Goldman Sachs Funds

 

 

 
Semi-Annual Report      

February 28, 2022

 
     

Goldman Sachs Equity ETFs

     

Bloomberg Clean Energy Equity ETF (GCLN)

     

Equal Weight U.S. Large Cap Equity ETF (GSEW)

     

Hedge Industry VIP ETF (GVIP)

     

Innovate Equity ETF (GINN)

     

JUST U.S. Large Cap Equity ETF (JUST)

 

 

 

 

LOGO


Goldman Sachs Equity

 

 

BLOOMBERG CLEAN ENERGY EQUITY ETF

 

 

EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

 

HEDGE INDUSTRY VIP ETF

 

 

INNOVATE EQUITY ETF

 

 

JUST U.S. LARGE CAP EQUITY ETF

 

TABLE OF CONTENTS

 

Market and Economic Review

    1  

Fund Basics

    3  

Schedule of Investments

    14  

Financial Statements

    35  

Financial Highlights

    42  

Notes to Financial Statements

    47  

Other Information

    61  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


MARKET REVIEW

 

Goldman Sachs Equity ETFs

 

The following are highlights both of key factors affecting the U.S. equity market and of any key changes made to the Goldman Sachs Equity ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

 

 

Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000® Index generated a return of -4.24%.

 

 

Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war.

 

 

As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields.

 

 

During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December.

 

   

The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November.

 

   

Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment.

 

   

In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022.

 

 

The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war. (Hawkish suggests higher interest rates; opposite of dovish.)

 

 

During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period.

 

 

The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary.

 

 

1


MARKET REVIEW

 

Fund Changes and Highlights

Goldman Sachs Bloomberg Clean Energy Equity ETF

 

 

The Fund launched on February 8, 2022.

 

   

The Fund offers access to the $100 trillion+, multi-decade clean energy investment opportunity by seeking to track the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”), an equity index designed by Goldman Sachs Asset Management and Bloomberg energy sector specialists.

 

   

Compared to other clean energy ETFs, the Fund offers three key potential advantages:

 

  1.   Captures the full universe of clean energy companies, which may result in a more diverse portfolio and lower volatility

 

  2.   Drives capital to companies with what the advisor believes to be companies with the greatest potential exposure to clean energy growth through an impact-weighted portfolio construction process

 

  3.   Systematically evolves alongside the energy transition using forward looking datasets and analyst insights which seek to capture new clean energy businesses and potential alpha, or value- adding, opportunities

 

   

Ultimately, the Fund is designed for investors interested in owning “clean energy enablers,” companies that are seizing the secular growth opportunity to combat climate change and provide clean, affordable and reliable energy.

 

   

The Fund seeks to track the Index, which focuses capital in companies with the greatest exposure to the clean energy transition. These clean energy exposures are measured using proprietary asset-level datasets and insights from the 200+ global analysts at BloombergNEF (BNEF), a premier energy transition research and advisory service provider for governments, corporations and financiers.

 

2


FUND BASICS

 

Bloomberg Clean Energy Equity ETF

as of February 28, 2022

 

  FUND SNAPSHOT

 

     As of February 28, 2022       
  Market Price1   $ 41.75  
    Net Asset Value (NAV)1   $ 41.75  

 

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

 

  PERFORMANCE REVIEW

 

     February 8, 2022*–February 28, 2022   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     Bloomberg GS Global
Clean Energy Index3
 
    Shares     5.43      5.43      5.51

 

*    Commencement of operations.

 

2    Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

 

3    “Bloomberg®” and the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy ETF (“Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund is newly incepted and does not have a track record. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

3


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/224
    

Holding

 

% of Net Assets

      

Line of Business

    

Country

 

NextEra Energy, Inc.

    5.2      Utilities      United States
 

Contemporary Amperex Technology Co. Ltd., Class A

    4.9        Industrials      China
 

LONGi Green Energy Technology Co. Ltd., Class A

    4.1        Information Technology      China
 

National Grid PLC

    3.2        Utilities      United Kingdom
 

Vestas Wind Systems A/S

    3.0        Industrials      Denmark
 

Iberdrola SA

    2.9        Utilities      Spain
 

Enel SpA

    2.8        Utilities      Italy
 

General Electric Co.

    2.7        Industrials      United States
 

Sempra Energy

    2.6        Utilities      United States
   

Schneider Electric SE

    2.5        Industrials      United States

 

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

 

  FUND VS BENCHMARK SECTOR ALLOCATION5
     As of February 28, 2022           

 

LOGO

 

 

5    Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle). Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

 

6    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy Index.

 

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

 

4


FUND BASICS

 

Equal Weight U.S. Large Cap Equity ETF

As of February 28, 2022

 

  FUND SNAPSHOT

 

     As of February 28, 2022       
 

Market Price1

  $ 65.77  
   

Net Asset Value (NAV)1

  $ 65.84  

 

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

 

  PERFORMANCE REVIEW

 

 
     September 1, 2021–February 28, 2022   Fund Total Return
(based on NAV)2
    Fund Total Return
(based on Market Price)2
    Solactive US
Large Cap Equal
Weight Index3
    S&P 500 Index
(Total Return,
USD)4
 
   

Shares

    -5.19     -5.28     -5.25     -2.62

 

  2    Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

 

  3    The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

 

  4    The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

5


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/225
     Holding   % of Net Assets      Line of Business
  Advanced Micro Devices, Inc.     0.4    Information Technology
  S&P Global, Inc.     0.4      Financials
  Upstart Holdings, Inc.     0.3      Financials
  Snap, Inc., Class A     0.3      Communication Services
  Bill.com Holdings, Inc.     0.3      Information Technology
  Trade Desk, Inc. (The), Class A     0.3      Information Technology
  Northrop Grumman Corp.     0.2      Industrials
  Freeport-McMoRan, Inc.     0.2      Materials
  L3Harris Technologies, Inc.     0.2      Industrials
    Nucor Corp.     0.2      Materials

 

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

 

  FUND VS. BENCHMARK SECTOR ALLOCATION6
     February 28, 2022                 

LOGO

 

 

6    Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle). Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

 

7   The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index.

 

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

 

6


FUND BASICS

 

Hedge Industry VIP ETF

as of February 28, 2022

 

  FUND SNAPSHOT

 

     As of February 28, 2022       
 

Market Price1

  $ 91.06  
   

Net Asset Value (NAV)1

  $ 91.11  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2021–
February 28, 2022
  Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     Goldman Sachs
Hedge Fund
VIP IndexTM3
     S&P 500® Index4  
   

Shares

    -11.70      -11.77      -11.50      -2.62

 

2    Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

 

3    The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-listed stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. It is not possible to invest directly in an unmanaged index.

 

4    The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

7


FUND BASICS

 

 

  TOP TEN HOLDINGS AS OF 2/28/225
     Holding   % of Net Assets        Line of Business      Country
  Palo Alto Networks, Inc.     2.3      Information Technology      United States
  Cheniere Energy, Inc.     2.3        Energy      United States
  Sea Ltd. ADR     2.3        Communication Services      Taiwan
  Builders FirstSource, Inc.     2.2        Industrials      United States
  TransDigm Group, Inc.     2.1        Industrials      United States
  Uber Technologies, Inc.     2.1        Industrials      United States
  GoDaddy, Inc., Class A     2.1        Information Technology      United States
  Caesars Entertainment, Inc.     2.1        Consumer Discretionary      United States
  Crown Holdings, Inc.     2.1        Materials      United States
    Berkshire Hathaway, Inc., Class B     2.1        Financials      United States

 

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

 

FUND VS. BENCHMARK SECTOR ALLOCATIONS6
As of February 28, 2022

 

LOGO

 

 

6   Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

 

7   The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP IndexTM.

 

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

 

8


FUND BASICS

 

Innovate Equity ETF

as of February 28, 2022

 

  FUND SNAPSHOT

 

     As of February 28, 2022       
 

Market Price1

  $ 53.36  
   

Net Asset Value (NAV)1

  $ 53.40  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2021–February 28, 2022   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     Solactive Innovate
Global Equity Index3
 
    Shares     -15.20      -15.41      -15.18

 

2    Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

 

3    The Solactive Innovative Global Equity Index itself is comprised of the securities that compose the five Solactive Thematic Indexes, which include companies from the ‘Data-Driven World’, ‘Finance Reimagined’, ‘Human Evolution’, ‘Manufacturing Revolution’, and ‘New Age Consumer’ themes. The weight of each index constituent within the Solactive Innovate Global Equity Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

9


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/224
     Holding   % of Net Assets        Line of Business      Country
  NVIDIA Corp.     2.1      Information Technology      United States
  Microsoft Corp.     2.0        Information Technology      United States
  Amazon.com, Inc.     2.0        Consumer Discretionary      United States
  Apple, Inc.     2.0        Information Technology      United States
  Tesla, Inc.     1.9        Consumer Discretionary      United States
  Alphabet, Inc., Class A     1.9        Communication Services      United States
  Meta Platforms, Inc., Class A     1.8        Communication Services      United States
  Alibaba Group Holding Ltd. ADR     1.1        Consumer Discretionary      China
  Intel Corp.     1.0        Information Technology      United States
    Johnson & Johnson     0.8        Health Care      United States

 

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

 

  FUND VS BENCHMARK SECTOR ALLOCATION5
     As of February 28, 2022           

 

LOGO

 

 

5    Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle). Investments in the securities lending vehicle represented 3.2% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

 

6    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index.

 

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

 

10


FUND BASICS

 

JUST U.S. Large Cap Equity ETF

as of February 28, 2022

 

  FUND SNAPSHOT

 

     As of February 28, 2022       
  Market Price1   $ 62.97  
    Net Asset Value (NAV)1   $ 63.01  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2021–
February 28, 2022
  Fund Total Return
(based on NAV)2
    Fund Total Return
(based on Market Price)2
    JUST US Large
Cap Diversified
Index3
    Russell 1000® Index4  
    Shares     -3.48     -3.58     -3.38     -3.88

 

  2    Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

 

  3    “JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

 

  4    The Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000® is a subset of the Russell 3000® Index. It represents the top companies by market capitalization. The Russell 1000® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It is not possible to invest directly in an unmanaged index.

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

11


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/225
     Holding   % of Net Assets      Line of Business
  Apple, Inc.     7.2    Information Technology
  Microsoft Corp.     6.3      Information Technology
  Amazon.com, Inc.     4.6      Consumer Discretionary
  Alphabet, Inc., Class A     2.3      Communication Services
  Alphabet, Inc., Class C     2.1      Communication Services
  NVIDIA Corp.     1.6      Information Technology
  Procter & Gamble Co. (The)     1.4      Consumer Staples
  JPMorgan Chase & Co.     1.4      Financials
  UnitedHealth Group, Inc.     1.2      Health Care
    Visa, Inc., Class A     1.2      Information Technology

 

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

 

FUND VS BENCHMARK SECTOR ALLOCATION6
As of February 28, 2022

 

LOGO

 

 

6    Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding.

 

7    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

 

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

 

12


PORTFOLIO RESULTS

 

Index Definition and Industry Terms

 

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

Russell 3000® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index. It is not possible to invest directly in an unmanaged index.

Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000® is a subset of the Russell 3000® Index. It represents the top companies by market capitalization. The Russell 1000® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It is not possible to invest directly in an unmanaged index.

S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

 

13


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments

February 28, 2022 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – 99.8%  
Austria – 0.1%      
  40     Verbund AG (Utilities)   $ 4,852  

 

 

 
Belgium – 1.0%      
  136     Elia Group SA/NV (Utilities)     19,644  
  1,488     Umicore SA (Materials)     61,321  
   

 

 

 
      80,965  

 

 

 
Brazil – 0.1%      
  764     Cosan SA (Energy)     3,131  
  2,436     Omega Energia SA (Utilities)*     5,121  
   

 

 

 
      8,252  

 

 

 
Canada – 4.1%      
  2,936     Algonquin Power & Utilities Corp. (Utilities)     42,454  
  484     Atco Ltd., Class I (Utilities)     15,886  
  1,936     Ballard Power Systems, Inc. (Industrials)*     22,133  
  784     Boralex, Inc., Class A (Utilities)     22,877  
  72     Capital Power Corp. (Utilities)     2,211  
  2,236     Fortis, Inc. (Utilities)     102,390  
  1,492     Hydro One Ltd. (Utilities)(a)     36,819  
  1,120     Innergex Renewable Energy, Inc. (Utilities)     16,274  
  1,740     Northland Power, Inc. (Utilities)     55,286  
  108     SNC-Lavalin Group, Inc. (Industrials)     2,430  
  824     TransAlta Renewables, Inc. (Utilities)     11,337  
  76     WSP Global, Inc. (Industrials)     9,318  
   

 

 

 
      339,415  

 

 

 
China – 27.3%      
  2,800     Beijing Easpring Material Technology Co. Ltd., Class A (Materials)     37,900  
  9,596     Beijing Jingneng Clean Energy Co. Ltd., Class H (Utilities)     2,923  
  8,400     Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology)*     11,608  
  3,200     BYD Co. Ltd., Class A (Consumer Discretionary)     126,580  
  13,200     CECEP Solar Energy Co. Ltd., Class A (Utilities)     20,982  
  16,000     CECEP Wind-Power Corp., Class A (Utilities)     14,326  
  12,800     China Baoan Group Co. Ltd., Class A (Industrials)     27,913  
  17,060     China Datang Corp Renewable Power Co. Ltd., Class H (Utilities)     6,441  
  27,412     China Everbright Environment Group Ltd. (Industrials)     19,646  
  24,632     China Longyuan Power Group Corp. Ltd., Class H (Utilities)     50,439  
  30,100     China National Nuclear Power Co. Ltd., Class A (Utilities)     35,300  
  8,236     China Suntien Green Energy Corp. Ltd., Class H (Energy)     5,460  
  4,800     Contemporary Amperex Technology Co. Ltd., Class A (Industrials)     405,726  
  292     Daqo New Energy Corp. ADR (Information Technology)*     14,004  

 

 

 
Common Stocks – (continued)  
China – (continued)      
  9,200     Eve Energy Co. Ltd., Class A (Industrials)   130,491  
  22,000     GCL System Integration Technology Co. Ltd., Class A (Information Technology)*     12,796  
  28,400     GEM Co. Ltd., Class A (Materials)     43,028  
  400     Ginlong Technologies Co. Ltd., Class A (Industrials)     16,038  
  6,800     Gotion High-tech Co. Ltd., Class A (Industrials)*     46,425  
  3,600     Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)     60,584  
  2,400     Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)     45,125  
  2,800     Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)     7,539  
  2,400     JA Solar Technology Co. Ltd., Class A (Information Technology)     36,118  
  6,400     Jilin Electric Power Co. Ltd., Class A (Utilities)*     8,986  
  28,000     LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)     344,653  
  400     Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials)     9,591  
  5,200     Ming Yang Smart Energy Group Ltd., Class A (Industrials)     21,179  
  168     NXP Semiconductors NV (Information Technology)     31,940  
  4,000     Risen Energy Co. Ltd., Class A (Information Technology)     16,964  
  1,200     Shenzhen Capchem Technology Co. Ltd., Class A (Materials)     18,257  
  800     Shenzhen SC New Energy Technology Corp., Class A (Information Technology)     11,142  
  4,000     Shenzhen Senior Technology Material Co. Ltd., Class A (Materials)     24,063  
  7,200     Sungrow Power Supply Co. Ltd., Class A (Industrials)     138,181  
  400     Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)     34,681  
  14,000     TBEA Co. Ltd., Class A (Industrials)     44,773  
  13,200     Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology)     100,370  
  5,600     Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)     18,353  
  13,600     Tongwei Co. Ltd., Class A (Consumer Staples)     92,463  
  400     Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology)     14,184  
  800     Wuxi Shangji Automation Co. Ltd., Class A (Industrials)     20,044  
  2,800     Xiamen Tungsten Co. Ltd., Class A (Materials)     9,762  
  15,200     Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials)     36,013  
  19,904     Xinyi Solar Holdings Ltd. (Information Technology)     35,968  
  3,600     Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)     28,480  

 

 

 

 

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


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
China – (continued)      
  4,000     Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)   $ 41,204  
   

 

 

 
      2,278,643  

 

 

 
Czech Republic – 0.3%      
  756     CEZ AS (Utilities)     28,811  

 

 

 
Denmark – 5.2%      
  1,396     Orsted AS (Utilities)(a)     181,536  
  7,588     Vestas Wind Systems A/S (Industrials)     249,208  
   

 

 

 
      430,744  

 

 

 
Finland – 1.2%      
  264     Fortum OYJ (Utilities)     5,586  
  2,188     Neste OYJ (Energy)     86,457  
  356     Stora Enso OYJ, Class R (Materials)     6,866  
   

 

 

 
      98,909  

 

 

 
France – 0.9%      
  4,344     Electricite de France SA (Utilities)     39,668  
  1,096     Engie SA (Utilities)     17,564  
  448     Neoen SA (Utilities)*(a)     17,340  
   

 

 

 
      74,572  

 

 

 
Germany – 3.8%      
  576     BASF SE (Materials)     38,332  
  868     Encavis AG (Utilities)     14,985  
  10,200     E.ON SE (Utilities)     138,832  
  760     Infineon Technologies AG (Information Technology)     26,245  
  896     Nordex SE (Industrials)*     16,012  
  396     RWE AG (Utilities)     18,454  
  2,112     Siemens Energy AG (Industrials)     50,836  
  108     SMA Solar Technology AG (Information Technology)     4,311  
  72     Wacker Chemie AG (Materials)     11,221  
   

 

 

 
      319,228  

 

 

 
Hong Kong – 0.1%      
  43,100     Concord New Energy Group Ltd. (Utilities)     4,027  
  1,056     Xinyi Glass Holdings Ltd. (Industrials)     2,804  
   

 

 

 
      6,831  

 

 

 
Italy – 4.0%      
  1,004     A2A SpA (Utilities)     1,801  
  31,032     Enel SpA (Utilities)     230,009  
  1,568     Eni SpA (Energy)     24,361  
  452     ERG SpA (Utilities)     14,347  
  896     Falck Renewables SpA (Utilities)     8,856  
  560     Hera SpA (Utilities)     2,180  
  6,932     Terna – Rete Elettrica Nazionale (Utilities)     57,165  
   

 

 

 
      338,719  

 

 

 
Japan – 2.1%      
  280     Denso Corp. (Consumer Discretionary)     19,563  
  204     eRex Co. Ltd. (Utilities)     3,280  
  596     Hitachi Ltd. (Industrials)     29,237  
  204     Kyocera Corp. (Information Technology)     11,653  

 

 

 
Common Stocks – (continued)  
Japan – (continued)      
  316     Nidec Corp. (Industrials)   27,115  
  1,344     Panasonic Corp. (Consumer Discretionary)     13,886  
  728     Renesas Electronics Corp. (Information Technology)*     8,470  
  288     RENOVA, Inc. (Utilities)*     3,558  
  56     Rohm Co. Ltd. (Information Technology)     4,391  
  2,824     SUMCO Corp. (Information Technology)     46,268  
  172     West Holdings Corp. (Utilities)     6,392  
   

 

 

 
      173,813  

 

 

 
New Zealand – 0.3%      
  3,728     Contact Energy Ltd. (Utilities)     20,486  
  720     Meridian Energy Ltd. (Utilities)     2,434  
   

 

 

 
      22,920  

 

 

 
Norway – 0.2%      
  10,960     NEL ASA (Industrials)*(b)     19,960  

 

 

 
Portugal – 0.1%      
  1,756     EDP – Energias de Portugal SA (Utilities)     8,607  

 

 

 
Singapore – 0.2%      
  412     STMicroelectronics NV (Information Technology)     17,557  

 

 

 
South Africa – 0.1%      
  844     Scatec ASA (Utilities)(a)     12,170  

 

 

 
South Korea – 3.9%      
  168     CS Wind Corp. (Industrials)     8,328  
  28     Doosan Co. Ltd. (Industrials)*     2,643  
  196     Doosan Fuel Cell Co. Ltd. (Industrials)*     6,325  
  128     Ecopro Co. Ltd. (Materials)     9,209  
  168     L&F Co. Ltd. (Information Technology)     27,247  
  204     LG Chem Ltd. (Materials)     95,862  
  132     OCI Co. Ltd. (Materials)     11,527  
  364     Samsung SDI Co. Ltd. (Information Technology)     165,902  
   

 

 

 
      327,043  

 

 

 
Spain – 3.8%      
  116     Acciona SA (Utilities)     19,948  
  21,284     Iberdrola SA (Utilities)     243,365  
  1,836     Siemens Gamesa Renewable Energy SA (Industrials)*     42,749  
  584     Solaria Energia y Medio Ambiente SA (Utilities)*     10,899  
   

 

 

 
      316,961  

 

 

 
Sweden – 0.1%      
  320     PowerCell Sweden AB (Industrials)*     6,060  

 

 

 
Switzerland – 0.7%      
  1,056     ABB Ltd. (Industrials)     35,854  
  92     BKW AG (Utilities)     11,612  
  21,340     Meyer Burger Technology AG (Information Technology)*     8,137  
   

 

 

 
      55,603  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   15


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
Taiwan – 0.6%      
  1,148     Delta Electronics, Inc. (Information Technology)   $ 10,094  
  4,180     Sino-American Silicon Products, Inc. (Information Technology)     27,136  
  2,852     TSEC Corp. (Information Technology)*     3,876  
  10,168     United Renewable Energy Co. Ltd./Taiwan (Information Technology)*     7,453  
   

 

 

 
      48,559  

 

 

 
Thailand – 0.6%      
  18,172     Energy Absolute PCL NVDR (Utilities)     52,834  

 

 

 
United Kingdom – 5.2%      
  788     Ceres Power Holdings PLC (Industrials)*     7,528  
  3,088     Drax Group PLC (Utilities)     29,252  
  3,532     ITM Power PLC (Industrials)*(b)     15,743  
  17,364     National Grid PLC (Utilities)     263,456  
  5,140     SSE PLC (Utilities)     117,552  
   

 

 

 
      433,531  

 

 

 
United States – 33.8%      
  3,132     AES Corp. (The) (Utilities)     66,492  
  32     ALLETE, Inc. (Utilities)     2,014  
  156     Alliant Energy Corp. (Utilities)     9,110  
  224     Ameresco, Inc., Class A (Industrials)*     14,392  
  312     American Electric Power Co., Inc. (Utilities)     28,283  
  348     Archer-Daniels-Midland Co. (Consumer Staples)     27,301  
  1,024     Array Technologies, Inc. (Industrials)*     11,510  
  340     Avangrid, Inc. (Utilities)     15,256  
  1,040     Bloom Energy Corp., Class A (Industrials)*     23,088  
  976     Brookfield Renewable Corp., Class A (Utilities)     36,551  
  84     Bunge Ltd. (Consumer Staples)     8,782  
  388     Clearway Energy, Inc., Class C (Utilities)     12,959  
  220     Consolidated Edison, Inc. (Utilities)     18,869  
  220     Constellation Energy Corp. (Utilities)     10,116  
  508     Dominion Energy, Inc. (Utilities)     40,401  
  108     DTE Energy Co. (Utilities)     13,132  
  484     Duke Energy Corp. (Utilities)     48,598  
  2,956     Edison International (Utilities)     187,470  
  32     EMCOR Group, Inc. (Industrials)     3,697  
  368     Emerson Electric Co. (Industrials)     34,195  
  964     Enphase Energy, Inc. (Information Technology)*     160,699  
  608     Exelon Corp. (Utilities)     25,876  
  748     First Solar, Inc. (Information Technology)*     56,317  
  2,712     FuelCell Energy, Inc. (Industrials)*(b)     16,272  
  296     Generac Holdings, Inc. (Industrials)*     93,379  
  2,332     General Electric Co. (Industrials)     222,729  
  1,508     Gevo, Inc. (Energy)*     5,353  
  408     Green Plains, Inc. (Energy)*     13,358  
  592     Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials)     28,025  
  352     Itron, Inc. (Information Technology)*     16,780  

 

 

 
Common Stocks – (continued)  
United States – (continued)      
  36     MasTec, Inc. (Industrials)*   2,835  
  5,496     NextEra Energy, Inc. (Utilities)     430,172  
  244     ON Semiconductor Corp. (Information Technology)*     15,277  
  348     Ormat Technologies, Inc. (Utilities)     24,830  
  4,452     Plug Power, Inc. (Industrials)*     112,591  
  316     Public Service Enterprise Group, Inc. (Utilities)     20,486  
  88     Quanta Services, Inc. (Industrials)     9,587  
  1,512     QuantumScape Corp. (Consumer Discretionary)*(b)     24,404  
  400     Renewable Energy Group, Inc. (Energy)*     24,600  
  1,332     Schneider Electric SE (Industrials)     209,125  
  1,504     Sempra Energy (Utilities)     216,907  
  388     SolarEdge Technologies, Inc. (Information Technology)*     123,935  
  684     Sunnova Energy International, Inc. (Utilities)*     13,783  
  664     SunPower Corp. (Information Technology)*     11,906  
  1,644     Sunrun, Inc. (Industrials)*     44,848  
  88     Tesla, Inc. (Consumer Discretionary)*     76,598  
  512     Texas Instruments, Inc. (Information Technology)     87,035  
  44     Timken Co. (The) (Industrials)     2,885  
  288     TPI Composites, Inc. (Industrials)*     3,894  
  12     Valmont Industries, Inc. (Industrials)     2,597  
  908     Wolfspeed, Inc. (Information Technology)*     93,270  
  336     Xcel Energy, Inc. (Utilities)     22,623  
   

 

 

 
      2,825,192  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $7,908,982)   $ 8,330,751  

 

 

 
Shares   Description     Rate     Value  
    Preferred Stock – 0.1%  
South Korea – 0.1%        
36     LG Chem Ltd. (Materials    
(Cost $9,086)

 

    4.42   $ 8,099  

 

 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

 

(Cost $7,918,068)

 

    $ 8,338,850  

 

 

 

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


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

 

 

Shares   Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.7%(c)  

Goldman Sachs Financial Square Government Fund – Institutional Shares

 

58,314   0.026%   $ 58,314  
(Cost $58,314)  

 

 
TOTAL INVESTMENTS – 100.6%

 

(Cost $7,976,382)   $ 8,397,164  

 

 
LIABILITIES IN EXCESS OF
    OTHER ASSETS – (0.6)%
    (47,356

 

 
NET ASSETS – 100.0%   $ 8,349,808  

 

 

 

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

*

  Non-income producing security.

(a)

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

(b)

  All or a portion of security is on loan.

(c)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

ADR

 

American Depositary Receipt

NVDR

 

—Non-Voting Depository Receipt

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

 

The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:

 

Sector Name  

% of Market Value

 
Utilities     40.0%  
Industrials     28.2%  
Information Technology     19.7%  
Materials     5.2%  
Consumer Discretionary     3.1%  
Energy     2.0%  
Consumer Staples     1.5%  
Financials     0.3%  

 

 
TOTAL INVESTMENTS     100.0%  

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments

February 28, 2022 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – 99.7%      
Communication Services – 4.8%  
  20,967     Activision Blizzard, Inc.   $ 1,708,811  
  567     Alphabet, Inc., Class A*     1,531,546  
  103,277     AMC Entertainment Holdings, Inc., Class A*(a)     1,947,804  
  68,477     AT&T, Inc.     1,622,220  
  2,799     Charter Communications, Inc., Class A*     1,684,382  
  33,396     Comcast Corp., Class A     1,561,597  
  12,616     Electronic Arts, Inc.     1,641,215  
  11,029     Liberty Broadband Corp., Class C*     1,617,954  
  132,543     Lumen Technologies, Inc.     1,373,145  
  14,228     Match Group, Inc.*     1,586,280  
  5,211     Meta Platforms, Inc., Class A*     1,099,677  
  3,844     Netflix, Inc.*     1,516,535  
  21,659     Omnicom Group, Inc.     1,816,974  
  50,492     Paramount Global, Class B     1,545,560  
  60,066     Pinterest, Inc., Class A*     1,606,766  
  25,439     ROBLOX Corp., Class A*     1,311,889  
  10,491     Roku, Inc.*     1,463,809  
  51,664     Snap, Inc., Class A*     2,063,460  
  10,056     Take-Two Interactive Software, Inc.*     1,629,072  
  15,150     T-Mobile US, Inc.*     1,866,632  
  45,440     Twitter, Inc.*     1,615,392  
  30,848     Verizon Communications, Inc.     1,655,612  
  11,691     Walt Disney Co. (The)*     1,735,646  
  31,553     ZoomInfo Technologies, Inc.*     1,725,634  
   

 

 

 
      38,927,612  

 

 

 
Consumer Discretionary – 10.4%  
  7,084     Advance Auto Parts, Inc.     1,448,536  
  10,924     Airbnb, Inc., Class A*     1,654,877  
  557     Amazon.com, Inc.*     1,710,692  
  815     AutoZone, Inc.*     1,518,663  
  28,416     Bath & Body Works, Inc.     1,516,562  
  17,031     Best Buy Co., Inc.     1,645,876  
  672     Booking Holdings, Inc.*     1,459,752  
  7,172     Burlington Stores, Inc.*     1,620,083  
  21,173     Caesars Entertainment, Inc.*     1,782,555  
  15,170     CarMax, Inc.*     1,658,536  
  80,373     Carnival Corp.*     1,633,983  
  10,666     Carvana Co.*     1,604,913  
  1,106     Chipotle Mexican Grill, Inc.*     1,684,825  
  11,756     Darden Restaurants, Inc.     1,707,206  
  7,977     Dollar General Corp.     1,582,158  
  12,514     Dollar Tree, Inc.*     1,777,989  
  3,639     Domino’s Pizza, Inc.     1,572,812  
  15,582     DoorDash, Inc., Class A*     1,635,331  
  18,496     D.R. Horton, Inc.     1,579,558  
  75,655     DraftKings, Inc., Class A*     1,791,510  
  28,742     eBay, Inc.     1,569,026  
  11,736     Etsy, Inc.*     1,817,789  
  8,926     Expedia Group, Inc.*     1,750,478  
  81,698     Ford Motor Co.     1,434,617  
  13,028     Garmin Ltd.     1,438,812  
  31,702     General Motors Co.*     1,481,117  
  12,375     Genuine Parts Co.     1,511,730  
  11,553     Hilton Worldwide Holdings, Inc.*     1,719,780  
  4,490     Home Depot, Inc. (The)     1,418,077  

 

 

 
Common Stocks – (continued)      
Consumer Discretionary – (continued)  
  36,988     Las Vegas Sands Corp.*   1,585,306  
  17,187     Lennar Corp., Class A     1,544,768  
  6,968     Lowe’s Cos., Inc.     1,540,346  
  10,334     Marriott International, Inc., Class A*     1,758,227  
  6,345     McDonald’s Corp.     1,553,066  
  38,130     MGM Resorts International     1,688,778  
  11,222     NIKE, Inc., Class B     1,532,364  
  306     NVR, Inc.*     1,517,283  
  2,507     O’Reilly Automotive, Inc.*     1,627,645  
  63,756     Peloton Interactive, Inc., Class A*     1,852,749  
  3,484     Pool Corp.     1,597,693  
  17,041     Ross Stores, Inc.     1,557,377  
  20,633     Royal Caribbean Cruises Ltd.*     1,665,496  
  16,954     Starbucks Corp.     1,556,208  
  83,951     Stellantis NV     1,534,624  
  7,657     Target Corp.     1,529,639  
  1,838     Tesla, Inc.*     1,599,850  
  23,154     TJX Cos., Inc. (The)     1,530,479  
  7,444     Tractor Supply Co.     1,517,013  
  4,488     Ulta Beauty, Inc.*     1,680,756  
  25,760     VF Corp.     1,494,595  
  10,944     Wayfair, Inc., Class A*     1,541,681  
  8,013     Whirlpool Corp.     1,612,776  
  13,270     Yum! Brands, Inc.     1,626,637  
   

 

 

 
      84,973,199  

 

 

 
Consumer Staples – 5.6%  
  32,865     Altria Group, Inc.     1,685,646  
  21,959     Archer-Daniels-Midland Co.     1,722,684  
  24,511     Brown-Forman Corp., Class B     1,598,853  
  16,149     Church & Dwight Co., Inc.     1,580,180  
  9,972     Clorox Co. (The)     1,453,818  
  27,288     Coca-Cola Co. (The)     1,698,405  
  20,115     Colgate-Palmolive Co.     1,547,849  
  47,043     Conagra Brands, Inc.     1,645,094  
  6,989     Constellation Brands, Inc., Class A     1,506,968  
  3,233     Costco Wholesale Corp.     1,678,735  
  5,289     Estee Lauder Cos., Inc. (The), Class A     1,567,289  
  24,158     General Mills, Inc.     1,628,974  
  8,370     Hershey Co. (The)     1,692,916  
  26,183     Kellogg Co.     1,674,141  
  43,228     Keurig Dr Pepper, Inc.     1,671,627  
  12,180     Kimberly-Clark Corp.     1,585,227  
  45,957     Kraft Heinz Co. (The)     1,802,434  
  38,102     Kroger Co. (The)     1,783,174  
  16,355     McCormick & Co., Inc.     1,556,505  
  24,482     Mondelez International, Inc., Class A     1,603,081  
  18,981     Monster Beverage Corp.*     1,601,996  
  9,492     PepsiCo, Inc.     1,554,220  
  16,041     Philip Morris International, Inc.     1,621,264  
  10,261     Procter & Gamble Co. (The)     1,599,587  
  20,830     Sysco Corp.     1,814,293  
  18,347     Tyson Foods, Inc., Class A     1,700,033  
  33,122     Walgreens Boots Alliance, Inc.     1,526,593  
  11,818     Walmart, Inc.     1,597,321  
   

 

 

 
      45,698,907  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)      
Energy – 4.3%  
  62,029     Baker Hughes Co.   $ 1,822,412  
  14,465     Cheniere Energy, Inc.     1,922,398  
  12,416     Chevron Corp.     1,787,904  
  18,356     ConocoPhillips     1,741,250  
  73,902     Coterra Energy, Inc.     1,724,134  
  32,010     Devon Energy Corp.     1,906,195  
  12,885     Diamondback Energy, Inc.     1,779,419  
  14,966     EOG Resources, Inc.     1,719,893  
  20,859     Exxon Mobil Corp.     1,635,763  
  53,356     Halliburton Co.     1,789,027  
  18,099     Hess Corp.     1,829,085  
  95,547     Kinder Morgan, Inc.     1,662,518  
  21,500     Marathon Petroleum Corp.     1,674,205  
  42,808     Occidental Petroleum Corp.     1,871,994  
  26,801     ONEOK, Inc.     1,750,105  
  19,372     Phillips 66     1,631,897  
  7,569     Pioneer Natural Resources Co.     1,813,532  
  42,692     Schlumberger NV     1,675,234  
  19,302     Valero Energy Corp.     1,611,910  
  54,893     Williams Cos., Inc. (The)     1,717,053  
   

 

 

 
      35,065,928  

 

 

 
Financials – 12.7%  
  26,236     Aflac, Inc.     1,602,757  
  13,960     Allstate Corp. (The)     1,708,146  
  34,443     Ally Financial, Inc.     1,718,706  
  9,119     American Express Co.     1,774,010  
  28,000     American International Group, Inc.     1,714,720  
  5,366     Ameriprise Financial, Inc.     1,608,673  
  5,961     Aon PLC, Class A     1,741,447  
  23,568     Apollo Global Management, Inc.     1,538,048  
  34,983     Arch Capital Group Ltd.*     1,648,049  
  10,558     Arthur J Gallagher & Co.     1,670,170  
  35,765     Bank of America Corp.     1,580,813  
  27,394     Bank of New York Mellon Corp. (The)     1,455,991  
  5,254     Berkshire Hathaway, Inc., Class B*     1,688,898  
  2,034     BlackRock, Inc.     1,513,072  
  12,322     Blackstone, Inc.     1,570,685  
  11,238     Capital One Financial Corp.     1,722,448  
  18,563     Charles Schwab Corp. (The)     1,567,831  
  8,013     Chubb Ltd.     1,631,767  
  13,870     Cincinnati Financial Corp.     1,703,097  
  25,283     Citigroup, Inc.     1,497,512  
  31,645     Citizens Financial Group, Inc.     1,658,831  
  7,038     CME Group, Inc.     1,664,698  
  8,970     Coinbase Global, Inc., Class A*     1,711,207  
  14,323     Discover Financial Services     1,768,031  
  3,896     FactSet Research Systems, Inc.     1,582,127  
  36,207     Fifth Third Bancorp     1,732,143  
  9,421     First Republic Bank     1,632,283  
  4,608     Goldman Sachs Group, Inc. (The)(b)     1,572,664  
  22,756     Hartford Financial Services Group, Inc. (The)     1,581,087  
  107,284     Huntington Bancshares, Inc.     1,665,048  
  12,964     Intercontinental Exchange, Inc.     1,660,948  
  11,195     JPMorgan Chase & Co.     1,587,451  
  65,193     KeyCorp     1,634,389  
  23,074     KKR & Co., Inc.     1,387,209  

 

 

 
Common Stocks – (continued)      
Financials – (continued)  
  9,672     M&T Bank Corp.   1,762,529  
  1,300     Markel Corp.*     1,615,783  
  4,749     MarketAxess Holdings, Inc.     1,811,411  
  10,754     Marsh & McLennan Cos., Inc.     1,671,279  
  24,389     MetLife, Inc.     1,647,477  
  4,833     Moody’s Corp.     1,556,371  
  16,163     Morgan Stanley     1,466,631  
  3,054     MSCI, Inc.     1,532,161  
  9,132     Nasdaq, Inc.     1,562,942  
  13,941     Northern Trust Corp.     1,587,880  
  7,989     PNC Financial Services Group, Inc. (The)     1,591,808  
  22,496     Principal Financial Group, Inc.     1,589,117  
  15,159     Progressive Corp. (The)     1,605,793  
  14,591     Prudential Financial, Inc.     1,629,231  
  15,271     Raymond James Financial, Inc.     1,674,465  
  70,934     Regions Financial Corp.     1,715,894  
  7,930     S&P Global, Inc.     2,979,301  
  5,297     Signature Bank     1,826,882  
  17,225     State Street Corp.     1,469,809  
  2,761     SVB Financial Group*     1,673,166  
  39,349     Synchrony Financial     1,683,350  
  10,591     T. Rowe Price Group, Inc.     1,531,035  
  9,734     Travelers Cos., Inc. (The)     1,672,593  
  26,105     Truist Financial Corp.     1,624,253  
  15,674     Upstart Holdings, Inc.*     2,476,335  
  28,085     US Bancorp     1,587,926  
  30,029     Wells Fargo & Co.     1,602,648  
  7,017     Willis Towers Watson PLC     1,559,879  
   

 

 

 
      103,202,905  

 

 

 
Health Care – 14.3%  
  17,113     10X Genomics, Inc., Class A*     1,394,196  
  12,824     Abbott Laboratories     1,546,831  
  12,118     AbbVie, Inc.     1,790,677  
  5,524     ABIOMED, Inc.*     1,716,528  
  11,540     Agilent Technologies, Inc.     1,504,354  
  3,316     Align Technology, Inc.*     1,696,001  
  11,472     Alnylam Pharmaceuticals, Inc.*     1,810,855  
  12,173     AmerisourceBergen Corp.     1,735,018  
  7,273     Amgen, Inc.     1,647,189  
  3,763     Anthem, Inc.     1,700,312  
  43,638     Avantor, Inc.*     1,513,802  
  19,542     Baxter International, Inc.     1,660,484  
  6,528     Becton Dickinson and Co.     1,770,916  
  7,426     Biogen, Inc.*     1,566,960  
  18,721     BioMarin Pharmaceutical, Inc.*     1,462,485  
  2,681     Bio-Rad Laboratories, Inc., Class A*     1,678,199  
  3,991     Bio-Techne Corp.     1,673,865  
  40,153     Boston Scientific Corp.*     1,773,558  
  25,815     Bristol-Myers Squibb Co.     1,772,716  
  32,299     Cardinal Health, Inc.     1,744,469  
  15,642     Catalent, Inc.*     1,596,110  
  21,253     Centene Corp.*     1,755,923  
  18,101     Cerner Corp.     1,687,918  
  4,859     Charles River Laboratories International, Inc.*     1,414,747  
  7,271     Cigna Corp.     1,728,898  
  4,202     Cooper Cos., Inc. (The)     1,718,702  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)      
Health Care – (continued)  
  15,415     CVS Health Corp.   $ 1,597,765  
  5,684     Danaher Corp.     1,559,747  
  3,858     Dexcom, Inc.*     1,596,865  
  14,868     Edwards Lifesciences Corp.*     1,670,717  
  65,274     Elanco Animal Health, Inc.*     1,854,434  
  6,663     Eli Lilly & Co.     1,665,417  
  22,310     Exact Sciences Corp.*     1,741,519  
  25,633     Gilead Sciences, Inc.     1,548,233  
  6,902     HCA Healthcare, Inc.     1,727,640  
  23,054     Hologic, Inc.*     1,640,753  
  17,830     Horizon Therapeutics PLC*     1,625,561  
  4,201     Humana, Inc.     1,824,578  
  3,071     IDEXX Laboratories, Inc.*     1,634,847  
  4,704     Illumina, Inc.*     1,536,326  
  6,646     Insulet Corp.*     1,759,130  
  5,691     Intuitive Surgical, Inc.*     1,652,268  
  6,553     IQVIA Holdings, Inc.*     1,507,976  
  9,709     Johnson & Johnson     1,597,810  
  6,054     Laboratory Corp. of America Holdings*     1,642,208  
  7,447     Masimo Corp.*     1,172,530  
  6,460     McKesson Corp.     1,776,242  
  16,274     Medtronic PLC     1,708,607  
  20,239     Merck & Co., Inc.     1,549,903  
  1,094     Mettler-Toledo International, Inc.*     1,541,162  
  10,019     Moderna, Inc.*     1,538,918  
  5,659     Molina Healthcare, Inc.*     1,736,577  
  9,051     PerkinElmer, Inc.     1,625,650  
  31,250     Pfizer, Inc.     1,466,875  
  12,270     Quest Diagnostics, Inc.     1,610,683  
  2,727     Regeneron Pharmaceuticals, Inc.*     1,686,268  
  7,027     ResMed, Inc.     1,733,912  
  12,021     Seagen, Inc.*     1,549,146  
  7,348     STERIS PLC     1,763,520  
  6,601     Stryker Corp.     1,738,373  
  21,878     Teladoc Health, Inc.*     1,660,759  
  5,430     Teleflex, Inc.     1,826,163  
  2,766     Thermo Fisher Scientific, Inc.     1,504,704  
  3,505     UnitedHealth Group, Inc.     1,667,924  
  7,083     Veeva Systems, Inc., Class A*     1,622,361  
  6,603     Vertex Pharmaceuticals, Inc.*     1,518,822  
  111,526     Viatris, Inc.     1,227,901  
  5,056     Waters Corp.*     1,601,387  
  4,093     West Pharmaceutical Services, Inc.     1,584,319  
  13,669     Zimmer Biomet Holdings, Inc.     1,738,560  
  8,197     Zoetis, Inc.     1,587,349  
   

 

 

 
      116,184,122  

 

 

 
Industrials – 12.7%  
  9,967     3M Co.     1,481,595  
  11,957     AMETEK, Inc.     1,551,899  
  8,124     Boeing Co. (The)*     1,668,182  
  34,757     Carrier Global Corp.     1,559,894  
  8,207     Caterpillar, Inc.     1,539,469  
  4,248     Cintas Corp.     1,594,359  
  12,740     Copart, Inc.*     1,565,491  
  23,507     CoStar Group, Inc.*     1,434,162  
  47,277     CSX Corp.     1,603,163  
  7,419     Cummins, Inc.     1,514,366  

 

 

 
Common Stocks – (continued)      
Industrials – (continued)  
  4,506     Deere & Co.   1,622,250  
  41,628     Delta Air Lines, Inc.*     1,661,790  
  9,743     Dover Corp.     1,528,287  
  10,335     Eaton Corp. PLC     1,594,587  
  17,161     Emerson Electric Co.     1,594,600  
  6,783     Equifax, Inc.     1,481,000  
  14,427     Expeditors International of Washington, Inc.     1,491,175  
  29,211     Fastenal Co.     1,503,198  
  6,613     FedEx Corp.     1,469,872  
  23,260     Fortive Corp.     1,506,085  
  17,730     Fortune Brands Home & Security, Inc.     1,540,737  
  5,903     Generac Holdings, Inc.*     1,862,219  
  7,811     General Dynamics Corp.     1,831,289  
  17,147     General Electric Co.     1,637,710  
  8,038     Honeywell International, Inc.     1,525,211  
  7,939     IDEX Corp.     1,523,494  
  7,062     Illinois Tool Works, Inc.     1,527,793  
  29,186     Ingersoll Rand, Inc.     1,474,477  
  12,742     Jacobs Engineering Group, Inc.     1,567,266  
  8,656     J.B. Hunt Transport Services, Inc.     1,756,562  
  23,010     Johnson Controls International PLC     1,494,730  
  7,881     L3Harris Technologies, Inc.     1,988,455  
  18,480     Leidos Holdings, Inc.     1,882,003  
  4,304     Lockheed Martin Corp.     1,867,075  
  43,346     Lyft, Inc., Class A*     1,687,893  
  26,131     Masco Corp.     1,464,381  
  5,987     Norfolk Southern Corp.     1,535,785  
  4,506     Northrop Grumman Corp.     1,992,283  
  5,170     Old Dominion Freight Line, Inc.     1,623,535  
  19,825     Otis Worldwide Corp.     1,552,892  
  17,439     PACCAR, Inc.     1,601,075  
  5,203     Parker-Hannifin Corp.     1,542,117  
  75,787     Plug Power, Inc.*     1,916,653  
  16,145     Quanta Services, Inc.     1,758,836  
  18,228     Raytheon Technologies Corp.     1,872,016  
  13,028     Republic Services, Inc.     1,567,008  
  5,628     Rockwell Automation, Inc.     1,500,312  
  3,639     Roper Technologies, Inc.     1,631,073  
  37,827     Southwest Airlines Co.*     1,656,823  
  9,739     Stanley Black & Decker, Inc.     1,584,535  
  23,981     Textron, Inc.     1,753,731  
  9,936     Trane Technologies PLC     1,529,448  
  2,679     TransDigm Group, Inc.*     1,785,795  
  15,958     TransUnion     1,448,348  
  44,486     Uber Technologies, Inc.*     1,602,831  
  6,618     Union Pacific Corp.     1,627,697  
  38,200     United Airlines Holdings, Inc.*     1,696,080  
  7,195     United Parcel Service, Inc., Class B     1,513,972  
  5,058     United Rentals, Inc.*     1,626,754  
  8,328     Verisk Analytics, Inc.     1,476,888  
  11,275     Waste Management, Inc.     1,628,110  
  18,467     Westinghouse Air Brake Technologies Corp.     1,714,107  
  3,324     W.W. Grainger, Inc.     1,585,747  
  16,014     Xylem, Inc.     1,424,445  
   

 

 

 
      103,345,615  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)      
Information Technology – 19.7%  
  4,677     Accenture PLC, Class A   $ 1,478,026  
  3,119     Adobe, Inc.*     1,458,694  
  27,419     Advanced Micro Devices, Inc.*     3,381,859  
  27,235     Affirm Holdings, Inc.*     1,139,512  
  14,467     Akamai Technologies, Inc.*     1,566,197  
  20,847     Amphenol Corp., Class A     1,584,580  
  9,983     Analog Devices, Inc.     1,600,175  
  4,927     ANSYS, Inc.*     1,597,284  
  9,546     Apple, Inc.     1,576,236  
  12,045     Applied Materials, Inc.     1,616,439  
  13,245     Arista Networks, Inc.*     1,625,559  
  6,711     Autodesk, Inc.*     1,477,964  
  8,036     Automatic Data Processing, Inc.     1,642,880  
  8,646     Bill.com Holdings, Inc.*     2,056,711  
  14,703     Block, Inc.*     1,874,633  
  2,784     Broadcom, Inc.     1,635,433  
  10,754     Broadridge Financial Solutions, Inc.     1,572,342  
  10,963     Cadence Design Systems, Inc.*     1,660,127  
  8,610     CDW Corp.     1,484,881  
  21,544     Ceridian HCM Holding, Inc.*     1,570,773  
  29,917     Cisco Systems, Inc.     1,668,471  
  16,895     Cloudflare, Inc., Class A*     1,966,916  
  24,970     Cognex Corp.     1,686,973  
  19,032     Cognizant Technology Solutions Corp.,
Class A
    1,639,226  
  38,915     Corning, Inc.     1,572,166  
  12,706     Coupa Software, Inc.*     1,537,553  
  9,401     Crowdstrike Holdings, Inc., Class A*     1,835,169  
  11,703     Datadog, Inc., Class A*     1,885,470  
  28,005     Dell Technologies, Inc., Class C*     1,427,135  
  13,660     DocuSign, Inc.*     1,617,754  
  11,850     Enphase Energy, Inc.*     1,975,395  
  12,623     Entegris, Inc.     1,647,049  
  3,465     EPAM Systems, Inc.*     719,854  
  13,852     Fidelity National Information Services, Inc.     1,319,126  
  15,441     Fiserv, Inc.*     1,508,122  
  6,846     FleetCor Technologies, Inc.*     1,603,333  
  5,433     Fortinet, Inc.*     1,871,777  
  5,581     Gartner, Inc.*     1,565,024  
  11,026     Global Payments, Inc.     1,470,648  
  97,860     Hewlett Packard Enterprise Co.     1,557,931  
  43,790     HP, Inc.     1,504,624  
  3,488     HubSpot, Inc.*     1,831,200  
  33,954     Intel Corp.     1,619,606  
  12,199     International Business Machines Corp.     1,494,500  
  2,979     Intuit, Inc.     1,413,148  
  9,688     Keysight Technologies, Inc.*     1,524,601  
  4,286     KLA Corp.     1,493,671  
  101,292     Kyndryl Holdings, Inc.*     1,606,491  
  2,777     Lam Research Corp.     1,558,869  
  22,920     Marvell Technology, Inc.     1,566,124  
  4,196     Mastercard, Inc., Class A     1,514,001  
  21,196     Microchip Technology, Inc.     1,490,715  
  20,040     Micron Technology, Inc.     1,780,754  
  5,339     Microsoft Corp.     1,595,240  
  4,173     MongoDB, Inc.*     1,594,044  

 

 

 
Common Stocks – (continued)      
Information Technology – (continued)  
  4,030     Monolithic Power Systems, Inc.   1,848,561  
  7,052     Motorola Solutions, Inc.     1,554,472  
  19,043     NetApp, Inc.     1,492,590  
  30,035     Nuance Communications, Inc.*     1,667,543  
  6,674     NVIDIA Corp.     1,627,455  
  8,770     Okta, Inc.*     1,603,507  
  27,837     ON Semiconductor Corp.*     1,742,875  
  20,173     Oracle Corp.     1,532,543  
  125,063     Palantir Technologies, Inc., Class A*     1,481,997  
  3,262     Palo Alto Networks, Inc.*     1,938,444  
  13,920     Paychex, Inc.     1,657,315  
  5,083     Paycom Software, Inc.*     1,724,204  
  12,696     PayPal Holdings, Inc.*     1,421,063  
  14,433     PTC, Inc.*     1,606,104  
  11,787     Qorvo, Inc.*     1,612,226  
  8,999     QUALCOMM, Inc.     1,547,738  
  9,913     RingCentral, Inc., Class A*     1,297,017  
  7,309     salesforce.com, Inc.*     1,538,764  
  15,309     Seagate Technology Holdings PLC     1,579,276  
  2,869     ServiceNow, Inc.*     1,663,791  
  11,321     Skyworks Solutions, Inc.     1,564,223  
  6,153     Snowflake, Inc., Class A*     1,634,606  
  13,764     Splunk, Inc.*     1,625,528  
  20,561     SS&C Technologies Holdings, Inc.     1,541,458  
  5,318     Synopsys, Inc.*     1,661,290  
  11,277     TE Connectivity Ltd. (Switzerland)     1,606,183  
  3,898     Teledyne Technologies, Inc.*     1,673,723  
  14,348     Teradyne, Inc.     1,691,916  
  8,960     Texas Instruments, Inc.     1,523,110  
  23,563     Trade Desk, Inc. (The), Class A*     2,010,395  
  22,805     Trimble, Inc.*     1,590,649  
  8,258     Twilio, Inc., Class A*     1,443,498  
  3,537     Tyler Technologies, Inc.*     1,514,756  
  47,362     UiPath, Inc., Class A*     1,643,935  
  16,496     Unity Software, Inc.*     1,755,999  
  7,530     VeriSign, Inc.*     1,609,312  
  7,082     Visa, Inc., Class A     1,530,562  
  12,915     VMware, Inc., Class A     1,515,188  
  31,810     Western Digital Corp.*     1,620,401  
  6,804     Workday, Inc., Class A*     1,558,456  
  3,227     Zebra Technologies Corp., Class A*     1,333,848  
  16,716     Zendesk, Inc.*     1,950,256  
  11,222     Zoom Video Communications, Inc., Class A*     1,488,037  
  6,494     Zscaler, Inc.*     1,553,040  
   

 

 

 
      160,040,839  

 

 

 
Materials – 4.3%  
  5,810     Air Products and Chemicals, Inc.     1,372,903  
  7,450     Albemarle Corp.     1,459,380  
  8,313     Avery Dennison Corp.     1,464,751  
  17,294     Ball Corp.     1,551,964  
  10,517     Celanese Corp.     1,464,808  
  34,667     Corteva, Inc.     1,803,724  
  14,253     Crown Holdings, Inc.     1,748,415  
  26,771     Dow, Inc.     1,578,418  
  21,139     DuPont de Nemours, Inc.     1,635,524  
  13,741     Eastman Chemical Co.     1,627,896  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)      
Materials – (continued)  
  8,595     Ecolab, Inc.   $ 1,514,955  
  42,361     Freeport-McMoRan, Inc.     1,988,849  
  278,764     Ginkgo Bioworks Holdings, Inc.*(a)     1,254,438  
  12,421     International Flavors & Fragrances, Inc.     1,651,993  
  34,667     International Paper Co.     1,509,055  
  16,626     LyondellBasell Industries NV, Class A     1,616,546  
  4,275     Martin Marietta Materials, Inc.     1,621,935  
  26,778     Newmont Corp.     1,772,704  
  15,102     Nucor Corp.     1,987,725  
  10,514     PPG Industries, Inc.     1,403,093  
  5,645     Sherwin-Williams Co. (The)     1,485,369  
  8,703     Vulcan Materials Co.     1,579,159  
   

 

 

 
      35,093,604  

 

 

 
Real Estate – 5.9%  
  8,412     Alexandria Real Estate Equities, Inc. REIT     1,593,233  
  6,555     American Tower Corp. REIT     1,487,133  
  6,603     AvalonBay Communities, Inc. REIT     1,575,410  
  14,269     Boston Properties, Inc. REIT     1,745,241  
  10,125     Camden Property Trust REIT     1,671,739  
  16,066     CBRE Group, Inc., Class A*     1,555,992  
  9,002     Crown Castle International Corp. REIT     1,499,643  
  11,111     Digital Realty Trust, Inc. REIT     1,499,096  
  28,347     Duke Realty Corp. REIT     1,502,391  
  2,309     Equinix, Inc. REIT     1,638,766  
  17,982     Equity Residential REIT     1,533,865  
  4,905     Essex Property Trust, Inc. REIT     1,555,719  
  8,100     Extra Space Storage, Inc. REIT     1,524,015  
  47,156     Healthpeak Properties, Inc. REIT     1,464,665  
  38,851     Invitation Homes, Inc. REIT     1,468,568  
  7,882     Mid-America Apartment Communities, Inc. REIT     1,612,736  
  98,555     Orion Office REIT, Inc. REIT*     1,678,392  
  10,537     Prologis, Inc. REIT     1,536,821  
  4,529     Public Storage REIT     1,607,886  
  23,860     Realty Income Corp. REIT     1,576,907  
  5,116     SBA Communications Corp. REIT     1,552,143  
  11,219     Simon Property Group, Inc. REIT     1,543,286  
  8,663     Sun Communities, Inc. REIT     1,568,003  
  28,747     UDR, Inc. REIT     1,577,348  
  31,346     Ventas, Inc. REIT     1,692,684  
  57,774     VICI Properties, Inc. REIT     1,615,361  
  19,337     Welltower, Inc. REIT     1,610,579  
  40,148     Weyerhaeuser Co. REIT     1,560,954  
  21,268     W.P. Carey, Inc. REIT     1,646,143  
  33,738     Zillow Group, Inc., Class C*     1,940,610  
   

 

 

 
      47,635,329  

 

 

 
Utilities – 5.0%  
  75,473     AES Corp. (The)     1,602,292  
  27,776     Alliant Energy Corp.     1,622,119  
  18,779     Ameren Corp.     1,614,055  
  18,512     American Electric Power Co., Inc.     1,678,113  
  10,367     American Water Works Co., Inc.     1,566,350  
  58,484     CenterPoint Energy, Inc.     1,599,537  
  25,977     CMS Energy Corp.     1,662,788  

 

 

 
  19,125     Consolidated Edison, Inc.   1,640,351  
  20,520     Dominion Energy, Inc.     1,631,956  
  13,876     DTE Energy Co.     1,687,183  
  15,861     Duke Energy Corp.     1,592,603  
  26,842     Edison International     1,702,320  
  14,901     Entergy Corp.     1,567,734  
  25,252     Evergy, Inc.     1,575,977  
  18,704     Eversource Energy     1,529,987  
  39,339     Exelon Corp.     1,674,268  
  39,592     FirstEnergy Corp.     1,656,925  
  21,427     NextEra Energy, Inc.     1,677,091  
  135,695     PG&E Corp.*     1,542,852  
  55,998     PPL Corp.     1,465,468  
  24,701     Public Service Enterprise Group, Inc.     1,601,366  
  12,023     Sempra Energy     1,733,957  
  24,236     Southern Co. (The)     1,569,766  
  17,255     WEC Energy Group, Inc.     1,568,134  
  23,885     Xcel Energy, Inc.     1,608,177  
   

 

 

 
      40,371,369  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $756,249,706)   $ 810,539,429  

 

 

 
   
Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.3%(b)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  2,439,078     0.026%   $ 2,439,078  
  (Cost $2,439,078)  

 

 

 
  TOTAL INVESTMENTS – 100.0%  
  (Cost $758,688,784)   $ 812,978,507  

 

 

 
 
OTHER ASSETS IN EXCESS OF
    LIABILITIES – 0.0%
    116,882  

 

 

 
  NET ASSETS – 100.0%   $ 813,095,389  

 

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:
PLC   —Public Limited Company
REIT   —Real Estate Investment Trust

 

 

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


GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

 

Schedule of Investments

February 28, 2022 (Unaudited)

 

Shares     Description       
Value
 
Common Stocks – 100.2%      
Communication Services – 18.2%  
  1,408     Alphabet, Inc., Class A*   $ 3,803,205  
  6,277     Charter Communications, Inc., Class A*     3,777,373  
  136,865     Frontier Communications Parent, Inc.*     3,770,631  
  25,099     Liberty Broadband Corp., Class C*     3,682,023  
  17,528     Meta Platforms, Inc., Class A*     3,698,934  
  9,622     Netflix, Inc.*     3,796,071  
  29,541     Sea Ltd. ADR (Taiwan)*     4,301,170  
  30,402     T-Mobile US, Inc.*     3,745,830  
  25,295     Walt Disney Co. (The)*     3,755,296  
   

 

 

 
      34,330,533  

 

 

 
Consumer Discretionary – 15.5%      
  31,298     Alibaba Group Holding Ltd. ADR (China)*     3,292,237  
  1,230     Amazon.com, Inc.*     3,777,650  
  69,340     Bath & Body Works, Inc.     3,700,676  
  1,499     Booking Holdings, Inc.*     3,256,203  
  46,975     Caesars Entertainment, Inc.*     3,954,825  
  19,353     Expedia Group, Inc.*     3,795,317  
  78,839     General Motors Co.*     3,683,358  
  4,357     Tesla, Inc.*     3,792,463  
   

 

 

 
      29,252,729  

 

 

 
Energy – 2.3%      
  32,644     Cheniere Energy, Inc.     4,338,388  

 

 

 
Financials – 11.7%  
  12,141     Berkshire Hathaway, Inc., Class B*     3,902,725  
  43,490     Charles Schwab Corp. (The)     3,673,165  
  57,415     Citigroup, Inc.     3,400,690  
  10,045     S&P Global, Inc.     3,773,907  
  65,960     Wells Fargo & Co.     3,520,285  
  17,435     Willis Towers Watson PLC     3,875,801  
   

 

 

 
      22,146,573  

 

 

 
Health Care – 3.9%      
  39,546     Horizon Therapeutics PLC*     3,605,409  
  8,043     UnitedHealth Group, Inc.     3,827,422  
   

 

 

 
      7,432,831  

 

 

 
Industrials – 10.3%      
  55,478     Builders FirstSource, Inc.*     4,128,673  
  186,866     Hertz Global Holdings, Inc.*     3,797,117  
  6,050     TransDigm Group, Inc.*     4,032,870  
  110,315     Uber Technologies, Inc.*     3,974,649  
  100,021     WillScot Mobile Mini Holdings Corp.*     3,553,746  
   

 

 

 
      19,487,055  

 

 

 
Information Technology – 32.2%      
  22,595     Apple, Inc.     3,730,887  
  14,596     Coherent, Inc.*     3,858,015  
  38,981     Fiserv, Inc.*     3,807,274  
  47,478     GoDaddy, Inc., Class A*     3,960,140  
  10,198     Mastercard, Inc., Class A     3,679,642  
  42,464     Micron Technology, Inc.     3,773,351  
  12,935     Microsoft Corp.     3,864,849  

 

 

 
Common Stocks – (continued)      
Information Technology – (continued)      
  69,064     Nuance Communications, Inc.*   3,834,433  
  15,724     NVIDIA Corp.     3,834,297  
  7,324     Palo Alto Networks, Inc.*     4,352,287  
  18,487     salesforce.com, Inc.*     3,892,068  
  6,584     ServiceNow, Inc.*     3,818,193  
  4,503     Shopify, Inc., Class A (Canada)*     3,126,253  
  16,934     Visa, Inc., Class A     3,659,776  
  16,378     Workday, Inc., Class A*     3,751,381  
  32,785     Zendesk, Inc.*     3,825,026  
   

 

 

 
      60,767,872  

 

 

 
Materials – 2.1%      
  32,239     Crown Holdings, Inc.     3,954,758  

 

 

 
Real Estate – 2.0%  
  42,506     CyrusOne, Inc. REIT     3,840,417  

 

 

 
Utilities – 2.0%  
  338,281     PG&E Corp.*     3,846,255  

 

 

 
  TOTAL INVESTMENTS – 100.2%  
  (Cost $181,994,845)   $ 189,397,411  

 

 

 
 
LIABILITIES IN EXCESS OF
    OTHER ASSETS – (0.2)%
    (335,960

 

 

 
  NET ASSETS – 100.0%   $ 189,061,451  

 

 

 

 

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

*

  Non-income producing security.

 

 

Investment Abbreviations:

ADR

 

American Depositary Receipt

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

 

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


GOLDMAN SACHS INNOVATE EQUITY ETF

 

Schedule of Investments

February 28, 2022 (Unaudited)

 

Shares     Description       
Value
 
Common Stocks – 99.4%  
Communication Services – 12.4%  
  15,725     Activision Blizzard, Inc.   $ 1,281,588  
  2,911     AfreecaTV Co. Ltd. (South Korea)     337,016  
  2,992     Alphabet, Inc., Class A*     8,081,811  
  98,545     AMC Entertainment Holdings, Inc., Class A*(a)     1,858,559  
  16,731     Baidu, Inc. ADR (China)*     2,550,474  
  21,082     Bilibili, Inc. ADR (China)*     666,402  
  16,054     Bumble, Inc., Class A*     411,464  
  34,179     Comcast Corp., Class A     1,598,210  
  7,975     CTS Eventim AG & Co. KGaA (Germany)*     561,099  
  9,447     Electronic Arts, Inc.     1,228,960  
  54,673     Gree, Inc. (Japan)(a)     447,637  
  46,221     Hello Group, Inc. ADR (China)     440,486  
  45,788     HUYA, Inc. ADR (China)*     240,387  
  7,748     IDT Corp., Class B*     279,393  
  108,425     iQIYI, Inc. ADR (China)*     448,880  
  11,762     JOYY, Inc. ADR (China)     544,463  
  103,004     Kuaishou Technology (China)*(b)     1,180,492  
  8,449     Live Nation Entertainment, Inc.*     1,020,808  
  5,426     Madison Square Garden Entertainment Corp.*     425,181  
  2,201     Madison Square Garden Sports Corp.*     380,773  
  36,163     Meta Platforms, Inc., Class A*     7,631,478  
  16,307     NetEase, Inc. ADR (China)     1,554,709  
  4,643     Netflix, Inc.*     1,831,756  
  70,748     Rightmove PLC (United Kingdom)     638,473  
  17,121     ROBLOX Corp., Class A*     882,930  
  7,582     Scout24 SE (Germany)(b)     444,541  
  10,039     Sea Ltd. ADR (Taiwan)*     1,461,678  
  26,392     Snap, Inc., Class A*     1,054,096  
  16,634     Sohu.com Ltd. ADR (China)*     305,068  
  5,393     Spotify Technology SA*     842,333  
  33,410     TELUS Corp. (Canada)     843,185  
  50,392     Tencent Holdings Ltd. (China)     2,716,397  
  105,409     Tencent Music Entertainment Group ADR (China)*     568,155  
  13,021     TripAdvisor, Inc.*     331,254  
  71,749     Turkcell Iletisim Hizmetleri AS ADR (Turkey)     253,991  
  21,351     Twitter, Inc.*     759,028  
  8,371     Ubisoft Entertainment SA (France)*     454,602  
  56,763     VK Co. Ltd. GDR (Russia)*     41,664  
  33,657     VTEX, Class A (Brazil)*     269,929  
  17,586     Walt Disney Co. (The)*     2,610,818  
  14,150     Warner Music Group Corp., Class A     512,513  
  18,127     Weibo Corp. ADR (China)*     497,224  
  10,219     World Wrestling Entertainment, Inc., Class A     605,578  
  45,220     Yalla Group Ltd. ADR (United Arab Emirates)*(a)     274,938  
  86,306     Zynga, Inc., Class A*     783,658  
   

 

 

 
      52,154,079  

 

 

 
Consumer Discretionary – 16.5%      
  20,191     2U, Inc.*     212,005  
  3,505     adidas AG (Germany)     834,802  

 

 

 
Common Stocks – (continued)  
Consumer Discretionary – (continued)      
  6,702     Airbnb, Inc., Class A*   1,015,286  
  43,583     Alibaba Group Holding Ltd. ADR (China)*     4,584,496  
  1,026,701     Alibaba Health Information Technology Ltd. (China)*     714,803  
  2,720     Amazon.com, Inc.*     8,353,827  
  62,141     ANTA Sports Products Ltd. (China)     945,591  
  10,149     Aptiv PLC*     1,313,687  
  109,948     Arrival SA (Luxembourg)*(a)     383,719  
  7,748     Bandai Namco Holdings, Inc. (Japan)     563,063  
  19,374     Baozun, Inc. ADR (China)*     204,008  
  410     Booking Holdings, Inc.*     890,622  
  13,485     BorgWarner, Inc.     553,020  
  69,512     Canoo, Inc.*(a)     398,999  
  14,385     Chegg, Inc.*     449,819  
  9,297     Chewy, Inc., Class A*     438,261  
  4,625     Columbia Sportswear Co.     428,830  
  8,166     Continental AG (Germany)*     704,414  
  15,860     Dana, Inc.     295,313  
  6,480     Dick’s Sporting Goods, Inc.     680,400  
  13,772     eBay, Inc.     751,813  
  5,102     Etsy, Inc.*     790,249  
  20,488     Everi Holdings, Inc.*     479,419  
  3,394     Expedia Group, Inc.*     665,597  
  20,314     Farfetch Ltd., Class A (United Kingdom)*     386,982  
  97,949     Ford Motor Co.     1,719,984  
  14,925     GameStop Corp., Class A*(a)     1,840,849  
  34,540     General Motors Co.*     1,613,709  
  749     Graham Holdings Co., Class B     450,246  
  7,915     Hyundai Motor Co. (South Korea)     1,152,015  
  7,060     iRobot Corp.*     438,850  
  229,957     JD Sports Fashion PLC (United Kingdom)     465,903  
  17,488     JD.com, Inc. ADR (China)*     1,252,665  
  2,563     JD.com, Inc., Class A (China)*     91,581  
  25,543     Jumia Technologies AG ADR (Germany)*     240,360  
  12,047     Just Eat Takeaway.com NV (United Kingdom)*(b)     490,100  
  505,618     Koolearn Technology Holding Ltd. (China)*(a)(b)     315,781  
  16,383     Las Vegas Sands Corp.*     702,175  
  25,685     Li Auto, Inc. ADR (China)*     782,108  
  67,148     Li Ning Co. Ltd. (China)     667,295  
  2,952     Lululemon Athletica, Inc.*     944,463  
  32,702     Luminar Technologies, Inc.*(a)     458,809  
  2,355     MercadoLibre, Inc. (Brazil)*     2,653,261  
  20,010     MGM Resorts International     886,243  
  244,430     New Oriental Education & Technology Group, Inc. ADR (China)*     369,089  
  326,925     Nexteer Automotive Group Ltd. (China)     326,352  
  11,556     NIKE, Inc., Class B     1,577,972  
  52,807     NIO, Inc. ADR (China)*     1,206,112  
  13,522     Overstock.com, Inc.*     769,402  

 

 

 

 

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


GOLDMAN SACHS INNOVATE EQUITY ETF

 

 

 

Shares     Description       
Value
 
Common Stocks – (continued)  
Consumer Discretionary – (continued)      
  24,828     Peloton Interactive, Inc., Class A*   $ 721,502  
  16,991     Pinduoduo, Inc. ADR (China)*     881,153  
  6,046     Planet Fitness, Inc., Class A*     511,673  
  52,220     Playtech PLC (United Kingdom)*     467,342  
  73,889     Qurate Retail, Inc.Series A     407,128  
  36,933     Sharp Corp. (Japan)(a)     347,284  
  10,636     Shoe Carnival, Inc.     310,146  
  8,989     Skechers USA, Inc., Class A*     413,314  
  15,390     Sony Group Corp. (Japan)     1,578,085  
  9,766     Stride, Inc.*     327,942  
  103,091     TAL Education Group ADR (China)*     292,778  
  9,287     Tesla, Inc.*     8,083,683  
  54,125     TI Fluid Systems PLC (China)(b)     159,406  
  123,063     Toyota Motor Corp. (Japan)     2,284,960  
  110,631     TUI AG (Germany)*(a)     357,442  
  35,548     Under Armour, Inc., Class A*     635,954  
  16,192     Veoneer, Inc. (Sweden)*     574,006  
  30,144     XPeng, Inc. ADR (China)*     1,096,337  
  27,238     Yamaha Motor Co. Ltd. (Japan)     609,204  
  7,803     Zalando SE (Germany)*(b)     522,179  
   

 

 

 
      69,035,867  

 

 

 
Consumer Staples – 0.6%      
  8,049     Beyond Meat, Inc.*(a)     376,532  
  15,835     Walmart, Inc.     2,140,259  
   

 

 

 
      2,516,791  

 

 

 
Energy – 0.8%      
  1,068,507     China Suntien Green Energy Corp. Ltd., Class H (China)     708,354  
  11,960     Hyundai Heavy Industries Holdings Co. Ltd. (South Korea)     511,285  
  35,515     NOV, Inc.     609,082  
  31,328     TotalEnergies SE (France)     1,604,204  
   

 

 

 
      3,432,925  

 

 

 
Financials – 7.3%      
  43,879     3i Group PLC (United Kingdom)     786,271  
  2,851     Ameriprise Financial, Inc.     854,701  
  18,168     Apollo Global Management, Inc.     1,185,644  
  7,304     Ares Management Corp., Class A     592,281  
  4,260     B. Riley Financial, Inc.     253,683  
  2,313     BlackRock, Inc.     1,720,618  
  12,173     Blackstone, Inc.     1,551,692  
  12,928     Carlyle Group, Inc. (The)     605,935  
  14,381     Charles Schwab Corp. (The)     1,214,619  
  27,193     CI Financial Corp. (Canada)     444,873  
  6,763     Coinbase Global, Inc., Class A*     1,290,178  
  8,407     Discover Financial Services     1,037,760  
  12,856     DWS Group GmbH & Co. KGaA (Germany)(b)     472,184  
  5,460     Eurazeo SE (France)     424,688  
  3,934     Evercore, Inc., Class A     499,657  
  16,656     flatexDEGIRO AG (Germany)*     347,595  
  18,313     Galaxy Digital Holdings Ltd.*(a)     238,667  
  5,450     Goldman Sachs Group, Inc. (The)(c)     1,860,030  

 

 

 
Common Stocks – (continued)  
Financials – (continued)      
  13,942     Green Dot Corp., Class A*   399,438  
  25,873     Hargreaves Lansdown PLC (United Kingdom)     393,843  
  8,639     Interactive Brokers Group, Inc., Class A     571,729  
  13,038     Intercontinental Exchange, Inc.     1,670,429  
  25,364     Invesco Ltd.     538,731  
  18,721     KKR & Co., Inc.     1,125,507  
  12,175     Lazard Ltd., Class A     421,012  
  50,584     Monex Group, Inc. (Japan)     227,502  
  12,128     Morgan Stanley     1,100,495  
  2,296     Morningstar, Inc.     644,372  
  2,389     MSCI, Inc.     1,198,537  
  5,862     Oppenheimer Holdings, Inc., Class A     253,180  
  38,458     Owl Rock Capital Corp.     578,793  
  25,117     Plus500 Ltd. (Israel)     470,294  
  59,953     Robinhood Markets, Inc., Class A*(a)     720,036  
  4,438     S&P Global, Inc.     1,667,357  
  129,380     TP ICAP Group PLC (United Kingdom)     208,141  
  8,526     Tradeweb Markets, Inc., Class A     720,276  
  47,462     Up Fintech Holding Ltd. ADR (China)*(a)     214,054  
  5,057     Upstart Holdings, Inc.*     798,955  
  16,429     WealthNavi, Inc. (Japan)*     243,921  
  68,161     WisdomTree Investments, Inc.     383,746  
  18,693     XP, Inc., Class A (Brazil)*     604,532  
  123,278     Zip Co. Ltd. (Australia)*(a)     197,699  
   

 

 

 
      30,733,655  

 

 

 
Health Care – 19.7%      
  6,946     10X Genomics, Inc., Class A*     565,891  
  618,320     3SBio, Inc. (China)*(b)     490,623  
  21,063     Abbott Laboratories     2,540,619  
  17,014     AbbVie, Inc.     2,514,159  
  2,627     ABIOMED, Inc.*     816,314  
  27,935     AdaptHealth Corp.*     486,907  
  27,331     Adaptive Biotechnologies Corp.*     394,386  
  8,764     Agilent Technologies, Inc.     1,142,475  
  18,616     Allscripts Healthcare Solutions, Inc.*     362,267  
  8,357     Amgen, Inc.     1,892,693  
  20,348     AstraZeneca PLC (United Kingdom)     2,473,283  
  153,893     Bionano Genomics, Inc.*(a)     329,331  
  8,937     BioNTech SE ADR (Germany)*     1,347,789  
  2,692     Bio-Techne Corp.     1,129,052  
  24,208     Boston Scientific Corp.*     1,069,267  
  31,847     Bristol-Myers Squibb Co.     2,186,933  
  26,077     Burning Rock Biotech Ltd. ADR (China)*     219,829  
  10,585     Castle Biosciences, Inc.*     458,225  
  10,443     Cerner Corp.     973,810  
  7,389     CompuGroup Medical SE & Co. KgaA (Germany)     418,701  
  12,175     CRISPR Therapeutics AG (Switzerland)*     747,180  
  17,627     Cullinan Oncology, Inc.*     252,771  
  26,211     CureVac NV (Germany)*(a)     440,869  
  3,327     Dexcom, Inc.*     1,377,079  

 

 

 

 

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


GOLDMAN SACHS INNOVATE EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

 

Shares     Description       
Value
 
Common Stocks – (continued)  
Health Care – (continued)      
  23,021     Editas Medicine, Inc.*   $ 394,119  
  10,963     Edwards Lifesciences Corp.*     1,231,912  
  10,601     Eli Lilly & Co.     2,649,720  
  13,027     Exact Sciences Corp.*     1,016,888  
  27,405     Exelixis, Inc.*     562,625  
  7,627     Galapagos NV (Belgium)*     503,205  
  6,436     Globus Medical, Inc., Class A*     452,579  
  12,365     Guardant Health, Inc.*     819,429  
  9,593     Horizon Therapeutics PLC*     874,594  
  4,741     Illumina, Inc.*     1,548,411  
  17,823     I-Mab ADR (China)*     440,585  
  1,513,646     Imugene Ltd. (Australia)*     258,119  
  4,077     Insulet Corp.*     1,079,141  
  7,873     Intellia Therapeutics, Inc.*     778,246  
  6,608     Intuitive Surgical, Inc.*     1,918,501  
  32,326     Invitae Corp.*     348,798  
  14,227     Ionis Pharmaceuticals, Inc.*     474,897  
  3,580     iRhythm Technologies, Inc.*     462,787  
  20,376     Johnson & Johnson     3,353,278  
  34,791     Koninklijke Philips NV (Netherlands)     1,185,604  
  19,985     Maravai LifeSciences Holdings, Inc., Class A*     780,814  
  4,313     Masimo Corp.*     679,082  
  23,404     Medtronic PLC     2,457,186  
  31,219     Merck & Co., Inc.     2,390,751  
  208,327     Mesoblast Ltd. (Australia)*(a)     167,046  
  1,944     Mezzion Pharma Co. Ltd. (South Korea)*     263,867  
  11,245     Moderna, Inc.*     1,727,232  
  11,903     Myriad Genetics, Inc.*     290,195  
  15,185     NextGen Healthcare, Inc.*     296,563  
  19,745     Novartis AG (Switzerland)     1,729,046  
  18,321     Nurix Therapeutics, Inc.*     296,251  
  6,370     NuVasive, Inc.*     344,744  
  30,415     Ono Pharmaceutical Co. Ltd. (Japan)     746,412  
  7,252     OptimizeRx Corp.*     328,443  
  39,966     Pacific Biosciences of California, Inc.*     476,395  
  57,993     Pfizer, Inc.     2,722,191  
  19,760     PMV Pharmaceuticals, Inc.*     312,998  
  16,352     Pulmonx Corp.*     429,404  
  12,205     QIAGEN NV*     606,466  
  2,771     Regeneron Pharmaceuticals, Inc.*     1,713,476  
  18,332     Relay Therapeutics, Inc.*     441,985  
  22,393     Repare Therapeutics, Inc. (Canada)*     359,855  
  34,226     ResMed, Inc. CDI     829,526  
  8,239     Roche Holding AG (Switzerland)     3,141,767  
  48,471     Sana Biotechnology, Inc.*     313,123  
  56,319     Sangamo Therapeutics, Inc.*     329,466  
  20,185     Sanofi (France)     2,119,133  
  6,490     Sarepta Therapeutics, Inc.*     497,199  
  6,516     Seegene, Inc. (South Korea)     278,015  
  136,280     Senseonics Holdings, Inc.*(a)     245,304  
  110,406     Sharecare, Inc.*     336,738  
  10,765     SI-BONE, Inc.*     237,476  
  50,640     Smith & Nephew PLC (United Kingdom)     908,441  
  113,248     Sorrento Therapeutics, Inc.*(a)     286,517  

 

 

 
Common Stocks – (continued)  
Health Care – (continued)      
  6,953     Stryker Corp.   1,831,073  
  23,146     Takara Bio, Inc. (Japan)     480,504  
  6,694     Tandem Diabetes Care, Inc.*     753,945  
  9,000     Teladoc Health, Inc.*     683,190  
  17,634     Tenaya Therapeutics, Inc.*(a)     205,612  
  29,509     Theravance Biopharma, Inc.*(a)     297,156  
  2,631     Thermo Fisher Scientific, Inc.     1,431,264  
  10,305     Ultragenyx Pharmaceutical, Inc.*     693,733  
  7,169     Vertex Pharmaceuticals, Inc.*     1,649,013  
  49,255     Vicarious Surgical, Inc.*(a)     303,903  
  58,608     Well Health Technologies Corp. (Canada)*     209,323  
   

 

 

 
      82,605,714  

 

 

 
Industrials – 6.3%  
  49,989     ABB Ltd. (Switzerland)     1,697,267  
  8,635     AeroVironment, Inc.*     613,517  
  3,980     Alfen Beheer BV (Netherlands)*(b)     388,025  
  3,610     ASGN, Inc.*     399,952  
  9,016     Barnes Group, Inc.     418,793  
  17,741     Blink Charging Co.*(a)     436,074  
  5,960     Booz Allen Hamilton Holding Corp.     480,912  
  1,860     CACI International, Inc., Class A*     520,409  
  7,546     Daihen Corp. (Japan)     282,054  
  101,597     Desktop Metal, Inc., Class A*(a)     422,643  
  15,759     EHang Holdings Ltd. ADR (China)*(a)     234,179  
  1,709     Energiekontor AG (Germany)     131,489  
  7,045     FANUC Corp. (Japan)     1,294,005  
  20,403     General Electric Co.     1,948,691  
  568,208     Ideanomics, Inc.*(a)     596,618  
  22,680     Kawasaki Heavy Industries Ltd. (Japan)     418,647  
  29,948     Kratos Defense & Security Solutions, Inc.*     626,512  
  5,833     Leidos Holdings, Inc.     594,033  
  9,030     LIG Nex1 Co. Ltd. (South Korea)     511,451  
  17,413     Lyft, Inc., Class A*     678,062  
  62,565     Mitsubishi Electric Corp. (Japan)     750,454  
  7,441     Moog, Inc., Class A     618,421  
  12,440     Nabtesco Corp. (Japan)     341,310  
  16,568     Nidec Corp. (Japan)     1,421,676  
  65,707     Nikola Corp.*(a)     519,085  
  35,401     Nordex SE (Germany)*(a)     632,620  
  12,545     Parsons Corp.*     434,810  
  9,318     Proto Labs, Inc.*     523,951  
  8,376     Shibaura Machine Co. Ltd. (Japan)     222,536  
  9,967     Siemens AG (Germany)     1,417,951  
  43,907     Siemens Energy AG (Germany)     1,056,850  
  18,625     Sunrun, Inc.*     508,090  
  10,532     Textron, Inc.     770,205  
  6,389     Thales SA (France)     738,424  
  27,216     Uber Technologies, Inc.*     980,592  
  4,531     Verisk Analytics, Inc.     803,528  
  39,709     Virgin Galactic Holdings, Inc.*(a)     384,383  
  453,907     Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)(a)     740,082  
  154,862     Xinte Energy Co. Ltd., Class H (China)     327,415  
  18,464     Yaskawa Electric Corp. (Japan) (a)     732,628  
   

 

 

 
      26,618,344  

 

 

 

 

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


GOLDMAN SACHS INNOVATE EQUITY ETF

 

 

 

Shares     Description       
Value
 
Common Stocks – (continued)  
Information Technology – 33.8%  
  28,162     3D Systems Corp.*   $ 501,847  
  17,487     ACI Worldwide, Inc.*     586,164  
  3,615     Adobe, Inc.*     1,690,663  
  14,213     Advanced Micro Devices, Inc.*     1,753,031  
  678     Adyen NV (Netherlands)*(b)     1,419,796  
  12,517     Affirm Holdings, Inc.*     523,711  
  32,436     Agora, Inc. ADR (China)*     391,827  
  4,576     Akamai Technologies, Inc.*     495,398  
  29,392     Alkami Technology, Inc.*     463,218  
  6,994     Alliance Data Systems Corp.     471,745  
  7,820     Altair Engineering, Inc., Class A*     519,404  
  5,530     Ambarella, Inc.*     772,596  
  8,871     Amphenol Corp., Class A     674,285  
  49,735     Apple, Inc.     8,212,243  
  7,480     Arista Networks, Inc.*     918,020  
  2,987     Atlassian Corp. PLC, Class A*     913,186  
  14,055     Atos SE (France)     504,223  
  5,096     Autodesk, Inc.*     1,122,292  
  68,396     Avast PLC (b)     576,869  
  5,482     Azenta, Inc.     479,785  
  6,949     Belden, Inc.     391,576  
  24,457     Bentley Systems, Inc., Class B     938,904  
  16,438     BigCommerce Holdings, Inc. Series 1*     425,744  
  55,627     Bitfarms Ltd. (Canada)*     210,956  
  79,031     BlackBerry Ltd. (Canada)*     542,943  
  23,200     Block, Inc.*     2,958,000  
  287,578     BrainChip Holdings Ltd. (Australia)*     250,417  
  2,570     Broadcom, Inc.     1,509,721  
  15,760     C3.ai, Inc., Class A*     353,339  
  50,600     Canaan, Inc. ADR (China)*(a)     266,662  
  12,427     Canadian Solar, Inc. (Canada)*     393,439  
  23,733     Cantaloupe, Inc.*     184,405  
  9,389     CEVA, Inc.*     382,790  
  7,282     Ciena Corp.*     498,234  
  39,767     Cisco Systems, Inc.     2,217,806  
  10,861     Cognex Corp.     733,769  
  35,838     Converge Technology Solutions Corp. (Canada)*     267,015  
  16,032     Corning, Inc.     647,693  
  6,663     Crowdstrike Holdings, Inc., Class A*     1,300,684  
  3,973     CyberArk Software Ltd.*     675,966  
  24,908     Dassault Systemes SE (France)     1,216,706  
  13,050     Digi International, Inc.*     262,044  
  9,279     Digital Garage, Inc. (Japan)     321,049  
  14,183     Dlocal Ltd. (Uruguay)*     463,075  
  6,186     DocuSign, Inc.*     732,608  
  15,417     Edenred (France)     708,067  
  4,918     Envestnet, Inc.*     367,965  
  4,999     Euronet Worldwide, Inc.*     641,022  
  8,536     EVERTEC, Inc. (Puerto Rico)     344,513  
  30,614     Extreme Networks, Inc.*     351,755  
  1,089     Fair Isaac Corp.*     513,126  
  4,727     FARO Technologies, Inc.*     258,756  
  9,146     Fidelity National Information Services, Inc.     870,974  
  6,448     First Solar, Inc.*     485,470  
  14,838     Fiserv, Inc.*     1,449,227  

 

 

 
Common Stocks – (continued)  
Information Technology – (continued)  
  3,902     FleetCor Technologies, Inc.*   913,848  
  4,038     Fortinet, Inc.*     1,391,172  
  7,763     Global Payments, Inc.     1,035,429  
  4,240     Guidewire Software, Inc.*     373,756  
  56,309     Hewlett Packard Enterprise Co.     896,439  
  155,658     Hive Blockchain Technologies Ltd. (Canada)*(a)     319,084  
  25,538     HP, Inc.     877,486  
  48,421     Hut 8 Mining Corp. (Canada)*     296,249  
  39,736     indie Semiconductor, Inc., Class A (China)*     311,928  
  32,559     Infineon Technologies AG (Germany)     1,124,353  
  33,373     Infinera Corp.*     308,033  
  19,806     Infocom Corp. (Japan)     346,164  
  84,680     Innoviz Technologies Ltd. (Israel)*(a)     338,720  
  83,253     Intel Corp.     3,971,168  
  6,548     InterDigital, Inc.     421,822  
  20,566     International Business Machines Corp.     2,519,541  
  2,225     Intuit, Inc.     1,055,473  
  2,530     IPG Photonics Corp.*     329,786  
  3,763     Jack Henry & Associates, Inc.     665,298  
  19,821     Juniper Networks, Inc.     669,752  
  16,745     Kainos Group PLC (United Kingdom)     338,587  
  2,848     Keyence Corp. (Japan)     1,329,850  
  6,271     Keysight Technologies, Inc.*     986,867  
  112,814     Learning Technologies Group PLC (United Kingdom)     267,014  
  20,014     Marathon Digital Holdings, Inc.*(a)     507,355  
  16,083     Marvell Technology, Inc.     1,098,951  
  7,786     Mastercard, Inc., Class A     2,809,345  
  18,284     Materialise NV ADR (Belgium)*     378,296  
  6,886     MaxLinear, Inc.*     422,456  
  18,096     McAfee Corp., Class A     470,315  
  17,547     Micron Technology, Inc.     1,559,226  
  28,025     Microsoft Corp.     8,373,590  
  1,060     MicroStrategy, Inc., Class A*     469,580  
  5,498     Mimecast Ltd.*     437,256  
  6,481     Nemetschek SE (Germany)     578,281  
  10,996     NETGEAR, Inc.*     292,604  
  11,523     NetScout Systems, Inc.*     358,711  
  594,683     Newborn Town, Inc. (China)*     332,591  
  2,631     Nice Ltd. ADR (Israel)*     595,264  
  194,024     Nokia OYJ ADR (Finland)*     1,038,028  
  3,395     Northern Data AG (Germany)*(a)     200,959  
  21,504     NortonLifeLock, Inc.     623,186  
  2,910     Novanta, Inc.*     397,593  
  35,255     NVIDIA Corp.     8,596,932  
  3,626     NXP Semiconductors NV (China)     689,375  
  5,005     Okta, Inc.*     915,114  
  13,429     OneSpan, Inc.*     185,052  
  10,759     Open Text Corp. (Canada)     468,017  
  15,880     Oracle Corp.     1,206,404  
  4,984     OSI Systems, Inc.*     402,059  
  29,031     Pagseguro Digital Ltd., Class A (Brazil)*     462,754  
  2,167     Palo Alto Networks, Inc.*     1,287,740  
  214,917     PAX Global Technology Ltd. (Hong Kong)     160,080  

 

 

 

 

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


GOLDMAN SACHS INNOVATE EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2022 (Unaudited)

 

Shares     Description       
Value
 
Common Stocks – (continued)  
Information Technology – (continued)  
  17,580     PayPal Holdings, Inc.*   $ 1,967,729  
  153,571     Paysafe Ltd.*     489,891  
  18,616     Ping Identity Holding Corp.*     391,681  
  4,150     PTC, Inc.*     461,812  
  8,697     Q2 Holdings, Inc.*     565,740  
  3,673     Qorvo, Inc.*     502,393  
  11,726     QUALCOMM, Inc.     2,016,755  
  956,365     Razer, Inc.*(b)     309,662  
  23,396     Repay Holdings Corp.*     404,049  
  28,647     Riot Blockchain, Inc.*(a)     493,588  
  11,091     S&T AG (Austria)(a)     175,400  
  34,224     Sabre Corp.*     374,068  
  8,565     salesforce.com, Inc.*     1,803,189  
  10,487     SAP SE (Germany)     1,193,449  
  32,238     Seiko Epson Corp. (Japan)     493,472  
  7,896     Semtech Corp.*     547,824  
  11,906     SentinelOne, Inc., Class A*     494,099  
  2,127     ServiceNow, Inc.*     1,233,490  
  8,488     Shift4 Payments, Inc., Class A*     446,893  
  2,021     Shopify, Inc., Class A (Canada)*     1,403,099  
  10,538     Sierra Wireless, Inc. (Canada)*     199,063  
  3,597     Silicon Laboratories, Inc.*     552,895  
  6,822     Skyworks Solutions, Inc.     942,596  
  12,188     Software AG (Germany)     463,803  
  23,484     SolarWinds Corp.     318,208  
  7,865     Splunk, Inc.*     928,857  
  5,640     Sprout Social, Inc., Class A*     367,220  
  12,746     SS&C Technologies Holdings, Inc.     955,568  
  26,695     STMicroelectronics NV (Singapore)     1,137,587  
  31,951     StoneCo Ltd., Class A (Brazil)*     359,129  
  19,623     Stratasys Ltd.*     492,145  
  21,003     SunPower Corp.*     376,584  
  2,701     Synaptics, Inc.*     616,989  
  22,121     Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)     2,367,168  
  11,498     TaskUS, Inc., Class A (Philippines)*     330,223  
  24,857     Telos Corp.*     283,867  
  56,601     TELUS International CDA, Inc. (Philippines)*     1,389,555  
  7,708     Tenable Holdings, Inc.*     426,715  
  14,340     Teradyne, Inc.     1,690,973  
  34,277     TomTom NV (Netherlands)*     287,017  
  736,613     Truly International Holdings Ltd. (Hong Kong)     254,534  
  71,921     Tuya, Inc. ADR (China)*     388,373  
  173,162     Tyro Payments Ltd. (Australia)*     192,880  
  25,270     UiPath, Inc., Class A*     877,122  
  106,951     Velodyne Lidar, Inc.*(a)     394,649  
  16,055     Veritone, Inc.*     270,366  
  7,745     Viasat, Inc.*     353,482  
  13,172     Visa, Inc., Class A     2,846,733  
  7,489     VMware, Inc., Class A     878,609  
  6,338     Yokowo Co. Ltd. (Japan)     150,010  
  27,332     Zeta Global Holdings Corp., Class A*(a)     355,589  

 

 

 
Common Stocks – (continued)  
Information Technology – (continued)  
  3,322     Zscaler, Inc.*   794,456  
   

 

 

 
      141,542,904  

 

 

 
Materials – 0.0%  
  2,591     UFP Technologies, Inc.*     179,142  

 

 

 
Real Estate – 0.6%  
  6,273     Digital Realty Trust, Inc. REIT     846,353  
  1,325     Equinix, Inc. REIT     940,392  
  11,453     Zillow Group, Inc., Class A*     655,914  
   

 

 

 
      2,442,659  

 

 

 
Utilities – 1.4%  
  10,794     Atlantica Sustainable Infrastructure PLC (Spain)     364,298  
  20,543     Avangrid, Inc.     921,764  
  826,174     Beijing Jingneng Clean Energy Co. Ltd., Class H (China)     251,647  
  21,084     Brookfield Renewable Corp., Class A(a)     787,909  
  26,021     Brookfield Renewable Partners LP (Canada)     934,692  
  12,272     Dominion Energy, Inc.     975,992  
  1,645,228     Huaneng Power International, Inc., Class H (China)     962,245  
  32,186     Innergex Renewable Energy, Inc. (Canada)     467,685  
   

 

 

 
      5,666,232  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $419,374,638)   $ 416,928,312  

 

 

 
   
Closed-End-Fund – 0.1%  
  188,631     Greencoat UK Wind PLC/Funds  
  (Cost $337,953)   $ 374,076  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $419,712,591)   $ 417,302,388  

 

 

 
   
Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 3.2%(c)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  13,362,374     0.026%   $ 13,362,374  
  (Cost $13,362,374)  

 

 

 
  TOTAL INVESTMENTS – 102.7%  
  (Cost $433,074,965)   $ 430,664,762  

 

 

 
 

LIABILITIES IN EXCESS OF

    OTHER ASSETS – (2.7)%

    (11,452,928

 

 

 
  NET ASSETS – 100.0%   $ 419,211,834  

 

 

 

 

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


GOLDMAN SACHS INNOVATE EQUITY ETF

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

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

(c)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

ADR

 

American Depositary Receipt

GDR

 

—Global Depositary Receipt

LP

 

—Limited Partnership

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

 

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


GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments

February 28, 2022 (Unaudited)

 

Shares     Description  

Value

 
Common Stocks – 99.8%      
Communication Services – 8.4%      
  2,344     Alphabet, Inc., Class A*   $ 6,331,472  
  2,186     Alphabet, Inc., Class C*     5,897,435  
  65,555     AT&T, Inc.     1,552,998  
  1,149     Charter Communications, Inc., Class A*     691,445  
  2,735     Electronic Arts, Inc.     355,796  
  3,069     Fox Corp., Class A     128,376  
  1,445     Fox Corp., Class B     55,286  
  3,773     Interpublic Group of Cos., Inc. (The)     138,846  
  214     Liberty Broadband Corp., Class A*     30,989  
  1,291     Liberty Broadband Corp., Class C*     189,390  
  229     Liberty Media Corp.-Liberty Formula One, Class A*     12,861  
  1,910     Liberty Media Corp.-Liberty Formula One, Class C*     115,994  
  894     Liberty Media Corp.-Liberty SiriusXM, Class A*     45,022  
  1,540     Liberty Media Corp.-Liberty SiriusXM, Class C*     77,493  
  9,349     Lumen Technologies, Inc.     96,856  
  4,166     Netflix, Inc.*     1,643,570  
  77     Paramount Global, Class A     2,622  
  5,616     Paramount Global, Class B     171,906  
  4,380     Pinterest, Inc., Class A*     117,165  
  5,407     T-Mobile US, Inc.*     666,196  
  6,080     Twitter, Inc.*     216,144  
  38,028     Verizon Communications, Inc.     2,040,963  
  17,503     Walt Disney Co. (The)*     2,598,495  
  9,615     Zynga, Inc., Class A*     87,304  
   

 

 

 
      23,264,624  

 

 

 
Consumer Discretionary – 11.3%  
  604     Advance Auto Parts, Inc.     123,506  
  4,186     Amazon.com, Inc.*     12,856,294  
  2,601     Aptiv PLC*     336,673  
  2,209     Aramark     81,645  
  2,364     Best Buy Co., Inc.     228,457  
  394     Booking Holdings, Inc.*     855,866  
  2,306     BorgWarner, Inc.     94,569  
  692     Brunswick Corp.     66,100  
  1,963     Caesars Entertainment, Inc.*     165,265  
  1,571     CarMax, Inc.*     171,757  
  8,206     Carnival Corp.*     166,828  
  1,376     Chegg, Inc.*     43,028  
  273     Chipotle Mexican Grill, Inc.*     415,875  
  1,252     Darden Restaurants, Inc.     181,815  
  263     Deckers Outdoor Corp.*     75,912  
  603     Dick’s Sporting Goods, Inc.     63,315  
  6,030     eBay, Inc.     329,178  
  1,220     Etsy, Inc.*     188,966  
  1,397     Expedia Group, Inc.*     273,966  
  37,717     Ford Motor Co.     662,311  
  1,938     Gap, Inc. (The)     28,198  
  1,457     Garmin Ltd.     160,911  
  13,252     General Motors Co.*     619,133  
  381     Grand Canyon Education, Inc.*     33,082  

 

 

 
Common Stocks – (continued)      
Consumer Discretionary – (continued)  
  1,473     Harley-Davidson, Inc.   60,835  
  1,232     Hasbro, Inc.     119,566  
  2,639     Hilton Worldwide Holdings, Inc.*     392,842  
  10,252     Home Depot, Inc. (The)     3,237,889  
  1,438     Kohl’s Corp.     79,982  
  3,185     Las Vegas Sands Corp.*     136,509  
  577     Lear Corp.     90,785  
  6,681     Lowe’s Cos., Inc.     1,476,902  
  1,097     Lululemon Athletica, Inc.*     350,974  
  400     Marriott Vacations Worldwide Corp.     64,268  
  3,357     Mattel, Inc.*     83,858  
  3,756     MGM Resorts International     166,353  
  11,946     NIKE, Inc., Class B     1,631,226  
  1,064     Nordstrom, Inc.*(a)     22,067  
  3,555     Norwegian Cruise Line Holdings Ltd.*     69,287  
  532     Petco Health & Wellness Co., Inc., Class A*     9,321  
  2,430     PulteGroup, Inc.     120,674  
  684     PVH Corp.     66,957  
  3,488     Qurate Retail, Inc.Series A     19,219  
  462     Ralph Lauren Corp.     61,002  
  3,373     Ross Stores, Inc.     308,258  
  2,111     Royal Caribbean Cruises Ltd.*     170,400  
  1,546     Service Corp. International     94,074  
  11,363     Starbucks Corp.     1,043,010  
  2,686     Tapestry, Inc.     109,857  
  4,703     Target Corp.     939,518  
  1,820     Tempur Sealy International, Inc.     60,078  
  513     Thor Industries, Inc.     46,427  
  11,626     TJX Cos., Inc. (The)     768,479  
  1,093     Tractor Supply Co.     222,742  
  818     Travel + Leisure Co.     45,849  
  1,813     Under Armour, Inc., Class A*     32,435  
  1,967     Under Armour, Inc., Class C*     30,744  
  3,121     VF Corp.     181,080  
  571     Whirlpool Corp.     114,925  
  712     Williams-Sonoma, Inc.     103,140  
  883     Wyndham Hotels & Resorts, Inc.     76,300  
  1,019     Wynn Resorts Ltd.*     88,164  
  2,827     Yum! Brands, Inc.     346,534  
   

 

 

 
      31,265,180  

 

 

 
Consumer Staples – 5.9%  
  5,889     Archer-Daniels-Midland Co.     461,992  
  1,452     Bunge Ltd.     151,807  
  2,065     Campbell Soup Co.     92,863  
  1,298     Clorox Co. (The)     189,235  
  8,839     Colgate-Palmolive Co.     680,161  
  4,955     Conagra Brands, Inc.     173,276  
  4,262     Costco Wholesale Corp.     2,213,044  
  6,461     General Mills, Inc.     435,665  
  963     Hain Celestial Group, Inc. (The)*     35,015  
  1,549     Hershey Co. (The)     313,301  
  2,992     Hormel Foods Corp.     142,539  
  709     Ingredion, Inc.     62,917  

 

 

 

 

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


GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

 

 

 

Shares     Description  

Value

 
Common Stocks – (continued) &