT&G Corp. (Consumer Staples)     28,337  
  111     Kum Yang Co. Ltd. (Materials)*     10,833  
  60     Kumho Petrochemical Co. Ltd. (Materials)     5,665  
  95     L&F Co. Ltd. (Information Technology)     15,453  
  36     LEENO Industrial, Inc. (Information Technology)     4,578  
  181     LG Chem Ltd. (Materials)     79,836  
  342     LG Corp. (Industrials)     21,243  

 

 

 
Common Stocks – (continued)      
South Korea – (continued)      
  843     LG Display Co. Ltd. (Information Technology)*   8,546  
  414     LG Electronics, Inc. (Consumer Discretionary)     30,852  
  133     LG Energy Solution Ltd. (Industrials)*     54,740  
  35     LG H&H Co. Ltd. (Consumer Staples)     12,300  
  53     LG Innotek Co. Ltd. (Information Technology)     10,827  
  851     LG Uplus Corp. (Communication Services)     6,728  
  74     Lotte Chemical Corp. (Materials)     7,648  
  118     Lotte Corp. (Industrials)     2,227  
  75     Lotte Energy Materials Corp. (Information Technology)     2,763  
  39     Lotte Shopping Co. Ltd. (Consumer Discretionary)     2,095  
  68     LS Corp. (Industrials)     5,510  
  401     Meritz Financial Group, Inc. (Financials)*     16,595  
  972     Mirae Asset Securities Co. Ltd. (Financials)     4,898  
  522     NAVER Corp. (Communication Services)     84,713  
  52     NCSoft Corp. (Communication Services)     9,894  
  82     Netmarble Corp. (Communication Services)*(a)     2,658  
  506     NH Investment & Securities Co. Ltd. (Financials)     3,943  
  12     NongShim Co. Ltd. (Consumer Staples)     4,163  
  21     OCI Co. Ltd. (Materials)*     2,027  
  46     OCI Holdings Co. Ltd. (Materials)     3,205  
  84     Orion Corp. (Consumer Staples)     7,741  
  809     Pan Ocean Co. Ltd. (Industrials)     2,730  
  113     Pearl Abyss Corp. (Communication Services)*     4,129  
  109     POSCO Future M Co. Ltd. (Industrials)     37,069  
  274     POSCO Holdings, Inc. (Materials)     120,027  
  194     Posco International Corp. (Industrials)     11,625  
  67     S-1 Corp. (Industrials)     2,829  
  68     Samsung Biologics Co. Ltd. (Health Care)*(a)     37,916  
  316     Samsung C&T Corp. (Industrials)     25,031  
  92     Samsung Card Co. Ltd. (Financials)     2,085  
  209     Samsung Electro-Mechanics Co. Ltd. (Information Technology)     21,410  
  18,665     Samsung Electronics Co. Ltd. (Information Technology)     944,724  
  588     Samsung Engineering Co. Ltd. (Industrials)*     15,125  
  119     Samsung Fire & Marine Insurance Co. Ltd. (Financials)     22,193  
  2,454     Samsung Heavy Industries Co. Ltd. (Industrials)*     16,357  
  291     Samsung Life Insurance Co. Ltd. (Financials)     14,883  
  197     Samsung SDI Co. Ltd. (Information Technology)     91,514  

 

 

 

 

36   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
South Korea – (continued)      
  139     Samsung SDS Co. Ltd. (Information Technology)   $ 14,933  
  235     Samsung Securities Co. Ltd. (Financials)     6,641  
  139     SD Biosensor, Inc. (Health Care)     1,316  
  129     Seegene, Inc. (Health Care)     2,167  
  1,730     Shinhan Financial Group Co. Ltd. (Financials)     46,530  
  27     Shinsegae, Inc. (Consumer Discretionary)     4,147  
  106     SK Biopharmaceuticals Co. Ltd. (Health Care)*     6,873  
  90     SK Bioscience Co. Ltd. (Health Care)*     4,998  
  37     SK Chemicals Co. Ltd. (Materials)     1,761  
  2,065     SK Hynix, Inc. (Information Technology)     190,291  
  103     SK IE Technology Co. Ltd. (Materials)*(a)     7,037  
  203     SK Innovation Co. Ltd. (Energy)*     27,261  
  379     SK Networks Co. Ltd. (Industrials)     2,067  
  380     SK Square Co. Ltd. (Industrials)*     12,966  
  212     SK Telecom Co. Ltd. (Communication Services)     7,707  
  140     SK, Inc. (Industrials)     15,305  
  66     SKC Co. Ltd. (Materials)     4,569  
  156     S-Oil Corp. (Energy)     8,616  
  51     Solus Advanced Materials Co. Ltd. (Information Technology)     1,262  
  17     Soulbrain Co. Ltd. (Materials)     2,926  
  329     SSANGYONG C&E Co. Ltd. (Materials)     1,369  
  46     Studio Dragon Corp. (Communication Services)*     1,796  
  67     Wemade Co. Ltd. (Communication Services)     1,830  
  121     WONIK IPS Co. Ltd. (Information Technology)     2,824  
  2,375     Woori Financial Group, Inc. (Financials)     21,401  
  200     Yuhan Corp. (Health Care)     11,016  
   

 

 

 
      3,198,076  

 

 

 
Taiwan – 15.1%      
  1,915     Accton Technology Corp. (Information Technology)     28,743  
  11,345     Acer, Inc. (Information Technology)     13,038  
  1,632     Advantech Co. Ltd. (Information Technology)     17,629  
  266     Alchip Technologies Ltd. (Information Technology)     20,631  
  14,031     ASE Technology Holding Co. Ltd. (Information Technology)     51,989  
  9,743     Asia Cement Corp. (Materials)     12,207  
  101     ASMedia Technology, Inc. (Information Technology)     3,118  
  114     ASPEED Technology, Inc. (Information Technology)     9,665  
  2,661     Asustek Computer, Inc. (Information Technology)     33,632  
  22,185     AUO Corp. (Information Technology)*     12,400  
  2,507     Catcher Technology Co. Ltd. (Information Technology)     14,209  

 

 

 
Common Stocks – (continued)      
Taiwan – (continued)      
  39,856     Cathay Financial Holding Co. Ltd. (Financials)*   57,068  
  5,806     Chailease Holding Co. Ltd. (Financials)     32,360  
  22,306     Chang Hwa Commercial Bank Ltd. (Financials)     12,117  
  8,203     Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)     10,213  
  2,396     Chicony Electronics Co. Ltd. (Information Technology)     7,787  
  10,843     China Airlines Ltd. (Industrials)     7,695  
  61,057     China Development Financial Holding Corp. (Financials)*     22,719  
  46,761     China Steel Corp. (Materials)     38,911  
  1,547     Chroma ATE, Inc. (Information Technology)     13,601  
  14,601     Chunghwa Telecom Co. Ltd. (Communication Services)     53,184  
  15,111     Compal Electronics, Inc. (Information Technology)     15,136  
  69,840     CTBC Financial Holding Co. Ltd. (Financials)     52,303  
  7,380     Delta Electronics, Inc. (Information Technology)     80,181  
  3,418     E Ink Holdings, Inc. (Information Technology)     19,587  
  855     Eclat Textile Co. Ltd. (Consumer Discretionary)     13,665  
  238     eMemory Technology, Inc. (Information Technology)     13,564  
  53,698     E.Sun Financial Holding Co. Ltd. (Financials)     41,226  
  10,091     Eva Airways Corp. (Industrials)     9,981  
  3,930     Evergreen Marine Corp. Taiwan Ltd. (Industrials)     13,143  
  11,829     Far Eastern New Century Corp. (Industrials)     10,456  
  6,307     Far EasTone Telecommunications Co. Ltd. (Communication Services)     13,982  
  1,852     Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)     9,770  
  41,554     First Financial Holding Co. Ltd. (Financials)     34,317  
  16,826     Formosa Chemicals & Fibre Corp. (Materials)     32,757  
  5,259     Formosa Petrochemical Corp. (Energy)     13,095  
  20,801     Formosa Plastics Corp. (Materials)     51,927  
  373     Formosa Sumco Technology Corp. (Information Technology)     1,687  
  2,956     Formosa Taffeta Co. Ltd. (Consumer Discretionary)     2,367  
  3,586     Foxconn Technology Co. Ltd. (Information Technology)     6,272  
  30,811     Fubon Financial Holding Co. Ltd. (Financials)     61,532  
  1,217     Giant Manufacturing Co. Ltd. (Consumer Discretionary)     7,490  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   37


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
Taiwan – (continued)      
  335     Global Unichip Corp. (Information Technology)   $ 15,358  
  784     Globalwafers Co. Ltd. (Information Technology)     11,300  
  6,081     Highwealth Construction Corp. (Real Estate)     8,211  
  1,060     Hiwin Technologies Corp. (Industrials)     6,823  
  45,859     Hon Hai Precision Industry Co. Ltd. (Information Technology)     153,360  
  1,213     Hotai Motor Co. Ltd. (Consumer Discretionary)     25,862  
  37,637     Hua Nan Financial Holdings Co. Ltd. (Financials)     24,227  
  32,704     Innolux Corp. (Information Technology)*     14,839  
  11,895     Inventec Corp. (Information Technology)     21,066  
  361     Largan Precision Co. Ltd. (Information Technology)     23,238  
  8,545     Lite-On Technology Corp. (Information Technology)     36,760  
  334     Lotes Co. Ltd. (Information Technology)     9,072  
  6,895     Macronix International Co. Ltd. (Information Technology)     7,296  
  5,778     MediaTek, Inc. (Information Technology)     127,910  
  41,414     Mega Financial Holding Co. Ltd. (Financials)     46,685  
  838     Merida Industry Co. Ltd. (Consumer Discretionary)     5,078  
  2,733     Micro-Star International Co. Ltd. (Information Technology)     13,688  
  291     momo.com, Inc. (Consumer Discretionary)     4,751  
  21,534     Nan Ya Plastics Corp. (Materials)     44,696  
  809     Nan Ya Printed Circuit Board Corp. (Information Technology)     6,135  
  4,412     Nanya Technology Corp. (Information Technology)     9,227  
  715     Nien Made Enterprise Co. Ltd. (Consumer Discretionary)     6,713  
  2,147     Novatek Microelectronics Corp. (Information Technology)     26,933  
  1,187     Oneness Biotech Co. Ltd. (Health Care)     7,399  
  7,346     Pegatron Corp. (Information Technology)     17,992  
  952     PharmaEssentia Corp. (Health Care)*     10,687  
  625     Phison Electronics Corp. (Information Technology)     8,311  
  1,007     Polaris Group (Health Care)*     2,732  
  8,908     Pou Chen Corp. (Consumer Discretionary)     8,000  
  11,225     Powerchip Semiconductor Manufacturing Corp. (Information Technology)     9,816  
  2,525     Powertech Technology, Inc. (Information Technology)     7,905  
  2,111     President Chain Store Corp. (Consumer Staples)     17,732  
  9,073     Quanta Computer, Inc. (Information Technology)     72,222  
  1,744     Realtek Semiconductor Corp. (Information Technology)     22,891  

 

 

 
Common Stocks – (continued)      
Taiwan – (continued)      
  7,004     Ruentex Development Co. Ltd. (Real Estate)*   8,104  
  2,589     Ruentex Industries Ltd. (Consumer Discretionary)*     5,065  
  17,234     Shanghai Commercial & Savings Bank Ltd. (The) (Financials)     23,053  
  50,789     Shin Kong Financial Holding Co. Ltd. (Financials)*     15,103  
  122     Silicon Motion Technology Corp. ADR (Information Technology)*     6,626  
  1,995     Sino-American Silicon Products, Inc. (Information Technology)     9,804  
  41,402     SinoPac Financial Holdings Co. Ltd. (Financials)     22,231  
  4,789     Synnex Technology International Corp. (Information Technology)     9,188  
  8,614     TA Chen Stainless Pipe (Materials)     9,819  
  43,722     Taishin Financial Holding Co. Ltd. (Financials)     24,438  
  23,412     Taiwan Business Bank (Financials)     9,814  
  24,131     Taiwan Cement Corp. (Materials)     26,483  
  38,746     Taiwan Cooperative Financial Holding Co. Ltd. (Financials)     31,937  
  2,818     Taiwan Fertilizer Co. Ltd. (Materials)     5,274  
  7,986     Taiwan High Speed Rail Corp. (Industrials)     7,460  
  6,540     Taiwan Mobile Co. Ltd. (Communication Services)     19,140  
  91,962     Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)     1,585,328  
  7,827     Tatung Co. Ltd. (Industrials)*     12,436  
  6,597     Teco Electric and Machinery Co. Ltd. (Industrials)     10,337  
  1,802     Tripod Technology Corp. (Information Technology)     10,694  
  4,944     Unimicron Technology Corp. (Information Technology)     28,798  
  18,181     Uni-President Enterprises Corp. (Consumer Staples)     40,362  
  44,324     United Microelectronics Corp. (Information Technology)     63,327  
  3,533     Vanguard International Semiconductor Corp. (Information Technology)     7,577  
  371     VisEra Technologies Co. Ltd. (Information Technology)     2,476  
  268     Voltronic Power Technology Corp. (Industrials)     12,202  
  9,659     Walsin Lihwa Corp. (Industrials)     11,525  
  1,448     Walsin Technology Corp. (Information Technology)     4,483  
  5,320     Wan Hai Lines Ltd. (Industrials)     7,567  
  1,327     Win Semiconductors Corp. (Information Technology)     5,667  
  10,762     Winbond Electronics Corp. (Information Technology)*     8,905  
  10,481     Wistron Corp. (Information Technology)     38,506  

 

 

 

 

38   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Taiwan – (continued)      
  354     Wiwynn Corp. (Information Technology)   $ 17,341  
  5,901     WPG Holdings Ltd. (Information Technology)     10,173  
  1,474     Yageo Corp. (Information Technology)     22,448  
  6,825     Yang Ming Marine Transport Corp. (Industrials)     9,055  
  41,923     Yuanta Financial Holding Co. Ltd. (Financials)     32,120  
  1,354     Yulon Finance Corp. (Financials)     7,568  
  2,174     Yulon Motor Co. Ltd. (Consumer Discretionary)     5,693  
  2,415     Zhen Ding Technology Holding Ltd. (Information Technology)     7,333  
   

 

 

 
      4,007,729  

 

 

 
Thailand – 2.1%      
  4,088     Advanced Info Service PCL NVDR (Communication Services)     25,216  
  16,254     Airports of Thailand PCL NVDR (Industrials)*     33,652  
  31,837     Asset World Corp. PCL NVDR (Consumer Discretionary)     3,964  
  3,878     B Grimm Power PCL NVDR (Utilities)     3,765  
  3,883     Bangkok Bank PCL NVDR (Financials)     18,795  
  6,881     Bangkok Commercial Asset Management PCL NVDR (Financials)     2,338  
  23,366     Bangkok Dusit Medical Services PCL NVDR (Health Care)     18,684  
  31,469     Bangkok Expressway & Metro PCL NVDR (Industrials)     7,774  
  1,003     Bangkok Life Assurance PCL NVDR (Financials)     702  
  15,940     Banpu PCL NVDR (Energy)     3,915  
  3,869     Berli Jucker PCL NVDR (Consumer Staples)     3,729  
  30,615     BTS Group Holdings PCL NVDR (Industrials)     6,426  
  2,027     Bumrungrad Hospital PCL NVDR (Health Care)     14,992  
  1,416     Carabao Group PCL NVDR (Consumer Staples)     3,478  
  6,566     Central Pattana PCL NVDR (Real Estate)     12,891  
  2,285     Central Plaza Hotel PCL NVDR (Consumer Discretionary)*     3,116  
  12,615     Central Retail Corp. PCL NVDR (Consumer Discretionary)     14,860  
  14,777     Charoen Pokphand Foods PCL NVDR (Consumer Staples)     8,735  
  3,251     Com7 PCL NVDR (Consumer Discretionary)     2,994  
  20,845     CP ALL PCL NVDR (Consumer Staples)     38,842  
  5,431     CP Axtra PCL NVDR (Consumer Staples)     5,622  
  1,485     Delta Electronics Thailand PCL NVDR (Information Technology)     4,601  
  852     Electricity Generating PCL NVDR (Utilities)     3,248  

 

 

 
Common Stocks – (continued)      
Thailand – (continued)      
  6,018     Energy Absolute PCL NVDR (Utilities)   10,870  
  2,551     Global Power Synergy PCL NVDR (Utilities)     3,843  
  18,025     Gulf Energy Development PCL NVDR (Utilities)     24,708  
  19,511     Home Product Center PCL NVDR (Consumer Discretionary)     7,633  
  6,563     Indorama Ventures PCL NVDR (Materials)     5,435  
  3,453     Intouch Holdings PCL NVDR (Communication Services)     7,174  
  40,336     IRPC PCL NVDR (Energy)     2,695  
  2,450     JMT Network Services PCL NVDR (Financials)     3,253  
  5,594     Kasikornbank PCL NVDR (Financials)     20,847  
  2,522     KCE Electronics PCL NVDR (Information Technology)     3,673  
  17,575     Krung Thai Bank PCL NVDR (Financials)     9,687  
  3,518     Krungthai Card PCL NVDR (Financials)     4,873  
  23,143     Land & Houses PCL NVDR (Real Estate)     5,486  
  12,103     Minor International PCL NVDR (Consumer Discretionary)     11,492  
  2,720     Muangthai Capital PCL NVDR (Financials)     3,165  
  5,018     Ngern Tid Lor PCL NVDR (Financials)     3,382  
  6,317     Osotspa PCL NVDR (Consumer Staples)     5,412  
  40,226     PSG Corp. PCL NVDR (Industrials)*     1,149  
  5,227     PTT Exploration & Production PCL NVDR (Energy)     23,659  
  7,486     PTT Global Chemical PCL NVDR (Materials)     7,963  
  10,919     PTT Oil & Retail Business PCL NVDR (Consumer Discretionary)     6,361  
  37,237     PTT PCL NVDR (Energy)     36,953  
  2,770     Ratch Group PCL NVDR (Utilities)     2,808  
  4,081     SCB X PCL NVDR (Financials)     13,752  
  4,442     SCG Packaging PCL NVDR (Materials)     5,201  
  1,578     Siam Cement PCL (The) NVDR (Materials)     14,105  
  6,315     Siam Global House PCL NVDR (Consumer Discretionary)     3,390  
  3,205     Srisawad Corp. PCL NVDR (Financials)     4,668  
  32,622     Thai Beverage PCL (Consumer Staples)     13,769  
  9,456     Thai Life Insurance PCL NVDR (Financials)     3,186  
  4,277     Thai Oil PCL NVDR (Energy)     6,290  
  10,271     Thai Union Group PCL NVDR (Consumer Staples)     4,194  
  1,402     Thonburi Healthcare Group PCL NVDR (Health Care)     2,622  
  1,889     Tisco Financial Group PCL NVDR (Financials)     5,556  
  151,950     TMBThanachart Bank PCL NVDR (Financials)     7,420  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   39


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
Thailand – (continued)      
  2,201     TOA Paint Thailand PCL NVDR (Materials)   $ 1,666  
  38,263     True Corp. PCL NVDR (Communication Services)     7,540  
  20,941     VGI PCL NVDR (Communication Services)     1,770  
   

 

 

 
      549,989  

 

 

 
Turkey – 1.2%      
  496     AG Anadolu Grubu Holding AS (Industrials)     3,855  
  2,500     Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)*     1,313  
  12,252     Akbank TAS (Financials)     13,227  
  501     Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary)     1,508  
  750     Aksa Enerji Uretim AS (Utilities)     1,124  
  515     Alarko Holding AS (Industrials)     2,483  
  771     Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples)     3,121  
  10     Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials)     89  
  707     Arcelik AS (Consumer Discretionary)*     4,318  
  4,650     Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)     6,719  
  807     Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS (Industrials)     4,359  
  553     Aydem Yenilenebilir Enerji AS (Utilities)*     383  
  285     Aygaz AS (Utilities)     1,291  
  309     Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities)     220  
  2,507     Bera Holding AS (Industrials)*     1,269  
  1,746     BIM Birlesik Magazalar AS (Consumer Staples)     16,518  
  102     Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)*     2,908  
  26     Borusan Yatirim ve Pazarlama AS (Financials)     1,948  
  188     Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary)     514  
  790     Can2 Termik AS (Utilities)*     554  
  10     Celebi Hava Servisi AS (Industrials)     326  
  210     Cimsa Cimento Sanayi VE Ticaret AS (Materials)     1,687  
  274     Coca-Cola Icecek AS (Consumer Staples)     4,040  
  110     CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)*     1,407  
  151     Deva Holding AS (Health Care)     508  
  3,708     Dogan Sirketler Grubu Holding AS (Consumer Discretionary)     1,970  
  175     Dogu Aras Enerji Yatirimlari AS (Utilities)     336  
  209     Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary)     2,238  
  71     Eczacibasi Yatirim Holding Ortakligi AS (Industrials)     575  

 

 

 
Common Stocks – (continued)      
Turkey – (continued)      
  4     EGE Endustri VE Ticaret AS (Consumer Discretionary)   1,079  
  576     EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples)     1,085  
  7,605     Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)     2,451  
  933     Enerjisa Enerji AS (Utilities)(a)     1,794  
  6,122     Enka Insaat ve Sanayi AS (Industrials)     7,533  
  5,393     Eregli Demir ve Celik Fabrikalari TAS (Materials)*     8,703  
  230     Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (Industrials)*     1,717  
  250     Ford Otomotiv Sanayi AS (Consumer Discretionary)     8,091  
  342     GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care)     834  
  496     Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)*     1,727  
  202     Gubre Fabrikalari TAS (Materials)*     2,707  
  5,226     Haci Omer Sabanci Holding AS (Financials)     11,723  
  3,779     Hektas Ticaret TAS (Materials)*     3,638  
  71     Investco Holding AS (Financials)*     836  
  1,828     Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)*     1,306  
  2,185     Is Yatirim Menkul Degerler AS (Financials)     3,484  
  2,188     Izmir Demir Celik Sanayi AS (Materials)*     665  
  85     Jantsa Jant Sanayi Ve Ticaret AS (Industrials)     444  
  881     Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)     790  
  159     Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)     135  
  2,945     Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)     2,762  
  69     Kartonsan Karton Sanayi ve Ticaret AS (Materials)     218  
  882     Kiler Holding AS (Industrials)*     738  
  126     Kizilbuk Gayrimenkul Yatirim Ortakligi AS (Real Estate)*     106  
  4,182     KOC Holding AS (Industrials)     22,245  
  267     Kontrolmatik Enerji Ve Muhendislik AS (Industrials)     2,754  
  3     Konya Cimento Sanayii AS (Materials)*     660  
  252     Kordsa Teknik Tekstil AS (Consumer Discretionary)     774  
  3,797     Koza Altin Isletmeleri AS (Materials)     4,054  
  732     Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)*     1,800  
  296     Logo Yazilim Sanayi Ve Ticaret AS (Information Technology)     823  
  352     Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities)     685  

 

 

 

 

40   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Turkey – (continued)      
  348     Migros Ticaret AS (Consumer Staples)   $ 4,529  
  299     MLP Saglik Hizmetleri AS (Health Care)*(a)     1,424  
  228     Nuh Cimento Sanayi AS (Materials)     1,625  
  4,387     ODAS Elektrik Uretim ve Sanayi Ticaret AS (Utilities)*     2,166  
  165     Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)*     2,222  
  984     Oyak Cimento Fabrikalari AS (Materials)*     2,340  
  165     Pegasus Hava Tasimaciligi AS (Industrials)*     5,415  
  606     Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)*     525  
  4,031     Petkim Petrokimya Holding AS (Materials)*     3,091  
  2,475     Qua Granite Hayal (Industrials)*     645  
  1,565     Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials)     2,212  
  4,566     Sasa Polyester Sanayi AS (Materials)*     9,034  
  465     Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care)     1,031  
  598     Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)*     1,700  
  1,026     Sok Marketler Ticaret AS (Consumer Staples)     2,392  
  688     TAV Havalimanlari Holding AS (Industrials)*     3,167  
  723     Tekfen Holding AS (Industrials)     1,294  
  484     Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)     4,900  
  713     Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)     682  
  2,697     Turk Hava Yollari AO (Industrials)*     24,787  
  122     Turk Prysmian Kablo ve Sistemleri AS (Industrials)     159  
  1,983     Turk Telekomunikasyon AS (Communication Services)*     1,910  
  99     Turk Traktor ve Ziraat Makineleri AS (Industrials)     3,380  
  4,693     Turkcell Iletisim Hizmetleri AS (Communication Services)*     9,823  
  2,447     Turkiye Halk Bankasi AS (Financials)*     1,225  
  13,666     Turkiye Is Bankasi AS, Class C (Financials)     10,796  
  3,453     Turkiye Petrol Rafinerileri AS (Energy)     18,277  
  814     Turkiye Sigorta AS (Financials)*     824  
  4,043     Turkiye Sinai Kalkinma Bankasi AS (Financials)*     1,078  
  5,192     Turkiye Sise ve Cam Fabrikalari AS (Industrials)     9,982  
  4,501     Turkiye Vakiflar Bankasi TAO, Class D (Financials)*     2,293  
  555     Ulker Biskuvi Sanayi AS (Consumer Staples)*     1,270  

 

 

 
Common Stocks – (continued)      
Turkey – (continued)      
  108     Verusa Holding AS (Financials)   675  
  1,009     Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary)     686  
  356     Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)*     919  
  10,434     Yapi ve Kredi Bankasi AS (Financials)     6,223  
  646     Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples)     577  
  5,414     Zorlu Enerji Elektrik Uretim AS (Utilities)*     985  
   

 

 

 
      325,432  

 

 

 
United Arab Emirates – 2.2%      
  11,369     Abu Dhabi Commercial Bank PJSC (Financials)     26,712  
  5,510     Abu Dhabi Islamic Bank PJSC (Financials)     15,631  
  11,410     Abu Dhabi National Energy Co. PJSC (Utilities)     10,686  
  11,432     Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)     11,858  
  6,999     ADNOC Drilling Co. PJSC (Energy)     7,813  
  29,481     Adnoc Gas PLC (Energy)*     27,610  
  14,089     Aldar Properties PJSC (Real Estate)     20,176  
  5,257     Alpha Dhabi Holding PJSC (Industrials)*     28,768  
  12,033     Borouge PLC (Materials)     8,944  
  34,133     Dubai Electricity & Water Authority PJSC (Utilities)     23,697  
  11,323     Dubai Islamic Bank PJSC (Financials)     17,387  
  23,858     Emaar Properties PJSC (Real Estate)     45,858  
  9,441     Emirates NBD Bank PJSC (Financials)     42,025  
  13,362     Emirates Telecommunications Group Co. PJSC (Communication Services)     72,175  
  16,974     First Abu Dhabi Bank PJSC (Financials)     63,218  
  1,375     International Holding Co. PJSC (Industrials)*     153,108  
   

 

 

 
      575,666  

 

 

 
United States – 0.1%      
  2,586     JBS SA (Consumer Staples)     9,611  
  284     Parade Technologies Ltd. (Information Technology)     8,008  
   

 

 

 
      17,619  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $22,065,546)   $ 25,598,120  

 

 

 

 


Shares
  Description   Rate     Value  
Preferred Stocks – 2.2%  
Brazil – 1.4%  
19,944   Banco Bradesco SA (Financials)     6.74   $ 60,223  
765   Braskem SA, Class A
(Materials)*
    0.00     3,437  

 

 

 

The accompanying notes are an integral part of these financial statements.   41


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
  Description   Rate     Value  
Preferred Stocks – (continued)  
Brazil – (continued)  
959   Centrais Eletricas Brasileiras
SA, Class B (Utilities)
    3.86   $ 7,504  
5,667   Cia Energetica de Minas
Gerais (Utilities)
    9.16     14,113  
4,470   Gerdau SA (Materials)     14.91     23,339  
18,600   Itau Unibanco Holding SA
(Financials)
    4.47     103,051  
19,505   Itausa SA (Financials)     6.42     36,402  
17,541   Petroleo Brasileiro SA
(Energy)
    11.38     113,162  
4,620   Raizen SA (Energy)     6.44     3,387  
     

 

 

 
        364,618  

 

 
Chile – 0.1%        
522   Sociedad Quimica y Minera
de Chile SA, Class B
(Industrials)
    14.38       32,174  

 

 
Colombia – 0.1%        
1,798   Bancolombia SA (Financials)     12.24       11,941  

 

 
Russia – 0.0%(c)        
4,252   Sberbank of Russia PJSC
(Financials)
    9.44      
31,665   Surgutneftegas PJSC
(Energy)
    1.61      
640   Tatneft PJSC (Energy)     14.16      
     

 

 

 
         

 

 
South Korea – 0.6%        
132   Hyundai Motor Co.
(Consumer Discretionary)
    7.34     10,396  
88   Hyundai Motor Co.
(Consumer Discretionary)
    7.42     6,778  
31   LG Chem Ltd. (Materials)     2.99     8,009  
73   LG Electronics, Inc.
(Consumer Discretionary)
    1.58     2,588  
8   LG H&H Co. Ltd.
(Consumer Staples)
    2.07     1,157  
3,157   Samsung Electronics Co.
Ltd. (Information Technology)
    2.54     128,979  
5   Samsung SDI Co. Ltd.
(Information Technology)
    0.37       1,135  
     

 

 

 
        159,042  

 

 
TOTAL PREFERRED STOCKS

 

(Cost $480,171)

 

  $ 567,775  

 

 

 

Shares     Description   Value  
Exchange-Traded Fund – 1.0%  
United States – 1.0%      
  12,873     iShares MSCI Malaysia ETF  
  (Cost $302,162)   $ 271,363  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $22,847,879)   $ 26,437,258  

 

 

 
Shares   Dividend
Rate
    Value  
Securities Lending Reinvestment Vehicle – 0.4%(d)  

Goldman Sachs Financial Square Government Fund – Institutional Shares

 

104,477     5.234%     $ 104,477  
(Cost $104,477)

 

 

 

 
TOTAL INVESTMENTS – 100.1%

 

(Cost $22,952,356)

 

  $ 26,541,735  

 

 

LIABILITIES IN EXCESS OF

 OTHER ASSETS – (0.1)%

 

 

    (18,048

 

 
NET ASSETS – 100.0%

 

  $ 26,523,687  

 

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*

  Non-income producing security.

(a)

  Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)

  All or a portion of security is on loan.

(c)

  Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

ADR

 

American Depositary Receipt

NVDR

 

Non-Voting Depository Receipt

PLC

 

— Public Limited Company

REIT

 

— Real Estate Investment Trust

 

 

Sector Name   % of Market
Value
 

 

 

Financials

    20.9

Information Technology

    20.1

Consumer Discretionary

    13.1

Communication Services

    9.1

Materials

    8.2

Industrials

    8.0

Consumer Staples

    6.0

Energy

    5.3

Health Care

    3.5

Utilities

    2.7

Real Estate

    1.7

Exchange-Traded Fund

    1.0

Securities Lending Reinvestment Vehicle

    0.4

 

 
TOTAL INVESTMENTS     100.0

 

 

 

42   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

 

 

ADDITIONAL INVESTMENT INFORMATION

 

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description    Number of
Contracts
       Expiration
Date
     Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                 

MSCI Emerging Markets Index

     1        09/15/23      $ 48,965        $ (342

 

The accompanying notes are an integral part of these financial statements.   43


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – 98.9%      
Australia – 7.9%      
  16,519     AGL Energy Ltd. (Utilities)   $ 118,647  
  16,141     Allkem Ltd. (Materials)*     146,770  
  65,216     Alumina Ltd. (Materials)*     45,616  
  6,635     Ampol Ltd. (Energy)     151,690  
  84,040     ANZ Group Holdings Ltd. (Financials)     1,378,674  
  32,862     APA Group (Utilities)     191,335  
  16,519     Aristocrat Leisure Ltd. (Consumer Discretionary)     437,570  
  5,338     ASX Ltd. (Financials)     199,098  
  32,967     Atlas Arteria Ltd. (Industrials)     129,815  
  51,141     Aurizon Holdings Ltd. (Industrials)     120,893  
  141,781     BHP Group Ltd. (Materials)     4,118,328  
  12,819     BlueScope Steel Ltd. (Materials)     174,430  
  38,671     Brambles Ltd. (Industrials)     374,928  
  9,378     carsales.com Ltd. (Communication Services)     174,557  
  12,953     Charter Hall Group REIT (Real Estate)     90,937  
  1,823     Cochlear Ltd. (Health Care)     320,539  
  36,265     Coles Group Ltd. (Consumer Staples)     382,134  
  46,893     Commonwealth Bank of Australia (Financials)     3,103,233  
  14,653     Computershare Ltd. (Industrials)     238,959  
  29,618     Dexus REIT (Real Estate)     148,661  
  1,633     Domino’s Pizza Enterprises Ltd. (Consumer Discretionary)     57,164  
  4,352     EBOS Group Ltd. (Health Care)     98,344  
  37,585     Endeavour Group Ltd. (Consumer Staples)     133,881  
  49,699     Evolution Mining Ltd. (Materials)     119,416  
  4,944     Flutter Entertainment PLC (Consumer Discretionary)*     900,947  
  44,158     Fortescue Metals Group Ltd. (Materials)     612,875  
  261,922     Glencore PLC (Materials)     1,398,770  
  51,444     Goodman Group REIT (Real Estate)     778,302  
  53,072     GPT Group (The) REIT (Real Estate)     144,363  
  5,697     IDP Education Ltd. (Consumer Discretionary)     90,876  
  18,619     IGO Ltd. (Materials)     167,856  
  68,124     Insurance Australia Group Ltd. (Financials)     256,781  
  19,166     Lendlease Corp. Ltd. (Real Estate)     96,944  
  61,985     Lottery Corp. Ltd. (The) (Consumer Discretionary)     202,329  
  25,778     Lynas Rare Earths Ltd. (Materials)*     120,038  
  10,143     Macquarie Group Ltd. (Financials)     1,166,215  
  76,674     Medibank Pvt Ltd. (Financials)     181,748  
  4,679     Mineral Resources Ltd. (Materials)     216,761  
  109,357     Mirvac Group REIT (Real Estate)     171,397  
  87,441     National Australia Bank Ltd. (Financials)     1,640,039  
  24,937     Newcrest Mining Ltd. (Materials)     420,396  
  31,305     Northern Star Resources Ltd. (Materials)     241,471  
  12,595     Orica Ltd. (Materials)     128,149  
  47,577     Origin Energy Ltd. (Utilities)     268,383  
  76,284     Pilbara Minerals Ltd. (Materials)     230,723  

 

 

 
Common Stocks – (continued)      
Australia – (continued)      
  50,290     Qantas Airways Ltd. (Industrials)*   192,491  
  41,723     QBE Insurance Group Ltd. (Financials)     404,788  
  5,044     Ramsay Health Care Ltd. (Health Care)     168,074  
  1,396     REA Group Ltd. (Communication Services)     149,252  
  8,208     Reece Ltd. (Industrials)     108,445  
  10,370     Rio Tinto Ltd. (Materials)     758,251  
  29,908     Rio Tinto PLC (Materials)     1,846,578  
  91,863     Santos Ltd. (Energy)     456,327  
  144,221     Scentre Group REIT (Real Estate)     256,863  
  9,496     SEEK Ltd. (Communication Services)     142,128  
  4,293     Seven Group Holdings Ltd. (Industrials)     77,739  
  12,595     Sonic Healthcare Ltd. (Health Care)     262,334  
  126,317     South32 Ltd. (Materials)     278,151  
  66,196     Stockland REIT (Real Estate)     181,777  
  35,177     Suncorp Group Ltd. (Financials)     310,524  
  322,908     Telstra Group Ltd. (Communication Services)     838,617  
  10,913     TPG Telecom Ltd. (Communication Services)     39,792  
  86,122     Transurban Group (Industrials)     739,602  
  20,047     Treasury Wine Estates Ltd. (Consumer Staples)     151,517  
  106,913     Vicinity Ltd. REIT (Real Estate)     129,483  
  6,448     Washington H Soul Pattinson & Co. Ltd. (Financials)     137,851  
  31,474     Wesfarmers Ltd. (Consumer Discretionary)     1,098,094  
  97,748     Westpac Banking Corp. (Financials)     1,389,578  
  23,511     Whitehaven Coal Ltd. (Energy)     92,732  
  4,768     WiseTech Global Ltd. (Information Technology)     214,616  
  53,080     Woodside Energy Group Ltd. (Energy)     1,272,646  
  33,820     Woolworths Group Ltd. (Consumer Staples)     835,181  
   

 

 

 
      34,424,413  

 

 

 
Austria – 0.3%      
  7,257     ams-OSRAM AG (Information Technology)*     50,990  
  1,983     ANDRITZ AG (Industrials)     105,632  
  2,173     BAWAG Group AG (Financials)*(a)     102,688  
  1,216     CA Immobilien Anlagen AG (Real Estate)     40,385  
  9,106     Erste Group Bank AG (Financials)     325,849  
  989     EVN AG (Utilities)     24,528  
  240     Mayr Melnhof Karton AG (Materials)     34,071  
  13,524     Mondi PLC (Materials)     225,180  
  3,938     OMV AG (Energy)     182,804  
  4,145     Raiffeisen Bank International AG (Financials)*     59,609  
  902     Verbund AG (Utilities)     74,011  
  980     Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)     26,325  
  3,113     voestalpine AG (Materials)     91,157  

 

 

 

 

44   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Austria – (continued)      
  2,978     Wienerberger AG (Materials)   $ 82,227  
   

 

 

 
      1,425,456  

 

 

 
Belgium – 0.8%      
  615     Ackermans & van Haaren NV (Industrials)     96,920  
  4,263     Ageas SA/NV (Financials)     169,713  
  23,897     Anheuser-Busch InBev SA/NV (Consumer Staples)     1,361,672  
  3,197     Azelis Group NV (Industrials)     70,924  
  613     D’ieteren Group (Consumer Discretionary)     100,330  
  779     Elia Group SA/NV (Utilities)     90,044  
  1,403     Etablissements Franz Colruyt NV (Consumer Staples)     53,646  
  2,674     Groupe Bruxelles Lambert NV (Financials)     215,810  
  6,996     KBC Group NV (Financials)     459,839  
  3,942     Proximus SADP (Communication Services)     29,855  
  417     Sofina SA (Financials)     93,958  
  1,947     Solvay SA (Materials)     225,899  
  3,346     UCB SA (Health Care)     300,695  
  5,623     Umicore SA (Materials)     149,339  
  4,527     Warehouses De Pauw CVA REIT (Real Estate)     129,713  
   

 

 

 
      3,548,357  

 

 

 
Brazil – 0.0%      
  4,281     Yara International ASA (Materials)     156,516  

 

 

 
Chile – 0.0%      
  9,635     Antofagasta PLC (Materials)     176,786  

 

 

 
China – 1.0%      
  140,125     Alibaba Health Information Technology Ltd. (Consumer Staples)*     82,734  
  47,142     Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(a)     102,198  
  21,044     BYD Electronic International Co. Ltd. (Information Technology)     97,548  
  75,106     China Gas Holdings Ltd. (Utilities)     76,622  
  83,632     China Mengniu Dairy Co. Ltd. (Consumer Staples)*     281,555  
  48,660     Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)     73,842  
  233,488     CSPC Pharmaceutical Group Ltd. (Health Care)     175,672  
  83,045     ESR Group Ltd. (Real Estate)(a)     124,751  
  60,614     Fosun International Ltd. (Industrials)     37,953  
  162,055     Geely Automobile Holdings Ltd. (Consumer Discretionary)     201,284  
  7,262     NXP Semiconductors NV (Information Technology)     1,493,939  
  19,692     Prosus NV (Consumer Discretionary)*     1,363,152  
  26,809     Wharf Holdings Ltd. (The) (Real Estate)     56,820  

 

 

 
Common Stocks – (continued)      
China – (continued)      
  58,121     Wilmar International Ltd. (Consumer Staples)   162,678  
  43,940     Xinyi Glass Holdings Ltd. (Industrials)     64,887  
  73,865     Yangzijiang Shipbuilding Holdings Ltd. (Industrials)     92,434  
   

 

 

 
      4,488,069  

 

 

 
Denmark – 3.1%      
  76     AP Moller – Maersk A/S, Class A (Industrials)     136,352  
  119     AP Moller – Maersk A/S, Class B (Industrials)     216,704  
  2,537     Carlsberg AS, Class B (Consumer Staples)     367,973  
  2,857     Chr Hansen Holding A/S (Materials)     186,973  
  3,449     Coloplast A/S, Class B (Health Care)     394,375  
  18,747     Danske Bank A/S (Financials)     422,200  
  2,416     Demant A/S (Health Care)*     99,110  
  4,956     DSV A/S (Industrials)     943,646  
  1,813     Genmab A/S (Health Care)*     697,008  
  44,415     Novo Nordisk A/S, Class B (Health Care)*     8,240,152  
  5,702     Novozymes A/S, Class B (Materials)     247,861  
  5,282     Orsted AS (Utilities)(a)     340,367  
  2,481     Pandora A/S (Consumer Discretionary)     257,893  
  9,320     Tryg A/S (Financials)     178,136  
  28,164     Vestas Wind Systems A/S (Industrials)*     652,038  
   

 

 

 
      13,380,788  

 

 

 
Faroe Islands – 0.0%      
  1,381     Bakkafrost P/F (Consumer Staples)     69,782  

 

 

 
Finland – 1.1%      
  3,914     Elisa OYJ (Communication Services)     192,310  
  12,004     Fortum OYJ (Utilities)     161,554  
  2,906     Huhtamaki OYJ (Materials)     100,014  
  7,504     Kesko OYJ, Class B (Consumer Staples)     146,763  
  9,285     Kone OYJ, Class B (Industrials)     423,254  
  19,387     Metso Corp. (Industrials)     223,568  
  12,012     Neste OYJ (Energy)     440,398  
  147,860     Nokia OYJ (Information Technology)     591,689  
  89,164     Nordea Bank Abp (Financials)     979,161  
  2,943     Orion OYJ, Class B (Health Care)     120,708  
  12,972     Sampo OYJ, Class A (Financials)     570,629  
  15,885     Stora Enso OYJ, Class R (Materials)     202,666  
  14,777     UPM-Kymmene OYJ (Materials)     507,129  
  13,511     Wartsila OYJ Abp (Industrials)     171,937  
   

 

 

 
      4,831,780  

 

 

 
France – 9.0%      
  5,477     Adevinta ASA (Communication Services)*     39,029  
  763     Aeroports de Paris (Industrials)     100,700  
  14,269     Air Liquide SA (Materials)     2,584,138  
  16,391     Airbus SE (Industrials)     2,408,407  
  49,797     AXA SA (Financials)     1,501,161  
  1,171     BioMerieux (Health Care)     121,502  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   45


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
France – (continued)      
  30,021     BNP Paribas SA (Financials)   $ 1,945,549  
  22,127     Bollore SE (Communication Services)     131,245  
  5,446     Bouygues SA (Industrials)     188,555  
  4,429     Capgemini SE (Information Technology)     828,489  
  16,434     Carrefour SA (Consumer Staples)     315,174  
  13,002     Cie de Saint-Gobain SA (Industrials)     848,961  
  18,794     Cie Generale des Etablissements Michelin (Consumer Discretionary)     589,708  
  30,866     Credit Agricole SA (Financials)     390,481  
  17,646     Danone SA (Consumer Staples)     1,030,957  
  18,999     Dassault Systemes (Information Technology)     754,919  
  48,994     Engie SA (Utilities)     791,785  
  8,026     EssilorLuxottica SA (Health Care)     1,514,847  
  908     Hermes International SCA (Consumer Discretionary)     1,873,235  
  1,994     Kering (Consumer Discretionary)     1,069,542  
  6,271     L’Oreal SA (Consumer Staples)     2,761,969  
  7,171     Legrand SA (Industrials)     709,036  
  7,273     LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)     6,174,493  
  52,407     Orange SA (Communication Services)     589,163  
  5,451     Pernod Ricard SA (Consumer Staples)     1,072,023  
  9,920     Safran SA (Industrials)     1,596,698  
  678     Sartorius Stedim Biotech (Health Care)     192,871  
  20,915     Societe Generale SA (Financials)     595,083  
  2,258     Sodexo SA (Consumer Discretionary)     242,670  
  1,615     Teleperformance SE (Industrials)     224,101  
  2,709     Thales SA (Industrials)     396,341  
  63,923     TotalEnergies SE (Energy)     4,028,830  
  13,574     Vinci SA (Industrials)     1,516,863  
  6,659     Worldline SA (Financials)*(a)     217,399  
   

 

 

 
      39,345,924  

 

 

 
Germany – 7.2%      
  4,639     adidas AG (Consumer Discretionary)     928,544  
  11,250     Allianz SE (Financials)     2,739,356  
  24,986     BASF SE (Materials)     1,268,878  
  27,505     Bayer AG (Health Care)     1,508,748  
  8,517     Bayerische Motoren Werke AG (Consumer Discretionary)     898,233  
  2,726     Beiersdorf AG (Consumer Staples)     357,407  
  2,590     BioNTech SE ADR (Health Care)*     319,055  
  1,018     Carl Zeiss Meditec AG (Health Care)     101,340  
  3,008     Continental AG (Consumer Discretionary)     224,026  
  12,032     Daimler Truck Holding AG (Industrials)     424,285  
  54,541     Deutsche Bank AG (Financials)     595,039  
  5,140     Deutsche Boerse AG (Financials)     914,070  
  90,377     Deutsche Telekom AG (Communication Services)     1,936,507  
  26,459     DHL Group (Industrials)     1,237,284  
  61,949     E.ON SE (Utilities)     765,150  
  5,593     Evonik Industries AG (Materials)     107,476  
  5,544     Fresenius Medical Care AG & Co. KGaA (Health Care)     268,065  

 

 

 
Common Stocks – (continued)      
Germany – (continued)      
  11,459     Fresenius SE & Co. KGaA (Health Care)   368,260  
  1,674     Hannover Rueck SE (Financials)     356,562  
  176     Hapag-Lloyd AG (Industrials)(a)(b)     35,033  
  3,838     Heidelberg Materials AG (Materials)     309,419  
  2,679     Henkel AG & Co. KGaA (Consumer Staples)     185,450  
  36,457     Infineon Technologies AG (Information Technology)     1,306,358  
  1,853     Knorr-Bremse AG (Industrials)     126,904  
  22,007     Mercedes-Benz Group AG (Consumer Discretionary)     1,613,213  
  3,616     Merck KGaA (Health Care)     651,488  
  1,504     MTU Aero Engines AG (Industrials)     352,265  
  3,816     Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)     1,483,556  
  2,803     Puma SE (Consumer Discretionary)     188,619  
  20,823     RWE AG (Utilities)     860,165  
  28,653     SAP SE (Information Technology)     4,006,114  
  20,718     Siemens AG (Industrials)     3,122,896  
  13,953     Siemens Energy AG (Industrials)*     199,294  
  7,541     Siemens Healthineers AG (Health Care)(a)     378,539  
  3,697     Symrise AG (Materials)     385,846  
  1,248     Talanx AG (Financials)     84,048  
  24,802     Telefonica Deutschland Holding AG (Communication Services)     47,216  
  796     Volkswagen AG (Consumer Discretionary)     113,953  
  19,706     Vonovia SE (Real Estate)     472,887  
  6,129     Zalando SE (Consumer Discretionary)*(a)     191,115  
   

 

 

 
      31,432,663  

 

 

 
Guatemala – 0.0%      
  3,623     Millicom International Cellular SA SDR (Communication Services)*     57,737  

 

 

 
Hong Kong – 2.2%      
  324,374     AIA Group Ltd. (Financials)     2,945,188  
  16,868     Cathay Pacific Airways Ltd. (Industrials)*     17,983  
  53,107     CK Asset Holdings Ltd. (Real Estate)     293,242  
  17,074     CK Infrastructure Holdings Ltd. (Utilities)     86,440  
  53,084     CLP Holdings Ltd. (Utilities)     416,318  
  1,973     Futu Holdings Ltd. ADR (Financials)*     117,591  
  49,173     Hang Lung Properties Ltd. (Real Estate)     65,717  
  20,162     Hang Seng Bank Ltd. (Financials)     257,111  
  36,660     Henderson Land Development Co. Ltd. (Real Estate)     100,746  
  63,317     HK Electric Investments & HK Electric Investments Ltd. (Utilities)     36,738  
  101,524     HKT Trust & HKT Ltd. (Communication Services)     108,234  

 

 

 

 

46   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Hong Kong – (continued)      
  256,190     Hong Kong & China Gas Co. Ltd. (Utilities)   $ 188,506  
  33,395     Hong Kong Exchanges & Clearing Ltd. (Financials)     1,294,619  
  29,123     Hongkong Land Holdings Ltd. (Real Estate)     103,387  
  5,489     Jardine Matheson Holdings Ltd. (Industrials)     261,057  
  71,136     Link REIT (Real Estate)     352,879  
  43,674     MTR Corp. Ltd. (Industrials)     182,398  
  38,413     New World Development Co. Ltd. (Real Estate)     81,609  
  6,813     Polestar Automotive Holding UK PLC, Class A ADR (Consumer Discretionary)*     22,687  
  37,981     Power Assets Holdings Ltd. (Utilities)     187,199  
  77,032     Prudential PLC (Financials)     943,119  
  273,097     Sino Biopharmaceutical Ltd. (Health Care)     103,782  
  92,747     Sino Land Co. Ltd. (Real Estate)     106,328  
  40,759     Sun Hung Kai Properties Ltd. (Real Estate)     458,956  
  11,782     Swire Pacific Ltd., Class A (Real Estate)     97,210  
  22,415     Swire Pacific Ltd., Class B (Real Estate)     29,556  
  29,338     Swire Properties Ltd. (Real Estate)     61,357  
  38,180     Techtronic Industries Co. Ltd. (Industrials)     377,333  
  211,091     WH Group Ltd. (Consumer Staples)(a)     108,752  
  43,153     Wharf Real Estate Investment Co. Ltd. (Real Estate)     179,947  
   

 

 

 
      9,585,989  

 

 

 
Ireland – 0.8%      
  4,633     AerCap Holdings NV (Industrials)*     285,022  
  29,545     Bank of Ireland Group PLC (Financials)     294,949  
  20,358     CRH PLC (Materials)     1,173,716  
  4,390     Kerry Group PLC, Class A (Consumer Staples)     410,430  
  4,264     Kingspan Group PLC (Industrials)     361,349  
  5,230     Ryanair Holdings PLC ADR (Industrials)*     519,078  
  7,206     Smurfit Kappa Group PLC (Materials)     303,300  
   

 

 

 
      3,347,844  

 

 

 
Israel – 0.8%      
  1,608     Airport City Ltd. (Real Estate)*     24,702  
  4,256     Alony Hetz Properties & Investments Ltd. (Real Estate)     32,439  
  6,013     Amot Investments Ltd. (Real Estate)     28,495  
  1,071     Ashtrom Group Ltd. (Industrials)     14,719  
  1,018     Azrieli Group Ltd. (Real Estate)     54,729  
  34,606     Bank Hapoalim BM (Financials)     287,358  
  40,999     Bank Leumi Le-Israel BM (Financials)     319,180  
  55,745     Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)     75,554  

 

 

 
Common Stocks – (continued)      
Israel – (continued)      
  317     Big Shopping Centers Ltd. (Real Estate)*   26,540  
  2,565     Check Point Software Technologies Ltd. (Information Technology)*     345,223  
  261     Delek Group Ltd. (Energy)     37,546  
  690     Elbit Systems Ltd. (Industrials)     135,936  
  7,224     Energix-Renewable Energies Ltd. (Utilities)     22,538  
  3,230     Enlight Renewable Energy Ltd. (Utilities)*     52,660  
  183     Fattal Holdings 1998 Ltd. (Consumer Discretionary)*     17,971  
  1,443     First International Bank Of Israel Ltd. (The) (Financials)     58,468  
  1,896     Global-e Online Ltd. (Consumer Discretionary)*     75,138  
  3,075     Harel Insurance Investments & Financial Services Ltd. (Financials)     22,433  
  19,421     ICL Group Ltd. (Materials)     116,578  
  104     Israel Corp. Ltd. (Materials)     28,969  
  34,457     Israel Discount Bank Ltd., Class A (Financials)     172,816  
  1,336     Maytronics Ltd. (Consumer Discretionary)     14,477  
  699     Melisron Ltd. (Real Estate)     43,891  
  16,318     Mivne Real Estate KD Ltd. (Real Estate)     39,159  
  4,186     Mizrahi Tefahot Bank Ltd. (Financials)     137,979  
  1,771     Nice Ltd. (Information Technology)*     350,628  
  798     Nova Ltd. (Information Technology)*     103,450  
  2,832     OPC Energy Ltd. (Utilities)*     17,522  
  4,553     Phoenix Holdings Ltd. (The) (Financials)     45,682  
  2,472     Plus500 Ltd. (Financials)     44,731  
  3,951     Shapir Engineering and Industry Ltd. (Industrials)     27,170  
  7,386     Shufersal Ltd. (Consumer Staples)*     34,438  
  1,393     Strauss Group Ltd. (Consumer Staples)*     30,286  
  31,200     Teva Pharmaceutical Industries Ltd. (Health Care)*     303,925  
  3,043     Tower Semiconductor Ltd. (Information Technology)*     89,008  
  1,540     Wix.com Ltd. (Information Technology)*     152,106  
  2,655     ZIM Integrated Shipping Services Ltd. (Industrials)(b)     32,046  
   

 

 

 
      3,416,490  

 

 

 
Italy – 2.3%      
  43,310     A2A SpA (Utilities)     83,178  
  3,387     Amplifon SpA (Health Care)     110,430  
  29,096     Assicurazioni Generali SpA (Financials)     604,113  
  5,648     Banca Mediolanum SpA (Financials)     51,738  
  13,639     Davide Campari-Milano NV (Consumer Staples)     178,673  
  627     DiaSorin SpA (Health Care)     66,391  
  214,976     Enel SpA (Utilities)     1,448,944  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   47


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
Italy – (continued)      
  59,381     Eni SpA (Energy)   $ 920,592  
  3,656     Ferrari NV (Consumer Discretionary)     1,162,636  
  16,995     FinecoBank Banca Fineco SpA (Financials)     233,520  
  19,466     Hera SpA (Utilities)     59,072  
  8,664     Infrastrutture Wireless Italiane SpA (Communication Services)(a)     107,341  
  2,005     Interpump Group SpA (Industrials)     101,734  
  434,302     Intesa Sanpaolo SpA (Financials)     1,165,226  
  11,150     Leonardo SpA (Industrials)     161,134  
  16,844     Mediobanca Banca di Credito Finanziario SpA (Financials)     220,659  
  5,404     Moncler SpA (Consumer Discretionary)     367,398  
  13,529     Nexi SpA (Financials)*(a)     97,382  
  7,020     Pirelli & C SpA (Consumer Discretionary)(a)     35,101  
  12,696     Poste Italiane SpA (Financials)(a)     141,310  
  14,272     PRADA SpA (Consumer Discretionary)     93,275  
  7,155     Prysmian SpA (Industrials)     293,465  
  2,719     Recordati Industria Chimica e Farmaceutica SpA (Health Care)     136,871  
  57,030     Snam SpA (Utilities)     294,880  
  922     Stevanato Group SpA (Health Care)     29,541  
  300,021     Telecom Italia SpA (Communication Services)*     93,292  
  167,902     Telecom Italia SpA-RSP (Communication Services)*     51,572  
  39,078     Terna – Rete Elettrica Nazionale (Utilities)     323,190  
  50,537     UniCredit SpA (Financials)     1,237,698  
  11,646     UnipolSai Assicurazioni SpA (Financials)     29,502  
   

 

 

 
      9,899,858  

 

 

 
Japan – 24.7%      
  2,553     ABC-Mart, Inc. (Consumer Discretionary)(b)     46,480  
  10,577     Acom Co. Ltd. (Financials)     25,116  
  5,133     Advantest Corp. (Information Technology)     645,569  
  21,914     Aeon Co. Ltd. (Consumer Staples)(b)     454,431  
  2,554     Aeon Mall Co. Ltd. (Real Estate)     30,630  
  5,668     AGC, Inc. (Industrials)     199,062  
  5,630     Air Water, Inc. (Materials)     70,885  
  4,056     Aisin Corp. (Consumer Discretionary)     135,595  
  14,642     Ajinomoto Co., Inc. (Consumer Staples)     620,840  
  5,224     Alfresa Holdings Corp. (Health Care)     89,492  
  9,407     Amada Co. Ltd. (Industrials)     99,766  
  12,442     ANA Holdings, Inc. (Industrials)*     281,170  
  13,323     Asahi Group Holdings Ltd. (Consumer Staples)     519,431  
  5,941     Asahi Intecc Co. Ltd. (Health Care)     121,077  
  37,808     Asahi Kasei Corp. (Materials)     244,583  
  4,722     Asics Corp. (Consumer Discretionary)     172,260  
  50,001     Astellas Pharma, Inc. (Health Care)     760,567  
  3,641     Azbil Corp. (Information Technology)     121,546  

 

 

 
Common Stocks – (continued)      
Japan – (continued)      
  16,148     Bandai Namco Holdings, Inc. (Consumer Discretionary)   375,125  
  3,596     BayCurrent Consulting, Inc. (Industrials)     123,823  
  15,344     Bridgestone Corp. (Consumer Discretionary)     596,644  
  7,001     Brother Industries Ltd. (Information Technology)     118,707  
  2,161     Calbee, Inc. (Consumer Staples)     43,128  
  28,013     Canon, Inc. (Information Technology)     690,391  
  4,656     Capcom Co. Ltd. (Communication Services)     196,461  
  6,198     Casio Computer Co. Ltd. (Consumer Discretionary)     54,983  
  5,215     Central Japan Railway Co. (Industrials)     669,494  
  20,359     Chiba Bank Ltd. (The) (Financials)     145,646  
  20,161     Chubu Electric Power Co., Inc. (Utilities)     269,349  
  17,898     Chugai Pharmaceutical Co. Ltd. (Health Care)     547,937  
  3,910     Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)     50,988  
  32,076     Concordia Financial Group Ltd. (Financials)     142,418  
  530     Cosmos Pharmaceutical Corp. (Consumer Staples)     62,307  
  11,513     CyberAgent, Inc. (Communication Services)     73,387  
  6,614     Dai Nippon Printing Co. Ltd. (Industrials)     180,950  
  9,523     Daifuku Co. Ltd. (Industrials)     176,187  
  27,018     Dai-ichi Life Holdings, Inc. (Financials)     503,206  
  53,640     Daiichi Sankyo Co. Ltd. (Health Care)     1,583,943  
  7,613     Daikin Industries Ltd. (Industrials)     1,319,078  
  1,671     Daito Trust Construction Co. Ltd. (Real Estate)     184,391  
  17,184     Daiwa House Industry Co. Ltd. (Real Estate)     477,802  
  60     Daiwa House REIT Investment Corp. REIT (Real Estate)     113,830  
  39,840     Daiwa Securities Group, Inc. (Financials)     226,860  
  12,465     Denso Corp. (Consumer Discretionary)     852,690  
  5,540     Dentsu Group, Inc. (Communication Services)     165,722  
  2,494     Disco Corp. (Information Technology)     492,427  
  10,200     East Japan Railway Co. (Industrials)     576,752  
  2,565     Ebara Corp. (Industrials)     127,893  
  7,916     Eisai Co. Ltd. (Health Care)     503,392  
  4,680     Electric Power Development Co. Ltd. (Utilities)     73,036  
  77,464     ENEOS Holdings, Inc. (Energy)     290,680  
  26,364     FANUC Corp. (Industrials)     752,067  
  4,675     Fast Retailing Co. Ltd. (Consumer Discretionary)     1,075,104  
  2,994     Food & Life Cos. Ltd. (Consumer Discretionary)     56,935  
  3,790     Fuji Electric Co. Ltd. (Industrials)     178,976  
  8,557     FUJIFILM Holdings Corp. (Information Technology)     506,302  

 

 

 

 

48   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Japan – (continued)      
  5,320     Fujitsu Ltd. (Information Technology)   $ 665,251  
  5,097     Fukuoka Financial Group, Inc. (Financials)     120,681  
  125     GLP J REIT (Real Estate)     117,886  
  1,222     GMO Payment Gateway, Inc. (Financials)     77,457  
  6,090     Hakuhodo DY Holdings, Inc. (Communication Services)     57,874  
  3,889     Hamamatsu Photonics KK (Information Technology)     180,205  
  6,576     Hankyu Hanshin Holdings, Inc. (Industrials)     236,236  
  1,254     Harmonic Drive Systems, Inc. (Industrials)     33,033  
  7,092     Haseko Corp. (Consumer Discretionary)     88,123  
  534     Hikari Tsushin, Inc. (Industrials)     88,985  
  7,768     Hino Motors Ltd. (Industrials)*     30,472  
  838     Hirose Electric Co. Ltd. (Information Technology)     101,624  
  1,993     Hisamitsu Pharmaceutical Co., Inc. (Health Care)     67,654  
  2,878     Hitachi Construction Machinery Co. Ltd. (Industrials)     89,769  
  25,653     Hitachi Ltd. (Industrials)     1,708,144  
  47,478     Honda Motor Co. Ltd. (Consumer Discretionary)     1,533,737  
  3,012     Hoshizaki Corp. (Industrials)     115,734  
  9,728     Hoya Corp. (Health Care)     1,079,478  
  13,368     Hulic Co. Ltd. (Real Estate)     120,104  
  3,470     Ibiden Co. Ltd. (Information Technology)     209,556  
  6,600     Idemitsu Kosan Co. Ltd. (Energy)     140,310  
  4,082     IHI Corp. (Industrials)     101,808  
  4,710     Iida Group Holdings Co. Ltd. (Consumer Discretionary)     77,241  
  25,982     Inpex Corp. (Energy)     363,179  
  9,435     Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary)     108,293  
  16,818     Isuzu Motors Ltd. (Consumer Discretionary)     216,023  
  1,547     Ito En Ltd. (Consumer Staples)     45,788  
  34,783     ITOCHU Corp. (Industrials)     1,307,364  
  2,369     Itochu Techno-Solutions Corp. (Information Technology)     70,378  
  6,942     J Front Retailing Co. Ltd. (Consumer Discretionary)(b)     73,194  
  11,960     Japan Airlines Co. Ltd. (Industrials)     246,536  
  14,723     Japan Exchange Group, Inc. (Financials)     257,173  
  194     Japan Metropolitan Fund Invest REIT (Real Estate)     130,324  
  10,947     Japan Post Bank Co. Ltd. (Financials)     87,863  
  59,968     Japan Post Holdings Co. Ltd. (Financials)     460,104  
  5,303     Japan Post Insurance Co. Ltd. (Financials)     85,509  
  31,019     Japan Tobacco, Inc. (Consumer Staples)     679,889  
  14,759     JFE Holdings, Inc. (Materials)     233,522  
  6,267     JGC Holdings Corp. (Industrials)     83,813  

 

 

 
Common Stocks – (continued)      
Japan – (continued)      
  5,607     JSR Corp. (Materials)   156,750  
  6,237     JTEKT Corp. (Consumer Discretionary)     56,529  
  12,320     Kajima Corp. (Industrials)     205,933  
  3,445     Kakaku.com, Inc. (Communication Services)     41,056  
  20,416     Kansai Electric Power Co., Inc. (The) (Utilities)     290,846  
  5,463     Kansai Paint Co. Ltd. (Materials)     89,646  
  12,647     Kao Corp. (Consumer Staples)     489,861  
  4,353     Kawasaki Heavy Industries Ltd. (Industrials)     111,796  
  3,516     Kawasaki Kisen Kaisha Ltd. (Industrials)     118,001  
  43,123     KDDI Corp. (Communication Services)     1,281,086  
  2,987     Keihan Holdings Co. Ltd. (Industrials)     85,311  
  7,240     Keikyu Corp. (Industrials)     66,813  
  3,060     Keio Corp. (Industrials)     105,934  
  4,397     Keisei Electric Railway Co. Ltd. (Industrials)     168,468  
  2,871     Kewpie Corp. (Consumer Staples)     47,852  
  5,146     Keyence Corp. (Information Technology)     2,139,203  
  4,281     Kikkoman Corp. (Consumer Staples)     247,771  
  5,266     Kintetsu Group Holdings Co. Ltd. (Industrials)     166,714  
  22,719     Kirin Holdings Co. Ltd. (Consumer Staples)     319,285  
  1,408     Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)     69,653  
  3,935     Kobe Bussan Co. Ltd. (Consumer Staples)     97,953  
  3,149     Koei Tecmo Holdings Co. Ltd. (Communication Services)     48,938  
  6,672     Koito Manufacturing Co. Ltd. (Consumer Discretionary)     113,449  
  25,088     Komatsu Ltd. (Industrials)     715,151  
  2,664     Konami Group Corp. (Communication Services)     154,733  
  933     Kose Corp. (Consumer Staples)     77,480  
  29,753     Kubota Corp. (Industrials)     477,201  
  9,035     Kuraray Co. Ltd. (Materials)     102,740  
  3,132     Kurita Water Industries Ltd. (Industrials)     122,260  
  9,314     Kyocera Corp. (Information Technology)     478,415  
  6,926     Kyowa Kirin Co. Ltd. (Health Care)     127,045  
  12,866     Kyushu Electric Power Co., Inc. (Utilities)*     84,999  
  3,914     Kyushu Railway Co. (Industrials)     85,305  
  2,185     Lasertec Corp. (Information Technology)     340,316  
  1,245     Lawson, Inc. (Consumer Staples)     59,443  
  7,098     Lion Corp. (Consumer Staples)     77,301  
  7,749     Lixil Corp. (Industrials)     97,112  
  11,386     M3, Inc. (Health Care)     227,079  
  6,791     Makita Corp. (Industrials)     186,492  
  46,942     Marubeni Corp. (Industrials)     768,851  
  4,950     Marui Group Co. Ltd. (Financials)     85,767  
  3,300     MatsukiyoCocokara & Co. (Consumer Staples)     194,371  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   49


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
Japan – (continued)      
  16,020     Mazda Motor Corp. (Consumer Discretionary)   $ 168,634  
  2,376     McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)     94,495  
  29,465     Mebuki Financial Group, Inc. (Financials)     81,584  
  5,110     Medipal Holdings Corp. (Health Care)     87,644  
  7,465     MEIJI Holdings Co. Ltd. (Consumer Staples)     187,260  
  3,031     Mercari, Inc. (Consumer Discretionary)*     69,079  
  10,784     MINEBEA MITSUMI, Inc. (Industrials)     183,369  
  7,927     MISUMI Group, Inc. (Industrials)     138,492  
  39,677     Mitsubishi Chemical Group Corp. (Materials)     237,187  
  34,368     Mitsubishi Corp. (Industrials)     1,698,747  
  54,855     Mitsubishi Electric Corp. (Industrials)     715,525  
  35,649     Mitsubishi Estate Co. Ltd. (Real Estate)     456,065  
  5,045     Mitsubishi Gas Chemical Co., Inc. (Materials)     68,821  
  23,180     Mitsubishi HC Capital, Inc. (Financials)     150,765  
  9,077     Mitsubishi Heavy Industries Ltd. (Industrials)     515,622  
  3,561     Mitsubishi Materials Corp. (Materials)     59,841  
  18,058     Mitsubishi Motors Corp. (Consumer Discretionary)     71,036  
  320,091     Mitsubishi UFJ Financial Group, Inc. (Financials)     2,558,134  
  41,845     Mitsui & Co. Ltd. (Industrials)     1,561,301  
  4,949     Mitsui Chemicals, Inc. (Materials)     134,480  
  24,687     Mitsui Fudosan Co. Ltd. (Real Estate)     541,271  
  10,064     Mitsui OSK Lines Ltd. (Industrials)     279,001  
  2,810     Miura Co. Ltd. (Industrials)     64,949  
  70,632     Mizuho Financial Group, Inc. (Financials)     1,169,235  
  6,873     MonotaRO Co. Ltd. (Industrials)     81,295  
  11,906     MS&AD Insurance Group Holdings, Inc. (Financials)     428,529  
  17,259     Murata Manufacturing Co. Ltd. (Information Technology)     970,326  
  3,011     Nabtesco Corp. (Industrials)     57,062  
  5,475     Nagoya Railroad Co. Ltd. (Industrials)     87,963  
  7,074     NEC Corp. (Information Technology)     373,464  
  12,613     Nexon Co. Ltd. (Communication Services)     256,185  
  8,053     NGK Insulators Ltd. (Industrials)(b)     106,979  
  2,702     NH Foods Ltd. (Consumer Staples)     83,852  
  3,531     Nichirei Corp. (Consumer Staples)     83,579  
  13,426     NIDEC Corp. (Industrials)     703,831  
  8,397     Nihon M&A Center Holdings, Inc. (Industrials)     46,725  
  9,068     Nikon Corp. (Consumer Discretionary)     98,039  
  32,219     Nintendo Co. Ltd. (Communication Services)     1,386,932  
  47     Nippon Building Fund, Inc. REIT (Real Estate)     198,544  

 

 

 
Common Stocks – (continued)      
Japan – (continued)      
  2,302     NIPPON EXPRESS HOLDINGS, Inc. (Industrials)   119,682  
  24,769     Nippon Paint Holdings Co. Ltd. (Materials)     191,571  
  64     Nippon Prologis REIT, Inc. REIT (Real Estate)     128,761  
  5,197     Nippon Sanso Holdings Corp. (Materials)     125,548  
  1,696     Nippon Shinyaku Co. Ltd. (Health Care)     74,545  
  23,890     Nippon Steel Corp. (Materials)     565,641  
  1,500,599     Nippon Telegraph & Telephone Corp. (Communication Services)     1,734,731  
  4,509     Nippon Television Holdings, Inc. (Communication Services)     42,059  
  13,761     Nippon Yusen KK (Industrials)     367,313  
  3,656     Nissan Chemical Corp. (Materials)     156,903  
  61,234     Nissan Motor Co. Ltd. (Consumer Discretionary)     261,113  
  7,116     Nisshin Seifun Group, Inc. (Consumer Staples)     93,871  
  1,694     Nissin Foods Holdings Co. Ltd. (Consumer Staples)     148,008  
  5,351     Niterra Co. Ltd. (Consumer Discretionary)     124,416  
  2,280     Nitori Holdings Co. Ltd. (Consumer Discretionary)     260,285  
  4,120     Nitto Denko Corp. (Materials)     281,553  
  83,148     Nomura Holdings, Inc. (Financials)     322,232  
  2,875     Nomura Real Estate Holdings, Inc. (Real Estate)     72,435  
  119     Nomura Real Estate Master Fund, Inc. REIT (Real Estate)     139,856  
  10,812     Nomura Research Institute Ltd. (Information Technology)     310,803  
  13,523     NSK Ltd. (Industrials)     78,889  
  17,284     NTT Data Group Corp. (Information Technology)     232,812  
  19,252     Obayashi Corp. (Industrials)     174,423  
  800     OBIC Business Consultants Co. Ltd. (Information Technology)     34,344  
  1,812     Obic Co. Ltd. (Information Technology)     315,266  
  8,839     Odakyu Electric Railway Co. Ltd. (Industrials)     131,506  
  25,859     Oji Holdings Corp. (Materials)     105,862  
  35,096     Olympus Corp. (Health Care)     475,026  
  5,216     Omron Corp. (Information Technology)     252,157  
  12,246     Ono Pharmaceutical Co. Ltd. (Health Care)     232,286  
  2,081     Open House Group Co. Ltd. (Consumer Discretionary)     70,413  
  928     Oracle Corp. Japan (Information Technology)     64,826  

 

 

 

 

50   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Japan – (continued)      
  30,829     Oriental Land Co. Ltd. (Consumer Discretionary)   $ 1,111,525  
  32,176     ORIX Corp. (Financials)     601,152  
  77     Orix JREIT, Inc. REIT (Real Estate)     95,784  
  11,440     Osaka Gas Co. Ltd. (Utilities)     183,090  
  3,060     Otsuka Corp. (Information Technology)     136,516  
  12,393     Otsuka Holdings Co. Ltd. (Health Care)     472,106  
  10,636     Pan Pacific International Holdings Corp. (Consumer Discretionary)     212,194  
  63,092     Panasonic Holdings Corp. (Consumer Discretionary)     727,843  
  3,551     Park24 Co. Ltd. (Industrials)*     50,148  
  5,204     Persol Holdings Co. Ltd. (Industrials)     89,185  
  2,301     Pola Orbis Holdings, Inc. (Consumer Staples)     29,722  
  2,418     Rakus Co. Ltd. (Information Technology)     39,380  
  39,741     Rakuten Group, Inc. (Consumer Discretionary)     155,131  
  40,295     Recruit Holdings Co. Ltd. (Industrials)     1,444,791  
  33,767     Renesas Electronics Corp. (Information Technology)*     568,369  
  66,094     Resona Holdings, Inc. (Financials)     350,616  
  4,927     Resonac Holdings Corp. (Materials)     80,241  
  15,756     Ricoh Co. Ltd. (Information Technology)     128,572  
  3,032     Rinnai Corp. (Consumer Discretionary)     58,761  
  2,446     Rohm Co. Ltd. (Information Technology)     204,470  
  5,508     Rohto Pharmaceutical Co. Ltd. (Consumer Staples)     143,654  
  7,169     Ryohin Keikaku Co. Ltd. (Consumer Discretionary)     92,502  
  10,148     Santen Pharmaceutical Co. Ltd. (Health Care)     94,415  
  6,722     SBI Holdings, Inc. (Financials)     137,386  
  2,083     SBI Shinsei Bank Ltd. (Financials)     40,434  
  1,297     SCREEN Holdings Co. Ltd. (Information Technology)     132,297  
  3,993     SCSK Corp. (Information Technology)     69,281  
  5,785     Secom Co. Ltd. (Industrials)     405,111  
  4,308     Sega Sammy Holdings, Inc. (Consumer Discretionary)     86,065  
  6,211     Seibu Holdings, Inc. (Industrials)     65,721  
  7,660     Seiko Epson Corp. (Information Technology)     120,094  
  10,598     Sekisui Chemical Co. Ltd. (Consumer Discretionary)     162,772  
  17,178     Sekisui House Ltd. (Consumer Discretionary)     350,498  
  21,358     Seven & i Holdings Co. Ltd. (Consumer Staples)     877,441  
  16,867     Seven Bank Ltd. (Financials)     35,892  
  12,611     SG Holdings Co. Ltd. (Industrials)     182,255  
  7,721     Sharp Corp. (Consumer Discretionary)*(b)     47,566  
  7,633     Shimadzu Corp. (Information Technology)     224,714  
  658     Shimamura Co. Ltd. (Consumer Discretionary)     67,841  

 

 

 
Common Stocks – (continued)      
Japan – (continued)      
  2,203     Shimano, Inc. (Consumer Discretionary)   323,826  
  16,009     Shimizu Corp. (Industrials)     107,731  
  54,857     Shin-Etsu Chemical Co. Ltd. (Materials)     1,755,530  
  1,775     Shinko Electric Industries Co. Ltd. (Information Technology)     72,861  
  8,171     Shionogi & Co. Ltd. (Health Care)     360,156  
  10,958     Shiseido Co. Ltd. (Consumer Staples)     445,290  
  15,274     Shizuoka Financial Group, Inc. (Financials)     124,324  
  1,576     SMC Corp. (Industrials)     764,266  
  78,252     SoftBank Corp. (Communication Services)     897,626  
  27,300     SoftBank Group Corp. (Communication Services)     1,227,314  
  9,860     Sohgo Security Services Co. Ltd. (Industrials)     62,898  
  6,488     Sojitz Corp. (Industrials)     139,578  
  9,064     Sompo Holdings, Inc. (Financials)     395,159  
  34,484     Sony Group Corp. (Consumer Discretionary)     2,876,726  
  2,454     Square Enix Holdings Co. Ltd. (Communication Services)     93,214  
  4,199     Stanley Electric Co. Ltd. (Consumer Discretionary)     73,793  
  17,089     Subaru Corp. (Consumer Discretionary)     329,784  
  950     Sugi Holdings Co. Ltd. (Consumer Staples)     42,670  
  9,480     SUMCO Corp. (Information Technology)     126,782  
  39,863     Sumitomo Chemical Co. Ltd. (Materials)     110,456  
  33,040     Sumitomo Corp. (Industrials)     680,612  
  20,306     Sumitomo Electric Industries Ltd. (Consumer Discretionary)     249,039  
  3,190     Sumitomo Heavy Industries Ltd. (Industrials)     80,043  
  6,955     Sumitomo Metal Mining Co. Ltd. (Materials)     215,933  
  34,840     Sumitomo Mitsui Financial Group, Inc. (Financials)     1,598,833  
  9,369     Sumitomo Mitsui Trust Holdings, Inc. (Financials)     350,795  
  4,274     Sumitomo Pharma Co. Ltd. (Health Care)     14,928  
  10,416     Sumitomo Realty & Development Co. Ltd. (Real Estate)     266,794  
  4,874     Sumitomo Rubber Industries Ltd. (Consumer Discretionary)     51,474  
  1,889     Sundrug Co. Ltd. (Consumer Staples)     55,832  
  3,488     Suntory Beverage & Food Ltd. (Consumer Staples)     112,940  
  11,111     Suzuki Motor Corp. (Consumer Discretionary)     437,693  
  4,421     Sysmex Corp. (Health Care)     235,376  
  15,044     T&D Holdings, Inc. (Financials)     239,065  
  4,645     Taisei Corp. (Industrials)     156,434  
  1,356     Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)     56,183  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   51


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
Japan – (continued)      
  3,418     Taiyo Yuden Co. Ltd. (Information Technology)   $ 95,249  
  42,749     Takeda Pharmaceutical Co. Ltd. (Health Care)     1,323,711  
  3,749     TBS Holdings, Inc. (Communication Services)     66,348  
  10,424     TDK Corp. (Information Technology)     380,487  
  20,102     Terumo Corp. (Health Care)     609,336  
  3,415     THK Co. Ltd. (Industrials)     62,525  
  6,562     TIS, Inc. (Information Technology)     154,917  
  5,815     Tobu Railway Co. Ltd. (Industrials)     159,490  
  260     Toei Animation Co. Ltd. (Communication Services)     21,949  
  2,999     Toho Co. Ltd. (Communication Services)     114,431  
  12,846     Tohoku Electric Power Co., Inc. (Utilities)*     89,825  
  53,245     Tokio Marine Holdings, Inc. (Financials)     1,180,215  
  1,140     Tokyo Century Corp. (Financials)     43,843  
  41,503     Tokyo Electric Power Co. Holdings, Inc. (Utilities)*     182,450  
  12,660     Tokyo Electron Ltd. (Information Technology)     1,876,151  
  11,499     Tokyo Gas Co. Ltd. (Utilities)     266,732  
  15,336     Tokyu Corp. (Industrials)     193,879  
  16,556     Tokyu Fudosan Holdings Corp. (Real Estate)     103,088  
  7,276     TOPPAN, Inc. (Industrials)     175,971  
  42,117     Toray Industries, Inc. (Materials)     227,415  
  11,663     Toshiba Corp. (Industrials)     368,672  
  8,347     Tosoh Corp. (Materials)     108,132  
  4,254     TOTO Ltd. (Industrials)     116,734  
  2,543     Toyo Suisan Kaisha Ltd. (Consumer Staples)     105,014  
  2,025     Toyota Boshoku Corp. (Consumer Discretionary)     38,355  
  4,626     Toyota Industries Corp. (Industrials)     327,285  
  318,704     Toyota Motor Corp. (Consumer Discretionary)     5,505,653  
  6,489     Toyota Tsusho Corp. (Industrials)     387,553  
  3,684     Trend Micro, Inc. (Information Technology)     156,611  
  1,051     Tsuruha Holdings, Inc. (Consumer Staples)     76,956  
  11,567     Unicharm Corp. (Consumer Staples)     461,774  
  86     United Urban Investment Corp. REIT (Real Estate)     92,448  
  5,524     USS Co. Ltd. (Consumer Discretionary)     96,547  
  2,560     Welcia Holdings Co. Ltd. (Consumer Staples)(b)     47,082  
  6,621     West Japan Railway Co. (Industrials)     286,697  
  583     Workman Co. Ltd. (Consumer Discretionary)     21,064  
  3,696     Yakult Honsha Co. Ltd. (Consumer Staples)     193,806  

 

 

 
Common Stocks – (continued)      
Japan – (continued)      
  18,078     Yamada Holdings Co. Ltd. (Consumer Discretionary)   56,872  
  4,517     Yamaha Corp. (Consumer Discretionary)     139,588  
  8,517     Yamaha Motor Co. Ltd. (Consumer Discretionary)     221,079  
  8,580     Yamato Holdings Co. Ltd. (Industrials)     161,275  
  3,688     Yamazaki Baking Co. Ltd. (Consumer Staples)     69,904  
  7,291     Yaskawa Electric Corp. (Industrials)(b)     286,512  
  6,668     Yokogawa Electric Corp. (Information Technology)     132,297  
  3,659     Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)     74,507  
  72,813     Z Holdings Corp. (Communication Services)     218,962  
  3,258     ZOZO, Inc. (Consumer Discretionary)     65,111  
   

 

 

 
      107,985,707  

 

 

 
Jordan – 0.0%      
  4,385     Hikma Pharmaceuticals PLC (Health Care)     121,631  

 

 

 
Luxembourg – 0.1%      
  12,837     ArcelorMittal (Materials)     341,768  
  3,608     Eurofins Scientific SE (Health Care)     222,582  
   

 

 

 
      564,350  

 

 

 
Macau – 0.1%      
  52,049     Galaxy Entertainment Group Ltd. (Consumer Discretionary)*     344,482  
  67,839     Sands China Ltd. (Consumer Discretionary)*     229,684  
   

 

 

 
      574,166  

 

 

 
Mexico – 0.0%      
  5,134     Fresnillo PLC (Materials)     37,433  

 

 

 
Netherlands – 5.0%      
  841     Adyen NV (Financials)*(a)     705,122  
  4,776     Akzo Nobel NV (Materials)     388,980  
  1,558     Argenx SE ADR (Health Care)*     782,879  
  1,288     ASM International NV (Information Technology)     622,359  
  11,050     ASML Holding NV (Information Technology)     7,290,618  
  2,964     EXOR NV (Financials)     262,956  
  2,515     HAL Trust (Financials)     317,186  
  3,086     Heineken Holding NV (Consumer Staples)     247,520  
  8,045     Heineken NV (Consumer Staples)     784,276  
  98,413     ING Groep NV (Financials)     1,399,245  
  2,714     JDE Peet’s NV (Consumer Staples)     75,644  
  26,865     Koninklijke Ahold Delhaize NV (Consumer Staples)     879,841  
  89,355     Koninklijke KPN NV (Communication Services)     312,959  

 

 

 

 

52   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Netherlands – (continued)      
  25,751     Koninklijke Philips NV (Health Care)*   $ 581,336  
  6,962     NN Group NV (Financials)     268,699  
  188,269     Shell PLC (Energy)     5,753,001  
  21,517     Universal Music Group NV (Communication Services)     534,561  
  6,932     Wolters Kluwer NV (Industrials)     836,630  
   

 

 

 
      22,043,812  

 

 

 
New Zealand – 0.4%      
  18,813     a2 Milk Co. Ltd. (The) (Consumer Staples)*     56,011  
  33,607     Auckland International Airport Ltd. (Industrials)*     156,288  
  11,442     Chorus Ltd. (Communication Services)     54,675  
  21,592     Contact Energy Ltd. (Utilities)     107,613  
  15,278     Fisher & Paykel Healthcare Corp. Ltd. (Health Care)     206,599  
  22,586     Infratil Ltd. (Industrials)     135,699  
  2,307     Mainfreight Ltd. (Industrials)     90,060  
  18,163     Mercury NZ Ltd. (Utilities)     67,108  
  35,231     Meridian Energy Ltd. (Utilities)     112,549  
  16,699     Ryman Healthcare Ltd. (Health Care)     66,024  
  51,649     Spark New Zealand Ltd. (Communication Services)     156,079  
  3,558     Xero Ltd. (Information Technology)*     288,273  
   

 

 

 
      1,496,978  

 

 

 
Norway – 0.8%      
  615     Aker ASA, Class A (Industrials)     37,927  
  8,588     Aker BP ASA (Energy)     233,004  
  20,529     AutoStore Holdings Ltd. (Industrials)*(a)     35,183  
  24,875     DNB Bank ASA (Financials)     492,489  
  27,650     Equinor ASA (Energy)     853,117  
  3,984     Frontline PLC (Energy)     71,267  
  5,043     Gjensidige Forsikring ASA (Financials)     78,462  
  2,345     Kongsberg Gruppen ASA (Industrials)     97,176  
  7,472     Leroy Seafood Group ASA (Consumer Staples)     30,922  
  12,331     Mowi ASA (Consumer Staples)     223,733  
  46,460     NEL ASA (Industrials)*(b)     51,058  
  4,593     Nordic Semiconductor ASA (Information Technology)*     56,176  
  36,887     Norsk Hydro ASA (Materials)     204,944  
  22,146     Orkla ASA (Consumer Staples)     169,221  
  1,810     Salmar ASA (Consumer Staples)     88,482  
  1,908     Schibsted ASA, Class A (Communication Services)     40,628  
  2,657     Schibsted ASA, Class B (Communication Services)     52,255  
  2,019     Seadrill Ltd. (Energy)*     98,699  
  4,737     SpareBank 1 SR-Bank ASA (Financials)     57,313  
  12,109     Storebrand ASA (Financials)     97,217  
  17,934     Telenor ASA (Communication Services)     192,033  
  6,497     TOMRA Systems ASA (Industrials)     89,266  
  10,851     Var Energi ASA (Energy)     31,480  

 

 

 
Common Stocks – (continued)      
Norway – (continued)      
  2,853     Wallenius Wilhelmsen ASA (Industrials)   23,147  
   

 

 

 
      3,405,199  

 

 

 
Poland – 0.3%      
  11,689     Allegro.eu SA (Consumer Discretionary)*(a)     93,654  
  4,912     Bank Polska Kasa Opieki SA (Financials)     128,603  
  1,944     CD Projekt SA (Communication Services)     69,600  
  6,761     Cyfrowy Polsat SA (Communication Services)     22,245  
  1,335     Dino Polska SA (Consumer Staples)*(a)     122,737  
  5,008     InPost SA (Industrials)*     59,002  
  3,798     KGHM Polska Miedz SA (Materials)     105,151  
  364     mBank SA (Financials)*     37,890  
  16,200     ORLEN SA (Energy)     247,840  
  24,460     PGE Polska Grupa Energetyczna SA (Utilities)*     50,365  
  23,885     Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*     216,465  
  15,830     Powszechny Zaklad Ubezpieczen SA (Financials)     158,751  
  928     Santander Bank Polska SA (Financials)*     83,675  
   

 

 

 
      1,395,978  

 

 

 
Portugal – 0.2%      
  204,031     Banco Comercial Portugues SA, Class R (Financials)*     57,000  
  78,120     EDP – Energias de Portugal SA (Utilities)     356,617  
  13,269     Galp Energia SGPS SA (Energy)     182,971  
  7,657     Jeronimo Martins SGPS SA (Consumer Staples)     195,297  
  5,951     Navigator Co SA (The) (Materials)     21,792  
   

 

 

 
      813,677  

 

 

 
Russia – 0.0%      
  12,172     Evraz PLC (Materials)*(c)      

 

 

 
Singapore – 1.6%      
  66,853     Capital and Investment Ltd. (Real Estate)     160,388  
  99,392     CapitaLand Ascendas REIT REIT (Real Estate)     203,862  
  141,492     CapitaLand Integrated Commercial Trust REIT (Real Estate)     200,111  
  12,286     City Developments Ltd. (Real Estate)     60,770  
  51,171     DBS Group Holdings Ltd. (Financials)     1,261,751  
  77,435     Frasers Logistics & Commercial Trust REIT (Real Estate)     68,806  
  157,928     Genting Singapore Ltd. (Consumer Discretionary)     102,323  
  51,467     Grab Holdings Ltd., Class A (Industrials)*     194,031  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   53


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
Singapore – (continued)      
  2,641     Jardine Cycle & Carriage Ltd. (Industrials)   $ 65,355  
  40,015     Keppel Corp. Ltd. (Industrials)     205,631  
  38,537     Keppel DC REIT (Real Estate)     62,778  
  56,015     Mapletree Industrial Trust REIT (Real Estate)     95,398  
  92,823     Mapletree Logistics Trust REIT (Real Estate)     115,470  
  60,543     Mapletree Pan Asia Commercial Trust REIT (Real Estate)     68,142  
  24,933     Olam Group Ltd. (Consumer Staples)     23,077  
  89,893     Oversea-Chinese Banking Corp. Ltd. (Financials)     835,362  
  24,197     SATS Ltd. (Industrials)*     46,405  
  10,185     Sea Ltd. ADR (Communication Services)*     383,261  
  1,797,967     Seatrium Ltd. (Industrials)*     193,043  
  25,098     Sembcorp Industries Ltd. (Utilities)     99,426  
  36,886     Singapore Airlines Ltd. (Industrials)     187,639  
  22,784     Singapore Exchange Ltd. (Financials)     162,466  
  42,284     Singapore Technologies Engineering Ltd. (Industrials)     119,291  
  199,942     Singapore Telecommunications Ltd. (Communication Services)     352,360  
  18,210     STMicroelectronics NV (Information Technology)     863,005  
  49,463     Suntec Real Estate Investment Trust REIT (Real Estate)     44,317  
  37,438     United Overseas Bank Ltd. (Financials)     788,402  
  14,630     UOL Group Ltd. (Real Estate)     71,931  
  7,528     Venture Corp. Ltd. (Information Technology)     73,078  
   

 

 

 
      7,107,879  

 

 

 
South Africa – 0.2%      
  32,324     Anglo American PLC (Materials)     860,352  

 

 

 
South Korea – 0.1%      
  5,593     Delivery Hero SE (Consumer Discretionary)*(a)     204,723  

 

 

 
Spain – 2.4%      
  5,681     ACS Actividades de Construccion y Servicios SA (Industrials)     199,713  
  2,048     Aena SME SA (Industrials)(a)     322,306  
  12,577     Amadeus IT Group SA (Consumer Discretionary)     864,074  
  167,604     Banco Bilbao Vizcaya Argentaria SA (Financials)     1,321,751  
  443,229     Banco Santander SA (Financials)     1,732,774  
  105,694     CaixaBank SA (Financials)     428,346  
  15,936     Cellnex Telecom SA (Communication Services)*(a)     610,554  
  1,590     Corp ACCIONA Energias Renovables SA (Utilities)     47,353  
  8,220     EDP Renovaveis SA (Utilities)     150,819  

 

 

 
Common Stocks – (continued)      
Spain – (continued)      
  8,810     Endesa SA (Utilities)   183,398  
  8,219     Grifols SA (Health Care)*     112,800  
  162,686     Iberdrola SA (Utilities)     1,935,221  
  30,929     Industria de Diseno Textil SA (Consumer Discretionary)     1,186,993  
  25,451     Mapfre SA (Financials)     53,893  
  3,479     Naturgy Energy Group SA (Utilities)(b)     100,968  
  11,251     Redeia Corp. SA (Utilities)     183,230  
  35,714     Repsol SA (Energy)     551,198  
  144,615     Telefonica SA (Communication Services)     600,207  
   

 

 

 
      10,585,598  

 

 

 
Sweden – 3.1%      
  4,888     AAK AB (Consumer Staples)     90,708  
  6,652     AddTech AB, Class B (Industrials)(b)     112,629  
  7,864     Alfa Laval AB (Industrials)     276,643  
  27,181     Assa Abloy AB, Class B (Industrials)     612,881  
  70,868     Atlas Copco AB, Class A (Industrials)     938,120  
  42,104     Atlas Copco AB, Class B (Industrials)     485,835  
  3,301     Avanza Bank Holding AB (Financials)     63,910  
  2,929     Axfood AB (Consumer Staples)     70,805  
  10,407     Beijer Ref AB (Industrials)     119,563  
  7,517     Boliden AB (Materials)     200,146  
  10,601     Castellum AB (Real Estate)     113,272  
  5,820     Electrolux AB, Class B (Consumer Discretionary)     64,127  
  9,646     Elekta AB, Class B (Health Care)     69,047  
  20,011     Embracer Group AB (Communication Services)*(b)     48,520  
  17,299     Epiroc AB, Class A (Industrials)     332,713  
  10,502     Epiroc AB, Class B (Industrials)     172,254  
  12,449     EQT AB (Financials)     251,029  
  16,867     Essity AB, Class B (Consumer Staples)     393,875  
  5,001     Evolution AB (Consumer Discretionary)(a)     541,757  
  7,001     Fabege AB (Real Estate)     60,024  
  17,802     Fastighets AB Balder, Class B (Real Estate)*     85,353  
  6,058     Getinge AB, Class B (Health Care)     105,311  
  17,366     H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)     265,615  
  54,000     Hexagon AB, Class B (Information Technology)     482,799  
  2,525     Holmen AB, Class B (Materials)     95,812  
  10,685     Husqvarna AB, Class B (Industrials)     92,214  
  4,326     Industrivarden AB, Class A (Financials)     112,872  
  3,595     Industrivarden AB, Class C (Financials)     93,635  
  7,439     Indutrade AB (Industrials)     143,143  
  3,755     Investment AB Latour, Class B (Industrials)     68,396  
  13,360     Investor AB, Class A (Financials)     255,367  
  50,777     Investor AB, Class B (Financials)     978,915  
  6,620     Kinnevik AB, Class B (Financials)*     77,959  
  1,254     L E Lundbergforetagen AB, Class B (Financials)     51,054  

 

 

 

 

54   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

 

 


Shares
    Description   Value  
Common Stocks – (continued)      
Sweden – (continued)      
  6,271     Lifco AB, Class B (Industrials)   $ 114,998  
  41,076     Nibe Industrier AB, Class B (Industrials)     308,279  
  2,143     Saab AB, Class B (Industrials)     113,237  
  5,713     Sagax AB, Class B (Real Estate)     119,009  
  29,297     Sandvik AB (Industrials)     554,909  
  13,985     Securitas AB, Class B (Industrials)     114,001  
  44,972     Skandinaviska Enskilda Banken AB, Class A (Financials)     522,214  
  9,224     Skanska AB, Class B (Industrials)     135,287  
  10,380     SKF AB, Class B (Industrials)     168,499  
  6,134     SSAB AB, Class A (Materials)     35,236  
  17,666     SSAB AB, Class B (Materials)     97,898  
  16,639     Svenska Cellulosa AB SCA, Class B (Materials)     221,855  
  40,787     Svenska Handelsbanken AB, Class A (Financials)     340,304  
  980     Svenska Handelsbanken AB, Class B (Financials)     9,881  
  5,035     Sweco AB, Class B (Industrials)     49,109  
  27,892     Swedbank AB, Class A (Financials)     494,546  
  5,621     Swedish Orphan Biovitrum AB (Health Care)*(b)     108,622  
  15,392     Tele2 AB, Class B (Communication Services)     108,715  
  81,458     Telefonaktiebolaget LM Ericsson, Class B (Information Technology)     419,048  
  64,468     Telia Co. AB (Communication Services)     130,174  
  2,912     Thule Group AB (Consumer Discretionary)(a)     84,382  
  5,861     Trelleborg AB, Class B (Industrials)     149,015  
  2,063     Vitrolife AB (Health Care)     28,166  
  5,290     Volvo AB, Class A (Industrials)     108,410  
  41,789     Volvo AB, Class B (Industrials)     844,184  
  13,225     Volvo Car AB, Class B (Consumer Discretionary)*     50,388  
  9,709     Wallenstam AB, Class B (Real Estate)     35,059  
   

 

 

 
      13,391,728  

 

 

 
Switzerland – 5.0%      
  43,806     ABB Ltd. (Industrials)     1,670,902  
  13,762     Alcon, Inc. (Health Care)     1,151,754  
  14,105     Cie Financiere Richemont SA, Class A (Consumer Discretionary)     2,005,761  
  7,355     DSM-Firmenich AG (Materials)     679,731  
  937     Geberit AG (Industrials)     486,508  
  258     Givaudan SA (Materials)     861,120  
  1,434     Kuehne + Nagel International AG (Industrials)     431,702  
  2,075     Lonza Group AG (Health Care)     1,148,562  
  55,051     Novartis AG (Health Care)     5,566,493  
  603     Partners Group Holding AG (Financials)     652,121  
  549     Schindler Holding AG (Industrials)     115,549  
  1,132     Schindler Holding AG Participation Certificates (Industrials)     252,673  
  4,131     SGS SA (Industrials)     375,941  
  4,079     Sika AG (Materials)     1,156,390  

 

 

 
Common Stocks – (continued)      
Switzerland – (continued)      
  2,982     Straumann Holding AG (Health Care)   452,406  
  783     Swatch Group AG (The) – Bearer (Consumer Discretionary)     220,472  
  1,469     Swatch Group AG (The) – Registered (Consumer Discretionary)     78,419  
  707     Swisscom AG (Communication Services)     430,644  
  83,422     UBS Group AG (Financials)     2,219,549  
  4,145     Zurich Insurance Group AG (Financials)     1,947,552  
   

 

 

 
      21,904,249  

 

 

 
United Kingdom – 11.2%      
  26,401     3i Group PLC (Financials)     666,906  
  55,750     abrdn PLC (Financials)     116,633  
  5,316     Admiral Group PLC (Financials)     167,731  
  8,275     Allfunds Group PLC (Financials)     49,128  
  12,248     Ashtead Group PLC (Industrials)     857,328  
  9,717     Associated British Foods PLC (Consumer Staples)     245,335  
  41,936     AstraZeneca PLC (Health Care)     5,665,706  
  25,351     Auto Trader Group PLC (Communication Services)(a)     194,797  
  77,543     Aviva PLC (Financials)     368,667  
  25,960     B&M European Value Retail SA (Consumer Discretionary)     190,003  
  85,345     BAE Systems PLC (Industrials)     1,089,561  
  435,504     Barclays PLC (Financials)     813,205  
  27,377     Barratt Developments PLC (Consumer Discretionary)     157,253  
  2,939     Berkeley Group Holdings PLC (Consumer Discretionary)     151,238  
  436,997     BP PLC (Energy)     2,699,488  
  57,395     British American Tobacco PLC (Consumer Staples)     1,907,295  
  25,003     British Land Co. PLC (The) REIT (Real Estate)     102,525  
  176,429     BT Group PLC (Communication Services)     258,438  
  9,349     Bunzl PLC (Industrials)     335,259  
  10,533     Burberry Group PLC (Consumer Discretionary)     291,496  
  74,238     CK Hutchison Holdings Ltd. (Industrials)     404,715  
  26,742     CNH Industrial NV (Industrials)     370,932  
  5,650     Coca-Cola Europacific Partners PLC (Consumer Staples)     362,222  
  48,582     Compass Group PLC (Consumer Discretionary)     1,226,905  
  45,909     ConvaTec Group PLC (Health Care)(a)     135,196  
  3,880     Croda International PLC (Materials)     271,492  
  2,750     DCC PLC (Industrials)     150,781  
  62,868     Diageo PLC (Consumer Staples)     2,583,877  
  38,612     Dowlais Group PLC (Consumer Discretionary)*     55,581  
  37,157     DS Smith PLC (Materials)     147,042  
  17,864     Entain PLC (Consumer Discretionary)     262,016  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   55


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – (continued)      
United Kingdom – (continued)      
  10,508     Halma PLC (Information Technology)   $ 285,478  
  9,842     Hargreaves Lansdown PLC (Financials)     94,932  
  554,641     HSBC Holdings PLC (Financials)     4,098,107  
  24,439     Imperial Brands PLC (Consumer Staples)     554,171  
  39,188     Informa PLC (Communication Services)     362,894  
  4,666     InterContinental Hotels Group PLC (Consumer Discretionary)     352,032  
  8,053     Intermediate Capital Group PLC (Financials)     138,014  
  52,145     International Consolidated Airlines Group SA ADR (Industrials)*     211,187  
  4,481     Intertek Group PLC (Industrials)     235,073  
  48,700     J Sainsbury PLC (Consumer Staples)     166,679  
  69,555     JD Sports Fashion PLC (Consumer Discretionary)     128,019  
  5,076     Johnson Matthey PLC (Materials)     104,843  
  53,958     Kingfisher PLC (Consumer Discretionary)     159,993  
  18,742     Land Securities Group PLC REIT (Real Estate)     143,111  
  166,188     Legal & General Group PLC (Financials)     460,550  
  4,616     Liberty Global PLC, Class A (Communication Services)*     85,119  
  7,000     Liberty Global PLC, Class C (Communication Services)*     138,880  
  1,799,963     Lloyds Banking Group PLC (Financials)     966,043  
  10,065     London Stock Exchange Group PLC (Financials)     1,043,012  
  62,074     M&G PLC (Financials)     150,235  
  37,260     Melrose Industries PLC (Industrials)     242,019  
  103,046     National Grid PLC (Utilities)     1,292,952  
  125,946     NatWest Group PLC (Financials)     367,701  
  3,368     Next PLC (Consumer Discretionary)     298,231  
  16,404     Ocado Group PLC (Consumer Staples)*     181,174  
  19,920     Pearson PLC (Consumer Discretionary)     211,777  
  8,894     Persimmon PLC (Consumer Discretionary)     120,139  
  20,820     Phoenix Group Holdings PLC (Financials)     137,451  
  20,020     Reckitt Benckiser Group PLC (Consumer Staples)     1,446,504  
  52,834     RELX PLC (Industrials)     1,725,936  
  70,165     Rentokil Initial PLC (Industrials)     535,058  
  22,836     Rightmove PLC (Communication Services)     162,045  
  235,607     Rolls-Royce Holdings PLC (Industrials)*     663,676  
  28,392     Sage Group PLC (The) (Information Technology)     349,336  

 

 

 
Common Stocks – (continued)      
United Kingdom – (continued)      
  24,510     Schroders PLC (Financials)   127,896  
  34,235     Segro PLC REIT (Real Estate)     319,891  
  6,997     Severn Trent PLC (Utilities)     212,790  
  24,323     Smith & Nephew PLC (Health Care)     329,784  
  9,816     Smiths Group PLC (Industrials)     203,989  
  2,047     Spirax-Sarco Engineering PLC (Industrials)     262,887  
  30,508     SSE PLC (Utilities)     628,776  
  15,230     St James’s Place PLC (Financials)     170,755  
  66,312     Standard Chartered PLC (Financials)     597,938  
  98,289     Taylor Wimpey PLC (Consumer Discretionary)     142,357  
  203,832     Tesco PLC (Consumer Staples)     686,266  
  69,753     Unilever PLC (Consumer Staples)     3,572,626  
  18,993     United Utilities Group PLC (Utilities)     227,914  
  681,970     Vodafone Group PLC (Communication Services)     632,651  
  7,224     Weir Group PLC (The) (Industrials)     167,928  
  5,623     Whitbread PLC (Consumer Discretionary)     245,107  
  16,322     Wise PLC, Class A (Financials)*     132,409  
  29,894     WPP PLC (Communication Services)     290,087  
   

 

 

 
      48,863,173  

 

 

 
United States – 7.2%      
  13,429     CSL Ltd. (Health Care)     2,378,971  
  1,123     CyberArk Software Ltd. (Information Technology)*     186,463  
  25,726     Experian PLC (Industrials)     900,377  
  13,250     Ferrovial SE (Industrials)     420,641  
  867     Fiverr International Ltd. (Industrials)*     24,406  
  114,580     GSK PLC (Health Care)     2,016,401  
  142,320     Haleon PLC (Consumer Staples)     581,599  
  14,346     Holcim AG (Materials)*     951,148  
  2,279     ICON PLC (Health Care)*     592,403  
  2,007     Inmode Ltd. (Health Care)*     78,454  
  12,314     James Hardie Industries PLC CDI (Materials)*     371,084  
  565     Monday.com Ltd. (Information Technology)*     100,254  
  74,638     Nestle SA (Consumer Staples)     8,991,206  
  19,664     Roche Holding AG (Health Care)     5,795,119  
  798     Roche Holding AG (Health Care)     249,542  
  30,951     Sanofi (Health Care)     3,313,582  
  15,070     Schneider Electric SE (Industrials)     2,593,771  
  61,266     Stellantis NV (Consumer Discretionary)     1,142,119  
  8,085     Swiss Re AG (Financials)     786,302  
  12,980     Tenaris SA (Energy)     207,937  
   

 

 

 
      31,681,779  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $408,936,929)   $ 432,626,864  

 

 

 

 

56   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

 

 


Shares
    Description   Rate     Value  
Preferred Stocks – 0.5%  
Germany – 0.5%        
  1,650     Bayerische Motoren Werke AG (Consumer Discretionary)     9.84   $ 158,936  
  3,172     Dr. Ing hc F Porsche AG (Consumer Discretionary)(a)     1.03     350,642  
  4,592     Henkel AG & Co. KGaA (Consumer Staples)     2.60     352,464  
  4,266     Porsche Automobil Holding SE (Consumer Discretionary)     5.27     229,514  
  685     Sartorius AG (Health Care)     0.39     280,584  
  5,125     Volkswagen AG (Consumer Discretionary)     25.69     628,776  
     

 

 

 
        2,000,916  

 

 

 
Spain – 0.0%        
  7,282     Grifols SA, Class B (Health Care)*     0.00       69,195  

 

 

 
  TOTAL PREFERRED STOCKS    
  (Cost $2,385,337)     $ 2,070,111  

 

 

 
Units     Description   Expiration
Month
    Value  
Right – 0.0%  
Sweden – 0.0%        
  5,621     Swedish Orphan Biovitrum AB*    
  (Cost $0)     09/23     $ 5,077  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $411,322,266)     $ 434,702,052  

 

 

 

 

Shares   Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.4%(d)  

Goldman Sachs Financial Square Government Fund – Institutional Shares

   
1,807,609   5.234%   $ 1,807,609  
(Cost $1,807,609)  

 

 
TOTAL INVESTMENTS – 99.8%  
(Cost $413,129,875)   $ 436,509,661  

 

 
OTHER ASSETS IN EXCESS OF

 LIABILITIES – 0.2%

    969,106  

 

 
NET ASSETS – 100.0%   $ 437,478,767  

 

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*

  Non-income producing security.

(a)

  Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)

  All or a portion of security is on loan.

(c)

  Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

ADR

 

American Depositary Receipt

CVA

 

—Dutch Certification

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

SDR

 

—Swedish Depositary Receipt

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description

   Number of
Contracts
     Expiration
Date
     Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                 

E-Mini MSCI EAFE Index Future

   19      09/15/23      $ 2,003,835        $ (24,986

 

The accompanying notes are an integral part of these financial statements.   57


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Sector Name   % of Market
Value
 

 

 

Financials

    17.8

Industrials

    16.4

Health Care

    13.2

Consumer Discretionary

    12.4

Consumer Staples

    9.9

Information Technology

    8.1

Materials

    7.4

Energy

    4.4

Communication Services

    4.4

Utilities

    3.2

Real Estate

    2.4

Securities Lending Reinvestment Vehicle

    0.4

 

 
TOTAL INVESTMENTS     100.0

 

 

 

58   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description   Value  
Common Stocks – 99.7%      
Communication Services – 8.9%      
  19,383     Activision Blizzard, Inc.   $ 1,783,042  
  159,066     Alphabet, Inc., Class A*     21,660,017  
  136,579     Alphabet, Inc., Class C*     18,759,126  
  190,343     AT&T, Inc.     2,815,173  
  2,682     Charter Communications, Inc., Class A*     1,175,038  
  110,210     Comcast Corp., Class A     5,153,420  
  7,265     Electronic Arts, Inc.     871,655  
  7,802     Fox Corp., Class A     257,934  
  3,489     Fox Corp., Class B     106,484  
  436     Liberty Broadband Corp., Class A*     40,827  
  3,076     Liberty Broadband Corp., Class C*     287,790  
  3,926     Live Nation Entertainment, Inc.*     331,865  
  7,435     Match Group, Inc.*     348,478  
  58,889     Meta Platforms, Inc., Class A*     17,424,666  
  11,609     Netflix, Inc.*     5,034,591  
  5,364     Omnicom Group, Inc.     434,538  
  12,974     Paramount Global, Class B     195,778  
  14,428     Pinterest, Inc., Class A*     396,626  
  9,363     ROBLOX Corp., Class A*     264,879  
  17,623     Sirius XM Holdings, Inc.(a)     77,541  
  25,962     Snap, Inc., Class A*     268,707  
  3,527     Spotify Technology SA*     543,052  
  4,466     Take-Two Interactive Software, Inc.*     635,065  
  14,975     T-Mobile US, Inc.*     2,040,344  
  11,824     Trade Desk, Inc. (The), Class A*     946,275  
  112,160     Verizon Communications, Inc.     3,923,357  
  48,786     Walt Disney Co. (The)*     4,082,412  
  59,484     Warner Bros Discovery, Inc.*     781,620  
  3,319     Warner Music Group Corp., Class A     110,523  
   

 

 

 
      90,750,823  

 

 

 
Consumer Discretionary – 11.0%  
  10,629     Airbnb, Inc., Class A*     1,398,245  
  240,657     Amazon.com, Inc.*     33,213,073  
  7,540     Aptiv PLC*     764,933  
  485     AutoZone, Inc.*     1,227,695  
  5,200     Best Buy Co., Inc.     397,540  
  986     Booking Holdings, Inc.*     3,061,560  
  1,728     Burlington Stores, Inc.*     280,385  
  5,499     Caesars Entertainment, Inc.*     303,875  
  4,211     CarMax, Inc.*     343,954  
  26,495     Carnival Corp.*     419,151  
  2,578     Chewy, Inc., Class A*     61,820  
  729     Chipotle Mexican Grill, Inc.*     1,404,521  
  29,071     Coupang, Inc. (South Korea) *     551,768  
  3,221     Darden Restaurants, Inc.     500,898  
  222     Dillard’s, Inc., Class A     76,617  
  943     Domino’s Pizza, Inc.     365,318  
  7,009     DoorDash, Inc., Class A*     589,667  
  8,216     D.R. Horton, Inc.     977,868  
  14,308     eBay, Inc.     640,712  
  3,285     Etsy, Inc.*     241,677  
  3,931     Expedia Group, Inc.*     426,081  
  104,381     Ford Motor Co.     1,266,142  
  4,074     Garmin Ltd.     431,925  
  37,094     General Motors Co.     1,243,020  

 

 

 
Common Stocks – (continued)      
Consumer Discretionary – (continued)  
  3,679     Genuine Parts Co.   565,573  
  3,403     Hasbro, Inc.     245,016  
  6,987     Hilton Worldwide Holdings, Inc.     1,038,618  
  26,845     Home Depot, Inc. (The)     8,866,903  
  8,713     Las Vegas Sands Corp.     477,995  
  6,623     Lennar Corp., Class A     788,733  
  371     Lennar Corp., Class B     39,571  
  6,768     LKQ Corp.     355,523  
  15,659     Lowe’s Cos., Inc.     3,609,086  
  19,982     Lucid Group, Inc.*(a)     125,487  
  2,964     Lululemon Athletica, Inc.*     1,130,055  
  7,219     Marriott International, Inc., Class A     1,469,139  
  19,504     McDonald’s Corp.     5,483,550  
  1,197     MercadoLibre, Inc. (Brazil) *     1,642,715  
  8,150     MGM Resorts International     358,437  
  2,247     Mobileye Global, Inc., Class A (Israel)*     79,791  
  32,561     NIKE, Inc., Class B     3,311,779  
  78     NVR, Inc.*     497,432  
  1,632     O’Reilly Automotive, Inc.*     1,533,590  
  5,628     PulteGroup, Inc.     461,834  
  17,694     Rivian Automotive, Inc., Class A*     402,185  
  8,957     Ross Stores, Inc.     1,091,052  
  5,882     Royal Caribbean Cruises Ltd.*     581,965  
  30,097     Starbucks Corp.     2,932,652  
  73,330     Tesla, Inc.*     18,925,006  
  30,758     TJX Cos., Inc. (The)     2,844,500  
  2,934     Tractor Supply Co.     641,079  
  1,316     Ulta Beauty, Inc.*     546,179  
  1,061     Vail Resorts, Inc.     240,125  
  1,414     Whirlpool Corp.     197,903  
  10,807     Yum China Holdings, Inc. (China)     580,228  
  7,462     Yum! Brands, Inc.     965,434  
   

 

 

 
      112,217,580  

 

 

 
Consumer Staples – 6.3%  
  47,650     Altria Group, Inc.     2,107,083  
  14,525     Archer-Daniels-Midland Co.     1,151,832  
  8,159     Brown-Forman Corp., Class B     539,555  
  5,130     Campbell Soup Co.     213,921  
  6,510     Church & Dwight Co., Inc.     629,973  
  3,283     Clorox Co. (The)     513,625  
  103,954     Coca-Cola Co. (The)     6,219,568  
  22,162     Colgate-Palmolive Co.     1,628,242  
  12,670     Conagra Brands, Inc.     378,580  
  4,227     Constellation Brands, Inc., Class A     1,101,387  
  11,819     Costco Wholesale Corp.     6,491,940  
  5,821     Dollar General Corp.     806,208  
  5,552     Dollar Tree, Inc.*     679,343  
  5,710     Estee Lauder Cos., Inc. (The), Class A     916,626  
  15,647     General Mills, Inc.     1,058,676  
  3,917     Hershey Co. (The)     841,607  
  7,715     Hormel Foods Corp.     297,722  
  2,714     J M Smucker Co. (The)     393,394  
  6,825     Kellogg Co.     416,461  
  5,313     Kenvue, Inc.     122,465  
  24,190     Keurig Dr Pepper, Inc.     813,993  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   59


GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description   Value  
Common Stocks – (continued)      
Consumer Staples – (continued)  
  8,987     Kimberly-Clark Corp.   $ 1,157,795  
  21,010     Kraft Heinz Co. (The)     695,221  
  18,917     Kroger Co. (The)     877,560  
  6,698     McCormick & Co., Inc.     549,772  
  4,650     Molson Coors Beverage Co., Class B     295,229  
  36,309     Mondelez International, Inc., Class A     2,587,379  
  13,530     Monster Beverage Corp.*     776,757  
  36,742     PepsiCo, Inc.     6,537,137  
  41,345     Philip Morris International, Inc.     3,971,601  
  62,946     Procter & Gamble Co. (The)     9,715,086  
  13,542     Sysco Corp.     943,200  
  12,266     Target Corp.     1,552,262  
  7,508     Tyson Foods, Inc., Class A     399,951  
  19,016     Walgreens Boots Alliance, Inc.     481,295  
  37,947     Walmart, Inc.     6,170,562  
   

 

 

 
      64,033,008  

 

 

 
Energy – 4.3%  
  26,983     Baker Hughes Co.     976,515  
  6,443     Cheniere Energy, Inc.     1,051,498  
  46,182     Chevron Corp.     7,439,920  
  32,535     ConocoPhillips     3,872,641  
  20,183     Coterra Energy, Inc.     568,959  
  17,333     Devon Energy Corp.     885,543  
  4,659     Diamondback Energy, Inc.     707,143  
  15,647     EOG Resources, Inc.     2,012,517  
  108,092     Exxon Mobil Corp.     12,018,749  
  24,061     Halliburton Co.     929,236  
  7,369     Hess Corp.     1,138,510  
  52,466     Kinder Morgan, Inc.     903,465  
  11,336     Marathon Petroleum Corp.     1,618,441  
  18,810     Occidental Petroleum Corp.     1,181,080  
  11,871     ONEOK, Inc.     773,989  
  12,366     Phillips 66     1,411,703  
  6,240     Pioneer Natural Resources Co.     1,484,683  
  37,858     Schlumberger NV     2,232,108  
  9,626     Valero Energy Corp.     1,250,417  
  32,482     Williams Cos., Inc. (The)     1,121,603  
   

 

 

 
      43,578,720  

 

 

 
Financials – 12.3%  
  14,816     Aflac, Inc.     1,104,829  
  6,903     Allstate Corp. (The)     744,212  
  7,213     Ally Financial, Inc.     199,728  
  15,807     American Express Co.     2,497,348  
  19,667     American International Group, Inc.     1,150,913  
  2,810     Ameriprise Financial, Inc.     948,600  
  5,413     Aon PLC, Class A     1,804,640  
  10,866     Apollo Global Management, Inc.     949,036  
  9,499     Arch Capital Group Ltd.*     730,093  
  5,600     Arthur J Gallagher & Co.     1,290,688  
  186,033     Bank of America Corp.     5,333,566  
  20,802     Bank of New York Mellon Corp. (The)     933,386  
  34,533     Berkshire Hathaway, Inc., Class B*     12,438,787  
  3,968     BlackRock, Inc.     2,779,743  
  18,761     Blackstone, Inc.     1,995,608  

 

 

 
Common Stocks – (continued)      
Financials – (continued)  
  14,344     Block, Inc.*   826,932  
  10,041     Capital One Financial Corp.     1,028,098  
  2,817     Cboe Global Markets, Inc.     421,733  
  37,329     Charles Schwab Corp. (The)     2,208,010  
  10,998     Chubb Ltd.     2,209,168  
  4,100     Cincinnati Financial Corp.     433,739  
  50,421     Citigroup, Inc.     2,081,883  
  12,892     Citizens Financial Group, Inc.     362,652  
  9,575     CME Group, Inc.     1,940,661  
  3,918     Coinbase Global, Inc., Class A*(a)     311,873  
  6,970     Discover Financial Services     627,788  
  1,150     Everest Group Ltd.     414,782  
  6,914     Fidelity National Financial, Inc.     286,240  
  15,775     Fidelity National Information Services, Inc.     881,192  
  18,066     Fifth Third Bancorp     479,652  
  16,597     Fiserv, Inc.*     2,014,710  
  1,907     FleetCor Technologies, Inc.*     518,189  
  7,581     Franklin Resources, Inc.     202,716  
  6,980     Global Payments, Inc.     884,296  
  2,529     Globe Life, Inc.     282,161  
  8,915     Goldman Sachs Group, Inc. (The)(b)     2,921,535  
  8,328     Hartford Financial Services Group, Inc. (The)     598,117  
  38,353     Huntington Bancshares, Inc.     425,335  
  2,603     Interactive Brokers Group, Inc., Class A     237,081  
  14,758     Intercontinental Exchange, Inc.     1,741,296  
  77,530     JPMorgan Chase & Co.     11,344,965  
  24,801     KeyCorp     280,995  
  17,435     KKR & Co., Inc.     1,095,092  
  5,132     Loews Corp.     318,646  
  4,470     M&T Bank Corp.     558,974  
  353     Markel Group, Inc.*     522,059  
  13,184     Marsh & McLennan Cos., Inc.     2,570,748  
  22,417     Mastercard, Inc., Class A     9,250,151  
  17,406     MetLife, Inc.     1,102,496  
  4,228     Moody’s Corp.     1,423,990  
  34,475     Morgan Stanley     2,935,546  
  2,069     MSCI, Inc.     1,124,750  
  9,114     Nasdaq, Inc.     478,303  
  5,543     Northern Trust Corp.     421,656  
  30,172     PayPal Holdings, Inc.*     1,886,052  
  10,642     PNC Financial Services Group, Inc. (The)     1,284,809  
  6,486     Principal Financial Group, Inc.     504,027  
  15,586     Progressive Corp. (The)     2,080,263  
  9,769     Prudential Financial, Inc.     924,831  
  5,211     Raymond James Financial, Inc.     545,018  
  24,911     Regions Financial Corp.     456,868  
  2,734     Rocket Cos., Inc., Class A*(a)     29,199  
  8,587     S&P Global, Inc.     3,356,315  
  9,173     State Street Corp.     630,552  
  11,604     Synchrony Financial     374,577  
  5,887     T. Rowe Price Group, Inc.     660,698  
  6,177     Travelers Cos., Inc. (The)     995,918  
  35,379     Truist Financial Corp.     1,080,828  

 

 

 

 

60   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF

 

 

 

Shares     Description   Value  
Common Stocks – (continued)      
Financials – (continued)  
  39,451     US Bancorp   $ 1,441,145  
  43,256     Visa, Inc., Class A     10,627,134  
  5,383     W R Berkley Corp.     332,992  
  99,741     Wells Fargo & Co.     4,118,306  
  2,834     Willis Towers Watson PLC     585,958  
   

 

 

 
      124,584,877  

 

 

 
Health Care – 13.2%  
  46,186     Abbott Laboratories     4,752,539  
  47,218     AbbVie, Inc.     6,939,157  
  7,882     Agilent Technologies, Inc.     954,274  
  1,917     Align Technology, Inc.*     709,558  
  3,300     Alnylam Pharmaceuticals, Inc.*     652,806  
  14,225     Amgen, Inc.     3,646,436  
  17,383     Avantor, Inc.*     376,342  
  13,475     Baxter International, Inc.     547,085  
  7,748     Becton Dickinson & Co.     2,165,179  
  3,839     Biogen, Inc.*     1,026,395  
  4,917     BioMarin Pharmaceutical, Inc.*     449,315  
  39,000     Boston Scientific Corp.*     2,103,660  
  56,012     Bristol-Myers Squibb Co.     3,453,140  
  6,875     Cardinal Health, Inc.     600,394  
  4,799     Catalent, Inc.*     239,806  
  4,493     Cencora, Inc.     790,678  
  14,693     Centene Corp.*     905,823  
  7,885     Cigna Group (The)     2,178,310  
  1,313     Cooper Cos., Inc. (The)     485,797  
  34,253     CVS Health Corp.     2,232,268  
  17,980     Danaher Corp.     4,764,700  
  10,278     Dexcom, Inc.*     1,037,872  
  16,118     Edwards Lifesciences Corp.*     1,232,543  
  6,318     Elevance Health, Inc.     2,792,619  
  22,594     Eli Lilly & Co.     12,521,595  
  2,356     Fortrea Holdings, Inc.*     64,908  
  9,703     GE HealthCare Technologies, Inc.     683,576  
  33,261     Gilead Sciences, Inc.     2,543,801  
  5,550     HCA Healthcare, Inc.     1,539,015  
  3,483     Henry Schein, Inc.*     266,589  
  6,541     Hologic, Inc.*     488,874  
  6,049     Horizon Therapeutics PLC*     681,964  
  3,328     Humana, Inc.     1,536,305  
  2,198     IDEXX Laboratories, Inc.*     1,124,079  
  4,218     Illumina, Inc.*     696,898  
  4,971     Incyte Corp.*     320,779  
  9,300     Intuitive Surgical, Inc.*     2,907,924  
  4,842     IQVIA Holdings, Inc.*     1,077,974  
  68,435     Johnson & Johnson     11,064,571  
  2,356     Laboratory Corp. of America Holdings     490,284  
  3,652     McKesson Corp.     1,505,793  
  35,528     Medtronic PLC     2,895,532  
  67,757     Merck & Co., Inc.     7,384,158  
  585     Mettler-Toledo International, Inc.*     709,886  
  8,840     Moderna, Inc.*     999,539  
  150,955     Pfizer, Inc.     5,340,788  
  2,957     Quest Diagnostics, Inc.     388,846  
  2,746     Regeneron Pharmaceuticals, Inc.*     2,269,542  
  3,877     ResMed, Inc.     618,730  

 

 

 
Common Stocks – (continued)      
Health Care – (continued)  
  9,915     Royalty Pharma PLC, Class A   295,665  
  3,677     Seagen, Inc.*     757,719  
  2,643     STERIS PLC     606,806  
  8,434     Stryker Corp.     2,391,461  
  1,255     Teleflex, Inc.     266,989  
  10,281     Thermo Fisher Scientific, Inc.     5,727,545  
  24,814     UnitedHealth Group, Inc.     11,825,856  
  3,855     Veeva Systems, Inc., Class A*     804,539  
  6,860     Vertex Pharmaceuticals, Inc.*     2,389,612  
  31,890     Viatris, Inc.     342,818  
  1,570     Waters Corp.*     440,856  
  1,968     West Pharmaceutical Services, Inc.     800,779  
  5,605     Zimmer Biomet Holdings, Inc.     667,668  
  12,360     Zoetis, Inc.     2,354,704  
   

 

 

 
      134,831,663  

 

 

 
Industrials – 8.3%  
  14,648     3M Co.     1,562,502  
  3,330     A O Smith Corp.     241,425  
  6,131     AMETEK, Inc.     977,956  
  11,023     Automatic Data Processing, Inc.     2,806,566  
  14,906     Boeing Co. (The)*     3,339,391  
  3,112     Broadridge Financial Solutions, Inc.     579,485  
  22,247     Carrier Global Corp.     1,278,090  
  13,778     Caterpillar, Inc.     3,873,409  
  3,052     C.H. Robinson Worldwide, Inc.     275,992  
  2,308     Cintas Corp.     1,163,624  
  22,667     Copart, Inc.*     1,016,162  
  54,194     CSX Corp.     1,636,659  
  3,733     Cummins, Inc.     858,739  
  7,270     Deere & Co.     2,987,534  
  17,070     Delta Air Lines, Inc.     731,962  
  3,712     Dover Corp.     550,490  
  10,573     Eaton Corp. PLC     2,435,702  
  15,212     Emerson Electric Co.     1,494,579  
  3,265     Equifax, Inc.     674,875  
  4,101     Expeditors International of Washington, Inc.     478,628  
  15,219     Fastenal Co.     876,310  
  6,165     FedEx Corp.     1,609,188  
  9,423     Fortive Corp.     743,004  
  6,027     General Dynamics Corp.     1,365,959  
  28,896     General Electric Co.     3,307,436  
  17,834     Honeywell International, Inc.     3,351,722  
  8,130     Illinois Tool Works, Inc.     2,010,955  
  10,800     Ingersoll Rand, Inc.     751,788  
  2,199     J.B. Hunt Transport Services, Inc.     413,148  
  18,223     Johnson Controls International PLC     1,076,250  
  5,057     L3Harris Technologies, Inc.     900,601  
  3,637     Leidos Holdings, Inc.     354,644  
  6,817     Lockheed Martin Corp.     3,056,402  
  5,996     Masco Corp.     353,824  
  6,071     Norfolk Southern Corp.     1,244,616  
  4,050     Northrop Grumman Corp.     1,754,014  
  2,559     Old Dominion Freight Line, Inc.     1,093,640  
  11,080     Otis Worldwide Corp.     947,894  
  13,772     PACCAR, Inc.     1,133,298  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   61


GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description   Value  
Common Stocks – (continued)      
Industrials – (continued)  
  3,402     Parker-Hannifin Corp.   $ 1,418,294  
  8,591     Paychex, Inc.     1,050,078  
  1,365     Paycom Software, Inc.     402,457  
  3,797     Quanta Services, Inc.     796,876  
  5,523     Republic Services, Inc.     796,030  
  3,057     Rockwell Automation, Inc.     954,029  
  6,309     Rollins, Inc.     249,647  
  39,075     RTX Corp.     3,362,013  
  1,391     Snap-on, Inc.     373,623  
  15,825     Southwest Airlines Co.     500,070  
  5,847     SS&C Technologies Holdings, Inc.     335,735  
  4,039     Stanley Black & Decker, Inc.     381,201  
  5,468     Textron, Inc.     424,918  
  6,111     Trane Technologies PLC     1,254,344  
  1,368     TransDigm Group, Inc.*     1,236,467  
  5,147     TransUnion     418,039  
  51,662     Uber Technologies, Inc.*     2,439,996  
  16,306     Union Pacific Corp.     3,596,614  
  8,695     United Airlines Holdings, Inc.*     433,098  
  19,364     United Parcel Service, Inc., Class B     3,280,262  
  1,851     United Rentals, Inc.     882,076  
  3,850     Verisk Analytics, Inc.     932,547  
  10,880     Waste Management, Inc.     1,705,766  
  4,757     Westinghouse Air Brake Technologies Corp.     535,258  
  1,078     W.W. Grainger, Inc.     769,843  
  6,391     Xylem, Inc.     661,724  
   

 

 

 
      84,499,468  

 

 

 
Information Technology – 28.4%  
  17,757     Accenture PLC, Class A     5,749,184  
  12,168     Adobe, Inc.*     6,806,049  
  42,699     Advanced Micro Devices, Inc.*     4,514,138  
  4,097     Akamai Technologies, Inc.*     430,554  
  3,230     Amdocs Ltd.     288,116  
  15,792     Amphenol Corp., Class A     1,395,697  
  13,464     Analog Devices, Inc.     2,447,486  
  2,315     ANSYS, Inc.*     738,184  
  396,054     Apple, Inc.     74,406,665  
  22,513     Applied Materials, Inc.     3,439,086  
  6,271     Arista Networks, Inc.*     1,224,287  
  3,995     Atlassian Corp., Class A*     815,220  
  5,729     Autodesk, Inc.*     1,271,494  
  10,792     Broadcom, Inc.     9,959,829  
  7,199     Cadence Design Systems, Inc.*     1,730,928  
  3,613     CDW Corp.     762,885  
  109,380     Cisco Systems, Inc.     6,272,943  
  7,490     Cloudflare, Inc., Class A*     487,075  
  13,590     Cognizant Technology Solutions Corp., Class A     973,180  
  20,543     Corning, Inc.     674,221  
  5,727     Crowdstrike Holdings, Inc., Class A*     933,673  
  7,584     Datadog, Inc., Class A*     731,704  
  6,677     Dell Technologies, Inc., Class C     375,515  
  5,316     DocuSign, Inc.*     267,395  
  3,529     Enphase Energy, Inc.*     446,524  
  1,499     EPAM Systems, Inc.*     388,226  

 

 

 
Common Stocks – (continued)      
Information Technology – (continued)  
  655     Fair Isaac Corp.*   592,506  
  18,037     Fortinet, Inc.*     1,086,008  
  2,040     Gartner, Inc.*     713,347  
  16,502     Gen Digital, Inc.     334,166  
  2,016     GLOBALFOUNDRIES, Inc.*(a)     111,384  
  34,478     Hewlett Packard Enterprise Co.     585,781  
  26,279     HP, Inc.     780,749  
  1,258     HubSpot, Inc.*     687,522  
  111,507     Intel Corp.     3,918,356  
  24,209     International Business Machines Corp.     3,554,607  
  7,283     Intuit, Inc.     3,946,002  
  4,739     Keysight Technologies, Inc.*     631,709  
  3,689     KLA Corp.     1,851,398  
  3,593     Lam Research Corp.     2,523,723  
  22,792     Marvell Technology, Inc.     1,327,634  
  14,329     Microchip Technology, Inc.     1,172,685  
  29,103     Micron Technology, Inc.     2,035,464  
  196,008     Microsoft Corp.     64,243,582  
  1,791     MongoDB, Inc.*     682,908  
  4,443     Motorola Solutions, Inc.     1,259,902  
  5,701     NetApp, Inc.     437,267  
  63,425     NVIDIA Corp.     31,303,409  
  3,991     Okta, Inc.*     333,288  
  11,494     ON Semiconductor Corp.*     1,131,699  
  41,560     Oracle Corp.     5,003,408  
  47,111     Palantir Technologies, Inc., Class A*     705,723  
  8,049     Palo Alto Networks, Inc.*     1,958,322  
  29,738     QUALCOMM, Inc.     3,405,893  
  2,835     Roper Technologies, Inc.     1,414,835  
  25,146     Salesforce, Inc.*     5,568,833  
  5,140     Seagate Technology Holdings PLC     363,861  
  5,408     ServiceNow, Inc.*     3,184,393  
  4,236     Skyworks Solutions, Inc.     460,623  
  7,285     Snowflake, Inc., Class A*     1,142,652  
  4,066     Splunk, Inc.*     493,043  
  4,039     Synopsys, Inc.*     1,853,457  
  8,442     TE Connectivity Ltd.     1,117,636  
  4,159     Teradyne, Inc.     448,631  
  24,124     Texas Instruments, Inc.     4,054,279  
  6,571     Trimble, Inc.*     360,025  
  4,712     Twilio, Inc., Class A*     300,202  
  6,386     Unity Software, Inc.*     236,729  
  2,425     VeriSign, Inc.*     503,891  
  5,795     VMware, Inc., Class A*     978,080  
  8,517     Western Digital Corp.*     383,265  
  5,402     Workday, Inc., Class A*     1,320,789  
  1,363     Zebra Technologies Corp., Class A*     374,839  
  6,701     Zoom Video Communications, Inc., Class A*     475,972  
  2,316     Zscaler, Inc.*     361,412  
   

 

 

 
      289,246,147  

 

 

 
Materials – 2.3%  
  5,847     Air Products and Chemicals, Inc.     1,727,730  
  3,114     Albemarle Corp.     618,783  
  39,354     Amcor PLC     383,308  
  8,274     Ball Corp.     450,519  

 

 

 

 

62   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF

 

 

 

Shares     Description   Value  
Common Stocks – (continued)      
Materials – (continued)  
  2,894     Celanese Corp.   $ 365,686  
  19,020     Corteva, Inc.     960,700  
  18,810     Dow, Inc.     1,026,274  
  11,189     DuPont de Nemours, Inc.     860,322  
  3,161     Eastman Chemical Co.     268,717  
  6,729     Ecolab, Inc.     1,236,858  
  3,329     FMC Corp.     287,060  
  38,053     Freeport-McMoRan, Inc.     1,518,695  
  6,807     International Flavors & Fragrances, Inc.     479,553  
  9,251     International Paper Co.     323,045  
  13,089     Linde PLC     5,065,967  
  6,823     LyondellBasell Industries NV, Class A     673,908  
  1,651     Martin Marietta Materials, Inc.     737,023  
  8,951     Mosaic Co. (The)     347,746  
  21,178     Newmont Corp.     834,837  
  6,711     Nucor Corp.     1,154,963  
  2,361     Packaging Corp. of America     352,025  
  6,269     PPG Industries, Inc.     888,693  
  6,336     Sherwin-Williams Co. (The)     1,721,618  
  2,278     Southern Copper Corp. (Mexico)     183,743  
  3,541     Vulcan Materials Co.     772,823  
   

 

 

 
      23,240,596  

 

 

 
Real Estate – 2.3%  
  4,571     Alexandria Real Estate Equities, Inc. REIT     531,790  
  12,425     American Tower Corp. REIT     2,252,901  
  3,721     AvalonBay Communities, Inc. REIT     683,994  
  8,238     CBRE Group, Inc., Class A*     700,642  
  10,762     CoStar Group, Inc.*     882,376  
  11,522     Crown Castle, Inc. REIT     1,157,961  
  7,771     Digital Realty Trust, Inc. REIT     1,023,596  
  2,496     Equinix, Inc. REIT     1,950,324  
  9,942     Equity Residential REIT     644,540  
  1,708     Essex Property Trust, Inc. REIT     407,170  
  3,556     Extra Space Storage, Inc. REIT     457,586  
  14,567     Healthpeak Properties, Inc. REIT     299,789  
  18,833     Host Hotels & Resorts, Inc. REIT     297,373  
  15,262     Invitation Homes, Inc. REIT     520,282  
  7,702     Iron Mountain, Inc. REIT     489,385  
  3,093     Mid-America Apartment Communities, Inc. REIT     449,196  
  24,574     Prologis, Inc. REIT     3,052,091  
  4,215     Public Storage REIT     1,164,942  
  17,990     Realty Income Corp. REIT     1,008,160  
  2,854     SBA Communications Corp. REIT     640,809  
  8,602     Simon Property Group, Inc. REIT     976,241  
  8,739     UDR, Inc. REIT     348,686  
  10,649     Ventas, Inc. REIT     465,148  
  26,762     VICI Properties, Inc. REIT     825,340  
  13,099     Welltower, Inc. REIT     1,085,645  
  19,520     Weyerhaeuser Co. REIT     639,280  
  5,571     W.P. Carey, Inc. REIT     362,394  
   

 

 

 
      23,317,641  

 

 

 
Utilities – 2.4%  
  6,697     Alliant Energy Corp.     335,988  

 

 

 
Common Stocks – (continued)      
Utilities – (continued)  
  6,960     Ameren Corp.   551,719  
  13,739     American Electric Power Co., Inc.     1,077,138  
  5,194     American Water Works Co., Inc.     720,616  
  3,844     Atmos Energy Corp.     445,712  
  1,894     Avangrid, Inc.     65,343  
  16,809     CenterPoint Energy, Inc.     468,803  
  7,744     CMS Energy Corp.     435,135  
  9,478     Consolidated Edison, Inc.     843,163  
  8,740     Constellation Energy Corp.     910,358  
  22,298     Dominion Energy, Inc.     1,082,345  
  5,466     DTE Energy Co.     565,075  
  20,545     Duke Energy Corp.     1,824,396  
  10,210     Edison International     702,958  
  5,624     Entergy Corp.     535,686  
  6,048     Evergy, Inc.     332,459  
  9,290     Eversource Energy     592,888  
  26,493     Exelon Corp.     1,062,899  
  15,272     FirstEnergy Corp.     550,861  
  53,927     NextEra Energy, Inc.     3,602,324  
  10,985     NiSource, Inc.     293,959  
  62,677     PG&E Corp.*     1,021,635  
  19,681     PPL Corp.     490,450  
  13,309     Public Service Enterprise Group, Inc.     812,914  
  16,781     Sempra     1,178,362  
  29,014     Southern Co. (The)     1,965,118  
  8,419     WEC Energy Group, Inc.     708,206  
  14,669     Xcel Energy, Inc.     838,040  
   

 

 

 
      24,014,550  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $893,048,158)   $ 1,014,315,073  

 

 

 
Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.1%(b)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  605,811     5.234%   $ 605,811  
  (Cost $605,811)  

 

 

 
  TOTAL INVESTMENTS – 99.8%  
  (Cost $893,653,969)   $ 1,014,920,884  

 

 

 
 
OTHER ASSETS IN EXCESS OF
 LIABILITIES – 0.2%
    2,015,996  

 

 

 
  NET ASSETS – 100.0%   $ 1,016,936,880  

 

 

 

 

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.

 

The accompanying notes are an integral part of these financial statements.   63


GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

 

Investment Abbreviations:

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description    Number of
Contracts
     Expiration
Date
       Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                 

S&P 500 E-Mini Index

   4        09/15/23        $ 903,200        $ 3,992  

 

64   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA ETFS

 

Statements of Assets and Liabilities

August 31, 2023

 

        MarketBeta®
Emerging
Markets
Equity ETF
     MarketBeta®
International
Equity ETF
     MarketBeta®
U.S. Equity ETF
 
  Assets:

 

 

Investments in unaffiliated issuers, at value (cost $22,847,879, $411,322,266 and $890,276,885, respectively)(a)

  $ 26,437,258      $ 434,702,052      $ 1,011,393,538  
 

Investments in affiliated issuers, at value (cost $—, $— and $2,771,273, respectively)

                  2,921,535  
 

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost

    104,477        1,807,609        605,811  
 

Cash

    162,798        1,189,718        1,079,989  
 

Foreign currency, at value (cost $27,775, $83,246 and $—, respectively)

    27,770        83,221         
 

Receivables:

       
 

Dividends

    48,879        1,055,967        1,538,420  
 

Collateral on futures contracts

    1,566        69,245        49,280  
 

Investments sold

    401        284         
 

Securities lending income

    233        945        14,655  
 

Foreign tax reclaims

           459,884         
 

Fund shares sold

                  3,082,555  
  Total assets     26,783,382        439,368,925        1,020,685,783  
         
  Liabilities:

 

 

Variation margin on futures contracts

    634        9,635        1,650  
 

Payables:

       
 

Foreign capital gains tax

    145,530                
 

Upon return of securities loaned

    104,477        1,807,609        605,811  
 

Management fees

    8,152        72,822        58,895  
 

Fund shares redeemed

                  3,082,547  
 

Accrued expenses

    902        92         
  Total liabilities     259,695        1,890,158        3,748,903  
         
  Net Assets:        
 

Paid-in capital

    24,967,544        421,537,660        903,504,634  
 

Total distributable earnings

    1,556,143        15,941,107        113,432,246  
  NET ASSETS   $ 26,523,687      $ 437,478,767      $ 1,016,936,880  
  SHARES ISSUED AND OUTSTANDING        
 

Shares outstanding no par value (unlimited shares authorized):

    650,000        8,600,000        16,500,000  
 

Net asset value per share:

    $40.81        $50.87        $61.63  

 

  (a)   Includes loaned securities having a market value of $51,584, $1,425,157 and $571,169 for MarketBeta® Emerging Market Equity ETF, for MarketBeta® International Equity ETF, and for MarketBeta® U.S. Equity ETF, respectively.

 

The accompanying notes are an integral part of these financial statements.   65


GOLDMAN SACHS MARKETBETA ETFS

 

Statements of Operations

For the Fiscal Year Ended August 31, 2023

 

        MarketBeta®
Emerging
Markets
Equity ETF
     MarketBeta®
International
Equity ETF
     MarketBeta®
U.S. Equity ETF
 
  Investment income:        
 

Dividends — unaffiliated issuers (net of foreign withholding taxes of $96,981, $1,444,336 and $–, respectively)

  $ 747,350      $ 11,868,734      $ 13,584,208  
 

Non cash dividend income

    51,580                
 

Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer

    4,144        79,756        39,524  
 

Dividends — affiliated issuers

                  86,247  
  Total investment income     803,074        11,948,490        13,709,979  
         
  Expenses:        
 

Management fees

    105,166        910,376        699,098  
 

Trustee fees

    25,886        33,755        43,913  
  Total expenses     131,052        944,131        743,011  
 

Less — expense reductions

    (26,210      (189,009      (165,113
  Net expenses     104,842        755,122        577,898  
  NET INVESTMENT INCOME     698,232        11,193,368        13,132,081  
         
  Realized and unrealized gain (loss):

 

 

Net realized gain (loss) from:

       
 

Investments — unaffiliated issuers

    (1,532,772      (4,176,494      (7,451,916
 

Investments — affiliated issuers

                  (1,852
 

In-kind redemptions — unaffiliated issuers

    377,036        9,830,858        40,954,127  
 

In-kind redemptions — affiliated issuers

                  187,757  
 

Futures contracts

    16,053        136,194        (71,069
 

Foreign currency transactions

    (11,078      (85,608       
 

Net change in unrealized gain (loss) on:

       
 

Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $239,957, $– and $–, respectively)

    750,713        40,036,957        98,331,649  
 

Investments — affiliated issuers

                  (183,254
 

Futures contracts

    (342      (16,340      3,992  
 

Foreign currency translations

    1,096        44,977         
  Net realized and unrealized gain (loss)     (399,294      45,770,544        131,769,434  
  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 298,938      $ 56,963,912      $ 144,901,515  

 

66   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA ETFS

 

Statements of Changes in Net Assets

 

        MarketBeta® Emerging Markets Equity ETF             MarketBeta® International Equity ETF  
        For the Fiscal
Year Ended
August 31, 2023
     For the Fiscal
Year Ended
August 31, 2022
            For the Fiscal
Year Ended
August 31, 2023
     For the Fiscal
Year Ended
August 31, 2022
 
  From operations:

 

 

Net investment income

  $ 698,232      $ 950,088         $ 11,193,368      $ 11,504,193  
 

Net realized gain (loss)

    (1,150,761      (127,326         5,704,950        (2,402,327
 

Net change in unrealized gain (loss)

    751,467        (8,206,380               40,065,594        (88,828,407
  Net increase (decrease) in net assets resulting from operations     298,938        (7,383,618               56,963,912        (79,726,541
               
  Distributions to shareholders:              
 

From distributable earnings

    (708,842      (2,556,833               (10,832,595      (12,795,314
               
  From share transactions:

 

 

Proceeds from sales of shares

           6,730,275           108,284,224        106,009,495  
 

Cost of shares redeemed

    (6,047,689                      (73,987,067      (13,629,357
  Net increase (decrease) in net assets resulting from share transactions     (6,047,689      6,730,275                 34,297,157        92,380,138  
  TOTAL INCREASE (DECREASE)     (6,457,593      (3,210,176               80,428,474        (141,717
               
  Net assets:

 

 

Beginning of year

  $ 32,981,280      $ 36,191,456               $ 357,050,293      $ 357,192,010  
 

End of year

  $ 26,523,687      $ 32,981,280               $ 437,478,767      $ 357,050,293  

 

The accompanying notes are an integral part of these financial statements.   67


GOLDMAN SACHS MARKETBETA ETFS

 

Statements of Changes in Net Assets (continued)

 

        MarketBeta® U.S. Equity ETF  
        For the Fiscal
Year Ended
August 31, 2023
     For the Fiscal
Year Ended
August 31, 2022
 
  From operations:

 

 

Net investment income

  $ 13,132,081      $ 7,408,353  
 

Net realized gain

    33,617,047        7,403,369  
 

Net change in unrealized gain (loss)

    98,152,387        (89,478,740
  Net increase (decrease) in net assets resulting from operations     144,901,515        (74,667,018
      
  Distributions to shareholders:     
 

From distributable earnings

    (12,492,359      (6,429,882
      
  From share transactions:     
 

Proceeds from sales of shares

    351,057,391        367,338,844  
 

Cost of shares redeemed

    (151,765,428      (29,867,204
  Net increase in net assets resulting from share transactions     199,291,963        337,471,640  
  TOTAL INCREASE     331,701,119        256,374,740  
      
  Net assets:     
 

Beginning of year

  $ 685,235,761      $ 428,861,021  
 

End of year

  $ 1,016,936,880      $ 685,235,761  

 

68   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

 

        MarketBeta® Emerging Markets Equity ETF  
        For the Fiscal
Year Ended August 31,
    For the Period
May 12, 2020
*
to
August 31, 2020
 
        2023     2022     2021  
  Per Share Operating Performance:        
 

Net asset value, beginning of period

  $ 41.23     $ 55.68     $ 48.15     $ 39.60  
 

Net investment income(a)

    0.96       1.35 (b)      0.89       0.49  
 

Net realized and unrealized gain (loss)

    (0.34     (11.93     8.14       8.06  
 

Total gain (loss) from investment operations

    0.62       (10.58     9.03       8.55  
 

Distributions to shareholders from net investment income

    (1.04     (3.87     (1.50      
 

Net asset value, end of period

  $ 40.81     $ 41.23     $ 55.68     $ 48.15  
 

Market price, end of period

  $ 40.81     $ 41.16     $ 55.72     $ 48.36  
  Total Return at Net Asset Value(c)     1.61     (20.01 )%      19.35     21.54
 

Net assets, end of period (in 000’s)

  $ 26,524     $ 32,981     $ 36,191     $ 38,517  
 

Ratio of net expenses to average net assets

    0.36     0.36     0.36     0.36 %(d) 
 

Ratio of total expenses to average net assets

    0.45     0.45     0.45     0.45 %(d) 
 

Ratio of net investment income to average net assets

    2.40     2.87 %(b)      1.63     3.60 %(d) 
 

Portfolio turnover rate(e)

    13     18     21     23

 

   *   Commencement of operations.
  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.67% of average net assets.
  (c)   Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.
  (d)   Annualized.
  (e)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

The accompanying notes are an integral part of these financial statements.   69


GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

        MarketBeta® International Equity ETF  
        For the Fiscal
Year Ended August 31,
    For the Period
May 12, 2020
*
to
August 31, 2020
 
        2023     2022     2021  
  Per Share Operating Performance:        
 

Net asset value, beginning of period

  $ 44.63     $ 57.61     $ 46.79     $ 40.14  
 

Net investment income(a)

    1.45       1.63       1.28       0.30  
 

Net realized and unrealized gain (loss)

    6.17       (12.83     10.84       6.35  
 

Total gain (loss) from investment operations

    7.62       (11.20     12.12       6.65  
 

Distributions to shareholders from net investment income

    (1.38     (1.78     (1.30      
 

Net asset value, end of period

  $ 50.87     $ 44.63     $ 57.61     $ 46.79  
 

Market price, end of period

  $ 50.84     $ 44.33     $ 57.80     $ 46.82  
  Total Return at Net Asset Value(b)     17.22     (19.80 )%      26.20     16.57
 

Net assets, end of period (in 000’s)

  $ 437,479     $ 357,050     $ 357,192     $ 280,723  
 

Ratio of net expenses to average net assets

    0.20     0.20     0.20     0.20 %(c) 
 

Ratio of total expenses to average net assets

    0.25     0.25     0.25     0.25 %(c) 
 

Ratio of net investment income to average net assets

    2.96     3.15     2.41     2.15 %(c) 
 

Portfolio turnover rate(d)

    4     7     5     1

 

   *   Commencement of operations.
  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.
  (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.

 

70   The accompanying notes are an integral part of these financial statements.


GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

 

        MarketBeta® U.S. Equity ETF  
        For the Fiscal
Year Ended August 31,
    For the Period
May 12, 2020
*
to
August 31, 2020
 
        2023     2022     2021  
  Per Share Operating Performance:        
 

Net asset value, beginning of period

  $ 53.96     $ 63.07     $ 48.62     $ 39.20  
 

Net investment income(a)

    0.89       0.82       0.74       0.22  
 

Net realized and unrealized gain (loss)

    7.67       (9.20     14.46       9.20  
 

Total gain (loss) from investment operations

    8.56       (8.38     15.20       9.42  
 

Distributions to shareholders from net investment income

    (0.89     (0.73     (0.75      
 

Net asset value, end of period

  $ 61.63     $ 53.96     $ 63.07     $ 48.62  
 

Market price, end of period

  $ 61.68     $ 53.97     $ 63.09     $ 48.69  
  Total Return at Net Asset Value(b)     16.12     (13.41 )%      31.60     24.03
 

Net assets, end of period (in 000’s)

  $ 1,016,937     $ 685,236     $ 428,861     $ 257,663  
 

Ratio of net expenses to average net assets

    0.07     0.07     0.07     0.07 %(c) 
 

Ratio of total expenses to average net assets

    0.09     0.09     0.09     0.09 %(c) 
 

Ratio of net investment income to average net assets

    1.59     1.40     1.36     1.62 %(c) 
 

Portfolio turnover rate(d)

    3     3     4     1

 

   *   Commencement of operations.
  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.
  (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.   71


GOLDMAN SACHS MARKETBETA ETFS

 

Notes to Financial Statements

August 31, 2023

 

1. ORGANIZATION

 

Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:

 

Fund            Diversification
Classification

Goldman Sachs MarketBeta® Emerging Markets Equity ETF (“MarketBeta® Emerging Markets Equity ETF”)

          Diversified

Goldman Sachs MarketBeta® International Equity ETF (“MarketBeta® International Equity ETF”)

          Diversified

Goldman Sachs MarketBeta® U.S. Equity ETF (“MarketBeta® U.S. Equity ETF”)

          Diversified

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

 

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

 

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GOLDMAN SACHS MARKETBETA ETFS

 

 

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS   

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments

 

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Notes to Financial Statements (continued)

August 31, 2023

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

 

74


GOLDMAN SACHS MARKETBETA ETFS

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2023:

MARKETBETA® EMERGING MARKETS EQUITY ETF             
Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

            

Africa

   $ 763,806        $        $   —  

Asia

     21,983,854          701,666           

Europe

     235,234                    

North America

     1,049,541                    

Oceania

     29,936                    

South America

     1,296,662          376,559           

Securities Lending Reinvestment Vehicle

     104,477                    
Total    $ 25,463,510        $ 1,078,225        $  
Derivative Type                            
Liabilities(b)             

Futures Contracts

   $ (342      $        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.
(b)   Amount shown represents unrealized loss at fiscal year end.

 

75


GOLDMAN SACHS MARKETBETA ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

MARKETBETA® INTERNATIONAL EQUITY ETF             
Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

            

Africa

   $ 860,352        $        $   —  

Asia

     133,484,654                    

Europe

     230,670,053          1,655,351           

North America

     31,348,128          428,821           

Oceania

     35,921,391                    

South America

     333,302                    

Securities Lending Reinvestment Vehicle

     1,807,609                    
Total    $ 434,425,489        $ 2,084,172        $  
Derivative Type                            
Liabilities(b)             

Futures Contracts

   $ (24,986      $        $  
MARKETBETA® U.S. EQUITY ETF             
Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

            

Asia

   $ 1,211,787        $        $  

North America

     1,011,460,571                    

South America

     1,642,715                    

Securities Lending Reinvestment Vehicle

     605,811                    
Total    $ 1,014,920,884        $        $  
Derivative Type                            
Assets(b)             

Futures Contracts

   $ 3,992        $        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.
(b)   Amount shown represents unrealized gain (loss) at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

 

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2023. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the

 

76


GOLDMAN SACHS MARKETBETA ETFS

 

 

 

4. INVESTMENTS IN DERIVATIVES (continued)

 

effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

 

Fund   Risk   Statement of Assets
and Liabilities
  Assets(a)   Statement of Assets
and Liabilities
   Liabilities(a)  

MarketBeta® Emerging Markets Equity  ETF

  Equity   Variation Margin on Futures Contracts   $   —   Variation Margin on Futures
Contracts
   $ 342  

MarketBeta® International Equity ETF

  Equity   Variation Margin on Futures Contracts     Variation Margin on Futures
Contracts
     24,986  
MarketBeta® U.S. Equity ETF   Equity   Variation Margin on Futures Contracts   3,992   Variation Margin on Futures
Contracts
      

 

(a)   Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2023 is reported within the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

 

Risk            Fund            Net Realized
Gain (Loss)
from Futures
Contracts
    Net Change in
Unrealized
Gain (Loss) on
Futures Contracts
 
Equity           MarketBeta® Emerging Markets Equity ETF           $ 16,053     $ (342
Equity           MarketBeta® International Equity ETF             136,194       (16,340
Equity           MarketBeta® U.S. Equity ETF             (71,069     3,992  

For the fiscal year ended August 31, 2023, the relevant values for each derivative type was as follows:

 

Fund           Number of
Contracts(a)
 

MarketBeta® Emerging Markets Equity ETF

           3  

MarketBeta® International Equity ETF

           18  

MarketBeta® U.S. Equity ETF

           4  

 

(a)   Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2023.

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

 

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Notes to Financial Statements (continued)

August 31, 2023

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

 

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the fiscal year ended August 31, 2023, contractual and effective net unitary management fees with GSAM were at the following rates:

 

Fund         Contractual Unitary
Management Fee
       Effective Net Unitary
Management Fee
*
 

MarketBeta® Emerging Markets Equity  ETF

         0.45        0.36

MarketBeta® International Equity ETF

         0.25        0.20

MarketBeta® U.S. Equity ETF

         0.09        0.07

 

*   Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively. These arrangements will remain in effect through at least December 29, 2023 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2023, GSAM waived $26,210, $189,009 and $165,113 of the Funds’ management fees for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively.

B. Other Transactions with Affiliates — The following table provides information about the MarketBeta® U.S. Equity ETF’s investment in shares of The Goldman Sachs Group, Inc. of which the MarketBeta® U.S. Equity ETF is an affiliate as of and for the fiscal year ended August 31, 2023:

 

Fund   Beginning
value as of
August 31,
2022
    Purchases
at Cost
    Proceeds
from Sales
    Realized
Gain
    Change in
Unrealized
Depreciation
    Ending
value as of
August 31,
2023
    Shares as of
August 31,
2023
    Dividend
Income
 

MarketBeta® U.S. Equity ETF

  $ 2,296,421     $ 1,154,115     $ (531,652   $ 185,905     $ (183,254   $ 2,921,535       8,915     $ 86,247  

 

6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

 

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

 

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets. Share activity is as follows:

 

    MarketBeta® Emerging Markets Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

        $        150,000     $ 6,730,275  

Shares Redeemed

    (150,000     (6,047,689             

NET DECREASE

    (150,000   $ (6,047,689      150,000     $ 6,730,275  
    MarketBeta® International Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

    2,200,000     $ 108,284,224        2,100,000     $ 106,009,495  

Shares Redeemed

    (1,600,000     (73,987,067      (300,000     (13,629,357

NET INCREASE IN SHARES

    600,000     $ 34,297,157        1,800,000     $ 92,380,138  
    MarketBeta® U.S. Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

    6,600,000     $ 351,057,391        6,400,000     $ 367,338,844  

Shares Redeemed

    (2,800,000     (151,765,428      (500,000     (29,867,204

NET INCREASE IN SHARES

    3,800,000     $ 199,291,963        5,900,000     $ 337,471,640  

 

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2023, were as follows:

 

Fund         Purchases        Sales  

MarketBeta® Emerging Markets Equity  ETF

       $ 3,795,329        $ 7,469,187  

MarketBeta® International Equity ETF

         23,190,769          15,720,641  

MarketBeta® U.S. Equity ETF

         21,728,976          21,845,340  

 

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Notes to Financial Statements (continued)

August 31, 2023

 

7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

 

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® Emerging Markets Equity  ETF

       $        $ 2,301,936  

MarketBeta® International Equity ETF

         99,839,440          73,688,345  

MarketBeta® U.S. Equity ETF

         351,053,913          151,758,692  

 

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.

Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements of Operations.

 

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8. SECURITIES LENDING (continued)

 

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® Emerging Markets Equity  ETF

       $ 140,256        $ 3,884,332        $ (3,920,111      $ 104,477  

MarketBeta® International Equity ETF

         6,986,472          71,527,014          (76,705,877        1,807,609  

MarketBeta® U.S. Equity ETF

         1,947,872          20,884,884          (22,226,945        605,811  

 

9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2023 were as follows:

 

      MarketBeta®
Emerging
Markets
Equity ETF
       MarketBeta®
International
Equity ETF
       MarketBeta®
U.S. Equity ETF
 

Distributions paid from:

            

Ordinary Income

   $ 708,842        $ 10,832,595        $ 12,492,359  

Realized capital gain

                        

Total taxable distributions

   $ 708,842        $ 10,832,595        $ 12,492,359  

The tax character of distributions paid during the fiscal year ended August 31, 2022 were as follows:

 

      MarketBeta®
Emerging
Markets
Equity ETF
       MarketBeta®
International
Equity ETF
       MarketBeta®
U.S. Equity ETF
 

Distributions paid from:

            

Ordinary Income

   $ 2,556,833        $ 12,795,314        $ 6,429,882  

Realized capital gain

                        

Total taxable distributions

   $ 2,556,833        $ 12,795,314        $ 6,429,882  

 

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Notes to Financial Statements (continued)

August 31, 2023

 

9. TAX INFORMATION (continued)

 

As of August 31, 2023, the components of accumulated earnings (losses) on a tax-basis were as follows:

 

      MarketBeta®
Emerging Markets
Equity ETF
       MarketBeta®
International
Equity ETF
       MarketBeta®
U.S. Equity ETF
 

Undistributed ordinary income — net

   $ 305,389        $ 973,332        $ 2,559,256  

Undistributed long-term capital gains

                        

Total undistributed earnings

   $ 305,389        $ 973,332        $ 2,559,256  

Capital loss carryforwards:

            

Perpetual Short-Term

   $ (174,736      $ (1,532,205      $ (541,006

Perpetual Long-Term

              (906,218        (62,686

Timing differences (Late Year Ordinary Loss Deferral and Post-October Capital Loss Deferral)

     (1,577,217        (3,249,661        (6,112,011

Miscellaneous adjustment

     (87,572                  

Unrealized gains (losses) — net

     3,090,279          20,655,859          117,588,693  

Total accumulated earnings (losses) net

   $ 1,556,143        $ 15,941,107        $ 113,432,246  

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®
Emerging Markets
Equity ETF
       MarketBeta®
International
Equity ETF
       MarketBeta®
U.S. Equity ETF
 

Tax Cost

       $ 23,305,542        $ 415,808,079        $ 897,336,183  

Gross unrealized gain

       6,363,452          58,017,658          168,081,992  

Gross unrealized loss

         (3,273,173        (37,361,799        (50,493,299

Net unrealized gains (losses)

       $ 3,090,279        $ 20,655,859        $ 117,588,693  

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated future contracts, and differences in the tax treatment of partnership investments and passive foreign investment company investments.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemptions utilized as distributions and redemption in-kind transactions.

 

Fund         Paid-in Capital        Total
Distributable
Earnings
 

MarketBeta® Emerging Markets Equity  ETF

       $ 311,473        $ (311,473

MarketBeta® International Equity ETF

       $ 9,367,080        $ (9,367,080

MarketBeta® U.S. Equity ETF

       $ 40,812,510        $ (40,812,510

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

 

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10. OTHER RISKS

 

The Funds’ risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index, (or a Reference Index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

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 — 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 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. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an

 

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Notes to Financial Statements (continued)

August 31, 2023

 

10. OTHER RISKS (continued)

 

adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Industry Concentration Risk — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Large Shareholder Transactions Risk Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specificed size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe BZX Exchange, Inc. and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.

Mid-Cap Risk — Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory

 

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10. OTHER RISKS (continued)

 

requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

 

11. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

 

12. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees currently serve as a Trustee of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. If 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.

 

13. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

 

85


Report of Independent Registered Public

Accounting Firm

 

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF (three of the Funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations for the year ended August 31, 2023, the statements of changes in net assets for each of the two years in the period ended August 31, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2023 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 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.

 

86


GOLDMAN SACHS MARKETBETA ETFS

 

 

Fund Expenses — Six Months ended 8/31/2023  (Unaudited)

 

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period from 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® Emerging Markets Equity ETF     MarketBeta® International Equity ETF     MarketBeta® U.S. Equity ETF  
     Beginning
Account
Value
3/1/2023
    Ending
Account
Value
8/31/23
    Expenses
Paid
*
    Beginning
Account
Value
3/1/23
    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     $ 1,044.91     $ 1.86     $ 1,000     $ 1,048.29     $ 1.03     $ 1,000     $ 1,149.77     $ 0.38  

Hypothetical 5% return

  $ 1,000     $ 1,023.39   $ 1.84     $ 1,000     $ 1,024.20   $ 1.02     $ 1,000     $ 1,024.85   $ 0.36  

 

   +   Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.  

 

   *   Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:  

 

Fund        

MarketBeta® Emerging Markets Equity ETF

     0.36

MarketBeta® International Equity ETF

     0.20  

MarketBeta® U.S. Equity ETF

     0.07  

 

87


GOLDMAN SACHS ETF TRUST

 

Trustees and Officers (Unaudited)

Independent Trustees

 

Name,

Address and Age1

  Position(s) Held
with the Trust
 

Term of
Office and

Length of
Time Served2

  Principal Occupation(s)
During Past 5 Years
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee3
  Other
Directorships
Held by Trustee4

Cheryl K. Beebe

Age: 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; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company)

Lawrence Hughes

Age: 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; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   None

John F. Killian

Age: 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; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   Consolidated Edison, Inc. (a utility holding company)

Steven D. Krichmar

Age: 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; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   None

Michael Latham

Age: 57

  Trustee   Since 2015  

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; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  69   None
         

 

88


GOLDMAN SACHS ETF TRUST

 

Trustees and Officers (Unaudited) (continued)

Independent Trustees

 

Name,

Address and Age1

  Position(s) Held
with the Trust
 

Term of
Office and

Length of
Time Served2

  Principal Occupation(s)
During Past 5 Years
  Number of
Portfolios in
Fund Complex
Overseen by
Trustee3
  Other
Directorships
Held by Trustee4

Lawrence W. Stranghoener

Age: 69

  Trustee   Since 2015  

Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).

 

Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

 

Chair of the Board of Trustees — Goldman Sachs Credit Income Fund.

  69   Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)
         

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 2014  

Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).

 

President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  172   None
         
*   Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1    Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 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 consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; 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 the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

 

89


GOLDMAN SACHS ETF TRUST

 

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 2014  

Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).

 

President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus

200 West Street

New York, NY 10282

Age: 46

  Secretary   Since 2014  

Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).

 

Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria

30 Hudson Street

Jersey City, NJ 07302

Age: 55

 

Treasurer, Principal

Financial Officer and Principal Accounting Officer

  Since 2017 (Treasurer and Principal Financial Officer since 2019)  

Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).

 

Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

     
*   Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.
1    Information is provided as of August 31, 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® ETFs — Tax Information (Unaudited)

From distributions paid during the fiscal year ended August 31, 2023, the total amount of income received by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF, from sources within foreign countries and possessions of the United States was $1.2940 and $1.5787 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF was 96.90% and 86.00%, respectively. The total amount of taxes paid by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF to foreign countries was $0.1880 and $0.1438 per share, respectively.

For the year ended August 31, 2023, 0.90% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. Equity ETF qualify as section 199A dividends.

For the fiscal year ended August 31, 2023, 72.94%, 100%, and 99.10% of the dividends paid from net investment company taxable income by the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF, and the MarketBeta® U.S. Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2023, 95.81% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. Equity ETF qualify for the dividends received deduction available to corporations.

 

90


FUNDS PROFILE

 

Goldman Sachs ETFs

 

 

LOGO

 

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 Community Municipal Bond ETF
Goldman Sachs Defensive Equity ETF
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF
Goldman Sachs Bloomberg Clean Energy Equity ETF
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Goldman Sachs Hedge Industry VIP ETF
Goldman Sachs Innovate Equity ETF
Goldman Sachs JUST U.S. Large Cap Equity ETF
Goldman Sachs Access Emerging Markets USD Bond ETF
Goldman Sachs Access High Yield Corporate Bond ETF
Goldman Sachs Access Inflation Protected USD Bond ETF
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF
Goldman Sachs Access Investment Grade Corporate Bond ETF
Goldman Sachs Access Treasury 0-1 Year ETF
Goldman Sachs Access Ultra Short Bond ETF
Goldman Sachs Access U.S. Aggregate Bond ETF
Goldman Sachs MarketBeta® Emerging Markets Equity ETF
Goldman Sachs MarketBeta® International Equity ETF
Goldman Sachs MarketBeta Total 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® International Equity ETF, Goldman Sachs MarketBeta® Emerging Markets Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive GBS Developed Markets ex North America Large & Mid Cap Index, the Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS United States Large & Mid Cap Index (“Solactive Indexes”) and/ or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with a Fund constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.


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, Treasurer, Principal Financial Officer and Principal Accounting Officer

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 a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

MarketBeta® and ActiveBeta® are registered trademarks of GSAM.

© 2023 Goldman Sachs. All rights reserved. 341793- OTU-10/2023 MCEQWGETFAR-23