Goldman Sachs Funds
Annual Report |
August 31, 2022 | |||
Goldman Sachs Equity ETFs | ||||
Bloomberg Clean Energy Equity ETF (GCLN) | ||||
Equal Weight U.S. Large Cap Equity ETF (GSEW) | ||||
Hedge Industry VIP ETF (GVIP) | ||||
Innovate Equity ETF (GINN) | ||||
JUST U.S. Large Cap Equity ETF (JUST) |
Goldman Sachs Equity ETFs
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BLOOMBERG CLEAN ENERGY EQUITY ETF (GCLN) |
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EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF (GSEW) |
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HEDGE INDUSTRY VIP ETF (GVIP) |
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INNOVATE EQUITY ETF (GINN) |
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JUST U.S. LARGE CAP EQUITY ETF (JUST) |
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9 | ||||
31 | ||||
52 | ||||
59 | ||||
59 | ||||
60 | ||||
61 | ||||
62 | ||||
63 | ||||
64 | ||||
77 | ||||
78 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Bloomberg Clean Energy Equity ETF
Principal Investment Strategies
The Goldman Sachs Bloomberg Clean Energy Equity ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) is designed to deliver exposure to companies that are expected to have a significant impact on energy decarbonization through their exposure to clean energy which includes, but is not limited to, clean power infrastructure (generation, transmission and distribution), solar energy, wind energy, energy storage, hydrogen energy, energy digitalization and bioenergy. The Index is a free float-adjusted market capitalization-weighted index designed to identify relevant companies using curated data acquired from a variety of sources by Bloomberg Professional Services (the “Index Provider”). Some of the clean energy companies in which the Fund invests may have operations that involve traditional energy facilities (including oil, gas or other hydrocarbons). The Index Provider constructs the Index in accordance with a rules-based methodology that involves three steps.
Step 1 — In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by identifying securities that are constituents of the Bloomberg Global Equity Index and classified to be within clean energy sectors by Bloomberg New Energy Finance (“BNEF”). BNEF is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy.
Step 2 — In the second step, the Index Provider screens the Universe for thematic relevance to clean energy and estimates the proportion of an issuer’s value attributable to clean energy activities. The Index Provider’s estimates are based on quarterly data reviews by sector specialists using reported segment revenues, along with any other available metrics such as segmented earnings before interest, taxes, depreciation and amortization (“EBITDA”), alignment with the European Union’s Taxonomy Regulation, current and planned activities of the issuer, and expected growth of clean energy-relevant business lines relative to other business lines.
Thematic relevance is then divided into four categories based on percentage of a company’s value attributed to clean energy activities: A4 (Minor Driver of Decarbonization) – 10% or Less, A3 (Moderate Driver of Decarbonization) – 10% to 24%, A2 (Considerable Driver of Decarbonization) – 25% to 49% and A1 (Main Driver of Decarbonization) – 50% to 100%. Securities of issuers within category A4 (Minor) or Environmental, Social, and Governance (“ESG”)-controversial securities, and securities with high carbon impact and poor mitigation plans are excluded from the Index.
Step 3 — In the third step, the Index constituents are grouped by thematic relevance categories to maximize relevance and impact. Each thematic category is assigned a weighting to maximize exposure to securities with the greatest impact to de-carbonization as follows:
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60% of the Index weight is in securities classified as A1 (Main Driver of Decarbonization). |
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30% of the Index weight is in securities classified as A2 (Considerable Driver of Decarbonization). |
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10% of the index weight is in securities classified as A3 (Moderate Driver of Decarbonization). |
Within each category, the weight for a single security is capped at a specified level that varies by category. Any excess weight resulted from capping is redistributed proportionally across the remaining uncapped securities in the Index.
The Index is normally rebalanced and reconstituted quarterly in March, June, September, and December.
As of August 31, 2022, the Index consisted of 187 securities with a market capitalization range of between approximately $736.1 million and $863.6 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each country or geographic region at all times.
The Index is comprised of equity securities, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund seeks to invest in the Index components in approximately the same weighting that such components have
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INVESTMENT PROCESS
within the Index at the applicable time. The Fund may purchase a sample of securities in its Index. There may also be instances in which Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”) may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, the Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
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At the end of the Reporting Period, i.e. the period from the Fund’s inception on February 8, 2022 through August 31, 2022, we believed that static, clean energy indices developed by index generalists may be missing investment opportunities. To solve for this, the Fund’s underlying index was designed by energy specialists at Goldman Sachs and BNEF to evolve with the low carbon transition. The Fund’s dynamic index leverages BNEF’s more than 200 research analysts to provide exposure to growth-oriented pure-play and “transitioning” clean energy companies.
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INVESTMENT PROCESS
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Principal Investment Strategies
The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
The Solactive US Large Cap Equal Weight Index (GTR) (the “Index”) is designed to measure the performance of equity securities of large capitalization U.S. issuers. The Index is an equal-weight version of the Solactive US Large Cap Index, a market capitalization-weighted index that includes equity securities of approximately 500 of the largest U.S. companies. The Index includes the same constituents as the Solactive US Large Cap Index. However, unlike the Solactive US Large Cap Index, in which each security is weighted based on its market value, each security in the Index is given the same weight, approximately 0.2% of the Index, at each rebalance.
As of August 31, 2022, the Index consisted of 489 securities with a market capitalization range of between approximately $7.3 billion and $2,526.6 billion. The Index is reconstituted on a semi-annual basis in May and November to reflect changes in the constituents of the Solactive US Large Cap Index. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria. The Index is normally rebalanced on a monthly basis to weight all constituents equally.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
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At the end of the Reporting Period, i.e. the 12 months ended August 31, 2022, we believed that while mega-cap stocks may drive performance in market cap-weighted equity indices, many top performers may be found among non-mega-cap stocks. We maintain conviction in our methodology for providing meaningful access to opportunities among non-mega-cap stocks and avoiding concentration in mega-cap stocks by equally weighting the largest U.S. equities and rebalancing on a monthly basis. We believe this approach allows investors to participate in a broad range of market cycles and potentially reduce exposure to isolated market incidents.
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INVESTMENT PROCESS
Goldman Sachs Hedge Industry VIP ETF
Principal Investment Strategies
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Goldman Sachs Hedge Fund VIP IndexTM (the “Index”) is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology.
Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is normally reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded.
The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of August 31, 2022, the Index consisted of 50 securities with a market capitalization range of between approximately $3.6 billion and $2,206.9 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times.
THE FUND IS NOT A HEDGE FUND AND DOES NOT INVEST IN HEDGE FUNDS.
* * *
At the end of the Reporting Period, i.e. the 12 months ended August 31, 2022, we continued to believe the most effective way to identify the most important positions of hedge fund managers is to know what equities they are holding. We also maintained conviction in our methodology for extracting these important positions — by obtaining information from quarterly 13F filings of hedge funds and identifying stocks that appear among top holdings the most frequently. Through an efficient implementation, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.
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INVESTMENT PROCESS
Goldman Sachs Innovate Equity ETF
Principal Investment Strategies
The Goldman Sachs Innovate Equity ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Solactive Innovative Global Equity Index (the “Index”) is designed to deliver exposure to companies that may benefit from technological innovation and the resulting changes in the economy across five key themes (the “Key Themes”) that are potential drivers of changes in the economy. Each Key Theme is divided into multiple sub-themes (the “Sub-Themes”). The Key Themes are:
Data-Driven World Theme — Companies that are positioned to potentially benefit from the unprecedented proliferation of data, capitalizing on data storage, security and analysis as well as artificial intelligence and machine learning.
Finance Reimagined Theme — Companies that are positioned to potentially benefit from the evolving financial landscape, from the digitization of traditional financial services to the development of blockchain technology.
Human Evolution Theme — Companies that are positioned to potentially benefit from advances in medical treatment and technology, from robotic surgery and precision medicine to gene therapy and care for an older population.
Manufacturing Revolution Theme — Companies that are positioned to potentially benefit from the technology-driven transformation of the manufacturing industry, including the emergence of new processes, products and energy sources.
New Age Consumer Theme — Companies that are positioned to potentially benefit from structural shifts in the way we consume goods and services due to changes in demographics, technology and consumer preferences.
The Index is comprised entirely of securities that compose the Solactive Data Driven World Index, the Solactive Finance Reimagined Index, the Solactive Human Evolution Index, the Solactive Manufacturing Revolution Index, and the Solactive New Age Consumer Index (the “Solactive Thematic Indexes”), which are designed to provide exposure to the Data Driven World Theme, the Finance Reimagined Theme, the Human Evolution Theme, the Manufacturing Revolution Theme and the New Age Consumer Theme, respectively. The weight of each index constituent within the Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.
Solactive AG (the “Index Provider”) determines the components of each Solactive Thematic Index in accordance with a rules-based methodology that involves four steps. The following index methodology applies to each Solactive Thematic Index.
Step 1
In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”). The Universe is comprised of companies that meet all the below criteria:
∎ |
The company’s primary listing must be on a regulated stock exchange approved by the Index Provider; |
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The company’s stock must have an average daily trading volume over the most recent 1-month period (“ADTV”) of at least $1,000,000 in U.S. dollars; |
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The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and |
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The company must not be classified as within certain industries by the FactSet Industries and Economic Sectors classification in order to minimize non-theme-relevant exposures in the Index. |
Step 2
In the second step, the Index Provider screens publicly available information, such as financial news, business profiles and company publications, using keywords that describe the Key Theme and its proprietary natural language processing algorithm to identify companies within the Universe that have or are expected to have significant exposure to a Sub-Theme. In addition,
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INVESTMENT PROCESS
additional company and/or third-party information is screened in order to verify a company’s relevance to at least one of the Sub-Themes. Securities of issuers whose relevance to at least one of the Sub-Themes cannot be verified is removed from the Universe.
Step 3
In the third step, each company identified in Step 2 is assigned a thematic relevance score with respect to each Sub-Theme. For each Sub-Theme, the Index Provider identifies 50 companies with the highest thematic relevance scores. The Index Provider then combines the thematic relevance scores for all Sub-Themes of each company identified to calculate such company’s overall score. The top 100 companies with the highest overall scores are included in the Solactive Thematic Index. In addition, certain buffer rules are applied to prevent excessive turnover.
Step 4
In the fourth step, the Index Provider calculates a thematic beta for each index constituent, which is a quantitative measurement of the exposure of the index constituents to the applicable Key Theme. Index constituents are then weighted according to a function of its market capitalization and thematic beta, subject to specified minimum and maximum weights.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. Also, unlike many investment companies, the Fund does not attempt to outperform the Index and does not seek temporary defensive positions when markets decline or appear overvalued.
The Index is normally rebalanced quarterly on the third Friday of each January, April, July and October.
* * *
At the end of the Reporting Period, i.e., the 12-month period ended August 31, 2022, the pace of technological innovation was faster than ever before, creating significant disruption across industries as new entrants and business models emerged and incumbents faced the threat of being dislodged. In our view, the Fund presented an attractive long-term opportunity, as we thought its underlying secular growth Key Themes and Sub-Themes would drive the financial markets during the coming decades. We believed fundamentally sound companies that could benefit from these Key Themes and Sub-Themes may be well-positioned to outperform. Although the Fund’s growth style and its exposure to the emerging markets can lead to short-term volatility, we remained confident overall in the long-term strength of these Key Themes and Sub-Themes at the end of the Reporting Period.
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INVESTMENT PROCESS
Goldman Sachs JUST U.S. Large Cap Equity ETF
Principal Investment Strategies
The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).
The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers that engage in “just business behavior” based on rankings produced by JUST Capital Foundation, Inc. (the “Index Provider”). The Index Provider publishes an annual ranking of issuers in the Russell 1000® Index (the “Reference Index”) based on its quantitative performance assessment of seven issue areas: how they treat their workers, their customers, the communities they interact with, the environment, and their shareholders, their commitment to making quality and beneficial products, and job creation.
The Index Provider seeks to encourage greater accountability in the business community and drive positive change among large publicly-traded U.S. corporations by (a) defining business behaviors that the American public cares most about (through extensive qualitative and quantitative survey research), (b) developing metrics that correspond to these issues in accordance with a robust, transparent methodology, (c) ranking the largest publicly-traded U.S. companies on the basis of these metrics, and (d) developing tools and products that allow investors to direct capital towards more “just” companies.
The Index is a market capitalization-weighted index that consists of the top-ranked 50% of companies in the Reference Index by industry, based on the most recent rankings by the Index Provider. On the annual Index reconstitution date, Index constituent weights are adjusted such that the Index is industry neutral and matches the Reference Index’s industry weights, based on the Industry Classification Benchmark (“ICB”) industry classification.
As of August 31, 2022, the Index consisted of 446 securities with a market capitalization range of between approximately $1.7 billion and $2,206.9 billion. The Index is normally reconstituted annually in December and rebalanced in March, June and September on dates corresponding to the rebalance dates for the Reference Index. The components of the Index may change over time. The Index Provider determines whether an issuer is a U.S. issuer by reference to the index methodology of the Reference Index. FTSE Russell, which constructs the Reference Index, will deem an issuer to be a U.S. issuer if it is incorporated in, has a stated headquarters in, and trades in the U.S.; if any of these do not match, the Reference Index methodology providers for consideration of certain additional factors.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
The Index is calculated by Frank Russell Company (“Russell” or the “Calculation Agent”) in accordance with the methodology and constituent list developed and provided by the Index Provider.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
For a complete overview of and more in-depth information about the Index Provider’s processes, please view its Full Ranking Methodology and Survey Research Appendices at https://justcapital.com/methodology/full-ranking-methodology/.
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INVESTMENT PROCESS
At the end of the Reporting Period, i.e. the 12 months ended August 31, 2022, we believed a focus on just business behavior via a data-driven approach may provide a suitable core U.S. equity allocation for investors seeking to encourage greater accountability in the business community through their investments. The Fund’s data-driven approach collects and analyzes data from a diverse range of sources, utilizing more than 150,000 data points across 66 unique metrics to score the performance of Russell 1000® Index companies. These companies are scored across a variety of issues, including worker treatment, customer concerns and environment impacts to provide broad market exposure.
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Effective on April 4, 2022, Jamie McGregor no longer served as a portfolio manager for the Funds. In addition, effective the same date, Matthew Maillet served as a portfolio manager for the Funds. Effective June 17, 2022, Matthew Maillet no longer served as a portfolio manager for the Funds. Raj Garigipati, Managing Director, continues to serve as a portfolio manager for the Funds, as he has since their inception. By design, all investment decisions for the Funds are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision make has been a cornerstone of our approach and helps to ensure continuity in the Funds.
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PORTFOLIO RESULTS
Goldman Sachs Bloomberg Clean Energy Equity ETF
Investment Objective
The Goldman Sachs Bloomberg Clean Energy Equity ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its inception on February 8, 2022 through August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 0.45% based on net asset value (“NAV”) and 0.33% based on market price. The Index returned 1.40% during the same period. |
The Fund had an NAV of $39.60 on February 8, 2022 and ended the Reporting Period with an NAV of $39.57 per share. The Fund’s market price on August 31, 2022 was $39.52 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index. |
During the Reporting Period, the Index posted a positive absolute return but underperformed the Index, as measured by NAV. |
Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the industrials, materials and consumer discretionary sectors detracted most from the Index’s results during the Reporting Period. Partially offsetting these detractors were Index constituents in the information technology, consumer staples and energy sectors, which contributed positively to the Index’s results during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Enel, an Italy-based utilities company; Schneider Electric, a France-based industrials company; and Contemporary Amperex Technology, a China-based industrial company detracted most (1.76%, 2.10% and 0.00%1 of Fund net assets as of August 31, 2022, respectively). Each of these companies posted a double-digit negative return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Positions in Enphase Energy, a U.S.-based information technology company; NextEra, a U.S.-based utilities company; and First Solar, a U.S.-based information technology company contributed most positively (4.53%, 5.58% and 1.43% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a double-digit gain within the Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize cash. |
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1 | Some weights are 0.00% at August 31, 2022 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria. |
PORTFOLIO RESULTS
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
Sector Name | Fund3 | Bloomberg Goldman Sachs Global Clean Energy Index |
||||||||
Utilities | 41.18 | % | 41.14 | % | ||||||
Industrials | 26.27 | 26.32 | ||||||||
Information Technology | 21.55 | 21.55 | ||||||||
Materials | 3.96 | 3.98 | ||||||||
Consumer Discretionary | 2.79 | 2.78 | ||||||||
Energy | 2.26 | 2.25 | ||||||||
Consumer Staples | 1.58 | 1.57 | ||||||||
Financials | 0.40 | 0.41 |
Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?2 |
Country Name | Fund3 | Bloomberg Goldman Sachs Global Clean Energy Index |
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U.S. | 35.82 | % | 35.88 | % | ||||||
China | 21.58 | 21.61 | ||||||||
Denmark | 5.14 | 5.16 | ||||||||
South Korea | 4.74 | 4.75 | ||||||||
France | 4.52 | 4.50 | ||||||||
Canada | 4.51 | 4.51 | ||||||||
United Kingdom | 3.61 | 3.62 | ||||||||
Spain | 3.12 | 3.06 | ||||||||
Italy | 2.73 | 2.73 | ||||||||
Germany | 2.61 | 2.61 | ||||||||
Israel | 2.05 | 2.05 | ||||||||
Japan | 1.90 | 1.86 | ||||||||
India | 1.72 | 1.73 | ||||||||
Finland | 1.30 | 1.30 | ||||||||
Belgium | 1.00 | 0.99 | ||||||||
Switzerland | 0.74 | 0.73 | ||||||||
Brazil | 0.56 | 0.56 | ||||||||
Taiwan | 0.56 | 0.56 | ||||||||
Thailand | 0.44 | 0.44 | ||||||||
Czech Republic | 0.35 | 0.35 | ||||||||
Norway | 0.31 | 0.31 | ||||||||
Netherlands | 0.28 | 0.28 | ||||||||
New Zealand | 0.23 | 0.23 | ||||||||
Portugal | 0.09 | 0.08 | ||||||||
Sweden | 0.08 | 0.08 | ||||||||
Hong Kong | 0.02 | 0.02 |
2 | 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 Bloomberg Professional Services. 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 August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy Index. |
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FUND BASICS
Bloomberg Clean Energy Equity ETF
as of August 31, 2022
FUND SNAPSHOT |
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As of August 31, 2022 | ||||||
Market Price1 | $ | 39.52 | ||||
Net Asset Value (NAV)1 | $ | 39.57 |
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. |
TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
NextEra Energy, Inc. | 5.6 | % | Utilities | United States | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 5.2 | Industrials | China | |||||||
Enphase Energy, Inc. | 4.5 | Information Technology | United States | |||||||
Edison International | 3.1 | Utilities | United States | |||||||
Vestas Wind Systems A/S | 3.0 | Industrials | Denmark | |||||||
Samsung SDI Co. Ltd. | 2.5 | Information Technology | South Korea | |||||||
Sempra Energy | 2.4 | Utilities | United States | |||||||
General Electric Co. | 2.3 | Industrials | United States | |||||||
Iberdrola SA | 2.2 | Utilities | Spain | |||||||
Orsted AS | 2.1 | Utilities | Denmark |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
12
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on February 8, 2022 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, Bloomberg Goldman Sachs Global Clean Energy Index (Total Return, Unhedged, USD), a market-cap based index against which the performance of the Fund is measured, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Bloomberg Clean Energy Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from February 8, 2022 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | Since Inception | |
Shares based on NAV (Commenced February 8, 2022) |
0.45% | |
| ||
Shares based on Market Price (Commenced February 8, 2022) |
0.33% | |
| ||
Bloomberg Goldman Sachs Global Clean Energy Index (TR, unhedged, USD) |
1.40% | |
|
* | Total return for periods of less than one year represents cumulative total return. Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods of less than one year are not annualized. |
13
PORTFOLIO RESULTS
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Investment Objective
The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index (GTR) (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -14.48% based on net asset value (“NAV”) and -14.46% based on market price. The Index returned -14.37%, and the S&P 500® Index (Total Return, Unhedged, USD) (“S&P 500® Index”), a market-cap based index against which the performance of the Fund is measured, returned -11.23% during the same period. |
The Fund had an NAV of $70.00 on August 31, 2021 and ended the Reporting Period with an NAV of $58.98 per share. The Fund’s market price on August 31, 2022 was $58.99 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index’s performance is compared to that of the S&P 500® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500® Index. |
During the Reporting Period, the Index posted a double-digit negative absolute return that underperformed the S&P 500® Index. The Fund also underperformed the S&P 500® Index during the Reporting Period, as measured by NAV. |
Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the information technology, communication services and consumer discretionary sectors detracted most from the Index’s results relative to the S&P 500® Index during the Reporting Period. Index constituents in the energy, utilities and consumer staples sectors contributed most positively to the Index’s results relative to the S&P 500® Index. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the S&P 500® Index, underweight positions in information technology giant Apple, integrated energy company Exxon Mobil and health care company UnitedHealth Group detracted most (0.20%, 0.22% and 0.20% of Fund net assets as of August 31, 2022, respectively). Apple delivered a single-digit positive return within the Index during the Reporting Period. Exxon Mobil and UnitedHealth Group each posted a double-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A |
Relative to the S&P 500® Index, underweight positions in communication services giant Meta Platforms, e-commerce retailing behemoth Amazon.com and banking institution JPMorgan Chase contributed most positively (0.20%, 0.19% and 0.21% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double- |
14
PORTFOLIO RESULTS
digit negative return within the Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize cash. |
Q | What was the Fund’s sector positioning relative to the Index and the S&P 500® Index at the end of the Reporting Period?1 |
Sector Name | Fund2 | Solactive US Large Cap Equal Weight Index |
S&P 500® Index |
|||||||||||
Information Technology | 18.07 | % | 18.02 | % | 27.32 | % | ||||||||
Financials | 12.99 | 12.95 | 10.86 | |||||||||||
Health Care | 12.86 | 12.91 | 14.07 | |||||||||||
Industrials | 12.49 | 12.47 | 7.92 | |||||||||||
Consumer Discretionary | 9.70 | 9.68 | 11.43 | |||||||||||
Consumer Staples | 6.43 | 6.43 | 6.77 | |||||||||||
Real Estate | 6.06 | 6.14 | 2.86 | |||||||||||
Utilities | 5.79 | 5.77 | 3.13 | |||||||||||
Materials | 5.66 | 5.66 | 2.54 | |||||||||||
Energy | 5.55 | 5.57 | 4.67 | |||||||||||
Communication Services | 4.41 | 4.41 | 8.44 |
1Sector | 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 due to the presence of cash. |
2The | Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index. |
15
FUND BASICS
Equal Weight U.S. Large Cap Equity ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 58.99 | ||||
Net Asset Value (NAV)1 | $ | 58.98 |
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. |
TOP TEN HOLDINGS AS OF 8/31/222 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Trade Desk, Inc. (The), Class A | 0.3 | % | Information Technology | United States | ||||||
Plug Power, Inc. | 0.3 | Industrials | United States | |||||||
Devon Energy Corp. | 0.3 | Energy | United States | |||||||
Constellation Energy Corp. | 0.3 | Utilities | United States | |||||||
ConocoPhillips | 0.3 | Energy | United States | |||||||
Cardinal Health, Inc. | 0.3 | Health Care | United States | |||||||
EQT Corp. | 0.3 | Energy | United States | |||||||
EOG Resources, Inc. | 0.3 | Energy | United States | |||||||
Pioneer Natural Resources Co. | 0.2 | Energy | United States | |||||||
APA Corp. | 0.2 | Energy | United States |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
16
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on September 12, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market cap-based index against which the performance of the Fund is measured, the Solactive US Large Cap Equal Weight Index (GTR) and the S&P® 500 Index (Total Return, Unhedged, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 12, 2017 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year | Since Inception | ||
Shares based on NAV (Commenced September 12, 2017) |
-14.48% | 9.52% | ||
| ||||
Shares based on Market Price (Commenced September 12, 2017) |
-14.46% | 9.52% | ||
| ||||
Solactive US Large Cap Equal Weight Index (GTR) |
-14.37% | 9.69% | ||
| ||||
S&P 500® Index (TR, unhedged, USD) |
-11.23% | 11.66% | ||
|
* | 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 at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
17
PORTFOLIO RESULTS
Goldman Sachs Hedge Industry VIP ETF
Investment Objective
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index® (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -26.95% based on net asset value (“NAV”) and -26.87% based on market price. The Index returned -26.63%, and the S&P 500® Index (Unhedged) (“S&P 500® Index”), a market-cap based index against which the performance of the Fund is measured, returned -11.23% during the same period. |
The Fund had an NAV of $103.18 on August 31, 2021 and ended the Reporting Period with an NAV of $75.37 per share. The Fund’s market price on August 31, 2022 was $75.47 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period?1 |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology. Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is normally reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded. The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. |
The Index’s performance is compared to that of the S&P 500® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500® Index. |
During the Reporting Period, the Index posted a double-digit negative absolute return that underperformed the S&P 500® |
18
1 | Some weights are 0.00% at August 31, 2022 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria. |
PORTFOLIO RESULTS
Index. The Fund also underperformed the S&P 500® Index during the Reporting Period, as measured by NAV. |
Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the information technology, communication services and consumer discretionary sectors detracted most from the Index’s results relative to the S&P 500® Index during the Reporting Period. Partially offsetting these detractors were Index constituents in the industrials, utilities and health care sectors, which contributed positively to the Index’s results relative to the S&P 500® Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the S&P 500® Index, positions in information technology software and services provider Sea, e-commerce retailer Shopify and financial services and digital payments conglomerate Block, each of which is not a component of the S&P 500® Index, detracted most (0.00%1, 1.97% and 0.00% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated a robust double-digit negative return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Relative to the S&P 500® Index, an overweight position in semiconductor company Xilinx as well as positions in cybersecurity technology company CrowdStrike Holdings and natural gas and electricity utilities company PG&E, which are not components of the S&P 500® Index, contributed most positively (0.00%1, 0.00% and 0.00% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated a double-digit positive return within the Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
1 | Some weights are 0.00% at August 31, 2022 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria. |
Q | What was the Fund’s sector positioning relative to the Index and the S&P 500® Index at the end of the Reporting Period?2 |
Sector Name | Fund3 | GS Hedge Fund VIP IndexTM |
S&P 500® Index |
|||||||||||
Information Technology | 33.60 | % | 33.60 | % | 27.32 | % | ||||||||
Communication Services | 15.94 | 15.94 | 8.42 | |||||||||||
Health Care | 12.44 | 12.44 | 14.07 | |||||||||||
Financials | 12.06 | 12.06 | 10.86 | |||||||||||
Consumer Discretionary | 11.47 | 11.47 | 11.43 | |||||||||||
Energy | 6.78 | 6.78 | 4.67 | |||||||||||
Industrials | 5.75 | 5.75 | 7.92 | |||||||||||
Materials | 1.96 | 1.96 | 2.54 | |||||||||||
Consumer Staples | — | — | 6.77 | |||||||||||
Utilities | — | — | 3.13 | |||||||||||
Real Estate | — | — | 2.86 |
2 | 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). Figures above may not sum to 100% due to rounding due to the presence of cash. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index®. |
19
FUND BASICS
Hedge Industry VIP ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 75.47 | ||||
Net Asset Value (NAV)1 | $ | 75.37 |
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. |
TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
EQT Corp. | 2.3 | % | Energy | United States | ||||||
Palo Alto Networks, Inc. | 2.3 | Information Technology | United States | |||||||
Chesapeake Energy Corp. | 2.3 | Energy | United States | |||||||
Cheniere Energy, Inc. | 2.2 | Energy | United States | |||||||
Alibaba Group Holding Ltd. ADR | 2.2 | Consumer Discretionary | China | |||||||
Biohaven Pharmaceutical Holding Co. Ltd. | 2.2 | Health Care | United States | |||||||
Zendesk, Inc. | 2.2 | Information Technology | United States | |||||||
Elastic NV | 2.1 | Information Technology | United States | |||||||
Elevance Health, Inc. | 2.1 | Health Care | United States | |||||||
T-Mobile US, Inc. | 2.1 | Communication Services | United States |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
20
GOLDMAN SACH HEDGE INDUSTRY VIP ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 1, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market cap- based index against which the performance of the Fund is measured, the Goldman Sachs Hedge Fund VIP Index™ and the S&P 500® Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Hedge Industry VIP ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2016 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | 5 Year Return | Since Inception | |||
Shares based on NAV (Commenced November 1, 2016) |
-26.95% | 8.72% | 11.87% | |||
| ||||||
Shares based on Market Price (Commenced November 1, 2016) |
-26.87% | 8.74% | 11.89% | |||
| ||||||
Goldman Sachs Hedge Fund VIP Index™ |
-26.63% | 9.24% | 12.40% | |||
| ||||||
S&P 500® Index (Total Return, USD) |
-11.23% | 11.82% | 13.41% | |||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
21
PORTFOLIO RESULTS
Goldman Sachs Innovate Equity ETF
Investment objective
The Goldman Sachs Innovate Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -30.35% based on net asset value (“NAV”) and -30.55% based on market price. The Index returned -30.41% during the same period. |
The Fund had an NAV of $63.23 per share on August 31, 2021 and ended the Reporting Period with an NAV of $43.67 per share. The Fund’s market price on August 31, 2022 was $43.62 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. Also, unlike many investment companies, the Fund does not attempt to outperform the Index and does not seek temporary defensive positions when markets decline or appear overvalued. |
During the Reporting Period, the Fund recorded negative absolute returns that closely tracked the Index, as measured by NAV. During the Reporting Period, all five of the Key Themes detracted from the Index’s performance. |
Q | Which individual stock positions contributed the least to the Index’s returns during the Reporting Period? |
A | Positions in Meta Platforms, a U.S. technology conglomerate; Alibaba Group, a Chinese multinational technology company; and Block, a U.S. mobile payments platform (2.11%, 1.24% and 0.55% of Fund net assets as of August 31, 2022, respectively) contributed the least to Index returns. Each of these holdings posted a double-digit negative return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
A | During the Reporting Period, the Index benefited most from positions in Vertex Pharmaceuticals, a U.S.-based biopharmaceutical company; Eli Lilly and Company, a U.S. pharmaceutical firm; and iRhythm Technologies, a U.S.-based firm that develops digital tools, including wearable biosensing technology, to diagnose cardiac arrhythmias (0.49%, 0.69% and 0.12% of Fund net assets as of August 31, 2022, respectively). Vertex Pharmaceuticals and Eli Lilly and Company each recorded a double-digit positive return within the Index during the Reporting Period, while iRhythm Technologies generated a strong triple-digit positive return within the Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A |
During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
22
PORTFOLIO RESULTS
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
Sector Name | Fund2 | Index | ||||||||
Information Technology | 31.98 | % | 31.92 | % | ||||||
Health Care | 20.74 | 20.70 | ||||||||
Consumer Discretionary | 15.44 | 15.41 | ||||||||
Communication Services | 12.94 | 12.86 | ||||||||
Financials | 9.47 | 9.51 | ||||||||
Industrials | 5.83 | 5.82 | ||||||||
Utilities | 1.37 | 1.50 | ||||||||
Energy | 0.95 | 0.94 | ||||||||
Consumer Staples | 0.65 | 0.65 | ||||||||
Real Estate | 0.64 | 0.64 |
Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1 |
Country Name | Fund2 | Index | ||||||||
U.S. | 70.28 | % | 70.21 | % | ||||||
China | 6.52 | 6.51 | ||||||||
Japan | 3.91 | 3.90 | ||||||||
Germany | 2.83 | 2.82 | ||||||||
United Kingdom | 2.29 | 2.29 | ||||||||
Switzerland | 2.24 | 2.23 | ||||||||
Canada | 2.17 | 2.16 | ||||||||
France | 1.81 | 1.80 | ||||||||
Netherlands | 1.13 | 1.12 | ||||||||
South Korea | 0.95 | 0.95 | ||||||||
Ireland | 0.88 | 0.88 | ||||||||
Israel | 0.75 | 0.75 | ||||||||
Taiwan | 0.61 | 0.61 | ||||||||
Singapore | 0.59 | 0.59 | ||||||||
Uruguay | 0.53 | 0.52 | ||||||||
Denmark | 0.52 | 0.51 | ||||||||
Hong Kong | 0.42 | 0.42 | ||||||||
Brazil | 0.36 | 0.36 | ||||||||
Australia | 0.28 | 0.28 | ||||||||
Finland | 0.22 | 0.22 | ||||||||
Sweden | 0.19 | 0.19 | ||||||||
Belgium | 0.15 | 0.15 | ||||||||
Czech Republic | 0.13 | 0.13 | ||||||||
Cayman Islands | 0.07 | 0.06 | ||||||||
Isle of Man | 0.05 | 0.05 | ||||||||
Luxembourg | 0.05 | 0.05 | ||||||||
Spain | 0.03 | 0.03 | ||||||||
Austria | 0.03 | 0.03 | ||||||||
United Arab Emirates | 0.03 | 0.03 | ||||||||
Russia | 0.01 | — | ||||||||
India | — | 0.14 |
1 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. Figures above may not sum to 100% due to rounding due to the presence of cash. |
2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. |
23
FUND BASICS
Innovate Equity ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 43.62 | ||||
Net Asset Value (NAV)1 | $ | 43.67 |
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. |
TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Meta Platforms, Inc., Class A | 2.1 | % | Communication Services | United States | ||||||
Apple, Inc. | 2.1 | Information Technology | United States | |||||||
Microsoft Corp. | 2.0 | Information Technology | United States | |||||||
Alphabet, Inc., Class A | 2.0 | Communication Services | United States | |||||||
Amazon.com, Inc. | 1.9 | Consumer Discretionary | United States | |||||||
NVIDIA Corp. | 1.7 | Information Technology | United States | |||||||
Alibaba Group Holding Ltd. ADR | 1.2 | Consumer Discretionary | China | |||||||
Tesla, Inc. | 1.1 | Consumer Discretionary | United States | |||||||
Johnson & Johnson | 0.8 | Health Care | United States | |||||||
Intel Corp. | 0.8 | Information Technology | United States |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
24
GOLDMAN SACHS INNOVATE EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on November 6, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive Innovative Global Equity Index (Net Total Return, USD), a market-cap based index against which the performance of the Fund is measured, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Innovate Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2020 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced November 6, 2020) |
-30.35% | -6.63% | ||
| ||||
Shares based on Market Price (Commenced November 6, 2020) |
-30.55% | -6.69% | ||
| ||||
Solactive Innovative Global Equity Index (Net Total Return, USD) |
-30.41% | -6.44% | ||
|
* | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
25
PORTFOLIO RESULTS
Goldman Sachs JUST U.S. Large Cap Equity ETF
Investment Objective
The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -12.53% based on net asset value (“NAV”) and -12.38% based on market price. The Index returned -12.37%, and the Russell 1000® Index (Total Return, Unhedged, USD) (“Russell 1000® Index”), a market-cap based index against which the performance of the Fund is measured, returned -12.96% during the same period. |
The Fund had an NAV of $65.65 on August 31, 2021 and ended the Reporting Period with an NAV of $56.72 per share. The Fund’s market price on August 31, 2022 was $56.84 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index’s performance is compared to that of the Russell 1000® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Russell 1000® Index. |
During the Reporting Period, the Index posted a double-digit negative absolute return but modestly outperformed the Russell 1000® Index. The Fund also modestly outperformed the Russell 1000® Index during the Reporting Period, as measured by NAV. |
Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the communication services, health care and consumer staples sectors contributed most positively to the Index’s results relative to the Russell 1000® Index during the Reporting Period. Index constituents in the consumer discretionary, information technology and financials sectors detracted most from the Index’s results relative to the Russell 1000® Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Relative to the Russell 1000® Index, an underweight position in communication services giant Meta Platforms and overweight positions in integrated energy companies Exxon Mobil and Chevron contributed most positively (0.00%,1 1.49% and 1.15% of Fund net assets as of August 31, 2022, respectively). Meta Platforms generated a double-digit negative return within the Index during the Reporting Period, while Exxon Mobil and Chevron each posted a double-digit gain within the Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the Russell 1000® Index, positions in e-commerce retailing behemoth Amazon.com, payment |
1Some | weights are 0.00% at August 31, 2022 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria. |
26
PORTFOLIO RESULTS
transactions services provider PayPal Holdings and semiconductor company Broadcom detracted most (4.41%, 0.40% and 0.63% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated a double-digit negative return within the Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s sector positioning relative to the Index and the Russell 1000® Index at the end of the Reporting Period?2 |
Sector Name | Fund3 | JUST US Large Cap Diversified Index |
Russell 1000® Index |
|||||||||||
Information Technology | 28.63 | % | 28.63 | % | 26.74 | % | ||||||||
Health Care | 14.25 | 14.25 | 13.73 | |||||||||||
Financials | 10.79 | 10.79 | 11.26 | |||||||||||
Consumer Discretionary | 10.57 | 10.58 | 11.44 | |||||||||||
Industrials | 8.17 | 8.17 | 8.67 | |||||||||||
Communication Services | 7.38 | 7.38 | 8.00 | |||||||||||
Consumer Staples | 6.51 | 6.51 | 6.37 | |||||||||||
Energy | 4.91 | 4.91 | 4.69 | |||||||||||
Real Estate | 3.35 | 3.35 | 3.32 | |||||||||||
Utilities | 2.97 | 2.97 | 3.03 | |||||||||||
Materials | 2.46 | 2.47 | 2.76 |
2 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). 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 2.1% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index. |
27
FUND BASICS
JUST U.S. Large Cap Equity ETF
as of August 31, 2022
FUND SNAPSHOT |
| |||||
As of August 31, 2022 | ||||||
Market Price1 | $ | 56.84 | ||||
Net Asset Value (NAV)1 | $ | 56.72 |
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. |
TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 7.6 | % | Information Technology | |||||
Microsoft Corp. | 6.2 | Information Technology | ||||||
Amazon.com, Inc. | 4.4 | Consumer Discretionary | ||||||
Alphabet, Inc., Class A | 2.1 | Communication Services | ||||||
Alphabet, Inc., Class C | 1.9 | Communication Services | ||||||
UnitedHealth Group, Inc. | 1.5 | Health Care | ||||||
Exxon Mobil Corp. | 1.5 | Energy | ||||||
Procter & Gamble Co. (The) | 1.4 | Consumer Staples | ||||||
Johnson & Johnson | 1.3 | Health Care | ||||||
JPMorgan Chase & Co. | 1.3 | Financials |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
28
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on June 7, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the JUST US Large Cap Diversified Index and the Russell 1000® Index (Total Return, USD), respectively, are shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs JUST U.S. Large Cap Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from June 7, 2018 through August 31, 2022.
Average Annual Total Return through August 31, 2022* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced June 7, 2018) |
-12.53% | 10.25% | ||
| ||||
Shares based on Market Price (Commenced June 7, 2018) |
-12.38% | 10.30% | ||
| ||||
JUST US Large Cap Diversified Index |
-12.37% | 10.50% | ||
| ||||
Russell 1000® Index |
-12.96% | 10.37% | ||
|
* | 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 at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
29
FUND BASICS
Index Definitions and Industry Terms
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
Russell 3000® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S
incorporated equity securities. It is not possible to invest directly in an index. It is not possible to invest directly in an unmanaged index.
Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000® is a
subset of the Russell 3000® Index. It represents the top companies by market capitalization. The Russell 1000® typically comprises
approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It
is not possible to invest directly in an unmanaged index.
S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
Bloomberg Goldman Sachs Global Clean Energy Index is service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy ETF (the “ETF”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the ETF.
Solactive US Large Cap Equal Weight Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.
The Goldman Sachs Hedge Fund VIP IndexTM is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-Iisted stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. It is not possible to invest directly in an unmanaged index.
Solactive Innovative Global Equity Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.
JUST US Large Cap Diversified Index “JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.
30
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Belgium – 1.0% | ||||||||
126 | Elia Group SA/NV (Utilities) | $ | 18,359 | |||||
1,887 | Umicore SA (Materials) | 60,245 | ||||||
|
|
|||||||
78,604 | ||||||||
|
|
|||||||
Brazil – 0.4% | ||||||||
2,834 | Alupar Investimento SA (Utilities) | 15,562 | ||||||
1,732 | Centrais Eletricas Brasileiras SA (Utilities) | 15,415 | ||||||
614 | Cosan SA (Energy) | 2,368 | ||||||
187 | Energisa SA (Utilities) | 1,526 | ||||||
|
|
|||||||
34,871 | ||||||||
|
|
|||||||
Canada – 4.5% | ||||||||
2,861 | Algonquin Power & Utilities Corp. (Utilities) | 39,411 | ||||||
440 | Atco Ltd., Class I (Utilities) | 15,623 | ||||||
2,289 | Ballard Power Systems, Inc. (Industrials)* | 17,916 | ||||||
962 | Boralex, Inc., Class A (Utilities) | 36,361 | ||||||
60 | Capital Power Corp. (Utilities) | 2,334 | ||||||
2,020 | Fortis, Inc. (Utilities) | 89,370 | ||||||
1,352 | Hydro One Ltd. (Utilities)(a) | 36,711 | ||||||
1,450 | Innergex Renewable Energy, Inc. (Utilities) | 21,978 | ||||||
2,144 | Northland Power, Inc. (Utilities) | 73,606 | ||||||
90 | SNC-Lavalin Group, Inc. (Industrials) | 1,746 | ||||||
1,029 | TransAlta Renewables, Inc. (Utilities) | 13,656 | ||||||
60 | WSP Global, Inc. (Industrials) | 7,171 | ||||||
|
|
|||||||
355,883 | ||||||||
|
|
|||||||
China – 21.8% | ||||||||
1,300 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 14,828 | ||||||
6,500 | Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology) | 8,005 | ||||||
2,200 | BYD Co. Ltd., Class A (Consumer Discretionary) | 91,906 | ||||||
8,100 | CECEP Solar Energy Co. Ltd., Class A (Utilities)* | 9,494 | ||||||
13,600 | CECEP Wind-Power Corp., Class A (Utilities) | 9,845 | ||||||
7,000 | China Baoan Group Co. Ltd., Class A (Industrials) | 14,988 | ||||||
21,384 | China Datang Corp Renewable Power Co. Ltd., Class H (Utilities) | 5,367 | ||||||
30,056 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 48,709 | ||||||
51,000 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 47,127 | ||||||
7,640 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 3,436 | ||||||
76,000 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 67,251 | ||||||
5,900 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials)* | 413,386 | ||||||
353 | Daqo New Energy Corp. ADR (Information Technology)* | 23,534 | ||||||
5,000 | Eve Energy Co. Ltd., Class A (Industrials) | 68,898 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
15,800 | GCL System Integration Technology Co. Ltd., Class A (Information Technology)* | 8,412 | ||||||
12,700 | GEM Co. Ltd., Class A (Materials) | 15,383 | ||||||
950 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 31,662 | ||||||
4,400 | Gotion High-tech Co. Ltd., Class A (Industrials) | 21,931 | ||||||
5,100 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 35,179 | ||||||
3,580 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 33,694 | ||||||
2,000 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 6,177 | ||||||
4,660 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 44,325 | ||||||
3,400 | Jilin Electric Power Co. Ltd., Class A (Utilities)* | 3,235 | ||||||
231 | JinkoSolar Holding Co. Ltd. ADR (Information Technology)* | 14,061 | ||||||
20,160 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 149,733 | ||||||
920 | Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials) | 9,750 | ||||||
5,600 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 21,795 | ||||||
1,200 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 18,033 | ||||||
132 | NXP Semiconductors NV (Information Technology) | 21,725 | ||||||
2,400 | Risen Energy Co. Ltd., Class A (Information Technology)* | 10,152 | ||||||
200 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 1,839 | ||||||
900 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 5,490 | ||||||
400 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 18,597 | ||||||
400 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 7,717 | ||||||
3,096 | Shenzhen Senior Technology Material Co. Ltd., Class A (Materials) | 10,375 | ||||||
3,900 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 63,024 | ||||||
480 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 32,587 | ||||||
4,600 | TBEA Co. Ltd., Class A (Industrials) | 16,535 | ||||||
8,600 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 60,019 | ||||||
4,900 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | 9,845 | ||||||
12,000 | Tongwei Co. Ltd., Class A (Consumer Staples) | 92,051 | ||||||
480 | Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology) | 13,982 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,020 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | $ | 19,956 | |||||
1,700 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 6,237 | ||||||
9,300 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 17,309 | ||||||
1,458 | Xinte Energy Co. Ltd., Class H (Industrials) | 3,827 | ||||||
842 | Xinyi Glass Holdings Ltd. (Industrials) | 1,562 | ||||||
17,902 | Xinyi Solar Holdings Ltd. (Information Technology) | 24,724 | ||||||
2,600 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 11,930 | ||||||
3,400 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 37,484 | ||||||
|
|
|||||||
1,727,111 | ||||||||
|
|
|||||||
Czech Republic – 0.4% | ||||||||
685 | CEZ AS (Utilities) | 27,740 | ||||||
|
|
|||||||
Denmark – 5.1% | ||||||||
1,691 | Orsted AS (Utilities)(a) | 166,190 | ||||||
9,507 | Vestas Wind Systems A/S (Industrials) | 239,619 | ||||||
|
|
|||||||
405,809 | ||||||||
|
|
|||||||
Finland – 1.3% | ||||||||
218 | Fortum OYJ (Utilities) | 2,246 | ||||||
2,026 | Neste OYJ (Energy) | 100,334 | ||||||
|
|
|||||||
102,580 | ||||||||
|
|
|||||||
France – 2.4% | ||||||||
11,044 | Electricite de France SA (Utilities) | 132,542 | ||||||
899 | Engie SA (Utilities) | 10,729 | ||||||
526 | Neoen SA (Utilities)(a) | 21,791 | ||||||
285 | Vinci SA (Industrials) | 26,437 | ||||||
|
|
|||||||
191,499 | ||||||||
|
|
|||||||
Germany – 2.6% | ||||||||
462 | BASF SE (Materials) | 19,544 | ||||||
1,023 | Encavis AG (Utilities) | 21,962 | ||||||
9,121 | E.ON SE (Utilities) | 78,050 | ||||||
616 | Infineon Technologies AG (Information Technology) | 15,052 | ||||||
1,048 | Nordex SE (Industrials)* | 10,123 | ||||||
321 | RWE AG (Utilities) | 12,292 | ||||||
1,864 | Siemens Energy AG (Industrials) | 27,506 | ||||||
192 | VERBIO Vereinigte BioEnergie AG (Energy) | 12,347 | ||||||
66 | Wacker Chemie AG (Materials) | 9,427 | ||||||
|
|
|||||||
206,303 | ||||||||
|
|
|||||||
India – 1.7% | ||||||||
4,247 | Adani Green Energy Ltd. (Utilities)* | 130,214 | ||||||
55,006 | Suzlon Energy Ltd. (Industrials)* | 5,676 | ||||||
|
|
|||||||
135,890 | ||||||||
|
|
|||||||
Israel – 0.3% | ||||||||
9,093 | Enlight Renewable Energy Ltd. (Utilities)* | 22,311 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Italy – 2.7% | ||||||||
29,461 | Enel SpA (Utilities) | 139,102 | ||||||
1,274 | Eni SpA (Energy) | 15,127 | ||||||
533 | ERG SpA (Utilities) | 16,958 | ||||||
437 | Hera SpA (Utilities) | 1,098 | ||||||
6,033 | Terna – Rete Elettrica Nazionale (Utilities) | 43,072 | ||||||
|
|
|||||||
215,357 | ||||||||
|
|
|||||||
Japan – 1.9% | ||||||||
220 | Denso Corp. (Consumer Discretionary) | 12,142 | ||||||
485 | Hitachi Ltd. (Industrials) | 24,477 | ||||||
166 | Kyocera Corp. (Information Technology) | 9,314 | ||||||
857 | Marubeni Corp. (Industrials) | 8,976 | ||||||
257 | Nidec Corp. (Industrials) | 17,286 | ||||||
1,122 | Panasonic Holdings Corp. (Consumer Discretionary) | 9,170 | ||||||
582 | Renesas Electronics Corp. (Information Technology)* | 5,559 | ||||||
351 | RENOVA, Inc. (Utilities)* | 7,710 | ||||||
44 | Rohm Co. Ltd. (Information Technology) | 3,339 | ||||||
3,289 | SUMCO Corp. (Information Technology) | 45,316 | ||||||
207 | West Holdings Corp. (Utilities) | 6,623 | ||||||
|
|
|||||||
149,912 | ||||||||
|
|
|||||||
New Zealand – 0.2% | ||||||||
3,406 | Contact Energy Ltd. (Utilities) | 16,455 | ||||||
595 | Meridian Energy Ltd. (Utilities) | 1,826 | ||||||
|
|
|||||||
18,281 | ||||||||
|
|
|||||||
Norway – 0.2% | ||||||||
9,162 | NEL ASA (Industrials)* | 13,576 | ||||||
|
|
|||||||
Portugal – 0.1% | ||||||||
1,425 | EDP – Energias de Portugal SA (Utilities) | 6,824 | ||||||
|
|
|||||||
Singapore – 0.2% | ||||||||
335 | STMicroelectronics NV (Information Technology) | 11,704 | ||||||
|
|
|||||||
South Africa – 0.2% | ||||||||
1,098 | Scatec ASA (Utilities)(a) | 11,208 | ||||||
|
|
|||||||
South Korea – 4.7% | ||||||||
188 | CS Wind Corp. (Industrials) | 9,656 | ||||||
172 | Ecopro Co. Ltd. (Materials) | 14,775 | ||||||
437 | Hanwha Solutions Corp. (Materials)* | 17,185 | ||||||
217 | L&F Co. Ltd. (Information Technology)* | 37,396 | ||||||
179 | LG Chem Ltd. (Materials) | 84,579 | ||||||
164 | OCI Co. Ltd. (Materials) | 14,407 | ||||||
440 | Samsung SDI Co. Ltd. (Information Technology) | 196,718 | ||||||
|
|
|||||||
374,716 | ||||||||
|
|
|||||||
Spain – 3.1% | ||||||||
101 | Acciona SA (Utilities) | 19,814 | ||||||
16,527 | Iberdrola SA (Utilities) | 172,586 | ||||||
2,123 | Siemens Gamesa Renewable Energy SA (Industrials)* | 38,266 | ||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Spain – (continued) | ||||||||
725 | Solaria Energia y Medio Ambiente SA (Utilities)* | $ | 15,441 | |||||
|
|
|||||||
246,107 | ||||||||
|
|
|||||||
Sweden – 0.1% | ||||||||
397 | PowerCell Sweden AB (Industrials)* | 6,515 | ||||||
|
|
|||||||
Switzerland – 0.6% | ||||||||
847 | ABB Ltd. (Industrials) | 23,406 | ||||||
86 | BKW AG (Utilities) | 10,451 | ||||||
25,650 | Meyer Burger Technology AG (Information Technology)*(b) | 12,889 | ||||||
|
|
|||||||
46,746 | ||||||||
|
|
|||||||
Taiwan – 0.6% | ||||||||
952 | Delta Electronics, Inc. (Information Technology) | 8,226 | ||||||
4,777 | Sino-American Silicon Products, Inc. (Information Technology) | 26,288 | ||||||
13,080 | United Renewable Energy Co. Ltd. (Information Technology)* | 9,905 | ||||||
|
|
|||||||
44,419 | ||||||||
|
|
|||||||
Thailand – 0.4% | ||||||||
14,813 | Energy Absolute PCL NVDR (Utilities) | 34,633 | ||||||
|
|
|||||||
United Kingdom – 3.6% | ||||||||
1,258 | Ceres Power Holdings PLC (Industrials)* | 9,503 | ||||||
3,781 | Drax Group PLC (Utilities) | 27,981 | ||||||
4,682 | ITM Power PLC (Industrials)*(b) | 10,765 | ||||||
11,894 | National Grid PLC (Utilities) | 149,194 | ||||||
4,567 | SSE PLC (Utilities) | 87,817 | ||||||
|
|
|||||||
285,260 | ||||||||
|
|
|||||||
United States – 39.6% | ||||||||
2,798 | AES Corp. (The) (Utilities) | 71,209 | ||||||
29 | ALLETE, Inc. (Utilities) | 1,716 | ||||||
129 | Alliant Energy Corp. (Utilities) | 7,874 | ||||||
292 | Ameresco, Inc., Class A (Industrials)* | 20,104 | ||||||
254 | American Electric Power Co., Inc. (Utilities) | 25,451 | ||||||
282 | Archer-Daniels-Midland Co. (Consumer Staples) | 24,785 | ||||||
1,350 | Array Technologies, Inc. (Industrials)* | 28,215 | ||||||
307 | Avangrid, Inc. (Utilities) | 15,166 | ||||||
1,496 | Bloom Energy Corp., Class A (Industrials)* | 38,013 | ||||||
1,206 | Brookfield Renewable Corp., Class A (Utilities) | 46,477 | ||||||
77 | Bunge Ltd. (Consumer Staples) | 7,636 | ||||||
355 | Clearway Energy, Inc., Class C (Utilities) | 13,171 | ||||||
178 | Consolidated Edison, Inc. (Utilities) | 17,398 | ||||||
407 | Dominion Energy, Inc. (Utilities) | 33,293 | ||||||
88 | DTE Energy Co. (Utilities) | 11,470 | ||||||
387 | Duke Energy Corp. (Utilities) | 41,374 | ||||||
3,603 | Edison International (Utilities) | 244,175 | ||||||
26 | EMCOR Group, Inc. (Industrials) | 3,092 | ||||||
297 | Emerson Electric Co. (Industrials) | 24,277 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
1,249 | Enphase Energy, Inc. (Information Technology)* | 357,764 | ||||||
299 | Enviva, Inc. (Energy) | 20,786 | ||||||
487 | Exelon Corp. (Utilities) | 21,384 | ||||||
888 | First Solar, Inc. (Information Technology)* | 113,264 | ||||||
3,418 | FuelCell Energy, Inc. (Industrials)* | 14,321 | ||||||
268 | Generac Holdings, Inc. (Industrials)* | 59,070 | ||||||
2,445 | General Electric Co. (Industrials) | 179,561 | ||||||
1,885 | Gevo, Inc. (Energy)* | 5,900 | ||||||
497 | Green Plains, Inc. (Energy)* | 18,205 | ||||||
807 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials) | 31,893 | ||||||
422 | Itron, Inc. (Information Technology)* | 20,079 | ||||||
30 | MasTec, Inc. (Industrials)* | 2,415 | ||||||
5,180 | NextEra Energy, Inc. (Utilities) | 440,611 | ||||||
222 | ON Semiconductor Corp. (Information Technology)* | 15,267 | ||||||
426 | Ormat Technologies, Inc. (Utilities) | 39,822 | ||||||
5,418 | Plug Power, Inc. (Industrials)* | 151,921 | ||||||
252 | Public Service Enterprise Group, Inc. (Utilities) | 16,219 | ||||||
73 | Quanta Services, Inc. (Industrials) | 10,315 | ||||||
1,944 | QuantumScape Corp. (Consumer Discretionary)*(b) | 21,442 | ||||||
3,289 | REC Silicon ASA (Information Technology)* | 6,830 | ||||||
1,386 | Schneider Electric SE (Industrials) | 165,543 | ||||||
1,130 | Sempra Energy (Utilities) | 186,416 | ||||||
506 | SolarEdge Technologies, Inc. (Information Technology)* | 139,641 | ||||||
922 | Sunnova Energy International, Inc. (Utilities)* | 23,253 | ||||||
779 | SunPower Corp. (Industrials)* | 18,696 | ||||||
1,920 | Sunrun, Inc. (Industrials)* | 63,418 | ||||||
312 | Tesla, Inc. (Consumer Discretionary)* | 85,990 | ||||||
432 | Texas Instruments, Inc. (Information Technology) | 71,371 | ||||||
34 | Timken Co. (The) (Industrials) | 2,142 | ||||||
11 | Valmont Industries, Inc. (Industrials) | 3,045 | ||||||
1,169 | Wolfspeed, Inc. (Information Technology)* | 132,646 | ||||||
279 | Xcel Energy, Inc. (Utilities) | 20,716 | ||||||
|
|
|||||||
3,134,842 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $7,903,651) | $ | 7,888,701 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stock – 0.1% | ||||||||||
Brazil – 0.1% | ||||||||||
1,040 | Centrais Eletricas Brasileiras SA, Class B (Utilities) |
|||||||||
(Cost $8,759) | 3.33 | % | $ | 9,615 | ||||||
|
||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $7,912,410) | $ | 7,898,316 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle – 0.6%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
45,842 | 2.154 | % | $ | 45,842 | ||||
(Cost $45,842) |
| |||||||
|
||||||||
TOTAL INVESTMENTS – 100.4% |
| |||||||
(Cost $7,958,252) |
|
$ | 7,944,158 | |||||
|
||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)% |
|
(29,162 | ) | |||||
|
||||||||
NET ASSETS – 100.0% |
|
$ | 7,914,996 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) |
All or a portion of security is on loan. | |
(c) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR |
—American Depositary Receipt | |
NVDR |
—Non-Voting Depository Receipt | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
Sector | % of Market Value |
|||
Utilities |
40.9 | % | ||
Industrials |
26.1 | |||
Information Technology |
21.4 | |||
Materials |
3.9 | |||
Consumer Discretionary |
2.8 | |||
Energy |
2.3 | |||
Consumer Staples |
1.6 | |||
Financials |
0.4 | |||
Securities Lending Reinvestment Vehicle |
0.6 | |||
| ||||
TOTAL INVESTMENTS | 100.0 | % | ||
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 4.4% | ||||||||
16,120 | Activision Blizzard, Inc. | $ | 1,265,259 | |||||
10,968 | Alphabet, Inc., Class A* | 1,186,957 | ||||||
70,469 | AT&T, Inc. | 1,236,026 | ||||||
2,836 | Charter Communications, Inc., Class A* | 1,170,219 | ||||||
33,893 | Comcast Corp., Class A | 1,226,588 | ||||||
9,610 | Electronic Arts, Inc. | 1,219,221 | ||||||
11,535 | Liberty Broadband Corp., Class C* | 1,173,109 | ||||||
13,382 | Live Nation Entertainment, Inc.* | 1,209,198 | ||||||
20,512 | Match Group, Inc.* | 1,159,543 | ||||||
7,683 | Meta Platforms, Inc., Class A* | 1,251,791 | ||||||
5,734 | Netflix, Inc.* | 1,281,893 | ||||||
18,443 | Omnicom Group, Inc. | 1,233,837 | ||||||
52,014 | Paramount Global, Class B | 1,216,607 | ||||||
16,449 | Roku, Inc.* | 1,118,532 | ||||||
124,808 | Snap, Inc., Class A* | 1,357,911 | ||||||
10,011 | Take-Two Interactive Software, Inc.* | 1,226,948 | ||||||
8,999 | T-Mobile US, Inc.* | 1,295,496 | ||||||
31,310 | Twitter, Inc.* | 1,213,263 | ||||||
28,462 | Verizon Communications, Inc. | 1,189,996 | ||||||
11,938 | Walt Disney Co. (The)* | 1,338,011 | ||||||
78,787 | Warner Bros Discovery, Inc.* | 1,043,140 | ||||||
29,744 | ZoomInfo Technologies, Inc.* | 1,350,972 | ||||||
|
|
|||||||
26,964,517 | ||||||||
|
|
|||||||
Consumer Discretionary – 9.7% | ||||||||
6,680 | Advance Auto Parts, Inc. | 1,126,515 | ||||||
11,447 | Airbnb, Inc., Class A* | 1,294,885 | ||||||
9,296 | Amazon.com, Inc.* | 1,178,454 | ||||||
604 | AutoZone, Inc.* | 1,280,003 | ||||||
33,477 | Bath & Body Works, Inc. | 1,249,696 | ||||||
17,036 | Best Buy Co., Inc. | 1,204,275 | ||||||
661 | Booking Holdings, Inc.* | 1,239,910 | ||||||
8,520 | Burlington Stores, Inc.* | 1,194,419 | ||||||
26,210 | Caesars Entertainment, Inc.* | 1,130,175 | ||||||
12,943 | CarMax, Inc.* | 1,144,679 | ||||||
133,977 | Carnival Corp.* | 1,267,422 | ||||||
820 | Chipotle Mexican Grill, Inc.* | 1,309,376 | ||||||
10,262 | Darden Restaurants, Inc. | 1,269,512 | ||||||
5,163 | Dollar General Corp. | 1,225,799 | ||||||
7,871 | Dollar Tree, Inc.* | 1,067,937 | ||||||
3,309 | Domino’s Pizza, Inc. | 1,230,485 | ||||||
16,406 | DoorDash, Inc., Class A* | 982,719 | ||||||
17,457 | D.R. Horton, Inc. | 1,242,066 | ||||||
25,684 | eBay, Inc. | 1,133,435 | ||||||
11,960 | Etsy, Inc.* | 1,263,096 | ||||||
12,502 | Expedia Group, Inc.* | 1,283,330 | ||||||
82,924 | Ford Motor Co. | 1,263,762 | ||||||
13,278 | Garmin Ltd. | 1,174,970 | ||||||
34,758 | General Motors Co. | 1,328,103 | ||||||
8,553 | Genuine Parts Co. | 1,334,354 | ||||||
9,861 | Hilton Worldwide Holdings, Inc. | 1,255,897 | ||||||
4,261 | Home Depot, Inc. (The) | 1,228,958 | ||||||
33,114 | Las Vegas Sands Corp.* | 1,246,080 | ||||||
15,821 | Lennar Corp., Class A | 1,225,336 | ||||||
6,682 | Lowe’s Cos., Inc. | 1,297,243 | ||||||
8,105 | Marriott International, Inc., Class A | 1,246,063 | ||||||
4,936 | McDonald’s Corp. | 1,245,254 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
37,737 | MGM Resorts International | 1,231,736 | ||||||
11,355 | NIKE, Inc., Class B | 1,208,740 | ||||||
305 | NVR, Inc.* | 1,262,718 | ||||||
1,827 | O’Reilly Automotive, Inc.* | 1,273,638 | ||||||
3,564 | Pool Corp. | 1,208,873 | ||||||
15,614 | Ross Stores, Inc. | 1,347,020 | ||||||
33,248 | Royal Caribbean Cruises Ltd.* | 1,358,181 | ||||||
14,963 | Starbucks Corp. | 1,257,939 | ||||||
87,998 | Stellantis NV | 1,179,173 | ||||||
7,740 | Target Corp. | 1,241,032 | ||||||
4,221 | Tesla, Inc.* | 1,163,350 | ||||||
20,682 | TJX Cos., Inc. (The) | 1,289,523 | ||||||
6,813 | Tractor Supply Co. | 1,261,427 | ||||||
3,496 | Ulta Beauty, Inc.* | 1,467,865 | ||||||
29,095 | VF Corp. | 1,205,988 | ||||||
10,817 | Yum! Brands, Inc. | 1,203,283 | ||||||
|
|
|||||||
59,324,694 | ||||||||
|
|
|||||||
Consumer Staples – 6.4% | ||||||||
29,225 | Altria Group, Inc. | 1,318,632 | ||||||
15,859 | Archer-Daniels-Midland Co. | 1,393,848 | ||||||
17,242 | Brown-Forman Corp., Class B | 1,253,493 | ||||||
13,928 | Bunge Ltd. | 1,381,240 | ||||||
14,761 | Church & Dwight Co., Inc. | 1,235,643 | ||||||
8,996 | Clorox Co. (The) | 1,298,483 | ||||||
20,296 | Coca-Cola Co. (The) | 1,252,466 | ||||||
15,996 | Colgate-Palmolive Co. | 1,251,047 | ||||||
37,800 | Conagra Brands, Inc. | 1,299,564 | ||||||
5,247 | Constellation Brands, Inc., Class A | 1,291,024 | ||||||
2,374 | Costco Wholesale Corp. | 1,239,465 | ||||||
4,851 | Estee Lauder Cos., Inc. (The), Class A | 1,233,997 | ||||||
17,132 | General Mills, Inc. | 1,315,738 | ||||||
5,711 | Hershey Co. (The) | 1,283,090 | ||||||
26,299 | Hormel Foods Corp. | 1,322,314 | ||||||
9,673 | J M Smucker Co. (The) | 1,354,123 | ||||||
17,527 | Kellogg Co. | 1,274,914 | ||||||
33,384 | Keurig Dr Pepper, Inc. | 1,272,598 | ||||||
9,615 | Kimberly-Clark Corp. | 1,226,105 | ||||||
34,777 | Kraft Heinz Co. (The) | 1,300,660 | ||||||
27,564 | Kroger Co. (The) | 1,321,418 | ||||||
14,669 | McCormick & Co., Inc. | 1,233,223 | ||||||
19,900 | Mondelez International, Inc., Class A | 1,231,014 | ||||||
13,388 | Monster Beverage Corp.* | 1,189,256 | ||||||
7,355 | PepsiCo, Inc. | 1,267,046 | ||||||
13,008 | Philip Morris International, Inc. | 1,242,134 | ||||||
8,969 | Procter & Gamble Co. (The) | 1,237,184 | ||||||
15,004 | Sysco Corp. | 1,233,629 | ||||||
14,888 | Tyson Foods, Inc., Class A | 1,122,258 | ||||||
33,174 | Walgreens Boots Alliance, Inc. | 1,163,080 | ||||||
9,832 | Walmart, Inc. | 1,303,232 | ||||||
|
|
|||||||
39,341,918 | ||||||||
|
|
|||||||
Energy – 5.5% | ||||||||
37,840 | APA Corp. | 1,479,922 | ||||||
50,811 | Baker Hughes Co. | 1,283,486 | ||||||
8,861 | Cheniere Energy, Inc. | 1,419,355 | ||||||
8,333 | Chevron Corp. | 1,317,114 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
14,184 | ConocoPhillips | $ | 1,552,439 | |||||
46,105 | Coterra Energy, Inc. | 1,425,106 | ||||||
22,521 | Devon Energy Corp. | 1,590,433 | ||||||
10,584 | Diamondback Energy, Inc. | 1,410,635 | ||||||
12,478 | EOG Resources, Inc. | 1,513,581 | ||||||
31,696 | EQT Corp. | 1,515,069 | ||||||
14,100 | Exxon Mobil Corp. | 1,347,819 | ||||||
45,371 | Halliburton Co. | 1,367,028 | ||||||
12,201 | Hess Corp. | 1,473,637 | ||||||
72,850 | Kinder Morgan, Inc. | 1,334,612 | ||||||
56,436 | Marathon Oil Corp. | 1,444,197 | ||||||
13,875 | Marathon Petroleum Corp. | 1,397,906 | ||||||
20,761 | Occidental Petroleum Corp. | 1,474,031 | ||||||
22,029 | ONEOK, Inc. | 1,348,836 | ||||||
15,054 | Phillips 66 | 1,346,731 | ||||||
5,848 | Pioneer Natural Resources Co. | 1,480,831 | ||||||
35,876 | Schlumberger NV | 1,368,669 | ||||||
19,244 | Targa Resources Corp. | 1,313,018 | ||||||
11,778 | Valero Energy Corp. | 1,379,439 | ||||||
39,619 | Williams Cos., Inc. (The) | 1,348,235 | ||||||
|
|
|||||||
33,932,129 | ||||||||
|
|
|||||||
Financials – 13.0% | ||||||||
22,127 | Aflac, Inc. | 1,314,786 | ||||||
11,282 | Allstate Corp. (The) | 1,359,481 | ||||||
39,471 | Ally Financial, Inc. | 1,310,437 | ||||||
8,353 | American Express Co. | 1,269,656 | ||||||
25,265 | American International Group, Inc. | 1,307,464 | ||||||
4,831 | Ameriprise Financial, Inc. | 1,294,756 | ||||||
4,553 | Aon PLC, Class A | 1,271,471 | ||||||
22,621 | Apollo Global Management, Inc. | 1,257,275 | ||||||
29,785 | Arch Capital Group Ltd.* | 1,361,770 | ||||||
7,332 | Arthur J Gallagher & Co. | 1,331,271 | ||||||
38,808 | Bank of America Corp. | 1,304,337 | ||||||
29,950 | Bank of New York Mellon Corp. (The) | 1,243,823 | ||||||
4,407 | Berkshire Hathaway, Inc., Class B* | 1,237,486 | ||||||
1,903 | BlackRock, Inc. | 1,268,140 | ||||||
12,787 | Blackstone, Inc. | 1,201,211 | ||||||
20,247 | Brown & Brown, Inc. | 1,276,371 | ||||||
11,944 | Capital One Financial Corp. | 1,263,914 | ||||||
18,762 | Charles Schwab Corp. (The) | 1,331,164 | ||||||
7,000 | Chubb Ltd. | 1,323,350 | ||||||
13,374 | Cincinnati Financial Corp. | 1,296,743 | ||||||
25,277 | Citigroup, Inc. | 1,233,770 | ||||||
34,878 | Citizens Financial Group, Inc. | 1,279,325 | ||||||
6,554 | CME Group, Inc. | 1,282,028 | ||||||
16,544 | Coinbase Global, Inc., Class A* | 1,105,139 | ||||||
12,712 | Discover Financial Services | 1,277,429 | ||||||
3,074 | FactSet Research Systems, Inc. | 1,332,087 | ||||||
37,812 | Fifth Third Bancorp | 1,291,280 | ||||||
8,011 | First Republic Bank | 1,216,310 | ||||||
3,883 | Goldman Sachs Group, Inc. (The)(a) | 1,291,758 | ||||||
20,515 | Hartford Financial Services Group, Inc. (The) | 1,319,320 | ||||||
97,397 | Huntington Bancshares, Inc. | 1,305,120 | ||||||
12,601 | Intercontinental Exchange, Inc. | 1,270,811 | ||||||
11,471 | JPMorgan Chase & Co. | 1,304,597 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
71,520 | KeyCorp | 1,265,189 | ||||||
24,439 | KKR & Co., Inc. | 1,235,636 | ||||||
6,019 | LPL Financial Holdings, Inc. | 1,332,185 | ||||||
7,360 | M&T Bank Corp. | 1,337,901 | ||||||
1,073 | Markel Corp.* | 1,281,280 | ||||||
7,896 | Marsh & McLennan Cos., Inc. | 1,274,178 | ||||||
20,536 | MetLife, Inc. | 1,321,081 | ||||||
4,195 | Moody’s Corp. | 1,193,561 | ||||||
15,257 | Morgan Stanley | 1,300,202 | ||||||
2,621 | MSCI, Inc. | 1,177,458 | ||||||
21,678 | Nasdaq, Inc. | 1,290,491 | ||||||
13,007 | Northern Trust Corp. | 1,236,836 | ||||||
7,866 | PNC Financial Services Group, Inc. (The) | 1,242,828 | ||||||
19,224 | Principal Financial Group, Inc. | 1,437,186 | ||||||
11,369 | Progressive Corp. (The) | 1,394,408 | ||||||
13,614 | Prudential Financial, Inc. | 1,303,540 | ||||||
12,978 | Raymond James Financial, Inc. | 1,354,514 | ||||||
61,469 | Regions Financial Corp. | 1,332,033 | ||||||
3,498 | S&P Global, Inc. | 1,231,926 | ||||||
6,910 | Signature Bank | 1,204,828 | ||||||
18,462 | State Street Corp. | 1,261,878 | ||||||
3,139 | SVB Financial Group* | 1,276,066 | ||||||
38,580 | Synchrony Financial | 1,263,495 | ||||||
10,365 | T. Rowe Price Group, Inc. | 1,243,800 | ||||||
8,232 | Travelers Cos., Inc. (The) | 1,330,620 | ||||||
25,844 | Truist Financial Corp. | 1,210,533 | ||||||
27,311 | US Bancorp | 1,245,655 | ||||||
29,444 | Wells Fargo & Co. | 1,286,997 | ||||||
6,240 | Willis Towers Watson PLC | 1,290,619 | ||||||
|
|
|||||||
79,490,804 | ||||||||
|
|
|||||||
Health Care – 12.8% | ||||||||
11,827 | Abbott Laboratories | 1,214,042 | ||||||
9,061 | AbbVie, Inc. | 1,218,342 | ||||||
4,292 | ABIOMED, Inc.* | 1,112,830 | ||||||
9,593 | Agilent Technologies, Inc. | 1,230,302 | ||||||
4,523 | Align Technology, Inc.* | 1,102,255 | ||||||
6,375 | Alnylam Pharmaceuticals, Inc.* | 1,317,521 | ||||||
9,256 | AmerisourceBergen Corp. | 1,356,559 | ||||||
5,197 | Amgen, Inc. | 1,248,839 | ||||||
44,799 | Avantor, Inc.* | 1,115,943 | ||||||
22,136 | Baxter International, Inc. | 1,271,935 | ||||||
5,269 | Becton Dickinson and Co. | 1,330,001 | ||||||
6,001 | Biogen, Inc.* | 1,172,475 | ||||||
14,694 | BioMarin Pharmaceutical, Inc.* | 1,310,705 | ||||||
3,285 | Bio-Techne Corp. | 1,089,996 | ||||||
31,114 | Boston Scientific Corp.* | 1,254,205 | ||||||
17,625 | Bristol-Myers Squibb Co. | 1,188,101 | ||||||
21,612 | Cardinal Health, Inc. | 1,528,401 | ||||||
11,877 | Catalent, Inc.* | 1,045,176 | ||||||
13,910 | Centene Corp.* | 1,248,283 | ||||||
5,823 | Charles River Laboratories International, Inc.* | 1,195,171 | ||||||
4,744 | Cigna Corp. | 1,344,687 | ||||||
3,931 | Cooper Cos., Inc. (The) | 1,129,927 | ||||||
12,859 | CVS Health Corp. | 1,262,111 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
4,494 | Danaher Corp. | $ | 1,212,976 | |||||
14,391 | Dexcom, Inc.* | 1,183,084 | ||||||
12,559 | Edwards Lifesciences Corp.* | 1,131,566 | ||||||
2,694 | Elevance Health, Inc. | 1,306,886 | ||||||
4,119 | Eli Lilly & Co. | 1,240,766 | ||||||
20,422 | Gilead Sciences, Inc. | 1,296,184 | ||||||
6,032 | HCA Healthcare, Inc. | 1,193,552 | ||||||
17,868 | Hologic, Inc.* | 1,207,162 | ||||||
19,917 | Horizon Therapeutics PLC* | 1,179,286 | ||||||
2,680 | Humana, Inc. | 1,291,170 | ||||||
3,173 | IDEXX Laboratories, Inc.* | 1,102,998 | ||||||
5,715 | Illumina, Inc.* | 1,152,373 | ||||||
4,996 | Insulet Corp.* | 1,276,328 | ||||||
5,378 | Intuitive Surgical, Inc.* | 1,106,470 | ||||||
5,537 | IQVIA Holdings, Inc.* | 1,177,498 | ||||||
7,400 | Johnson & Johnson | 1,193,916 | ||||||
5,089 | Laboratory Corp. of America Holdings | 1,146,399 | ||||||
3,930 | McKesson Corp. | 1,442,310 | ||||||
13,806 | Medtronic PLC | 1,213,824 | ||||||
14,749 | Merck & Co., Inc. | 1,258,975 | ||||||
950 | Mettler-Toledo International, Inc.* | 1,151,837 | ||||||
6,986 | Moderna, Inc.* | 924,038 | ||||||
3,936 | Molina Healthcare, Inc.* | 1,327,888 | ||||||
8,336 | PerkinElmer, Inc. | 1,125,860 | ||||||
25,904 | Pfizer, Inc. | 1,171,638 | ||||||
9,403 | Quest Diagnostics, Inc. | 1,178,290 | ||||||
2,088 | Regeneron Pharmaceuticals, Inc.* | 1,213,253 | ||||||
5,396 | ResMed, Inc. | 1,186,688 | ||||||
30,202 | Royalty Pharma PLC, Class A | 1,262,746 | ||||||
7,279 | Seagen, Inc.* | 1,123,077 | ||||||
6,376 | STERIS PLC | 1,283,999 | ||||||
5,991 | Stryker Corp. | 1,229,353 | ||||||
5,083 | Teleflex, Inc. | 1,150,080 | ||||||
2,196 | Thermo Fisher Scientific, Inc. | 1,197,523 | ||||||
2,397 | UnitedHealth Group, Inc. | 1,244,834 | ||||||
5,705 | Veeva Systems, Inc., Class A* | 1,137,121 | ||||||
4,664 | Vertex Pharmaceuticals, Inc.* | 1,314,129 | ||||||
132,741 | Viatris, Inc. | 1,267,677 | ||||||
3,789 | Waters Corp.* | 1,131,395 | ||||||
3,750 | West Pharmaceutical Services, Inc. | 1,112,587 | ||||||
11,267 | Zimmer Biomet Holdings, Inc. | 1,197,907 | ||||||
7,180 | Zoetis, Inc. | 1,123,885 | ||||||
|
|
|||||||
78,657,335 | ||||||||
|
|
|||||||
Industrials – 12.5% | ||||||||
9,065 | 3M Co. | 1,127,233 | ||||||
10,229 | AMETEK, Inc. | 1,229,117 | ||||||
7,866 | Boeing Co. (The)* | 1,260,527 | ||||||
31,811 | Carrier Global Corp. | 1,244,446 | ||||||
7,035 | Caterpillar, Inc. | 1,299,435 | ||||||
3,039 | Cintas Corp. | 1,236,387 | ||||||
9,975 | Copart, Inc.* | 1,193,509 | ||||||
17,852 | CoStar Group, Inc.* | 1,243,213 | ||||||
39,960 | CSX Corp. | 1,264,734 | ||||||
5,955 | Cummins, Inc. | 1,282,528 | ||||||
3,848 | Deere & Co. | 1,405,482 | ||||||
39,163 | Delta Air Lines, Inc.* | 1,216,794 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
9,771 | Dover Corp. | 1,220,984 | ||||||
8,721 | Eaton Corp. PLC | 1,191,638 | ||||||
14,495 | Emerson Electric Co. | 1,184,821 | ||||||
6,108 | Equifax, Inc. | 1,152,885 | ||||||
12,576 | Expeditors International of Washington, Inc. | 1,293,945 | ||||||
25,203 | Fastenal Co. | 1,268,467 | ||||||
5,535 | FedEx Corp. | 1,166,833 | ||||||
19,952 | Fortive Corp. | 1,263,560 | ||||||
5,166 | Generac Holdings, Inc.* | 1,138,638 | ||||||
5,653 | General Dynamics Corp. | 1,294,141 | ||||||
17,378 | General Electric Co. | 1,276,240 | ||||||
6,821 | Honeywell International, Inc. | 1,291,556 | ||||||
6,222 | IDEX Corp. | 1,251,929 | ||||||
6,224 | Illinois Tool Works, Inc. | 1,212,622 | ||||||
26,148 | Ingersoll Rand, Inc. | 1,238,631 | ||||||
10,083 | Jacobs Solutions, Inc. | 1,256,140 | ||||||
7,254 | J.B. Hunt Transport Services, Inc. | 1,262,341 | ||||||
23,825 | Johnson Controls International PLC | 1,289,886 | ||||||
5,373 | L3Harris Technologies, Inc. | 1,226,065 | ||||||
12,984 | Leidos Holdings, Inc. | 1,234,129 | ||||||
3,021 | Lockheed Martin Corp. | 1,269,152 | ||||||
24,682 | Masco Corp. | 1,255,573 | ||||||
5,168 | Norfolk Southern Corp. | 1,256,496 | ||||||
2,720 | Northrop Grumman Corp. | 1,300,133 | ||||||
4,387 | Old Dominion Freight Line, Inc. | 1,190,676 | ||||||
16,371 | Otis Worldwide Corp. | 1,182,314 | ||||||
14,292 | PACCAR, Inc. | 1,250,693 | ||||||
4,520 | Parker-Hannifin Corp. | 1,197,800 | ||||||
57,233 | Plug Power, Inc.* | 1,604,813 | ||||||
9,441 | Quanta Services, Inc. | 1,334,013 | ||||||
13,851 | Raytheon Technologies Corp. | 1,243,127 | ||||||
9,277 | Republic Services, Inc. | 1,324,014 | ||||||
5,252 | Rockwell Automation, Inc. | 1,244,409 | ||||||
33,318 | Southwest Airlines Co.* | 1,222,771 | ||||||
13,994 | Stanley Black & Decker, Inc. | 1,232,871 | ||||||
19,964 | Textron, Inc. | 1,245,354 | ||||||
8,580 | Trane Technologies PLC | 1,321,921 | ||||||
2,048 | TransDigm Group, Inc. | 1,229,599 | ||||||
16,440 | TransUnion | 1,214,423 | ||||||
42,716 | Uber Technologies, Inc.* | 1,228,512 | ||||||
5,751 | Union Pacific Corp. | 1,291,157 | ||||||
33,803 | United Airlines Holdings, Inc.* | 1,183,443 | ||||||
6,691 | United Parcel Service, Inc., Class B | 1,301,466 | ||||||
4,128 | United Rentals, Inc.* | 1,205,541 | ||||||
6,579 | Verisk Analytics, Inc. | 1,231,326 | ||||||
7,832 | Waste Management, Inc. | 1,323,843 | ||||||
14,156 | Westinghouse Air Brake Technologies Corp. | 1,240,773 | ||||||
2,387 | W.W. Grainger, Inc. | 1,324,642 | ||||||
13,524 | Xylem, Inc. | 1,232,036 | ||||||
|
|
|||||||
76,401,747 | ||||||||
|
|
|||||||
Information Technology – 18.0% | ||||||||
4,216 | Accenture PLC, Class A | 1,216,147 | ||||||
3,073 | Adobe, Inc.* | 1,147,581 | ||||||
13,471 | Advanced Micro Devices, Inc.* | 1,143,284 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
13,417 | Akamai Technologies, Inc.* | $ | 1,211,287 | |||||
16,778 | Amphenol Corp., Class A | 1,233,686 | ||||||
7,393 | Analog Devices, Inc. | 1,120,261 | ||||||
4,599 | ANSYS, Inc.* | 1,141,932 | ||||||
7,848 | Apple, Inc. | 1,233,863 | ||||||
11,960 | Applied Materials, Inc. | 1,125,077 | ||||||
10,741 | Arista Networks, Inc.* | 1,287,631 | ||||||
5,908 | Autodesk, Inc.* | 1,191,880 | ||||||
5,320 | Automatic Data Processing, Inc. | 1,300,261 | ||||||
9,132 | Bill.com Holdings, Inc.* | 1,478,288 | ||||||
14,992 | Block, Inc.* | 1,033,099 | ||||||
2,379 | Broadcom, Inc. | 1,187,383 | ||||||
7,856 | Broadridge Financial Solutions, Inc. | 1,344,712 | ||||||
7,083 | Cadence Design Systems, Inc.* | 1,230,813 | ||||||
7,147 | CDW Corp. | 1,219,993 | ||||||
28,404 | Cisco Systems, Inc. | 1,270,227 | ||||||
22,525 | Cloudflare, Inc., Class A* | 1,409,389 | ||||||
27,469 | Cognex Corp. | 1,156,720 | ||||||
18,892 | Cognizant Technology Solutions Corp., Class A | 1,193,408 | ||||||
35,454 | Corning, Inc. | 1,216,781 | ||||||
6,681 | Crowdstrike Holdings, Inc., Class A* | 1,220,017 | ||||||
11,597 | Datadog, Inc., Class A* | 1,217,105 | ||||||
29,309 | Dell Technologies, Inc., Class C | 1,122,242 | ||||||
18,387 | DocuSign, Inc.* | 1,070,491 | ||||||
4,595 | Enphase Energy, Inc.* | 1,316,192 | ||||||
12,575 | Entegris, Inc. | 1,193,116 | ||||||
3,464 | EPAM Systems, Inc.* | 1,477,396 | ||||||
12,390 | Fidelity National Information Services, Inc. | 1,132,074 | ||||||
12,013 | Fiserv, Inc.* | 1,215,595 | ||||||
5,719 | FleetCor Technologies, Inc.* | 1,215,459 | ||||||
20,600 | Fortinet, Inc.* | 1,003,014 | ||||||
4,465 | Gartner, Inc.* | 1,273,954 | ||||||
9,988 | Global Payments, Inc. | 1,240,809 | ||||||
91,093 | Hewlett Packard Enterprise Co. | 1,238,865 | ||||||
39,689 | HP, Inc. | 1,139,471 | ||||||
3,682 | HubSpot, Inc.* | 1,240,981 | ||||||
35,856 | Intel Corp. | 1,144,524 | ||||||
9,794 | International Business Machines Corp. | 1,258,039 | ||||||
2,808 | Intuit, Inc. | 1,212,438 | ||||||
7,873 | Keysight Technologies, Inc.* | 1,290,306 | ||||||
3,327 | KLA Corp. | 1,144,921 | ||||||
2,507 | Lam Research Corp. | 1,097,840 | ||||||
22,639 | Marvell Technology, Inc. | 1,059,958 | ||||||
3,646 | Mastercard, Inc., Class A | 1,182,653 | ||||||
17,845 | Microchip Technology, Inc. | 1,164,386 | ||||||
20,312 | Micron Technology, Inc. | 1,148,237 | ||||||
4,596 | Microsoft Corp. | 1,201,716 | ||||||
3,889 | MongoDB, Inc.* | 1,255,603 | ||||||
2,547 | Monolithic Power Systems, Inc. | 1,154,249 | ||||||
5,407 | Motorola Solutions, Inc. | 1,316,118 | ||||||
17,947 | NetApp, Inc. | 1,294,517 | ||||||
48,967 | NortonLifeLock, Inc. | 1,106,165 | ||||||
6,967 | NVIDIA Corp. | 1,051,599 | ||||||
12,364 | Okta, Inc.* | 1,130,070 | ||||||
19,239 | ON Semiconductor Corp.* | 1,323,066 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
16,743 | Oracle Corp. | 1,241,493 | ||||||
114,643 | Palantir Technologies, Inc., Class A* | 885,044 | ||||||
2,469 | Palo Alto Networks, Inc.* | 1,374,764 | ||||||
10,072 | Paychex, Inc. | 1,242,280 | ||||||
3,586 | Paycom Software, Inc.* | 1,259,403 | ||||||
13,168 | PayPal Holdings, Inc.* | 1,230,418 | ||||||
12,237 | Qorvo, Inc.* | 1,098,638 | ||||||
8,664 | QUALCOMM, Inc. | 1,145,987 | ||||||
3,016 | Roper Technologies, Inc. | 1,214,181 | ||||||
6,790 | Salesforce, Inc.* | 1,060,055 | ||||||
16,244 | Seagate Technology Holdings PLC | 1,087,698 | ||||||
2,770 | ServiceNow, Inc.* | 1,203,897 | ||||||
11,655 | Skyworks Solutions, Inc. | 1,148,600 | ||||||
8,086 | Snowflake, Inc., Class A* | 1,463,162 | ||||||
11,704 | Splunk, Inc.* | 1,053,711 | ||||||
21,217 | SS&C Technologies Holdings, Inc. | 1,183,060 | ||||||
3,509 | Synopsys, Inc.* | 1,214,184 | ||||||
3,256 | Teledyne Technologies, Inc.* | 1,199,380 | ||||||
13,001 | Teradyne, Inc. | 1,100,405 | ||||||
7,088 | Texas Instruments, Inc. | 1,171,008 | ||||||
25,865 | Trade Desk, Inc. (The), Class A* | 1,621,736 | ||||||
18,615 | Trimble, Inc.* | 1,177,399 | ||||||
13,503 | Twilio, Inc., Class A* | 939,539 | ||||||
3,172 | Tyler Technologies, Inc.* | 1,178,430 | ||||||
29,258 | Unity Software, Inc.* | 1,249,902 | ||||||
6,624 | VeriSign, Inc.* | 1,207,025 | ||||||
6,234 | Visa, Inc., Class A | 1,238,758 | ||||||
11,054 | VMware, Inc., Class A | 1,282,596 | ||||||
26,377 | Western Digital Corp.* | 1,114,692 | ||||||
8,117 | Workday, Inc., Class A* | 1,335,734 | ||||||
3,968 | Zebra Technologies Corp., Class A* | 1,196,908 | ||||||
17,115 | Zendesk, Inc.* | 1,313,919 | ||||||
11,471 | Zoom Video Communications, Inc., Class A* | 922,268 | ||||||
7,912 | Zscaler, Inc.* | 1,259,907 | ||||||
|
|
|||||||
110,563,070 | ||||||||
|
|
|||||||
Materials – 5.6% | ||||||||
5,287 | Air Products and Chemicals, Inc. | 1,334,703 | ||||||
5,452 | Albemarle Corp. | 1,460,918 | ||||||
26,953 | Alcoa Corp. | 1,333,634 | ||||||
6,743 | Avery Dennison Corp. | 1,238,150 | ||||||
17,977 | Ball Corp. | 1,003,296 | ||||||
11,693 | Celanese Corp. | 1,296,286 | ||||||
13,279 | CF Industries Holdings, Inc. | 1,373,845 | ||||||
23,162 | Corteva, Inc. | 1,422,842 | ||||||
13,103 | Crown Holdings, Inc. | 1,187,001 | ||||||
25,016 | Dow, Inc. | 1,275,816 | ||||||
22,495 | DuPont de Nemours, Inc. | 1,251,622 | ||||||
13,957 | Eastman Chemical Co. | 1,270,087 | ||||||
7,767 | Ecolab, Inc. | 1,272,468 | ||||||
11,973 | FMC Corp. | 1,294,042 | ||||||
45,002 | Freeport-McMoRan, Inc. | 1,332,059 | ||||||
10,310 | International Flavors & Fragrances, Inc. | 1,139,049 | ||||||
30,471 | International Paper Co. | 1,268,203 | ||||||
15,069 | LyondellBasell Industries NV, Class A | 1,250,727 | ||||||
3,660 | Martin Marietta Materials, Inc. | 1,272,619 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
24,564 | Mosaic Co. (The) | $ | 1,323,263 | |||||
29,128 | Newmont Corp. | 1,204,734 | ||||||
9,786 | Nucor Corp. | 1,300,951 | ||||||
9,345 | Packaging Corp. of America | 1,279,517 | ||||||
10,207 | PPG Industries, Inc. | 1,296,085 | ||||||
5,421 | Sherwin-Williams Co. (The) | 1,258,214 | ||||||
16,924 | Steel Dynamics, Inc. | 1,366,105 | ||||||
7,849 | Vulcan Materials Co. | 1,306,780 | ||||||
|
|
|||||||
34,613,016 | ||||||||
|
|
|||||||
Real Estate – 6.0% | ||||||||
8,007 | Alexandria Real Estate Equities, Inc. REIT | 1,228,274 | ||||||
4,829 | American Tower Corp. REIT | 1,226,807 | ||||||
6,317 | AvalonBay Communities, Inc. REIT | 1,269,149 | ||||||
14,517 | Boston Properties, Inc. REIT | 1,153,085 | ||||||
9,403 | Camden Property Trust REIT | 1,208,380 | ||||||
15,497 | CBRE Group, Inc., Class A* | 1,223,643 | ||||||
7,267 | Crown Castle, Inc. REIT | 1,241,422 | ||||||
9,938 | Digital Realty Trust, Inc. REIT | 1,228,635 | ||||||
20,739 | Duke Realty Corp. REIT | 1,220,490 | ||||||
1,855 | Equinix, Inc. REIT | 1,219,421 | ||||||
17,041 | Equity Residential REIT | 1,247,060 | ||||||
4,634 | Essex Property Trust, Inc. REIT | 1,228,288 | ||||||
6,556 | Extra Space Storage, Inc. REIT | 1,302,874 | ||||||
47,163 | Healthpeak Properties, Inc. REIT | 1,238,029 | ||||||
33,744 | Invitation Homes, Inc. REIT | 1,224,232 | ||||||
26,669 | Iron Mountain, Inc. REIT | 1,403,056 | ||||||
59,411 | Kimco Realty Corp. REIT | 1,252,384 | ||||||
7,179 | Mid-America Apartment Communities, Inc. REIT | 1,189,345 | ||||||
9,790 | Prologis, Inc. REIT | 1,218,953 | ||||||
3,930 | Public Storage REIT | 1,300,162 | ||||||
17,701 | Realty Income Corp. REIT | 1,208,624 | ||||||
3,799 | SBA Communications Corp. REIT | 1,235,625 | ||||||
12,046 | Simon Property Group, Inc. REIT | 1,228,451 | ||||||
7,930 | Sun Communities, Inc. REIT | 1,218,920 | ||||||
27,502 | UDR, Inc. REIT | 1,234,015 | ||||||
24,629 | Ventas, Inc. REIT | 1,178,744 | ||||||
37,540 | VICI Properties, Inc. REIT | 1,238,445 | ||||||
15,405 | Welltower, Inc. REIT | 1,180,793 | ||||||
36,257 | Weyerhaeuser Co. REIT | 1,238,539 | ||||||
15,043 | W.P. Carey, Inc. REIT | 1,264,063 | ||||||
|
|
|||||||
37,049,908 | ||||||||
|
|
|||||||
Utilities – 5.8% | ||||||||
57,847 | AES Corp. (The) | 1,472,206 | ||||||
21,303 | Alliant Energy Corp. | 1,300,335 | ||||||
14,091 | Ameren Corp. | 1,305,108 | ||||||
13,133 | American Electric Power Co., Inc. | 1,315,927 | ||||||
8,233 | American Water Works Co., Inc. | 1,222,189 | ||||||
10,934 | Atmos Energy Corp. | 1,239,697 | ||||||
41,246 | CenterPoint Energy, Inc. | 1,300,486 | ||||||
18,791 | CMS Energy Corp. | 1,269,144 | ||||||
13,268 | Consolidated Edison, Inc. | 1,296,814 | ||||||
19,481 | Constellation Energy Corp. | 1,589,455 | ||||||
15,674 | Dominion Energy, Inc. | 1,282,133 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
10,006 | DTE Energy Co. | 1,304,182 | ||||||
11,782 | Duke Energy Corp. | 1,259,614 | ||||||
18,813 | Edison International | 1,274,957 | ||||||
11,171 | Entergy Corp. | 1,288,016 | ||||||
19,032 | Evergy, Inc. | 1,304,263 | ||||||
14,311 | Eversource Energy | 1,283,554 | ||||||
29,215 | Exelon Corp. | 1,282,831 | ||||||
32,738 | FirstEnergy Corp. | 1,294,788 | ||||||
15,074 | NextEra Energy, Inc. | 1,282,194 | ||||||
116,920 | PG&E Corp.* | 1,441,624 | ||||||
44,859 | PPL Corp. | 1,304,500 | ||||||
19,782 | Public Service Enterprise Group, Inc. | 1,273,169 | ||||||
7,928 | Sempra Energy | 1,307,882 | ||||||
17,009 | Southern Co. (The) | 1,310,884 | ||||||
12,453 | WEC Energy Group, Inc. | 1,284,402 | ||||||
17,547 | Xcel Energy, Inc. | 1,302,865 | ||||||
|
|
|||||||
35,393,219 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $624,357,787) | $ | 611,732,357 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.3% |
1,677,326 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 613,409,683 | ||||||
|
|
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) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – 99.6% | ||||||||
Communication Services – 15.9% | ||||||||
38,899 | Activision Blizzard, Inc. | $ | 3,053,183 | |||||
25,724 | Alphabet, Inc., Class A* | 2,783,851 | ||||||
6,530 | Charter Communications, Inc., Class A* | 2,694,474 | ||||||
114,569 | Frontier Communications Parent, Inc.* | 2,951,297 | ||||||
17,360 | Meta Platforms, Inc., Class A* | 2,828,465 | ||||||
12,606 | Netflix, Inc.* | 2,818,197 | ||||||
21,408 | T-Mobile US, Inc.* | 3,081,896 | ||||||
25,272 | Walt Disney Co. (The)* | 2,832,486 | ||||||
|
|
|||||||
23,043,849 | ||||||||
|
|
|||||||
Consumer Discretionary – 11.4% | ||||||||
33,337 | Alibaba Group Holding Ltd. ADR (China)* | 3,180,683 | ||||||
21,933 | Amazon.com, Inc.* | 2,780,447 | ||||||
1,475 | Booking Holdings, Inc.* | 2,766,820 | ||||||
2,901 | MercadoLibre, Inc. (Brazil)* | 2,481,399 | ||||||
10,052 | RH* | 2,572,407 | ||||||
10,152 | Tesla, Inc.* | 2,797,993 | ||||||
|
|
|||||||
16,579,749 | ||||||||
|
|
|||||||
Energy – 6.8% | ||||||||
19,930 | Cheniere Energy, Inc. | 3,192,387 | ||||||
32,746 | Chesapeake Energy Corp. | 3,290,646 | ||||||
69,400 | EQT Corp. | 3,317,320 | ||||||
|
|
|||||||
9,800,353 | ||||||||
|
|
|||||||
Financials – 12.0% | ||||||||
51,079 | Apollo Global Management, Inc. | 2,838,971 | ||||||
86,630 | Bank of America Corp. | 2,911,634 | ||||||
10,370 | Berkshire Hathaway, Inc., Class B* | 2,911,896 | ||||||
41,396 | Charles Schwab Corp. (The) | 2,937,046 | ||||||
58,079 | Citigroup, Inc. | 2,834,836 | ||||||
68,641 | Wells Fargo & Co. | 3,000,298 | ||||||
|
|
|||||||
17,434,681 | ||||||||
|
|
|||||||
Health Care – 12.4% | ||||||||
21,218 | Biohaven Pharmaceutical Holding Co. Ltd.* | 3,168,908 | ||||||
32,301 | Centene Corp.* | 2,898,692 | ||||||
10,386 | Danaher Corp. | 2,803,285 | ||||||
6,367 | Elevance Health, Inc. | 3,088,695 | ||||||
6,298 | Humana, Inc. | 3,034,251 | ||||||
5,766 | UnitedHealth Group, Inc. | 2,994,457 | ||||||
|
|
|||||||
17,988,288 | ||||||||
|
|
|||||||
Industrials – 5.7% | ||||||||
45,081 | Builders FirstSource, Inc.* | 2,642,197 | ||||||
96,655 | Uber Technologies, Inc.* | 2,779,798 | ||||||
72,125 | WillScot Mobile Mini Holdings Corp.* | 2,895,098 | ||||||
|
|
|||||||
8,317,093 | ||||||||
|
|
|||||||
Information Technology – 33.5% | ||||||||
31,089 | Advanced Micro Devices, Inc.* | 2,638,523 | ||||||
18,132 | Apple, Inc. | 2,850,713 | ||||||
10,886 | Atlassian Corp. PLC, Class A* | 2,696,027 | ||||||
15,560 | Crowdstrike Holdings, Inc., Class A* | 2,841,412 | ||||||
36,971 | Elastic NV* | 3,102,237 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
28,507 | Fiserv, Inc.* | 2,884,623 | ||||||
27,072 | Five9, Inc.* | 2,656,034 | ||||||
23,052 | Global Payments, Inc. | 2,863,750 | ||||||
38,287 | GoDaddy, Inc., Class A* | 2,902,920 | ||||||
8,724 | Mastercard, Inc., Class A | 2,829,804 | ||||||
10,701 | Microsoft Corp. | 2,797,990 | ||||||
5,950 | Palo Alto Networks, Inc.* | 3,313,019 | ||||||
30,936 | PayPal Holdings, Inc.* | 2,890,660 | ||||||
16,436 | Salesforce, Inc.* | 2,565,988 | ||||||
6,230 | ServiceNow, Inc.* | 2,707,683 | ||||||
14,510 | Visa, Inc., Class A | 2,883,282 | ||||||
41,066 | Zendesk, Inc.* | 3,152,637 | ||||||
|
|
|||||||
48,577,302 | ||||||||
|
|
|||||||
Materials – 1.9% | ||||||||
31,204 | Crown Holdings, Inc. | 2,826,770 | ||||||
|
|
|||||||
TOTAL INVESTMENTS – 99.6% | ||||||||
(Cost $147,699,939) | $ | 144,568,085 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.4% |
516,257 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 145,084,342 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. |
| ||
Investment Abbreviations: | ||
ADR |
—American Depositary Receipt | |
PLC |
—Public Limited Company | |
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 12.9% | ||||||||
15,013 | Activision Blizzard, Inc. | $ | 1,178,370 | |||||
3,665 | AfreecaTV Co. Ltd. (South Korea) | 210,713 | ||||||
60,046 | Alphabet, Inc., Class A* | 6,498,178 | ||||||
30,705 | AMC Entertainment Holdings, Inc., Class A*(a) | 280,030 | ||||||
16,272 | Baidu, Inc. ADR (China)* | 2,342,680 | ||||||
14,632 | Bilibili, Inc. ADR (China)*(a) | 365,215 | ||||||
12,295 | Bumble, Inc., Class A* | 307,990 | ||||||
29,064 | Comcast Corp., Class A | 1,051,826 | ||||||
5,844 | CTS Eventim AG & Co. KGaA (Germany)* | 315,271 | ||||||
8,074 | Electronic Arts, Inc. | 1,024,348 | ||||||
50,625 | Gree, Inc. (Japan) | 312,241 | ||||||
42,773 | Hello Group, Inc. ADR (China) | 220,281 | ||||||
6,319 | IDT Corp., Class B* | 161,577 | ||||||
6,809 | Infocom Corp. (Japan) | 99,759 | ||||||
66,374 | iQIYI, Inc. ADR (China)* | 242,929 | ||||||
14,203 | JOYY, Inc. ADR (China) | 430,635 | ||||||
101,180 | Kuaishou Technology (China)*(b) | 886,905 | ||||||
6,441 | Liberty Media Corp.-Liberty Braves, Class C* | 176,097 | ||||||
8,947 | Liberty Media Corp.-Liberty Formula One, Class A* | 520,089 | ||||||
7,951 | Live Nation Entertainment, Inc.* | 718,452 | ||||||
5,346 | Madison Square Garden Entertainment Corp.* | 297,024 | ||||||
2,037 | Madison Square Garden Sports Corp.* | 326,470 | ||||||
11,553 | Match Group, Inc.* | 653,091 | ||||||
42,210 | Meta Platforms, Inc., Class A* | 6,877,275 | ||||||
14,721 | NetEase, Inc. ADR (China) | 1,302,956 | ||||||
6,022 | Netflix, Inc.* | 1,346,278 | ||||||
41,454 | Playtika Holding Corp.* | 436,511 | ||||||
74,096 | Rightmove PLC (United Kingdom) | 523,861 | ||||||
20,331 | ROBLOX Corp., Class A* | 795,145 | ||||||
7,667 | Scout24 SE (Germany)(b) | 443,608 | ||||||
24,049 | Sea Ltd. ADR (Singapore)* | 1,491,038 | ||||||
59,046 | Snap, Inc., Class A* | 642,420 | ||||||
7,453 | Sohu.com Ltd. ADR (China)* | 132,812 | ||||||
5,812 | Spotify Technology SA* | 628,568 | ||||||
4,790 | Take-Two Interactive Software, Inc.* | 587,062 | ||||||
32,310 | TELUS Corp. (Canada) | 729,788 | ||||||
55,360 | Tencent Holdings Ltd. (China) | 2,307,828 | ||||||
60,670 | Tencent Music Entertainment Group ADR (China)* | 310,024 | ||||||
11,785 | TripAdvisor, Inc.* | 280,483 | ||||||
17,596 | Twitter, Inc.* | 681,845 | ||||||
9,913 | Ubisoft Entertainment SA (France)* | 458,629 | ||||||
56,763 | VK Co. Ltd. GDR (Russia)*(c) | — | ||||||
17,536 | Walt Disney Co. (The)* | 1,965,435 | ||||||
9,605 | Warner Music Group Corp., Class A | 257,126 | ||||||
22,963 | Weibo Corp. ADR (China)* | 475,104 | ||||||
6,121 | World Wrestling Entertainment, Inc., Class A | 416,289 | ||||||
21,069 | Yalla Group Ltd. ADR (United Arab Emirates)* | 90,386 | ||||||
4,241 | Ziff Davis, Inc.* | 327,744 | ||||||
|
|
|||||||
42,128,386 | ||||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – 15.4% | ||||||||
25,950 | 2U, Inc.* | 184,764 | ||||||
3,655 | adidas AG (Germany) | 544,971 | ||||||
7,579 | Airbnb, Inc., Class A* | 857,336 | ||||||
42,165 | Alibaba Group Holding Ltd. ADR (China)* | 4,022,963 | ||||||
820,544 | Alibaba Health Information Technology Ltd. (China)* | 475,672 | ||||||
50,097 | Amazon.com, Inc.* | 6,350,797 | ||||||
62,500 | ANTA Sports Products Ltd. (China) | 755,684 | ||||||
10,857 | Aptiv PLC* | 1,014,370 | ||||||
136,019 | Arrival SA (Luxembourg)*(a) | 149,621 | ||||||
11,448 | Bandai Namco Holdings, Inc. (Japan) | 865,878 | ||||||
393 | Booking Holdings, Inc.* | 737,193 | ||||||
11,594 | BorgWarner, Inc. | 437,094 | ||||||
78,449 | Canoo, Inc.*(a) | 250,252 | ||||||
16,818 | Chegg, Inc.* | 330,978 | ||||||
9,397 | Chewy, Inc., Class A*(a) | 322,599 | ||||||
4,914 | Columbia Sportswear Co. | 350,073 | ||||||
9,093 | Continental AG (Germany) | 525,566 | ||||||
22,454 | Coursera, Inc.* | 258,221 | ||||||
5,955 | Dick’s Sporting Goods, Inc. | 633,433 | ||||||
15,332 | eBay, Inc. | 676,601 | ||||||
5,114 | Etsy, Inc.* | 540,090 | ||||||
18,482 | Everi Holdings, Inc.* | 341,917 | ||||||
25,539 | EVgo, Inc.*(a) | 242,365 | ||||||
4,436 | Expedia Group, Inc.* | 455,355 | ||||||
99,558 | Faraday Future Intelligent Electric, Inc.* | 111,505 | ||||||
30,893 | Farfetch Ltd., Class A (United Kingdom)* | 309,857 | ||||||
97,971 | Ford Motor Co. | 1,493,078 | ||||||
10,281 | GameStop Corp., Class A*(a) | 294,448 | ||||||
37,786 | General Motors Co. | 1,443,803 | ||||||
651 | Graham Holdings Co., Class B | 368,095 | ||||||
7,337 | Hyundai Motor Co. (South Korea) | 1,075,139 | ||||||
6,206 | iRobot Corp.* | 365,409 | ||||||
302,028 | JD Sports Fashion PLC (United Kingdom) | 396,951 | ||||||
15,120 | JD.com, Inc. ADR (China) | 959,969 | ||||||
24,943 | Jumia Technologies AG ADR (Germany)* | 184,329 | ||||||
20,211 | Just Eat Takeaway.com NV (United Kingdom)*(b) | 339,031 | ||||||
12,768 | Kia Corp. (South Korea) | 771,302 | ||||||
150,130 | Koolearn Technology Holding Ltd. (China)*(a)(b) | 570,004 | ||||||
15,207 | Las Vegas Sands Corp.* | 572,239 | ||||||
71,059 | Li Ning Co. Ltd. (China) | 651,847 | ||||||
58,190 | Lucid Group, Inc.*(a) | 892,635 | ||||||
2,702 | Lululemon Athletica, Inc.* | 810,492 | ||||||
28,912 | Macy’s, Inc. | 500,756 | ||||||
972 | MercadoLibre, Inc. (Brazil)* | 831,410 | ||||||
20,132 | MGM Resorts International | 657,108 | ||||||
14,350 | New Oriental Education & Technology Group, Inc. ADR (China)* | 407,540 | ||||||
360,339 | Nexteer Automotive Group Ltd. (China) | 269,031 | ||||||
12,063 | NIKE, Inc., Class B | 1,284,106 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
54,422 | NIO, Inc. ADR (China)* | $ | 1,083,542 | |||||
7,965 | Overstock.com, Inc.* | 207,887 | ||||||
36,180 | Peloton Interactive, Inc., Class A* | 368,674 | ||||||
5,455 | Planet Fitness, Inc., Class A* | 369,576 | ||||||
32,437 | Playtech PLC (United Kingdom)* | 169,092 | ||||||
68,276 | Rakuten Group, Inc. (Japan) | 332,946 | ||||||
30,516 | Rivian Automotive, Inc., Class A* | 998,178 | ||||||
40,003 | Sharp Corp. (Japan) | 289,436 | ||||||
6,554 | Shoe Carnival, Inc. | 155,920 | ||||||
8,314 | Skechers USA, Inc., Class A* | 314,269 | ||||||
16,034 | Sony Group Corp. (Japan) | 1,287,925 | ||||||
7,121 | Stride, Inc.* | 271,595 | ||||||
56,805 | TAL Education Group ADR (China)* | 328,333 | ||||||
13,071 | Tesla, Inc.* | 3,602,498 | ||||||
108,560 | Toyota Motor Corp. (Japan) | 1,645,727 | ||||||
150,717 | TUI AG (Germany)*(a) | 232,283 | ||||||
9,313 | Xometry, Inc., Class A* | 456,430 | ||||||
35,873 | XPeng, Inc. ADR (China)* | 664,368 | ||||||
25,711 | Yamaha Motor Co. Ltd. (Japan) | 537,682 | ||||||
13,205 | Zalando SE (Germany)*(b) | 306,861 | ||||||
|
|
|||||||
50,507,099 | ||||||||
|
|
|||||||
Consumer Staples – 0.7% | ||||||||
9,456 | Beyond Meat, Inc.*(a) | 230,727 | ||||||
14,262 | Walmart, Inc. | 1,890,428 | ||||||
|
|
|||||||
2,121,155 | ||||||||
|
|
|||||||
Energy – 0.9% | ||||||||
950,723 | China Suntien Green Energy Corp. Ltd., Class H (China) | 427,585 | ||||||
8,245 | HD Hyundai Co. Ltd. (South Korea) | 389,581 | ||||||
22,033 | NOV, Inc. | 389,323 | ||||||
41,379 | Oceaneering International, Inc.* | 366,204 | ||||||
29,837 | TotalEnergies SE (France) | 1,520,832 | ||||||
|
|
|||||||
3,093,525 | ||||||||
|
|
|||||||
Financials – 9.5% | ||||||||
51,868 | 3i Group PLC (United Kingdom) | 733,598 | ||||||
3,503 | Ameriprise Financial, Inc. | 938,839 | ||||||
9,077 | Amundi SA (France)(b) | 462,758 | ||||||
19,864 | Apollo Global Management, Inc. | 1,104,041 | ||||||
4,756 | B. Riley Financial, Inc. | 236,706 | ||||||
101,873 | BGC Partners, Inc., Class A | 409,529 | ||||||
2,515 | BlackRock, Inc. | 1,675,971 | ||||||
14,148 | Blackstone, Inc. | 1,329,063 | ||||||
18,283 | Carlyle Group, Inc. (The) | 594,746 | ||||||
21,261 | Charles Schwab Corp. (The) | 1,508,468 | ||||||
37,802 | CI Financial Corp. (Canada) | 415,660 | ||||||
4,274 | CME Group, Inc. | 836,037 | ||||||
12,863 | CNA Financial Corp. | 494,711 | ||||||
11,082 | Coinbase Global, Inc., Class A* | 740,278 | ||||||
7,613 | Discover Financial Services | 765,030 | ||||||
8,639 | DWS Group GmbH & Co. KGaA (Germany)(b) | 236,459 | ||||||
6,590 | Eurazeo SE (France) | 395,275 | ||||||
4,495 | Evercore, Inc., Class A | 421,137 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
24,430 | flatexDEGIRO AG (Germany)* | 236,075 | ||||||
8,020 | Futu Holdings Ltd. ADR (China)* | 393,702 | ||||||
18,313 | Galaxy Digital Holdings Ltd.*(a) | 100,543 | ||||||
4,813 | Goldman Sachs Group, Inc. (The)(d) | 1,601,141 | ||||||
10,305 | Green Dot Corp., Class A* | 209,088 | ||||||
37,948 | Hargreaves Lansdown PLC (United Kingdom) | 361,022 | ||||||
11,722 | Interactive Brokers Group, Inc., Class A | 721,958 | ||||||
26,044 | Invesco Ltd. | 428,945 | ||||||
22,472 | KKR & Co., Inc. | 1,136,184 | ||||||
188,005 | Legal & General Group PLC (United Kingdom) | 552,376 | ||||||
9,622 | London Stock Exchange Group PLC (United Kingdom) | 907,113 | ||||||
58,181 | Monex Group, Inc. (Japan) | 211,109 | ||||||
48,617 | Moneylion, Inc.* | 69,522 | ||||||
13,473 | Morgan Stanley | 1,148,169 | ||||||
2,738 | Morningstar, Inc. | 624,237 | ||||||
2,339 | MSCI, Inc. | 1,050,772 | ||||||
15,392 | Noah Holdings Ltd. ADR (China)* | 272,592 | ||||||
47,723 | Owl Rock Capital Corp. | 627,080 | ||||||
22,733 | Plus500 Ltd. (Israel) | 449,157 | ||||||
76,381 | Robinhood Markets, Inc., Class A* | 729,439 | ||||||
4,459 | S&P Global, Inc. | 1,570,371 | ||||||
93,005 | SoFi Technologies, Inc.*(a) | 550,590 | ||||||
3,005 | Sprott, Inc. (Canada) | 113,973 | ||||||
7,351 | Stifel Financial Corp. | 435,988 | ||||||
2,844 | StoneX Group, Inc.* | 264,037 | ||||||
69,329 | TP ICAP Group PLC (United Kingdom) | 124,153 | ||||||
11,475 | TPG, Inc. | 336,906 | ||||||
9,048 | Tradeweb Markets, Inc., Class A | 629,650 | ||||||
23,600 | Upstart Holdings, Inc.*(a) | 611,240 | ||||||
1,246 | Virtus Investment Partners, Inc. | 238,298 | ||||||
17,155 | WealthNavi, Inc. (Japan)*(a) | 234,756 | ||||||
42,698 | WisdomTree Investments, Inc. | 213,917 | ||||||
19,918 | XP, Inc., Class A (Brazil)* | 383,222 | ||||||
232,863 | Zip Co. Ltd. (Australia) *(a) | 152,456 | ||||||
|
|
|||||||
30,988,087 | ||||||||
|
|
|||||||
Health Care – 20.7% | ||||||||
9,330 | 10X Genomics, Inc., Class A* | 307,797 | ||||||
581,796 | 3SBio, Inc. (China)(b) | 387,674 | ||||||
20,498 | Abbott Laboratories | 2,104,120 | ||||||
16,504 | AbbVie, Inc. | 2,219,128 | ||||||
1,694 | ABIOMED, Inc.* | 439,220 | ||||||
19,183 | AdaptHealth Corp.* | 344,719 | ||||||
31,083 | Adaptive Biotechnologies Corp.* | 277,260 | ||||||
7,276 | Agilent Technologies, Inc. | 933,147 | ||||||
15,638 | Allscripts Healthcare Solutions, Inc.* | 265,846 | ||||||
6,207 | Amgen, Inc. | 1,491,542 | ||||||
13,209 | AstraZeneca PLC (United Kingdom) | 1,635,983 | ||||||
13,101 | Baxter International, Inc. | 752,783 | ||||||
125,364 | Bionano Genomics, Inc.* | 310,903 | ||||||
6,475 | BioNTech SE ADR (Germany) | 936,544 | ||||||
2,453 | Bio-Techne Corp. | 813,930 | ||||||
20,139 | Boston Scientific Corp.* | 811,803 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
25,162 | Bristol-Myers Squibb Co. | $ | 1,696,170 | |||||
27,115 | Caribou Biosciences, Inc.* | 267,625 | ||||||
11,270 | Castle Biosciences, Inc.* | 326,830 | ||||||
22,366 | Coherus Biosciences, Inc.* | 250,052 | ||||||
6,733 | CompuGroup Medical SE & Co KgaA (Germany) | 254,024 | ||||||
8,866 | CRISPR Therapeutics AG (Switzerland)* | 577,088 | ||||||
27,611 | Cue Health, Inc.* | 91,945 | ||||||
14,669 | Cullinan Oncology, Inc.* | 197,738 | ||||||
13,236 | Dexcom, Inc.* | 1,088,132 | ||||||
26,481 | DocGo, Inc.* | 270,106 | ||||||
17,711 | Editas Medicine, Inc.* | 260,352 | ||||||
10,527 | Edwards Lifesciences Corp.* | 948,483 | ||||||
7,493 | Eli Lilly & Co. | 2,257,116 | ||||||
16,796 | Erasca, Inc.* | 151,500 | ||||||
15,763 | Exact Sciences Corp.* | 560,375 | ||||||
23,751 | Exelixis, Inc.* | 421,343 | ||||||
7,879 | Fulgent Genetics, Inc.* | 342,500 | ||||||
6,793 | Galapagos NV (Belgium)* | 342,491 | ||||||
24,375 | Gilead Sciences, Inc. | 1,547,081 | ||||||
6,582 | Globus Medical, Inc., Class A* | 389,589 | ||||||
12,680 | Guardant Health, Inc.* | 634,761 | ||||||
108,385 | HUTCHMED China Ltd. (China)* | 269,276 | ||||||
4,869 | Illumina, Inc.* | 981,785 | ||||||
1,541,593 | Imugene Ltd. (Australia)* | 274,778 | ||||||
3,116 | Insulet Corp.* | 796,045 | ||||||
8,755 | Intellia Therapeutics, Inc.* | 525,825 | ||||||
6,362 | Intuitive Surgical, Inc.* | 1,308,918 | ||||||
127,372 | Invitae Corp.*(a) | 387,211 | ||||||
2,578 | iRhythm Technologies, Inc.* | 380,126 | ||||||
16,686 | Johnson & Johnson | 2,692,119 | ||||||
38,496 | Koninklijke Philips NV (Netherlands) | 644,438 | ||||||
17,939 | Maravai LifeSciences Holdings, Inc., Class A* | 374,387 | ||||||
4,772 | Masimo Corp.* | 700,959 | ||||||
21,202 | Medtronic PLC | 1,864,080 | ||||||
22,310 | Merck & Co., Inc. | 1,904,382 | ||||||
8,520 | Moderna, Inc.* | 1,126,940 | ||||||
9,223 | MorphoSys AG (Germany)* | 161,185 | ||||||
9,782 | Myriad Genetics, Inc.* | 218,530 | ||||||
12,382 | NextGen Healthcare, Inc.* | 212,227 | ||||||
24,675 | Novartis AG (Switzerland) | 2,000,648 | ||||||
15,892 | Novo Nordisk A/S ADR (Denmark) | 1,686,141 | ||||||
5,351 | NuVasive, Inc.* | 227,471 | ||||||
40,286 | Pacific Biosciences of California, Inc.* | 236,076 | ||||||
49,797 | Pfizer, Inc. | 2,252,318 | ||||||
17,036 | PHC Holdings Corp. (Japan) | 198,963 | ||||||
14,367 | PMV Pharmaceuticals, Inc.* | 199,989 | ||||||
8,961 | PROCEPT BioRobotics Corp.* | 362,741 | ||||||
16,423 | Pulmonx Corp.* | 301,691 | ||||||
9,675 | QIAGEN NV* | 439,535 | ||||||
2,431 | Regeneron Pharmaceuticals, Inc.* | 1,412,557 | ||||||
18,330 | Relay Therapeutics, Inc.* | 421,040 | ||||||
16,204 | Repare Therapeutics, Inc. (Canada)* | 193,152 | ||||||
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Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
30,907 | ResMed, Inc. CDI | $ | 680,780 | |||||
7,800 | Roche Holding AG | 2,520,744 | ||||||
34,449 | Sana Biotechnology, Inc.*(a) | 234,598 | ||||||
46,464 | Sangamo Therapeutics, Inc.* | 250,906 | ||||||
16,095 | Sanofi (France) | 1,330,028 | ||||||
4,725 | Sarepta Therapeutics, Inc.* | 516,820 | ||||||
162,071 | Senseonics Holdings, Inc.*(a) | 288,486 | ||||||
74,046 | Shanghai MicroPort MedBot Group Co. Ltd. (China)* | 234,435 | ||||||
104,906 | Sharecare, Inc.* | 191,978 | ||||||
9,929 | SI-BONE, Inc.* | 163,828 | ||||||
26,478 | Siemens Healthineers AG (Germany)(b) | 1,297,434 | ||||||
44,525 | Smith & Nephew PLC (United Kingdom) | 526,124 | ||||||
114,454 | Sorrento Therapeutics, Inc.* | 234,631 | ||||||
5,880 | Stryker Corp. | 1,206,576 | ||||||
20,940 | Takara Bio, Inc. (Japan) | 295,464 | ||||||
8,827 | Tandem Diabetes Care, Inc.* | 403,747 | ||||||
12,765 | Teladoc Health, Inc.* | 396,481 | ||||||
23,612 | Theravance Biopharma, Inc.* | 212,744 | ||||||
3,624 | Thermo Fisher Scientific, Inc. | 1,976,240 | ||||||
2,286 | UFP Technologies, Inc.* | 212,575 | ||||||
5,726 | Ultragenyx Pharmaceutical, Inc.* | 273,073 | ||||||
2,203 | United Therapeutics Corp.* | 499,244 | ||||||
15,905 | Veracyte, Inc.* | 324,462 | ||||||
5,715 | Vertex Pharmaceuticals, Inc.* | 1,610,258 | ||||||
39,839 | Well Health Technologies Corp. (Canada)*(a) | 107,385 | ||||||
205,448 | Yidu Tech, Inc. (China)*(b) | 185,846 | ||||||
|
|
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67,838,120 | ||||||||
|
|
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Industrials – 5.8% | ||||||||
48,254 | ABB Ltd. (Switzerland) | 1,333,481 | ||||||
5,699 | AeroVironment, Inc.* | 505,216 | ||||||
2,522 | Alfen Beheer BV (Netherlands)*(b) | 286,060 | ||||||
3,883 | ASGN, Inc.* | 375,486 | ||||||
7,557 | Barnes Group, Inc. | 234,645 | ||||||
74,417 | Berkshire Grey, Inc.* | 150,322 | ||||||
14,075 | Blink Charging Co.*(a) | 300,783 | ||||||
1,655 | CACI International, Inc., Class A* | 464,840 | ||||||
5,814 | Daihen Corp. (Japan) | 174,053 | ||||||
147,432 | Desktop Metal, Inc., Class A*(a) | 468,834 | ||||||
1,274 | Energiekontor AG (Germany) | 112,478 | ||||||
6,895 | FANUC Corp. (Japan) | 1,120,857 | ||||||
22,632 | General Electric Co. | 1,662,094 | ||||||
20,086 | Kawasaki Heavy Industries Ltd. (Japan) | 393,099 | ||||||
19,519 | Kratos Defense & Security Solutions, Inc.* | 244,768 | ||||||