Goldman Sachs Funds
Semi-Annual Report |
February 28, 2022 | |||
Goldman Sachs ActiveBeta® ETFs | ||||
ActiveBeta® Emerging Markets Equity ETF (GEM) | ||||
ActiveBeta® Europe Equity ETF (GSEU) | ||||
ActiveBeta® International Equity ETF (GSIE) | ||||
ActiveBeta® Japan Equity ETF (GSJY) | ||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (GPAL) | ||||
ActiveBeta® U.S. Large Cap Equity ETF (GSLC) | ||||
ActiveBeta® U.S. Small Cap Equity ETF (GSSC) |
ActiveBeta® is a registered trademark of GSAM.
Goldman Sachs ActiveBeta® ETFs
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ACTIVEBETA® EMERGING MARKETS EQUITY ETF |
∎ |
ACTIVEBETA® EUROPE EQUITY ETF |
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ACTIVEBETA® INTERNATIONAL EQUITY ETF |
∎ |
ACTIVEBETA® JAPAN EQUITY ETF |
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ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF |
∎ |
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF |
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ACTIVEBETA® U.S. SMALL CAP EQUITY ETF |
1 | ||||
4 | ||||
19 | ||||
76 | ||||
84 | ||||
84 | ||||
85 | ||||
86 | ||||
87 | ||||
88 | ||||
89 | ||||
90 | ||||
91 | ||||
108 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs ActiveBeta® Equity ETFs
The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta® 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
U.S. Equities
• |
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%. |
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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. |
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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. |
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During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December. |
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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. |
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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 tends to suggest 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. |
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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. |
International Equities
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Representing the developed international equity markets, the MSCI EAFE Index (net) returned -6.78% for the Reporting Period, underperforming the U.S. equity market. |
1
MARKET REVIEW
• |
As the Reporting Period began, international equity markets receded in September 2021, due primarily to the U.S. Fed’s announcements around tapering of its monthly asset purchase plans and increases in interest rates. |
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The decline was further aggravated by halts in global manufacturing activities due to supply-chain disruptions and semiconductor shortages as well as power cuts and energy crises around the world. |
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Regulations imposed by the Chinese government on certain key sectors led to increased investor pessimism, worsened by Evergrande Group’s debt crisis and spread of the COVID-19 Delta variant. |
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During the fourth quarter of 2021, the MSCI EAFE Index increased in October, fell in November and rose in December. |
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Many of the concerns that dominated the international equity markets in September ebbed somewhat in October, supported in Europe and the U.K. particularly by favorable third calendar quarter corporate earnings reports. |
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In November, international equity markets suffered over fears of the new COVID-19 Omicron variant’s potential impact. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were reimposed in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant. |
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In December, the initial scare of the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures. |
• |
The MSCI EAFE Index fell in January and February 2022. |
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The price pressure in January was mostly from the continued reverberation surrounding the U.S. Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying government bond yield increase and the long-standing valuation concerns around some of the riskier pockets of the markets. |
• |
The price pressure in February was mostly from the Russia/Ukraine crisis, as the situation deteriorated sharply and Russia launched a full-scale invasion. |
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The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and communication services. |
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The best performing countries within the MSCI EAFE Index were Norway and the U.K., the only two country constituents to post a positive total return for the Reporting Period. The weakest performing countries during the Reporting Period were the Netherlands, Finland and Ireland. |
Emerging Markets Equities
• |
Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -9.81% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall. |
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As the Reporting Period began in September 2021, emerging markets equities as a whole posted negative returns, mainly due to a steep sell-off in China as well as on broader concerns around rising inflation and, as a direct result, a looming tightening of monetary policy across the globe. |
• |
During the fourth quarter of 2021, the MSCI Emerging Markets Index rose in October, fell sharply in November and increased in December. |
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Emerging markets equities rose slightly in October as COVID-19 vaccination rates increased and the global spread of the Delta variant slowed in most regions. The markets also expected strong corporate earnings to continue. However, rising input costs, especially energy prices, material shortages and a slowdown in economic growth in China muted investor optimism. |
• |
In November, the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery. |
2
MARKET REVIEW
• |
In December, global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment. |
• |
The MSCI Emerging Markets Index fell in January and February 2022. |
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In January, both growing tensions between Russian and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, furthering dampening investor sentiment around an economic recovery across emerging markets. |
• |
In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities. |
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The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was financials, the only sector to post a positive, albeit modest, total return for the Reporting Period. The weakest performing sectors were health care, consumer discretionary and communication services. |
• |
The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, United Arab Emirates and Qatar, while the weakest performing countries were Russia, Hungary and Poland. |
• |
It is worth noting that effective March 9, 2022, after the close of the Reporting Period, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.” |
Fund Changes and Highlights
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
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The Fund launched on December 13, 2021. |
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The Fund tracks the ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index, which uses the patented ActiveBeta® Portfolio Construction Methodology and seeks to align with the goals of the Paris Climate Agreement to combat climate change and its effects. |
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The Fund’s approach combines Goldman Sachs’ well-established track record of managing diversified, multi-factor ETFs, with its ability to reflect many investors’ growing desire to reduce carbon emissions and more deliberately manage the transition to a low-carbon economy through Goldman Sachs’ rules-based and transparent approach. |
3
ActiveBeta® Emerging Markets Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 35.28 | ||||
Net Asset Value (NAV)1 | $ | 35.09 |
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 |
GS ActiveBeta® Emerging Markets Equity Index3 |
MSCI Emerging Markets Index4 |
||||||||||||||
Shares | -8.60 | % | -7.73 | % | -8.10 | % | -9.81 | % |
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 as of 4:00pm 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 Goldman Sachs ActiveBeta® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
4
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/225 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.3 | % | Information Technology | Taiwan | ||||||
Tencent Holdings Ltd. | 3.5 | Communication Services | China | |||||||
Samsung Electronics Co. Ltd. | 3.4 | Information Technology | South Korea | |||||||
Alibaba Group Holding Ltd. | 2.1 | Consumer Discretionary | China | |||||||
Infosys Ltd. | 1.1 | Information Technology | India | |||||||
Vale SA | 1.0 | Materials | Brazil | |||||||
MediaTek, Inc. | 0.8 | Information Technology | Taiwan | |||||||
China Construction Bank Corp., Class H | 0.8 | Financials | China | |||||||
Meituan, Class B | 0.7 | Consumer Discretionary | China | |||||||
Tata Consultancy Services Ltd. | 0.7 | Information Technology | India |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 |
February 28, 2022 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.0% 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 Goldman Sachs ActiveBeta® Emerging Markets 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.
5
FUND BASICS
ActiveBeta® Europe Equity ETF
as of February 28, 2022
FUND SNAPSHOT | ||||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 33.99 | ||||
Net Asset Value (NAV)1 | $ | 34.27 |
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 |
GS ActiveBeta® Europe Equity Index3 |
MSCI Europe Index4 |
||||||||||||||
Shares | -8.93 | % | -9.81 | % | -8.79 | % | -6.70 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. 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.
6
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/225 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 3.2 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG-Genusschein | 2.5 | Health Care | Switzerland | |||||||
ASML Holding NV | 2.2 | Information Technology | Netherlands | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.7 | Consumer Discretionary | France | |||||||
Novo Nordisk A/S, Class B | 1.7 | Health Care | Denmark | |||||||
Novartis AG | 1.6 | Health Care | Switzerland | |||||||
Shell PLC | 1.4 | Energy | Netherlands | |||||||
AstraZeneca PLC | 1.3 | Health Care | United Kingdom | |||||||
L’Oreal SA | 1.1 | Consumer Staples | France | |||||||
Sanofi | 1.0 | Health Care | France |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2022 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented .03% 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 Goldman Sachs ActiveBeta® Europe 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.
7
FUND BASICS
ActiveBeta® International Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 32.69 | ||||
Net Asset Value (NAV)1 | $ | 32.84 |
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 |
GS ActiveBeta® Intl Equity Index3 |
MSCI World ex USA Index4 |
||||||||||||||
Shares | -7.13 | % | -7.53 | % | -7.06 | % | -5.73 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. 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.
8
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/225 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 1.8 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG-Genusschein | 1.4 | Health Care | Switzerland | |||||||
ASML Holding NV | 1.1 | Information Technology | Netherlands | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.0 | Consumer Discretionary | France | |||||||
Shell PLC | 1.0 | Energy | Netherlands | |||||||
Novo Nordisk A/S, Class B | 1.0 | Health Care | Denmark | |||||||
Novartis AG | 0.9 | Health Care | Switzerland | |||||||
BHP Group Ltd. | 0.8 | Materials | Australia | |||||||
Royal Bank of Canada | 0.7 | Financials | Canada | |||||||
L’Oreal SA | 0.7 | Consumer Staples | France |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2022 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.5% 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 Goldman Sachs ActiveBeta® International 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.
9
FUND BASICS
ActiveBeta® Japan Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 34.91 | ||||
Net Asset Value (NAV)1 | $ | 34.65 |
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 |
GS ActiveBeta® Japan Equity Index3 |
MSCI Japan Index4 |
||||||||||||||
Shares | -7.57 | % | -6.52 | % | -7.63 | % | -7.37 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. 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.
10
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/225 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Toyota Motor Corp. | 4.4 | % | Consumer Discretionary | |||||
Sony Group Corp. | 2.9 | Consumer Discretionary | ||||||
Tokyo Electron Ltd. | 1.9 | Information Technology | ||||||
Keyence Corp. | 1.9 | Information Technology | ||||||
Honda Motor Co. Ltd. | 1.8 | Consumer Discretionary | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1.5 | Financials | ||||||
KDDI Corp. | 1.4 | Communication Services | ||||||
Mitsui & Co. Ltd. | 1.3 | Industrials | ||||||
Nippon Telegraph & Telephone Corp. | 1.3 | Communication Services | ||||||
Marubeni Corp. | 1.3 | Industrials |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2022 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% 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 Goldman Sachs ActiveBeta® Japan 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.
11
FUND BASICS
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 36.60 | ||||
Net Asset Value (NAV)1 | $ | 36.63 |
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 |
| |||||||||||||
December 13, 2021–February 28, 2022 | Fund Total Return (based on NAV)2 |
Fund Total Return (based on Market Price)2 |
GS ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index3 |
|||||||||||
Shares | -7.60 | % | -7.68 | % | -7.57 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark.” An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index. |
The Fund is newly incepted and does not have a substantial track record. 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.
12
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/224 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 6.6 | % | Information Technology | |||||
Microsoft Corp. | 5.9 | Information Technology | ||||||
Amazon.com, Inc. | 3.4 | Consumer Discretionary | ||||||
Alphabet, Inc., Class A | 2.1 | Communication Services | ||||||
Alphabet, Inc., Class C | 2.0 | Communication Services | ||||||
Berkshire Hathaway, Inc., Class B | 1.4 | Financials | ||||||
Meta Platforms, Inc., Class A | 1.3 | Communication Services | ||||||
NVIDIA Corp. | 1.3 | Information Technology | ||||||
Johnson & Johnson | 1.2 | Health Care | ||||||
JPMorgan Chase & Co. | 1.0 | Financials |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK5 | ||
February 28, 2022 |
5 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. 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 Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap 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.
13
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 86.46 | ||||
Net Asset Value (NAV)1 | $ | 86.44 |
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 |
GS ActiveBeta® U.S. Large Cap Equity Index3 |
S&P 500 Index4 |
||||||||||||||
Shares | -4.38 | % | -4.32 | % | -4.34 | % | -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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. 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 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.
14
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/225 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 6.0 | % | Information Technology | |||||
Microsoft Corp. | 5.3 | Information Technology | ||||||
Amazon.com, Inc. | 3.1 | Consumer Discretionary | ||||||
Alphabet, Inc., Class A | 1.9 | Communication Services | ||||||
Alphabet, Inc., Class C | 1.8 | Communication Services | ||||||
Meta Platforms, Inc., Class A | 1.2 | Communication Services | ||||||
NVIDIA Corp. | 1.2 | Information Technology | ||||||
Berkshire Hathaway, Inc., Class B | 1.1 | Financials | ||||||
Johnson & Johnson | 1.1 | Health Care | ||||||
Home Depot, Inc. (The) | 1.0 | Consumer Discretionary |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2022 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by 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, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. 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 Goldman Sachs ActiveBeta® U.S. Large Cap 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.
15
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 61.94 | ||||
Net Asset Value (NAV)1 | $ | 61.81 |
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 |
GS ActiveBeta® U.S. Small Cap Equity Index3 |
Russell 2000® Index4 |
||||||||||||||
Shares | -4.22 | % | -3.97 | % | -4.15 | % | -9.46 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The Russell 2000® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. |
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.
16
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/225 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Synaptics, Inc. | 0.4 | % | Information Technology | |||||
Lattice Semiconductor Corp. | 0.4 | Information Technology | ||||||
Mr Cooper Group, Inc. | 0.3 | Financials | ||||||
BJ’s Wholesale Club Holdings, Inc. | 0.3 | Consumer Staples | ||||||
Vonage Holdings Corp. | 0.3 | Information Technology | ||||||
Tenet Healthcare Corp. | 0.3 | Health Care | ||||||
Atkore, Inc. | 0.3 | Industrials | ||||||
Ovintiv, Inc. | 0.3 | Energy | ||||||
Boise Cascade Co. | 0.3 | Industrials | ||||||
Corcept Therapeutics, Inc. | 0.3 | Health Care |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK6 | ||
February 28, 2022 |
6 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% 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 Goldman Sachs ActiveBeta® U.S. Small Cap 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.
17
FUND BASICS
Industry Terms
Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.
18
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 97.3% | ||||||||
Brazil – 3.5% | ||||||||
788,902 | Ambev SA (Consumer Staples) | $ | 2,327,641 | |||||
213,592 | Atacadao SA (Consumer Staples) | 789,822 | ||||||
714,962 | B3 SA – Brasil Bolsa Balcao (Financials) | 2,023,438 | ||||||
432,801 | Banco Bradesco SA (Financials) | 1,433,233 | ||||||
681,288 | BB Seguridade Participacoes SA (Financials) | 3,046,931 | ||||||
333,139 | Cia Siderurgica Nacional SA (Materials) | 1,623,113 | ||||||
117,870 | Energisa SA (Utilities) | 1,008,772 | ||||||
134,038 | Engie Brasil Energia SA (Utilities) | 1,037,346 | ||||||
370,714 | Equatorial Energia SA (Utilities) | 1,840,006 | ||||||
150,103 | Hapvida Participacoes e Investimentos SA (Health Care)(a) | 353,427 | ||||||
167,199 | Klabin SA (Materials) | 752,959 | ||||||
157,771 | Lojas Renner SA (Consumer Discretionary) | 775,426 | ||||||
495,737 | Magazine Luiza SA (Consumer Discretionary) | 578,329 | ||||||
202,538 | Natura & Co. Holding SA (Consumer Staples)* | 910,137 | ||||||
582,908 | Petroleo Brasileiro SA (Energy) | 4,115,217 | ||||||
632,504 | Raia Drogasil SA (Consumer Staples) | 2,868,042 | ||||||
160,215 | Suzano SA (Materials) | 1,712,646 | ||||||
238,310 | Telefonica Brasil SA (Communication Services) | 2,320,790 | ||||||
199,400 | TIM SA (Communication Services) | 526,784 | ||||||
674,298 | Vale SA (Materials) | 12,078,386 | ||||||
279,720 | WEG SA (Industrials) | 1,596,321 | ||||||
|
|
|||||||
43,718,766 | ||||||||
|
|
|||||||
Chile – 0.4% | ||||||||
955,979 | Cencosud SA (Consumer Staples) | 1,768,104 | ||||||
278,670 | Cia Cervecerias Unidas SA (Consumer Staples) | 2,221,541 | ||||||
96,489 | Empresas COPEC SA (Energy) | 752,682 | ||||||
7,107,260 | Enel Americas SA (Utilities) | 836,096 | ||||||
|
|
|||||||
5,578,423 | ||||||||
|
|
|||||||
China – 31.9% | ||||||||
67,117 | 360 DigiTech, Inc. ADR (Financials) | 1,258,444 | ||||||
1,344,992 | 3SBio, Inc. (Health Care)*(a) | 1,067,222 | ||||||
3,195,584 | Agricultural Bank of China Ltd., Class A (Financials) | 1,509,166 | ||||||
5,013,706 | Agricultural Bank of China Ltd., Class H (Financials) | 1,899,301 | ||||||
87,527 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 502,968 | ||||||
23,438 | Airtac International Group (Industrials) | 769,144 | ||||||
2,006,362 | Alibaba Group Holding Ltd. (Consumer Discretionary)* | 26,755,944 | ||||||
74,286 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 474,441 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
165,211 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 885,924 | ||||||
200,676 | ANTA Sports Products Ltd. (Consumer Discretionary) | 3,053,659 | ||||||
18,812 | Autohome, Inc. ADR (Communication Services)* | 575,459 | ||||||
1,116,462 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 688,278 | ||||||
26,238 | Baidu, Inc. ADR (Communication Services)* | 3,999,721 | ||||||
2,143,341 | Bank of Beijing Co. Ltd., Class A (Financials) | 1,531,928 | ||||||
437,800 | Bank of Changsha Co. Ltd., Class A (Financials) | 550,893 | ||||||
3,437,975 | Bank of China Ltd., Class A (Financials) | 1,689,021 | ||||||
10,628,403 | Bank of China Ltd., Class H (Financials) | 4,135,089 | ||||||
2,273,886 | Bank of Communications Co. Ltd., Class A (Financials) | 1,722,532 | ||||||
2,804,619 | Bank of Communications Co. Ltd., Class H (Financials) | 1,923,897 | ||||||
1,550,188 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 1,633,716 | ||||||
715,695 | Bank of Nanjing Co. Ltd., Class A (Financials) | 1,107,002 | ||||||
1,173,293 | Bank of Shanghai Co. Ltd., Class A (Financials) | 1,299,733 | ||||||
1,678,437 | BBMG Corp., Class A (Materials) | 766,070 | ||||||
630,012 | Beijing Enterprises Holdings Ltd. (Utilities) | 2,148,767 | ||||||
1,433,115 | Beijing Enterprises Water Group Ltd. (Utilities) | 564,904 | ||||||
475,268 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 503,136 | ||||||
37,546 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 1,498,270 | ||||||
38,206 | Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 971,740 | ||||||
770,822 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 630,339 | ||||||
83,344 | BGI Genomics Co. Ltd., Class A (Health Care) | 1,128,644 | ||||||
2,389,760 | Bosideng International Holdings Ltd. (Consumer Discretionary) | 1,357,940 | ||||||
25,827 | BYD Co. Ltd., Class A (Consumer Discretionary) | 1,021,620 | ||||||
66,396 | BYD Co. Ltd., Class H (Consumer Discretionary) | 2,017,279 | ||||||
196,276 | By-health Co. Ltd., Class A (Consumer Staples) | 770,484 | ||||||
149,346 | C&S Paper Co. Ltd., Class A (Consumer Staples) | 346,975 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
4,226,600 | CGN Power Co. Ltd., Class H (Utilities)(a) | $ | 1,195,437 | |||||
14,451 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 416,926 | ||||||
473,288 | Changjiang Securities Co. Ltd., Class A (Financials) | 517,542 | ||||||
62,300 | Chengxin Lithium Group Co. Ltd., Class A (Materials)* | 579,262 | ||||||
2,938,027 | China Bohai Bank Co. Ltd., Class H (Financials)(a) | 488,813 | ||||||
4,426,624 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 798,794 | ||||||
3,174,819 | China CITIC Bank Corp. Ltd., Class H (Financials) | 1,491,174 | ||||||
1,361,208 | China Communications Services Corp. Ltd., Class H (Industrials) | 747,352 | ||||||
251,838 | China Conch Venture Holdings Ltd. (Industrials) | 1,211,860 | ||||||
1,369,830 | China Construction Bank Corp., Class A (Financials) | 1,309,045 | ||||||
13,148,183 | China Construction Bank Corp., Class H (Financials) | 9,860,675 | ||||||
958,583 | China Everbright Bank Co. Ltd., Class A (Financials) | 507,396 | ||||||
2,912,061 | China Everbright Bank Co. Ltd., Class H (Financials) | 1,080,791 | ||||||
1,384,512 | China Feihe Ltd. (Consumer Staples)(a) | 1,651,414 | ||||||
343,260 | China Galaxy Securities Co. Ltd., Class A (Financials) | 549,978 | ||||||
1,243,605 | China Galaxy Securities Co. Ltd., Class H (Financials) | 711,432 | ||||||
556,376 | China Hongqiao Group Ltd. (Materials) | 773,288 | ||||||
1,547,575 | China Jinmao Holdings Group Ltd. (Real Estate) | 514,954 | ||||||
730,084 | China Life Insurance Co. Ltd., Class H (Financials) | 1,210,936 | ||||||
516,880 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 1,058,408 | ||||||
1,382,734 | China Medical System Holdings Ltd. (Health Care) | 2,452,704 | ||||||
629,840 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 4,090,812 | ||||||
235,460 | China Merchants Bank Co. Ltd., Class A (Financials) | 1,858,306 | ||||||
609,745 | China Merchants Bank Co. Ltd., Class H (Financials) | 5,134,728 | ||||||
344,887 | China Merchants Port Holdings Co. Ltd. (Industrials) | 648,840 | ||||||
204,100 | China Merchants Securities Co. Ltd., Class A (Financials) | 512,352 | ||||||
318,721 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 684,417 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
2,021,455 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 1,252,597 | ||||||
3,430,586 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 1,334,705 | ||||||
1,048,659 | China National Building Material Co. Ltd., Class H (Materials) | 1,344,762 | ||||||
570,900 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 941,849 | ||||||
701,800 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 823,030 | ||||||
67,900 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 529,534 | ||||||
238,148 | China Overseas Land & Investment Ltd. (Real Estate) | 726,907 | ||||||
2,048,023 | China Petroleum & Chemical Corp., Class A (Energy) | 1,405,379 | ||||||
3,389,913 | China Petroleum & Chemical Corp., Class H (Energy) | 1,674,631 | ||||||
2,297,075 | China Power International Development Ltd. (Utilities) | 1,296,454 | ||||||
677,009 | China Railway Group Ltd., Class A (Industrials) | 666,280 | ||||||
1,070,497 | China Railway Group Ltd., Class H (Industrials) | 628,842 | ||||||
678,800 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 521,740 | ||||||
198,276 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 1,569,470 | ||||||
551,257 | China Resources Cement Holdings Ltd. (Materials) | 471,274 | ||||||
94,098 | China Resources Gas Group Ltd. (Utilities) | 431,731 | ||||||
151,872 | China Resources Land Ltd. (Real Estate) | 738,592 | ||||||
439,302 | China Resources Power Holdings Co. Ltd. (Utilities) | 976,014 | ||||||
196,991 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 1,117,947 | ||||||
186,062 | China Shenhua Energy Co. Ltd., Class A (Energy) | 744,248 | ||||||
862,256 | China Shenhua Energy Co. Ltd., Class H (Energy) | 2,372,564 | ||||||
1,114,900 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 899,341 | ||||||
777,600 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 515,501 | ||||||
62,906 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 2,018,774 | ||||||
13,361,633 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 1,556,124 | ||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,766,600 | China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care) | $ | 1,006,101 | |||||
1,502,900 | China United Network Communications Ltd., Class A (Communication Services) | 909,838 | ||||||
139,074 | China Vanke Co. Ltd., Class A (Real Estate) | 423,173 | ||||||
167,983 | China Vanke Co. Ltd., Class H (Real Estate) | 398,153 | ||||||
391,718 | China Yangtze Power Co. Ltd., Class A (Utilities) | 1,438,989 | ||||||
2,320,990 | China Zheshang Bank Co. Ltd., Class A (Financials) | 1,261,647 | ||||||
72,327 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples)* | 1,533,653 | ||||||
865,190 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 536,116 | ||||||
54,853 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 1,123,835 | ||||||
1,254,995 | CITIC Ltd. (Industrials) | 1,463,200 | ||||||
163,622 | CITIC Securities Co. Ltd., Class A (Financials) | 604,961 | ||||||
246,367 | CITIC Securities Co. Ltd., Class H (Financials) | 597,181 | ||||||
11,704 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 989,294 | ||||||
304,675 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)* | 845,944 | ||||||
562,169 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)* | 1,129,561 | ||||||
448,229 | Country Garden Holdings Co. Ltd. (Real Estate) | 347,629 | ||||||
565,100 | CRRC Corp. Ltd., Class A (Industrials) | 518,531 | ||||||
1,141,900 | CRRC Corp. Ltd., Class H (Industrials) | 507,108 | ||||||
2,559,553 | CSPC Pharmaceutical Group Ltd. (Health Care) | 3,030,045 | ||||||
282,520 | Daan Gene Co. Ltd., Class A (Health Care) | 831,442 | ||||||
1,522,731 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 800,955 | ||||||
480,500 | Daqin Railway Co. Ltd., Class A (Industrials) | 518,574 | ||||||
11,699 | Daqo New Energy Corp. ADR (Information Technology)* | 561,084 | ||||||
508,690 | DHC Software Co. Ltd., Class A (Information Technology) | 663,474 | ||||||
66,600 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 474,433 | ||||||
131,609 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 791,323 | ||||||
1,001,516 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 860,050 | ||||||
334,400 | Dongyue Group Ltd. (Materials) | 481,890 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
72,898 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 1,565,054 | ||||||
143,477 | ENN Energy Holdings Ltd. (Utilities) | 2,082,278 | ||||||
528,237 | Far East Horizon Ltd. (Financials) | 450,242 | ||||||
586,300 | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | 863,190 | ||||||
190,300 | Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology) | 518,726 | ||||||
647,046 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 784,454 | ||||||
372,502 | Fosun International Ltd. (Industrials) | 403,790 | ||||||
295,952 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 523,896 | ||||||
72,996 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 509,005 | ||||||
30,338 | Ganfeng Lithium Co. Ltd., Class H (Materials)(a) | 510,571 | ||||||
13,092 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 725,683 | ||||||
1,351,300 | GD Power Development Co. Ltd., Class A (Utilities) | 603,909 | ||||||
115,700 | Genscript Biotech Corp. (Health Care)* | 456,806 | ||||||
140,534 | GF Securities Co. Ltd., Class A (Financials) | 414,475 | ||||||
267,834 | Giant Network Group Co. Ltd., Class A (Communication Services) | 405,359 | ||||||
134,139 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 776,135 | ||||||
456,337 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 949,619 | ||||||
88,100 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 513,381 | ||||||
822,692 | Greenland Holdings Corp. Ltd., Class A (Real Estate) | 563,238 | ||||||
396,295 | Guangdong Investment Ltd. (Utilities) | 532,539 | ||||||
35,963 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 604,133 | ||||||
265,488 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,253,389 | ||||||
323,524 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | 510,665 | ||||||
89,138 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1,189,448 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
853,052 | Guangzhou R&F Properties Co. Ltd., Class H (Real Estate) | $ | 362,457 | |||||
59,150 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 995,426 | ||||||
293,770 | Guosen Securities Co. Ltd., Class A (Financials) | 481,857 | ||||||
211,851 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 560,348 | ||||||
448,786 | Guoyuan Securities Co. Ltd., Class A (Financials) | 503,551 | ||||||
662,451 | Haidilao International Holding Ltd. (Consumer Discretionary)(a)(b) | 1,519,270 | ||||||
506,048 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 1,764,824 | ||||||
157,516 | Haitian International Holdings Ltd. (Industrials) | 420,314 | ||||||
320,085 | Haitong Securities Co. Ltd., Class A (Financials) | 570,167 | ||||||
605,330 | Haitong Securities Co. Ltd., Class H (Financials) | 520,601 | ||||||
50,110 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 942,163 | ||||||
86,669 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 456,970 | ||||||
53,700 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 485,002 | ||||||
151,975 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 325,201 | ||||||
242,492 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 564,918 | ||||||
102,183 | Hello Group, Inc. ADR (Communication Services) | 973,804 | ||||||
88,042 | Hengan International Group Co. Ltd. (Consumer Staples) | 467,044 | ||||||
1,434,086 | Hesteel Co. Ltd., Class A (Materials) | 584,089 | ||||||
57,597 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 985,356 | ||||||
27,200 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 644,437 | ||||||
1,046,686 | Huadian Power International Corp. Ltd., Class A (Utilities) | 713,273 | ||||||
132,902 | Huadong Medicine Co. Ltd., Class A (Health Care) | 798,044 | ||||||
223,054 | Huatai Securities Co. Ltd., Class A (Financials) | 559,933 | ||||||
388,600 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 635,590 | ||||||
361,412 | Huaxi Securities Co. Ltd., Class A (Financials) | 509,184 | ||||||
1,563,833 | Huaxia Bank Co. Ltd., Class A (Financials) | 1,395,306 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
202,128 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 812,356 | ||||||
107,600 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 699,144 | ||||||
2,148,680 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 1,586,822 | ||||||
7,307,426 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 4,367,416 | ||||||
488,865 | Industrial Bank Co. Ltd., Class A (Financials) | 1,709,865 | ||||||
118,743 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 743,696 | ||||||
487,500 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)* | 694,552 | ||||||
108,296 | Intco Medical Technology Co. Ltd., Class A (Health Care) | 879,240 | ||||||
112,220 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 813,639 | ||||||
186,786 | JD.com, Inc., Class A (Consumer Discretionary)* | 6,674,258 | ||||||
228,941 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 690,814 | ||||||
482,904 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 516,667 | ||||||
292,325 | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | 1,856,797 | ||||||
29,149 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 789,425 | ||||||
368,015 | Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a) | 821,401 | ||||||
255,856 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 497,520 | ||||||
377,120 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 796,076 | ||||||
18,230 | JOYY, Inc. ADR (Communication Services) | 843,867 | ||||||
427,103 | Kingboard Holdings Ltd. (Information Technology) | 1,992,386 | ||||||
109,376 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 268,481 | ||||||
99,608 | Kuaishou Technology (Communication Services)*(a) | 1,141,571 | ||||||
2,107,446 | Kunlun Energy Co. Ltd. (Utilities) | 2,060,597 | ||||||
11,192 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 3,175,619 | ||||||
2,593,629 | Lenovo Group Ltd. (Information Technology) | 2,884,502 | ||||||
504,179 | Li Ning Co. Ltd. (Consumer Discretionary) | 5,010,366 | ||||||
305,572 | Longfor Group Holdings Ltd. (Real Estate)(a) | 1,634,681 | ||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
18,011 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | $ | 618,254 | |||||
427,439 | Meituan, Class B (Consumer Discretionary)*(a) | 9,419,993 | ||||||
1,281,505 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 826,581 | ||||||
95,900 | Mianyang Fulin Precision Co. Ltd., Class A (Consumer Discretionary)* | 404,117 | ||||||
138,500 | NetEase, Inc. (Communication Services) | 2,703,105 | ||||||
88,300 | New China Life Insurance Co. Ltd., Class A (Financials) | 533,158 | ||||||
192,067 | New China Life Insurance Co. Ltd., Class H (Financials) | 549,381 | ||||||
316,236 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 1,981,104 | ||||||
111,400 | North Industries Group Red Arrow Co. Ltd., Class A (Industrials)* | 398,816 | ||||||
414,768 | Northeast Securities Co. Ltd., Class A (Financials) | 542,288 | ||||||
824,062 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 641,227 | ||||||
594,804 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 436,441 | ||||||
1,611,655 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 517,713 | ||||||
3,059,693 | PetroChina Co. Ltd., Class A (Energy) | 2,797,849 | ||||||
5,157,429 | PetroChina Co. Ltd., Class H (Energy) | 2,752,407 | ||||||
2,064,043 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 2,179,295 | ||||||
44,201 | Pinduoduo, Inc. ADR (Consumer Discretionary)* | 2,292,264 | ||||||
138,991 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 1,118,096 | ||||||
825,467 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 6,380,870 | ||||||
1,573,020 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 1,391,038 | ||||||
1,963,526 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 1,610,786 | ||||||
938,743 | Power Construction Corp. of China Ltd., Class A (Industrials) | 1,138,096 | ||||||
20,558 | Proya Cosmetics Co. Ltd., Class A (Consumer Staples) | 605,826 | ||||||
902,234 | Qingdao Rural Commercial Bank Corp., Class A (Financials) | 523,324 | ||||||
572,714 | RiseSun Real Estate Development Co. Ltd., Class A (Real Estate) | 356,698 | ||||||
228,915 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 656,997 | ||||||
398,494 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 762,254 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
37,667 | Sangfor Technologies, Inc., Class A (Information Technology) | 868,550 | ||||||
121,156 | Satellite Chemical Co. Ltd., Class A (Materials) | 865,565 | ||||||
407,528 | SDIC Capital Co. Ltd., Class A (Financials) | 477,925 | ||||||
225,879 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 358,686 | ||||||
868,900 | Sealand Securities Co. Ltd., Class A (Financials) | 538,415 | ||||||
10,400 | SG Micro Corp., Class A (Information Technology) | 573,566 | ||||||
229,802 | Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care) | 757,509 | ||||||
200,244 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 658,806 | ||||||
42,703 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 305,350 | ||||||
763,627 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 688,595 | ||||||
205,270 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 459,336 | ||||||
165,494 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 489,925 | ||||||
744,820 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 1,342,138 | ||||||
1,140,990 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 1,517,101 | ||||||
494,719 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 523,728 | ||||||
530,824 | Shanxi Securities Co. Ltd., Class A (Financials) | 496,333 | ||||||
919,648 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 1,065,393 | ||||||
31,313 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 1,450,174 | ||||||
778,260 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 564,886 | ||||||
359,771 | Shenzhen International Holdings Ltd. (Industrials) | 370,191 | ||||||
17,102 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 886,567 | ||||||
1,439,235 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 1,573,807 | ||||||
49,463 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 831,167 | ||||||
236,745 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 904,208 | ||||||
465,100 | Shimao Group Holdings Ltd. (Real Estate)(b) | 277,975 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
194,827 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | $ | 371,437 | |||||
230,500 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 634,514 | ||||||
325,000 | Sichuan Road & Bridge Co. Ltd., Class A (Industrials) | 641,759 | ||||||
86,666 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1,367,977 | ||||||
17,819 | Silergy Corp. (Information Technology) | 2,313,578 | ||||||
279,523 | Sinopharm Group Co. Ltd., Class H (Health Care) | 675,403 | ||||||
881,568 | Sinotrans Ltd., Class A (Industrials) | 599,354 | ||||||
243,098 | Sinotruk Hong Kong Ltd. (Industrials) | 362,141 | ||||||
202,461 | Smoore International Holdings Ltd. (Consumer Staples)(a)(b) | 746,238 | ||||||
687,214 | Southwest Securities Co. Ltd., Class A (Financials) | 511,871 | ||||||
2,081,991 | Sun Art Retail Group Ltd. (Consumer Staples) | 748,736 | ||||||
240,944 | Sunac China Holdings Ltd. (Real Estate) | 197,351 | ||||||
56,675 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 1,087,693 | ||||||
1,006,852 | Suning.com Co. Ltd., Class A (Consumer Discretionary)* | 572,837 | ||||||
39,679 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 948,087 | ||||||
12,151 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 1,053,536 | ||||||
187,100 | TBEA Co. Ltd., Class A (Industrials) | 598,364 | ||||||
808,913 | Tencent Holdings Ltd. (Communication Services) | 43,604,714 | ||||||
151,109 | Tencent Music Entertainment Group ADR (Communication Services)* | 814,478 | ||||||
798,592 | Tianfeng Securities Co. Ltd., Class A (Financials) | 445,490 | ||||||
1,239,467 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 2,741,082 | ||||||
180,100 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | 590,248 | ||||||
1,346,809 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 1,394,433 | ||||||
12,545 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 323,912 | ||||||
1,473,742 | Uni-President China Holdings Ltd. (Consumer Staples) | 1,527,741 | ||||||
204,152 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 1,769,998 | ||||||
2,005,545 | Want Want China Holdings Ltd. (Consumer Staples) | 2,132,930 | ||||||
255,209 | Weichai Power Co. Ltd., Class H (Industrials) | 431,135 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
266,065 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples) | 821,808 | ||||||
429,300 | Western Securities Co. Ltd., Class A (Financials) | 517,065 | ||||||
55,700 | Westone Information Industry, Inc., Class A (Information Technology) | 402,964 | ||||||
236,739 | Wharf Holdings Ltd. (The) (Real Estate) | 854,402 | ||||||
433,003 | Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 1,429,390 | ||||||
31,838 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 958,672 | ||||||
124,280 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 1,021,922 | ||||||
453,659 | Xiamen C & D, Inc., Class A (Industrials) | 717,515 | ||||||
13,400 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 452,075 | ||||||
1,083,836 | Xiaomi Corp., Class B (Information Technology)*(a) | 2,033,484 | ||||||
308,674 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 455,879 | ||||||
248,277 | Yihai International Holding Ltd. (Consumer Staples)* | 1,035,851 | ||||||
650,486 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples) | 376,272 | ||||||
25,600 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 600,403 | ||||||
498,758 | Youngor Group Co. Ltd., Class A (Real Estate) | 535,118 | ||||||
28,000 | Youngy Co. Ltd., Class A (Materials)* | 590,174 | ||||||
830,281 | Yuexiu Property Co. Ltd. (Real Estate) | 830,950 | ||||||
84,015 | Yum China Holdings, Inc. (Consumer Discretionary) | 4,370,460 | ||||||
16,100 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 663,391 | ||||||
9,920 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 568,018 | ||||||
673,370 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 606,694 | ||||||
48,200 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 496,513 | ||||||
376,386 | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | 421,719 | ||||||
74,582 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 597,720 | ||||||
320,480 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 1,175,771 | ||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
54,738 | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care) | $ | 394,530 | |||||
70,100 | Zhejiang Yongtai Technology Co. Ltd., Class A (Materials)* | 413,268 | ||||||
233,461 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 1,625,386 | ||||||
13,146 | ZTO Express Cayman, Inc. ADR (Industrials) | 387,018 | ||||||
|
|
|||||||
403,979,975 | ||||||||
|
|
|||||||
Colombia – 0.1% | ||||||||
1,072,500 | Ecopetrol SA (Energy) | 897,324 | ||||||
|
|
|||||||
Czech Republic – 0.2% | ||||||||
39,498 | CEZ AS (Utilities) | 1,505,258 | ||||||
22,065 | Komercni Banka AS (Financials) | 869,429 | ||||||
|
|
|||||||
2,374,687 | ||||||||
|
|
|||||||
Egypt – 0.4% | ||||||||
880,972 | Commercial International Bank Egypt SAE (Financials)* | 2,681,048 | ||||||
3,012,200 | Eastern Co. SAE (Consumer Staples) | 2,080,355 | ||||||
|
|
|||||||
4,761,403 | ||||||||
|
|
|||||||
Greece – 0.4% | ||||||||
665,400 | Eurobank Ergasias Services and Holdings SA (Financials)* | 729,590 | ||||||
204,292 | Hellenic Telecommunications Organization SA (Communication Services) | 4,084,403 | ||||||
40,000 | OPAP SA (Consumer Discretionary) | 581,818 | ||||||
|
|
|||||||
5,395,811 | ||||||||
|
|
|||||||
Hong Kong – 0.2% | ||||||||
23,466 | Jinmao Property Services Co. Ltd. (Real Estate)* | 5,964 | ||||||
284,146 | Kingboard Laminates Holdings Ltd. (Information Technology) | 471,292 | ||||||
2,753,372 | Sino Biopharmaceutical Ltd. (Health Care) | 1,754,840 | ||||||
|
|
|||||||
2,232,096 | ||||||||
|
|
|||||||
Hungary – 0.2% | ||||||||
111,031 | MOL Hungarian Oil & Gas PLC (Energy) | 871,874 | ||||||
18,784 | OTP Bank Nyrt (Financials)* | 726,120 | ||||||
18,181 | Richter Gedeon Nyrt (Health Care) | 383,927 | ||||||
|
|
|||||||
1,981,921 | ||||||||
|
|
|||||||
India – 11.6% | ||||||||
22,900 | ACC Ltd. (Materials) | 634,945 | ||||||
23,400 | Adani Enterprises Ltd. (Industrials) | 510,702 | ||||||
20,100 | Adani Green Energy Ltd. (Utilities)* | 491,753 | ||||||
23,900 | Adani Total Gas Ltd. (Utilities) | 503,867 | ||||||
20,400 | Adani Transmission Ltd. (Utilities)* | 577,879 | ||||||
79,334 | Asian Paints Ltd. (Materials) | 3,342,615 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
186,016 | Aurobindo Pharma Ltd. (Health Care) | 1,543,601 | ||||||
29,633 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 1,706,992 | ||||||
56,028 | Axis Bank Ltd. (Financials)* | 552,045 | ||||||
10,361 | Bajaj Finance Ltd. (Financials) | 962,883 | ||||||
2,300 | Bajaj Finserv Ltd. (Financials) | 488,787 | ||||||
167,766 | Berger Paints India Ltd. (Materials) | 1,537,331 | ||||||
123,600 | Bharti Airtel Ltd. (Communication Services)* | 1,126,134 | ||||||
174,880 | Biocon Ltd. (Health Care)* | 809,674 | ||||||
57,396 | Britannia Industries Ltd. (Consumer Staples) | 2,610,862 | ||||||
192,884 | Cipla Ltd. (Health Care) | 2,368,059 | ||||||
131,892 | Colgate-Palmolive India Ltd. (Consumer Staples) | 2,538,852 | ||||||
225,989 | Dabur India Ltd. (Consumer Staples) | 1,689,650 | ||||||
51,078 | Divi’s Laboratories Ltd. (Health Care) | 2,891,240 | ||||||
44,098 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 2,378,152 | ||||||
37,766 | Grasim Industries Ltd. (Materials) | 801,207 | ||||||
140,924 | Havells India Ltd. (Industrials) | 2,217,639 | ||||||
317,490 | HCL Technologies Ltd. (Information Technology) | 4,748,603 | ||||||
48,183 | HDFC Asset Management Co. Ltd. (Financials)(a) | 1,334,077 | ||||||
119,021 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 826,461 | ||||||
193,021 | Hindalco Industries Ltd. (Materials) | 1,469,801 | ||||||
96,833 | Hindustan Unilever Ltd. (Consumer Staples) | 2,791,479 | ||||||
193,942 | Housing Development Finance Corp. Ltd. (Financials) | 6,086,146 | ||||||
412,959 | ICICI Bank Ltd. (Financials) | 4,070,535 | ||||||
50,991 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 855,270 | ||||||
1,584,051 | Indian Oil Corp. Ltd. (Energy) | 2,417,676 | ||||||
605,399 | Infosys Ltd. (Information Technology) | 13,784,432 | ||||||
523,699 | ITC Ltd. (Consumer Staples) | 1,500,255 | ||||||
60,848 | JSW Steel Ltd. (Materials) | 506,707 | ||||||
47,674 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 1,841,537 | ||||||
49,543 | Larsen & Toubro Infotech Ltd. (Information Technology)(a) | 3,846,400 | ||||||
64,546 | Larsen & Toubro Ltd. (Industrials) | 1,556,308 | ||||||
140,929 | Lupin Ltd. (Health Care) | 1,395,028 | ||||||
126,672 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 1,329,554 | ||||||
433,518 | Marico Ltd. (Consumer Staples) | 2,961,369 | ||||||
33,900 | Mindtree Ltd. (Information Technology) | 1,746,212 | ||||||
27,200 | Mphasis Ltd. (Information Technology) | 1,122,222 | ||||||
66,096 | Muthoot Finance Ltd. (Financials) | 1,191,917 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
12,702 | Nestle India Ltd. (Consumer Staples) | $ | 2,973,589 | |||||
542,400 | NTPC Ltd. (Utilities) | 961,019 | ||||||
6,197 | Page Industries Ltd. (Consumer Discretionary) | 3,475,386 | ||||||
10,199 | PI Industries Ltd. (Materials) | 334,115 | ||||||
87,620 | Pidilite Industries Ltd. (Materials) | 2,794,339 | ||||||
825,450 | Power Grid Corp. of India Ltd. (Utilities) | 2,291,289 | ||||||
273,733 | Reliance Industries Ltd. (Energy) | 8,572,105 | ||||||
105,693 | SBI Life Insurance Co. Ltd. (Financials)(a) | 1,487,115 | ||||||
51,398 | Siemens Ltd. (Industrials) | 1,601,304 | ||||||
16,700 | SRF Ltd. (Materials) | 528,312 | ||||||
81,000 | State Bank of India (Financials) | 519,449 | ||||||
46,800 | Sun Pharmaceutical Industries Ltd. (Health Care) | 524,165 | ||||||
195,010 | Tata Consultancy Services Ltd. (Information Technology) | 9,198,773 | ||||||
180,730 | Tata Consumer Products Ltd. (Consumer Staples) | 1,723,648 | ||||||
533,006 | Tata Motors Ltd. (Consumer Discretionary)* | 3,211,936 | ||||||
177,700 | Tata Power Co. Ltd. (The) (Utilities) | 526,042 | ||||||
157,495 | Tata Steel Ltd. (Materials) | 2,551,671 | ||||||
300,897 | Tech Mahindra Ltd. (Information Technology) | 5,630,774 | ||||||
16,700 | Titan Co. Ltd. (Consumer Discretionary) | 564,417 | ||||||
38,897 | Torrent Pharmaceuticals Ltd. (Health Care) | 1,419,594 | ||||||
23,620 | UltraTech Cement Ltd. (Materials) | 2,058,911 | ||||||
276,768 | Vedanta Ltd. (Materials) | 1,396,926 | ||||||
436,376 | Wipro Ltd. (Information Technology) | 3,218,923 | ||||||
|
|
|||||||
147,230,660 | ||||||||
|
|
|||||||
Indonesia – 1.3% | ||||||||
7,030,501 | Aneka Tambang Tbk (Materials) | 1,086,358 | ||||||
4,552,401 | Astra International Tbk PT (Consumer Discretionary) | 1,837,818 | ||||||
4,523,722 | Bank Central Asia Tbk PT (Financials) | 2,534,695 | ||||||
243,702 | Gudang Garam Tbk PT (Consumer Staples) | 532,626 | ||||||
2,922,010 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 1,728,759 | ||||||
3,466,195 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 1,495,817 | ||||||
13,471,806 | Kalbe Farma Tbk PT (Health Care) | 1,542,502 | ||||||
2,891,771 | Merdeka Copper Gold Tbk PT (Materials)* | 778,949 | ||||||
11,971,695 | Telkom Indonesia Persero Tbk PT (Communication Services) | 3,616,423 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Indonesia – (continued) | ||||||||
4,633,317 | Unilever Indonesia Tbk PT (Consumer Staples) | $ | 1,186,790 | |||||
|
|
|||||||
16,340,737 | ||||||||
|
|
|||||||
Kuwait – 0.6% | ||||||||
293,900 | Boubyan Bank KSCP (Financials)* | 798,810 | ||||||
1,012,527 | Kuwait Finance House KSCP (Financials) | 3,156,623 | ||||||
940,670 | National Bank of Kuwait SAKP (Financials) | 3,277,434 | ||||||
|
|
|||||||
7,232,867 | ||||||||
|
|
|||||||
Luxembourg – 0.1% | ||||||||
47,725 | Reinet Investments SCA (Financials) | 978,992 | ||||||
|
|
|||||||
Mexico – 2.4% | ||||||||
949,500 | Alfa SAB de CV, Class A (Industrials) | 712,851 | ||||||
6,769,557 | America Movil SAB de CV, Series L (Communication Services) | 6,132,607 | ||||||
301,054 | Becle SAB de CV (Consumer Staples) | 756,742 | ||||||
3,450,354 | Cemex SAB de CV, Series CPO (Materials)* | 1,776,470 | ||||||
388,271 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 3,136,002 | ||||||
210,289 | Gruma SAB de CV, Class B (Consumer Staples) | 2,858,778 | ||||||
1,320,432 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 4,075,842 | ||||||
375,809 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 2,548,126 | ||||||
565,810 | Grupo Mexico SAB de CV, Series B (Materials) | 2,909,564 | ||||||
1,318,138 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 5,025,472 | ||||||
|
|
|||||||
29,932,454 | ||||||||
|
|
|||||||
Philippines – 0.4% | ||||||||
377,700 | Bank of the Philippine Islands (Financials) | 736,688 | ||||||
32,669 | Globe Telecom, Inc. (Communication Services) | 1,636,317 | ||||||
177,700 | International Container Terminal Services, Inc. (Industrials) | 729,932 | ||||||
173,700 | Manila Electric Co. (Utilities) | 1,246,764 | ||||||
27,220 | PLDT, Inc. (Communication Services) | 955,116 | ||||||
|
|
|||||||
5,304,817 | ||||||||
|
|
|||||||
Poland – 0.9% | ||||||||
27,700 | Bank Polska Kasa Opieki SA (Financials) | 765,417 | ||||||
17,232 | CD Projekt SA (Communication Services)(b) | 693,646 | ||||||
45,627 | Dino Polska SA (Consumer Staples)*(a) | 3,219,575 | ||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Poland – (continued) | ||||||||
25,727 | KGHM Polska Miedz SA (Materials) | $ | 1,017,765 | |||||
601 | LPP SA (Consumer Discretionary) | 1,243,374 | ||||||
833,249 | PGE Polska Grupa Energetyczna SA (Utilities)* | 1,624,870 | ||||||
402,279 | Polskie Gornictwo Naftowe i Gazownictwo SA (Energy) | 535,410 | ||||||
119,836 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials)* | 1,155,249 | ||||||
216,649 | Powszechny Zaklad Ubezpieczen SA (Financials) | 1,633,348 | ||||||
|
|
|||||||
11,888,654 | ||||||||
|
|
|||||||
Qatar – 1.1% | ||||||||
603,200 | Commercial Bank PSQC (The) (Financials) | 1,143,115 | ||||||
108,100 | Industries Qatar QSC (Industrials) | 543,321 | ||||||
1,311,371 | Masraf Al Rayan QSC (Financials) | 1,800,839 | ||||||
771,294 | Ooredoo QPSC (Communication Services) | 1,625,840 | ||||||
639,440 | Qatar International Islamic Bank QSC (Financials) | 1,800,126 | ||||||
382,910 | Qatar Islamic Bank (Financials) | 2,217,954 | ||||||
815,399 | Qatar National Bank QPSC (Financials) | 4,882,092 | ||||||
|
|
|||||||
14,013,287 | ||||||||
|
|
|||||||
Romania – 0.1% | ||||||||
137,065 | NEPI Rockcastle PLC (Real Estate) | 867,494 | ||||||
|
|
|||||||
Russia – 1.1% | ||||||||
1,256,908 | Gazprom PJSC (Energy)(c) | 1,866,951 | ||||||
35,708,229 | Inter RAO UES PJSC (Utilities)(c) | 550,456 | ||||||
62,206 | LUKOIL PJSC (Energy)(c) | 1,982,921 | ||||||
11,906 | MMC Norilsk Nickel PJSC (Materials)(c) | 1,287,968 | ||||||
824,628 | Moscow Exchange MICEX-RTS PJSC (Financials)(c) | 505,340 | ||||||
5,200 | Novatek PJSC GDR (Energy) | 199,472 | ||||||
839,494 | Novolipetsk Steel PJSC (Materials)(c) | 896,092 | ||||||
128,261 | PhosAgro PJSC GDR (Materials) | 781,109 | ||||||
73,809 | Polymetal International PLC (Materials)(c) | 416,712 | ||||||
11,287 | Polyus PJSC (Materials)(c) | 771,276 | ||||||
90,086 | Rosneft Oil Co. PJSC (Energy)(c) | 188,592 | ||||||
1,661,273 | Sberbank of Russia PJSC (Financials)(c) | 671,113 | ||||||
152,107 | Severstal PAO (Materials)(c) | 1,325,792 | ||||||
3,362,523 | Surgutneftegas PJSC (Energy)(c) | 339,170 | ||||||
277,377 | Tatneft PJSC (Energy)(c) | 792,595 | ||||||
29,482 | TCS Group Holding PLC GDR (Financials)(c) | 593,788 | ||||||
799,132,583 | VTB Bank PJSC (Financials)(c) | 103,494 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Russia – (continued) | ||||||||
69,395 | X5 Retail Group NV GDR (Consumer Staples)(c) | 541,380 | ||||||
41,484 | Yandex NV, Class A (Communication Services)*(c) | 415,315 | ||||||
|
|
|||||||
14,229,536 | ||||||||
|
|
|||||||
Saudi Arabia – 3.6% | ||||||||
69,307 | Abdullah Al Othaim Markets Co. (Consumer Staples) | 2,057,947 | ||||||
46,824 | Advanced Petrochemical Co. (Materials) | 936,056 | ||||||
186,769 | Al Rajhi Bank (Financials) | 7,985,113 | ||||||
85,000 | Alinma Bank (Financials) | 804,302 | ||||||
47,600 | Banque Saudi Fransi (Financials) | 673,711 | ||||||
37,265 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 1,609,119 | ||||||
220,458 | Etihad Etisalat Co. (Communication Services) | 2,050,799 | ||||||
90,200 | Riyad Bank (Financials) | 853,506 | ||||||
34,200 | SABIC Agri-Nutrients Co. (Materials) | 1,451,246 | ||||||
261,269 | Sahara International Petrochemical Co. (Materials) | 3,245,232 | ||||||
25,300 | Saudi Arabian Mining Co. (Materials)* | 720,217 | ||||||
406,888 | Saudi Arabian Oil Co. (Energy)(a) | 4,506,276 | ||||||
114,351 | Saudi Basic Industries Corp. (Materials) | 3,797,781 | ||||||
65,400 | Saudi British Bank (The) (Financials) | 674,622 | ||||||
285,062 | Saudi Electricity Co. (Utilities) | 2,097,106 | ||||||
66,259 | Saudi Industrial Investment Group (Materials) | 622,552 | ||||||
443,217 | Saudi Kayan Petrochemical Co. (Materials)* | 2,402,920 | ||||||
304,895 | Saudi National Bank (The) (Financials) | 5,542,511 | ||||||
95,950 | Saudi Telecom Co. (Communication Services) | 2,915,558 | ||||||
123,347 | Savola Group (The) (Consumer Staples) | 1,114,552 | ||||||
|
|
|||||||
46,061,126 | ||||||||
|
|
|||||||
South Africa – 4.2% | ||||||||
174,762 | Absa Group Ltd. (Financials) | 1,997,732 | ||||||
59,108 | African Rainbow Minerals Ltd. (Materials) | 1,046,712 | ||||||
169,268 | Aspen Pharmacare Holdings Ltd. (Health Care) | 2,201,771 | ||||||
99,453 | Bid Corp. Ltd. (Consumer Staples) | 2,010,621 | ||||||
50,527 | Bidvest Group Ltd. (The) (Industrials) | 688,070 | ||||||
8,426 | Capitec Bank Holdings Ltd. (Financials) | 1,131,110 | ||||||
103,549 | Clicks Group Ltd. (Consumer Staples)(b) | 2,003,299 | ||||||
636,180 | FirstRand Ltd. (Financials) | 2,722,163 | ||||||
198,733 | Gold Fields Ltd. (Materials) | 2,762,906 | ||||||
219,457 | Impala Platinum Holdings Ltd. (Materials) | 4,174,263 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Africa – (continued) | ||||||||
61,285 | Kumba Iron Ore Ltd. (Materials) | $ | 2,397,303 | |||||
158,304 | Mr Price Group Ltd. (Consumer Discretionary) | 2,147,464 | ||||||
311,605 | MTN Group Ltd. (Communication Services)* | 3,863,680 | ||||||
383,057 | MultiChoice Group (Communication Services) | 3,123,950 | ||||||
5,464 | Naspers Ltd., Class N (Consumer Discretionary) | 681,903 | ||||||
160,614 | Nedbank Group Ltd. (Financials) | 2,272,035 | ||||||
711,600 | Old Mutual Ltd. (Financials) | 580,240 | ||||||
308,774 | Rand Merchant Investment Holdings Ltd. (Financials) | 966,736 | ||||||
108,320 | Remgro Ltd. (Financials) | 979,489 | ||||||
301,193 | Sanlam Ltd. (Financials) | 1,260,323 | ||||||
48,100 | Sasol Ltd. (Materials)* | 1,091,304 | ||||||
252,375 | Shoprite Holdings Ltd. (Consumer Staples) | 3,740,099 | ||||||
592,387 | Sibanye Stillwater Ltd. (Materials) | 2,736,040 | ||||||
161,848 | SPAR Group Ltd. (The) (Consumer Staples) | 1,718,558 | ||||||
222,833 | Standard Bank Group Ltd. (Financials) | 2,345,352 | ||||||
117,957 | Tiger Brands Ltd. (Consumer Staples)(b) | 1,246,859 | ||||||
176,380 | Vodacom Group Ltd. (Communication Services) | 1,689,436 | ||||||
|
|
|||||||
53,579,418 | ||||||||
|
|
|||||||
South Korea – 12.6% | ||||||||
17,407 | Amorepacific Corp. (Consumer Staples) | 2,663,857 | ||||||
45,248 | AMOREPACIFIC Group (Consumer Staples) | 1,836,489 | ||||||
11,456 | BGF retail Co. Ltd. (Consumer Staples) | 1,614,997 | ||||||
4,775 | Celltrion, Inc. (Health Care) | 633,437 | ||||||
108,146 | Cheil Worldwide, Inc. (Communication Services) | 2,023,774 | ||||||
5,870 | CJ CheilJedang Corp. (Consumer Staples) | 1,847,877 | ||||||
7,386 | CJ Corp. (Industrials) | 516,624 | ||||||
13,946 | CJ ENM Co. Ltd. (Communication Services) | 1,507,864 | ||||||
9,635 | CJ Logistics Corp. (Industrials)* | 993,671 | ||||||
33,722 | Coway Co. Ltd. (Consumer Discretionary) | 2,022,170 | ||||||
10,500 | DB Insurance Co. Ltd. (Financials) | 539,693 | ||||||
19,600 | Doosan Bobcat, Inc. (Industrials) | 621,899 | ||||||
33,900 | Doosan Heavy Industries & Construction Co. Ltd. (Industrials)* | 586,451 | ||||||
2,800 | Ecopro BM Co. Ltd. (Industrials) | 873,756 | ||||||
17,583 | E-MART, Inc. (Consumer Staples) | 1,901,102 | ||||||
18,367 | GS Engineering & Construction Corp. (Industrials) | 654,573 | ||||||
50,797 | GS Holdings Corp. (Energy) | 1,689,924 | ||||||
61,087 | Hana Financial Group, Inc. (Financials) | 2,474,269 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
43,028 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 1,259,688 | ||||||
37,970 | Hanwha Solutions Corp. (Materials)* | 1,068,977 | ||||||
19,291 | HMM Co. Ltd. (Industrials)* | 462,881 | ||||||
30,068 | Hotel Shilla Co. Ltd. (Consumer Discretionary)(b) | 2,013,119 | ||||||
21,683 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 780,866 | ||||||
7,753 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 1,444,398 | ||||||
10,015 | Hyundai Motor Co. (Consumer Discretionary) | 1,457,666 | ||||||
23,295 | Hyundai Steel Co. (Materials) | 769,170 | ||||||
185,138 | Industrial Bank of Korea (Financials) | 1,655,286 | ||||||
21,976 | Kakao Corp. (Communication Services) | 1,719,916 | ||||||
13,300 | KakaoBank Corp. (Financials)* | 530,960 | ||||||
43,585 | Kangwon Land, Inc. (Consumer Discretionary)* | 960,621 | ||||||
59,166 | KB Financial Group, Inc. (Financials) | 2,937,755 | ||||||
58,245 | Kia Corp. (Consumer Discretionary) | 3,575,066 | ||||||
51,219 | Korea Electric Power Corp. (Utilities)(b) | 988,299 | ||||||
6,831 | Korea Investment Holdings Co. Ltd. (Financials)* | 449,965 | ||||||
6,731 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | 493,762 | ||||||
2,389 | Korea Zinc Co. Ltd. (Materials) | 1,092,818 | ||||||
27,724 | Korean Air Lines Co. Ltd. (Industrials)* | 675,605 | ||||||
22,792 | KT&G Corp. (Consumer Staples) | 1,512,706 | ||||||
7,040 | Kumho Petrochemical Co. Ltd. (Materials)* | 939,760 | ||||||
3,300 | L&F Co. Ltd. (Information Technology) | 535,202 | ||||||
4,234 | LG Chem Ltd. (Materials) | 1,989,612 | ||||||
30,800 | LG Display Co. Ltd. (Information Technology) | 479,029 | ||||||
35,850 | LG Electronics, Inc. (Consumer Discretionary) | 3,682,351 | ||||||
3,330 | LG Household & Health Care Ltd. (Consumer Staples) | 2,631,097 | ||||||
2,000 | LG Innotek Co. Ltd. (Information Technology) | 543,935 | ||||||
201,065 | LG Uplus Corp. (Communication Services)(b) | 2,199,031 | ||||||
2,872 | Lotte Chemical Corp. (Materials) | 525,504 | ||||||
18,468 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 1,310,201 | ||||||
16,700 | Meritz Financial Group, Inc. (Financials) | 511,827 | ||||||
18,500 | Meritz Fire & Marine Insurance Co. Ltd. (Financials) | 632,387 | ||||||
441,851 | Meritz Securities Co. Ltd. (Financials) | 2,153,488 | ||||||
9,469 | NAVER Corp. (Communication Services) | 2,504,381 | ||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
4,436 | NCSoft Corp. (Communication Services) | $ | 1,636,267 | |||||
100,922 | NH Investment & Securities Co. Ltd. (Financials) | 969,476 | ||||||
22,146 | Orion Corp. (Consumer Staples) | 1,685,332 | ||||||
21,623 | Pearl Abyss Corp. (Communication Services)* | 1,710,273 | ||||||
12,349 | POSCO (Materials) | 2,927,155 | ||||||
28,675 | S-1 Corp. (Industrials) | 1,664,669 | ||||||
1,223 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 792,379 | ||||||
15,977 | Samsung C&T Corp. (Industrials) | 1,461,696 | ||||||
15,209 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 2,099,800 | ||||||
722,505 | Samsung Electronics Co. Ltd. (Information Technology) | 43,325,663 | ||||||
28,300 | Samsung Engineering Co. Ltd. (Industrials)* | 546,064 | ||||||
11,617 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 1,840,594 | ||||||
141,000 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 682,513 | ||||||
5,029 | Samsung SDI Co. Ltd. (Information Technology) | 2,292,088 | ||||||
12,697 | Samsung SDS Co. Ltd. (Information Technology) | 1,478,421 | ||||||
50,844 | Samsung Securities Co. Ltd. (Financials) | 1,788,748 | ||||||
24,100 | SD Biosensor, Inc. (Health Care) | 1,094,407 | ||||||
51,963 | Seegene, Inc. (Health Care)(b) | 2,217,076 | ||||||
73,628 | Shinhan Financial Group Co. Ltd. (Financials) | 2,391,295 | ||||||
86,340 | SK Hynix, Inc. (Information Technology) | 8,868,458 | ||||||
28,256 | SK Square Co. Ltd. (Information Technology)* | 1,311,336 | ||||||
43,711 | SK Telecom Co. Ltd. (Communication Services)(b) | 1,984,963 | ||||||
157,789 | Woori Financial Group, Inc. (Financials) | 1,876,644 | ||||||
25,517 | Yuhan Corp. (Health Care) | 1,233,033 | ||||||
|
|
|||||||
159,368,106 | ||||||||
|
|
|||||||
Taiwan – 16.5% | ||||||||
179,626 | Accton Technology Corp. (Information Technology) | 1,614,616 | ||||||
1,612,095 | Acer, Inc. (Information Technology) | 1,656,085 | ||||||
193,160 | Advantech Co. Ltd. (Information Technology) | 2,525,170 | ||||||
532,864 | ASE Technology Holding Co. Ltd. (Information Technology) | 1,887,405 | ||||||
771,571 | Asia Cement Corp. (Materials) | 1,241,229 | ||||||
234,009 | Asustek Computer, Inc. (Information Technology) | 3,100,922 | ||||||
888,900 | AU Optronics Corp. (Information Technology) | 651,575 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
223,805 | Catcher Technology Co. Ltd. (Information Technology) | $ | 1,141,577 | |||||
1,570,192 | Cathay Financial Holding Co. Ltd. (Financials) | 3,489,316 | ||||||
373,902 | Chailease Holding Co. Ltd. (Financials) | 3,347,580 | ||||||
405,117 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 514,434 | ||||||
5,611,643 | China Development Financial Holding Corp. (Financials) | 3,793,138 | ||||||
2,489,669 | China Steel Corp. (Materials) | 3,197,007 | ||||||
465,371 | Chunghwa Telecom Co. Ltd. (Communication Services) | 2,066,656 | ||||||
1,636,722 | Compal Electronics, Inc. (Information Technology) | 1,482,887 | ||||||
3,116,081 | CTBC Financial Holding Co. Ltd. (Financials) | 3,017,714 | ||||||
375,876 | Delta Electronics, Inc. (Information Technology) | 3,304,920 | ||||||
14,200 | eMemory Technology, Inc. (Information Technology) | 934,510 | ||||||
947,535 | E.Sun Financial Holding Co. Ltd. (Financials) | 995,360 | ||||||
1,018,980 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 5,215,753 | ||||||
651,600 | Far Eastern New Century Corp. (Industrials) | 686,812 | ||||||
287,741 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 2,124,572 | ||||||
1,139,800 | First Financial Holding Co. Ltd. (Financials) | 1,044,867 | ||||||
395,600 | Formosa Plastics Corp. (Materials) | 1,481,648 | ||||||
636,568 | Foxconn Technology Co. Ltd. (Information Technology) | 1,448,655 | ||||||
1,482,632 | Fubon Financial Holding Co. Ltd. (Financials) | 3,971,666 | ||||||
35,461 | Globalwafers Co. Ltd. (Information Technology) | 870,240 | ||||||
1,364,274 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 5,012,314 | ||||||
972,700 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 766,780 | ||||||
1,012,600 | Innolux Corp. (Information Technology) | 604,996 | ||||||
943,347 | Inventec Corp. (Information Technology) | 863,094 | ||||||
10,783 | Largan Precision Co. Ltd. (Information Technology) | 776,945 | ||||||
887,419 | Lite-On Technology Corp. (Information Technology) | 2,165,131 | ||||||
258,035 | MediaTek, Inc. (Information Technology) | 9,986,373 | ||||||
1,364,577 | Mega Financial Holding Co. Ltd. (Financials) | 1,830,144 | ||||||
437,315 | Micro-Star International Co. Ltd. (Information Technology) | 2,425,628 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
498,756 | Nan Ya Plastics Corp. (Materials) | $ | 1,560,225 | |||||
58,128 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 1,086,466 | ||||||
574,623 | Nanya Technology Corp. (Information Technology) | 1,580,290 | ||||||
144,138 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 1,856,031 | ||||||
230,750 | Novatek Microelectronics Corp. (Information Technology) | 3,757,352 | ||||||
602,731 | Pegatron Corp. (Information Technology) | 1,485,597 | ||||||
1,982,931 | Pou Chen Corp. (Consumer Discretionary) | 2,270,451 | ||||||
397,035 | President Chain Store Corp. (Consumer Staples) | 3,703,394 | ||||||
390,429 | Quanta Computer, Inc. (Information Technology) | 1,293,770 | ||||||
227,646 | Realtek Semiconductor Corp. (Information Technology) | 3,702,749 | ||||||
2,223,268 | SinoPac Financial Holdings Co. Ltd. (Financials) | 1,356,086 | ||||||
702,209 | Synnex Technology International Corp. (Information Technology) | 1,800,921 | ||||||
2,897,052 | Taishin Financial Holding Co. Ltd. (Financials) | 2,015,071 | ||||||
615,488 | Taiwan Cement Corp. (Materials) | 1,039,535 | ||||||
724,000 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 683,068 | ||||||
208,304 | Taiwan Mobile Co. Ltd. (Communication Services) | 769,020 | ||||||
3,723,127 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 80,212,902 | ||||||
110,455 | Unimicron Technology Corp. (Information Technology) | 1,000,734 | ||||||
1,642,124 | Uni-President Enterprises Corp. (Consumer Staples) | 3,930,320 | ||||||
2,325,640 | United Microelectronics Corp. (Information Technology) | 4,321,949 | ||||||
286,741 | Vanguard International Semiconductor Corp. (Information Technology) | 1,283,610 | ||||||
1,552,662 | Winbond Electronics Corp. (Information Technology) | 1,827,638 | ||||||
818,391 | WPG Holdings Ltd. (Information Technology) | 1,625,981 | ||||||
367,954 | Yang Ming Marine Transport Corp. (Industrials)* | 1,515,915 | ||||||
2,761,724 | Yuanta Financial Holding Co. Ltd. (Financials) | 2,447,970 | ||||||
|
|
|||||||
209,364,764 | ||||||||
|
|
|||||||
Tanzania – 0.1% | ||||||||
33,185 | AngloGold Ashanti Ltd. (Materials) | 780,591 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Thailand – 1.3% | ||||||||
385,216 | Advanced Info Service PCL NVDR (Communication Services) | 2,699,754 | ||||||
1,879,800 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 1,363,466 | ||||||
1,561,700 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 1,206,822 | ||||||
982,377 | CP ALL PCL NVDR (Consumer Staples) | 2,044,427 | ||||||
60,000 | Delta Electronics Thailand PCL NVDR (Information Technology) | 741,852 | ||||||
106,000 | Electricity Generating PCL NVDR (Utilities) | 582,311 | ||||||
648,600 | Intouch Holdings PCL NVDR (Communication Services) | 1,503,640 | ||||||
471,000 | Krungthai Card PCL NVDR (Financials) | 911,729 | ||||||
677,900 | Muangthai Capital PCL NVDR (Financials) | 1,068,458 | ||||||
1,098,500 | PTT PCL NVDR (Energy) | 1,327,949 | ||||||
95,500 | Siam Cement PCL (The) NVDR (Materials) | 1,145,708 | ||||||
888,500 | Sri Trang Gloves Thailand PCL NVDR (Health Care) | 700,195 | ||||||
2,445,000 | Thai Union Group PCL NVDR (Consumer Staples) | 1,526,488 | ||||||
|
|
|||||||
16,822,799 | ||||||||
|
|
|||||||
Turkey – 0.4% | ||||||||
335,945 | BIM Birlesik Magazalar AS (Consumer Staples) | 1,771,876 | ||||||
570,500 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 1,279,335 | ||||||
536,025 | KOC Holding AS (Industrials) | 1,223,684 | ||||||
844,300 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 754,163 | ||||||
|
|
|||||||
5,029,058 | ||||||||
|
|
|||||||
United Arab Emirates – 1.4% | ||||||||
726,700 | Abu Dhabi Commercial Bank PJSC (Financials) | 2,128,828 | ||||||
401,100 | Abu Dhabi Islamic Bank PJSC (Financials) | 966,427 | ||||||
1,364,763 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 1,530,832 | ||||||
978,291 | Aldar Properties PJSC (Real Estate) | 1,118,641 | ||||||
856,300 | Dubai Islamic Bank PJSC (Financials) | 1,419,765 | ||||||
1,110,479 | Emaar Properties PJSC (Real Estate) | 1,535,844 | ||||||
572,368 | Emirates NBD Bank PJSC (Financials) | 2,228,356 | ||||||
407,642 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 3,882,146 | ||||||
481,664 | First Abu Dhabi Bank PJSC (Financials) | 2,711,864 | ||||||
|
|
|||||||
17,522,703 | ||||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – 0.3% | ||||||||
546,534 | JBS SA (Consumer Staples) | $ | 3,807,501 | |||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,007,703,366) | $ | 1,231,275,970 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 2.1% | ||||||||||||
Brazil – 1.1% | ||||||||||||
764,361 | |
Banco Bradesco SA (Financials) |
|
4.89 | % | $ | 3,019,343 | |||||
99,200 | |
Braskem SA, Class A (Materials) |
|
15.73 | 919,079 | |||||||
219,586 | |
Cia Energetica de Minas Gerais (Utilities) |
|
8.39 | 545,587 | |||||||
655,287 | |
Itau Unibanco Holding SA (Financials) |
|
2.93 | 3,239,738 | |||||||
800,526 | Itausa SA (Financials) | 4.86 | 1,557,014 | |||||||||
692,957 | |
Petroleo Brasileiro SA (Energy) |
|
16.47 | 4,573,352 | |||||||
|
|
|||||||||||
13,854,113 | ||||||||||||
|
||||||||||||
Colombia – 0.1% | ||||||||||||
88,298 | |
Bancolombia SA (Financials) |
|
0.71 | 787,889 | |||||||
|
||||||||||||
Russia – 0.0% | ||||||||||||
3,212,489 | |
Surgutneftegas PJSC (Energy)(c) |
|
22.52 | 460,729 | |||||||
|
||||||||||||
South Korea – 0.9% | ||||||||||||
7,200 | |
Hyundai Motor Co. (Consumer Discretionary) |
|
5.70 | 528,166 | |||||||
6,900 | |
Hyundai Motor Co. (Consumer Discretionary) |
|
5.73 | 502,141 | |||||||
5,629 | |
LG Household & Health Care Ltd. (Consumer Staples) |
|
2.28 | 2,457,874 | |||||||
135,485 | |
Samsung Electronics Co. Ltd. (Information Technology) |
|
2.19 | 7,448,379 | |||||||
|
|
|||||||||||
10,936,560 | ||||||||||||
|
||||||||||||
TOTAL PREFERRED STOCKS |
|
|||||||||||
(Cost $19,930,302) |
|
$ | 26,039,291 | |||||||||
|
||||||||||||
Units | Description | Expiration Month |
Value | |||||||||
Right – 0.0% | ||||||||||||
South Korea – 0.0% | ||||||||||||
81 | Samsung Biologics Co. Ltd.* | |||||||||||
(Cost $0) |
|
04/22 | $ | 9,432 | ||||||||
|
Shares | Description | Value |
||||||
Exchange-Traded Fund – 0.5% | ||||||||
United States – 0.5% | ||||||||
257,264 | iShares MSCI Malaysia ETF(b) | |||||||
(Cost $7,732,868) | $ | 6,670,855 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $1,035,366,536) | $ | 1,263,995,548 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle – 1.0%(d) | ||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||
12,466,770 | 0.026% | $ | 12,466,770 | |||||
(Cost $12,466,770) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 100.9% | ||||||||
(Cost $1,047,833,306) | $ | 1,276,462,318 | ||||||
|
|
|||||||
|
LIABILITIES IN EXCESS
OF OTHER ASSETS – (0.9)% |
(11,384,995 | ) | |||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 1,265,077,323 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) |
All or a portion of security is on loan. | |
(c) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
—American Depositary Receipt | |
GDR |
—Global Depositary Receipt | |
NVDR |
—Non-Voting Depository Receipt | |
PLC |
—Public Limited Company | |
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
The below table represents the sector breakdown of investments as a percentage of total market value of the Fund: |
| |||
Sector Name | % of Market Value | |||
Information Technology |
22.1% | |||
Financials |
19.9% | |||
Consumer Staples |
11.2% | |||
Consumer Discretionary |
10.5% | |||
Communication Services |
9.8% | |||
Materials |
8.9% | |||
Health Care |
4.7% | |||
Industrials |
4.6% | |||
Energy |
3.9% | |||
Utilities |
2.8% | |||
Real Estate |
1.1% | |||
Exchange-Traded Fund |
0.5% | |||
|
||||
TOTAL INVESTMENTS | 100.0% |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 98.7% | ||||||||
Australia – 1.4% | ||||||||
17,075 | Glencore PLC (Materials)* | $ | 101,298 | |||||
2,356 | Rio Tinto PLC (Materials) | 183,063 | ||||||
|
|
|||||||
284,361 | ||||||||
|
|
|||||||
Austria – 1.0% | ||||||||
409 | Erste Group Bank AG (Financials) | 14,696 | ||||||
758 | Mondi PLC (Materials) | 15,983 | ||||||
970 | OMV AG (Energy) | 46,173 | ||||||
2,007 | Raiffeisen Bank International AG (Financials) | 33,070 | ||||||
226 | Verbund AG (Utilities) | 27,415 | ||||||
1,839 | voestalpine AG (Materials) | 60,810 | ||||||
|
|
|||||||
198,147 | ||||||||
|
|
|||||||
Belgium – 1.1% | ||||||||
221 | Ageas SA/NV (Financials) | 10,669 | ||||||
674 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 41,743 | ||||||
156 | Elia Group SA/NV (Utilities) | 22,533 | ||||||
238 | Etablissements Franz Colruyt NV (Consumer Staples) | 9,538 | ||||||
206 | Groupe Bruxelles Lambert SA (Financials) | 21,504 | ||||||
151 | KBC Group NV (Financials) | 10,943 | ||||||
211 | Proximus SADP (Communication Services) | 4,209 | ||||||
120 | Sofina SA (Financials) | 46,797 | ||||||
114 | Solvay SA (Materials) | 12,769 | ||||||
441 | UCB SA (Health Care) | 48,394 | ||||||
|
|
|||||||
229,099 | ||||||||
|
|
|||||||
Brazil – 0.1% | ||||||||
427 | Yara International ASA (Materials) | 21,754 | ||||||
|
|
|||||||
Chile – 0.0% | ||||||||
488 | Antofagasta PLC (Materials) | 9,959 | ||||||
|
|
|||||||
China – 0.1% | ||||||||
253 | Prosus NV (Consumer Discretionary)* | 15,749 | ||||||
|
|
|||||||
Denmark – 4.5% | ||||||||
33 | AP Moller – Maersk A/S, Class A (Industrials) | 99,161 | ||||||
34 | AP Moller – Maersk A/S, Class B (Industrials) | 107,916 | ||||||
247 | Carlsberg AS, Class B (Consumer Staples) | 36,260 | ||||||
155 | Chr Hansen Holding A/S (Materials) | 11,342 | ||||||
462 | Coloplast A/S, Class B (Health Care) | 69,636 | ||||||
2,184 | Danske Bank A/S (Financials) | 37,167 | ||||||
311 | Demant A/S (Health Care)* | 13,144 | ||||||
276 | DSV A/S (Industrials) | 51,136 | ||||||
41 | Genmab A/S (Health Care)* | 13,806 | ||||||
3,439 | Novo Nordisk A/S, Class B (Health Care) | 354,205 | ||||||
382 | Novozymes A/S, Class B (Materials) | 25,103 | ||||||
62 | Orsted AS (Utilities)(a) | 8,063 | ||||||
519 | Pandora A/S (Consumer Discretionary) | 53,730 | ||||||
40 | ROCKWOOL International A/S, Class B (Industrials) | 13,777 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Denmark – (continued) | ||||||||
839 | Tryg A/S (Financials) | 19,079 | ||||||
231 | Vestas Wind Systems A/S (Industrials) | 7,587 | ||||||
|
|
|||||||
921,112 | ||||||||
|
|
|||||||
Finland – 1.8% | ||||||||
460 | Elisa OYJ (Communication Services) | 25,601 | ||||||
2,590 | Fortum OYJ (Utilities) | 54,807 | ||||||
1,037 | Kesko OYJ, Class B (Consumer Staples) | 30,680 | ||||||
255 | Kone OYJ, Class B (Industrials) | 15,002 | ||||||
9,787 | Nokia OYJ (Information Technology)* | 53,178 | ||||||
4,167 | Nordea Bank Abp (Financials) | 46,658 | ||||||
1,918 | Orion OYJ, Class B (Health Care) | 90,459 | ||||||
672 | Sampo OYJ, Class A (Financials) | 31,973 | ||||||
266 | Stora Enso OYJ, Class R (Materials) | 5,130 | ||||||
429 | UPM-Kymmene OYJ (Materials) | 14,937 | ||||||
615 | Wartsila OYJ Abp (Industrials) | 6,956 | ||||||
|
|
|||||||
375,381 | ||||||||
|
|
|||||||
France – 17.0% | ||||||||
591 | Air Liquide SA (Materials) | 98,709 | ||||||
420 | Airbus SE (Industrials)* | 54,203 | ||||||
131 | Amundi SA (Financials)(a) | 9,182 | ||||||
197 | Arkema SA (Materials) | 26,309 | ||||||
2,286 | AXA SA (Financials) | 62,329 | ||||||
449 | BioMerieux (Health Care) | 49,484 | ||||||
1,616 | BNP Paribas SA (Financials) | 95,310 | ||||||
5,783 | Bollore SA (Communication Services) | 29,476 | ||||||
720 | Bouygues SA (Industrials) | 25,895 | ||||||
1,065 | Bureau Veritas SA (Industrials) | 30,695 | ||||||
787 | Capgemini SE (Information Technology) | 166,449 | ||||||
4,228 | Carrefour SA (Consumer Staples) | 85,005 | ||||||
1,717 | Cie de Saint-Gobain (Industrials) | 107,902 | ||||||
232 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 32,312 | ||||||
1,852 | CNP Assurances (Financials) | 45,285 | ||||||
109 | Covivio REIT (Real Estate) | 8,991 | ||||||
3,464 | Credit Agricole SA (Financials) | 44,612 | ||||||
1,250 | Danone SA (Consumer Staples) | 76,251 | ||||||
50 | Dassault Aviation SA (Industrials) | 7,542 | ||||||
1,008 | Dassault Systemes SE (Information Technology) | 49,239 | ||||||
280 | Edenred (Information Technology) | 12,860 | ||||||
1,103 | Eiffage SA (Industrials) | 113,135 | ||||||
3,933 | Engie SA (Utilities) | 63,030 | ||||||
410 | EssilorLuxottica SA (Consumer Discretionary) | 72,171 | ||||||
331 | Eurazeo SE (Financials) | 25,746 | ||||||
110 | Gecina SA REIT (Real Estate) | 14,023 | ||||||
608 | Getlink SE (Industrials) | 9,998 | ||||||
104 | Hermes International (Consumer Discretionary) | 145,082 | ||||||
1,061 | Ipsen SA (Health Care) | 124,236 | ||||||
108 | Kering (Consumer Discretionary) | 77,284 | ||||||
2,655 | La Francaise des Jeux SAEM (Consumer Discretionary)(a) | 110,606 | ||||||
565 | Legrand SA (Industrials) | 53,827 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
578 | L’Oreal SA (Consumer Staples) | $ | 230,470 | |||||
478 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 354,294 | ||||||
2,995 | Orange SA (Communication Services) | 36,378 | ||||||
292 | Pernod Ricard SA (Consumer Staples) | 64,168 | ||||||
554 | Publicis Groupe SA (Communication Services) | 37,111 | ||||||
133 | Remy Cointreau SA (Consumer Staples) | 25,799 | ||||||
849 | Renault SA (Consumer Discretionary)* | 27,216 | ||||||
189 | Safran SA (Industrials) | 24,349 | ||||||
2,002 | Sanofi (Health Care) | 210,181 | ||||||
79 | Sartorius Stedim Biotech (Health Care) | 30,471 | ||||||
227 | SEB SA (Consumer Discretionary) | 33,324 | ||||||
2,426 | Societe Generale SA (Financials) | 69,866 | ||||||
91 | Teleperformance (Industrials) | 33,924 | ||||||
222 | Thales SA (Industrials) | 25,658 | ||||||
3,631 | TotalEnergies SE (Energy) | 185,932 | ||||||
382 | Ubisoft Entertainment SA (Communication Services)* | 20,745 | ||||||
1,475 | Veolia Environnement SA (Utilities) | 51,706 | ||||||
659 | Vinci SA (Industrials) | 69,963 | ||||||
1,473 | Vivendi SE (Communication Services) | 18,712 | ||||||
120 | Wendel SE (Financials) | 12,272 | ||||||
222 | Worldline SA (Information Technology)*(a) | 11,446 | ||||||
|
|
|||||||
3,501,163 | ||||||||
|
|
|||||||
Germany – 12.9% | ||||||||
482 | adidas AG (Consumer Discretionary) | 114,800 | ||||||
476 | Allianz SE (Financials) | 108,693 | ||||||
761 | Aroundtown SA (Real Estate) | 4,727 | ||||||
793 | BASF SE (Materials) | 52,774 | ||||||
1,166 | Bayer AG (Health Care) | 67,460 | ||||||
697 | Bayerische Motoren Werke AG (Consumer Discretionary) | 67,765 | ||||||
259 | Bechtle AG (Information Technology) | 13,396 | ||||||
468 | Beiersdorf AG (Consumer Staples) | 47,530 | ||||||
603 | Brenntag SE (Industrials) | 50,716 | ||||||
216 | Carl Zeiss Meditec AG (Health Care) | 34,172 | ||||||
411 | Commerzbank AG (Financials)* | 3,478 | ||||||
63 | Continental AG (Consumer Discretionary)* | 5,435 | ||||||
472 | Covestro AG (Materials)(a) | 25,028 | ||||||
748 | Daimler Truck Holding AG (Industrials)* | 22,835 | ||||||
2,970 | Deutsche Bank AG (Financials)* | 37,562 | ||||||
208 | Deutsche Boerse AG (Financials) | 35,675 | ||||||
3,010 | Deutsche Post AG (Industrials) | 152,679 | ||||||
3,545 | Deutsche Telekom AG (Communication Services) | 63,827 | ||||||
3,771 | E.ON SE (Utilities) | 51,327 | ||||||
452 | Evonik Industries AG (Materials) | 13,652 | ||||||
929 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 59,811 | ||||||
1,817 | Fresenius SE & Co. KGaA (Health Care) | 63,807 | ||||||
539 | GEA Group AG (Industrials) | 23,653 | ||||||
134 | Hannover Rueck SE (Financials) | 24,804 | ||||||
1,156 | HeidelbergCement AG (Materials) | 75,490 | ||||||
1,552 | HelloFresh SE (Consumer Staples)* | 85,208 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
202 | Henkel AG & Co. KGaA (Consumer Staples) | 15,564 | ||||||
1,174 | Infineon Technologies AG (Information Technology) | 40,542 | ||||||
218 | KION Group AG (Industrials) | 17,669 | ||||||
433 | Knorr-Bremse AG (Industrials) | 38,421 | ||||||
121 | LEG Immobilien SE (Real Estate) | 15,670 | ||||||
1,496 | Mercedes-Benz Group AG (Consumer Discretionary) | 117,907 | ||||||
418 | Merck KGaA (Health Care) | 83,359 | ||||||
133 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 36,921 | ||||||
1,010 | Nemetschek SE (Information Technology) | 90,119 | ||||||
834 | Puma SE (Consumer Discretionary) | 76,795 | ||||||
66 | Rational AG (Industrials) | 48,778 | ||||||
1,648 | RWE AG (Utilities) | 76,799 | ||||||
1,623 | SAP SE (Information Technology) | 184,702 | ||||||
144 | Scout24 SE (Communication Services)(a) | 8,443 | ||||||
993 | Siemens AG (Industrials) | 141,269 | ||||||
3,299 | Siemens Energy AG (Industrials) | 79,408 | ||||||
507 | Siemens Healthineers AG (Health Care)(a) | 32,733 | ||||||
238 | Symrise AG (Materials) | 28,470 | ||||||
3,114 | Telefonica Deutschland Holding AG (Communication Services) | 8,552 | ||||||
1,433 | Uniper SE (Utilities) | 45,872 | ||||||
323 | United Internet AG (Communication Services) | 11,014 | ||||||
171 | Volkswagen AG (Consumer Discretionary) | 45,174 | ||||||
512 | Vonovia SE (Real Estate) | 27,316 | ||||||
1,054 | Zalando SE (Consumer Discretionary)*(a) | 70,534 | ||||||
|
|
|||||||
2,648,335 | ||||||||
|
|
|||||||
Ireland – 0.7% | ||||||||
1,031 | CRH PLC (Materials) | 47,027 | ||||||
31 | Flutter Entertainment PLC (Consumer Discretionary)* | 4,466 | ||||||
239 | Kerry Group PLC, Class A (Consumer Staples) | 28,509 | ||||||
306 | Kingspan Group PLC (Industrials) | 29,847 | ||||||
509 | Smurfit Kappa Group PLC (Materials) | 25,492 | ||||||
|
|
|||||||
135,341 | ||||||||
|
|
|||||||
Italy – 3.1% | ||||||||
2,052 | Assicurazioni Generali SpA (Financials) | 40,864 | ||||||
789 | Atlantia SpA (Industrials)* | 14,543 | ||||||
1,794 | Davide Campari-Milano NV (Consumer Staples) | 19,643 | ||||||
257 | DiaSorin SpA (Health Care) | 38,580 | ||||||
9,791 | Enel SpA (Utilities) | 72,571 | ||||||
5,812 | Eni SpA (Energy) | 90,296 | ||||||
291 | Ferrari NV (Consumer Discretionary) | 63,001 | ||||||
1,646 | FinecoBank Banca Fineco SpA (Financials) | 27,593 | ||||||
905 | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | 9,262 | ||||||
15,355 | Intesa Sanpaolo SpA (Financials) | 39,555 | ||||||
|
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Italy – (continued) | ||||||||
1,007 | Mediobanca Banca di Credito Finanziario SpA (Financials) | $ | 10,548 | |||||
851 | Moncler SpA (Consumer Discretionary) | 51,788 | ||||||
2,803 | Poste Italiane SpA (Financials)(a) | 32,349 | ||||||
633 | Prysmian SpA (Industrials) | 20,988 | ||||||
674 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 33,128 | ||||||
4,353 | Snam SpA (Utilities) | 24,275 | ||||||
2,758 | Terna – Rete Elettrica Nazionale (Utilities) | 22,744 | ||||||
1,489 | UniCredit SpA (Financials) | 19,046 | ||||||
|
|
|||||||
630,774 | ||||||||
|
|
|||||||
Jordan – 0.1% | ||||||||
1,163 | Hikma Pharmaceuticals PLC (Health Care) | 32,504 | ||||||
|
|
|||||||
Luxembourg – 0.8% | ||||||||
4,357 | ArcelorMittal (Materials) | 135,582 | ||||||
301 | Eurofins Scientific SE (Health Care) | 30,610 | ||||||
|
|
|||||||
166,192 | ||||||||
|
|
|||||||
Netherlands – 8.0% | ||||||||
624 | ABN AMRO Bank NV (Financials)(a) | 8,314 | ||||||
14 | Adyen NV (Information Technology)*(a) | 29,317 | ||||||
8,369 | Aegon NV (Financials) | 41,501 | ||||||
329 | Akzo Nobel NV (Materials) | 31,410 | ||||||
95 | ASM International NV (Information Technology) | 30,752 | ||||||
678 | ASML Holding NV (Information Technology) | 456,080 | ||||||
119 | Euronext NV (Financials)(a) | 10,807 | ||||||
780 | EXOR NV (Financials) | 59,399 | ||||||
390 | Heineken Holding NV (Consumer Staples) | 31,868 | ||||||
300 | Heineken NV (Consumer Staples)(b) | 30,455 | ||||||
165 | IMCD NV (Industrials) | 26,817 | ||||||
3,897 | ING Groep NV (Financials) | 45,951 | ||||||
761 | JDE Peet’s NV (Consumer Staples) | 25,023 | ||||||
5,244 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 161,859 | ||||||
302 | Koninklijke DSM NV (Materials) | 56,749 | ||||||
4,874 | Koninklijke KPN NV (Communication Services) | 16,697 | ||||||
1,750 | Koninklijke Philips NV (Health Care) | 59,636 | ||||||
1,154 | NN Group NV (Financials) | 55,450 | ||||||
1,143 | Randstad NV (Industrials) | 77,928 | ||||||
10,832 | Shell PLC (Energy) | 286,608 | ||||||
818 | Universal Music Group NV (Communication Services) | 18,679 | ||||||
851 | Wolters Kluwer NV (Industrials) | 86,810 | ||||||
|
|
|||||||
1,648,110 | ||||||||
|
|
|||||||
Norway – 0.9% | ||||||||
215 | Aker BP ASA (Energy) | 6,687 | ||||||
1,133 | DNB Bank ASA (Financials) | 25,395 | ||||||
881 | Equinor ASA (Energy) | 27,897 | ||||||
1,820 | Gjensidige Forsikring ASA (Financials) | 45,098 | ||||||
571 | Mowi ASA (Consumer Staples) | 14,701 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
1,827 | Norsk Hydro ASA (Materials) | 17,361 | ||||||
2,492 | Orkla ASA (Consumer Staples) | 23,390 | ||||||
1,215 | Telenor ASA (Communication Services) | 18,024 | ||||||
|
|
|||||||
178,553 | ||||||||
|
|
|||||||
Poland – 0.1% | ||||||||
2,503 | InPost SA (Industrials)* | 15,513 | ||||||
|
|
|||||||
Portugal – 0.5% | ||||||||
1,691 | EDP – Energias de Portugal SA (Utilities) | 8,288 | ||||||
4,539 | Jeronimo Martins SGPS SA (Consumer Staples) | 99,033 | ||||||
|
|
|||||||
107,321 | ||||||||
|
|
|||||||
Russia – 0.1% | ||||||||
780 | Coca-Cola HBC AG (Consumer Staples)* | 19,927 | ||||||
3,296 | Raspadskaya OJSC (Materials)(c) | 8,039 | ||||||
|
|
|||||||
27,966 | ||||||||
|
|
|||||||
Singapore – 0.3% | ||||||||
1,279 | STMicroelectronics NV (Information Technology) | 54,504 | ||||||
|
|
|||||||
South Africa – 0.3% | ||||||||
1,279 | Anglo American PLC (Materials) | 65,606 | ||||||
|
|
|||||||
Spain – 3.7% | ||||||||
2,523 | ACS Actividades de Construccion y Servicios SA (Industrials)(b) | 61,834 | ||||||
32 | Aena SME SA (Industrials)*(a) | 5,258 | ||||||
375 | Amadeus IT Group SA (Information Technology)* | 25,247 | ||||||
10,293 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 61,158 | ||||||
20,433 | Banco Santander SA (Financials) | 68,495 | ||||||
13,672 | CaixaBank SA (Financials) | 45,148 | ||||||
206 | Cellnex Telecom SA (Communication Services)*(a) | 9,403 | ||||||
886 | Enagas SA (Utilities) | 18,833 | ||||||
913 | Endesa SA (Utilities) | 20,166 | ||||||
593 | Ferrovial SA (Industrials) | 16,265 | ||||||
1,080 | Grifols SA (Health Care) | 20,640 | ||||||
9,002 | Iberdrola SA (Utilities) | 102,931 | ||||||
2,984 | Industria de Diseno Textil SA (Consumer Discretionary) | 79,099 | ||||||
1,077 | Naturgy Energy Group SA (Utilities) | 29,069 | ||||||
1,799 | Red Electrica Corp. SA (Utilities)(b) | 36,018 | ||||||
8,018 | Repsol SA (Energy) | 104,702 | ||||||
11,304 | Telefonica SA (Communication Services) | 54,291 | ||||||
|
|
|||||||
758,557 | ||||||||
|
|
|||||||
Sweden – 4.6% | ||||||||
224 | Alfa Laval AB (Industrials) | 7,357 | ||||||
981 | Assa Abloy AB, Class B (Industrials) | 26,151 | ||||||
684 | Atlas Copco AB, Class A (Industrials) | 35,830 | ||||||
359 | Atlas Copco AB, Class B (Industrials) | 16,459 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
526 | Electrolux AB, Class B (Consumer Discretionary) | $ | 9,516 | |||||
412 | Epiroc AB, Class A (Industrials) | 7,816 | ||||||
307 | Epiroc AB, Class B (Industrials) | 5,012 | ||||||
1,300 | EQT AB (Financials) | 44,200 | ||||||
561 | Essity AB, Class B (Consumer Staples) | 14,545 | ||||||
222 | Fastighets AB Balder, Class B (Real Estate)* | 13,953 | ||||||
525 | Getinge AB, Class B (Health Care) | 20,615 | ||||||
2,597 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 44,152 | ||||||
3,012 | Hexagon AB, Class B (Information Technology) | 41,088 | ||||||
1,561 | Husqvarna AB, Class B (Industrials) | 18,929 | ||||||
884 | Industrivarden AB, Class A (Financials) | 24,652 | ||||||
774 | Industrivarden AB, Class C (Financials) | 21,232 | ||||||
710 | Investment AB Latour, Class B (Industrials) | 19,882 | ||||||
1,865 | Investor AB, Class A (Financials) | 41,714 | ||||||
3,928 | Investor AB, Class B (Financials) | 80,781 | ||||||
375 | Kinnevik AB, Class B (Financials)* | 9,659 | ||||||
238 | L E Lundbergforetagen AB, Class B (Financials) | 11,620 | ||||||
600 | Lifco AB, Class B (Industrials) | 13,782 | ||||||
816 | Lundin Energy AB (Energy) | 30,234 | ||||||
1,286 | Nibe Industrier AB, Class B (Industrials) | 11,571 | ||||||
530 | Sagax AB, Class B (Real Estate) | 14,600 | ||||||
389 | Sandvik AB (Industrials) | 8,527 | ||||||
2,347 | Securitas AB, Class B (Industrials) | 28,585 | ||||||
2,497 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 29,023 | ||||||
1,876 | Skanska AB, Class B (Industrials) | 42,834 | ||||||
627 | Svenska Cellulosa AB SCA, Class B (Materials) | 10,330 | ||||||
1,790 | Svenska Handelsbanken AB, Class A (Financials) | 17,221 | ||||||
1,537 | Swedbank AB, Class A (Financials) | 25,000 | ||||||
12,716 | Swedish Match AB (Consumer Staples) | 93,421 | ||||||
2,002 | Tele2 AB, Class B (Communication Services) | 26,674 | ||||||
5,161 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 48,065 | ||||||
3,705 | Telia Co. AB (Communication Services) | 13,863 | ||||||
376 | Volvo AB, Class A (Industrials) | 7,398 | ||||||
748 | Volvo AB, Class B (Industrials) | 14,565 | ||||||
|
|
|||||||
950,856 | ||||||||
|
|
|||||||
Switzerland – 15.3% | ||||||||
2,147 | ABB Ltd. (Industrials) | 72,897 | ||||||
413 | Adecco Group AG (Industrials) | 19,600 | ||||||
320 | Alcon, Inc. (Health Care) | 24,792 | ||||||
27 | Bachem Holding AG, Class B (Health Care) | 16,068 | ||||||
108 | Baloise Holding AG (Financials) | 18,140 | ||||||
12 | Barry Callebaut AG (Consumer Staples) | 27,729 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
6 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 63,927 | ||||||
684 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 93,268 | ||||||
494 | Clariant AG (Materials)* | 8,930 | ||||||
1,025 | Credit Suisse Group AG (Financials) | 8,665 | ||||||
35 | EMS-Chemie Holding AG (Materials) | 34,659 | ||||||
73 | Geberit AG (Industrials) | 47,852 | ||||||
14 | Givaudan SA (Materials) | 58,765 | ||||||
777 | Holcim Ltd. (Materials)* | 39,034 | ||||||
106 | Julius Baer Group Ltd. (Financials) | 6,216 | ||||||
464 | Kuehne + Nagel International AG (Industrials) | 127,146 | ||||||
882 | Logitech International SA (Information Technology) | 66,238 | ||||||
88 | Lonza Group AG (Health Care) | 61,138 | ||||||
5,004 | Nestle SA (Consumer Staples) | 653,310 | ||||||
3,639 | Novartis AG (Health Care) | 318,663 | ||||||
90 | Partners Group Holding AG (Financials) | 122,279 | ||||||
151 | Roche Holding AG-BR (Health Care) | 63,267 | ||||||
1,361 | Roche Holding AG-Genusschein (Health Care) | 518,988 | ||||||
61 | Schindler Holding AG (Industrials) | 13,763 | ||||||
82 | Schindler Holding AG Participation Certificates (Industrials) | 18,904 | ||||||
35 | SGS SA (Industrials) | 100,523 | ||||||
186 | Sika AG (Materials) | 62,037 | ||||||
67 | Sonova Holding AG (Health Care) | 26,071 | ||||||
44 | Straumann Holding AG (Health Care) | 69,996 | ||||||
117 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 36,358 | ||||||
606 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 36,197 | ||||||
64 | Swiss Life Holding AG (Financials) | 39,093 | ||||||
201 | Swiss Prime Site AG (Real Estate) | 19,751 | ||||||
69 | Swisscom AG (Communication Services) | 41,410 | ||||||
5,592 | UBS Group AG (Financials) | 102,917 | ||||||
51 | VAT Group AG (Industrials)(a) | 19,367 | ||||||
85 | Vifor Pharma AG (Health Care) | 14,930 | ||||||
152 | Zurich Insurance Group AG (Financials) | 69,849 | ||||||
|
|
|||||||
3,142,737 | ||||||||
|
|
|||||||
United Kingdom – 18.2% | ||||||||
1,390 | 3i Group PLC (Financials) | 24,908 | ||||||
10,100 | abrdn PLC (Financials) | 28,011 | ||||||
3,539 | Admiral Group PLC (Financials) | 141,362 | ||||||
786 | Ashtead Group PLC (Industrials) | 51,423 | ||||||
893 | Associated British Foods PLC (Consumer Staples) | 23,005 | ||||||
2,188 | AstraZeneca PLC (Health Care) | 265,950 | ||||||
10,505 | Auto Trader Group PLC (Communication Services)(a) | 93,450 | ||||||
181 | AVEVA Group PLC (Information Technology) | 6,047 | ||||||
15,555 | Aviva PLC (Financials) | 87,616 | ||||||
4,416 | BAE Systems PLC (Industrials) | 42,638 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
21,980 | Barclays PLC (Financials) | $ | 53,934 | |||||
2,849 | Barratt Developments PLC (Consumer Discretionary) | 23,356 | ||||||
175 | Berkeley Group Holdings PLC (Consumer Discretionary) | 9,148 | ||||||
20,637 | BP PLC (Energy) | 100,666 | ||||||
3,281 | British American Tobacco PLC (Consumer Staples) | 143,580 | ||||||
7,189 | BT Group PLC (Communication Services) | 17,965 | ||||||
857 | Bunzl PLC (Industrials) | 34,140 | ||||||
3,738 | Burberry Group PLC (Consumer Discretionary) | 97,300 | ||||||
3,027 | CNH Industrial NV (Industrials) | 43,604 | ||||||
603 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 30,880 | ||||||
496 | Compass Group PLC (Consumer Discretionary) | 11,274 | ||||||
434 | Croda International PLC (Materials) | 43,581 | ||||||
279 | DCC PLC (Industrials) | 21,937 | ||||||
3,386 | Diageo PLC (Consumer Staples) | 169,233 | ||||||
1,189 | Entain PLC (Consumer Discretionary)* | 26,866 | ||||||
1,268 | Experian PLC (Industrials) | 49,900 | ||||||
8,981 | GlaxoSmithKline PLC (Health Care) | 186,225 | ||||||
559 | Halma PLC (Information Technology) | 18,083 | ||||||
4,878 | Hargreaves Lansdown PLC (Financials) | 74,254 | ||||||
17,987 | HSBC Holdings PLC (Financials) | 124,194 | ||||||
2,615 | Imperial Brands PLC (Consumer Staples) | 57,507 | ||||||
90 | InterContinental Hotels Group PLC (Consumer Discretionary)* | 6,323 | ||||||
216 | Intertek Group PLC (Industrials) | 15,604 | ||||||
36,904 | J Sainsbury PLC (Consumer Staples) | 136,516 | ||||||
37,644 | JD Sports Fashion PLC (Consumer Discretionary) | 76,268 | ||||||
715 | Johnson Matthey PLC (Materials) | 18,065 | ||||||
16,887 | Kingfisher PLC (Consumer Discretionary) | 69,379 | ||||||
759 | Land Securities Group PLC REIT (Real Estate) | 8,088 | ||||||
7,783 | Legal & General Group PLC (Financials) | 28,948 | ||||||
134,572 | Lloyds Banking Group PLC (Financials) | 87,455 | ||||||
112 | London Stock Exchange Group PLC (Financials) | 9,879 | ||||||
2,786 | M&G PLC (Financials) | 7,693 | ||||||
15,001 | Melrose Industries PLC (Industrials) | 29,839 | ||||||
4,851 | National Grid PLC (Utilities) | 73,602 | ||||||
5,966 | NatWest Group PLC (Financials) | 18,387 | ||||||
540 | Next PLC (Consumer Discretionary) | 49,718 | ||||||
397 | Ocado Group PLC (Consumer Staples)* | 7,314 | ||||||
1,614 | Pearson PLC (Communication Services)(b) | 14,033 | ||||||
214 | Persimmon PLC (Consumer Discretionary) | 6,929 | ||||||
2,429 | Phoenix Group Holdings PLC (Financials) | 20,161 | ||||||
975 | Prudential PLC (Financials) | 14,868 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
817 | Reckitt Benckiser Group PLC (Consumer Staples) | $ | 69,291 | |||||
3,052 | RELX PLC (Industrials) | 93,407 | ||||||
3,154 | Rentokil Initial PLC (Industrials) | 21,489 | ||||||
7,548 | Sage Group PLC (The) (Information Technology) | 71,176 | ||||||
353 | Schroders PLC (Financials) | 14,512 | ||||||
3,212 | Segro PLC REIT (Real Estate) | 56,091 | ||||||
967 | Severn Trent PLC (Utilities) | 37,315 | ||||||
1,905 | Smith & Nephew PLC (Health Care) | 34,174 | ||||||
315 | Smiths Group PLC (Industrials) | 6,462 | ||||||
208 | Spirax-Sarco Engineering PLC (Industrials) | 33,337 | ||||||
1,226 | SSE PLC (Utilities) | 28,039 | ||||||
2,762 | St James’s Place PLC (Financials) | 52,013 | ||||||
814 | Standard Chartered PLC (Financials) | 5,819 | ||||||
5,620 | Taylor Wimpey PLC (Consumer Discretionary) | 11,330 | ||||||
12,801 | Tesco PLC (Consumer Staples) | 49,767 | ||||||
3,734 | Unilever PLC (Consumer Staples) | 187,703 | ||||||
2,200 | United Utilities Group PLC (Utilities) | 31,718 | ||||||
48,927 | Vodafone Group PLC (Communication Services) | 86,288 | ||||||
3,018 | WPP PLC (Communication Services) | 42,822 | ||||||
|
|
|||||||
3,733,859 | ||||||||
|
|
|||||||
United States – 2.1% | ||||||||
1,120 | Ferguson PLC (Industrials) | 171,540 | ||||||
677 | QIAGEN NV (Health Care)* | 34,066 | ||||||
860 | Schneider Electric SE (Industrials) | 135,021 | ||||||
3,031 | Stellantis NV (Consumer Discretionary) | 55,731 | ||||||
388 | Swiss Re AG (Financials) | 37,140 | ||||||
473 | Tenaris SA (Energy) | 6,131 | ||||||
|
|
|||||||
439,629 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $17,795,410) | $ | 20,293,082 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 0.8% | ||||||||||
Germany – 0.8% | ||||||||||
533 | Bayerische Motoren Werke AG (Consumer Discretionary) |
2.98 | % | $ | 43,643 | |||||
790 | FUCHS PETROLUB SE (Materials) |
2.84 | 31,500 | |||||||
212 | Henkel AG & Co. KGaA (Consumer Staples) |
2.85 | 16,868 | |||||||
31 | Sartorius AG (Health Care) | 0.18 | 13,726 | |||||||
328 | Volkswagen AG (Consumer Discretionary) |
3.06 | 65,592 | |||||||
|
||||||||||
TOTAL PREFERRED STOCKS |
|
|||||||||
(Cost $180,248) | $ | 171,329 | ||||||||
|
||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $17,975,658) | $ | 20,464,411 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle – 0.3%(d) | ||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||
63,082 | 0.026% | $ | 63,082 | |||||
(Cost $63,082) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $18,038,740) | $ | 20,527,493 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.2% |
34,751 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 20,562,244 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) |
All or a portion of security is on loan. | |
(c) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
MSCI Europe Index |
3 | 03/18/22 | $ | 94,617 | $ | (1,347 | ) |
The below table represents the sector breakdown of investments as a percentage of total market value of the Fund: |
| |||
Sector Name | % of Market Value | |||
Health Care |
15.8% | |||
Industrials |
15.8% | |||
Financials |
14.8% | |||
Consumer Staples |
14.4% | |||
Consumer Discretionary |
11.7% | |||
Materials |
7.2% | |||
Information Technology |
7.2% | |||
Utilities |
4.4% | |||
Energy |
4.3% | |||
Communication Services |
3.5% | |||
Real Estate |
0.9% | |||
|
||||
TOTAL INVESTMENTS | 100.0% |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 99.1% | ||||||||
Australia – 6.6% | ||||||||
42,408 | Ampol Ltd. (Energy) | $ | 906,891 | |||||
167,037 | APA Group (Utilities) | 1,218,165 | ||||||
80,274 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 2,171,009 | ||||||
30,304 | ASX Ltd. (Financials) | 1,810,445 | ||||||
377,135 | Aurizon Holdings Ltd. (Industrials) | 957,838 | ||||||
354,864 | Australia & New Zealand Banking Group Ltd. (Financials) | 6,697,760 | ||||||
752,942 | BHP Group Ltd. (Materials)(a) | 25,493,741 | ||||||
516,048 | BlueScope Steel Ltd. (Materials) | 7,579,279 | ||||||
215,622 | Brambles Ltd. (Industrials) | 1,549,015 | ||||||
30,166 | Cochlear Ltd. (Health Care) | 4,879,273 | ||||||
600,929 | Coles Group Ltd. (Consumer Staples) | 7,578,796 | ||||||
245,077 | Commonwealth Bank of Australia (Financials) | 16,620,942 | ||||||
89,248 | Computershare Ltd. (Information Technology) | 1,402,763 | ||||||
44,980 | CSL Ltd. (Health Care) | 8,485,681 | ||||||
209,222 | Dexus REIT (Real Estate) | 1,657,896 | ||||||
22,766 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 1,304,266 | ||||||
240,173 | Endeavour Group Ltd. (Consumer Staples) | 1,247,856 | ||||||
554,680 | Fortescue Metals Group Ltd. (Materials) | 7,305,441 | ||||||
1,879,502 | Glencore PLC (Materials)* | 11,150,240 | ||||||
199,678 | Goodman Group REIT (Real Estate) | 3,221,046 | ||||||
200,389 | GPT Group (The) REIT (Real Estate) | 718,337 | ||||||
201,774 | Insurance Australia Group Ltd. (Financials) | 673,520 | ||||||
48,182 | Macquarie Group Ltd. (Financials) | 6,320,661 | ||||||
804,464 | Medibank Pvt Ltd. (Financials) | 1,856,355 | ||||||
347,534 | National Australia Bank Ltd. (Financials) | 7,298,324 | ||||||
42,737 | Newcrest Mining Ltd. (Materials) | 796,081 | ||||||
62,000 | Orica Ltd. (Materials) | 656,409 | ||||||
285,586 | Origin Energy Ltd. (Utilities) | 1,181,243 | ||||||
15,382 | Ramsay Health Care Ltd. (Health Care) | 714,030 | ||||||
25,778 | REA Group Ltd. (Communication Services) | 2,463,181 | ||||||
151,464 | Reece Ltd. (Industrials) | 2,128,954 | ||||||
103,066 | Rio Tinto Ltd. (Materials) | 8,837,918 | ||||||
183,145 | Rio Tinto PLC (Materials) | 14,230,509 | ||||||
228,239 | Santos Ltd. (Energy) | 1,202,413 | ||||||
37,433 | SEEK Ltd. (Communication Services) | 724,444 | ||||||
88,217 | Sonic Healthcare Ltd. (Health Care) | 2,243,715 | ||||||
1,781,188 | South32 Ltd. (Materials) | 6,217,018 | ||||||
277,277 | Stockland REIT (Real Estate) | 837,017 | ||||||
348,977 | Suncorp Group Ltd. (Financials) | 2,727,343 | ||||||
209,174 | Tabcorp Holdings Ltd. (Consumer Discretionary) | 757,418 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
843,516 | Telstra Corp. Ltd. (Communication Services) | 2,423,906 | ||||||
171,927 | Transurban Group (Industrials) | 1,583,190 | ||||||
257,505 | Wesfarmers Ltd. (Consumer Discretionary) | 9,004,713 | ||||||
423,786 | Westpac Banking Corp. (Financials) | 7,014,540 | ||||||
51,244 | Woodside Petroleum Ltd. (Energy) | 1,061,266 | ||||||
411,652 | Woolworths Group Ltd. (Consumer Staples) | 10,601,408 | ||||||
|
|
|||||||
207,512,256 | ||||||||
|
|
|||||||
Austria – 0.7% | ||||||||
35,912 | Erste Group Bank AG (Financials) | 1,290,361 | ||||||
75,497 | Mondi PLC (Materials) | 1,591,900 | ||||||
93,036 | OMV AG (Energy) | 4,428,629 | ||||||
239,022 | Raiffeisen Bank International AG (Financials) | 3,938,449 | ||||||
24,246 | Verbund AG (Utilities) | 2,941,177 | ||||||
231,259 | voestalpine AG (Materials) | 7,647,047 | ||||||
|
|
|||||||
21,837,563 | ||||||||
|
|
|||||||
Belgium – 0.7% | ||||||||
49,512 | Ageas SA/NV (Financials) | 2,390,200 | ||||||
82,665 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 5,119,714 | ||||||
11,581 | Elia Group SA/NV (Utilities) | 1,672,801 | ||||||
22,619 | Etablissements Franz Colruyt NV (Consumer Staples) | 906,474 | ||||||
20,656 | Groupe Bruxelles Lambert SA (Financials) | 2,156,285 | ||||||
18,696 | KBC Group NV (Financials) | 1,354,878 | ||||||
9,396 | Sofina SA (Financials) | 3,664,207 | ||||||
12,879 | Solvay SA (Materials) | 1,442,520 | ||||||
35,388 | UCB SA (Health Care) | 3,883,362 | ||||||
|
|
|||||||
22,590,441 | ||||||||
|
|
|||||||
Brazil – 0.0% | ||||||||
24,203 | Yara International ASA (Materials) | 1,233,043 | ||||||
|
|
|||||||
Canada – 11.5% | ||||||||
89,038 | Algonquin Power & Utilities Corp. (Utilities) | 1,287,466 | ||||||
169,246 | Alimentation Couche-Tard, Inc. (Consumer Staples) | 6,638,537 | ||||||
74,866 | AltaGas Ltd. (Utilities) | 1,648,014 | ||||||
73,269 | Bank of Montreal (Financials) | 8,360,644 | ||||||
145,710 | Bank of Nova Scotia (The) (Financials) | 10,551,869 | ||||||
154,101 | Barrick Gold Corp. (Materials) | 3,480,895 | ||||||
36,679 | BCE, Inc. (Communication Services) | 1,925,116 | ||||||
100,569 | Brookfield Asset Management, Inc., Class A (Financials) | 5,492,502 | ||||||
28,758 | Canadian Apartment Properties REIT (Real Estate) | 1,196,257 | ||||||
60,699 | Canadian Imperial Bank of Commerce (Financials) | 7,677,645 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
36,778 | Canadian National Railway Co. (Industrials) | $ | 4,559,446 | |||||
133,343 | Canadian Natural Resources Ltd. (Energy) | 7,444,331 | ||||||
49,933 | Canadian Pacific Railway Ltd. (Industrials) | 3,513,636 | ||||||
30,046 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 4,426,772 | ||||||
50,061 | Canadian Utilities Ltd., Class A (Utilities) | 1,393,269 | ||||||
29,014 | CCL Industries, Inc., Class B (Materials) | 1,307,100 | ||||||
348,863 | Cenovus Energy, Inc. (Energy) | 5,481,799 | ||||||
74,247 | CGI, Inc. (Information Technology)* | 6,083,296 | ||||||
11,311 | Constellation Software, Inc. (Information Technology) | 19,050,030 | ||||||
147,835 | Dollarama, Inc. (Consumer Discretionary) | 7,634,480 | ||||||
44,941 | Emera, Inc. (Utilities) | 2,101,156 | ||||||
463,730 | Empire Co. Ltd., Class A (Consumer Staples) | 14,354,113 | ||||||
159,420 | Enbridge, Inc. (Energy) | 6,882,831 | ||||||
19,832 | Fairfax Financial Holdings Ltd. (Financials) | 9,607,579 | ||||||
21,619 | FirstService Corp. (Real Estate) | 3,075,596 | ||||||
61,540 | Fortis, Inc. (Utilities)(a) | 2,818,026 | ||||||
5,900 | Franco-Nevada Corp. (Materials) | 868,289 | ||||||
102,505 | George Weston Ltd. (Consumer Staples) | 11,107,571 | ||||||
19,159 | Gildan Activewear, Inc. (Consumer Discretionary) | 751,647 | ||||||
96,080 | Great-West Lifeco, Inc. (Financials) | 2,888,422 | ||||||
79,726 | Hydro One Ltd. (Utilities)(b) | 1,967,457 | ||||||
117,473 | iA Financial Corp., Inc. (Financials) | 6,975,119 | ||||||
53,980 | IGM Financial, Inc. (Financials) | 1,916,442 | ||||||
177,416 | Imperial Oil Ltd. (Energy)(a) | 7,957,737 | ||||||
24,170 | Intact Financial Corp. (Financials) | 3,464,236 | ||||||
150,835 | Ivanhoe Mines Ltd., Class A (Materials)* | 1,534,097 | ||||||
204,764 | Loblaw Cos. Ltd. (Consumer Staples) | 15,961,696 | ||||||
80,509 | Magna International, Inc. (Consumer Discretionary) | 5,977,477 | ||||||
419,986 | Manulife Financial Corp. (Financials)(a) | 8,503,363 | ||||||
62,388 | Metro, Inc. (Consumer Staples) | 3,254,299 | ||||||
68,808 | National Bank of Canada (Financials) | 5,513,429 | ||||||
61,283 | Northland Power, Inc. (Utilities) | 1,947,179 | ||||||
84,672 | Nutrien Ltd. (Materials) | 7,277,246 | ||||||
66,528 | Onex Corp. (Financials) | 4,464,748 | ||||||
34,199 | Open Text Corp. (Information Technology) | 1,487,300 | ||||||
56,653 | Parkland Corp. (Energy) | 1,481,594 | ||||||
49,074 | Pembina Pipeline Corp. (Energy) | 1,667,591 | ||||||
236,867 | Power Corp. of Canada (Financials) | 7,300,139 | ||||||
47,452 | Quebecor, Inc., Class B (Communication Services) | 1,037,071 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
11,194 | Restaurant Brands International, Inc. (Consumer Discretionary) | 626,179 | ||||||
40,707 | RioCan Real Estate Investment Trust REIT (Real Estate) | 806,213 | ||||||
26,369 | Rogers Communications, Inc., Class B (Communication Services) | 1,361,537 | ||||||
206,013 | Royal Bank of Canada (Financials) | 22,773,748 | ||||||
117,399 | Saputo, Inc. (Consumer Staples) | 2,874,926 | ||||||
42,859 | Shaw Communications, Inc., Class B (Communication Services) | 1,284,401 | ||||||
2,055 | Shopify, Inc., Class A (Information Technology)* | 1,425,660 | ||||||
91,462 | Sun Life Financial, Inc. (Financials)(a) | 4,806,920 | ||||||
155,903 | Suncor Energy, Inc. (Energy) | 4,764,300 | ||||||
84,070 | TC Energy Corp. (Energy) | 4,513,870 | ||||||
47,170 | Teck Resources Ltd., Class B (Materials) | 1,697,354 | ||||||
83,368 | TELUS Corp. (Communication Services) | 2,104,001 | ||||||
30,706 | Thomson Reuters Corp. (Industrials) | 3,102,677 | ||||||
19,431 | TMX Group Ltd. (Financials) | 1,961,560 | ||||||
33,557 | Toromont Industries Ltd. (Industrials) | 2,842,562 | ||||||
239,145 | Toronto-Dominion Bank (The) (Financials) | 19,284,701 | ||||||
23,622 | Tourmaline Oil Corp. (Energy) | 931,210 | ||||||
146,313 | West Fraser Timber Co. Ltd. (Materials) | 14,594,963 | ||||||
125,496 | WSP Global, Inc. (Industrials) | 15,386,828 | ||||||
|
|
|||||||
360,440,164 | ||||||||
|
|
|||||||
Chile – 0.1% | ||||||||
35,217 | Antofagasta PLC (Materials) | 718,709 | ||||||
194,907 | Lundin Mining Corp. (Materials) | 1,879,381 | ||||||
|
|
|||||||
2,598,090 | ||||||||
|
|
|||||||
China – 0.4% | ||||||||
1,517,946 | BOC Hong Kong Holdings Ltd. (Financials) | 5,458,910 | ||||||
1,209,421 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)* | 2,513,662 | ||||||
26,913 | Futu Holdings Ltd. ADR (Financials)* | 1,150,531 | ||||||
18,350 | Prosus NV (Consumer Discretionary)* | 1,142,247 | ||||||
403,087 | SITC International Holdings Co. Ltd. (Industrials) | 1,655,949 | ||||||
225,432 | Wilmar International Ltd. (Consumer Staples) | 727,387 | ||||||
|
|
|||||||
12,648,686 | ||||||||
|
|
|||||||
Denmark – 2.7% | ||||||||
3,377 | AP Moller – Maersk A/S, Class A (Industrials) | 10,147,496 | ||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Denmark – (continued) | ||||||||
3,447 | AP Moller – Maersk A/S, Class B (Industrials) | $ | 10,940,792 | |||||
22,346 | Carlsberg AS, Class B (Consumer Staples) | 3,280,425 | ||||||
13,603 | Chr Hansen Holding A/S (Materials) | 995,389 | ||||||
50,380 | Coloplast A/S, Class B (Health Care) | 7,593,648 | ||||||
168,140 | Danske Bank A/S (Financials) | 2,861,342 | ||||||
51,665 | Demant A/S (Health Care)* | 2,183,605 | ||||||
26,326 | DSV A/S (Industrials) | 4,877,578 | ||||||
3,708 | Genmab A/S (Health Care)* | 1,248,589 | ||||||
289,974 | Novo Nordisk A/S, Class B (Health Care) | 29,866,330 | ||||||
37,065 | Novozymes A/S, Class B (Materials) | 2,435,722 | ||||||
50,643 | Pandora A/S (Consumer Discretionary) | 5,242,820 | ||||||
4,420 | ROCKWOOL International A/S, Class B (Industrials) | 1,522,377 | ||||||
77,487 | Tryg A/S (Financials) | 1,762,092 | ||||||
|
|
|||||||
84,958,205 | ||||||||
|
|
|||||||
Finland – 1.0% | ||||||||
29,804 | Elisa OYJ (Communication Services) | 1,658,729 | ||||||
234,757 | Fortum OYJ (Utilities) | 4,967,716 | ||||||
78,827 | Kesko OYJ, Class B (Consumer Staples) | 2,332,105 | ||||||
22,583 | Kone OYJ, Class B (Industrials) | 1,328,631 | ||||||
944,688 | Nokia OYJ (Information Technology)* | 5,132,945 | ||||||
351,154 | Nordea Bank Abp (Financials) | 3,931,889 | ||||||
162,895 | Orion OYJ, Class B (Health Care) | 7,682,648 | ||||||
55,653 | Sampo OYJ, Class A (Financials) | 2,647,901 | ||||||
51,610 | Stora Enso OYJ, Class R (Materials) | 995,317 | ||||||
33,366 | UPM-Kymmene OYJ (Materials) | 1,161,778 | ||||||
|
|
|||||||
31,839,659 | ||||||||
|
|
|||||||
France – 10.3% | ||||||||
41,160 | Air Liquide SA (Materials) | 6,874,540 | ||||||
27,636 | Airbus SE (Industrials)* | 3,566,584 | ||||||
18,985 | Arkema SA (Materials) | 2,535,419 | ||||||
192,488 | AXA SA (Financials) | 5,248,319 | ||||||
39,996 | BioMerieux (Health Care) | 4,407,896 | ||||||
134,851 | BNP Paribas SA (Financials) | 7,953,412 | ||||||
1,388,053 | Bollore SA (Communication Services) | 7,075,022 | ||||||
61,217 | Bouygues SA (Industrials) | 2,201,662 | ||||||
70,080 | Bureau Veritas SA (Industrials) | 2,019,798 | ||||||
69,763 | Capgemini SE (Information Technology) | 14,754,780 | ||||||
437,679 | Carrefour SA (Consumer Staples) | 8,799,663 | ||||||
158,670 | Cie de Saint-Gobain (Industrials) | 9,971,310 | ||||||
16,373 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 2,280,380 | ||||||
233,158 | CNP Assurances (Financials) | 5,701,197 | ||||||
8,791 | Covivio REIT (Real Estate) | 725,151 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
226,615 | Credit Agricole SA (Financials) | 2,918,488 | ||||||
91,264 | Danone SA (Consumer Staples) | 5,567,197 | ||||||
117,963 | Dassault Systemes SE (Information Technology) | 5,762,255 | ||||||
25,728 | Edenred (Information Technology) | 1,181,627 | ||||||
99,791 | Eiffage SA (Industrials) | 10,235,630 | ||||||
343,210 | Engie SA (Utilities) | 5,500,223 | ||||||
37,660 | EssilorLuxottica SA (Consumer Discretionary) | 6,629,214 | ||||||
24,431 | Eurazeo SE (Financials) | 1,900,283 | ||||||
8,276 | Gecina SA REIT (Real Estate) | 1,055,051 | ||||||
54,724 | Getlink SE (Industrials) | 899,863 | ||||||
10,769 | Hermes International (Consumer Discretionary) | 15,022,917 | ||||||
108,532 | Ipsen SA (Health Care) | 12,708,408 | ||||||
9,800 | Kering (Consumer Discretionary) | 7,012,792 | ||||||
204,580 | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | 8,522,702 | ||||||
39,796 | Legrand SA (Industrials) | 3,791,360 | ||||||
54,329 | L’Oreal SA (Consumer Staples) | 21,662,938 | ||||||
43,855 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 32,505,326 | ||||||
245,132 | Orange SA (Communication Services) | 2,977,444 | ||||||
19,702 | Pernod Ricard SA (Consumer Staples) | 4,329,597 | ||||||
94,471 | Publicis Groupe SA (Communication Services) | 6,328,393 | ||||||
16,195 | Remy Cointreau SA (Consumer Staples) | 3,141,453 | ||||||
85,359 | Renault SA (Consumer Discretionary)* | 2,736,280 | ||||||
6,996 | Safran SA (Industrials) | 901,302 | ||||||
164,486 | Sanofi (Health Care) | 17,268,653 | ||||||
11,417 | Sartorius Stedim Biotech (Health Care) | 4,403,617 | ||||||
38,573 | SEB SA (Consumer Discretionary) | 5,662,605 | ||||||
202,389 | Societe Generale SA (Financials) | 5,828,573 | ||||||
10,338 | Teleperformance (Industrials) | 3,853,906 | ||||||
21,947 | Thales SA (Industrials) | 2,536,576 | ||||||
270,712 | TotalEnergies SE (Energy) | 13,862,271 | ||||||
61,933 | Ubisoft Entertainment SA (Communication Services)* | 3,363,380 | ||||||
150,467 | Veolia Environnement SA (Utilities) | 5,274,634 | ||||||
71,086 | Vinci SA (Industrials) | 7,546,839 | ||||||
145,085 | Vivendi SE (Communication Services) | 1,843,072 | ||||||
6,449 | Wendel SE (Financials) | 659,522 | ||||||
54,707 | Worldline SA (Information Technology)*(b) | 2,820,721 | ||||||
|
|
|||||||
322,330,245 | ||||||||
|
|
|||||||
Germany – 7.4% | ||||||||
41,438 | adidas AG (Consumer Discretionary) | 9,869,482 | ||||||
48,304 | Allianz SE (Financials) | 11,030,057 | ||||||
47,796 | BASF SE (Materials) | 3,180,806 | ||||||
94,669 | Bayer AG (Health Care) | 5,477,175 | ||||||
52,919 | Bayerische Motoren Werke AG (Consumer Discretionary) | 5,145,009 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
20,460 | Bechtle AG (Information Technology) | $ | 1,058,260 | |||||
55,087 | Beiersdorf AG (Consumer Staples) | 5,594,624 | ||||||
58,676 | Brenntag SE (Industrials) | 4,934,960 | ||||||
9,732 | Carl Zeiss Meditec AG (Health Care) | 1,539,630 | ||||||
62,633 | Commerzbank AG (Financials)* | 530,013 | ||||||
9,690 | Continental AG (Consumer Discretionary)* | 835,877 | ||||||
40,040 | Covestro AG (Materials)(b) | 2,123,173 | ||||||
61,477 | Daimler Truck Holding AG (Industrials)* | 1,876,806 | ||||||
381,916 | Deutsche Bank AG (Financials)* | 4,830,182 | ||||||
27,424 | Deutsche Boerse AG (Financials) | 4,703,565 | ||||||
281,132 | Deutsche Post AG (Industrials) | 14,260,065 | ||||||
242,746 | Deutsche Telekom AG (Communication Services) | 4,370,618 | ||||||
307,760 | E.ON SE (Utilities) | 4,188,904 | ||||||
34,454 | Evonik Industries AG (Materials) | 1,040,609 | ||||||
85,570 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 5,509,155 | ||||||
169,467 | Fresenius SE & Co. KGaA (Health Care) | 5,951,150 | ||||||
42,715 | GEA Group AG (Industrials) | 1,874,481 | ||||||
12,047 | Hannover Rueck SE (Financials) | 2,229,941 | ||||||
96,648 | HeidelbergCement AG (Materials) | 6,311,393 | ||||||
120,975 | HelloFresh SE (Consumer Staples)* | 6,641,774 | ||||||
25,349 | Henkel AG & Co. KGaA (Consumer Staples) | 1,953,180 | ||||||
36,381 | Infineon Technologies AG (Information Technology) | 1,256,338 | ||||||
19,843 | KION Group AG (Industrials) | 1,608,278 | ||||||
34,960 | Knorr-Bremse AG (Industrials) | 3,102,100 | ||||||
10,213 | LEG Immobilien SE (Real Estate) | 1,322,635 | ||||||
122,953 | Mercedes-Benz Group AG (Consumer Discretionary) | 9,690,538 | ||||||
46,891 | Merck KGaA (Health Care) | 9,351,202 | ||||||
12,705 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 3,526,895 | ||||||
74,914 | Nemetschek SE (Information Technology) | 6,684,355 | ||||||
80,362 | Puma SE (Consumer Discretionary) | 7,399,731 | ||||||
4,630 | Rational AG (Industrials) | 3,421,875 | ||||||
189,487 | RWE AG (Utilities) | 8,830,395 | ||||||
129,134 | SAP SE (Information Technology) | 14,695,795 | ||||||
16,008 | Scout24 SE (Communication Services)(b) | 938,566 | ||||||
67,494 | Siemens AG (Industrials) | 9,602,005 | ||||||
322,246 | Siemens Energy AG (Industrials) | 7,756,521 | ||||||
48,887 | Siemens Healthineers AG (Health Care)(b) | 3,156,221 | ||||||
22,850 | Symrise AG (Materials) | 2,733,337 | ||||||
312,797 | Telefonica Deutschland Holding AG (Communication Services) | 859,011 | ||||||
146,789 | Uniper SE (Utilities) | 4,698,894 | ||||||
19,048 | United Internet AG (Communication Services) | 649,544 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
16,911 | Volkswagen AG (Consumer Discretionary) | 4,467,493 | ||||||
45,693 | Vonovia SE (Real Estate) | 2,437,814 | ||||||
98,683 | Zalando SE (Consumer Discretionary)*(b) | 6,603,895 | ||||||
|
|
|||||||
231,854,327 | ||||||||
|
|
|||||||
Hong Kong – 2.1% | ||||||||
1,310,310 | AIA Group Ltd. (Financials) | 13,625,131 | ||||||
372,043 | CK Asset Holdings Ltd. (Real Estate) | 2,349,760 | ||||||
114,965 | CK Infrastructure Holdings Ltd. (Utilities) | 713,593 | ||||||
136,486 | CLP Holdings Ltd. (Utilities) | 1,389,542 | ||||||
108,066 | Hang Seng Bank Ltd. (Financials) | 1,994,333 | ||||||
1,347,068 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 1,329,190 | ||||||
1,177,860 | HKT Trust & HKT Ltd. (Communication Services) | 1,588,830 | ||||||
913,797 | Hong Kong & China Gas Co. Ltd. (Utilities) | 1,382,326 | ||||||
225,769 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 10,910,372 | ||||||
164,622 | Hongkong Land Holdings Ltd. (Real Estate) | 887,313 | ||||||
28,828 | Jardine Matheson Holdings Ltd. (Industrials) | 1,715,266 | ||||||
128,927 | Link REIT (Real Estate) | 1,041,158 | ||||||
201,384 | MTR Corp. Ltd. (Industrials) | 1,042,526 | ||||||
243,926 | Power Assets Holdings Ltd. (Utilities) | 1,537,473 | ||||||
98,151 | Sun Hung Kai Properties Ltd. (Real Estate) | 1,141,831 | ||||||
1,317,936 | Swire Pacific Ltd., Class A (Real Estate) | 7,286,540 | ||||||
372,538 | Techtronic Industries Co. Ltd. (Industrials) | 6,221,919 | ||||||
9,289,490 | WH Group Ltd. (Consumer Staples)(b) | 6,479,353 | ||||||
731,348 | Xinyi Glass Holdings Ltd. (Industrials) | 1,942,162 | ||||||
|
|
|||||||
64,578,618 | ||||||||
|
|
|||||||
Ireland – 0.4% | ||||||||
89,013 | CRH PLC (Materials) | 4,060,165 | ||||||
15,437 | Kerry Group PLC, Class A (Consumer Staples) | 1,841,385 | ||||||
23,464 | Kingspan Group PLC (Industrials) | 2,288,649 | ||||||
76,536 | Smurfit Kappa Group PLC (Materials) | 3,833,192 | ||||||
|
|
|||||||
12,023,391 | ||||||||
|
|
|||||||
Israel – 0.7% | ||||||||
10,860 | Azrieli Group Ltd. (Real Estate) | 928,307 | ||||||
189,154 | Bank Hapoalim BM (Financials) | 1,999,853 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Israel – (continued) | ||||||||
226,118 | Bank Leumi Le-Israel BM (Financials) | $ | 2,446,387 | |||||
26,469 | Check Point Software Technologies Ltd. (Information Technology)* | 3,834,829 | ||||||
5,430 | Elbit Systems Ltd. (Industrials) | 1,112,951 | ||||||
264,709 | ICL Group Ltd. (Materials)(a) | 3,005,945 | ||||||
272,193 | Israel Discount Bank Ltd., Class A (Financials) | 1,790,023 | ||||||
35,836 | Mizrahi Tefahot Bank Ltd. (Financials) | 1,398,582 | ||||||
7,249 | Nice Ltd. (Information Technology)* | 1,641,142 | ||||||
426,180 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)* | 3,464,843 | ||||||
|
|
|||||||
21,622,862 | ||||||||
|
|
|||||||
Italy – 1.9% | ||||||||
180,150 | Assicurazioni Generali SpA (Financials) | 3,587,569 | ||||||
80,256 | Atlantia SpA (Industrials)* | 1,479,256 | ||||||
139,123 | Davide Campari-Milano NV (Consumer Staples) | 1,523,252 | ||||||
26,859 | DiaSorin SpA (Health Care) | 4,031,959 | ||||||
521,424 | Enel SpA (Utilities) | 3,864,795 | ||||||
567,509 | Eni SpA (Energy) | 8,816,882 | ||||||
28,072 | Ferrari NV (Consumer Discretionary) | 6,077,501 | ||||||
184,625 | FinecoBank Banca Fineco SpA (Financials) | 3,095,011 | ||||||
85,426 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 874,301 | ||||||
1,413,501 | Intesa Sanpaolo SpA (Financials) | 3,641,264 | ||||||
56,596 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 592,841 | ||||||
108,334 | Moncler SpA (Consumer Discretionary) | 6,592,666 | ||||||
323,229 | Poste Italiane SpA (Financials)(b) | 3,730,349 | ||||||
75,941 | Prysmian SpA (Industrials) | 2,517,966 | ||||||
81,148 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 3,988,526 | ||||||
309,009 | Snam SpA (Utilities) | 1,723,247 | ||||||
238,939 | Terna – Rete Elettrica Nazionale (Utilities) | 1,970,420 | ||||||
140,893 | UniCredit SpA (Financials) | 1,802,163 | ||||||
|
|
|||||||
59,909,968 | ||||||||
|
|
|||||||
Japan – 19.1% | ||||||||
57,877 | Advantest Corp. (Information Technology) | 4,557,798 | ||||||
114,767 | Aeon Co. Ltd. (Consumer Staples)(a) | 2,588,299 | ||||||
33,610 | AGC, Inc. (Industrials) | 1,485,348 | ||||||
35,828 | Aisin Corp. (Consumer Discretionary) | 1,301,847 | ||||||
64,363 | Ajinomoto Co., Inc. (Consumer Staples) | 1,865,926 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
80,279 | Asahi Group Holdings Ltd. (Consumer Staples) | 3,236,950 | ||||||
41,568 | Asahi Intecc Co. Ltd. (Health Care) | 886,399 | ||||||
487,656 | Astellas Pharma, Inc. (Health Care) | 8,123,013 | ||||||
38,308 | Azbil Corp. (Information Technology) | 1,440,188 | ||||||
56,006 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 4,070,069 | ||||||
77,741 | Bridgestone Corp. (Consumer Discretionary) | 3,189,288 | ||||||
212,314 | Brother Industries Ltd. (Information Technology) | 3,845,340 | ||||||
108,576 | Canon, Inc. (Information Technology) | 2,543,888 | ||||||
115,906 | Capcom Co. Ltd. (Communication Services) | 2,792,613 | ||||||
5,014 | Central Japan Railway Co. (Industrials) | 674,338 | ||||||
172,842 | Chubu Electric Power Co., Inc. (Utilities) | 1,730,296 | ||||||
102,547 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 3,383,361 | ||||||
16,497 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 2,273,127 | ||||||
346,289 | CyberAgent, Inc. (Communication Services) | 4,467,857 | ||||||
36,636 | Dai Nippon Printing Co. Ltd. (Industrials) | 950,134 | ||||||
56,191 | Dai-ichi Life Holdings, Inc. (Financials) | 1,174,803 | ||||||
142,311 | Daiichi Sankyo Co. Ltd. (Health Care) | 3,451,667 | ||||||
16,069 | Daikin Industries Ltd. (Industrials) | 2,958,482 | ||||||
44,978 | Daito Trust Construction Co. Ltd. (Real Estate) | 4,967,399 | ||||||
40,255 | Daiwa House Industry Co. Ltd. (Real Estate) | 1,142,553 | ||||||
652 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 1,763,386 | ||||||
232,663 | Daiwa Securities Group, Inc. (Financials) | 1,377,292 | ||||||
42,253 | Denso Corp. (Consumer Discretionary) | 2,952,115 | ||||||
68,500 | Dentsu Group, Inc. (Communication Services) | 2,720,968 | ||||||
2,697 | Disco Corp. (Information Technology) | 752,842 | ||||||
54,407 | Eisai Co. Ltd. (Health Care) | 2,701,100 | ||||||
364,920 | ENEOS Holdings, Inc. (Energy) | 1,437,818 | ||||||
4,173 | FANUC Corp. (Industrials) | 766,484 | ||||||
7,421 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 3,983,854 | ||||||
81,376 | FUJIFILM Holdings Corp. (Information Technology) | 5,130,910 | ||||||
55,111 | Fujitsu Ltd. (Information Technology) | 7,926,318 | ||||||
1,134 | GLP J REIT (Real Estate) | 1,689,554 | ||||||
131,356 | Hakuhodo DY Holdings, Inc. (Communication Services) | 1,728,984 | ||||||
18,045 | Hamamatsu Photonics KK (Information Technology) | 907,146 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
24,626 | Hankyu Hanshin Holdings, Inc. (Industrials) | $ | 734,450 | |||||
393,748 | Hino Motors Ltd. (Industrials) | 3,681,933 | ||||||
5,954 | Hirose Electric Co. Ltd. (Information Technology) | 886,574 | ||||||
107,515 | Hitachi Ltd. (Industrials) | 5,274,233 | ||||||
97,767 | Hitachi Metals Ltd. (Materials)* | 1,737,608 | ||||||
309,542 | Honda Motor Co. Ltd. (Consumer Discretionary) | 9,473,719 | ||||||
87,802 | Hoya Corp. (Health Care) | 11,324,495 | ||||||
15,984 | Ibiden Co. Ltd. (Information Technology) | 766,066 | ||||||
46,466 | Idemitsu Kosan Co. Ltd. (Energy) | 1,242,590 | ||||||
54,886 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 1,011,704 | ||||||
514,319 | Inpex Corp. (Energy) | 5,291,669 | ||||||
281,213 | Isuzu Motors Ltd. (Consumer Discretionary) | 3,801,594 | ||||||
100,252 | Ito En Ltd. (Consumer Staples) | 5,744,851 | ||||||
296,807 | ITOCHU Corp. (Industrials) | 9,645,744 | ||||||
40,488 | Itochu Techno-Solutions Corp. (Information Technology) | 1,040,191 | ||||||
44,914 | Japan Exchange Group, Inc. (Financials) | 842,320 | ||||||
891 | Japan Metropolitan Fund Invest REIT (Real Estate) | 720,227 | ||||||
94,884 | Japan Post Bank Co. Ltd. (Financials)(a) | 835,358 | ||||||
537,935 | Japan Post Holdings Co. Ltd. (Financials)* | 4,456,208 | ||||||
167,544 | Japan Post Insurance Co. Ltd. (Financials) | 2,871,559 | ||||||
256 | Japan Real Estate Investment Corp. REIT (Real Estate) | 1,362,518 | ||||||
178,940 | Japan Tobacco, Inc. (Consumer Staples) | 3,293,708 | ||||||
57,682 | JSR Corp. (Materials) | 1,797,946 | ||||||
71,425 | Kajima Corp. (Industrials) | 957,501 | ||||||
210,031 | Kakaku.com, Inc. (Communication Services) | 4,566,248 | ||||||
80,926 | Kansai Electric Power Co., Inc. (The) (Utilities) | 816,462 | ||||||
75,704 | Kao Corp. (Consumer Staples) | 3,536,249 | ||||||
235,970 | KDDI Corp. (Communication Services) | 7,695,275 | ||||||
14,926 | Keyence Corp. (Information Technology) | 6,969,570 | ||||||
57,933 | Kikkoman Corp. (Consumer Staples)(a) | 4,295,618 | ||||||
118,933 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,969,739 | ||||||
16,844 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 1,436,146 | ||||||
35,997 | Komatsu Ltd. (Industrials) | 825,892 | ||||||
46,566 | Kose Corp. (Consumer Staples) | 5,308,544 | ||||||
24,383 | Kyocera Corp. (Information Technology) | 1,392,800 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
39,791 | Kyowa Kirin Co. Ltd. (Health Care) | 1,020,557 | ||||||
14,785 | Lasertec Corp. (Information Technology) | 2,675,228 | ||||||
87,952 | Lawson, Inc. (Consumer Staples)(a) | 3,665,462 | ||||||
215,898 | Lion Corp. (Consumer Staples) | 2,821,155 | ||||||
62,931 | Lixil Corp. (Industrials) | 1,396,038 | ||||||
55,626 | M3, Inc. (Health Care) | 2,061,796 | ||||||
643,649 | Marubeni Corp. (Industrials) | 6,725,692 | ||||||
674,077 | Mazda Motor Corp. (Consumer Discretionary)* | 5,009,854 | ||||||
31,540 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)(a) | 1,352,790 | ||||||
98,192 | Medipal Holdings Corp. (Health Care) | 1,787,789 | ||||||
56,559 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 3,393,294 | ||||||
138,217 | MISUMI Group, Inc. (Industrials) | 4,398,223 | ||||||
567,509 | Mitsubishi Chemical Holdings Corp. (Materials) | 4,027,626 | ||||||
228,548 | Mitsubishi Corp. (Industrials) | 7,681,435 | ||||||
156,444 | Mitsubishi Electric Corp. (Industrials) | 1,876,513 | ||||||
71,767 | Mitsubishi Estate Co. Ltd. (Real Estate) | 1,094,809 | ||||||
143,283 | Mitsubishi HC Capital, Inc. (Financials) | 745,184 | ||||||
1,048,866 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 6,491,267 | ||||||
278,369 | Mitsui & Co. Ltd. (Industrials) | 6,925,690 | ||||||
30,317 | Mitsui Fudosan Co. Ltd. (Real Estate) | 673,068 | ||||||
23,748 | Mitsui OSK Lines Ltd. (Industrials) | 1,925,820 | ||||||
156,099 | Mizuho Financial Group, Inc. (Financials) | 2,066,863 | ||||||
306,221 | MonotaRO Co. Ltd. (Industrials) | 5,716,303 | ||||||
84,544 | MS&AD Insurance Group Holdings, Inc. (Financials) | 2,866,458 | ||||||
49,865 | Murata Manufacturing Co. Ltd. (Information Technology) | 3,371,381 | ||||||
212,029 | NEC Corp. (Information Technology) | 9,121,803 | ||||||
12,534 | Nidec Corp. (Industrials) | 1,075,524 | ||||||
55,957 | Nihon M&A Center Holdings, Inc. (Industrials) | 807,957 | ||||||
10,504 | Nintendo Co. Ltd. (Communication Services) | 5,291,444 | ||||||
209 | Nippon Building Fund, Inc. REIT (Real Estate) | 1,194,027 | ||||||
12,504 | Nippon Express Holdings, Inc. (Industrials) | 757,785 | ||||||
528 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 1,547,211 | ||||||
103,512 | Nippon Steel Corp. (Materials) | 1,894,986 | ||||||
418,314 | Nippon Telegraph & Telephone Corp. (Communication Services) | 11,960,130 | ||||||
91,623 | Nippon Yusen KK (Industrials)(a) | 8,488,104 | ||||||
|
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
21,518 | Nissan Chemical Corp. (Materials) | $ | 1,214,387 | |||||
66,816 | Nisshin Seifun Group, Inc. (Consumer Staples) | 945,605 | ||||||
17,465 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 1,390,528 | ||||||
36,197 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 5,419,729 | ||||||
18,668 | Nitto Denko Corp. (Materials) | 1,353,400 | ||||||
944 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 1,244,187 | ||||||
59,907 | Nomura Research Institute Ltd. (Information Technology) | 2,067,552 | ||||||
187,813 | NTT Data Corp. (Information Technology) | 3,543,457 | ||||||
116,060 | Obayashi Corp. (Industrials) | 968,384 | ||||||
5,239 | Obic Co. Ltd. (Information Technology) | 832,873 | ||||||
262,088 | Olympus Corp. (Health Care) | 5,232,658 | ||||||
49,233 | Omron Corp. (Information Technology) | 3,317,109 | ||||||
69,111 | Ono Pharmaceutical Co. Ltd. (Health Care) | 1,696,047 | ||||||
20,418 | Open House Group Co. Ltd. (Consumer Discretionary) | 921,846 | ||||||
26,361 | Oracle Corp. Japan (Information Technology) | 1,867,643 | ||||||
12,605 | Oriental Land Co. Ltd. (Consumer Discretionary) | 2,312,513 | ||||||
136,446 | ORIX Corp. (Financials) | 2,704,634 | ||||||
476 | Orix JREIT, Inc. REIT (Real Estate) | 664,974 | ||||||
58,292 | Osaka Gas Co. Ltd. (Utilities) | 1,067,400 | ||||||
21,787 | Otsuka Corp. (Information Technology) | 838,944 | ||||||
43,911 | Otsuka Holdings Co. Ltd. (Health Care) | 1,510,912 | ||||||
48,833 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 797,100 | ||||||
185,308 | Panasonic Corp. (Consumer Discretionary) | 1,914,621 | ||||||
190,812 | Persol Holdings Co. Ltd. (Industrials) | 4,231,247 | ||||||
277,586 | Pola Orbis Holdings, Inc. (Consumer Staples) | 4,328,582 | ||||||
190,812 | Rakuten Group, Inc. (Consumer Discretionary) | 1,613,639 | ||||||
263,206 | Recruit Holdings Co. Ltd. (Industrials) | 11,012,717 | ||||||
292,390 | Renesas Electronics Corp. (Information Technology)* | 3,401,802 | ||||||
313,463 | Resona Holdings, Inc. (Financials) | 1,409,257 | ||||||
678,824 | Ricoh Co. Ltd. (Information Technology) | 5,770,078 | ||||||
10,642 | Rinnai Corp. (Consumer Discretionary) | 870,394 | ||||||
203,894 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary)(a) | 2,990,032 | ||||||
16,076 | Secom Co. Ltd. (Industrials) | 1,175,534 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
161,512 | Seiko Epson Corp. (Information Technology) | 2,472,287 | ||||||
81,185 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 1,325,887 | ||||||
82,040 | Sekisui House Ltd. (Consumer Discretionary) | 1,671,073 | ||||||
113,707 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 5,519,738 | ||||||
31,337 | SG Holdings Co. Ltd. (Industrials) | 661,703 | ||||||
112,632 | Sharp Corp. (Consumer Discretionary)(a) | 1,059,088 | ||||||
55,664 | Shimadzu Corp. (Information Technology) | 1,983,944 | ||||||
8,788 | Shimano, Inc. (Consumer Discretionary) | 2,028,088 | ||||||
25,169 | Shin-Etsu Chemical Co. Ltd. (Materials) | 3,861,396 | ||||||
23,472 | Shionogi & Co. Ltd. (Health Care) | 1,557,192 | ||||||
144,561 | Shiseido Co. Ltd. (Consumer Staples) | 8,241,264 | ||||||
92,713 | Shizuoka Bank Ltd. (The) (Financials) | 688,254 | ||||||
2,197 | SMC Corp. (Industrials) | 1,298,076 | ||||||
324,678 | SoftBank Corp. (Communication Services) | 4,088,955 | ||||||
134,155 | SoftBank Group Corp. (Communication Services) | 5,969,563 | ||||||
17,831 | Sohgo Security Services Co. Ltd. (Industrials) | 640,941 | ||||||
59,735 | Sompo Holdings, Inc. (Financials) | 2,603,601 | ||||||
114,323 | Sony Group Corp. (Consumer Discretionary) | 11,722,636 | ||||||
31,316 | Square Enix Holdings Co. Ltd. (Communication Services) | 1,511,760 | ||||||
49,094 | Subaru Corp. (Consumer Discretionary) | 807,115 | ||||||
44,303 | SUMCO Corp. (Information Technology) | 725,850 | ||||||
948,468 | Sumitomo Chemical Co. Ltd. (Materials) | 4,529,259 | ||||||
259,040 | Sumitomo Corp. (Industrials) | 4,214,812 | ||||||
434,926 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 4,769,364 | ||||||
57,923 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 765,685 | ||||||
167,609 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 5,997,106 | ||||||
44,588 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 1,591,115 | ||||||
72,011 | Suntory Beverage & Food Ltd. (Consumer Staples) | 2,876,063 | ||||||
53,067 | Sysmex Corp. (Health Care) | 4,203,892 | ||||||
131,175 | Taisei Corp. (Industrials) | 4,344,976 | ||||||
30,124 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 1,493,449 | ||||||
289,300 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 8,793,916 | ||||||
50,642 | Terumo Corp. (Health Care) | 1,630,833 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
37,479 | TIS, Inc. (Information Technology) | $ | 878,605 | |||||
27,602 | Toho Co. Ltd. (Communication Services) | 1,146,738 | ||||||
70,158 | Tokio Marine Holdings, Inc. (Financials) | 4,004,504 | ||||||
26,554 | Tokyo Electron Ltd. (Information Technology) | 12,857,969 | ||||||
81,092 | Tokyo Gas Co. Ltd. (Utilities) | 1,653,171 | ||||||
125,016 | TOPPAN, Inc. (Industrials) | 2,449,847 | ||||||
114,472 | Toray Industries, Inc. (Materials) | 655,673 | ||||||
33,487 | Toshiba Corp. (Industrials) | 1,330,758 | ||||||
25,020 | TOTO Ltd. (Industrials) | 1,050,330 | ||||||
36,813 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 1,546,993 | ||||||
15,819 | Toyota Industries Corp. (Industrials) | 1,200,417 | ||||||
755,253 | Toyota Motor Corp. (Consumer Discretionary) | 14,023,083 | ||||||
26,943 | Trend Micro, Inc. (Information Technology) | 1,497,158 | ||||||
41,411 | Tsuruha Holdings, Inc. (Consumer Staples) | 3,304,251 | ||||||
54,915 | Unicharm Corp. (Consumer Staples) | 2,059,760 | ||||||
47,577 | USS Co. Ltd. (Consumer Discretionary) | 786,513 | ||||||
158,877 | Welcia Holdings Co. Ltd. (Consumer Staples) | 4,227,984 | ||||||
18,343 | Yakult Honsha Co. Ltd. (Consumer Staples) | 992,202 | ||||||
158,395 | Yamato Holdings Co. Ltd. (Industrials) | 3,091,573 | ||||||
67,102 | Yokogawa Electric Corp. (Information Technology) | 1,074,914 | ||||||
262,927 | ZOZO, Inc. (Consumer Discretionary) | 7,419,255 | ||||||
|
|
|||||||
599,986,693 | ||||||||
|
|
|||||||
Jordan – 0.1% | ||||||||
93,111 | Hikma Pharmaceuticals PLC (Health Care) | 2,602,328 | ||||||
|
|
|||||||
Luxembourg – 0.5% | ||||||||
435,464 | ArcelorMittal (Materials) | 13,550,886 | ||||||
33,480 | Eurofins Scientific SE (Health Care) | 3,404,734 | ||||||
|
|
|||||||
16,955,620 | ||||||||
|
|
|||||||
Netherlands – 4.6% | ||||||||
67,283 | ABN AMRO Bank NV (Financials)(b) | 896,439 | ||||||
472 | Adyen NV (Information Technology)*(b) | 988,413 | ||||||
822,129 | Aegon NV (Financials) | 4,076,880 | ||||||
20,612 | Akzo Nobel NV (Materials) | 1,967,870 | ||||||
7,706 | ASM International NV (Information Technology) | 2,494,481 | ||||||
49,829 | ASML Holding NV (Information Technology) | 33,519,210 | ||||||
7,847 | Euronext NV (Financials)(b) | 712,592 | ||||||
57,839 | EXOR NV (Financials) | 4,404,613 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Netherlands – (continued) | ||||||||
52,194 | Heineken Holding NV (Consumer Staples) | 4,264,920 | ||||||
25,883 | Heineken NV (Consumer Staples)(a) | 2,627,509 | ||||||
11,594 | IMCD NV (Industrials) | 1,884,339 | ||||||
395,658 | ING Groep NV (Financials) | 4,665,345 | ||||||
93,054 | JDE Peet’s NV (Consumer Staples) | 3,059,773 | ||||||
457,945 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 14,134,724 | ||||||
25,269 | Koninklijke DSM NV (Materials) | 4,748,334 | ||||||
404,381 | Koninklijke KPN NV (Communication Services) | 1,385,313 | ||||||
178,211 | Koninklijke Philips NV (Health Care) | 6,073,057 | ||||||
96,595 | NN Group NV (Financials) | 4,641,440 | ||||||
90,471 | Randstad NV (Industrials) | 6,168,156 | ||||||
1,146,666 | Shell PLC (Energy) | 30,340,004 | ||||||
63,098 | Universal Music Group NV (Communication Services) | 1,440,822 | ||||||
94,439 | Wolters Kluwer NV (Industrials) | 9,633,635 | ||||||
|
|
|||||||
144,127,869 | ||||||||
|
|
|||||||
New Zealand – 0.2% | ||||||||
175,236 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 3,262,438 | ||||||
492,489 | Spark New Zealand Ltd. (Communication Services) | 1,501,480 | ||||||
31,822 | Xero Ltd. (Information Technology)* | 2,164,379 | ||||||
|
|
|||||||
6,928,297 | ||||||||
|
|
|||||||
Norway – 0.5% | ||||||||
98,201 | DNB Bank ASA (Financials) | 2,201,067 | ||||||
67,968 | Equinor ASA (Energy) | 2,152,200 | ||||||
230,076 | Gjensidige Forsikring ASA (Financials) | 5,701,109 | ||||||
56,810 | Mowi ASA (Consumer Staples) | 1,462,622 | ||||||
251,847 | Norsk Hydro ASA (Materials) | 2,393,129 | ||||||
128,352 | Orkla ASA (Consumer Staples) | 1,204,753 | ||||||
88,663 | Telenor ASA (Communication Services) | 1,315,277 | ||||||
|
|
|||||||
16,430,157 | ||||||||
|
|
|||||||
Poland – 0.1% | ||||||||
269,246 | InPost SA (Industrials)* | 1,668,738 | ||||||
|
|
|||||||
Portugal – 0.3% | ||||||||
173,147 | EDP – Energias de Portugal SA (Utilities) | 848,706 | ||||||
385,496 | Jeronimo Martins SGPS SA (Consumer Staples) | 8,410,817 | ||||||
|
|
|||||||
9,259,523 | ||||||||
|
|
|||||||
Russia – 0.1% | ||||||||
94,755 | Coca-Cola HBC AG (Consumer Staples)* | 2,420,700 | ||||||
259,846 | Raspadskaya OJSC (Materials)(c) | 633,770 | ||||||
|
|
|||||||
3,054,470 | ||||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Singapore – 1.2% | ||||||||
359,157 | DBS Group Holdings Ltd. (Financials) | $ | 8,948,167 | |||||
662,446 | Mapletree Logistics Trust REIT (Real Estate) | 854,013 | ||||||
820,471 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 7,053,591 | ||||||
1,240,187 | Singapore Exchange Ltd. (Financials) | 8,533,166 | ||||||
799,795 | Singapore Telecommunications Ltd. (Communication Services) | 1,484,757 | ||||||
148,222 | STMicroelectronics NV (Information Technology) | 6,316,366 | ||||||
231,931 | United Overseas Bank Ltd. (Financials) | 5,110,359 | ||||||
77,479 | Venture Corp. Ltd. (Information Technology) | 1,000,558 | ||||||
|
|
|||||||
39,300,977 | ||||||||
|
|
|||||||
South Africa – 0.2% | ||||||||
130,232 | Anglo American PLC (Materials) | 6,680,267 | ||||||
|
|
|||||||
Spain – 2.0% | ||||||||
279,227 | ACS Actividades de Construccion y Servicios SA (Industrials)(a) | 6,843,361 | ||||||
663,922 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 3,944,846 | ||||||
1,495,425 | Banco Santander SA (Financials) | 5,012,951 | ||||||
1,501,315 | CaixaBank SA (Financials) | 4,957,657 | ||||||
20,217 | Cellnex Telecom SA (Communication Services)*(b) | 922,843 | ||||||
91,626 | Enagas SA (Utilities) | 1,947,654 | ||||||
68,248 | Endesa SA (Utilities) | 1,507,444 | ||||||
50,907 | Ferrovial SA (Industrials) | 1,396,305 | ||||||
116,800 | Grifols SA (Health Care) | 2,232,195 | ||||||
666,911 | Iberdrola SA (Utilities) | 7,625,581 | ||||||
292,441 | Industria de Diseno Textil SA (Consumer Discretionary) | 7,751,889 | ||||||
74,054 | Naturgy Energy Group SA (Utilities) | 1,998,755 | ||||||
124,344 | Red Electrica Corp. SA (Utilities)(a) | 2,489,497 | ||||||
713,512 | Repsol SA (Energy) | 9,317,274 | ||||||
1,069,904 | Telefonica SA (Communication Services) | 5,138,541 | ||||||
|
|
|||||||
63,086,793 | ||||||||
|
|
|||||||
Sweden – 2.6% | ||||||||
35,938 | Alfa Laval AB (Industrials) | 1,180,392 | ||||||
73,359 | Assa Abloy AB, Class B (Industrials) | 1,955,577 | ||||||
81,485 | Atlas Copco AB, Class A (Industrials) | 4,268,418 | ||||||
37,815 | Atlas Copco AB, Class B (Industrials) | 1,733,652 | ||||||
38,345 | Electrolux AB, Class B (Consumer Discretionary) | 693,714 | ||||||
52,614 | Epiroc AB, Class A (Industrials) | 998,128 | ||||||
50,264 | Epiroc AB, Class B (Industrials) | 820,674 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
118,564 | EQT AB (Financials) | 4,031,191 | ||||||
48,149 | Essity AB, Class B (Consumer Staples) | 1,248,338 | ||||||
16,940 | Fastighets AB Balder, Class B (Real Estate)* | 1,064,695 | ||||||
30,772 | Getinge AB, Class B (Health Care) | 1,208,292 | ||||||
194,883 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 3,313,230 | ||||||
211,776 | Hexagon AB, Class B (Information Technology) | 2,888,915 | ||||||
186,677 | Husqvarna AB, Class B (Industrials) | 2,263,692 | ||||||
63,693 | Industrivarden AB, Class A (Financials) | 1,776,186 | ||||||
56,163 | Industrivarden AB, Class C (Financials) | 1,540,612 | ||||||
65,067 | Investment AB Latour, Class B (Industrials) | 1,822,086 | ||||||
137,183 | Investor AB, Class A (Financials) | 3,068,311 | ||||||
320,533 | Investor AB, Class B (Financials) | 6,591,877 | ||||||
57,752 | Kinnevik AB, Class B (Financials)* | 1,487,520 | ||||||
21,663 | L E Lundbergforetagen AB, Class B (Financials) | 1,057,650 | ||||||
33,506 | Lifco AB, Class B (Industrials) | 769,649 | ||||||
37,039 | Lundin Energy AB (Energy) | 1,372,353 | ||||||
225,305 | Nibe Industrier AB, Class B (Industrials) | 2,027,177 | ||||||
30,068 | Sagax AB, Class B (Real Estate) | 828,302 | ||||||
53,795 | Sandvik AB (Industrials) | 1,179,270 | ||||||
200,515 | Securitas AB, Class B (Industrials) | 2,442,118 | ||||||
175,063 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 2,034,753 | ||||||
230,097 | Skanska AB, Class B (Industrials) | 5,253,746 | ||||||
59,947 | Svenska Cellulosa AB SCA, Class B (Materials) | 987,663 | ||||||
180,039 | Svenska Handelsbanken AB, Class A (Financials) | 1,732,061 | ||||||
136,776 | Swedbank AB, Class A (Financials) | 2,224,773 | ||||||
1,017,033 | Swedish Match AB (Consumer Staples) | 7,471,877 | ||||||
150,956 | Tele2 AB, Class B (Communication Services) | 2,011,264 | ||||||
452,147 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 4,210,943 | ||||||
359,069 | Telia Co. AB (Communication Services) | 1,343,532 | ||||||
61,870 | Volvo AB, Class B (Industrials) | 1,204,728 | ||||||
|
|
|||||||
82,107,359 | ||||||||
|
|
|||||||
Switzerland – 8.5% | ||||||||
171,609 | ABB Ltd. (Industrials) | 5,826,607 | ||||||
25,119 | Adecco Group AG (Industrials) | 1,192,088 | ||||||
23,043 | Alcon, Inc. (Health Care) | 1,785,271 | ||||||
1,478 | Bachem Holding AG, Class B (Health Care) | 879,599 | ||||||
8,091 | Baloise Holding AG (Financials) | 1,359,009 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
808 | Barry Callebaut AG (Consumer Staples) | $ | 1,867,088 | |||||
467 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 4,975,666 | ||||||
49,868 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 6,799,811 | ||||||
39,229 | Clariant AG (Materials)* | 709,154 | ||||||
96,426 | Credit Suisse Group AG (Financials) | 815,173 | ||||||
3,187 | EMS-Chemie Holding AG (Materials) | 3,155,910 | ||||||
5,216 | Geberit AG (Industrials) | 3,419,154 | ||||||
1,278 | Givaudan SA (Materials) | 5,364,410 | ||||||
79,327 | Holcim Ltd. (Materials)* | 3,985,156 | ||||||
12,148 | Julius Baer Group Ltd. (Financials) | 712,368 | ||||||
44,564 | Kuehne + Nagel International AG (Industrials) | 12,211,444 | ||||||
62,679 | Logitech International SA (Information Technology) | 4,707,159 | ||||||
7,036 | Lonza Group AG (Health Care) | 4,888,273 | ||||||
429,406 | Nestle SA (Consumer Staples) | 56,062,184 | ||||||
307,008 | Novartis AG (Health Care) | 26,884,324 | ||||||
9,213 | Partners Group Holding AG (Financials) | 12,517,308 | ||||||
12,327 | Roche Holding AG-BR (Health Care)(a) | 5,164,858 | ||||||
114,703 | Roche Holding AG-Genusschein (Health Care) | 43,739,544 | ||||||
6,771 | Schindler Holding AG (Industrials) | 1,527,709 | ||||||
7,687 | Schindler Holding AG Participation Certificates (Industrials) | 1,772,086 | ||||||
2,611 | SGS SA (Industrials) | 7,499,030 | ||||||
17,124 | Sika AG (Materials) | 5,711,422 | ||||||
4,950 | Sonova Holding AG (Health Care) | 1,926,154 | ||||||
4,912 | Straumann Holding AG (Health Care) | 7,814,120 | ||||||
13,118 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 4,076,453 | ||||||
59,128 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 3,531,761 | ||||||
5,332 | Swiss Life Holding AG (Financials) | 3,256,911 | ||||||
18,838 | Swiss Prime Site AG (Real Estate) | 1,851,050 | ||||||
5,464 | Swisscom AG (Communication Services) | 3,279,174 | ||||||
397,197 | UBS Group AG (Financials) | 7,310,122 | ||||||
4,023 | VAT Group AG (Industrials)(b) | 1,527,727 | ||||||
9,974 | Vifor Pharma AG (Health Care) | 1,751,932 | ||||||
13,740 | Zurich Insurance Group AG (Financials) | 6,314,005 | ||||||
|
|
|||||||
268,171,214 | ||||||||
|
|
|||||||
Taiwan – 0.0% | ||||||||
8,238 | Sea Ltd. ADR (Communication Services)* | 1,199,453 | ||||||
|
|
|||||||
United Kingdom – 11.0% | ||||||||
166,592 | 3i Group PLC (Financials) | 2,985,175 | ||||||
1,022,812 | abrdn PLC (Financials) | 2,836,665 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
327,287 | Admiral Group PLC (Financials) | 13,073,124 | ||||||
79,035 | Ashtead Group PLC (Industrials) | 5,170,767 | ||||||
119,602 | Associated British Foods PLC (Consumer Staples) | 3,081,140 | ||||||
171,152 | AstraZeneca PLC (Health Care) | 20,803,386 | ||||||
1,123,187 | Auto Trader Group PLC (Communication Services)(b) | 9,991,654 | ||||||
1,241,467 | Aviva PLC (Financials) | 6,992,773 | ||||||
395,458 | BAE Systems PLC (Industrials) | 3,818,241 | ||||||
2,058,283 | Barclays PLC (Financials) | 5,050,601 | ||||||
296,579 | Barratt Developments PLC (Consumer Discretionary) | 2,431,383 | ||||||
20,802 | Berkeley Group Holdings PLC (Consumer Discretionary) | 1,087,416 | ||||||
2,170,648 | BP PLC (Energy) | 10,588,278 | ||||||
323,671 | British American Tobacco PLC (Consumer Staples) | 14,164,230 | ||||||
575,173 | BT Group PLC (Communication Services) | 1,437,363 | ||||||
77,389 | Bunzl PLC (Industrials) | 3,082,913 | ||||||
349,531 | Burberry Group PLC (Consumer Discretionary) | 9,098,278 | ||||||
1,008,524 | CK Hutchison Holdings Ltd. (Industrials) | 7,066,651 | ||||||
322,993 | CNH Industrial NV (Industrials) | 4,652,729 | ||||||
69,297 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 3,548,699 | ||||||
61,148 | Compass Group PLC (Consumer Discretionary) | 1,389,849 | ||||||
45,807 | Croda International PLC (Materials) | 4,599,784 | ||||||
40,264 | DCC PLC (Industrials) | 3,165,821 | ||||||
214,894 | Diageo PLC (Consumer Staples) | 10,740,447 | ||||||
156,917 | Entain PLC (Consumer Discretionary)* | 3,545,552 | ||||||
127,735 | Experian PLC (Industrials) | 5,026,825 | ||||||
753,062 | GlaxoSmithKline PLC (Health Care) | 15,615,052 | ||||||
59,781 | Halma PLC (Information Technology) | 1,933,892 | ||||||
408,899 | Hargreaves Lansdown PLC (Financials) | 6,224,326 | ||||||
1,413,094 | HSBC Holdings PLC (Financials) | 9,756,917 | ||||||
248,941 | Imperial Brands PLC (Consumer Staples) | 5,474,534 | ||||||
25,892 | Intertek Group PLC (Industrials) | 1,870,434 | ||||||
3,289,921 | J Sainsbury PLC (Consumer Staples) | 12,170,097 | ||||||
3,569,701 | JD Sports Fashion PLC (Consumer Discretionary) | 7,232,369 | ||||||
89,990 | Johnson Matthey PLC (Materials) | 2,273,612 | ||||||
1,299,992 | Kingfisher PLC (Consumer Discretionary) | 5,340,940 | ||||||
67,306 | Land Securities Group PLC REIT (Real Estate) | 717,225 | ||||||
1,066,144 | Legal & General Group PLC (Financials) | 3,965,344 | ||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
11,488,284 | Lloyds Banking Group PLC (Financials) | $ | 7,465,970 | |||||
12,767 | London Stock Exchange Group PLC (Financials) | 1,126,135 | ||||||
1,671,069 | Melrose Industries PLC (Industrials) | 3,323,999 | ||||||
402,793 | National Grid PLC (Utilities) | 6,111,383 | ||||||
617,807 | NatWest Group PLC (Financials) | 1,904,082 | ||||||
69,102 | Next PLC (Consumer Discretionary) | 6,362,285 | ||||||
42,570 | Ocado Group PLC (Consumer Staples)* | 784,235 | ||||||
205,340 | Pearson PLC (Communication Services) | 1,785,338 | ||||||
225,784 | Phoenix Group Holdings PLC (Financials) | 1,874,023 | ||||||
79,642 | Prudential PLC (Financials) | 1,214,461 | ||||||
70,391 | Reckitt Benckiser Group PLC (Consumer Staples) | 5,970,005 | ||||||
261,679 | RELX PLC (Industrials) | 8,008,772 | ||||||
240,526 | Rentokil Initial PLC (Industrials) | 1,638,802 | ||||||
756,624 | Sage Group PLC (The) (Information Technology) | 7,134,831 | ||||||
50,417 | Schroders PLC (Financials) | 2,072,705 | ||||||
338,621 | Segro PLC REIT (Real Estate) | 5,913,299 | ||||||
72,637 | Severn Trent PLC (Utilities) | 2,802,971 | ||||||
214,200 | Smith & Nephew PLC (Health Care) | 3,842,578 | ||||||
18,012 | Spirax-Sarco Engineering PLC (Industrials) | 2,886,821 | ||||||
88,435 | SSE PLC (Utilities) | 2,022,521 | ||||||
261,262 | St James’s Place PLC (Financials) | 4,919,947 | ||||||
223,605 | Standard Chartered PLC (Financials) | 1,598,518 | ||||||
1,026,593 | Taylor Wimpey PLC (Consumer Discretionary) | 2,069,591 | ||||||
1,006,298 | Tesco PLC (Consumer Staples) | 3,912,207 | ||||||
249,644 | Unilever PLC (Consumer Staples) | 12,549,276 | ||||||
136,277 | United Utilities Group PLC (Utilities) | 1,964,721 | ||||||
4,507,327 | Vodafone Group PLC (Communication Services) | 7,949,108 | ||||||
372,495 | WPP PLC (Communication Services) | 5,285,336 | ||||||
|
|
|||||||
346,498,406 | ||||||||
|
|
|||||||
United States – 1.5% | ||||||||
63,810 | Bausch Health Cos., Inc. (Health Care)* | 1,533,935 | ||||||
111,503 | Ferguson PLC (Industrials) | 17,077,892 | ||||||
61,429 | Inmode Ltd. (Health Care)* | 2,622,404 | ||||||
86,243 | James Hardie Industries PLC CDI (Materials) | 2,794,298 | ||||||
55,602 | QIAGEN NV (Health Care)* | 2,797,858 | ||||||
67,737 | Schneider Electric SE (Industrials) | 10,634,774 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
250,535 | Stellantis NV (Consumer Discretionary) | 4,606,535 | ||||||
35,680 | Swiss Re AG (Financials) | 3,415,355 | ||||||
136,290 | Tenaris SA (Energy) | 1,766,555 | ||||||
|
|
|||||||
47,249,606 | ||||||||
|
|
|||||||
Zambia – 0.1% | ||||||||
74,686 | First Quantum Minerals Ltd. (Materials) | 2,188,732 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $2,730,310,768) | $ | 3,115,474,020 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 0.6% | ||||||||||
Germany – 0.6% | ||||||||||
42,569 | Bayerische Motoren Werke AG (Consumer Discretionary) |
2.98 | % | $ | 3,485,606 | |||||
107,208 | FUCHS PETROLUB SE (Materials) |
2.84 | 4,274,771 | |||||||
27,005 | Henkel AG & Co. KGaA (Consumer Staples) |
2.85 | 2,148,721 | |||||||
9,533 | Porsche Automobil Holding SE (Consumer Discretionary) |
2.70 | 973,095 | |||||||
5,157 | Sartorius AG (Health Care) | 0.18 | 2,283,342 | |||||||
25,144 | Volkswagen AG (Consumer Discretionary) |
3.06 | 5,028,162 | |||||||
|
||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $18,536,036) | $ | 18,193,697 | ||||||||
|
||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $2,748,846,804) | $ | 3,133,667,717 | ||||||||
|
Shares | Dividend Rate |
Value | ||||
Securities Lending Reinvestment Vehicle – 1.5%(d) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
46,969,960 | 0.026% | $ | 46,969,960 | |||
(Cost $46,969,960) | ||||||
|
||||||
TOTAL INVESTMENTS – 101.2% |
| |||||
(Cost $2,795,816,764) | $ | 3,180,637,677 | ||||
|
||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – (1.2)% |
(38,259,027 | ) | ||||
|
||||||
NET ASSETS – 100.0% | $ | 3,142,378,650 | ||||
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
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) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
—American Depositary Receipt | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
E-Mini MSCI EAFE Index Future |
62 | 03/18/22 | $ | 6,879,210 | $ | (183,830 | ) |
The below table represents the sector breakdown of investments as a percentage of total market value of the Fund: |
| |||
Sector Name | % of Market Value | |||
Financials |
18.2% | |||
Industrials |
14.7% | |||
Consumer Staples |
13.4% | |||
Health Care |
12.1% | |||
Consumer Discretionary |
11.2% | |||
Materials |
8.2% | |||
Information Technology |
8.0% | |||
Communication Services |
4.7% | |||
Energy |
4.3% | |||
Utilities |
3.3% | |||
Real Estate |
1.9% | |||
|
||||
TOTAL INVESTMENTS | 100.0% |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 8.4% | ||||||||
1,664 | Capcom Co. Ltd. | $ | 40,092 | |||||
3,606 | CyberAgent, Inc. | 46,525 | ||||||
710 | Dentsu Group, Inc. | 28,203 | ||||||
2,371 | Hakuhodo DY Holdings, Inc. | 31,208 | ||||||
1,284 | Kakaku.com, Inc. | 27,915 | ||||||
6,017 | KDDI Corp. | 196,222 | ||||||
181 | Koei Tecmo Holdings Co. Ltd. | 6,247 | ||||||
437 | Konami Holdings Corp. | 24,587 | ||||||
1,160 | Nexon Co. Ltd. | 25,058 | ||||||
346 | Nintendo Co. Ltd. | 174,299 | ||||||
6,513 | Nippon Telegraph & Telephone Corp. | 186,215 | ||||||
9,711 | SoftBank Corp. | 122,299 | ||||||
3,937 | SoftBank Group Corp. | 175,187 | ||||||
683 | Square Enix Holdings Co. Ltd. | 32,971 | ||||||
418 | Toho Co. Ltd. | 17,366 | ||||||
5,939 | Z Holdings Corp. | 28,753 | ||||||
|
|
|||||||
1,163,147 | ||||||||
|
|
|||||||
Consumer Discretionary – 18.1% | ||||||||
678 | Aisin Corp. | 24,636 | ||||||
676 | Bandai Namco Holdings, Inc. | 49,126 | ||||||
1,813 | Bridgestone Corp. | 74,378 | ||||||
1,214 | Denso Corp. | 84,819 | ||||||
153 | Fast Retailing Co. Ltd. | 82,136 | ||||||
88 | Hikari Tsushin, Inc. | 10,850 | ||||||
8,120 | Honda Motor Co. Ltd. | 248,517 | ||||||
863 | Iida Group Holdings Co. Ltd. | 15,908 | ||||||
6,310 | Isuzu Motors Ltd. | 85,302 | ||||||
153 | Koito Manufacturing Co. Ltd. | 7,864 | ||||||
14,537 | Mazda Motor Corp.* | 108,041 | ||||||
530 | McDonald’s Holdings Co. Japan Ltd. | 22,732 | ||||||
337 | Mercari, Inc.* | 10,387 | ||||||
3,762 | Nissan Motor Co. Ltd.* | 17,811 | ||||||
333 | Nitori Holdings Co. Ltd. | 49,860 | ||||||
554 | Open House Group Co. Ltd. | 25,012 | ||||||
323 | Oriental Land Co. Ltd. | 59,258 | ||||||
1,728 | Pan Pacific International Holdings Corp. | 28,206 | ||||||
6,183 | Panasonic Corp. | 63,883 | ||||||
3,792 | Rakuten Group, Inc. | 32,068 | ||||||
179 | Rinnai Corp. | 14,640 | ||||||
2,072 | Ryohin Keikaku Co. Ltd.(a) | 30,385 | ||||||
1,683 | Sekisui Chemical Co. Ltd. | 27,486 | ||||||
2,034 | Sekisui House Ltd. | 41,431 | ||||||
4,596 | Sharp Corp.(a) | 43,217 | ||||||
236 | Shimano, Inc. | 54,464 | ||||||
3,901 | Sony Group Corp. | 400,007 | ||||||
332 | Stanley Electric Co. Ltd. | 7,861 | ||||||
1,608 | Subaru Corp. | 26,436 | ||||||
1,426 | Sumitomo Electric Industries Ltd. | 18,850 | ||||||
694 | Suzuki Motor Corp. | 27,555 | ||||||
32,670 | Toyota Motor Corp. | 606,597 | ||||||
1,001 | USS Co. Ltd. | 16,548 | ||||||
408 | Yamaha Corp. | 18,987 | ||||||
1,486 | Yamaha Motor Co. Ltd. | 33,236 | ||||||
1,317 | ZOZO, Inc. | 37,163 | ||||||
|
|
|||||||
2,505,657 | ||||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – 8.5% | ||||||||
2,889 | Aeon Co. Ltd.(a) | 65,155 | ||||||
2,167 | Ajinomoto Co., Inc. | 62,823 | ||||||
1,421 | Asahi Group Holdings Ltd. | 57,296 | ||||||
188 | Cosmos Pharmaceutical Corp. | 25,905 | ||||||
635 | Ito En Ltd. | 36,388 | ||||||
4,858 | Japan Tobacco, Inc. | 89,420 | ||||||
1,610 | Kao Corp. | 75,206 | ||||||
641 | Kikkoman Corp. | 47,529 | ||||||
2,890 | Kirin Holdings Co. Ltd. | 47,863 | ||||||
319 | Kobayashi Pharmaceutical Co. Ltd. | 27,198 | ||||||
306 | Kobe Bussan Co. Ltd. | 10,056 | ||||||
310 | Kose Corp. | 35,340 | ||||||
853 | Lawson, Inc.(a) | 35,549 | ||||||
1,808 | Lion Corp. | 23,625 | ||||||
662 | MEIJI Holdings Co. Ltd. | 39,717 | ||||||
1,481 | Nisshin Seifun Group, Inc. | 20,960 | ||||||
430 | Nissin Foods Holdings Co. Ltd. | 34,236 | ||||||
1,497 | Pola Orbis Holdings, Inc. | 23,344 | ||||||
2,845 | Seven & i Holdings Co. Ltd. | 138,106 | ||||||
1,218 | Shiseido Co. Ltd. | 69,437 | ||||||
1,094 | Suntory Beverage & Food Ltd. | 43,694 | ||||||
760 | Toyo Suisan Kaisha Ltd. | 31,937 | ||||||
366 | Tsuruha Holdings, Inc. | 29,204 | ||||||
1,241 | Unicharm Corp. | 46,548 | ||||||
1,215 | Welcia Holdings Co. Ltd. | 32,333 | ||||||
491 | Yakult Honsha Co. Ltd. | 26,559 | ||||||
|
|
|||||||
1,175,428 | ||||||||
|
|
|||||||
Energy – 1.2% | ||||||||
6,862 | ENEOS Holdings, Inc. | 27,037 | ||||||
1,494 | Idemitsu Kosan Co. Ltd. | 39,952 | ||||||
10,374 | Inpex Corp. | 106,735 | ||||||
|
|
|||||||
173,724 | ||||||||
|
|
|||||||
Financials – 10.5% | ||||||||
1,434 | Chiba Bank Ltd. (The) | 9,076 | ||||||
3,791 | Concordia Financial Group Ltd. | 15,503 | ||||||
6,166 | Dai-ichi Life Holdings, Inc. | 128,915 | ||||||
6,845 | Daiwa Securities Group, Inc. | 40,520 | ||||||
2,070 | Japan Exchange Group, Inc. | 38,821 | ||||||
2,348 | Japan Post Bank Co. Ltd.(a) | 20,672 | ||||||
15,553 | Japan Post Holdings Co. Ltd.* | 128,840 | ||||||
5,760 | Japan Post Insurance Co. Ltd. | 98,721 | ||||||
4,981 | Mitsubishi HC Capital, Inc. | 25,905 | ||||||
32,737 | Mitsubishi UFJ Financial Group, Inc. | 202,604 | ||||||
8,295 | Mizuho Financial Group, Inc. | 109,832 | ||||||
1,926 | MS&AD Insurance Group Holdings, Inc. | 65,301 | ||||||
4,024 | Nomura Holdings, Inc. | 18,388 | ||||||
3,671 | ORIX Corp. | 72,767 | ||||||
6,809 | Resona Holdings, Inc. | 30,612 | ||||||
1,045 | SBI Holdings, Inc. | 27,219 | ||||||
2,790 | Shizuoka Bank Ltd. (The) | 20,712 | ||||||
1,784 | Sompo Holdings, Inc. | 77,757 | ||||||
3,887 | Sumitomo Mitsui Financial Group, Inc. | 139,078 | ||||||
908 | Sumitomo Mitsui Trust Holdings, Inc. | 32,402 | ||||||
1,112 | T&D Holdings, Inc. | 16,259 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
2,237 | Tokio Marine Holdings, Inc. | $ | 127,684 | |||||
66 | Tokyo Century Corp. | 2,888 | ||||||
|
|
|||||||
1,450,476 | ||||||||
|
|
|||||||
Health Care – 9.2% | ||||||||
1,189 | Asahi Intecc Co. Ltd. | 25,354 | ||||||
8,391 | Astellas Pharma, Inc. | 139,771 | ||||||
2,252 | Chugai Pharmaceutical Co. Ltd. | 74,301 | ||||||
5,187 | Daiichi Sankyo Co. Ltd. | 125,807 | ||||||
862 | Eisai Co. Ltd. | 42,795 | ||||||
1,224 | Hoya Corp. | 157,869 | ||||||
1,280 | Kyowa Kirin Co. Ltd. | 32,829 | ||||||
1,242 | M3, Inc. | 46,035 | ||||||
1,804 | Medipal Holdings Corp. | 32,846 | ||||||
371 | Nippon Shinyaku Co. Ltd. | 23,998 | ||||||
3,747 | Olympus Corp. | 74,810 | ||||||
1,869 | Ono Pharmaceutical Co. Ltd. | 45,867 | ||||||
1,777 | Otsuka Holdings Co. Ltd. | 61,144 | ||||||
2,117 | Santen Pharmaceutical Co. Ltd. | 23,968 | ||||||
939 | Shionogi & Co. Ltd. | 62,296 | ||||||
2,694 | Sumitomo Dainippon Pharma Co. Ltd. | 29,542 | ||||||
699 | Sysmex Corp. | 55,374 | ||||||
412 | Taisho Pharmaceutical Holdings Co. Ltd. | 20,426 | ||||||
5,085 | Takeda Pharmaceutical Co. Ltd. | 154,570 | ||||||
1,571 | Terumo Corp. | 50,591 | ||||||
|
|
|||||||
1,280,193 | ||||||||
|
|
|||||||
Industrials – 20.2% | ||||||||
1,276 | AGC, Inc. | 56,391 | ||||||
236 | ANA Holdings, Inc.* | 5,177 | ||||||
793 | Benefit One, Inc. | 18,184 | ||||||
215 | Central Japan Railway Co. | 28,916 | ||||||
1,322 | Dai Nippon Printing Co. Ltd. | 34,285 | ||||||
98 | Daifuku Co. Ltd. | 7,028 | ||||||
667 | Daikin Industries Ltd. | 122,802 | ||||||
551 | East Japan Railway Co. | 32,579 | ||||||
330 | FANUC Corp. | 60,613 | ||||||
517 | Fuji Electric Co. Ltd. | 26,304 | ||||||
645 | Hankyu Hanshin Holdings, Inc. | 19,237 | ||||||
8,941 | Hino Motors Ltd. | 83,607 | ||||||
147 | Hitachi Construction Machinery Co. Ltd. | 3,578 | ||||||
3,258 | Hitachi Ltd. | 159,824 | ||||||
172 | Hoshizaki Corp. | 11,917 | ||||||
4,452 | ITOCHU Corp. | 144,683 | ||||||
384 | Japan Airlines Co. Ltd.* | 7,658 | ||||||
1,231 | Kajima Corp. | 16,502 | ||||||
161 | Keio Corp. | 6,570 | ||||||
214 | Keisei Electric Railway Co. Ltd. | 5,983 | ||||||
360 | Kintetsu Group Holdings Co. Ltd.* | 10,799 | ||||||
1,700 | Komatsu Ltd. | 39,004 | ||||||
2,094 | Kubota Corp. | 37,489 | ||||||
479 | Kurita Water Industries Ltd. | 19,547 | ||||||
1,102 | Lixil Corp. | 24,446 | ||||||
440 | Makita Corp. | 15,568 | ||||||
17,524 | Marubeni Corp. | 183,114 | ||||||
1,180 | MINEBEA MITSUMI, Inc. | 25,572 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,432 | MISUMI Group, Inc. | 45,568 | ||||||
4,866 | Mitsubishi Corp. | 163,545 | ||||||
4,788 | Mitsubishi Electric Corp. | 57,431 | ||||||
380 | Mitsubishi Heavy Industries Ltd. | 11,204 | ||||||
7,489 | Mitsui & Co. Ltd. | 186,323 | ||||||
543 | Mitsui OSK Lines Ltd. | 44,034 | ||||||
474 | Miura Co. Ltd. | 12,902 | ||||||
1,924 | MonotaRO Co. Ltd. | 35,916 | ||||||
571 | NGK Insulators Ltd. | 8,825 | ||||||
836 | Nidec Corp. | 71,736 | ||||||
1,179 | Nihon M&A Center Holdings, Inc. | 17,023 | ||||||
371 | Nippon Express Holdings, Inc. | 22,484 | ||||||
1,191 | Nippon Yusen KK | 110,336 | ||||||
1,514 | Obayashi Corp. | 12,633 | ||||||
468 | Odakyu Electric Railway Co. Ltd. | 7,696 | ||||||
1,926 | Persol Holdings Co. Ltd. | 42,709 | ||||||
4,353 | Recruit Holdings Co. Ltd. | 182,132 | ||||||
415 | Secom Co. Ltd. | 30,346 | ||||||
690 | SG Holdings Co. Ltd. | 14,570 | ||||||
1,446 | Shimizu Corp. | 9,554 | ||||||
119 | SMC Corp. | 70,310 | ||||||
295 | Sohgo Security Services Co. Ltd. | 10,604 | ||||||
4,038 | Sumitomo Corp. | 65,702 | ||||||
2,772 | Taisei Corp. | 91,818 | ||||||
582 | Tobu Railway Co. Ltd. | 14,275 | ||||||
1,272 | Tokyu Corp. | 16,920 | ||||||
2,928 | TOPPAN, Inc. | 57,378 | ||||||
990 | Toshiba Corp. | 39,342 | ||||||
654 | TOTO Ltd. | 27,455 | ||||||
256 | Toyota Industries Corp. | 19,426 | ||||||
439 | Toyota Tsusho Corp. | 18,162 | ||||||
316 | West Japan Railway Co. | 13,587 | ||||||
2,208 | Yamato Holdings Co. Ltd. | 43,096 | ||||||
568 | Yaskawa Electric Corp.(a) | 22,538 | ||||||
|
|
|||||||
2,804,957 | ||||||||
|
|
|||||||
Information Technology – 15.6% | ||||||||
905 | Advantest Corp. | 71,269 | ||||||
624 | Azbil Corp. | 23,459 | ||||||
2,660 | Brother Industries Ltd. | 48,177 | ||||||
3,669 | Canon, Inc. | 85,963 | ||||||
128 | Disco Corp. | 35,730 | ||||||
1,611 | FUJIFILM Holdings Corp. | 101,577 | ||||||
917 | Fujitsu Ltd. | 131,887 | ||||||
52 | GMO Payment Gateway, Inc. | 4,953 | ||||||
546 | Hamamatsu Photonics KK | 27,448 | ||||||
201 | Hirose Electric Co. Ltd. | 29,930 | ||||||
462 | Ibiden Co. Ltd. | 22,142 | ||||||
827 | Itochu Techno-Solutions Corp. | 21,247 | ||||||
567 | Keyence Corp. | 264,756 | ||||||
894 | Kyocera Corp. | 51,067 | ||||||
326 | Lasertec Corp. | 58,987 | ||||||
1,844 | Murata Manufacturing Co. Ltd. | 124,673 | ||||||
2,586 | NEC Corp. | 111,254 | ||||||
1,414 | Nomura Research Institute Ltd. | 48,801 | ||||||
3,552 | NTT Data Corp. | 67,015 | ||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
128 | Obic Co. Ltd. | $ | 20,349 | |||||
707 | Omron Corp. | 47,635 | ||||||
295 | Oracle Corp. Japan | 20,900 | ||||||
695 | Otsuka Corp. | 26,762 | ||||||
5,097 | Renesas Electronics Corp.* | 59,301 | ||||||
13,824 | Ricoh Co. Ltd. | 117,506 | ||||||
262 | Rohm Co. Ltd. | 20,541 | ||||||
616 | SCSK Corp. | 10,472 | ||||||
3,976 | Seiko Epson Corp. | 60,861 | ||||||
1,089 | Shimadzu Corp. | 38,814 | ||||||
1,220 | SUMCO Corp. | 19,988 | ||||||
619 | TDK Corp. | 24,722 | ||||||
1,311 | TIS, Inc. | 30,733 | ||||||
556 | Tokyo Electron Ltd. | 269,226 | ||||||
703 | Trend Micro, Inc. | 39,064 | ||||||
1,333 | Yokogawa Electric Corp. | 21,353 | ||||||
|
|
|||||||
2,158,562 | ||||||||
|
|
|||||||
Materials – 4.7% | ||||||||
2,648 | Asahi Kasei Corp. | 24,773 | ||||||
1,937 | Hitachi Metals Ltd.* | 34,426 | ||||||
1,781 | JFE Holdings, Inc. | 26,597 | ||||||
1,015 | JSR Corp. | 31,638 | ||||||
562 | Kansai Paint Co. Ltd. | 11,218 | ||||||
12,980 | Mitsubishi Chemical Holdings Corp. | 92,119 | ||||||
357 | Mitsubishi Gas Chemical Co., Inc. | 6,314 | ||||||
300 | Mitsui Chemicals, Inc. | 7,653 | ||||||
999 | Nippon Sanso Holdings Corp. | 19,447 | ||||||
4,318 | Nippon Steel Corp. | 79,049 | ||||||
517 | Nissan Chemical Corp. | 29,177 | ||||||
418 | Nitto Denko Corp. | 30,304 | ||||||
1,615 | Oji Holdings Corp. | 8,231 | ||||||
846 | Shin-Etsu Chemical Co. Ltd. | 129,792 | ||||||
18,521 | Sumitomo Chemical Co. Ltd. | 88,444 | ||||||
244 | Sumitomo Metal Mining Co. Ltd. | 12,173 | ||||||
3,312 | Toray Industries, Inc. | 18,971 | ||||||
443 | Tosoh Corp. | 6,877 | ||||||
|
|
|||||||
657,203 | ||||||||
|
|
|||||||
Real Estate – 2.9% | ||||||||
431 | Daito Trust Construction Co. Ltd. | 47,600 | ||||||
1,852 | Daiwa House Industry Co. Ltd. | 52,565 | ||||||
13 | Daiwa House REIT Investment Corp. REIT | 35,160 | ||||||
13 | GLP J REIT | 19,369 | ||||||
1,854 | Hulic Co. Ltd. | 16,854 | ||||||
19 | Japan Metropolitan Fund Invest REIT | 15,358 | ||||||
4 | Japan Real Estate Investment Corp. REIT | 21,289 | ||||||
2,490 | Mitsubishi Estate Co. Ltd. | 37,985 | ||||||
2,078 | Mitsui Fudosan Co. Ltd. | 46,134 | ||||||
4 | Nippon Building Fund, Inc. REIT | 22,852 | ||||||
5 | Nippon Prologis REIT, Inc. REIT | 14,652 | ||||||
1,090 | Nomura Real Estate Holdings, Inc. | 27,114 | ||||||
12 | Nomura Real Estate Master Fund, Inc. REIT | 15,816 | ||||||
9 | Orix JREIT, Inc. REIT | 12,573 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
512 | Sumitomo Realty & Development Co. Ltd. | 15,052 | ||||||
|
|
|||||||
400,373 | ||||||||
|
|
|||||||
Utilities – 0.5% | ||||||||
1,472 | Chubu Electric Power Co., Inc. | 14,736 | ||||||
1,060 | Kansai Electric Power Co., Inc. (The) | 10,694 | ||||||
986 | Osaka Gas Co. Ltd. | 18,055 | ||||||
1,006 | Tokyo Gas Co. Ltd. | 20,509 | ||||||
|
|
|||||||
63,994 | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $12,559,109) | $ | 13,833,714 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||
Securities Lending Reinvestment Vehicle – 1.2%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
168,842 | 0.026% | $ | 168,842 | |||
(Cost $168,842) | ||||||
|
||||||
TOTAL INVESTMENTS – 101.0% |
| |||||
(Cost $12,727,951) | $ | 14,002,556 | ||||
|
||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)% |
(140,830 | ) | ||||
|
||||||
NET ASSETS – 100.0% | $ | 13,861,726 | ||||
|
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: | ||
REIT |
—Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 99.9% | ||||||||
Communication Services – 8.6% | ||||||||
74 | Activision Blizzard, Inc. | $ | 6,031 | |||||
58 | Alphabet, Inc., Class A* | 156,666 | ||||||
54 | Alphabet, Inc., Class C* | 145,682 | ||||||
148 | AMC Entertainment Holdings, Inc., Class A*(a) | 2,791 | ||||||
1,426 | AT&T, Inc. | 33,782 | ||||||
22 | Charter Communications, Inc., Class A* | 13,239 | ||||||
760 | Comcast Corp., Class A | 35,538 | ||||||
48 | Electronic Arts, Inc. | 6,244 | ||||||
24 | Liberty Broadband Corp., Class C* | 3,521 | ||||||
1,814 | Lumen Technologies, Inc. | 18,793 | ||||||
32 | Match Group, Inc.* | 3,568 | ||||||
454 | Meta Platforms, Inc., Class A* | 95,808 | ||||||
37 | Netflix, Inc.* | 14,597 | ||||||
361 | Omnicom Group, Inc. | 30,284 | ||||||
248 | Paramount Global, Class B | 7,591 | ||||||
250 | Pinterest, Inc., Class A* | 6,688 | ||||||
20 | ROBLOX Corp., Class A* | 1,032 | ||||||
17 | Snap, Inc., Class A* | 679 | ||||||
7 | Take-Two Interactive Software, Inc.* | 1,134 | ||||||
51 | T-Mobile US, Inc.* | 6,284 | ||||||
379 | Verizon Communications, Inc. | 20,341 | ||||||
129 | Walt Disney Co. (The)* | 19,151 | ||||||
13 | ZoomInfo Technologies, Inc.* | 711 | ||||||
|
|
|||||||
630,155 | ||||||||
|
|
|||||||
Consumer Discretionary – 12.6% | ||||||||
127 | Advance Auto Parts, Inc. | 25,969 | ||||||
80 | Amazon.com, Inc.* | 245,701 | ||||||
21 | AutoZone, Inc.* | 39,131 | ||||||
498 | Bath & Body Works, Inc. | 26,578 | ||||||
136 | Best Buy Co., Inc. | 13,143 | ||||||
59 | Burlington Stores, Inc.* | 13,327 | ||||||
30 | Caesars Entertainment, Inc.* | 2,526 | ||||||
17 | CarMax, Inc.* | 1,859 | ||||||
5 | Carvana Co.* | 752 | ||||||
1 | Chipotle Mexican Grill, Inc.* | 1,523 | ||||||
53 | Darden Restaurants, Inc. | 7,697 | ||||||
85 | Dollar General Corp. | 16,859 | ||||||
166 | Dollar Tree, Inc.* | 23,585 | ||||||
48 | Domino’s Pizza, Inc. | 20,746 | ||||||
27 | DoorDash, Inc., Class A* | 2,834 | ||||||
8 | D.R. Horton, Inc. | 683 | ||||||
190 | eBay, Inc. | 10,372 | ||||||
69 | Etsy, Inc.* | 10,687 | ||||||
63 | Expedia Group, Inc.* | 12,355 | ||||||
1,326 | Ford Motor Co. | 23,285 | ||||||
114 | Garmin Ltd. | 12,590 | ||||||
163 | Genuine Parts Co. | 19,912 | ||||||
209 | Home Depot, Inc. (The) | 66,008 | ||||||
145 | Lennar Corp., Class A | 13,033 | ||||||
142 | Lowe’s Cos., Inc. | 31,391 | ||||||
81 | McDonald’s Corp. | 19,826 | ||||||
87 | MGM Resorts International | 3,853 | ||||||
205 | NIKE, Inc., Class B | 27,993 | ||||||
1 | NVR, Inc.* | 4,958 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
57 | O’Reilly Automotive, Inc.* | 37,007 | ||||||
12 | Peloton Interactive, Inc., Class A* | 349 | ||||||
41 | Pool Corp. | 18,802 | ||||||
110 | Ross Stores, Inc. | 10,053 | ||||||
109 | Starbucks Corp. | 10,005 | ||||||
201 | Target Corp. | 40,154 | ||||||
343 | TJX Cos., Inc. (The) | 22,672 | ||||||
115 | Tractor Supply Co. | 23,436 | ||||||
77 | Ulta Beauty, Inc.* | 28,836 | ||||||
137 | VF Corp. | 7,949 | ||||||
88 | Wayfair, Inc., Class A* | 12,397 | ||||||
129 | Yum! Brands, Inc. | 15,813 | ||||||
|
|
|||||||
926,649 | ||||||||
|
|
|||||||
Consumer Staples – 7.2% | ||||||||
410 | Archer-Daniels-Midland Co. | 32,164 | ||||||
115 | Brown-Forman Corp., Class B | 7,501 | ||||||
125 | Church & Dwight Co., Inc. | 12,231 | ||||||
104 | Clorox Co. (The) | 15,162 | ||||||
457 | Coca-Cola Co. (The) | 28,444 | ||||||
356 | Colgate-Palmolive Co. | 27,394 | ||||||
162 | Conagra Brands, Inc. | 5,665 | ||||||
33 | Constellation Brands, Inc., Class A | 7,115 | ||||||
78 | Estee Lauder Cos., Inc. (The), Class A | 23,114 | ||||||
157 | General Mills, Inc. | 10,587 | ||||||
141 | Hershey Co. (The) | 28,519 | ||||||
129 | Kellogg Co. | 8,248 | ||||||
346 | Keurig Dr Pepper, Inc. | 13,380 | ||||||
93 | Kimberly-Clark Corp. | 12,104 | ||||||
340 | Kraft Heinz Co. (The) | 13,335 | ||||||
435 | Kroger Co. (The) | 20,358 | ||||||
107 | McCormick & Co., Inc. | 10,183 | ||||||
210 | Mondelez International, Inc., Class A | 13,751 | ||||||
175 | Monster Beverage Corp.* | 14,770 | ||||||
263 | PepsiCo, Inc. | 43,064 | ||||||
350 | Procter & Gamble Co. (The) | 54,561 | ||||||
155 | Sysco Corp. | 13,501 | ||||||
408 | Tyson Foods, Inc., Class A | 37,805 | ||||||
613 | Walgreens Boots Alliance, Inc. | 28,253 | ||||||
317 | Walmart, Inc. | 42,846 | ||||||
|
|
|||||||
524,055 | ||||||||
|
|
|||||||
Financials – 13.1% | ||||||||
262 | Aflac, Inc. | 16,006 | ||||||
227 | Allstate Corp. (The) | 27,776 | ||||||
639 | Ally Financial, Inc. | 31,886 | ||||||
118 | American Express Co. | 22,956 | ||||||
223 | American International Group, Inc. | 13,657 | ||||||
17 | Ameriprise Financial, Inc. | 5,096 | ||||||
85 | Aon PLC, Class A | 24,832 | ||||||
229 | Apollo Global Management, Inc. | 14,945 | ||||||
112 | Arch Capital Group Ltd.* | 5,276 | ||||||
1,060 | Bank of America Corp. | 46,852 | ||||||
156 | Bank of New York Mellon Corp. (The) | 8,291 | ||||||
325 | Berkshire Hathaway, Inc., Class B* | 104,471 | ||||||
8 | BlackRock, Inc. | 5,951 | ||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
259 | Blackstone, Inc. | $ | 33,015 | |||||
221 | Capital One Financial Corp. | 33,873 | ||||||
169 | Charles Schwab Corp. (The) | 14,274 | ||||||
35 | Chubb Ltd. | 7,127 | ||||||
37 | Cincinnati Financial Corp. | 4,543 | ||||||
649 | Citigroup, Inc. | 38,440 | ||||||
194 | Citizens Financial Group, Inc. | 10,169 | ||||||
35 | CME Group, Inc. | 8,279 | ||||||
66 | Coinbase Global, Inc., Class A* | 12,591 | ||||||
141 | Discover Financial Services | 17,405 | ||||||
22 | FactSet Research Systems, Inc. | 8,934 | ||||||
122 | Fifth Third Bancorp | 5,836 | ||||||
31 | First Republic Bank | 5,371 | ||||||
88 | Hartford Financial Services Group, Inc. (The) | 6,114 | ||||||
40 | Huntington Bancshares, Inc. | 621 | ||||||
56 | Intercontinental Exchange, Inc. | 7,175 | ||||||
532 | JPMorgan Chase & Co. | 75,438 | ||||||
375 | KeyCorp | 9,401 | ||||||
315 | KKR & Co., Inc. | 18,938 | ||||||
12 | M&T Bank Corp. | 2,187 | ||||||
7 | Markel Corp.* | 8,700 | ||||||
145 | Marsh & McLennan Cos., Inc. | 22,534 | ||||||
185 | MetLife, Inc. | 12,497 | ||||||
61 | Moody’s Corp. | 19,644 | ||||||
233 | Morgan Stanley | 21,142 | ||||||
14 | MSCI, Inc. | 7,024 | ||||||
74 | Nasdaq, Inc. | 12,665 | ||||||
18 | Northern Trust Corp. | 2,050 | ||||||
65 | PNC Financial Services Group, Inc. (The) | 12,951 | ||||||
16 | Principal Financial Group, Inc. | 1,130 | ||||||
98 | Progressive Corp. (The) | 10,381 | ||||||
185 | Prudential Financial, Inc. | 20,657 | ||||||
100 | Raymond James Financial, Inc. | 10,965 | ||||||
270 | Regions Financial Corp. | 6,531 | ||||||
84 | S&P Global, Inc. | 31,559 | ||||||
27 | Signature Bank | 9,312 | ||||||
10 | State Street Corp. | 853 | ||||||
3 | SVB Financial Group* | 1,818 | ||||||
534 | Synchrony Financial | 22,845 | ||||||
72 | T. Rowe Price Group, Inc. | 10,408 | ||||||
43 | Travelers Cos., Inc. (The) | 7,389 | ||||||
45 | Truist Financial Corp. | 2,800 | ||||||
148 | US Bancorp | 8,368 | ||||||
847 | Wells Fargo & Co. | 45,204 | ||||||
25 | Willis Towers Watson PLC | 5,558 | ||||||
|
|
|||||||
962,711 | ||||||||
|
|
|||||||
Health Care – 16.7% | ||||||||
13 | 10X Genomics, Inc., Class A* | 1,059 | ||||||
240 | Abbott Laboratories | 28,949 | ||||||
355 | AbbVie, Inc. | 52,458 | ||||||
39 | ABIOMED, Inc.* | 12,119 | ||||||
111 | Agilent Technologies, Inc. | 14,470 | ||||||
24 | Align Technology, Inc.* | 12,275 | ||||||
35 | AmerisourceBergen Corp. | 4,989 | ||||||
84 | Amgen, Inc. | 19,024 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
68 | Anthem, Inc. | 30,726 | ||||||
316 | Avantor, Inc.* | 10,962 | ||||||
129 | Baxter International, Inc. | 10,961 | ||||||
47 | Becton Dickinson and Co. | 12,750 | ||||||
30 | Biogen, Inc.* | 6,330 | ||||||
8 | Bio-Rad Laboratories, Inc., Class A* | 5,008 | ||||||
11 | Bio-Techne Corp. | 4,614 | ||||||
190 | Boston Scientific Corp.* | 8,392 | ||||||
469 | Bristol-Myers Squibb Co. | 32,206 | ||||||
25 | Catalent, Inc.* | 2,551 | ||||||
369 | Centene Corp.* | 30,487 | ||||||
293 | Cerner Corp. | 27,322 | ||||||
29 | Charles River Laboratories International, Inc.* | 8,444 | ||||||
125 | Cigna Corp. | 29,722 | ||||||
20 | Cooper Cos., Inc. (The) | 8,180 | ||||||
613 | CVS Health Corp. | 63,537 | ||||||
79 | Danaher Corp. | 21,678 | ||||||
12 | Dexcom, Inc.* | 4,967 | ||||||
235 | Edwards Lifesciences Corp.* | 26,407 | ||||||
70 | Elanco Animal Health, Inc.* | 1,989 | ||||||
180 | Eli Lilly & Co. | 44,991 | ||||||
339 | Gilead Sciences, Inc. | 20,476 | ||||||
48 | HCA Healthcare, Inc. | 12,015 | ||||||
210 | Hologic, Inc.* | 14,946 | ||||||
2 | Horizon Therapeutics PLC* | 182 | ||||||
15 | Humana, Inc. | 6,515 | ||||||
43 | IDEXX Laboratories, Inc.* | 22,891 | ||||||
6 | Illumina, Inc.* | 1,960 | ||||||
5 | Insulet Corp.* | 1,323 | ||||||
34 | Intuitive Surgical, Inc.* | 9,871 | ||||||
85 | IQVIA Holdings, Inc.* | 19,560 | ||||||
553 | Johnson & Johnson | 91,007 | ||||||
94 | Laboratory Corp. of America Holdings* | 25,498 | ||||||
47 | Masimo Corp.* | 7,400 | ||||||
9 | McKesson Corp. | 2,475 | ||||||
118 | Medtronic PLC | 12,389 | ||||||
474 | Merck & Co., Inc. | 36,299 | ||||||
16 | Mettler-Toledo International, Inc.* | 22,540 | ||||||
52 | Moderna, Inc.* | 7,987 | ||||||
15 | Molina Healthcare, Inc.* | 4,603 | ||||||
61 | PerkinElmer, Inc. | 10,956 | ||||||
1,127 | Pfizer, Inc. | 52,901 | ||||||
140 | Quest Diagnostics, Inc. | 18,378 | ||||||
32 | Regeneron Pharmaceuticals, Inc.* | 19,788 | ||||||
54 | ResMed, Inc. | 13,325 | ||||||
34 | Seagen, Inc.* | 4,382 | ||||||
34 | STERIS PLC | 8,160 | ||||||
39 | Stryker Corp. | 10,271 | ||||||
15 | Teleflex, Inc. | 5,045 | ||||||
64 | Thermo Fisher Scientific, Inc. | 34,816 | ||||||
151 | UnitedHealth Group, Inc. | 71,856 | ||||||
85 | Vertex Pharmaceuticals, Inc.* | 19,552 | ||||||
3,108 | Viatris, Inc. | 34,219 | ||||||
77 | Waters Corp.* | 24,388 | ||||||
38 | West Pharmaceutical Services, Inc. | 14,709 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
52 | Zimmer Biomet Holdings, Inc. | $ | 6,614 | |||||
85 | Zoetis, Inc. | 16,460 | ||||||
|
|
|||||||
1,223,324 | ||||||||
|
|
|||||||
Industrials – 4.9% | ||||||||
97 | 3M Co. | 14,419 | ||||||
134 | Carrier Global Corp. | 6,014 | ||||||
23 | Cintas Corp. | 8,632 | ||||||
8 | Copart, Inc.* | 983 | ||||||
351 | CSX Corp. | 11,902 | ||||||
14 | Deere & Co. | 5,040 | ||||||
46 | Dover Corp. | 7,216 | ||||||
27 | Equifax, Inc. | 5,895 | ||||||
102 | Expeditors International of Washington, Inc. | 10,543 | ||||||
433 | Fastenal Co. | 22,282 | ||||||
85 | FedEx Corp. | 18,893 | ||||||
55 | Fortune Brands Home & Security, Inc. | 4,780 | ||||||
5 | Generac Holdings, Inc.* | 1,577 | ||||||
75 | General Electric Co. | 7,163 | ||||||
32 | IDEX Corp. | 6,141 | ||||||
54 | Illinois Tool Works, Inc. | 11,682 | ||||||
33 | J.B. Hunt Transport Services, Inc. | 6,697 | ||||||
146 | Johnson Controls International PLC | 9,484 | ||||||
11 | Lyft, Inc., Class A* | 428 | ||||||
272 | Masco Corp. | 15,243 | ||||||
31 | Norfolk Southern Corp. | 7,952 | ||||||
39 | Old Dominion Freight Line, Inc. | 12,247 | ||||||
210 | Otis Worldwide Corp. | 16,449 | ||||||
28 | Parker-Hannifin Corp. | 8,299 | ||||||
126 | Republic Services, Inc. | 15,155 | ||||||
22 | Rockwell Automation, Inc. | 5,865 | ||||||
9 | Roper Technologies, Inc. | 4,034 | ||||||
242 | Southwest Airlines Co.* | 10,600 | ||||||
60 | Stanley Black & Decker, Inc. | 9,762 | ||||||
14 | TransUnion | 1,271 | ||||||
20 | Uber Technologies, Inc.* | 721 | ||||||
57 | Union Pacific Corp. | 14,019 | ||||||
56 | United Airlines Holdings, Inc.* | 2,486 | ||||||
75 | United Parcel Service, Inc., Class B | 15,782 | ||||||
21 | United Rentals, Inc.* | 6,754 | ||||||
22 | Verisk Analytics, Inc. | 3,902 | ||||||
130 | Waste Management, Inc. | 18,772 | ||||||
47 | W.W. Grainger, Inc. | 22,422 | ||||||
53 | Xylem, Inc. | 4,714 | ||||||
|
|
|||||||
356,220 | ||||||||
|
|
|||||||
Information Technology – 30.3% | ||||||||
156 | Accenture PLC, Class A | 49,299 | ||||||
85 | Adobe, Inc.* | 39,753 | ||||||
302 | Advanced Micro Devices, Inc.* | 37,249 | ||||||
134 | Akamai Technologies, Inc.* | 14,507 | ||||||
119 | Amphenol Corp., Class A | 9,045 | ||||||
33 | Analog Devices, Inc. | 5,290 | ||||||
2,942 | Apple, Inc. | 485,783 | ||||||
232 | Applied Materials, Inc. | 31,134 | ||||||
58 | Arista Networks, Inc.* | 7,118 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
44 | Autodesk, Inc.* | 9,690 | ||||||
73 | Automatic Data Processing, Inc. | 14,924 | ||||||
50 | Broadcom, Inc. | 29,372 | ||||||
29 | Broadridge Financial Solutions, Inc. | 4,240 | ||||||
103 | Cadence Design Systems, Inc.* | 15,597 | ||||||
18 | CDW Corp. | 3,104 | ||||||
963 | Cisco Systems, Inc. | 53,707 | ||||||
54 | Cognex Corp. | 3,648 | ||||||
301 | Cognizant Technology Solutions Corp., Class A | 25,925 | ||||||
207 | Corning, Inc. | 8,363 | ||||||
298 | Dell Technologies, Inc., Class C* | 15,186 | ||||||
63 | DocuSign, Inc.* | 7,461 | ||||||
6 | Enphase Energy, Inc.* | 1,000 | ||||||
19 | Entegris, Inc. | 2,479 | ||||||
16 | EPAM Systems, Inc.* | 3,324 | ||||||
187 | Fidelity National Information Services, Inc. | 17,808 | ||||||
205 | Fiserv, Inc.* | 20,022 | ||||||
40 | FleetCor Technologies, Inc.* | 9,368 | ||||||
59 | Fortinet, Inc.* | 20,327 | ||||||
73 | Gartner, Inc.* | 20,471 | ||||||
104 | Global Payments, Inc. | 13,872 | ||||||
1,897 | Hewlett Packard Enterprise Co. | 30,200 | ||||||
360 | HP, Inc. | 12,370 | ||||||
11 | HubSpot, Inc.* | 5,775 | ||||||
1,055 | Intel Corp. | 50,323 | ||||||
391 | International Business Machines Corp. | 47,901 | ||||||
65 | Intuit, Inc. | 30,834 | ||||||
127 | Keysight Technologies, Inc.* | 19,986 | ||||||
30 | KLA Corp. | 10,455 | ||||||
32 | Lam Research Corp. | 17,963 | ||||||
37 | Marvell Technology, Inc. | 2,528 | ||||||
77 | Mastercard, Inc., Class A | 27,783 | ||||||
89 | Microchip Technology, Inc. | 6,259 | ||||||
224 | Micron Technology, Inc. | 19,905 | ||||||
1,440 | Microsoft Corp. | 430,258 | ||||||
15 | Monolithic Power Systems, Inc. | 6,881 | ||||||
72 | Motorola Solutions, Inc. | 15,871 | ||||||
264 | NetApp, Inc. | 20,692 | ||||||
46 | Nuance Communications, Inc.* | 2,554 | ||||||
388 | NVIDIA Corp. | 94,614 | ||||||
207 | ON Semiconductor Corp.* | 12,960 | ||||||
352 | Oracle Corp. | 26,741 | ||||||
22 | Palo Alto Networks, Inc.* | 13,074 | ||||||
105 | Paychex, Inc. | 12,501 | ||||||
92 | PayPal Holdings, Inc.* | 10,298 | ||||||
88 | Qorvo, Inc.* | 12,037 | ||||||
253 | QUALCOMM, Inc. | 43,513 | ||||||
32 | RingCentral, Inc., Class A* | 4,187 | ||||||
105 | salesforce.com, Inc.* | 22,106 | ||||||
127 | Seagate Technology Holdings PLC | 13,101 | ||||||
24 | ServiceNow, Inc.* | 13,918 | ||||||
43 | Skyworks Solutions, Inc. | 5,941 | ||||||
284 | SS&C Technologies Holdings, Inc. | 21,291 | ||||||
23 | Synopsys, Inc.* | 7,185 | ||||||
62 | TE Connectivity Ltd. (Switzerland) | 8,831 | ||||||
|
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
9 | Teledyne Technologies, Inc.* | $ | 3,864 | |||||
120 | Teradyne, Inc. | 14,150 | ||||||
166 | Texas Instruments, Inc. | 28,218 | ||||||
97 | Trimble, Inc.* | 6,766 | ||||||
2 | Tyler Technologies, Inc.* | 857 | ||||||
93 | VeriSign, Inc.* | 19,876 | ||||||
188 | Visa, Inc., Class A | 40,631 | ||||||
116 | VMware, Inc., Class A | 13,609 | ||||||
222 | Western Digital Corp.* | 11,309 | ||||||
15 | Workday, Inc., Class A* | 3,436 | ||||||
31 | Zebra Technologies Corp., Class A* | 12,814 | ||||||
4 | Zendesk, Inc.* | 467 | ||||||
13 | Zoom Video Communications, Inc., Class A* | 1,724 | ||||||
|
|
|||||||
2,217,623 | ||||||||
|
|
|||||||
Materials – 1.6% | ||||||||
11 | Air Products and Chemicals, Inc. | 2,599 | ||||||
43 | Avery Dennison Corp. | 7,577 | ||||||
44 | Ball Corp. | 3,949 | ||||||
20 | Celanese Corp. | 2,786 | ||||||
188 | Corteva, Inc. | 9,782 | ||||||
10 | Crown Holdings, Inc. | 1,227 | ||||||
64 | Dow, Inc. | 3,773 | ||||||
62 | DuPont de Nemours, Inc. | 4,797 | ||||||
31 | Ecolab, Inc. | 5,464 | ||||||
131 | Freeport-McMoRan, Inc. | 6,150 | ||||||
185 | Ginkgo Bioworks Holdings, Inc.*(a) | 832 | ||||||
28 | International Flavors & Fragrances, Inc. | 3,724 | ||||||
293 | International Paper Co. | 12,754 | ||||||
9 | Martin Marietta Materials, Inc. | 3,415 | ||||||
178 | Nucor Corp. | 23,428 | ||||||
35 | PPG Industries, Inc. | 4,671 | ||||||
73 | Sherwin-Williams Co. (The) | 19,208 | ||||||
18 | Vulcan Materials Co. | 3,266 | ||||||
|
|
|||||||
119,402 | ||||||||
|
|
|||||||
Real Estate – 4.7% | ||||||||
96 | Alexandria Real Estate Equities, Inc. REIT | 18,182 | ||||||
46 | American Tower Corp. REIT | 10,436 | ||||||
67 | AvalonBay Communities, Inc. REIT | 15,986 | ||||||
55 | Boston Properties, Inc. REIT | 6,727 | ||||||
130 | Camden Property Trust REIT | 21,464 | ||||||
61 | Crown Castle International Corp. REIT | 10,162 | ||||||
105 | Digital Realty Trust, Inc. REIT | 14,167 | ||||||
233 | Duke Realty Corp. REIT | 12,349 | ||||||
7 | Equinix, Inc. REIT | 4,968 | ||||||
161 | Equity Residential REIT | 13,733 | ||||||
34 | Essex Property Trust, Inc. REIT | 10,784 | ||||||
93 | Extra Space Storage, Inc. REIT | 17,498 | ||||||
186 | Healthpeak Properties, Inc. REIT | 5,777 | ||||||
388 | Invitation Homes, Inc. REIT | 14,666 | ||||||
100 | Mid-America Apartment Communities, Inc. REIT | 20,461 | ||||||
225 | Orion Office REIT, Inc. REIT* | 3,832 | ||||||
126 | Prologis, Inc. REIT | 18,377 | ||||||
59 | Public Storage REIT | 20,946 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
122 | Realty Income Corp. REIT | 8,063 | ||||||
25 | SBA Communications Corp. REIT | 7,585 | ||||||
80 | Simon Property Group, Inc. REIT | 11,005 | ||||||
79 | Sun Communities, Inc. REIT | 14,299 | ||||||
234 | UDR, Inc. REIT | 12,840 | ||||||
158 | Ventas, Inc. REIT | 8,532 | ||||||
206 | VICI Properties, Inc. REIT | 5,760 | ||||||
73 | Welltower, Inc. REIT | 6,080 | ||||||
517 | Weyerhaeuser Co. REIT | 20,101 | ||||||
112 | W.P. Carey, Inc. REIT | 8,669 | ||||||
26 | Zillow Group, Inc., Class C* | 1,495 | ||||||
|
|
|||||||
344,944 | ||||||||
|
|
|||||||
Utilities – 0.2% | ||||||||
10 | American Water Works Co., Inc. | 1,511 | ||||||
115 | Edison International | 7,293 | ||||||
28 | Entergy Corp. | 2,946 | ||||||
|
|
|||||||
11,750 | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $7,930,480) | $ | 7,316,833 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||
Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
3,387 | 0.026% | $ | 3,387 | |||
(Cost $3,387) | ||||||
|
||||||
TOTAL INVESTMENTS – 99.9% |
| |||||
(Cost $7,933,867) | $ | 7,320,220 | ||||
|
||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% |
6,587 | |||||
|
||||||
NET ASSETS – 100.0% | $ | 7,326,807 | ||||
|
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 | |
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 8.4% | ||||||||
286,288 | Activision Blizzard, Inc. | $ | 23,332,472 | |||||
93,799 | Alphabet, Inc., Class A* | 253,364,231 | ||||||
91,086 | Alphabet, Inc., Class C* | 245,733,633 | ||||||
320,177 | AMC Entertainment Holdings, Inc., Class A*(a) | 6,038,538 | ||||||
1,916,989 | AT&T, Inc. | 45,413,469 | ||||||
56,090 | Charter Communications, Inc., Class A* | 33,753,840 | ||||||
1,299,955 | Comcast Corp., Class A | 60,785,896 | ||||||
194,453 | Electronic Arts, Inc. | 25,296,391 | ||||||
76,910 | Liberty Broadband Corp., Class C* | 11,282,697 | ||||||
2,169,373 | Lumen Technologies, Inc. | 22,474,704 | ||||||
179,374 | Match Group, Inc.* | 19,998,407 | ||||||
789,666 | Meta Platforms, Inc., Class A* | 166,643,216 | ||||||
64,723 | Netflix, Inc.* | 25,534,518 | ||||||
473,296 | Omnicom Group, Inc. | 39,704,801 | ||||||
515,927 | Paramount Global, Class B | 15,792,526 | ||||||
396,916 | Pinterest, Inc., Class A* | 10,617,503 | ||||||
56,502 | ROBLOX Corp., Class A*(a) | 2,913,808 | ||||||
40,778 | Roku, Inc.* | 5,689,754 | ||||||
207,914 | Snap, Inc., Class A* | 8,304,085 | ||||||
56,497 | Take-Two Interactive Software, Inc.* | 9,152,514 | ||||||
122,033 | T-Mobile US, Inc.* | 15,035,686 | ||||||
102,140 | Twitter, Inc.* | 3,631,077 | ||||||
638,555 | Verizon Communications, Inc. | 34,271,247 | ||||||
297,451 | Walt Disney Co. (The)* | 44,159,576 | ||||||
|
|
|||||||
1,128,924,589 | ||||||||
|
|
|||||||
Consumer Discretionary – 13.5% | ||||||||
98,879 | Advance Auto Parts, Inc. | 20,218,778 | ||||||
133,697 | Amazon.com, Inc.* | 410,618,248 | ||||||
34,825 | AutoZone, Inc.* | 64,892,557 | ||||||
388,015 | Bath & Body Works, Inc. | 20,708,361 | ||||||
389,011 | Best Buy Co., Inc. | 37,594,023 | ||||||
4,541 | Booking Holdings, Inc.* | 9,864,187 | ||||||
66,185 | Burlington Stores, Inc.* | 14,950,530 | ||||||
146,488 | Caesars Entertainment, Inc.* | 12,332,825 | ||||||
4,517 | Chipotle Mexican Grill, Inc.* | 6,880,972 | ||||||
153,971 | Darden Restaurants, Inc. | 22,359,669 | ||||||
181,586 | Dollar General Corp. | 36,015,767 | ||||||
253,849 | Dollar Tree, Inc.* | 36,066,866 | ||||||
92,922 | Domino’s Pizza, Inc. | 40,161,818 | ||||||
82,568 | D.R. Horton, Inc. | 7,051,307 | ||||||
466,996 | eBay, Inc. | 25,493,312 | ||||||
122,283 | Etsy, Inc.* | 18,940,414 | ||||||
70,505 | Expedia Group, Inc.* | 13,826,736 | ||||||
3,774,020 | Ford Motor Co. | 66,271,791 | ||||||
131,542 | Garmin Ltd. | 14,527,498 | ||||||
55,495 | General Motors Co.* | 2,592,726 | ||||||
218,501 | Genuine Parts Co. | 26,692,082 | ||||||
55,813 | Hilton Worldwide Holdings, Inc.* | 8,308,323 | ||||||
419,212 | Home Depot, Inc. (The) | 132,399,726 | ||||||
304,614 | Lennar Corp., Class A | 27,378,706 | ||||||
375,239 | Lowe’s Cos., Inc. | 82,950,333 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
42,591 | Marriott International, Inc., Class A* | 7,246,433 | ||||||
184,839 | McDonald’s Corp. | 45,243,042 | ||||||
260,426 | MGM Resorts International | 11,534,267 | ||||||
412,195 | NIKE, Inc., Class B | 56,285,227 | ||||||
1,541 | NVR, Inc.* | 7,640,956 | ||||||
81,443 | O’Reilly Automotive, Inc.* | 52,876,053 | ||||||
117,343 | Peloton Interactive, Inc., Class A* | 3,409,988 | ||||||
74,745 | Pool Corp. | 34,276,562 | ||||||
81,637 | Ross Stores, Inc. | 7,460,805 | ||||||
249,032 | Starbucks Corp. | 22,858,647 | ||||||
960,461 | Stellantis NV | 17,557,227 | ||||||
426,421 | Target Corp. | 85,186,123 | ||||||
142,065 | Tesla, Inc.* | 123,657,638 | ||||||
412,278 | TJX Cos., Inc. (The) | 27,251,576 | ||||||
182,597 | Tractor Supply Co. | 37,211,443 | ||||||
73,928 | Ulta Beauty, Inc.* | 27,686,036 | ||||||
212,795 | VF Corp. | 12,346,366 | ||||||
106,555 | Wayfair, Inc., Class A* | 15,010,403 | ||||||
113,985 | Whirlpool Corp. | 22,941,761 | ||||||
273,967 | Yum! Brands, Inc. | 33,582,875 | ||||||
|
|
|||||||
1,810,360,983 | ||||||||
|
|
|||||||
Consumer Staples – 8.3% | ||||||||
532,150 | Altria Group, Inc. | 27,293,974 | ||||||
836,599 | Archer-Daniels-Midland Co. | 65,631,192 | ||||||
263,411 | Brown-Forman Corp., Class B | 17,182,300 | ||||||
186,734 | Church & Dwight Co., Inc. | 18,271,922 | ||||||
198,316 | Clorox Co. (The) | 28,912,490 | ||||||
757,175 | Coca-Cola Co. (The) | 47,126,572 | ||||||
461,733 | Colgate-Palmolive Co. | 35,530,354 | ||||||
371,628 | Conagra Brands, Inc. | 12,995,831 | ||||||
38,084 | Constellation Brands, Inc., Class A | 8,211,672 | ||||||
180,151 | Costco Wholesale Corp. | 93,543,407 | ||||||
167,610 | Estee Lauder Cos., Inc. (The), Class A | 49,667,871 | ||||||
213,090 | General Mills, Inc. | 14,368,659 | ||||||
187,289 | Hershey Co. (The) | 37,881,073 | ||||||
135,368 | Kellogg Co. | 8,655,430 | ||||||
392,446 | Keurig Dr Pepper, Inc. | 15,175,887 | ||||||
189,188 | Kimberly-Clark Corp. | 24,622,818 | ||||||
647,320 | Kraft Heinz Co. (The) | 25,387,890 | ||||||
1,578,991 | Kroger Co. (The) | 73,896,779 | ||||||
143,148 | McCormick & Co., Inc. | 13,623,395 | ||||||
283,331 | Mondelez International, Inc., Class A | 18,552,514 | ||||||
268,046 | Monster Beverage Corp.* | 22,623,082 | ||||||
456,969 | PepsiCo, Inc. | 74,824,104 | ||||||
590,258 | Philip Morris International, Inc. | 59,657,376 | ||||||
624,205 | Procter & Gamble Co. (The) | 97,307,317 | ||||||
266,321 | Sysco Corp. | 23,196,559 | ||||||
586,281 | Tyson Foods, Inc., Class A | 54,324,798 | ||||||
990,169 | Walgreens Boots Alliance, Inc. | 45,636,889 | ||||||
730,133 | Walmart, Inc. | 98,684,776 | ||||||
|
|
|||||||
1,112,786,931 | ||||||||
|
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – 2.5% | ||||||||
121,524 | Cheniere Energy, Inc. | $ | 16,150,540 | |||||
296,511 | Chevron Corp. | 42,697,584 | ||||||
245,518 | ConocoPhillips | 23,289,837 | ||||||
317,276 | Devon Energy Corp. | 18,893,786 | ||||||
102,216 | Diamondback Energy, Inc. | 14,116,030 | ||||||
133,215 | EOG Resources, Inc. | 15,309,068 | ||||||
630,106 | Exxon Mobil Corp. | 49,412,912 | ||||||
38,903 | Hess Corp. | 3,931,537 | ||||||
1,039,562 | Kinder Morgan, Inc. | 18,088,379 | ||||||
176,047 | Marathon Petroleum Corp. | 13,708,780 | ||||||
715,407 | Occidental Petroleum Corp. | 31,284,748 | ||||||
153,420 | ONEOK, Inc. | 10,018,326 | ||||||
32,899 | Phillips 66 | 2,771,412 | ||||||
63,983 | Pioneer Natural Resources Co. | 15,330,327 | ||||||
144,879 | Schlumberger NV | 5,685,052 | ||||||
430,608 | Valero Energy Corp. | 35,960,074 | ||||||
507,866 | Williams Cos., Inc. (The) | 15,886,048 | ||||||
|
|
|||||||
332,534,440 | ||||||||
|
|
|||||||
Financials – 10.1% | ||||||||
173,394 | Aflac, Inc. | 10,592,639 | ||||||
178,244 | Allstate Corp. (The) | 21,809,936 | ||||||
707,192 | Ally Financial, Inc. | 35,288,881 | ||||||
94,975 | American Express Co. | 18,476,436 | ||||||
150,342 | American International Group, Inc. | 9,206,944 | ||||||
37,338 | Ameriprise Financial, Inc. | 11,193,559 | ||||||
96,626 | Aon PLC, Class A | 28,228,320 | ||||||
242,358 | Apollo Global Management, Inc. | 15,816,283 | ||||||
150,377 | Arch Capital Group Ltd.* | 7,084,260 | ||||||
142,815 | Arthur J Gallagher & Co. | 22,591,905 | ||||||
1,504,354 | Bank of America Corp. | 66,492,447 | ||||||
470,346 | Bank of New York Mellon Corp. (The) | 24,998,890 | ||||||
451,948 | Berkshire Hathaway, Inc., Class B* | 145,278,685 | ||||||
21,869 | BlackRock, Inc. | 16,268,130 | ||||||
359,596 | Blackstone, Inc. | 45,837,702 | ||||||
265,227 | Capital One Financial Corp. | 40,651,342 | ||||||
347,938 | Charles Schwab Corp. (The) | 29,386,843 | ||||||
67,547 | Chubb Ltd. | 13,755,271 | ||||||
58,947 | Cincinnati Financial Corp. | 7,238,102 | ||||||
807,666 | Citigroup, Inc. | 47,838,057 | ||||||
388,452 | Citizens Financial Group, Inc. | 20,362,654 | ||||||
40,701 | CME Group, Inc. | 9,627,007 | ||||||
60,512 | Coinbase Global, Inc., Class A* | 11,543,874 | ||||||
116,744 | Discover Financial Services | 14,410,879 | ||||||
34,151 | FactSet Research Systems, Inc. | 13,868,380 | ||||||
432,749 | Fifth Third Bancorp | 20,702,712 | ||||||
43,726 | First Republic Bank | 7,575,967 | ||||||
214,979 | Hartford Financial Services Group, Inc. (The) | 14,936,741 | ||||||
124,866 | Intercontinental Exchange, Inc. | 15,997,832 | ||||||
734,643 | JPMorgan Chase & Co. | 104,172,377 | ||||||
333,026 | KeyCorp | 8,348,962 | ||||||
237,438 | KKR & Co., Inc. | 14,274,773 | ||||||
5,027 | Markel Corp.* | 6,248,109 | ||||||
25,785 | MarketAxess Holdings, Inc. | 9,835,173 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
200,573 | Marsh & McLennan Cos., Inc. | 31,171,050 | ||||||
336,601 | MetLife, Inc. | 22,737,398 | ||||||
137,920 | Moody’s Corp. | 44,414,378 | ||||||
479,876 | Morgan Stanley | 43,543,948 | ||||||
19,617 | MSCI, Inc. | 9,841,653 | ||||||
87,384 | Nasdaq, Inc. | 14,955,772 | ||||||
34,558 | Northern Trust Corp. | 3,936,156 | ||||||
104,892 | PNC Financial Services Group, Inc. (The) | 20,899,731 | ||||||
141,046 | Principal Financial Group, Inc. | 9,963,489 | ||||||
239,343 | Progressive Corp. (The) | 25,353,604 | ||||||
133,066 | Prudential Financial, Inc. | 14,858,150 | ||||||
154,135 | Raymond James Financial, Inc. | 16,900,903 | ||||||
223,655 | Regions Financial Corp. | 5,410,214 | ||||||
136,424 | S&P Global, Inc. | 51,254,497 | ||||||
40,565 | Signature Bank | 13,990,463 | ||||||
48,346 | State Street Corp. | 4,125,364 | ||||||
656,192 | Synchrony Financial | 28,071,894 | ||||||
160,419 | T. Rowe Price Group, Inc. | 23,190,171 | ||||||
70,614 | Travelers Cos., Inc. (The) | 12,133,604 | ||||||
49,941 | Truist Financial Corp. | 3,107,329 | ||||||
174,456 | US Bancorp | 9,863,742 | ||||||
949,223 | Wells Fargo & Co. | 50,660,031 | ||||||
37,198 | Willis Towers Watson PLC | 8,269,115 | ||||||
|
|
|||||||
1,358,592,728 | ||||||||
|
|
|||||||
Health Care – 14.2% | ||||||||
55,508 | 10X Genomics, Inc., Class A* | 4,522,237 | ||||||
391,223 | Abbott Laboratories | 47,189,318 | ||||||
565,254 | AbbVie, Inc. | 83,527,584 | ||||||
53,494 | ABIOMED, Inc.* | 16,622,726 | ||||||
146,922 | Agilent Technologies, Inc. | 19,152,752 | ||||||
45,253 | Align Technology, Inc.* | 23,145,099 | ||||||
43,922 | AmerisourceBergen Corp. | 6,260,203 | ||||||
194,859 | Amgen, Inc. | 44,131,666 | ||||||
105,466 | Anthem, Inc. | 47,654,812 | ||||||
189,771 | Avantor, Inc.* | 6,583,156 | ||||||
181,590 | Baxter International, Inc. | 15,429,702 | ||||||
47,395 | Becton Dickinson and Co. | 12,857,316 | ||||||
112,543 | Biogen, Inc.* | 23,747,698 | ||||||
19,661 | Bio-Rad Laboratories, Inc., Class A* | 12,307,000 | ||||||
202,777 | Boston Scientific Corp.* | 8,956,660 | ||||||
843,865 | Bristol-Myers Squibb Co. | 57,948,210 | ||||||
60,187 | Cardinal Health, Inc. | 3,250,700 | ||||||
555,651 | Centene Corp.* | 45,907,886 | ||||||
348,538 | Cerner Corp. | 32,501,168 | ||||||
34,851 | Charles River Laboratories International, Inc.* | 10,147,217 | ||||||
214,069 | Cigna Corp. | 50,901,327 | ||||||
21,999 | Cooper Cos., Inc. (The) | 8,998,031 | ||||||
824,580 | CVS Health Corp. | 85,467,717 | ||||||
155,115 | Danaher Corp. | 42,565,107 | ||||||
25,231 | Dexcom, Inc.* | 10,443,363 | ||||||
404,756 | Edwards Lifesciences Corp.* | 45,482,432 | ||||||
301,564 | Eli Lilly & Co. | 75,375,922 | ||||||
471,850 | Gilead Sciences, Inc. | 28,499,740 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
63,717 | HCA Healthcare, Inc. | $ | 15,949,002 | |||||
191,118 | Hologic, Inc.* | 13,601,868 | ||||||
51,905 | Humana, Inc. | 22,543,380 | ||||||
90,932 | IDEXX Laboratories, Inc.* | 48,407,650 | ||||||
36,662 | Insulet Corp.* | 9,704,065 | ||||||
60,641 | Intuitive Surgical, Inc.* | 17,605,901 | ||||||
69,131 | IQVIA Holdings, Inc.* | 15,908,426 | ||||||
856,934 | Johnson & Johnson | 141,025,628 | ||||||
89,346 | Laboratory Corp. of America Holdings* | 24,235,996 | ||||||
80,817 | Masimo Corp.* | 12,724,637 | ||||||
43,859 | McKesson Corp. | 12,059,471 | ||||||
147,637 | Medtronic PLC | 15,500,409 | ||||||
704,479 | Merck & Co., Inc. | 53,949,002 | ||||||
31,515 | Mettler-Toledo International, Inc.* | 44,396,441 | ||||||
87,835 | Moderna, Inc.* | 13,491,456 | ||||||
29,512 | Molina Healthcare, Inc.* | 9,056,347 | ||||||
107,936 | PerkinElmer, Inc. | 19,386,385 | ||||||
1,379,506 | Pfizer, Inc. | 64,754,012 | ||||||
123,305 | Quest Diagnostics, Inc. | 16,186,247 | ||||||
31,448 | Regeneron Pharmaceuticals, Inc.* | 19,446,185 | ||||||
117,043 | ResMed, Inc. | 28,880,360 | ||||||
106,542 | Seagen, Inc.* | 13,730,067 | ||||||
47,595 | STERIS PLC | 11,422,800 | ||||||
78,299 | Stryker Corp. | 20,620,042 | ||||||
9,597 | Teleflex, Inc. | 3,227,567 | ||||||
133,537 | Thermo Fisher Scientific, Inc. | 72,644,128 | ||||||
275,097 | UnitedHealth Group, Inc. | 130,910,409 | ||||||
43,405 | Veeva Systems, Inc., Class A* | 9,941,915 | ||||||
116,071 | Vertex Pharmaceuticals, Inc.* | 26,698,651 | ||||||
4,432,477 | Viatris, Inc. | 48,801,572 | ||||||
65,227 | Waters Corp.* | 20,659,348 | ||||||
57,106 | West Pharmaceutical Services, Inc. | 22,104,590 | ||||||
31,911 | Zimmer Biomet Holdings, Inc. | 4,058,760 | ||||||
174,127 | Zoetis, Inc. | 33,719,694 | ||||||
|
|
|||||||
1,906,929,160 | ||||||||
|
|
|||||||
Industrials – 7.7% | ||||||||
169,858 | 3M Co. | 25,249,392 | ||||||
125,492 | AMETEK, Inc. | 16,287,607 | ||||||
382,895 | Carrier Global Corp. | 17,184,328 | ||||||
117,350 | Caterpillar, Inc. | 22,012,513 | ||||||
74,963 | Cintas Corp. | 28,135,113 | ||||||
94,459 | Copart, Inc.* | 11,607,122 | ||||||
51,741 | CoStar Group, Inc.* | 3,156,718 | ||||||
273,942 | CSX Corp. | 9,289,373 | ||||||
109,085 | Cummins, Inc. | 22,266,430 | ||||||
67,499 | Deere & Co. | 24,300,990 | ||||||
85,404 | Dover Corp. | 13,396,472 | ||||||
153,028 | Eaton Corp. PLC | 23,610,690 | ||||||
238,505 | Emerson Electric Co. | 22,161,885 | ||||||
27,863 | Equifax, Inc. | 6,083,607 | ||||||
132,027 | Expeditors International of Washington, Inc. | 13,646,311 | ||||||
793,001 | Fastenal Co. | 40,807,832 | ||||||
129,904 | FedEx Corp. | 28,873,762 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
161,712 | Fortive Corp. | 10,470,852 | ||||||
22,689 | Generac Holdings, Inc.* | 7,157,699 | ||||||
114,162 | General Dynamics Corp. | 26,765,281 | ||||||
217,111 | General Electric Co. | 20,736,272 | ||||||
107,883 | Honeywell International, Inc. | 20,470,799 | ||||||
48,946 | IDEX Corp. | 9,392,737 | ||||||
122,259 | Illinois Tool Works, Inc. | 26,449,512 | ||||||
151,578 | Jacobs Engineering Group, Inc. | 18,644,094 | ||||||
91,568 | J.B. Hunt Transport Services, Inc. | 18,581,894 | ||||||
378,352 | Johnson Controls International PLC | 24,577,746 | ||||||
52,252 | L3Harris Technologies, Inc. | 13,183,702 | ||||||
261,985 | Leidos Holdings, Inc. | 26,680,552 | ||||||
58,350 | Lockheed Martin Corp. | 25,312,230 | ||||||
261,008 | Masco Corp. | 14,626,888 | ||||||
46,699 | Norfolk Southern Corp. | 11,979,228 | ||||||
62,452 | Northrop Grumman Corp. | 27,612,527 | ||||||
57,001 | Old Dominion Freight Line, Inc. | 17,900,024 | ||||||
121,882 | Otis Worldwide Corp. | 9,547,017 | ||||||
71,737 | PACCAR, Inc. | 6,586,174 | ||||||
68,092 | Parker-Hannifin Corp. | 20,181,788 | ||||||
203,112 | Raytheon Technologies Corp. | 20,859,602 | ||||||
160,219 | Republic Services, Inc. | 19,271,141 | ||||||
66,622 | Rockwell Automation, Inc. | 17,760,093 | ||||||
27,482 | Roper Technologies, Inc. | 12,317,982 | ||||||
605,852 | Southwest Airlines Co.* | 26,536,318 | ||||||
39,899 | Stanley Black & Decker, Inc. | 6,491,567 | ||||||
553,047 | Textron, Inc. | 40,444,327 | ||||||
134,901 | Trane Technologies PLC | 20,765,311 | ||||||
28,056 | TransUnion | 2,546,363 | ||||||
97,035 | Union Pacific Corp. | 23,865,758 | ||||||
180,956 | United Parcel Service, Inc., Class B | 38,076,762 | ||||||
19,131 | United Rentals, Inc.* | 6,152,912 | ||||||
49,373 | Verisk Analytics, Inc. | 8,755,808 | ||||||
170,054 | Waste Management, Inc. | 24,555,798 | ||||||
407,048 | Westinghouse Air Brake Technologies Corp. | 37,782,195 | ||||||
85,853 | W.W. Grainger, Inc. | 40,957,032 | ||||||
80,118 | Xylem, Inc. | 7,126,496 | ||||||
|
|
|||||||
1,039,192,626 | ||||||||
|
|
|||||||
Information Technology – 28.4% | ||||||||
310,009 | Accenture PLC, Class A | 97,969,044 | ||||||
170,745 | Adobe, Inc.* | 79,854,022 | ||||||
676,646 | Advanced Micro Devices, Inc.* | 83,457,518 | ||||||
133,271 | Akamai Technologies, Inc.* | 14,427,918 | ||||||
198,282 | Amphenol Corp., Class A | 15,071,415 | ||||||
73,846 | Analog Devices, Inc. | 11,836,775 | ||||||
16,953 | ANSYS, Inc.* | 5,495,993 | ||||||
4,846,930 | Apple, Inc. | 800,325,082 | ||||||
376,761 | Applied Materials, Inc. | 50,561,326 | ||||||
120,747 | Arista Networks, Inc.* | 14,819,279 | ||||||
124,352 | Autodesk, Inc.* | 27,386,041 | ||||||
124,815 | Automatic Data Processing, Inc. | 25,517,179 | ||||||
43,790 | Block, Inc.* | 5,583,225 | ||||||
116,176 | Broadcom, Inc. | 68,246,429 | ||||||
|
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
99,874 | Broadridge Financial Solutions, Inc. | $ | 14,602,577 | |||||
286,334 | Cadence Design Systems, Inc.* | 43,359,558 | ||||||
161,355 | CDW Corp. | 27,827,283 | ||||||
1,218,791 | Cisco Systems, Inc. | 67,971,974 | ||||||
358,913 | Cognizant Technology Solutions Corp., Class A | 30,913,177 | ||||||
185,091 | Corning, Inc. | 7,477,676 | ||||||
30,643 | Crowdstrike Holdings, Inc., Class A* | 5,981,820 | ||||||
242,665 | Dell Technologies, Inc., Class C* | 12,366,208 | ||||||
124,819 | DocuSign, Inc.* | 14,782,314 | ||||||
62,582 | Entegris, Inc. | 8,165,699 | ||||||
30,264 | EPAM Systems, Inc.* | 6,287,346 | ||||||
248,682 | Fidelity National Information Services, Inc. | 23,681,987 | ||||||
274,012 | Fiserv, Inc.* | 26,762,752 | ||||||
32,435 | FleetCor Technologies, Inc.* | 7,596,277 | ||||||
129,838 | Fortinet, Inc.* | 44,731,788 | ||||||
83,832 | Gartner, Inc.* | 23,508,169 | ||||||
130,434 | Global Payments, Inc. | 17,397,287 | ||||||
2,856,723 | Hewlett Packard Enterprise Co. | 45,479,030 | ||||||
808,670 | HP, Inc. | 27,785,901 | ||||||
29,255 | HubSpot, Inc.* | 15,358,875 | ||||||
1,568,401 | Intel Corp. | 74,812,728 | ||||||
486,487 | International Business Machines Corp. | 59,599,522 | ||||||
118,211 | Intuit, Inc. | 56,075,752 | ||||||
99,333 | Keysight Technologies, Inc.* | 15,632,034 | ||||||
55,336 | KLA Corp. | 19,284,596 | ||||||
81,107 | Lam Research Corp. | 45,529,414 | ||||||
209,858 | Mastercard, Inc., Class A | 75,720,964 | ||||||
184,461 | Microchip Technology, Inc. | 12,973,142 | ||||||
323,931 | Micron Technology, Inc. | 28,784,509 | ||||||
2,365,186 | Microsoft Corp. | 706,693,925 | ||||||
20,354 | Monolithic Power Systems, Inc. | 9,336,380 | ||||||
110,853 | Motorola Solutions, Inc. | 24,435,327 | ||||||
222,171 | NetApp, Inc. | 17,413,763 | ||||||
149,535 | Nuance Communications, Inc.* | 8,302,183 | ||||||
682,336 | NVIDIA Corp. | 166,387,634 | ||||||
336,267 | ON Semiconductor Corp.* | 21,053,677 | ||||||
582,256 | Oracle Corp. | 44,233,988 | ||||||
44,817 | Palo Alto Networks, Inc.* | 26,632,502 | ||||||
178,776 | Paychex, Inc. | 21,285,071 | ||||||
201,813 | PayPal Holdings, Inc.* | 22,588,929 | ||||||
145,292 | Qorvo, Inc.* | 19,873,040 | ||||||
295,244 | QUALCOMM, Inc. | 50,779,016 | ||||||
75,769 | RingCentral, Inc., Class A* | 9,913,616 | ||||||
237,841 | salesforce.com, Inc.* | 50,072,666 | ||||||
259,463 | Seagate Technology Holdings PLC | 26,766,203 | ||||||
68,380 | ServiceNow, Inc.* | 39,654,930 | ||||||
158,989 | Skyworks Solutions, Inc. | 21,967,510 | ||||||
34,881 | Splunk, Inc.* | 4,119,446 | ||||||
357,415 | SS&C Technologies Holdings, Inc. | 26,795,403 | ||||||
123,336 | Synopsys, Inc.* | 38,528,933 | ||||||
80,404 | TE Connectivity Ltd. (Switzerland) | 11,451,942 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
27,509 | Teledyne Technologies, Inc.* | 11,811,814 | ||||||
167,974 | Teradyne, Inc. | 19,807,494 | ||||||
326,356 | Texas Instruments, Inc. | 55,477,256 | ||||||
103,299 | Trimble, Inc.* | 7,205,105 | ||||||
10,480 | Tyler Technologies, Inc.* | 4,488,165 | ||||||
128,183 | VeriSign, Inc.* | 27,395,271 | ||||||
396,938 | Visa, Inc., Class A | 85,786,241 | ||||||
118,715 | VMware, Inc., Class A | 13,927,644 | ||||||
516,139 | Western Digital Corp.* | 26,292,121 | ||||||
41,529 | Workday, Inc., Class A* | 9,512,217 | ||||||
24,804 | Zebra Technologies Corp., Class A* | 10,252,485 | ||||||
39,808 | Zendesk, Inc.* | 4,644,399 | ||||||
65,546 | Zoom Video Communications, Inc., Class A* | 8,691,400 | ||||||
|
|
|||||||
3,814,579,301 | ||||||||
|
|
|||||||
Materials – 1.3% | ||||||||
30,754 | Air Products and Chemicals, Inc. | 7,267,170 | ||||||
64,141 | Avery Dennison Corp. | 11,301,644 | ||||||
71,114 | Ball Corp. | 6,381,770 | ||||||
28,893 | Celanese Corp. | 4,024,217 | ||||||
107,507 | Corteva, Inc. | 5,593,589 | ||||||
163,424 | Dow, Inc. | 9,635,479 | ||||||
53,343 | DuPont de Nemours, Inc. | 4,127,148 | ||||||
90,549 | Eastman Chemical Co. | 10,727,340 | ||||||
35,007 | Ecolab, Inc. | 6,170,334 | ||||||
77,848 | Freeport-McMoRan, Inc. | 3,654,964 | ||||||
22,821 | International Flavors & Fragrances, Inc. | 3,035,193 | ||||||
379,246 | International Paper Co. | 16,508,579 | ||||||
11,595 | Martin Marietta Materials, Inc. | 4,399,143 | ||||||
78,280 | Newmont Corp. | 5,182,136 | ||||||
313,712 | Nucor Corp. | 41,290,774 | ||||||
63,705 | PPG Industries, Inc. | 8,501,432 | ||||||
108,733 | Sherwin-Williams Co. (The) | 28,610,914 | ||||||
|
|
|||||||
176,411,826 | ||||||||
|
|
|||||||
Real Estate – 3.3% | ||||||||
84,827 | Alexandria Real Estate Equities, Inc. REIT | 16,066,234 | ||||||
57,328 | American Tower Corp. REIT | 13,006,003 | ||||||
80,358 | AvalonBay Communities, Inc. REIT | 19,172,615 | ||||||
54,772 | Boston Properties, Inc. REIT | 6,699,163 | ||||||
114,735 | Camden Property Trust REIT | 18,943,896 | ||||||
474,438 | CBRE Group, Inc., Class A* | 45,949,320 | ||||||
89,781 | Crown Castle International Corp. REIT | 14,956,617 | ||||||
125,940 | Digital Realty Trust, Inc. REIT | 16,991,825 | ||||||
334,647 | Duke Realty Corp. REIT | 17,736,291 | ||||||
11,513 | Equinix, Inc. REIT | 8,171,122 | ||||||
202,632 | Equity Residential REIT | 17,284,510 | ||||||
37,190 | Essex Property Trust, Inc. REIT | 11,795,552 | ||||||
105,906 | Extra Space Storage, Inc. REIT | 19,926,214 | ||||||
172,774 | Healthpeak Properties, Inc. REIT | 5,366,361 | ||||||
436,339 | Invitation Homes, Inc. REIT | 16,493,614 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
93,554 | Mid-America Apartment Communities, Inc. REIT | $ | 19,142,084 | |||||
409,338 | Orion Office REIT, Inc. REIT* | 6,971,026 | ||||||
199,444 | Prologis, Inc. REIT | 29,088,907 | ||||||
78,936 | Public Storage REIT | 28,023,859 | ||||||
142,459 | Realty Income Corp. REIT | 9,415,115 | ||||||
35,876 | SBA Communications Corp. REIT | 10,884,420 | ||||||
68,499 | Simon Property Group, Inc. REIT | 9,422,722 | ||||||
109,364 | Sun Communities, Inc. REIT | 19,794,884 | ||||||
287,939 | UDR, Inc. REIT | 15,799,213 | ||||||
167,858 | Ventas, Inc. REIT | 9,064,332 | ||||||
268,164 | VICI Properties, Inc. REIT | 7,497,865 | ||||||
86,477 | Welltower, Inc. REIT | 7,202,669 | ||||||
503,237 | Weyerhaeuser Co. REIT | 19,565,855 | ||||||
78,238 | W.P. Carey, Inc. REIT | 6,055,621 | ||||||
|
|
|||||||
446,487,909 | ||||||||
|
|
|||||||
Utilities – 2.1% | ||||||||
498,863 | AES Corp. (The) | 10,590,862 | ||||||
218,306 | Alliant Energy Corp. | 12,749,070 | ||||||
152,860 | Ameren Corp. | 13,138,317 | ||||||
104,431 | American Electric Power Co., Inc. | 9,466,670 | ||||||
51,218 | American Water Works Co., Inc. | 7,738,528 | ||||||
321,474 | CenterPoint Energy, Inc. | 8,792,314 | ||||||
127,404 | CMS Energy Corp. | 8,155,130 | ||||||
197,083 | Consolidated Edison, Inc. | 16,903,809 | ||||||
117,142 | Constellation Energy Corp. | 5,386,189 | ||||||
158,614 | Dominion Energy, Inc. | 12,614,571 | ||||||
76,655 | DTE Energy Co. | 9,320,481 | ||||||
175,649 | Duke Energy Corp. | 17,636,916 | ||||||
107,601 | Edison International | 6,824,055 | ||||||
42,960 | Entergy Corp. | 4,519,822 | ||||||
223,750 | Evergy, Inc. | 13,964,238 | ||||||
106,743 | Eversource Energy | 8,731,577 | ||||||
351,422 | Exelon Corp. | 14,956,520 | ||||||
281,362 | FirstEnergy Corp. | 11,775,000 | ||||||
325,604 | NextEra Energy, Inc. | 25,485,025 | ||||||
273,216 | PPL Corp. | 7,150,063 | ||||||
193,756 | Public Service Enterprise Group, Inc. | 12,561,201 | ||||||
64,500 | Sempra Energy | 9,302,190 | ||||||
253,776 | Southern Co. (The) | 16,437,072 | ||||||
102,573 | WEC Energy Group, Inc. | 9,321,834 | ||||||
193,529 | Xcel Energy, Inc. | 13,030,308 | ||||||
|
|
|||||||
286,551,762 | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $9,697,116,968) | $ | 13,413,352,255 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||
Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
4,006,720 | 0.026% | $ | 4,006,720 | |||
(Cost $4,006,720) | ||||||
|
||||||
TOTAL INVESTMENTS – 99.8% |
| |||||
(Cost $9,701,123,688) | $ | 13,417,358,975 | ||||
|
||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
20,283,727 | |||||
|
||||||
NET ASSETS – 100.0% | $ | 13,437,642,702 | ||||
|
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 | |
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 99.2% | ||||||||
Communication Services – 2.6% | ||||||||
28,481 | AMC Entertainment Holdings, Inc., Class A*(a) | $ | 537,152 | |||||
4,580 | AMC Networks, Inc., Class A* | 189,841 | ||||||
40,435 | Audacy, Inc.* | 125,348 | ||||||
19,057 | Cargurus, Inc.* | 923,312 | ||||||
22,823 | Cars.com, Inc.* | 369,276 | ||||||
6,664 | Cogent Communications Holdings, Inc. | 422,498 | ||||||
28,654 | Consolidated Communications Holdings, Inc.* | 204,016 | ||||||
9,264 | EchoStar Corp., Class A* | 225,486 | ||||||
11,870 | EverQuote, Inc., Class A* | 176,626 | ||||||
15,882 | EW Scripps Co. (The), Class A* | 353,533 | ||||||
29,282 | Fluent, Inc.* | 41,580 | ||||||
63,430 | Gannett Co., Inc.* | 314,613 | ||||||
12,994 | Gogo, Inc.* | 185,034 | ||||||
16,467 | Gray Television, Inc. | 385,822 | ||||||
698 | Hemisphere Media Group, Inc.* | 3,734 | ||||||
13,171 | IDT Corp., Class B* | 474,946 | ||||||
7,961 | iHeartMedia, Inc., Class A* | 170,763 | ||||||
9,124 | Iridium Communications, Inc.* | 361,219 | ||||||
10,906 | John Wiley & Sons, Inc., Class A | 548,681 | ||||||
10,411 | Liberty Latin America Ltd., Class A (Chile)* | 104,630 | ||||||
24,890 | Liberty Latin America Ltd., Class C (Chile)* | 251,140 | ||||||
4,097 | Liberty Media Corp.-Liberty Braves, Class A* | 105,006 | ||||||
3,812 | Liberty Media Corp.-Liberty Braves, Class C* | 94,156 | ||||||
8,756 | Lions Gate Entertainment Corp., Class B* | 124,773 | ||||||
5,503 | Magnite, Inc.* | 80,234 | ||||||
7,760 | MediaAlpha, Inc., Class A* | 111,434 | ||||||
17,818 | Ooma, Inc.* | 297,917 | ||||||
10,363 | QuinStreet, Inc.* | 116,584 | ||||||
10,484 | Scholastic Corp. | 441,167 | ||||||
5,109 | Shenandoah Telecommunications Co. | 114,186 | ||||||
4,773 | Sinclair Broadcast Group, Inc., Class A | 143,190 | ||||||
25,618 | Stagwell, Inc.* | 194,184 | ||||||
6,878 | TechTarget, Inc.* | 539,098 | ||||||
34,293 | TEGNA, Inc. | 785,996 | ||||||
12,328 | Telephone and Data Systems, Inc. | 213,891 | ||||||
5,303 | Thryv Holdings, Inc.* | 161,211 | ||||||
79,910 | TrueCar, Inc.* | 266,899 | ||||||
6,170 | United States Cellular Corp.* | 169,737 | ||||||
5,701 | WideOpenWest, Inc.* | 96,860 | ||||||
18,484 | Yelp, Inc.* | 626,423 | ||||||
7,986 | Ziff Davis, Inc.* | 803,392 | ||||||
|
|
|||||||
11,855,588 | ||||||||
|
|
|||||||
Consumer Discretionary – 11.7% | ||||||||
17,413 | 1-800-Flowers.com, Inc., Class A* | 269,553 | ||||||
12,558 | 2U, Inc.* | 131,859 | ||||||
9,965 | Aaron’s Co., Inc. (The) | 209,165 | ||||||
19,176 | Abercrombie & Fitch Co., Class A* | 730,222 | ||||||
7,700 | Academy Sports & Outdoors, Inc.* | 249,249 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
8,505 | Acushnet Holdings Corp. | 372,519 | ||||||
11,455 | Adient PLC* | 512,611 | ||||||
13,892 | Adtalem Global Education, Inc.* | 288,676 | ||||||
2,280 | America’s Car-Mart, Inc.* | 219,290 | ||||||
21,445 | American Axle & Manufacturing Holdings, Inc.* | 198,581 | ||||||
15,455 | American Eagle Outfitters, Inc. | 325,791 | ||||||
3,086 | American Outdoor Brands, Inc.* | 48,234 | ||||||
12,435 | American Public Education, Inc.* | 248,203 | ||||||
5,308 | Arko Corp.* | 44,322 | ||||||
3,801 | Asbury Automotive Group, Inc.* | 737,812 | ||||||
3,496 | Barnes & Noble Education, Inc.* | 19,158 | ||||||
7,177 | Bassett Furniture Industries, Inc. | 125,956 | ||||||
17,302 | Beazer Homes USA, Inc.* | 283,234 | ||||||
21,205 | Bed Bath & Beyond, Inc.* | 358,152 | ||||||
9,435 | Big 5 Sporting Goods Corp.(a) | 156,244 | ||||||
9,562 | Big Lots, Inc. | 332,375 | ||||||
3,827 | BJ’s Restaurants, Inc.* | 122,732 | ||||||
10,260 | Bloomin’ Brands, Inc.* | 252,499 | ||||||
5,345 | Bluegreen Vacations Holding Corp.* | 151,477 | ||||||
4,098 | Boot Barn Holdings, Inc.* | 356,608 | ||||||
6,192 | Brinker International, Inc.* | 263,408 | ||||||
8,700 | Buckle, Inc. (The) | 313,200 | ||||||
13,278 | Caleres, Inc. | 275,651 | ||||||
12,389 | Callaway Golf Co.* | 306,504 | ||||||
4,732 | Camping World Holdings, Inc., Class A | 145,320 | ||||||
18,115 | CarParts.com, Inc.* | 151,623 | ||||||
6,794 | Carriage Services, Inc. | 334,333 | ||||||
945 | Cavco Industries, Inc.* | 257,635 | ||||||
3,543 | Century Casinos, Inc.* | 43,579 | ||||||
4,424 | Century Communities, Inc. | 281,897 | ||||||
4,577 | Cheesecake Factory, Inc. (The)* | 195,850 | ||||||
28,423 | Chico’s FAS, Inc.* | 133,588 | ||||||
3,819 | Children’s Place, Inc. (The)* | 240,444 | ||||||
3,984 | Chuy’s Holdings, Inc.* | 129,878 | ||||||
5,858 | Citi Trends, Inc.* | 218,562 | ||||||
8,128 | Clarus Corp. | 185,075 | ||||||
5,686 | Conn’s, Inc.* | 104,281 | ||||||
15,810 | Container Store Group, Inc. (The)* | 139,602 | ||||||
1,580 | Cracker Barrel Old Country Store, Inc. | 212,147 | ||||||
12,017 | Crocs, Inc.* | 1,006,183 | ||||||
21,412 | Dana, Inc. | 398,691 | ||||||
3,413 | Dave & Buster’s Entertainment, Inc.* | 147,919 | ||||||
21,746 | Del Taco Restaurants, Inc. | 271,390 | ||||||
6,561 | Denny’s Corp.* | 103,795 | ||||||
6,899 | Designer Brands, Inc., Class A* | 90,032 | ||||||
3,135 | Dillard’s, Inc., Class A | 785,976 | ||||||
1,602 | Dine Brands Global, Inc. | 134,312 | ||||||
7,083 | Dorman Products, Inc.* | 661,694 | ||||||
8,840 | Duluth Holdings, Inc., Class B* | 123,141 | ||||||
10,279 | El Pollo Loco Holdings, Inc.* | 136,402 | ||||||
16,656 | Ethan Allen Interiors, Inc. | 434,055 | ||||||
10,827 | Everi Holdings, Inc.* | 253,352 | ||||||
14,464 | Fiesta Restaurant Group, Inc.* | 145,652 | ||||||
1,583 | Flexsteel Industries, Inc. | 34,177 | ||||||
34,797 | Fossil Group, Inc.* | 470,455 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
5,540 | Fox Factory Holding Corp.* | $ | 653,831 | |||||
3,802 | Franchise Group, Inc. | 160,254 | ||||||
3,899 | Full House Resorts, Inc.* | 34,311 | ||||||
16,680 | Funko, Inc., Class A* | 291,233 | ||||||
8,008 | Genesco, Inc.* | 513,713 | ||||||
9,384 | Gentherm, Inc.* | 796,139 | ||||||
9,426 | G-III Apparel Group Ltd.* | 261,477 | ||||||
4,459 | Golden Entertainment, Inc.* | 253,851 | ||||||
35,496 | Goodyear Tire & Rubber Co. (The)* | 549,833 | ||||||
26,596 | GoPro, Inc., Class A* | 228,726 | ||||||
711 | Graham Holdings Co., Class B | 427,403 | ||||||
5,655 | Green Brick Partners, Inc.* | 131,139 | ||||||
3,393 | Group 1 Automotive, Inc. | 617,288 | ||||||
5,674 | Groupon, Inc.* | 123,239 | ||||||
7,433 | Guess?, Inc. | 162,783 | ||||||
13,586 | Haverty Furniture Cos., Inc. | 385,978 | ||||||
3,510 | Helen of Troy Ltd.* | 721,902 | ||||||
9,803 | Hibbett, Inc. | 441,919 | ||||||
5,709 | Hilton Grand Vacations, Inc.* | 296,069 | ||||||
38,528 | Houghton Mifflin Harcourt Co.* | 807,162 | ||||||
1,846 | Hovnanian Enterprises, Inc., Class A* | 177,438 | ||||||
3,683 | Installed Building Products, Inc. | 356,146 | ||||||
13,569 | International Game Technology PLC | 415,483 | ||||||
5,721 | iRobot Corp.* | 355,617 | ||||||
3,135 | Jack in the Box, Inc. | 270,456 | ||||||
3,368 | Johnson Outdoors, Inc., Class A | 277,759 | ||||||
11,462 | KB Home | 442,548 | ||||||
962 | Kirkland’s, Inc.*(a) | 13,314 | ||||||
9,208 | Kontoor Brands, Inc. | 456,164 | ||||||
7,900 | Lands’ End, Inc.* | 133,984 | ||||||
20,171 | Laureate Education, Inc., Class A | 218,654 | ||||||
13,119 | La-Z-Boy, Inc. | 382,812 | ||||||
6,016 | Lazydays Holdings, Inc.* | 109,672 | ||||||
5,617 | LCI Industries | 699,429 | ||||||
1,643 | LGI Homes, Inc.* | 207,232 | ||||||
6,758 | Lifetime Brands, Inc. | 88,530 | ||||||
2,096 | Liquidity Services, Inc.* | 36,114 | ||||||
8,885 | LL Flooring Holdings, Inc.* | 142,693 | ||||||
3,645 | Lovesac Co. (The)* | 154,876 | ||||||
5,547 | M/I Homes, Inc.* | 273,412 | ||||||
46,281 | Macy’s, Inc. | 1,199,604 | ||||||
4,709 | Malibu Boats, Inc., Class A* | 328,076 | ||||||
3,502 | Marine Products Corp. | 42,339 | ||||||
7,276 | MarineMax, Inc.* | 332,950 | ||||||
12,620 | MasterCraft Boat Holdings, Inc.* | 361,437 | ||||||
4,522 | MDC Holdings, Inc. | 200,505 | ||||||
5,264 | Meritage Homes Corp.* | 518,925 | ||||||
12,262 | Modine Manufacturing Co.* | 123,846 | ||||||
3,255 | Monarch Casino & Resort, Inc.* | 253,565 | ||||||
2,682 | Monro, Inc. | 125,196 | ||||||
6,367 | Movado Group, Inc. | 250,987 | ||||||
5,470 | Murphy USA, Inc. | 988,648 | ||||||
2,333 | Nathan’s Famous, Inc. | 135,664 | ||||||
7,194 | National Vision Holdings, Inc.* | 263,804 | ||||||
19,066 | Nautilus, Inc.* | 92,851 | ||||||
8,143 | ODP Corp. (The)* | 358,292 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
4,659 | ONE Group Hospitality, Inc. (The)* | 54,697 | ||||||
3,420 | OneWater Marine, Inc., Class A | 173,770 | ||||||
6,557 | Overstock.com, Inc.* | 373,093 | ||||||
5,620 | Oxford Industries, Inc. | 496,752 | ||||||
8,191 | Papa John’s International, Inc. | 874,963 | ||||||
5,832 | Patrick Industries, Inc. | 416,055 | ||||||
54,941 | Perdoceo Education Corp.* | 575,232 | ||||||
6,988 | PetMed Express, Inc.(a) | 188,327 | ||||||
5,718 | Porch Group, Inc.* | 46,316 | ||||||
10,012 | Purple Innovation, Inc.* | 60,272 | ||||||
2,915 | RCI Hospitality Holdings, Inc. | 189,242 | ||||||
7,530 | Red Robin Gourmet Burgers, Inc.* | 132,152 | ||||||
7,059 | Red Rock Resorts, Inc., Class A | 354,927 | ||||||
18,681 | Rent-A-Center, Inc. | 530,727 | ||||||
4,800 | Revolve Group, Inc.* | 227,664 | ||||||
238 | Rocky Brands, Inc. | 9,173 | ||||||
8,795 | Rush Street Interactive, Inc.* | 90,852 | ||||||
21,209 | Sally Beauty Holdings, Inc.* | 366,492 | ||||||
7,384 | Scientific Games Corp.* | 464,601 | ||||||
4,138 | SeaWorld Entertainment, Inc.* | 287,136 | ||||||
14,468 | Shoe Carnival, Inc. | 421,887 | ||||||
6,485 | Shutterstock, Inc. | 587,087 | ||||||
7,645 | Signet Jewelers Ltd. | 538,973 | ||||||
6,587 | Skyline Champion Corp.* | 442,910 | ||||||
8,109 | Sleep Number Corp.* | 532,761 | ||||||
16,676 | Smith & Wesson Brands, Inc. | 293,998 | ||||||
3,461 | Sonic Automotive, Inc., Class A | 185,890 | ||||||
20,838 | Sonos, Inc.* | 570,753 | ||||||
15,872 | Sportsman’s Warehouse Holdings, Inc.* | 181,100 | ||||||
10,373 | Standard Motor Products, Inc. | 453,404 | ||||||
15,133 | Steven Madden Ltd. | 645,574 | ||||||
10,675 | Stitch Fix, Inc., Class A* | 133,971 | ||||||
15,375 | Stoneridge, Inc.* | 253,841 | ||||||
3,566 | Strategic Education, Inc. | 210,465 | ||||||
19,594 | Stride, Inc.* | 657,967 | ||||||
6,233 | Sturm Ruger & Co., Inc. | 451,332 | ||||||
18,692 | Taylor Morrison Home Corp.* | 551,414 | ||||||
10,559 | Tenneco, Inc., Class A* | 203,578 | ||||||
7,776 | Texas Roadhouse, Inc. | 738,020 | ||||||
3,435 | TravelCenters of America, Inc.* | 145,060 | ||||||
19,747 | Tri Pointe Homes, Inc.* | 441,740 | ||||||
23,275 | Tupperware Brands Corp.* | 424,303 | ||||||
5,746 | Unifi, Inc.* | 107,852 | ||||||
6,877 | Urban Outfitters, Inc.* | 189,186 | ||||||
17,704 | Vera Bradley, Inc.* | 133,842 | ||||||
10,442 | Vista Outdoor, Inc.* | 380,611 | ||||||
2,134 | Visteon Corp.* | 256,443 | ||||||
2,134 | Vivint Smart Home, Inc.* | 15,343 | ||||||
3,141 | VOXX International Corp.* | 33,703 | ||||||
7,502 | Wingstop, Inc. | 1,090,416 | ||||||
1,973 | Winmark Corp. | 446,332 | ||||||
5,471 | Winnebago Industries, Inc. | 350,527 | ||||||
12,016 | Wolverine World Wide, Inc. | 276,728 | ||||||
23,050 | WW International, Inc.* | 234,880 | ||||||
5,386 | XPEL, Inc.* | 391,024 | ||||||
10,407 | Zumiez, Inc.* | 463,007 | ||||||
|
|
|||||||
53,869,962 | ||||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – 3.7% | ||||||||
15,581 | 22nd Century Group, Inc.* | $ | 36,460 | |||||
3,252 | Andersons, Inc. (The) | 148,291 | ||||||
9,527 | B&G Foods, Inc.(a) | 281,999 | ||||||
8,014 | Beauty Health Co. (The)* | 155,311 | ||||||
8,397 | BellRing Brands, Inc., Class A* | 214,711 | ||||||
22,302 | BJ’s Wholesale Club Holdings, Inc.* | 1,402,127 | ||||||
3,379 | Cal-Maine Foods, Inc. | 149,588 | ||||||
8,130 | Celsius Holdings, Inc.* | 519,426 | ||||||
4,528 | Central Garden & Pet Co.* | 214,356 | ||||||
6,389 | Central Garden & Pet Co., Class A* | 281,372 | ||||||
1,963 | Coca-Cola Consolidated, Inc. | 975,474 | ||||||
8,917 | Edgewell Personal Care Co. | 318,159 | ||||||
5,824 | elf Beauty, Inc.* | 153,928 | ||||||
4,088 | Energizer Holdings, Inc. | 136,498 | ||||||
7,409 | Fresh Del Monte Produce, Inc. | 191,745 | ||||||
29,509 | Hostess Brands, Inc.* | 635,624 | ||||||
8,542 | Ingles Markets, Inc., Class A | 702,323 | ||||||
3,381 | Inter Parfums, Inc. | 314,027 | ||||||
1,520 | J & J Snack Foods Corp. | 248,854 | ||||||
3,896 | John B. Sanfilippo & Son, Inc. | 309,810 | ||||||
3,022 | Lancaster Colony Corp. | 508,331 | ||||||
6,343 | Landec Corp.* | 73,071 | ||||||
3,175 | Medifast, Inc. | 590,550 | ||||||
1,681 | MGP Ingredients, Inc. | 133,824 | ||||||
10,153 | National Beverage Corp.(a) | 446,834 | ||||||
578 | Nature’s Sunshine Products, Inc. | 10,132 | ||||||
32,469 | NewAge, Inc.* | 21,975 | ||||||
9,146 | Nu Skin Enterprises, Inc., Class A | 424,283 | ||||||
20,456 | Performance Food Group Co.* | 1,146,354 | ||||||
2,193 | PriceSmart, Inc. | 159,475 | ||||||
28,692 | Primo Water Corp. | 417,182 | ||||||
16,074 | Rite Aid Corp.* | 147,238 | ||||||
3,502 | Sanderson Farms, Inc. | 625,422 | ||||||
7,561 | Simply Good Foods Co. (The)* | 299,642 | ||||||
15,545 | SpartanNash Co. | 437,436 | ||||||
20,694 | Sprouts Farmers Market, Inc.* | 589,365 | ||||||
9,370 | TreeHouse Foods, Inc.* | 367,773 | ||||||
4,624 | Turning Point Brands, Inc. | 154,997 | ||||||
14,812 | United Natural Foods, Inc.* | 595,887 | ||||||
6,533 | Universal Corp. | 353,501 | ||||||
4,745 | USANA Health Sciences, Inc.* | 417,607 | ||||||
6,538 | Utz Brands, Inc. | 99,705 | ||||||
31,026 | Vector Group Ltd. | 347,801 | ||||||
6,976 | Village Super Market, Inc., Class A | 158,913 | ||||||
8,164 | Vital Farms, Inc.* | 116,337 | ||||||
2,597 | WD-40 Co. | 550,278 | ||||||
4,968 | Weis Markets, Inc. | 306,377 | ||||||
|
|
|||||||
16,890,373 | ||||||||
|
|
|||||||
Energy – 4.7% | ||||||||
7,461 | Aemetis, Inc.* | 95,650 | ||||||
33,703 | Alto Ingredients, Inc.* | 196,488 | ||||||
33,542 | Antero Resources Corp.* | 769,118 | ||||||
1,808 | Arch Resources, Inc.(a) | 215,821 | ||||||
37,392 | Archrock, Inc. | 312,223 | ||||||
4,360 | Bristow Group, Inc.* | 144,490 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
10,160 | Cactus, Inc., Class A | 514,706 | ||||||
7,916 | California Resources Corp. | 326,377 | ||||||
5,921 | Callon Petroleum Co.* | 333,708 | ||||||
40,599 | Centennial Resource Development, Inc., Class A* | 356,459 | ||||||
2,727 | Centrus Energy Corp., Class A* | 123,451 | ||||||
20,409 | ChampionX Corp.* | 436,957 | ||||||
12,026 | Chesapeake Energy Corp. | 929,008 | ||||||
8,849 | Civitas Resources, Inc. | 446,609 | ||||||
21,404 | CNX Resources Corp.* | 349,741 | ||||||
32,721 | Comstock Resources, Inc.* | 271,584 | ||||||
10,846 | CONSOL Energy, Inc.* | 333,406 | ||||||
5,955 | Delek US Holdings, Inc.* | 102,605 | ||||||
4,181 | Denbury, Inc.* | 303,791 | ||||||
53,031 | DHT Holdings, Inc. | 333,565 | ||||||
7,702 | DMC Global, Inc.* | 226,439 | ||||||
14,855 | Dorian LPG Ltd. | 204,702 | ||||||
22,082 | Energy Fuels, Inc.* | 180,410 | ||||||
30,806 | Equitrans Midstream Corp. | 197,466 | ||||||
19,409 | Gevo, Inc.*(a) | 68,902 | ||||||
3,751 | Green Plains, Inc.* | 122,808 | ||||||
44,532 | Helix Energy Solutions Group, Inc.* | 180,355 | ||||||
4,454 | Helmerich & Payne, Inc. | 161,368 | ||||||
4,482 | International Seaways, Inc. | 81,976 | ||||||
60 | Kinetik Holdings, Inc. | 4,080 | ||||||
25,928 | Kosmos Energy Ltd. (Ghana)* | 126,010 | ||||||
5,014 | Laredo Petroleum, Inc.* | 383,872 | ||||||
9,856 | Liberty Oilfield Services, Inc., Class A* | 123,003 | ||||||
48,724 | Magnolia Oil & Gas Corp., Class A | 1,088,981 | ||||||
15,711 | Matador Resources Co. | 779,266 | ||||||
16,215 | Murphy Oil Corp. | 562,174 | ||||||
2,610 | Nabors Industries Ltd.* | 327,659 | ||||||
1,304 | National Energy Services Reunited Corp.* | 11,619 | ||||||
8,796 | Newpark Resources, Inc.* | 33,161 | ||||||
33,713 | NexTier Oilfield Solutions, Inc.* | 268,355 | ||||||
5,399 | Northern Oil and Gas, Inc. | 135,407 | ||||||
1,371 | Oasis Petroleum, Inc. | 181,671 | ||||||
17,210 | Oceaneering International, Inc.* | 251,954 | ||||||
22,546 | Oil States International, Inc.* | 117,916 | ||||||
27,980 | Ovintiv, Inc. | 1,282,883 | ||||||
11,377 | Patterson-UTI Energy, Inc. | 164,170 | ||||||
11,833 | PBF Energy, Inc., Class A* | 196,664 | ||||||
13,627 | PDC Energy, Inc. | 879,214 | ||||||
41,454 | ProPetro Holding Corp.* | 529,368 | ||||||
16,370 | Range Resources Corp.* | 375,692 | ||||||
9,629 | Renewable Energy Group, Inc.* | 592,184 | ||||||
1,558 | REX American Resources Corp.* | 147,169 | ||||||
890 | Riley Exploration Permian, Inc. | 29,815 | ||||||
49,622 | RPC, Inc.* | 435,185 | ||||||
18,215 | SFL Corp. Ltd. (Norway) | 181,239 | ||||||
32,306 | SM Energy Co. | 1,147,186 | ||||||
20,751 | Solaris Oilfield Infrastructure, Inc., Class A | 215,810 | ||||||
37,516 | Southwestern Energy Co.* | 187,205 | ||||||
9,983 | Talos Energy, Inc.* | 156,833 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
8,969 | Teekay Corp. (Bermuda)* | $ | 30,226 | |||||
36,068 | Tellurian, Inc.* | 137,419 | ||||||
39,731 | TETRA Technologies, Inc.* | 127,139 | ||||||
37,667 | Uranium Energy Corp.*(a) | 150,291 | ||||||
2,487 | Ur-Energy, Inc.* | 3,681 | ||||||
16,808 | US Silica Holdings, Inc.* | 243,044 | ||||||
74,538 | W&T Offshore, Inc.* | 362,255 | ||||||
14,283 | Whiting Petroleum Corp. | 1,054,800 | ||||||
12,398 | World Fuel Services Corp. | 351,359 | ||||||
|
|
|||||||
21,696,142 | ||||||||
|
|
|||||||
Financials – 18.7% | ||||||||
3,208 | 1st Source Corp. | 154,914 | ||||||
3,018 | Allegiance Bancshares, Inc. | 129,321 | ||||||
4,153 | A-Mark Precious Metals, Inc. | 297,770 | ||||||
17,849 | American Equity Investment Life Holding Co. | 672,729 | ||||||
3,667 | American National Bankshares, Inc. | 141,546 | ||||||
1,904 | American National Group, Inc. | 359,913 | ||||||
11,949 | Ameris Bancorp | 591,475 | ||||||
6,644 | AMERISAFE, Inc. | 312,932 | ||||||
18,048 | Apollo Commercial Real Estate Finance, Inc. REIT | 235,526 | ||||||
20,651 | Arbor Realty Trust, Inc. REIT | 371,718 | ||||||
12,987 | Ares Commercial Real Estate Corp. REIT | 190,260 | ||||||
4,123 | Argo Group International Holdings Ltd. | 173,867 | ||||||
17,339 | ARMOUR Residential REIT, Inc. REIT | 140,966 | ||||||
7,058 | Arrow Financial Corp. | 242,442 | ||||||
15,571 | Artisan Partners Asset Management, Inc., Class A | 593,411 | ||||||
18,009 | Associated Banc-Corp. | 439,240 | ||||||
7,294 | Atlantic Capital Bancshares, Inc.* | 235,888 | ||||||
9,350 | Atlantic Union Bankshares Corp. | 379,890 | ||||||
19,399 | Axos Financial, Inc.* | 1,061,901 | ||||||
7,386 | B. Riley Financial, Inc. | 439,836 | ||||||
5,647 | BancFirst Corp. | 441,200 | ||||||
6,668 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 103,021 | ||||||
12,485 | Bancorp, Inc. (The)* | 365,810 | ||||||
2,101 | Bank First Corp. | 147,973 | ||||||
3,323 | Bank of Marin Bancorp | 117,368 | ||||||
17,589 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 675,418 | ||||||
11,163 | BankUnited, Inc. | 493,405 | ||||||
4,928 | Banner Corp. | 303,614 | ||||||
425 | Bar Harbor Bankshares | 12,219 | ||||||
5,486 | Berkshire Hills Bancorp, Inc. | 170,615 | ||||||
25,648 | BGC Partners, Inc., Class A | 117,468 | ||||||
16,131 | Blackstone Mortgage Trust, Inc., Class A REIT | 512,643 | ||||||
6,245 | Blue Ridge Bankshares, Inc. | 100,232 | ||||||
26,678 | Brightsphere Investment Group, Inc. | 636,804 | ||||||
10,073 | Broadmark Realty Capital, Inc. REIT | 87,232 | ||||||
13,174 | Brookline Bancorp, Inc. | 225,802 | ||||||
3,691 | BRP Group, Inc., Class A* | 102,499 | ||||||
30,720 | Cadence Bank | 971,366 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,408 | Cambridge Bancorp | 124,115 | ||||||
7,393 | Camden National Corp. | 351,537 | ||||||
13,087 | Cannae Holdings, Inc.* | 351,386 | ||||||
7,270 | Capital City Bank Group, Inc. | 204,069 | ||||||
13,567 | Capitol Federal Financial, Inc. | 148,152 | ||||||
14,416 | Cathay General Bancorp | 677,984 | ||||||
6,281 | Central Pacific Financial Corp. | 183,342 | ||||||
43,529 | Chimera Investment Corp. REIT | 529,748 | ||||||
1,852 | Citizens & Northern Corp. | 45,874 | ||||||
5,376 | City Holding Co. | 428,306 | ||||||
9,067 | Civista Bancshares, Inc. | 221,144 | ||||||
6,176 | CNB Financial Corp. | 161,502 | ||||||
21,409 | CNO Financial Group, Inc. | 517,456 | ||||||
7,604 | Cohen & Steers, Inc. | 617,901 | ||||||
9,585 | Columbia Banking System, Inc. | 351,099 | ||||||
5,801 | Columbia Financial, Inc.* | 123,213 | ||||||
7,121 | Community Bank System, Inc. | 519,406 | ||||||
4,473 | Community Trust Bancorp, Inc. | 189,118 | ||||||
5,886 | ConnectOne Bancorp, Inc. | 194,238 | ||||||
11,031 | Cowen, Inc., Class A | 327,069 | ||||||
3,031 | Crawford & Co., Class A | 23,369 | ||||||
8,373 | Curo Group Holdings Corp. | 111,947 | ||||||
13,737 | Customers Bancorp, Inc.* | 845,512 | ||||||
15,579 | CVB Financial Corp. | 367,353 | ||||||
1,542 | Diamond Hill Investment Group, Inc. | 298,963 | ||||||
6,233 | Dime Community Bancshares, Inc. | 211,860 | ||||||
2,383 | Donegal Group, Inc., Class A | 32,552 | ||||||
8,752 | Donnelley Financial Solutions, Inc.* | 280,939 | ||||||
16,915 | Dynex Capital, Inc. REIT | 259,984 | ||||||
7,651 | Eagle Bancorp, Inc. | 458,448 | ||||||
13,049 | Eastern Bankshares, Inc. | 285,251 | ||||||
12,275 | Ellington Financial, Inc. REIT | 216,899 | ||||||
9,365 | Employers Holdings, Inc. | 363,924 | ||||||
10,361 | Encore Capital Group, Inc.* | 683,722 | ||||||
14,800 | Enova International, Inc.* | 603,396 | ||||||
2,770 | Enstar Group Ltd.* | 789,533 | ||||||
5,195 | Enterprise Financial Services Corp. | 256,841 | ||||||
19,148 | Essent Group Ltd. | 845,959 | ||||||
10,228 | Farmers National Banc Corp. | 176,228 | ||||||
7,733 | FB Financial Corp. | 343,655 | ||||||
7,306 | Federal Agricultural Mortgage Corp., Class C | 903,752 | ||||||
20,826 | Federated Hermes, Inc. | 680,385 | ||||||
7,357 | Financial Institutions, Inc. | 234,983 | ||||||
28,503 | First BanCorp. (Puerto Rico) | 402,462 | ||||||
5,170 | First Bancorp, Inc. (The) | 154,066 | ||||||
3,634 | First Bancshares, Inc. (The) | 128,317 | ||||||
6,967 | First BankCorp | 312,679 | ||||||
8,336 | First Busey Corp. | 228,823 | ||||||
18,927 | First Commonwealth Financial Corp. | 305,671 | ||||||
124 | First Community Bankshares, Inc. | 3,637 | ||||||
16,828 | First Financial Bancorp | 413,632 | ||||||
21,596 | First Financial Bankshares, Inc. | 1,034,880 | ||||||
3,558 | First Financial Corp. | 165,483 | ||||||
9,586 | First Foundation, Inc. | 255,659 | ||||||
4,312 | First Internet Bancorp | 210,771 | ||||||
|
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
14,259 | First Interstate BancSystem, Inc., Class A | $ | 578,915 | |||||
11,627 | First Merchants Corp. | 508,565 | ||||||
4,014 | First Mid Bancshares, Inc. | 160,841 | ||||||
7,820 | First of Long Island Corp. (The) | 170,241 | ||||||
4,633 | FirstCash Holdings, Inc. | 333,761 | ||||||
16,307 | Flagstar Bancorp, Inc. | 743,273 | ||||||
11,105 | Flushing Financial Corp. | 260,856 | ||||||
3,949 | Focus Financial Partners, Inc., Class A* | 197,608 | ||||||
5,889 | FS Bancorp, Inc. | 188,566 | ||||||
26,995 | Fulton Financial Corp. | 486,450 | ||||||
72,766 | Genworth Financial, Inc., Class A* | 295,430 | ||||||
8,718 | German American Bancorp, Inc. | 346,802 | ||||||
17,757 | Glacier Bancorp, Inc. | 983,738 | ||||||
1,462 | Goosehead Insurance, Inc., Class A | 127,165 | ||||||
11,138 | Great Ajax Corp. REIT | 126,862 | ||||||
5,524 | Great Southern Bancorp, Inc. | 339,284 | ||||||
3,772 | Green Dot Corp., Class A* | 108,068 | ||||||
12,030 | Greenhill & Co., Inc. | 212,690 | ||||||
7,179 | Hamilton Lane, Inc., Class A | 560,680 | ||||||
10,442 | Hancock Whitney Corp. | 581,411 | ||||||
8,380 | Hanmi Financial Corp. | 218,886 | ||||||
4,183 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 198,023 | ||||||
12,852 | HarborOne Bancorp, Inc. | 190,081 | ||||||
2,108 | HCI Group, Inc. | 131,244 | ||||||
7,111 | Heartland Financial USA, Inc. | 352,848 | ||||||
15,689 | Heritage Commerce Corp. | 186,542 | ||||||
5,414 | Heritage Financial Corp. | 141,955 | ||||||
19,298 | Hilltop Holdings, Inc. | 596,694 | ||||||
1,067 | Hingham Institution For Savings (The) | 383,949 | ||||||
3,249 | Home Bancorp, Inc. | 127,393 | ||||||
24,888 | Home BancShares, Inc. | 582,628 | ||||||
7,979 | HomeStreet, Inc. | 410,599 | ||||||
5,119 | HomeTrust Bancshares, Inc. | 153,980 | ||||||
23,233 | Hope Bancorp, Inc. | 394,032 | ||||||
9,671 | Horace Mann Educators Corp. | 402,217 | ||||||
11,158 | Horizon Bancorp, Inc. | 224,053 | ||||||
8,770 | Houlihan Lokey, Inc. | 902,082 | ||||||
11,474 | Independent Bank Corp. | 273,081 | ||||||
7,117 | Independent Bank Corp. | 612,133 | ||||||
5,523 | Independent Bank Group, Inc. | 426,099 | ||||||
9,164 | International Bancshares Corp. | 394,144 | ||||||
47,266 | Invesco Mortgage Capital, Inc. REIT | 103,040 | ||||||
29,449 | Investors Bancorp, Inc. | 492,976 | ||||||
1,033 | Investors Title Co. | 197,871 | ||||||
9,845 | Kearny Financial Corp. | 130,052 | ||||||
3,755 | Kinsale Capital Group, Inc. | 787,649 | ||||||
6,961 | KKR Real Estate Finance Trust, Inc. REIT | 149,453 | ||||||
10,360 | Lakeland Bancorp, Inc. | 186,894 | ||||||
7,706 | Lakeland Financial Corp. | 618,098 | ||||||
5,185 | LendingClub Corp.* | 96,337 | ||||||
7,000 | Live Oak Bancshares, Inc. | 447,650 | ||||||
17,515 | Macatawa Bank Corp. | 160,788 | ||||||
24,929 | Maiden Holdings Ltd.* | 60,827 | ||||||
19,093 | MBIA, Inc.* | 291,168 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
6,162 | Mercantile Bank Corp. | 227,193 | ||||||
9,827 | Meta Financial Group, Inc. | 544,318 | ||||||
76,061 | MFA Financial, Inc. REIT | 308,808 | ||||||
4,801 | Midland States Bancorp, Inc. | 140,957 | ||||||
3,960 | MidWestOne Financial Group, Inc. | 119,552 | ||||||
10,431 | Moelis & Co., Class A | 502,879 | ||||||
30,552 | Mr Cooper Group, Inc.* | 1,552,958 | ||||||
4,785 | National Bank Holdings Corp., Class A | 212,358 | ||||||
700 | National Western Life Group, Inc., Class A | 149,345 | ||||||
39,781 | Navient Corp. | 700,543 | ||||||
7,513 | NBT Bancorp, Inc. | 288,274 | ||||||
4,467 | Nelnet, Inc., Class A | 359,817 | ||||||
64,301 | New York Mortgage Trust, Inc. REIT | 225,697 | ||||||
183 | NI Holdings, Inc.* | 3,281 | ||||||
3,862 | Nicolet Bankshares, Inc.* | 367,894 | ||||||
14,897 | NMI Holdings, Inc., Class A* | 344,717 | ||||||
4,253 | Northrim BanCorp, Inc. | 190,492 | ||||||
14,548 | Northwest Bancshares, Inc. | 204,836 | ||||||
7,290 | OceanFirst Financial Corp. | 163,150 | ||||||
2,633 | Ocwen Financial Corp.* | 75,383 | ||||||
11,411 | OFG Bancorp (Puerto Rico) | 321,562 | ||||||
36,700 | Old National Bancorp | 670,876 | ||||||
13,812 | Old Second Bancorp, Inc. | 196,545 | ||||||
9,911 | Open Lending Corp., Class A* | 206,446 | ||||||
6,278 | Oppenheimer Holdings, Inc., Class A | 271,147 | ||||||
1,247 | Origin Bancorp, Inc. | 57,586 | ||||||
9,475 | Pacific Premier Bancorp, Inc. | 366,777 | ||||||
3,675 | Park National Corp. | 492,670 | ||||||
5,145 | PCSB Financial Corp. | 95,851 | ||||||
6,469 | Peapack-Gladstone Financial Corp. | 244,011 | ||||||
14,641 | PennyMac Financial Services, Inc. | 845,518 | ||||||
17,317 | PennyMac Mortgage Investment Trust REIT | 270,145 | ||||||
11,996 | Peoples Bancorp, Inc. | 375,235 | ||||||
3,387 | Peoples Financial Services Corp. | 161,865 | ||||||
2,467 | Piper Sandler Cos. | 365,141 | ||||||
5,774 | PJT Partners, Inc., Class A | 368,497 | ||||||
6,845 | PRA Group, Inc.* | 305,492 | ||||||
6,877 | Preferred Bank | 539,707 | ||||||
6,561 | Premier Financial Corp. | 201,226 | ||||||
7,939 | Primis Financial Corp. | 113,528 | ||||||
8,205 | ProAssurance Corp. | 197,741 | ||||||
8,467 | PROG Holdings, Inc.* | 259,429 | ||||||
13,321 | Provident Financial Services, Inc. | 316,107 | ||||||
13,840 | Pzena Investment Management, Inc., Class A | 127,743 | ||||||
4,723 | QCR Holdings, Inc. | 263,827 | ||||||
35,245 | Radian Group, Inc. | 842,356 | ||||||
12,080 | Ready Capital Corp. REIT | 179,388 | ||||||
27,509 | Redwood Trust, Inc. REIT | 285,819 | ||||||
5,617 | Regional Management Corp. | 288,321 | ||||||
7,427 | Renasant Corp. | 271,160 | ||||||
5,083 | Republic Bancorp, Inc., Class A | 233,208 | ||||||
5,479 | RLI Corp. | 556,119 | ||||||
6,966 | S&T Bancorp, Inc. | 216,573 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
4,191 | Safety Insurance Group, Inc. | $ | 349,697 | |||||
9,567 | Sandy Spring Bancorp, Inc. | 450,510 | ||||||
7,299 | Seacoast Banking Corp. of Florida | 267,508 | ||||||
10,861 | Selective Insurance Group, Inc. | 903,527 | ||||||
14,013 | ServisFirst Bancshares, Inc. | 1,224,456 | ||||||
6,015 | Sierra Bancorp | 161,443 | ||||||
1,576 | Silvergate Capital Corp., Class A* | 201,854 | ||||||
13,954 | Simmons First National Corp., Class A | 397,968 | ||||||
20,996 | SiriusPoint Ltd. (Bermuda)* | 155,160 | ||||||
1,357 | SmartFinancial, Inc. | 35,404 | ||||||
5,164 | Southern First Bancshares, Inc.* | 294,658 | ||||||
5,541 | Southern Missouri Bancorp, Inc. | 296,887 | ||||||
5,548 | Southside Bancshares, Inc. | 231,296 | ||||||
5,785 | SouthState Corp. | 520,650 | ||||||
8,496 | StepStone Group, Inc., Class A | 293,367 | ||||||
8,729 | Stewart Information Services Corp. | 592,525 | ||||||
8,581 | Stock Yards Bancorp, Inc. | 458,826 | ||||||
5,323 | StoneX Group, Inc.* | 401,620 | ||||||
857 | Summit Financial Group, Inc. | 23,370 | ||||||
5,605 | Texas Capital Bancshares, Inc.* | 373,293 | ||||||
3,122 | Tompkins Financial Corp. | 246,950 | ||||||
11,612 | Towne Bank | 362,062 | ||||||
2,068 | TPG RE Finance Trust, Inc. REIT | 24,485 | ||||||
7,604 | TriCo Bancshares | 330,014 | ||||||
10,061 | TriState Capital Holdings, Inc.* | 334,025 | ||||||
5,757 | Triumph Bancorp, Inc.* | 577,542 | ||||||
2,360 | Trupanion, Inc.* | 211,527 | ||||||
4,850 | TrustCo Bank Corp. | 165,725 | ||||||
10,730 | Trustmark Corp. | 337,888 | ||||||
44,482 | Two Harbors Investment Corp. REIT | 225,079 | ||||||
7,302 | UMB Financial Corp. | 743,782 | ||||||
14,946 | United Bankshares, Inc. | 547,323 | ||||||
15,163 | United Community Banks, Inc. | 586,202 | ||||||
10,791 | Universal Insurance Holdings, Inc. | 124,744 | ||||||
5,760 | Univest Financial Corp. | 166,925 | ||||||
58,587 | Valley National Bancorp | 818,460 | ||||||
8,482 | Veritex Holdings, Inc. | 344,624 | ||||||
2,072 | Virtus Investment Partners, Inc. | 498,565 | ||||||
8,765 | Walker & Dunlop, Inc. | 1,212,638 | ||||||
12,427 | Washington Federal, Inc. | 442,153 | ||||||
5,693 | Washington Trust Bancorp, Inc. | 308,959 | ||||||
14,030 | Waterstone Financial, Inc. | 274,146 | ||||||
9,747 | WesBanco, Inc. | 356,155 | ||||||
10,873 | West BanCorp, Inc. | 314,230 | ||||||
4,376 | Westamerica BanCorp | 259,584 | ||||||
2,013 | World Acceptance Corp.* | 395,494 | ||||||
12,604 | WSFS Financial Corp. | 640,661 | ||||||
|
|
|||||||
85,919,129 | ||||||||
|
|
|||||||
Health Care – 13.3% | ||||||||
24,758 | ACADIA Pharmaceuticals, Inc.* | 629,101 | ||||||
26,815 | Accuray, Inc.* | 93,048 | ||||||
10,627 | AdaptHealth Corp.* | 185,229 | ||||||
3,038 | Addus HomeCare Corp.* | 258,351 | ||||||
123,670 | Akebia Therapeutics, Inc.* | 267,127 | ||||||
10,818 | Alector, Inc.* | 171,357 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
43,149 | Alkermes PLC* | 1,072,684 | ||||||
1,632 | Allakos, Inc.* | 9,123 | ||||||
31,841 | Allscripts Healthcare Solutions, Inc.* | 619,626 | ||||||
14,826 | Alphatec Holdings, Inc.* | 163,382 | ||||||
11,178 | AMN Healthcare Services, Inc.* | 1,186,433 | ||||||
77,077 | Amneal Pharmaceuticals, Inc.* | 349,159 | ||||||
20,040 | Amphastar Pharmaceuticals, Inc.* | 555,308 | ||||||
14,286 | Ampio Pharmaceuticals, Inc.* | 7,142 | ||||||
6,886 | Anavex Life Sciences Corp.* | 75,471 | ||||||
13,127 | AngioDynamics, Inc.* | 308,878 | ||||||
8,014 | ANI Pharmaceuticals, Inc.* | 300,124 | ||||||
7,228 | Anika Therapeutics, Inc.* | 234,910 | ||||||
97,885 | Antares Pharma, Inc.* | 342,597 | ||||||
3,130 | Apellis Pharmaceuticals, Inc.* | 133,119 | ||||||
2,773 | Apollo Medical Holdings, Inc.* | 133,437 | ||||||
2,043 | Apyx Medical Corp.* | 20,675 | ||||||
2,869 | Arcus Biosciences, Inc.* | 106,727 | ||||||
1,670 | Arena Pharmaceuticals, Inc.* | 158,600 | ||||||
9,802 | Arrowhead Pharmaceuticals, Inc.* | 431,288 | ||||||
2,433 | Artivion, Inc.* | 47,565 | ||||||
4,972 | Arvinas, Inc.* | 322,235 | ||||||
47,484 | Atea Pharmaceuticals, Inc.* | 301,049 | ||||||
6,049 | AtriCure, Inc.* | 420,103 | ||||||
198 | Atrion Corp. | 141,661 | ||||||
6,237 | Avanos Medical, Inc.* | 220,727 | ||||||
11,343 | Avid Bioservices, Inc.* | 232,305 | ||||||
2,677 | Axonics, Inc.* | 151,946 | ||||||
2,343 | Beam Therapeutics, Inc.* | 183,574 | ||||||
16,417 | BioCryst Pharmaceuticals, Inc.* | 272,686 | ||||||
75,408 | BioDelivery Sciences International, Inc.* | 420,777 | ||||||
3,040 | Biohaven Pharmaceutical Holding Co. Ltd.* | 360,878 | ||||||
3,398 | BioLife Solutions, Inc.* | 79,853 | ||||||
4,247 | Blueprint Medicines Corp.* | 257,156 | ||||||
2,795 | Bridgebio Pharma, Inc.* | 21,801 | ||||||
36,033 | Brookdale Senior Living, Inc.* | 247,907 | ||||||
12,769 | Cara Therapeutics, Inc.* | 132,415 | ||||||
13,518 | Cardiovascular Systems, Inc.* | 284,689 | ||||||
8,033 | CareDx, Inc.* | 308,307 | ||||||
2,961 | Cassava Sciences, Inc.*(a) | 125,872 | ||||||
79,556 | Catalyst Pharmaceuticals, Inc.* | 620,537 | ||||||
2,486 | Celcuity, Inc.* | 25,109 | ||||||
3,484 | Celldex Therapeutics, Inc.* | 104,172 | ||||||
20,857 | Cerus Corp.* | 122,431 | ||||||
25,419 | ChromaDex Corp.* | 69,394 | ||||||
25,225 | Coherus Biosciences, Inc.* | 297,403 | ||||||
28,840 | Collegium Pharmaceutical, Inc.* | 561,515 | ||||||
26,769 | Community Health Systems, Inc.* | 281,342 | ||||||
11,554 | Computer Programs and Systems, Inc.* | 355,632 | ||||||
4,183 | CONMED Corp. | 611,387 | ||||||
55,431 | Corcept Therapeutics, Inc.* | 1,235,557 | ||||||
3,056 | CorVel Corp.* | 486,087 | ||||||
14,297 | Covetrus, Inc.* | 253,343 | ||||||
29,421 | Cross Country Healthcare, Inc.* | 656,971 | ||||||
2,429 | CryoPort, Inc.* | 83,388 | ||||||
12,350 | Cutera, Inc.* | 473,746 | ||||||
|
|
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
5,492 | Cytokinetics, Inc.* | $ | 193,977 | |||||
24,445 | CytomX Therapeutics, Inc.* | 93,624 | ||||||
21,356 | CytoSorbents Corp.* | 82,648 | ||||||
9,177 | Denali Therapeutics, Inc.* | 298,803 | ||||||
105,384 | Durect Corp.* | 69,891 | ||||||
20,353 | Dynavax Technologies Corp.* | 249,528 | ||||||
8,963 | Eagle Pharmaceuticals, Inc.* | 424,757 | ||||||
17,132 | Emergent BioSolutions, Inc.* | 708,922 | ||||||
3,833 | Enanta Pharmaceuticals, Inc.* | 269,920 | ||||||
149,329 | Endo International PLC* | 464,413 | ||||||
8,267 | Ensign Group, Inc. (The) | 694,759 | ||||||
9,918 | Evolent Health, Inc., Class A* | 264,315 | ||||||
2,413 | Fate Therapeutics, Inc.* | 83,369 | ||||||
45,978 | Fluidigm Corp.* | 169,199 | ||||||
8,714 | Fulgent Genetics, Inc.* | 542,882 | ||||||
2,333 | Haemonetics Corp.* | 134,637 | ||||||
16,780 | Halozyme Therapeutics, Inc.* | 595,187 | ||||||
10,006 | Hanger, Inc.* | 181,309 | ||||||
13,860 | Harmony Biosciences Holdings, Inc.* | 553,846 | ||||||
31,553 | Harvard Bioscience, Inc.* | 170,386 | ||||||
3,878 | Health Catalyst, Inc.* | 105,171 | ||||||
6,858 | HealthEquity, Inc.* | 368,343 | ||||||
7,970 | HealthStream, Inc.* | 163,305 | ||||||
1,490 | Heska Corp.* | 211,580 | ||||||
17,364 | iCAD, Inc.* | 83,868 | ||||||
6,443 | Ideaya Biosciences, Inc.* | 85,048 | ||||||
5,694 | Inari Medical, Inc.* | 500,958 | ||||||
9,847 | Infinity Pharmaceuticals, Inc.* | 10,832 | ||||||
12,543 | InfuSystem Holdings, Inc.* | 144,119 | ||||||
13,514 | Innovage Holding Corp.*(a) | 66,624 | ||||||
36,347 | Innoviva, Inc.* | 698,226 | ||||||
3,515 | Inogen, Inc.* | 122,638 | ||||||
8,523 | Inotiv, Inc.* | 225,263 | ||||||
3,624 | Inspire Medical Systems, Inc.* | 884,473 | ||||||
5,708 | Integer Holdings Corp.* | 478,730 | ||||||
4,724 | Intellia Therapeutics, Inc.* | 466,967 | ||||||
20,020 | Intersect ENT, Inc.* | 544,544 | ||||||
3,246 | Intra-Cellular Therapies, Inc.* | 180,088 | ||||||
7,150 | Invitae Corp.* | 77,148 | ||||||
5,487 | iRhythm Technologies, Inc.* | 709,304 | ||||||
68,206 | Ironwood Pharmaceuticals, Inc.* | 733,897 | ||||||
6,523 | IVERIC bio, Inc.* | 104,629 | ||||||
9,088 | Joint Corp. (The)* | 372,608 | ||||||
1,033 | Karuna Therapeutics, Inc.* | 108,465 | ||||||
59,582 | Karyopharm Therapeutics, Inc.* | 615,482 | ||||||
13,866 | KemPharm, Inc.*(a) | 82,225 | ||||||
2,072 | Kymera Therapeutics, Inc.* | 82,383 | ||||||
11,654 | Lantheus Holdings, Inc.* | 557,294 | ||||||
9,094 | LeMaitre Vascular, Inc. | 431,692 | ||||||
5,642 | LHC Group, Inc.* | 768,271 | ||||||
2,133 | Ligand Pharmaceuticals, Inc.* | 215,902 | ||||||
15,827 | Lineage Cell Therapeutics, Inc.* | 22,316 | ||||||
5,795 | LivaNova PLC* | 456,762 | ||||||
25,519 | MannKind Corp.* | 66,860 | ||||||
12,780 | MEDNAX, Inc.* | 299,947 | ||||||
6,212 | Medpace Holdings, Inc.* | 950,250 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
52,924 | MEI Pharma, Inc.* | 114,316 | ||||||
21,528 | Meridian Bioscience, Inc.* | 544,658 | ||||||
6,682 | Merit Medical Systems, Inc.* | 434,530 | ||||||
752 | Mesa Laboratories, Inc. | 192,008 | ||||||
65,162 | MiMedx Group, Inc.* | 329,068 | ||||||
3,371 | ModivCare, Inc.* | 397,778 | ||||||
58,196 | Multiplan Corp.* | 218,817 | ||||||
31,597 | Myriad Genetics, Inc.* | 770,335 | ||||||
4,466 | National HealthCare Corp. | 290,379 | ||||||
7,002 | National Research Corp. | 278,540 | ||||||
13,856 | Natus Medical, Inc.* | 385,474 | ||||||
11,498 | Neogen Corp.* | 410,479 | ||||||
10,195 | NeoGenomics, Inc.* | 218,275 | ||||||
5,277 | Nevro Corp.* | 378,361 | ||||||
31,168 | NextGen Healthcare, Inc.* | 608,711 | ||||||
10,129 | NuVasive, Inc.* | 548,181 | ||||||
6,984 | Omnicell, Inc.* | 902,891 | ||||||
119,148 | OPKO Health, Inc.* | 372,933 | ||||||
3,224 | OptimizeRx Corp.* | 146,015 | ||||||
16,857 | Option Care Health, Inc.* | 433,225 | ||||||
7,306 | Oramed Pharmaceuticals, Inc. (Israel)*(a) | 75,252 | ||||||
31,251 | Organogenesis Holdings, Inc.* | 232,507 | ||||||
12,120 | Ortho Clinical Diagnostics Holdings PLC* | 214,403 | ||||||
13,673 | Orthofix Medical, Inc.* | 464,609 | ||||||
22,078 | Owens & Minor, Inc. | 974,744 | ||||||
17,907 | Pacific Biosciences of California, Inc.* | 213,451 | ||||||
13,453 | Pacira BioSciences, Inc.* | 897,181 | ||||||
17,920 | Patterson Cos., Inc. | 535,808 | ||||||
1,224 | Pennant Group, Inc. (The)* | 19,890 | ||||||
16,754 | Phibro Animal Health Corp., Class A | 356,860 | ||||||
3,318 | Phreesia, Inc.* | 102,161 | ||||||
1,547 | Portage Biotech, Inc. (Canada)* | 12,299 | ||||||
15,280 | Prestige Consumer Healthcare, Inc.* | 909,618 | ||||||
4,962 | Progyny, Inc.* | 195,304 | ||||||
3,309 | Protagonist Therapeutics, Inc.* | 80,342 | ||||||
4,193 | Prothena Corp. PLC (Ireland)* | 145,078 | ||||||
6,385 | PTC Therapeutics, Inc.* | 224,241 | ||||||
15,936 | Puma Biotechnology, Inc.* | 36,653 | ||||||
12,075 | R1 RCM, Inc.* | 328,319 | ||||||
38,359 | Radius Health, Inc.* | 319,147 | ||||||
16,078 | RadNet, Inc.* | 396,644 | ||||||
8,294 | Retractable Technologies, Inc.* | 39,314 | ||||||
1,647 | Rubius Therapeutics, Inc.* | 8,219 | ||||||
10,839 | SeaSpine Holdings Corp.* | 137,330 | ||||||
18,815 | Select Medical Holdings Corp. | 435,567 | ||||||
15,362 | Seres Therapeutics, Inc.* | 122,896 | ||||||
5,042 | Sharps Compliance Corp.* | 31,059 | ||||||
3,367 | Shockwave Medical, Inc.* | 596,733 | ||||||
4,743 | SI-BONE, Inc.* | 104,631 | ||||||
4,597 | Silk Road Medical, Inc.* | 170,687 | ||||||
10,225 | STAAR Surgical Co.* | 811,047 | ||||||
29,346 | Stereotaxis, Inc.* | 135,579 | ||||||
28,569 | Supernus Pharmaceuticals, Inc.* | 912,780 | ||||||
27,260 | Surface Oncology, Inc.* | 98,136 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
5,530 | Surgery Partners, Inc.* | $ | 289,053 | |||||
5,642 | Surmodics, Inc.* | 253,213 | ||||||
6,791 | Sutro Biopharma, Inc.* | 60,576 | ||||||
9,606 | Tactile Systems Technology, Inc.* | 195,578 | ||||||
15,274 | Tenet Healthcare Corp.* | 1,313,411 | ||||||
33,247 | Tivity Health, Inc.* | 906,978 | ||||||
16,019 | Travere Therapeutics, Inc.* | 436,678 | ||||||
2,083 | Twist Bioscience Corp.* | 116,523 | ||||||
2,246 | US Physical Therapy, Inc. | 206,565 | ||||||
403 | Utah Medical Products, Inc. | 36,274 | ||||||
44,901 | Vanda Pharmaceuticals, Inc.* | 510,075 | ||||||
6,036 | Vapotherm, Inc.* | 91,687 | ||||||
8,591 | Varex Imaging Corp.* | 203,091 | ||||||
16,459 | Vaxart, Inc.*(a) | 83,612 | ||||||
6,929 | Veracyte, Inc.* | 192,626 | ||||||
22,336 | Vericel Corp.* | 920,467 | ||||||
16,288 | VistaGen Therapeutics, Inc.* | 22,803 | ||||||
5,154 | Xencor, Inc.* | 161,372 | ||||||
358 | XOMA Corp.* | 7,851 | ||||||
15,818 | Zynex, Inc.(a) | 99,495 | ||||||
|
|
|||||||
61,248,391 | ||||||||
|
|
|||||||
Industrials – 16.4% | ||||||||
10,118 | AAON, Inc. | 592,510 | ||||||
6,778 | AAR Corp.* | 304,603 | ||||||
10,531 | ABM Industries, Inc. | 472,105 | ||||||
23,576 | ACCO Brands Corp. | 202,754 | ||||||
3,641 | Aerojet Rocketdyne Holdings, Inc. | 141,089 | ||||||
5,076 | Air Transport Services Group, Inc.* | 159,945 | ||||||
2,651 | Alamo Group, Inc. | 368,781 | ||||||
3,624 | Albany International Corp., Class A | 318,260 | ||||||
1,199 | Allegiant Travel Co.* | 208,734 | ||||||
9,086 | Allied Motion Technologies, Inc. | 316,375 | ||||||
10,079 | Altra Industrial Motion Corp. | 428,055 | ||||||
4,017 | Ameresco, Inc., Class A* | 258,092 | ||||||
2,831 | American Woodmark Corp.* | 151,685 | ||||||
22,044 | API Group Corp.* | 475,489 | ||||||
8,753 | Apogee Enterprises, Inc. | 394,498 | ||||||
11,441 | Applied Industrial Technologies, Inc. | 1,156,685 | ||||||
7,290 | ArcBest Corp. | 675,637 | ||||||
7,348 | Arcosa, Inc. | 387,019 | ||||||
2,816 | Argan, Inc. | 109,514 | ||||||
10,337 | ASGN, Inc.* | 1,145,236 | ||||||
6,086 | Astec Industries, Inc. | 303,083 | ||||||
12,689 | Atkore, Inc.* | 1,290,598 | ||||||
5,515 | Atlas Air Worldwide Holdings, Inc.* | 432,155 | ||||||
9,480 | Atlas Technical Consultants, Inc.* | 108,830 | ||||||
4,709 | Avis Budget Group, Inc.* | 863,819 | ||||||
4,310 | AZZ, Inc. | 212,181 | ||||||
18,994 | Babcock & Wilcox Enterprises, Inc.* | 133,148 | ||||||
6,171 | Barnes Group, Inc. | 286,643 | ||||||
2,197 | Barrett Business Services, Inc. | 132,150 | ||||||
10,314 | Beacon Roofing Supply, Inc.* | 615,643 | ||||||
10,816 | Blue Bird Corp.* | 230,489 | ||||||
7,348 | BlueLinx Holdings, Inc.* | 656,764 | ||||||
15,697 | Boise Cascade Co. | 1,254,818 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
11,964 | Brady Corp., Class A | 551,301 | ||||||
7,834 | BrightView Holdings, Inc.* | 105,837 | ||||||
4,301 | Brink’s Co. (The) | 301,328 | ||||||
140 | Byrna Technologies, Inc.* | 1,401 | ||||||
10,643 | Caesarstone Ltd. | 127,610 | ||||||
4,518 | Casella Waste Systems, Inc., Class A* | 340,657 | ||||||
12,126 | CBIZ, Inc.* | 471,823 | ||||||
3,802 | Chart Industries, Inc.* | 549,009 | ||||||
5,810 | Cimpress PLC (Ireland)* | 365,972 | ||||||
7,032 | Columbus McKinnon Corp. | 320,940 | ||||||
11,480 | Comfort Systems USA, Inc. | 987,050 | ||||||
2,989 | Commercial Vehicle Group, Inc.* | 23,882 | ||||||
29,254 | CoreCivic, Inc.* | 266,504 | ||||||
18,606 | Cornerstone Building Brands, Inc.* | 410,820 | ||||||
16,116 | Costamare, Inc. (Monaco) | 217,566 | ||||||
3,888 | CRA International, Inc. | 345,371 | ||||||
3,678 | CSW Industrials, Inc. | 442,574 | ||||||
14,019 | Deluxe Corp. | 436,131 | ||||||
2,843 | Douglas Dynamics, Inc. | 104,452 | ||||||
2,185 | Ducommun, Inc.* | 110,364 | ||||||
13,181 | DXP Enterprises, Inc.* | 378,427 | ||||||
3,415 | Dycom Industries, Inc.* | 297,310 | ||||||
3,062 | Eagle Bulk Shipping, Inc. | 161,459 | ||||||
10,593 | EMCOR Group, Inc. | 1,223,915 | ||||||
4,979 | Encore Wire Corp. | 579,655 | ||||||
19,195 | Energy Recovery, Inc.* | 364,705 | ||||||
6,852 | Enerpac Tool Group Corp. | 118,197 | ||||||
6,509 | EnerSys | 473,400 | ||||||
6,232 | Ennis, Inc. | 117,037 | ||||||
3,759 | EnPro Industries, Inc. | 415,144 | ||||||
2,940 | ESCO Technologies, Inc. | 204,536 | ||||||
13,291 | Evoqua Water Technologies Corp.* | 566,994 | ||||||
3,810 | Exponent, Inc. | 361,036 | ||||||
7,414 | Federal Signal Corp. | 267,720 | ||||||
5,899 | Fluor Corp.* | 127,772 | ||||||
5,183 | Forrester Research, Inc.* | 269,153 | ||||||
8,824 | Forward Air Corp. | 910,460 | ||||||
10,218 | Franklin Covey Co.* | 471,050 | ||||||
9,998 | Franklin Electric Co., Inc. | 845,431 | ||||||
25,234 | FuelCell Energy, Inc.* | 151,404 | ||||||
2,578 | GATX Corp. | 274,892 | ||||||
10,660 | Genco Shipping & Trading Ltd. | 205,525 | ||||||
58,770 | GEO Group, Inc. (The) REIT* | 350,269 | ||||||
4,902 | Gibraltar Industries, Inc.* | 236,865 | ||||||
10,433 | Global Industrial Co. | 331,561 | ||||||
19,923 | GMS, Inc.* | 1,080,823 | ||||||
3,329 | Gorman-Rupp Co. (The) | 124,039 | ||||||
43,239 | GrafTech International Ltd. | 435,849 | ||||||
6,555 | Granite Construction, Inc. | 198,420 | ||||||
14,195 | Great Lakes Dredge & Dock Corp.* | 200,291 | ||||||
4,879 | Greenbrier Cos., Inc. (The) | 216,774 | ||||||
7,611 | Griffon Corp. | 175,434 | ||||||
7,334 | H&E Equipment Services, Inc. | 306,268 | ||||||
7,343 | Hawaiian Holdings, Inc.* | 140,839 | ||||||
10,158 | Healthcare Services Group, Inc. | 160,700 | ||||||
6,296 | Heartland Express, Inc. | 90,411 | ||||||
|
|
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
4,533 | Heidrick & Struggles International, Inc. | $ | 193,786 | |||||
2,878 | Helios Technologies, Inc. | 225,664 | ||||||
3,035 | Herc Holdings, Inc. | 482,929 | ||||||
5,788 | Heritage-Crystal Clean, Inc.* | 162,296 | ||||||
12,024 | Hillenbrand, Inc. | 573,665 | ||||||
14,539 | HNI Corp. | 591,592 | ||||||
10,232 | Hub Group, Inc., Class A* | 863,581 | ||||||
5,044 | Huron Consulting Group, Inc.* | 248,821 | ||||||
3,548 | Hydrofarm Holdings Group, Inc.* | 71,847 | ||||||
1,230 | Hyster-Yale Materials Handling, Inc. | 47,084 | ||||||
5,483 | ICF International, Inc. | 485,903 | ||||||
7,023 | IES Holdings, Inc.* | 295,247 | ||||||
7,608 | Insperity, Inc. | 684,340 | ||||||
3,478 | Insteel Industries, Inc. | 129,069 | ||||||
19,732 | Interface, Inc. | 257,503 | ||||||
9,894 | JELD-WEN Holding, Inc.* | 228,354 | ||||||
5,129 | John Bean Technologies Corp. | 581,475 | ||||||
3,715 | Kadant, Inc. | 733,155 | ||||||
4,505 | Kaman Corp. | 195,562 | ||||||
12,905 | KAR Auction Services, Inc.* | 238,226 | ||||||
23,064 | KBR, Inc. | 1,144,897 | ||||||
14,148 | Kelly Services, Inc., Class A | 300,221 | ||||||
8,806 | Kennametal, Inc. | 279,238 | ||||||
15,520 | Kforce, Inc. | 1,166,794 | ||||||
27,196 | Kimball International, Inc., Class B | 252,107 | ||||||
8,875 | Korn Ferry | 588,057 | ||||||
5,799 | Kratos Defense & Security Solutions, Inc.* | 121,315 | ||||||
3,820 | Lawson Products, Inc.* | 162,388 | ||||||
1,733 | Lindsay Corp. | 227,387 | ||||||
7,095 | Manitowoc Co., Inc. (The)* | 117,280 | ||||||
4,679 | ManTech International Corp., Class A | 390,088 | ||||||
6,554 | Marten Transport Ltd. | 113,056 | ||||||
4,140 | Masonite International Corp.* | 390,526 | ||||||
14,408 | Matrix Service Co.* | 99,992 | ||||||
9,810 | Matson, Inc. | 1,086,654 | ||||||
5,992 | Matthews International Corp., Class A | 198,815 | ||||||
3,512 | Maxar Technologies, Inc. | 113,929 | ||||||
2,173 | McGrath RentCorp | 176,621 | ||||||
10,184 | Meritor, Inc.* | 362,652 | ||||||
17,909 | Mesa Air Group, Inc.* | 77,904 | ||||||
1,733 | Miller Industries, Inc. | 53,688 | ||||||
16,607 | MillerKnoll, Inc. | 645,680 | ||||||
11,081 | Mistras Group, Inc.* | 73,910 | ||||||
1,449 | Montrose Environmental Group, Inc.* | 63,915 | ||||||
3,849 | Moog, Inc., Class A | 319,890 | ||||||
23,849 | MRC Global, Inc.* | 240,875 | ||||||
11,878 | Mueller Industries, Inc. | 677,640 | ||||||
14,430 | Mueller Water Products, Inc., Class A | 183,117 | ||||||
4,787 | MYR Group, Inc.* | 429,633 | ||||||
491 | National Presto Industries, Inc. | 39,034 | ||||||
4,667 | Northwest Pipe Co.* | 133,009 | ||||||
55,896 | NOW, Inc.* | 522,069 | ||||||
5,894 | NV5 Global, Inc.* | 632,131 | ||||||
2,509 | Omega Flex, Inc. | 364,432 | ||||||
1,075 | PAM Transportation Services, Inc.* | 72,530 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
2,707 | Park-Ohio Holdings Corp. | 43,014 | ||||||
9,170 | Parsons Corp.* | 317,832 | ||||||
17,755 | PGT Innovations, Inc.* | 381,910 | ||||||
22,310 | Pitney Bowes, Inc. | 111,104 | ||||||
4,599 | Powell Industries, Inc. | 97,223 | ||||||
2,415 | Preformed Line Products Co. | 134,636 | ||||||
10,486 | Primoris Services Corp. | 276,516 | ||||||
4,125 | Proto Labs, Inc.* | 231,949 | ||||||
12,858 | Quanex Building Products Corp. | 293,934 | ||||||
32,161 | Radiant Logistics, Inc.* | 221,911 | ||||||
1,990 | RBC Bearings, Inc.* | 385,761 | ||||||
18,643 | Resideo Technologies, Inc.* | 479,871 | ||||||
24,971 | Resources Connection, Inc. | 414,519 | ||||||
9,868 | REV Group, Inc. | 133,415 | ||||||
11,675 | Rush Enterprises, Inc., Class A | 606,399 | ||||||
5,377 | Rush Enterprises, Inc., Class B | 263,527 | ||||||
38,860 | Safe Bulkers, Inc. (Greece)* | 162,435 | ||||||
3,116 | Saia, Inc.* | 895,009 | ||||||
11,517 | Shyft Group, Inc. (The) | 465,402 | ||||||
9,573 | Simpson Manufacturing Co., Inc. | 1,134,496 | ||||||
5,960 | SkyWest, Inc.* | 167,536 | ||||||
6,335 | SP Plus Corp.* | 189,100 | ||||||
4,340 | Spirit Airlines, Inc.* | 108,847 | ||||||
6,899 | SPX Corp.* | 349,779 | ||||||
8,278 | SPX FLOW, Inc. | 710,997 | ||||||
2,029 | Standex International Corp. | 214,932 | ||||||
28,027 | Steelcase, Inc., Class A | 341,089 | ||||||
5,936 | Stem, Inc.* | 56,511 | ||||||
6,853 | Sterling Construction Co., Inc.* | 202,369 | ||||||
4,861 | Team, Inc.* | 4,591 | ||||||
6,639 | Tennant Co. | 523,020 | ||||||
10,433 | Terex Corp. | 430,674 | ||||||
6,993 | Tetra Tech, Inc. | 1,110,279 | ||||||
8,040 | Textainer Group Holdings Ltd. (China) | 285,500 | ||||||
4,065 | Titan International, Inc.* | 45,528 | ||||||
12,267 | Titan Machinery, Inc.* | 347,524 | ||||||
5,796 | Transcat, Inc.* | 454,754 | ||||||
5,351 | TriNet Group, Inc.* | 467,196 | ||||||
3,638 | Trinity Industries, Inc. | 104,993 | ||||||
7,055 | Triton International Ltd. (Bermuda) | 463,372 | ||||||
21,524 | TrueBlue, Inc.* | 585,453 | ||||||
14,480 | Tutor Perini Corp.* | 141,904 | ||||||
13,426 | UFP Industries, Inc. | 1,151,280 | ||||||
2,415 | UniFirst Corp. | 437,719 | ||||||
15,094 | Upwork, Inc.* | 381,576 | ||||||
3,978 | US Ecology, Inc.* | 188,716 | ||||||
5,812 | Vectrus, Inc.* | 266,422 | ||||||
9,735 | Veritiv Corp.* | 1,043,300 | ||||||
6,124 | Vicor Corp.* | 457,891 | ||||||
10,359 | Wabash National Corp. | 176,517 | ||||||
6,510 | Watts Water Technologies, Inc., Class A | 937,115 | ||||||
6,040 | Welbilt, Inc.* | 142,786 | ||||||
7,863 | Werner Enterprises, Inc. | 341,726 | ||||||
7,092 | WESCO International, Inc.* | 863,309 | ||||||
6,992 | Willdan Group, Inc.* | 225,842 | ||||||
24,200 | WillScot Mobile Mini Holdings Corp.* | 859,826 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
13,731 | Zurn Water Solutions Corp. | $ | 446,532 | |||||
|
|
|||||||
75,490,685 | ||||||||
|
|
|||||||
Information Technology – 14.1% | ||||||||
18,124 | 3D Systems Corp.* | 322,970 | ||||||
21,017 | 8x8, Inc.* | 272,380 | ||||||
44,771 | A10 Networks, Inc. | 637,539 | ||||||
16,333 | ACI Worldwide, Inc.* | 547,482 | ||||||
15,138 | ADTRAN, Inc. | 311,691 | ||||||
5,870 | Advanced Energy Industries, Inc. | 503,940 | ||||||
9,163 | Agilysys, Inc.* | 385,121 | ||||||
8,463 | Alarm.com Holdings, Inc.* | 557,119 | ||||||
8,732 | Alpha & Omega Semiconductor Ltd.* | 469,520 | ||||||
8,358 | Altair Engineering, Inc., Class A* | 555,138 | ||||||
4,544 | Ambarella, Inc.* | 634,842 | ||||||
10,212 | American Software, Inc., Class A | 224,358 | ||||||
33,305 | Amkor Technology, Inc. | 755,024 | ||||||
4,389 | Appfolio, Inc., Class A* | 496,571 | ||||||
7,303 | Appian Corp.* | 445,191 | ||||||
7,176 | Asana, Inc., Class A* | 393,173 | ||||||
23,757 | Avaya Holdings Corp.* | 327,134 | ||||||
1,213 | Aviat Networks, Inc.* | 34,328 | ||||||
22,014 | Avid Technology, Inc.* | 692,560 | ||||||
9,842 | Axcelis Technologies, Inc.* | 681,263 | ||||||
2,019 | AXT, Inc.* | 15,042 | ||||||
6,784 | Badger Meter, Inc. | 674,397 | ||||||
5,891 | Belden, Inc. | 331,958 | ||||||
9,386 | Benchmark Electronics, Inc. | 245,350 | ||||||
17,397 | Benefitfocus, Inc.* | 175,362 | ||||||
3,356 | BigCommerce Holdings, Inc.Series 1* | 86,920 | ||||||
6,693 | Blackbaud, Inc.* | 418,246 | ||||||
4,048 | Blackline, Inc.* | 304,855 | ||||||
6,351 | Bottomline Technologies DE, Inc.* | 359,721 | ||||||
26,918 | Box, Inc., Class A* | 689,370 | ||||||
26,173 | Brightcove, Inc.* | 195,774 | ||||||
14,490 | Calix, Inc.* | 787,387 | ||||||
7,245 | Cambium Networks Corp.* | 201,483 | ||||||
10,146 | Casa Systems, Inc.* | 42,207 | ||||||
4,038 | Cass Information Systems, Inc. | 159,824 | ||||||
4,299 | Cerence, Inc.* | 155,237 | ||||||
4,811 | CEVA, Inc.* | 196,144 | ||||||
22,460 | ChannelAdvisor Corp.* | 403,157 | ||||||
9,339 | Clearfield, Inc.* | 598,723 | ||||||
3,204 | CMC Materials, Inc. | 594,118 | ||||||
9,673 | Cohu, Inc.* | 301,604 | ||||||
10,309 | CommVault Systems, Inc.* | 648,539 | ||||||
4,538 | Comtech Telecommunications Corp. | 93,392 | ||||||
62,967 | Conduent, Inc.* | 306,649 | ||||||
2,662 | Consensus Cloud Solutions, Inc.* | 148,167 | ||||||
4,077 | CoreCard Corp.* | 131,361 | ||||||
5,752 | Corsair Gaming, Inc. *(a) | 132,756 | ||||||
3,719 | Couchbase, Inc.* | 78,359 | ||||||
10,231 | CSG Systems International, Inc. | 631,457 | ||||||
5,604 | CTS Corp. | 212,616 | ||||||
29,059 | Daktronics, Inc.* | 133,962 | ||||||
15,333 | Diebold Nixdorf, Inc.* | 133,397 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
12,532 | Digi International, Inc.* | 251,643 | ||||||
8,490 | Digital Turbine, Inc.* | 411,595 | ||||||
2,206 | DigitalOcean Holdings, Inc.* | 130,860 | ||||||
11,347 | Diodes, Inc.* | 1,016,578 | ||||||
7,505 | Domo, Inc., Class B* | 333,973 | ||||||
9,648 | Ebix, Inc. | 284,713 | ||||||
16,139 | eGain Corp.* | 190,279 | ||||||
791 | EMCORE Corp.* | 3,069 | ||||||
5,153 | Envestnet, Inc.* | 385,547 | ||||||
7,182 | ePlus, Inc.* | 336,836 | ||||||
11,329 | EVERTEC, Inc. (Puerto Rico) | 457,238 | ||||||
5,695 | ExlService Holdings, Inc.* | 687,899 | ||||||
62,967 | Extreme Networks, Inc.* | 723,491 | ||||||
6,206 | Fabrinet (Thailand)* | 621,407 | ||||||
4,713 | FARO Technologies, Inc.* | 257,990 | ||||||
16,404 | FormFactor, Inc.* | 664,198 | ||||||
3,367 | Grid Dynamics Holdings, Inc.* | 40,909 | ||||||
18,512 | Hackett Group, Inc. (The) | 383,569 | ||||||
21,314 | Harmonic, Inc.* | 198,433 | ||||||
5,619 | I3 Verticals, Inc., Class A* | 148,342 | ||||||
8,325 | Ichor Holdings Ltd.* | 293,290 | ||||||
11,924 | Identiv, Inc.* | 249,927 | ||||||
10,088 | II-VI, Inc.* | 700,712 | ||||||
8,019 | Impinj, Inc.* | 551,306 | ||||||
15,803 | Infinera Corp.* | 145,862 | ||||||
20,565 | Inseego Corp.*(a) | 96,861 | ||||||
7,084 | Insight Enterprises, Inc.* | 736,736 | ||||||
3,789 | InterDigital, Inc. | 244,087 | ||||||
19,603 | Iteris, Inc.* | 64,494 | ||||||
4,079 | Itron, Inc.* | 194,446 | ||||||
10,982 | Kimball Electronics, Inc.* | 189,330 | ||||||
14,723 | Knowles Corp.* | 320,667 | ||||||
12,023 | Kulicke & Soffa Industries, Inc. (Singapore) | 628,082 | ||||||
12,416 | KVH Industries, Inc.* | 107,026 | ||||||
26,466 | Lattice Semiconductor Corp.* | 1,657,301 | ||||||
42,662 | Limelight Networks, Inc.* | 166,808 | ||||||
9,939 | LivePerson, Inc.* | 201,563 | ||||||
4,623 | LiveRamp Holdings, Inc.* | 199,529 | ||||||
24,965 | Luna Innovations, Inc.* | 170,511 | ||||||
5,362 | MACOM Technology Solutions Holdings, Inc.* | 322,256 | ||||||
6,302 | Marathon Digital Holdings, Inc.*(a) | 159,756 | ||||||
12,847 | Maximus, Inc. | 1,013,114 | ||||||
11,337 | MaxLinear, Inc.* | 695,525 | ||||||
33,590 | Meta Materials, Inc.*(a) | 72,219 | ||||||
8,284 | Methode Electronics, Inc. | 378,082 | ||||||
948 | MicroStrategy, Inc., Class A* | 419,964 | ||||||
8,880 | Mimecast Ltd.* | 706,226 | ||||||
17,508 | Mitek Systems, Inc.* | 260,169 | ||||||
9,494 | Model N, Inc.* | 233,457 | ||||||
15,623 | Momentive Global, Inc.* | 245,594 | ||||||
22,118 | MoneyGram International, Inc.* | 237,547 | ||||||
20,103 | Napco Security Technologies, Inc.* | 409,900 | ||||||
35,632 | NeoPhotonics Corp.* | 545,526 | ||||||
8,203 | NETGEAR, Inc.* | 218,282 | ||||||
|
|
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
15,214 | NetScout Systems, Inc.* | $ | 473,612 | |||||
4,943 | Novanta, Inc.* | 675,362 | ||||||
12,465 | OneSpan, Inc.* | 171,768 | ||||||
10,718 | Onto Innovation, Inc.* | 923,999 | ||||||
3,270 | OSI Systems, Inc.* | 263,791 | ||||||
3,338 | PagerDuty, Inc.* | 112,891 | ||||||
9,086 | PC Connection, Inc. | 443,306 | ||||||
8,558 | Perficient, Inc.* | 872,060 | ||||||
22,763 | Photronics, Inc.* | 419,294 | ||||||
4,401 | Ping Identity Holding Corp.* | 92,597 | ||||||
6,996 | Plantronics, Inc.* | 197,077 | ||||||
5,296 | Plexus Corp.* | 431,465 | ||||||
9,236 | Power Integrations, Inc. | 831,240 | ||||||
10,623 | Progress Software Corp. | 468,262 | ||||||
4,716 | PROS Holdings, Inc.* | 149,875 | ||||||
4,114 | Q2 Holdings, Inc.* | 267,616 | ||||||
5,843 | Qualys, Inc.* | 732,186 | ||||||
37,930 | Quantum Corp.* | 98,618 | ||||||
23,425 | Rackspace Technology, Inc.* | 260,720 | ||||||
20,547 | Rambus, Inc.* | 554,769 | ||||||
6,931 | Rapid7, Inc.* | 717,081 | ||||||
8,065 | Repay Holdings Corp.* | 139,283 | ||||||
37,623 | Ribbon Communications, Inc.* | 114,374 | ||||||
5,392 | Riot Blockchain, Inc.*(a) | 92,904 | ||||||
1,461 | Rogers Corp.* | 398,853 | ||||||
6,678 | Sailpoint Technologies Holdings, Inc.* | 276,269 | ||||||
12,411 | Sanmina Corp.* | 493,710 | ||||||
7,799 | Sapiens International Corp. NV (Israel) | 210,495 | ||||||
7,533 | ScanSource, Inc.* | 237,892 | ||||||
7,482 | SecureWorks Corp., Class A* | 114,998 | ||||||
9,857 | Semtech Corp.* | 683,879 | ||||||
4,458 | ShotSpotter, Inc.* | 114,481 | ||||||
5,742 | Silicon Laboratories, Inc.* | 882,603 | ||||||
1,679 | SiTime Corp.* | 339,393 | ||||||
20,838 | SMART Global Holdings, Inc.* | 572,003 | ||||||
27,662 | Smith Micro Software, Inc.* | 115,074 | ||||||
4,804 | Sprout Social, Inc., Class A* | 312,788 | ||||||
6,824 | SPS Commerce, Inc.* | 886,096 | ||||||
5,117 | SunPower Corp.* | 91,748 | ||||||
7,048 | Super Micro Computer, Inc.* | 276,916 | ||||||
7,532 | Synaptics, Inc.* | 1,720,535 | ||||||
9,370 | Tenable Holdings, Inc.* | 518,723 | ||||||
5,319 | TTEC Holdings, Inc. | 422,861 | ||||||
25,846 | TTM Technologies, Inc.* | 324,884 | ||||||
1,618 | Tucows, Inc., Class A*(a) | 108,697 | ||||||
10,616 | Turtle Beach Corp.* | 252,342 | ||||||
13,683 | Ultra Clean Holdings, Inc.* | 626,818 | ||||||
6,278 | Unisys Corp.* | 134,161 | ||||||
9,914 | Upland Software, Inc.* | 186,978 | ||||||
16,695 | Varonis Systems, Inc.* | 727,902 | ||||||
8,935 | Veeco Instruments, Inc.* | 255,273 | ||||||
11,080 | Verint Systems, Inc.* | 556,548 | ||||||
12,702 | Verra Mobility Corp.* | 213,394 | ||||||
32,881 | Viavi Solutions, Inc.* | 539,248 | ||||||
21,443 | Vishay Intertechnology, Inc. | 411,491 | ||||||
6,763 | Vishay Precision Group, Inc.* | 212,426 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
67,271 | Vonage Holdings Corp.* | 1,366,947 | ||||||
6,585 | Workiva, Inc.* | 693,401 | ||||||
28,681 | Xperi Holding Corp. | 496,755 | ||||||
23,578 | Yext, Inc.* | 174,949 | ||||||
17,104 | Zuora, Inc., Class A* | 259,639 | ||||||
|
|
|||||||
64,914,922 | ||||||||
|
|
|||||||
Materials – 3.9% | ||||||||
7,759 | AdvanSix, Inc. | 310,826 | ||||||
12,595 | American Vanguard Corp. | 189,807 | ||||||
60,087 | Amyris, Inc.*(a) | 273,997 | ||||||
4,965 | Arconic Corp.* | 152,425 | ||||||
12,844 | Aspen Aerogels, Inc.* | 380,182 | ||||||
14,522 | Avient Corp. | 760,808 | ||||||
3,711 | Balchem Corp. | 513,380 | ||||||
7,607 | Cabot Corp. | 556,528 | ||||||
7,322 | Carpenter Technology Corp. | 281,092 | ||||||
4,389 | Chase Corp. | 403,042 | ||||||
4,129 | Clearwater Paper Corp.* | 119,039 | ||||||
23,400 | Commercial Metals Co. | 902,070 | ||||||
2,547 | Compass Minerals International, Inc. | 149,305 | ||||||
15,486 | Constellium SE* | 300,893 | ||||||
10,484 | Ferro Corp.* | 227,817 | ||||||
7,700 | Forterra, Inc.* | 181,412 | ||||||
13,983 | GCP Applied Technologies, Inc.* | 441,583 | ||||||
9,507 | Glatfelter Corp. | 130,626 | ||||||
4,064 | Greif, Inc., Class A | 233,639 | ||||||
7,448 | HB Fuller Co. | 509,220 | ||||||
32,964 | Hecla Mining Co. | 189,873 | ||||||
6,183 | Ingevity Corp.* | 421,866 | ||||||
6,042 | Innospec, Inc. | 577,011 | ||||||
3,313 | Intrepid Potash, Inc.* | 188,477 | ||||||
2,335 | Kaiser Aluminum Corp. | 225,327 | ||||||
4,287 | Koppers Holdings, Inc.* | 122,737 | ||||||
8,670 | Kraton Corp.* | 400,120 | ||||||
9,853 | Livent Corp.* | 232,038 | ||||||
6,510 | Materion Corp. | 543,910 | ||||||
5,316 | Minerals Technologies, Inc. | 372,067 | ||||||
6,242 | MP Materials Corp.* | 284,760 | ||||||
27,559 | Myers Industries, Inc. | 458,031 | ||||||
2,149 | Neenah, Inc. | 83,704 | ||||||
17,859 | Novagold Resources, Inc. (Canada)* | 124,656 | ||||||
18,637 | O-I Glass, Inc.* | 238,181 | ||||||
7,682 | Olympic Steel, Inc. | 205,647 | ||||||
20,636 | Orion Engineered Carbons SA (Germany) | 320,683 | ||||||
1,006 | Quaker Chemical Corp. | 186,724 | ||||||
4,275 | Ranpak Holdings Corp.* | 103,455 | ||||||
9,500 | Rayonier Advanced Materials, Inc.* | 55,765 | ||||||
13,460 | Ryerson Holding Corp. | 351,575 | ||||||
12,301 | Schnitzer Steel Industries, Inc., Class A | 598,444 | ||||||
5,540 | Schweitzer-Mauduit International, Inc. | 172,959 | ||||||
6,938 | Sensient Technologies Corp. | 569,818 | ||||||
4,578 | Stepan Co. | 474,372 | ||||||
12,989 | Summit Materials, Inc., Class A* | 405,517 | ||||||
27,607 | SunCoke Energy, Inc. | 218,923 | ||||||
17,320 | TimkenSteel Corp.* | 312,280 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
6,254 | Tredegar Corp. | $ | 71,984 | |||||
8,202 | TriMas Corp. | 266,647 | ||||||
5,688 | Trinseo PLC | 295,548 | ||||||
19,441 | Tronox Holdings PLC, Class A | 394,652 | ||||||
5,672 | UFP Technologies, Inc.* | 392,162 | ||||||
1,692 | United States Lime & Minerals, Inc. | 198,861 | ||||||
7,452 | Verso Corp., Class A | 197,552 | ||||||
11,769 | Warrior Met Coal, Inc. | 370,723 | ||||||
5,917 | Worthington Industries, Inc. | 337,387 | ||||||
|
|
|||||||
17,982,127 | ||||||||
|
|
|||||||
Real Estate – 7.0% | ||||||||
8,700 | Acadia Realty Trust REIT | 186,528 | ||||||
6,748 | Agree Realty Corp. REIT | 432,884 | ||||||
21,082 | Alexander & Baldwin, Inc. REIT | 472,869 | ||||||
464 | Alexander’s, Inc. REIT | 117,587 | ||||||
7,092 | American Assets Trust, Inc. REIT | 259,284 | ||||||
58,424 | Apartment Investment and Management Co., Class A REIT* | 417,147 | ||||||
26,396 | Apple Hospitality REIT, Inc. REIT | 466,945 | ||||||
23,859 | Brandywine Realty Trust REIT | 318,040 | ||||||
16,687 | Broadstone Net Lease, Inc. REIT | 361,440 | ||||||
7,709 | BRT Apartments Corp. REIT | 169,675 | ||||||
14,439 | CareTrust REIT, Inc. REIT | 252,682 | ||||||
2,243 | Centerspace REIT | 210,820 | ||||||
14,184 | Chatham Lodging Trust REIT* | 195,030 | ||||||
5,209 | Community Healthcare Trust, Inc. REIT | 217,215 | ||||||
32,242 | CorePoint Lodging, Inc. REIT* | 514,905 | ||||||
15,071 | Corporate Office Properties Trust REIT | 395,011 | ||||||
3,217 | CTO Realty Growth, Inc. REIT | 201,674 | ||||||
41,693 | Cushman & Wakefield PLC* | 913,911 | ||||||
45,996 | DigitalBridge Group, Inc. REIT* | 333,471 | ||||||
78,256 | Diversified Healthcare Trust REIT | 225,377 | ||||||
15,513 | Douglas Elliman, Inc.* | 116,968 | ||||||
10,124 | Easterly Government Properties, Inc. REIT | 210,782 | ||||||
5,083 | EastGroup Properties, Inc. REIT | 969,633 | ||||||
29,415 | Empire State Realty Trust, Inc., Class A REIT | 278,266 | ||||||
5,859 | Equity Commonwealth REIT* | 155,674 | ||||||
9,970 | Essential Properties Realty Trust, Inc. REIT | 252,042 | ||||||
35,358 | eXp World Holdings, Inc.(a) | 945,473 | ||||||
9,721 | Farmland Partners, Inc. REIT | 113,444 | ||||||
9,616 | Forestar Group, Inc.* | 176,069 | ||||||
13,261 | Four Corners Property Trust, Inc. REIT | 349,825 | ||||||
27,730 | Franklin Street Properties Corp. REIT | 160,279 | ||||||
3,248 | FRP Holdings, Inc.* | 188,157 | ||||||
7,380 | Getty Realty Corp. REIT | 203,319 | ||||||
9,872 | Gladstone Commercial Corp. REIT | 209,188 | ||||||
5,340 | Gladstone Land Corp. REIT | 159,613 | ||||||
8,297 | Global Medical REIT, Inc. REIT | 130,263 | ||||||
13,628 | Global Net Lease, Inc. REIT | 193,654 | ||||||
18,573 | Healthcare Realty Trust, Inc. REIT | 484,384 | ||||||
26,462 | Hersha Hospitality Trust REIT* | 244,244 | ||||||
19,208 | Independence Realty Trust, Inc. REIT | 485,386 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
11,413 | Industrial Logistics Properties Trust REIT | 255,309 | ||||||
2,402 | Innovative Industrial Properties, Inc. REIT | 452,681 | ||||||
16,853 | iStar, Inc. REIT | 423,347 | ||||||
15,472 | Kennedy-Wilson Holdings, Inc. | 342,550 | ||||||
31,725 | Kite Realty Group Trust REIT | 695,729 | ||||||
6,206 | LTC Properties, Inc. REIT | 209,949 | ||||||
33,040 | LXP Industrial Trust REIT | 510,798 | ||||||
21,037 | Macerich Co. (The) REIT | 321,866 | ||||||
19,457 | Marcus & Millichap, Inc.* | 967,597 | ||||||
5,904 | National Health Investors, Inc. REIT | 314,742 | ||||||
15,502 | National Storage Affiliates Trust REIT | 903,302 | ||||||
24,549 | Necessity Retail REIT, Inc. (The) REIT | 172,825 | ||||||
514 | NETSTREIT Corp. REIT | 11,380 | ||||||
27,750 | Newmark Group, Inc., Class A | 490,620 | ||||||
6,104 | NexPoint Residential Trust, Inc. REIT | 518,657 | ||||||
13,525 | Office Properties Income Trust REIT | 338,801 | ||||||
12,360 | Outfront Media, Inc. REIT | 330,012 | ||||||
36,709 | Paramount Group, Inc. REIT | 410,774 | ||||||
9,783 | Pebblebrook Hotel Trust REIT | 220,215 | ||||||
27,135 | Physicians Realty Trust REIT | 441,215 | ||||||
23,736 | Piedmont Office Realty Trust, Inc., Class A REIT | 404,461 | ||||||
5,590 | Plymouth Industrial REIT, Inc. REIT | 145,787 | ||||||
9,872 | Postal Realty Trust, Inc., Class A REIT | 172,266 | ||||||
19,978 | PotlatchDeltic Corp. REIT | 1,096,792 | ||||||
17,127 | Preferred Apartment Communities, Inc. REIT | 432,628 | ||||||
3,444 | PS Business Parks, Inc. REIT | 548,595 | ||||||
12,844 | RE/MAX Holdings, Inc., Class A | 380,696 | ||||||
58,879 | Realogy Holdings Corp.* | 1,070,420 | ||||||
18,313 | Redfin Corp.* | 396,110 | ||||||
17,422 | Retail Opportunity Investments Corp. REIT | 316,384 | ||||||
6,208 | Retail Value, Inc. REIT | 19,245 | ||||||
8,230 | RLJ Lodging Trust REIT | 115,138 | ||||||
9,612 | RMR Group, Inc. (The), Class A | 280,094 | ||||||
20,834 | RPT Realty REIT | 269,800 | ||||||
3,743 | Ryman Hospitality Properties, Inc. REIT* | 329,796 | ||||||
30,647 | Sabra Health Care REIT, Inc. REIT | 411,589 | ||||||
1,496 | Safehold, Inc. REIT | 91,795 | ||||||
16,908 | Service Properties Trust REIT | 145,916 | ||||||
22,153 | SITE Centers Corp. REIT | 344,479 | ||||||
5,092 | St Joe Co. (The) | 275,121 | ||||||
19,003 | STAG Industrial, Inc. REIT | 740,357 | ||||||
10,674 | Summit Hotel Properties, Inc. REIT* | 105,566 | ||||||
16,183 | Sunstone Hotel Investors, Inc. REIT* | 171,216 | ||||||
18,942 | Tanger Factory Outlet Centers, Inc. REIT | 315,953 | ||||||
8,804 | Terreno Realty Corp. REIT | 605,627 | ||||||
9,494 | UMH Properties, Inc. REIT | 218,932 | ||||||
37,754 | Uniti Group, Inc. REIT | 489,669 | ||||||
2,597 | Universal Health Realty Income Trust REIT | 148,315 | ||||||
10,651 | Urban Edge Properties REIT | 194,061 | ||||||
20,786 | Veris Residential, Inc. REIT* | 351,283 | ||||||
|
|
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
9,022 | Washington Real Estate Investment Trust REIT | $ | 210,754 | |||||
18,767 | Whitestone REIT | 221,075 | ||||||
8,409 | Xenia Hotels & Resorts, Inc. REIT* | 155,903 | ||||||
|
|
|||||||
32,197,350 | ||||||||
|
|
|||||||
Utilities – 3.1% | ||||||||
9,867 | ALLETE, Inc. | 621,029 | ||||||
9,463 | American States Water Co. | 796,406 | ||||||
1,056 | Artesian Resources Corp., Class A | 49,083 | ||||||
11,724 | Avista Corp. | 523,242 | ||||||
10,584 | Black Hills Corp. | 740,774 | ||||||
10,790 | Brookfield Infrastructure Corp., Class A (Canada) | 760,048 | ||||||
7,717 | California Water Service Group | 439,329 | ||||||
3,949 | Chesapeake Utilities Corp. | 525,020 | ||||||
25,245 | Clearway Energy, Inc., Class A | 772,245 | ||||||
29,392 | Clearway Energy, Inc., Class C | 981,693 | ||||||
6,373 | MGE Energy, Inc. | 458,983 | ||||||
2,668 | Middlesex Water Co. | 266,773 | ||||||
14,308 | New Jersey Resources Corp. | 624,115 | ||||||
4,687 | Northwest Natural Holding Co. | 243,771 | ||||||
9,335 | NorthWestern Corp. | 564,581 | ||||||
9,056 | ONE Gas, Inc. | 752,463 | ||||||
8,786 | Ormat Technologies, Inc. | 626,881 | ||||||
8,368 | Otter Tail Corp. | 517,644 | ||||||
15,152 | PNM Resources, Inc. | 684,416 | ||||||
16,790 | Portland General Electric Co. | 852,428 | ||||||
15,771 | Pure Cycle Corp.* | 186,886 | ||||||
4,582 | SJW Group | 298,838 | ||||||
12,421 | South Jersey Industries, Inc. | 421,444 | ||||||
9,104 | Southwest Gas Holdings, Inc. | 645,838 | ||||||
7,982 | Spire, Inc. | 535,672 | ||||||
5,724 | Sunnova Energy International, Inc.* | 115,339 | ||||||
4,451 | Unitil Corp. | 224,731 | ||||||
9,821 | Via Renewables, Inc. | 109,504 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
4,237 | York Water Co. (The) | 190,114 | ||||||
|
|
|||||||
14,529,290 | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $404,443,467) | $ | 456,593,959 | ||||||
|
|
Shares | Dividend Rate |
Value | ||||
Securities Lending Reinvestment Vehicle – 0.6%(b) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
2,945,025 | 0.026% | $ | 2,945,025 | |||
(Cost $2,945,025) | ||||||
|
||||||
TOTAL INVESTMENTS – 99.8% |
| |||||
(Cost $407,388,492) | $ | 459,538,984 | ||||
|
||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
929,141 | |||||
|
||||||
NET ASSETS – 100.0% | $ | 460,468,125 | ||||
|
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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 28, 2022, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
Long position contracts: |
||||||||||||||||
E-Mini Russell 2000 Index |
27 | 03/18/22 | $ | 2,752,750 | $ | 7,325 |
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
February 28, 2022 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF |
ActiveBeta® Europe Equity ETF |
ActiveBeta® International Equity ETF |
ActiveBeta® Japan Equity ETF |
|||||||||||||||
Assets: | ||||||||||||||||||
Investments at value (cost $1,035,366,536, $17,975,658, $2,748,846,804 and $12,559,109, respectively)(a) |
$ | 1,263,995,548 | $ | 20,464,411 | $ | 3,133,667,717 | $ | 13,833,714 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost |
12,466,770 | 63,082 | 46,969,960 | 168,842 | ||||||||||||||
Cash |
12,599,425 | 158,762 | 10,613,451 | — | ||||||||||||||
Foreign currency, at value (cost $813,102, $—, $226,836 and $—, respectively) |
812,738 | — | 225,092 | — | ||||||||||||||
Variation margin on futures contracts |
— | 7,064 | — | — | ||||||||||||||
Receivables: |
||||||||||||||||||
Investments sold |
40,435,246 | 728,603 | 105,548,819 | 549,552 | ||||||||||||||
Dividends |
2,931,741 | 15,793 | 5,135,004 | 23,810 | ||||||||||||||
Reimbursement from investment adviser |
57,352 | — | — | — | ||||||||||||||
Foreign tax reclaims |
35,418 | 65,370 | 3,097,140 | — | ||||||||||||||
Securities lending income |
9,202 | 17 | 14,739 | 39 | ||||||||||||||
Due from broker |
— | 7,157 | 318,609 | — | ||||||||||||||
Other assets |
2,242 | — | — | — | ||||||||||||||
Total assets | 1,333,345,682 | 21,510,259 | 3,305,590,531 | 14,575,957 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Variation margin on futures contracts |
— | — | 124,922 | — | ||||||||||||||
Payables: |
||||||||||||||||||
Investments purchased |
49,028,144 | 879,599 | 115,409,816 | 520,411 | ||||||||||||||
Upon return of securities loaned |
12,466,770 | 63,082 | 46,969,960 | 168,842 | ||||||||||||||
Foreign capital gains tax |
5,445,236 | — | — | — | ||||||||||||||
Management fees |
404,484 | 3,982 | 615,472 | 2,706 | ||||||||||||||
Foreign bank overdraft (cost $—, $631, $— and $63, respectively) |
— | 605 | — | 63 | ||||||||||||||
Due to custodian |
— | — | — | 21,520 | ||||||||||||||
Accrued expenses |
923,725 | 747 | 91,711 | 689 | ||||||||||||||
Total liabilities | 68,268,359 | 948,015 | 163,211,881 | 714,231 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital |
1,075,242,085 | 21,335,969 | 2,899,796,482 | 13,637,976 | ||||||||||||||
Total distributable earnings (loss) |
189,835,238 | (773,725 | ) | 242,582,168 | 223,750 | |||||||||||||
NET ASSETS | $ | 1,265,077,323 | $ | 20,562,244 | $ | 3,142,378,650 | $ | 13,861,726 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): |
36,050,000 | 600,000 | 95,700,000 | 400,000 | ||||||||||||||
Net asset value per share: |
$ | 35.09 | $ | 34.27 | $ | 32.84 | $ | 34.65 |
(a) | Includes loaned securities having a market value of $11,897,981, $59,536, $45,024,963 and $161,852 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively. |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities (continued)
February 28, 2022 (Unaudited)
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
ActiveBeta® U.S. Large Cap Equity ETF |
ActiveBeta® U.S. Small Cap Equity ETF |
||||||||||||
Assets: | ||||||||||||||
Investments at value (cost $7,930,480, $9,697,116,968 and $404,443,467, respectively)(a) |
$ | 7,316,833 | $ | 13,413,352,255 | $ | 456,593,959 | ||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost |
3,387 | 4,006,720 | 2,945,025 | |||||||||||
Cash |
2,488 | 8,094,852 | 3,489,393 | |||||||||||
Variation margin on futures contracts |
— | — | 7,425 | |||||||||||
Receivables: |
||||||||||||||
Dividends |
8,622 | 17,402,999 | 290,117 | |||||||||||
Securities lending income |
9 | 2,618 | 4,293 | |||||||||||
Collateral on futures contracts |
— | — | 163,350 | |||||||||||
Foreign tax reclaims |
— | — | 613 | |||||||||||
Total assets | 7,331,339 | 13,442,859,444 | 463,494,175 | |||||||||||
Liabilities: | ||||||||||||||
Payables: |
||||||||||||||
Upon return of securities loaned |
3,387 | 4,006,720 | 2,945,025 | |||||||||||
Management fees |
1,145 | 939,340 | 69,860 | |||||||||||
Accrued expenses |
— | 270,682 | 11,165 | |||||||||||
Total liabilities | 4,532 | 5,216,742 | 3,026,050 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital |
7,934,654 | 9,916,796,673 | 418,777,437 | |||||||||||
Total distributable earnings (loss) |
(607,847 | ) | 3,520,846,029 | 41,690,688 | ||||||||||
NET ASSETS | $ | 7,326,807 | $ | 13,437,642,702 | $ | 460,468,125 | ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||
Shares outstanding no par value (unlimited shares authorized): |
200,000 | 155,452,500 | 7,450,000 | |||||||||||
Net asset value per share: |
$ | 36.63 | $ | 86.44 | $ | 61.81 |
(a) | Includes loaned securities having a market value of $3,502, $4,068,777 and $2,884,254 for ActiveBeta® Paris-Aligned Climate U.S. Large Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF and ActiveBeta® U.S. Small Cap Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the Six Months Ended February 28, 2022 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF |
ActiveBeta® Europe Equity ETF |
ActiveBeta® International Equity ETF |
ActiveBeta® Japan Equity ETF |
|||||||||||||||
Investment income: | ||||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,816,874, $24,221, $2,538,189 and $16,663, respectively) |
$ | 13,349,347 | $ | 97,895 | $ | 25,819,229 | $ | 142,375 | ||||||||||
Non cash dividend income |
4,903,877 | 51,426 | 4,367,018 | — | ||||||||||||||
Securities lending income — unaffiliated issuer |
94,314 | 3,054 | 416,926 | 825 | ||||||||||||||
Total investment income | 18,347,538 | 152,375 | 30,603,173 | 143,200 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees |
2,669,691 | 22,175 | 3,908,129 | 15,493 | ||||||||||||||
Custody, accounting and administrative services |
597,151 | — | — | — | ||||||||||||||
Printing and mailing costs |
102,153 | — | — | — | ||||||||||||||
Professional fees |
81,598 | — | — | — | ||||||||||||||
Trustee fees |
10,352 | 3,076 | 27,654 | 3,036 | ||||||||||||||
Other |
32,747 | — | — | — | ||||||||||||||
Total expenses | 3,493,692 | 25,251 | 3,935,783 | 18,529 | ||||||||||||||
Less — expense reductions |
(490,290 | ) | — | — | — | |||||||||||||
Net expenses | 3,003,402 | 25,251 | 3,935,783 | 18,529 | ||||||||||||||
NET INVESTMENT INCOME | 15,344,136 | 127,124 | 26,667,390 | 124,671 | ||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||
Investments — unaffiliated issuers |
(1,297,394 | ) | (144,692 | ) | (26,850,362 | ) | (161,154 | ) | ||||||||||
In-kind redemptions |
429,045 | — | — | — | ||||||||||||||
Futures contracts |
9,691 | (5,398 | ) | (265,996 | ) | 3,471 | ||||||||||||
Foreign currency transactions |
(194,942 | ) | (1,591 | ) | (409,275 | ) | (2,308 | ) | ||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $5,445,236, $—, $— and $—, respectively) |
(134,768,721 | ) | (1,897,251 | ) | (234,129,554 | ) | (1,099,958 | ) | ||||||||||
Futures contracts |
— | (3,287 | ) | (183,830 | ) | — | ||||||||||||
Foreign currency translations |
(31,751 | ) | (3,782 | ) | (14,107 | ) | 23 | |||||||||||
Net realized and unrealized loss | (135,854,072 | ) | (2,056,001 | ) | (261,853,124 | ) | (1,259,926 | ) | ||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (120,509,936 | ) | $ | (1,928,877 | ) | $ | (235,185,734 | ) | $ | (1,135,255 | ) |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations (continued)
For the Six Months Ended February 28, 2022 (Unaudited)
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF* |
ActiveBeta® U.S. Large Cap |
ActiveBeta® U.S. Small Cap Equity ETF |
||||||||||||
Investment income: | ||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $42, $— and $2,847, respectively) |
$ | 22,167 | $ | 91,468,612 | $ | 3,015,672 | ||||||||
Securities lending income — unaffiliated issuer |
9 | 117,793 | 33,619 | |||||||||||
Total investment income | 22,176 | 91,586,405 | 3,049,291 | |||||||||||
Expenses: | ||||||||||||||
Management fees |
3,295 | 6,135,258 | 441,504 | |||||||||||
Trustee fees |
— | 113,399 | 6,498 | |||||||||||
Total expenses | 3,295 | 6,248,657 | 448,002 | |||||||||||
NET INVESTMENT INCOME | 18,881 | 85,337,748 | 2,601,289 | |||||||||||
Realized and unrealized gain (loss): | ||||||||||||||
Net realized gain (loss) from: |
||||||||||||||
Investments — unaffiliated issuers |
(9,349 | ) | (26,480,555 | ) | (1,024,328 | ) | ||||||||
In-kind redemptions |
— | 291,591,527 | — | |||||||||||
Futures contracts |
— | 1,250,148 | (269,162 | ) | ||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||
Investments — unaffiliated issuers |
(613,647 | ) | (969,784,510 | ) | (21,244,046 | ) | ||||||||
Futures contracts |
— | (498,672 | ) | (43,331 | ) | |||||||||
Net realized and unrealized loss | (622,996 | ) | (703,922,062 | ) | (22,623,001 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (604,115 | ) | $ | (618,584,314 | ) | $ | (20,021,712 | ) |
* | For the period December 13, 2021 (commencement of operations) through February 28, 2022. |
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets
ActiveBeta® Emerging Markets Equity ETF |
ActiveBeta® Europe Equity ETF | |||||||||||||||||||||
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
For the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income |
$ | 15,344,136 | $ | 28,374,315 | $ | 127,124 | $ | 460,405 | ||||||||||||||
Net realized gain (loss) |
(1,053,600 | ) | 299,505,967 | (151,681 | ) | 279,554 | ||||||||||||||||
Net change in unrealized gain (loss) |
(134,800,472 | ) | (6,490,407 | ) | (1,904,320 | ) | 4,206,895 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (120,509,936 | ) | 321,389,875 | (1,928,877 | ) | 4,946,854 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(32,670,988 | ) | (31,408,924 | ) | (192,346 | ) | (469,425 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
40,814,371 | 267,346,093 | 1,790,247 | — | ||||||||||||||||||
Cost of shares redeemed |
(10,845,554 | ) | (879,514,184 | ) | — | — | ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 29,968,817 | (612,168,091 | ) | 1,790,247 | — | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (123,212,107 | ) | (322,187,140 | ) | (330,976 | ) | 4,477,429 | |||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period |
$ | 1,388,289,430 | $ | 1,710,476,570 | $ | 20,893,220 | $ | 16,415,791 | ||||||||||||||
End of period |
$ | 1,265,077,323 | $ | 1,388,289,430 | $ | 20,562,244 | $ | 20,893,220 |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® International Equity ETF |
ActiveBeta® Japan Equity ETF | |||||||||||||||||||||
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income |
$ | 26,667,390 | $ | 52,804,228 | $ | 124,671 | $ | 348,150 | ||||||||||||||
Net realized gain (loss) |
(27,525,633 | ) | 6,273,922 | (159,991 | ) | 1,910,900 | ||||||||||||||||
Net change in unrealized gain (loss) |
(234,327,491 | ) | 477,457,409 | (1,099,935 | ) | 1,170,747 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (235,185,734 | ) | 536,535,559 | (1,135,255 | ) | 3,429,797 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(35,530,667 | ) | (47,566,749 | ) | (165,920 | ) | (325,392 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
319,859,566 | 860,704,407 | — | — | ||||||||||||||||||
Cost of shares redeemed |
— | — | — | (7,502,475 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 319,859,566 | 860,704,407 | — | (7,502,475 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) | 49,143,165 | 1,349,673,217 | (1,301,175 | ) | (4,398,070 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period |
$ | 3,093,235,485 | $ | 1,743,562,268 | $ | 15,162,901 | $ | 19,560,971 | ||||||||||||||
End of period |
$ | 3,142,378,650 | $ | 3,093,235,485 | $ | 13,861,726 | $ | 15,162,901 |
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® Paris-Aligned
Climate U.S. Large Cap Equity ETF |
ActiveBeta® U.S. Large Cap Equity ETF | |||||||||||||||||
For the Period December 13, 2021* to February 28, 2022 (Unaudited) |
For the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
||||||||||||||||
From operations: | ||||||||||||||||||
Net investment income |
$ | 18,881 | $ | 85,337,748 | $ | 145,156,213 | ||||||||||||
Net realized gain (loss) |
(9,349 | ) | 266,361,120 | 746,188,521 | ||||||||||||||
Net change in unrealized gain (loss) |
(613,647 | ) | (970,283,182 | ) | 2,324,876,490 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (604,115 | ) | (618,584,314 | ) | 3,216,221,224 | |||||||||||||
Distributions to shareholders: | ||||||||||||||||||
From distributable earnings |
(3,732 | ) | (86,606,054 | ) | (138,466,225 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||
Proceeds from sales of shares |
7,934,654 | 946,548,496 | 1,810,335,563 | |||||||||||||||
Cost of shares redeemed |
— | (573,562,904 | ) | (1,546,137,807 | ) | |||||||||||||
Net increase in net assets resulting from share transactions | 7,934,654 | 372,985,592 | 264,197,756 | |||||||||||||||
TOTAL INCREASE (DECREASE) | 7,326,807 | (332,204,776 | ) | 3,341,952,755 | ||||||||||||||
Net assets: | ||||||||||||||||||
Beginning of period |
$ | — | $ | 13,769,847,478 | $ | 10,427,894,723 | ||||||||||||
End of period |
$ | 7,326,807 | $ | 13,437,642,702 | $ | 13,769,847,478 |
* | Commencement of operations. |
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® U.S. Small Cap Equity ETF |
||||||||||
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||
From operations: | ||||||||||
Net investment income |
$ | 2,601,289 | $ | 2,761,059 | ||||||
Net realized gain (loss) |
(1,335,624 | ) | 30,941,317 | |||||||
Net change in unrealized gain (loss) |
(21,287,377 | ) | 64,943,544 | |||||||
Net increase (decrease) in net assets resulting from operations | (20,021,712 | ) | 98,645,920 | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings |
(3,147,447 | ) | (2,434,684 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares |
71,094,143 | 224,466,695 | ||||||||
Cost of shares redeemed |
— | (60,618,621 | ) | |||||||
Net increase in net assets resulting from share transactions | 71,094,143 | 163,848,074 | ||||||||
TOTAL INCREASE | 47,924,984 | 260,059,310 | ||||||||
Net assets: | ||||||||||
Beginning of period |
$ | 412,543,141 | $ | 152,483,831 | ||||||
End of period |
$ | 460,468,125 | $ | 412,543,141 |
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout The Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.15 per share and 0.24% of average net assets. |
(c) | Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets. |
(d) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
(g) | Less than 0.5% |
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
February 28, 2022 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”) |
Diversified | |||
Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”) |
Diversified | |||
Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”) |
Diversified | |||
Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”) |
Diversified | |||
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (“ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF”) |
Diversified | |||
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (“ActiveBeta® U.S. Large Cap Equity ETF”) |
Diversified | |||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (“ActiveBeta® U.S. Small Cap Equity ETF”) |
Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”) except for ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, which is listed and traded on the Cboe BZX Exchange Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to
91
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
recover a portion of amounts previously withheld. These reclaims if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, realized gains and losses are recorded upon settlement of the contract.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
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GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that
93
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2022:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 59,121,412 | $ | — | $ | — | ||||||
Asia |
1,033,674,232 | 28,755,336 | 13,709,684 | |||||||||
Europe |
23,487,559 | — | — | |||||||||
North America |
40,410,810 | — | — | |||||||||
South America |
50,194,513 | 14,642,002 | — | |||||||||
Securities Lending Reinvestment Vehicle |
12,466,770 | — | — | |||||||||
Total | $ | 1,219,355,296 | $ | 43,397,338 | $ | 13,709,684 | ||||||
ACTIVEBETA® EUROPE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 65,606 | $ | — | $ | — | ||||||
Asia |
122,684 | — | 8,039 | |||||||||
Europe |
19,332,736 | 179,643 | — | |||||||||
North America |
439,629 | — | — | |||||||||
Oceania |
284,361 | — | — | |||||||||
South America |
31,713 | — | — | |||||||||
Securities Lending Reinvestment Vehicle |
63,082 | — | — | |||||||||
Total | $ | 20,339,811 | $ | 179,643 | $ | 8,039 |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
94
GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® EUROPE EQUITY ETF (continued) |
| |||||||||||
Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
Liabilities(b) | ||||||||||||
Futures Contracts |
$ | (1,347 | ) | $ | — | $ | — | |||||
ACTIVEBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 8,868,999 | $ | — | $ | — | ||||||
Asia |
744,360,317 | — | 633,770 | |||||||||
Europe |
1,734,753,040 | 19,090,136 | — | |||||||||
North America |
404,895,472 | 2,794,298 | — | |||||||||
Oceania |
214,440,553 | — | — | |||||||||
South America |
3,831,132 | — | — | |||||||||
Securities Lending Reinvestment Vehicle |
46,969,960 | — | — | |||||||||
Total | $ | 3,158,119,473 | $ | 21,884,434 | $ | 633,770 | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts |
$ | (183,830 | ) | $ | — | $ | — | |||||
ACTIVEBETA® JAPAN EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 13,833,714 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle |
168,842 | — | — | |||||||||
Total | $ | 14,002,556 | $ | — | $ | — | ||||||
ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Europe |
$ | 8,830 | $ | — | $ | — | ||||||
North America |
7,308,003 | — | — | |||||||||
Securities Lending Reinvestment Vehicle |
3,387 | — | — | |||||||||
Total | $ | 7,320,220 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
95
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Europe |
$ | 19,721,057 | $ | — | $ | — | ||||||
North America |
13,393,631,198 | — | — | |||||||||
Securities Lending Reinvestment Vehicle |
4,006,720 | — | — | |||||||||
Total | $ | 13,417,358,975 | $ | — | $ | — | ||||||
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Africa |
$ | 126,010 | $ | — | $ | — | ||||||
Asia |
1,820,735 | — | — | |||||||||
Europe |
1,392,973 | — | — | |||||||||
North America |
452,898,470 | — | — | |||||||||
South America |
355,771 | — | — | |||||||||
Securities Lending Reinvestment Vehicle |
2,945,025 | — | — | |||||||||
Total | $ | 459,538,984 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts |
$ | 7,325 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
The following is a reconciliation of Level 3 investments for the six months ended February 28, 2022:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF | ||||
Common Stock and/or Other Equity Investments |
||||
Beginning Balance as of August 31, 2021 |
$ | — | ||
Realized gain (loss) |
— | |||
Net change in unrealized gain (loss) relating to instruments still held at reporting date |
— | |||
Purchases |
— | |||
Sales |
— | |||
Transfers in (out) of Level 3 |
13,709,684 | |||
Ending Balance as of February 28, 2022 | $ | 13,709,684 |
For further information regarding security characteristics, see the Schedules of Investments.
96
GOLDMAN SACHS ACTIVEBETA® ETFS
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2022. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
Risk | Fund | Statement of Assets and Liabilities | Assets (Liabilities)(a) | |||||||||||||||||
Equity |
Goldman Sachs ActiveBeta® Europe Equity ETF | Variation Margin on Futures Contracts | $ | (1,347 | ) | |||||||||||||||
Equity |
Goldman Sachs ActiveBeta® International Equity ETF | Variation Margin on Futures Contracts | (183,830 | ) | ||||||||||||||||
Equity |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | Variation Margin on Futures Contracts | 7,325 |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of February 28, 2022 is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
Risk | Fund | Net Realized Gain (Loss) from Futures Contracts |
Net Change in Unrealized Gain (Loss) on Futures Contracts |
|||||||
Equity |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | $ | 9,691 | $ | — | |||||
Equity |
Goldman Sachs ActiveBeta® Europe Equity ETF | (5,398 | ) | (3,287 | ) | |||||
Equity |
Goldman Sachs ActiveBeta® International Equity ETF | (265,996 | ) | (183,830 | ) | |||||
Equity |
Goldman Sachs ActiveBeta® Japan Equity ETF | 3,471 | — | |||||||
Equity |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | 1,250,148 | (498,672 | ) | ||||||
Equity |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | (269,162 | ) | (43,331 | ) |
For the six months ended February 28, 2022, the relevant value for each derivative type was as follows:
Fund |
Average Number of |
|||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
0 | |||
Goldman Sachs ActiveBeta® Europe Equity ETF |
3 | |||
Goldman Sachs ActiveBeta® International Equity ETF |
58 | |||
Goldman Sachs ActiveBeta® Japan Equity ETF |
6 | |||
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
61 | |||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
44 |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2022. |
97
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For each Fund except the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the six months ended February 28, 2022, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta® Emerging Markets Equity ETF:
Fund | Unitary Management Fee |
|||||
ActiveBeta® Europe Equity ETF |
0.25 | % | ||||
ActiveBeta® International Equity ETF |
0.25 | % | ||||
ActiveBeta® Japan Equity ETF |
0.25 | % | ||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
0.20 | % | ||||
ActiveBeta® U.S. Large Cap Equity ETF |
0.09 | % | ||||
ActiveBeta® U.S. Small Cap Equity ETF |
0.20 | % |
For the six months ended February 28, 2022, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta® Emerging Markets Equity ETF:
Fund | Contractual and Effective Net Management Fee |
|||||
ActiveBeta® Emerging Markets Equity ETF |
0.40 | % |
B. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.
For the six months ended February 28, 2022, these expense reimbursements amounted to $490,290.
6. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional
98
GOLDMAN SACHS ACTIVEBETA® ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
Share activity is as follows:
ActiveBeta® Emerging Markets Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
1,050,000 | $ | 40,703,786 | 6,800,000 | $ | 265,763,520 | ||||||||||
Shares Redeemed |
(300,000 | ) | (10,845,555 | ) | (22,900,000 | ) | (879,193,841 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES |
750,000 | $ | 29,858,231 | (16,100,000 | ) | $ | (613,430,321 | ) | ||||||||
ActiveBeta® Europe Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
50,000 | $ | 1,790,247 | — | $ | — | ||||||||||
Shares Redeemed |
— | — | — | — | ||||||||||||
NET INCREASE IN SHARES |
50,000 | $ | 1,790,247 | — | $ | — | ||||||||||
ActiveBeta® International Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
9,200,000 | $ | 319,824,121 | 25,800,000 | $ | 860,606,084 | ||||||||||
Shares Redeemed |
— | — | — | — | ||||||||||||
NET INCREASE IN SHARES |
9,200,000 | $ | 319,824,121 | 25,800,000 | $ | 860,606,084 |
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
ActiveBeta® Japan Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
— | $ | — | — | $ | — | ||||||||||
Shares Redeemed |
— | — | (200,000 | ) | (7,502,453 | ) | ||||||||||
NET DECREASE IN SHARES |
— | $ | — | (200,000 | ) | $ | (7,502,453 | ) | ||||||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the
Period December 13, 2021* to February 28, 2022 (Unaudited) |
||||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | |||||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
200,000 | $ | 7,934,654 | |||||||||||||
Shares Redeemed |
— | — | ||||||||||||||
NET INCREASE IN SHARES |
200,000 | $ | 7,934,654 | |||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
10,400,000 | $ | 946,547,835 | 22,700,000 | $ | 1,810,334,871 | ||||||||||
Shares Redeemed |
(6,350,000 | ) | (573,562,904 | ) | (18,800,000 | ) | (1,546,137,808 | ) | ||||||||
NET INCREASE IN SHARES |
4,050,000 | $ | 372,984,931 | 3,900,000 | $ | 264,197,063 | ||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
1,100,000 | $ | 71,094,143 | 3,800,000 | $ | 224,465,356 | ||||||||||
Shares Redeemed |
— | — | (950,000 | ) | (60,618,621 | ) | ||||||||||
NET INCREASE IN SHARES |
1,100,000 | $ | 71,094,143 | 2,850,000 | $ | 163,846,735 |
* | Commencement of operations |
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GOLDMAN SACHS ACTIVEBETA® ETFS
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF |
$ | 130,504,039 | $ | 118,074,965 | ||||||
ActiveBeta® Europe Equity ETF |
1,760,869 | 1,786,807 | ||||||||
ActiveBeta® International Equity ETF |
268,587,377 | 256,158,562 | ||||||||
ActiveBeta® Japan Equity ETF |
1,556,671 | 1,597,309 | ||||||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
8,380,349 | 440,476 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF |
817,065,639 | 774,915,638 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF |
34,225,267 | 33,218,038 |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF |
$ | 3,199,262 | $ | 1,920,470 | ||||||
ActiveBeta® Europe Equity ETF |
1,764,893 | — | ||||||||
ActiveBeta® International Equity ETF |
299,716,699 | — | ||||||||
ActiveBeta® Japan Equity ETF |
— | — | ||||||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
— | — | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF |
912,596,705 | 571,601,318 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF |
70,513,205 | — |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
101
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
8. SECURITIES LENDING (continued) |
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2022, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2022:
Fund | Beginning value as of August 31, 2021* |
Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2022 |
||||||||||||
ActiveBeta® Emerging Markets Equity ETF |
$ | 8,722,462 | $ | 67,387,646 | $ | (63,643,338 | ) | $ | 12,466,770 | |||||||
ActiveBeta® Europe Equity ETF |
184,641 | 1,236,570 | (1,358,129 | ) | 63,082 | |||||||||||
ActiveBeta® International Equity ETF |
37,762,053 | 220,582,728 | (211,374,821 | ) | 46,969,960 | |||||||||||
ActiveBeta® Japan Equity ETF |
82,494 | 2,252,732 | (2,166,384 | ) | 168,842 | |||||||||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF* |
3,623 | 7,502 | (7,738 | ) | 3,387 | |||||||||||
ActiveBeta® U.S. Large Cap Equity ETF |
9,566,002 | 130,501,467 | (136,060,749 | ) | 4,006,720 | |||||||||||
ActiveBeta® U.S. Small Cap Equity ETF |
5,108,816 | 18,974,727 | (21,138,518 | ) | 2,945,025 |
* | Beginning value is as of December 13, 2021 (commencement of operations) for ActiveBeta Paris-Aligned Climate U.S. Large Cap Equity ETF. |
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GOLDMAN SACHS ACTIVEBETA® ETFS
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year ended August 31, 2021, the Funds’ capital loss carryforward on a tax-basis were as follows:
ActiveBeta® Emerging Markets Equity ETF |
ActiveBeta® Europe Equity ETF |
ActiveBeta® International Equity ETF |
ActiveBeta® Japan Equity ETF |
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
ActiveBeta® U.S. Large Cap Equity ETF |
ActiveBeta® U.S. Small Cap Equity ETF |
||||||||||||||||||||||
Capital loss carryforwards: |
||||||||||||||||||||||||||||
Perpetual Short-Term |
$ | (18,538,046 | ) | $ | (912,925 | ) | $ | (32,881,357 | ) | $ | (352,828 | ) | $ | — | $ | (205,544,786 | ) | $ | (583,066 | ) | ||||||||
Perpetual Long-Term |
$ | — | (2,111,682 | ) | (70,851,919 | ) | (447,827 | ) | $ | — | (219,683,202 | ) | (3,381,690 | ) |
As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
ActiveBeta® Emerging Markets Equity ETF |
ActiveBeta® Europe Equity ETF |
ActiveBeta® International Equity ETF |
ActiveBeta® Japan Equity ETF |
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF* |
ActiveBeta® U.S. Large Cap Equity ETF |
ActiveBeta® U.S. Small Cap Equity ETF |
||||||||||||||||||||||
Tax Cost |
$ | 1,066,463,186 | $ | 18,178,113 | $ | 2,812,388,196 | $ | 12,798,239 | $ | 7,933,867 | $ | 9,764,209,709 | $ | 412,489,672 | ||||||||||||||
Gross unrealized gain |
$ | 341,581,099 | $ | 3,502,196 | $ | 475,535,632 | $ | 2,190,474 | $ | 122,452 | $ | 3,887,235,111 | $ | 75,324,980 | ||||||||||||||
Gross unrealized loss |
(131,581,967 | ) | (1,152,816 | ) | (107,286,151 | ) | (986,157 | ) | (736,099 | ) | (234,085,845 | ) | (28,275,668 | ) | ||||||||||||||
Net unrealized gain/(loss) |
$ | 209,999,132 | $ | 2,349,380 | $ | 368,249,481 | $ | 1,204,317 | $ | (613,647 | ) | $ | 3,653,149,266 | $ | 47,049,312 |
* | Commenced operations on December 13, 2021 |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, differences in the tax treatment of partnership investments, and passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade
103
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
10. OTHER RISKS (continued) |
restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Index Risk — GSAM (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index. Furthermore, the index providers for the reference indices upon which the Funds’ Indices are based may delay or change a scheduled rebalancing or reconstitution of an index or the implementation of certain rules at their sole discretion. In such circumstances, a Fund, in replicating the composition of an index, may have more or less exposure to a particular sector or individual company than had the index been constructed in accordance with its stated methodology.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or
104
GOLDMAN SACHS ACTIVEBETA® ETFS
10. OTHER RISKS (continued) |
general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.
Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. OTHER MATTERS |
In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. The ActiveBeta Emerging Markets Equity ETF, the ActiveBeta Europe Equity ETF and the ActiveBeta International Equity ETF have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these Funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
105
GOLDMAN SACHS ACTIVEBETA® ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
Proposal 1. Election of Trustees |
For | Against/Withheld | Abstain | |||||||||
Cheryl K. Beebe |
264,924,160 | 15,294,512 | 0 | |||||||||
Lawrence Hughes |
279,548,931 | 669,741 | 0 | |||||||||
John F. Killian |
264,883,857 | 15,334,814 | 0 | |||||||||
Steven D. Krichmar |
279,552,751 | 665,920 | 0 | |||||||||
Linda A. Lang |
279,620,511 | 598,160 | 0 | |||||||||
106
GOLDMAN SACHS ACTIVEBETA® ETFS
Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
107
GOLDMAN SACHS ACTIVEBETA® ETFS
Fund Expenses — Six Months ended 2/28/2022 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
Except with respect to the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, which commenced operations on December 13, 2021, the example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the six months ended February 28, 2022, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid** |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid** |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid** |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid** |
|||||||||||||||||||||||||||||||||||||
Actual based on NAV |
$ | 1,000 | $ | 914.01 | $ | 2.14 | $ | 1,000 | $ | 910.66 | $ | 1.18 | $ | 1,000 | $ | 928.75 | $ | 1.20 | $ | 1,000 | $ | 924.27 | $ | 1.19 | ||||||||||||||||||||||||
Hypothetical 5% return |
1,000 | 1,022.56 | + | 2.26 | 1,000 | 1,023.55 | + | 1.25 | 1,000 | 1,023.55 | + | 1.25 | 1,000 | 1,023.55 | + | 1.25 |
ActiveBeta® Paris-Aligned Climate
U.S. Large Cap Equity ETF |
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||||||||||||||||||||
Beginning Account Value 12/13/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid** |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid** |
||||||||||||||||||||||||||||
Actual based on NAV |
$ | 1,000 | $ | 924.00 | $ | 0.41 | $ | 1,000 | $ | 956.20 | $ | 0.44 | $ | 1,000 | $ | 957.84 | $ | 0.97 | ||||||||||||||||||
Hypothetical 5% return |
1,000 | 1,010.26 | + | 0.43 | 1,000 | 1,024.35 | + | 0.45 | 1,000 | 1,023.80 | + | 1.00 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | The Fund commenced operations on December 13, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 78/365, which represents a period of 78 days of a 365 day year (to reflect the Fund’s commencement of operation). |
** | Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows: |
Fund | ||||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
0.45 | % | ||
Goldman Sachs ActiveBeta® Europe Equity ETF |
0.25 | |||
Goldman Sachs ActiveBeta® International Equity ETF |
0.25 | |||
Goldman Sachs ActiveBeta® Japan Equity ETF |
0.25 | |||
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
0.20 | |||
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
0.09 | |||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
0.20 |
108
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF and Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 13, 2021 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
109
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF and Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited) (continued)
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using data, rankings and ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
110
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF and Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited) (continued)
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In addition, the Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the indices created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of each Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amounts of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Funds’ access to certain affiliated distribution channels.
111
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF and Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited) (continued)
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2022.
112
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was most recently approved for continuation until September 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 13, 2021 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertaking of the Investment Adviser and its affiliates to implement an expense limitation; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
113
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund operates, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using data, rankings and ratings compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. The information on the Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a composite of separate accounts with comparable investment strategies. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Costs of Services Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.
The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees reviewed the Fund’s total operating expense ratio (both gross and net of expense
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
limitations). The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.
In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level pursuant to the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, the costs of the services provided by the Investment Adviser and its affiliates, and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets. They further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (f) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (d) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Fund’s access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2022.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on December 13, 2021. At a meeting held on September 13-14, 2021 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser
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Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (Unaudited) (continued)
by the Fund for use of the index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (f) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (d) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Fund’s access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.
118
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Value ETF |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Emerging Markets USD Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Access U.S. Aggregate Bond ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF |
Goldman Sachs Future Planet Equity ETF |
Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Future Health Care Equity ETF |
Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF |
INDEX DISCLAIMERS
The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, Goldman Sachs ActiveBeta® Europe Equity Index, Goldman Sachs ActiveBeta® International Equity Index and Goldman Sachs ActiveBeta® Japan Equity Index (the “ActiveBeta® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta® Indices or the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF or Goldman Sachs ActiveBeta® Japan Equity ETF (the “ActiveBeta® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI 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 MSCI Indices, the ActiveBeta® ETFs or the ActiveBeta® Indices.
The Russell 2000® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index. Frank Russell Company (“RUSSELL”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta® U.S. Small 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 Russell 2000® Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index.
The ActiveBeta® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.
GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.
GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham Lawrence W. Stranghoener James A. McNamara |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent |
||
ALPS DISTRIBUTORS, INC. Distributor |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of February 28, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
© 2022 Goldman Sachs. All rights reserved. 275111-OTU-1591028 ACTBETASAR 22