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)

 

 

LOGO


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)

 

TABLE OF CONTENTS

 

Investment Process

    1  

Portfolio Results and Fund Basics

    9  

Schedule of Investments

    31  

Financial Statements

    52  

Financial Highlights

    59  

Bloomberg Clean Energy Equity ETF (GCLN)

    59  

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

    60  

Hedge Industry VIP ETF (GVIP)

    61  

Innovate Equity ETF (GINN)

    62  

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

    63  

Notes to Financial Statements

    64  

Report of Independent Registered Public Accounting Firm

    77  

Other Information

    78  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


INVESTMENT PROCESS

 

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:

 

 

60% of the Index weight is in securities classified as A1 (Main Driver of Decarbonization).

 

 

30% of the Index weight is in securities classified as A2 (Considerable Driver of Decarbonization).

 

 

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

 

1


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.

* * *

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.

 

2


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.

* * *

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.

 

3


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.

 

4


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;

 

 

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;

 

 

The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and

 

 

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,

 

5


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.

 

6


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/.

* * *

 

7


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.

 

8


PORTFOLIO RESULTS

 

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.

 

9


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.

 

10

  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
 
  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.

 

11


FUND BASICS

 

Bloomberg Clean Energy Equity ETF

as of August 31, 2022

 

  FUND SNAPSHOT

 

     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.

 

LOGO

 

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.

 

LOGO

 

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.

 

LOGO

 

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.

 

LOGO

 

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.

 

LOGO

 

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

 

Schedule of Investments

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  

 

 

 
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  
   

 

 

 
      67,838,120  

 

 

 
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