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) |
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) |
1 | ||||
4 | ||||
42 | ||||
107 | ||||
115 | ||||
115 | ||||
116 | ||||
117 | ||||
118 | ||||
ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF (GPAL) |
119 | |||
120 | ||||
121 | ||||
122 | ||||
123 | ||||
140 | ||||
142 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
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.
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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 Markets |
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. |
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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.
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 Europe |
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 Europe |
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.
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.
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 |
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.
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 Paris-Aligned |
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 |
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 |
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.
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 |
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.
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 |
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 |
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.
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
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 – |
| ||||||
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 – |
| ||||||
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 – |
| ||||||
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 – |
| ||||||
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 – |
| ||||||
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
Shares |
Description |
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
Shares |
Description |
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
Shares |
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
Shares |
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
Shares |
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
Shares |
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
Shares |
Description |
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
Shares |
Description |
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. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares |
Description |
Value | ||||||
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
Shares |
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 – |
| ||||||
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 – |
| ||||||
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
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
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.
123
GOLDMAN SACHS ACTIVEBETA® ETFS
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
124
GOLDMAN SACHS ACTIVEBETA® ETFS
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.
125
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. |
126
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. |
127
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. |
128
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
129
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.
138
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 Length
of |
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 Length
of |
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 |
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
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