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)