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.

 

LOGO


Goldman Sachs ActiveBeta® ETFs

 

 

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

 

TABLE OF CONTENTS

 

Market and Economic Review

    1  

Fund Basics

    4  

Schedules of Investments

    19  

Financial Statements

    76  

Financial Highlights

    84  

ActiveBeta® Emerging Markets Equity ETF

    84  

ActiveBeta® Europe Equity ETF

    85  

ActiveBeta® International Equity ETF

    86  

ActiveBeta® Japan Equity ETF

    87  

ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF

    88  

ActiveBeta® U.S. Large Cap Equity ETF

    89  

ActiveBeta® U.S. Small Cap Equity ETF

    90  

Notes to Financial Statements

    91  

Other Information

    108  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


MARKET REVIEW

 

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%.

 

 

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

 

 

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

 

 

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

 

   

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

 

   

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

 

   

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

 

 

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

 

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

 

 

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.

 

   

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.

 

   

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.

 

 

During the fourth quarter of 2021, the MSCI EAFE Index increased in October, fell in November and rose in December.

 

   

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.

 

   

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.

 

   

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.

 

   

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.

 

 

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.

 

 

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.

 

 

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.

 

   

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.

 

   

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.

 

 

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

 

 

The Fund launched on December 13, 2021.

 

   

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.

 

   

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


FUND BASICS

 

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

 

LOGO

 

 

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      

 

LOGO

 

 

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      

 

LOGO

 

 

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      

 

LOGO

 

 

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      

 

LOGO

 

 

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      

 

LOGO

 

 

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      

 

LOGO

 

 

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

 

Schedule of Investments

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 –
Institutional Shares

 
 
  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 –
Institutional Shares

 
 
  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: