Goldman Sachs Funds

 

 

 
Annual Report      

August 31, 2023

 
     

Goldman Sachs ActiveBeta® ETFs

     

ActiveBeta® Emerging Markets Equity ETF (GEM)

     

ActiveBeta® Europe Equity ETF (GSEU)

     

ActiveBeta® International Equity ETF (GSIE)

     

ActiveBeta® Japan Equity ETF (GSJY)

     

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

     

ActiveBeta® U.S. Large Cap Equity ETF (GSLC)

     

ActiveBeta® U.S. Small Cap Equity ETF (GSSC)

     

ActiveBeta® World Low Vol Plus Equity ETF (GLOV)

 

LOGO


Goldman Sachs ActiveBeta® ETFs

 

 

ACTIVEBETA® EMERGING MARKETS EQUITY ETF (GEM)

 

 

ACTIVEBETA® EUROPE EQUITY ETF (GSEU)

 

 

ACTIVEBETA® INTERNATIONAL EQUITY ETF (GSIE)

 

 

ACTIVEBETA® JAPAN EQUITY ETF (GSJY)

 

 

ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF (GPAL)

 

 

ACTIVEBETA® U.S. LARGE CAP EQUITY ETF (GSLC)

 

 

ACTIVEBETA® U.S. SMALL CAP EQUITY ETF (GSSC)

 

 

ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF (GLOV)

 

TABLE OF CONTENTS

 

Investment Process

    1  

Portfolio Management Discussion and Performance Summaries

    4  

Schedules of Investments

    42  

Financial Statements

    107  

Financial Highlights

    115  

ActiveBeta® Emerging Markets Equity ETF (GEM)

    115  

ActiveBeta® Europe Equity ETF (GSEU)

    116  

ActiveBeta® International Equity ETF (GSIE)

    117  

ActiveBeta® Japan Equity ETF (GSJY)

    118  

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

    119  

ActiveBeta® U.S. Large Cap Equity ETF (GSLC)

    120  

ActiveBeta® U.S. Small Cap Equity ETF (GSSC)

    121  

ActiveBeta® World Low Vol Plus Equity ETF (GLOV)

    122  

Notes to Financial Statements

    123  

Report of Independent Registered Public Accounting Firm

    140  

Other Information

    142  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


INVESTMENT PROCESS

 

Goldman Sachs ActiveBeta® ETFs

 

Principal Investment Strategies

The investment objective of each of the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF (each, a “Fund”), is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective underlying index (each, an “Index”).

Each 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.

Each Index is designed to deliver exposure to equity securities within its applicable universe of issuers. Each Index is constructed using the patented ActiveBeta® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). Given each Fund’s investment objective of attempting to track its Index, each 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.

Each Index is rebalanced on a quarterly basis in accordance with the published rebalancing schedule of the applicable Reference Index. The rules-based process used to construct each Index incorporates the ActiveBeta® Turnover Minimization Technique, which seeks to reduce turnover within each Index.

For the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF and ActiveBeta® U.S. Small Cap Equity ETF, Goldman Sachs Asset Management, L.P. (the “Index Provider”) constructs each Index in accordance with a rules-based methodology that involves two steps.

Step 1

In the first step, individual factor subindexes for value, momentum, quality and low volatility (the “ActiveBeta® Factor Subindexes”) are created from the constituents of the applicable Reference Index, a market capitalization-weighted index. To construct each ActiveBeta® Factor Subindex, all constituents in the applicable Reference Index are assigned a “factor score” based on certain specified measurements (for example, in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price). Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the applicable ActiveBeta® Factor Subindex relative to the applicable Reference Index and securities with a factor score that is below the Cut-off Score receive an underweight in the ActiveBeta® Factor Subindex relative to the applicable Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the applicable ActiveBeta® Factor Subindex is determined by its attractiveness when evaluated based on the relevant factor. Each Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.

Step 2

The ActiveBeta® Factor Subindexes are combined in equal weights to form each Index.

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

For the Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, the Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index Provider constructs the Fund’s Index in accordance with a rules-based methodology that involves three steps.

 

1


INVESTMENT PROCESS

 

Step 1

In the first step, the following types of issuers are excluded from the constituents of the Solactive US Large Cap Index (the “Reference Index”) per the requirements for an “EU Paris-Aligned Benchmark”: companies involved with controversial weapons or tobacco, companies that violate global norms as indicated by violations of the United Nations Global Compact principles or the Organisation for Economic Co-operation and Development (“OECD”) Guidelines for Multinational Enterprises, and companies that derive more than 50% of revenue from fossil fuel activities or engage in activities that significantly obstruct the United Nations Sustainable Development Goals that correspond to the EU’s six environmental objectives.

In addition, issuers who derive significant revenue from the following activities are excluded (revenue percentages are shown in parentheses): exploration, mining, extraction, distribution or refining of hard coal and lignite (≥ 1%); exploration, extraction, distribution or refining of oil fuels (≥ 10%); exploration, extraction, manufacturing or distribution of gaseous fuels (≥ 50%); and electricity generation with a greenhouse gas (GHG) intensity of more than 100g CO2e/kWh (≥ 50%).

Step 2

In the second step, the ActiveBeta® Factor Subindexes are created from the Reference Index, a market capitalization-weighted index. To construct each ActiveBeta® Factor Subindex, all non-excluded constituents in the Reference Index are assigned a “factor score” based on certain specified measurements (for example, in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price). Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the applicable ActiveBeta® Factor Subindex relative to the Reference Index and securities with a factor score that is below the Cut-off Score receive an underweight in the ActiveBeta® Factor Subindex relative to the Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the applicable ActiveBeta® Factor Subindex is determined by its attractiveness when evaluated based on the relevant factor. The ActiveBeta® Factor Subindexes are combined in equal weights to form the Factor Diversity Portfolio.

Step 3

In the third step, the weights of the individual issuers in the Factor Diversity Portfolio are adjusted upwards and downwards to target the following requirements: a 50-percent reduction in aggregate GHG emissions intensity relative to the Reference Index, where an issuer’s emission intensity is defined as the sum of the issuer’s direct and indirect emissions divided by the issuer’s enterprise value including cash; an inflation-adjusted seven-percent annualized reduction in absolute GHG emissions intensity; non-negative exposure to high carbon impact sectors relative to the Reference Index; and exposure to each of the four factors (value, momentum, quality, and low volatility) that are no lower than the corresponding factor exposures for the Factor Diversity Portfolio. The resulting Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.

Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

For the ActiveBeta® World Low Vol Plus Equity ETF, the Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. The Index Provider constructs the Fund’s Index in accordance with a rules-based methodology that involves three steps.

Step 1

In the first step, the individual factor subindex for low volatility (the “ActiveBeta® Low Volatility Factor Subindex”) is created from the constituents of the Solactive GBS Developed Markets Large & Mid Cap Index (the “Reference Index”), a market capitalization-weighted index. To construct the ActiveBeta® Low Volatility Factor Subindex, an equal-weighted index is constructed by equally weighting stocks within sectors by country (e.g. U.S. Financials). The weight of a stock in the reweighted Reference Index is the average of its weight in the Reference Index and its weight in the equal-weighted index. Each constituent is then assigned a “factor score” based on a specified volatility measurement that is a function of the volatility in the daily total stock returns over the past 12 months. Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the ActiveBeta® Low Volatility Factor Subindex relative to the reweighted Reference Index and securities with a factor score that is

 

2


INVESTMENT PROCESS

 

below the Cut-off Score receive an underweight in the ActiveBeta® Low Volatility Factor Subindex relative to the reweighted Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the ActiveBeta® Low Volatility Factor Subindex is determined by the performance of its factor score relative to the fixed “Cut-off Score.” The Index includes only long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.

Step 2

In the second step, individual factor subindexes for value, momentum and quality (the “ActiveBeta® Value Factor Subindex, ActiveBeta® Momentum Factor Subindex and ActiveBeta® Quality Factor Subindex,” respectively) are created from the constituents of the ActiveBeta® Low Volatility Factor Subindex. To construct each of these subindexes, all constituents in the ActiveBeta® Low Volatility Factor Subindex are assigned a “factor score” based on certain specified measurements (i.e., in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price). Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the applicable ActiveBeta® Factor Subindex relative to the ActiveBeta® Low Volatility Factor Subindex and securities with a factor score that is below the Cut-off Score receive an underweight the applicable ActiveBeta® Factor Subindex relative to the Active- Beta® Low Volatility Factor Subindex.

Step 3

In the third step, the ActiveBeta® Value Factor Subindex, ActiveBeta® Momentum Factor Subindex, and ActiveBeta® Quality Factor Subindex are combined in equal weights to form the Index.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2023, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.

 

3


PORTFOLIO RESULTS

 

Goldman Sachs ActiveBeta® Emerging Markets Equity ETF

 

Investment Objective

The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index (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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 3.50% based on net asset value (“NAV”) and 4.36% based on market price. The Index returned 3.91%, and the MSCI Emerging Markets Index (Net, Unhedged) (“MSCI Emerging Markets Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 1.25% during the same period.

 

  

The Fund had an NAV of $29.42 per share on August 31, 2022 and ended the Reporting Period with an NAV of $29.61 per share. The Fund’s market price on August 31, 2023 was $29.48 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 is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Emerging Markets Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Emerging Markets Index. 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 MSCI Emerging Markets Index.

 

  

During the Reporting Period, the Fund posted positive absolute returns that outperformed the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Value and Low Volatility contributed most positively to relative results, followed by Quality. Momentum detracted from results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down.

 

Q   Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A   Index constituents in the information technology, consumer staples and financials sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in materials was the only sector to detract from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period.

 

    

From a country perspective, Index constituents in China, India and Taiwan contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in

 

4


PORTFOLIO RESULTS

 

  South Africa, Peru and Greece detracted the most from the Index’s results relative to the MSCI Emerging Markets 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 MSCI Emerging Markets Index, underweight positions in Chinese car company NIO, Chinese shopping platform Meituan and Chinese e-commerce company JD.com contributed most positively (0.00%1, 0.80% and 0.38% of Fund net assets as of August 31, 2023, respectively). NIO was not held in the Index during the Reporting Period; Meituan and JD.com each produced a double-digit negative return 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 MSCI Emerging Markets Index, underweight positions in Chinese car company Li Auto, Singapore-based travel website Trip.com Group and Chinese e-commerce platform Pinduoduo detracted most (0.00%1, 0.08% and 0.00% of Fund net assets as of August 31, 2023, respectively). Li Auto posted a single-digit negative return within the Index during the Reporting Period, and Trip.com Group and Pinduoduo each delivered 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?2

 

     Sector Name   Fund3     

GS
ActiveBeta®
Emerging

Markets
Equity Index

     MSCI Emerging
Markets Index
 
  Consumer Discretionary     11.91      11.71      13.88
  Consumer Staples     11.13        11.52        6.28  
  Energy     4.82        4.73        5.09  
  Financials     20.80        20.66        21.82  
  Health Care     4.88        4.96        3.79  
  Industrials     5.80        6.24        6.66  
  Information Technology     20.65        20.47        20.62  
  Materials     7.38        7.09        7.94  
  Real Estate     0.99        1.11        1.74  
  Communication Services     9.08        8.96        9.66  
    Utilities     2.56        2.55        2.53  

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

 

  2    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® Emerging Markets Equity Index.

 

5


PORTFOLIO RESULTS

 

Q   What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2

 

     Country Name   Fund3      GS
ActiveBeta®
Emerging
Markets
Equity Index
     MSCI Emerging
Markets Index
 
  Brazil     5.33      5.33      5.32
  Chile     0.65        0.64        0.53  
  China     31.66        31.17        29.79  
  Colombia     0.06        0.06        0.10  
  Czech     0.19        0.19        0.16  
  Egypt     0.47        0.46        0.09  
  Greece     0.84        0.83        0.47  
  Hong Kong     0.00        0.00        0.00  
  Hungary     0.23        0.22        0.25  
  India     13.90        13.56        14.86  
  Indonesia     1.97        1.94        2.02  
  Korea     12.08        11.97        12.23  
  Kuwait     0.57        0.61        0.82  
  Malaysia     0.56        1.39        1.43  
  Mexico     2.91        2.95        2.81  
  Peru     0.00        0.00        0.28  
  Philippines     0.15        0.15        0.61  
  Poland     0.93        0.87        0.83  
  Qatar     0.98        0.99        0.91  
  Saudi Arabia     4.06        3.97        4.21  
  South Africa     3.62        3.65        3.20  
  Taiwan     14.74        14.73        15.02  
  Thailand     1.76        1.78        2.03  
  Turkey     0.84        0.96        0.72  
    United Arab Emirates     1.51        1.57        1.32  

 

  2    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® Emerging Markets Equity Index.

 

6


FUND BASICS

 

ActiveBeta® Emerging Markets Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 29.48  
    Net Asset Value (NAV)1   $ 29.61  

 

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 each 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 8/31/232
     Holding   % of Net Assets        Line of Business      Country
  Taiwan Semiconductor Manufacturing Co. Ltd.     5.7      Information Technology      Taiwan
  Samsung Electronics Co. Ltd.     3.3        Information Technology      South Korea
  Tencent Holdings Ltd.     3.3        Communication Services      China
  Alibaba Group Holding Ltd.     2.2        Consumer Discretionary      China
  Reliance Industries Ltd.     0.9        Energy      India
  Infosys Ltd.     0.8        Information Technology      India
  Meituan, Class B     0.8        Consumer Discretionary      China
  Vale SA     0.7        Materials      Brazil
  China Construction Bank Corp., Class H     0.7        Financials      China
    Tata Consultancy Services Ltd.     0.7        Information Technology      India

 

 

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.

 

7


ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 25, 2015 (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 ActiveBeta® Emerging Markets Equity Index and the MSCI Emerging Markets Index (Net, Unhedged), 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.

 

ActiveBeta® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year        Five Years      Since Inception

Shares based on NAV (Commenced September 25, 2015)

     3.50%        0.63%      4.59%

 

Shares based on Market Price (Commenced September 25, 2015)

     4.36%        0.61%      4.53%

 

Goldman Sachs ActiveBeta® Emerging Markets Equity Index

     3.91%        0.84%      4.88%

 

MSCI Emerging Markets Index (Net, Unhedged)

     1.25%        0.98%      5.27%

 

 

*   Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 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.

 

8


PORTFOLIO RESULTS

 

Goldman Sachs ActiveBeta® Europe Equity ETF

 

Investment Objective

The Goldman Sachs ActiveBeta® Europe Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Europe Equity Index (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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 24.40% based on net asset value (“NAV”) and 25.14% based on market price. The Index returned 23.57%, and the MSCI Europe Index (Net, Unhedged) (“MSCI Europe Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 22.51% during the same period.

 

     The Fund had an NAV of $27.47 per share on August 31, 2022 and ended the Reporting Period with an NAV of $33.11 per share. The Fund’s market price on August 31, 2023 was $33.05 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 is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Europe Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Europe Index. 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 MSCI Europe Index.

 

     During the Reporting Period, the Fund posted double-digit positive absolute returns that outperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Value and Quality contributed positively to relative results during the Reporting Period. Low Volatility detracted most from relative results during the Reporting Period, followed by Momentum. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down.

 

Q   Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A   Index constituents in the consumer discretionary, consumer staples and materials sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the financials, communication services and industrials sectors detracted most from the Index’s results relative to the MSCI Europe Index during the Reporting Period.

 

     From a country perspective, Index constituents in the U.K., Germany and Sweden contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Conversely, Index constituents in France, Italy and Norway detracted the most from the Index’s results relative to the MSCI Europe Index during the Reporting Period.

 

9


PORTFOLIO RESULTS

 

Q   Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

 

A   Relative to the MSCI Europe Index, underweight positions in Dutch financial services company Adyen and Swiss multinational banking institution Credit Suisse Group and an overweight position in Spanish fashion retailer Industria de Diseno Textil contributed most positively (0.06%, 0.00%1 and 0.69% of Fund net assets as of August 31, 2023, respectively). Adyen and Credit Suisse Group each generated a double-digit negative return within the Index during the Reporting Period. Industria de Diseno Textil posted a robust 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 MSCI Europe Index, an overweight position in Danish shipping and logistics company AP Moller-Maersk and underweight positions in Italian banking and financial services company UniCredit and Swiss investment bank and financial services company UBS Group detracted most (0.30%, 0.42% and 0.51% of Fund net assets as of August 31, 2023, respectively). AP Moller-Maersk posted a single-digit positive return within the Index during the Reporting Period, while UniCredit generated a triple-digit gain and UBS Group delivered a robust 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index and reference index at the end of the Reporting Period?2

 

     Sector Name   Fund3     

GS
ActiveBeta®

Europe
Equity Index

     MSCI Europe
Index
 
  Consumer Discretionary     12.97      13.43      11.32
  Consumer Staples     13.44        13.63        12.42  
  Energy     5.66        5.68        5.95  
  Financials     16.47        16.10        17.49  
  Health Care     16.15        16.29        16.10  
  Industrials     15.96        15.70        14.95  
  Information Technology     6.46        6.46        6.69  
  Materials     5.37        5.30        6.94  
  Real Estate     0.23        0.31        0.81  
  Communication Services     3.21        3.20        3.12  
    Utilities     4.07        3.90        4.21  

 

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

 

  2    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® Europe Equity Index.

 

10


PORTFOLIO RESULTS

 

Q   What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2

 

     Country Name   Fund3     

GS
ActiveBeta®

Europe
Equity
Index

     MSCI
Europe
Index
 
  Austria     0.80      0.51      0.28
  Belgium     1.20        1.19        1.48  
  Denmark     4.90        5.11        4.97  
  Finland     1.30        1.20        1.34  
  France     17.20        20.24        18.83  
  Germany     13.80        14.00        13.07  
  Ireland     1.00        0.98        1.30  
  Italy     4.10        4.55        4.00  
  Netherlands     8.00        6.96        6.71  
  Norway     1.10        1.27        1.03  
  Portugal     0.50        0.66        0.32  
  Spain     4.30        4.51        4.00  
  Sweden     3.30        3.72        4.76  
  Switzerland     8.40        14.11        15.54  
    UK     17.50        20.99        22.38  

 

  2    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® Europe Equity Index.

 

11


FUND BASICS

 

ActiveBeta® Europe Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT  
     As of August 31, 2023       
  Market Price1   $ 33.05  
    Net Asset Value (NAV)1   $ 33.11  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each 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 8/31/232
    

Holding

 

% of Net Assets

      

Line of Business

    

Country

 

Novo Nordisk A/S, Class B

    2.9      Health Care      Denmark
 

Nestle SA

    2.7        Consumer Staples      United States
 

ASML Holding NV

    2.2        Information Technology      Netherlands
 

LVMH Moet Hennessy Louis Vuitton SE

    2.1        Consumer Discretionary      France
 

Roche Holding AG

    2.0        Health Care      United States
 

Novartis AG

    1.9        Health Care      Switzerland
 

AstraZeneca PLC

    1.7        Health Care      United Kingdom
 

Shell PLC

    1.6        Energy      Netherlands
 

TotalEnergies SE

    1.3        Energy      France
   

SAP SE

    1.2        Information Technology      Germany

 

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


ACTIVEBETA® EUROPE EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on March 2, 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 ActiveBeta® Europe Equity Index and the MSCI Europe Index (Net, Unhedged), 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.

 

ActiveBeta® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year        Five Years      Since Inception

Shares based on NAV (Commenced March 2, 2016)

     24.40%        4.75%      7.08%

 

Shares based on Market Price (Commenced March 2, 2016)

     25.14%        4.77%      7.05%

 

Goldman Sachs ActiveBeta® Europe Equity Index

     23.57%        4.72%      7.08%

 

MSCI Europe Index (Net, Unhedged)

     22.51%        4.87%      6.91%

 

 

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

 

13


PORTFOLIO RESULTS

 

Goldman Sachs ActiveBeta® International Equity ETF

 

 

Investment Objective

The Goldman Sachs ActiveBeta® International Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® International Equity Index (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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 16.40% based on net asset value (“NAV”) and 16.95% based on market price. The Index returned 16.39%, and the MSCI World ex USA Index (Net, Unhedged, USD) (“MSCI World ex USA Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 16.45% during the same period.

 

     The Fund had an NAV of $27.64 per share on August 31, 2022 and ended the Reporting Period with an NAV of $31.20 per share. The Fund’s market price on August 31, 2023 was $31.21 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 is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI World ex USA Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI World ex USA Index. 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 MSCI World ex USA Index.

 

     During the Reporting Period, the Fund posted double-digit positive absolute returns that closely tracked the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Value contributed positively to relative results during the Reporting Period. Low Volatility and Momentum detracted most from relative results during the Reporting Period, followed by Quality. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time.

 

Q   Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A   Index constituents in the consumer discretionary, energy and health care sectors contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the consumer staples, materials and financials sectors detracted the most from the Index’s results relative to the MSCI World ex USA Index during the Reporting Period.

 

    

From a country perspective, Index constituents in the U.K., Sweden and Australia contributed most positively to the Fund’s results relative to the MSCI World ex USA Index

 

14


PORTFOLIO RESULTS

 

  during the Reporting Period. Conversely, Index constituents in Japan, Canada and France detracted the most from the Fund’s results relative to the MSCI World ex USA 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 MSCI World ex USA Index, underweight positions in Dutch financial services company Adyen, Swiss multinational banking institution Credit Suisse Group and Australia-based biopharmaceutical company CSL contributed most positively (0.00%,1 0.00% and 0.15% of Fund net assets as of August 31, 2023, respectively). Adyen and CSL each generated a double-digit negative return within the Index during the Reporting Period. Credit Suisse Group was not held in 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 MSCI World ex USA Index, an underweight position in Canadian e-commerce company Shopify and overweight positions in Canadian forestry company West Fraser Timber and Canadian conglomerate engaged mostly in food retail and corporate investments Empire detracted most (0.11%, 0.00%1 and 0.39% of Fund net assets as of August 31, 2023, respectively). Shopify posted a double-digit positive return within the Index during the Reporting Period, while West Fraser Timber and Empire each generated a 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?2

 

     Sector Name   Fund3      GS
ActiveBeta®
International
Equity Index
     MSCI World ex
USA Index
 
  Consumer Discretionary     12.21      12.34      11.38
  Consumer Staples     12.53        12.14        9.43  
  Energy     5.84        6.15        5.98  
  Financials     18.78        18.66        20.29  
  Health Care     12.46        12.48        11.99  
  Industrials     16.32        16.10        15.71  
  Information Technology     7.82        7.77        8.08  
  Materials     5.73        6.20        7.82  
  Real Estate     1.29        1.41        2.17  
  Communication Services     4.08        4.04        3.81  
    Utilities     2.93        2.72        3.36  

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

 

  2    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® International Equity Index.

 

15


PORTFOLIO RESULTS

 

Q   What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2

 

     Country Name   Fund3      GS ActiveBeta®
International
Equity Index
     MSCI World ex
USA Index
 
  Australia     6.10      6.17      6.56
  Austria     0.40        0.23        0.16  
  Belgium     0.70        0.77        0.87  
  Canada     10.80        11.47        10.45  
  Denmark     3.00        3.10        2.91  
  Finland     0.70        0.71        0.78  
  France     10.40        12.09        11.02  
  Germany     7.80        7.74        7.65  
  Hong Kong     1.30        2.02        2.11  
  Ireland     0.60        0.62        0.76  
  Israel     0.80        0.80        0.59  
  Italy     2.40        2.58        2.34  
  Japan     20.40        20.20        20.37  
  Netherlands     4.50        3.90        3.92  
  New Zealand     0.20        0.18        0.17  
  Norway     0.70        0.76        0.60  
  Portugal     0.40        0.40        0.19  
  Singapore     1.60        1.41        1.24  
  Spain     2.50        2.59        2.34  
  Sweden     1.90        2.18        2.78  
  Switzerland     4.90        7.91        9.09  
    UK     10.50        12.18        13.09  

 

  2    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® International Equity Index.

 

16


FUND BASICS

 

ActiveBeta® International Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023  
  Market Price1   $ 31.21  
    Net Asset Value (NAV)1   $ 31.20  

 

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 each 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 8/31/232
     Holding   % of Net Assets        Line of Business      Country
  Novo Nordisk A/S, Class B     1.7      Health Care      Denmark
  Nestle SA     1.5        Consumer Staples      United States
  LVMH Moet Hennessy Louis Vuitton SE     1.3        Consumer Discretionary      France
  Roche Holding AG     1.1        Health Care      United States
  ASML Holding NV     1.1        Information Technology      Netherlands
  Novartis AG     1.0        Health Care      Switzerland
  Shell PLC     0.9        Energy      Netherlands
  AstraZeneca PLC     0.9        Health Care      United Kingdom
  TotalEnergies SE     0.7        Energy      France
    L’Oreal SA     0.7        Consumer Staples      France

 

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.

 

17


ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on November 6, 2015 (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 ActiveBeta® International Equity Index and the MSCI World ex USA Index (Net, 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.

 

ActiveBeta® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year        Five Years      Since Inception

Shares based on NAV (Commenced November 6, 2015)

     16.40%        3.93%      5.59%

 

Shares based on Market Price (Commenced November 6, 2015)

     16.95%        3.92%      5.59%

 

Goldman Sachs ActiveBeta® International Equity Index

     16.39%        3.99%      5.67%

 

MSCI World ex USA Index (Net, Unhedged, USD)

     16.45%        4.31%      5.42%

 

 

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

 

18


PORTFOLIO RESULTS

 

Goldman Sachs ActiveBeta® Japan Equity ETF

 

Investment Objective

The Goldman Sachs ActiveBeta® Japan Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Japan Equity Index (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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 15.69% based on net asset value (“NAV”) and 17.15% based on market price. The Index returned 15.70%, while the MSCI Japan Index (Unhedged) (“MSCI Japan Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 15.30% during the same period.

 

     The Fund had an NAV of $30.15 per share on August 31, 2022 and ended the Reporting Period with an NAV of $34.18 per share. The Fund’s market price on August 31, 2023 was $34.18 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 is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Japan Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Japan Index. 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 MSCI Japan Index.

 

     During the Reporting Period, the Fund posted double-digit positive absolute returns that outperformed the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Value contributed most positively to results relative to the MSCI Japan Index, followed by Momentum. Quality detracted most from results relative to the MSCI Japan Index, followed by Low Volatility. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

 

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, consumer discretionary and real estate sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the financials, materials and consumer staples sectors detracted most from results relative to the MSCI Japan 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 MSCI Japan Index, overweight positions in integrated trading and investment company Marubeni and

 

19


PORTFOLIO RESULTS

 

  trading company Mitsui & Co. and an underweight position in electric motor manufacturer Nidec contributed most positively (1.16%, 1.68% and 0.20% of Fund net assets as of August 31, 2023, respectively). Marubeni and Mitsui & Co. each posted a double-digit gain within the Index during the Reporting Period, while Nidec generated a double-digit negative return 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 MSCI Japan Index, underweight positions in bank holding and financial services company Mitsubishi UFJ Financial Group and industrial chemicals manufacturer Shin-Etsu Chemical and an overweight position in information security company Trend Micro detracted most (2.19%, 1.25% and 0.30% of Fund net assets as of August 31, 2023, respectively). Mitsubishi UFJ Financial Group and Shin-Etsu Chemical each posted a robust double-digit gain within the Index during the Reporting Period. Trend Micro delivered 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?1

 

     Sector Name   Fund2     

GS

ActiveBeta®

Japan
Equity Index

    

MSCI Japan

Index

 
  Consumer Discretionary     18.53      18.34      18.73
  Consumer Staples     7.71        7.81        6.28  
  Energy     1.15        1.19        0.82  
  Financials     12.03        11.93        11.88  
  Health Care     8.88        8.97        8.77  
  Industrials     22.76        23.04        23.51  
  Information Technology     14.38        14.31        13.96  
  Materials     4.05        3.96        4.67  
  Real Estate     1.70        1.70        3.01  
  Communication Services     7.46        7.45        7.20  
    Utilities     1.34        1.30        1.15  

 

  1    Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 Goldman Sachs ActiveBeta® Japan Equity Index.

 

20


FUND BASICS

 

ActiveBeta® Japan Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023  
  Market Price1   $ 34.18  
    Net Asset Value (NAV)1   $ 34.18  

 

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 each 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 8/31/232     
     Holding   % of Net Assets        Line of Business      Country
  Toyota Motor Corp.     4.0      Consumer Discretionary      Japan
  Mitsubishi UFJ Financial Group, Inc.     2.2        Financials      Japan
  Mitsubishi Corp.     2.2        Industrials      Japan
  Sony Group Corp.     2.2        Consumer Discretionary      Japan
  Honda Motor Co. Ltd.     2.1        Consumer Discretionary      Japan
  Keyence Corp.     1.8        Information Technology      Japan
  Mitsui & Co. Ltd.     1.7        Industrials      Japan
  Tokyo Electron Ltd.     1.7        Information Technology      Japan
  Hitachi Ltd.     1.6        Industrials      Japan
    Takeda Pharmaceutical Co. Ltd.     1.6        Health Care      Japan

 

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.

 

21


ACTIVEBETA® JAPAN EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on March 2, 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 ActiveBeta® Japan Index and the MSCI Japan Index (Unhedged), 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.

 

ActiveBeta® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year        Five Years      Since Inception

Shares based on NAV (Commenced March 2, 2016)

     15.69%        2.99%      6.10%

 

Shares based on Market Price (Commenced March 2, 2016)

     17.15%        3.06%      6.11%

 

Goldman Sachs ActiveBeta® Japan Equity Index

     15.70%        2.82%      5.93%

 

MSCI Japan Index (Unhedged)

     15.30%        3.11%      6.31%

 

 

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

 

22


PORTFOLIO RESULTS

 

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

 

Investment Objective

The Goldman Sachs ActiveBeta® Paris-Aligned Climate 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 Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap 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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 15.48% based on net asset value (“NAV”) and 15.36% based on market price. The Index returned 15.68%, and the Solactive US Large Cap Index (“Solactive Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 15.85% during the same period.

 

   

The Fund had an NAV of $32.50 on August 31, 2022 and ended the Reporting Period with an NAV of $36.99 per share. The Fund’s market price on August 31, 2023 was $37.01 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 is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index is constructed using the patented ActiveBeta® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include Value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), Momentum (i.e., whether a company’s share price is trending up or down), Quality (i.e., profitability) and Low Volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). Given the Fund’s investment objective of attempting to track its 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 Solactive Index.

 

   

The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects.

 

   

During the Reporting Period, the Fund posted double-digit positive absolute returns that closely tracked the Solactive Index, as measured by NAV. Step 1 of the construction of the Fund’s Index, wherein certain companies are excluded per the requirements for an “EU Paris-Aligned Benchmark,” contributed most positively to results relative to the Solactive Index. In the second step, wherein Factor Subindexes are created, Quality contributed positively to results relative to the Solactive Index. Low Volatility detracted most from results relative to the Solactive Index, followed by Value and then Momentum. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. The third step, wherein the weights of the individual issuers are adjusted to target certain emissions constraints, detracted modestly from results relative to the Solactive Index.

 

23


PORTFOLIO RESULTS

 

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 utilities, consumer discretionary and communication services sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period. Conversely, Index constituents in the health care, consumer staples and real estate sectors detracted from the Index’s results relative to the Solactive 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 Solactive Index, underweight positions in electric vehicle maker Tesla, e-commerce retailer behemoth Amazon.com and entertainment and media company Walt Disney Company contributed most positively (0.00%,1 0.00% and 0.03% of Fund net assets as of August 31, 2023, respectively). Tesla and Amazon.com were not held in the Index during the Reporting Period. Walt Disney Company generated a double-digit negative return 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 Solactive Index, an overweight position in health care and retail pharmacy company CVS Health and underweight positions in entertainment content streaming company Netflix and semiconductor company NVIDIA detracted most (0.48%, 0.31% and 2.96% of Fund net assets as of August 31, 2023, respectively). CVS Health posted a double-digit negative return within the Index during the Reporting Period. Netflix generated a robust double-digit gain within the Index and NVIDIA delivered a triple-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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index and the Solactive US Large Cap Index at the end of the Reporting Period?2

 

     Sector Name   Fund3    

GS
ActiveBeta®

Paris-Aligned
Climate U.S.
Large Cap
Equity Index

    Solactive
US Large
Cap Index
 
  Consumer Discretionary     8.87     8.84     10.48
  Consumer Staples     6.92       6.93       6.31  
  Financials     12.39       12.40       12.25  
  Health Care     17.54       17.52       13.42  
  Industrials     7.00       7.01       8.63  
  Information Technology     33.40       33.41       28.44  
  Materials     1.28       1.28       2.40  
  Real Estate     3.36       3.36       2.46  
  Communication Services     9.06       9.07       8.78  
  Utilities     0.18       0.18       2.38  
    Energy                 4.47  

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

 

  2    Sector and country 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. 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 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index.

 

24


FUND BASICS

 

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

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 37.01  
    Net Asset Value (NAV)1   $ 36.99  

 

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 each 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 8/31/232
     Holding   % of Net Assets        Line of Business      Country
  Apple, Inc.     7.8      Information Technology      United States
  Microsoft Corp.     6.5        Information Technology      United States
  NVIDIA Corp.     3.0        Information Technology      United States
  Alphabet, Inc., Class A     2.1        Communication Services      United States
  Alphabet, Inc., Class C     2.1        Communication Services      United States
  Meta Platforms, Inc., Class A     1.8        Communication Services      United States
  Eli Lilly & Co.     1.4        Health Care      United States
  Johnson & Johnson     1.1        Health Care      United States
  JPMorgan Chase & Co.     1.1        Financials      United States
    UnitedHealth Group, Inc.     1.0        Health Care      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.

 

25


ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on December 13, 2021 (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 ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index (USD, Unhedged) and Solactive US Large Cap Index, 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.

 

ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF’s Lifetime Performance

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year      Since Inception

Shares based on NAV (Commenced December 13, 2021)

     15.48%      -2.80%

 

Shares based on Market Price (Commenced December 13, 2021)

     15.36%      -2.77%

 

Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index

     15.68%      -2.66%

 

Solactive U.S. Large Cap Index

     15.85%      -1.34%

 

 

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

 

26


PORTFOLIO RESULTS

 

Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF

 

Investment Objective

The Goldman Sachs ActiveBeta® 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 Goldman Sachs ActiveBeta® U.S. Large Cap 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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 14.83% based on net asset value (“NAV”) and 14.90% based on market price. The Index returned 14.94%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned 15.94% during the same period.

 

   

The Fund had an NAV of $78.36 on August 31, 2022 and ended the Reporting Period with an NAV of $88.55 per share. The Fund’s market price on August 31, 2023 was $88.57 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 is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the S&P 500 Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the S&P 500 Index. 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 Fund posted double-digit positive absolute returns that underperformed the S&P 500 Index, as measured by NAV. Amongst underlying factors, Low Volatility detracted most from relative returns, followed by Momentum and Value. Quality contributed positively to relative returns. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time.

 

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, consumer staples and energy 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 financials, industrials and consumer discretionary, 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, underweight positions in semiconductor company NVIDIA and entertainment content

 

27


PORTFOLIO RESULTS

 

  streaming company Netflix and an overweight position in health care and retail pharmacy company CVS Health detracted most (2.46%, 0.22% and 0.39% of Fund net assets as of August 31, 2023, respectively). NVIDIA generated a triple-digit gain and Netflix delivered a robust double-digit gain within the Index during the Reporting Period. CVS Health 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   Relative to the S&P 500 Index, underweight positions in Walt Disney Company and payment transactions company PayPal Holdings and an overweight position in building materials manufacturer and supplier Builders FirstSource contributed most positively (0.09%, 0.00%1 and 0.65% of Fund net assets as of August 31, 2023, respectively). Walt Disney Company and PayPal Holdings each generated a double-digit negative return within the Index during the Reporting Period, while Builders FirstSource posted a robust 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

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

ActiveBeta®

U.S. Large Cap
Equity Index

     S&P 500
Index
 
  Consumer Discretionary     12.12      12.48      10.61
  Consumer Staples     8.58        8.55        6.56  
  Energy     3.79        3.78        4.42  
  Financials     9.79        9.75        12.46  
  Health Care     13.97        13.91        13.16  
  Industrials     9.90        9.87        8.43  
  Information Technology     27.59        27.48        28.21  
  Materials     2.05        2.04        2.46  
  Real Estate     1.81        1.80        2.44  
  Communication Services     7.88        7.85        8.81  
    Utilities     2.52        2.51        2.43  

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

 

  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). 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 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® U.S. Large Cap Equity Index.

 

28


FUND BASICS

 

ActiveBeta® U.S. Large Cap Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023  
  Market Price1   $ 88.57  
    Net Asset Value (NAV)1   $ 88.55  

 

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 each 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 8/31/232   
     Holding   % of Net Assets      Line of Business    Country
  Apple, Inc.     6.6    Information Technology    United States
  Microsoft Corp.     5.6      Information Technology    United States
  Amazon.com, Inc.     2.7      Consumer Discretionary    United States
  NVIDIA Corp.     2.5      Information Technology    United States
  Alphabet, Inc., Class A     1.9      Communication Services    United States
  Alphabet, Inc., Class C     1.8      Communication Services    United States
  Meta Platforms, Inc., Class A     1.7      Communication Services    United States
  Eli Lilly & Co.     1.2      Health Care    United States
  UnitedHealth Group, Inc.     1.0      Health Care    United States
    Home Depot, Inc. (The)     0.9      Consumer Discretionary    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.

 

 

29


ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 17, 2015 (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 ActiveBeta® U.S. Large Cap Equity 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.

 

ActiveBeta® U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year        Five Years      Since Inception

Shares based on NAV (Commenced September 17, 2015)

     14.83%        10.25%      12.00%

 

Shares based on Market Price (Commenced September 17, 2015)

     14.90%        10.26%      12.00%

 

Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index

     14.94%        10.35%      12.11%

 

S&P 500 Index (Total Return, USD)

     15.94%        11.12%      12.89%

 

 

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

 

30


PORTFOLIO RESULTS

 

Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF

 

Investment Objective

The Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the for the 12-month period ended August 31, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 6.95% based on net asset value (“NAV”) and 6.81% based on market price. The Index returned 7.24%, and the Russell 2000® Index, a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 4.65% during the same period.

 

     The Fund had an NAV of $55.87 on August 31, 2022 and ended the Reporting Period with an NAV of $58.88 per share. The Fund’s market price on August 31, 2023 was $58.85 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 is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the Russell 2000® Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the Russell 2000® Index. 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 2000® Index.

 

     During the Reporting Period, the Fund posted solid positive absolute returns that outperformed the Russell 2000® Index, as measured by NAV. All four underlying factors contributed positively to relative returns, led by Value and then followed by Quality, Momentum and Low Volatility. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

 

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, health care and materials sectors contributed most positively to the Index’s results relative to the Russell 2000® Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in the energy, real estate and utilities sectors, which detracted from the Index’s results relative to the Russell 2000® 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 2000® Index, overweight positions in pulp and paper products company Boise Cascade, capital

 

31


PORTFOLIO RESULTS

 

  equipment manufacturer for the semiconductor manufacturing industry Axcelis Technologies and software-driven networking solutions provider Extreme Networks contributed most positively (0.43%, 0.36% and 0.30% of Fund net assets as of August 31, 2023, respectively). Each generated either a robust double-digit or triple-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 2000® Index, underweight positions in biotechnology company Immunogen, pharmaceutical company Reata Pharmaceuticals and oil and natural gas service company Weatherford International detracted most (0.04%, 0.09% and 0.14% of Fund net assets as of August 31, 2023, respectively). Immunogen generated a double-digit negative return within the Index during the Reporting Period. Reata Pharmaceuticals and Weatherford International each delivered a triple-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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index and the Russell 2000® Index at the end of the Reporting Period?1

 

     Sector Name  

Fund2

    

GS

ActiveBeta®

U.S. Small Cap
Equity Index

     Russell 2000®
Index
 
  Consumer Discretionary     11.21      11.20      10.73
  Consumer Staples     3.63        3.74        3.53  
  Energy     7.15        7.13        7.76  
  Financials     17.13        17.04        15.89  
  Health Care     12.46        12.57        15.40  
  Industrials     19.39        19.36        17.13  
  Information Technology     13.41        13.41        13.57  
  Materials     4.67        4.65        4.54  
  Real Estate     5.67        5.65        6.13  
  Communication Services     2.07        2.06        2.48  
    Utilities     3.19        3.18        2.83  

 

  1    Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index.

 

32


FUND BASICS

 

ActiveBeta® U.S. Small Cap Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023  
  Market Price1   $ 58.85  
    Net Asset Value (NAV)1   $ 58.88  

 

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 each 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 8/31/232     
     Holding   % of Net Assets        Line of Business      Country
  Super Micro Computer, Inc.     0.4      Information Technology      United States
  Atkore, Inc.     0.4        Industrials      United States
  Boise Cascade Co.     0.4        Industrials      United States
  Corcept Therapeutics, Inc.     0.4        Health Care      United States
  Applied Industrial Technologies, Inc.     0.4        Industrials      United States
  Simpson Manufacturing Co., Inc.     0.4        Industrials      United States
  UFP Industries, Inc.     0.4        Industrials      United States
  Axcelis Technologies, Inc.     0.4        Information Technology      United States
  Comfort Systems USA, Inc.     0.4        Industrials      United States
    Veritiv Corp.     0.4        Industrials      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.

 

33


ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on June 28, 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 Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index and the Russell 2000® Index, 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.

 

ActiveBeta® U.S. Small Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year        Five Years      Since Inception

Shares based on NAV (Commenced June 28, 2017)

     6.95%        4.85%      7.60%

 

Shares based on Market Price (Commenced June 28, 2017)

     6.81%        4.81%      7.59%

 

Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index

     7.24%        5.01%      7.79%

 

Russell 2000® Index

     4.65%        3.14%      6.15%

 

 

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

 

34


PORTFOLIO RESULTS

 

Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

 

Investment Objective

The Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® World Low Vol Plus 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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 11.15% based on net asset value (“NAV”) and 11.22% based on market price. The Index returned 10.92%, and the Solactive GBS Developed Markets Large & Mid Cap Index (the “Solactive Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 15.69% during the same period.

 

     The Fund had an NAV of $37.97 on August 31, 2022 and ended the Reporting Period with an NAV of $41.30 per share. The Fund’s market price on August 31, 2023 was $41.34 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 is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The Index is constructed using the patented ActiveBeta® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include Low Volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), Value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), Momentum (i.e., whether a company’s share price is trending up or down), and Quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the Low Volatility factor. Given the Fund’s investment objective of attempting to track its 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 Solactive Index.

 

     During the Reporting Period, the Fund posted double-digit positive absolute returns but underperformed the Solactive Index, as measured by NAV. Step 1 of the construction of the Fund’s Index, wherein the individual factor subindex for Low Volatility is created from the constituents of the Solactive Index, detracted most from relative returns. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. In the second step, wherein individual factor subindexes for Value, Momentum and Quality are created, Quality contributed most positively to results relative to the Solactive Index, followed by Value. Momentum detracted from relative returns. Quality refers to sustainable profitability over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down.

 

Q   Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A  

Index constituents in the information technology sector detracted most from the Index’s results relative to the

 

35


PORTFOLIO RESULTS

 

  Solactive Index, followed at some distance by Index constituents in the industrials and consumer staples sectors. Index constituents in the consumer discretionary, real estate and financials sectors contributed most positively to the Index’s results relative to the Solactive Index during the Reporting Period.

 

      From a country perspective, Index constituents in the U.S. detracted most from the Index’s results relative to the Solactive Index during the Reporting Period, followed at some distance by Israel and France. Conversely, Index constituents in the U.K., Hong Kong and Belgium contributed most positively to the Index’s results relative to the Solactive 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 Solactive Index, an underweight position in semiconductor company NVIDIA, an overweight position in health care and retail pharmacy company CVS Health and having no exposure to Danish pharmaceutical company Novo Nordisk detracted most (0.59%, 0.55% and 0.00%1 of Fund net assets as of August 31, 2023, respectively). NVIDIA delivered a triple digit gain within the Index during the Reporting Period. CVS Health posted a double-digit negative return within the Index during the Reporting Period. Novo Nordisk was not held in 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 Solactive Index, having no exposure to electric vehicle maker Tesla and entertainment and media company Walt Disney Company and an overweight position in automotive parts company O’Reilly Automotive contributed most positively (0.00%,1 0.00% and 1.34% of Fund net assets as of August 31, 2023, respectively). Tesla and Walt Disney Company were not held in the Index during the Reporting Period. O’Reilly Automotive generated a robust 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the Index and the Solactive Index at the end of the Reporting Period?2

 

     Sector Name   Fund3    

GS

ActiveBeta®

World Low

Vol Plus
Equity Index

    Solactive GBS
Developed Markets
Large & Mid Cap
Index
 
  Consumer Discretionary     9.85     9.85     11.19
  Consumer Staples     12.30       12.31       7.26  
  Energy     1.03       1.02       4.77  
  Financials     16.88       16.88       14.55  
  Health Care     14.00       14.00       12.87  
  Industrials     13.03       13.03       10.78  
  Information Technology     21.16       21.16       22.11  
  Materials     1.89       1.88       4.02  
  Real Estate     0.93       0.93       2.29  
  Communication Services     7.57       7.57       7.51  
    Utilities     1.36       1.36       2.64  

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the Reporting Period.

 

  2    Sector and country 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 Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® World Low Vol Plus Equity Index.

 

36


PORTFOLIO RESULTS

 

Q   What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?2

 

     Country Name   Fund3    

GS

ActiveBeta®

World Low

Vol Plus
Equity Index

    Solactive GBS
Developed Markets
Large & Mid Cap
Index
 
  UK     2.62     2.62     3.86
  Hong Kong     0.16       0.16       0.52  
  Belgium     0.21       0.21       0.23  
  Bermuda     0.41       0.41       0.15  
  Italy     0.66       0.65       0.55  
  Isle of Man     0.00       0.00       0.02  
  Faroe Islands     0.00       0.00       0.00  
  Cyprus     0.00       0.00       0.00  
  Austria     0.14       0.14       0.08  
  Jersey     0.00       0.00       0.24  
  Portugal     0.01       0.01       0.05  
  Panama     0.00       0.00       0.03  
  Luxembourg     0.00       0.00       0.11  
  Norway     0.52       0.52       0.22  
  Liberia     0.00       0.00       0.04  
  Poland     0.00       0.00       0.08  
  Guernsey     0.38       0.38       0.02  
  Curacao     0.00       0.00       0.15  
  Singapore     1.05       1.05       0.38  
  Cayman Islands     0.47       0.47       0.20  
  Finland     0.50       0.51       0.31  
  New Zealand     0.22       0.22       0.10  
  Ireland     1.46       1.46       1.85  
  Netherlands     1.34       1.34       1.70  
  Canada     3.92       3.93       3.35  
  Australia     2.31       2.31       2.10  
  Switzerland     2.50       2.49       2.75  
  Spain     0.54       0.54       0.70  
  Denmark     0.02       0.02       0.86  
  Germany     1.90       1.90       2.17  
  Japan     8.58       8.58       6.98  
  Sweden     0.83       0.82       0.87  
  France     2.79       2.79       2.76  
  Israel     0.72       0.72       0.25  
    US     65.76       65.77       66.29  

 

  2    Sector and country 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 Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2023. 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 ActiveBeta® World Low Vol Plus Equity Index.

 

37


FUND BASICS

 

ActiveBeta® World Low Vol Plus Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023  
  Market Price1   $ 41.34  
    Net Asset Value (NAV)1   $ 41.30  

 

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 each 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 8/31/232     
     Holding   % of Net Assets        Line of Business      Country
  Apple, Inc.     3.3      Information Technology      United States
  Microsoft Corp.     2.5        Information Technology      United States
  O’Reilly Automotive, Inc.     1.3        Consumer Discretionary      United States
  Walmart, Inc.     1.1        Consumer Staples      United States
  AutoZone, Inc.     1.0        Consumer Discretionary      United States
  Amazon.com, Inc.     1.0        Consumer Discretionary      United States
  PepsiCo, Inc.     0.9        Consumer Staples      United States
  Cisco Systems, Inc.     0.9        Information Technology      United States
  Johnson & Johnson     0.9        Health Care      United States
    Meta Platforms, Inc., Class A     0.9        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.

 

38


ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on March 15, 2022 (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 ActiveBeta® World Low Vol Plus Equity Index and the Solactive GBS Developed Markets Large & Mid Cap Index, 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.

 

ActiveBeta® World Low Vol Plus Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 15, 2022 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year      Since Inception

Shares based on NAV (Commenced March 15, 2022)

     11.15%      3.30%

 

Shares based on Market Price (Commenced March 15, 2022)

     11.22%      3.36%

 

Goldman Sachs ActiveBeta® World Low Vol Plus Equity Index

     10.92%      3.05%

 

Solactive GBS Developed Markets Large & Mid Cap Index

     -2.39%      2.68%

 

 

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

 

39


FUND BASICS

 

Index Definitions and Industry Terms

 

Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.

Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.

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

The Goldman Sachs ActiveBeta® Emerging Markets Equity Index is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs ActiveBeta® Europe Equity Index is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs ActiveBeta® International Equity Index is designed to deliver exposure to equity securities of developed markets issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs ActiveBeta® Japan Equity Index is designed to deliver exposure to equity securities of Japanese issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index.

The Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index aims to meet the minimum requirements to be an “EU Paris-Aligned Benchmark” as defined by the European Commission Delegated Regulation C(2020)4757. An “EU Paris-Aligned Benchmark” is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The Solactive US Large Cap Index intends to track the performance of the large cap segment in the United States. Constituents are selected and weighted based on free-float market capitalization. The index is calculated as a total return index in USD and reconstituted semi-annually with quarterly IPO reviews.

The Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a

 

40


FUND BASICS

 

Index Definitions and Industry Terms (continued)

 

stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

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

The Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The Russell 2000® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

The Goldman Sachs ActiveBeta® World Low Vol Plus Equity Index is designed to deliver exposure to large and mid-capitalization equity securities of developed market issuers, including the United States. The Index seeks to capture common sources of active equity returns, including low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time), value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), and quality (i.e., profitability). The Index seeks to provide exposure to these factors with an emphasis on the low volatility factor. The index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.

The Solactive GBS Developed Markets Large & Mid Cap Index is part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the developed European market. It is calculated as a total return index in EUR and weighted by free-float market capitalization

 

41


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description       
Value
 
Common Stocks – 97.4%  
Australia – 0.1%  
  28,700     AngloGold Ashanti Ltd. (Materials)   $ 489,196  

 

 

 
Brazil – 3.9%  
  724,808     Ambev SA (Consumer Staples)     2,026,145  
  656,909     B3 SA – Brasil Bolsa Balcao (Financials)     1,715,597  
  437,338     Banco Bradesco SA (Financials)     1,169,544  
  99,860     Banco do Brasil SA (Financials)     950,001  
  70,430     Banco Santander Brasil SA (Financials)     385,655  
  594,717     BB Seguridade Participacoes SA (Financials)     3,649,300  
  206,138     CCR SA (Industrials)     518,785  
  131,782     Centrais Eletricas Brasileiras SA (Utilities)     938,534  
  102,109     CPFL Energia SA (Utilities)     704,314  
  52,148     Energisa SA (Utilities)     485,568  
  83,326     Engie Brasil Energia SA (Utilities)     708,892  
  303,101     Equatorial Energia SA (Utilities)     1,938,250  
  52,209     Hypera SA (Health Care)     411,159  
  91,954     Klabin SA (Materials)     422,722  
  144,994     Lojas Renner SA (Consumer Discretionary)     469,456  
  186,007     Natura & Co. Holding SA (Consumer Staples)*     570,312  
  535,525     Petroleo Brasileiro SA (Energy)     3,736,057  
  82,517     PRIO SA (Energy)*     773,678  
  604,332     Raia Drogasil SA (Consumer Staples)     3,354,315  
  147,217     Suzano SA (Materials)     1,491,215  
  218,870     Telefonica Brasil SA (Communication Services)     1,827,987  
  296,944     TIM SA (Communication Services)     864,271  
  499,962     Vale SA (Materials)     6,571,976  
  145,231     Vibra Energia SA (Consumer Discretionary)     541,505  
  256,975     WEG SA (Industrials)     1,862,322  
   

 

 

 
      38,087,560  

 

 

 
Chile – 0.6%  
  996,909     Cencosud SA (Consumer Staples)     2,123,807  
  200,892     Cia Cervecerias Unidas SA (Consumer Staples)     1,477,640  
  251,234     Empresas CMPC SA (Materials)     453,990  
  89,026     Empresas Copec SA (Energy)     639,960  
  6,557,016     Enel Americas SA (Utilities)*     775,529  
   

 

 

 
      5,470,926  

 

 

 
China – 31.6%  
  210,500     360 Security Technology, Inc., Class A (Information Technology)*     323,334  
  389,045     37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)     1,319,177  
  1,240,869     3SBio, Inc. (Health Care)*(a)     1,038,046  
  2,948,146     Agricultural Bank of China Ltd., Class A (Financials)     1,401,468  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  4,625,520     Agricultural Bank of China Ltd., Class H (Financials)   1,586,718  
  136,315     Aier Eye Hospital Group Co. Ltd., Class A (Health Care)     337,487  
  21,568     Airtac International Group (Industrials)     623,069  
  89,422     Akeso, Inc. (Health Care)*(a)     392,844  
  1,850,974     Alibaba Group Holding Ltd. (Consumer Discretionary)*     21,290,892  
  666,738     Alibaba Health Information Technology Ltd. (Consumer Staples)*     393,662  
  487,500     Aluminum Corp. of China Ltd., Class A (Materials)     396,510  
  1,361,576     Aluminum Corp. of China Ltd., Class H (Materials)     658,064  
  68,579     Anhui Conch Cement Co. Ltd., Class A (Materials)     241,960  
  185,191     ANTA Sports Products Ltd. (Consumer Discretionary)     2,086,476  
  17,387     Autohome, Inc. ADR (Communication Services)     502,484  
  614,111     AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)     310,494  
  176,234     Baidu, Inc., Class A (Communication Services)*     3,132,849  
  1,977,428     Bank of Beijing Co. Ltd., Class A (Financials)     1,214,413  
  403,932     Bank of Changsha Co. Ltd., Class A (Financials)     451,187  
  3,171,742     Bank of China Ltd., Class A (Financials)     1,634,132  
  9,805,493     Bank of China Ltd., Class H (Financials)     3,326,121  
  2,097,834     Bank of Communications Co. Ltd., Class A (Financials)     1,599,640  
  2,587,460     Bank of Communications Co. Ltd., Class H (Financials)     1,481,518  
  210,104     Bank of Hangzhou Co. Ltd., Class A (Financials)     323,304  
  1,430,102     Bank of Jiangsu Co. Ltd., Class A (Financials)     1,400,924  
  660,264     Bank of Nanjing Co. Ltd., Class A (Financials)     718,457  
  1,082,468     Bank of Shanghai Co. Ltd., Class A (Financials)     884,892  
  372,420     Bank of Suzhou Co. Ltd., Class A (Financials)     344,866  
  495,006     Baoshan Iron & Steel Co. Ltd., Class A (Materials)     412,137  
  40,692     BeiGene Ltd. (Health Care)*     660,060  
  330,313     Beijing Enterprises Holdings Ltd. (Utilities)     1,238,397  
  6,982     Beijing Kingsoft Office Software, Inc., Class A (Information Technology)     378,525  
  70,268     Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)     481,647  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
China – (continued)  
  203,058     Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)   $ 289,585  
  511,300     Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)     358,265  
  67,585     Bloomage Biotechnology Corp. Ltd., Class A (Health Care)     859,472  
  47,940     BOC Aviation Ltd. (Industrials)(a)     359,775  
  1,131,218     BOE Technology Group Co. Ltd., Class A (Information Technology)     623,231  
  2,204,777     Bosideng International Holdings Ltd. (Consumer Discretionary)     865,969  
  13,523     BYD Co. Ltd., Class A (Consumer Discretionary)     463,370  
  61,251     BYD Co. Ltd., Class H (Consumer Discretionary)     1,919,915  
  124,516     BYD Electronic International Co. Ltd. (Information Technology)     577,187  
  181,093     By-health Co. Ltd., Class A (Consumer Staples)     480,941  
  147,662     C&D International Investment Group Ltd. (Real Estate)     375,852  
  394,044     Caitong Securities Co. Ltd., Class A (Financials)     433,646  
  102,526     Canmax Technologies Co. Ltd., Class A (Materials)     380,326  
  478,500     CECEP Solar Energy Co. Ltd., Class A (Utilities)     396,422  
  867,660     CECEP Wind-Power Corp., Class A (Utilities)     400,541  
  3,899,375     CGN Power Co. Ltd., Class H (Utilities)(a)     974,626  
  13,399     Changchun High & New Technology Industry Group, Inc., Class A (Health Care)     253,124  
  436,616     Changjiang Securities Co. Ltd., Class A (Financials)     358,723  
  4,083,915     China Cinda Asset Management Co. Ltd., Class H (Financials)     401,009  
  2,928,958     China CITIC Bank Corp. Ltd., Class H (Financials)     1,303,544  
  1,255,851     China Communications Services Corp. Ltd., Class H (Industrials)     565,327  
  1,263,813     China Construction Bank Corp., Class A (Financials)     1,041,819  
  12,130,170     China Construction Bank Corp., Class H (Financials)     6,496,855  
  1,363,524     China Everbright Bank Co. Ltd., Class A (Financials)     563,881  
  2,686,594     China Everbright Bank Co. Ltd., Class H (Financials)     774,279  
  1,671,434     China Feihe Ltd. (Consumer Staples)(a)     1,006,047  
  316,718     China Galaxy Securities Co. Ltd., Class A (Financials)     501,719  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  1,147,321     China Galaxy Securities Co. Ltd., Class H (Financials)   617,425  
  327,700     China Great Wall Securities Co. Ltd., Class A (Financials)     395,302  
  73,800     China Life Insurance Co. Ltd., Class A (Financials)     361,269  
  636,029     China Life Insurance Co. Ltd., Class H (Financials)     965,186  
  1,275,665     China Medical System Holdings Ltd. (Health Care)     1,841,493  
  581,120     China Mengniu Dairy Co. Ltd. (Consumer Staples)*     1,956,396  
  217,230     China Merchants Bank Co. Ltd., Class A (Financials)     941,623  
  420,866     China Merchants Bank Co. Ltd., Class H (Financials)     1,663,767  
  318,130     China Merchants Port Holdings Co. Ltd. (Industrials)     380,535  
  188,296     China Merchants Securities Co. Ltd., Class A (Financials)     367,615  
  293,995     China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)     551,758  
  1,864,957     China Minsheng Banking Corp. Ltd., Class A (Financials)     968,543  
  3,164,903     China Minsheng Banking Corp. Ltd., Class H (Financials)     1,017,063  
  72,200     China National Medicines Corp. Ltd., Class A (Health Care)     322,884  
  422,045     China National Nuclear Power Co. Ltd., Class A (Utilities)     417,493  
  45,396     China National Software & Service Co. Ltd., Class A (Information Technology)     269,438  
  310,169     China Oilfield Services Ltd., Class H (Energy)     351,631  
  133,800     China Pacific Insurance Group Co. Ltd., Class A (Financials)     509,207  
  184,990     China Pacific Insurance Group Co. Ltd., Class H (Financials)     423,684  
  1,889,414     China Petroleum & Chemical Corp., Class A (Energy)     1,575,701  
  3,807,864     China Petroleum & Chemical Corp., Class H (Energy)     2,228,851  
  624,604     China Railway Group Ltd., Class A (Industrials)     574,960  
  987,655     China Railway Group Ltd., Class H (Industrials)     522,685  
  626,251     China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)     482,691  
  92,356     China Resources Beer Holdings Co. Ltd. (Consumer Staples)     542,942  
  81,666     China Resources Land Ltd. (Real Estate)     345,233  
  806,656     China Resources Pharmaceutical Group Ltd. (Health Care)(a)     539,022  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   43


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
China – (continued)  
  109,048     China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)   $ 712,853  
  171,599     China Shenhua Energy Co. Ltd., Class A (Energy)     664,140  
  592,894     China Shenhua Energy Co. Ltd., Class H (Energy)     1,727,628  
  1,028,537     China State Construction Engineering Corp. Ltd., Class A (Industrials)     795,585  
  319,414     China Taiping Insurance Holdings Co. Ltd. (Financials)     336,450  
  616,600     China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)     416,799  
  12,327,016     China Tower Corp. Ltd., Class H (Communication Services)(a)     1,194,699  
  1,629,881     China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)     636,011  
  1,879,779     China United Network Communications Ltd., Class A (Communication Services)     1,345,559  
  262,727     China Yangtze Power Co. Ltd., Class A (Utilities)     796,285  
  2,783,727     China Zheshang Bank Co. Ltd., Class A (Financials)     982,919  
  66,708     Chongqing Brewery Co. Ltd., Class A (Consumer Staples)     837,505  
  798,239     Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)     412,362  
  75,968     Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)     461,329  
  238,694     Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)     362,223  
  1,471,308     CITIC Ltd. (Industrials)     1,461,598  
  150,982     CITIC Securities Co. Ltd., Class A (Financials)     460,507  
  103,336     CITIC Securities Co. Ltd., Class H (Financials)     201,882  
  1,182,300     COSCO SHIPPING Development Co. Ltd., Class A (Industrials)     386,601  
  281,098     COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)     378,479  
  518,595     COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)     532,367  
  776,785     CRRC Corp. Ltd., Class A (Industrials)     633,936  
  2,154,876     CRRC Corp. Ltd., Class H (Industrials)     1,060,710  
  2,361,298     CSPC Pharmaceutical Group Ltd. (Health Care)     1,776,601  
  1,382,466     Dali Foods Group Co. Ltd. (Consumer Staples)(a)     661,108  
  443,290     Daqin Railway Co. Ltd., Class A (Industrials)     434,246  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  32,062     Daqo New Energy Corp. ADR (Information Technology)*   1,185,332  
  99,858     DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)     364,804  
  469,331     DHC Software Co. Ltd., Class A (Information Technology)     433,318  
  112,996     Dong-E-E-Jiao Co. Ltd., Class A (Health Care)     804,641  
  924,049     Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)     339,371  
  347,546     Dongxing Securities Co. Ltd., Class A (Financials)     395,845  
  308,457     Dongyue Group Ltd. (Materials)     265,119  
  147,074     East Buy Holding Ltd. (Consumer Discretionary)*(a)(b)     745,521  
  86,017     Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)     626,706  
  36,906     ENN Energy Holdings Ltd. (Utilities)     289,440  
  190,058     ENN Natural Gas Co. Ltd., Class A (Utilities)     455,920  
  441,919     Fangda Carbon New Material Co. Ltd., Class A (Industrials)*     353,972  
  487,349     Far East Horizon Ltd. (Financials)     333,113  
  464,400     First Capital Securities Co. Ltd., Class A (Financials)     384,102  
  414,100     Founder Securities Co. Ltd., Class A (Financials)     410,772  
  273,034     Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)     821,897  
  67,297     Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)     351,348  
  12,057     G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)     691,929  
  369,634     Geely Automobile Holdings Ltd. (Consumer Discretionary)     459,111  
  459,095     GEM Co. Ltd., Class A (Materials)     394,853  
  129,578     GF Securities Co. Ltd., Class A (Financials)     268,111  
  164,700     Giant Network Group Co. Ltd., Class A (Communication Services)     330,373  
  305,800     Goldwind Science & Technology Co. Ltd., Class A (Industrials)     399,134  
  81,247     Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)     399,510  
  56,000     Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)     371,153  
  281,500     Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)     389,850  
  172,204     Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)     731,545  
  298,431     Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology)     434,208  
  82,014     Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)     672,248  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
China – (continued)  
  66,586     Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)   $ 300,339  
  271,067     Guosen Securities Co. Ltd., Class A (Financials)     345,607  
  195,437     Guotai Junan Securities Co. Ltd., Class A (Financials)     390,955  
  414,097     Guoyuan Securities Co. Ltd., Class A (Financials)     395,408  
  13,026     H World Group Ltd. ADR (Consumer Discretionary)*     524,687  
  692,129     Haidilao International Holding Ltd. (Consumer Discretionary)(a)     1,884,395  
  234,901     Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)     758,745  
  466,854     Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)     1,443,710  
  295,330     Haitong Securities Co. Ltd., Class A (Financials)     398,859  
  558,493     Haitong Securities Co. Ltd., Class H (Financials)     346,844  
  238,400     Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)     343,589  
  79,940     Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)     301,924  
  223,742     Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)     412,532  
  110,523     Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)     407,865  
  81,210     Hengan International Group Co. Ltd. (Consumer Staples)     301,363  
  458,800     Hengyi Petrochemical Co. Ltd., Class A (Materials)*     483,478  
  1,322,980     Hesteel Co. Ltd., Class A (Materials)     410,790  
  53,157     Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)     1,222,206  
  122,584     Huadong Medicine Co. Ltd., Class A (Health Care)     639,825  
  408,900     Huafon Chemical Co. Ltd., Class A (Materials)     393,254  
  283,600     Huaibei Mining Holdings Co. Ltd., Class A (Materials)     457,049  
  205,825     Huatai Securities Co. Ltd., Class A (Financials)     449,062  
  358,529     Huatai Securities Co. Ltd., Class H (Financials)(a)     471,836  
  333,456     Huaxi Securities Co. Ltd., Class A (Financials)     390,334  
  1,442,777     Huaxia Bank Co. Ltd., Class A (Financials)     1,098,164  
  186,426     Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)     481,273  
  157,100     Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care)     565,072  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  99,242     Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)   276,790  
  70,716     Hygeia Healthcare Holdings Co. Ltd. (Health Care)(a)(b)     357,559  
  1,982,248     Industrial & Commercial Bank of China Ltd., Class A (Financials)     1,258,224  
  6,741,668     Industrial & Commercial Bank of China Ltd., Class H (Financials)     3,094,973  
  451,024     Industrial Bank Co. Ltd., Class A (Financials)     979,692  
  1,603,100     Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*     394,250  
  109,554     Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)     391,345  
  138,304     iQIYI, Inc. ADR (Communication Services)*     697,052  
  162,300     JA Solar Technology Co. Ltd., Class A (Information Technology)     620,569  
  57,496     JD Health International, Inc. (Consumer Staples)*(a)     310,145  
  223,488     JD.com, Inc., Class A (Consumer Discretionary)     3,670,769  
  445,504     Jiangsu Expressway Co. Ltd., Class H (Industrials)     402,228  
  269,676     Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)     1,547,992  
  40,332     Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology)     530,076  
  199,775     Jiangxi Copper Co. Ltd., Class A (Materials)     518,754  
  344,897     Jiangxi Copper Co. Ltd., Class H (Materials)     538,341  
  26,835     JiuGui Liquor Co. Ltd., Class A (Consumer Staples)     330,345  
  463,378     Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a)     743,367  
  236,032     Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)     369,687  
  489,776     Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)     695,114  
  16,860     JOYY, Inc. ADR (Communication Services)     578,635  
  319,131     Kingboard Holdings Ltd. (Information Technology)     724,396  
  105,500     Kingsoft Corp. Ltd. (Communication Services)     421,099  
  225,193     Kuaishou Technology (Communication Services)*(a)     1,843,643  
  66,000     Kunlun Tech Co. Ltd., Class A (Communication Services)*     328,073  
  10,353     Kweichow Moutai Co. Ltd., Class A (Consumer Staples)     2,627,188  
  2,392,771     Lenovo Group Ltd. (Information Technology)     2,706,523  
  279,113     Li Ning Co. Ltd. (Consumer Discretionary)     1,318,728  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   45


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
China – (continued)  
  1,630,067     Liaoning Port Co. Ltd., Class A (Industrials)   $ 353,851  
  163,436     Longfor Group Holdings Ltd. (Real Estate)(a)     344,306  
  196,800     LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)     717,873  
  16,705     Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)     533,155  
  468,989     Meituan, Class B (Consumer Discretionary)*(a)     7,685,158  
  1,182,296     Metallurgical Corp. of China Ltd., Class A (Industrials)     591,270  
  24,518     MINISO Group Holding Ltd. ADR (Consumer Discretionary)*     635,016  
  45,430     Muyuan Foods Co. Ltd., Class A (Consumer Staples)     253,287  
  214,876     NetEase, Inc. (Communication Services)     4,488,372  
  81,441     New China Life Insurance Co. Ltd., Class A (Financials)     453,165  
  177,184     New China Life Insurance Co. Ltd., Class H (Financials)     443,765  
  240,500     New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*     385,606  
  274,714     New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*     1,483,615  
  341,824     Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)     1,920,151  
  760,292     Offshore Oil Engineering Co. Ltd., Class A (Energy)     607,941  
  367,100     Oriental Pearl Group Co. Ltd., Class A (Communication Services)     401,977  
  57,148     PDD Holdings, Inc. ADR (Consumer Discretionary)*     5,655,938  
  548,723     People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)     440,275  
  2,482,376     People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)     845,212  
  2,822,830     PetroChina Co. Ltd., Class A (Energy)     3,005,692  
  4,758,089     PetroChina Co. Ltd., Class H (Energy)     3,434,282  
  1,665,960     PICC Property & Casualty Co. Ltd., Class H (Financials)     1,916,276  
  214,907     Ping An Bank Co. Ltd., Class A (Financials)     328,627  
  128,232     Ping An Insurance Group Co. of China Ltd., Class A (Financials)     859,578  
  632,977     Ping An Insurance Group Co. of China Ltd., Class H (Financials)     3,789,750  
  1,451,284     Postal Savings Bank of China Co. Ltd., Class A (Financials)     969,051  
  1,398,905     Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)     690,377  
  61,914     Qifu Technology, Inc. ADR (Financials)     1,052,538  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  281,496     Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*   692,283  
  211,167     SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)     416,619  
  34,724     Sangfor Technologies, Inc., Class A (Information Technology)*     520,395  
  485,700     SDIC Capital Co. Ltd., Class A (Financials)     489,137  
  220,600     SDIC Power Holdings Co. Ltd., Class A (Utilities)     385,220  
  184,329     Seazen Holdings Co. Ltd., Class A (Real Estate)*     367,214  
  29,364     SG Micro Corp., Class A (Information Technology)     312,380  
  136,379     Shaanxi Coal Industry Co. Ltd., Class A (Energy)     311,788  
  193,997     Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)     466,169  
  184,678     Shandong Gold Mining Co. Ltd., Class A (Materials)     665,536  
  229,792     Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)     228,569  
  1,072,200     Shanghai Construction Group Co. Ltd., Class A (Industrials)     412,470  
  650,866     Shanghai Electric Group Co. Ltd., Class A (Industrials)*     399,721  
  704,498     Shanghai International Port Group Co. Ltd., Class A (Industrials)     493,637  
  189,383     Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)     309,112  
  211,108     Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)     518,597  
  1,052,592     Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)     1,009,424  
  456,423     Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)     445,857  
  503,008     Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)     402,213  
  336,110     Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)     339,874  
  489,739     Shanxi Securities Co. Ltd., Class A (Financials)     407,751  
  848,376     Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)     459,243  
  28,941     Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)     962,447  
  718,069     Shenwan Hongyuan Group Co. Ltd., Class A (Financials)     430,141  
  417,900     Shenzhen Energy Group Co. Ltd., Class A (Utilities)     372,054  
  331,876     Shenzhen International Holdings Ltd. (Industrials)     236,155  
  54,704     Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)     227,579  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
China – (continued)  
  15,745     Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)   $ 584,070  
  720,193     Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)*     430,424  
  75,218     Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care)     285,743  
  92,500     Shenzhen SED Industry Co. Ltd., Class A (Information Technology)     348,980  
  218,373     Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)     698,158  
  179,766     Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)     369,485  
  212,731     Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)     792,060  
  356,057     Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)     435,868  
  80,014     Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)     727,310  
  65,469     Silergy Corp. (Information Technology)     590,005  
  227,100     Sinoma International Engineering Co., Class A (Industrials)     366,617  
  883,800     Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials)*     367,921  
  257,798     Sinopharm Group Co. Ltd., Class H (Health Care)     747,908  
  386,330     SooChow Securities Co. Ltd., Class A (Financials)     434,711  
  633,927     Southwest Securities Co. Ltd., Class A (Financials)     367,544  
  36,647     Sunny Optical Technology Group Co. Ltd. (Information Technology)     299,560  
  109,919     TAL Education Group ADR (Consumer Discretionary)*     774,929  
  318,223     Tangshan Jidong Cement Co. Ltd., Class A (Materials)     331,405  
  694,085     TCL Technology Group Corp., Class A (Information Technology)*     390,980  
  770,543     Tencent Holdings Ltd. (Communication Services)     31,935,024  
  139,443     Tencent Music Entertainment Group ADR (Communication Services)*     951,001  
  278,426     Tianma Microelectronics Co. Ltd., Class A (Information Technology)*     328,978  
  86,800     Tianqi Lithium Corp., Class A (Materials)     686,553  
  1,143,483     Tingyi Cayman Islands Holding Corp. (Consumer Staples)     1,679,845  
  234,227     Tongwei Co. Ltd., Class A (Information Technology)     1,032,356  
  2,081,775     Topsports International Holdings Ltd. (Consumer Discretionary)(a)     1,693,719  
  19,500     Trip.com Group Ltd. (Consumer Discretionary)*     769,382  
  1,359,640     Uni-President China Holdings Ltd. (Consumer Staples)     1,005,632  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  188,339     Vipshop Holdings Ltd. ADR (Consumer Discretionary)*   2,973,873  
  30,600     Wanhua Chemical Group Co. Ltd., Class A (Materials)     394,140  
  1,850,241     Want Want China Holdings Ltd. (Consumer Staples)     1,224,567  
  396,042     Western Securities Co. Ltd., Class A (Financials)     367,285  
  1,844,200     Wintime Energy Group Co. Ltd., Class A (Utilities)*     369,930  
  911,065     Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)     582,050  
  29,389     Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)     629,531  
  529,717     XCMG Construction Machinery Co. Ltd., Class A (Industrials)     440,309  
  418,487     Xiamen C & D, Inc., Class A (Industrials)     624,410  
  368,994     Xiaomi Corp., Class B (Information Technology)*(a)     581,601  
  284,735     Yadea Group Holdings Ltd. (Consumer Discretionary)(a)     547,557  
  382,575     Yankuang Energy Group Co. Ltd., Class H (Energy)     601,055  
  229,056     Yihai International Holding Ltd. (Consumer Staples)*     429,384  
  81,500     Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)     399,298  
  70,563     YongXing Special Materials Technology Co. Ltd., Class A (Materials)     483,282  
  460,136     Youngor Group Co. Ltd., Class A (Real Estate)     439,369  
  140,188     YTO Express Group Co. Ltd., Class A (Industrials)     290,834  
  724,354     Yuexiu Property Co. Ltd. (Real Estate)     897,851  
  63,053     Yum China Holdings, Inc. (Consumer Discretionary)     3,385,316  
  50,930     Yunnan Baiyao Group Co. Ltd., Class A (Health Care)     382,404  
  63,946     Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)     894,286  
  172,869     Yunnan Yuntianhua Co. Ltd., Class A (Materials)     409,461  
  147,100     Zangge Mining Co. Ltd., Class A (Materials)     454,123  
  9,097     Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)     345,382  
  347,000     Zhaojin Mining Industry Co. Ltd., Class H (Materials)     490,294  
  681,300     Zhefu Holding Group Co. Ltd., Class A (Industrials)     369,738  
  352,400     Zhejiang China Commodities City Group Co. Ltd., Class A (Real Estate)     397,984  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   47


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
China – (continued)  
  621,241     Zhejiang Expressway Co. Ltd., Class H (Industrials)(b)   $ 464,242  
  298,100     Zhejiang Longsheng Group Co. Ltd., Class A (Materials)     377,617  
  68,836     Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)     450,269  
  279,281     Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)     775,471  
  270,500     Zheshang Securities Co. Ltd., Class A (Financials)     382,792  
  39,400     Zhongji Innolight Co. Ltd., Class A, 02/28/23 (Information Technology)     620,461  
  332,800     Zhongjin Gold Corp. Ltd., Class A (Materials)     508,448  
  162,762     Zhongsheng Group Holdings Ltd. (Consumer Discretionary)     496,064  
  371,064     Zhongtai Securities Co. Ltd., Class A (Financials)     372,670  
  464,400     Zibo Qixiang Tengda Chemical Co. Ltd., Class A (Materials)     391,121  
  425,540     Zijin Mining Group Co. Ltd., Class H (Materials)     669,642  
  470,937     Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)     417,978  
  138,700     ZTE Corp., Class H, 02/28/23 (Information Technology)     446,606  
  14,100     ZTO Express Cayman, Inc. ADR (Industrials)     354,474  
   

 

 

 
      306,540,977  

 

 

 
Czech Republic – 0.2%  
  14,671     CEZ AS (Utilities)     624,334  
  20,366     Komercni banka AS (Financials)     636,948  
  165,312     Moneta Money Bank AS (Financials)(a)     616,397  
   

 

 

 
      1,877,679  

 

 

 
Egypt – 0.5%  
  1,476,533     Commercial International Bank Egypt SAE (Financials)     2,723,701  
  2,754,243     Eastern Co. SAE (Consumer Staples)     1,809,422  
   

 

 

 
      4,533,123  

 

 

 
Greece – 0.8%  
  613,933     Eurobank Ergasias Services and Holdings SA (Financials)*     1,068,131  
  188,456     Hellenic Telecommunications Organization SA (Communication Services)     2,822,663  
  20,290     JUMBO SA (Consumer Discretionary)     628,060  
  15,332     Motor Oil Hellas Corinth Refineries SA (Energy)     391,054  
  26,298     Mytilineos SA (Industrials)     1,068,633  
  82,200     National Bank of Greece SA (Financials)*     559,740  

 

 

 
Common Stocks – (continued)  
Greece – (continued)  
  93,934     OPAP SA (Consumer Discretionary)   1,588,401  
   

 

 

 
      8,126,682  

 

 

 
Hong Kong – 0.2%  
  52,357     Orient Overseas International Ltd. (Industrials)     702,389  
  2,540,206     Sino Biopharmaceutical Ltd. (Health Care)     965,322  
   

 

 

 
      1,667,711  

 

 

 
Hungary – 0.2%  
  139,096     MOL Hungarian Oil & Gas PLC (Energy)     1,052,790  
  17,260     OTP Bank Nyrt (Financials)     704,962  
  16,810     Richter Gedeon Nyrt (Health Care)     421,795  
   

 

 

 
      2,179,547  

 

 

 
India – 14.2%  
  8,300     ABB India Ltd. (Industrials)     439,286  
  228,797     Adani Power Ltd. (Utilities)*     887,979  
  7,000     Apollo Hospitals Enterprise Ltd. (Health Care)     407,057  
  55,803     Asian Paints Ltd. (Materials)     2,194,811  
  171,656     Aurobindo Pharma Ltd. (Health Care)     1,720,992  
  21,903     Avenue Supermarts Ltd. (Consumer Staples)*(a)     984,317  
  173,503     Axis Bank Ltd. (Financials)     2,040,256  
  13,630     Bajaj Finance Ltd. (Financials)     1,179,322  
  21,225     Bajaj Finserv Ltd. (Financials)     381,729  
  340,494     Bank of Baroda (Financials)     769,735  
  69,934     Berger Paints India Ltd. (Materials)     607,040  
  319,800     Bharat Electronics Ltd. (Industrials)     514,546  
  128,626     Bharat Petroleum Corp. Ltd. (Energy)     529,117  
  172,865     Bharti Airtel Ltd. (Communication Services)     1,788,239  
  52,929     Britannia Industries Ltd. (Consumer Staples)     2,856,435  
  159,292     CG Power & Industrial Solutions Ltd. (Industrials)     826,128  
  40,214     Cholamandalam Investment and Finance Co. Ltd. (Financials)     544,946  
  177,881     Cipla Ltd. (Health Care)     2,702,178  
  207,790     Coal India Ltd. (Energy)     577,416  
  103,464     Colgate-Palmolive India Ltd. (Consumer Staples)     2,427,121  
  208,472     Dabur India Ltd. (Consumer Staples)     1,392,814  
  23,198     Divi’s Laboratories Ltd. (Health Care)     1,006,562  
  33,199     Dr. Reddy’s Laboratories Ltd. (Health Care)     2,248,864  
  12,573     Eicher Motors Ltd. (Consumer Discretionary)     506,740  
  393,420     GAIL India Ltd. (Utilities)     546,507  
  46,272     Grasim Industries Ltd. (Materials)     1,001,022  
  90,913     Havells India Ltd. (Industrials)     1,520,465  
  292,895     HCL Technologies Ltd. (Information Technology)     4,147,028  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
India – (continued)  
  176,500     HDFC Bank Ltd. (Financials)   $ 3,350,326  
  109,776     HDFC Life Insurance Co. Ltd. (Financials)(a)     854,950  
  217,913     Hindalco Industries Ltd. (Materials)     1,210,434  
  13,500     Hindustan Aeronautics Ltd. (Industrials)     636,024  
  89,335     Hindustan Unilever Ltd. (Consumer Staples)     2,703,210  
  452,387     ICICI Bank Ltd. (Financials)     5,239,107  
  47,039     ICICI Lombard General Insurance Co. Ltd. (Financials)(a)     746,442  
  154,034     Indian Hotels Co. Ltd. (Consumer Discretionary)     783,136  
  939,427     Indian Oil Corp. Ltd. (Energy)     1,011,073  
  449,099     Infosys Ltd. (Information Technology)     7,787,032  
  483,176     ITC Ltd. (Consumer Staples)     2,566,277  
  156,847     Jindal Steel & Power Ltd. (Materials)     1,296,855  
  283,238     Jio Financial Services Ltd. (Financials)*     798,877  
  103,916     JSW Steel Ltd. (Materials)     978,642  
  171,929     Jubilant Foodworks Ltd. (Consumer Discretionary)     1,063,416  
  25,454     Kotak Mahindra Bank Ltd. (Financials)     540,757  
  74,269     Larsen & Toubro Ltd. (Industrials)     2,424,640  
  44,477     LTIMindtree Ltd. (Information Technology)(a)     2,790,160  
  55,630     Lupin Ltd. (Health Care)     737,724  
  116,766     Mahindra & Mahindra Ltd. (Consumer Discretionary)     2,222,025  
  344,901     Marico Ltd. (Consumer Staples)     2,374,921  
  6,382     Maruti Suzuki India Ltd. (Consumer Discretionary)     771,194  
  33,729     Mphasis Ltd. (Information Technology)     989,548  
  412     MRF Ltd. (Consumer Discretionary)     540,896  
  60,896     Muthoot Finance Ltd. (Financials)     927,090  
  10,367     Nestle India Ltd. (Consumer Staples)     2,753,271  
  663,232     NTPC Ltd. (Utilities)     1,764,907  
  599,220     Oil & Natural Gas Corp. Ltd. (Energy)     1,260,525  
  4,617     Page Industries Ltd. (Consumer Discretionary)     2,239,349  
  9,410     PI Industries Ltd. (Materials)     412,415  
  51,754     Pidilite Industries Ltd. (Materials)     1,572,258  
  286,700     Power Finance Corp. Ltd. (Financials)     901,108  
  690,140     Power Grid Corp. of India Ltd. (Utilities)     2,038,669  
  268,900     REC Ltd. (Financials)     775,165  
  283,238     Reliance Industries Ltd. (Energy)     8,235,110  
  49,324     SBI Life Insurance Co. Ltd. (Financials)(a)     770,101  
  22,100     Shriram Finance Ltd. (Financials)     514,765  
  31,923     Siemens Ltd. (Industrials)     1,512,391  
  15,376     SRF Ltd. (Materials)     437,676  
  222,135     State Bank of India (Financials)     1,506,234  
  83,137     Sun Pharmaceutical Industries Ltd. (Health Care)     1,116,310  
  155,504     Tata Consultancy Services Ltd. (Information Technology)     6,305,344  
  80,673     Tata Consumer Products Ltd. (Consumer Staples)     813,052  

 

 

 
Common Stocks – (continued)  
India – (continued)  
  7,952     Tata Elxsi Ltd. (Information Technology)   696,117  
  367,337     Tata Motors Ltd. (Consumer Discretionary)     2,666,742  
  163,921     Tata Power Co. Ltd. (The) (Utilities)     485,310  
  2,086,344     Tata Steel Ltd. (Materials)     3,097,274  
  220,431     Tech Mahindra Ltd. (Information Technology)     3,200,375  
  25,092     Titan Co. Ltd. (Consumer Discretionary)     940,940  
  71,749     Torrent Pharmaceuticals Ltd. (Health Care)     1,596,854  
  21,994     Tube Investments of India Ltd. (Consumer Discretionary)     770,582  
  29,274     TVS Motor Co. Ltd. (Consumer Discretionary)     502,090  
  17,781     UltraTech Cement Ltd. (Materials)     1,782,143  
  149,700     UPL Ltd. (Materials)     1,068,960  
  118,096     Varun Beverages Ltd. (Consumer Staples)     1,283,152  
  385,772     Vedanta Ltd. (Materials)     1,082,484  
  289,060     Wipro Ltd. (Information Technology)     1,425,987  
   

 

 

 
      137,621,068  

 

 

 
Indonesia – 2.0%  
  1,935,925     Adaro Energy Indonesia Tbk PT (Energy)     339,391  
  5,277,009     Aneka Tambang Tbk (Materials)     689,511  
  4,182,509     Astra International Tbk PT (Industrials)     1,771,318  
  4,156,205     Bank Central Asia Tbk PT (Financials)     2,503,820  
  3,135,396     Bank Mandiri Persero Tbk PT (Financials)     1,240,365  
  1,472,866     Bank Negara Indonesia Persero Tbk PT (Financials)     887,298  
  3,440,983     Bank Rakyat Indonesia Persero Tbk PT (Financials)     1,253,937  
  981,900     Indah Kiat Pulp & Paper Tbk PT (Materials)     586,690  
  2,294,037     Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)     1,687,013  
  3,184,553     Indofood Sukses Makmur Tbk PT (Consumer Staples)     1,484,591  
  12,377,253     Kalbe Farma Tbk PT (Health Care)     1,475,030  
  7,139,334     Sumber Alfaria Trijaya Tbk PT (Consumer Staples)     1,359,427  
  10,998,929     Telkom Indonesia Persero Tbk PT (Communication Services)     2,693,763  
  4,256,801     Unilever Indonesia Tbk PT (Consumer Staples)     1,025,769  
   

 

 

 
      18,997,923  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   49


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Kuwait – 0.6%  
  338,699     Agility Public Warehousing Co. KSC (Industrials)*   $ 631,799  
  219,452     Boubyan Bank KSCP (Financials)     434,276  
  640,979     Kuwait Finance House KSCP (Financials)     1,549,163  
  953,098     National Bank of Kuwait SAKP (Financials)     2,844,607  
   

 

 

 
      5,459,845  

 

 

 
Luxembourg – 0.1%  
  44,076     Reinet Investments SCA (Financials)     941,297  

 

 

 
Mexico – 2.9%  
  875,968     Alfa SAB de CV, Class A (Industrials)     586,520  
  3,673,702     America Movil SAB de CV, Series B (Communication Services)     3,503,077  
  55,392     Arca Continental SAB de CV (Consumer Staples)     546,293  
  2,752,752     Cemex SAB de CV, Series CPO (Materials)*     2,199,683  
  112,727     Coca-Cola Femsa SAB de CV (Consumer Staples)     967,556  
  358,189     Fomento Economico Mexicano SAB de CV (Consumer Staples)     4,060,756  
  141,888     Gruma SAB de CV, Class B (Consumer Staples)     2,399,369  
  699,986     Grupo Bimbo SAB de CV, Series A (Consumer Staples)     3,488,338  
  81,494     Grupo Carso SAB de CV, Series A1 (Industrials)     658,033  
  346,648     Grupo Financiero Banorte SAB de CV, Class O (Financials)     2,974,314  
  267,026     Grupo Mexico SAB de CV, Series B (Materials)     1,288,350  
  261,900     Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)     596,877  
  234,503     Orbia Advance Corp. SAB de CV (Materials)     528,726  
  44,502     Promotora y Operadora de Infraestructura SAB de CV (Industrials)     432,944  
  984,782     Wal-Mart de Mexico SAB de CV (Consumer Staples)     3,929,942  
   

 

 

 
      28,160,778  

 

 

 
Philippines – 0.2%  
  624,614     Bank of the Philippine Islands (Financials)     1,213,485  
  41,420     Manila Electric Co. (Utilities)     251,359  
   

 

 

 
      1,464,844  

 

 

 
Poland – 0.9%  
  34,816     Bank Polska Kasa Opieki SA (Financials)     911,531  
  15,868     CD Projekt SA (Communication Services)     568,110  

 

 

 
Common Stocks – (continued)  
Poland – (continued)  
  24,431     Dino Polska SA (Consumer Staples)*(a)   2,246,140  
  533     LPP SA (Consumer Discretionary)     1,795,096  
  27,900     ORLEN SA (Energy)     426,835  
  110,609     Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*     1,002,426  
  199,836     Powszechny Zaklad Ubezpieczen SA (Financials)     2,004,058  
   

 

 

 
      8,954,196  

 

 

 
Qatar – 1.0%  
  556,575     Commercial Bank PSQC (The) (Financials)     868,502  
  99,765     Industries Qatar QSC (Industrials)     338,762  
  711,550     Ooredoo QPSC (Communication Services)     2,111,192  
  397,873     Qatar International Islamic Bank QSC (Financials)     1,081,143  
  353,284     Qatar Islamic Bank (Financials)     1,875,123  
  752,212     Qatar National Bank QPSC (Financials)     3,223,766  
   

 

 

 
      9,498,488  

 

 

 
Romania – 0.1%  
  126,372     NEPI Rockcastle NV (Real Estate)     756,430  

 

 

 
Russia – 0.0%  
  1,256,908     Gazprom PJSC (Energy)(c)      
  35,708,229     Inter RAO UES PJSC (Utilities)(c)      
  62,206     LUKOIL PJSC (Energy)(c)      
  11,906     MMC Norilsk Nickel PJSC (Materials)*(c)      
  824,628     Moscow Exchange MICEX-RTS PJSC (Financials)(c)      
  839,494     Novolipetsk Steel PJSC (Materials)*(c)      
  127,440     PhosAgro PJSC GDR (Materials)*(c)      
  820     PhosAgro PJSC (Materials)*(c)      
  70,023     Polymetal International PLC (Materials)*(c)      
  11,287     Polyus PJSC (Materials)*(c)      
  90,086     Rosneft Oil Co. PJSC (Energy)(c)      
  1,661,273     Sberbank of Russia PJSC (Financials)(c)      
  152,107     Severstal PAO (Materials)*(c)      
  3,362,523     Surgutneftegas PJSC (Energy)(c)      
  277,377     Tatneft PJSC (Energy)(c)      
  1,366     TCS Group Holding PLC GDR (Financials)*(c)      
  799,132,583     VTB Bank PJSC (Financials)*(c)      
  40,500     Yandex NV, Class A (Communication Services)*(c)      
   

 

 

 
       

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Saudi Arabia – 4.0%  
  12,684     ACWA Power Co. (Utilities)   $ 652,690  
  33,713     Advanced Petrochemical Co. (Materials)     382,464  
  216,865     Al Rajhi Bank (Financials)     4,174,651  
  78,414     Alinma Bank (Financials)     771,460  
  31,426     Almarai Co. JSC (Consumer Staples)     531,217  
  58,345     Arab National Bank (Financials)     401,344  
  5,200     Arabian Internet & Co.mmunications Services Co. (Information Technology)     489,408  
  43,996     Bank AlBilad (Financials)     503,227  
  61,208     Bank Al-Jazira (Financials)*     289,504  
  47,956     Banque Saudi Fransi (Financials)     490,345  
  32,869     Bupa Arabia for Cooperative Insurance Co. (Financials)     1,766,731  
  140,430     Dar Al Arkan Real Estate Development Co. (Real Estate)*     697,161  
  11,935     Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)     773,254  
  5,176     Elm Co. (Information Technology)     1,173,023  
  203,477     Etihad Etisalat Co. (Communication Services)     2,449,438  
  95,620     Jarir Marketing Co. (Consumer Discretionary)     376,295  
  186,460     Mobile Telecommunications Co Saudi Arabia (Communication Services)     671,140  
  21,142     Nahdi Medical Co. (Consumer Staples)     855,680  
  160,670     Rabigh Refining & Petrochemical Co. (Energy)*     442,087  
  83,186     Riyad Bank (Financials)     675,353  
  31,590     SABIC Agri-Nutrients Co. (Materials)     1,158,942  
  110,087     Sahara International Petrochemical Co. (Materials)     1,069,860  
  102,725     Saudi Arabian Mining Co. (Materials)*     1,109,238  
  501,274     Saudi Arabian Oil Co. (Energy)(a)     4,664,382  
  113,797     Saudi Awwal Bank (Financials)     1,087,711  
  97,159     Saudi Basic Industries Corp. (Materials)     2,289,965  
  263,025     Saudi Electricity Co. (Utilities)     1,451,646  
  92,330     Saudi Investment Bank (The) (Financials)     408,643  
  315,033     Saudi Kayan Petrochemical Co. (Materials)*     1,023,050  
  303,315     Saudi National Bank (The) (Financials)     2,891,102  
  221,239     Saudi Telecom Co. (Communication Services)     2,347,676  
  113,831     Savola Group (The) (Consumer Staples)     1,150,253  
   

 

 

 
      39,218,940  

 

 

 
South Africa – 3.1%  
  161,189     Absa Group Ltd. (Financials)     1,551,790  
  54,575     African Rainbow Minerals Ltd. (Materials)     515,919  
  121,658     Aspen Pharmacare Holdings Ltd. (Health Care)     1,106,391  
  91,702     Bid Corp. Ltd. (Consumer Staples)     2,057,447  
  46,635     Bidvest Group Ltd. (The) (Industrials)     701,803  
  7,777     Capitec Bank Holdings Ltd. (Financials)     650,869  
  95,507     Clicks Group Ltd. (Consumer Staples)     1,379,518  

 

 

 
Common Stocks – (continued)  
South Africa – (continued)  
  31,054     Discovery Ltd. (Financials)*   240,642  
  586,877     FirstRand Ltd. (Financials)     2,274,981  
  135,191     Gold Fields Ltd. (Materials)     1,734,029  
  202,470     Impala Platinum Holdings Ltd. (Materials)     1,042,130  
  56,544     Kumba Iron Ore Ltd. (Materials)(b)     1,240,414  
  287,467     MTN Group Ltd. (Communication Services)     1,826,672  
  9,670     Naspers Ltd., Class N (Consumer Discretionary)     1,642,899  
  126,320     Nedbank Group Ltd. (Financials)(b)     1,439,721  
  656,580     Old Mutual Ltd. (Financials)     440,032  
  304,522     OUTsurance Group Ltd. (Financials)     643,300  
  321,648     Pepkor Holdings Ltd. (Consumer Discretionary)(a)     276,887  
  99,899     Remgro Ltd. (Financials)     833,855  
  277,866     Sanlam Ltd. (Financials)     1,000,083  
  232,790     Shoprite Holdings Ltd. (Consumer Staples)     3,243,569  
  378,418     Sibanye Stillwater Ltd. (Materials)     574,372  
  205,664     Standard Bank Group Ltd. (Financials)     2,098,566  
  162,742     Vodacom Group Ltd. (Communication Services)     927,032  
  227,736     Woolworths Holdings Ltd. (Consumer Discretionary)     892,181  
   

 

 

 
      30,335,102  

 

 

 
South Korea – 11.5%  
  16,014     Amorepacific Corp. (Consumer Staples)     1,622,300  
  10,544     BGF retail Co. Ltd. (Consumer Staples)     1,247,650  
  4,589     Celltrion, Inc. (Health Care)     499,608  
  3,655     CJ CheilJedang Corp. (Consumer Staples)     826,817  
  4,100     CosmoAM&T Co. Ltd. (Information Technology)*     489,177  
  44,635     Coway Co. Ltd. (Consumer Discretionary)     1,458,848  
  9,688     DB Insurance Co. Ltd. (Financials)     598,835  
  16,254     Doosan Bobcat, Inc. (Industrials)     661,596  
  31,222     Doosan Enerbility Co. Ltd. (Industrials)*     430,388  
  5,900     Ecopro BM Co. Ltd. (Industrials)     1,448,496  
  1,100     Ecopro Co. Ltd. (Materials)     1,046,113  
  16,785     F&F Co. Ltd. (Consumer Discretionary)     1,308,005  
  46,872     GS Holdings Corp. (Industrials)     1,331,601  
  47,866     Hana Financial Group, Inc. (Financials)     1,432,268  
  39,739     Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)     1,165,036  
  6,573     Hanmi Pharm Co. Ltd. (Health Care)     1,464,534  
  4,900     Hanwha Aerospace Co. Ltd. (Industrials)     423,363  
  7,790     HD Hyundai Co. Ltd. (Energy)     348,318  
  75,016     HMM Co. Ltd. (Industrials)     945,539  
  27,750     Hotel Shilla Co. Ltd. (Consumer Discretionary)     1,851,750  
  1,900     HYBE Co. Ltd. (Communication Services)*     362,966  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   51


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
South Korea – (continued)  
  7,117     Hyundai Mobis Co. Ltd. (Consumer Discretionary)   $ 1,243,826  
  12,167     Hyundai Motor Co. (Consumer Discretionary)     1,740,707  
  21,533     Hyundai Steel Co. (Materials)     589,744  
  170,782     Industrial Bank of Korea (Financials)     1,390,289  
  13,800     JYP Entertainment Corp. (Communication Services)     1,171,447  
  15,826     Kakao Corp. (Communication Services)     575,926  
  66,160     Kangwon Land, Inc. (Consumer Discretionary)     776,351  
  47,226     KB Financial Group, Inc. (Financials)     1,932,988  
  39,668     Kia Corp. (Consumer Discretionary)     2,406,940  
  16,440     Korea Aerospace Industries Ltd. (Industrials)     629,366  
  47,244     Korea Electric Power Corp. (Utilities)*(b)     636,950  
  6,270     Korea Investment Holdings Co. Ltd. (Financials)     246,673  
  1,215     Korea Zinc Co. Ltd. (Materials)     484,437  
  25,546     Korean Air Lines Co. Ltd. (Industrials)     440,665  
  15,700     KT Corp. (Communication Services)     391,980  
  20,978     KT&G Corp. (Consumer Staples)     1,379,223  
  3,769     Kumho Petrochemical Co. Ltd. (Materials)     355,870  
  1,908     L&F Co. Ltd. (Information Technology)(b)     310,361  
  2,476     LG Chem Ltd. (Materials)     1,092,119  
  6,003     LG Corp. (Industrials)     372,874  
  33,065     LG Electronics, Inc. (Consumer Discretionary)     2,464,084  
  2,108     LG Energy Solution Ltd. (Industrials)*     867,601  
  3,486     LG H&H Co. Ltd. (Consumer Staples)     1,225,078  
  2,760     LG Innotek Co. Ltd. (Information Technology)     563,798  
  227,347     LG Uplus Corp. (Communication Services)     1,797,447  
  75,855     Mirae Asset Securities Co. Ltd. (Financials)     382,216  
  8,751     NAVER Corp. (Communication Services)     1,420,155  
  4,105     NCSoft Corp. (Communication Services)     781,091  
  93,120     NH Investment & Securities Co. Ltd. (Financials)     725,656  
  20,495     Orion Corp. (Consumer Staples)     1,888,626  
  11,187     Pearl Abyss Corp. (Communication Services)*     408,801  
  3,704     POSCO Future M Co. Ltd. (Industrials)     1,259,654  
  8,723     POSCO Holdings, Inc. (Materials)     3,821,159  
  1,176     Samsung Biologics Co. Ltd. (Health Care)*(a)     655,731  
  14,728     Samsung C&T Corp. (Industrials)     1,166,651  
  10,125     Samsung Electro-Mechanics Co. Ltd. (Information Technology)     1,037,204  
  639,989     Samsung Electronics Co. Ltd. (Information Technology)     32,392,861  

 

 

 
Common Stocks – (continued)  
South Korea – (continued)  
  26,174     Samsung Engineering Co. Ltd. (Industrials)*   673,286  
  10,792     Samsung Fire & Marine Insurance Co. Ltd. (Financials)     2,012,656  
  130,164     Samsung Heavy Industries Co. Ltd. (Industrials)*     867,596  
  7,237     Samsung Life Insurance Co. Ltd. (Financials)     370,131  
  3,702     Samsung SDI Co. Ltd. (Information Technology)     1,719,711  
  11,776     Samsung SDS Co. Ltd. (Information Technology)     1,265,135  
  46,896     Samsung Securities Co. Ltd. (Financials)     1,325,187  
  58,177     Shinhan Financial Group Co. Ltd. (Financials)     1,564,738  
  19,611     SK Biopharmaceuticals Co. Ltd. (Health Care)*     1,271,544  
  58,092     SK Hynix, Inc. (Information Technology)     5,353,210  
  18,509     SK Square Co. Ltd. (Industrials)*     631,554  
  2,379     SK, Inc. (Industrials)     260,084  
  119,585     Woori Financial Group, Inc. (Financials)     1,077,554  
  24,700     Yuhan Corp. (Health Care)     1,360,439  
   

 

 

 
      111,742,582  

 

 

 
Taiwan – 14.6%  
  165,041     Accton Technology Corp. (Information Technology)     2,477,183  
  604,164     Acer, Inc. (Information Technology)     694,343  
  195,111     Advantech Co. Ltd. (Information Technology)     2,107,553  
  489,594     ASE Technology Holding Co. Ltd. (Information Technology)     1,814,080  
  471,030     Asia Cement Corp. (Materials)     590,146  
  89,946     Asustek Computer, Inc. (Information Technology)     1,136,805  
  352,602     AUO Corp. (Information Technology)*     197,080  
  205,634     Catcher Technology Co. Ltd. (Information Technology)     1,165,495  
  865,380     Cathay Financial Holding Co. Ltd. (Financials)*     1,239,110  
  251,561     Chailease Holding Co. Ltd. (Financials)     1,402,103  
  372,147     Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)     463,336  
  3,776,462     China Development Financial Holding Corp. (Financials)*     1,405,212  
  761,298     China Steel Corp. (Materials)     633,489  
  427,526     Chunghwa Telecom Co. Ltd. (Communication Services)     1,557,252  
  1,503,791     Compal Electronics, Inc. (Information Technology)     1,506,317  
  2,058,860     CTBC Financial Holding Co. Ltd. (Financials)     1,541,890  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Taiwan – (continued)  
  268,724     Delta Electronics, Inc. (Information Technology)   $ 2,919,583  
  62,296     E Ink Holdings, Inc. (Information Technology)     356,994  
  13,118     eMemory Technology, Inc. (Information Technology)     747,623  
  994,678     E.Sun Financial Holding Co. Ltd. (Financials)     763,659  
  374,493     Evergreen Marine Corp. Taiwan Ltd. (Industrials)     1,252,367  
  875,460     Far Eastern New Century Corp. (Industrials)     773,843  
  296,107     Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)     1,562,055  
  1,100,163     First Financial Holding Co. Ltd. (Financials)     908,555  
  363,501     Formosa Plastics Corp. (Materials)     907,426  
  1,063,854     Fubon Financial Holding Co. Ltd. (Financials)     2,124,601  
  38,400     Gigabyte Technology Co. Ltd. (Information Technology)     411,172  
  18,500     Global Unichip Corp. (Information Technology)     848,131  
  32,531     Globalwafers Co. Ltd. (Information Technology)     468,866  
  1,253,332     Hon Hai Precision Industry Co. Ltd. (Information Technology)     4,191,351  
  924,069     Hua Nan Financial Holdings Co. Ltd. (Financials)     594,835  
  866,643     Inventec Corp. (Information Technology)     1,534,821  
  9,942     Largan Precision Co. Ltd. (Information Technology)     639,979  
  506,746     Lite-On Technology Corp. (Information Technology)     2,179,963  
  197,975     MediaTek, Inc. (Information Technology)     4,382,660  
  814,984     Mega Financial Holding Co. Ltd. (Financials)     918,717  
  401,790     Micro-Star International Co. Ltd. (Information Technology)     2,012,325  
  35,400     momo.com, Inc. (Consumer Discretionary)     578,023  
  458,279     Nan Ya Plastics Corp. (Materials)     951,195  
  53,325     Nan Ya Printed Circuit Board Corp. (Information Technology)     404,377  
  527,993     Nanya Technology Corp. (Information Technology)     1,104,182  
  132,392     Nien Made Enterprise Co. Ltd. (Consumer Discretionary)     1,243,000  
  212,013     Novatek Microelectronics Corp. (Information Technology)     2,659,608  
  553,788     Pegatron Corp. (Information Technology)     1,356,365  
  834,332     Pou Chen Corp. (Consumer Discretionary)     749,278  

 

 

 
  364,696     President Chain Store Corp. (Consumer Staples)   3,063,325  
  273,239     Quanta Computer, Inc. (Information Technology)     2,174,998  
  172,715     Realtek Semiconductor Corp. (Information Technology)     2,266,964  
  1,733,814     SinoPac Financial Holdings Co. Ltd. (Financials)     930,973  
  419,822     Synnex Technology International Corp. (Information Technology)     805,461  
  2,258,175     Taishin Financial Holding Co. Ltd. (Financials)     1,262,164  
  1,068,709     Taiwan Business Bank (Financials)     448,001  
  403,204     Taiwan Cement Corp. (Materials)     442,497  
  719,347     Taiwan Cooperative Financial Holding Co. Ltd. (Financials)     592,934  
  191,405     Taiwan Mobile Co. Ltd. (Communication Services)     560,154  
  3,194,226     Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)     55,065,080  
  101,505     Unimicron Technology Corp. (Information Technology)     591,248  
  1,508,668     Uni-President Enterprises Corp. (Consumer Staples)     3,349,280  
  2,136,725     United Microelectronics Corp. (Information Technology)     3,052,800  
  197,309     Vanguard International Semiconductor Corp. (Information Technology)     423,161  
  9,300     Voltronic Power Technology Corp. (Industrials)     423,437  
  316,742     Walsin Lihwa Corp. (Industrials)     377,944  
  637,533     Winbond Electronics Corp. (Information Technology)*     527,499  
  498,000     Wistron Corp. (Information Technology)     1,829,589  
  407,391     WPG Holdings Ltd. (Information Technology)     702,299  
  474,306     Yang Ming Marine Transport Corp. (Industrials)     629,251  
  2,652,694     Yuanta Financial Holding Co. Ltd. (Financials)     2,032,429  
  104,950     Zhen Ding Technology Holding Ltd. (Information Technology)     318,674  
   

 

 

 
      141,347,110  

 

 

 
Thailand – 1.7%  
  298,616     Advanced Info Service PCL NVDR (Communication Services)     1,841,966  
  329,200     Airports of Thailand PCL NVDR (Industrials)*     681,574  
  2,618,900     Asset World Corp. PCL NVDR (Consumer Discretionary)     326,077  
  1,734,200     Bangkok Dusit Medical Services PCL NVDR (Health Care)     1,386,667  
  356,000     Berli Jucker PCL NVDR (Consumer Staples)     343,114  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   53


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  

Value

 
Common Stocks – (continued)  
Thailand – (continued)  
  192,400     Bumrungrad Hospital PCL NVDR (Health Care)   $ 1,423,049  
  215,200     Central Pattana PCL NVDR (Real Estate)     422,503  
  759,100     Charoen Pokphand Foods PCL NVDR (Consumer Staples)     448,729  
  906,377     CP ALL PCL NVDR (Consumer Staples)     1,688,901  
  553,500     Delta Electronics Thailand PCL NVDR (Information Technology)     1,714,993  
  137,700     Electricity Generating PCL NVDR (Utilities)     524,965  
  301,800     Gulf Energy Development PCL NVDR (Utilities)     413,690  
  320,200     Indorama Ventures PCL NVDR (Materials)     265,176  
  289,900     Intouch Holdings PCL NVDR (Communication Services)     602,277  
  1,244,900     Krung Thai Bank PCL NVDR (Financials)     686,130  
  314,400     Krungthai Card PCL NVDR (Financials)     435,451  
  209,400     Muangthai Capital PCL NVDR (Financials)     243,680  
  197,400     PTT Exploration & Production PCL NVDR (Energy)     893,493  
  371,400     PTT Global Chemical PCL NVDR (Materials)     395,078  
  765,400     PTT PCL NVDR (Energy)     759,553  
  544,900     Ratch Group PCL NVDR (Utilities)     552,408  
  59,900     Siam Cement PCL (The) NVDR (Materials)     535,409  
  257,200     Thai Oil PCL NVDR (Energy)     378,262  
   

 

 

 
      16,963,145  

 

 

 
Turkey – 0.8%  
  284,352     BIM Birlesik Magazalar AS (Consumer Staples)     2,690,179  
  361,212     KOC Holding AS (Industrials)     1,921,402  
  120,931     Sasa Polyester Sanayi AS (Materials)*     239,297  
  51,200     Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)     518,385  
  118,157     Turk Hava Yollari AO (Industrials)*     1,085,939  
  186,866     Turkiye Petrol Rafinerileri AS (Energy)     989,093  
  359,910     Turkiye Sise ve Cam Fabrikalari AS (Industrials)     691,938  
   

 

 

 
      8,136,233  

 

 

 
United Arab Emirates – 1.5%  
  541,952     Abu Dhabi Commercial Bank PJSC (Financials)     1,273,341  
  467,812     Abu Dhabi Islamic Bank PJSC (Financials)     1,327,126  
  1,253,866     Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)     1,300,617  

 

 

 
  655,375     Aldar Properties PJSC (Real Estate)   938,531  
  864,300     Americana Restaurants International PLC (Consumer Discretionary)     1,037,711  
  1,147,756     Dubai Islamic Bank PJSC (Financials)     1,762,389  
  1,020,176     Emaar Properties PJSC (Real Estate)     1,960,889  
  525,902     Emirates NBD Bank PJSC (Financials)     2,340,970  
  184,606     Emirates Telecommunications Group Co. PJSC (Communication Services)     997,150  
  447,660     First Abu Dhabi Bank PJSC (Financials)     1,667,276  
   

 

 

 
      14,606,000  

 

 

 
United Kingdom – 0.0%  
  59,800     Pepco Group NV (Consumer Discretionary)*     469,549  

 

 

 
United States – 0.1%  
  133,272     JBS SA (Consumer Staples)     495,300  
  10,986     Parade Technologies Ltd. (Information Technology)     309,780  
   

 

 

 
      805,080  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $881,888,114)   $ 944,452,011  

 

 

 

 

Shares     Description   Rate     Value  
Preferred Stocks – 2.1%  
Brazil – 1.3%  
  585,774    

Banco Bradesco SA

(Financials)

    6.74     1,768,816  
  42,106     Centrais Eletricas Brasileiras SA, Class B (Utilities)     3.86       329,469  
  262,346     Cia Energetica de Minas Gerais (Utilities)     9.16       653,355  
  111,984     Gerdau SA (Materials)     14.91       584,693  
  643,983     Itau Unibanco Holding SA (Financials)     4.47       3,567,892  
  820,299     Itausa SA (Financials)     6.42       1,530,931  
  687,712     Petroleo Brasileiro SA (Energy)     11.38       4,436,628  
     

 

 

 
        12,871,784  

 

 

 
Chile – 0.1%  
  13,089     Sociedad Quimica y Minera de Chile SA, Class B (Industrials)     14.38       806,746  

 

 

 
Colombia – 0.1%  
  81,467     Bancolombia SA (Financials)     12.24       541,058  

 

 

 
Russia – 0.0%  
  3,212,489     Surgutneftegas PJSC (Energy)(c)     1.61        

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

Shares     Description   Rate    
Value
 
Preferred Stocks – (continued)  
South Korea – 0.6%  
  9,748     Hyundai Motor Co. (Consumer Discretionary)     7.34 %     $ 767,745  
  9,479     Hyundai Motor Co. (Consumer Discretionary)     7.42       730,064  
  114,688     Samsung Electronics Co. Ltd. (Information Technology)     2.54       4,685,570  
     

 

 

 
        6,183,379  

 

 

 
  TOTAL PREFERRED STOCKS    
  (Cost $17,487,554)     $ 20,402,967  

 

 

 

 

Shares     Description   Value  
Exchange-Traded Fund – 0.6%  
United States – 0.6%      
  257,264     iShares MSCI Malaysia ETF  
  (Cost $7,732,869)   $ 5,423,125  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $907,108,537)   $ 970,278,103  

 

 

 
Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.6%(d)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  5,450,496     5.234%   $ 5,450,496  
(Cost $5,450,496)      

 

 

 
  TOTAL INVESTMENTS – 100.7%  
  (Cost $912,559,033)   $ 975,728,599  

 

 

 
 
LIABILITIES IN EXCESS OF OTHER
 ASSETS – (0.7)%
    (6,020,986

 

 

 
  NET ASSETS – 100.0%   $ 969,707,613  

 

 

 

 

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

*

  Non-income producing security.

(a)

 

Exempt from registration under Rule 144A of the Securities Act

of 1933.

(b)

  All or a portion of security is on loan.

(c)

 

Significant unobservable inputs were used in the valuation of

this portfolio security; i.e. Level 3.

(d)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

ADR

 

—American Depositary Receipt

GDR

 

—Global Depositary Receipt

NVDR

 

—Non-Voting Depository Receipt

PLC

 

—Public Limited Company

 

 

Sector Name   % of Market
Value
 

 

 

Financials

    20.7

Information Technology

    20.5  

Consumer Discretionary

    11.8  

Consumer Staples

    11.0  

Communication Services

    8.9  

Materials

    7.2  

Industrials

    5.7  

Health Care

    4.8  

Energy

    4.7  

Utilities

    2.5  

Real Estate

    1.0  

Exchange-Traded Fund

    0.6  

Securities Lending Reinvestment Vehicle

    0.6  

 

 
TOTAL INVESTMENTS     100.0

 

 

 

The accompanying notes are an integral part of these financial statements.   55


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description  

Value

 
Common Stocks – 98.9%  
Australia – 1.1%  
  87     Flutter Entertainment PLC (Consumer Discretionary)*   $ 15,854  
  10,452     Glencore PLC (Materials)     55,818  
  935     Rio Tinto PLC (Materials)     57,729  
   

 

 

 
      129,401  

 

 

 
Austria – 0.8%  
  395     Erste Group Bank AG (Financials)     14,135  
  292     Mondi PLC (Materials)     4,862  
  686     OMV AG (Energy)     31,844  
  1,507     voestalpine AG (Materials)     44,129  
   

 

 

 
      94,970  

 

 

 
Belgium – 1.2%  
  497     Ageas SA/NV (Financials)     19,786  
  694     Anheuser-Busch InBev SA/NV (Consumer Staples)     39,545  
  20     D’ieteren Group (Consumer Discretionary)     3,273  
  50     Elia Group SA/NV (Utilities)     5,779  
  119     Groupe Bruxelles Lambert NV (Financials)     9,604  
  164     KBC Group NV (Financials)     10,780  
  1     Lotus Bakeries NV (Consumer Staples)     7,891  
  133     Solvay SA (Materials)     15,431  
  256     UCB SA (Health Care)     23,006  
   

 

 

 
      135,095  

 

 

 
Brazil – 0.1%  
  247     Yara International ASA (Materials)     9,030  

 

 

 
Chile – 0.0%  
  153     Antofagasta PLC (Materials)     2,807  

 

 

 
China – 0.2%  
  309     Prosus NV (Consumer Discretionary)*     21,390  

 

 

 
Denmark – 4.9%  
  19     AP Moller – Maersk A/S, Class A (Industrials)(a)     34,088  
  20     AP Moller – Maersk A/S, Class B (Industrials)     36,421  
  158     Carlsberg AS, Class B (Consumer Staples)     22,917  
  75     Chr Hansen Holding A/S (Materials)     4,908  
  80     Coloplast A/S, Class B (Health Care)     9,148  
  1,010     Danske Bank A/S (Financials)     22,746  
  82     Demant A/S (Health Care)*     3,364  
  64     DSV A/S (Industrials)     12,186  
  56     Genmab A/S (Health Care)*     21,529  
  1,834     Novo Nordisk A/S, Class B (Health Care)     340,255  
  171     Novozymes A/S, Class B (Materials)     7,433  
  36     Orsted AS (Utilities)(b)     2,320  
  304     Pandora A/S (Consumer Discretionary)     31,600  
  33     ROCKWOOL A/S, Class B (Industrials)     8,451  
  679     Tryg A/S (Financials)     12,978  
  134     Vestas Wind Systems A/S (Industrials)*     3,102  
   

 

 

 
      573,446  

 

 

 
Common Stocks – (continued)  
Finland – 1.3%  
  275     Elisa OYJ (Communication Services)   $ 13,512  
  120     Kesko OYJ, Class B (Consumer Staples)     2,347  
  147     Kone OYJ, Class B (Industrials)     6,701  
  499     Metso Corp. (Industrials)     5,754  
  5,674     Nokia OYJ (Information Technology)     22,706  
  2,526     Nordea Bank Abp (Financials)     27,724  
  1,185     Orion OYJ, Class B (Health Care)     48,603  
  339     Sampo OYJ, Class A (Financials)     14,912  
  271     UPM-Kymmene OYJ (Materials)     9,300  
  307     Wartsila OYJ Abp (Industrials)     3,907  
   

 

 

 
      155,466  

 

 

 
France – 17.2%  
  277     Accor SA (Consumer Discretionary)     9,948  
  49     Aeroports de Paris (Industrials)     6,467  
  380     Air Liquide SA (Materials)     68,819  
  328     Airbus SE (Industrials)     48,195  
  250     Alstom SA (Industrials)     6,922  
  75     Amundi SA (Financials)(b)     4,481  
  178     Arkema SA (Materials)     18,670  
  2,173     AXA SA (Financials)     65,506  
  195     BioMerieux (Health Care)     20,233  
  925     BNP Paribas SA (Financials)     59,946  
  3,352     Bollore SE (Communication Services)     19,882  
  416     Bouygues SA (Industrials)     14,403  
  636     Bureau Veritas SA (Industrials)     17,078  
  200     Capgemini SE (Information Technology)     37,412  
  2,474     Carrefour SA (Consumer Staples)     47,447  
  1,005     Cie de Saint-Gobain SA (Industrials)     65,621  
  555     Cie Generale des Etablissements Michelin (Consumer Discretionary)     17,414  
  63     Covivio SA REIT (Real Estate)     3,081  
  2,908     Credit Agricole SA (Financials)     36,789  
  725     Danone SA (Consumer Staples)     42,358  
  117     Dassault Aviation SA (Industrials)     23,061  
  561     Dassault Systemes (Information Technology)     22,291  
  350     Edenred (Financials)     22,352  
  646     Eiffage SA (Industrials)     64,028  
  2,280     Engie SA (Utilities)     36,847  
  240     EssilorLuxottica SA (Health Care)     45,298  
  636     Eurazeo SE (Financials)     37,586  
  50     Gecina SA REIT (Real Estate)     5,364  
  596     Getlink SE (Industrials)     9,997  
  41     Hermes International SCA (Consumer Discretionary)     84,584  
  524     Ipsen SA (Health Care)     68,133  
  59     Kering (Consumer Discretionary)     31,646  
  135     Klepierre SA REIT (Real Estate)     3,575  
  1,582     La Francaise des Jeux SAEM (Consumer Discretionary)(b)     57,349  
  292     Legrand SA (Industrials)     28,872  
  294     L’Oreal SA (Consumer Staples)     129,488  
  280     LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)     237,709  
  1,326     Orange SA (Communication Services)     14,907  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

 

 

Shares     Description  

Value

 
Common Stocks – (continued)  
France – (continued)  
  145     Pernod Ricard SA (Consumer Staples)   $ 28,516  
  304     Publicis Groupe SA (Communication Services)     23,776  
  77     Remy Cointreau SA (Consumer Staples)*     11,947  
  270     Renault SA (Consumer Discretionary)     10,941  
  243     Safran SA (Industrials)     39,113  
  33     Sartorius Stedim Biotech (Health Care)     9,388  
  164     SEB SA (Consumer Discretionary)     18,067  
  822     Societe Generale SA (Financials)     23,388  
  158     Sodexo SA (Consumer Discretionary)     16,980  
  161     Thales SA (Industrials)     23,555  
  2,339     TotalEnergies SE (Energy)     147,418  
  684     Valeo SE (Consumer Discretionary)     13,363  
  589     Veolia Environnement SA (Utilities)     18,449  
  479     Vinci SA (Industrials)     53,527  
  1,102     Vivendi SE (Communication Services)     10,059  
  96     Wendel SE (Financials)     8,799  
   

 

 

 
      1,991,045  

 

 

 
Germany – 13.3%  
  276     adidas AG (Consumer Discretionary)     55,244  
  293     Allianz SE (Financials)     71,345  
  463     BASF SE (Materials)     23,513  
  933     Bayer AG (Health Care)     51,178  
  467     Bayerische Motoren Werke AG (Consumer Discretionary)     49,251  
  94     Bechtle AG (Information Technology)     4,585  
  198     Beiersdorf AG (Consumer Staples)     25,960  
  253     Brenntag SE (Industrials)     20,523  
  60     Carl Zeiss Meditec AG (Health Care)     5,973  
  2,520     Commerzbank AG (Financials)     27,761  
  62     Covestro AG (Materials)*(b)     3,302  
  388     Daimler Truck Holding AG (Industrials)     13,682  
  4,183     Deutsche Bank AG (Financials)     45,636  
  141     Deutsche Boerse AG (Financials)     25,075  
  4,457     Deutsche Lufthansa AG (Industrials)*     39,894  
  2,578     Deutsche Telekom AG (Communication Services)     55,239  
  1,698     DHL Group (Industrials)     79,402  
  4,746     E.ON SE (Utilities)     58,619  
  262     Evonik Industries AG (Materials)     5,035  
  844     Fresenius Medical Care AG & Co. KGaA (Health Care)     40,809  
  1,302     Fresenius SE & Co. KGaA (Health Care)     41,843  
  236     GEA Group AG (Industrials)     9,324  
  94     Hannover Rueck SE (Financials)     20,022  
  437     Heidelberg Materials AG (Materials)     35,231  
  1,703     HelloFresh SE (Consumer Staples)*     55,118  
  142     Henkel AG & Co. KGaA (Consumer Staples)     9,830  
  681     Infineon Technologies AG (Information Technology)     24,402  
  258     Knorr-Bremse AG (Industrials)     17,669  
  799     Mercedes-Benz Group AG (Consumer Discretionary)     58,570  
  160     Merck KGaA (Health Care)     28,827  
  57     MTU Aero Engines AG (Industrials)     13,351  

 

 

 
Common Stocks – (continued)  
Germany – (continued)  
  110     Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)   42,765  
  622     Nemetschek SE (Information Technology)     43,030  
  483     Puma SE (Consumer Discretionary)     32,502  
  48     Rational AG (Industrials)     36,650  
  50     Rheinmetall AG (Industrials)     13,637  
  509     RWE AG (Utilities)     21,026  
  950     SAP SE (Information Technology)     132,824  
  83     Scout24 SE (Communication Services)(b)     5,731  
  581     Siemens AG (Industrials)     87,576  
  2,365     Siemens Energy AG (Industrials)*     33,780  
  145     Siemens Healthineers AG (Health Care)(b)     7,279  
  89     Symrise AG (Materials)     9,289  
  290     Talanx AG (Financials)     19,530  
  3,619     Telefonica Deutschland Holding AG (Communication Services)     6,890  
  998     Zalando SE (Consumer Discretionary)*(b)     31,120  
   

 

 

 
      1,539,842  

 

 

 
Hong Kong – 0.1%  
  945     Prudential PLC (Financials)     11,570  

 

 

 
Ireland – 1.0%  
  272     AerCap Holdings NV (Industrials)*     16,734  
  2,765     AIB Group PLC (Financials)     12,610  
  1,199     Bank of Ireland Group PLC (Financials)     11,970  
  598     CRH PLC (Materials)     34,477  
  106     Kerry Group PLC, Class A (Consumer Staples)     9,910  
  177     Kingspan Group PLC (Industrials)     15,000  
  294     Smurfit Kappa Group PLC (Materials)     12,374  
   

 

 

 
      113,075  

 

 

 
Italy – 4.1%  
  1,901     Assicurazioni Generali SpA (Financials)     39,470  
  571     Coca-Cola HBC AG (Consumer Staples)*     16,482  
  1,036     Davide Campari-Milano NV (Consumer Staples)     13,572  
  73     DiaSorin SpA (Health Care)     7,730  
  5,157     Enel SpA (Utilities)     34,758  
  3,576     Eni SpA (Energy)     55,439  
  169     Ferrari NV (Consumer Discretionary)     53,743  
  951     FinecoBank Banca Fineco SpA (Financials)     13,067  
  641     Infrastrutture Wireless Italiane SpA (Communication Services)(b)     7,942  
  8,999     Intesa Sanpaolo SpA (Financials)     24,144  
  1,007     Mediobanca Banca di Credito Finanziario SpA (Financials)     13,192  
  718     Moncler SpA (Consumer Discretionary)     48,814  
  2,625     Poste Italiane SpA (Financials)(b)     29,217  
  546     Prysmian SpA (Industrials)     22,394  
  391     Recordati Industria Chimica e Farmaceutica SpA (Health Care)     19,682  
  1,922     Snam SpA (Utilities)     9,938  
  1,592     Terna – Rete Elettrica Nazionale (Utilities)     13,167  
  1,938     UniCredit SpA (Financials)     47,464  
   

 

 

 
      470,215  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   57


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  

Value

 
Common Stocks – (continued)  
Jordan – 0.2%  
  736     Hikma Pharmaceuticals PLC (Health Care)   $ 20,415  

 

 

 
Luxembourg – 0.7%  
  2,470     ArcelorMittal (Materials)     65,761  
  174     Eurofins Scientific SE (Health Care)     10,734  
   

 

 

 
      76,495  

 

 

 
Netherlands – 8.0%  
  884     ABN AMRO Bank NV (Financials)(a)(b)     13,044  
  8     Adyen NV (Financials)*(b)     6,707  
  1,177     Aegon NV (Financials)     6,055  
  190     Akzo Nobel NV (Materials)     15,474  
  27     Argenx SE (Health Care)*     13,621  
  50     ASM International NV (Information Technology)     24,160  
  392     ASML Holding NV (Information Technology)     258,636  
  151     ASR Nederland NV (Financials)     6,616  
  121     BE Semiconductor Industries NV (Information Technology)     13,934  
  94     Euronext NV (Financials)(b)     6,800  
  452     EXOR NV (Financials)     40,100  
  306     Heineken Holding NV (Consumer Staples)     24,543  
  206     Heineken NV (Consumer Staples)     20,082  
  61     IMCD NV (Industrials)     8,425  
  2,025     ING Groep NV (Financials)     28,792  
  514     JDE Peet’s NV (Consumer Staples)     14,326  
  2,706     Koninklijke Ahold Delhaize NV (Consumer Staples)     88,623  
  5,367     Koninklijke KPN NV (Communication Services)     18,798  
  612     Koninklijke Philips NV (Health Care)*     13,816  
  431     NN Group NV (Financials)     16,634  
  663     Randstad NV (Industrials)     38,987  
  5,941     Shell PLC (Energy)     181,541  
  472     Universal Music Group NV (Communication Services)     11,726  
  489     Wolters Kluwer NV (Industrials)     59,018  
   

 

 

 
      930,458  

 

 

 
Norway – 1.1%  
  314     Aker BP ASA (Energy)     8,519  
  825     DNB Bank ASA (Financials)     16,334  
  1,702     Equinor ASA (Energy)     52,514  
  919     Gjensidige Forsikring ASA (Financials)     14,298  
  238     Kongsberg Gruppen ASA (Industrials)     9,863  
  205     Mowi ASA (Consumer Staples)     3,719  
  2,112     Orkla ASA (Consumer Staples)     16,138  
  702     Telenor ASA (Communication Services)     7,517  
   

 

 

 
      128,902  

 

 

 
Portugal – 0.5%  
  1,510     EDP – Energias de Portugal SA (Utilities)     6,893  
  344     Galp Energia SGPS SA (Energy)     4,744  
  1,884     Jeronimo Martins SGPS SA (Consumer Staples)     48,053  
   

 

 

 
      59,690  

 

 

 
Common Stocks – (continued)  
Singapore – 0.3%  
  742     STMicroelectronics NV (Information Technology)   35,165  

 

 

 
South Africa – 0.0%  
  148     Anglo American PLC (Materials)     3,939  

 

 

 
Spain – 4.3%  
  61     Acciona SA (Utilities)     8,729  
  1,483     ACS Actividades de Construccion y Servicios SA (Industrials)     52,134  
  27     Aena SME SA (Industrials)(b)     4,249  
  297     Amadeus IT Group SA (Consumer Discretionary)     20,405  
  6,370     Banco Bilbao Vizcaya Argentaria SA (Financials)     50,235  
  17,950     Banco Santander SA (Financials)     70,174  
  3,648     CaixaBank SA (Financials)     14,784  
  90     Cellnex Telecom SA (Communication Services)*(b)     3,448  
  101     Corp ACCIONA Energias Renovables SA (Utilities)     3,008  
  438     Enagas SA (Utilities)     7,485  
  368     Endesa SA (Utilities)     7,661  
  380     Grifols SA (Health Care)*     5,215  
  5,267     Iberdrola SA (Utilities)     62,653  
  2,060     Industria de Diseno Textil SA (Consumer Discretionary)     79,059  
  579     Naturgy Energy Group SA (Utilities)(a)     16,804  
  569     Redeia Corp. SA (Utilities)     9,267  
  3,662     Repsol SA (Energy)     56,518  
  5,717     Telefonica SA (Communication Services)     23,728  
   

 

 

 
      495,556  

 

 

 
Sweden – 3.3%  
  303     Alfa Laval AB (Industrials)     10,659  
  567     Assa Abloy AB, Class B (Industrials)     12,785  
  1,666     Atlas Copco AB, Class A (Industrials)     22,054  
  1,167     Atlas Copco AB, Class B (Industrials)     13,466  
  238     Epiroc AB, Class A (Industrials)     4,577  
  178     Epiroc AB, Class B (Industrials)     2,920  
  697     Essity AB, Class B (Consumer Staples)     16,276  
  79     Evolution AB (Consumer Discretionary)(b)     8,558  
  134     Getinge AB, Class B (Health Care)     2,329  
  3,574     H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)     54,665  
  1,576     Hexagon AB, Class B (Information Technology)     14,091  
  178     Holmen AB, Class B (Materials)     6,754  
  749     Husqvarna AB, Class B (Industrials)     6,464  
  297     Industrivarden AB, Class A (Financials)     7,749  
  304     Industrivarden AB, Class C (Financials)     7,918  
  1,171     Investor AB, Class B (Financials)     22,575  
  137     L E Lundbergforetagen AB, Class B (Financials)     5,578  
  346     Lifco AB, Class B (Industrials)     6,345  
  305     Nibe Industrier AB, Class B (Industrials)     2,289  
  134     Saab AB, Class B (Industrials)     7,081  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

 

 

Shares     Description  

Value

 
Common Stocks – (continued)  
Sweden – (continued)  
  225     Sandvik AB (Industrials)   $ 4,262  
  1,491     Skandinaviska Enskilda Banken AB, Class A (Financials)     17,313  
  417     Svenska Cellulosa AB SCA, Class B (Materials)     5,560  
  1,498     Svenska Handelsbanken AB, Class A (Financials)     12,498  
  991     Swedbank AB, Class A (Financials)     17,571  
  572     Swedish Orphan Biovitrum AB (Health Care)*(a)     11,054  
  984     Tele2 AB, Class B (Communication Services)     6,950  
  4,479     Telefonaktiebolaget LM Ericsson, Class B (Information Technology)(a)     23,041  
  3,116     Telia Co. AB (Communication Services)     6,292  
  500     Volvo AB, Class A (Industrials)     10,247  
  1,028     Volvo AB, Class B (Industrials)     20,767  
  3,973     Volvo Car AB, Class B (Consumer Discretionary)*     15,137  
   

 

 

 
      385,825  

 

 

 
Switzerland – 8.4%  
  1,071     ABB Ltd. (Industrials)     40,851  
  111     Adecco Group AG (Industrials)     4,792  
  170     Alcon, Inc. (Health Care)     14,227  
  86     Baloise Holding AG (Financials)     13,456  
  159     Banque Cantonale Vaudoise (Financials)     17,246  
  7     Barry Callebaut AG (Consumer Staples)     12,221  
  96     BKW AG (Utilities)     16,521  
  2     Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)     23,934  
  400     Cie Financiere Richemont SA, Class A (Consumer Discretionary)     56,881  
  314     Clariant AG (Materials)*     5,240  
  74     DSM-Firmenich AG (Materials)     6,839  
  101     Dufry AG (Consumer Discretionary)*     4,501  
  11     EMS-Chemie Holding AG (Materials)(a)     8,276  
  63     Geberit AG (Industrials)     32,711  
  3     Givaudan SA (Materials)     10,013  
  65     Helvetia Holding AG (Financials)     9,905  
  183     Julius Baer Group Ltd. (Financials)     12,734  
  193     Kuehne + Nagel International AG (Industrials)     58,102  
  512     Logitech International SA (Information Technology)     35,511  
  23     Lonza Group AG (Health Care)     12,731  
  2,129     Novartis AG (Health Care)     215,274  
  37     Partners Group Holding AG (Financials)     40,014  
  35     Schindler Holding AG (Industrials)     7,367  
  42     Schindler Holding AG Participation Certificates (Industrials)     9,375  
  512     SGS SA (Industrials)     46,594  
  159     SIG Group AG (Materials)*     4,191  
  28     Sika AG (Materials)     7,938  
  39     Sonova Holding AG (Health Care)     10,319  
  182     Straumann Holding AG (Health Care)     27,612  

 

 

 
Common Stocks – (continued)  
Switzerland – (continued)  
  68     Swatch Group AG (The) – Bearer (Consumer Discretionary)   19,147  
  312     Swatch Group AG (The) – Registered (Consumer Discretionary)     16,655  
  37     Swiss Life Holding AG (Financials)     23,233  
  116     Swiss Prime Site AG (Real Estate)     11,150  
  26     Swisscom AG (Communication Services)     15,837  
  2,175     UBS Group AG (Financials)     57,869  
  36     VAT Group AG (Industrials)(b)     14,445  
  114     Zurich Insurance Group AG (Financials)     53,563  
   

 

 

 
      977,275  

 

 

 
United Kingdom – 17.5%  
  1,565     3i Group PLC (Financials)     39,533  
  1,873     abrdn PLC (Financials)     3,919  
  947     Admiral Group PLC (Financials)     29,880  
  262     Ashtead Group PLC (Industrials)     18,339  
  903     Associated British Foods PLC (Consumer Staples)     22,799  
  1,479     AstraZeneca PLC (Health Care)     199,818  
  6,946     Auto Trader Group PLC (Communication Services)(b)     53,373  
  1,639     Aviva PLC (Financials)     7,792  
  3,165     BAE Systems PLC (Industrials)     40,406  
  17,269     Barclays PLC (Financials)     32,246  
  3,061     Barratt Developments PLC (Consumer Discretionary)     17,582  
  286     Berkeley Group Holdings PLC (Consumer Discretionary)     14,717  
  16,139     BP PLC (Energy)     99,696  
  1,998     British American Tobacco PLC (Consumer Staples)     66,396  
  2,695     BT Group PLC (Communication Services)     3,948  
  547     Bunzl PLC (Industrials)     19,616  
  2,187     Burberry Group PLC (Consumer Discretionary)     60,524  
  28,512     Centrica PLC (Utilities)     54,826  
  1,755     CNH Industrial NV (Industrials)     24,343  
  349     Coca-Cola Europacific Partners PLC (Consumer Staples)     22,374  
  1,559     Compass Group PLC (Consumer Discretionary)     39,372  
  69     Croda International PLC (Materials)     4,828  
  404     DCC PLC (Industrials)     22,151  
  1,899     Diageo PLC (Consumer Staples)     78,049  
  155     Entain PLC (Consumer Discretionary)     2,273  
  268     Halma PLC (Information Technology)     7,281  
  3,226     Hargreaves Lansdown PLC (Financials)     31,117  
  15,136     HSBC Holdings PLC (Financials)     111,836  
  1,516     Imperial Brands PLC (Consumer Staples)     34,376  
  1,659     Informa PLC (Communication Services)     15,363  
  182     InterContinental Hotels Group PLC (Consumer Discretionary)     13,731  
  125     Intertek Group PLC (Industrials)     6,558  
  16,716     J Sainsbury PLC (Consumer Staples)     57,212  
  27,534     JD Sports Fashion PLC (Consumer Discretionary)     50,677  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   59


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  

Value

 
Common Stocks – (continued)  
United Kingdom – (continued)  
  173     Johnson Matthey PLC (Materials)   $ 3,573  
  4,854     Kingfisher PLC (Consumer Discretionary)     14,393  
  403     Land Securities Group PLC REIT (Real Estate)     3,077  
  9,036     Legal & General Group PLC (Financials)     25,041  
  56,898     Lloyds Banking Group PLC (Financials)     30,537  
  245     London Stock Exchange Group PLC (Financials)     25,389  
  1,609     M&G PLC (Financials)     3,894  
  1,006     Melrose Industries PLC (Industrials)     6,534  
  2,637     National Grid PLC (Utilities)     33,087  
  4,313     NatWest Group PLC (Financials)     12,592  
  402     Next PLC (Consumer Discretionary)     35,597  
  613     Pearson PLC (Consumer Discretionary)     6,517  
  1,337     Phoenix Group Holdings PLC (Financials)     8,827  
  488     Reckitt Benckiser Group PLC (Consumer Staples)     35,260  
  1,785     RELX PLC (Industrials)     58,311  
  1,822     Rentokil Initial PLC (Industrials)     13,894  
  6,051     Rolls-Royce Holdings PLC (Industrials)*     17,045  
  4,293     Sage Group PLC (The) (Information Technology)     52,821  
  1,010     Schroders PLC (Financials)     5,270  
  321     Severn Trent PLC (Utilities)     9,762  
  1,104     Smith & Nephew PLC (Health Care)     14,969  
  706     Smiths Group PLC (Industrials)     14,672  
  53     Spirax-Sarco Engineering PLC (Industrials)     6,807  
  882     SSE PLC (Utilities)     18,178  
  1,544     St James’s Place PLC (Financials)     17,311  
  2,014     Standard Chartered PLC (Financials)     18,160  
  5,796     Taylor Wimpey PLC (Consumer Discretionary)     8,395  
  15,806     Tesco PLC (Consumer Staples)     53,216  
  1,921     Unilever PLC (Consumer Staples)     98,390  
  812     United Utilities Group PLC (Utilities)     9,744  
  38,261     Vodafone Group PLC (Communication Services)     35,494  
  220     Whitbread PLC (Consumer Discretionary)     9,590  
  911     Wise PLC, Class A (Financials)*     7,390  
  658     WPP PLC (Communication Services)     6,385  
   

 

 

 
      2,027,073  

 

 

 
United States – 9.3%  
  897     Experian PLC (Industrials)     31,394  
  520     Ferrovial SE (Industrials)     16,508  
  4,516     GSK PLC (Health Care)     79,473  
  4,442     Haleon PLC (Consumer Staples)     18,152  
  644     Holcim AG (Materials)*     42,698  
  2,567     Nestle SA (Consumer Staples)     309,232  
  404     QIAGEN NV (Health Care)*     18,499  
  789     Roche Holding AG (Health Care)     232,524  
  88     Roche Holding AG (Health Care)(a)     27,518  
  1,171     Sanofi (Health Care)     125,366  
  503     Schneider Electric SE (Industrials)     86,574  
  2,894     Stellantis NV (Consumer Discretionary)     53,950  

 

 

 
Common Stocks – (continued)  
United States – (continued)  
  225     Swiss Re AG (Financials)   21,882  
  536     Tenaris SA (Energy)     8,587  
   

 

 

 
      1,072,357  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $10,608,341)   $ 11,460,502  

 

 

 

 

Shares     Description   Rate     Value  
Preferred Stocks – 0.5%  
Germany – 0.5%  
  295     Bayerische Motoren Werke AG (Consumer Discretionary)     9.84   $ 28,416  
  237     Henkel AG & Co. KGaA (Consumer Staples)     2.60       18,191  
  57     Volkswagen AG (Consumer Discretionary)     25.69       6,993  

 

 

 
  TOTAL PREFERRED STOCKS    
  (Cost $61,472)     $ 53,600  

 

 

 

 

Units     Description  

Expiration

Month

    Value  
Right – 0.0%  
Sweden – 0.0%  
  510     Swedish Orphan Biovitrum AB*     09/23     $ 461  
  (Cost $0)        

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $10,669,813)     $ 11,514,563  

 

 

 

 

Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 1.1%(c)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  132,123     5.234%   $ 132,123  
(Cost $132,123)      

 

 

 
  TOTAL INVESTMENTS – 100.5%  
  (Cost $10,801,936)   $ 11,646,686  

 

 

 
 
LIABILITIES IN EXCESS OF OTHER
 ASSETS – (0.5)%
    (59,652

 

 

 
  NET ASSETS – 100.0%   $ 11,587,034  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

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

(c)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description      Number of
Contracts
     Expiration
Date
       Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                   

MSCI Europe Index

     2        09/15/23        $ 64,285        $ (711

 

Sector Name   % of Market
Value
 

 

 

Financials

    16.2

Health Care

    15.9  

Industrials

    15.7  

Consumer Staples

    13.3  

Consumer Discretionary

    13.2  

Information Technology

    6.5  

Energy

    5.5  

Materials

    5.3  

Utilities

    4.0  

Communication Services

    3.1  

Real Estate

    0.2  

Securities Lending Reinvestment Vehicle

    1.1  

 

 
TOTAL INVESTMENTS     100.0

 

 

 

The accompanying notes are an integral part of these financial statements.   61


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – 99.3%  
Australia – 6.1%  
  46,273     Ampol Ltd. (Energy)   $ 1,057,896  
  431,219     ANZ Group Holdings Ltd. (Financials)     7,074,138  
  214,277     APA Group (Utilities)     1,247,601  
  87,589     Aristocrat Leisure Ltd. (Consumer Discretionary)     2,320,136  
  33,066     ASX Ltd. (Financials)     1,233,301  
  532,770     Aurizon Holdings Ltd. (Industrials)     1,259,427  
  646,842     BHP Group Ltd. (Materials)     18,788,890  
  711,882     BlueScope Steel Ltd. (Materials)     9,686,671  
  332,104     Brambles Ltd. (Industrials)     3,219,855  
  32,915     Cochlear Ltd. (Health Care)     5,787,462  
  655,693     Coles Group Ltd. (Consumer Staples)     6,909,213  
  239,122     Commonwealth Bank of Australia (Financials)     15,824,351  
  100,406     Computershare Ltd. (Industrials)     1,637,404  
  228,289     Dexus REIT (Real Estate)     1,145,848  
  262,055     Endeavour Group Ltd. (Consumer Staples)     933,460  
  14,874     Flutter Entertainment PLC (Consumer Discretionary)*     2,710,494  
  244,388     Fortescue Metals Group Ltd. (Materials)     3,391,896  
  1,944,067     Glencore PLC (Materials)     10,382,110  
  59,705     Goodman Group REIT (Real Estate)     903,283  
  403,503     GPT Group (The) REIT (Real Estate)     1,097,581  
  85,814     IDP Education Ltd. (Consumer Discretionary)     1,368,873  
  113,593     IGO Ltd. (Materials)     1,024,074  
  416,839     Insurance Australia Group Ltd. (Financials)     1,571,201  
  1,718,684     Lottery Corp. Ltd. (The) (Consumer Discretionary)     5,610,054  
  52,573     Macquarie Group Ltd. (Financials)     6,044,703  
  877,773     Medibank Pvt Ltd. (Financials)     2,080,673  
  436,273     National Australia Bank Ltd. (Financials)     8,182,714  
  46,824     Newcrest Mining Ltd. (Materials)     789,375  
  205,101     Northern Star Resources Ltd. (Materials)     1,582,049  
  67,652     Orica Ltd. (Materials)     688,331  
  1,684,938     Pilbara Minerals Ltd. (Materials)     5,096,139  
  205,481     QBE Insurance Group Ltd. (Financials)     1,993,535  
  28,128     REA Group Ltd. (Communication Services)     3,007,279  
  43,883     Rio Tinto Ltd. (Materials)     3,208,712  
  125,868     Rio Tinto PLC (Materials)     7,771,333  
  479,742     Santos Ltd. (Energy)     2,383,107  
  96,258     Sonic Healthcare Ltd. (Health Care)     2,004,903  
  302,545     Stockland REIT (Real Estate)     830,800  
  380,776     Suncorp Group Ltd. (Financials)     3,361,289  
  1,031,966     Telstra Group Ltd. (Communication Services)     2,680,095  

 

 

 
Common Stocks – (continued)  
Australia – (continued)  
  377,338     Transurban Group (Industrials)   3,240,519  
  152,084     Treasury Wine Estates Ltd. (Consumer Staples)     1,149,463  
  714,509     Vicinity Ltd. REIT (Real Estate)     865,346  
  97,662     Washington H Soul Pattinson & Co. Ltd. (Financials)     2,087,909  
  267,854     Wesfarmers Ltd. (Consumer Discretionary)     9,345,135  
  462,408     Westpac Banking Corp. (Financials)     6,573,555  
  28,110     WiseTech Global Ltd. (Information Technology)     1,265,278  
  248,682     Woodside Energy Group Ltd. (Energy)     5,962,402  
  419,762     Woolworths Group Ltd. (Consumer Staples)     10,365,981  
   

 

 

 
      198,745,844  

 

 

 
Austria – 0.4%  
  39,185     Erste Group Bank AG (Financials)     1,402,196  
  51,203     Mondi PLC (Materials)     852,549  
  113,143     OMV AG (Energy)     5,252,147  
  173,382     voestalpine AG (Materials)     5,077,102  
   

 

 

 
      12,583,994  

 

 

 
Belgium – 0.7%  
  85,378     Ageas SA/NV (Financials)     3,398,954  
  100,901     Anheuser-Busch InBev SA/NV (Consumer Staples)     5,749,429  
  8,228     Elia Group SA/NV (Utilities)     951,073  
  22,539     Groupe Bruxelles Lambert NV (Financials)     1,819,047  
  26,893     KBC Group NV (Financials)     1,767,645  
  132     Lotus Bakeries NV (Consumer Staples)     1,041,545  
  33,639     Solvay SA (Materials)     3,902,930  
  45,634     UCB SA (Health Care)     4,100,991  
   

 

 

 
      22,731,614  

 

 

 
Brazil – 0.1%  
  28,226     Wheaton Precious Metals Corp. (Materials)     1,229,639  
  26,409     Yara International ASA (Materials)     965,528  
   

 

 

 
      2,195,167  

 

 

 
Canada – 10.8%  
  20,901     Agnico Eagle Mines Ltd. (Materials)     1,013,574  
  184,670     Alimentation Couche-Tard, Inc. (Consumer Staples)     9,644,689  
  45,703     AltaGas Ltd. (Utilities)     892,474  
  570,330     ARC Resources Ltd. (Energy)     8,688,053  
  91,933     Bank of Montreal (Financials)     7,907,346  
  158,989     Bank of Nova Scotia (The) (Financials)     7,534,923  
  30,952     BCE, Inc. (Communication Services)     1,309,503  
  74,303     Brookfield Asset Management Ltd., Class A (Financials)     2,564,180  
  48,233     Brookfield Corp. (Financials)     1,644,189  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Canada – (continued)  
  37,383     Cameco Corp. (Energy)   $ 1,381,537  
  31,380     Canadian Apartment Properties REIT (Real Estate)     1,124,202  
  132,462     Canadian Imperial Bank of Commerce (Financials)     5,241,890  
  43,202     Canadian National Railway Co. (Industrials)     4,860,006  
  150,661     Canadian Natural Resources Ltd. (Energy)     9,734,864  
  76,128     Canadian Pacific Kansas City Ltd. (Industrials)     6,035,322  
  8,300     Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)     983,399  
  54,623     Canadian Utilities Ltd., Class A (Utilities)     1,292,752  
  31,658     CCL Industries, Inc., Class B (Materials)     1,413,080  
  628,659     Cenovus Energy, Inc. (Energy)     12,517,886  
  61,733     CGI, Inc. (Information Technology)*     6,429,047  
  8,794     Constellation Software, Inc. (Information Technology)     18,040,131  
  20,871     Descartes Systems Group, Inc. (The) (Information Technology)*     1,562,838  
  150,566     Dollarama, Inc. (Consumer Discretionary)     9,749,871  
  150,775     Element Fleet Management Corp. (Financials)     2,314,643  
  40,254     Emera, Inc. (Utilities)     1,506,977  
  482,794     Empire Co. Ltd., Class A (Consumer Staples)     12,560,959  
  176,178     Enbridge, Inc. (Energy)     6,177,526  
  9,276     Fairfax Financial Holdings Ltd. (Financials)     7,639,579  
  23,589     FirstService Corp. (Real Estate)     3,562,541  
  46,164     Fortis, Inc. (Utilities)     1,808,072  
  8,587     Franco-Nevada Corp. (Materials)     1,235,482  
  94,880     George Weston Ltd. (Consumer Staples)     10,508,717  
  26,214     GFL Environmental, Inc. (Industrials)     848,450  
  130,416     Great-West Lifeco, Inc. (Financials)(a)     3,742,972  
  98,946     Hydro One Ltd. (Utilities)(b)     2,568,449  
  128,179     iA Financial Corp., Inc. (Financials)     8,031,142  
  58,898     IGM Financial, Inc. (Financials)     1,676,892  
  114,761     Imperial Oil Ltd. (Energy)     6,508,453  
  22,876     Intact Financial Corp. (Financials)     3,221,019  
  73,800     Ivanhoe Mines Ltd., Class A (Materials)*     655,661  
  48,073     Keyera Corp. (Energy)     1,186,058  
  163,862     Loblaw Cos. Ltd. (Consumer Staples)     14,210,376  
  476,149     Manulife Financial Corp. (Financials)     8,791,309  
  68,074     Metro, Inc. (Consumer Staples)     3,503,953  
  75,079     National Bank of Canada (Financials)     5,225,758  
  66,888     Northland Power, Inc. (Utilities)     1,263,157  
  92,389     Nutrien Ltd. (Materials)     5,844,691  
  37,315     Open Text Corp. (Information Technology)     1,501,757  

 

 

 
Common Stocks – (continued)  
Canada – (continued)  
  153,504     Parkland Corp. (Energy)   4,056,150  
  86,181     Pembina Pipeline Corp. (Energy)     2,675,341  
  237,325     Power Corp. of Canada (Financials)     6,472,739  
  64,963     Quebecor, Inc., Class B (Communication Services)     1,483,209  
  23,740     RB Global, Inc. (Industrials)     1,466,214  
  48,339     Restaurant Brands International, Inc. (Consumer Discretionary)     3,353,128  
  37,992     Rogers Communications, Inc., Class B (Communication Services)     1,543,605  
  224,788     Royal Bank of Canada (Financials)     20,226,683  
  128,097     Saputo, Inc. (Consumer Staples)     2,765,596  
  58,338     Shopify, Inc., Class A (Information Technology)*     3,875,977  
  32,050     Stantec, Inc. (Industrials)     2,138,167  
  99,798     Sun Life Financial, Inc. (Financials)(a)     4,861,736  
  290,719     Suncor Energy, Inc. (Energy)(a)     9,834,960  
  46,994     TC Energy Corp. (Energy)     1,695,042  
  20,123     Teck Resources Ltd., Class B (Materials)     831,127  
  80,460     TELUS Corp. (Communication Services)     1,411,224  
  15,119     TFI International, Inc. (Industrials)     2,057,512  
  29,945     Thomson Reuters Corp. (Industrials)     3,850,941  
  90,211     TMX Group Ltd. (Financials)     1,993,650  
  30,604     Toromont Industries Ltd. (Industrials)     2,507,223  
  260,939     Toronto-Dominion Bank (The) (Financials)     15,896,073  
  41,421     Tourmaline Oil Corp. (Energy)     2,121,336  
  42,902     West Fraser Timber Co. Ltd. (Materials)     3,238,856  
  88,256     WSP Global, Inc. (Industrials)     12,345,859  
   

 

 

 
      350,362,697  

 

 

 
Chile – 0.0%  
  35,878     Antofagasta PLC (Materials)     658,302  
  86,225     Lundin Mining Corp. (Materials)     667,902  
   

 

 

 
      1,326,204  

 

 

 
China – 0.7%  
  1,520,763     BOC Hong Kong Holdings Ltd. (Financials)     4,227,708  
  42,991     Prosus NV (Consumer Discretionary)*     2,975,994  
  3,750,782     SITC International Holdings Co. Ltd. (Industrials)     6,992,882  
  3,367,209     Wilmar International Ltd. (Consumer Staples)     9,424,695  
   

 

 

 
      23,621,279  

 

 

 
Denmark – 3.0%  
  3,496     AP Moller – Maersk A/S, Class A (Industrials)(a)     6,272,176  
  3,517     AP Moller – Maersk A/S, Class B (Industrials)     6,404,602  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   63


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Denmark – (continued)  
  26,400     Carlsberg AS, Class B (Consumer Staples)   $ 3,829,124  
  14,842     Chr Hansen Holding A/S (Materials)     971,318  
  24,078     Coloplast A/S, Class B (Health Care)     2,753,194  
  183,463     Danske Bank A/S (Financials)     4,131,755  
  56,374     Demant A/S (Health Care)*     2,312,607  
  10,079     DSV A/S (Industrials)     1,919,090  
  8,532     Genmab A/S (Health Care)*     3,280,129  
  303,164     Novo Nordisk A/S, Class B (Health Care)     56,244,903  
  30,663     Novozymes A/S, Class B (Materials)     1,332,892  
  55,259     Pandora A/S (Consumer Discretionary)     5,744,016  
  4,823     ROCKWOOL A/S, Class B (Industrials)     1,235,082  
  116,962     Tryg A/S (Financials)     2,235,529  
   

 

 

 
      98,666,417  

 

 

 
Finland – 0.7%  
  32,520     Elisa OYJ (Communication Services)     1,597,832  
  24,641     Kone OYJ, Class B (Industrials)     1,123,253  
  101,166     Metso Corp. (Industrials)     1,166,631  
  800,903     Nokia OYJ (Information Technology)     3,204,963  
  414,320     Nordea Bank Abp (Financials)     4,547,345  
  177,740     Orion OYJ, Class B (Health Care)     7,290,075  
  64,826     Sampo OYJ, Class A (Financials)     2,851,647  
  44,414     UPM-Kymmene OYJ (Materials)     1,524,234  
  56,164     Wartsila OYJ Abp (Industrials)     714,728  
   

 

 

 
      24,020,708  

 

 

 
France – 10.4%  
  44,330     Accor SA (Consumer Discretionary)     1,592,078  
  8,257     Aeroports de Paris (Industrials)     1,089,747  
  49,402     Air Liquide SA (Materials)     8,946,779  
  45,850     Airbus SE (Industrials)     6,736,957  
  91,708     Alstom SA (Industrials)     2,539,146  
  31,013     Arkema SA (Materials)     3,252,899  
  348,716     AXA SA (Financials)     10,512,255  
  43,641     BioMerieux (Health Care)     4,528,168  
  151,798     BNP Paribas SA (Financials)     9,837,462  
  1,028,094     Bollore SE (Communication Services)     6,098,077  
  66,796     Bouygues SA (Industrials)     2,312,656  
  76,466     Bureau Veritas SA (Industrials)     2,053,232  
  42,540     Capgemini SE (Information Technology)     7,957,538  
  477,564     Carrefour SA (Consumer Staples)     9,158,789  
  173,129     Cie de Saint-Gobain SA (Industrials)     11,304,402  
  71,459     Cie Generale des Etablissements Michelin (Consumer Discretionary)     2,242,203  
  369,466     Credit Agricole SA (Financials)     4,674,056  
  99,581     Danone SA (Consumer Staples)     5,817,961  
  16,617     Dassault Aviation SA (Industrials)     3,275,204  

 

 

 
Common Stocks – (continued)  
France – (continued)  
  109,326     Dassault Systemes (Information Technology)   4,344,033  
  63,290     Edenred (Financials)     4,041,827  
  108,885     Eiffage SA (Industrials)     10,792,049  
  374,485     Engie SA (Utilities)     6,052,002  
  41,092     EssilorLuxottica SA (Health Care)     7,755,804  
  101,945     Eurazeo SE (Financials)     6,024,677  
  8,376     Gecina SA REIT (Real Estate)     898,635  
  104,437     Getlink SE (Industrials)     1,751,836  
  7,538     Hermes International SCA (Consumer Discretionary)     15,551,149  
  118,423     Ipsen SA (Health Care)     15,397,947  
  10,694     Kering (Consumer Discretionary)     5,736,049  
  41,140     Klepierre SA REIT (Real Estate)     1,089,492  
  231,245     La Francaise des Jeux SAEM (Consumer Discretionary)(b)     8,382,793  
  37,070     Legrand SA (Industrials)     3,665,312  
  50,431     L’Oreal SA (Consumer Staples)     22,211,586  
  47,852     LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)     40,624,483  
  244,697     Orange SA (Communication Services)     2,750,898  
  20,667     Pernod Ricard SA (Consumer Staples)     4,064,485  
  54,526     Publicis Groupe SA (Communication Services)     4,264,497  
  17,671     Remy Cointreau SA (Consumer Staples)*     2,741,670  
  53,438     Renault SA (Consumer Discretionary)     2,165,391  
  38,380     Safran SA (Industrials)     6,177,547  
  9,867     Sartorius Stedim Biotech (Health Care)     2,806,869  
  30,197     SEB SA (Consumer Discretionary)     3,326,594  
  114,532     Societe Generale SA (Financials)     3,258,717  
  25,596     Sodexo SA (Consumer Discretionary)     2,750,838  
  23,948     Thales SA (Industrials)     3,503,717  
  376,295     TotalEnergies SE (Energy)     23,716,479  
  48,973     Valeo SE (Consumer Discretionary)     956,752  
  91,788     Veolia Environnement SA (Utilities)     2,875,095  
  84,544     Vinci SA (Industrials)     9,447,595  
  182,095     Vivendi SE (Communication Services)     1,662,126  
  16,688     Wendel SE (Financials)     1,529,586  
   

 

 

 
      336,248,139  

 

 

 
Germany – 7.5%  
  45,214     adidas AG (Consumer Discretionary)     9,050,048  
  45,737     Allianz SE (Financials)     11,136,884  
  52,152     BASF SE (Materials)     2,648,463  
  155,349     Bayer AG (Health Care)     8,521,453  
  70,536     Bayerische Motoren Werke AG (Consumer Discretionary)     7,438,973  
  22,324     Bechtle AG (Information Technology)     1,088,867  
  39,867     Beiersdorf AG (Consumer Staples)     5,226,975  
  40,410     Brenntag SE (Industrials)     3,278,022  
  10,620     Carl Zeiss Meditec AG (Health Care)     1,057,203  
  432,691     Commerzbank AG (Financials)     4,766,656  
  12,140     Covestro AG (Materials)*(b)     646,554  
  31,192     Daimler Truck Holding AG (Industrials)     1,099,924  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Germany – (continued)  
  538,688     Deutsche Bank AG (Financials)   $ 5,877,055  
  29,923     Deutsche Boerse AG (Financials)     5,321,346  
  488,075     Deutsche Lufthansa AG (Industrials)*     4,368,703  
  414,253     Deutsche Telekom AG (Communication Services)     8,876,193  
  306,752     DHL Group (Industrials)     14,344,435  
  763,479     E.ON SE (Utilities)     9,429,948  
  49,168     Evonik Industries AG (Materials)     944,819  
  104,627     Fresenius Medical Care AG & Co. KGaA (Health Care)     5,058,962  
  235,151     Fresenius SE & Co. KGaA (Health Care)     7,557,100  
  46,608     GEA Group AG (Industrials)     1,841,331  
  16,153     Hannover Rueck SE (Financials)     3,440,589  
  95,707     Heidelberg Materials AG (Materials)     7,715,881  
  261,743     HelloFresh SE (Consumer Staples)*     8,471,351  
  27,659     Henkel AG & Co. KGaA (Consumer Staples)     1,914,657  
  65,877     Infineon Technologies AG (Information Technology)     2,360,560  
  38,146     Knorr-Bremse AG (Industrials)     2,612,452  
  134,158     Mercedes-Benz Group AG (Consumer Discretionary)     9,834,393  
  32,565     Merck KGaA (Health Care)     5,867,176  
  8,811     MTU Aero Engines AG (Industrials)     2,063,700  
  17,648     Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)     6,861,057  
  93,813     Nemetschek SE (Information Technology)     6,490,005  
  87,685     Puma SE (Consumer Discretionary)     5,900,474  
  6,870     Rational AG (Industrials)     5,245,547  
  11,158     Rheinmetall AG (Industrials)     3,043,328  
  54,323     RWE AG (Utilities)     2,243,998  
  140,902     SAP SE (Information Technology)     19,700,189  
  11,769     Scout24 SE (Communication Services)(b)     812,649  
  79,666     Siemens AG (Industrials)     12,008,331  
  392,868     Siemens Energy AG (Industrials)*     5,611,416  
  25,403     Siemens Healthineers AG (Health Care)(b)     1,275,166  
  15,085     Symrise AG (Materials)     1,574,381  
  52,049     Talanx AG (Financials)     3,505,291  
  696,704     Telefonica Deutschland Holding AG (Communication Services)     1,326,319  
  168,582     Zalando SE (Consumer Discretionary)*(b)     5,256,743  
   

 

 

 
      244,715,567  

 

 

 
Hong Kong – 1.3%  
  582,829     AIA Group Ltd. (Financials)     5,291,858  
  237,761     CK Asset Holdings Ltd. (Real Estate)     1,312,851  
  148,925     CLP Holdings Ltd. (Utilities)     1,167,965  
  16,224     Futu Holdings Ltd. ADR (Financials)*     966,950  
  78,537     Hang Seng Bank Ltd. (Financials)     1,001,524  

 

 

 
Common Stocks – (continued)  
Hong Kong – (continued)  
  1,285,211     HKT Trust & HKT Ltd. (Communication Services)   $ 1,370,149  
  997,059     Hong Kong & China Gas Co. Ltd. (Utilities)     733,641  
  171,199     Hong Kong Exchanges & Clearing Ltd. (Financials)     6,636,847  
  179,620     Hongkong Land Holdings Ltd. (Real Estate)     637,651  
  49,970     Jardine Matheson Holdings Ltd. (Industrials)     2,376,573  
  219,732     MTR Corp. Ltd. (Industrials)     917,681  
  1,716,676     New World Development Co. Ltd. (Real Estate)     3,647,123  
  266,153     Power Assets Holdings Ltd. (Utilities)     1,311,801  
  167,049     Prudential PLC (Financials)     2,045,216  
  124,815     Sun Hung Kai Properties Ltd. (Real Estate)     1,405,447  
  173,149     Swire Pacific Ltd., Class A (Real Estate)     1,428,602  
  406,489     Techtronic Industries Co. Ltd. (Industrials)     4,017,330  
  13,748,207     WH Group Ltd. (Consumer Staples)(b)     7,082,954  
   

 

 

 
      43,352,163  

 

 

 
Ireland – 0.6%  
  51,643     AerCap Holdings NV (Industrials)*     3,177,077  
  499,099     AIB Group PLC (Financials)     2,276,212  
  215,659     Bank of Ireland Group PLC (Financials)     2,152,935  
  97,125     CRH PLC (Materials)     5,599,626  
  16,843     Kerry Group PLC, Class A (Consumer Staples)     1,574,687  
  25,602     Kingspan Group PLC (Industrials)     2,169,620  
  83,511     Smurfit Kappa Group PLC (Materials)     3,514,969  
   

 

 

 
      20,465,126  

 

 

 
Israel – 0.8%  
  206,393     Bank Hapoalim BM (Financials)     1,713,829  
  197,408     Bank Leumi Le-Israel BM (Financials)     1,536,833  
  28,881     Check Point Software Technologies Ltd. (Information Technology)*     3,887,094  
  215,921     ICL Group Ltd. (Materials)     1,296,106  
  296,999     Israel Discount Bank Ltd., Class A (Financials)     1,489,569  
  27,048     Mizrahi Tefahot Bank Ltd. (Financials)     891,559  
  1,075,016     Teva Pharmaceutical Industries Ltd. ADR (Health Care)*     10,492,156  
  35,105     Wix.com Ltd. (Information Technology)*     3,467,321  
   

 

 

 
      24,774,467  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   65


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Italy – 2.4%  
  308,952     Assicurazioni Generali SpA (Financials)   $ 6,414,694  
  113,655     Coca-Cola HBC AG (Consumer Staples)*     3,280,731  
  151,801     Davide Campari-Milano NV (Consumer Staples)     1,988,620  
  16,835     DiaSorin SpA (Health Care)     1,782,604  
  759,756     Enel SpA (Utilities)     5,120,775  
  555,977     Eni SpA (Energy)     8,619,391  
  30,630     Ferrari NV (Consumer Discretionary)     9,740,574  
  201,448     FinecoBank Banca Fineco SpA (Financials)     2,768,003  
  93,211     Infrastrutture Wireless Italiane SpA (Communication Services)(b)     1,154,817  
  1,447,979     Intesa Sanpaolo SpA (Financials)     3,884,907  
  172,939     Mediobanca Banca di Credito Finanziario SpA (Financials)     2,265,532  
  118,206     Moncler SpA (Consumer Discretionary)     8,036,394  
  389,802     Poste Italiane SpA (Financials)(b)     4,338,600  
  99,672     Prysmian SpA (Industrials)     4,088,086  
  88,543     Recordati Industria Chimica e Farmaceutica SpA (Health Care)     4,457,126  
  337,172     Snam SpA (Utilities)     1,743,385  
  196,971     Terna – Rete Elettrica Nazionale (Utilities)     1,629,023  
  271,585     UniCredit SpA (Financials)     6,651,369  
   

 

 

 
      77,964,631  

 

 

 
Japan – 20.4%  
  63,151     Advantest Corp. (Information Technology)     7,942,403  
  78,734     Aeon Co. Ltd. (Consumer Staples)(a)     1,632,709  
  80,436     Aisin Corp. (Consumer Discretionary)     2,689,027  
  78,602     Ajinomoto Co., Inc. (Consumer Staples)     3,332,831  
  58,068     ANA Holdings, Inc. (Industrials)*     1,312,249  
  97,089     Asahi Group Holdings Ltd. (Consumer Staples)     3,785,261  
  45,357     Asahi Intecc Co. Ltd. (Health Care)     924,369  
  551,645     Astellas Pharma, Inc. (Health Care)     8,391,097  
  41,799     Azbil Corp. (Information Technology)     1,395,358  
  194,913     Bandai Namco Holdings, Inc. (Consumer Discretionary)     4,527,910  
  156,347     BayCurrent Consulting, Inc. (Industrials)     5,383,573  
  84,825     Bridgestone Corp. (Consumer Discretionary)     3,298,378  
  231,663     Brother Industries Ltd. (Information Technology)     3,928,015  
  144,731     Canon, Inc. (Information Technology)     3,566,953  
  105,264     Capcom Co. Ltd. (Communication Services)     4,441,644  

 

 

 
Common Stocks – (continued)  
Japan – (continued)  
  10,654     Central Japan Railway Co. (Industrials)   1,367,746  
  248,639     Chiba Bank Ltd. (The) (Financials)     1,778,738  
  142,055     Chubu Electric Power Co., Inc. (Utilities)     1,897,840  
  111,892     Chugai Pharmaceutical Co. Ltd. (Health Care)     3,425,508  
  256,109     Concordia Financial Group Ltd. (Financials)     1,137,129  
  431,157     CyberAgent, Inc. (Communication Services)     2,748,317  
  91,124     Dai-ichi Life Holdings, Inc. (Financials)     1,697,172  
  191,814     Daiichi Sankyo Co. Ltd. (Health Care)     5,664,103  
  17,534     Daikin Industries Ltd. (Industrials)     3,038,054  
  28,086     Daito Trust Construction Co. Ltd. (Real Estate)     3,099,231  
  80,702     Daiwa House Industry Co. Ltd. (Real Estate)     2,243,924  
  547     Daiwa House REIT Investment Corp. REIT (Real Estate)     1,037,754  
  253,863     Daiwa Securities Group, Inc. (Financials)     1,445,564  
  31,673     Denso Corp. (Consumer Discretionary)     2,166,648  
  109,823     Dentsu Group, Inc. (Communication Services)     3,285,223  
  15,021     Disco Corp. (Information Technology)     2,965,818  
  40,720     East Japan Railway Co. (Industrials)     2,302,483  
  74,046     Eisai Co. Ltd. (Health Care)     4,708,712  
  316,325     ENEOS Holdings, Inc. (Energy)     1,186,993  
  22,768     FANUC Corp. (Industrials)     649,487  
  26,946     Fast Retailing Co. Ltd. (Consumer Discretionary)     6,196,738  
  55,943     FUJIFILM Holdings Corp. (Information Technology)     3,310,046  
  44,127     Fujitsu Ltd. (Information Technology)     5,517,959  
  1,238     GLP J REIT (Real Estate)     1,167,547  
  12,674     GMO Payment Gateway, Inc. (Financials)     803,350  
  172,445     Hakuhodo DY Holdings, Inc. (Communication Services)     1,638,752  
  26,186     Hamamatsu Photonics KK (Information Technology)     1,213,386  
  76,774     Hankyu Hanshin Holdings, Inc. (Industrials)     2,758,032  
  9,335     Hikari Tsushin, Inc. (Industrials)     1,555,566  
  6,496     Hirose Electric Co. Ltd. (Information Technology)     787,766  
  22,120     Hitachi Construction Machinery Co. Ltd. (Industrials)     689,954  
  117,312     Hitachi Ltd. (Industrials)     7,811,399  
  472,186     Honda Motor Co. Ltd. (Consumer Discretionary)     15,253,568  
  29,045     Hoshizaki Corp. (Industrials)     1,116,033  
  95,804     Hoya Corp. (Health Care)     10,630,996  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Japan – (continued)  
  52,758     Ibiden Co. Ltd. (Information Technology)   $ 3,186,100  
  85,320     Iida Group Holdings Co. Ltd. (Consumer Discretionary)     1,399,193  
  672,835     Inpex Corp. (Energy)     9,404,947  
  179,207     Isuzu Motors Ltd. (Consumer Discretionary)     2,301,865  
  262,972     ITOCHU Corp. (Industrials)     9,884,142  
  27,176     Itochu Techno-Solutions Corp. (Information Technology)     807,337  
  206,688     Japan Airlines Co. Ltd. (Industrials)     4,260,540  
  49,006     Japan Exchange Group, Inc. (Financials)     856,010  
  1,761     Japan Metropolitan Fund Invest REIT (Real Estate)     1,182,991  
  266,361     Japan Post Bank Co. Ltd. (Financials)     2,137,877  
  877,664     Japan Post Holdings Co. Ltd. (Financials)     6,733,872  
  256,567     Japan Post Insurance Co. Ltd. (Financials)     4,137,040  
  280     Japan Real Estate Investment Corp. REIT (Real Estate)     1,163,581  
  195,248     Japan Tobacco, Inc. (Consumer Staples)     4,279,537  
  128,476     JFE Holdings, Inc. (Materials)     2,032,795  
  120,469     Kajima Corp. (Industrials)     2,013,678  
  149,729     Kansai Electric Power Co., Inc. (The) (Utilities)     2,133,035  
  82,603     Kao Corp. (Consumer Staples)     3,199,494  
  19,289     Kawasaki Kisen Kaisha Ltd. (Industrials)     647,361  
  288,213     KDDI Corp. (Communication Services)     8,562,154  
  50,936     Keisei Electric Railway Co. Ltd. (Industrials)     1,951,582  
  15,106     Keyence Corp. (Information Technology)     6,279,597  
  45,158     Kikkoman Corp. (Consumer Staples)     2,613,602  
  62,232     Kintetsu Group Holdings Co. Ltd. (Industrials)     1,970,171  
  129,772     Kirin Holdings Co. Ltd. (Consumer Staples)     1,823,770  
  18,380     Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples)     909,247  
  79,464     Komatsu Ltd. (Industrials)     2,265,176  
  56,970     Kose Corp. (Consumer Staples)     4,731,032  
  37,873     Kyocera Corp. (Information Technology)     1,945,354  
  43,416     Kyowa Kirin Co. Ltd. (Health Care)     796,390  
  60,697     M3, Inc. (Health Care)     1,210,521  
  647,109     Marubeni Corp. (Industrials)     10,598,835  
  55,246     MatsukiyoCocokara & Co. (Consumer Staples)     3,254,006  
  647,727     Mazda Motor Corp. (Consumer Discretionary)     6,818,296  
  62,435     McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)     2,483,076  

 

 

 
Common Stocks – (continued)  
Japan – (continued)  
  62,303     MEIJI Holdings Co. Ltd. (Consumer Staples)   1,562,871  
  150,812     MISUMI Group, Inc. (Industrials)     2,634,820  
  385,647     Mitsubishi Chemical Group Corp. (Materials)     2,305,379  
  285,254     Mitsubishi Corp. (Industrials)     14,099,583  
  220,152     Mitsubishi Electric Corp. (Industrials)     2,871,646  
  102,009     Mitsubishi Estate Co. Ltd. (Real Estate)     1,305,023  
  475,361     Mitsubishi HC Capital, Inc. (Financials)     3,091,797  
  27,480     Mitsubishi Heavy Industries Ltd. (Industrials)     1,561,010  
  1,144,453     Mitsubishi UFJ Financial Group, Inc. (Financials)     9,146,348  
  316,387     Mitsui & Co. Ltd. (Industrials)     11,804,885  
  57,957     Mitsui Fudosan Co. Ltd. (Real Estate)     1,270,727  
  82,202     Mitsui OSK Lines Ltd. (Industrials)     2,278,856  
  405,365     Mizuho Financial Group, Inc. (Financials)     6,710,373  
  362,532     MonotaRO Co. Ltd. (Industrials)     4,288,080  
  92,250     MS&AD Insurance Group Holdings, Inc. (Financials)     3,320,328  
  54,409     Murata Manufacturing Co. Ltd. (Information Technology)     3,058,953  
  139,610     NEC Corp. (Information Technology)     7,370,556  
  72,743     Nexon Co. Ltd. (Communication Services)     1,477,495  
  64,210     NGK Insulators Ltd. (Industrials)     852,987  
  114,611     Nintendo Co. Ltd. (Communication Services)     4,933,662  
  228     Nippon Building Fund, Inc. REIT (Real Estate)     963,149  
  35,474     NIPPON EXPRESS HOLDINGS, Inc. (Industrials)     1,844,302  
  400     Nippon Prologis REIT, Inc. REIT (Real Estate)     804,753  
  101,100     Nippon Steel Corp. (Materials)     2,393,734  
  11,410,893     Nippon Telegraph & Telephone Corp. (Communication Services)     13,191,285  
  191,107     Nippon Yusen KK (Industrials)     5,101,087  
  23,479     Nissan Chemical Corp. (Materials)     1,007,637  
  22,699     Nissin Foods Holdings Co. Ltd. (Consumer Staples)     1,983,249  
  34,865     Nitori Holdings Co. Ltd. (Consumer Discretionary)     3,980,192  
  20,370     Nitto Denko Corp. (Materials)     1,392,047  
  193,279     Nomura Holdings, Inc. (Financials)     749,033  
  39,817     Nomura Real Estate Holdings, Inc. (Real Estate)     1,003,185  
  1,030     Nomura Real Estate Master Fund, Inc. REIT (Real Estate)     1,210,516  
  65,367     Nomura Research Institute Ltd. (Information Technology)     1,879,046  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   67


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Japan – (continued)  
  71,082     NTT Data Group Corp. (Information Technology)   $ 957,460  
  561,812     Obayashi Corp. (Industrials)     5,090,016  
  5,717     Obic Co. Ltd. (Information Technology)     994,688  
  214,206     Oji Holdings Corp. (Materials)     876,923  
  285,972     Olympus Corp. (Health Care)     3,870,645  
  53,720     Omron Corp. (Information Technology)     2,596,980  
  120,701     Ono Pharmaceutical Co. Ltd. (Health Care)     2,289,493  
  47,713     Oracle Corp. Japan (Information Technology)     3,333,044  
  105,574     Oriental Land Co. Ltd. (Consumer Discretionary)     3,806,422  
  121,603     ORIX Corp. (Financials)     2,271,938  
  58,825     Osaka Gas Co. Ltd. (Utilities)     941,459  
  23,772     Otsuka Corp. (Information Technology)     1,060,543  
  123,102     Otsuka Holdings Co. Ltd. (Health Care)     4,689,519  
  71,090     Pan Pacific International Holdings Corp. (Consumer Discretionary)     1,418,284  
  334,878     Panasonic Holdings Corp. (Consumer Discretionary)     3,863,225  
  309,138     Persol Holdings Co. Ltd. (Industrials)     5,297,931  
  287,192     Recruit Holdings Co. Ltd. (Industrials)     10,297,367  
  319,035     Renesas Electronics Corp. (Information Technology)*     5,370,026  
  484,883     Resona Holdings, Inc. (Financials)     2,572,210  
  740,688     Ricoh Co. Ltd. (Information Technology)     6,044,148  
  54,931     SBI Holdings, Inc. (Financials)     1,122,692  
  27,449     Secom Co. Ltd. (Industrials)     1,922,194  
  176,230     Seiko Epson Corp. (Information Technology)     2,762,956  
  88,584     Sekisui Chemical Co. Ltd. (Consumer Discretionary)     1,360,537  
  106,613     Sekisui House Ltd. (Consumer Discretionary)     2,175,320  
  161,420     Seven & i Holdings Co. Ltd. (Consumer Staples)     6,631,542  
  60,736     Shimadzu Corp. (Information Technology)     1,788,058  
  211,726     Shimizu Corp. (Industrials)     1,424,789  
  132,482     Shin-Etsu Chemical Co. Ltd. (Materials)     4,239,679  
  25,611     Shionogi & Co. Ltd. (Health Care)     1,128,865  
  157,735     Shiseido Co. Ltd. (Consumer Staples)     6,409,728  
  236,279     Shizuoka Financial Group, Inc. (Financials)     1,923,211  
  381,195     SoftBank Corp. (Communication Services)     4,372,673  
  146,381     SoftBank Group Corp. (Communication Services)     6,580,785  
  39,290     Sompo Holdings, Inc. (Financials)     1,712,907  

 

 

 
Common Stocks – (continued)  
Japan – (continued)  
  66,336     Sony Group Corp. (Consumer Discretionary)   5,533,885  
  47,310     Square Enix Holdings Co. Ltd. (Communication Services)     1,797,055  
  342,652     Subaru Corp. (Consumer Discretionary)     6,612,500  
  75,069     SUMCO Corp. (Information Technology)     1,003,945  
  322,529     Sumitomo Chemical Co. Ltd. (Materials)     893,692  
  282,647     Sumitomo Corp. (Industrials)     5,822,429  
  89,179     Sumitomo Electric Industries Ltd. (Consumer Discretionary)     1,093,719  
  182,884     Sumitomo Mitsui Financial Group, Inc. (Financials)     8,392,678  
  67,352     Sumitomo Mitsui Trust Holdings, Inc. (Financials)     2,521,797  
  78,573     Suntory Beverage & Food Ltd. (Consumer Staples)     2,544,171  
  19,067     Suzuki Motor Corp. (Consumer Discretionary)     751,102  
  57,904     Sysmex Corp. (Health Care)     3,082,831  
  40,308     T&D Holdings, Inc. (Financials)     640,537  
  108,433     Taisei Corp. (Industrials)     3,651,798  
  418,622     Takeda Pharmaceutical Co. Ltd. (Health Care)     12,962,517  
  55,256     Terumo Corp. (Health Care)     1,674,930  
  53,828     TIS, Inc. (Information Technology)     1,270,782  
  86,801     Tobu Railway Co. Ltd. (Industrials)     2,380,715  
  30,107     Toho Co. Ltd. (Communication Services)     1,148,775  
  229,652     Tokio Marine Holdings, Inc. (Financials)     5,090,408  
  64,264     Tokyo Electron Ltd. (Information Technology)     9,523,617  
  223,725     Tokyo Gas Co. Ltd. (Utilities)     5,189,541  
  181,981     Tokyu Corp. (Industrials)     2,300,622  
  136,409     TOPPAN, Inc. (Industrials)     3,299,077  
  216,938     Toray Industries, Inc. (Materials)     1,171,377  
  33,234     Toshiba Corp. (Industrials)     1,050,540  
  64,452     Tosoh Corp. (Materials)     834,952  
  27,300     TOTO Ltd. (Industrials)     749,140  
  9,363     Toyota Industries Corp. (Industrials)     662,423  
  711,848     Toyota Motor Corp. (Consumer Discretionary)     12,297,268  
  47,423     Toyota Tsusho Corp. (Industrials)     2,832,318  
  45,359     Trend Micro, Inc. (Information Technology)     1,928,268  
  59,920     Unicharm Corp. (Consumer Staples)     2,392,108  
  97,890     USS Co. Ltd. (Consumer Discretionary)     1,710,898  
  306,145     Welcia Holdings Co. Ltd. (Consumer Staples)(a)     5,630,410  
  42,807     West Japan Railway Co. (Industrials)     1,853,593  
  39,892     Yakult Honsha Co. Ltd. (Consumer Staples)     2,091,806  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Japan – (continued)  
  38,369     Yamaha Motor Co. Ltd. (Consumer Discretionary)   $ 995,957  
  64,831     Yamato Holdings Co. Ltd. (Industrials)     1,218,601  
  106,247     Yokogawa Electric Corp. (Information Technology)     2,108,009  
  159,563     Zensho Holdings Co. Ltd. (Consumer Discretionary)     7,525,223  
  320,366     ZOZO, Inc. (Consumer Discretionary)     6,402,479  
   

 

 

 
      664,108,861  

 

 

 
Jordan – 0.1%  
  138,841     Hikma Pharmaceuticals PLC (Health Care)     3,851,162  

 

 

 
Luxembourg – 0.4%  
  451,810     ArcelorMittal (Materials)     12,028,828  
  36,531     Eurofins Scientific SE (Health Care)     2,253,646  
   

 

 

 
      14,282,474  

 

 

 
Macau – 0.1%  
  145,777     Galaxy Entertainment Group Ltd. (Consumer Discretionary)*     964,813  
  481,463     Sands China Ltd. (Consumer Discretionary)*     1,630,101  
   

 

 

 
      2,594,914  

 

 

 
Netherlands – 4.5%  
  128,833     ABN AMRO Bank NV (Financials)(a)(b)     1,900,974  
  183,183     Aegon NV (Financials)     942,396  
  22,490     Akzo Nobel NV (Materials)     1,831,691  
  2,483     Argenx SE (Health Care)*     1,252,601  
  8,408     ASM International NV (Information Technology)     4,062,728  
  52,669     ASML Holding NV (Information Technology)     34,750,188  
  25,152     ASR Nederland NV (Financials)     1,102,050  
  16,350     BE Semiconductor Industries NV (Information Technology)     1,882,795  
  14,645     Euronext NV (Financials)(b)     1,059,399  
  67,617     EXOR NV (Financials)     5,998,746  
  56,950     Heineken Holding NV (Consumer Staples)     4,567,811  
  34,439     Heineken NV (Consumer Staples)     3,357,326  
  7,265     IMCD NV (Industrials)     1,003,375  
  395,122     ING Groep NV (Financials)     5,617,880  
  101,534     JDE Peet’s NV (Consumer Staples)     2,829,935  
  499,678     Koninklijke Ahold Delhaize NV (Consumer Staples)     16,364,677  
  769,797     Koninklijke KPN NV (Communication Services)     2,696,157  
  95,483     Koninklijke Philips NV (Health Care)*     2,155,556  
  54,848     NN Group NV (Financials)     2,116,862  
  109,096     Randstad NV (Industrials)     6,415,312  

 

 

 
Common Stocks – (continued)  
Netherlands – (continued)  
  970,601     Shell PLC (Energy)   29,658,988  
  68,847     Universal Music Group NV (Communication Services)     1,710,412  
  103,046     Wolters Kluwer NV (Industrials)     12,436,720  
   

 

 

 
      145,714,579  

 

 

 
New Zealand – 0.2%  
  191,206     Fisher & Paykel Healthcare Corp. Ltd. (Health Care)     2,585,616  
  358,292     Spark New Zealand Ltd. (Communication Services)     1,082,726  
  34,722     Xero Ltd. (Information Technology)*     2,813,212  
   

 

 

 
      6,481,554  

 

 

 
Norway – 0.7%  
  54,018     Aker BP ASA (Energy)     1,465,580  
  152,664     DNB Bank ASA (Financials)     3,022,524  
  265,773     Equinor ASA (Energy)     8,200,194  
  251,044     Gjensidige Forsikring ASA (Financials)     3,905,913  
  41,460     Kongsberg Gruppen ASA (Industrials)     1,718,089  
  346,080     Orkla ASA (Consumer Staples)     2,644,447  
  96,742     Telenor ASA (Communication Services)     1,035,890  
   

 

 

 
      21,992,637  

 

 

 
Portugal – 0.4%  
  246,747     EDP – Energias de Portugal SA (Utilities)     1,126,396  
  79,901     Galp Energia SGPS SA (Energy)     1,101,785  
  402,536     Jeronimo Martins SGPS SA (Consumer Staples)     10,266,975  
   

 

 

 
      12,495,156  

 

 

 
Singapore – 1.6%  
  576,693     CapitaLand Integrated Commercial Trust REIT (Real Estate)     815,612  
  152,210     City Developments Ltd. (Real Estate)     752,879  
  391,888     DBS Group Holdings Ltd. (Financials)     9,662,992  
  2,248,719     Genting Singapore Ltd. (Consumer Discretionary)     1,456,964  
  58,030     Jardine Cycle & Carriage Ltd. (Industrials)     1,436,033  
  392,783     Keppel Corp. Ltd. (Industrials)     2,018,448  
  895,239     Oversea-Chinese Banking Corp. Ltd. (Financials)     8,319,326  
  7,502,151     Seatrium Ltd. (Industrials)*     805,488  
  334,930     Sembcorp Industries Ltd. (Utilities)     1,326,824  
  394,464     Singapore Airlines Ltd. (Industrials)     2,006,640  
  1,353,208     Singapore Exchange Ltd. (Financials)     9,649,310  
  1,034,456     Singapore Telecommunications Ltd. (Communication Services)     1,823,032  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   69


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Singapore – (continued)  
  132,387     STMicroelectronics NV (Information Technology)   $ 6,274,061  
  253,067     United Overseas Bank Ltd. (Financials)     5,329,304  
   

 

 

 
      51,676,913  

 

 

 
Spain – 2.5%  
  9,266     Acciona SA (Utilities)     1,325,996  
  226,214     ACS Actividades de Construccion y Servicios SA (Industrials)     7,952,439  
  4,294     Aena SME SA (Industrials)(b)     675,772  
  46,522     Amadeus IT Group SA (Consumer Discretionary)     3,196,186  
  1,007,788     Banco Bilbao Vizcaya Argentaria SA (Financials)     7,947,573  
  2,611,426     Banco Santander SA (Financials)     10,209,192  
  545,779     CaixaBank SA (Financials)     2,211,877  
  23,483     Corp ACCIONA Energias Renovables SA (Utilities)     699,371  
  77,111     Enagas SA (Utilities)     1,317,738  
  74,468     Endesa SA (Utilities)     1,550,202  
  754,731     Iberdrola SA (Utilities)     8,977,857  
  395,473     Industria de Diseno Textil SA (Consumer Discretionary)     15,177,458  
  80,803     Naturgy Energy Group SA (Utilities)(a)     2,345,086  
  99,612     Redeia Corp. SA (Utilities)     1,622,249  
  680,775     Repsol SA (Energy)     10,506,865  
  948,273     Telefonica SA (Communication Services)     3,935,693  
   

 

 

 
      79,651,554  

 

 

 
Sweden – 1.9%  
  50,974     Alfa Laval AB (Industrials)     1,793,184  
  80,045     Assa Abloy AB, Class B (Industrials)     1,804,867  
  355,645     Atlas Copco AB, Class A (Industrials)     4,707,873  
  243,774     Atlas Copco AB, Class B (Industrials)     2,812,888  
  73,818     Epiroc AB, Class A (Industrials)     1,419,745  
  54,846     Epiroc AB, Class B (Industrials)     899,583  
  116,451     Essity AB, Class B (Consumer Staples)     2,719,342  
  11,720     Evolution AB (Consumer Discretionary)(b)     1,269,625  
  572,888     H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)     8,762,389  
  87,510     Hexagon AB, Class B (Information Technology)     782,403  
  30,748     Holmen AB, Class B (Materials)     1,166,750  
  130,149     Husqvarna AB, Class B (Industrials)(a)     1,123,214  
  50,857     Industrivarden AB, Class A (Financials)     1,326,939  
  61,282     Industrivarden AB, Class C (Financials)     1,596,145  

 

 

 
Common Stocks – (continued)  
Sweden – (continued)  
  186,845     Investor AB, Class B (Financials)   3,602,131  
  23,637     L E Lundbergforetagen AB, Class B (Financials)     962,326  
  36,559     Lifco AB, Class B (Industrials)     670,421  
  17,694     Saab AB, Class B (Industrials)     934,963  
  58,696     Sandvik AB (Industrials)     1,111,750  
  191,015     Skandinaviska Enskilda Banken AB, Class A (Financials)     2,218,062  
  83,520     Svenska Cellulosa AB SCA, Class B (Materials)     1,113,610  
  257,506     Svenska Handelsbanken AB, Class A (Financials)     2,148,490  
  165,005     Swedbank AB, Class A (Financials)     2,925,663  
  101,231     Swedish Orphan Biovitrum AB (Health Care)*(a)     1,956,226  
  190,307     Tele2 AB, Class B (Communication Services)     1,344,153  
  700,575     Telefonaktiebolaget LM Ericsson, Class B (Information Technology)     3,603,995  
  618,315     Telia Co. AB (Communication Services)     1,248,500  
  83,499     Volvo AB, Class A (Industrials)     1,711,173  
  179,414     Volvo AB, Class B (Industrials)     3,624,360  
  363,423     Volvo Car AB, Class B (Consumer Discretionary)*(a)     1,384,671  
   

 

 

 
      62,745,441  

 

 

 
Switzerland – 4.9%  
  157,645     ABB Ltd. (Industrials)     6,013,088  
  27,408     Adecco Group AG (Industrials)     1,183,206  
  27,336     Alcon, Inc. (Health Care)     2,287,775  
  17,612     Baloise Holding AG (Financials)     2,755,707  
  26,542     Banque Cantonale Vaudoise (Financials)     2,878,827  
  1,020     Barry Callebaut AG (Consumer Staples)     1,780,742  
  12,746     BKW AG (Utilities)     2,193,481  
  375     Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)     4,487,688  
  56,910     Cie Financiere Richemont SA, Class A (Consumer Discretionary)     8,092,721  
  42,804     Clariant AG (Materials)*     714,329  
  14,093     DSM-Firmenich AG (Materials)     1,302,441  
  15,507     Dufry AG (Consumer Discretionary)*     691,034  
  3,477     EMS-Chemie Holding AG (Materials)(a)     2,615,869  
  7,930     Geberit AG (Industrials)     4,117,405  
  576     Givaudan SA (Materials)     1,922,500  
  11,810     Helvetia Holding AG (Financials)     1,799,746  
  27,948     Julius Baer Group Ltd. (Financials)     1,944,731  
  34,333     Kuehne + Nagel International AG (Industrials)     10,335,856  
  68,391     Logitech International SA (Information Technology)     4,743,428  
  2,839     Lonza Group AG (Health Care)     1,571,454  
  334,986     Novartis AG (Health Care)     33,872,176  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Switzerland – (continued)  
  7,709     Partners Group Holding AG (Financials)   $ 8,336,979  
  7,388     Schindler Holding AG (Industrials)     1,554,972  
  6,390     Schindler Holding AG Participation Certificates (Industrials)     1,426,310  
  71,228     SGS SA (Industrials)     6,482,091  
  5,158     Sika AG (Materials)     1,462,285  
  6,324     Sonova Holding AG (Health Care)     1,673,273  
  40,996     Straumann Holding AG (Health Care)     6,219,603  
  14,313     Swatch Group AG (The) – Bearer (Consumer Discretionary)     4,030,165  
  64,516     Swatch Group AG (The) – Registered (Consumer Discretionary)     3,444,019  
  6,365     Swiss Life Holding AG (Financials)     3,996,636  
  20,554     Swiss Prime Site AG (Real Estate)     1,975,697  
  4,449     Swisscom AG (Communication Services)     2,709,949  
  316,207     UBS Group AG (Financials)     8,413,093  
  5,510     VAT Group AG (Industrials)(b)     2,210,862  
  16,338     Zurich Insurance Group AG (Financials)     7,676,502  
   

 

 

 
      158,916,640  

 

 

 
United Kingdom – 10.5%  
  310,083     3i Group PLC (Financials)     7,832,899  
  398,970     abrdn PLC (Financials)     834,672  
  253,940     Admiral Group PLC (Financials)     8,012,329  
  24,209     Ashtead Group PLC (Industrials)     1,694,567  
  170,107     Associated British Foods PLC (Consumer Staples)     4,294,858  
  216,809     AstraZeneca PLC (Health Care)     29,291,682  
  1,225,542     Auto Trader Group PLC (Communication Services)(b)     9,417,068  
  275,053     Aviva PLC (Financials)     1,307,698  
  526,410     BAE Systems PLC (Industrials)     6,720,437  
  2,245,861     Barclays PLC (Financials)     4,193,637  
  1,059,875     Barratt Developments PLC (Consumer Discretionary)     6,087,917  
  60,936     Berkeley Group Holdings PLC (Consumer Discretionary)     3,135,705  
  2,686,129     BP PLC (Energy)     16,593,187  
  353,168     British American Tobacco PLC (Consumer Staples)     11,736,137  
  84,440     Bunzl PLC (Industrials)     3,028,050  
  393,333     Burberry Group PLC (Consumer Discretionary)     10,885,324  
  4,718,769     Centrica PLC (Utilities)     9,073,728  
  921,052     CK Hutchison Holdings Ltd. (Industrials)     5,021,197  
  352,428     CNH Industrial NV (Industrials)     4,888,450  
  75,612     Coca-Cola Europacific Partners PLC (Consumer Staples)     4,847,485  
  300,040     Compass Group PLC (Consumer Discretionary)     7,577,305  

 

 

 
Common Stocks – (continued)  
United Kingdom – (continued)  
  10,770     Croda International PLC (Materials)   $ 753,599  
  72,120     DCC PLC (Industrials)     3,954,312  
  241,021     Diageo PLC (Consumer Staples)     9,905,973  
  44,898     Halma PLC (Information Technology)     1,219,776  
  477,241     Hargreaves Lansdown PLC (Financials)     4,603,253  
  2,192,220     HSBC Holdings PLC (Financials)     16,197,780  
  271,628     Imperial Brands PLC (Consumer Staples)     6,159,346  
  297,802     Informa PLC (Communication Services)     2,757,747  
  31,426     InterContinental Hotels Group PLC (Consumer Discretionary)     2,370,971  
  28,252     Intertek Group PLC (Industrials)     1,482,101  
  3,203,252     J Sainsbury PLC (Consumer Staples)     10,963,369  
  4,102,293     JD Sports Fashion PLC (Consumer Discretionary)     7,550,421  
  1,418,463     Kingfisher PLC (Consumer Discretionary)     4,205,932  
  96,945     Land Securities Group PLC REIT (Real Estate)     740,258  
  1,359,393     Legal & General Group PLC (Financials)     3,767,230  
  12,535,195     Lloyds Banking Group PLC (Financials)     6,727,661  
  39,288     London Stock Exchange Group PLC (Financials)     4,071,321  
  197,838     Melrose Industries PLC (Industrials)     1,285,040  
  243,172     National Grid PLC (Utilities)     3,051,159  
  811,005     NatWest Group PLC (Financials)     2,367,742  
  75,399     Next PLC (Consumer Discretionary)     6,676,469  
  101,461     Pearson PLC (Consumer Discretionary)     1,078,672  
  247,572     Phoenix Group Holdings PLC (Financials)     1,634,435  
  76,806     Reckitt Benckiser Group PLC (Consumer Staples)     5,549,460  
  296,353     RELX PLC (Industrials)     9,681,008  
  303,285     Rentokil Initial PLC (Industrials)     2,312,765  
  955,837     Rolls-Royce Holdings PLC (Industrials)*     2,692,475  
  825,576     Sage Group PLC (The) (Information Technology)     10,157,916  
  128,280     Schroders PLC (Financials)     669,381  
  57,061     Severn Trent PLC (Utilities)     1,735,318  
  233,720     Smith & Nephew PLC (Health Care)     3,168,896  
  121,376     Smiths Group PLC (Industrials)     2,522,348  
  9,293     Spirax-Sarco Engineering PLC (Industrials)     1,193,460  
  157,400     SSE PLC (Utilities)     3,244,047  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   71


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
United Kingdom – (continued)  
  285,073     St James’s Place PLC (Financials)   $ 3,196,168  
  328,880     Standard Chartered PLC (Financials)     2,965,526  
  1,120,154     Taylor Wimpey PLC (Consumer Discretionary)     1,622,379  
  2,398,676     Tesco PLC (Consumer Staples)     8,075,910  
  262,125     Unilever PLC (Consumer Staples)     13,425,581  
  148,696     United Utilities Group PLC (Utilities)     1,784,340  
  4,918,088     Vodafone Group PLC (Communication Services)     4,562,418  
  39,521     Whitbread PLC (Consumer Discretionary)     1,722,720  
  139,628     Wise PLC, Class A (Financials)*     1,132,704  
  81,771     WPP PLC (Communication Services)     793,493  
   

 

 

 
      342,207,212  

 

 

 
United States – 5.5%  
  38,176     BRP, Inc. (Consumer Discretionary)     2,915,648  
  27,650     CSL Ltd. (Health Care)     4,898,246  
  146,751     Experian PLC (Industrials)     5,136,095  
  88,616     Ferrovial SE (Industrials)     2,813,248  
  711,748     GSK PLC (Health Care)     12,525,478  
  789,949     Haleon PLC (Consumer Staples)     3,228,175  
  98,940     Holcim AG (Materials)*     6,559,781  
  94,104     James Hardie Industries PLC CDI (Materials)*     2,835,839  
  7,313     Monday.com Ltd. (Information Technology)*     1,297,619  
  392,676     Nestle SA (Consumer Staples)     47,303,398  
  60,669     QIAGEN NV (Health Care)*     2,778,090  
  14,224     Roche Holding AG (Health Care)     4,447,969  
  125,156     Roche Holding AG (Health Care)     36,884,355  
  179,476     Sanofi (Health Care)     19,214,513  
  68,414     Schneider Electric SE (Industrials)     11,775,066  
  412,340     Stellantis NV (Consumer Discretionary)     7,686,833  
  39,941     Swiss Re AG (Financials)     3,884,440  
  148,711     Tenaris SA (Energy)     2,382,316  
   

 

 

 
      178,567,109  

 

 

 
Zambia – 0.1%  
  81,492     First Quantum Minerals Ltd. (Materials)     2,186,451  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $2,886,888,533)   $ 3,229,246,674  

 

 

 

 

Shares     Description   Rate   Value  
Preferred Stocks – 0.3%  
Germany – 0.3%      
  49,491     Bayerische Motoren Werke AG (Consumer Discretionary)   9.84%   $ 4,767,213  

 

 

 
Preferred Stocks – (continued)  
Germany – (continued)      
  37,179     Henkel AG & Co. KGaA (Consumer Staples)   2.60   $ 2,853,710  
  9,139     Volkswagen AG (Consumer Discretionary)   25.69     1,121,246  

 

 

 
  TOTAL PREFERRED STOCKS    
  (Cost $9,506,339)     $ 8,742,169  

 

 

 

 

Units     Description   Expiration
Month
  Value  
Rights – 0.0%       
Canada – 0.0%      
  8,785     Constellation Software, Inc.*   10/23   $ 4,870  

 

 

 
Sweden – 0.0%      
  88,015     Swedish Orphan Biovitrum AB*(a)   09/23     79,495  

 

 

 
  TOTAL RIGHTS  
  (Cost $0)   $ 84,365  

 

 

 

 

Principal
Amount
        Interest
Rate
    Value  
Warrant – 0.0%  
Canada – 0.0%        
  8,722     Constellation Software, Inc. (Information Technology)*     08/28     $  
  (Cost $0)        

 

 

 
 

TOTAL INVESTMENTS BEFORE SECURITIES

LENDING REINVESTMENT VEHICLE

 

 

  (Cost $2,896,394,872)     $ 3,238,073,208  

 

 

 

 

Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 1.1%(c)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  37,159,558     5.234%   $ 37,159,558  
(Cost $37,159,558)      

 

 

 
  TOTAL INVESTMENTS – 100.7%  
  (Cost $2,933,554,430)   $ 3,275,232,766  

 

 

 
 
LIABILITIES IN EXCESS OF
 OTHER ASSETS – (0.7)%
    (24,170,981

 

 

 
  NET ASSETS – 100.0%   $ 3,251,061,785  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

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

(c)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

ADR

 

—American Depositary Receipt

CVA

 

—Dutch Certification

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description      Number of
Contracts
     Expiration
Date
       Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                   

E-Mini MSCI EAFE Index Future

     91        09/15/23        $ 9,597,315        $ (92,712

 

Sector Name   % of Market
Value
 

 

 

Financials

    18.5

Industrials

    16.1  

Consumer Discretionary

    12.5  

Consumer Staples

    12.3  

Health Care

    12.2  

Information Technology

    7.7  

Energy

    5.9  

Materials

    5.6  

Communication Services

    4.0  

Utilities

    2.9  

Real Estate

    1.2  

Securities Lending Reinvestment Vehicle

    1.1  

 

 
TOTAL INVESTMENTS     100.0

 

 

 

The accompanying notes are an integral part of these financial statements.   73


GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – 99.8%  
Communication Services – 7.4%      
  1,433     Capcom Co. Ltd.   $ 60,466  
  3,625     CyberAgent, Inc.     23,107  
  1,312     Dentsu Group, Inc.     39,247  
  4,726     Hakuhodo DY Holdings, Inc.     44,911  
  5,325     KDDI Corp.     158,194  
  816     Koei Tecmo Holdings Co. Ltd.     12,681  
  268     Konami Group Corp.     15,566  
  1,272     Nexon Co. Ltd.     25,836  
  3,452     Nintendo Co. Ltd.     148,598  
  138,800     Nippon Telegraph & Telephone Corp.     160,456  
  10,333     SoftBank Corp.     118,529  
  3,336     SoftBank Group Corp.     149,975  
  686     Square Enix Holdings Co. Ltd.     26,058  
  357     Toho Co. Ltd.     13,622  
  5,452     Z Holdings Corp.     16,395  
   

 

 

 
      1,013,641  

 

 

 
Consumer Discretionary – 18.8%      
  2,552     Aisin Corp.     85,315  
  2,278     Bandai Namco Holdings, Inc.     52,919  
  2,099     Bridgestone Corp.     81,619  
  1,027     Denso Corp.     70,254  
  584     Fast Retailing Co. Ltd.     134,302  
  8,655     Honda Motor Co. Ltd.     279,592  
  1,521     Iida Group Holdings Co. Ltd.     24,943  
  2,236     Isuzu Motors Ltd.     28,721  
  504     Koito Manufacturing Co. Ltd.     8,570  
  12,273     Mazda Motor Corp.     129,192  
  975     McDonald’s Holdings Co. Japan Ltd.     38,776  
  3,952     Nissan Motor Co. Ltd.     16,852  
  415     Nitori Holdings Co. Ltd.     47,376  
  180     Open House Group Co. Ltd.     6,090  
  2,787     Oriental Land Co. Ltd.     100,484  
  1,830     Pan Pacific International Holdings Corp.     36,510  
  9,883     Panasonic Holdings Corp.     114,012  
  1,417     Rakuten Group, Inc.     5,531  
  1,959     Sekisui Chemical Co. Ltd.     30,088  
  2,419     Sekisui House Ltd.     49,357  
  1,197     Sharp Corp.*     7,374  
  191     Shimano, Inc.     28,076  
  3,541     Sony Group Corp.     295,398  
  5,804     Subaru Corp.     112,006  
  4,594     Sumitomo Electric Industries Ltd.     56,342  
  829     Suzuki Motor Corp.     32,657  
  31,667     Toyota Motor Corp.     547,052  
  989     USS Co. Ltd.     17,286  
  410     Yamaha Corp.     12,670  
  1,380     Yamaha Motor Co. Ltd.     35,821  
  1,202     Zensho Holdings Co. Ltd.     56,688  
  1,626     ZOZO, Inc.     32,495  
   

 

 

 
      2,574,368  

 

 

 
Consumer Staples – 7.7%      
  3,342     Aeon Co. Ltd.(a)     69,303  
  2,136     Ajinomoto Co., Inc.     90,569  
  2,043     Asahi Group Holdings Ltd.     79,651  
  4,884     Japan Tobacco, Inc.     107,050  

 

 

 
Common Stocks – (continued)  
Consumer Staples – (continued)      
  1,518     Kao Corp.   58,797  
  574     Kikkoman Corp.     33,221  
  3,646     Kirin Holdings Co. Ltd.     51,240  
  321     Kobayashi Pharmaceutical Co. Ltd.     15,880  
  308     Kobe Bussan Co. Ltd.     7,667  
  333     Kose Corp.     27,654  
  1,106     MatsukiyoCocokara & Co.     65,144  
  1,019     MEIJI Holdings Co. Ltd.     25,562  
  562     Nissin Foods Holdings Co. Ltd.     49,103  
  3,550     Seven & i Holdings Co. Ltd.     145,843  
  1,365     Shiseido Co. Ltd.     55,468  
  1,164     Suntory Beverage & Food Ltd.     37,690  
  1,278     Unicharm Corp.     51,020  
  1,559     Welcia Holdings Co. Ltd.(a)     28,672  
  921     Yakult Honsha Co. Ltd.     48,294  
   

 

 

 
      1,047,828  

 

 

 
Energy – 1.2%      
  3,756     ENEOS Holdings, Inc.     14,094  
  254     Idemitsu Kosan Co. Ltd.     5,400  
  9,806     Inpex Corp.     137,069  
   

 

 

 
      156,563  

 

 

 
Financials – 12.0%      
  4,408     Chiba Bank Ltd. (The)     31,534  
  5,926     Concordia Financial Group Ltd.     26,311  
  1,767     Dai-ichi Life Holdings, Inc.     32,910  
  3,952     Daiwa Securities Group, Inc.     22,504  
  282     GMO Payment Gateway, Inc.     17,875  
  2,081     Japan Exchange Group, Inc.     36,350  
  3,963     Japan Post Bank Co. Ltd.     31,808  
  16,107     Japan Post Holdings Co. Ltd.     123,581  
  6,976     Japan Post Insurance Co. Ltd.     112,485  
  11,473     Mitsubishi HC Capital, Inc.     74,622  
  37,255     Mitsubishi UFJ Financial Group, Inc.     297,738  
  10,922     Mizuho Financial Group, Inc.     180,802  
  1,413     MS&AD Insurance Group Holdings, Inc.     50,858  
  4,408     Nomura Holdings, Inc.     17,083  
  2,359     ORIX Corp.     44,074  
  8,986     Resona Holdings, Inc.     47,669  
  704     SBI Holdings, Inc.     14,388  
  4,465     Shizuoka Financial Group, Inc.     36,343  
  671     Sompo Holdings, Inc.     29,253  
  4,564     Sumitomo Mitsui Financial Group, Inc.     209,445  
  1,291     Sumitomo Mitsui Trust Holdings, Inc.     48,338  
  1,460     T&D Holdings, Inc.     23,201  
  5,644     Tokio Marine Holdings, Inc.     125,103  
   

 

 

 
      1,634,275  

 

 

 
Health Care – 8.8%      
  1,196     Asahi Intecc Co. Ltd.     24,374  
  8,759     Astellas Pharma, Inc.     133,234  
  2,264     Chugai Pharmaceutical Co. Ltd.     69,311  
  5,846     Daiichi Sankyo Co. Ltd.     172,627  
  1,188     Eisai Co. Ltd.     75,547  
  1,242     Hoya Corp.     137,820  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Health Care – (continued)      
  1,287     Kyowa Kirin Co. Ltd.   $ 23,608  
  1,191     M3, Inc.     23,753  
  4,501     Olympus Corp.     60,921  
  2,937     Ono Pharmaceutical Co. Ltd.     55,710  
  2,251     Otsuka Holdings Co. Ltd.     85,751  
  984     Shionogi & Co. Ltd.     43,372  
  684     Sysmex Corp.     36,416  
  6,875     Takeda Pharmaceutical Co. Ltd.     212,883  
  1,697     Terumo Corp.     51,440  
   

 

 

 
      1,206,767  

 

 

 
Industrials – 22.6%      
  431     AGC, Inc.     15,137  
  1,169     ANA Holdings, Inc.*     26,418  
  707     BayCurrent Consulting, Inc.     24,344  
  234     Central Japan Railway Co.     30,041  
  622     Dai Nippon Printing Co. Ltd.     17,017  
  296     Daifuku Co. Ltd.     5,476  
  633     Daikin Industries Ltd.     109,678  
  747     East Japan Railway Co.     42,239  
  1,787     FANUC Corp.     50,977  
  286     Fuji Electric Co. Ltd.     13,506  
  798     Hankyu Hanshin Holdings, Inc.     28,667  
  74     Hikari Tsushin, Inc.     12,331  
  631     Hitachi Construction Machinery Co. Ltd.     19,682  
  3,237     Hitachi Ltd.     215,541  
  523     Hoshizaki Corp.     20,096  
  4,608     ITOCHU Corp.     173,198  
  2,046     Japan Airlines Co. Ltd.     42,175  
  2,363     Kajima Corp.     39,498  
  927     Kawasaki Kisen Kaisha Ltd.     31,111  
  281     Keio Corp.     9,728  
  984     Keisei Electric Railway Co. Ltd.     37,701  
  472     Kintetsu Group Holdings Co. Ltd.     14,943  
  2,375     Komatsu Ltd.     67,701  
  1,197     Kubota Corp.     19,198  
  402     Kurita Water Industries Ltd.     15,692  
  961     Lixil Corp.     12,043  
  127     Makita Corp.     3,488  
  9,588     Marubeni Corp.     157,039  
  404     MINEBEA MITSUMI, Inc.     6,870  
  1,345     MISUMI Group, Inc.     23,498  
  6,019     Mitsubishi Corp.     297,508  
  6,357     Mitsubishi Electric Corp.     82,920  
  531     Mitsubishi Heavy Industries Ltd.     30,164  
  6,119     Mitsui & Co. Ltd.     228,309  
  799     Mitsui OSK Lines Ltd.     22,150  
  1,934     MonotaRO Co. Ltd.     22,876  
  1,501     NGK Insulators Ltd.     19,940  
  528     NIDEC Corp.     27,679  
  1,438     NIPPON EXPRESS HOLDINGS, Inc.     74,762  
  2,626     Nippon Yusen KK     70,094  
  14,019     Obayashi Corp.     127,012  
  801     Odakyu Electric Railway Co. Ltd.     11,917  
  2,107     Persol Holdings Co. Ltd.     36,109  
  4,822     Recruit Holdings Co. Ltd.     172,894  
  593     Secom Co. Ltd.     41,527  

 

 

 
Common Stocks – (continued)  
Industrials – (continued)      
  693     SG Holdings Co. Ltd.   10,015  
  3,254     Shimizu Corp.     21,898  
  117     SMC Corp.     56,738  
  4,434     Sumitomo Corp.     91,339  
  1,143     Taisei Corp.     38,494  
  875     Tobu Railway Co. Ltd.     23,999  
  1,689     Tokyu Corp.     21,353  
  1,551     TOPPAN, Inc.     37,511  
  947     Toshiba Corp.     29,935  
  657     TOTO Ltd.     18,029  
  378     Toyota Industries Corp.     26,743  
  1,717     Toyota Tsusho Corp.     102,547  
  632     West Japan Railway Co.     27,366  
  651     Yamato Holdings Co. Ltd.     12,237  
  571     Yaskawa Electric Corp.     22,438  
   

 

 

 
      3,091,536  

 

 

 
Information Technology – 14.3%      
  798     Advantest Corp.     100,363  
  628     Azbil Corp.     20,964  
  2,792     Brother Industries Ltd.     47,340  
  4,559     Canon, Inc.     112,358  
  398     Disco Corp.     78,583  
  1,152     FUJIFILM Holdings Corp.     68,162  
  728     Fujitsu Ltd.     91,034  
  803     Hamamatsu Photonics KK     37,209  
  139     Hirose Electric Co. Ltd.     16,857  
  512     Ibiden Co. Ltd.     30,920  
  680     Itochu Techno-Solutions Corp.     20,201  
  581     Keyence Corp.     241,523  
  942     Kyocera Corp.     48,386  
  126     Lasertec Corp.     19,625  
  1,773     Murata Manufacturing Co. Ltd.     99,681  
  1,617     NEC Corp.     85,368  
  1,339     Nomura Research Institute Ltd.     38,491  
  1,714     NTT Data Group Corp.     23,087  
  152     Obic Co. Ltd.     26,446  
  687     Omron Corp.     33,212  
  543     Oracle Corp. Japan     37,932  
  658     Otsuka Corp.     29,356  
  5,526     Renesas Electronics Corp.*     93,014  
  6,482     Ricoh Co. Ltd.     52,894  
  123     Rohm Co. Ltd.     10,282  
  1,031     SCSK Corp.     17,889  
  3,106     Seiko Epson Corp.     48,696  
  1,130     Shimadzu Corp.     33,267  
  1,015     SUMCO Corp.     13,574  
  716     TDK Corp.     26,135  
  1,597     TIS, Inc.     37,702  
  1,527     Tokyo Electron Ltd.     226,294  
  959     Trend Micro, Inc.     40,768  
  2,296     Yokogawa Electric Corp.     45,554  
   

 

 

 
      1,953,167  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   75


GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Materials – 4.0%      
  2,662     Asahi Kasei Corp.   $ 17,221  
  4,954     JFE Holdings, Inc.     78,384  
  120     JSR Corp.     3,355  
  9,720     Mitsubishi Chemical Group Corp.     58,106  
  301     Mitsui Chemicals, Inc.     8,179  
  1,404     Nippon Paint Holdings Co. Ltd.     10,859  
  453     Nippon Sanso Holdings Corp.     10,943  
  3,365     Nippon Steel Corp.     79,673  
  663     Nissan Chemical Corp.     28,453  
  452     Nitto Denko Corp.     30,889  
  3,463     Oji Holdings Corp.     14,177  
  5,288     Shin-Etsu Chemical Co. Ltd.     169,226  
  3,982     Sumitomo Chemical Co. Ltd.     11,034  
  155     Sumitomo Metal Mining Co. Ltd.     4,812  
  2,007     Toray Industries, Inc.     10,837  
  1,053     Tosoh Corp.     13,641  
   

 

 

 
      549,789  

 

 

 
Real Estate – 1.7%      
  375     Daito Trust Construction Co. Ltd.     41,380  
  1,516     Daiwa House Industry Co. Ltd.     42,152  
  6     Daiwa House REIT Investment Corp. REIT     11,383  
  10     GLP J REIT     9,431  
  1,590     Hulic Co. Ltd.     14,285  
  16     Japan Metropolitan Fund Invest REIT     10,748  
  3     Japan Real Estate Investment Corp. REIT     12,467  
  1,197     Mitsubishi Estate Co. Ltd.     15,314  
  1,097     Mitsui Fudosan Co. Ltd.     24,052  
  3     Nippon Building Fund, Inc. REIT     12,673  
  4     Nippon Prologis REIT, Inc. REIT     8,048  
  394     Nomura Real Estate Holdings, Inc.     9,927  
  10     Nomura Real Estate Master Fund, Inc. REIT     11,753  
  284     Sumitomo Realty & Development Co. Ltd.     7,274  
   

 

 

 
      230,887  

 

 

 
Common Stocks – (continued)  
Utilities – 1.3%      
  1,779     Chubu Electric Power Co., Inc.   23,767  
  1,493     Kansai Electric Power Co., Inc. (The)     21,269  
  646     Osaka Gas Co. Ltd.     10,339  
  5,439     Tokyo Gas Co. Ltd.     126,164  
   

 

 

 
      181,539  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $11,912,892)   $ 13,640,360  

 

 

 

 

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

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  96,777     5.234%   $ 96,777  
(Cost $96,777)      

 

 

 
  TOTAL INVESTMENTS – 100.5%  
  (Cost $12,009,669)   $ 13,737,137  

 

 

 
 

LIABILITIES IN EXCESS OF OTHER

 ASSETS – (0.5)%

    (65,862

 

 

 
  NET ASSETS – 100.0%   $ 13,671,275  

 

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

REIT  

Real Estate Investment Trust

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description      Number of
Contracts
       Expiration
Date
       Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                   

E-Mini Topix Index Future

       1          09/07/23        $ 16,008        $ 942  

 

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


GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – 99.5%  
Communication Services – 9.0%      
  129     Activision Blizzard, Inc.   $ 11,867  
  1,160     Alphabet, Inc., Class A*     157,957  
  1,136     Alphabet, Inc., Class C*     156,029  
  2,182     AT&T, Inc.     32,272  
  17     Charter Communications, Inc., Class A*     7,448  
  1,014     Comcast Corp., Class A     47,415  
  69     Electronic Arts, Inc.     8,279  
  157     Interpublic Group of Cos., Inc. (The)     5,120  
  458     Meta Platforms, Inc., Class A*     135,518  
  52     Netflix, Inc.*     22,551  
  114     Omnicom Group, Inc.     9,235  
  241     Pinterest, Inc., Class A*     6,625  
  157     Snap, Inc., Class A*     1,625  
  9     Spotify Technology SA*     1,386  
  97     T-Mobile US, Inc.*     13,216  
  458     Verizon Communications, Inc.     16,021  
  28     Walt Disney Co. (The)*     2,343  
  2,440     Warner Bros Discovery, Inc.*     32,061  
   

 

 

 
      666,968  

 

 

 
Consumer Discretionary – 8.8%      
  19     AutoZone, Inc.*     48,095  
  10     Booking Holdings, Inc.*     31,050  
  37     Burlington Stores, Inc.*     6,004  
  2     Chipotle Mexican Grill, Inc.*     3,853  
  56     Darden Restaurants, Inc.     8,709  
  43     Deckers Outdoor Corp.*     22,751  
  23     Domino’s Pizza, Inc.     8,910  
  148     D.R. Horton, Inc.     17,615  
  388     eBay, Inc.     17,375  
  193     Etsy, Inc.*     14,199  
  94     Expedia Group, Inc.*     10,189  
  96     Garmin Ltd.     10,178  
  179     Genuine Parts Co.     27,518  
  10     Hilton Worldwide Holdings, Inc.     1,486  
  118     Home Depot, Inc. (The)     38,975  
  59     Las Vegas Sands Corp.     3,237  
  273     Lennar Corp., Class A     32,512  
  360     LKQ Corp.     18,911  
  87     Lowe’s Cos., Inc.     20,052  
  62     McDonald’s Corp.     17,431  
  462     MGM Resorts International     20,319  
  234     NIKE, Inc., Class B     23,800  
  4     NVR, Inc.*     25,509  
  57     O’Reilly Automotive, Inc.*     53,563  
  40     Pool Corp.     14,624  
  172     PulteGroup, Inc.     14,114  
  213     Ross Stores, Inc.     25,945  
  82     Royal Caribbean Cruises Ltd.*     8,113  
  515     TJX Cos., Inc. (The)     47,627  
  74     Tractor Supply Co.     16,169  
  98     Ulta Beauty, Inc.*     40,673  
  23     Yum! Brands, Inc.     2,976  
   

 

 

 
      652,482  

 

 

 
Common Stocks – (continued)  
Consumer Staples – 6.9%      
  120     Brown-Forman Corp., Class B   7,935  
  199     Church & Dwight Co., Inc.     19,257  
  121     Clorox Co. (The)     18,930  
  547     Coca-Cola Co. (The)     32,727  
  152     Colgate-Palmolive Co.     11,167  
  143     Conagra Brands, Inc.     4,273  
  66     Constellation Brands, Inc., Class A     17,197  
  72     Dollar General Corp.     9,972  
  103     Dollar Tree, Inc.*     12,603  
  90     Estee Lauder Cos., Inc. (The), Class A     14,448  
  253     General Mills, Inc.     17,118  
  129     Hershey Co. (The)     27,717  
  86     J M Smucker Co. (The)     12,466  
  187     Kellogg Co.     11,411  
  512     Keurig Dr Pepper, Inc.     17,229  
  72     Kimberly-Clark Corp.     9,276  
  231     Kraft Heinz Co. (The)     7,644  
  103     Lamb Weston Holdings, Inc.     10,033  
  70     McCormick & Co., Inc.     5,745  
  341     Mondelez International, Inc., Class A     24,300  
  402     Monster Beverage Corp.*     23,079  
  273     PepsiCo, Inc.     48,572  
  393     Procter & Gamble Co. (The)     60,656  
  211     Sysco Corp.     14,696  
  190     Walgreens Boots Alliance, Inc.     4,809  
  407     Walmart, Inc.     66,182  
   

 

 

 
      509,442  

 

 

 
Financials – 12.3%      
  342     Aflac, Inc.     25,503  
  133     American Express Co.     21,013  
  474     American International Group, Inc.     27,738  
  56     Ameriprise Financial, Inc.     18,904  
  45     Aon PLC, Class A     15,003  
  108     Apollo Global Management, Inc.     9,433  
  252     Arch Capital Group Ltd.*     19,369  
  21     Ares Management Corp., Class A     2,172  
  49     Arthur J Gallagher & Co.     11,294  
  1,069     Bank of America Corp.     30,648  
  536     Bank of New York Mellon Corp. (The)     24,050  
  171     Berkshire Hathaway, Inc., Class B*     61,594  
  6     BlackRock, Inc.     4,203  
  106     Brown & Brown, Inc.     7,855  
  309     Capital One Financial Corp.     31,639  
  51     Cboe Global Markets, Inc.     7,635  
  164     Charles Schwab Corp. (The)     9,701  
  74     Chubb Ltd.     14,864  
  542     Citigroup, Inc.     22,379  
  144     Citizens Financial Group, Inc.     4,051  
  33     CME Group, Inc.     6,688  
  170     Discover Financial Services     15,312  
  20     Everest Group Ltd.     7,214  
  70     Fifth Third Bancorp     1,859  
  128     Fiserv, Inc.*     15,538  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   77


GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Financials – (continued)      
  32     FleetCor Technologies, Inc.*   $ 8,695  
  167     Hartford Financial Services Group, Inc. (The)     11,994  
  369     Huntington Bancshares, Inc.     4,092  
  51     Intercontinental Exchange, Inc.     6,017  
  9     Jack Henry & Associates, Inc.     1,411  
  560     JPMorgan Chase & Co.     81,945  
  435     KeyCorp     4,929  
  32     LPL Financial Holdings, Inc.     7,379  
  25     M&T Bank Corp.     3,126  
  3     Markel Group, Inc.*     4,437  
  125     Marsh & McLennan Cos., Inc.     24,374  
  135     Mastercard, Inc., Class A     55,706  
  177     MetLife, Inc.     11,211  
  28     Moody’s Corp.     9,430  
  170     Morgan Stanley     14,476  
  108     Nasdaq, Inc.     5,668  
  45     Northern Trust Corp.     3,423  
  26     PNC Financial Services Group, Inc. (The)     3,139  
  317     Principal Financial Group, Inc.     24,634  
  98     Progressive Corp. (The)     13,080  
  111     Raymond James Financial, Inc.     11,609  
  126     Regions Financial Corp.     2,311  
  8     S&P Global, Inc.     3,127  
  332     State Street Corp.     22,822  
  958     Synchrony Financial     30,924  
  23     T. Rowe Price Group, Inc.     2,581  
  75     Travelers Cos., Inc. (The)     12,092  
  91     Truist Financial Corp.     2,780  
  100     US Bancorp     3,653  
  242     Visa, Inc., Class A     59,455  
  183     W R Berkley Corp.     11,320  
  570     Wells Fargo & Co.     23,535  
  54     Willis Towers Watson PLC     11,165  
   

 

 

 
      912,199  

 

 

 
Health Care – 17.5%      
  293     Abbott Laboratories     30,150  
  363     AbbVie, Inc.     53,346  
  105     Agilent Technologies, Inc.     12,712  
  45     Align Technology, Inc.*     16,656  
  73     Amgen, Inc.     18,713  
  296     Avantor, Inc.*     6,408  
  22     Baxter International, Inc.     893  
  63     Becton Dickinson & Co.     17,605  
  30     Biogen, Inc.*     8,021  
  39     Bio-Techne Corp.     3,058  
  458     Boston Scientific Corp.*     24,704  
  668     Bristol-Myers Squibb Co.     41,182  
  69     Cencora, Inc.     12,143  
  243     Centene Corp.*     14,981  
  31     Charles River Laboratories International, Inc.*     6,411  
  110     Cigna Group (The)     30,389  
  23     Cooper Cos., Inc. (The)     8,510  
  547     CVS Health Corp.     35,648  
  118     Danaher Corp.     31,270  

 

 

 
Common Stocks – (continued)  
Health Care – (continued)      
  93     Dexcom, Inc.*   9,391  
  246     Edwards Lifesciences Corp.*     18,812  
  59     Elevance Health, Inc.     26,079  
  183     Eli Lilly & Co.     101,419  
  16     Exact Sciences Corp.*     1,339  
  81     GE HealthCare Technologies, Inc.     5,706  
  407     Gilead Sciences, Inc.     31,127  
  44     HCA Healthcare, Inc.     12,201  
  165     Hologic, Inc.*     12,332  
  20     Horizon Therapeutics PLC*     2,255  
  58     Humana, Inc.     26,775  
  53     IDEXX Laboratories, Inc.*     27,105  
  165     Incyte Corp.*     10,647  
  15     Insulet Corp.*     2,876  
  53     Intuitive Surgical, Inc.*     16,572  
  51     IQVIA Holdings, Inc.*     11,354  
  514     Johnson & Johnson     83,103  
  36     Laboratory Corp. of America Holdings     7,492  
  141     Medtronic PLC     11,491  
  640     Merck & Co., Inc.     69,747  
  19     Mettler-Toledo International, Inc.*     23,056  
  65     Moderna, Inc.*     7,350  
  1,434     Pfizer, Inc.     50,735  
  88     Quest Diagnostics, Inc.     11,572  
  38     Regeneron Pharmaceuticals, Inc.*     31,407  
  46     ResMed, Inc.     7,341  
  38     Revvity, Inc.     4,447  
  507     Royalty Pharma PLC, Class A     15,119  
  19     STERIS PLC     4,362  
  82     Stryker Corp.     23,251  
  15     Teleflex, Inc.     3,191  
  56     Thermo Fisher Scientific, Inc.     31,198  
  159     UnitedHealth Group, Inc.     75,776  
  87     Vertex Pharmaceuticals, Inc.*     30,306  
  4,429     Viatris, Inc.     47,612  
  62     Waters Corp.*     17,410  
  20     West Pharmaceutical Services, Inc.     8,138  
  146     Zimmer Biomet Holdings, Inc.     17,391  
  107     Zoetis, Inc.     20,385  
   

 

 

 
      1,290,670  

 

 

 
Industrials – 7.0%      
  31     AMETEK, Inc.     4,945  
  14     Automatic Data Processing, Inc.     3,564  
  37     Axon Enterprise, Inc.*     7,878  
  189     Builders FirstSource, Inc.*     27,413  
  68     Carlisle Cos., Inc.     17,885  
  281     Carrier Global Corp.     16,143  
  41     C.H. Robinson Worldwide, Inc.     3,708  
  33     Cintas Corp.     16,638  
  256     Copart, Inc.*     11,476  
  583     CSX Corp.     17,607  
  15     Deere & Co.     6,164  
  43     Delta Air Lines, Inc.     1,844  
  139     Expeditors International of Washington, Inc.     16,223  
  527     Fastenal Co.     30,345  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Industrials – (continued)      
  47     FedEx Corp.   $ 12,268  
  146     General Electric Co.     16,711  
  123     Graco, Inc.     9,710  
  403     Howmet Aerospace, Inc.     19,936  
  40     IDEX Corp.     9,056  
  68     Illinois Tool Works, Inc.     16,820  
  32     J.B. Hunt Transport Services, Inc.     6,012  
  47     Masco Corp.     2,773  
  51     Norfolk Southern Corp.     10,455  
  52     Old Dominion Freight Line, Inc.     22,223  
  224     Otis Worldwide Corp.     19,163  
  82     Parker-Hannifin Corp.     34,186  
  12     Paychex, Inc.     1,467  
  99     Republic Services, Inc.     14,269  
  36     Rockwell Automation, Inc.     11,235  
  42     Snap-on, Inc.     11,281  
  178     SS&C Technologies Holdings, Inc.     10,221  
  179     Uber Technologies, Inc.*     8,454  
  35     Union Pacific Corp.     7,720  
  462     United Airlines Holdings, Inc.*     23,012  
  81     United Parcel Service, Inc., Class B     13,721  
  22     United Rentals, Inc.     10,484  
  8     Verisk Analytics, Inc.     1,938  
  74     Waste Management, Inc.     11,602  
  29     W.W. Grainger, Inc.     20,710  
  77     Xylem, Inc.     7,973  
   

 

 

 
      515,233  

 

 

 
Information Technology – 33.2%      
  145     Accenture PLC, Class A     46,947  
  84     Adobe, Inc.*     46,984  
  276     Advanced Micro Devices, Inc.*     29,179  
  166     Akamai Technologies, Inc.*     17,445  
  195     Amphenol Corp., Class A     17,234  
  100     Analog Devices, Inc.     18,178  
  2     ANSYS, Inc.*     638  
  3,088     Apple, Inc.     580,142  
  356     Applied Materials, Inc.     54,382  
  140     Arista Networks, Inc.*     27,332  
  38     Atlassian Corp., Class A*     7,754  
  37     Autodesk, Inc.*     8,212  
  74     Broadcom, Inc.     68,294  
  83     Cadence Design Systems, Inc.*     19,956  
  85     CDW Corp.     17,948  
  1,148     Cisco Systems, Inc.     65,838  
  343    

Cognizant Technology Solutions Corp.,

Class A

    24,562  
  71     Corning, Inc.     2,330  
  41     Enphase Energy, Inc.*     5,188  
  14     Entegris, Inc.     1,418  
  8     EPAM Systems, Inc.*     2,072  
  21     Fair Isaac Corp.*     18,996  
  55     First Solar, Inc.*     10,402  
  218     Fortinet, Inc.*     13,126  
  68     Gartner, Inc.*     23,778  
  387     Gen Digital, Inc.     7,837  

 

 

 
Common Stocks – (continued)  
Information Technology – (continued)      
  159     GoDaddy, Inc., Class A*   11,529  
  1,074     Hewlett Packard Enterprise Co.     18,247  
  14     HubSpot, Inc.*     7,651  
  426     Intel Corp.     14,970  
  237     International Business Machines Corp.     34,799  
  50     Intuit, Inc.     27,090  
  163     Keysight Technologies, Inc.*     21,728  
  69     KLA Corp.     34,629  
  59     Lam Research Corp.     41,442  
  196     Lattice Semiconductor Corp.*     19,063  
  103     Marvell Technology, Inc.     6,000  
  300     Microchip Technology, Inc.     24,552  
  103     Micron Technology, Inc.     7,204  
  1,462     Microsoft Corp.     479,185  
  24     Monolithic Power Systems, Inc.     12,509  
  103     Motorola Solutions, Inc.     29,208  
  308     NetApp, Inc.     23,624  
  442     NVIDIA Corp.     218,149  
  267     ON Semiconductor Corp.*     26,289  
  219     Oracle Corp.     26,365  
  39     Palo Alto Networks, Inc.*     9,489  
  36     PTC, Inc.*     5,298  
  335     QUALCOMM, Inc.     38,367  
  10     Roper Technologies, Inc.     4,991  
  137     Salesforce, Inc.*     30,340  
  17     ServiceNow, Inc.*     10,010  
  163     Skyworks Solutions, Inc.     17,725  
  15     Splunk, Inc.*     1,819  
  22     Synopsys, Inc.*     10,096  
  223     Teradyne, Inc.     24,055  
  186     Texas Instruments, Inc.     31,259  
  179     Trimble, Inc.*     9,807  
  66     VeriSign, Inc.*     13,714  
  89     VMware, Inc., Class A*     15,021  
  26     Zebra Technologies Corp., Class A*     7,150  
  122     Zoom Video Communications, Inc., Class A*     8,666  
   

 

 

 
      2,458,212  

 

 

 
Materials – 1.3%      
  20     Air Products and Chemicals, Inc.     5,910  
  20     Albemarle Corp.     3,974  
  4     Avery Dennison Corp.     753  
  167     Corteva, Inc.     8,435  
  31     DuPont de Nemours, Inc.     2,384  
  37     Ecolab, Inc.     6,801  
  33     FMC Corp.     2,846  
  182     Freeport-McMoRan, Inc.     7,264  
  59     Linde PLC     22,835  
  4     Martin Marietta Materials, Inc.     1,786  
  169     Mosaic Co. (The)     6,566  
  16     Packaging Corp. of America     2,386  
  15     PPG Industries, Inc.     2,126  
  41     Sherwin-Williams Co. (The)     11,140  
  42     Vulcan Materials Co.     9,166  
   

 

 

 
      94,372  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   79


GOLDMAN SACHS ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Real Estate – 3.3%      
  61     Alexandria Real Estate Equities, Inc. REIT   $ 7,097  
  15     American Tower Corp. REIT     2,720  
  39     AvalonBay Communities, Inc. REIT     7,169  
  144     Camden Property Trust REIT     15,497  
  49     CoStar Group, Inc.*     4,018  
  17     Crown Castle, Inc. REIT     1,708  
  6     Digital Realty Trust, Inc. REIT     790  
  10     Equinix, Inc. REIT     7,814  
  72     Equity LifeStyle Properties, Inc. REIT     4,821  
  126     Equity Residential REIT     8,169  
  43     Essex Property Trust, Inc. REIT     10,251  
  176     Gaming and Leisure Properties, Inc. REIT     8,342  
  293     Healthpeak Properties, Inc. REIT     6,030  
  1,413     Host Hotels & Resorts, Inc. REIT     22,311  
  118     Invitation Homes, Inc. REIT     4,023  
  163     Iron Mountain, Inc. REIT     10,357  
  657     Kimco Realty Corp. REIT     12,444  
  71     Mid-America Apartment Communities, Inc. REIT     10,311  
  50     Prologis, Inc. REIT     6,210  
  17     Public Storage REIT     4,698  
  180     Realty Income Corp. REIT     10,087  
  3     SBA Communications Corp. REIT     674  
  111     Simon Property Group, Inc. REIT     12,597  
  114     Sun Communities, Inc. REIT     13,956  
  160     UDR, Inc. REIT     6,384  
  223     Ventas, Inc. REIT     9,741  
  552     VICI Properties, Inc. REIT     17,024  
  69     Welltower, Inc. REIT     5,719  
  279     Weyerhaeuser Co. REIT     9,137  
  107     W.P. Carey, Inc. REIT     6,960  
   

 

 

 
      247,059  

 

 

 
Utilities – 0.2%      
  96     Edison International     6,609  
  102     NextEra Energy, Inc.     6,814  
   

 

 

 
      13,423  

 

 

 
  TOTAL INVESTMENTS – 99.5%  
  (Cost $7,312,057)   $ 7,360,060  

 

 

 
 

OTHER ASSETS IN EXCESS OF

 LIABILITIES – 0.5%

    36,944  

 

 

 
  NET ASSETS – 100.0%   $ 7,397,004  

 

 

 

 

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:

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares    

Description

  Value  
Common Stocks – 99.7%  
Communication Services – 7.8%      
  142,735     Activision Blizzard, Inc.   $ 13,130,193  
  1,558,926     Alphabet, Inc., Class A*     212,278,953  
  1,471,627     Alphabet, Inc., Class C*     202,127,968  
  1,688,890     AT&T, Inc.     24,978,683  
  32,686     Charter Communications, Inc., Class A*     14,320,390  
  1,391,516     Comcast Corp., Class A     65,067,288  
  161,576     Electronic Arts, Inc.     19,385,888  
  252,916     Interpublic Group of Cos., Inc. (The)     8,247,591  
  656,184     Meta Platforms, Inc., Class A*     194,158,284  
  56,901     Netflix, Inc.*     24,676,826  
  165,237     Omnicom Group, Inc.     13,385,849  
  368,483     Pinterest, Inc., Class A*     10,129,598  
  222,054     Snap, Inc., Class A*     2,298,259  
  28,283     Spotify Technology SA*     4,354,734  
  110,378     T-Mobile US, Inc.*     15,039,003  
  509,176     Verizon Communications, Inc.     17,810,976  
  124,294     Walt Disney Co. (The)*     10,400,922  
  3,110,507     Warner Bros Discovery, Inc.*     40,872,062  
   

 

 

 
      892,663,467  

 

 

 
Consumer Discretionary – 12.5%      
  2,221,965     Amazon.com, Inc.*     306,653,390  
  25,350     AutoZone, Inc.*     64,169,216  
  323,259     Best Buy Co., Inc.     24,713,151  
  12,412     Booking Holdings, Inc.*     38,539,632  
  28,921     Burlington Stores, Inc.*     4,692,722  
  4,894     Chipotle Mexican Grill, Inc.*     9,428,976  
  92,564     Darden Restaurants, Inc.     14,394,628  
  35,869     Deckers Outdoor Corp.*     18,977,929  
  77,214     Domino’s Pizza, Inc.     29,912,704  
  77,636     D.R. Horton, Inc.     9,240,237  
  388,056     eBay, Inc.     17,377,148  
  124,468     Etsy, Inc.*     9,157,111  
  182,765     Expedia Group, Inc.*     19,809,898  
  1,645,741     Ford Motor Co.     19,962,838  
  109,316     Garmin Ltd.     11,589,682  
  181,573     Genuine Parts Co.     27,913,217  
  36,697     Hilton Worldwide Holdings, Inc.     5,455,009  
  324,057     Home Depot, Inc. (The)     107,036,027  
  101,410     Las Vegas Sands Corp.     5,563,353  
  361,448     Lennar Corp., Class A     43,044,842  
  372,780     LKQ Corp.     19,582,133  
  311,810     Lowe’s Cos., Inc.     71,865,969  
  35,384     Marriott International, Inc., Class A     7,200,998  
  153,594     McDonald’s Corp.     43,182,953  
  578,489     MGM Resorts International     25,441,946  
  342,516     NIKE, Inc., Class B     34,837,302  
  1,504     NVR, Inc.*     9,591,504  
  67,682     O’Reilly Automotive, Inc.*     63,600,775  
  51,038     Pool Corp.     18,659,493  
  203,993     PulteGroup, Inc.     16,739,666  
  89,894     Ross Stores, Inc.     10,949,988  
  113,484     Royal Caribbean Cruises Ltd.*     11,228,107  
  190,944     Starbucks Corp.     18,605,583  
  2,510,815     Stellantis NV(a)     46,575,618  

 

 

 
Common Stocks – (continued)  
Consumer Discretionary – (continued)      
  410,604     Tesla, Inc.*   105,968,680  
  421,235     TJX Cos., Inc. (The)     38,955,813  
  151,729     Tractor Supply Co.     33,152,787  
  63,847     Ulta Beauty, Inc.*     26,498,420  
  227,665     Yum! Brands, Inc.     29,455,298  
   

 

 

 
      1,419,724,743  

 

 

 
Consumer Staples – 8.5%      
  485,073     Altria Group, Inc.     21,449,928  
  472,034     Archer-Daniels-Midland Co.     37,432,296  
  218,883     Brown-Forman Corp., Class B     14,474,733  
  64,357     Bunge Ltd.     7,357,292  
  155,175     Church & Dwight Co., Inc.     15,016,285  
  144,176     Clorox Co. (The)     22,556,335  
  668,878     Coca-Cola Co. (The)     40,018,971  
  383,684     Colgate-Palmolive Co.     28,189,264  
  378,515     Conagra Brands, Inc.     11,310,028  
  52,102     Constellation Brands, Inc., Class A     13,575,697  
  149,701     Costco Wholesale Corp.     82,227,765  
  118,073     Dollar General Corp.     16,353,111  
  149,286     Dollar Tree, Inc.*     18,266,635  
  124,446     Estee Lauder Cos., Inc. (The), Class A     19,977,316  
  232,880     General Mills, Inc.     15,756,661  
  155,640     Hershey Co. (The)     33,440,810  
  201,500     Hormel Foods Corp.     7,775,885  
  90,750     J M Smucker Co. (The)     13,154,213  
  171,450     Kellogg Co.     10,461,879  
  571,580     Keurig Dr Pepper, Inc.     19,233,667  
  157,209     Kimberly-Clark Corp.     20,253,236  
  537,903     Kraft Heinz Co. (The)     17,799,210  
  1,222,057     Kroger Co. (The)     56,691,224  
  137,068     Lamb Weston Holdings, Inc.     13,351,794  
  93,928     McCormick & Co., Inc.     7,709,610  
  330,119     Mondelez International, Inc., Class A     23,524,280  
  445,479     Monster Beverage Corp.*     25,574,949  
  379,733     PepsiCo, Inc.     67,562,095  
  475,883     Philip Morris International, Inc.     45,713,321  
  518,699     Procter & Gamble Co. (The)     80,056,004  
  267,824     Sysco Corp.     18,653,942  
  184,756     Target Corp.     23,380,872  
  322,594     Tyson Foods, Inc., Class A     17,184,582  
  483,899     Walgreens Boots Alliance, Inc.     12,247,484  
  582,776     Walmart, Inc.     94,765,205  
   

 

 

 
      972,496,579  

 

 

 
Energy – 3.8%      
  234,531     APA Corp.     10,281,839  
  66,173     Baker Hughes Co.     2,394,801  
  63,002     Cheniere Energy, Inc.     10,281,926  
  311,345     Chevron Corp.     50,157,679  
  204,020     ConocoPhillips     24,284,501  
  238,446     Coterra Energy, Inc.     6,721,793  
  263,653     Devon Energy Corp.     13,470,032  
  42,162     Diamondback Energy, Inc.     6,399,348  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   81


GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares    

Description

  Value  
Common Stocks – (continued)  
Energy – (continued)      
  121,417     EOG Resources, Inc.   $ 15,616,655  
  325,643     EQT Corp.     14,074,290  
  878,567     Exxon Mobil Corp.     97,687,865  
  62,965     Hess Corp.     9,728,092  
  516,004     Kinder Morgan, Inc.     8,885,589  
  344,397     Marathon Oil Corp.     9,074,861  
  276,353     Marathon Petroleum Corp.     39,454,918  
  147,153     Occidental Petroleum Corp.     9,239,737  
  127,492     ONEOK, Inc.     8,312,478  
  206,818     Phillips 66     23,610,343  
  53,157     Pioneer Natural Resources Co.     12,647,645  
  148,616     Schlumberger NV     8,762,399  
  42,246     Targa Resources Corp.     3,643,717  
  275,234     Valero Energy Corp.     35,752,897  
  262,250     Williams Cos., Inc. (The)     9,055,493  
   

 

 

 
      429,538,898  

 

 

 
Financials – 9.7%      
  229,455     Aflac, Inc.     17,110,459  
  52,287     Allstate Corp. (The)     5,637,061  
  109,438     American Express Co.     17,290,110  
  486,766     American International Group, Inc.     28,485,546  
  56,120     Ameriprise Financial, Inc.     18,944,990  
  66,732     Aon PLC, Class A     22,247,781  
  188,613     Apollo Global Management, Inc.     16,473,459  
  256,020     Arch Capital Group Ltd.*     19,677,697  
  56,118     Ares Management Corp., Class A     5,804,846  
  104,893     Arthur J Gallagher & Co.     24,175,739  
  1,250,076     Bank of America Corp.     35,839,679  
  526,329     Bank of New York Mellon Corp. (The)     23,616,382  
  201,218     Berkshire Hathaway, Inc., Class B*     72,478,724  
  10,764     BlackRock, Inc.     7,540,613  
  92,520     Brown & Brown, Inc.     6,855,732  
  369,466     Capital One Financial Corp.     37,829,624  
  71,760     Cboe Global Markets, Inc.     10,743,190  
  241,222     Charles Schwab Corp. (The)     14,268,281  
  73,784     Chubb Ltd.     14,820,992  
  30,039     Cincinnati Financial Corp.     3,177,826  
  671,146     Citigroup, Inc.     27,711,618  
  267,607     Citizens Financial Group, Inc.     7,527,785  
  55,074     CME Group, Inc.     11,162,398  
  136,444     Discover Financial Services     12,289,511  
  13,819     Everest Group Ltd.     4,984,237  
  28,378     FactSet Research Systems, Inc.     12,384,443  
  167,293     Fiserv, Inc.*     20,307,697  
  26,964     FleetCor Technologies, Inc.*     7,326,928  
  178,648     Hartford Financial Services Group, Inc. (The)     12,830,499  
  90,241     Intercontinental Exchange, Inc.     10,647,536  
  68,113     Jack Henry & Associates, Inc.     10,678,756  
  609,758     JPMorgan Chase & Co.     89,225,888  
  276,741     KeyCorp     3,135,476  
  41,142     LPL Financial Holdings, Inc.     9,486,934  
  28,194     M&T Bank Corp.     3,525,660  
  6,442     Markel Group, Inc.*     9,527,203  

 

 

 
Common Stocks – (continued)  
Financials – (continued)      
  13,104     MarketAxess Holdings, Inc.   3,157,147  
  166,663     Marsh & McLennan Cos., Inc.     32,497,618  
  179,938     Mastercard, Inc., Class A     74,249,616  
  154,066     MetLife, Inc.     9,758,540  
  85,410     Moody’s Corp.     28,766,088  
  140,843     Morgan Stanley     11,992,781  
  147,064     Nasdaq, Inc.     7,717,919  
  43,237     PNC Financial Services Group, Inc. (The)     5,220,003  
  322,333     Principal Financial Group, Inc.     25,048,497  
  168,268     Progressive Corp. (The)     22,458,730  
  67,176     Prudential Financial, Inc.     6,359,552  
  111,127     Raymond James Financial, Inc.     11,622,773  
  27,861     S&P Global, Inc.     10,889,750  
  317,755     State Street Corp.     21,842,479  
  1,169,288     Synchrony Financial     37,744,617  
  83,882     Travelers Cos., Inc. (The)     13,524,295  
  85,700     Truist Financial Corp.     2,618,135  
  89,446     US Bancorp     3,267,462  
  329,841     Visa, Inc., Class A     81,035,337  
  134,087     W R Berkley Corp.     8,294,622  
  621,885     Wells Fargo & Co.     25,677,632  
  47,340     Willis Towers Watson PLC     9,788,018  
   

 

 

 
      1,109,302,911  

 

 

 
Health Care – 13.9%      
  325,097     Abbott Laboratories     33,452,481  
  469,712     AbbVie, Inc.     69,028,876  
  122,096     Agilent Technologies, Inc.     14,782,163  
  37,593     Align Technology, Inc.*     13,914,673  
  161,916     Amgen, Inc.     41,505,547  
  157,697     Avantor, Inc.*     3,414,140  
  39,391     Becton Dickinson & Co.     11,007,815  
  64,397     Biogen, Inc.*     17,217,182  
  386,276     Boston Scientific Corp.*     20,835,727  
  701,232     Bristol-Myers Squibb Co.     43,230,953  
  199,507     Cardinal Health, Inc.     17,422,946  
  95,707     Cencora, Inc.     16,842,518  
  503,074     Centene Corp.*     31,014,512  
  19,851     Charles River Laboratories International, Inc.*     4,105,584  
  177,884     Cigna Group (The)     49,142,234  
  13,870     Cooper Cos., Inc. (The)     5,131,761  
  685,202     CVS Health Corp.     44,654,614  
  128,895     Danaher Corp.     34,157,175  
  83,863     Dexcom, Inc.*     8,468,486  
  308,419     Edwards Lifesciences Corp.*     23,584,801  
  79,703     Elevance Health, Inc.     35,229,523  
  245,688     Eli Lilly & Co.     136,160,290  
  40,453     Exact Sciences Corp.*     3,384,703  
  74,939     Fortrea Holdings, Inc.*     2,064,569  
  60,141     GE HealthCare Technologies, Inc.     4,236,933  
  392,094     Gilead Sciences, Inc.     29,987,349  
  51,382     HCA Healthcare, Inc.     14,248,229  
  143,375     Hologic, Inc.*     10,715,847  
  31,080     Horizon Therapeutics PLC*     3,503,959  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

 

 

Shares    

Description

  Value  
Common Stocks – (continued)  
Health Care – (continued)      
  59,312     Humana, Inc.   $ 27,380,199  
  67,039     IDEXX Laboratories, Inc.*     34,284,415  
  201,977     Incyte Corp.*     13,033,576  
  30,460     Insulet Corp.*     5,839,487  
  50,379     Intuitive Surgical, Inc.*     15,752,506  
  57,452     IQVIA Holdings, Inc.*     12,790,539  
  660,911     Johnson & Johnson     106,856,090  
  57,808     Laboratory Corp. of America Holdings     12,029,845  
  56,421     McKesson Corp.     23,263,507  
  122,678     Medtronic PLC     9,998,257  
  661,316     Merck & Co., Inc.     72,070,218  
  24,432     Mettler-Toledo International, Inc.*     29,647,743  
  170,489     Moderna, Inc.*     19,277,191  
  24,513     Molina Healthcare, Inc.*     7,601,972  
  1,146,322     Pfizer, Inc.     40,556,872  
  81,061     Quest Diagnostics, Inc.     10,659,521  
  43,280     Regeneron Pharmaceuticals, Inc.*     35,770,487  
  57,485     ResMed, Inc.     9,174,031  
  51,057     Revvity, Inc.     5,975,201  
  241,803     Royalty Pharma PLC, Class A     7,210,565  
  88,542     Seagen, Inc.*     18,245,850  
  13,280     STERIS PLC     3,048,955  
  65,069     Stryker Corp.     18,450,315  
  63,222     Thermo Fisher Scientific, Inc.     35,220,976  
  228,597     UnitedHealth Group, Inc.     108,944,758  
  17,826     Veeva Systems, Inc., Class A*     3,720,286  
  100,144     Vertex Pharmaceuticals, Inc.*     34,884,161  
  5,222,142     Viatris, Inc.     56,138,027  
  54,202     Waters Corp.*     15,219,922  
  25,564     West Pharmaceutical Services, Inc.     10,401,992  
  77,942     Zimmer Biomet Holdings, Inc.     9,284,451  
  144,697     Zoetis, Inc.     27,566,225  
   

 

 

 
      1,582,743,730  

 

 

 
Industrials – 9.8%      
  141,140     3M Co.     15,055,404  
  104,291     AMETEK, Inc.     16,635,457  
  53,833     Automatic Data Processing, Inc.     13,706,420  
  39,568     Axon Enterprise, Inc.*     8,424,423  
  64,296     Boeing Co. (The)*     14,404,233  
  121,576     Booz Allen Hamilton Holding Corp.     13,775,777  
  40,302     Broadridge Financial Solutions, Inc.     7,504,635  
  513,650     Builders FirstSource, Inc.*     74,499,796  
  35,434     Carlisle Cos., Inc.     9,319,851  
  318,176     Carrier Global Corp.     18,279,211  
  64,156     Caterpillar, Inc.     18,036,176  
  93,961     C.H. Robinson Worldwide, Inc.     8,496,893  
  62,296     Cintas Corp.     31,407,774  
  291,521     Copart, Inc.*     13,068,886  
  227,644     CSX Corp.     6,874,849  
  72,863     Cummins, Inc.     16,761,405  
  38,901     Deere & Co.     15,985,977  
  140,449     Delta Air Lines, Inc.     6,022,453  
  70,965     Dover Corp.     10,524,109  
  84,035     Eaton Corp. PLC     19,359,143  

 

 

 
Common Stocks – (continued)  
Industrials – (continued)      
  129,308     Emerson Electric Co.   12,704,511  
  109,708     Expeditors International of Washington, Inc.     12,804,021  
  658,957     Fastenal Co.     37,942,744  
  59,202     FedEx Corp.     15,452,906  
  134,380     Fortive Corp.     10,595,863  
  99,388     General Dynamics Corp.     22,525,296  
  255,085     General Electric Co.     29,197,029  
  102,923     Graco, Inc.     8,124,742  
  105,912     Honeywell International, Inc.     19,905,101  
  252,229     Howmet Aerospace, Inc.     12,477,769  
  48,153     Hubbell, Inc.     15,700,286  
  36,484     IDEX Corp.     8,259,978  
  101,603     Illinois Tool Works, Inc.     25,131,502  
  126,508     Ingersoll Rand, Inc.     8,806,222  
  54,751     Jacobs Solutions, Inc.     7,381,530  
  17,334     J.B. Hunt Transport Services, Inc.     3,256,712  
  122,735     Johnson Controls International PLC     7,248,729  
  73,520     L3Harris Technologies, Inc.     13,093,177  
  192,100     Leidos Holdings, Inc.     18,731,671  
  61,679     Lockheed Martin Corp.     27,653,780  
  216,892     Masco Corp.     12,798,797  
  29,344     Norfolk Southern Corp.     6,015,813  
  35,730     Northrop Grumman Corp.     15,474,306  
  47,375     Old Dominion Freight Line, Inc.     20,246,654  
  101,286     Otis Worldwide Corp.     8,665,017  
  181,718     PACCAR, Inc.     14,953,574  
  56,581     Parker-Hannifin Corp.     23,588,619  
  130,822     Paychex, Inc.     15,990,373  
  58,920     Quanta Services, Inc.     12,365,540  
  133,128     Republic Services, Inc.     19,187,739  
  29,594     Rockwell Automation, Inc.     9,235,696  
  245,200     RTX Corp.     21,097,008  
  32,949     Snap-on, Inc.     8,850,101  
  431,826     SS&C Technologies Holdings, Inc.     24,795,449  
  487,403     Textron, Inc.     37,876,087  
  65,032     Trane Technologies PLC     13,348,468  
  15,440     TransDigm Group, Inc.*     13,955,444  
  172,014     Uber Technologies, Inc.*     8,124,221  
  42,649     Union Pacific Corp.     9,407,090  
  685,818     United Airlines Holdings, Inc.*     34,160,595  
  83,014     United Parcel Service, Inc., Class B     14,062,572  
  12,459     United Rentals, Inc.     5,937,212  
  41,025     Verisk Analytics, Inc.     9,937,075  
  113,593     Waste Management, Inc.     17,809,111  
  276,173     Westinghouse Air Brake Technologies Corp.     31,074,986  
  71,332     W.W. Grainger, Inc.     50,941,034  
  72,378     Xylem, Inc.     7,494,018  
   

 

 

 
      1,122,529,040  

 

 

 
Information Technology – 27.4%      
  257,605     Accenture PLC, Class A     83,404,771  
  141,884     Adobe, Inc.*     79,361,397  
  321,380     Advanced Micro Devices, Inc.*     33,976,294  
  134,714     Akamai Technologies, Inc.*     14,157,094  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   83


GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares    

Description

  Value  
Common Stocks – (continued)  
Information Technology – (continued)      
  164,764     Amphenol Corp., Class A   $ 14,561,842  
  114,225     Analog Devices, Inc.     20,763,820  
  14,100     ANSYS, Inc.*     4,496,067  
  4,010,410     Apple, Inc.     753,435,727  
  313,081     Applied Materials, Inc.     47,826,254  
  100,336     Arista Networks, Inc.*     19,588,597  
  84,033     Atlassian Corp., Class A*     17,147,774  
  103,334     Autodesk, Inc.*     22,933,948  
  96,549     Broadcom, Inc.     89,104,107  
  208,964     Cadence Design Systems, Inc.*     50,243,304  
  46,483     CDW Corp.     9,814,885  
  1,012,780     Cisco Systems, Inc.     58,082,933  
  313,755     Cognizant Technology Solutions Corp., Class A     22,467,996  
  192,207     Corning, Inc.     6,308,234  
  25,461     Crowdstrike Holdings, Inc., Class A*     4,150,907  
  48,081     Datadog, Inc., Class A*     4,638,855  
  44,857     Enphase Energy, Inc.*     5,675,756  
  25,142     EPAM Systems, Inc.*     6,511,527  
  26,041     Fair Isaac Corp.*     23,556,428  
  50,476     First Solar, Inc.*     9,546,021  
  539,452     Fortinet, Inc.*     32,480,405  
  69,662     Gartner, Inc.*     24,359,408  
  251,118     Gen Digital, Inc.     5,085,139  
  114,591     GoDaddy, Inc., Class A*     8,308,993  
  1,504,303     Hewlett Packard Enterprise Co.     25,558,108  
  400,511     HP, Inc.     11,899,182  
  28,099     HubSpot, Inc.*     15,356,665  
  594,594     Intel Corp.     20,894,033  
  302,977     International Business Machines Corp.     44,486,113  
  69,918     Intuit, Inc.     37,882,272  
  82,544     Keysight Technologies, Inc.*     11,003,115  
  45,978     KLA Corp.     23,074,979  
  67,401     Lam Research Corp.     47,342,462  
  186,842     Lattice Semiconductor Corp.*     18,172,253  
  54,369     Marvell Technology, Inc.     3,166,994  
  153,286     Microchip Technology, Inc.     12,544,926  
  137,097     Micron Technology, Inc.     9,588,564  
  1,938,658     Microsoft Corp.     635,414,546  
  16,902     Monolithic Power Systems, Inc.     8,809,491  
  92,108     Motorola Solutions, Inc.     26,119,066  
  184,617     NetApp, Inc.     14,160,124  
  567,007     NVIDIA Corp.     279,846,305  
  279,436     ON Semiconductor Corp.*     27,513,269  
  293,697     Oracle Corp.     35,358,182  
  111,742     Palo Alto Networks, Inc.*     27,186,829  
  46,923     PTC, Inc.*     6,905,658  
  245,342     QUALCOMM, Inc.     28,099,019  
  22,833     Roper Technologies, Inc.     11,395,037  
  197,633     Salesforce, Inc.*     43,767,804  
  53,436     ServiceNow, Inc.*     31,464,720  
  132,121     Skyworks Solutions, Inc.     14,366,838  
  40,152     Splunk, Inc.*     4,868,831  
  75,405     Synopsys, Inc.*     34,602,600  
  22,856     Teledyne Technologies, Inc.*     9,560,665  
  139,584     Teradyne, Inc.     15,056,926  

 

 

 
Common Stocks – (continued)  
Information Technology – (continued)      
  271,196     Texas Instruments, Inc.   45,577,200  
  85,845     Trimble, Inc.*     4,703,448  
  8,719     Tyler Technologies, Inc.*     3,473,911  
  106,524     VeriSign, Inc.*     22,134,622  
  98,654     VMware, Inc., Class A*     16,650,822  
  117,947     Western Digital Corp.*     5,307,615  
  34,518     Workday, Inc., Class A*     8,439,651  
  20,611     Zebra Technologies Corp., Class A*     5,668,231  
  104,028     Zoom Video Communications, Inc., Class A*     7,389,109  
   

 

 

 
      3,126,798,668  

 

 

 
Materials – 2.0%      
  39,461     Air Products and Chemicals, Inc.     11,660,331  
  23,210     Avery Dennison Corp.     4,372,300  
  81,006     CF Industries Holdings, Inc.     6,243,132  
  204,824     Corteva, Inc.     10,345,660  
  209,015     Dow, Inc.     11,403,858  
  44,331     DuPont de Nemours, Inc.     3,408,611  
  29,098     Ecolab, Inc.     5,348,503  
  40,444     FMC Corp.     3,487,486  
  104,172     Freeport-McMoRan, Inc.     4,157,505  
  149,343     International Paper Co.     5,215,058  
  73,579     Linde PLC     28,478,016  
  34,503     LyondellBasell Industries NV, Class A     3,407,861  
  9,628     Martin Marietta Materials, Inc.     4,298,036  
  385,540     Mosaic Co. (The)     14,978,229  
  225,402     Nucor Corp.     38,791,684  
  19,023     Packaging Corp. of America     2,836,329  
  42,179     PPG Industries, Inc.     5,979,295  
  45,696     Reliance Steel & Aluminum Co.     13,021,532  
  67,128     RPM International, Inc.     6,695,347  
  81,859     Sherwin-Williams Co. (The)     22,242,728  
  153,332     Steel Dynamics, Inc.     16,343,658  
  42,149     Vulcan Materials Co.     9,199,019  
   

 

 

 
      231,914,178  

 

 

 
Real Estate – 1.8%      
  40,352     Alexandria Real Estate Equities, Inc. REIT     4,694,552  
  32,081     American Tower Corp. REIT     5,816,927  
  32,146     AvalonBay Communities, Inc. REIT     5,909,078  
  95,341     Camden Property Trust REIT     10,260,598  
  154,831     CBRE Group, Inc., Class A*     13,168,377  
  46,754     Crown Castle, Inc. REIT     4,698,777  
  7,953     Equinix, Inc. REIT     6,214,315  
  36,504     Equity LifeStyle Properties, Inc. REIT     2,444,308  
  122,162     Equity Residential REIT     7,919,762  
  30,904     Essex Property Trust, Inc. REIT     7,367,205  
  198,561     Gaming and Leisure Properties, Inc. REIT     9,411,791  
  144,919     Healthpeak Properties, Inc. REIT     2,982,433  
  1,156,172     Host Hotels & Resorts, Inc. REIT     18,255,956  
  157,002     Invitation Homes, Inc. REIT     5,352,198  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

 

 

Shares    

Description

  Value  
Common Stocks – (continued)  
Real Estate – (continued)      
  90,985     Iron Mountain, Inc. REIT   $ 5,781,187  
  46,152     Mid-America Apartment Communities, Inc. REIT     6,702,655  
  46,301     Prologis, Inc. REIT     5,750,584  
  22,698     Public Storage REIT     6,273,273  
  154,013     Realty Income Corp. REIT     8,630,889  
  12,135     SBA Communications Corp. REIT     2,724,672  
  32,002     Simon Property Group, Inc. REIT     3,631,907  
  90,884     Sun Communities, Inc. REIT     11,126,019  
  123,275     UDR, Inc. REIT     4,918,672  
  139,486     Ventas, Inc. REIT     6,092,748  
  405,571     VICI Properties, Inc. REIT     12,507,810  
  53,402     Welltower, Inc. REIT     4,425,958  
  418,180     Weyerhaeuser Co. REIT     13,695,395  
  124,209     W.P. Carey, Inc. REIT     8,079,795  
   

 

 

 
      204,837,841  

 

 

 
Utilities – 2.5%      
  181,416     Alliant Energy Corp.     9,101,641  
  127,028     Ameren Corp.     10,069,510  
  150,988     American Electric Power Co., Inc.     11,837,459  
  42,558     American Water Works Co., Inc.     5,904,497  
  90,788     Atmos Energy Corp.     10,526,869  
  387,975     CenterPoint Energy, Inc.     10,820,623  
  120,993     CMS Energy Corp.     6,798,597  
  174,293     Consolidated Edison, Inc.     15,505,105  
  129,165     Constellation Energy Corp.     13,453,826  
  156,188     Dominion Energy, Inc.     7,581,365  
  87,000     DTE Energy Co.     8,994,060  
  145,950     Duke Energy Corp.     12,960,360  
  196,128     Edison International     13,503,413  
  79,947     Entergy Corp.     7,614,952  
  185,932     Evergy, Inc.     10,220,682  
  88,711     Eversource Energy     5,661,536  
  432,931     Exelon Corp.     17,369,192  
  271,213     FirstEnergy Corp.     9,782,653  
  270,564     NextEra Energy, Inc.     18,073,675  
  140,910     NiSource, Inc.     3,770,752  
  806,781     PG&E Corp.*     13,150,530  
  227,033     PPL Corp.     5,657,662  
  161,009     Public Service Enterprise Group, Inc.     9,834,430  
  206,906     Sempra     14,528,939  
  244,918     Southern Co. (The)     16,588,296  

 

 

 
Common Stocks – (continued)  
Utilities – (continued)      
  85,238     WEC Energy Group, Inc.   7,170,221  
  160,826     Xcel Energy, Inc.     9,187,989  
   

 

 

 
      285,668,834  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $8,454,987,939)   $ 11,378,218,889  

 

 

 

 

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

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  39,027,450     5.234%   $ 39,027,450  
  (Cost $39,027,450)  

 

 

 
  TOTAL INVESTMENTS – 100.0%  
  (Cost $8,494,015,389)   $ 11,417,246,339  

 

 

 
 

LIABILITIES IN EXCESS OF OTHER

 ASSETS – (0.0)%

    (6,773,300

 

 

 
  NET ASSETS – 100.0%   $ 11,410,473,039  

 

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                 

S&P 500 E-Mini Index

     61          09/15/23        $ 13,773,800        $ 59,881  

 

The accompanying notes are an integral part of these financial statements.   85


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares    

Description

  Value  
Common Stocks – 99.1%  
Communication Services – 2.0%      
  9,556     AMC Networks, Inc., Class A*   $ 111,232  
  4,893     Atlanta Braves Holdings, Inc., Class A*(a)     204,723  
  4,554     Atlanta Braves Holdings, Inc., Class C*     167,769  
  22,779     Cargurus, Inc.*     412,528  
  27,282     Cars.com, Inc.*     509,901  
  10,758     Cinemark Holdings, Inc.*     175,140  
  7,965     Cogent Communications Holdings, Inc.     562,170  
  32,101     DHI Group, Inc.*     121,021  
  13,941     EchoStar Corp., Class A*     242,295  
  18,738     EverQuote, Inc., Class A*     115,801  
  18,981     EW Scripps Co. (The), Class A*     145,015  
  88,070     Gannett Co., Inc.*     256,284  
  15,535     Gogo, Inc.*     176,322  
  19,679     Gray Television, Inc.     158,613  
  14,031     IDT Corp., Class B*     328,045  
  36,386     iHeartMedia, Inc., Class A*     131,353  
  5,227     IMAX Corp.*     99,993  
  5,320     Integral Ad Science Holding Corp.*     75,916  
  13,040     John Wiley & Sons, Inc., Class A     484,566  
  11,148    

Liberty Latin America Ltd., Class A

(Puerto Rico) *

    99,663  
  36,559    

Liberty Latin America Ltd., Class C

(Puerto Rico) *

    327,569  
  35,841     Loop Media, Inc.*     31,214  
  83,750     Lumen Technologies, Inc.*     133,162  
  9,948     Magnite, Inc.*     82,071  
  9,307     Marcus Corp. (The)     141,373  
  21,296     Ooma, Inc.*     300,061  
  29,436     Playstudios, Inc.*     104,792  
  12,384     QuinStreet, Inc.*     122,602  
  12,534     Scholastic Corp.     544,602  
  7,747     Shutterstock, Inc.     326,226  
  7,828     Sinclair, Inc.     98,789  
  11,096     Spok Holdings, Inc.     158,007  
  25,618     Stagwell, Inc.*     139,618  
  40,993     TEGNA, Inc.     677,614  
  12,170     Thryv Holdings, Inc.*     248,146  
  120,050     Tingo Group, Inc.*     154,865  
  86,703     TrueCar, Inc.*     207,220  
  22,097     Yelp, Inc.*     946,856  
  6,518     Ziff Davis, Inc.*     434,425  
  8,069     ZipRecruiter, Inc., Class A*     122,568  
   

 

 

 
      9,880,130  

 

 

 
Consumer Discretionary – 11.1%      
  20,814     1-800-Flowers.com, Inc., Class A*     156,729  
  65,203     2U, Inc.*     206,694  
  20,010     Aaron’s Co., Inc. (The)     241,521  
  18,041     Abercrombie & Fitch Co., Class A*     969,704  
  13,186     Academy Sports & Outdoors, Inc.     719,560  
  10,167     Acushnet Holdings Corp.     595,278  
  13,693     Adient PLC*     536,355  
  12,296     Adtalem Global Education, Inc.*     539,180  
  36,200    

American Axle & Manufacturing

Holdings, Inc.*

    273,310  

 

 

 
Common Stocks – (continued)  
Consumer Discretionary – (continued)      
  18,473     American Eagle Outfitters, Inc.   313,302  
  4,540     Asbury Automotive Group, Inc.*     1,044,200  
  9,697     Beazer Homes USA, Inc.*     284,219  
  4,572     BJ’s Restaurants, Inc.*     134,463  
  14,540     Bloomin’ Brands, Inc.     407,992  
  8,136     Bluegreen Vacations Holding Corp.     291,757  
  4,895     Boot Barn Holdings, Inc.*     449,116  
  7,397     Brinker International, Inc.*     242,104  
  10,401     Buckle, Inc. (The)     380,053  
  4,630     Build-A-Bear Workshop, Inc.     122,093  
  15,874     Caleres, Inc.     455,108  
  5,655     Camping World Holdings, Inc., Class A     139,848  
  33,043     CarParts.com, Inc.*     159,598  
  6,088     Carriage Services, Inc.     187,632  
  27,128     Carrols Restaurant Group, Inc.*     189,353  
  3,708     Carvana Co.*     186,698  
  1,498     Cavco Industries, Inc.*     418,721  
  3,528     Century Communities, Inc.     261,954  
  5,468     Cheesecake Factory, Inc. (The)     174,156  
  11,115     Chegg, Inc.*     113,484  
  33,973     Chico’s FAS, Inc.*     174,281  
  4,760     Chuy’s Holdings, Inc.*     181,356  
  7,292     Cooper-Standard Holdings, Inc.*     108,942  
  7,724     Coursera, Inc.*     134,320  
  1,886     Cracker Barrel Old Country Store, Inc.     155,463  
  5,959     Cricut, Inc., Class A     56,372  
  25,592     Dana, Inc.     412,287  
  5,391     Dave & Buster’s Entertainment, Inc.*     211,705  
  17,775     Denny’s Corp.*     169,396  
  12,483     Designer Brands, Inc., Class A     131,196  
  29,522     Destination XL Group, Inc.*     134,620  
  2,265     Dillard’s, Inc., Class A     781,697  
  1,914     Dine Brands Global, Inc.     104,849  
  5,890     Dorman Products, Inc.*     485,984  
  1,175     Duluth Holdings, Inc., Class B*     7,467  
  2,428     Duolingo, Inc.*     357,304  
  12,287     El Pollo Loco Holdings, Inc.     116,849  
  19,907     Ethan Allen Interiors, Inc.     624,682  
  12,939     Everi Holdings, Inc.*     187,098  
  50,530     Figs, Inc., Class A*     312,275  
  5,882     Foot Locker, Inc.     115,405  
  41,590     Fossil Group, Inc.*     88,171  
  6,831     Fox Factory Holding Corp.*     756,943  
  21,139     Frontdoor, Inc.*     693,782  
  12,296     Funko, Inc., Class A*     85,703  
  9,569     Genesco, Inc.*     328,025  
  7,298     Gentherm, Inc.*     439,413  
  11,270     G-III Apparel Group Ltd.*     223,709  
  5,331     Golden Entertainment, Inc.     194,102  
  46,509     Goodyear Tire & Rubber Co. (The)*     600,431  
  39,749     GoPro, Inc., Class A*     144,488  
  847     Graham Holdings Co., Class B     496,622  
  6,759     Green Brick Partners, Inc.*     334,300  
  4,055     Group 1 Automotive, Inc.     1,072,223  
  8,883     Guess?, Inc.     213,725  
  14,391     Haverty Furniture Cos., Inc.     450,438  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

 

 

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  Value  
Common Stocks – (continued)  
Consumer Discretionary – (continued)      
  3,396     Helen of Troy Ltd.*   $ 417,436  
  6,353     Hibbett, Inc.     294,207  
  11,076     Hilton Grand Vacations, Inc.*     484,243  
  2,208     Hovnanian Enterprises, Inc., Class A*     262,399  
  21,163     Inspired Entertainment, Inc.*     278,928  
  4,401     Installed Building Products, Inc.     636,957  
  16,220     International Game Technology PLC     519,364  
  6,843     iRobot Corp.*     266,124  
  3,748     Jack in the Box, Inc.     301,227  
  7,102     JAKKS Pacific, Inc.*     139,767  
  4,024     Johnson Outdoors, Inc., Class A     224,982  
  9,590     KB Home     487,172  
  11,004     Kontoor Brands, Inc.     503,873  
  6,596     Krispy Kreme, Inc.     88,320  
  24,112     Laureate Education, Inc.     335,880  
  15,684     La-Z-Boy, Inc.     483,851  
  7,143     LCI Industries     894,875  
  14,025     Leslie’s, Inc.*     87,796  
  1,503     LGI Homes, Inc.*     185,019  
  4,727     Life Time Group Holdings, Inc.*     81,304  
  9,745     Light & Wonder, Inc.*     747,149  
  23,286     Lincoln Educational Services Corp.*     198,630  
  7,046     Lovesac Co. (The)*     161,494  
  19,143     Luminar Technologies, Inc.*(a)     110,264  
  6,631     M/I Homes, Inc.*     651,032  
  5,624     Malibu Boats, Inc., Class A*     273,101  
  490     Marine Products Corp.     6,855  
  5,696     MarineMax, Inc.*     189,506  
  15,083     MasterCraft Boat Holdings, Inc.*     328,206  
  8,949     MDC Holdings, Inc.     424,630  
  6,294     Meritage Homes Corp.     875,118  
  14,659     Modine Manufacturing Co.*     697,622  
  3,890     Monarch Casino & Resort, Inc.     262,186  
  4,212     Monro, Inc.     137,901  
  9,162     Movado Group, Inc.     250,581  
  2,289     Nathan’s Famous, Inc.     166,433  
  9,874     National Vision Holdings, Inc.*     180,793  
  26,458     Nerdy, Inc.*     123,823  
  9,729     ODP Corp. (The)*     479,834  
  12,406     OneSpaWorld Holdings Ltd. (Bahamas) *     141,925  
  741     OneWater Marine, Inc., Class A*     19,348  
  7,839     Overstock.com, Inc.*     204,676  
  6,716     Oxford Industries, Inc.     678,249  
  8,063     Papa John’s International, Inc.     610,369  
  8,445     Patrick Industries, Inc.     706,340  
  65,672     Perdoceo Education Corp.     1,088,185  
  8,353     PetMed Express, Inc.     94,138  
  17,743     PlayAGS, Inc.*     121,185  
  4,523     Portillo’s, Inc., Class A*     82,952  
  23,176     Potbelly Corp.*     185,176  
  33,053     Purple Innovation, Inc.     71,725  
  3,480     RCI Hospitality Holdings, Inc.     227,174  
  8,440     Red Rock Resorts, Inc., Class A     370,769  
  8,633     Revolve Group, Inc.*     126,473  
  27,376     Rush Street Interactive, Inc.*     125,930  
  25,354     Sally Beauty Holdings, Inc.*     257,597  

 

 

 
Common Stocks – (continued)  
Consumer Discretionary – (continued)      
  5,722     SeaWorld Entertainment, Inc.*   278,661  
  2,504     Shake Shack, Inc., Class A*     175,280  
  14,990     Shoe Carnival, Inc.     346,719  
  9,141     Signet Jewelers Ltd.     685,575  
  3,331     Six Flags Entertainment Corp.*     76,480  
  7,875     Skyline Champion Corp.*     561,251  
  9,694     Sleep Number Corp.*     247,973  
  23,186     Smith & Wesson Brands, Inc.     272,204  
  5,116     Sonic Automotive, Inc., Class A     272,785  
  24,908     Sonos, Inc.*     343,232  
  10,715     Standard Motor Products, Inc.     396,776  
  18,085     Steven Madden Ltd.     623,932  
  34,614     Stitch Fix, Inc., Class A*     151,955  
  15,342     Stoneridge, Inc.*     315,278  
  4,262     Strategic Education, Inc.     330,305  
  21,581     Stride, Inc.*     916,977  
  6,513     Sturm Ruger & Co., Inc.     335,941  
  21,945     Target Hospitality Corp.*     348,926  
  22,338     Taylor Morrison Home Corp.*     1,058,821  
  8,313     Topgolf Callaway Brands Corp.*     144,979  
  23,601     Tri Pointe Homes, Inc.*     733,991  
  23,753     Udemy, Inc.*     246,081  
  22,330     Upbound Group, Inc.     683,745  
  8,222     Urban Outfitters, Inc.*     273,053  
  23,235     Vera Bradley, Inc.*     166,595  
  13,948     Vista Outdoor, Inc.*     407,979  
  2,555     Visteon Corp.*     355,835  
  8,262     Warby Parker, Inc., Class A*(a)     99,227  
  1,986     Winmark Corp.     755,733  
  11,173     Winnebago Industries, Inc.     724,569  
  14,362     Wolverine World Wide, Inc.     116,045  
  44,051     WW International, Inc.*     427,735  
  9,072     XPEL, Inc.*     755,698  
  3,342     Xponential Fitness, Inc., Class A*     72,388  
  12,439     Zumiez, Inc.*     236,217  
   

 

 

 
      53,569,839  

 

 

 
Consumer Staples – 3.7%      
  3,886     Andersons, Inc. (The)     199,585  
  11,386     B&G Foods, Inc.     145,627  
  18,254     BellRing Brands, Inc.*     757,541  
  2,992     Calavo Growers, Inc.     98,616  
  10,490     Cal-Maine Foods, Inc.     501,317  
  5,416     Central Garden & Pet Co.*     239,062  
  8,922     Central Garden & Pet Co., Class A*     364,018  
  4,123     Chefs’ Warehouse, Inc. (The)*     117,670  
  2,139     Coca-Cola Consolidated, Inc.     1,494,947  
  9,163     Dole PLC     109,223  
  11,877     Edgewell Personal Care Co.     457,977  
  6,961     elf Beauty, Inc.*     965,560  
  9,537     Energizer Holdings, Inc.     327,596  
  8,853     Fresh Del Monte Produce, Inc.     226,194  
  10,822     Hain Celestial Group, Inc. (The)*     114,605  
  21,801     Herbalife Ltd.*     327,451  
  32,712     Hostess Brands, Inc.*     931,638  
  9,168     Ingles Markets, Inc., Class A     716,296  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   87


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

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  Value  
Common Stocks – (continued)  
Consumer Staples – (continued)      
  4,040     Inter Parfums, Inc.   $ 564,509  
  2,121     J & J Snack Foods Corp.     343,878  
  4,657     John B. Sanfilippo & Son, Inc.     467,330  
  3,614     Lancaster Colony Corp.     596,997  
  3,270     Medifast, Inc.     275,792  
  2,010     MGP Ingredients, Inc.     240,999  
  12,138     National Beverage Corp.*     622,801  
  10,937     Nu Skin Enterprises, Inc., Class A     261,285  
  2,619     PriceSmart, Inc.     208,158  
  37,367     Primo Water Corp.     570,220  
  10,600     Simply Good Foods Co. (The)*     382,448  
  18,584     SpartanNash Co.     404,388  
  24,736     Sprouts Farmers Market, Inc.*     1,008,982  
  11,199     TreeHouse Foods, Inc.*     520,978  
  7,699     Turning Point Brands, Inc.     189,549  
  17,707     United Natural Foods, Inc.*     356,442  
  6,915     Universal Corp.     329,292  
  5,672     USANA Health Sciences, Inc.*     364,653  
  7,815     Utz Brands, Inc.     120,664  
  40,816     Vector Group Ltd.     437,139  
  8,186     Village Super Market, Inc., Class A     184,594  
  3,255     Vita Coco Co., Inc. (The)*     92,084  
  18,194     Vital Farms, Inc.*     214,325  
  3,108     WD-40 Co.     667,816  
  5,940     Weis Markets, Inc.     385,328  
   

 

 

 
      17,905,574  

 

 

 
Energy – 7.1%      
  34,485     Amplify Energy Corp.*     225,532  
  28,350     Archrock, Inc.     362,596  
  16,690     Ardmore Shipping Corp. (Ireland)     207,624  
  21,960     Berry Corp.     188,197  
  13,623     Borr Drilling Ltd. (Mexico) *     95,225  
  7,137     Bristow Group, Inc.*     197,695  
  6,914     Cactus, Inc., Class A     368,793  
  12,953     California Resources Corp.     723,296  
  10,620     Callon Petroleum Co.*     416,623  
  3,263     Centrus Energy Corp., Class A*     154,862  
  24,396     ChampionX Corp.     880,452  
  7,108     Chord Energy Corp.     1,147,942  
  13,748     Civitas Resources, Inc.     1,130,361  
  25,582     CNX Resources Corp.*     571,758  
  57,113     Comstock Resources, Inc.     700,205  
  12,962     CONSOL Energy, Inc.     1,115,250  
  4,149     Core Laboratories, Inc.     99,742  
  7,388     CVR Energy, Inc.     241,588  
  14,674     Delek US Holdings, Inc.     377,855  
  5,523     Denbury, Inc.*     505,796  
  34,635     DHT Holdings, Inc.     320,374  
  17,744     Diamond Offshore Drilling, Inc.*     263,853  
  10,834     Dorian LPG Ltd.     279,517  
  5,540     Dril-Quip, Inc.*     152,793  
  10,308     Earthstone Energy, Inc., Class A*     210,077  
  4,191     Empire Petroleum Corp.*     36,629  
  20,177     Energy Fuels, Inc.*(a)     143,862  
  58,209     Equitrans Midstream Corp.     558,806  

 

 

 
Common Stocks – (continued)  
Energy – (continued)      
  31,006     Evolution Petroleum Corp.   262,311  
  6,156     Expro Group Holdings NV*     144,728  
  3,659     FLEX LNG Ltd. (Norway) (a)     110,795  
  8,939     Golar LNG Ltd. (Cameroon)     197,552  
  4,485     Green Plains, Inc.*     139,214  
  5,193     Gulfport Energy Corp.*     612,774  
  53,232     Helix Energy Solutions Group, Inc.*     539,772  
  8,240     Helmerich & Payne, Inc.     329,518  
  6,330     International Seaways, Inc.     272,000  
  12,453     KLX Energy Services Holdings, Inc.*     129,573  
  74,474     Kosmos Energy Ltd. (Ghana) *     542,171  
  42,027     Liberty Energy, Inc.     670,331  
  58,241     Magnolia Oil & Gas Corp., Class A     1,327,895  
  23,357     Matador Resources Co.     1,483,169  
  21,973     Murphy Oil Corp.     997,574  
  2,220     Nabors Industries Ltd.*     245,732  
  3,919     NACCO Industries, Inc., Class A     127,759  
  47,600     NexTier Oilfield Solutions, Inc.*     505,036  
  11,019     Noble Corp. PLC     581,142  
  24,766     Nordic American Tankers Ltd.     96,835  
  9,355     Northern Oil and Gas, Inc.     391,320  
  20,567     Oceaneering International, Inc.*     468,722  
  26,949     Oil States International, Inc.*     211,280  
  24,381     Overseas Shipholding Group, Inc., Class A*     107,276  
  9,403     Par Pacific Holdings, Inc.*     322,993  
  17,121     Patterson-UTI Energy, Inc.     242,091  
  23,594     PBF Energy, Inc., Class A     1,106,323  
  17,877     Peabody Energy Corp.     385,786  
  48,526     Permian Resources Corp.     688,099  
  7,794     ProFrac Holding Corp., Class A*     85,734  
  41,637     ProPetro Holding Corp.*     401,381  
  7,157     REX American Resources Corp.*     282,630  
  58,127     Ring Energy, Inc.*     109,860  
  59,316     RPC, Inc.     473,935  
  21,646     SandRidge Energy, Inc.     346,120  
  7,236     Scorpio Tankers, Inc. (Monaco)     365,490  
  4,862     Seadrill Ltd. (Norway) *     236,536  
  21,776     SFL Corp. Ltd. (Norway)     246,069  
  10,914     SilverBow Resources, Inc.*     466,901  
  10,698     Sitio Royalties Corp., Class A     271,729  
  38,616     SM Energy Co.     1,633,843  
  5,506     Solaris Oilfield Infrastructure, Inc., Class A     57,923  
  32,186     Talos Energy, Inc.*     554,243  
  23,349     Teekay Corp. (Bermuda) *     149,667  
  3,511     Teekay Tankers Ltd., Class A (Canada)     142,827  
  47,491     TETRA Technologies, Inc.*     260,726  
  4,083     Tidewater, Inc.*     265,517  
  20,091     US Silica Holdings, Inc.*     247,722  
  49,184     VAALCO Energy, Inc.     203,622  
  7,063     Valaris Ltd.*     531,985  
  8,681     Vital Energy, Inc.*     523,377  
  89,091     W&T Offshore, Inc.*     363,491  
  7,559     Weatherford International PLC*     669,123  
  14,820     World Kinect Corp.     324,558  
   

 

 

 
      34,132,083  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

 

 

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Description

  Value  
Common Stocks – (continued)  
Financials – 16.9%      
  3,829     1st Source Corp.   $ 171,118  
  1,545     ACNB Corp.     49,177  
  5,769     Amalgamated Financial Corp.     103,380  
  11,431     A-Mark Precious Metals, Inc.     390,026  
  22,850     Ambac Financial Group, Inc.*     294,308  
  5,033     Amerant Bancorp, Inc.     94,469  
  25,072     American Equity Investment Life Holding Co.     1,345,865  
  4,381     American National Bankshares, Inc.     171,735  
  14,284     Ameris Bancorp     582,073  
  6,827     AMERISAFE, Inc.     353,639  
  5,045     Ames National Corp.     90,558  
  29,487     Apollo Commercial Real Estate Finance, Inc. REIT     321,998  
  27,605     Arbor Realty Trust, Inc. REIT     440,576  
  15,526     Ares Commercial Real Estate Corp. REIT     160,694  
  4,925     Argo Group International Holdings Ltd.     146,519  
  20,726     ARMOUR Residential REIT, Inc. REIT     101,765  
  8,694     Arrow Financial Corp.     153,101  
  18,462     Artisan Partners Asset Management, Inc., Class A     709,310  
  4,926     AssetMark Financial Holdings, Inc.*     142,312  
  23,754     Associated Banc-Corp.     411,657  
  12,576     Atlantic Union Bankshares Corp.     373,381  
  2,535     Atlanticus Holdings Corp.*     88,471  
  7,796     Avantax, Inc.*     163,092  
  8,755     AvidXchange Holdings, Inc.*     90,001  
  20,756     Axos Financial, Inc.*     894,376  
  8,606     Banc of California, Inc.     107,833  
  6,748     BancFirst Corp.     644,974  
  11,375     Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)     268,450  
  14,922     Bancorp, Inc. (The)*     547,787  
  2,511     Bank First Corp.(a)     194,929  
  6,039     Bank of Hawaii Corp.(a)     324,536  
  21,025     Bank of NT Butterfield & Son Ltd. (The) (Bermuda)     612,248  
  15,842     BankUnited, Inc.     415,852  
  5,447     Bankwell Financial Group, Inc.     141,731  
  5,891     Banner Corp.     256,553  
  1,122     BayCom Corp.     21,621  
  12,366     BCB Bancorp, Inc.     140,725  
  6,557     Berkshire Hills Bancorp, Inc.     137,041  
  30,660     BGC Group, Inc., Class A     151,460  
  20,951    

Blackstone Mortgage Trust, Inc.,

Class A REIT

    461,341  
  5,534     Blue Ridge Bankshares, Inc.     43,829  
  8,213     Bread Financial Holdings, Inc.     308,645  
  10,938     Brightsphere Investment Group, Inc.     226,526  
  23,914     Brookline Bancorp, Inc.     228,857  
  4,410     BRP Group, Inc., Class A*     117,262  
  5,655     Byline Bancorp, Inc.     119,773  
  32,160     Cadence Bank     735,821  
  1,686     Cambridge Bancorp     89,712  
  8,834     Camden National Corp.     289,667  
  6,138     Cannae Holdings, Inc.*     120,489  

 

 

 
Common Stocks – (continued)  
Financials – (continued)      
  8,688     Capital City Bank Group, Inc.   265,071  
  16,218     Capitol Federal Financial, Inc.     91,956  
  4,826     Cass Information Systems, Inc.     185,029  
  17,230     Cathay General Bancorp     613,905  
  11,750     Central Pacific Financial Corp.     199,397  
  6,010     Central Valley Community Bancorp     87,866  
  3,444     Chemung Financial Corp.     135,315  
  22,817     Chimera Investment Corp. REIT     138,043  
  3,864     ChoiceOne Financial Services, Inc.     92,891  
  6,427     City Holding Co.     587,171  
  10,837     Civista Bancshares, Inc.     184,121  
  16,003     Claros Mortgage Trust, Inc.     182,274  
  7,384     CNB Financial Corp.     134,463  
  34,359     CNO Financial Group, Inc.     804,001  
  4,666     Codorus Valley Bancorp, Inc.     94,486  
  9,088     Cohen & Steers, Inc.     592,356  
  1,680     Colony Bankcorp, Inc.     17,489  
  6,933     Columbia Financial, Inc.*     118,970  
  5,810     Community Bank System, Inc.     276,265  
  5,348     Community Trust Bancorp, Inc.     189,854  
  4,379     Compass Diversified Holdings     90,426  
  7,031     ConnectOne Bancorp, Inc.     134,433  
  8,802     Consumer Portfolio Services, Inc.*     81,595  
  16,422     Customers Bancorp, Inc.*     577,069  
  18,620     CVB Financial Corp.     325,105  
  1,846     Diamond Hill Investment Group, Inc.     311,531  
  11,061     Dime Community Bancshares, Inc.     235,710  
  12,127     Donnelley Financial Solutions, Inc.*     597,497  
  8,985     Dynex Capital, Inc. REIT     116,446  
  9,149     Eagle Bancorp, Inc.     220,125  
  9,323     Eastern Bankshares, Inc.     125,488  
  11,731     Ellington Financial, Inc. REIT     156,843  
  8,554     Employers Holdings, Inc.     335,573  
  10,272     Enact Holdings, Inc.     294,395  
  7,034     Encore Capital Group, Inc.*     329,613  
  17,694     Enova International, Inc.*     892,662  
  1,093     Enstar Group Ltd.*     276,846  
  7,175     Enterprise Financial Services Corp.     277,744  
  3,861     Esquire Financial Holdings, Inc.     180,540  
  24,230     Essent Group Ltd.     1,216,831  
  3,718     Evans Bancorp, Inc.     105,294  
  14,847     EVERTEC, Inc. (Puerto Rico)     587,496  
  2,627     Farmers & Merchants Bancorp, Inc.     50,176  
  12,224     Farmers National Banc Corp.     155,245  
  9,241     FB Financial Corp.     280,742  
  6,628     Federal Agricultural Mortgage Corp., Class C     1,115,625  
  2,265     Fidelity D&D Bancorp, Inc.(a)     107,327  
  10,503     Financial Institutions, Inc.     183,802  
  8,327     First Bancorp     246,812  
  48,393     First BanCorp. (Puerto Rico)     670,727  
  6,178     First Bancorp, Inc. (The)     152,102  
  4,349     First Bancshares, Inc. (The)     123,468  
  9,964     First Busey Corp.     201,273  
  7,725     First Business Financial Services, Inc.     243,569  
  22,624     First Commonwealth Financial Corp.     295,696  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   89


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

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Description

  Value  
Common Stocks – (continued)  
Financials – (continued)      
  5,287     First Community Corp/SC   $ 91,359  
  20,116     First Financial Bancorp     418,010  
  24,234     First Financial Bankshares, Inc.     696,000  
  4,252     First Financial Corp.     156,133  
  10,807     First Interstate BancSystem, Inc., Class A     280,009  
  13,900     First Merchants Corp.     414,776  
  4,797     First Mid Bancshares, Inc.     134,172  
  9,343     First of Long Island Corp. (The)     122,020  
  1,490     First Western Financial, Inc.*     30,277  
  5,632     FirstCash Holdings, Inc.     503,050  
  13,271     Flushing Financial Corp.     187,386  
  5,720     Flywire Corp.*     197,798  
  4,717     Focus Financial Partners, Inc., Class A*     250,001  
  9,812     Franklin BSP Realty Trust, Inc. REIT     138,742  
  3,203     FS Bancorp, Inc.     94,969  
  32,270     Fulton Financial Corp.     430,159  
  3,015     FVCBankcorp, Inc.*     36,693  
  112,671     Genworth Financial, Inc., Class A*     652,365  
  10,418     German American Bancorp, Inc.     301,393  
  19,038     Glacier Bancorp, Inc.     575,138  
  3,800     Goosehead Insurance, Inc., Class A*     265,468  
  6,603     Great Southern Bancorp, Inc.     333,253  
  8,027     Green Dot Corp., Class A*     119,121  
  6,547     Greene County Bancorp, Inc.     188,619  
  8,582     Hamilton Lane, Inc., Class A     796,324  
  14,501     Hancock Whitney Corp.     598,166  
  12,110     Hanmi Financial Corp.     209,745  
  5,002     Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT     111,895  
  15,365     HarborOne Bancorp, Inc.     153,189  
  8,498     Heartland Financial USA, Inc.     260,379  
  18,755     Heritage Commerce Corp.     162,606  
  6,475     Heritage Financial Corp.     111,499  
  13,785     Hilltop Holdings, Inc.     418,926  
  655     Hingham Institution For Savings (The)(a)     130,469  
  3,883     Home Bancorp, Inc.     126,819  
  29,749     Home BancShares, Inc.     659,833  
  6,122     HomeTrust Bancshares, Inc.     139,888  
  27,770     Hope Bancorp, Inc.     268,536  
  11,561     Horace Mann Educators Corp.     331,338  
  13,336     Horizon Bancorp, Inc.     149,230  
  4,266     I3 Verticals, Inc., Class A*     100,891  
  13,717     Independent Bank Corp.     261,858  
  7,404     Independent Bank Corp.     399,964  
  6,602     Independent Bank Group, Inc.     278,604  
  10,951     International Bancshares Corp.     490,386  
  12,263     International Money Express, Inc.*     212,150  
  1,199     Investors Title Co.     172,524  
  19,818     Jackson Financial, Inc., Class A     745,157  
  13,405     KKR Real Estate Finance Trust, Inc. REIT     167,697  
  15,094     Ladder Capital Corp. REIT     165,430  
  12,381     Lakeland Bancorp, Inc.     167,267  
  9,208     Lakeland Financial Corp.     480,013  
  31,215     LendingClub Corp.*     217,256  

 

 

 
Common Stocks – (continued)  
Financials – (continued)      
  9,809     Live Oak Bancshares, Inc.   317,223  
  20,933     Macatawa Bank Corp.     191,746  
  6,056     MainStreet Bancshares, Inc.     136,987  
  19,118     Marqeta, Inc., Class A*     117,576  
  33,813     MBIA, Inc.*     266,785  
  7,369     Mercantile Bank Corp.     245,977  
  3,706     Metropolitan Bank Holding Corp.*(a)     147,536  
  10,616     MFA Financial, Inc. REIT     116,351  
  3,362     Middlefield Banc Corp.     87,177  
  5,740     Midland States Bancorp, Inc.     127,428  
  4,730     MidWestOne Financial Group, Inc.     101,033  
  13,615     Moelis & Co., Class A     645,487  
  16,319     Mr Cooper Group, Inc.*     924,635  
  5,722     National Bank Holdings Corp., Class A     180,472  
  5,635     National Bankshares, Inc.     148,313  
  834     National Western Life Group, Inc., Class A     379,086  
  47,552     Navient Corp.     839,293  
  8,982     NBT Bancorp, Inc.     309,160  
  5,341     Nelnet, Inc., Class A     490,571  
  10,093     New York Mortgage Trust, Inc. REIT     96,085  
  5,663     NewtekOne, Inc.     101,424  
  7,579     Nexpoint Real Estate Finance, Inc. REIT     129,525  
  2,950     Nicolet Bankshares, Inc.     223,639  
  22,193     NMI Holdings, Inc., Class A*     635,164  
  6,498     Northeast Bank     276,100  
  6,253     Northeast Community Bancorp, Inc.     99,173  
  17,386     Northwest Bancshares, Inc.     191,246  
  4,444     Norwood Financial Corp.     120,566  
  6,617     Oak Valley Bancorp     166,153  
  8,713     OceanFirst Financial Corp.     146,988  
  17,310     OFG Bancorp (Puerto Rico)     522,070  
  43,870     Old National Bancorp     669,456  
  16,509     Old Second Bancorp, Inc.     238,885  
  19,255     Open Lending Corp., Class A*     158,854  
  3,331     Origin Bancorp, Inc.     102,228  
  10,607     Oscar Health, Inc., Class A*     66,506  
  12,773     Pacific Premier Bancorp, Inc.     294,034  
  18,386     Pagseguro Digital Ltd., Class A (Brazil) *     165,106  
  2,066     Palomar Holdings, Inc.*     105,387  
  4,391     Park National Corp.     446,828  
  9,773     Parke Bancorp, Inc.     168,780  
  11,747     Pathward Financial, Inc.     578,775  
  9,683    

Patria Investments Ltd., Class A

(Cayman Islands)

    139,629  
  10,723     PCB Bancorp     172,104  
  7,736     Peapack-Gladstone Financial Corp.     210,961  
  8,680     PennyMac Financial Services, Inc.     622,964  
  11,846     PennyMac Mortgage Investment Trust REIT     158,855  
  14,334     Peoples Bancorp, Inc.     369,387  
  4,047     Peoples Financial Services Corp.     176,449  
  3,788     Piper Sandler Cos.     564,336  
  6,900     PJT Partners, Inc., Class A     545,031  
  2,884     Plumas Bancorp     100,767  
  9,372     PRA Group, Inc.*     182,567  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

 

 

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Description

  Value  
Common Stocks – (continued)  
Financials – (continued)      
  8,221     Preferred Bank   $ 510,606  
  7,844     Premier Financial Corp.     147,781  
  7,135     Primis Financial Corp.     63,359  
  9,809     ProAssurance Corp.     173,423  
  13,984     PROG Holdings, Inc.*     479,651  
  15,924     Provident Financial Services, Inc.     262,428  
  6,591     QCR Holdings, Inc.     345,764  
  46,895     Radian Group, Inc.     1,269,917  
  37,389     Ready Capital Corp. REIT     408,288  
  6,712     Regional Management Corp.     184,446  
  15,852     Remitly Global, Inc.*     398,678  
  10,305     Renasant Corp.     286,994  
  1,759     Repay Holdings Corp.*     16,218  
  6,077     Republic Bancorp, Inc., Class A     270,062  
  8,326     S&T Bancorp, Inc.     235,876  
  3,836     Safety Insurance Group, Inc.     264,185  
  11,439     Sandy Spring Bancorp, Inc.     254,403  
  8,724     Seacoast Banking Corp. of Florida     205,974  
  12,443     Selective Insurance Group, Inc.     1,234,470  
  14,457     ServisFirst Bancshares, Inc.     810,170  
  3,830     Shore Bancshares, Inc.     42,436  
  7,194     Sierra Bancorp     143,017  
  16,678     Simmons First National Corp., Class A     297,202  
  25,096     SiriusPoint Ltd. (Bermuda) *     277,562  
  6,170     Southern First Bancshares, Inc.*     173,439  
  6,624     Southern Missouri Bancorp, Inc.     280,195  
  6,633     Southside Bancshares, Inc.     199,653  
  10,052     SouthState Corp.     726,760  
  8,366     Stellar Bancorp, Inc.     177,945  
  4,068     StepStone Group, Inc., Class A     125,579  
  10,432     Stewart Information Services Corp.     483,210  
  7,194     Stock Yards Bancorp, Inc.     329,485  
  36,800     StoneCo Ltd., Class A (Brazil)*     451,168  
  6,361     StoneX Group, Inc.*     597,171  
  7,562     Texas Capital Bancshares, Inc.*     472,171  
  3,690     Timberland Bancorp, Inc.     104,648  
  3,732     Tompkins Financial Corp.     193,803  
  13,881     Towne Bank     327,592  
  9,089     TriCo Bancshares     312,116  
  5,591     Triumph Financial, Inc.*     359,110  
  5,793     TrustCo Bank Corp.     164,927  
  12,826     Trustmark Corp.     295,511  
  7,719     Two Harbors Investment Corp. REIT     106,291  
  8,728     UMB Financial Corp.     551,697  
  17,869     United Bankshares, Inc.     537,500  
  18,125     United Community Banks, Inc.     489,375  
  6,807     Unity Bancorp, Inc.     164,491  
  8,477     Universal Insurance Holdings, Inc.     107,319  
  6,883     Univest Financial Corp.     123,825  
  70,029     Valley National Bancorp     642,866  
  10,139     Veritex Holdings, Inc.     190,715  
  4,444     Victory Capital Holdings, Inc., Class A     152,962  
  4,644     Virginia National Bankshares Corp.     153,438  
  2,476     Virtus Investment Partners, Inc.     512,780  
  5,628     Walker & Dunlop, Inc.     480,294  
  14,857     Washington Federal, Inc.     403,813  

 

 

 
Common Stocks – (continued)  
Financials – (continued)      
  6,808     Washington Trust Bancorp, Inc.   190,624  
  16,771     Waterstone Financial, Inc.     208,128  
  11,652     WesBanco, Inc.     295,495  
  12,996     West BanCorp, Inc.     240,686  
  8,076     Westamerica BanCorp     355,586  
  43,719     WisdomTree, Inc.     319,149  
  843     World Acceptance Corp.*     113,645  
  12,565     WSFS Financial Corp.     493,804  
   

 

 

 
      81,853,696  

 

 

 
Health Care – 12.4%      
  4,572     4D Molecular Therapeutics, Inc.*     74,432  
  4,692     89bio, Inc.*     80,421  
  39,880     ACADIA Pharmaceuticals, Inc.*     1,077,558  
  6,891     Accolade, Inc.*     92,960  
  19,922     AdaptHealth Corp.*     237,669  
  3,635     Addus HomeCare Corp.*     318,790  
  23,885     ADMA Biologics, Inc.*     91,957  
  3,640     Agios Pharmaceuticals, Inc.*     99,845  
  2,909     Akero Therapeutics, Inc.*     144,374  
  8,921     Aldeyra Therapeutics, Inc.*     66,551  
  15,138     Alignment Healthcare, Inc.*     88,406  
  51,577     Alkermes PLC*     1,505,533  
  18,469     Alphatec Holdings, Inc.*     301,968  
  16,119     Amicus Therapeutics, Inc.*     206,646  
  13,363     AMN Healthcare Services, Inc.*     1,181,022  
  118,956     Amneal Pharmaceuticals, Inc.*     486,530  
  20,122     Amphastar Pharmaceuticals, Inc.*     1,072,704  
  3,932     Amylyx Pharmaceuticals, Inc.*     84,774  
  15,693     AngioDynamics, Inc.*     126,015  
  3,536     ANI Pharmaceuticals, Inc.*     227,683  
  12,546     Anika Therapeutics, Inc.*     223,946  
  3,015     Apollo Medical Holdings, Inc.*     114,148  
  5,027     Arcellx, Inc.*     180,168  
  13,290     Arcturus Therapeutics Holdings, Inc.*     403,352  
  25,165     Ardelyx, Inc.*     107,203  
  6,139     Arrowhead Pharmaceuticals, Inc.*     169,682  
  54,272     Assertio Holdings, Inc.*     178,012  
  9,567     Astria Therapeutics, Inc.*     85,146  
  7,227     AtriCure, Inc.*     326,299  
  238     Atrion Corp.     110,694  
  9,746     Aurinia Pharmaceuticals, Inc. (Canada)*     88,396  
  12,738     Avanos Medical, Inc.*     268,008  
  13,627     Avita Medical, Inc.*     222,120  
  3,201     Axonics, Inc.*     183,417  
  4,864     Axsome Therapeutics, Inc.*     393,011  
  3,636     Beam Therapeutics, Inc.*     84,282  
  3,968     Biohaven Ltd.*     72,575  
  3,973     BioLife Solutions, Inc.*     52,483  
  2,685     Biomea Fusion, Inc.*     45,296  
  4,666     Bioxcel Therapeutics, Inc.*     17,637  
  2,871     Blueprint Medicines Corp.*     143,148  
  6,253     Bridgebio Pharma, Inc.*     187,027  
  7,155     Cabaletta Bio, Inc.*     101,315  
  31,284     CareDx, Inc.*     291,254  
  74,024     Catalyst Pharmaceuticals, Inc.*     1,039,297  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   91


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

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Description

  Value  
Common Stocks – (continued)  
Health Care – (continued)      
  4,166     Celldex Therapeutics, Inc.*   $ 116,231  
  3,705     Cerevel Therapeutics Holdings, Inc.*     87,809  
  66,943     Cerus Corp.*     126,522  
  39,582     Codexis, Inc.*     68,873  
  7,731     Cogent Biosciences, Inc.*     94,396  
  30,153     Coherus Biosciences, Inc.*     160,715  
  32,841     Collegium Pharmaceutical, Inc.*     769,136  
  13,789     Computer Programs and Systems, Inc.*     224,347  
  2,059     CONMED Corp.     229,496  
  60,337     Corcept Therapeutics, Inc.*     1,974,830  
  18,334     CorMedix, Inc.*(a)     74,619  
  3,212     CorVel Corp.*     695,237  
  4,619     Crinetics Pharmaceuticals, Inc.*     80,001  
  28,309     Cross Country Healthcare, Inc.*     729,240  
  5,482     CryoPort, Inc.*     77,296  
  6,282     CVRx, Inc.*     108,993  
  11,489     Cymabay Therapeutics, Inc.*     157,974  
  6,564     Cytokinetics, Inc.*     229,346  
  4,967     Denali Therapeutics, Inc.*     114,688  
  64,290     Dynavax Technologies Corp.*     923,204  
  8,571     Dyne Therapeutics, Inc.*     97,709  
  10,026     Eagle Pharmaceuticals, Inc.*     169,941  
  17,345     Embecta Corp.     317,934  
  37,099     Emergent BioSolutions, Inc.*     173,994  
  4,564     Enliven Therapeutics, Inc.*     71,290  
  9,876     Ensign Group, Inc. (The)     989,773  
  18,703     Entrada Therapeutics, Inc.*     275,308  
  11,851     Evolent Health, Inc., Class A*     302,319  
  19,043     Evolus, Inc.*     188,335  
  5,613     FibroGen, Inc.*     5,388  
  10,413     Fulgent Genetics, Inc.*     341,130  
  39,465     Geron Corp.*     95,900  
  3,010     Glaukos Corp.*     226,171  
  2,529     Guardant Health, Inc.*     98,833  
  4,245     Haemonetics Corp.*     380,904  
  20,054     Halozyme Therapeutics, Inc.*     853,498  
  17,861     Harmony Biosciences Holdings, Inc.*     647,461  
  7,537     Harrow Health, Inc.*     114,336  
  38,456     Harvard Bioscience, Inc.*     169,591  
  8,945     HealthEquity, Inc.*     604,235  
  9,522     HealthStream, Inc.     200,248  
  10,851     Hims & Hers Health, Inc.*     72,810  
  3,900     Ideaya Biosciences, Inc.*     114,504  
  12,803     ImmunoGen, Inc.*     202,800  
  4,674     Immunovant, Inc.*     106,147  
  7,535     Inari Medical, Inc.*     501,982  
  17,658     InfuSystem Holdings, Inc.*     181,524  
  3,583     Inhibrx, Inc.*     76,676  
  11,044     Inmode Ltd.*     431,710  
  47,188     Innoviva, Inc.*     601,647  
  8,839     Inogen, Inc.*     54,890  
  7,154     Insmed, Inc.*     156,601  
  6,827     Integer Holdings Corp.*     582,411  
  3,997     Intellia Therapeutics, Inc.*     149,808  
  15,312     Intra-Cellular Therapies, Inc.*     850,122  
  2,722     iRadimed Corp.     125,838  

 

 

 
Common Stocks – (continued)  
Health Care – (continued)      
  6,558     iRhythm Technologies, Inc.*   677,900  
  63,206     Ironwood Pharmaceuticals, Inc.*     556,213  
  12,300     iTeos Therapeutics, Inc.*     148,400  
  10,862     Joint Corp. (The)*     100,908  
  111,334     Karyopharm Therapeutics, Inc.*     142,508  
  2,483     Keros Therapeutics, Inc.*     87,178  
  14,178     Kiniksa Pharmaceuticals Ltd., Class A*     244,287  
  1,309     Krystal Biotech, Inc.*     162,944  
  3,629     Kymera Therapeutics, Inc.*     69,241  
  11,865     Lantheus Holdings, Inc.*     812,041  
  7,575     LeMaitre Vascular, Inc.     437,911  
  10,476     LifeStance Health Group, Inc.*     86,008  
  5,898     Ligand Pharmaceuticals, Inc.*     387,911  
  10,875     Liquidia Corp.*     74,711  
  6,925     LivaNova PLC*     384,684  
  601     Madrigal Pharmaceuticals, Inc.*     108,180  
  24,887     MannKind Corp.*     114,729  
  9,726     Marinus Pharmaceuticals, Inc.*     69,152  
  7,986     Merit Medical Systems, Inc.*     521,326  
  1,705     Mesa Laboratories, Inc.     244,429  
  90,876     MiMedx Group, Inc.*     674,300  
  3,408     Mirum Pharmaceuticals, Inc.*     90,073  
  1,605     Morphic Holding, Inc.*     88,403  
  136,877     Multiplan Corp.*     234,060  
  37,769     Myriad Genetics, Inc.*     674,177  
  5,339     National HealthCare Corp.     352,107  
  8,370     National Research Corp.     349,866  
  8,575     Neogen Corp.*     198,254  
  12,187     NeoGenomics, Inc.*     183,171  
  6,313     Nevro Corp.*     126,513  
  37,257     NextGen Healthcare, Inc.*     678,450  
  2,169     Nuvalent, Inc., Class A*     98,841  
  48,788     Ocular Therapeutix, Inc.*     184,419  
  12,531     Omega Therapeutics, Inc.*     45,989  
  32,368     Omeros Corp.*(a)     111,993  
  1,368     OmniAb, Inc. 12.5 Earnout*(b)      
  1,368     OmniAb, Inc. 15.00 Earnout*(b)      
  6,044     Omnicell, Inc.*     343,662  
  91,016     OPKO Health, Inc.*     166,559  
  23,131     Option Care Health, Inc.*     805,653  
  26,550     OraSure Technologies, Inc.*     171,513  
  67,656     Organogenesis Holdings, Inc.*     189,437  
  17,082     Orthofix Medical, Inc.*     361,455  
  25,437     Ovid therapeutics, Inc.*     85,596  
  20,323     Owens & Minor, Inc.*     343,459  
  15,577     Pacific Biosciences of California, Inc.*     175,709  
  12,997     Pacira BioSciences, Inc.*     458,794  
  21,424     Patterson Cos., Inc.     643,577  
  17,891     Pediatrix Medical Group, Inc.*     252,800  
  15,896     PetIQ, Inc.*     303,296  
  7,757     Phathom Pharmaceuticals, Inc.*     111,623  
  19,716     Phibro Animal Health Corp., Class A     275,038  
  10,043     Phreesia, Inc.*     285,924  
  4,218     Pliant Therapeutics, Inc.*     71,200  
  9,726     Point Biopharma Global, Inc.*     77,419  
  39,944     Poseida Therapeutics, Inc.*     83,483  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

 

 

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  Value  
Common Stocks – (continued)  
Health Care – (continued)      
  16,852     Prestige Consumer Healthcare, Inc.*   $ 982,977  
  2,710     PROCEPT BioRobotics Corp.*     92,438  
  5,933     Progyny, Inc.*     221,538  
  3,388     Protagonist Therapeutics, Inc.*     67,150  
  55,214     Protalix BioTherapeutics, Inc.*     104,354  
  3,439     Prothena Corp. PLC (Ireland) *     181,648  
  15,172     PTC Therapeutics, Inc.*     599,294  
  7,437     Pulmonx Corp.*     77,791  
  4,158     Quanterix Corp.*     111,434  
  9,675     RadNet, Inc.*     323,242  
  2,624     Reata Pharmaceuticals, Inc., Class A*     443,456  
  10,523     Recursion Pharmaceuticals, Inc., Class A*(a)     91,550  
  5,557     Revance Therapeutics, Inc.*     97,970  
  3,946     REVOLUTION Medicines, Inc.*     134,046  
  5,096     Rhythm Pharmaceuticals, Inc.*     132,547  
  4,286     Rocket Pharmaceuticals, Inc.*     67,076  
  3,667     RxSight, Inc.*     106,380  
  3,559     Sage Therapeutics, Inc.*     71,180  
  3,733     Sanara Medtech, Inc.*     134,985  
  83,068     Sangamo Therapeutics, Inc.*     80,518  
  30,573     Savara, Inc.*     110,674  
  2,040     Schrodinger, Inc.*     75,256  
  8,774     scPharmaceuticals, Inc.*     67,384  
  15,253     Select Medical Holdings Corp.     445,540  
  4,917     Semler Scientific, Inc.*     129,612  
  17,446     Seres Therapeutics, Inc.*     60,189  
  10,896     SI-BONE, Inc.*     249,300  
  45,295     SIGA Technologies, Inc.     207,904  
  6,776     Silk Road Medical, Inc.*     130,912  
  3,418     SpringWorks Therapeutics, Inc.*     96,319  
  9,549     STAAR Surgical Co.*     414,045  
  34,147     Supernus Pharmaceuticals, Inc.*     1,087,240  
  6,610     Surgery Partners, Inc.*     239,679  
  6,742     Surmodics, Inc.*     248,240  
  8,184     Syndax Pharmaceuticals, Inc.*     151,486  
  18,748     Tactile Systems Technology, Inc.*     355,275  
  7,020     Taro Pharmaceutical Industries Ltd.*     278,132  
  12,617     Tela Bio, Inc.*     121,880  
  8,594     Terns Pharmaceuticals, Inc.*     45,290  
  8,649     TG Therapeutics, Inc.*     90,555  
  13,320     Theravance Biopharma, Inc.*     126,806  
  1,579     TransMedics Group, Inc.*     103,630  
  9,872     Travere Therapeutics, Inc.*     140,972  
  3,720     Treace Medical Concepts, Inc.*     57,846  
  2,106     UFP Technologies, Inc.*     370,045  
  19,231     UroGen Pharma Ltd.*     336,158  
  2,684     US Physical Therapy, Inc.     270,628  
  53,666     Vanda Pharmaceuticals, Inc.*     278,527  
  14,606     Varex Imaging Corp.*     287,300  
  4,389     Vaxcyte, Inc.*     227,877  
  2,935     Ventyx Biosciences, Inc.*     98,323  
  7,292     Vera Therapeutics, Inc.*     128,995  
  8,278     Veracyte, Inc.*     218,539  
  38,058     Veradigm, Inc.*     509,216  
  23,894     Vericel Corp.*     784,440  

 

 

 
Common Stocks – (continued)  
Health Care – (continued)      
  15,801     Verrica Pharmaceuticals, Inc.*   71,895  
  4,718     Verve Therapeutics, Inc.*     60,721  
  33,560     Viemed Healthcare, Inc.*     265,460  
  9,060     Vigil Neuroscience, Inc.*     54,632  
  7,095     Viking Therapeutics, Inc.*     97,982  
  33,431     Vir Biotechnology, Inc.*     423,236  
  3,461     Viridian Therapeutics, Inc.*     62,886  
  27,478     Voyager Therapeutics, Inc.*     275,330  
  11,396     Xencor, Inc.*     250,484  
  33,887     Xeris Biopharma Holdings, Inc.*     76,923  
  14,498     Y-mAbs Therapeutics, Inc.*     73,505  
  3,399     Zentalis Pharmaceuticals, Inc.*     90,277  
  11,621     Zimvie, Inc.*     137,128  
  19,372     Zynex, Inc.*     149,164  
   

 

 

 
      59,713,360  

 

 

 
Industrials – 19.3%      
  9,843     AAON, Inc.     620,700  
  9,204     AAR Corp.*     566,966  
  12,586     ABM Industries, Inc.     571,656  
  28,184     ACCO Brands Corp.     150,221  
  15,198     ACV Auctions, Inc., Class A*     255,478  
  1,592     AeroVironment, Inc.*     154,472  
  6,261     AerSale Corp.*     92,725  
  3,167     Alamo Group, Inc.     543,616  
  4,334     Albany International Corp., Class A     401,848  
  37,820     Alight, Inc., Class A*     288,945  
  10,860     Allient, Inc.     369,566  
  7,641     Alta Equipment Group, Inc.     108,731  
  2,448     Ameresco, Inc., Class A*     106,464  
  4,226     American Woodmark Corp.*     328,233  
  26,351     API Group Corp.*     741,781  
  10,461     Apogee Enterprises, Inc.     527,862  
  12,381     Applied Industrial Technologies, Inc.     1,911,255  
  6,609     ArcBest Corp.     697,844  
  9,596     Arcosa, Inc.     750,599  
  3,367     Argan, Inc.     143,030  
  11,389     Array Technologies, Inc.*     283,244  
  12,359     ASGN, Inc.*     1,015,415  
  7,273     Astec Industries, Inc.     398,706  
  8,128     Asure Software, Inc.*     101,925  
  13,633     Atkore, Inc.*     2,099,073  
  5,150     AZZ, Inc.     252,865  
  22,698     Babcock & Wilcox Enterprises, Inc.*     119,164  
  7,380     Barnes Group, Inc.     290,034  
  2,624     Barrett Business Services, Inc.     251,064  
  13,076     Beacon Roofing Supply, Inc.*     1,044,119  
  8,792     Bloom Energy Corp., Class A*(a)     131,792  
  6,219     Blue Bird Corp.*     135,885  
  8,600     BlueLinx Holdings, Inc.*     767,636  
  18,762     Boise Cascade Co.     2,052,000  
  9,880     Bowman Consulting Group Ltd.*     291,756  
  5,138     Brink’s Co. (The)     389,512  
  5,403     Casella Waste Systems, Inc., Class A*     425,594  
  12,725     CBIZ, Inc.*     714,000  
  7,126     CECO Environmental Corp.*     98,196  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   93


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

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  Value  
Common Stocks – (continued)  
Industrials – (continued)      
  3,972     Chart Industries, Inc.*   $ 717,264  
  9,487     Cimpress PLC (Ireland) *     612,955  
  5,659     CIRCOR International, Inc.*     315,150  
  8,407     Columbus McKinnon Corp.     316,692  
  9,197     Comfort Systems USA, Inc.     1,697,490  
  14,412     Commercial Vehicle Group, Inc.*     132,735  
  87,320     Conduent, Inc.*     274,185  
  2,854     Construction Partners, Inc., Class A*     99,176  
  34,968     CoreCivic, Inc.*     376,256  
  14,957     Costamare, Inc. (Monaco)     154,207  
  4,036     Covenant Logistics Group, Inc.     198,450  
  3,936     CRA International, Inc.     427,568  
  12,228     CSG Systems International, Inc.     664,103  
  4,395     CSW Industrials, Inc.     789,474  
  16,758     Deluxe Corp.     338,847  
  4,454     Distribution Solutions Group, Inc.*     229,515  
  3,400     Douglas Dynamics, Inc.     102,918  
  2,609     Ducommun, Inc.*     118,631  
  14,182     DXP Enterprises, Inc.*     504,454  
  4,082     Dycom Industries, Inc.*     407,914  
  5,276     Eagle Bulk Shipping, Inc.(a)     230,878  
  8,042     Encore Wire Corp.     1,325,402  
  22,943     Energy Recovery, Inc.*     623,591  
  13,515     Enerpac Tool Group Corp.     354,093  
  5,029     EnerSys     527,944  
  7,447     Ennis, Inc.     158,621  
  7,515     Enovix Corp.*     103,557  
  5,016     EnPro Industries, Inc.     684,132  
  10,260     Enviri Corp.*     76,437  
  3,511     ESCO Technologies, Inc.     375,712  
  4,288     EVI Industries, Inc.*     113,289  
  34,049     ExlService Holdings, Inc.*     995,252  
  4,551     Exponent, Inc.     408,953  
  8,860     Federal Signal Corp.     540,017  
  10,530     First Advantage Corp.     146,893  
  3,606     Fluence Energy, Inc.*     95,018  
  19,576     Fluor Corp.*     684,964  
  7,768     Forrester Research, Inc.*     237,934  
  10,549     Forward Air Corp.     747,080  
  11,993     Franklin Covey Co.*     511,741  
  11,952     Franklin Electric Co., Inc.     1,155,878  
  8,276     FTAI Aviation Ltd.     305,881  
  3,566     GATX Corp.     421,287  
  12,740     Genco Shipping & Trading Ltd.     174,156  
  7,874     Gencor Industries, Inc.*     112,441  
  50,540     GEO Group, Inc. (The)*     365,910  
  5,860     Gibraltar Industries, Inc.*     439,676  
  12,472     Global Industrial Co.     422,052  
  22,527     GMS, Inc.*     1,562,022  
  12,223     Golden Ocean Group Ltd. (Norway)     89,350  
  3,981     Gorman-Rupp Co. (The)     127,949  
  80,128     GrafTech International Ltd.     283,653  
  4,857     Granite Construction, Inc.     200,546  
  1,026     Great Lakes Dredge & Dock Corp.*     9,060  
  3,497     Greenbrier Cos., Inc. (The)     148,832  
  13,231     Griffon Corp.     553,982  

 

 

 
Common Stocks – (continued)  
Industrials – (continued)      
  7,138     H&E Equipment Services, Inc.   323,494  
  7,528     Heartland Express, Inc.     113,598  
  5,422     Heidrick & Struggles International, Inc.     143,629  
  3,443     Helios Technologies, Inc.     199,281  
  3,631     Herc Holdings, Inc.     472,538  
  6,917     Heritage-Crystal Clean, Inc.*     311,957  
  14,372     Hillenbrand, Inc.     696,180  
  3,496     HireQuest, Inc.     66,494  
  21,606     HNI Corp.     707,813  
  10,368     Hub Group, Inc., Class A*     809,119  
  39,015     Hudson Technologies, Inc.*     470,521  
  6,029     Huron Consulting Group, Inc.*     602,599  
  1,814     Hyster-Yale Materials Handling, Inc.     82,845  
  5,267     ICF International, Inc.     711,361  
  8,055     IES Holdings, Inc.*     603,964  
  23,585     Innodata, Inc.*     306,605  
  9,093     Insperity, Inc.     921,394  
  7,021     Insteel Industries, Inc.     243,980  
  23,582     Interface, Inc.     243,602  
  19,515     Janus International Group, Inc.*     223,447  
  11,827     JELD-WEN Holding, Inc.*     178,351  
  11,646     JetBlue Airways Corp.*     68,944  
  35,511     Joby Aviation, Inc.*(a)     264,557  
  5,133     John Bean Technologies Corp.     564,168  
  4,156     Kadant, Inc.     913,239  
  5,388     Kaman Corp.     120,853  
  16,911     Kelly Services, Inc., Class A     312,684  
  10,526     Kennametal, Inc.     278,623  
  15,042     Kforce, Inc.     942,381  
  10,605     Korn Ferry     540,643  
  35,236     Legalzoom.com, Inc.*     402,043  
  19,393     Leonardo DRS, Inc.*     332,008  
  17,103     Li-Cycle Holdings Corp. (Canada) *(a)     75,937  
  3,897     Limbach Holdings, Inc.*     140,799  
  2,070     Lindsay Corp.     256,887  
  25,724     LSI Industries, Inc.     405,153  
  11,847     Manitowoc Co., Inc. (The)*     200,451  
  7,835     Marten Transport Ltd.     164,535  
  4,947     Masonite International Corp.*     508,106  
  12,672     Masterbrand, Inc.*     162,328  
  12,178     Matson, Inc.     1,070,203  
  7,165     Matthews International Corp., Class A     302,220  
  11,723     Maximus, Inc.     947,453  
  6,691     Mayville Engineering Co., Inc.*     78,552  
  2,595     McGrath RentCorp     262,354  
  2,833     Miller Industries, Inc.     113,320  
  13,417     MillerKnoll, Inc.     256,265  
  18,849     Mistras Group, Inc.*     100,654  
  2,237     Montrose Environmental Group, Inc.*     85,990  
  5,835     Moog, Inc., Class A     677,794  
  28,509     MRC Global, Inc.*     265,704  
  17,716     Mueller Industries, Inc.     1,366,967  
  21,532     Mueller Water Products, Inc., Class A     304,032  
  5,724     MYR Group, Inc.*     813,209  
  1,389     National Presto Industries, Inc.     103,967  
  3,399     NEXTracker, Inc., Class A*     143,166  

 

 

 

 

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


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Common Stocks – (continued)  
Industrials – (continued)      
  5,581     Northwest Pipe Co.*   $ 184,675  
  66,816     NOW, Inc.*     746,335  
  4,832     NV5 Global, Inc.*     491,801  
  2,997     Omega Flex, Inc.     250,849  
  9,149     OPENLANE, Inc.*     142,816  
  3,846     PAM Transportation Services, Inc.*     88,689  
  13,967     Pangaea Logistics Solutions Ltd.(a)     78,774  
  10,958     Parsons Corp.*     624,825  
  21,224     PGT Innovations, Inc.*     598,305  
  5,497     Powell Industries, Inc.     461,583  
  2,418     Preformed Line Products Co.     409,827  
  12,537     Primoris Services Corp.     443,434  
  6,723     Proto Labs, Inc.*     198,328  
  15,373     Quanex Building Products Corp.     414,764  
  36,311     Radiant Logistics, Inc.*     245,099  
  27,250     Resideo Technologies, Inc.*     459,435  
  29,845     Resources Connection, Inc.     462,896  
  16,073     REV Group, Inc.     218,271  
  16,761     Rocket Lab USA, Inc.*     105,762  
  20,937     Rush Enterprises, Inc., Class A     867,001  
  9,198     Rush Enterprises, Inc., Class B     422,832  
  29,961     RXO, Inc.*     541,695  
  46,449     Safe Bulkers, Inc. (Greece)     149,101  
  7,887     Shoals Technologies Group, Inc., Class A*     155,216  
  13,769     Shyft Group, Inc. (The)     215,898  
  11,446     Simpson Manufacturing Co., Inc.     1,828,613  
  4,382     SkyWest, Inc.*     197,628  
  7,567     SP Plus Corp.*     296,399  
  6,519     Spirit Airlines, Inc.     107,564  
  6,673     SPX Technologies, Inc.*     527,300  
  2,423     Standex International Corp.     372,245  
  33,502     Steelcase, Inc., Class A     303,863  
  8,192     Sterling Infrastructure, Inc.*     677,970  
  7,930     Tennant Co.     653,670  
  12,471     Terex Corp.     755,867  
  9,611     Textainer Group Holdings Ltd. (China)     380,884  
  5,669     Thermon Group Holdings, Inc.*     155,784  
  15,384     Titan International, Inc.*     193,685  
  14,664     Titan Machinery, Inc.*     454,877  
  6,884     Transcat, Inc.*     701,893  
  6,396     TriNet Group, Inc.*     709,508  
  6,204     Trinity Industries, Inc.     155,534  
  8,435     Triton International Ltd. (Bermuda)     707,781  
  25,724     TrueBlue, Inc.*     389,204  
  5,074     TTEC Holdings, Inc.     151,002  
  17,311     Tutor Perini Corp.*     153,895  
  16,666     UFP Industries, Inc.     1,739,097  
  2,889     UniFirst Corp.     508,840  
  23,060     Upwork, Inc.*     341,519  
  6,946     V2X, Inc.*     349,453  
  10,065     Veritiv Corp.     1,694,241  
  21,346     Verra Mobility Corp.*     379,745  
  7,323     Vicor Corp.*     496,280  
  12,379     Wabash National Corp.     279,146  
  7,777     Watts Water Technologies, Inc., Class A     1,468,064  

 

 

 
Common Stocks – (continued)  
Industrials – (continued)      
  9,396     Werner Enterprises, Inc.   390,968  
  8,358     Willdan Group, Inc.*     201,762  
  10,367     Zurn Elkay Water Solutions Corp.     307,071  
   

 

 

 
      92,974,663  

 

 

 
Information Technology – 13.2%      
  96,649     8x8, Inc.*     314,109  
  45,972     A10 Networks, Inc.     684,523  
  19,520     ACI Worldwide, Inc.*     473,946  
  34,279     Adeia, Inc.     344,847  
  11,156     ADTRAN Holdings, Inc.     95,384  
  7,021     Advanced Energy Industries, Inc.     828,969  
  4,765     Aehr Test Systems*     243,063  
  8,760     Agilysys, Inc.*     617,974  
  10,115     Alarm.com Holdings, Inc.*     592,436  
  10,435     Alpha & Omega Semiconductor Ltd.*     329,224  
  9,992     Altair Engineering, Inc., Class A*     664,268  
  5,428     Ambarella, Inc.*     337,350  
  12,201     American Software, Inc., Class A     140,678  
  31,170     Amkor Technology, Inc.     871,513  
  5,248     Appfolio, Inc., Class A*     1,011,657  
  8,729     Appian Corp., Class A*     425,102  
  10,508     Applied Digital Corp.*     63,468  
  25,019     Arlo Technologies, Inc.*     244,436  
  10,164     Asana, Inc., Class A*     218,424  
  26,311     Avid Technology, Inc.*     701,451  
  8,896     Axcelis Technologies, Inc.*     1,709,366  
  7,664     Badger Meter, Inc.     1,272,837  
  3,220     Bel Fuse, Inc., Class B     168,406  
  7,531     Belden, Inc.     707,161  
  11,218     Benchmark Electronics, Inc.     288,751  
  10,434     BigCommerce Holdings, Inc.Series 1*     110,600  
  8,001     Blackbaud, Inc.*     608,956  
  2,419     BlackLine, Inc.*     145,285  
  32,173     Box, Inc., Class A*     851,941  
  38,248     Brightcove, Inc.*     147,255  
  3,164     C3.ai, Inc., Class A*(a)     98,147  
  14,173     Calix, Inc.*     659,186  
  8,658     Cambium Networks Corp.*     79,740  
  6,010     Cerence, Inc.*     156,861  
  5,753     CEVA, Inc.*     133,585  
  3,880     Clear Secure, Inc., Class A     84,351  
  6,544     Clearfield, Inc.*     230,022  
  2,980     Climb Global Solutions, Inc.     128,170  
  13,470     Cohu, Inc.*     503,643  
  19,077     CommScope Holding Co., Inc.*     63,717  
  13,199     CommVault Systems, Inc.*     901,624  
  2,520     Comtech Telecommunications Corp.     25,326  
  5,481     Consensus Cloud Solutions, Inc.*     175,008  
  5,585     CoreCard Corp.*     118,625  
  6,873     Corsair Gaming, Inc.*     108,044  
  7,942     Couchbase, Inc.*     135,808  
  4,186     CPI Card Group, Inc.*     86,525  
  5,207     Credo Technology Group Holding Ltd.*     85,707  
  6,695     CTS Corp.     298,932  
  13,947     Daktronics, Inc.*     116,597  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   95


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

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Description

  Value  
Common Stocks – (continued)  
Information Technology – (continued)      
  11,878     Digi International, Inc.*   $ 396,488  
  28,456     Digital Turbine, Inc.*     253,543  
  13,566     Diodes, Inc.*     1,110,377  
  21,246     Domo, Inc., Class B*     226,482  
  14,519     Ebix, Inc.     242,467  
  19,296     eGain Corp.*     128,511  
  6,158     Envestnet, Inc.*     336,412  
  8,586     ePlus, Inc.*     569,939  
  3,475     Everbridge, Inc.*     86,215  
  15,311     Evolv Technologies Holdings, Inc.*     107,024  
  52,097     Extreme Networks, Inc.*     1,430,063  
  6,367     Fabrinet (Thailand) *     1,023,623  
  5,460     Fastly, Inc., Class A*     129,893  
  19,611     FormFactor, Inc.*     692,661  
  8,068     Freshworks, Inc., Class A*     176,447  
  16,099     Grid Dynamics Holdings, Inc.*     187,231  
  22,130     Hackett Group, Inc. (The)     521,604  
  25,476     Harmonic, Inc.*     272,084  
  5,581     Ichor Holdings Ltd.*     204,432  
  12,912     Immersion Corp.     90,642  
  6,572     Impinj, Inc.*     437,498  
  9,548     indie Semiconductor, Inc., Class A (China) *     63,972  
  25,386     Infinera Corp.*     118,806  
  34,358     Information Services Group, Inc.     178,662  
  8,465     Insight Enterprises, Inc.*     1,355,162  
  1,953     Intapp, Inc.*     71,499  
  4,593     InterDigital, Inc.     398,259  
  10,551     inTEST Corp.*     184,854  
  9,677     IonQ, Inc.*     166,348  
  4,880     Itron, Inc.*     333,841  
  10,139     Kimball Electronics, Inc.*     306,096  
  23,400     Knowles Corp.*     375,102  
  16,375     Kulicke & Soffa Industries, Inc. (Singapore)     847,079  
  11,939     LiveRamp Holdings, Inc.*     386,107  
  23,466     Luna Innovations, Inc.*     161,681  
  6,409     MACOM Technology Solutions Holdings, Inc.*     541,945  
  9,404     Marathon Digital Holdings, Inc.*(a)     118,208  
  3,367     Maxeon Solar Technologies Ltd.*(a)     53,064  
  20,023     MaxLinear, Inc.*     470,541  
  9,897     Methode Electronics, Inc.     319,178  
  632     MicroStrategy, Inc., Class A*     225,959  
  20,925     Mitek Systems, Inc.*     233,732  
  8,001     Model N, Inc.*     216,027  
  6,459     N-able, Inc.*     86,357  
  20,132     Napco Security Technologies, Inc.     498,871  
  10,007     Navitas Semiconductor Corp.*     88,362  
  9,807     NETGEAR, Inc.*     129,256  
  18,187     NetScout Systems, Inc.*     520,694  
  5,910     Novanta, Inc.*     986,852  
  3,201     NVE Corp.     283,128  
  14,898     OneSpan, Inc.*     182,501  
  11,265     Onto Innovation, Inc.*     1,565,610  
  3,909     OSI Systems, Inc.*     532,992  

 

 

 
Common Stocks – (continued)  
Information Technology – (continued)      
  4,750     PagerDuty, Inc.*   122,360  
  10,860     PC Connection, Inc.     576,883  
  5,734     PDF Solutions, Inc.*     208,374  
  8,743     Perficient, Inc.*     557,716  
  27,208     Photronics, Inc.*     646,462  
  5,750     Plexus Corp.*     583,913  
  11,039     Power Integrations, Inc.     927,497  
  4,892     PowerSchool Holdings, Inc., Class A*     108,211  
  12,700     Progress Software Corp.     772,668  
  5,633     PROS Holdings, Inc.*     201,999  
  4,264     Q2 Holdings, Inc.*     146,724  
  6,988     Qualys, Inc.*     1,087,682  
  57,204     Rackspace Technology, Inc.*     143,010  
  24,561     Rambus, Inc.*     1,386,960  
  8,282     Rapid7, Inc.*     417,330  
  2,087     Red Violet, Inc.*     42,909  
  44,969     Ribbon Communications, Inc.*     133,108  
  7,782     Richardson Electronics Ltd.     97,975  
  9,025     Riot Platforms, Inc.*     102,434  
  959     Rogers Corp.*     138,585  
  14,839     Sanmina Corp.*     826,532  
  9,326     Sapiens International Corp. NV (Israel)     278,754  
  9,001     ScanSource, Inc.*     295,053  
  21,431     SEMrush Holdings, Inc., Class A*     202,523  
  7,819     Semtech Corp.*     204,467  
  3,767     Silicon Laboratories, Inc.*     508,018  
  18,227     SMART Global Holdings, Inc.*     470,803  
  13,478     SolarWinds Corp.*     143,541  
  5,330     SoundThinking, Inc.*     114,382  
  12,877     Sprinklr, Inc., Class A*     194,829  
  7,406     Sprout Social, Inc., Class A*     396,517  
  8,156     SPS Commerce, Inc.*     1,518,076  
  11,931     Squarespace, Inc., Class A*     359,720  
  7,775     Super Micro Computer, Inc.*     2,138,747  
  9,000     Synaptics, Inc.*     787,860  
  13,252     Tenable Holdings, Inc.*     601,243  
  20,595     Thoughtworks Holding, Inc.*     102,357  
  30,889     TTM Technologies, Inc.*     460,246  
  9,124     Turtle Beach Corp.*     99,178  
  12,334     Ultra Clean Holdings, Inc.*     433,663  
  32,100     Unisys Corp.*     129,363  
  14,959     Varonis Systems, Inc.*     477,641  
  10,680     Veeco Instruments, Inc.*     311,749  
  13,248     Verint Systems, Inc.*     429,103  
  39,302     Viavi Solutions, Inc.*     410,706  
  28,077     Vishay Intertechnology, Inc.     770,433  
  8,086     Vishay Precision Group, Inc.*     291,258  
  11,420     Weave Communications, Inc.*     116,598  
  7,873     Workiva, Inc.*     880,595  
  24,714     Xerox Holdings Corp.     392,705  
  12,817     Xperi, Inc.*     151,241  
  37,170     Yext, Inc.*     325,609  
  35,283     Zeta Global Holdings Corp., Class A*     286,851  
  24,401     Zuora, Inc., Class A*     222,293  
   

 

 

 
      63,762,833  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

 

 

Shares    

Description

  Value  
Common Stocks – (continued)  
Materials – 4.6%      
  9,277     AdvanSix, Inc.   $ 306,883  
  6,548     Alpha Metallurgical Resources, Inc.     1,328,196  
  19,474     American Vanguard Corp.     269,131  
  5,540     Arch Resources, Inc.     723,524  
  10,720     ATI, Inc.*     485,938  
  15,845     Avient Corp.     635,543  
  3,563     Balchem Corp.     500,601  
  9,092     Cabot Corp.     658,806  
  7,655     Carpenter Technology Corp.     479,433  
  4,452     Chase Corp.     563,178  
  6,139     Clearwater Paper Corp.*     235,062  
  27,972     Commercial Metals Co.     1,574,544  
  3,046     Compass Minerals International, Inc.     91,837  
  18,512     Constellium SE*     333,216  
  7,616     Core Molding Technologies, Inc.*     206,470  
  22,256     Ecovyst, Inc.*     227,901  
  5,739     Greif, Inc., Class A     416,594  
  5,149     Hawkins, Inc.     320,216  
  1,821     Haynes International, Inc.     88,883  
  8,902     HB Fuller Co.     645,662  
  39,402     Hecla Mining Co.     172,975  
  7,386     Ingevity Corp.*     398,032  
  7,683     Innospec, Inc.     825,308  
  1,665     Kaiser Aluminum Corp.     126,407  
  3,779     Knife River Corp.*     194,467  
  5,122     Koppers Holdings, Inc.     196,121  
  13,533     Livent Corp.*     290,553  
  12,975     LSB Industries, Inc.*     131,307  
  4,284     Materion Corp.     466,056  
  6,623     Mativ Holdings, Inc.     108,617  
  6,353     Minerals Technologies, Inc.     388,168  
  32,942     Myers Industries, Inc.     619,639  
  21,346     Novagold Resources, Inc. (Canada) *     87,946  
  23,388     O-I Glass, Inc.*     464,486  
  9,178     Olympic Steel, Inc.     491,207  
  24,661     Orion SA (Germany)     557,832  
  13,490     Pactiv Evergreen, Inc.     110,888  
  1,826     Piedmont Lithium, Inc.*     81,732  
  1,199     Quaker Chemical Corp.     212,799  
  21,502     Ramaco Resources, Inc., Class A     168,576  
  4,299     Ramaco Resources, Inc., Class B     46,601  
  38,167     Rayonier Advanced Materials, Inc.*     134,729  
  18,952     Ryerson Holding Corp.     590,165  
  14,701     Schnitzer Steel Industries, Inc., Class A     488,073  
  8,290     Sensient Technologies Corp.     510,747  
  3,946     Stepan Co.     344,367  
  15,791     Summit Materials, Inc., Class A*     590,741  
  40,084     SunCoke Energy, Inc.     372,781  
  4,558     Sylvamo Corp.     190,388  
  20,705     TimkenSteel Corp.*     453,647  
  963     Tredegar Corp.     4,844  
  9,805     TriMas Corp.     256,891  
  17,833     Tronox Holdings PLC     243,242  
  1,961     United States Lime & Minerals, Inc.     424,713  
  24,164     Warrior Met Coal, Inc.     955,928  
  7,070     Worthington Industries, Inc.     532,159  
   

 

 

 
      22,324,750  

 

 

 
Common Stocks – (continued)  
Real Estate – 5.6%      
  15,753     Acadia Realty Trust REIT   234,562  
  25,197     Alexander & Baldwin, Inc. REIT     453,798  
  555     Alexander’s, Inc. REIT     106,421  
  5,846     Alpine, Income Property Trust, Inc. REIT     101,662  
  8,474     American Assets Trust, Inc. REIT     181,428  
  35,420     Anywhere Real Estate, Inc.*     232,355  
  61,131     Apartment Investment and Management Co., Class A REIT     465,207  
  43,440     Apple Hospitality REIT, Inc. REIT     652,469  
  11,192     Armada Hoffler Properties, Inc. REIT     127,477  
  27,724     Braemar Hotels & Resorts, Inc. REIT     75,409  
  28,521     Brandywine Realty Trust REIT     142,605  
  22,448     Broadstone Net Lease, Inc. REIT     362,984  
  9,212     BRT Apartments Corp. REIT     171,804  
  17,258     CareTrust REIT, Inc. REIT     347,749  
  8,481     CBL & Associates Properties, Inc. REIT     181,409  
  2,681     Centerspace REIT     173,568  
  16,956     Chatham Lodging Trust REIT     165,830  
  23,700     City Office REIT, Inc. REIT     119,448  
  6,226     Community Healthcare Trust, Inc. REIT     206,641  
  153,335     Compass, Inc., Class A*     552,006  
  18,016     Corporate Office Properties Trust REIT     466,254  
  11,525     CTO Realty Growth, Inc. REIT     203,070  
  38,209     Cushman & Wakefield PLC*     351,141  
  38,168     DiamondRock Hospitality Co. REIT     307,634  
  74,005     Douglas Elliman, Inc.     185,753  
  17,963     Douglas Emmett, Inc. REIT     245,554  
  14,603     Easterly Government Properties, Inc. REIT     195,242  
  10,781     Elme Communities REIT     165,812  
  40,811     Empire State Realty Trust, Inc., Class A REIT     356,280  
  10,695     Equity Commonwealth REIT     203,526  
  13,818     Essential Properties Realty Trust, Inc. REIT     331,908  
  49,732     eXp World Holdings, Inc.     955,849  
  11,622     Farmland Partners, Inc. REIT     129,004  
  11,491     Forestar Group, Inc.*     327,608  
  15,853     Four Corners Property Trust, Inc. REIT     398,861  
  3,882     FRP Holdings, Inc.*     221,158  
  8,818     Getty Realty Corp. REIT     264,716  
  11,803     Gladstone Commercial Corp. REIT     155,209  
  6,382     Gladstone Land Corp. REIT     100,389  
  9,913     Global Medical REIT, Inc. REIT     95,958  
  23,287     Global Net Lease, Inc. REIT     264,307  
  30,366     Hersha Hospitality Trust, Class A REIT     298,194  
  19,354     Hudson Pacific Properties, Inc. REIT     131,801  
  22,959     Independence Realty Trust, Inc. REIT     386,400  
  2,874     Innovative Industrial Properties, Inc. REIT     250,843  
  7,080     InvenTrust Properties Corp. REIT     169,283  
  6,864     JBG SMITH Properties REIT     107,628  
  8,594     Kennedy-Wilson Holdings, Inc.     137,246  
  37,922     Kite Realty Group Trust REIT     855,900  
  7,415     LTC Properties, Inc. REIT     243,657  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   97


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares    

Description

  Value  
Common Stocks – (continued)  
Real Estate – (continued)      
  39,493     LXP Industrial Trust REIT   $ 387,821  
  28,603     Macerich Co. (The) REIT     334,369  
  23,747     Marcus & Millichap, Inc.     790,775  
  7,054     National Health Investors, Inc. REIT     360,671  
  35,917     Necessity Retail REIT, Inc. (The) REIT     269,377  
  5,631     NETSTREIT Corp. REIT     95,333  
  33,170     Newmark Group, Inc., Class A     235,175  
  6,195     NexPoint Residential Trust, Inc. REIT     232,622  
  18,289     Office Properties Income Trust REIT     135,339  
  17,913     Orion Office REIT, Inc. REIT     104,433  
  19,690     Outfront Media, Inc. REIT     223,481  
  43,875     Paramount Group, Inc. REIT     225,517  
  2,366     Peakstone Realty Trust REIT     46,492  
  22,016     Pebblebrook Hotel Trust REIT     318,572  
  9,910     Phillips Edison & Co., Inc. REIT     335,553  
  32,437     Physicians Realty Trust REIT     451,199  
  28,373    

Piedmont Office Realty Trust, Inc.,

Class A REIT

    194,923  
  6,678     Plymouth Industrial REIT, Inc. REIT     152,993  
  11,803     Postal Realty Trust, Inc., Class A REIT     170,317  
  21,566     PotlatchDeltic Corp. REIT     1,019,209  
  15,356     RE/MAX Holdings, Inc., Class A     248,767  
  12,104     Redfin Corp.*     115,230  
  20,825     Retail Opportunity Investments Corp. REIT     280,304  
  23,694     RLJ Lodging Trust REIT     236,703  
  11,485     RMR Group, Inc. (The), Class A     290,341  
  24,903     RPT Realty REIT     282,400  
  9,172     Ryman Hospitality Properties, Inc. REIT     779,895  
  36,630     Sabra Health Care REIT, Inc. REIT     458,974  
  2,610     Saul Centers, Inc. REIT     98,032  
  37,749     Service Properties Trust REIT     311,807  
  26,479     SITE Centers Corp. REIT     353,495  
  5,296     SL Green Realty Corp. REIT     207,921  
  6,088     St Joe Co. (The)     375,873  
  37,243     Summit Hotel Properties, Inc. REIT     216,382  
  37,114     Sunstone Hotel Investors, Inc. REIT     333,284  
  22,643     Tanger Factory Outlet Centers, Inc. REIT     526,450  
  10,524     Terreno Realty Corp. REIT     640,806  
  11,345     UMH Properties, Inc. REIT     169,608  
  55,438     Uniti Group, Inc. REIT     297,702  
  3,108     Universal Health Realty Income Trust REIT     144,926  
  12,728     Urban Edge Properties REIT     208,230  
  20,471     Veris Residential, Inc. REIT*     380,965  
  22,433     Whitestone REIT     224,330  
  20,740     Xenia Hotels & Resorts, Inc. REIT     244,732  
   

 

 

 
      27,072,345  

 

 

 
Utilities – 3.2%      
  11,796     ALLETE, Inc.     647,600  
  11,308     American States Water Co.     952,247  
  14,010     Avista Corp.     466,393  
  12,651     Black Hills Corp.     695,805  
  23,563     Brookfield Infrastructure Corp., Class A (Canada)(a)     915,423  
Shares    

Description

  Value  
Common Stocks – (continued)  
Utilities – (continued)      
  9,222     California Water Service Group   $ 463,405  
  4,717     Chesapeake Utilities Corp.     519,342  
  14,633    

Consolidated Water Co. Ltd.

(Cayman Islands)

    389,823  
  19,437     Genie Energy Ltd., Class B     297,580  
  7,614     MGE Energy, Inc.     551,482  
  3,187     Middlesex Water Co.     239,854  
  54,646     Montauk Renewables, Inc.*     521,869  
  17,103     New Jersey Resources Corp.     721,234  
  5,604     Northwest Natural Holding Co.     220,125  
  11,156     NorthWestern Corp.     562,262  
  13,808     ONE Gas, Inc.     1,000,666  
  10,502     Ormat Technologies, Inc.     797,522  
  13,591     Otter Tail Corp.     1,119,491  
  18,107     PNM Resources, Inc.     802,321  
  20,066     Portland General Electric Co.     880,095  
  18,826     Pure Cycle Corp.*     206,898  
  4,431     RGC Resources, Inc.     80,112  
  5,474     SJW Group     359,970  
  11,625     Southwest Gas Holdings, Inc.     719,936  
  9,537     Spire, Inc.     557,056  
  6,847     Sunnova Energy International, Inc.*(a)     95,242  
  5,318     Unitil Corp.     259,625  
  5,069     York Water Co. (The)     206,511  
   

 

 

 
      15,249,889  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $462,827,770)   $ 478,439,162  

 

 

 

 

Units     Description   Expiration
Month
    Value  
Rights – 0.0%  
Health Care – 0.0%        
  4,104     Chinook Therapeutics, Inc.*     12/25     $ 1,601  
  45,824     Radius Health, Inc.*(b)     12/25       3,666  

 

 

 
Materials – 0.0%        
  15,501     Resolute Forest Products*(b)     09/23       22,011  

 

 

 
  TOTAL RIGHTS    
  (Cost $0)     $ 27,278  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $462,827,770)     $ 478,466,440  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

 

 

Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.6%(c)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  2,764,662     5.234%   $ 2,764,662  
  (Cost $2,764,662)  

 

 

 
  TOTAL INVESTMENTS – 99.7%  
  (Cost $465,592,432)   $ 481,231,102  

 

 

 
 
OTHER ASSETS IN EXCESS OF
 LIABILITIES – 0.3%
    1,607,736  

 

 

 
  NET ASSETS – 100.0%   $ 482,838,838  

 

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

  Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(c)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                 

E-Mini Russell 2000 Index

     43          09/15/23        $ 4,088,440        $ (3,714

 

The accompanying notes are an integral part of these financial statements.   99


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares    
Description
  Value  
Common Stocks – 99.5%  
Australia – 2.4%      
  50,922     ANZ Group Holdings Ltd. (Financials)   $ 835,374  
  138,594     Brambles Ltd. (Industrials)     1,343,714  
  250,922     Coles Group Ltd. (Consumer Staples)     2,644,032  
  45,211     Computershare Ltd. (Industrials)     737,293  
  36,527     EBOS Group Ltd. (Health Care)     825,413  
  102,099     Insurance Australia Group Ltd. (Financials)     384,844  
  60,600     Lottery Corp. Ltd. (The) (Consumer Discretionary)     197,808  
  478,176     Medibank Pvt Ltd. (Financials)     1,133,468  
  60,480     National Australia Bank Ltd. (Financials)     1,134,360  
  30,973     Sonic Healthcare Ltd. (Health Care)     645,119  
  786,047     Telstra Group Ltd. (Communication Services)     2,041,425  
  77,481     Wesfarmers Ltd. (Consumer Discretionary)     2,703,228  
  28,820     Westpac Banking Corp. (Financials)     409,703  
  97,055     Woolworths Group Ltd. (Consumer Staples)     2,396,763  
   

 

 

 
      17,432,544  

 

 

 
Austria – 0.1%      
  9,169     Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)     246,301  
  27,812     Wienerberger AG (Materials)     767,926  
   

 

 

 
      1,014,227  

 

 

 
Belgium – 0.2%      
  5,683     Ackermans & van Haaren NV (Industrials)     895,600  
  21,926     Warehouses De Pauw CVA REIT (Real Estate)     628,251  
   

 

 

 
      1,523,851  

 

 

 
Canada – 3.8%      
  10,148     Atco Ltd., Class I (Utilities)     279,774  
  14,673     Bank of Montreal (Financials)     1,262,055  
  35,335     Bank of Nova Scotia (The) (Financials)     1,674,622  
  5,050     BCE, Inc. (Communication Services)     213,653  
  5,899     Brookfield Asset Management Ltd., Class A (Financials)     203,573  
  30,553     Canadian Imperial Bank of Commerce (Financials)     1,209,067  
  2,294     Canadian Utilities Ltd., Class A (Utilities)     54,292  
  28,746     CGI, Inc. (Information Technology)*     2,993,689  
  7,802     George Weston Ltd. (Consumer Staples)     864,134  
  71,155     Great-West Lifeco, Inc. (Financials)(a)     2,042,166  
  23,216     Hydro One Ltd. (Utilities)(b)     602,643  
  10,990     Intact Financial Corp. (Financials)     1,547,430  
  31,777     Loblaw Cos. Ltd. (Consumer Staples)     2,755,753  
  11,361     Manulife Financial Corp. (Financials)     209,762  
  14,388     Metro, Inc. (Consumer Staples)     740,589  
  24,596     National Bank of Canada (Financials)     1,711,967  
  92,340     Power Corp. of Canada (Financials)     2,518,457  

 

 

 
Common Stocks – (continued)  
Canada – (continued)      
  20,438     Quebecor, Inc., Class B (Communication Services)   466,632  
  21,314     Royal Bank of Canada (Financials)     1,917,858  
  33,129     Sun Life Financial, Inc. (Financials)     1,613,905  
  10,003     Thomson Reuters Corp. (Industrials)     1,286,390  
  25,758     Toronto-Dominion Bank (The) (Financials)     1,569,145  
   

 

 

 
      27,737,556  

 

 

 
Denmark – 0.0%      
  6,036     Tryg A/S (Financials)     115,368  

 

 

 
Finland – 0.5%      
  5,029     Elisa OYJ (Communication Services)     247,094  
  27,253     Orion OYJ, Class B (Health Care)     1,117,793  
  30,106     Sampo OYJ, Class A (Financials)     1,324,340  
  27,531     UPM-Kymmene OYJ (Materials)     944,830  
   

 

 

 
      3,634,057  

 

 

 
France – 2.4%      
  7,733     Air Liquide SA (Materials)     1,400,458  
  83,181     AXA SA (Financials)     2,507,542  
  32,078     Bouygues SA (Industrials)     1,110,626  
  6,713     Capgemini SE (Information Technology)     1,255,735  
  73,753     Cie Generale des Etablissements Michelin (Consumer Discretionary)     2,314,183  
  4,239     Dassault Systemes (Information Technology)     168,435  
  3,508     Legrand SA (Industrials)     346,855  
  5,416     L’Oreal SA (Consumer Staples)     2,385,397  
  371,657     Orange SA (Communication Services)     4,178,190  
  2,083     Pernod Ricard SA (Consumer Staples)     409,654  
  8,675     Thales SA (Industrials)     1,269,198  
   

 

 

 
      17,346,273  

 

 

 
Germany – 1.8%      
  3,656     Allianz SE (Financials)     890,230  
  12,548     Beiersdorf AG (Consumer Staples)     1,645,172  
  6,899     Deutsche Boerse AG (Financials)     1,226,881  
  127,969     Deutsche Telekom AG (Communication Services)     2,741,990  
  124,218     E.ON SE (Utilities)     1,534,252  
  43,559     Evonik Industries AG (Materials)     837,035  
  3,313     Hannover Rueck SE (Financials)     705,669  
  3,927     Henkel AG & Co. KGaA (Consumer Staples)     271,841  
  2,917     Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)     1,134,050  
  10,927     SAP SE (Information Technology)     1,527,757  
  11,645     Talanx AG (Financials)     784,244  
   

 

 

 
      13,299,121  

 

 

 
Hong Kong – 0.3%      
  106,763     CK Asset Holdings Ltd. (Real Estate)     589,516  
  32,419     CLP Holdings Ltd. (Utilities)     254,250  
  46,712     Link REIT (Real Estate)     231,721  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

 

 

Shares    
Description
  Value  
Common Stocks – (continued)  
Hong Kong – (continued)      
  51,692     Power Assets Holdings Ltd. (Utilities)   $ 254,777  
  37,277     Sun Hung Kai Properties Ltd. (Real Estate)     419,748  
   

 

 

 
      1,750,012  

 

 

 
Ireland – 0.1%      
  4,892     Kerry Group PLC, Class A (Consumer Staples)     457,363  

 

 

 
Israel – 0.7%      
  20,207     Check Point Software Technologies Ltd. (Information Technology)*     2,719,660  
  13,338     First International Bank Of Israel Ltd. (The) (Financials)     540,431  
  142,855     Mivne Real Estate KD Ltd. (Real Estate)     342,818  
  38,501     Mizrahi Tefahot Bank Ltd. (Financials)     1,269,074  
  68,257     Shufersal Ltd. (Consumer Staples)*     318,256  
   

 

 

 
      5,190,239  

 

 

 
Italy – 0.7%      
  174,669     Assicurazioni Generali SpA (Financials)     3,626,609  
  77,250     Snam SpA (Utilities)     399,429  
  49,377     Terna – Rete Elettrica Nazionale (Utilities)     408,366  
  108,796     UnipolSai Assicurazioni SpA (Financials)     275,603  
   

 

 

 
      4,710,007  

 

 

 
Japan – 8.5%      
  48,533     ANA Holdings, Inc. (Industrials)*     1,096,772  
  19,069     Asahi Kasei Corp. (Materials)     123,359  
  135,799     Astellas Pharma, Inc. (Health Care)     2,065,645  
  32,278     Bridgestone Corp. (Consumer Discretionary)     1,255,114  
  36,549     Brother Industries Ltd. (Information Technology)     619,715  
  123,730     Canon, Inc. (Information Technology)     3,049,375  
  1,167     Central Japan Railway Co. (Industrials)     149,818  
  25,568     Chubu Electric Power Co., Inc. (Utilities)     341,586  
  36,014     Daiwa House Industry Co. Ltd. (Real Estate)     1,001,371  
  68     Daiwa House REIT Investment Corp. REIT (Real Estate)     129,008  
  104,494     Daiwa Securities Group, Inc. (Financials)     595,017  
  29,806     FUJIFILM Holdings Corp. (Information Technology)     1,763,567  
  12,115     Hankyu Hanshin Holdings, Inc. (Industrials)     435,220  
  2,458     Hirose Electric Co. Ltd. (Information Technology)     298,080  
  40,559     Hulic Co. Ltd. (Real Estate)     364,400  
  88,447     Japan Post Bank Co. Ltd. (Financials)     709,897  
  431,652     Japan Post Holdings Co. Ltd. (Financials)     3,311,847  

 

 

 
Common Stocks – (continued)  
Japan – (continued)      
  141,309     Japan Tobacco, Inc. (Consumer Staples)   3,097,277  
  31,768     KDDI Corp. (Communication Services)     943,755  
  46,581     Kirin Holdings Co. Ltd. (Consumer Staples)     654,633  
  43,484     Kyocera Corp. (Information Technology)     2,233,563  
  28,309     Kyushu Railway Co. (Industrials)     616,990  
  20,727     McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)     824,325  
  34,436     MEIJI Holdings Co. Ltd. (Consumer Staples)     863,827  
  20,124     Mitsubishi Estate Co. Ltd. (Real Estate)     257,451  
  208,749     Mitsubishi HC Capital, Inc. (Financials)     1,357,725  
  233,981     Mizuho Financial Group, Inc. (Financials)     3,873,299  
  17,766     MS&AD Insurance Group Holdings, Inc. (Financials)     639,447  
  25,636     NEC Corp. (Information Technology)     1,353,424  
  5,527     NH Foods Ltd. (Consumer Staples)     171,522  
  13,966     Nichirei Corp. (Consumer Staples)     330,575  
  4,844,692     Nippon Telegraph & Telephone Corp. (Communication Services)     5,600,588  
  28,169     Nisshin Seifun Group, Inc. (Consumer Staples)     371,594  
  5,583     Nissin Foods Holdings Co. Ltd. (Consumer Staples)     487,796  
  129,979     Nomura Holdings, Inc. (Financials)     503,720  
  84,848     Obayashi Corp. (Industrials)     768,723  
  39,239     Ono Pharmaceutical Co. Ltd. (Health Care)     744,297  
  44,953     Otsuka Holdings Co. Ltd. (Health Care)     1,712,466  
  7,417     Secom Co. Ltd. (Industrials)     519,396  
  24,160     Sekisui Chemical Co. Ltd. (Consumer Discretionary)     371,067  
  131,037     Sekisui House Ltd. (Consumer Discretionary)     2,673,664  
  21,625     Shimizu Corp. (Industrials)     145,523  
  310,604     SoftBank Corp. (Communication Services)     3,562,927  
  69,361     Sumitomo Mitsui Financial Group, Inc. (Financials)     3,183,026  
  135,305     Takeda Pharmaceutical Co. Ltd. (Health Care)     4,189,683  
  12,926     Tobu Railway Co. Ltd. (Industrials)     354,525  
  34,414     Trend Micro, Inc. (Information Technology)     1,462,982  
  21,216     USS Co. Ltd. (Consumer Discretionary)     370,808  
  48,423     Yamada Holdings Co. Ltd. (Consumer Discretionary)     152,335  
   

 

 

 
      61,702,724  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   101


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares    
Description
  Value  
Common Stocks – (continued)  
Netherlands – 1.4%      
  4,754     HAL Trust (Financials)   $ 599,564  
  2,865     Heineken Holding NV (Consumer Staples)     229,794  
  151,930     Koninklijke Ahold Delhaize NV (Consumer Staples)     4,975,775  
  107,823     Koninklijke KPN NV (Communication Services)     377,642  
  31,054     Wolters Kluwer NV (Industrials)     3,747,937  
   

 

 

 
      9,930,712  

 

 

 
New Zealand – 0.1%      
  18,573     Mainfreight Ltd. (Industrials)     725,047  

 

 

 
Norway – 0.5%      
  43,106     DNB Bank ASA (Financials)     853,436  
  47,111     Gjensidige Forsikring ASA (Financials)     732,985  
  44,254     SpareBank 1 SR-Bank ASA (Financials)     535,434  
  98,252     Storebrand ASA (Financials)     788,813  
  76,561     Telenor ASA (Communication Services)     819,796  
   

 

 

 
      3,730,464  

 

 

 
Portugal – 0.0%      
  20,773     EDP – Energias de Portugal SA (Utilities)     94,828  

 

 

 
Singapore – 1.1%      
  7,908     DBS Group Holdings Ltd. (Financials)     194,992  
  1,034,249     Genting Singapore Ltd. (Consumer Discretionary)     670,098  
  251,894     Oversea-Chinese Banking Corp. Ltd. (Financials)     2,340,814  
  186,481     Singapore Airlines Ltd. (Industrials)     948,630  
  205,411     Singapore Exchange Ltd. (Financials)     1,464,723  
  41,587     United Overseas Bank Ltd. (Financials)     875,775  
  117,680     UOL Group Ltd. (Real Estate)     578,597  
  48,324     Venture Corp. Ltd. (Information Technology)     469,106  
   

 

 

 
      7,542,735  

 

 

 
Spain – 0.5%      
  18,510     ACS Actividades de Construccion y Servicios SA (Industrials)     650,710  
  53,706     Iberdrola SA (Utilities)     638,856  
  32,493     Naturgy Energy Group SA (Utilities)     943,021  
  40,225     Redeia Corp. SA (Utilities)     655,092  
  235,067     Telefonica SA (Communication Services)     975,617  
   

 

 

 
      3,863,296  

 

 

 
Sweden – 0.8%      
  27,367     Axfood AB (Consumer Staples)     661,563  
  9,228     Essity AB, Class B (Consumer Staples)     215,491  

 

 

 
Common Stocks – (continued)  
Sweden – (continued)      
  6,154     Industrivarden AB, Class C (Financials)   160,286  
  122,528     Investor AB, Class A (Financials)     2,342,041  
  19,423     Investor AB, Class B (Financials)     374,450  
  103,462     Svenska Handelsbanken AB, Class A (Financials)     863,231  
  57,768     Swedbank AB, Class A (Financials)     1,024,270  
  4,288     Tele2 AB, Class B (Communication Services)     30,286  
  128,986     Telia Co. AB (Communication Services)     260,448  
   

 

 

 
      5,932,066  

 

 

 
Switzerland – 1.5%      
  34,340     Novartis AG (Health Care)     3,472,296  
  28,456     SGS SA (Industrials)     2,589,633  
  3,279     Swisscom AG (Communication Services)     1,997,285  
  5,087     Zurich Insurance Group AG (Financials)     2,390,156  
   

 

 

 
      10,449,370  

 

 

 
United Kingdom – 2.6%      
  299,293     BAE Systems PLC (Industrials)     3,820,938  
  38,457     British American Tobacco PLC (Consumer Staples)     1,277,966  
  21,258     Bunzl PLC (Industrials)     762,320  
  515,437     CK Hutchison Holdings Ltd. (Industrials)     2,809,951  
  21,288     Compass Group PLC (Consumer Discretionary)     537,614  
  2,355     Diageo PLC (Consumer Staples)     96,790  
  2,514     Halma PLC (Information Technology)     68,300  
  11,476     National Grid PLC (Utilities)     143,993  
  101,276     RELX PLC (Industrials)     3,308,398  
  265,407     Sage Group PLC (The) (Information Technology)     3,265,577  
  632,183     Tesco PLC (Consumer Staples)     2,128,446  
  6,109     Unilever PLC (Consumer Staples)     312,892  
   

 

 

 
      18,533,185  

 

 

 
United States – 69.5%      
  15,289     3M Co. (Industrials)     1,630,878  
  6,588     Abbott Laboratories (Health Care)     677,905  
  26,467     AbbVie, Inc. (Health Care)     3,889,590  
  17,915     Accenture PLC, Class A (Information Technology)     5,800,340  
  14,838     Activision Blizzard, Inc. (Communication Services)     1,364,948  
  8,470     Adobe, Inc. (Information Technology)*     4,737,610  
  42,348     Aflac, Inc. (Financials)     3,157,890  
  3,208     Agilent Technologies, Inc. (Health Care)     388,393  
  4,225     Air Products and Chemicals, Inc. (Materials)     1,248,445  
  22,018     Akamai Technologies, Inc. (Information Technology)*     2,313,872  
  4,714     Alexandria Real Estate Equities, Inc. REIT (Real Estate)     548,427  
  36,375     Alphabet, Inc., Class A (Communication Services)*     4,953,184  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

 

 

Shares    
Description
  Value  
Common Stocks – (continued)  
United States – (continued)      
  35,368     Alphabet, Inc., Class C (Communication Services)*   $ 4,857,795  
  12,051     Altria Group, Inc. (Consumer Staples)     532,895  
  52,705     Amazon.com, Inc. (Consumer Discretionary)*     7,273,817  
  30,877     Amdocs Ltd. (Information Technology)     2,754,228  
  11,865     AMETEK, Inc. (Industrials)     1,892,586  
  5,258     Amgen, Inc. (Health Care)     1,347,836  
  39,453     Amphenol Corp., Class A (Information Technology)     3,486,856  
  11,158     Analog Devices, Inc. (Information Technology)     2,028,301  
  2,246     Aon PLC, Class A (Financials)     748,794  
  128,008     Apple, Inc. (Information Technology)     24,048,863  
  20,752     Arch Capital Group Ltd. (Financials)*     1,594,999  
  40,466     Archer-Daniels-Midland Co. (Consumer Staples)     3,208,954  
  10,662     Arthur J Gallagher & Co. (Financials)     2,457,378  
  185,008     AT&T, Inc. (Communication Services)     2,736,268  
  1,564     Automatic Data Processing, Inc. (Industrials)     398,210  
  2,947     AutoZone, Inc. (Consumer Discretionary)*     7,459,830  
  70,448     Bank of America Corp. (Financials)     2,019,744  
  4,893     Becton Dickinson & Co. (Health Care)     1,367,349  
  6,666     Berkshire Hathaway, Inc., Class B (Financials)*     2,401,093  
  21,826     Boston Scientific Corp. (Health Care)*     1,177,294  
  60,223     Bristol-Myers Squibb Co. (Health Care)     3,712,748  
  3,007     Broadcom, Inc. (Information Technology)     2,775,130  
  5,091     Broadridge Financial Solutions, Inc. (Industrials)     947,995  
  9,053     Campbell Soup Co. (Consumer Staples)     377,510  
  37,126     Cardinal Health, Inc. (Health Care)     3,242,214  
  4,942     Cboe Global Markets, Inc. (Financials)     739,867  
  16,442     CDW Corp. (Information Technology)     3,471,728  
  14,142     Cencora, Inc. (Health Care)     2,488,709  
  29,982     C.H. Robinson Worldwide, Inc. (Industrials)     2,711,272  
  20,864     Chevron Corp. (Energy)     3,361,190  
  2,270     Chubb Ltd. (Financials)     455,975  
  12,046     Church & Dwight Co., Inc. (Consumer Staples)     1,165,691  
  8,216     Cigna Group (The) (Health Care)     2,269,752  
  5,601     Cintas Corp. (Industrials)     2,823,856  
  115,568     Cisco Systems, Inc. (Information Technology)     6,627,825  
  53,790     Citigroup, Inc. (Financials)     2,220,989  
  53,246     Coca-Cola Co. (The) (Consumer Staples)     3,185,708  
  60,953     Cognizant Technology Solutions Corp., Class A (Information Technology)     4,364,844  
  72,736     Colgate-Palmolive Co. (Consumer Staples)     5,343,914  
  66,211     Comcast Corp., Class A (Communication Services)     3,096,026  

 

 

 
Common Stocks – (continued)  
United States – (continued)      
  28,349     Conagra Brands, Inc. (Consumer Staples)   847,068  
  7,207     Consolidated Edison, Inc. (Utilities)     641,135  
  1,373     Constellation Brands, Inc., Class A (Consumer Staples)     357,749  
  784     Cooper Cos., Inc. (The) (Health Care)     290,072  
  23,835     Corning, Inc. (Information Technology)     782,265  
  1,813     Corteva, Inc. (Materials)     91,575  
  6,393     Costco Wholesale Corp. (Consumer Staples)     3,511,547  
  11,835     CSX Corp. (Industrials)     357,417  
  2,876     Cummins, Inc. (Industrials)     661,595  
  60,998     CVS Health Corp. (Health Care)     3,975,240  
  8,134     Darden Restaurants, Inc. (Consumer Discretionary)     1,264,918  
  444     Deere & Co. (Industrials)     182,457  
  57,259     Dell Technologies, Inc., Class C (Information Technology)     3,220,246  
  4,970     Dollar General Corp. (Consumer Staples)     688,345  
  2,878     Dover Corp. (Industrials)     426,807  
  53,699     Dow, Inc. (Materials)     2,929,817  
  6,542     Eaton Corp. PLC (Industrials)     1,507,081  
  6,656     Electronic Arts, Inc. (Communication Services)     798,587  
  6,107     Elevance Health, Inc. (Health Care)     2,699,355  
  7,423     Eli Lilly & Co. (Health Care)     4,113,827  
  2,021     Everest Group Ltd. (Financials)     728,934  
  16,684     Expeditors International of Washington, Inc. (Industrials)     1,947,190  
  31,623     Exxon Mobil Corp. (Energy)     3,516,161  
  81,841     Fastenal Co. (Industrials)     4,712,405  
  8,734     Ferrovial SE (Industrials)     277,274  
  38,490     Fidelity National Financial, Inc. (Financials)     1,593,486  
  10,219     Fiserv, Inc. (Financials)*     1,240,484  
  8,804     FleetCor Technologies, Inc. (Financials)*     2,392,311  
  18,738     Fortive Corp. (Industrials)     1,477,491  
  12,040     Fortrea Holdings, Inc. (Health Care)*     331,702  
  7,827     Gartner, Inc. (Information Technology)*     2,736,945  
  1,831     GE HealthCare Technologies, Inc. (Health Care)     128,994  
  30,249     Gen Digital, Inc. (Information Technology)     612,542  
  13,019     General Dynamics Corp. (Industrials)     2,950,626  
  24,583     General Mills, Inc. (Consumer Staples)     1,663,286  
  33,764     Genuine Parts Co. (Consumer Discretionary)     5,190,540  
  60,948     Gilead Sciences, Inc. (Health Care)     4,661,303  
  125,249     GSK PLC (Health Care)     2,204,156  
  70,574     Haleon PLC (Consumer Staples)     288,405  
  19,958     Hartford Financial Services Group, Inc. (The) (Financials)     1,433,384  
  33,793     Henry Schein, Inc. (Health Care)*     2,586,516  
  26,680     Hershey Co. (The) (Consumer Staples)     5,732,465  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   103


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares    
Description
  Value  
Common Stocks – (continued)  
United States – (continued)      
  149,654     Hewlett Packard Enterprise Co. (Information Technology)   $ 2,542,622  
  11,792     Hologic, Inc. (Health Care)*     881,334  
  17,340     Home Depot, Inc. (The) (Consumer Discretionary)     5,727,402  
  2,560     Honeywell International, Inc. (Industrials)     481,126  
  17,749     Illinois Tool Works, Inc. (Industrials)     4,390,215  
  10,277     Intel Corp. (Information Technology)     361,134  
  4,147     Intercontinental Exchange, Inc. (Financials)     489,305  
  28,547     International Business Machines Corp. (Information Technology)     4,191,556  
  58,127     International Paper Co. (Materials)     2,029,795  
  1,648     Intuit, Inc. (Information Technology)     892,903  
  3,378     IQVIA Holdings, Inc. (Health Care)*     752,044  
  8,216     J M Smucker Co. (The) (Consumer Staples)     1,190,909  
  6,187     Johnson Controls International PLC (Industrials)     365,404  
  40,138     Johnson & Johnson (Health Care)     6,489,512  
  22,407     JPMorgan Chase & Co. (Financials)     3,278,816  
  14,730     Kellogg Co. (Consumer Staples)     898,825  
  34,196     Keurig Dr Pepper, Inc. (Consumer Staples)     1,150,695  
  26,807     Keysight Technologies, Inc. (Information Technology)*     3,573,373  
  10,978     Kimberly-Clark Corp. (Consumer Staples)     1,414,296  
  28,015     Kinder Morgan, Inc. (Energy)     482,418  
  15,898     Kraft Heinz Co. (The) (Consumer Staples)     526,065  
  4,188     L3Harris Technologies, Inc. (Industrials)     745,841  
  12,040     Laboratory Corp. of America Holdings (Health Care)     2,505,524  
  3,249     Leidos Holdings, Inc. (Industrials)     316,810  
  3,584     Linde PLC (Materials)     1,387,151  
  13,103     LKQ Corp. (Consumer Discretionary)     688,301  
  4,938     Lockheed Martin Corp. (Industrials)     2,213,952  
  37,304     Loews Corp. (Financials)     2,316,205  
  24,756     Lowe’s Cos., Inc. (Consumer Discretionary)     5,705,763  
  394     Markel Group, Inc. (Financials)*     582,695  
  27,573     Marsh & McLennan Cos., Inc. (Financials)     5,376,459  
  55,354     Masco Corp. (Industrials)     3,266,440  
  11,086     Mastercard, Inc., Class A (Financials)     4,574,527  
  18,614     McDonald’s Corp. (Consumer Discretionary)     5,233,326  
  9,025     McKesson Corp. (Health Care)     3,721,188  
  42,110     Merck & Co., Inc. (Health Care)     4,589,148  
  21,804     Meta Platforms, Inc., Class A (Communication Services)*     6,451,586  
  12,783     MetLife, Inc. (Financials)     809,675  
  56,067     Microsoft Corp. (Information Technology)     18,376,520  

 

 

 
Common Stocks – (continued)  
United States – (continued)      
  36,589     Mondelez International, Inc., Class A (Consumer Staples)   2,607,332  
  12,764     Monster Beverage Corp. (Consumer Staples)*     732,781  
  11,597     Moody’s Corp. (Financials)     3,905,870  
  19,431     Motorola Solutions, Inc. (Information Technology)     5,510,049  
  14,522     Nasdaq, Inc. (Financials)     762,115  
  7,628     Nestle SA (Consumer Staples)     918,901  
  30,541     NetApp, Inc. (Information Technology)     2,342,495  
  4,602     NiSource, Inc. (Utilities)     123,150  
  1,462     Northrop Grumman Corp. (Industrials)     633,178  
  8,555     NVIDIA Corp. (Information Technology)     4,222,320  
  18,131     Omnicom Group, Inc. (Communication Services)     1,468,792  
  17,194     Oracle Corp. (Information Technology)     2,069,986  
  10,283     O’Reilly Automotive, Inc. (Consumer Discretionary)*     9,662,935  
  15,194     Otis Worldwide Corp. (Industrials)     1,299,847  
  32,469     PACCAR, Inc. (Industrials)     2,671,874  
  1,737     Packaging Corp. of America (Materials)     258,987  
  12,544     Paychex, Inc. (Industrials)     1,533,253  
  37,260     PepsiCo, Inc. (Consumer Staples)     6,629,299  
  49,035     Pfizer, Inc. (Health Care)     1,734,858  
  86,373     PG&E Corp. (Utilities)*     1,407,880  
  18,989     Philip Morris International, Inc. (Consumer Staples)     1,824,083  
  5,363     PPL Corp. (Utilities)     133,646  
  28,735     Procter & Gamble Co. (The) (Consumer Staples)     4,434,960  
  11,643     Progressive Corp. (The) (Financials)     1,553,991  
  11,176     QUALCOMM, Inc. (Information Technology)     1,279,987  
  16,828     Quest Diagnostics, Inc. (Health Care)     2,212,882  
  13,184     Realty Income Corp. REIT (Real Estate)     738,831  
  3,247     Regeneron Pharmaceuticals, Inc. (Health Care)*     2,683,613  
  22,372     Republic Services, Inc. (Industrials)     3,224,476  
  6,678     Roche Holding AG (Health Care)     1,968,054  
  6,055     Roche Holding AG (Health Care)     1,893,451  
  4,784     Rockwell Automation, Inc. (Industrials)     1,492,991  
  885     Roper Technologies, Inc. (Information Technology)     441,668  
  20,807     Royalty Pharma PLC, Class A (Health Care)     620,465  
  14,447     RTX Corp. (Industrials)     1,243,020  
  5,274     Salesforce, Inc. (Information Technology)*     1,167,980  
  25,409     Sanofi (Health Care)     2,720,261  
  5,652     Sherwin-Williams Co. (The) (Materials)     1,535,761  
  2,910     Snap-on, Inc. (Industrials)     781,626  
  12,725     Southern Co. (The) (Utilities)     861,864  
  33,450     SS&C Technologies Holdings, Inc. (Industrials)     1,920,699  
  13,811     Starbucks Corp. (Consumer Discretionary)     1,345,744  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

 

 

Shares    
Description
  Value  
Common Stocks – (continued)  
United States – (continued)      
  4,829     Stryker Corp. (Health Care)   $ 1,369,263  
  11,392     Swiss Re AG (Financials)     1,107,923  
  8,592     TE Connectivity Ltd. (Information Technology)     1,137,495  
  16,311     Texas Instruments, Inc. (Information Technology)     2,741,227  
  13,139     Textron, Inc. (Industrials)     1,021,032  
  298     Thermo Fisher Scientific, Inc. (Health Care)     166,016  
  38,185     TJX Cos., Inc. (The) (Consumer Discretionary)     3,531,349  
  2,469     T-Mobile US, Inc. (Communication Services)*     336,401  
  7,787     Travelers Cos., Inc. (The) (Financials)     1,255,498  
  10,212     Tyson Foods, Inc., Class A (Consumer Staples)     543,993  
  12,043     UnitedHealth Group, Inc. (Health Care)     5,739,453  
  23,496     VeriSign, Inc. (Information Technology)*     4,882,234  
  113,200     Verizon Communications, Inc. (Communication Services)     3,959,736  
  7,683     Vertex Pharmaceuticals, Inc. (Health Care)*     2,676,296  
  15,937     VICI Properties, Inc. REIT (Real Estate)     491,497  
  20,516     Visa, Inc., Class A (Financials)     5,040,371  
  15,389     VMware, Inc., Class A (Information Technology)*     2,597,355  
  20,324     W R Berkley Corp. (Financials)     1,257,243  
  47,330     Walmart, Inc. (Consumer Staples)     7,696,331  
  3,737     Waste Connections, Inc. (Industrials)     511,654  
  22,099     Waste Management, Inc. (Industrials)     3,464,681  
  1,052     Willis Towers Watson PLC (Financials)     217,512  
  5,222     W.P. Carey, Inc. REIT (Real Estate)     339,691  
  8,301     W.W. Grainger, Inc. (Industrials)     5,928,076  
  8,786     Xylem, Inc. (Industrials)     909,702  
  43,865     Yum! Brands, Inc. (Consumer Discretionary)     5,675,254  
  3,129     Zebra Technologies Corp., Class A (Information Technology)*     860,506  
  8,730     Zoetis, Inc. (Health Care)     1,663,152  
   

 

 

 
      502,308,974  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $694,468,676)   $ 719,024,019  

 

 

 

 

Shares     Description   Rate     Value  
Preferred Stock – 0.0%  
Germany – 0.0%        
  4,648     Henkel AG & Co. KGaA (Consumer Staples)    
  (Cost $380,331)     2.60%     $ 356,762  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $694,849,007)     $ 719,380,781  

 

 

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

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  2,067,149     5.234%   $ 2,067,149  
(Cost $2,067,149)      

 

 

 
  TOTAL INVESTMENTS – 99.8%  
  (Cost $696,916,156)   $ 721,447,930  

 

 

 
 

OTHER ASSETS IN EXCESS OF

 LIABILITIES – 0.2%

    1,305,681  

 

 

 
  NET ASSETS – 100.0%   $ 722,753,611  

 

 

 

 

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

*

  Non-income producing security.

(a)

  All or a portion of security is on loan.

(b)

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

(c)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

CVA

 

—Dutch Certification

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

 

The accompanying notes are an integral part of these financial statements.   105


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

ADDITIONAL INVESTMENT INFORMATION

 

FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:

 

Description      Number of
Contracts
       Expiration
Date
       Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

Long position contracts:

                   

E-Mini MSCI EAFE Index Future

       6          09/15/23        $ 632,790        $ 5,113  

S&P 500 E-Mini Index

       5          09/15/23          1,129,000          16,990  
Total Futures Contracts                                       $ 22,103  

 

Sector Name   % of Market
Value
 

 

 

Information Technology

    21.1

Financials

    16.8

Health Care

    14.0

Industrials

    13.0

Consumer Staples

    12.3

Consumer Discretionary

    9.8

Communication Services

    7.5

Materials

    1.9

Utilities

    1.4

Energy

    1.0

Real Estate

    0.9

Securities Lending Reinvestment Vehicle

    0.3

 

 
TOTAL INVESTMENTS     100.0

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Assets and Liabilities

August 31, 2023

 

       
ActiveBeta®
Emerging Markets
Equity ETF
     ActiveBeta®
Europe
Equity ETF
     ActiveBeta®
International
Equity ETF
     ActiveBeta®
Japan
Equity ETF
 
  Assets:

 

 

Investments at value (cost $907,108,537, $10,669,813, $2,896,394,872 and $11,912,892, respectively)(a)

  $ 970,278,103      $ 11,514,563      $ 3,238,073,208      $ 13,640,360  
 

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost

    5,450,496        132,123        37,159,558        96,777  
 

Cash

    21,336,315        83,999        8,918,604        17,222  
 

Foreign currency, at value (cost $86,637, $1,453, $587,671 and $—, respectively)

    86,782        1,462        589,841         
 

Variation margin on futures contracts

    60,494        2,018        96,196        160  
 

Receivables:

          
 

Investments sold

    18,692,210        267,179        91,264,966        331,200  
 

Dividends

    1,972,762        20,854        7,128,431        17,952  
 

Collateral on futures contracts

           4,341        331,647        618  
 

Foreign tax reclaims

    110,269        29,379        4,167,383        945  
 

Reimbursement from investment adviser

    37,990        4,711               2,667  
 

Securities lending income

    12,305        32        19,373        14  
  Total assets     1,018,037,726        12,060,661        3,387,749,207        14,107,915  
            
  Liabilities:           
 

Payables:

          
 

Investments purchased

    37,154,189        341,504        98,800,691        339,811  
 

Upon return of securities loaned

    5,450,496        132,123        37,159,558        96,777  
 

Foreign capital gains tax

    4,427,902                       
 

Management fees

    333,645               680,102         
 

Fund shares redeemed

                  47,011         
 

Foreign bank overdraft (cost $—, $—, $— and $52, respectively)

                         52  
 

Accrued expenses

    963,881               60         
  Total liabilities     48,330,113        473,627        136,687,422        436,640  
            
  Net Assets:           
 

Paid-in capital

    982,910,608        14,551,089        3,196,904,719        13,637,976  
 

Total distributable earnings (loss)

    (13,202,995      (2,964,055      54,157,066        33,299  
  NET ASSETS   $ 969,707,613      $ 11,587,034      $ 3,251,061,785      $ 13,671,275  
  SHARES ISSUED AND OUTSTANDING           
 

Shares outstanding no par value (unlimited shares authorized):

    32,750,000        350,000        104,200,000        400,000  
 

Net asset value per share:

    $29.61        $33.11        $31.20        $34.18  

 

  (a)   Includes loaned securities having a market value of $4,433,693, $122,737, $33,125,560 and $92,313 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively.

 

The accompanying notes are an integral part of these financial statements.   107


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Assets and Liabilities (continued)

August 31, 2023

 

        ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF
     ActiveBeta®
U.S. Large Cap
Equity ETF
     ActiveBeta®
U.S. Small Cap
Equity ETF
     ActiveBeta®
World Low Vol Plus
Equity ETF
 
  Assets:

 

 

Investments at value (cost $7,312,057, $8,454,987,939, $462,827,770 and $694,849,007, respectively)(a)

  $ 7,360,060      $ 11,378,218,889      $ 478,466,440      $ 719,380,781  
 

Investments in affiliated securities lending reinvestment vehicle, at value which equals cost

           39,027,450        2,764,662        2,067,149  
 

Cash

    14,362        14,932,201        3,220,322        876,196  
 

Foreign currency, at value (cost $—, $—, $— and $824,650, respectively)

                         813,339  
 

Receivables:

          
 

Reimbursement from investment adviser

    13,917                       
 

Dividends

    8,665        17,371,463        549,765        1,319,057  
 

Investments sold

           8,844,376        481,219        357  
 

Securities lending income

           114,126        4,616        9,760  
 

Collateral on futures contracts

           751,520        293,260        83,467  
 

Foreign tax reclaims

                  612        428,267  
  Total assets     7,397,004        11,459,260,025        485,780,896        724,978,373  
            
  Liabilities:           
 

Variation margin on futures contracts

           25,163        95,795        5,105  
 

Payables:

          
 

Upon return of securities loaned

           39,027,450        2,764,662        2,067,149  
 

Fund shares redeemed

           8,861,932                
 

Management fees

           866,502        81,601        152,000  
 

Accrued expenses

           5,939               508  
  Total liabilities            48,786,986        2,942,058        2,224,762  
            
  Net Assets:           
 

Paid-in capital

    7,938,620        9,387,477,681        497,139,412        726,713,386  
 

Total distributable earnings (loss)

    (541,616      2,022,995,358        (14,300,574      (3,959,775
  NET ASSETS   $ 7,397,004      $ 11,410,473,039      $ 482,838,838      $ 722,753,611  
  SHARES ISSUED AND OUTSTANDING           
 

Shares outstanding no par value (unlimited shares authorized):

    200,000        128,852,500        8,200,000        17,500,000  
 

Net asset value per share:

    $36.99        $88.55        $58.88        $41.30  

 

  (a)   Includes loaned securities having a market value of $–, $37,608,270, $2,683,736 and $1,980,891 for ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF, respectively.

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Operations

For the Fiscal Year Ended August 31, 2023

 

       
ActiveBeta®
Emerging Markets
Equity ETF
     ActiveBeta®
Europe
Equity ETF
     ActiveBeta®
International
Equity ETF
     ActiveBeta®
Japan
Equity ETF
 
  Investment income:           
 

Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,973,676, $61,142, $11,839,197 and $39,658, respectively)

  $ 31,346,333      $ 362,365      $ 98,491,137      $ 304,590  
 

Non cash dividend income

    2,802,480                       
 

Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer

    123,715        2,932        815,832        2,647  
 

Other income

           80,695                
  Total investment income     34,272,528        445,992        99,306,969        307,237  
            
  Expenses:           
 

Management fees

    3,808,775        2,566        7,350,354        6,105  
 

Custody, accounting and administrative services

    707,430                       
 

Printing and mailing costs

    223,955                       
 

Professional fees

    122,341                       
 

Trustee fees

    47,355        25,390        94,095        25,409  
 

Shareholder meeting expense

    38,267                       
 

Registration fees

    11,880                       
 

Other

    27,733                       
  Total expenses     4,987,736        27,956        7,444,449        31,514  
 

Less — expense reductions

    (664,597                     
  Net expenses     4,323,139        27,956        7,444,449        31,514  
  NET INVESTMENT INCOME     29,949,389        418,036        91,862,520        275,723  
            
  Realized and unrealized gain (loss):           
 

Net realized gain (loss) from:

          
 

Investments — unaffiliated issuers

    (34,125,268      (240,131      (67,756,323      (204,944
 

In-kind redemptions

    2,070,593        (177,083      12,512,749         
 

Futures contracts

    (1,041,154      3,895        (1,185,868      20,073  
 

Foreign currency transactions

    (431,538      (4,480      (93,753      (4,831
 

Net change in unrealized gain (loss) on:

          
 

Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $282,843, $—, $— and $—, respectively)

    30,561,601        2,121,270        407,552,273        1,784,839  
 

Futures contracts

    8,434        286        606,664        942  
 

Foreign currency translations

    40,637        9,124        622,866        324  
  Net realized and unrealized gain (loss)     (2,916,695      1,712,881        352,258,608        1,596,403  
  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 27,032,694      $ 2,130,917      $ 444,121,128      $ 1,872,126  

 

The accompanying notes are an integral part of these financial statements.   109


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Operations (continued)

For the Fiscal Year Ended August 31, 2023

 

        ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Small Cap
Equity ETF
    ActiveBeta®
World Low Vol Plus
Equity ETF
 
  Investment income:        
 

Dividends — unaffiliated issuers (net of foreign withholding taxes of $166, $572,591, $45,774 and $1,071,028, respectively)

  $ 121,812     $ 176,793,084     $ 7,659,729     $ 15,490,905  
 

Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer

    5       287,892       54,935       92,383  
  Total investment income     121,817       177,080,976       7,714,664       15,583,288  
         
  Expenses:        
 

Trustee fees

    15,917       292,956       36,453       39,271  
 

Management fees

          9,528,468       875,427       1,540,912  
  Total expenses     15,917       9,821,424       911,880       1,580,183  
  NET INVESTMENT INCOME     105,900       167,259,552       6,802,784       14,003,105  
         
  Realized and unrealized gain (loss):        
 

Net realized gain (loss) from:

       
 

Investments — unaffiliated issuers

    (413,294     (346,785,616     (10,400,208     (24,516,842
 

In-kind redemptions

    331,542       810,532,671       19,296,164        
 

Futures contracts

          (432,733     (901,485      
 

Foreign currency transactions

    (10     (32,889           (44,421
 

Net change in unrealized gain (loss) on:

       
 

Investments — unaffiliated issuers

    1,267,897       860,901,487       13,578,626       78,874,074  
 

Futures contracts

          59,881       (15,807     22,103  
 

Foreign currency translations

                      (3,911
  Net realized and unrealized gain     1,186,135       1,324,242,801       21,557,290       54,331,003  
  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS   $ 1,292,035     $ 1,491,502,353     $ 28,360,074     $ 68,334,108  

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Changes in Net Assets

 

       

ActiveBeta® Emerging Markets Equity ETF
           ActiveBeta® Europe Equity ETF  
        For the Fiscal
Year Ended
August 31, 2023
     For the Fiscal
Year Ended
August 31, 2022
           For the Fiscal
Year Ended
August 31, 2023
     For the Fiscal
Year Ended
August 31, 2022
 
  From operations:             
 

Net investment income

  $ 29,949,389      $ 40,487,439        $ 418,036      $ 552,625  
 

Net realized gain (loss)

    (33,527,367      (13,373,376        (417,799      72,961  
 

Net change in unrealized gain (loss)

    30,610,672        (329,818,743              2,130,680        (5,677,140
  Net increase (decrease) in net assets resulting from operations     27,032,694        (302,704,680              2,130,917        (5,051,554
              
  Distributions to shareholders:             
 

From distributable earnings

    (25,009,312      (53,609,786              (359,836      (658,039
              
  From share transactions:             
 

Proceeds from sales of shares

    62,411,100        46,098,249                 1,790,294  
 

Cost of shares redeemed

    (119,934,568      (52,865,514              (2,547,509      (4,610,459
  Net decrease in net assets resulting from share transactions     (57,523,468      (6,767,265              (2,547,509      (2,820,165
  TOTAL DECREASE     (55,500,086      (363,081,731              (776,428      (8,529,758
              
  Net assets:             
 

Beginning of year

  $ 1,025,207,699      $ 1,388,289,430              $ 12,363,462      $ 20,893,220  
 

End of year

  $ 969,707,613      $ 1,025,207,699              $ 11,587,034      $ 12,363,462  

 

The accompanying notes are an integral part of these financial statements.   111


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Changes in Net Assets (continued)

 

       

ActiveBeta® International Equity ETF
          ActiveBeta® Japan Equity ETF  
        For the Fiscal
Year Ended
August 31, 2023
    For the Fiscal
Year Ended
August 31, 2022
          For the Fiscal
Year Ended
August 31, 2023
    For the Fiscal
Year Ended
August 31, 2022
 
  From operations:          
 

Net investment income

  $ 91,862,520     $ 89,902,288       $ 275,723     $ 279,094  
 

Net realized loss

    (56,523,195     (83,840,464       (189,702     (665,882
 

Net change in unrealized gain (loss)

    408,781,803       (686,189,583             1,786,105       (2,432,140
  Net increase (decrease) in net assets resulting from operations     444,121,128       (680,127,759             1,872,126       (2,818,928
           
  Distributions to shareholders:          
 

From distributable earnings

    (90,840,491     (93,382,329             (259,624     (285,200
           
  From share transactions:          
 

Proceeds from sales of shares

    222,011,550       495,342,351                
 

Cost of shares redeemed

    (44,267,175     (95,030,975                    
  Net increase in net assets resulting from share transactions     177,744,375       400,311,376                      
  TOTAL INCREASE (DECREASE)     531,025,012       (373,198,712             1,612,502       (3,104,128
           
  Net assets:          
 

Beginning of year

  $ 2,720,036,773     $ 3,093,235,485             $ 12,058,773     $ 15,162,901  
 

End of year

  $ 3,251,061,785     $ 2,720,036,773             $ 13,671,275     $ 12,058,773  

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Changes in Net Assets (continued)

 

        ActiveBeta® Paris-Aligned Climate
U.S. Large Cap Equity ETF
           ActiveBeta® U.S. Large Cap Equity ETF  
        For the Fiscal
Year Ended
August 31, 2023
     For the Period
December 13, 2021
*
to
August 31, 2022
           For the Fiscal
Year Ended
August 31, 2023
     For the Fiscal
Year Ended
August 31, 2022
 
  From operations:             
 

Net investment income

  $ 105,900      $ 63,472        $ 167,259,552      $ 177,914,041  
 

Net realized gain (loss)

    (81,762      (230,839        463,281,433        647,304,822  
 

Net change in unrealized gain (loss)

    1,267,897        (1,219,894              860,961,368        (2,624,189,006
  Net increase (decrease) in net assets resulting from operations     1,292,035        (1,387,261              1,491,502,353        (1,798,970,143
              
  Distributions to shareholders:             
 

From distributable earnings

    (106,659      (47,676              (170,189,662      (174,777,118
              
  From share transactions:             
 

Proceeds from sales of shares

    1,515,654        7,934,654          551,981,819        1,516,359,247  
 

Cost of shares redeemed

    (1,803,743                     (2,079,315,418      (1,695,965,517
  Net increase (decrease) in net assets resulting from share transactions     (288,089      7,934,654                (1,527,333,599      (179,606,270
  TOTAL INCREASE (DECREASE)     897,287        6,499,717                (206,020,908      (2,153,353,531
              
  Net assets:             
 

Beginning of period

  $ 6,499,717      $              $ 11,616,493,947      $ 13,769,847,478  
 

End of period

  $ 7,397,004      $ 6,499,717              $ 11,410,473,039      $ 11,616,493,947  

 

  *   Commencement of operations.

 

The accompanying notes are an integral part of these financial statements.   113


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statements of Changes in Net Assets (continued)

 

       
ActiveBeta® U.S. Small Cap Equity ETF
            ActiveBeta® World Low Vol Plus Equity ETF  
        For the Fiscal
Year Ended
August 31, 2023
     For the Fiscal
Year Ended
August 31, 2022
            For the Fiscal
Year Ended
August 31, 2023
     For the Period
March 15, 2022
*
to
August 31, 2022
 
  From operations:              
 

Net investment income

  $ 6,802,784      $ 5,489,225         $ 14,003,105      $ 6,264,424  
 

Net realized gain (loss)

    7,994,471        3,891,164           (24,561,263      (6,378,645
 

Net change in unrealized gain (loss)

    13,562,819        (71,373,057               78,892,266        (54,360,729
  Net increase (decrease) in net assets resulting from operations     28,360,074        (61,992,668               68,334,108        (54,474,950
               
  Distributions to shareholders:              
 

From distributable earnings

    (6,492,896      (5,603,655               (13,421,605      (4,397,328
               
  From share transactions:              
 

Proceeds from sales of shares

    40,329,686        176,204,999           109,729,323        616,984,063  
 

Cost of shares redeemed

    (62,627,817      (37,882,026                       
  Net increase (decrease) in net assets resulting from share transactions     (22,298,131      138,322,973                 109,729,323        616,984,063  
  TOTAL INCREASE (DECREASE)     (430,953      70,726,650                 164,641,826        558,111,785  
               
  Net assets:              
 

Beginning of period

  $ 483,269,791      $ 412,543,141               $ 558,111,785      $  
 

End of period

  $ 482,838,838      $ 483,269,791               $ 722,753,611      $ 558,111,785  

 

  *   Commencement of operations.

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

 

        ActiveBeta® Emerging Markets Equity ETF  
        For the Fiscal
Year Ended August 31,
 
        2023     2022     2021     2020     2019  
  Per Share Operating Performance:          
 

Net asset value, beginning of year

  $ 29.42     $ 39.33     $ 33.28     $ 31.12     $ 32.98  
 

Net investment income(a)

    0.91       1.13       0.67       0.80 (b)      0.75  
 

Net realized and unrealized gain (loss)

    0.06       (9.55     6.07       2.17       (1.79
 

Total gain (loss) from investment operations

    0.97       (8.42     6.74       2.97       (1.04
 

Distributions to shareholders from net investment income

    (0.78     (1.49     (0.69     (0.81     (0.82
 

Net asset value, end of year

  $ 29.61     $ 29.42     $ 39.33     $ 33.28     $ 31.12  
 

Market price, end of year

  $ 29.48     $ 29.03     $ 39.16     $ 33.28     $ 31.14  
  Total Return at Net Asset Value(c)     3.50     (21.97 )%      20.49     9.55     (3.21 )% 
 

Net assets, end of year (in 000’s)

  $ 969,708     $ 1,025,208     $ 1,388,289     $ 1,710,477     $ 1,699,201  
 

Ratio of net expenses to average net assets

    0.45     0.45     0.45     0.45     0.45
 

Ratio of total expenses to average net assets

    0.52     0.51     0.51     0.52     0.51
 

Ratio of net investment income to average net assets

    3.15     3.29     1.76     2.55 %(b)      2.37
 

Portfolio turnover rate(d)

    21     18     46     38     28

 

  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets.
  (c)   Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
  (d)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

The accompanying notes are an integral part of these financial statements.   115


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

 

        ActiveBeta® Europe Equity ETF  
        For the Fiscal
Year Ended August 31,
 
        2023     2022     2021     2020     2019  
  Per Share Operating Performance:          
 

Net asset value, beginning of year

  $ 27.47     $ 37.99     $ 29.85     $ 28.59     $ 30.82  
 

Net investment income(a)

    1.16       1.01       0.84       0.58       0.89  
 

Net realized and unrealized gain (loss)

    5.50       (10.29     8.15       1.27       (1.84
 

Total gain (loss) from investment operations

    6.66       (9.28     8.99       1.85       (0.95
 

Distributions to shareholders from net investment income

    (1.02     (1.24     (0.85     (0.59     (1.28
 

Net asset value, end of year

  $ 33.11     $ 27.47     $ 37.99     $ 29.85     $ 28.59  
 

Market price, end of year

  $ 33.05     $ 27.26     $ 38.05     $ 29.81     $ 28.62  
  Total Return at Net Asset Value(b)     24.40     (24.81 )%      30.45     6.69     (3.15 )% 
 

Net assets, end of year (in 000’s)

  $ 11,587     $ 12,363     $ 20,893     $ 16,416     $ 18,584  
 

Ratio of total expenses to average net assets

    0.25     0.25     0.25     0.25     0.25
 

Ratio of net investment income to average net assets

    3.74     2.98     2.47     2.01     3.07
 

Portfolio turnover rate(c)

    14     19     19     18     17

 

  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
  (c)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

 

        ActiveBeta® International Equity ETF  
        For the Fiscal
Year Ended August 31,
 
        2023     2022     2021     2020     2019  
  Per Share Operating Performance:          
 

Net asset value, beginning of year

  $ 27.64     $ 35.76     $ 28.72     $ 27.70     $ 29.42  
 

Net investment income(a)

    0.92       0.96       0.75       0.57       0.86  
 

Net realized and unrealized gain (loss)

    3.55       (8.07     6.97       1.05       (1.78
 

Total gain (loss) from investment operations

    4.47       (7.11     7.72       1.62       (0.92
 

Distributions to shareholders from net investment income

    (0.91     (1.01     (0.68     (0.60     (0.80
 

Net asset value, end of year

  $ 31.20     $ 27.64     $ 35.76     $ 28.72     $ 27.70  
 

Market price, end of year

  $ 31.21     $ 27.52     $ 35.75     $ 28.63     $ 27.73  
  Total Return at Net Asset Value(b)     16.40     (20.18 )%      27.12     5.96     (3.09 )% 
 

Net assets, end of year (in 000’s)

  $ 3,251,062     $ 2,720,037     $ 3,093,235     $ 1,743,562     $ 1,545,601  
 

Ratio of total expenses to average net assets

    0.25     0.25     0.25     0.25     0.25
 

Ratio of net investment income to average net assets

    3.08     2.97     2.31     2.08     3.10
 

Portfolio turnover rate(c)

    14     18     21     20     17

 

  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
  (c)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

The accompanying notes are an integral part of these financial statements.   117


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

 

        ActiveBeta® Japan Equity ETF  
        For the Fiscal
Year Ended August 31,
 
        2023     2022     2021     2020     2019  
  Per Share Operating Performance:          
 

Net asset value, beginning of year

  $ 30.15     $ 37.91     $ 32.60     $ 30.59     $ 32.99  
 

Net investment income(a)

    0.69       0.70       0.60       0.66       0.82  
 

Net realized and unrealized gain (loss)

    3.99       (7.75     5.25       2.15       (2.29
 

Total gain (loss) from investment operations

    4.68       (7.05     5.85       2.81       (1.47
 

Distributions to shareholders from net investment income

    (0.65     (0.71     (0.54     (0.80     (0.93
 

Net asset value, end of year

  $ 34.18     $ 30.15     $ 37.91     $ 32.60     $ 30.59  
 

Market price, end of year

  $ 34.18     $ 29.78     $ 37.75     $ 32.51     $ 30.52  
  Total Return at Net Asset Value(b)     15.69     (18.76 )%      18.02     9.15     (4.32 )% 
 

Net assets, end of year (in 000’s)

  $ 13,671     $ 12,059     $ 15,163     $ 19,561     $ 24,468  
 

Ratio of total expenses to average net assets

    0.25     0.25     0.25     0.25     0.25
 

Ratio of net investment income to average net assets

    2.19     2.03     1.64     2.09     2.64
 

Portfolio turnover rate(c)

    17     21     21     18     33

 

  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
  (c)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout the Year

 

        ActiveBeta® Paris-Aligned Climate
U.S. Large Cap Equity ETF
 
        For the Fiscal
Year Ended
August 31, 2023
    For the Period
December 13, 2021
*
to
August 31, 2022
 
  Per Share Operating Performance:    
 

Net asset value, beginning of period

  $ 32.50     $ 39.67  
 

Net investment income(a)

    0.45       0.32  
 

Net realized and unrealized gain (loss)

    4.52       (7.25
 

Total gain (loss) from investment operations

    4.97       (6.93
 

Distributions to shareholders from net investment income

    (0.48     (0.24
 

Net asset value, end of period

  $ 36.99     $ 32.50  
 

Market price, end of period

  $ 37.01     $ 32.55  
  Total Return at Net Asset Value(b)     15.48     (17.52 )% 
 

Net assets, end of period (in 000’s)

  $ 7,397     $ 6,500  
 

Ratio of total expenses to average net assets

    0.20     0.20 %(c) 
 

Ratio of net investment income to average net assets

    1.33     1.24 %(c) 
 

Portfolio turnover rate(d)

    26     19

 

   *   Commencement of operations.
  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.
  (c)   Annualized.
  (d)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

The accompanying notes are an integral part of these financial statements.   119


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

 

        ActiveBeta® U.S. Large Cap Equity ETF  
        For the Fiscal
Year Ended August 31,
 
        2023     2022     2021     2020     2019  
  Per Share Operating Performance:          
 

Net asset value, beginning of year

  $ 78.36     $ 90.95     $ 70.70     $ 59.09     $ 58.75  
 

Net investment income(a)

    1.23       1.17       0.96       1.06       1.03  
 

Net realized and unrealized gain (loss)

    10.21       (12.61     20.21       11.62       0.30  
 

Total gain (loss) from investment operations

    11.44       (11.44     21.17       12.68       1.33  
 

Distributions to shareholders from net investment income

    (1.25     (1.15     (0.92     (1.07     (0.99
 

Net asset value, end of year

  $ 88.55     $ 78.36     $ 90.95     $ 70.70     $ 59.09  
 

Market price, end of year

  $ 88.57     $ 78.33     $ 90.91     $ 70.61     $ 59.07  
  Total Return at Net Asset Value(b)     14.83     (12.70 )%      30.21     21.81     2.42
 

Net assets, end of year (in 000’s)

  $ 11,410,473     $ 11,616,494     $ 13,769,847     $ 10,427,895     $ 6,606,050  
 

Ratio of total expenses to average net assets

    0.09     0.09     0.09     0.09     0.09
 

Ratio of net investment income to average net assets

    1.53     1.36     1.22     1.72     1.82
 

Portfolio turnover rate(c)

    11     12     16     17     16

 

  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
  (c)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

 

        ActiveBeta® U.S. Small Cap Equity ETF  
        For the Fiscal
Year Ended August 31,
 
        2023     2022     2021     2020     2019  
  Per Share Operating Performance:          
 

Net asset value, beginning of year

  $ 55.87     $ 64.97     $ 43.57     $ 42.84     $ 49.49  
 

Net investment income(a)

    0.84 (b)      0.74 (c)      0.53 (d)      0.51       0.57  
 

Net realized and unrealized gain (loss)

    2.97       (9.07     21.35       0.78       (6.66
 

Total gain (loss) from investment operations

    3.81       (8.33     21.88       1.29       (6.09
 

Distributions to shareholders from net investment income

    (0.80     (0.77     (0.48     (0.56     (0.56
 

Net asset value, end of year

  $ 58.88     $ 55.87     $ 64.97     $ 43.57     $ 42.84  
 

Market price, end of year

  $ 58.85     $ 55.92     $ 64.94     $ 43.63     $ 42.84  
  Total Return at Net Asset Value(e)     6.95     (12.95 )%      50.45     3.13     (12.28 )% 
 

Net assets, end of year (in 000’s)

  $ 482,839     $ 483,270     $ 412,543     $ 152,484     $ 96,399  
 

Ratio of total expenses to average net assets

    0.20     0.20     0.20     0.20     0.20
 

Ratio of net investment income to average net assets

    1.49 %(b)      1.22 %(c)      0.90 %(d)      1.21     1.32
 

Portfolio turnover rate(f)

    17     20     25     20     20

 

  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Reflects income recognized from non-recurring special dividends which amounted to $0.23 per share and 0.41% of average net assets.
  (c)   Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets.
  (d)   Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets.
  (e)   Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.
  (f)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

The accompanying notes are an integral part of these financial statements.   121


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Year

 

        ActiveBeta® World Low Vol Plus
Equity ETF
 
        For the Fiscal
Year Ended
August 31, 2023
    For the Period
March 15, 2022
*
to
August 31, 2022
 
  Per Share Operating Performance:    
 

Net asset value, beginning of period

  $ 37.97     $ 40.57  
 

Net investment income(a)

    0.87       0.47  
 

Net realized and unrealized gain (loss)

    3.30       (2.76
 

Total gain (loss) from investment operations

    4.17       (2.29
 

Distributions to shareholders from net investment income

    (0.84     (0.31
 

Net asset value, end of period

  $ 41.30     $ 37.97  
 

Market price, end of period

  $ 41.34     $ 37.98  
  Total Return at Net Asset Value(b)     11.15     (5.65 )% 
 

Net assets, end of period (in 000’s)

  $ 722,754     $ 558,112  
 

Ratio of total expenses to average net assets

    0.25     0.25 %(c) 
 

Ratio of net investment income to average net assets

    2.22     2.54 %(c) 
 

Portfolio turnover rate(d)

    31     13

 

   *   Commencement of operations.
  (a)   Calculated based on the average shares outstanding methodology.
  (b)   Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.
  (c)   Annualized.
  (d)   The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements

August 31, 2023

 

1. ORGANIZATION

 

Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:

 

Fund          Diversification
Classification

Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”)

       

Diversified

Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”)

       

Diversified

Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”)

       

Diversified

Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”)

       

Diversified

Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (“ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF”)

       

Diversified

Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (“ActiveBeta® U.S. Large Cap Equity ETF”)

       

Diversified

Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (“ActiveBeta® U.S. Small Cap Equity ETF”)

       

Diversified

Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (“ActiveBeta® World Low Vol Plus Equity ETF”)

       

Diversified

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), except for ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF, which are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.

 

2. SIGNIFICANT ACCOUNTING POLICIES   

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received.

 

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Notes to Financial Statements (continued)

August 31, 2023

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly, with the exception of ActiveBeta® Europe Equity ETF and ActiveBeta® Japan Equity ETF, which are paid semiannually. Capital gains distributions, if any, are declared and paid at least annually. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions. The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS   

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to

 

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2023:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

Africa

   $ 34,868,225        $        $   —  

Asia

     795,640,613          23,807,632           

Europe

     23,305,380                    

North America

     34,388,983                    

Oceania

     489,196                    

South America

     44,365,232          13,412,842           

Securities Lending Reinvestment Vehicle

     5,450,496                    
Total    $ 938,508,125        $ 37,220,474        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

ACTIVEBETA® EUROPE EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

Africa

   $ 3,939        $        $   —  

Asia

     88,540                    

Europe

     10,141,384          67,105           

North America

     1,072,357                    

Oceania

     129,401                    

South America

     11,837                    

Securities Lending Reinvestment Vehicle

     132,123                    
Total    $ 11,579,581        $ 67,105        $  
Derivative Type                            
Liabilities(b)             

Futures Contracts

   $ (711      $        $  
ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

Africa

   $ 2,186,451        $        $  

Asia

     813,979,759                    

Europe

     1,673,500,915          10,722,638           

North America

     526,093,967          2,840,709           

Oceania

     205,227,398                    

South America

     3,521,371                    

Securities Lending Reinvestment Vehicle

     37,159,558                    
Total    $ 3,261,669,419        $ 13,563,347        $  
Derivative Type                            
Liabilities(b)             

Futures Contracts

   $ (92,712      $        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.
(b)   Amount shown represents unrealized gain (loss) at fiscal year end.

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

ACTIVEBETA® JAPAN EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

Asia

   $ 13,640,360        $        $  

Securities Lending Reinvestment Vehicle

     96,777                    
Total    $ 13,737,137        $        $  
Derivative Type                            
Assets(b)             

Futures Contracts

   $ 942        $   —        $   —  
ACTIVEBETA® PARIS-ALIGNED CLIMATE U.S. LARGE CAP EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

North America

   $ 7,360,060        $        $  
Total    $ 7,360,060        $        $  
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

North America

   $ 11,378,218,889        $        $  

Securities Lending Reinvestment Vehicle

     39,027,450                    
Total    $ 11,417,246,339        $        $  
Derivative Type                            
Assets(b)             

Futures Contracts

   $ 59,881        $        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.
(b)   Amount shown represents unrealized gain (loss) at fiscal year end.

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

Africa

   $ 542,171        $        $  

Asia

     2,594,311                    

Europe

     2,911,606                    

North America

     471,524,799          251,602          25,677  

South America

     616,274                    

Securities Lending Reinvestment Vehicle

     2,764,662                    
Total    $ 480,953,823        $ 251,602        $ 25,677  
Derivative Type                            
Liabilities(b)             

Futures Contracts

   $ (3,714      $        $  
ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

Investment Type    Level 1        Level 2        Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

 

Asia

   $ 76,185,710        $        $  

Europe

     94,634,188          356,762           

North America

     530,046,530                    

Oceania

     18,157,591                    

Securities Lending Reinvestment Vehicle

     2,067,149                    
Total    $ 721,091,168        $ 356,762        $  
Derivative Type                            
Assets(b)             

Futures Contracts

   $ 22,103        $        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.
(b)   Amount shown represents unrealized gain (loss) at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

 

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2023. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

4. INVESTMENTS IN DERIVATIVES (continued)

 

effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

 

Risk   Fund      Statement of Assets and Liabilities        Assets
(Liabilities)(a)
 

Equity

  Goldman Sachs ActiveBeta® Europe Equity ETF        Variation Margin on Futures Contracts        $ (711

Equity

  Goldman Sachs ActiveBeta® International Equity ETF        Variation Margin on Futures Contracts          (92,712

Equity

  Goldman Sachs ActiveBeta® Japan Equity ETF        Variation Margin on Futures Contracts          942  

Equity

  Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF        Variation Margin on Futures Contracts          59,881  

Equity

  Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF        Variation Margin on Futures Contracts          (3,714

Equity

  Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF        Variation Margin on Futures Contracts          22,103  

 

(a)   Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2023 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

 

Risk       Fund          Net Realized
Gain (Loss)
from Futures
Contracts
     Net Change in
Unrealized Gain
(Loss) on
Futures Contracts
 
Equity    Goldman Sachs ActiveBeta® Emerging Markets Equity ETF    $ (1,041,154    $ 8,434  
Equity    Goldman Sachs ActiveBeta® Europe Equity ETF      3,895        286  
Equity    Goldman Sachs ActiveBeta® International Equity ETF      (1,185,868      606,664  
Equity    Goldman Sachs ActiveBeta® Japan Equity ETF      20,073        942  
Equity    Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF      (432,733      59,881  
Equity    Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF      (901,485      (15,807
Equity    Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF             22,103  

For the fiscal year ended August 31, 2023, the relevant values for each derivative type was as follows:

 

   Fund           Average
Number of
Contracts(a)
 

Goldman Sachs ActiveBeta® Emerging Markets Equity ETF

       50  

Goldman Sachs ActiveBeta® Europe Equity ETF

       2  

Goldman Sachs ActiveBeta® International Equity ETF

       84  

Goldman Sachs ActiveBeta® Japan Equity ETF

       5  

Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF

       28  

Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF

       36  

Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

       11  

 

(a)   Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2023.

 

130


GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

 

A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For each Fund except the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the fiscal year ended August 31, 2023, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta® Emerging Markets Equity ETF:

 

Fund           Unitary
Management Fee

ActiveBeta® Europe Equity ETF

         0.25%

ActiveBeta® International Equity ETF

         0.25%

ActiveBeta® Japan Equity ETF

         0.25%

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

         0.20%

ActiveBeta® U.S. Large Cap Equity ETF

         0.09%

ActiveBeta® U.S. Small Cap Equity ETF

         0.20%

ActiveBeta® World Low Vol Plus Equity ETF

         0.25%

For the fiscal year ended August 31, 2023, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta® Emerging Markets Equity ETF:

 

Fund           Contractual and Effective Net
Management Fee

ActiveBeta® Emerging Markets Equity  ETF

         0.40%

B. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the fiscal year ended August 31, 2023, these expense reimbursements amounted to $664,597.

 

131


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

6. CREATION AND REDEMPTION OF CREATION UNITS

 

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.

 

    ActiveBeta® Emerging Markets Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

    2,100,000     $ 61,682,388        1,200,000     $ 45,853,209  

Shares Redeemed

    (4,200,000     (119,934,568      (1,650,000     (52,865,514

NET DECREASE IN SHARES

    (2,100,000   $ (58,252,180      (450,000   $ (7,012,305
    ActiveBeta® Europe Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

        $        50,000     $ 1,790,247  

Shares Redeemed

    (100,000     (2,546,984      (150,000     (4,610,459

NET DECREASE IN SHARES

    (100,000   $ (2,546,984      (100,000   $ (2,820,212
    ActiveBeta® International Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

    7,300,000     $ 221,995,548        15,100,000     $ 495,288,336  

Shares Redeemed

    (1,500,000     (44,265,384      (3,200,000     (95,030,974

NET INCREASE IN SHARES

    5,800,000     $ 177,730,164        11,900,000     $ 400,257,362  

 

132


GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

 

    ActiveBeta® Japan Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

        $            $  

Shares Redeemed

                        

NET DECREASE IN SHARES

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

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

    50,000     $ 1,515,654        200,001     $ 7,934,694  

Shares Redeemed

    (50,000     (1,803,743      (1     (40

NET DECREASE IN SHARES

        $ (288,089      200,000     $ 7,934,654  
    ActiveBeta® U.S. Large Cap Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

    6,700,000     $ 551,981,819        17,200,000     $ 1,516,359,247  

Shares Redeemed

    (26,100,000     (2,079,315,418      (20,350,000     (1,695,965,517

NET DECREASE IN SHARES

    (19,400,000   $ (1,527,333,599      (3,150,000   $ (179,606,270
    ActiveBeta® U.S. Small Cap Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares     Dollars      Shares     Dollars  
 

 

 

 
Fund Share Activity         

Shares Sold

    700,000     $ 40,329,686        2,950,000     $ 176,204,999  

Shares Redeemed

    (1,150,000     (62,627,817      (650,000     (37,882,026

NET INCREASE (DECREASE) IN SHARES

    (450,000   $ (22,298,131      2,300,000     $ 138,322,973  

 

133


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

 

    ActiveBeta® World Low Vol Plus Equity ETF  
 

 

 

 
    For the Fiscal Year Ended
August 31, 2023
     For the Fiscal Year Ended
August 31, 2022
 
 

 

 

 
    Shares      Dollars      Shares      Dollars  
 

 

 

 
Fund Share Activity           

Shares Sold

    2,800,000      $ 109,727,326        14,700,000      $ 616,984,063  

Shares Redeemed

                          

NET INCREASE IN SHARES

    2,800,000      $ 109,727,326        14,700,000      $ 616,984,063  

 

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2023, were as follows:

 

Fund         Purchases        Sales  

ActiveBeta® Emerging Markets Equity  ETF

       $ 200,749,406        $ 235,385,698  

ActiveBeta® Europe Equity ETF

         1,633,708          1,587,135  

ActiveBeta® International Equity ETF

         480,763,647          412,638,539  

ActiveBeta® Japan Equity ETF

         2,099,571          2,086,227  

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

         2,033,353          2,052,720  

ActiveBeta® U.S. Large Cap Equity  ETF

         1,214,787,650          1,180,849,456  

ActiveBeta® U.S. Small Cap Equity  ETF

         83,785,372          75,661,063  

ActiveBeta® World Low Vol Plus Equity ETF

         195,413,617          195,430,578  

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2023, were as follows:

 

Fund         Purchases        Sales  

ActiveBeta® Emerging Markets Equity  ETF

       $ 9,036,085        $ 23,143,649  

ActiveBeta® Europe Equity ETF

                  2,510,871  

ActiveBeta® International Equity ETF

         153,896,315          44,059,815  

ActiveBeta® Japan Equity ETF

                   

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

         1,521,899          1,799,823  

ActiveBeta® U.S. Large Cap Equity  ETF

         511,313,808          2,074,826,737  

ActiveBeta® U.S. Small Cap Equity  ETF

         39,995,198          62,191,757  

ActiveBeta® World Low Vol Plus Equity ETF

         108,315,926           

 

134


GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

 

8. SECURITIES LENDING

 

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2023:

 

Fund    Beginning value as
of August 31, 2022
     Purchases
at Cost
     Proceeds
from Sales
     Ending value as of
August 31, 2023
 

ActiveBeta® Emerging Markets Equity ETF

   $ 10,851,775      $ 66,236,554      $ (71,637,833    $ 5,450,496  

ActiveBeta® Europe Equity ETF

     61,124        2,814,927        (2,743,928      132,123  

ActiveBeta® International Equity ETF

     59,641,107        740,532,397        (763,013,946      37,159,558  

ActiveBeta® Japan Equity ETF

     862,006        5,835,762        (6,600,991      96,777  

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

            8,426        (8,426       

ActiveBeta® U.S. Large Cap Equity ETF

     20,073,500        234,754,344        (215,800,394      39,027,450  

ActiveBeta® U.S. Small Cap Equity ETF

     2,801,299        31,474,494        (31,511,131      2,764,662  

ActiveBeta® World Low Vol Plus Equity ETF

            50,907,674        (48,840,525      2,067,149  

 

135


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

9. TAX INFORMATION

 

The tax character of distributions paid during the fiscal years ended August 31, 2023 and August 31, 2022 were as follows:

 

     Fiscal Year Ended August 31, 2023         
     ActiveBeta®
Emerging
Markets
Equity ETF
    ActiveBeta®
Europe
Equity ETF
    ActiveBeta®
International
Equity ETF
    ActiveBeta®
Japan
Equity ETF
    ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Small Cap
Equity ETF
    ActiveBeta®
World Low Vol
Plus
Equity ETF
 

Distributions paid from:

               

Ordinary Income

  $ 25,009,312     $ 359,836     $ 90,840,491     $ 259,624     $ 106,659     $ 170,189,662     $ 6,492,896     $ 13,421,605  

Total taxable distributions

  $ 25,009,312     $ 359,836     $ 90,840,491     $ 259,624     $ 106,659     $ 170,189,662     $ 6,492,896     $ 13,421,605  

 

     Fiscal Year Ended August 31, 2022         
     ActiveBeta®
Emerging
Markets
Equity ETF
    ActiveBeta®
Europe
Equity ETF
    ActiveBeta®
International
Equity ETF
    ActiveBeta®
Japan
Equity ETF
    ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Small Cap
Equity ETF
    ActiveBeta®
World Low Vol
Plus
Equity ETF
 

Distributions paid from:

               

Ordinary Income

  $ 53,609,786     $ 658,039     $ 93,382,329     $ 285,200     $ 47,676     $ 174,777,118     $ 5,603,655     $ 4,397,328  

Total taxable distributions

  $ 53,609,786     $ 658,039     $ 93,382,329     $ 285,200     $ 47,676     $ 174,777,118     $ 5,603,655     $ 4,397,328  

As of the Funds’ most recent fiscal year ended August 31, 2023, the components of accumulated earnings (losses) on a tax-basis were as follows:

 

     ActiveBeta®
Emerging
Markets
Equity ETF
    ActiveBeta®
Europe
Equity ETF
    ActiveBeta®
International
Equity ETF
    ActiveBeta®
Japan
Equity ETF
    ActiveBeta®
Paris-Aligned Climate
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Small Cap
Equity ETF
    ActiveBeta®
World Low Vol
Plus
Equity ETF
 

Undistributed ordinary income — net

  $ 6,550,334     $ 64,824     $ 11,705,202     $ 36,881     $ 15,135     $ 28,038,168     $ 682,091     $ 2,351,799  

Undistributed long-term capital gains

                                               

Total undistributed earnings

  $ 6,550,334     $ 64,824     $ 11,705,202     $ 36,881     $ 15,135     $ 28,038,168     $ 682,091     $ 2,351,799  

Capital loss carryforwards:

               

Perpetual Short-Term

  $ (31,389,025   $ (1,208,253   $ (96,667,452   $ (559,539   $ (230,083   $ (276,490,779   $ (12,028,913   $ (5,514,785

Perpetual Long-Term

          (2,369,425     (118,383,474     (905,890           (248,471,968     (4,515,494      

Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)

    (31,927,009     (194,024     (65,186,861     (185,059     (351,977     (301,619,129     (9,760,708     (23,615,451

Unrealized gains (losses) — net

    43,562,705       742,823       322,689,651       1,646,906       25,309       2,821,539,066       11,322,450       22,818,662  

Total accumulated earnings (losses) net

  $ (13,202,995   $ (2,964,055   $ 54,157,066     $ 33,299     $ (541,616   $ 2,022,995,358     $ (14,300,574   $ (3,959,775

 

136


GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

 

9. TAX INFORMATION (continued)

 

As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

 

     ActiveBeta®
Emerging
Markets
Equity ETF
    ActiveBeta®
Europe
Equity ETF
    ActiveBeta®
International
Equity ETF
    ActiveBeta®
Japan
Equity ETF
    ActiveBeta®
Paris-Aligned
Climate
U.S.  Large Cap
Equity ETF
    ActiveBeta®
U.S. Large Cap
Equity ETF
    ActiveBeta®
U.S. Small Cap
Equity ETF
    ActiveBeta®
World Low
Vol Plus
Equity ETF
 

Tax Cost

  $ 927,755,722     $ 10,902,134     $ 2,952,311,690     $ 12,091,241     $ 7,334,751     $ 8,595,767,154     $ 469,904,938     $ 698,629,031  

Gross unrealized gain

    208,995,792       1,875,577       541,256,048       2,607,425       613,055       3,212,291,550       79,432,183       56,152,592  

Gross unrealized loss

    (165,433,087     (1,132,754     (218,566,397     (960,519     (587,746     (390,752,484     (68,109,733     (33,333,930

Net unrealized gains (losses)

  $ 43,562,705     $ 742,823     $ 322,689,651     $ 1,646,906     $ 25,309     $ 2,821,539,066     $ 11,322,450     $ 22,818,662  

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, differences in the tax treatment of partnership investments, and differences in the tax treatment of passive foreign investment company investments.

In order to present components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemption in-kind transactions.

 

Fund         Paid-in
Capital
       Total
Distributable
Earnings
 

ActiveBeta® Emerging Markets Equity ETF

       $ 868,971        $ (868,971

ActiveBeta® Europe Equity ETF

       $ (194,519      $ 194,519  

ActiveBeta® International Equity ETF

       $ 12,128,712        $ (12,128,712

ActiveBeta® Japan Equity ETF

       $        $  

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

       $ 292,055        $ (292,055

ActiveBeta® U.S. Large Cap Equity ETF

       $ 784,838,843        $ (784,838,843

ActiveBeta® U.S. Small Cap Equity ETF

       $ 17,889,281        $ (17,889,281

ActiveBeta® World Vol Equity ETF

       $        $  

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 

10. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

 

137


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Notes to Financial Statements (continued)

August 31, 2023

 

10. OTHER RISKS (continued)

 

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s index (an “Index”) in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Industry Concentration Risk — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that the Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If the Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.

Investment Style Risk — Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

 

10. OTHER RISKS (continued)

 

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

 

11. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

 

12. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees currently serve as a Trustee of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.

 

13. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

 

139


Report of Independent Registered Public

Accounting Firm

 

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF, and Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (eight of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

 

Fund   

Statement of

operations

  

Statement of

changes in net assets

  

Financial

highlights

Goldman Sachs ActiveBeta®

Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF

   For the year ended August 31, 2023    For the two years ended August 31, 2023    For each of the five years in the period ended August 31, 2023
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF    For the year ended August 31, 2023    For the year ended August 31, 2023, and for the period December 13, 2021 (commencement of operations) through August 31, 2022
ActiveBeta® World Low Vol Plus Equity ETF    For the year ended August 31, 2023    For the year ended August 31, 2023, and for the period March 15, 2022 (commencement of operations) through August 31, 2022

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

 

140


 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 25, 2023

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

 

141


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Fund Expenses — Six Month Period Ended 8/31/2023 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from from March 1, 2023 through August 31, 2023, which represents a period of 184 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

     ActiveBeta® Emerging Markets Equity ETF     ActiveBeta® Europe Equity ETF     ActiveBeta® International Equity ETF     ActiveBeta® Japan Equity ETF  
     Beginning
Account
Value
3/1/2023
    Ending
Account
Value
8/31/23
    Expenses
Paid
*
    Beginning
Account
Value
3/1/23
    Ending
Account
Value
8/31/23
    Expenses
Paid
**
    Beginning
Account
Value
3/1/23
    Ending
Account
Value
8/31/23
    Expenses
Paid
**
    Beginning
Account
Value
3/1/23
    Ending
Account
Value
8/31/23
    Expenses
Paid
**
 

Actual based on NAV

  $ 1,000     $ 1,036.06     $ 2.35     $ 1,000     $ 1,053.65     $ 1.29     $ 1,000     $ 1,050.04     $ 1.29     $ 1,000     $ 1,117.22     $ 1.33  

Hypothetical 5% return

    1,000     $ 1,022.90 +      2.33       1,000     $ 1,023.94 ++      1.28       1,000     $ 1,023.95 ++      1.28       1,000     $ 1,023.95 ++      1.28  
     ActiveBeta® Paris-Aligned Climate U.S.
Large Cap Equity ETF
    ActiveBeta® U.S. Large Cap Equity ETF     ActiveBeta® U.S. Small Cap Equity ETF     ActiveBeta® World Low Vol Plus Equity ETF  
     Beginning
Account
Value
3/1/23
    Ending
Account
Value
8/31/23
    Expenses
Paid
**
    Beginning
Account
Value
3/1/23
    Ending
Account
Value
2/28/23
    Expenses
Paid
**
    Beginning
Account
Value
3/1/23
    Ending
Account
Value
8/31/23
    Expenses
Paid
**
    Beginning
Account
Value
3/1/23
    Ending
Account
Value
8/31/23
    Expenses
Paid
**
 

Actual based on NAV

  $ 1,000     $ 1,119.81     $ 1.07     $ 1,000     $ 1,130.04     $ 0.48     $ 1,000     $ 1,011.15     $ 1.01     $ 1,000     $ 1,079.78     $ 1.31  

Hypothetical 5% return

    1,000     $ 1,024.20 ++      1.02       1,000     $ 1,024.75 ++      0.46       1,000     $ 1,024.20 ++      1.02       1,000     $ 1,023.94 ++      1.28  

 

  +   Hypothetical expenses are based on the Fund’s actual annualized net expense ratios (excluding proxy fee which is not annualized) and an assumed rate of return of 5% per year before expenses.  

 

  *   Expenses for the Fund is calculated using the Fund’s annualized net expense ratio (excluding proxy fee which is not annualized), which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.  

 

  ++   Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.  

 

  **   Expenses for each Fund is calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows:  

 

Fund        

Goldman Sachs ActiveBeta® Emerging Markets Equity ETF

     0.46

Goldman Sachs ActiveBeta® Europe Equity ETF

     0.25  

Goldman Sachs ActiveBeta® International Equity ETF

     0.25  

Goldman Sachs ActiveBeta® Japan Equity ETF

     0.25  

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

     0.20  

Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF

     0.09  

Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF

     0.20  

Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

     0.25  

 

142


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Trustees and Officers (Unaudited)

Independent Trustees

 

Name,

Address and Age1

  Position(s) Held
with the Trust
 

Term of
Office and

Length of
Time Served2

 

Principal Occupation(s)

During Past 5 Years

  Number of
Portfolios in
Fund Complex
Overseen by
Trustee3
 

Other

Directorships

Held by Trustee4

Cheryl K. Beebe

Age: 67

  Chair of the Board of Trustees   Since 2021  

Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014).

 

Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company)

Lawrence Hughes

Age: 65

  Trustee   Since 2021  

Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).

 

Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   None

John F. Killian

Age: 68

  Trustee   Since 2021  

Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).

 

Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   Consolidated Edison, Inc. (a utility holding company)

Steven D. Krichmar

Age: 65

  Trustee   Since 2021  

Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001).

 

Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  68   None
         

 

143


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Trustees and Officers (Unaudited) (continued)

Independent Trustees

 

Name,

Address and Age1

  Position(s) Held
with the Trust
 

Term of
Office and

Length of
Time Served2

 

Principal Occupation(s)

During Past 5 Years

  Number of
Portfolios in
Fund Complex
Overseen by
Trustee3
 

Other

Directorships

Held by Trustee4

Michael Latham

Age: 57

  Trustee   Since 2015  

Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).

 

Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  69   None

Lawrence W. Stranghoener

Age: 69

  Trustee   Since 2015  

Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).

 

Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.

 

Chair of the Board of Trustees — Goldman Sachs Credit Income Fund.

  69   Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials)
         

Interested Trustee*

 

Name,

Address and Age1

 

Position(s) Held

with the Trust

 

Term of

Office and

Length of
Time Served2

 

Principal Occupation(s)

During Past 5 Years

  Number of
Portfolios in
Fund Complex
Overseen by
Trustee3
 

Other

Directorships

Held by Trustee4

James A. McNamara

Age: 60

  President and Trustee   Since 2014  

Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).

 

President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

  172   None
         
*   Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
1    Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023.
2    Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.
3    The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund each did not offer shares to the public.
4    This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

 

144


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

 

Name, Address and Age1  

Positions Held

with the Trust

  Term of
Office and
Length of
Time Served2
  Principal Occupation(s) During Past 5 Years

James A. McNamara

200 West Street

New York, NY 10282

Age: 60

  Trustee and President   Since 2014  

Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).

 

President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Caroline L. Kraus

200 West Street

New York, NY 10282

Age: 46

  Secretary   Since 2014  

Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).

 

Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

Joseph F. DiMaria

30 Hudson Street

Jersey City, NJ 07302

Age: 55

 

Treasurer, Principal

Financial Officer and Principal Accounting Officer

  Since 2017 (Treasurer and Principal Financial Officer since 2019)  

Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).

 

Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.

     
*   Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.
1    Information is provided as of August 31, 2023.
2    Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs ActiveBeta® ETFs - Tax Information (Unaudited)

From distributions paid during the fiscal year ended August 31, 2023, the total amount of income received by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF from sources within foreign countries and possessions of the United States was $1.3946, $1.4573, $0.7919 and $0.65 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF was 96.81%, 78.04%, 80.59% and 82.47%, respectively. The total amount of taxes paid by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF to foreign countries was $0.203, $0.2123, $0.0726 and $0.0905 per share, respectively.

For the fiscal year ended August 31, 2023, 77.93%, 100%, 100%, 100%, 100%, 100%, 100% and 100% of the dividends paid from net investment company taxable income by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF, and ActiveBeta® World Low Vol Plus Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2023, 94.44%, 84.41%, 47.02%, and 85.64% of the dividends paid from net investment company taxable income by the ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF, ActiveBeta® World Low Vol Plus Equity ETF, and ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

 

145


FUNDS PROFILE

 

Goldman Sachs ETFs

 

 

LOGO

 

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

 

GOLDMAN SACHS EXCHANGE-TRADED FUNDS
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF
Goldman Sachs ActiveBeta® Europe Equity ETF
Goldman Sachs ActiveBeta® International Equity ETF
Goldman Sachs ActiveBeta® Japan Equity ETF
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF
Goldman Sachs Bloomberg Clean Energy Equity ETF
Goldman Sachs Community Municipal Bond ETF
Goldman Sachs Defensive Equity ETF
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Goldman Sachs Hedge Industry VIP ETF
Goldman Sachs Innovate Equity ETF
Goldman Sachs JUST U.S. Large Cap Equity ETF
Goldman Sachs Access Emerging Markets USD Bond ETF
Goldman Sachs Access High Yield Corporate Bond ETF
Goldman Sachs Access Inflation Protected USD Bond ETF
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF
Goldman Sachs Access Investment Grade Corporate Bond ETF
Goldman Sachs Access Treasury 0-1 Year ETF
Goldman Sachs Access Ultra Short Bond ETF
Goldman Sachs Access U.S. Aggregate Bond ETF
Goldman Sachs MarketBeta® Emerging Markets Equity ETF
Goldman Sachs MarketBeta® International Equity ETF
Goldman Sachs MarketBeta® U.S. Equity ETF
Goldman Sachs MarketBeta U.S. 1000 Equity ETF
Goldman Sachs MarketBeta® Total International Equity ETF
Goldman Sachs Future Planet Equity ETF
Goldman Sachs Future Tech Leaders Equity ETF
Goldman Sachs Future Health Care Equity ETF
Goldman Sachs Future Consumer Equity ETF
Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

INDEX DISCLAIMERS

The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, Goldman Sachs ActiveBeta® Europe Equity Index, Goldman Sachs ActiveBeta® International Equity Index and Goldman Sachs ActiveBeta® Japan Equity Index (the “ActiveBeta® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta® Indices or the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF or Goldman Sachs ActiveBeta® Japan Equity ETF (the “ActiveBeta® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta® ETFs or the ActiveBeta® Indices.

The Russell 2000® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index. Frank Russell Company (“Russell”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000® Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index.

The ActiveBeta® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.

Solactive US Large Cap Index intends to track the performance of the large cap segment in the United States. Constituents are selected and weighted based on free-float market capitalization. The index is calculated as a total return index in USD and reconstituted semi-annually with quarterly IPO reviews.

Solactive GBS Developed Markets Large & Mid Cap Index is part of the Solactive Global Benchmark Series which includes benchmark indices for developed and emerging market countries. The index intends to track the performance of the large and mid cap segment covering approximately the largest 85% of the free-float market capitalization in the developed European market. It is calculated as a total return index in EUR and weighted by free-float market capitalization.

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.

GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.


TRUSTEES

Cheryl K. Beebe, Chair

Lawrence Hughes

John F. Killian

Steven D. Kirchmar

Michael Latham

James A. McNamara

Lawrence W. Stranghoener

 

OFFICERS

James A. McNamara, President

Joseph F. DiMaria, Treasurer, Principal Financial Officer and Principal Accounting Officer

Robert Griffith, Secretary*

 

* Effective September 20, 2023

THE BANK OF NEW YORK MELLON

Transfer Agent

 

ALPS DISTRIBUTORS, INC.

Distributor

 

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.

MarketBeta® and ActiveBeta® are registered trademarks of GSAM.

© 2023 Goldman Sachs. All rights reserved. 339797-OTU-10/23 ACTBETAAR-23