Goldman Sachs Funds

 

 

 
Semi-Annual Report      

February 28, 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)

 

ActiveBeta® is a registered trademark of GSAM.

 

LOGO


Goldman Sachs ActiveBeta® ETFs

 

 

ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

ACTIVEBETA® EUROPE EQUITY ETF

 

 

ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

 

ACTIVEBETA® JAPAN EQUITY ETF

 

 

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

 

 

ACTIVEBETA® U.S. LARGE CAP EQUITY ETF

 

 

ACTIVEBETA® U.S. SMALL CAP EQUITY ETF

 

 

ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

TABLE OF CONTENTS

 

Market and Economic Review

    1  

Fund Basics

    5  

Schedules of Investments

    22  

Financial Statements

    85  

Financial Highlights

    93  

ActiveBeta® Emerging Markets Equity ETF

    93  

ActiveBeta® Europe Equity ETF

    94  

ActiveBeta® International Equity ETF

    95  

ActiveBeta® Japan Equity ETF

    96  

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

    97  

ActiveBeta® U.S. Large Cap Equity ETF

    98  

ActiveBeta® U.S. Small Cap Equity ETF

    99  

ActiveBeta® World Low Vol Plus Equity ETF

    100  

Notes to Financial Statements

    101  

Other Information

    126  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


MARKET REVIEW

 

Goldman Sachs ActiveBeta® Equity ETFs

 

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta® Equity ETFs (the “Funds”) during the six months ended February 28, 2023 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2023.

Market and Economic Review

U.S. Equities

 

Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 1.26%. The Russell 3000® Index generated a return of 1.51%.

 

 

The market posted muted returns during the Reporting Period amid a backdrop of ongoing Federal Reserve (“Fed”) interest rate hikes to combat inflation, persistent recession worries, supply-chain disruptions, geopolitical tensions given the Russia/Ukraine war, and elevated concerns around China’s zero-COVID policy.

 

 

As the Reporting Period began in September 2022, the S&P 500 Index decreased primarily based on the noticeable tightening of financial conditions guided by expectations for a more aggressive global interest rate hiking cycle. Indeed, the Fed increased its “raise and hold” messaging as the end of September approached, a policy that received support on the back of higher than consensus expected August core inflation data and a still-tight labor market that showed only moderate signs of cooling off.

 

 

During the fourth quarter of 2022, the S&P 500 Index solidly increased, breaking its streak of three consecutive quarterly losses, attributable primarily to gains in October and November.

 

   

Investors continued to witness a variety of contradictory macroeconomic developments, highlighted by a noticeably hawkish Fed, consumer resilience, and economic data supporting the themes of slowing economic growth. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

 

   

There was a dovish tilt surrounding consensus expectations for a reduction in the pace of monetary policy tightening, which was realized when the Fed announced a 50 basis point interest rate hike in December, following four successive 75 basis point increases. (A basis point is 1/100th of a percentage point.)

 

   

Positive inflation developments further supported market aspirations for a peak in the Fed tightening cycle, with October and November inflation data coming in lower than anticipated by most.

 

   

Despite the smaller interest rate hike, the Fed maintained its hawkish tone with its relentless higher-for-longer messaging that continued to be a headwind for the U.S. equities market.

 

   

Although the third quarter 2022 corporate earnings season provided disappointing results, companies emphasized a strong demand environment even against a backdrop of heightened macroeconomic uncertainty. Companies also focused on cost-cutting measures, as headlines of layoffs remained in the spotlight, especially within the information technology sector.

 

   

On the geopolitical front, the most constructive takeaways came from China’s zero-COVID pivot and pro-growth focus as well as Europe’s warmer than anticipated weather that helped settle concerns about an energy crisis there.

 

 

The S&P 500 Index rose in January 2023, rebounding from December 2022’s losses, gaining on a combination of heightened optimism around disinflationary signals, a cooling job market, positive reports about China’s economic reopening, better than consensus forecasted economic circumstances in Europe, improvements in supply-chain conditions and elevated hopes for the termination of the Fed’s tightening cycle. Collectively, these themes provided a strong case for the Fed’s soft landing scenario and the avoidance of a deep recession resulting from interest rate hikes. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

 

1


MARKET REVIEW

 

 

However, the S&P 500 Index then fell again in February 2023, giving back a portion of the prior month’s gains.

 

   

U.S. equities depreciated as the market’s modified Fed interest rate hike expectations and resilient economic data prompted a reduction in the progress of disinflation and heightened traction around several bearish themes. (Bearish refers to an expected downward movement in the prices of securities.)

   

Early in February, the Fed raised the targeted federal funds rate by another 25 basis points as expected, and its accompanying statement seemed dovish. Still, Fed Chair Powell’s subsequent statement that further rate hikes will be necessary if economic data continues to come in stronger than expected shifted the Fed narrative more hawkish.

 

 

During the Reporting Period overall, value stocks meaningfully outperformed growth stocks within the large-cap and small-cap segments of the U.S. equity market, though growth stocks outpaced value stocks within the mid-cap segment.

 

 

The best performing sectors within the S&P 500 Index during the Reporting Period were materials, industrials, energy and financials, while the weakest performing sectors were utilities, consumer discretionary, real estate and communication services.

International Equities

 

 

Representing the developed international equity markets, the MSCI EAFE Index (net) returned 12.58% for the Reporting Period, significantly outperforming the U.S. equity market.

 

 

As the Reporting Period began in September 2022, international equity markets declined, weighed down by heightened inflationary pressures, aggressive global interest rate hikes, recession concerns and the rampant spread of COVID-19.

 

   

Europe additionally battled an energy crisis and subsequent mobile network blackouts, which, in turn, put upward pressure on power costs and inflation and supported the need to keep interest rates high. The European Central Bank raised interest rates during the month, increasing concerns around slowing economic growth and leading to the depreciation of the euro against the U.S. dollar.

 

 

International equities then rallied across the major regions in the fourth quarter of 2022 overall. Markets remained volatile and under pressure from macroeconomic headwinds, including inflationary pressures and interest rate hikes. However, investors began to focus on improving inflationary indicators across the globe, and increased confidence the U.S. Fed could pull off a soft economic landing allowed both U.S. and international equities to rally.

 

   

In Europe, equities benefited from resilient third quarter 2022 corporate earnings reports as well as from optimism that the pace of interest rate increases could soon slow. Economic activity showed signs of a rebound in December following the inflation peak in October. Thus, although Europe remained in a recession, optimism that the recession would not be as deep as initially feared grew during the last weeks of the calendar year.

 

   

In Japan, the yen continued to weaken against the U.S. dollar, especially in the first half of October, and Bank of Japan Governor Kuroda remained downbeat on the sustainability of inflation numbers into 2023, citing the negative output gap in particular, and kept its interest rates low.

 

   

Asia ex-Japan equities were flat in October, pressured by sharp sell-offs in China and Hong Kong following confirmation that Chinese Premier Xi Jinping would remain as leader for a historic third five-year term. But increasing indications that China was prepared to stray from some of its more restrictive COVID-19 procedures resulted in stronger Asia ex-Japan equities in November, even as fears of an economic slowdown within China persisted. Indeed, in December, China began to relax its zero-COVID policies in an ongoing effort to boost its economy through increased domestic spending and international travel. Investors responded positively to this news despite the near-term surge in COVID-19 cases in China caused by the re-opening.

 

 

The MSCI EAFE Index posted solid positive returns in January 2023, with international equity markets performing well on the back of expectations around peaking inflation in the U.S. and Europe, slowing central bank interest rate hikes, and receding concerns about recession.

 

   

China finally lifted its stringent zero-COVID policy, increasing global hopes around the resolution of supply-chain disruptions and economic recovery driven by stronger domestic consumption and improved international tourism.

 

2


MARKET REVIEW

 

   

In contrast to the U.S. and Europe, Japan’s inflation rate rose in January. However, the Bank of Japan reiterated its commitment to keep its monetary policy accommodative.

 

 

The MSCI EAFE Index then fell in February 2023, with market sentiment governed by dampening expectations around potential peaking of interest rate hikes and ongoing geopolitical tensions between Russia and Ukraine, as the war there marked a one-year milestone. Also weighing on investor sentiment was a re-escalation in U.S./China tensions. Inflation levels were relatively stable across Europe, but Japan saw its highest level of inflation in the last 40 years.

 

 

All sectors in the MSCI EAFE Index posted positive total returns during the Reporting Period. The best performing sectors within the MSCI EAFE Index during the Reporting Period were financials, materials, consumer discretionary and industrials, each posting a double-digit positive total return. The weakest performing sectors were real estate, communication services, consumer staples and health care.

 

 

The best performing countries within the MSCI EAFE Index were Austria, Italy, Spain and Germany. The weakest performing countries during the Reporting Period were Israel and Norway, the only two MSCI EAFE Index constituents to post a negative absolute total return during the Reporting Period. Portugal and Hong Kong each generated a modestly positive total return but still significantly lagged the MSCI EAFE Index during the Reporting Period.

Emerging Markets Equities

 

 

Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -2.29% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

 

 

As the Reporting Period began in September 2022, emerging markets equities as a whole posted double-digit negative returns, as central bank interest rate hikes and recession concerns triggered large outflows.

 

   

Inflation remained top of mind for investors, as central banks in Europe, Asia and South America announced plans to raise interest rates during the following 12 months in an effort to get ahead of rising consumer prices.

 

   

The Chinese equity market fell especially significantly. An overleveraged housing market and falling home prices, coupled with the yuan falling to its lowest levels since January 2008, triggered monetary outflows from the Chinese economy. Most impactfully, China’s zero-COVID policy weakened domestic levels of supply and demand, contributing to falling export levels.

 

   

Elsewhere in Asia, India’s equity market fell but outperformed the MSCI Emerging Markets Index, while South Korea’s equity market underperformed the MSCI Emerging Markets Index given the lack of global demand, especially from China, for Korean goods, which caused high levels of volatility in the Korean exports market.

 

   

In Latin America, the Brazilian equity market fell but outpaced the MSCI Emerging Markets Index, as Brazil’s central bank paused its cycle of interest rate hikes, becoming the first notable economy in the world to do so.

 

 

Emerging markets equities then rallied in the fourth quarter of 2022 overall, attributable primarily to a strong November 2022.

 

   

In October 2022, emerging markets equities as a whole fell, as economies struggled to deal with high inflation, major transitions of political power, and contractionary central bank policy. The MSCI China Index was particularly weak, as lockdowns continued to place several cities under COVID-19 restrictions and the closely-watched China’s 20th Party Congress offered no signal to investors this strategy would change in the near future. South Korea’s and Brazil’s equity markets rose, driven by stronger exports.

 

   

November 2022 was a strong month for emerging markets equities, as softer U.S. inflation and expectations of a recovery in Chinese demand brightened the outlook for the emerging markets universe. The slowing frequency of interest rate hikes from central banks and strong consumer activity across a number of emerging markets also strengthened returns for several country constituents of the MSCI Emerging Markets Index. The MSCI China Index rallied strongly. The MSCI India Index was also strong, but the MSCI Brazil Index fell as political friction in the country’s new presidential administration hampered the speed of financial reforms, creating uncertainty amongst investors.

 

   

The MSCI Emerging Markets Index fell modestly in December 2022, as inflation concerns dominated. Still, the MSCI China Index rose, as China loosened its COVID-19 restrictions.

 

3


MARKET REVIEW

 

 

The MSCI Emerging Markets Index rose in January 2023, as softer U.S. inflation and positive news around China’s full reopening post COVID-19 brightened the outlook for the emerging markets. The slowing frequency of interest rate hikes from central banks and strong consumer activity across several emerging markets also contributed positively to strengthened returns for several countries in the MSCI Emerging Markets Index, including China and Brazil. India’s equity market fell, as Indian officials hinted at an upcoming economic slowdown and as a U.S.-based short-selling firm published a report on a conglomerate that sparked a broad-based sell-off.

 

 

The MSCI Emerging Markets then fell in February 2023, reversing much of the gains from the prior month’s rally. A re-escalation in geopolitical tensions and stronger than consensus expected U.S. economic data challenged the path of the U.S. Fed’s interest rate policy, dampening hopes to a quick end to the interest rate hiking cycle. Following this, the U.S. dollar also strengthened, an additional headwind for emerging markets equities.

 

 

The best performing sectors within the MSCI Emerging Markets Index were materials, information technology, communication services and consumer staples, the only sectors in the MSCI Emerging Markets Index to post a positive total return during the Reporting Period. The weakest performing sectors were utilities, energy, consumer discretionary and health care.

 

 

The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Turkey, Greece, Mexico and Poland. The weakest performing countries were Qatar, Saudi Arabia, India and United Arab Emirates, each led down by weakness in the energy sector.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period.

 

4


FUND BASICS

 

ActiveBeta® Emerging Markets Equity ETF

as of February 28, 2023

 

  FUND SNAPSHOT

 

     As of February 28, 2023       
  Market Price1   $ 28.93  
    Net Asset Value (NAV)1   $ 29.10  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2022—February 28, 2023   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     GS ActiveBeta®
Emerging Markets
Equity Index3
     MSCI Emerging
Markets Index4
 
    Shares     -0.10      0.58      0.04      -2.29

 

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

 

3    The Goldman Sachs ActiveBeta® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

 

4    The MSCI Emerging Markets Index captures large and mid cap representation across 27 Emerging Markets countries. It is not possible to invest directly in an unmanaged index.

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

5


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/235
     Holding   % of Net Assets        Line of Business      Country
 

Taiwan Semiconductor Manufacturing Co. Ltd.

    5.7      Information Technology      Taiwan
 

Tencent Holdings Ltd.

    3.5        Communication Services      China
 

Samsung Electronics Co. Ltd.

    3.1        Information Technology      South Korea
 

Alibaba Group Holding Ltd.

    2.1        Consumer Discretionary      China
 

Vale SA

    0.9        Materials      Brazil
 

Infosys Ltd.

    0.9        Information Technology      India
 

Meituan, Class B

    0.9        Consumer Discretionary      China
 

Reliance Industries Ltd.

    0.8        Energy      India
 

China Construction Bank Corp., Class H

    0.8        Financials      China
   

Tata Consultancy Services Ltd.

    0.7        Information Technology      India

 

5    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK6
February 28, 2023

LOGO

 

 

6    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

 

7    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

6


FUND BASICS

 

ActiveBeta® Europe Equity ETF

as of February 28, 2023

 

  FUND SNAPSHOT  
     As of February 28, 2023       
  Market Price1   $ 32.08  
    Net Asset Value (NAV)1   $ 32.31  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2022—February 28, 2023   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     GS ActiveBeta®
Europe Equity Index3
     MSCI Europe
Index4
 
    Shares     18.06      18.12      17.99      17.69

 

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

 

3    The Goldman Sachs ActiveBeta® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

 

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

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

7


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/235
     Holding   % of Net Assets        Line of Business      Country
 

Nestle SA

    2.6      Consumer Staples      United States
 

Novo Nordisk A/S, Class B

    2.4        Health Care      Denmark
 

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
 

Shell PLC

    1.7        Energy      Netherlands
 

AstraZeneca PLC

    1.7        Health Care      United Kingdom
 

Novartis AG

    1.6        Health Care      Switzerland
 

TotalEnergies SE

    1.3        Energy      France
   

L’Oreal SA

    1.0        Consumer Staples      France

 

5    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK6   
February 28, 2023      

LOGO

 

 

6    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.7% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

 

7    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Europe Equity Index.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

8


FUND BASICS

 

ActiveBeta® International Equity ETF

as of February 28, 2023

 

  FUND SNAPSHOT

 

     As of February 28, 2023  
  Market Price1   $ 30.24  
    Net Asset Value (NAV)1   $ 30.35  

 

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

 

  PERFORMANCE REVIEW

     September 1, 2022—February 28, 2023   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     GS ActiveBeta®
Intl Equity  Index3
     MSCI World
ex USA Index4
 
    Shares     10.85      10.94      10.88      11.41

 

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

 

3    The Goldman Sachs ActiveBeta® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

 

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

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

9


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/235
     Holding   % of Net Assets        Line of Business      Country
 

Nestle SA

    1.4      Consumer Staples      United States
 

Novo Nordisk A/S, Class B

    1.4        Health Care      Denmark
 

LVMH Moet Hennessy Louis Vuitton SE

    1.3        Consumer Discretionary      France
 

Shell PLC

    1.2        Energy      Netherlands
 

Roche Holding AG

    1.2        Health Care      United States
 

ASML Holding NV

    1.0        Information Technology      Netherlands
 

Novartis AG

    0.9        Health Care      Switzerland
 

AstraZeneca PLC

    0.9        Health Care      United Kingdom
 

BHP Group Ltd.

    0.8        Materials      Australia
   

TotalEnergies SE

    0.7        Energy      France

 

5    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK6   
February 28, 2023      

LOGO

 

 

6    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.6% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

 

7    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® International Equity Index.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

 

10


FUND BASICS

 

ActiveBeta® Japan Equity ETF

as of February 28, 2023

 

  FUND SNAPSHOT

 

     As of February 28, 2023  
  Market Price1   $ 30.83  
    Net Asset Value (NAV)1   $ 30.87  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2022—February 28, 2023   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     GS ActiveBeta®
Japan Equity Index3
     MSCI Japan
Index4
 
    Shares     3.55      4.69      3.61      3.67

 

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

 

3   The Goldman Sachs ActiveBeta® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

 

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

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

11


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/235
     Holding   % of Net Assets        Line of Business
 

Toyota Motor Corp.

    3.6      Consumer Discretionary
 

Sony Group Corp.

    2.4        Consumer Discretionary
 

Keyence Corp.

    2.0        Information Technology
 

Honda Motor Co. Ltd.

    2.0        Consumer Discretionary
 

Mitsubishi UFJ Financial Group, Inc.

    1.9        Financials
 

Mitsubishi Corp.

    1.8        Industrials
 

Takeda Pharmaceutical Co. Ltd.

    1.7        Health Care
 

Mitsui & Co. Ltd.

    1.6        Industrials
 

Sumitomo Mitsui Financial Group, Inc.

    1.6        Financials
   

Daiichi Sankyo Co. Ltd.

    1.5        Health Care

 

5    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK6   
February 28, 2023      

LOGO

 

 

6    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 2.1% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

 

7    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Japan Equity Index.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

12


FUND BASICS

 

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

as of February 28, 2023

 

  FUND SNAPSHOT

 

     As of February 28, 2023  
  Market Price1   $ 33.31  
    Net Asset Value (NAV)1   $ 33.27  

 

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

 

  PERFORMANCE REVIEW   
     September 1, 2022—February 28, 2023   Fund Total
Return
(based on
NAV)2
  

Fund Total

Return
(based on
Market Price)2

   GS ActiveBeta®
Paris-Aligned
U.S. Large Cap
Equity Index3
   Solactive
US Large
Cap Index4
    Shares   3.12%    3.09%    3.18%    0.83%

 

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

 

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

 

4    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 Fund is newly incepted and does not have a substantial track record. The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

13


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/234
     Holding   % of Net Assets        Line of Business
 

Apple, Inc.

    7.2      Information Technology
 

Microsoft Corp.

    5.5        Information Technology
 

Alphabet, Inc., Class A

    1.6        Communication Services
 

Alphabet, Inc., Class C

    1.6        Communication Services
 

NVIDIA Corp.

    1.5        Information Technology
 

Johnson & Johnson

    1.3        Health Care
 

Meta Platforms, Inc., Class A

    1.2        Communication Services
 

UnitedHealth Group, Inc.

    1.2        Health Care
 

Berkshire Hathaway, Inc., Class B

    1.2        Financials
   

JPMorgan Chase & Co.

    1.1        Financials

 

4    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK5   
February 28, 2023      

LOGO

 

 

5    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding.

 

6    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Paris-Aligned U.S. Large Cap Equity Index.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

14


FUND BASICS

 

ActiveBeta® U.S. Large Cap Equity ETF

as of February 28, 2023

 

  FUND SNAPSHOT

 

     As of February 28, 2023  
  Market Price1   $ 78.83  
    Net Asset Value (NAV)1   $ 78.95  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2022—February 28, 2023   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     GS ActiveBeta®
U.S. Large Cap
Equity Index3
    

S&P 500

Index4

 
    Shares     1.62      1.50      1.65      1.26

 

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

 

3    The Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

 

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

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

15


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/235
     Holding   % of Net Assets        Line of Business
 

Apple, Inc.

    6.0      Information Technology
 

Microsoft Corp.

    4.8        Information Technology
 

Amazon.com, Inc.

    2.1        Consumer Discretionary
 

Alphabet, Inc., Class A

    1.4        Communication Services
 

Alphabet, Inc., Class C

    1.3        Communication Services
 

NVIDIA Corp.

    1.3        Information Technology
 

Meta Platforms, Inc., Class A

    1.1        Communication Services
 

Johnson & Johnson

    1.1        Health Care
 

UnitedHealth Group, Inc.

    1.1        Health Care
   

Home Depot, Inc. (The)

    1.0        Consumer Discretionary

 

5    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK6   
February 28, 2023      

LOGO

 

 

6    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding.

 

7    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

16


FUND BASICS

 

ActiveBeta® U.S. Small Cap Equity ETF

as of February 28, 2023

 

  FUND SNAPSHOT

 

     As of February 28, 2023  
  Market Price1   $ 58.61  
    Net Asset Value (NAV)1   $ 58.66  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2022—February 28, 2023   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     GS ActiveBeta®
U.S. Small Cap
Equity Index3
     Russell 2000®
Index4
 
    Shares     5.77      5.59      5.92      3.63

 

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

 

3    The Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index.

 

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

 

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

17


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/235
     Holding   % of Net Assets        Line of Business
 

Atkore, Inc.

    0.5      Industrials
 

EMCOR Group, Inc.

    0.4        Industrials
 

Applied Industrial Technologies, Inc.

    0.4        Industrials
 

Mr Cooper Group, Inc.

    0.3        Financials
 

Encore Wire Corp.

    0.3        Industrials
 

Veritiv Corp.

    0.3        Industrials
 

Axcelis Technologies, Inc.

    0.3        Information Technology
 

Comfort Systems USA, Inc.

    0.3        Industrials
 

Murphy USA, Inc.

    0.3        Consumer Discretionary
   

Commercial Metals Co.

    0.3        Materials

 

5    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK6   
February 28, 2023      

LOGO

 

 

6    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

 

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

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

18


FUND BASICS

 

ActiveBeta® World Low Vol Plus Equity ETF

as of February 28, 2023

 

  FUND SNAPSHOT

 

     As of February 28, 2023  
  Market Price1   $ 38.68  
    Net Asset Value (NAV)1   $ 38.71  

 

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

 

  PERFORMANCE REVIEW

 

     September 1, 2022—February 28, 2023   Fund Total Return
(based on NAV)2
     Fund Total Return
(based on Market Price)2
     GS ActiveBeta
World Low Vol
Plus Equity Index3
 
    Shares     2.93      2.83      2.85

 

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

 

3    The Goldman Sachs ActiveBeta® World Low Vol Plus Equity Index (the “Index”) is designed to deliver exposure 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 Fund is newly incepted and does not have a substantial track record. The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com/ETFs. to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

 

19


FUND BASICS

 

  TOP TEN HOLDINGS AS OF 2/28/234     
     Holding   % of Net Assets        Line of Business      Country
 

Apple, Inc.

    2.8      Information Technology      United States
 

Microsoft Corp.

    2.1        Information Technology      United States
 

O’Reilly Automotive, Inc.

    1.3        Consumer Discretionary      United States
 

AutoZone, Inc.

    1.1        Consumer Discretionary      United States
 

Walmart, Inc.

    1.0        Consumer Staples      United States
 

Hershey Co. (The)

    0.9        Consumer Staples      United States
 

UnitedHealth Group, Inc.

    0.9        Health Care      United States
 

PepsiCo, Inc.

    0.9        Consumer Staples      United States
 

Johnson & Johnson

    0.9        Health Care      United States
   

Nippon Telegraph & Telephone Corp.

    0.9        Communication Services      Japan

 

4    The top 10 holdings may not be representative of the Fund’s future investments.

 

FUND VS BENCHMARK5   
February 28, 2023      

LOGO

 

 

5    Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of February 28, 2023. Figures above may not sum to 100% due to rounding.

 

6    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® World Low Vol Plus Equity Index.

 

For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.

 

20


FUND BASICS

 

Industry Terms

 

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

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

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

 

21


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – 97.7%  
Brazil – 3.9%  
  678,542     Ambev SA (Consumer Staples)   $ 1,740,318  
  183,749     Atacadao SA (Consumer Staples)     473,389  
  615,001     B3 SA – Brasil Bolsa Balcao (Financials)     1,242,795  
  409,458     Banco Bradesco SA (Financials)     912,922  
  93,474     Banco do Brasil SA (Financials)     721,551  
  65,940     Banco Santander Brasil SA (Financials)     357,822  
  556,755     BB Seguridade Participacoes SA (Financials)     3,648,283  
  193,022     CCR SA (Industrials)     406,327  
  123,380     Centrais Eletricas Brasileiras SA (Utilities)     811,079  
  64,804     Cia Siderurgica Nacional SA (Materials)     206,923  
  95,605     CPFL Energia SA (Utilities)     554,691  
  71,144     Energisa SA (Utilities)     527,240  
  78,040     Engie Brasil Energia SA (Utilities)     587,165  
  279,787     Equatorial Energia SA (Utilities)     1,362,841  
  73,287     Hypera SA (Health Care)     584,673  
  86,094     Klabin SA (Materials)     320,913  
  135,686     Lojas Renner SA (Consumer Discretionary)     484,714  
  174,181     Natura & Co. Holding SA (Consumer Staples)     511,129  
  77,267     Petro Rio SA (Energy)*     498,764  
  501,355     Petroleo Brasileiro SA (Energy)     2,760,924  
  544,005     Raia Drogasil SA (Consumer Staples)     2,363,291  
  137,779     Suzano SA (Materials)     1,259,902  
  204,966     Telefonica Brasil SA (Communication Services)     1,528,794  
  277,938     TIM SA (Communication Services)     652,694  
  513,402     Vale SA (Materials)     8,390,342  
  135,997     Vibra Energia SA (Consumer Discretionary)     385,273  
  240,621     WEG SA (Industrials)     1,804,876  
   

 

 

 
      35,099,635  

 

 

 
Chile – 0.5%  
  825,771     Cencosud SA (Consumer Staples)     1,552,639  
  188,064     Cia Cervecerias Unidas SA (Consumer Staples)     1,428,943  
  235,192     Empresas CMPC SA (Materials)     388,612  
  83,328     Empresas Copec SA (Energy)     598,672  
  6,138,692     Enel Americas SA (Utilities)     760,012  
   

 

 

 
      4,728,878  

 

 

 
China – 32.9%  
  57,978     360 DigiTech, Inc. ADR (Financials)     1,180,432  
  374,059     37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)     1,182,168  
  1,161,783     3SBio, Inc. (Health Care)(a)     1,151,496  
  2,760,100     Agricultural Bank of China Ltd., Class A (Financials)     1,163,326  
  4,330,400     Agricultural Bank of China Ltd., Class H (Financials)     1,500,565  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  98,214     Aier Eye Hospital Group Co. Ltd., Class A (Health Care)   441,502  
  461,548     Air China Ltd., Class H (Industrials)*     425,122  
  20,108     Airtac International Group (Industrials)     709,434  
  83,800     Akeso, Inc., Class B (Health Care)*(a)     427,034  
  1,732,900     Alibaba Group Holding Ltd. (Consumer Discretionary)*     19,096,229  
  624,200     Alibaba Health Information Technology Ltd. (Consumer Discretionary)*     445,318  
  885,962     Aluminum Corp. of China Ltd., Class H (Materials)     451,474  
  28,846     Amlogic Shanghai Co. Ltd., Class A (Information Technology)*     330,341  
  64,201     Anhui Conch Cement Co. Ltd., Class A (Materials)     283,339  
  68,102     Anhui Conch Cement Co. Ltd., Class H (Materials)     249,868  
  173,307     ANTA Sports Products Ltd. (Consumer Discretionary)     2,282,941  
  16,249     Autohome, Inc. ADR (Communication Services)     495,594  
  964,257     AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials)     603,380  
  165,036     Baidu, Inc., Class A (Communication Services)*     2,834,175  
  1,851,272     Bank of Beijing Co. Ltd., Class A (Financials)     1,153,100  
  378,098     Bank of Changsha Co. Ltd., Class A (Financials)     437,834  
  2,969,426     Bank of China Ltd., Class A (Financials)     1,379,698  
  9,179,971     Bank of China Ltd., Class H (Financials)     3,368,153  
  1,964,072     Bank of Communications Co. Ltd., Class A (Financials)     1,384,403  
  2,422,490     Bank of Communications Co. Ltd., Class H (Financials)     1,431,983  
  196,712     Bank of Hangzhou Co. Ltd., Class A (Financials)     343,242  
  1,338,880     Bank of Jiangsu Co. Ltd., Class A (Financials)     1,384,776  
  618,156     Bank of Nanjing Co. Ltd., Class A (Financials)     881,213  
  1,013,392     Bank of Shanghai Co. Ltd., Class A (Financials)     871,741  
  348,700     Bank of Suzhou Co. Ltd., Class A (Financials)     376,203  
  463,500     Baoshan Iron & Steel Co. Ltd., Class A (Materials)     438,717  
  1,411,100     BBMG Corp., Class A (Materials)     529,794  
  38,100     BeiGene Ltd. (Health Care)*     647,984  
  496,800     Beijing Capital International Airport Co. Ltd., Class H (Industrials)*     363,288  
  309,301     Beijing Enterprises Holdings Ltd. (Utilities)     1,012,681  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
China – (continued)  
  1,237,833     Beijing Enterprises Water Group Ltd. (Utilities)   $ 310,661  
  46,962     Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)     856,594  
  190,100     Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)     368,895  
  31,111     BGI Genomics Co. Ltd., Class A (Health Care)     249,140  
  19,370     Bloomage Biotechnology Corp. Ltd., Class A (Health Care)     353,312  
  44,952     BOC Aviation Ltd. (Industrials)(a)     324,706  
  1,502,280     BOE Technology Group Co. Ltd., Class A (Information Technology)     901,148  
  2,064,139     Bosideng International Holdings Ltd. (Consumer Discretionary)     1,143,895  
  22,339     BYD Co. Ltd., Class A (Consumer Discretionary)     838,070  
  57,343     BYD Co. Ltd., Class H (Consumer Discretionary)     1,542,881  
  116,600     BYD Electronic International Co. Ltd. (Information Technology)     339,424  
  169,537     By-health Co. Ltd., Class A (Consumer Staples)     559,945  
  138,200     C&D International Investment Group Ltd. (Real Estate)     445,437  
  368,920     Caitong Securities Co. Ltd., Class A (Financials)     409,162  
  3,650,597     CGN Power Co. Ltd., Class H (Utilities)(a)     818,530  
  12,521     Changchun High & New Technology Industry Group, Inc., Class A (Health Care)     355,347  
  408,778     Changjiang Securities Co. Ltd., Class A (Financials)     332,823  
  53,783     Chengxin Lithium Group Co. Ltd., Class A (Materials)     293,993  
  3,823,379     China Cinda Asset Management Co. Ltd., Class H (Financials)     496,827  
  2,742,178     China CITIC Bank Corp. Ltd., Class H (Financials)     1,268,120  
  1,175,761     China Communications Services Corp. Ltd., Class H (Industrials)     456,853  
  1,183,183     China Construction Bank Corp., Class A (Financials)     959,931  
  11,356,448     China Construction Bank Corp., Class H (Financials)     6,944,512  
  1,276,598     China Everbright Bank Co. Ltd., Class A (Financials)     547,242  
  2,515,188     China Everbright Bank Co. Ltd., Class H (Financials)     724,164  
  1,564,840     China Feihe Ltd. (Consumer Staples)(a)     1,251,952  
  296,492     China Galaxy Securities Co. Ltd., Class A (Financials)     410,296  
  1,074,083     China Galaxy Securities Co. Ltd., Class H (Financials)     535,023  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  480,607     China Hongqiao Group Ltd. (Materials)   513,701  
  595,447     China Life Insurance Co. Ltd., Class H (Financials)     1,008,911  
  1,194,297     China Medical System Holdings Ltd. (Health Care)     1,795,363  
  543,998     China Mengniu Dairy Co. Ltd. (Consumer Staples)*     2,390,972  
  203,402     China Merchants Bank Co. Ltd., Class A (Financials)     1,091,665  
  393,978     China Merchants Bank Co. Ltd., Class H (Financials)     2,133,138  
  297,878     China Merchants Port Holdings Co. Ltd. (Industrials)     417,435  
  176,306     China Merchants Securities Co. Ltd., Class A (Financials)     354,555  
  275,263     China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)     587,216  
  1,745,981     China Minsheng Banking Corp. Ltd., Class A (Financials)     856,452  
  2,963,107     China Minsheng Banking Corp. Ltd., Class H (Financials)     1,022,998  
  905,752     China National Building Material Co. Ltd., Class H (Materials)     801,959  
  395,175     China National Nuclear Power Co. Ltd., Class A (Utilities)     344,486  
  32,700     China National Software & Service Co. Ltd., Class A (Information Technology)     335,951  
  58,560     China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials)     244,713  
  290,347     China Oilfield Services Ltd., Class H (Energy)     310,710  
  92,458     China Overseas Land & Investment Ltd. (Real Estate)     229,216  
  125,314     China Pacific Insurance Group Co. Ltd., Class A (Financials)     497,889  
  173,220     China Pacific Insurance Group Co. Ltd., Class H (Financials)     459,007  
  1,768,860     China Petroleum & Chemical Corp., Class A (Energy)     1,185,737  
  3,905,136     China Petroleum & Chemical Corp., Class H (Energy)     1,994,980  
  584,772     China Railway Group Ltd., Class A (Industrials)     508,080  
  924,621     China Railway Group Ltd., Class H (Industrials)     481,776  
  586,295     China Railway Signal & Communication Corp. Ltd., Class A (Information Technology)     430,969  
  171,198     China Resources Beer Holdings Co. Ltd. (Consumer Staples)     1,263,892  
  476,211     China Resources Cement Holdings Ltd. (Materials)     256,018  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   23


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
China – (continued)  
  189,272     China Resources Land Ltd. (Real Estate)   $ 839,119  
  461,300     China Resources Pharmaceutical Group Ltd. (Health Care)(a)     379,054  
  167,068     China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)     1,223,985  
  160,657     China Shenhua Energy Co. Ltd., Class A (Energy)     647,093  
  744,812     China Shenhua Energy Co. Ltd., Class H (Energy)     2,239,323  
  962,971     China State Construction Engineering Corp. Ltd., Class A (Industrials)     778,500  
  299,000     China Taiping Insurance Holdings Co. Ltd. (Financials)     353,109  
  11,540,770     China Tower Corp. Ltd., Class H (Communication Services)(a)     1,249,717  
  1,525,931     China Traditional Chinese Medicine Holdings Co. Ltd. (Health Care)     791,202  
  1,759,939     China United Network Communications Ltd., Class A (Communication Services)     1,336,720  
  245,911     China Yangtze Power Co. Ltd., Class A (Utilities)     748,519  
  2,004,659     China Zheshang Bank Co. Ltd., Class A (Financials)*     842,039  
  62,514     Chongqing Brewery Co. Ltd., Class A (Consumer Staples)     1,236,036  
  747,283     Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)     389,137  
  47,406     Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)     611,422  
  223,522     Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)     432,834  
  1,377,506     CITIC Ltd. (Industrials)     1,519,740  
  141,352     CITIC Securities Co. Ltd., Class A (Financials)     419,886  
  212,778     CITIC Securities Co. Ltd., Class H (Financials)     450,522  
  149,744     COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)*     311,908  
  263,148     COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)     408,064  
  485,535     COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)     503,504  
  1,461,109     Country Garden Holdings Co. Ltd. (Real Estate)(b)     446,737  
  727,235     CRRC Corp. Ltd., Class A (Industrials)     596,291  
  2,017,416     CRRC Corp. Ltd., Class H (Industrials)     922,673  
  2,210,722     CSPC Pharmaceutical Group Ltd. (Health Care)     2,374,213  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  237,486     Daan Gene Co. Ltd., Class A (Health Care)   547,963  
  1,315,244     Dali Foods Group Co. Ltd. (Consumer Staples)(a)     531,158  
  415,014     Daqin Railway Co. Ltd., Class A (Industrials)     405,361  
  12,920     Daqo New Energy Corp. ADR (Information Technology)*     570,806  
  439,391     DHC Software Co. Ltd., Class A (Information Technology)     415,897  
  110,668     Dong-E-E-Jiao Co. Ltd., Class A (Health Care)     761,433  
  865,045     Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)     441,917  
  325,400     Dongxing Securities Co. Ltd., Class A (Financials)     402,087  
  288,831     Dongyue Group Ltd. (Materials)     326,749  
  62,927     Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)     818,394  
  34,516     ENN Energy Holdings Ltd. (Utilities)     490,290  
  177,882     ENN Natural Gas Co. Ltd., Class A (Utilities)     494,110  
  456,181     Far East Horizon Ltd. (Financials)     403,325  
  222,431     FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary)     272,931  
  558,887     Focus Media Information Technology Co. Ltd., Class A (Communication Services)     525,788  
  255,612     Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)     352,989  
  63,007     Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)     335,985  
  11,267     G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services)     572,126  
  1,167,181     GD Power Development Co. Ltd., Class A (Utilities)*     659,842  
  346,008     Geely Automobile Holdings Ltd. (Consumer Discretionary)     448,737  
  121,354     GF Securities Co. Ltd., Class A (Financials)     285,069  
  76,287     Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary)     389,792  
  229,328     Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)     1,041,455  
  279,439     Guangzhou Haige Communications Group Inc Co., Class A (Information Technology)     383,079  
  76,960     Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)     933,036  
  102,176     Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)     661,262  
  253,727     Guosen Securities Co. Ltd., Class A (Financials)     352,576  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
China – (continued)  
  183,011     Guotai Junan Securities Co. Ltd., Class A (Financials)   $ 376,200  
  387,655     Guoyuan Securities Co. Ltd., Class A (Financials)     393,137  
  7,300     H World Group Ltd. ADR (Consumer Discretionary)     345,801  
  647,923     Haidilao International Holding Ltd. (Consumer Discretionary)*(a)     1,791,188  
  219,933     Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)     832,377  
  437,086     Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)     1,545,211  
  136,051     Haitian International Holdings Ltd. (Industrials)     355,315  
  276,410     Haitong Securities Co. Ltd., Class A (Financials)     363,818  
  522,893     Haitong Securities Co. Ltd., Class H (Financials)     336,405  
  223,164     Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)     330,330  
  74,866     Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)     331,591  
  131,215     Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a)     235,701  
  209,472     Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)     429,087  
  76,032     Hengan International Group Co. Ltd. (Consumer Staples)     349,673  
  1,238,586     Hesteel Co. Ltd., Class A (Materials)     448,989  
  49,739     Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)     847,860  
  612,592     Huadian Power International Corp. Ltd., Class A (Utilities)     505,816  
  114,796     Huadong Medicine Co. Ltd., Class A (Health Care)     793,467  
  192,693     Huatai Securities Co. Ltd., Class A (Financials)     349,257  
  335,603     Huatai Securities Co. Ltd., Class H (Financials)(a)     377,524  
  312,182     Huaxi Securities Co. Ltd., Class A (Financials)     371,383  
  1,350,726     Huaxia Bank Co. Ltd., Class A (Financials)     1,014,254  
  174,518     Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)     474,472  
  92,944     Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials)     469,286  
  66,200     Hygeia Healthcare Holdings Co. Ltd. (Health Care)*(a)     481,140  
  1,855,838     Industrial & Commercial Bank of China Ltd., Class A (Financials)     1,147,936  
  6,311,684     Industrial & Commercial Bank of China Ltd., Class H (Financials)     3,152,023  
  422,216     Industrial Bank Co. Ltd., Class A (Financials)     1,027,040  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  102,548     Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)   449,331  
  252,362     Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials)     343,056  
  91,600     Innovent Biologics, Inc. (Health Care)*(a)     444,609  
  50,400     iQIYI, Inc. ADR (Communication Services)*     389,592  
  96,975     Jafron Biomedical Co. Ltd., Class A (Health Care)     452,114  
  53,800     JD Health International, Inc. (Consumer Discretionary)*(a)     375,253  
  209,242     JD.com, Inc., Class A (Consumer Discretionary)     4,630,274  
  417,090     Jiangsu Expressway Co. Ltd., Class H (Industrials)     398,519  
  252,424     Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)     1,579,534  
  187,089     Jiangxi Copper Co. Ltd., Class A (Materials)     528,027  
  322,905     Jiangxi Copper Co. Ltd., Class H (Materials)     508,454  
  25,179     JiuGui Liquor Co. Ltd., Class A (Consumer Staples)     550,507  
  433,796     Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a)(b)     1,045,598  
  220,974     Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)     419,271  
  317,061     Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)     659,964  
  15,756     JOYY, Inc. ADR (Communication Services)     494,738  
  298,731     Kingboard Holdings Ltd. (Information Technology)     1,065,605  
  77,800     Koolearn Technology Holding Ltd. (Consumer Discretionary)*(a)     441,556  
  210,853     Kuaishou Technology (Communication Services)*(a)     1,410,253  
  9,747     Kweichow Moutai Co. Ltd., Class A (Consumer Staples)     2,543,050  
  2,240,099     Lenovo Group Ltd. (Information Technology)     2,009,083  
  261,269     Li Ning Co. Ltd. (Consumer Discretionary)     2,221,760  
  1,526,161     Liaoning Port Co. Ltd., Class A (Industrials)     355,651  
  263,840     Longfor Group Holdings Ltd. (Real Estate)(a)     752,916  
  15,557     Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)     559,467  
  439,015     Meituan, Class B (Consumer Discretionary)*(a)     7,611,942  
  1,106,824     Metallurgical Corp. of China Ltd., Class A (Industrials)     542,928  
  22,900     MINISO Group Holding Ltd. ADR (Consumer Discretionary)     409,910  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   25


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
China – (continued)  
  42,542     Muyuan Foods Co. Ltd., Class A (Consumer Staples)   $ 303,168  
  201,186     NetEase, Inc. (Communication Services)     3,103,844  
  76,179     New China Life Insurance Co. Ltd., Class A (Financials)     341,571  
  165,930     New China Life Insurance Co. Ltd., Class H (Financials)     401,640  
  257,208     New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*     979,746  
  35,954     Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials)     284,458  
  320,002     Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)     1,793,756  
  711,792     Offshore Oil Engineering Co. Ltd., Class A (Energy)     698,307  
  48,926     PDD Holdings, Inc. ADR (Consumer Discretionary)*     4,292,278  
  513,703     People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)     385,737  
  2,324,074     People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)     734,277  
  2,642,746     PetroChina Co. Ltd., Class A (Energy)     1,988,228  
  4,454,617     PetroChina Co. Ltd., Class H (Energy)     2,281,363  
  1,782,718     PICC Property & Casualty Co. Ltd., Class H (Financials)     1,564,804  
  201,259     Ping An Bank Co. Ltd., Class A (Financials)     398,945  
  119,996     Ping An Insurance Group Co. of China Ltd., Class A (Financials)     831,999  
  592,563     Ping An Insurance Group Co. of China Ltd., Class H (Financials)     4,023,646  
  1,358,654     Postal Savings Bank of China Co. Ltd., Class A (Financials)     883,398  
  1,695,867     Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)     1,017,585  
  217,008     Power Construction Corp. of China Ltd., Class A (Industrials)     224,135  
  23,787     Proya Cosmetics Co. Ltd., Class A (Consumer Staples)     624,470  
  159,542     Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*     569,162  
  197,785     SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)     427,623  
  32,540     Sangfor Technologies, Inc., Class A (Information Technology)     668,522  
  750,456     Sealand Securities Co. Ltd., Class A (Financials)     376,756  
  172,603     Seazen Holdings Co. Ltd., Class A (Real Estate)*     485,157  
  21,186     SG Micro Corp., Class A (Information Technology)     478,747  
  127,717     Shaanxi Coal Industry Co. Ltd., Class A (Energy)     367,441  
  188,019     Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care)     553,641  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  172,914     Shandong Gold Mining Co. Ltd., Class A (Materials)   472,101  
  215,100     Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care)     346,922  
  609,374     Shanghai Electric Group Co. Ltd., Class A (Industrials)*     367,288  
  93,000     Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)     381,502  
  659,592     Shanghai International Port Group Co. Ltd., Class A (Industrials)     504,773  
  177,301     Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)     311,667  
  985,444     Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)     1,017,807  
  427,365     Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)     381,153  
  470,872     Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)     401,667  
  314,660     Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)     354,868  
  458,483     Shanxi Securities Co. Ltd., Class A (Financials)     382,525  
  794,276     Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)     546,145  
  27,103     Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)     1,101,984  
  157,556     Shengyi Technology Co. Ltd., Class A (Information Technology)     410,905  
  672,285     Shenwan Hongyuan Group Co. Ltd., Class A (Financials)     408,108  
  310,692     Shenzhen International Holdings Ltd. (Industrials)     269,943  
  51,200     Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)     369,728  
  14,789     Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)     668,044  
  674,229     Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary)     515,004  
  70,400     Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care)     375,712  
  204,455     Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)     882,912  
  459,262     Shimao Group Holdings Ltd. (Real Estate)*(b)(c)     129,304  
  168,298     Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)     314,241  
  199,161     Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)     827,104  
  145,769     Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)     266,514  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
China – (continued)  
  74,840     Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)   $ 891,401  
  61,145     Silergy Corp. (Information Technology)     1,167,935  
  241,396     Sinopharm Group Co. Ltd., Class H (Health Care)     645,814  
  174,904     Smoore International Holdings Ltd. (Consumer Staples)(a)(b)     215,914  
  361,736     SooChow Securities Co. Ltd., Class A (Financials)     366,331  
  593,479     Southwest Securities Co. Ltd., Class A (Financials)     348,317  
  237,920     Sunac China Holdings Ltd. (Real Estate)*(c)     69,410  
  34,269     Sunny Optical Technology Group Co. Ltd. (Information Technology)     388,552  
  73,867     Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials)     610,980  
  102,991     TAL Education Group ADR (Consumer Discretionary)*     724,027  
  297,911     Tangshan Jidong Cement Co. Ltd., Class A (Materials)     386,975  
  62,305     TBEA Co. Ltd., Class A (Industrials)     193,233  
  590,731     TCL Technology Group Corp., Class A (Consumer Discretionary)     377,296  
  721,403     Tencent Holdings Ltd. (Communication Services)     31,578,326  
  130,535     Tencent Music Entertainment Group ADR (Communication Services)*     984,234  
  260,754     Tianma Microelectronics Co. Ltd., Class A (Information Technology)     358,965  
  1,070,549     Tingyi Cayman Islands Holding Corp. (Consumer Staples)     1,729,354  
  72,127     Tongwei Co. Ltd., Class A (Information Technology)     434,731  
  1,597,975     Topsports International Holdings Ltd. (Consumer Discretionary)(a)     1,394,500  
  25,902     Trip.com Group Ltd. ADR (Consumer Discretionary)*     920,816  
  54,260     Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)     535,031  
  1,272,952     Uni-President China Holdings Ltd. (Consumer Staples)     1,115,728  
  176,289     Vipshop Holdings Ltd. ADR (Consumer Discretionary)*     2,624,943  
  1,732,209     Want Want China Holdings Ltd. (Consumer Staples)     1,090,147  
  370,736     Western Securities Co. Ltd., Class A (Financials)     353,580  
  883,025     Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)     621,142  
  27,557     Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)     810,334  
  151,954     Wuxi Biologics Cayman, Inc. (Health Care)*(a)     1,058,906  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  495,925     XCMG Construction Machinery Co. Ltd., Class A (Industrials)   506,505  
  391,785     Xiamen C & D, Inc., Class A (Industrials)     743,928  
  540,380     Xiaomi Corp., Class B (Information Technology)*(a)     816,473  
  266,579     Yadea Group Holdings Ltd. (Consumer Discretionary)(a)     571,229  
  238,802     Yankuang Energy Group Co. Ltd., Class H (Energy)     719,494  
  214,410     Yihai International Holding Ltd. (Consumer Staples)*     622,785  
  22,155     YongXing Special Materials Technology Co. Ltd., Class A (Materials)     292,693  
  430,812     Youngor Group Co. Ltd., Class A (Real Estate)     407,777  
  24,154     Youngy Co. Ltd., Class A (Materials)*     345,717  
  131,260     YTO Express Group Co. Ltd., Class A (Industrials)     342,703  
  521,618     Yuexiu Property Co. Ltd. (Real Estate)     768,190  
  58,957     Yum China Holdings, Inc. (Consumer Discretionary)     3,462,545  
  47,692     Yunnan Baiyao Group Co. Ltd., Class A (Health Care)     390,361  
  28,522     Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples)     568,249  
  8,581     Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)     381,088  
  581,561     Zhejiang Expressway Co. Ltd., Class H (Industrials)     468,983  
  64,462     Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)     527,903  
  269,381     Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)     995,110  
  47,323     Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care)     358,886  
  152,394     Zhongsheng Group Holdings Ltd. (Consumer Discretionary)     760,077  
  347,330     Zhongtai Securities Co. Ltd., Class A (Financials)     348,244  
  398,400     Zijin Mining Group Co. Ltd., Class H (Materials)     600,937  
  440,911     Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)     425,581  
   

 

 

 
      295,874,672  

 

 

 
Czech Republic – 0.3%  
  21,813     CEZ AS (Utilities)     1,020,032  
  19,062     Komercni banka AS (Financials)     644,258  
  154,800     Moneta Money Bank AS (Financials)(a)     591,952  
   

 

 

 
      2,256,242  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   27


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
Egypt – 0.4%  
  1,382,359     Commercial International Bank Egypt SAE (Financials)   $ 2,396,901  
  2,578,615     Eastern Co. SAE (Consumer Staples)     1,559,124  
   

 

 

 
      3,956,025  

 

 

 
Greece – 0.7%  
  574,739     Eurobank Ergasias Services and Holdings SA (Financials)*     885,010  
  176,398     Hellenic Telecommunications Organization SA (Communication Services)     2,716,259  
  19,000     JUMBO SA (Consumer Discretionary)     380,020  
  14,400     Motor Oil Hellas Corinth Refineries SA (Energy)     383,002  
  15,700     Mytilineos SA (Industrials)     424,904  
  87,972     OPAP SA (Consumer Discretionary)     1,369,561  
   

 

 

 
      6,158,756  

 

 

 
Hong Kong – 0.3%  
  245,427     Kingboard Laminates Holdings Ltd. (Information Technology)     305,787  
  49,037     Orient Overseas International Ltd. (Industrials)     787,141  
  2,378,190     Sino Biopharmaceutical Ltd. (Health Care)     1,227,042  
   

 

 

 
      2,319,970  

 

 

 
Hungary – 0.2%  
  130,198     MOL Hungarian Oil & Gas PLC (Energy)     992,016  
  16,226     OTP Bank Nyrt (Financials)     493,477  
  15,698     Richter Gedeon Nyrt (Health Care)     329,778  
   

 

 

 
      1,815,271  

 

 

 
India – 12.6%  
  19,742     ACC Ltd. (Materials)     413,551  
  20,166     Adani Enterprises Ltd. (Industrials)     332,699  
  214,183     Adani Power Ltd. (Utilities)*     379,048  
  20,600     Adani Total Gas Ltd. (Utilities)     169,089  
  17,596     Adani Transmission Ltd. (Utilities)*     136,843  
  52,291     Asian Paints Ltd. (Materials)     1,789,346  
  160,710     Aurobindo Pharma Ltd. (Health Care)     899,610  
  20,517     Avenue Supermarts Ltd. (Consumer Staples)*(a)     848,043  
  162,447     Axis Bank Ltd. (Financials)     1,658,711  
  12,786     Bajaj Finance Ltd. (Financials)     945,345  
  19,881     Bajaj Finserv Ltd. (Financials)     321,035  
  194,400     Bank of Baroda (Financials)     373,903  
  65,466     Berger Paints India Ltd. (Materials)     458,996  
  299,364     Bharat Electronics Ltd. (Industrials)     342,575  
  120,392     Bharat Petroleum Corp. Ltd. (Energy)     462,170  
  161,847     Bharti Airtel Ltd. (Communication Services)     1,453,182  
  49,573     Britannia Industries Ltd. (Consumer Staples)     2,675,566  
  97,100     CG Power & Industrial Solutions Ltd. (Industrials)*     358,542  

 

 

 
Common Stocks – (continued)  
India – (continued)  
  37,642     Cholamandalam Investment and Finance Co. Ltd. (Financials)   344,466  
  166,585     Cipla Ltd. (Health Care)     1,826,505  
  131,608     Coal India Ltd. (Energy)     342,920  
  96,884     Colgate-Palmolive India Ltd. (Consumer Staples)     1,726,901  
  195,230     Dabur India Ltd. (Consumer Staples)     1,257,804  
  30,256     Divi’s Laboratories Ltd. (Health Care)     1,034,159  
  31,013     Dr. Reddy’s Laboratories Ltd. (Health Care)     1,619,387  
  11,789     Eicher Motors Ltd. (Consumer Discretionary)     442,924  
  368,312     GAIL India Ltd. (Utilities)     457,341  
  43,278     Grasim Industries Ltd. (Materials)     826,401  
  85,109     Havells India Ltd. (Industrials)     1,232,404  
  274,207     HCL Technologies Ltd. (Information Technology)     3,574,385  
  102,760     HDFC Life Insurance Co. Ltd. (Financials)(a)     607,604  
  203,969     Hindalco Industries Ltd. (Materials)     984,963  
  83,621     Hindustan Unilever Ltd. (Consumer Staples)     2,489,032  
  159,759     Housing Development Finance Corp. Ltd. (Financials)     5,042,890  
  407,427     ICICI Bank Ltd. (Financials)     4,213,131  
  44,107     ICICI Lombard General Insurance Co. Ltd. (Financials)(a)     587,889  
  144,234     Indian Hotels Co. Ltd. (Consumer Discretionary)     542,181  
  879,585     Indian Oil Corp. Ltd. (Energy)     809,175  
  455,949     Infosys Ltd. (Information Technology)     8,204,517  
  452,334     ITC Ltd. (Consumer Staples)     2,061,200  
  146,791     Jindal Steel & Power Ltd. (Materials)     975,203  
  97,312     JSW Steel Ltd. (Materials)     785,394  
  160,965     Jubilant Foodworks Ltd. (Consumer Discretionary)     858,396  
  23,876     Kotak Mahindra Bank Ltd. (Financials)     499,441  
  69,563     Larsen & Toubro Ltd. (Industrials)     1,774,806  
  41,677     LTIMindtree Ltd. (Information Technology)(a)     2,380,632  
  52,130     Lupin Ltd. (Health Care)     415,722  
  131,122     Mahindra & Mahindra Ltd. (Consumer Discretionary)     2,013,760  
  322,909     Marico Ltd. (Consumer Staples)*     1,921,419  
  5,946     Maruti Suzuki India Ltd. (Consumer Discretionary)     620,321  
  31,515     Mphasis Ltd. (Information Technology)     775,947  
  300     MRF Ltd. (Consumer Discretionary)     309,396  
  57,008     Muthoot Finance Ltd. (Financials)     670,711  
  9,703     Nestle India Ltd. (Consumer Staples)     2,191,369  
  620,888     NTPC Ltd. (Utilities)     1,280,569  
  358,952     Oil & Natural Gas Corp. Ltd. (Energy)     660,219  
  4,365     Page Industries Ltd. (Consumer Discretionary)     2,004,869  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
India – (continued)  
  8,794     PI Industries Ltd. (Materials)   $ 329,724  
  48,458     Pidilite Industries Ltd. (Materials)     1,348,682  
  646,140     Power Grid Corp. of India Ltd. (Utilities)     1,737,135  
  265,166     Reliance Industries Ltd. (Energy)     7,449,860  
  91,270     SBI Life Insurance Co. Ltd. (Financials)(a)     1,237,653  
  35,295     Siemens Ltd. (Industrials)     1,386,140  
  14,350     SRF Ltd. (Materials)     376,432  
  207,963     State Bank of India (Financials)     1,315,185  
  77,851     Sun Pharmaceutical Industries Ltd. (Health Care)     900,865  
  159,424     Tata Consultancy Services Ltd. (Information Technology)     6,388,820  
  109,937     Tata Consumer Products Ltd. (Consumer Staples)     951,256  
  7,420     Tata Elxsi Ltd. (Information Technology)     550,144  
  343,931     Tata Motors Ltd. (Consumer Discretionary)*     1,750,286  
  153,481     Tata Power Co. Ltd. (The) (Utilities)     376,056  
  1,953,288     Tata Steel Ltd. (Materials)     2,456,156  
  230,277     Tech Mahindra Ltd. (Information Technology)     3,064,835  
  23,438     Titan Co. Ltd. (Consumer Discretionary)     672,739  
  67,187     Torrent Pharmaceuticals Ltd. (Health Care)     1,186,475  
  12,100     Tube Investments of India Ltd. (Consumer Discretionary)     405,707  
  27,400     TVS Motor Co. Ltd. (Consumer Discretionary)     358,064  
  16,623     UltraTech Cement Ltd. (Materials)     1,460,121  
  45,900     Varun Beverages Ltd. (Consumer Staples)     722,224  
  361,172     Vedanta Ltd. (Materials)     1,172,414  
  270,678     Wipro Ltd. (Information Technology)     1,267,317  
   

 

 

 
      113,248,897  

 

 

 
Indonesia – 1.9%  
  1,812,377     Adaro Energy Indonesia Tbk PT (Energy)     355,345  
  4,940,377     Aneka Tambang Tbk (Materials)     644,679  
  3,915,667     Astra International Tbk PT (Consumer Discretionary)     1,566,267  
  3,891,085     Bank Central Asia Tbk PT (Financials)     2,232,590  
  1,467,694     Bank Mandiri Persero Tbk PT (Financials)     962,422  
  1,378,872     Bank Negara Indonesia Persero Tbk PT (Financials)     793,416  
  2,394,801     Bank Rakyat Indonesia Persero Tbk PT (Financials)     733,359  
  2,147,783     Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)     1,425,987  

 

 

 
Common Stocks – (continued)  
Indonesia – (continued)  
  2,981,401     Indofood Sukses Makmur Tbk PT (Consumer Staples)   1,265,874  
  11,587,707     Kalbe Farma Tbk PT (Health Care)     1,603,283  
  998,006     Merdeka Copper Gold Tbk PT (Materials)*     297,111  
  6,683,914     Sumber Alfaria Trijaya Tbk PT (Consumer Staples)     1,271,039  
  10,297,367     Telkom Indonesia Persero Tbk PT (Communication Services)     2,619,920  
  3,985,255     Unilever Indonesia Tbk PT (Consumer Staples)     1,092,352  
   

 

 

 
      16,863,644  

 

 

 
Kuwait – 0.7%  
  317,063     Agility Public Warehousing Co. KSC (Industrials)     622,969  
  297,383     Boubyan Bank KSCP (Financials)     741,277  
  710,057     Kuwait Finance House KSCP (Financials)     1,982,792  
  849,825     National Bank of Kuwait SAKP (Financials)     2,962,896  
   

 

 

 
      6,309,934  

 

 

 
Luxembourg – 0.1%  
  41,204     Reinet Investments SCA (Financials)     814,821  

 

 

 
Mexico – 2.6%  
  820,056     Alfa SAB de CV, Class A (Industrials)     534,323  
  3,439,340     America Movil SAB de CV, Series L (Communication Services)     3,562,274  
  51,904     Arca Continental SAB de CV (Consumer Staples)     437,382  
  2,577,170     Cemex SAB de CV, Series CPO (Materials)*     1,288,233  
  105,547     Coca-Cola Femsa SAB de CV (Consumer Staples)     762,242  
  335,387     Fomento Economico Mexicano SAB de CV (Consumer Staples)     3,090,502  
  132,838     Gruma SAB de CV, Class B (Consumer Staples)     1,944,255  
  717,384     Grupo Bimbo SAB de CV, Series A (Consumer Staples)     3,399,989  
  76,300     Grupo Carso SAB de CV, Series A1 (Industrials)     363,992  
  324,560     Grupo Financiero Banorte SAB de CV, Class O (Financials)     2,735,337  
  250,030     Grupo Mexico SAB de CV, Series B (Materials)     1,120,053  
  219,559     Orbia Advance Corp. SAB de CV (Materials)     457,809  
  41,700     Promotora y Operadora de Infraestructura SAB de CV (Industrials)     406,077  
  921,898     Wal-Mart de Mexico SAB de CV (Consumer Staples)     3,622,694  
   

 

 

 
      23,725,162  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   29


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
Philippines – 0.1%  
  436,250     Bank of the Philippine Islands (Financials)   $ 865,407  
  38,740     Manila Electric Co. (Utilities)     222,431  
   

 

 

 
      1,087,838  

 

 

 
Poland – 0.8%  
  23,938     Bank Pekao SA (Financials)     483,820  
  14,912     CD Projekt SA (Communication Services)(b)     444,964  
  22,913     Dino Polska SA (Consumer Staples)*(a)     1,918,927  
  13,238     KGHM Polska Miedz SA (Materials)     380,095  
  509     LPP SA (Consumer Discretionary)     1,080,611  
  403,801     PGE Polska Grupa Energetyczna SA (Utilities)*     607,918  
  103,549     Powszechna Kasa Oszczednosci Bank Polski SA (Financials)     725,317  
  187,066     Powszechny Zaklad Ubezpieczen SA (Financials)     1,543,882  
   

 

 

 
      7,185,534  

 

 

 
Qatar – 1.1%  
  520,985     Commercial Bank PSQC (The) (Financials)     879,813  
  93,431     Industries Qatar QSC (Industrials)     357,125  
  572,302     Masraf Al Rayan QSC (Financials)     424,306  
  666,116     Ooredoo QPSC (Communication Services)     1,682,781  
  455,205     Qatar International Islamic Bank QSC (Financials)     1,311,210  
  330,752     Qatar Islamic Bank (Financials)     1,689,294  
  704,266     Qatar National Bank QPSC (Financials)     3,258,566  
   

 

 

 
      9,603,095  

 

 

 
Romania – 0.1%  
  118,358     NEPI Rockcastle NV (Real Estate)     710,358  

 

 

 
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)      
  5,200     Novatek PJSC GDR (Energy)*(c)      
  839,494     Novolipetsk Steel PJSC (Materials)*(c)      
  127,440     PhosAgro PJSC GDR (Materials)*(c)      
  820     PhosAgro PJSC (Materials)*(c)      
  73,809     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)      

 

 

 
Common Stocks – (continued)  
Russia – (continued)  
  152,107     Severstal PAO (Materials)*(c)    
  3,362,523     Surgutneftegas PJSC (Energy)(c)      
  277,377     Tatneft PJSC (Energy)(c)      
  29,482     TCS Group Holding PLC GDR (Financials)*(c)      
  799,132,583     VTB Bank PJSC (Financials)*(c)      
  69,395     X5 Retail Group NV GDR (Consumer Staples)*(c)      
  41,484     Yandex NV, Class A (Communication Services)*(c)      
   

 

 

 
       

 

 

 
Saudi Arabia – 3.7%  
  11,800     ACWA Power Co. (Utilities)     438,336  
  48,587     Advanced Petrochemical Co. (Materials)     625,359  
  203,059     Al Rajhi Bank (Financials)*     3,803,991  
  73,442     Alinma Bank (Financials)     576,357  
  29,414     Almarai Co. JSC (Consumer Staples)     411,505  
  81,597     Arab National Bank (Financials)     500,543  
  41,200     Bank AlBilad (Financials)*     391,398  
  57,370     Bank Al-Jazira (Financials)     277,016  
  64,690     Banque Saudi Fransi (Financials)     563,698  
  30,685     Bupa Arabia for Cooperative Insurance Co. (Financials)     1,264,147  
  131,486     Dar Al Arkan Real Estate Development Co. (Real Estate)*     503,148  
  11,187     Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)     691,017  
  4,800     Elm Co. (Information Technology)     484,777  
  190,405     Etihad Etisalat Co. (Communication Services)     1,983,888  
  8,996     Jarir Marketing Co. (Consumer Discretionary)     354,312  
  174,514     Mobile Telecommunications Co Saudi Arabia (Communication Services)*     482,714  
  19,792     Nahdi Medical Co. (Consumer Staples)     984,154  
  150,426     Rabigh Refining & Petrochemical Co. (Energy)*     407,266  
  77,952     Riyad Bank (Financials)     541,124  
  29,570     SABIC Agri-Nutrients Co. (Materials)     1,052,737  
  165,181     Sahara International Petrochemical Co. (Materials)     1,558,208  
  64,185     Saudi Arabian Mining Co. (Materials)*     1,087,809  
  426,712     Saudi Arabian Oil Co. (Energy)(a)     3,615,962  
  90,969     Saudi Basic Industries Corp. (Materials)     2,145,352  
  72,673     Saudi British Bank (The) (Financials)     641,976  
  246,211     Saudi Electricity Co. (Utilities)     1,456,540  
  86,404     Saudi Investment Bank (The) (Financials)     364,252  

 

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
Saudi Arabia – (continued)  
  294,979     Saudi Kayan Petrochemical Co. (Materials)*   $ 998,290  
  211,963     Saudi National Bank (The) (Financials)     2,668,848  
  207,193     Saudi Telecom Co. (Communication Services)     1,940,718  
  106,537     Savola Group (The) (Consumer Staples)     772,203  
   

 

 

 
      33,587,645  

 

 

 
South Africa – 3.8%  
  150,967     Absa Group Ltd. (Financials)     1,632,109  
  51,035     African Rainbow Minerals Ltd. (Materials)     707,268  
  4,192     Anglo American Platinum Ltd. (Materials)     232,302  
  113,898     Aspen Pharmacare Holdings Ltd. (Health Care)     880,408  
  85,860     Bid Corp. Ltd. (Consumer Staples)     1,881,261  
  43,617     Bidvest Group Ltd. (The) (Industrials)     556,801  
  7,201     Capitec Bank Holdings Ltd. (Financials)     688,279  
  89,461     Clicks Group Ltd. (Consumer Staples)     1,303,688  
  29,076     Discovery Ltd. (Financials)*     237,202  
  549,421     FirstRand Ltd. (Financials)     1,961,977  
  126,611     Gold Fields Ltd. (Materials)     1,150,423  
  189,558     Impala Platinum Holdings Ltd. (Materials)     1,771,118  
  52,896     Kumba Iron Ore Ltd. (Materials)(b)     1,380,476  
  136,678     Mr Price Group Ltd. (Consumer Discretionary)     1,133,780  
  269,169     MTN Group Ltd. (Communication Services)     2,123,438  
  330,836     MultiChoice Group (Communication Services)     2,541,253  
  7,910     Naspers Ltd., Class N (Consumer Discretionary)     1,403,515  
  138,730     Nedbank Group Ltd. (Financials)     1,742,641  
  614,690     Old Mutual Ltd. (Financials)     398,826  
  285,100     OUTsurance Group Ltd. (Financials)     554,630  
  301,116     Pepkor Holdings Ltd. (Consumer Discretionary)(a)     307,575  
  93,513     Remgro Ltd. (Financials)     712,087  
  260,186     Sanlam Ltd. (Financials)     848,045  
  41,540     Sasol Ltd. (Materials)     611,777  
  217,942     Shoprite Holdings Ltd. (Consumer Staples)     2,642,196  
  511,658     Sibanye Stillwater Ltd. (Materials)     1,034,396  
  192,478     Standard Bank Group Ltd. (Financials)     1,924,963  
  152,376     Vodacom Group Ltd. (Communication Services)     1,051,825  
  213,264     Woolworths Holdings Ltd. (Consumer Discretionary)     894,591  
   

 

 

 
      34,308,850  

 

 

 
Common Stocks – (continued)  
South Korea – 11.9%  
  15,052     Amorepacific Corp. (Consumer Staples)   1,574,303  
  9,876     BGF retail Co. Ltd. (Consumer Staples)     1,348,644  
  4,337     Celltrion, Inc. (Health Care)     475,898  
  93,374     Cheil Worldwide, Inc. (Communication Services)     1,411,283  
  3,363     CJ CheilJedang Corp. (Consumer Staples)     815,812  
  12,710     CJ Corp. (Industrials)     834,687  
  33,227     Coway Co. Ltd. (Consumer Discretionary)     1,340,882  
  9,060     DB Insurance Co. Ltd. (Financials)     527,202  
  15,280     Doosan Bobcat, Inc. (Industrials)     437,644  
  29,232     Doosan Enerbility Co. Ltd. (Industrials)*     359,201  
  7,382     Ecopro BM Co. Ltd. (Industrials)     927,736  
  5,945     E-MART, Inc. (Consumer Staples)     503,185  
  12,191     F&F Co. Ltd. (Consumer Discretionary)     1,279,675  
  43,844     GS Holdings Corp. (Industrials)     1,346,880  
  52,730     Hana Financial Group, Inc. (Financials)     1,809,138  
  37,201     Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)     1,045,817  
  6,127     Hanmi Pharm Co. Ltd. (Health Care)*     1,199,239  
  18,917     Hanwha Solutions Corp. (Materials)*     594,708  
  7,372     HD Hyundai Co. Ltd. (Energy)     330,925  
  70,274     HMM Co. Ltd. (Industrials)*     1,197,566  
  25,960     Hotel Shilla Co. Ltd. (Consumer Discretionary)     1,573,393  
  18,800     Hyundai Engineering & Construction Co. Ltd. (Industrials)     517,151  
  6,633     Hyundai Mobis Co. Ltd. (Consumer Discretionary)     1,065,190  
  11,407     Hyundai Motor Co. (Consumer Discretionary)     1,519,784  
  20,171     Hyundai Steel Co. (Materials)     533,524  
  159,870     Industrial Bank of Korea (Financials)     1,254,072  
  14,776     Kakao Corp. (Communication Services)     696,786  
  37,590     Kangwon Land, Inc. (Consumer Discretionary)*     573,828  
  51,086     KB Financial Group, Inc. (Financials)     1,980,511  
  37,132     Kia Corp. (Consumer Discretionary)     2,113,009  
  15,454     Korea Aerospace Industries Ltd. (Industrials)*     526,715  
  44,300     Korea Electric Power Corp. (Utilities)(b)     604,281  
  5,834     Korea Investment Holdings Co. Ltd. (Financials)*     273,348  
  1,143     Korea Zinc Co. Ltd. (Materials)     504,449  
  23,964     Korean Air Lines Co. Ltd. (Industrials)(b)     412,002  
  19,638     KT&G Corp. (Consumer Staples)     1,316,373  
  6,021     Kumho Petrochemical Co. Ltd. (Materials)*     715,740  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   31


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
South Korea – (continued)  
  3,880     L&F Co. Ltd. (Information Technology)   $ 768,230  
  2,344     LG Chem Ltd. (Materials)     1,204,549  
  5,579     LG Corp. (Industrials)     346,988  
  23,117     LG Display Co. Ltd. (Information Technology)     267,114  
  30,979     LG Electronics, Inc. (Consumer Discretionary)     2,603,336  
  1,900     LG Energy Solution Ltd. (Industrials)*     750,954  
  3,294     LG H&H Co. Ltd. (Consumer Staples)     1,662,869  
  2,516     LG Innotek Co. Ltd. (Information Technology)     526,682  
  212,787     LG Uplus Corp. (Communication Services)     1,780,126  
  1,652     Lotte Chemical Corp. (Materials)(b)     222,472  
  15,963     Lotte Shopping Co. Ltd. (Consumer Discretionary)     1,049,523  
  221,592     Meritz Securities Co. Ltd. (Financials)     1,175,572  
  71,065     Mirae Asset Securities Co. Ltd. (Financials)     383,990  
  8,171     NAVER Corp. (Communication Services)     1,287,477  
  3,789     NCSoft Corp. (Communication Services)     1,244,149  
  87,204     NH Investment & Securities Co. Ltd. (Financials)*     626,063  
  19,193     Orion Corp. (Consumer Staples)     1,813,055  
  10,483     Pearl Abyss Corp. (Communication Services)*     355,309  
  3,500     POSCO Chemical Co. Ltd. (Materials)     584,546  
  8,143     POSCO Holdings, Inc. (Materials)     1,956,905  
  24,771     S-1 Corp. (Industrials)     1,055,798  
  1,118     Samsung Biologics Co. Ltd. (Health Care)*(a)     653,100  
  13,824     Samsung C&T Corp. (Industrials)     1,150,215  
  13,171     Samsung Electro-Mechanics Co. Ltd. (Information Technology)     1,433,307  
  608,739     Samsung Electronics Co. Ltd. (Information Technology)     27,878,015  
  24,460     Samsung Engineering Co. Ltd. (Industrials)*     485,226  
  10,104     Samsung Fire & Marine Insurance Co. Ltd. (Financials)     1,637,867  
  121,850     Samsung Heavy Industries Co. Ltd. (Industrials)*     506,461  
  6,741     Samsung Life Insurance Co. Ltd. (Financials)     346,920  
  3,498     Samsung SDI Co. Ltd. (Information Technology)     1,839,870  
  10,940     Samsung SDS Co. Ltd. (Information Technology)     1,035,921  
  43,968     Samsung Securities Co. Ltd. (Financials)     1,113,114  
  46,744     SD Biosensor, Inc. (Health Care)     812,478  
  63,617     Shinhan Financial Group Co. Ltd. (Financials)     1,867,765  

 

 

 
Common Stocks – (continued)  
South Korea – (continued)  
  18,445     SK Biopharmaceuticals Co. Ltd. (Health Care)*   929,742  
  71,378     SK Hynix, Inc. (Information Technology)     4,822,364  
  24,401     SK Square Co. Ltd. (Information Technology)*     707,182  
  2,247     SK, Inc. (Industrials)     303,279  
  136,239     Woori Financial Group, Inc. (Financials)     1,256,086  
  23,170     Yuhan Corp. (Health Care)     922,773  
   

 

 

 
      106,907,973  

 

 

 
Taiwan – 14.8%  
  153,955     Accton Technology Corp. (Information Technology)     1,429,930  
  563,450     Acer, Inc. (Information Technology)     468,779  
  165,427     Advantech Co. Ltd. (Information Technology)     1,938,248  
  456,548     ASE Technology Holding Co. Ltd. (Information Technology)     1,588,280  
  439,288     Asia Cement Corp. (Materials)     645,174  
  111,506     Asustek Computer, Inc. (Information Technology)     1,017,367  
  1,048,278     AUO Corp. (Information Technology)     639,918  
  191,766     Catcher Technology Co. Ltd. (Information Technology)     1,161,188  
  1,179,838     Cathay Financial Holding Co. Ltd. (Financials)     1,682,468  
  230,027     Chailease Holding Co. Ltd. (Financials)     1,702,394  
  345,913     Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)     388,832  
  3,522,028     China Development Financial Holding Corp. (Financials)     1,525,813  
  1,004,024     China Steel Corp. (Materials)     1,034,686  
  398,718     Chunghwa Telecom Co. Ltd. (Communication Services)     1,511,411  
  1,402,461     Compal Electronics, Inc. (Information Technology)     1,111,585  
  2,669,990     CTBC Financial Holding Co. Ltd. (Financials)     1,993,543  
  250,656     Delta Electronics, Inc. (Information Technology)     2,356,880  
  57,940     E Ink Holdings, Inc. (Information Technology)     369,856  
  12,212     eMemory Technology, Inc. (Information Technology)     749,485  
  1,219,861     E.Sun Financial Holding Co. Ltd. (Financials)     998,885  
  349,235     Evergreen Marine Corp. Taiwan Ltd. (Industrials)     1,799,501  
  816,446     Far Eastern New Century Corp. (Industrials)     869,514  
  246,555     Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)     1,496,995  
  996,141     First Financial Holding Co. Ltd. (Financials)     876,174  

 

 

 

 

32   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)  
  338,941     Formosa Plastics Corp. (Materials)   $ 1,011,166  
  1,333,906     Fubon Financial Holding Co. Ltd. (Financials)     2,626,704  
  30,281     Globalwafers Co. Ltd. (Information Technology)     508,832  
  1,168,882     Hon Hai Precision Industry Co. Ltd. (Information Technology)     3,874,599  
  861,743     Hua Nan Financial Holdings Co. Ltd. (Financials)     646,247  
  872,725     Innolux Corp. (Information Technology)     421,046  
  808,297     Inventec Corp. (Information Technology)     705,647  
  9,304     Largan Precision Co. Ltd. (Information Technology)     673,307  
  536,962     Lite-On Technology Corp. (Information Technology)     1,224,794  
  205,817     MediaTek, Inc. (Information Technology)     4,883,759  
  1,198,409     Mega Financial Holding Co. Ltd. (Financials)     1,309,737  
  374,760     Micro-Star International Co. Ltd. (Information Technology)     1,685,033  
  427,317     Nan Ya Plastics Corp. (Materials)     1,060,246  
  49,653     Nan Ya Printed Circuit Board Corp. (Information Technology)     382,955  
  492,385     Nanya Technology Corp. (Information Technology)     943,740  
  123,466     Nien Made Enterprise Co. Ltd. (Consumer Discretionary)     1,320,990  
  197,711     Novatek Microelectronics Corp. (Information Technology)     2,644,193  
  516,478     Pegatron Corp. (Information Technology)     1,152,645  
  778,132     Pou Chen Corp. (Consumer Discretionary)     858,079  
  340,166     President Chain Store Corp. (Consumer Staples)     2,980,827  
  334,533     Quanta Computer, Inc. (Information Technology)     879,440  
  195,047     Realtek Semiconductor Corp. (Information Technology)     2,432,526  
  1,924,087     SinoPac Financial Holdings Co. Ltd. (Financials)     1,086,145  
  601,624     Synnex Technology International Corp. (Information Technology)     1,234,070  
  2,021,180     Taishin Financial Holding Co. Ltd. (Financials)     1,091,203  
  973,292     Taiwan Business Bank (Financials)     459,981  
  580,002     Taiwan Cement Corp. (Materials)     745,240  
  636,864     Taiwan Cooperative Financial Holding Co. Ltd. (Financials)     557,030  
  177,907     Taiwan Mobile Co. Ltd. (Communication Services)     564,033  
  3,065,060     Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)     51,403,720  

 

 

 
Common Stocks – (continued)  
Taiwan – (continued)  
  94,343     Unimicron Technology Corp. (Information Technology)   396,328  
  1,406,982     Uni-President Enterprises Corp. (Consumer Staples)     3,116,930  
  1,992,741     United Microelectronics Corp. (Information Technology)*     3,266,789  
  245,695     Vanguard International Semiconductor Corp. (Information Technology)     745,886  
  249,442     Wan Hai Lines Ltd. (Industrials)     651,654  
  1,330,307     Winbond Electronics Corp. (Information Technology)     1,006,370  
  525,161     WPG Holdings Ltd. (Information Technology)     849,716  
  442,384     Yang Ming Marine Transport Corp. (Industrials)     937,922  
  2,437,368     Yuanta Financial Holding Co. Ltd. (Financials)     1,819,857  
   

 

 

 
      133,516,292  

 

 

 
Thailand – 1.8%  
  279,616     Advanced Info Service PCL NVDR (Communication Services)     1,598,201  
  427,500     Airports of Thailand PCL NVDR (Industrials)*     880,009  
  2,451,900     Asset World Corp. PCL NVDR (Consumer Discretionary)     409,329  
  1,623,600     Bangkok Dusit Medical Services PCL NVDR (Health Care)     1,286,338  
  333,300     Berli Jucker PCL NVDR (Consumer Staples)     363,090  
  180,100     Bumrungrad Hospital PCL NVDR (Health Care)     1,075,262  
  316,100     Central Pattana PCL NVDR (Real Estate)     628,332  
  710,600     Charoen Pokphand Foods PCL NVDR (Consumer Staples)     446,371  
  848,577     CP ALL PCL NVDR (Consumer Staples)     1,488,679  
  51,800     Delta Electronics Thailand PCL NVDR (Information Technology)     1,336,727  
  128,900     Electricity Generating PCL NVDR (Utilities)     623,688  
  419,400     Gulf Energy Development PCL NVDR (Utilities)     623,026  
  299,800     Indorama Ventures PCL NVDR (Materials)     311,750  
  271,500     Intouch Holdings PCL NVDR (Communication Services)     543,519  
  1,165,500     Krung Thai Bank PCL NVDR (Financials)     570,527  
  294,400     Krungthai Card PCL NVDR (Financials)     489,400  
  196,000     Muangthai Capital PCL NVDR (Financials)     194,107  
  184,800     PTT Exploration & Production PCL NVDR (Energy)     784,353  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   33


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
Thailand – (continued)  
  347,900     PTT Global Chemical PCL NVDR (Materials)   $ 465,130  
  716,600     PTT PCL NVDR (Energy)     643,782  
  510,200     Ratch Group PCL NVDR (Utilities)     588,283  
  56,000     Siam Cement PCL (The) NVDR (Materials)     518,148  
  240,800     Thai Oil PCL NVDR (Energy)     344,085  
  770,800     Thai Union Group PCL NVDR (Consumer Staples)     346,782  
   

 

 

 
      16,558,918  

 

 

 
Turkey – 0.8%  
  290,142     BIM Birlesik Magazalar AS (Consumer Staples)     2,094,727  
  270,328     Eregli Demir ve Celik Fabrikalari TAS (Materials)     631,467  
  463,054     KOC Holding AS (Industrials)     1,902,105  
  49,203     Sasa Polyester Sanayi AS (Materials)*     286,685  
  110,585     Turk Hava Yollari AO (Industrials)*     841,147  
  11,900     Turkiye Petrol Rafinerileri AS (Energy)*     373,849  
  463,242     Turkiye Sise ve Cam Fabrikalari AS (Industrials)     1,158,166  
   

 

 

 
      7,288,146  

 

 

 
United Arab Emirates – 1.5%  
  625,120     Abu Dhabi Commercial Bank PJSC (Financials)     1,426,278  
  437,996     Abu Dhabi Islamic Bank PJSC (Financials)     1,244,994  
  1,173,874     Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)     1,380,709  
  841,429     Aldar Properties PJSC (Real Estate)     1,076,743  
  1,074,494     Dubai Islamic Bank PJSC (Financials)     1,679,240  
  955,080     Emaar Properties PJSC (Real Estate)     1,456,212  
  492,356     Emirates NBD Bank PJSC (Financials)     1,823,119  
  258,710     Emirates Telecommunications Group Co. PJSC (Communication Services)     1,796,181  
  419,134     First Abu Dhabi Bank PJSC (Financials)     1,606,765  
   

 

 

 
      13,490,241  

 

 

 
United States – 0.2%  
  470,100     JBS SA (Consumer Staples)     1,727,971  
  10,200     Parade Technologies Ltd. (Information Technology)     322,040  
   

 

 

 
      2,050,011  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $846,139,993)   $ 879,466,808  

 

 

 

 

Shares       
Description
  Rate     Value  
Preferred Stocks – 1.9%  
Brazil – 1.1%        
723,230   Banco Bradesco SA (Financials)     7.83   $ 1,811,989  
39,428   Centrais Eletricas Brasileiras SA, Class B (Utilities)     4.58       271,654  
245,604   Cia Energetica de Minas Gerais (Utilities)     13.12       493,024  
99,856   Gerdau SA (Materials)     12.13       547,604  
602,969   Itau Unibanco Holding SA (Financials)     4.13       2,937,059  
757,395   Itausa SA (Financials)     6.04       1,193,970  
643,846   Petroleo Brasileiro SA (Energy)     42.48       3,112,738  
     

 

 

 
        10,368,038  

 

 
Chile – 0.1%        
12,283   Sociedad Quimica y Minera de Chile SA, Class B (Materials)     9.59       1,091,878  

 

 
Colombia – 0.1%        
76,277   Bancolombia SA (Financials)     10.16       485,519  

 

 
Russia – 0.0%        
3,212,489   Surgutneftegas PJSC (Energy)(c)     17.05    

 

 
South Korea – 0.6%        
9,120   Hyundai Motor Co. (Consumer Discretionary)     7.63       648,548  
8,863   Hyundai Motor Co. (Consumer Discretionary)     7.67       617,547  
107,400   Samsung Electronics Co. Ltd. (Information Technology)     2.69       4,334,147  
     

 

 

 
        5,600,242  

 

 
TOTAL PREFERRED STOCKS

 

 
(Cost $16,729,118)     $ 17,545,677  

 

 
     
Units   Description   Expiration
Month
    Value  
Right – 0.0%         
Taiwan – 0.0%        
101,322   SinoPac Financial Holdings Co. Ltd.*    
(Cost $0)       03/23     $  

 

 

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

 

 

    
Shares
    Description   Value  
Exchange-Traded Fund – 0.6%  
United States – 0.6%  
  257,264     iShares MSCI Malaysia ETF(b)  
  (Cost $7,732,868)   $ 5,592,919  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $870,601,979)   $ 902,605,404  

 

 

 

 

Shares   Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.5%(d)  

Goldman Sachs Financial Square Government Fund – Institutional Shares

 

4,335,015   4.475%   $ 4,335,015  
(Cost $4,335,015)

 

 

 
TOTAL INVESTMENTS – 100.7%

 

(Cost $874,936,994)   $ 906,940,419  

 

 
LIABILITIES IN EXCESS OF
    OTHER ASSETS – (0.7)%
    (6,333,042

 

 
NET ASSETS – 100.0%   $ 900,607,377  

 

 

 

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

    21.1

Information Technology

    19.7  

Consumer Discretionary

    12.1  

Consumer Staples

    11.1  

Communication Services

    9.2  

Materials

    7.5  

Industrials

    5.3  

Health Care

    5.2  

Energy

    4.2  

Utilities

    2.4  

Real Estate

    1.1  

Exchange-Traded Fund

    0.6  

Securities Lending Reinvestment Vehicle

    0.5  

 

 
TOTAL INVESTMENTS     100.0

 

 

 

The accompanying notes are an integral part of these financial statements.   35


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

Schedule of Investments

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – 98.7%  
Australia – 1.5%  
  68     Flutter Entertainment PLC (Consumer Discretionary)*   $ 10,987  
  10,461     Glencore PLC (Materials)     62,734  
  1,400     Rio Tinto PLC (Materials)     96,813  
   

 

 

 
      170,534  

 

 

 
Austria – 0.6%  
  395     Erste Group Bank AG (Financials)     15,574  
  292     Mondi PLC (Materials)     4,937  
  687     OMV AG (Energy)     33,594  
  402     voestalpine AG (Materials)     14,930  
   

 

 

 
      69,035  

 

 

 
Belgium – 1.2%  
  403     Ageas SA/NV (Financials)     18,262  
  642     Anheuser-Busch InBev SA/NV (Consumer Staples)     38,965  
  44     D’ieteren Group (Consumer Discretionary)     8,563  
  96     Elia Group SA/NV (Utilities)     12,706  
  119     Groupe Bruxelles Lambert NV (Financials)     10,035  
  87     KBC Group NV (Financials)     6,523  
  133     Solvay SA (Materials)     15,268  
  255     UCB SA (Health Care)     22,007  
   

 

 

 
      132,329  

 

 

 
Brazil – 0.1%  
  247     Yara International ASA (Materials)     11,795  

 

 

 
Chile – 0.0%  
  133     Antofagasta PLC (Materials)     2,528  

 

 

 
China – 0.2%  
  274     Prosus NV (Consumer Discretionary)*     19,736  

 

 

 
Denmark – 4.7%  
  19     AP Moller – Maersk A/S, Class A (Industrials)     43,642  
  20     AP Moller – Maersk A/S, Class B (Industrials)     46,766  
  145     Carlsberg AS, Class B (Consumer Staples)     20,574  
  89     Chr Hansen Holding A/S (Materials)     6,187  
  80     Coloplast A/S, Class B (Health Care)     9,277  
  1,207     Danske Bank A/S (Financials)     28,111  
  82     Demant A/S (Health Care)*     2,464  
  64     DSV A/S (Industrials)     11,682  
  46     Genmab A/S (Health Care)*     17,357  
  1,917     Novo Nordisk A/S, Class B (Health Care)     272,117  
  171     Novozymes A/S, Class B (Materials)     8,265  
  36     Orsted AS (Utilities)(a)     3,156  
  304     Pandora A/S (Consumer Discretionary)     28,910  
  33     ROCKWOOL A/S, Class B (Industrials)     7,535  
  750     Tryg A/S (Financials)     16,666  
  134     Vestas Wind Systems A/S (Industrials)     3,830  
   

 

 

 
      526,539  

 

 

 
Common Stocks – (continued)  
Finland – 1.7%  
  266     Elisa OYJ (Communication Services)   15,154  
  111     Kesko OYJ, Class B (Consumer Staples)     2,421  
  147     Kone OYJ, Class B (Industrials)     7,662  
  783     Metso Outotec OYJ (Industrials)     8,370  
  174     Neste OYJ (Energy)     8,431  
  5,718     Nokia OYJ (Information Technology)     26,557  
  2,435     Nordea Bank Abp (Financials)     30,970  
  899     Orion OYJ, Class B (Health Care)     42,474  
  498     Sampo OYJ, Class A (Financials)     24,315  
  533     Stora Enso OYJ, Class R (Materials)     7,572  
  385     UPM-Kymmene OYJ (Materials)     14,009  
   

 

 

 
      187,935  

 

 

 
France – 17.6%  
  74     Aeroports de Paris (Industrials)*     10,787  
  380     Air Liquide SA (Materials)     60,674  
  311     Airbus SE (Industrials)     40,904  
  250     Alstom SA (Industrials)     7,378  
  75     Amundi SA (Financials)(a)     4,963  
  151     Arkema SA (Materials)     15,399  
  2,175     AXA SA (Financials)     68,852  
  262     BioMerieux (Health Care)     25,768  
  926     BNP Paribas SA (Financials)     64,961  
  3,340     Bollore SE (Communication Services)     18,738  
  416     Bouygues SA (Industrials)     14,135  
  615     Bureau Veritas SA (Industrials)     17,649  
  202     Capgemini SE (Information Technology)     38,099  
  2,476     Carrefour SA (Consumer Staples)     49,129  
  1,005     Cie de Saint-Gobain (Industrials)     60,037  
  536     Cie Generale des Etablissements Michelin (Consumer Discretionary)     16,902  
  63     Covivio SA REIT (Real Estate)     4,055  
  2,931     Credit Agricole SA (Financials)     35,938  
  726     Danone SA (Consumer Staples)     40,991  
  118     Dassault Aviation SA (Industrials)     20,360  
  583     Dassault Systemes (Information Technology)     22,616  
  335     Edenred (Information Technology)     18,943  
  646     Eiffage SA (Industrials)     71,249  
  2,285     Engie SA (Utilities)     33,528  
  238     EssilorLuxottica SA (Health Care)     41,494  
  312     Eurazeo SE (Financials)     21,110  
  64     Gecina SA REIT (Real Estate)     7,405  
  836     Getlink SE (Industrials)     14,119  
  41     Hermes International (Consumer Discretionary)     74,591  
  524     Ipsen SA (Health Care)     60,071  
  63     Kering (Consumer Discretionary)     37,080  
  135     Klepierre SA REIT (Real Estate)*     3,389  
  1,555     La Francaise des Jeux SAEM (Consumer Discretionary)(a)     61,659  
  292     Legrand SA (Industrials)     27,127  
  294     L’Oreal SA (Consumer Staples)     116,951  
  280     LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)     234,286  
  1,326     Orange SA (Communication Services)     15,176  

 

 

 

 

36   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)  
  146     Pernod Ricard SA (Consumer Staples)   $ 30,610  
  304     Publicis Groupe SA (Communication Services)     24,257  
  77     Remy Cointreau SA (Consumer Staples)     13,588  
  320     Renault SA (Consumer Discretionary)*     14,413  
  233     Safran SA (Industrials)     33,101  
  46     Sartorius Stedim Biotech (Health Care)     15,059  
  164     SEB SA (Consumer Discretionary)     19,027  
  891     Societe Generale SA (Financials)     25,815  
  144     Sodexo SA (Consumer Discretionary)     13,399  
  162     Thales SA (Industrials)     22,712  
  2,341     TotalEnergies SE (Energy)     145,408  
  114     Valeo (Consumer Discretionary)     2,386  
  589     Veolia Environnement SA (Utilities)     17,683  
  466     Vinci SA (Industrials)     53,294  
  1,102     Vivendi SE (Communication Services)     11,392  
  602     Wendel SE (Financials)     68,630  
  188     Worldline SA (Information Technology)*(a)     7,879  
   

 

 

 
      1,995,166  

 

 

 
Germany – 13.1%  
  280     adidas AG (Consumer Discretionary)     42,065  
  270     Allianz SE (Financials)     63,609  
  463     BASF SE (Materials)     23,802  
  954     Bayer AG (Health Care)     56,950  
  405     Bayerische Motoren Werke AG (Consumer Discretionary)     41,984  
  94     Bechtle AG (Information Technology)     3,981  
  189     Beiersdorf AG (Consumer Staples)     22,649  
  252     Brenntag SE (Industrials)     19,081  
  82     Carl Zeiss Meditec AG (Health Care)     10,983  
  3,224     Commerzbank AG (Financials)*     39,405  
  76     Covestro AG (Materials)(a)     3,357  
  388     Daimler Truck Holding AG (Industrials)*     12,350  
  3,924     Deutsche Bank AG (Financials)     49,105  
  141     Deutsche Boerse AG (Financials)     24,673  
  5,095     Deutsche Lufthansa AG (Industrials)*     53,071  
  1,700     Deutsche Post AG (Industrials)     72,330  
  2,581     Deutsche Telekom AG (Communication Services)     58,124  
  2,537     E.ON SE (Utilities)     27,833  
  262     Evonik Industries AG (Materials)     5,621  
  723     Fresenius Medical Care AG & Co. KGaA (Health Care)     28,308  
  1,062     Fresenius SE & Co. KGaA (Health Care)     29,316  
  311     GEA Group AG (Industrials)     13,727  
  77     Hannover Rueck SE (Financials)     15,001  
  440     HeidelbergCement AG (Materials)     30,386  
  1,897     HelloFresh SE (Consumer Staples)*     42,790  
  142     Henkel AG & Co. KGaA (Consumer Staples)     9,856  
  686     Infineon Technologies AG (Information Technology)     24,382  
  249     Knorr-Bremse AG (Industrials)     17,011  
  800     Mercedes-Benz Group AG (Consumer Discretionary)     61,636  

 

 

 
Common Stocks – (continued)  
Germany – (continued)  
  183     Merck KGaA (Health Care)   34,807  
  38     MTU Aero Engines AG (Industrials)     9,208  
  98     Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)     33,891  
  663     Nemetschek SE (Information Technology)     37,743  
  484     Puma SE (Consumer Discretionary)     31,002  
  48     Rational AG (Industrials)     31,968  
  48     Rheinmetall AG (Industrials)     12,248  
  958     RWE AG (Utilities)     40,882  
  951     SAP SE (Information Technology)     108,398  
  83     Scout24 SE (Communication Services)(a)     4,570  
  581     Siemens AG (Industrials)     89,157  
  2,287     Siemens Energy AG (Industrials)*(b)     46,009  
  145     Siemens Healthineers AG (Health Care)(a)     7,593  
  89     Symrise AG (Materials)     9,136  
  3,619     Telefonica Deutschland Holding AG (Communication Services)     11,019  
  311     United Internet AG (Communication Services)     6,834  
  99     Volkswagen AG (Consumer Discretionary)     17,722  
  118     Vonovia SE (Real Estate)     2,985  
  1,195     Zalando SE (Consumer Discretionary)*(a)     47,650  
   

 

 

 
      1,486,208  

 

 

 
Hong Kong – 0.1%  
  945     Prudential PLC (Financials)     14,524  

 

 

 
Ireland – 1.0%  
  358     AerCap Holdings NV (Industrials)*     22,353  
  2,765     AIB Group PLC (Financials)     11,864  
  1,199     Bank of Ireland Group PLC (Financials)     13,262  
  604     CRH PLC (Materials)     28,517  
  106     Kerry Group PLC, Class A (Consumer Staples)     10,187  
  177     Kingspan Group PLC (Industrials)     11,559  
  294     Smurfit Kappa Group PLC (Materials)     11,028  
   

 

 

 
      108,770  

 

 

 
Italy – 3.7%  
  1,332     Assicurazioni Generali SpA (Financials)     26,430  
  451     Coca-Cola HBC AG (Consumer Staples)*     11,613  
  1,036     Davide Campari-Milano NV (Consumer Staples)     11,641  
  83     DiaSorin SpA (Health Care)     10,048  
  5,209     Enel SpA (Utilities)     29,372  
  4,120     Eni SpA (Energy)     58,400  
  169     Ferrari NV (Consumer Discretionary)     43,964  
  951     FinecoBank Banca Fineco SpA (Financials)     16,490  
  641     Infrastrutture Wireless Italiane SpA (Communication Services)(a)     7,083  
  5,664     Intesa Sanpaolo SpA (Financials)     15,386  
  713     Mediobanca Banca di Credito Finanziario SpA (Financials)     7,637  
  719     Moncler SpA (Consumer Discretionary)     44,072  
  589     Nexi SpA (Information Technology)*(a)     4,780  
  2,646     Poste Italiane SpA (Financials)(a)     28,622  
  430     Prysmian SpA (Industrials)     16,585  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   37


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

Schedule of Investments (continued)

February 28, 2023 (Unaudited)

 

    
Shares
    Description   Value  
Common Stocks – (continued)  
Italy – (continued)  
  389     Recordati Industria Chimica e Farmaceutica SpA (Health Care)   $ 16,559  
  2,750     Snam SpA (Utilities)     13,549  
  1,592     Terna – Rete Elettrica Nazionale (Utilities)     12,034  
  1,940     UniCredit SpA (Financials)     39,806  
   

 

 

 
      414,071  

 

 

 
Jordan – 0.1%  
  733     Hikma Pharmaceuticals PLC (Health Care)     15,370  

 

 

 
Luxembourg – 0.8%  
  2,473     ArcelorMittal (Materials)     74,600  
  174     Eurofins Scientific SE (Health Care)     12,179  
   

 

 

 
      86,779  

 

 

 
Netherlands – 8.4%  
  884     ABN AMRO Bank NV (Financials)(a)     15,661  
  8     Adyen NV (Information Technology)*(a)     11,413  
  3,767     Aegon NV (Financials)     19,707  
  190     Akzo Nobel NV (Materials)     13,952  
  27     Argenx SE (Health Care)*     9,798  
  55     ASM International NV (Information Technology)     18,840  
  397     ASML Holding NV (Information Technology)     245,875  
  94     Euronext NV (Financials)(a)     6,892  
  156     EXOR NV (Financials)*     12,898  
  283     Heineken Holding NV (Consumer Staples)     24,295  
  196     Heineken NV (Consumer Staples)     20,058  
  61     IMCD NV (Industrials)     9,697  
  2,045     ING Groep NV (Financials)     28,770  
  514     JDE Peet’s NV (Consumer Staples)     15,176  
  2,709     Koninklijke Ahold Delhaize NV (Consumer Staples)     86,230  
  74     Koninklijke DSM NV (Materials)     9,158  
  5,347     Koninklijke KPN NV (Communication Services)     18,378  
  895     Koninklijke Philips NV (Health Care)     14,664  
  1,049     NN Group NV (Financials)     42,607  
  657     OCI NV (Materials)     21,878  
  664     Randstad NV (Industrials)     40,912  
  6,343     Shell PLC (Energy)     194,014  
  472     Universal Music Group NV (Communication Services)     11,187  
  499     Wolters Kluwer NV (Industrials)     57,920  
   

 

 

 
      949,980  

 

 

 
Norway – 1.2%  
  314     Aker BP ASA (Energy)     8,507  
  825     DNB Bank ASA (Financials)     16,553  
  1,703     Equinor ASA (Energy)     52,695  
  919     Gjensidige Forsikring ASA (Financials)     16,379  
  204     Kongsberg Gruppen ASA (Industrials)     8,521  
  330     Mowi ASA (Consumer Staples)     5,730  
  1,208     Norsk Hydro ASA (Materials)     8,834  
  1,438     Orkla ASA (Consumer Staples)     9,718  
  702     Telenor ASA (Communication Services)     7,908  
   

 

 

 
      134,845  

 

 

 
Common Stocks – (continued)  
Portugal – 0.6%  
  1,510     EDP – Energias de Portugal SA (Utilities)   7,648  
  344     Galp Energia SGPS SA (Energy)     4,217  
  2,658     Jeronimo Martins SGPS SA (Consumer Staples)     54,742  
   

 

 

 
      66,607  

 

 

 
Singapore – 0.3%  
  747     STMicroelectronics NV (Information Technology)     35,985  

 

 

 
South Africa – 0.2%  
  747     Anglo American PLC (Materials)     26,086  

 

 

 
Spain – 4.2%  
  61     Acciona SA (Utilities)     11,521  
  589     ACS Actividades de Construccion y Servicios SA (Industrials)     17,902  
  17     Aena SME SA (Industrials)*(a)     2,639  
  284     Amadeus IT Group SA (Information Technology)*     17,890  
  6,209     Banco Bilbao Vizcaya Argentaria SA (Financials)     48,549  
  17,966     Banco Santander SA (Financials)     70,925  
  4,376     CaixaBank SA (Financials)     18,804  
  119     Cellnex Telecom SA (Communication Services)*(a)     4,488  
  101     Corp ACCIONA Energias Renovables SA (Utilities)     3,922  
  512     Enagas SA (Utilities)     9,209  
  368     Endesa SA (Utilities)     7,247  
  428     Ferrovial SA (Industrials)     11,919  
  465     Grifols SA (Health Care)*     5,688  
  5,272     Iberdrola SA (Utilities)     60,746  
  2,233     Industria de Diseno Textil SA (Consumer Discretionary)     68,888  
  579     Naturgy Energy Group SA (Utilities)     16,002  
  1,039     Red Electrica Corp. SA (Utilities)     17,310  
  3,665     Repsol SA (Energy)     58,321  
  5,762     Telefonica SA (Communication Services)     23,520  
   

 

 

 
      475,490  

 

 

 
Sweden – 3.4%  
  129     Alfa Laval AB (Industrials)     4,267  
  567     Assa Abloy AB, Class B (Industrials)     13,870  
  1,580     Atlas Copco AB, Class A (Industrials)     18,890  
  829     Atlas Copco AB, Class B (Industrials)     8,793  
  80     Boliden AB (Materials)     3,300  
  230     Electrolux AB, Class B (Consumer Discretionary)     2,801  
  238     Epiroc AB, Class A (Industrials)     4,599  
  178     Epiroc AB, Class B (Industrials)     2,943  
  324     Essity AB, Class B (Consumer Staples)     8,792  
  48     Evolution AB (Consumer Discretionary)(a)     5,830  
  241     Getinge AB, Class B (Health Care)     5,211  
  3,577     H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)     45,290  

 

 

 

 

38   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)  
  1,570     Hexagon AB, Class B (Information Technology)   $ 17,486  
  178     Holmen AB, Class B (Materials)     7,220  
  901     Husqvarna AB, Class B (Industrials)     8,028  
  297     Industrivarden AB, Class A (Financials)     8,208  
  304     Industrivarden AB, Class C (Financials)     8,384  
  501     Investor AB, Class A (Financials)     10,329  
  1,180     Investor AB, Class B (Financials)     22,924  
  137     L E Lundbergforetagen AB, Class B (Financials)     6,394  
  346     Lifco AB, Class B (Industrials)     6,954  
  743     Nibe Industrier AB, Class B (Industrials)     7,723  
  225     Sandvik AB (Industrials)     4,656  
  1,443     Skandinaviska Enskilda Banken AB, Class A (Financials)     18,133  
  488     Skanska AB, Class B (Industrials)     8,919  
  417     Svenska Cellulosa AB SCA, Class B (Materials)     5,850  
  1,498     Svenska Handelsbanken AB, Class A (Financials)     15,959  
  888     Swedbank AB, Class A (Financials)     18,205  
  443     Swedish Orphan Biovitrum AB (Health Care)*     10,242  
  1,156     Tele2 AB, Class B (Communication Services)     10,679  
  4,479     Telefonaktiebolaget LM Ericsson, Class B (Information Technology)