Goldman Sachs Funds
Semi-Annual Report |
February 28, 2022 | |||
Goldman Sachs MarketBeta ETFs | ||||
MarketBeta® Emerging Markets Equity ETF (GSEE) | ||||
MarketBeta® International Equity ETF (GSID) | ||||
MarketBeta® U.S. Equity ETF (GSUS) |
MarketBeta® is a registered trademark of GSAM.
Goldman Sachs MarketBeta® ETFs
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MARKETBETA® EMERGING MARKETS EQUITY ETF |
∎ |
MARKETBETA® INTERNATIONAL EQUITY ETF |
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MARKETBETA® U.S. EQUITY ETF |
1 | ||||
4 | ||||
10 | ||||
58 | ||||
62 | ||||
62 | ||||
63 | ||||
64 | ||||
65 | ||||
79 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs MarketBeta 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 MarketBeta Equity ETFs (the “Funds”) during the six months ended February 28, 2022 (the “Reporting Period”). A fuller review will appear in the Funds’ annual shareholder report covering the 12 months ended August 31, 2022.
Market and Economic Review
U.S. Equities
• |
Overall, U.S. equities struggled during the Reporting Period. The Standard & Poor’s 500 Index (the “S&P 500 Index”) ended the Reporting Period with a return of -2.62%. The Russell 3000® Index generated a return of -4.24%. |
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Persistent supply-chain disruptions and inflationary pressures remained the common themes during the Reporting Period, while the biggest headlines were the COVID-19 variants and the start of the yet ongoing Russia/Ukraine war. |
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As the Reporting Period began in September 2021, the S&P 500 Index saw its first decline since January 2021 and its worst month since September 2020. Focus centered around U.S. Federal Reserve (“Fed”) tapering, complex legislative negotiations, persistent supply-chain disruptions, spread of the COVID-19 Delta variant, global risk events, rising energy costs and the rapid uptick in U.S. Treasury yields. |
• |
During the fourth quarter of 2021, the S&P 500 Index increased in October, fell in November and increased in December. |
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The third quarter corporate earnings season propelled the U.S. equity market rally in October, with retail earnings upside surprises and hints of easing supply-chain constraints supporting the market’s upward trajectory into early November. |
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Later in November, a $1 trillion infrastructure bill was signed into law, and Fed Chair Powell was appointed for a second term, bringing clarity to the Fed’s leadership. However, renewed concerns around COVID-19 developments pressured U.S. equities, with the emergence of the more contagious Omicron variant triggering a sell-off. Persistently high inflation also weighed on market sentiment. |
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In December, the S&P 500 Index rebounded despite record COVID-19 case counts in many population centers in the U.S., as studies showed the variant was generally accompanied by milder symptoms than previous variants. Positive seasonality and the so-called “Santa Rally” also lifted the S&P 500 Index towards the end of the month. (A Santa rally refers a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January.) The Fed walked back its use of “transitory” in describing the inflationary environment and announced it would double its pace of asset purchase tapering and indicated potential interest rate hikes in 2022. |
• |
The S&P 500 Index fell in January and February 2022, suffering its biggest pullback since March 2020 amid reverberations surrounding the Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying U.S. Treasury yield increase, the long-standing valuation concerns around some of the riskier pockets of the market, the remaining inflation overhang and the ramping of geopolitical tensions caused by the Russia/Ukraine war. |
• |
During the Reporting Period overall, the U.S. equity market saw a sharp reversal of the growth/value dynamic amid a backdrop of rising U.S. Treasury yields and expectations of multiple interest rate hikes by the Fed. Value stocks meaningfully outperformed growth stocks during the Reporting Period. |
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The best performing sectors within the S&P 500 Index during the Reporting Period were energy, consumer staples and financials, while the weakest performing sectors were communication services, information technology and consumer discretionary. |
International Equities
• |
Representing the developed international equity markets, the MSCI EAFE Index (net) returned -6.78% for the Reporting Period, underperforming the U.S. equity market. |
1
MARKET REVIEW
• |
As the Reporting Period began, international equity markets receded in September 2021, due primarily to the U.S. Fed’s announcements around tapering of its monthly asset purchase plans and increases in interest rates. |
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The decline was further aggravated by halts in global manufacturing activities due to supply-chain disruptions and semiconductor shortages as well as power cuts and energy crises around the world. |
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Regulations imposed by the Chinese government on certain key sectors led to increased investor pessimism, worsened by Evergrande Group’s debt crisis and spread of the COVID-19 Delta variant. |
• |
During the fourth quarter of 2021, the MSCI EAFE Index increased in October, fell in November and rose in December. |
• |
Many of the concerns that dominated the international equity markets in September ebbed somewhat in October, supported in Europe and the U.K. particularly by favorable third calendar quarter corporate earnings reports. |
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In November, international equity markets suffered over fears of the new COVID-19 Omicron variant’s potential impact. Travel restrictions were re-imposed to curtail the variant’s spread, and lockdown measures were reimposed in Europe. Japan’s equity market fell due to both inflation and supply-chain issues as well as concerns about the Omicron variant. |
• |
In December, the initial scare of the Omicron variant dissipated among studies showing its symptoms were less severe than prior variants. Also, value stocks outperformed growth stocks, which benefited international equities given their relatively high value/cyclical exposures. |
• |
The MSCI EAFE Index fell in January and February 2022. |
• |
The price pressure in January was mostly from the continued reverberation surrounding the U.S. Fed’s hawkish policy pivot, the velocity and magnitude of the accompanying government bond yield increase and the long-standing valuation concerns around some of the riskier pockets of the markets. |
• |
The price pressure in February was mostly from the Russia/Ukraine crisis, as the situation deteriorated sharply and Russia launched a full-scale invasion. |
• |
The best performing sector within the MSCI EAFE Index during the Reporting Period was energy, the only sector to post a positive total return for the Reporting Period. The weakest performing sectors were information technology, industrials and communication services. |
• |
The best performing countries within the MSCI EAFE Index were Norway and the U.K., the only two country constituents to post a positive total return for the Reporting Period. The weakest performing countries during the Reporting Period were the Netherlands, Finland and Ireland. |
Emerging Markets Equities
• |
Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned -9.81% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall. |
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As the Reporting Period began in September 2021, emerging markets equities as a whole posted negative returns, mainly due to a steep sell-off in China as well as on broader concerns around rising inflation and, as a direct result, a looming tightening of monetary policy across the globe. |
• |
During the fourth quarter of 2021, the MSCI Emerging Markets Index rose in October, fell sharply in November and increased in December. |
• |
Emerging markets equities rose slightly in October as COVID-19 vaccination rates increased and the global spread of the Delta variant slowed in most regions. The markets also expected strong corporate earnings to continue. However, rising input costs, especially energy prices, material shortages and a slowdown in economic growth in China muted investor optimism. |
• |
In November, the Omicron variant of COVID-19 spread across regions, dampening investor sentiment and leading to mixed outlooks for the global economic recovery. |
2
MARKET REVIEW
• |
In December, global economic data was encouraging despite market participants closely monitoring the implications of the spread of the Omicron variant, inflation remaining top of mind for investors, and China’s heightened regulations, mainly in the technology sector, weighing on sentiment. |
• |
The MSCI Emerging Markets Index fell in January and February 2022. |
• |
In January, both growing tensions between Russian and Ukraine and rising global borrowing costs worried investors. COVID-19 cases surged and hospitalizations rose, furthering dampening investor sentiment around an economic recovery across emerging markets. |
• |
In February, the Russia/Ukraine situation deteriorated sharply, with Russia launching a full-scale invasion, triggering a sell-off in emerging markets equities. |
• |
In large part due to the impact of sanctions imposed upon Russia, the Russian equity market, as measured by the MSCI Russia Index, declined by 52.75% from its peak at the end of October 2021 through the end of February 2022. |
• |
In Asia, China’s equity market, as measured by the MSCI China Index, returned -3.90% in February over worries about the worsening Ukraine crisis and the domestic property market. |
• |
India’s equity market also fell in February, as data showed the country’s economic growth missed consensus estimates and because rising crude oil prices remained a threat to the country’s economic recovery. |
• |
The best performing sector within the MSCI Emerging Markets Index during the Reporting Period was financials, the only sector to post a positive, albeit modest, total return for the Reporting Period. The weakest performing sectors were health care, consumer discretionary and communication services. |
• |
The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Peru, United Arab Emirates and Qatar, while the weakest performing countries were Russia, Hungary and Poland. |
• |
It is worth noting that effective March 9, 2022, after the close of the Reporting Period, MSCI Inc. removed Russian securities from the MSCI Emerging Markets Index after deeming the Russian equity market “uninvestable” amidst Russia’s invasion of Ukraine. MSCI Inc. announced the MSCI Russia Indexes would be reclassified to “standalone markets” instead of “emerging markets” across all of MSCI’s indexes “at a price that is effectively zero.” |
Fund Changes and Highlights
No material changes were made to the Funds during the Reporting Period.
3
MarketBeta® Emerging Markets Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 48.37 | ||||
Net Asset Value (NAV)1 | $ | 47.87 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, 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 Cboe BZX Exchange, Inc. 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, 2021–February 28, 2022 | Fund Total Return (based on NAV)2 |
Fund Total Return (based on Market Price)2 |
Solactive GBS Emerging Markets Large & Mid Cap Index3 |
|||||||||||
Shares | -9.13 | % | -8.25 | % | -8.83 | % |
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 and operating expenses incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs MarketBeta® Emerging Markets Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive GBS Emerging Markets Large & Mid Cap Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with a Fund constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators. |
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.
4
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/224 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.9 | % | Information Technology | |||||
Tencent Holdings Ltd. | 4.3 | Communication Services | ||||||
Samsung Electronics Co. Ltd. | 3.7 | Information Technology | ||||||
Alibaba Group Holding Ltd. ADR | 2.6 | Consumer Discretionary | ||||||
Reliance Industries Ltd. | 1.3 | Energy | ||||||
Meituan, Class B | 1.2 | Consumer Discretionary | ||||||
iShares MSCI Malaysia ETF | 1.1 | Exchange-Traded Fund | ||||||
Infosys Ltd. | 1.0 | Information Technology | ||||||
Vale SA | 0.9 | Materials | ||||||
China Construction Bank Corp., Class H | 0.9 | Financials |
FUND VS BENCHMARK5 |
February 28, 2022 |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
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 Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding. |
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.
5
FUND BASICS
MarketBeta® International Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 52.68 | ||||
Net Asset Value (NAV)1 | $ | 52.72 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, 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 Cboe BZX Exchange, Inc. 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, 2021–February 28, 2022 | Fund Total Return (based on NAV)2 |
Fund Total Return (based on Market Price)2 |
Solactive GBS Developed Markets ex North America Large & Mid Cap Index3 |
|||||||||||
Shares | -7.04 | % | -7.43 | % | -7.03 | % |
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 MarketBeta® International Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive GBS Developed Markets ex North America Large & Mid Cap Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with a Fund constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators. |
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.
6
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/224 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Nestle SA | 2.2 | % | Consumer Staples | |||||
ASML Holding NV | 1.6 | Information Technology | ||||||
Roche Holding AG-Genusschein | 1.6 | Health Care | ||||||
Novartis AG | 1.2 | Health Care | ||||||
Toyota Motor Corp. | 1.2 | Consumer Discretionary | ||||||
Shell PLC | 1.2 | Energy | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.2 | Consumer Discretionary | ||||||
AstraZeneca PLC | 1.1 | Health Care | ||||||
BHP Group Ltd. | 1.0 | Materials | ||||||
Novo Nordisk A/S, Class B | 1.0 | Health Care |
FUND VS BENCHMARK5 | ||
February 28, 2022 |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
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 Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 28, 2022. 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. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
7
FUND BASICS
MarketBeta® U.S. Equity ETF
as of February 28, 2022
FUND SNAPSHOT |
| |||||
As of February 28, 2022 | ||||||
Market Price1 | $ | 60.01 | ||||
Net Asset Value (NAV)1 | $ | 60.08 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, 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 Cboe BZX Exchange, Inc. 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, 2021–February 28, 2022 | Fund Total Return (based on NAV)2 |
Fund Total Return (based on Market Price)2 |
Solactive GBS United States Large & Mid Cap Index3 |
|||||||||||
Shares | -4.14 | % | -4.28 | % | -4.11 | % |
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 MarketBeta® U.S. Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive GBS United States Large & Mid Cap Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with a Fund constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators |
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.
8
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/224 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 7.1 | % | Information Technology | |||||
Microsoft Corp. | 5.8 | Information Technology | ||||||
Amazon.com, Inc. | 3.5 | Consumer Discretionary | ||||||
Alphabet, Inc., Class A | 2.1 | Communication Services | ||||||
Alphabet, Inc., Class C | 1.9 | Communication Services | ||||||
Tesla, Inc. | 1.9 | Consumer Discretionary | ||||||
NVIDIA Corp. | 1.5 | Information Technology | ||||||
Meta Platforms, Inc., Class A | 1.3 | Communication Services | ||||||
UnitedHealth Group, Inc. | 1.2 | Health Care | ||||||
Johnson & Johnson | 1.1 | Health Care |
FUND VS BENCHMARK5 | ||
February 28, 2022 |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
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 Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 28, 2022. Figures above may not sum to 100% due to rounding. |
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.
9
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – 96.2% | ||||||||
Argentina – 0.1% | ||||||||
99 | Banco Macro SA ADR (Financials)*(a) | $ | 1,429 | |||||
124 | Corp America Airports SA (Industrials)* | 684 | ||||||
259 | Despegar.com Corp. (Consumer Discretionary)* | 2,981 | ||||||
270 | Grupo Financiero Galicia SA ADR (Financials)(a) | 2,557 | ||||||
235 | Pampa Energia SA ADR (Utilities)* | 4,923 | ||||||
286 | Telecom Argentina SA ADR (Communication Services)*(a) | 1,436 | ||||||
792 | YPF SA ADR (Energy)* | 3,326 | ||||||
|
|
|||||||
17,336 | ||||||||
|
|
|||||||
Brazil – 3.9% | ||||||||
527 | Adecoagro SA (Consumer Staples)* | 5,038 | ||||||
18,095 | Ambev SA (Consumer Staples) | 53,389 | ||||||
2,766 | Americanas SA (Consumer Discretionary) | 16,376 | ||||||
1,840 | Atacadao SA (Consumer Staples) | 6,804 | ||||||
24,967 | B3 SA – Brasil Bolsa Balcao (Financials) | 70,660 | ||||||
5,737 | Banco Bradesco SA (Financials) | 18,998 | ||||||
6,110 | Banco BTG Pactual SA (Financials) | 30,469 | ||||||
3,534 | Banco do Brasil SA (Financials) | 24,154 | ||||||
1,706 | Banco Inter SA (Financials) | 6,686 | ||||||
1,416 | Banco Santander Brasil SA (Financials) | 8,504 | ||||||
2,870 | BB Seguridade Participacoes SA (Financials) | 12,836 | ||||||
130 | Bradespar SA (Materials) | 665 | ||||||
2,094 | BRF SA (Consumer Staples)* | 6,792 | ||||||
2,244 | Caixa Seguridade Participacoes SA (Financials) | 3,624 | ||||||
4,587 | CCR SA (Industrials) | 10,471 | ||||||
1,729 | Centrais Eletricas Brasileiras SA (Utilities) | 11,669 | ||||||
1,398 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 11,237 | ||||||
1,021 | Cia Energetica de Minas Gerais (Utilities) | 3,375 | ||||||
2,693 | Cia Siderurgica Nacional SA (Materials) | 13,121 | ||||||
4,909 | Cosan SA (Energy) | 20,115 | ||||||
772 | CPFL Energia SA (Utilities) | 4,535 | ||||||
2,534 | CSN Mineracao SA (Materials) | 3,050 | ||||||
291 | Diagnosticos da America SA (Health Care) | 1,417 | ||||||
1,056 | Energisa SA (Utilities) | 9,038 | ||||||
4,013 | Eneva SA (Utilities)* | 10,493 | ||||||
778 | Engie Brasil Energia SA (Utilities) | 6,021 | ||||||
3,539 | Equatorial Energia SA (Utilities) | 17,565 | ||||||
385 | Getnet Adquirencia e Servicos para Meios de Pagamento SA (Information Technology) | 244 | ||||||
17,083 | Hapvida Participacoes e Investimentos SA (Health Care)(b) | 40,223 | ||||||
1,656 | Hypera SA (Health Care) | 10,768 | ||||||
1,852 | Itau Unibanco Holding SA (Financials) | 7,848 | ||||||
3,439 | Klabin SA (Materials) | 15,487 | ||||||
2,443 | Localiza Rent a Car SA (Industrials) | 27,277 | ||||||
4,052 | Lojas Renner SA (Consumer Discretionary) | 19,915 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Brazil – (continued) | ||||||||
12,005 | Magazine Luiza SA (Consumer Discretionary) | 14,005 | ||||||
1,163 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 4,987 | ||||||
3,572 | Natura & Co. Holding SA (Consumer Staples)* | 16,051 | ||||||
1,079 | Neoenergia SA (Utilities) | 3,370 | ||||||
829 | Pagseguro Digital Ltd., Class A (Information Technology)* | 13,214 | ||||||
2,854 | Petro Rio SA (Energy)* | 14,304 | ||||||
15,146 | Petroleo Brasileiro SA (Energy) | 106,928 | ||||||
748 | Porto Seguro SA (Financials) | 3,046 | ||||||
4,711 | Raia Drogasil SA (Consumer Staples) | 21,362 | ||||||
3,221 | Rede D’Or Sao Luiz SA (Health Care)(b) | 31,887 | ||||||
5,172 | Rumo SA (Industrials)* | 15,561 | ||||||
3,265 | Sendas Distribuidora SA (Consumer Staples) | 8,531 | ||||||
855 | StoneCo Ltd., Class A (Information Technology)* | 9,610 | ||||||
3,234 | Suzano SA (Materials) | 34,570 | ||||||
1,787 | Telefonica Brasil SA (Communication Services) | 17,403 | ||||||
3,324 | TIM SA (Communication Services) | 8,781 | ||||||
2,114 | TOTVS SA (Information Technology) | 13,562 | ||||||
3,250 | Ultrapar Participacoes SA (Energy) | 9,343 | ||||||
376 | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | 996 | ||||||
16,016 | Vale SA (Materials) | 286,887 | ||||||
6,414 | Via SA (Consumer Discretionary)* | 4,719 | ||||||
3,096 | Vibra Energia SA (Consumer Discretionary) | 14,177 | ||||||
6,197 | WEG SA (Industrials) | 35,365 | ||||||
296 | XP, Inc., Class A (Financials)* | 9,573 | ||||||
|
|
|||||||
1,207,096 | ||||||||
|
|
|||||||
Chile – 0.4% | ||||||||
177,809 | Banco de Chile (Financials) | 18,967 | ||||||
255 | Banco de Credito e Inversiones SA (Financials) | 9,167 | ||||||
263,033 | Banco Santander Chile (Financials) | 12,973 | ||||||
5,503 | Cencosud SA (Consumer Staples) | 10,178 | ||||||
2,098 | Cencosud Shopping SA (Real Estate) | 2,265 | ||||||
559 | Cia Cervecerias Unidas SA (Consumer Staples) | 4,456 | ||||||
73,209 | Cia Sud Americana de Vapores SA (Industrials) | 7,166 | ||||||
34,455 | Colbun SA (Utilities) | 2,523 | ||||||
591 | Empresa Nacional de Telecomunicaciones SA (Communication Services) | 2,208 | ||||||
4,367 | Empresas CMPC SA (Materials) | 7,255 | ||||||
1,675 | Empresas COPEC SA (Energy) | 13,066 | ||||||
83,891 | Enel Americas SA (Utilities) | 9,869 | ||||||
107,696 | Enel Chile SA (Utilities) | 3,550 | ||||||
3,401 | Falabella SA (Consumer Discretionary) | 11,254 | ||||||
|
|
|||||||
114,897 | ||||||||
|
|
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – 31.0% | ||||||||
1,900 | 360 Security Technology, Inc., Class A (Information Technology)* | $ | 3,150 | |||||
130 | 51job, Inc. ADR (Industrials)* | 6,734 | ||||||
2,777 | AAC Technologies Holdings, Inc. (Information Technology) | 7,606 | ||||||
200 | Advanced Micro-Fabrication Equipment, Inc., Class A (Information Technology)* | 4,060 | ||||||
616 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 4,932 | ||||||
4,387 | Agile Group Holdings Ltd. (Real Estate) | 1,999 | ||||||
22,554 | Agricultural Bank of China Ltd., Class A (Financials) | 10,651 | ||||||
115,960 | Agricultural Bank of China Ltd., Class H (Financials) | 43,928 | ||||||
1,308 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 7,516 | ||||||
1,753 | Air China Ltd., Class A (Industrials)* | 2,745 | ||||||
7,251 | Air China Ltd., Class H (Industrials)* | 5,568 | ||||||
524 | Airtac International Group (Industrials) | 17,196 | ||||||
7,708 | Alibaba Group Holding Ltd. ADR (Consumer Discretionary)* | 810,805 | ||||||
2,416 | A-Living Smart City Services Co. Ltd. (Real Estate)(b) | 4,335 | ||||||
3,325 | Aluminum Corp. of China Ltd., Class A (Materials)* | 3,415 | ||||||
15,434 | Aluminum Corp. of China Ltd., Class H (Materials)* | 10,686 | ||||||
1,493 | Angang Steel Co. Ltd., Class A (Materials) | 909 | ||||||
6,320 | Angang Steel Co. Ltd., Class H (Materials) | 3,138 | ||||||
162 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 1,281 | ||||||
83 | Angelalign Technology, Inc. (Health Care)*(b) | 1,991 | ||||||
1,000 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 6,387 | ||||||
4,849 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 26,002 | ||||||
264 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 9,246 | ||||||
130 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 1,557 | ||||||
100 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 1,173 | ||||||
100 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 1,957 | ||||||
4,976 | ANTA Sports Products Ltd. (Consumer Discretionary) | 75,719 | ||||||
300 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 1,348 | ||||||
65 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 3,507 | ||||||
100 | Autobio Diagnostics Co. Ltd., Class A (Health Care) | 819 | ||||||
303 | Autohome, Inc. ADR (Communication Services)* | 9,269 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
341 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 1,870 | ||||||
1,056 | AVIC Electromechanical Systems Co. Ltd., Class A (Industrials) | 2,084 | ||||||
2,727 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 1,681 | ||||||
1,143 | Baidu, Inc. ADR (Communication Services)* | 174,239 | ||||||
5,242 | Bank of Beijing Co. Ltd., Class A (Financials) | 3,747 | ||||||
1,104 | Bank of Chengdu Co. Ltd., Class A (Financials) | 2,525 | ||||||
9,777 | Bank of China Ltd., Class A (Financials) | 4,803 | ||||||
342,765 | Bank of China Ltd., Class H (Financials) | 133,356 | ||||||
9,644 | Bank of Communications Co. Ltd., Class A (Financials) | 7,306 | ||||||
29,784 | Bank of Communications Co. Ltd., Class H (Financials) | 20,431 | ||||||
1,639 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 3,720 | ||||||
3,870 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 4,079 | ||||||
2,440 | Bank of Nanjing Co. Ltd., Class A (Financials) | 3,774 | ||||||
1,614 | Bank of Ningbo Co. Ltd., Class A (Financials) | 9,745 | ||||||
3,460 | Bank of Shanghai Co. Ltd., Class A (Financials) | 3,833 | ||||||
1,648 | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | 804 | ||||||
3,995 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 4,571 | ||||||
2,100 | BBMG Corp., Class A (Materials) | 958 | ||||||
9,354 | BBMG Corp., Class H (Materials) | 1,496 | ||||||
249 | BeiGene Ltd. ADR (Health Care)* | 52,419 | ||||||
1,100 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples) | 1,443 | ||||||
700 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 1,046 | ||||||
1,966 | Beijing Enterprises Holdings Ltd. (Utilities) | 6,705 | ||||||
16,427 | Beijing Enterprises Water Group Ltd. (Utilities) | 6,475 | ||||||
383 | Beijing New Building Materials PLC, Class A (Industrials) | 1,812 | ||||||
800 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 847 | ||||||
300 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 1,138 | ||||||
600 | Beijing Shougang Co. Ltd., Class A (Materials) | 571 | ||||||
200 | Beijing Shunxin Agriculture Co. Ltd., Class A (Consumer Staples) | 862 | ||||||
390 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 1,689 | ||||||
100 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 1,870 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
100 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | $ | 3,990 | |||||
12,100 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 9,895 | ||||||
100 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 955 | ||||||
65 | BGI Genomics Co. Ltd., Class A (Health Care) | 880 | ||||||
970 | Bilibili, Inc. ADR (Communication Services)* | 30,662 | ||||||
5,498 | Blue Moon Group Holdings Ltd. (Consumer Staples)(a)(b) | 4,292 | ||||||
14,709 | BOC Hong Kong Holdings Ltd. (Financials) | 52,897 | ||||||
600 | BOC International China Co. Ltd., Class A (Financials) | 1,114 | ||||||
11,822 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 8,806 | ||||||
14,036 | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)*(c) | 6,457 | ||||||
487 | BYD Co. Ltd., Class A (Consumer Discretionary) | 19,264 | ||||||
3,572 | BYD Co. Ltd., Class H (Consumer Discretionary) | 108,526 | ||||||
454 | By-health Co. Ltd., Class A (Consumer Staples) | 1,782 | ||||||
1,104 | Caitong Securities Co. Ltd., Class A (Financials) | 1,641 | ||||||
341 | CanSino Biologics, Inc., Class H (Health Care)*(b) | 6,140 | ||||||
1,300 | CECEP Wind-Power Corp., Class A (Utilities) | 1,164 | ||||||
3,500 | CGN Power Co. Ltd., Class A (Utilities) | 1,631 | ||||||
45,175 | CGN Power Co. Ltd., Class H (Utilities)(b) | 12,777 | ||||||
100 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 2,885 | ||||||
1,688 | Changjiang Securities Co. Ltd., Class A (Financials) | 1,846 | ||||||
100 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 2,445 | ||||||
519 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 2,866 | ||||||
200 | Chengxin Lithium Group Co. Ltd., Class A (Materials)* | 1,860 | ||||||
700 | China Baoan Group Co. Ltd., Class A (Industrials) | 1,526 | ||||||
10,239 | China Bohai Bank Co. Ltd., Class H (Financials)(b) | 1,704 | ||||||
35,902 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 6,479 | ||||||
1,428 | China CITIC Bank Corp. Ltd., Class A (Financials) | 1,041 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
39,097 | China CITIC Bank Corp. Ltd., Class H (Financials) | 18,363 | ||||||
1,039 | China Coal Energy Co. Ltd., Class A (Energy) | 1,121 | ||||||
8,904 | China Coal Energy Co. Ltd., Class H (Energy) | 5,550 | ||||||
6,573 | China Conch Venture Holdings Ltd. (Industrials) | 31,630 | ||||||
2,322 | China Construction Bank Corp., Class A (Financials) | 2,219 | ||||||
380,239 | China Construction Bank Corp., Class H (Financials) | 285,166 | ||||||
700 | China CSSC Holdings Ltd., Class A (Industrials) | 2,431 | ||||||
2,532 | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | 2,167 | ||||||
8,470 | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | 3,285 | ||||||
8,000 | China Energy Engineering Corp. Ltd. (Industrials)* | 3,423 | ||||||
32,548 | China Energy Engineering Corp. Ltd., Class H (Industrials) | 5,332 | ||||||
9,973 | China Everbright Bank Co. Ltd., Class A (Financials) | 5,279 | ||||||
29,923 | China Everbright Bank Co. Ltd., Class H (Financials) | 11,106 | ||||||
14,828 | China Everbright Environment Group Ltd. (Industrials) | 10,627 | ||||||
14,770 | China Evergrande Group (Real Estate) | 3,024 | ||||||
9,251 | China Feihe Ltd. (Consumer Staples)(b) | 11,034 | ||||||
1,039 | China Galaxy Securities Co. Ltd., Class A (Financials) | 1,665 | ||||||
15,020 | China Galaxy Securities Co. Ltd., Class H (Financials) | 8,593 | ||||||
600 | China Great Wall Securities Co. Ltd., Class A (Financials) | 1,018 | ||||||
909 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | 1,913 | ||||||
11,420 | China Hongqiao Group Ltd. (Materials) | 15,872 | ||||||
300 | China International Capital Corp. Ltd., Class A (Financials) | 2,013 | ||||||
6,085 | China International Capital Corp. Ltd., Class H (Financials)(b) | 14,796 | ||||||
454 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 1,081 | ||||||
1,314 | China International Marine Containers Group Co. Ltd., Class H (Industrials) | 2,176 | ||||||
26,290 | China Jinmao Holdings Group Ltd. (Real Estate) | 8,748 | ||||||
987 | China Jushi Co. Ltd., Class A (Materials) | 2,667 | ||||||
4,211 | China Lesso Group Holdings Ltd. (Industrials) | 6,456 | ||||||
584 | China Life Insurance Co. Ltd., Class A (Financials) | 2,664 | ||||||
30,501 | China Life Insurance Co. Ltd., Class H (Financials) | 50,590 | ||||||
|
|
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,482 | China Literature Ltd. (Communication Services)*(b) | $ | 7,994 | |||||
13,012 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 26,644 | ||||||
2,303 | China Meidong Auto Holdings Ltd. (Consumer Discretionary) | 10,802 | ||||||
12,439 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 80,791 | ||||||
5,041 | China Merchants Bank Co. Ltd., Class A (Financials) | 39,785 | ||||||
16,859 | China Merchants Bank Co. Ltd., Class H (Financials) | 141,971 | ||||||
5,514 | China Merchants Port Holdings Co. Ltd. (Industrials) | 10,374 | ||||||
1,794 | China Merchants Securities Co. Ltd., Class A (Financials) | 4,503 | ||||||
1,775 | China Merchants Securities Co. Ltd., Class H (Financials)(b) | 2,238 | ||||||
1,600 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 3,436 | ||||||
300 | China Minmetals Rare Earth Co. Ltd., Class A (Materials) | 1,790 | ||||||
9,200 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 5,701 | ||||||
30,478 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 11,858 | ||||||
4,548 | China Molybdenum Co. Ltd., Class A (Materials) | 4,332 | ||||||
14,881 | China Molybdenum Co. Ltd., Class H (Materials) | 8,913 | ||||||
17,509 | China National Building Material Co. Ltd., Class H (Materials) | 22,453 | ||||||
1,500 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 2,475 | ||||||
3,300 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 3,870 | ||||||
876 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 6,832 | ||||||
300 | China Oilfield Services Ltd., Class A (Energy) | 817 | ||||||
7,424 | China Oilfield Services Ltd., Class H (Energy) | 8,399 | ||||||
19,694 | China Overseas Land & Investment Ltd. (Real Estate) | 60,113 | ||||||
1,639 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 6,868 | ||||||
10,562 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 29,400 | ||||||
8,383 | China Petroleum & Chemical Corp., Class A (Energy) | 5,753 | ||||||
102,311 | China Petroleum & Chemical Corp., Class H (Energy) | 50,542 | ||||||
5,426 | China Railway Group Ltd., Class A (Industrials) | 5,340 | ||||||
16,392 | China Railway Group Ltd., Class H (Industrials) | 9,629 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,500 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 1,153 | ||||||
7,356 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(b) | 2,674 | ||||||
27,520 | China Reinsurance Group Corp., Class H (Financials) | 2,642 | ||||||
5,836 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 46,195 | ||||||
9,468 | China Resources Cement Holdings Ltd. (Materials) | 8,094 | ||||||
3,651 | China Resources Gas Group Ltd. (Utilities) | 16,751 | ||||||
11,812 | China Resources Land Ltd. (Real Estate) | 57,445 | ||||||
1,883 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)(b) | 9,688 | ||||||
7,283 | China Resources Power Holdings Co. Ltd. (Utilities) | 16,181 | ||||||
1,634 | China Shenhua Energy Co. Ltd., Class A (Energy) | 6,536 | ||||||
13,844 | China Shenhua Energy Co. Ltd., Class H (Energy) | 38,093 | ||||||
1,007 | China Southern Airlines Co. Ltd., Class A (Industrials)* | 1,106 | ||||||
7,341 | China Southern Airlines Co. Ltd., Class H (Industrials)* | 4,632 | ||||||
10,300 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 8,309 | ||||||
7,236 | China State Construction International Holdings Ltd. (Industrials) | 10,168 | ||||||
7,434 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 4,928 | ||||||
5,960 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 7,040 | ||||||
522 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 16,752 | ||||||
177,853 | China Tower Corp. Ltd., Class H (Communication Services)(b) | 20,713 | ||||||
400 | China TransInfo Technology Co. Ltd., Class A (Information Technology) | 881 | ||||||
7,600 | China United Network Communications Ltd., Class A (Communication Services) | 4,601 | ||||||
2,412 | China Vanke Co. Ltd., Class A (Real Estate) | 7,339 | ||||||
7,793 | China Vanke Co. Ltd., Class H (Real Estate) | 18,471 | ||||||
5,593 | China Yangtze Power Co. Ltd., Class A (Utilities) | 20,546 | ||||||
100 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 1,857 | ||||||
4,397 | China Zheshang Bank Co. Ltd., Class A (Financials) | 2,390 | ||||||
81 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples)* | 1,718 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
2,718 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | $ | 5,574 | |||||
2,300 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 1,425 | ||||||
10,111 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 3,727 | ||||||
430 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 8,810 | ||||||
16,560 | CIFI Holdings Group Co. Ltd. (Real Estate) | 11,529 | ||||||
26,078 | CITIC Ltd. (Industrials) | 30,404 | ||||||
200 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 729 | ||||||
3,060 | CITIC Securities Co. Ltd., Class A (Financials) | 11,314 | ||||||
9,010 | CITIC Securities Co. Ltd., Class H (Financials) | 21,840 | ||||||
900 | CNPC Capital Co. Ltd., Class A (Industrials) | 803 | ||||||
526 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 44,461 | ||||||
900 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy) | 910 | ||||||
5,621 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy) | 2,676 | ||||||
3,141 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)* | 8,721 | ||||||
13,053 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)* | 26,227 | ||||||
36,355 | Country Garden Holdings Co. Ltd. (Real Estate) | 28,196 | ||||||
7,785 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 46,528 | ||||||
6,000 | CRRC Corp. Ltd., Class A (Industrials) | 5,506 | ||||||
17,917 | CRRC Corp. Ltd., Class H (Industrials) | 7,957 | ||||||
600 | CSC Financial Co. Ltd., Class A (Financials) | 2,444 | ||||||
4,071 | CSC Financial Co. Ltd., Class H (Financials)(b) | 4,324 | ||||||
934 | Dada Nexus Ltd. ADR (Consumer Discretionary)* | 7,762 | ||||||
8,909 | Dali Foods Group Co. Ltd. (Consumer Staples)(b) | 4,686 | ||||||
187 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 1,055 | ||||||
1,493 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 672 | ||||||
12,692 | Datang International Power Generation Co. Ltd., Class H (Utilities) | 2,501 | ||||||
800 | DHC Software Co. Ltd., Class A (Information Technology) | 1,043 | ||||||
1,348 | DiDi Global, Inc. ADR (Industrials)*(a) | 5,527 | ||||||
200 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 1,425 | ||||||
195 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 1,172 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
644 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 1,660 | ||||||
1,643 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 2,059 | ||||||
12,143 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 10,428 | ||||||
844 | Dongxing Securities Co. Ltd., Class A (Financials) | 1,376 | ||||||
2,576 | East Money Information Co. Ltd., Class A (Financials) | 10,916 | ||||||
100 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 2,147 | ||||||
3,118 | ENN Energy Holdings Ltd. (Utilities) | 45,251 | ||||||
500 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 1,415 | ||||||
493 | Eve Energy Co. Ltd., Class A (Industrials) | 6,993 | ||||||
1,168 | Everbright Securities Co. Ltd., Class A (Financials) | 2,466 | ||||||
1,234 | Everbright Securities Co. Ltd., Class H (Financials)(b) | 916 | ||||||
12,467 | Evergrande Property Services Group Ltd. (Real Estate)*(b) | 3,750 | ||||||
1,181 | Fangda Carbon New Material Co. Ltd., Class A (Industrials) | 1,926 | ||||||
619 | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | 911 | ||||||
1,100 | First Capital Securities Co. Ltd., Class A (Financials) | 1,109 | ||||||
344 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 2,671 | ||||||
1,682 | Flat Glass Group Co. Ltd., Class H (Information Technology) | 6,931 | ||||||
3,943 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 4,780 | ||||||
737 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 11,563 | ||||||
1,947 | Founder Securities Co. Ltd., Class A (Financials) | 2,215 | ||||||
2,452 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 4,341 | ||||||
325 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples)* | 1,015 | ||||||
3,833 | Full Truck Alliance Co. Ltd. ADR (Industrials)* | 35,340 | ||||||
484 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 3,375 | ||||||
2,463 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(b) | 12,041 | ||||||
300 | Ganfeng Lithium Co. Ltd., Class A (Materials) | 7,199 | ||||||
985 | Ganfeng Lithium Co. Ltd., Class H (Materials)(b) | 16,577 | ||||||
4,400 | GD Power Development Co. Ltd., Class A (Utilities) | 1,966 | ||||||
|
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
734 | GDS Holdings Ltd. ADR (Information Technology)*(a) | $ | 32,678 | |||||
1,200 | GEM Co. Ltd., Class A (Materials) | 1,818 | ||||||
1,063 | Gemdale Corp., Class A (Real Estate) | 2,141 | ||||||
5,284 | Genscript Biotech Corp. (Health Care)* | 20,862 | ||||||
1,491 | GF Securities Co. Ltd., Class A (Financials) | 4,397 | ||||||
5,414 | GF Securities Co. Ltd., Class H (Financials) | 8,121 | ||||||
400 | Giant Network Group Co. Ltd., Class A (Communication Services) | 605 | ||||||
182 | Gigadevice Semiconductor Beijing, Inc., Class A (Information Technology) | 4,422 | ||||||
100 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 4,010 | ||||||
874 | GoerTek, Inc., Class A (Information Technology) | 6,064 | ||||||
100 | Gongniu Group Co. Ltd., Class A (Industrials) | 2,351 | ||||||
400 | Gotion High-tech Co. Ltd., Class A (Industrials)* | 2,731 | ||||||
584 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 3,379 | ||||||
12,549 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 26,114 | ||||||
1,500 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 8,741 | ||||||
1,800 | Greenland Holdings Corp. Ltd., Class A (Real Estate) | 1,232 | ||||||
454 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 4,740 | ||||||
11,492 | Guangdong Investment Ltd. (Utilities) | 15,443 | ||||||
100 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 1,680 | ||||||
1,700 | Guanghui Energy Co. Ltd., Class A (Energy)* | 1,916 | ||||||
636 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 1,289 | ||||||
11,934 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 11,760 | ||||||
390 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,841 | ||||||
1,063 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 2,836 | ||||||
81 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1,081 | ||||||
195 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 2,659 | ||||||
200 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 3,366 | ||||||
526 | Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials) | 743 | ||||||
1,233 | Guosen Securities Co. Ltd., Class A (Financials) | 2,022 | ||||||
1,948 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 5,152 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
3,523 | Guotai Junan Securities Co. Ltd., Class H (Financials)(b) | 5,194 | ||||||
1,201 | Guoyuan Securities Co. Ltd., Class A (Financials) | 1,348 | ||||||
4,849 | Haidilao International Holding Ltd. (Consumer Discretionary)(b) | 11,121 | ||||||
1,695 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 6,847 | ||||||
9,198 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 32,078 | ||||||
2,492 | Haitong Securities Co. Ltd., Class A (Financials) | 4,439 | ||||||
12,800 | Haitong Securities Co. Ltd., Class H (Financials) | 11,008 | ||||||
253 | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 1,952 | ||||||
194 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 3,648 | ||||||
260 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 1,371 | ||||||
300 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 2,710 | ||||||
215 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 3,468 | ||||||
546 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(b) | 6,114 | ||||||
4,395 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(b) | 9,405 | ||||||
600 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 2,739 | ||||||
2,408 | Hengan International Group Co. Ltd. (Consumer Staples) | 12,774 | ||||||
1,499 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 5,913 | ||||||
1,097 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 1,744 | ||||||
3,246 | Hesteel Co. Ltd., Class A (Materials) | 1,322 | ||||||
130 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 2,224 | ||||||
200 | Hongfa Technology Co. Ltd., Class A (Industrials) | 1,990 | ||||||
500 | Hongta Securities Co. Ltd., Class A (Financials) | 776 | ||||||
100 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 2,369 | ||||||
3,094 | Hua Hong Semiconductor Ltd. (Information Technology)*(b) | 16,037 | ||||||
1,667 | Huadian Power International Corp. Ltd., Class A (Utilities) | 1,136 | ||||||
6,938 | Huadian Power International Corp. Ltd., Class H (Utilities) | 2,619 | ||||||
419 | Huadong Medicine Co. Ltd., Class A (Health Care) | 2,516 | ||||||
1,000 | Huafon Chemical Co. Ltd., Class A (Materials) | 1,523 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
519 | Hualan Biological Engineering, Inc., Class A (Health Care) | $ | 2,114 | |||||
1,493 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 1,458 | ||||||
2,077 | Huaneng Power International, Inc., Class A (Utilities) | 2,887 | ||||||
16,617 | Huaneng Power International, Inc., Class H (Utilities) | 9,719 | ||||||
1,900 | Huatai Securities Co. Ltd., Class A (Financials) | 4,770 | ||||||
5,977 | Huatai Securities Co. Ltd., Class H (Financials)(b) | 9,776 | ||||||
779 | Huaxi Securities Co. Ltd., Class A (Financials) | 1,098 | ||||||
3,059 | Huaxia Bank Co. Ltd., Class A (Financials) | 2,729 | ||||||
1,200 | Huaxin Cement Co. Ltd., Class A (Materials) | 3,906 | ||||||
901 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 3,621 | ||||||
598 | Huazhu Group Ltd. ADR (Consumer Discretionary)* | 24,733 | ||||||
1,000 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 740 | ||||||
300 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 1,949 | ||||||
100 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 2,094 | ||||||
400 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 1,183 | ||||||
1,800 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 1,663 | ||||||
354 | Hundsun Technologies, Inc., Class A (Information Technology) | 2,931 | ||||||
598 | Iflytek Co. Ltd., Class A (Information Technology) | 4,643 | ||||||
100 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 7,686 | ||||||
16,318 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 12,051 | ||||||
320,253 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 191,405 | ||||||
5,080 | Industrial Bank Co. Ltd., Class A (Financials) | 17,768 | ||||||
1,677 | Industrial Securities Co. Ltd., Class A (Financials) | 2,174 | ||||||
100 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 1,764 | ||||||
12,246 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)* | 5,201 | ||||||
700 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 2,854 | ||||||
2,467 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 1,935 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,534 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 9,608 | ||||||
3,531 | Innovent Biologics, Inc. (Health Care)*(b) | 15,794 | ||||||
400 | Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology) | 2,087 | ||||||
150 | Intco Medical Technology Co. Ltd., Class A (Health Care) | 1,218 | ||||||
1,186 | iQIYI, Inc. ADR (Communication Services)* | 4,910 | ||||||
262 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 3,943 | ||||||
215 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1,559 | ||||||
200 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 2,231 | ||||||
500 | JCET Group Co. Ltd., Class A (Information Technology) | 2,218 | ||||||
1,977 | JD Health International, Inc. (Consumer Discretionary)*(b) | 14,650 | ||||||
6,438 | JD Logistics, Inc. (Industrials)*(b) | 20,351 | ||||||
3,802 | JD.com, Inc. ADR (Consumer Discretionary)* | 272,337 | ||||||
1,186 | JD.com, Inc., Class A (Consumer Discretionary)* | 42,378 | ||||||
700 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 2,112 | ||||||
300 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 421 | ||||||
5,300 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 5,671 | ||||||
192 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 2,038 | ||||||
1,600 | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | 10,163 | ||||||
325 | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | 2,686 | ||||||
360 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | 9,397 | ||||||
260 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 1,209 | ||||||
800 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 2,372 | ||||||
584 | Jiangxi Copper Co. Ltd., Class A (Materials) | 2,051 | ||||||
4,434 | Jiangxi Copper Co. Ltd., Class H (Materials) | 7,967 | ||||||
800 | Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples) | 874 | ||||||
1,400 | Jinke Properties Group Co. Ltd., Class A (Real Estate) | 998 | ||||||
100 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 2,708 | ||||||
100 | Joinn Laboratories China Co. Ltd., Class A (Health Care) | 1,822 | ||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
176 | Joinn Laboratories China Co. Ltd., Class H (Health Care)(b) | $ | 1,466 | |||||
500 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 1,055 | ||||||
200 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | 1,091 | ||||||
200 | Juewei Food Co. Ltd., Class A (Consumer Staples) | 1,674 | ||||||
204 | Kanzhun Ltd. ADR (Communication Services)* | 6,589 | ||||||
3,650 | KE Holdings, Inc. ADR (Real Estate)* | 70,846 | ||||||
11,354 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 27,870 | ||||||
700 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 1,191 | ||||||
463 | Kingsoft Cloud Holdings Ltd. ADR (Information Technology)* | 3,121 | ||||||
3,469 | Kingsoft Corp. Ltd. (Communication Services) | 12,875 | ||||||
3,143 | Kuaishou Technology (Communication Services)*(b) | 36,021 | ||||||
568 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials)* | 1,826 | ||||||
15,056 | Kunlun Energy Co. Ltd. (Utilities) | 14,721 | ||||||
314 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 89,094 | ||||||
619 | LB Group Co. Ltd., Class A (Materials) | 2,595 | ||||||
4,533 | Legend Holdings Corp., Class H (Information Technology)(b) | 6,370 | ||||||
27,732 | Lenovo Group Ltd. (Information Technology) | 30,842 | ||||||
1,278 | Lens Technology Co. Ltd., Class A (Information Technology) | 2,945 | ||||||
500 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 1,701 | ||||||
2,439 | Li Auto, Inc. ADR (Consumer Discretionary)* | 74,268 | ||||||
9,592 | Li Ning Co. Ltd. (Consumer Discretionary) | 95,322 | ||||||
1,700 | Lingyi iTech Guangdong Co., Class A (Information Technology)* | 1,614 | ||||||
130 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 789 | ||||||
648 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 2,426 | ||||||
5,425 | Logan Group Co. Ltd. (Real Estate) | 1,805 | ||||||
8,357 | Longfor Group Holdings Ltd. (Real Estate)(b) | 44,706 | ||||||
1,354 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 16,666 | ||||||
10,123 | Lufax Holding Ltd. ADR (Financials)* | 65,496 | ||||||
1,780 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 12,251 | ||||||
393 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 13,490 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
454 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 2,456 | ||||||
100 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 4,273 | ||||||
1,000 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)* | 1,138 | ||||||
16,538 | Meituan, Class B (Consumer Discretionary)*(b) | 364,468 | ||||||
4,518 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 2,914 | ||||||
12,853 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 3,898 | ||||||
2,990 | Microport Scientific Corp. (Health Care) | 8,265 | ||||||
500 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 2,036 | ||||||
1,468 | Ming Yuan Cloud Group Holdings Ltd. (Information Technology)*(a) | 2,882 | ||||||
922 | MINISO Group Holding Ltd. ADR (Consumer Discretionary) | 8,049 | ||||||
300 | Montage Technology Co. Ltd., Class A (Information Technology) | 3,675 | ||||||
1,314 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 11,886 | ||||||
300 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 1,656 | ||||||
900 | Nanjing Securities Co. Ltd., Class A (Financials) | 1,262 | ||||||
1,412 | NARI Technology Co. Ltd., Class A (Industrials) | 7,910 | ||||||
600 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)* | 2,310 | ||||||
130 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 6,246 | ||||||
600 | NavInfo Co. Ltd., Class A (Information Technology)* | 1,627 | ||||||
1,685 | NetEase, Inc. ADR (Communication Services) | 160,648 | ||||||
419 | New China Life Insurance Co. Ltd., Class A (Financials) | 2,530 | ||||||
3,939 | New China Life Insurance Co. Ltd., Class H (Financials) | 11,267 | ||||||
1,200 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | 2,923 | ||||||
6,663 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)* | 10,061 | ||||||
325 | Ninestar Corp., Class A (Information Technology) | 2,570 | ||||||
244 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 2,327 | ||||||
1,588 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 1,054 | ||||||
1,250 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 3,467 | ||||||
5,372 | NIO, Inc. ADR (Consumer Discretionary)* | 122,696 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
7,245 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(b) | $ | 45,387 | |||||
500 | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | 555 | ||||||
800 | OFILM Group Co. Ltd., Class A (Information Technology)* | 1,013 | ||||||
91 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 1,826 | ||||||
1,517 | Orient Securities Co. Ltd., Class A (Financials) | 2,947 | ||||||
3,628 | Orient Securities Co. Ltd., Class H (Financials)(b) | 2,637 | ||||||
200 | Ovctek China, Inc., Class A (Health Care) | 1,299 | ||||||
2,200 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)* | 1,464 | ||||||
1,900 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 1,394 | ||||||
37,109 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 11,921 | ||||||
500 | Perfect World Co. Ltd., Class A (Communication Services) | 1,046 | ||||||
5,672 | PetroChina Co. Ltd., Class A (Energy) | 5,187 | ||||||
86,483 | PetroChina Co. Ltd., Class H (Energy) | 46,154 | ||||||
100 | PharmaBlock Sciences Nanjing, Inc., Class A (Health Care) | 1,466 | ||||||
165 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 3,170 | ||||||
524 | Pharmaron Beijing Co. Ltd., Class H (Health Care)(b) | 6,331 | ||||||
28,280 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 29,859 | ||||||
1,607 | Pinduoduo, Inc. ADR (Consumer Discretionary)* | 83,339 | ||||||
4,913 | Ping An Bank Co. Ltd., Class A (Financials) | 12,263 | ||||||
1,588 | Ping An Healthcare and Technology Co. Ltd. (Consumer Discretionary)*(b) | 4,898 | ||||||
2,700 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 21,720 | ||||||
25,444 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 196,682 | ||||||
3,100 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 7,772 | ||||||
631 | Poly Property Services Co. Ltd., Class H (Real Estate) | 4,462 | ||||||
810 | Pop Mart International Group Ltd. (Consumer Discretionary)*(b) | 4,058 | ||||||
6,606 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 5,842 | ||||||
52,500 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(b) | 43,069 | ||||||
3,720 | Power Construction Corp. of China Ltd., Class A (Industrials) | 4,510 | ||||||
286 | Red Star Macalline Group Corp. Ltd., Class A (Real Estate)* | 383 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
431 | Remegen Co. Ltd., Class H (Health Care)*(b) | 3,709 | ||||||
1,100 | RiseSun Real Estate Development Co. Ltd., Class A (Real Estate) | 685 | ||||||
1,778 | RLX Technology, Inc. ADR (Consumer Staples)*(a) | 5,476 | ||||||
1,972 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 5,885 | ||||||
1,803 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 5,175 | ||||||
65 | Sangfor Technologies, Inc., Class A (Information Technology) | 1,499 | ||||||
2,079 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 6,461 | ||||||
400 | Satellite Chemical Co. Ltd., Class A (Materials) | 2,858 | ||||||
1,481 | SDIC Capital Co. Ltd., Class A (Financials) | 1,737 | ||||||
1,806 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 2,868 | ||||||
8,027 | Seazen Group Ltd. (Real Estate)* | 4,232 | ||||||
534 | Seazen Holdings Co. Ltd., Class A (Real Estate) | 2,555 | ||||||
1,144 | SF Holding Co. Ltd., Class A (Industrials) | 10,950 | ||||||
100 | SG Micro Corp., Class A (Information Technology) | 5,515 | ||||||
1,862 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 4,199 | ||||||
900 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 2,961 | ||||||
3,310 | Shandong Gold Mining Co. Ltd., Class H (Materials)(b) | 6,270 | ||||||
520 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 2,898 | ||||||
400 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 1,772 | ||||||
3,000 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 2,311 | ||||||
9,924 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 13,666 | ||||||
140 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 1,001 | ||||||
1,146 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 9,756 | ||||||
2,767 | Shanghai Electric Group Co. Ltd., Class A (Industrials) | 1,934 | ||||||
11,367 | Shanghai Electric Group Co. Ltd., Class H (Industrials) | 3,186 | ||||||
484 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3,252 | ||||||
2,016 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 8,076 | ||||||
500 | Shanghai International Airport Co. Ltd., Class A (Industrials)* | 4,148 | ||||||
|
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
2,532 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | $ | 2,283 | |||||
200 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 1,781 | ||||||
200 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | 2,282 | ||||||
620 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(b) | 4,198 | ||||||
612 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 1,369 | ||||||
2,884 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 5,073 | ||||||
260 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 2,237 | ||||||
923 | Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)* | 5,735 | ||||||
584 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 1,729 | ||||||
3,013 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 5,429 | ||||||
7,485 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 9,952 | ||||||
113 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 2,605 | ||||||
1,800 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 1,906 | ||||||
1,168 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 1,938 | ||||||
1,000 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 1,677 | ||||||
800 | Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy) | 1,765 | ||||||
1,104 | Shanxi Meijin Energy Co. Ltd., Class A (Materials)* | 2,504 | ||||||
1,753 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 2,031 | ||||||
273 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 12,643 | ||||||
600 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 1,848 | ||||||
100 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 1,855 | ||||||
5,767 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 4,186 | ||||||
3,457 | Shenwan Hongyuan Group Co. Ltd., Class H (Financials)(b) | 832 | ||||||
100 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 1,521 | ||||||
900 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 1,031 | ||||||
100 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology) | 1,441 | ||||||
200 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 506 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
636 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 6,416 | ||||||
195 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | 2,609 | ||||||
260 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 13,478 | ||||||
2,203 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 2,409 | ||||||
100 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 1,393 | ||||||
200 | Shenzhen Sunway Communication Co. Ltd., Class A (Information Technology) | 672 | ||||||
200 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 4,292 | ||||||
3,247 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 54,562 | ||||||
794 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 1,514 | ||||||
390 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 1,074 | ||||||
1,100 | Sichuan Road & Bridge Co. Ltd., Class A (Industrials) | 2,172 | ||||||
100 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1,578 | ||||||
909 | Sinolink Securities Co. Ltd., Class A (Financials) | 1,461 | ||||||
400 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 1,888 | ||||||
1,623 | Sinopec Oilfield Service Corp., Class A (Energy)* | 576 | ||||||
11,990 | Sinopec Oilfield Service Corp., Class H (Energy)* | 1,120 | ||||||
1,400 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 901 | ||||||
14,242 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 3,208 | ||||||
5,705 | Sinopharm Group Co. Ltd., Class H (Health Care) | 13,785 | ||||||
934 | Sinotrans Ltd., Class A (Industrials) | 635 | ||||||
9,388 | Sinotrans Ltd., Class H (Industrials) | 2,932 | ||||||
2,874 | Sinotruk Hong Kong Ltd. (Industrials) | 4,281 | ||||||
4,395 | Smoore International Holdings Ltd. (Consumer Staples)(b) | 16,199 | ||||||
700 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 1,719 | ||||||
1,168 | SooChow Securities Co. Ltd., Class A (Financials) | 1,449 | ||||||
11,569 | Sunac China Holdings Ltd. (Real Estate) | 9,476 | ||||||
3,127 | Sunac Services Holdings Ltd. (Real Estate)(b) | 2,653 | ||||||
400 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 7,677 | ||||||
2,200 | Suning.com Co. Ltd., Class A (Consumer Discretionary)* | 1,252 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
2,748 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | $ | 65,661 | |||||
406 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 2,363 | ||||||
400 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 1,405 | ||||||
100 | Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Consumer Discretionary) | 1,423 | ||||||
904 | TBEA Co. Ltd., Class A (Industrials) | 2,891 | ||||||
3,769 | TCL Technology Group Corp., Class A (Consumer Discretionary) | 3,321 | ||||||
24,586 | Tencent Holdings Ltd. (Communication Services) | 1,325,316 | ||||||
3,268 | Tencent Music Entertainment Group ADR (Communication Services)* | 17,615 | ||||||
100 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 2,210 | ||||||
2,200 | Tianfeng Securities Co. Ltd., Class A (Financials) | 1,227 | ||||||
844 | Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology) | 6,418 | ||||||
584 | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | 1,082 | ||||||
7,547 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 16,690 | ||||||
182 | Toly Bread Co. Ltd., Class A (Consumer Staples) | 717 | ||||||
4,347 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary)* | 8,067 | ||||||
600 | Tongkun Group Co. Ltd., Class A (Materials) | 2,081 | ||||||
2,700 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 1,690 | ||||||
1,109 | Tongwei Co. Ltd., Class A (Consumer Staples) | 7,540 | ||||||
65 | Topchoice Medical Corp., Class A (Health Care)* | 1,661 | ||||||
9,598 | Topsports International Holdings Ltd. (Consumer Discretionary)(b) | 9,937 | ||||||
3,822 | TravelSky Technology Ltd., Class H (Information Technology) | 7,200 | ||||||
2,550 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 65,841 | ||||||
195 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 2,898 | ||||||
2,225 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 21,342 | ||||||
868 | Tuya, Inc. ADR (Information Technology)* | 4,687 | ||||||
162 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 5,682 | ||||||
5,402 | Uni-President China Holdings Ltd. (Consumer Staples) | 5,600 | ||||||
700 | Unisplendour Corp. Ltd., Class A (Information Technology) | 2,439 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
300 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 665 | ||||||
2,349 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 20,366 | ||||||
354 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 2,623 | ||||||
743 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 11,163 | ||||||
17,632 | Want Want China Holdings Ltd. (Consumer Staples) | 18,752 | ||||||
362 | Weibo Corp. ADR (Communication Services)* | 9,930 | ||||||
1,712 | Weichai Power Co. Ltd., Class A (Industrials) | 4,113 | ||||||
7,965 | Weichai Power Co. Ltd., Class H (Industrials) | 13,456 | ||||||
1,700 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples) | 5,251 | ||||||
1,139 | Western Securities Co. Ltd., Class A (Financials) | 1,372 | ||||||
195 | Will Semiconductor Co. Ltd., Class A (Information Technology) | 7,596 | ||||||
325 | Wingtech Technology Co. Ltd., Class A (Information Technology) | 6,011 | ||||||
500 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 905 | ||||||
563 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | 1,997 | ||||||
600 | Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 1,981 | ||||||
943 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 28,395 | ||||||
500 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | 1,332 | ||||||
587 | WuXi AppTec Co. Ltd., Class A (Health Care) | 9,668 | ||||||
1,416 | WuXi AppTec Co. Ltd., Class H (Health Care)(b) | 20,079 | ||||||
14,723 | Wuxi Biologics Cayman, Inc. (Health Care)*(b) | 121,063 | ||||||
395 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 4,209 | ||||||
100 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | 2,506 | ||||||
2,402 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 2,105 | ||||||
100 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 3,374 | ||||||
60,689 | Xiaomi Corp., Class B (Information Technology)*(b) | 113,864 | ||||||
839 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 1,988 | ||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
3,290 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials) | $ | 5,364 | |||||
17,136 | Xinyi Solar Holdings Ltd. (Information Technology) | 30,966 | ||||||
2,283 | XPeng, Inc. ADR (Consumer Discretionary)* | 83,033 | ||||||
649 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 3,260 | ||||||
5,532 | Yankuang Energy Group Co. Ltd., Class H (Energy)(a) | 13,565 | ||||||
200 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 1,415 | ||||||
195 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 2,362 | ||||||
218 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 1,707 | ||||||
1,859 | Yihai International Holding Ltd. (Consumer Staples)* | 7,756 | ||||||
300 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 2,541 | ||||||
2,300 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples) | 1,330 | ||||||
828 | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | 4,114 | ||||||
700 | YTO Express Group Co. Ltd., Class A (Industrials) | 1,929 | ||||||
800 | Yunda Holding Co. Ltd., Class A (Industrials) | 2,458 | ||||||
800 | Yunnan Aluminium Co. Ltd., Class A (Materials)* | 1,827 | ||||||
287 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 4,105 | ||||||
195 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 8,035 | ||||||
310 | Zai Lab Ltd. ADR (Health Care)* | 16,957 | ||||||
130 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 7,444 | ||||||
1,100 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 1,077 | ||||||
1,900 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)* | 1,960 | ||||||
549 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 4,343 | ||||||
709 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 2,101 | ||||||
100 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 912 | ||||||
6,098 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 5,494 | ||||||
400 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 1,468 | ||||||
325 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 6,342 | ||||||
300 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 3,090 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
200 | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care) | 1,517 | ||||||
700 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 1,622 | ||||||
974 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 1,899 | ||||||
692 | Zhejiang NHU Co. Ltd., Class A (Health Care) | 3,723 | ||||||
426 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 1,357 | ||||||
454 | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | 509 | ||||||
100 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 801 | ||||||
200 | Zhejiang Yongtai Technology Co. Ltd., Class A (Materials)* | 1,179 | ||||||
1,022 | Zheshang Securities Co. Ltd., Class A (Financials) | 1,871 | ||||||
3,581 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(b) | 11,732 | ||||||
200 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 1,219 | ||||||
2,443 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 17,008 | ||||||
1,400 | Zhongtai Securities Co. Ltd., Class A (Financials) | 1,899 | ||||||
2,328 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials) | 12,067 | ||||||
700 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | 1,743 | ||||||
5,302 | Zijin Mining Group Co. Ltd., Class A (Materials) | 9,428 | ||||||
23,433 | Zijin Mining Group Co. Ltd., Class H (Materials) | 34,728 | ||||||
1,868 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 2,084 | ||||||
7,059 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 4,680 | ||||||
1,000 | ZTE Corp., Class A (Information Technology) | 4,605 | ||||||
3,096 | ZTE Corp., Class H (Information Technology) | 7,608 | ||||||
1,916 | ZTO Express Cayman, Inc. ADR (Industrials) | 56,407 | ||||||
|
|
|||||||
9,635,133 | ||||||||
|
|
|||||||
Colombia – 0.1% | ||||||||
932 | Bancolombia SA (Financials) | 9,330 | ||||||
17,315 | Ecopetrol SA (Energy) | 14,487 | ||||||
1,808 | Interconexion Electrica SA ESP (Utilities) | 11,265 | ||||||
|
|
|||||||
35,082 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
Czech Republic – 0.1% | ||||||||
658 | CEZ AS (Utilities) | $ | 25,076 | |||||
315 | Komercni Banka AS (Financials) | 12,412 | ||||||
1,398 | Moneta Money Bank AS (Financials)(b) | 5,540 | ||||||
|
|
|||||||
43,028 | ||||||||
|
|
|||||||
Egypt – 0.1% | ||||||||
8,047 | Commercial International Bank Egypt SAE (Financials)* | 24,489 | ||||||
1,546 | E-Finance for Digital & Financial Investments (Information Technology)* | 1,785 | ||||||
2,960 | Fawry for Banking & Payment Technology Services SAE (Information Technology)* | 1,822 | ||||||
|
|
|||||||
28,096 | ||||||||
|
|
|||||||
Greece – 0.3% | ||||||||
8,598 | Alpha Services and Holdings SA (Financials)* | 11,705 | ||||||
10,494 | Eurobank Ergasias Services and Holdings SA (Financials)* | 11,506 | ||||||
891 | Hellenic Telecommunications Organization SA (Communication Services) | 17,814 | ||||||
451 | JUMBO SA (Consumer Discretionary) | 6,479 | ||||||
275 | Motor Oil Hellas Corinth Refineries SA (Energy) | 4,414 | ||||||
415 | Mytilineos SA (Industrials) | 6,684 | ||||||
2,241 | National Bank of Greece SA (Financials)* | 8,306 | ||||||
793 | OPAP SA (Consumer Discretionary) | 11,535 | ||||||
2,723 | Piraeus Financial Holdings SA (Financials)* | 4,331 | ||||||
878 | Public Power Corp. SA (Utilities)* | 8,353 | ||||||
278 | Star Bulk Carriers Corp. (Industrials) | 8,362 | ||||||
248 | Terna Energy SA (Utilities) | 3,599 | ||||||
|
|
|||||||
103,088 | ||||||||
|
|
|||||||
Hong Kong – 0.1% | ||||||||
397 | Jinmao Property Services Co. Ltd. (Real Estate)* | 101 | ||||||
652 | Orient Overseas International Ltd. (Industrials) | 18,357 | ||||||
|
|
|||||||
18,458 | ||||||||
|
|
|||||||
Hungary – 0.2% | ||||||||
2,008 | MOL Hungarian Oil & Gas PLC (Energy) | 15,768 | ||||||
905 | OTP Bank Nyrt (Financials)* | 34,984 | ||||||
570 | Richter Gedeon Nyrt (Health Care) | 12,036 | ||||||
|
|
|||||||
62,788 | ||||||||
|
|
|||||||
India – 13.5% | ||||||||
811 | Aarti Industries Ltd. (Materials) | 9,969 | ||||||
198 | ABB India Ltd. (Industrials) | 5,675 | ||||||
346 | ACC Ltd. (Materials) | 9,593 | ||||||
1,103 | Adani Enterprises Ltd. (Industrials) | 24,073 | ||||||
1,844 | Adani Green Energy Ltd. (Utilities)* | 45,114 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
2,870 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 26,949 | ||||||
3,624 | Adani Power Ltd. (Utilities)* | 5,952 | ||||||
977 | Adani Total Gas Ltd. (Utilities) | 20,597 | ||||||
1,149 | Adani Transmission Ltd. (Utilities)* | 32,548 | ||||||
105 | Alkem Laboratories Ltd. (Health Care) | 4,568 | ||||||
2,359 | Ambuja Cements Ltd. (Materials) | 9,839 | ||||||
490 | Apollo Hospitals Enterprise Ltd. (Health Care) | 31,234 | ||||||
7,915 | Ashok Leyland Ltd. (Industrials) | 12,464 | ||||||
2,573 | Asian Paints Ltd. (Materials) | 108,409 | ||||||
316 | Astral Ltd. (Industrials) | 8,144 | ||||||
652 | AU Small Finance Bank Ltd. (Financials)*(b) | 10,415 | ||||||
1,043 | Aurobindo Pharma Ltd. (Health Care) | 8,655 | ||||||
942 | Avenue Supermarts Ltd. (Consumer Staples)*(b) | 54,263 | ||||||
9,333 | Axis Bank Ltd. (Financials)* | 91,958 | ||||||
295 | Bajaj Auto Ltd. (Consumer Discretionary) | 13,822 | ||||||
1,002 | Bajaj Finance Ltd. (Financials) | 93,119 | ||||||
157 | Bajaj Finserv Ltd. (Financials) | 33,365 | ||||||
114 | Bajaj Holdings & Investment Ltd. (Financials) | 7,871 | ||||||
341 | Balkrishna Industries Ltd. (Consumer Discretionary) | 8,248 | ||||||
3,165 | Bandhan Bank Ltd. (Financials)(b) | 12,866 | ||||||
4,401 | Bank of Baroda (Financials)* | 6,224 | ||||||
1,161 | Berger Paints India Ltd. (Materials) | 10,639 | ||||||
4,792 | Bharat Electronics Ltd. (Industrials) | 13,384 | ||||||
1,636 | Bharat Forge Ltd. (Consumer Discretionary) | 14,735 | ||||||
3,526 | Bharat Petroleum Corp. Ltd. (Energy) | 16,369 | ||||||
9,629 | Bharti Airtel Ltd. (Communication Services)* | 87,731 | ||||||
1,806 | Biocon Ltd. (Health Care)* | 8,362 | ||||||
29 | Bosch Ltd. (Consumer Discretionary) | 6,061 | ||||||
488 | Britannia Industries Ltd. (Consumer Staples) | 22,198 | ||||||
810 | Cadila Healthcare Ltd. (Health Care) | 3,874 | ||||||
1,764 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 16,176 | ||||||
1,915 | Cipla Ltd. (Health Care) | 23,511 | ||||||
5,710 | Coal India Ltd. (Energy) | 12,849 | ||||||
511 | Colgate-Palmolive India Ltd. (Consumer Staples) | 9,836 | ||||||
1,094 | Container Corp. Of India Ltd. (Industrials) | 8,700 | ||||||
2,843 | Dabur India Ltd. (Consumer Staples) | 21,256 | ||||||
388 | Dalmia Bharat Ltd. (Materials) | 8,069 | ||||||
423 | Deepak Nitrite Ltd. (Materials) | 11,223 | ||||||
505 | Divi’s Laboratories Ltd. (Health Care) | 28,585 | ||||||
2,547 | DLF Ltd. (Real Estate) | 11,857 | ||||||
446 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 24,052 | ||||||
516 | Eicher Motors Ltd. (Consumer Discretionary) | 17,736 | ||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
3,896 | Embassy Office Parks REIT (Real Estate) | $ | 19,334 | |||||
458 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)* | 7,849 | ||||||
6,259 | GAIL India Ltd. (Utilities) | 12,032 | ||||||
191 | Gland Pharma Ltd. (Health Care)*(b) | 8,272 | ||||||
1,557 | Godrej Consumer Products Ltd. (Consumer Staples)* | 15,869 | ||||||
390 | Godrej Properties Ltd. (Real Estate)* | 7,775 | ||||||
1,312 | Grasim Industries Ltd. (Materials) | 27,834 | ||||||
717 | Gujarat Gas Ltd. (Utilities) | 5,553 | ||||||
935 | Havells India Ltd. (Industrials) | 14,714 | ||||||
4,135 | HCL Technologies Ltd. (Information Technology) | 61,846 | ||||||
173 | HDFC Asset Management Co. Ltd. (Financials)(b) | 4,790 | ||||||
3,717 | HDFC Life Insurance Co. Ltd. (Financials)(b) | 25,810 | ||||||
607 | Hero MotoCorp Ltd. (Consumer Discretionary) | 20,426 | ||||||
5,176 | Hindalco Industries Ltd. (Materials) | 39,414 | ||||||
155 | Hindustan Aeronautics Ltd. (Industrials) | 2,855 | ||||||
2,423 | Hindustan Petroleum Corp. Ltd. (Energy) | 8,787 | ||||||
3,335 | Hindustan Unilever Ltd. (Consumer Staples) | 96,141 | ||||||
9 | Honeywell Automation India Ltd. (Information Technology) | 4,891 | ||||||
6,576 | Housing Development Finance Corp. Ltd. (Financials) | 206,363 | ||||||
21,124 | ICICI Bank Ltd. (Financials) | 208,219 | ||||||
896 | ICICI Lombard General Insurance Co. Ltd. (Financials)(b) | 15,029 | ||||||
1,618 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(b) | 10,289 | ||||||
14,924 | IDFC First Bank Ltd. (Financials)* | 8,339 | ||||||
6,484 | Indian Oil Corp. Ltd. (Energy) | 9,896 | ||||||
992 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 10,656 | ||||||
1,266 | Indraprastha Gas Ltd. (Utilities) | 5,828 | ||||||
2,803 | Indus Towers Ltd. (Communication Services)* | 8,002 | ||||||
283 | Info Edge India Ltd. (Communication Services) | 16,730 | ||||||
13,453 | Infosys Ltd. (Information Technology) | 306,314 | ||||||
408 | InterGlobe Aviation Ltd. (Industrials)*(b) | 10,152 | ||||||
12,160 | ITC Ltd. (Consumer Staples) | 34,835 | ||||||
1,676 | Jindal Steel & Power Ltd. (Materials)* | 9,450 | ||||||
2,767 | JSW Energy Ltd. (Utilities) | 12,493 | ||||||
3,994 | JSW Steel Ltd. (Materials) | 33,260 | ||||||
296 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 11,434 | ||||||
521 | Kansai Nerolac Paints Ltd. (Materials) | 3,144 | ||||||
4,485 | Kotak Mahindra Bank Ltd. (Financials) | 109,688 | ||||||
113 | L&T Technology Services Ltd. (Industrials)(b) | 6,797 | ||||||
188 | Larsen & Toubro Infotech Ltd. (Information Technology)(b) | 14,596 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
2,830 | Larsen & Toubro Ltd. (Industrials) | 68,236 | ||||||
1,343 | Laurus Labs Ltd. (Health Care)(b) | 9,653 | ||||||
834 | Lupin Ltd. (Health Care) | 8,256 | ||||||
219 | Macrotech Developers Ltd. (Real Estate)*(b) | 3,277 | ||||||
4,255 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 44,661 | ||||||
1,911 | Marico Ltd. (Consumer Staples) | 13,054 | ||||||
471 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 51,972 | ||||||
1,116 | Max Financial Services Ltd. (Financials)* | 12,290 | ||||||
233 | Mindtree Ltd. (Information Technology) | 12,002 | ||||||
5,103 | Motherson Sumi Systems Ltd. (Consumer Discretionary) | 10,189 | ||||||
5,103 | Motherson Sumi Wiring India Ltd. (Consumer Discretionary)*(c) | 2,357 | ||||||
338 | Mphasis Ltd. (Information Technology) | 13,945 | ||||||
12 | MRF Ltd. (Consumer Discretionary) | 10,470 | ||||||
451 | Muthoot Finance Ltd. (Financials) | 8,133 | ||||||
148 | Nestle India Ltd. (Consumer Staples) | 34,647 | ||||||
7,797 | NHPC Ltd. (Utilities) | 2,835 | ||||||
3,180 | NMDC Ltd. (Materials) | 6,042 | ||||||
15,099 | NTPC Ltd. (Utilities) | 26,752 | ||||||
9,668 | Oil & Natural Gas Corp. Ltd. (Energy) | 20,613 | ||||||
377 | One 97 Communications Ltd. (Information Technology)* | 3,993 | ||||||
77 | Oracle Financial Services Software Ltd. (Information Technology) | 3,464 | ||||||
24 | Page Industries Ltd. (Consumer Discretionary) | 13,460 | ||||||
675 | PB Fintech Ltd. (Financials)* | 5,931 | ||||||
2,933 | Petronet LNG Ltd. (Energy) | 8,381 | ||||||
324 | PI Industries Ltd. (Materials) | 10,614 | ||||||
573 | Pidilite Industries Ltd. (Materials) | 18,274 | ||||||
463 | Piramal Enterprises Ltd. (Financials) | 12,721 | ||||||
156 | Polycab India Ltd. (Industrials) | 4,917 | ||||||
4,535 | Power Finance Corp. Ltd. (Financials) | 6,612 | ||||||
12,398 | Power Grid Corp. of India Ltd. (Utilities) | 34,414 | ||||||
9,039 | Punjab National Bank (Financials)* | 4,187 | ||||||
3,547 | REC Ltd. (Financials) | 5,769 | ||||||
13,077 | Reliance Industries Ltd. (Energy) | 409,514 | ||||||
989 | SBI Cards & Payment Services Ltd. (Financials)* | 10,311 | ||||||
1,640 | SBI Life Insurance Co. Ltd. (Financials)(b) | 23,075 | ||||||
39 | Shree Cement Ltd. (Materials) | 12,637 | ||||||
735 | Shriram Transport Finance Co. Ltd. (Financials) | 10,966 | ||||||
276 | Siemens Ltd. (Industrials) | 8,599 | ||||||
729 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(b) | 6,154 | ||||||
531 | SRF Ltd. (Materials) | 16,798 | ||||||
7,338 | State Bank of India (Financials) | 47,058 | ||||||
4,578 | Steel Authority of India Ltd. (Materials) | 5,854 | ||||||
3,786 | Sun Pharmaceutical Industries Ltd. (Health Care) | 42,404 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
423 | Tata Communications Ltd. (Communication Services) | $ | 6,643 | |||||
3,666 | Tata Consultancy Services Ltd. (Information Technology) | 172,928 | ||||||
2,561 | Tata Consumer Products Ltd. (Consumer Staples) | 24,425 | ||||||
141 | Tata Elxsi Ltd. (Information Technology) | 12,036 | ||||||
6,624 | Tata Motors Ltd. (Consumer Discretionary)* | 39,917 | ||||||
1,762 | Tata Motors Ltd., Class A (Consumer Discretionary)* | 5,070 | ||||||
6,021 | Tata Power Co. Ltd. (The) (Utilities) | 17,824 | ||||||
2,737 | Tata Steel Ltd. (Materials) | 44,344 | ||||||
2,341 | Tech Mahindra Ltd. (Information Technology) | 43,808 | ||||||
1,490 | Titan Co. Ltd. (Consumer Discretionary) | 50,358 | ||||||
192 | Torrent Pharmaceuticals Ltd. (Health Care) | 7,007 | ||||||
771 | Trent Ltd. (Consumer Discretionary) | 11,339 | ||||||
447 | UltraTech Cement Ltd. (Materials) | 38,964 | ||||||
280 | United Breweries Ltd. (Consumer Staples) | 5,578 | ||||||
1,238 | United Spirits Ltd. (Consumer Staples)* | 14,543 | ||||||
1,939 | UPL Ltd. (Materials) | 17,125 | ||||||
639 | Varun Beverages Ltd. (Consumer Staples) | 8,018 | ||||||
3,018 | Vedanta Ltd. (Materials) | 15,233 | ||||||
940 | Voltas Ltd. (Industrials) | 15,758 | ||||||
5,165 | Wipro Ltd. (Information Technology) | 38,100 | ||||||
60,543 | Yes Bank Ltd. (Financials)* | 10,647 | ||||||
3,271 | Zomato Ltd. (Consumer Discretionary)* | 3,471 | ||||||
|
|
|||||||
4,197,470 | ||||||||
|
|
|||||||
Indonesia – 1.8% | ||||||||
57,471 | Adaro Energy Tbk PT (Energy) | 9,801 | ||||||
36,424 | Aneka Tambang Tbk (Materials) | 5,628 | ||||||
75,049 | Astra International Tbk PT (Consumer Discretionary) | 30,297 | ||||||
68,674 | Avia Avian Tbk PT (Materials)* | 3,896 | ||||||
15,718 | Bank Aladin Syariah Tbk PT (Financials)* | 2,462 | ||||||
227,465 | Bank Central Asia Tbk PT (Financials) | 127,451 | ||||||
25,994 | Bank Jago Tbk PT (Financials)* | 29,265 | ||||||
72,810 | Bank Mandiri Persero Tbk PT (Financials) | 39,023 | ||||||
30,649 | Bank Negara Indonesia Persero Tbk PT (Financials) | 17,066 | ||||||
267,837 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 84,823 | ||||||
112,249 | Barito Pacific Tbk PT (Materials) | 6,954 | ||||||
99,285 | Bukalapak.com PT Tbk (Consumer Discretionary)* | 2,336 | ||||||
20,484 | Chandra Asri Petrochemical Tbk PT (Materials) | 12,868 | ||||||
31,008 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | 12,518 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Indonesia – (continued) | ||||||||
96,592 | Dayamitra Telekomunikasi PT (Communication Services)* | 5,210 | ||||||
75,252 | Elang Mahkota Teknologi Tbk PT (Communication Services)* | 10,842 | ||||||
1,984 | Gudang Garam Tbk PT (Consumer Staples) | 4,336 | ||||||
11,449 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 6,435 | ||||||
7,416 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 5,652 | ||||||
9,846 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 5,825 | ||||||
18,019 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 7,776 | ||||||
84,052 | Kalbe Farma Tbk PT (Health Care) | 9,624 | ||||||
45,655 | Merdeka Copper Gold Tbk PT (Materials)* | 12,298 | ||||||
99,953 | Sarana Menara Nusantara Tbk PT (Communication Services) | 7,201 | ||||||
13,011 | Semen Indonesia Persero Tbk PT (Materials) | 6,520 | ||||||
57,539 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 4,365 | ||||||
195,112 | Telkom Indonesia Persero Tbk PT (Communication Services) | 58,940 | ||||||
38,277 | Tower Bersama Infrastructure Tbk PT (Communication Services) | 7,833 | ||||||
24,832 | Unilever Indonesia Tbk PT (Consumer Staples) | 6,361 | ||||||
6,408 | United Tractors Tbk PT (Energy) | 11,106 | ||||||
|
|
|||||||
554,712 | ||||||||
|
|
|||||||
Kuwait – 0.7% | ||||||||
4,596 | Agility Public Warehousing Co. KSC (Industrials) | 15,421 | ||||||
4,104 | Boubyan Bank KSCP (Financials)* | 11,154 | ||||||
17,757 | Kuwait Finance House KSCP (Financials) | 55,359 | ||||||
2,372 | Mabanee Co KPSC (Real Estate) | 6,643 | ||||||
9,585 | Mobile Telecommunications Co. KSCP (Communication Services) | 19,626 | ||||||
27,673 | National Bank of Kuwait SAKP (Financials) | 96,417 | ||||||
|
|
|||||||
204,620 | ||||||||
|
|
|||||||
Luxembourg – 0.0% | ||||||||
644 | Reinet Investments SCA (Financials) | 13,211 | ||||||
|
|
|||||||
Mexico – 2.1% | ||||||||
20,169 | Alfa SAB de CV, Class A (Industrials) | 15,142 | ||||||
117,383 | America Movil SAB de CV, Series L (Communication Services) | 106,338 | ||||||
1,876 | Arca Continental SAB de CV (Consumer Staples) | 12,406 | ||||||
1,832 | Becle SAB de CV (Consumer Staples) | 4,605 | ||||||
60,471 | Cemex SAB de CV, Series CPO (Materials)* | 31,135 | ||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
Mexico – (continued) | ||||||||
2,053 | Coca-Cola Femsa SAB de CV (Consumer Staples) | $ | 11,302 | |||||
812 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 3,953 | ||||||
12,605 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 14,238 | ||||||
8,885 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 71,763 | ||||||
766 | Gruma SAB de CV, Class B (Consumer Staples) | 10,413 | ||||||
1,533 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)* | 22,351 | ||||||
493 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 10,687 | ||||||
5,460 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 16,854 | ||||||
1,768 | Grupo Carso SAB de CV, Series A1 (Industrials) | 5,397 | ||||||
245 | Grupo Elektra SAB DE CV (Financials) | 16,112 | ||||||
11,855 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 80,381 | ||||||
7,334 | Grupo Financiero Inbursa SAB de CV, Class O (Financials)* | 11,981 | ||||||
12,910 | Grupo Mexico SAB de CV, Series B (Materials) | 66,387 | ||||||
10,491 | Grupo Televisa SAB, Series CPO (Communication Services) | 22,540 | ||||||
555 | Industrias Penoles SAB de CV (Materials) | 6,943 | ||||||
6,807 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 9,575 | ||||||
3,851 | Orbia Advance Corp. SAB de CV (Materials) | 9,861 | ||||||
5,438 | Telesites SAB de CV (Communication Services) | 6,044 | ||||||
21,171 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 80,716 | ||||||
|
|
|||||||
647,124 | ||||||||
|
|
|||||||
Pakistan – 0.0% | ||||||||
3,635 | Cnergyico Pk Ltd. (Energy)* | 113 | ||||||
1,352 | DG Khan Cement Co. Ltd. (Materials) | 547 | ||||||
2,983 | Habib Bank Ltd. (Financials) | 1,954 | ||||||
4,801 | Hub Power Co. Ltd. (The) (Utilities) | 1,947 | ||||||
854 | Lucky Cement Ltd. (Materials)* | 3,125 | ||||||
2,201 | Maple Leaf Cement Factory Ltd. (Materials)* | 415 | ||||||
2,739 | Oil & Gas Development Co. Ltd. (Energy) | 1,356 | ||||||
2,909 | Pakistan Petroleum Ltd. (Energy) | 1,282 | ||||||
1,825 | TRG Pakistan (Industrials) | 712 | ||||||
2,156 | United Bank Ltd. (Financials) | 1,803 | ||||||
|
|
|||||||
13,254 | ||||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Peru – 0.2% | ||||||||
267 | Credicorp Ltd. (Financials) | 40,384 | ||||||
159 | InRetail Peru Corp. (Consumer Staples)(b) | 5,627 | ||||||
147 | Intercorp Financial Services, Inc. (Financials)(a) | 4,748 | ||||||
|
|
|||||||
50,759 | ||||||||
|
|
|||||||
Philippines – 0.8% | ||||||||
9,259 | Aboitiz Equity Ventures, Inc. (Industrials) | 10,817 | ||||||
25,267 | AC Energy Corp. (Utilities) | 4,189 | ||||||
1,019 | Ayala Corp. (Industrials) | 16,894 | ||||||
25,025 | Ayala Land, Inc. (Real Estate) | 19,036 | ||||||
7,677 | Bank of the Philippine Islands (Financials) | 14,974 | ||||||
7,212 | BDO Unibank, Inc. (Financials) | 18,174 | ||||||
8,047 | Converge Information and Communications Technology Solutions, Inc. (Communication Services)* | 4,081 | ||||||
9,932 | Emperador, Inc. (Consumer Staples) | 3,743 | ||||||
125 | Globe Telecom, Inc. (Communication Services) | 6,261 | ||||||
3,468 | International Container Terminal Services, Inc. (Industrials) | 14,245 | ||||||
12,334 | JG Summit Holdings, Inc. (Industrials) | 14,506 | ||||||
1,825 | Jollibee Foods Corp. (Consumer Discretionary) | 8,579 | ||||||
1,194 | Manila Electric Co. (Utilities) | 8,570 | ||||||
7,396 | Metropolitan Bank & Trust Co. (Financials) | 8,237 | ||||||
23,814 | Monde Nissin Corp. (Consumer Staples)*(b) | 7,673 | ||||||
368 | PLDT, Inc. (Communication Services) | 12,913 | ||||||
1,981 | SM Investments Corp. (Industrials) | 34,466 | ||||||
43,901 | SM Prime Holdings, Inc. (Real Estate) | 34,079 | ||||||
3,749 | Universal Robina Corp. (Consumer Staples) | 8,775 | ||||||
|
|
|||||||
250,212 | ||||||||
|
|
|||||||
Qatar – 1.0% | ||||||||
8,153 | Commercial Bank PSQC (The) (Financials) | 15,451 | ||||||
12,187 | Industries Qatar QSC (Industrials) | 61,253 | ||||||
18,735 | Masraf Al Rayan QSC (Financials) | 25,728 | ||||||
18,462 | Mesaieed Petrochemical Holding Co. (Materials) | 13,539 | ||||||
4,199 | Ooredoo QPSC (Communication Services) | 8,851 | ||||||
1,724 | Qatar Electricity & Water Co. QSC (Utilities) | 8,499 | ||||||
2,072 | Qatar Fuel QSC (Energy) | 10,585 | ||||||
11,545 | Qatar Gas Transport Co. Ltd. (Energy) | 11,938 | ||||||
3,049 | Qatar International Islamic Bank QSC (Financials) | 8,583 | ||||||
4,760 | Qatar Islamic Bank (Financials) | 27,572 | ||||||
18,254 | Qatar National Bank QPSC (Financials) | 109,293 | ||||||
|
|
|||||||
301,292 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
Russia – 0.9% | ||||||||
12,708 | Alrosa PJSC (Materials)(c) | $ | 6,740 | |||||
801 | Gazprom Neft PJSC (Energy)(c) | 2,002 | ||||||
49,291 | Gazprom PJSC (Energy)(c) | 73,214 | ||||||
1,413 | LUKOIL PJSC (Energy)(c) | 45,042 | ||||||
263 | MMC Norilsk Nickel PJSC (Materials)(c) | 28,451 | ||||||
4,560 | Mobile TeleSystems PJSC (Communication Services)(c) | 6,100 | ||||||
3,099 | Novatek PJSC (Energy)(c) | 22,388 | ||||||
5,287 | Novolipetsk Steel PJSC (Materials)(c) | 5,643 | ||||||
780 | PIK Group PJSC (Consumer Discretionary)(c) | 2,422 | ||||||
1,389 | Polymetal International PLC (Materials)(c) | 7,842 | ||||||
128 | Polyus PJSC (Materials)(c) | 8,747 | ||||||
5,078 | Rosneft Oil Co. PJSC (Energy)(c) | 10,631 | ||||||
44,370 | Sberbank of Russia PJSC (Financials)(c) | 17,924 | ||||||
969 | Severstal PAO (Materials)(c) | 8,446 | ||||||
146,300 | Surgutneftegas PJSC (Energy)(c) | 14,757 | ||||||
6,047 | Tatneft PJSC (Energy)(c) | 17,279 | ||||||
6,503 | United Co RUSAL International PJSC (Materials)*(c) | 2,102 | ||||||
1,289 | Yandex NV, Class A (Communication Services)*(c) | 12,905 | ||||||
|
|
|||||||
292,635 | ||||||||
|
|
|||||||
Saudi Arabia – 4.0% | ||||||||
1,342 | ACWA Power Co. (Utilities)* | 35,770 | ||||||
436 | Advanced Petrochemical Co. (Materials) | 8,716 | ||||||
5,036 | Al Rajhi Bank (Financials) | 215,309 | ||||||
4,029 | Alinma Bank (Financials) | 38,124 | ||||||
1,193 | Almarai Co. JSC (Consumer Staples) | 15,931 | ||||||
2,880 | Arab National Bank (Financials) | 21,494 | ||||||
684 | Arabian Centres Co. Ltd. (Real Estate) | 4,139 | ||||||
99 | Arabian Internet & Co.mmunications Services Co. (Information Technology)* | 5,378 | ||||||
1,511 | Bank AlBilad (Financials)* | 23,722 | ||||||
2,428 | Banque Saudi Fransi (Financials) | 34,365 | ||||||
109 | BinDawood Holding Co. (Consumer Staples) | 2,609 | ||||||
244 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 10,536 | ||||||
2,176 | Dar Al Arkan Real Estate Development Co. (Real Estate)* | 6,345 | ||||||
360 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 16,428 | ||||||
1,604 | Etihad Etisalat Co. (Communication Services) | 14,921 | ||||||
250 | Jarir Marketing Co. (Consumer Discretionary) | 13,914 | ||||||
178 | Mouwasat Medical Services Co. (Health Care) | 9,840 | ||||||
1,348 | National Industrialization Co. (Materials)* | 8,106 | ||||||
538 | National Petrochemical Co. (Materials) | 6,453 | ||||||
899 | Rabigh Refining & Petrochemical Co. (Energy)* | 5,871 | ||||||
6,044 | Riyad Bank (Financials) | 57,191 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Saudi Arabia – (continued) | ||||||||
763 | SABIC Agri-Nutrients Co. (Materials) | 32,377 | ||||||
1,477 | Sahara International Petrochemical Co. (Materials) | 18,346 | ||||||
1,660 | Saudi Arabian Mining Co. (Materials)* | 47,255 | ||||||
14,470 | Saudi Arabian Oil Co. (Energy)(b) | 160,255 | ||||||
2,752 | Saudi Basic Industries Corp. (Materials) | 91,398 | ||||||
4,139 | Saudi British Bank (The) (Financials) | 42,695 | ||||||
3,217 | Saudi Electricity Co. (Utilities) | 23,666 | ||||||
907 | Saudi Industrial Investment Group (Materials) | 8,522 | ||||||
3,022 | Saudi Kayan Petrochemical Co. (Materials)* | 16,384 | ||||||
9,021 | Saudi National Bank (The) (Financials) | 163,988 | ||||||
2,454 | Saudi Telecom Co. (Communication Services) | 74,568 | ||||||
1,113 | Savola Group (The) (Consumer Staples) | 10,057 | ||||||
877 | Yanbu National Petrochemical Co. (Materials) | 16,036 | ||||||
|
|
|||||||
1,260,709 | ||||||||
|
|
|||||||
Singapore – 0.0% | ||||||||
852 | BOC Aviation Ltd. (Industrials)(b) | 7,387 | ||||||
|
|
|||||||
South Africa – 3.0% | ||||||||
2,455 | Absa Group Ltd. (Financials) | 28,063 | ||||||
357 | African Rainbow Minerals Ltd. (Materials) | 6,322 | ||||||
171 | Anglo American Platinum Ltd. (Materials) | 26,559 | ||||||
1,522 | Aspen Pharmacare Holdings Ltd. (Health Care) | 19,798 | ||||||
1,373 | Bid Corp. Ltd. (Consumer Staples) | 27,758 | ||||||
1,354 | Bidvest Group Ltd. (The) (Industrials) | 18,439 | ||||||
253 | Capitec Bank Holdings Ltd. (Financials) | 33,963 | ||||||
1,002 | Clicks Group Ltd. (Consumer Staples)(a) | 19,385 | ||||||
1,452 | Discovery Ltd. (Financials)* | 14,828 | ||||||
1,186 | Exxaro Resources Ltd. (Energy) | 15,201 | ||||||
15,330 | FirstRand Ltd. (Financials) | 65,596 | ||||||
2,860 | Gold Fields Ltd. (Materials) | 39,761 | ||||||
2,020 | Harmony Gold Mining Co. Ltd. (Materials) | 8,783 | ||||||
3,348 | Impala Platinum Holdings Ltd. (Materials) | 63,682 | ||||||
821 | Investec Ltd. (Financials) | 4,593 | ||||||
193 | Kumba Iron Ore Ltd. (Materials) | 7,550 | ||||||
6,886 | MTN Group Ltd. (Communication Services)* | 85,381 | ||||||
1,435 | MultiChoice Group (Communication Services) | 11,703 | ||||||
901 | Naspers Ltd., Class N (Consumer Discretionary) | 112,444 | ||||||
1,656 | Nedbank Group Ltd. (Financials) | 23,426 | ||||||
1,437 | Northam Platinum Holdings Ltd. (Materials)* | 23,088 | ||||||
19,358 | Old Mutual Ltd. (Financials) | 15,784 | ||||||
3,401 | Pepkor Holdings Ltd. (Consumer Discretionary)(b) | 4,831 | ||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
South Africa – (continued) | ||||||||
2,454 | Rand Merchant Investment Holdings Ltd. (Financials) | $ | 7,683 | |||||
2,176 | Remgro Ltd. (Financials) | 19,677 | ||||||
6,874 | Sanlam Ltd. (Financials) | 28,764 | ||||||
1,812 | Sasol Ltd. (Materials)* | 41,111 | ||||||
1,736 | Shoprite Holdings Ltd. (Consumer Staples) | 25,727 | ||||||
10,907 | Sibanye Stillwater Ltd. (Materials) | 50,376 | ||||||
5,321 | Standard Bank Group Ltd. (Financials) | 56,004 | ||||||
2,440 | Vodacom Group Ltd. (Communication Services) | 23,371 | ||||||
4,271 | Woolworths Holdings Ltd. (Consumer Discretionary) | 13,958 | ||||||
|
|
|||||||
943,609 | ||||||||
|
|
|||||||
South Korea – 11.2% | ||||||||
117 | Alteogen, Inc. (Health Care)* | 5,196 | ||||||
105 | Amorepacific Corp. (Consumer Staples) | 16,069 | ||||||
132 | AMOREPACIFIC Group (Consumer Staples) | 5,358 | ||||||
35 | BGF retail Co. Ltd. (Consumer Staples) | 4,934 | ||||||
1,142 | BNK Financial Group, Inc. (Financials) | 7,484 | ||||||
171 | Bukwang Pharmaceutical Co. Ltd. (Health Care) | 1,764 | ||||||
393 | Celltrion Healthcare Co. Ltd. (Health Care) | 20,756 | ||||||
75 | Celltrion Pharm, Inc. (Health Care)* | 5,483 | ||||||
355 | Celltrion, Inc. (Health Care) | 47,093 | ||||||
219 | Cheil Worldwide, Inc. (Communication Services) | 4,098 | ||||||
25 | Chong Kun Dang Pharmaceutical Corp. (Health Care) | 1,998 | ||||||
25 | CJ CheilJedang Corp. (Consumer Staples) | 7,870 | ||||||
51 | CJ Corp. (Industrials) | 3,567 | ||||||
45 | CJ ENM Co. Ltd. (Communication Services) | 4,865 | ||||||
29 | CJ Logistics Corp. (Industrials)* | 2,991 | ||||||
203 | Coway Co. Ltd. (Consumer Discretionary) | 12,173 | ||||||
90 | CS Wind Corp. (Industrials) | 4,461 | ||||||
733 | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | 3,822 | ||||||
172 | Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)* | 3,791 | ||||||
165 | DB Insurance Co. Ltd. (Financials) | 8,481 | ||||||
61 | DL E&C Co. Ltd. (Industrials) | 6,519 | ||||||
207 | Dongsuh Cos., Inc. (Consumer Staples) | 4,726 | ||||||
175 | Doosan Bobcat, Inc. (Industrials) | 5,553 | ||||||
24 | Doosan Co. Ltd. (Industrials)* | 2,266 | ||||||
102 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 3,292 | ||||||
1,195 | Doosan Heavy Industries & Construction Co. Ltd. (Industrials)* | 20,673 | ||||||
87 | Douzone Bizon Co. Ltd. (Information Technology) | 3,495 | ||||||
44 | Ecopro BM Co. Ltd. (Industrials) | 13,730 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
67 | E-MART, Inc. (Consumer Staples) | 7,244 | ||||||
14 | F&F Co. Ltd. (Consumer Discretionary) | 10,363 | ||||||
174 | Fila Holdings Corp. (Consumer Discretionary) | 5,094 | ||||||
83 | Genexine, Inc. (Health Care)* | 3,207 | ||||||
19 | Green Cross Corp. (Health Care) | 2,876 | ||||||
223 | GS Engineering & Construction Corp. (Industrials) | 7,947 | ||||||
279 | GS Holdings Corp. (Energy) | 9,282 | ||||||
155 | GS Retail Co. Ltd. (Consumer Staples) | 3,423 | ||||||
1,061 | Hana Financial Group, Inc. (Financials) | 42,975 | ||||||
62 | Hanjin Kal Corp. (Industrials)* | 2,718 | ||||||
278 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 8,139 | ||||||
23 | Hanmi Pharm Co. Ltd. (Health Care)* | 5,069 | ||||||
115 | Hanmi Science Co. Ltd. (Health Care)* | 4,347 | ||||||
583 | Hanon Systems (Consumer Discretionary) | 5,600 | ||||||
33 | Hansol Chemical Co. Ltd. (Materials) | 5,887 | ||||||
43 | Hanssem Co. Ltd. (Consumer Discretionary) | 2,611 | ||||||
115 | Hanwha Aerospace Co. Ltd. (Industrials) | 4,974 | ||||||
128 | Hanwha Corp. (Industrials) | 3,231 | ||||||
1,675 | Hanwha Life Insurance Co. Ltd. (Financials)* | 4,117 | ||||||
424 | Hanwha Solutions Corp. (Materials)* | 11,937 | ||||||
208 | Hanwha Systems Co. Ltd. (Industrials) | 2,716 | ||||||
147 | HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials) | 1,962 | ||||||
151 | Helixmith Co. Ltd. (Health Care)* | 2,524 | ||||||
114 | Hite Jinro Co. Ltd. (Consumer Staples)* | 3,375 | ||||||
385 | HLB, Inc. (Consumer Discretionary)* | 9,958 | ||||||
1,088 | HMM Co. Ltd. (Industrials)* | 26,106 | ||||||
132 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 8,838 | ||||||
29 | Hugel, Inc. (Health Care) | 3,541 | ||||||
53 | HYBE Co. Ltd. (Communication Services)* | 12,717 | ||||||
9 | Hyosung Advanced Materials Corp. (Materials) | 3,473 | ||||||
9 | Hyosung TNC Corp. (Materials) | 3,608 | ||||||
24 | Hyundai Autoever Corp. (Information Technology) | 2,146 | ||||||
59 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 3,818 | ||||||
368 | Hyundai Doosan Infracore Co. Ltd. (Industrials)* | 2,069 | ||||||
95 | Hyundai Elevator Co. Ltd. (Industrials)* | 2,983 | ||||||
254 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 9,147 | ||||||
63 | Hyundai Glovis Co. Ltd. (Industrials) | 9,222 | ||||||
74 | Hyundai Heavy Industries Co. Ltd. (Industrials)* | 6,739 | ||||||
167 | Hyundai Heavy Industries Holdings Co. Ltd. (Energy) | 7,139 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
205 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | $ | 4,910 | |||||
79 | Hyundai Mipo Dockyard Co. Ltd. (Industrials) | 5,243 | ||||||
220 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 40,986 | ||||||
471 | Hyundai Motor Co. (Consumer Discretionary) | 68,553 | ||||||
309 | Hyundai Steel Co. (Materials) | 10,203 | ||||||
80 | Iljin Materials Co. Ltd. (Information Technology) | 6,048 | ||||||
950 | Industrial Bank of Korea (Financials) | 8,494 | ||||||
1,092 | Kakao Corp. (Communication Services) | 85,464 | ||||||
139 | Kakao Games Corp. (Communication Services)* | 8,497 | ||||||
45 | Kakao Pay Corp. (Information Technology)* | 5,595 | ||||||
815 | KakaoBank Corp. (Financials)* | 32,536 | ||||||
487 | Kangwon Land, Inc. (Consumer Discretionary)* | 10,734 | ||||||
1,298 | KB Financial Group, Inc. (Financials) | 64,449 | ||||||
15 | KCC Corp. (Materials) | 4,136 | ||||||
76 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials)* | 2,339 | ||||||
886 | Kia Corp. (Consumer Discretionary) | 54,382 | ||||||
54 | KIWOOM Securities Co. Ltd. (Financials)* | 4,559 | ||||||
104 | KMW Co. Ltd. (Information Technology) | 2,686 | ||||||
47 | Kolmar BNH Co. Ltd. (Consumer Staples)* | 1,394 | ||||||
305 | Korea Aerospace Industries Ltd. (Industrials)* | 9,411 | ||||||
1,053 | Korea Electric Power Corp. (Utilities) | 20,318 | ||||||
118 | Korea Gas Corp. (Utilities) | 4,029 | ||||||
151 | Korea Investment Holdings Co. Ltd. (Financials)* | 9,947 | ||||||
163 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | 11,957 | ||||||
37 | Korea Zinc Co. Ltd. (Materials) | 16,925 | ||||||
713 | Korean Air Lines Co. Ltd. (Industrials)* | 17,375 | ||||||
81 | Krafton, Inc. (Communication Services)* | 19,874 | ||||||
262 | KT Corp. (Communication Services) | 6,973 | ||||||
404 | KT&G Corp. (Consumer Staples) | 26,813 | ||||||
66 | Kumho Petrochemical Co. Ltd. (Materials)* | 8,810 | ||||||
89 | L&F Co. Ltd. (Information Technology) | 14,434 | ||||||
39 | LEENO Industrial, Inc. (Information Technology) | 5,842 | ||||||
165 | LG Chem Ltd. (Materials) | 77,536 | ||||||
408 | LG Corp. (Industrials) | 25,518 | ||||||
847 | LG Display Co. Ltd. (Information Technology) | 13,173 | ||||||
383 | LG Electronics, Inc. (Consumer Discretionary) | 39,340 | ||||||
34 | LG Household & Health Care Ltd. (Consumer Staples) | 26,864 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
49 | LG Innotek Co. Ltd. (Information Technology) | 13,326 | ||||||
910 | LG Uplus Corp. (Communication Services) | 9,953 | ||||||
51 | Lotte Chemical Corp. (Materials) | 9,332 | ||||||
133 | Lotte Corp. (Industrials) | 3,213 | ||||||
45 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 3,193 | ||||||
79 | LS Corp. (Industrials) | 3,200 | ||||||
177 | LX Holdings Corp. (Industrials)* | 1,437 | ||||||
109 | Mando Corp. (Consumer Discretionary) | 4,111 | ||||||
59 | MedPacto, Inc. (Health Care)* | 1,705 | ||||||
22 | Medytox, Inc. (Health Care)* | 2,229 | ||||||
144 | Meritz Financial Group, Inc. (Financials) | 4,413 | ||||||
152 | Meritz Fire & Marine Insurance Co. Ltd. (Financials) | 5,196 | ||||||
1,039 | Meritz Securities Co. Ltd. (Financials) | 5,064 | ||||||
1,043 | Mirae Asset Securities Co. Ltd. (Financials) | 7,625 | ||||||
508 | NAVER Corp. (Communication Services) | 134,357 | ||||||
58 | NCSoft Corp. (Communication Services) | 21,394 | ||||||
75 | Netmarble Corp. (Communication Services)(b) | 6,394 | ||||||
465 | NH Investment & Securities Co. Ltd. (Financials) | 4,467 | ||||||
13 | NongShim Co. Ltd. (Consumer Staples) | 3,319 | ||||||
75 | OCI Co. Ltd. (Materials) | 6,550 | ||||||
82 | Orion Corp. (Consumer Staples) | 6,240 | ||||||
926 | Pan Ocean Co. Ltd. (Industrials) | 5,060 | ||||||
117 | Pearl Abyss Corp. (Communication Services)* | 9,254 | ||||||
270 | POSCO (Materials) | 64,000 | ||||||
115 | POSCO Chemical Co. Ltd. (Materials) | 10,856 | ||||||
185 | Posco International Corp. (Industrials) | 3,177 | ||||||
73 | S-1 Corp. (Industrials) | 4,238 | ||||||
54 | Samsung Biologics Co. Ltd. (Health Care)*(b) | 34,986 | ||||||
289 | Samsung C&T Corp. (Industrials) | 26,440 | ||||||
111 | Samsung Card Co. Ltd. (Financials) | 2,968 | ||||||
193 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 26,646 | ||||||
19,378 | Samsung Electronics Co. Ltd. (Information Technology) | 1,162,019 | ||||||
595 | Samsung Engineering Co. Ltd. (Industrials)* | 11,481 | ||||||
116 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 18,379 | ||||||
262 | Samsung Life Insurance Co. Ltd. (Financials) | 13,031 | ||||||
185 | Samsung SDI Co. Ltd. (Information Technology) | 84,318 | ||||||
119 | Samsung SDS Co. Ltd. (Information Technology) | 13,856 | ||||||
208 | Samsung Securities Co. Ltd. (Financials) | 7,318 | ||||||
157 | SD Biosensor, Inc. (Health Care) | 7,130 | ||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
159 | Seegene, Inc. (Health Care) | $ | 6,784 | |||||
154 | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | 4,444 | ||||||
1,800 | Shinhan Financial Group Co. Ltd. (Financials) | 58,461 | ||||||
26 | Shinsegae, Inc. (Consumer Discretionary) | 5,655 | ||||||
92 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 6,473 | ||||||
68 | SK Bioscience Co. Ltd. (Health Care)* | 8,257 | ||||||
42 | SK Chemicals Co. Ltd. (Materials) | 4,366 | ||||||
1,930 | SK Hynix, Inc. (Information Technology) | 198,241 | ||||||
99 | SK IE Technology Co. Ltd. (Materials)*(b) | 10,169 | ||||||
171 | SK Innovation Co. Ltd. (Energy)* | 28,505 | ||||||
525 | SK Networks Co. Ltd. (Industrials) | 1,926 | ||||||
403 | SK Square Co. Ltd. (Information Technology)* | 18,703 | ||||||
219 | SK Telecom Co. Ltd. (Communication Services) | 9,945 | ||||||
129 | SK, Inc. (Industrials) | 24,408 | ||||||
70 | SKC Co. Ltd. (Materials) | 8,005 | ||||||
133 | S-Oil Corp. (Energy) | 9,347 | ||||||
51 | Solus Advanced Materials Co. Ltd. (Information Technology) | 2,672 | ||||||
17 | Soulbrain Co. Ltd./New (Materials) | 3,214 | ||||||
459 | SSANGYONG C&E Co. Ltd. (Materials) | 2,894 | ||||||
52 | Studio Dragon Corp. (Communication Services)* | 3,689 | ||||||
67 | Wemade Co. Ltd. (Communication Services) | 6,080 | ||||||
121 | WONIK IPS Co. Ltd. (Information Technology) | 3,608 | ||||||
2,004 | Woori Financial Group, Inc. (Financials) | 23,834 | ||||||
162 | Yuhan Corp. (Health Care) | 7,828 | ||||||
|
|
|||||||
3,501,360 | ||||||||
|
|
|||||||
Taiwan – 16.1% | ||||||||
1,908 | Accton Technology Corp. (Information Technology) | 17,151 | ||||||
12,248 | Acer, Inc. (Information Technology) | 12,582 | ||||||
1,651 | Advantech Co. Ltd. (Information Technology) | 21,583 | ||||||
13,528 | ASE Technology Holding Co. Ltd. (Information Technology) | 47,916 | ||||||
9,030 | Asia Cement Corp. (Materials) | 14,527 | ||||||
113 | ASMedia Technology, Inc. (Information Technology) | 6,852 | ||||||
2,581 | Asustek Computer, Inc. (Information Technology) | 34,202 | ||||||
33,195 | AU Optronics Corp. (Information Technology) | 24,332 | ||||||
2,735 | Catcher Technology Co. Ltd. (Information Technology) | 13,951 | ||||||
30,664 | Cathay Financial Holding Co. Ltd. (Financials) | 68,142 | ||||||
5,291 | Chailease Holding Co. Ltd. (Financials) | 47,371 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
21,192 | Chang Hwa Commercial Bank Ltd. (Financials) | 13,380 | ||||||
6,604 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 8,386 | ||||||
2,395 | Chicony Electronics Co. Ltd. (Information Technology) | 7,654 | ||||||
11,528 | China Airlines Ltd. (Industrials)* | 11,472 | ||||||
67,145 | China Development Financial Holding Corp. (Financials) | 45,386 | ||||||
46,809 | China Steel Corp. (Materials) | 60,108 | ||||||
1,551 | Chroma ATE, Inc. (Information Technology) | 10,428 | ||||||
15,581 | Chunghwa Telecom Co. Ltd. (Communication Services) | 69,193 | ||||||
16,951 | Compal Electronics, Inc. (Information Technology) | 15,358 | ||||||
74,299 | CTBC Financial Holding Co. Ltd. (Financials) | 71,954 | ||||||
7,580 | Delta Electronics, Inc. (Information Technology) | 66,648 | ||||||
740 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 15,283 | ||||||
259 | eMemory Technology, Inc. (Information Technology) | 17,045 | ||||||
48,233 | E.Sun Financial Holding Co. Ltd. (Financials) | 50,667 | ||||||
9,230 | Eva Airways Corp. (Industrials)* | 10,618 | ||||||
10,301 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 52,727 | ||||||
12,741 | Far Eastern New Century Corp. (Industrials) | 13,430 | ||||||
6,545 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 16,179 | ||||||
1,717 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 12,678 | ||||||
41,253 | First Financial Holding Co. Ltd. (Financials) | 37,817 | ||||||
13,389 | Formosa Chemicals & Fibre Corp. (Materials) | 37,729 | ||||||
4,654 | Formosa Petrochemical Corp. (Energy) | 16,235 | ||||||
19,090 | Formosa Plastics Corp. (Materials) | 71,498 | ||||||
254 | Formosa Sumco Technology Corp. (Information Technology) | 2,328 | ||||||
3,350 | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | 3,406 | ||||||
3,858 | Foxconn Technology Co. Ltd. (Information Technology) | 8,780 | ||||||
28,896 | Fubon Financial Holding Co. Ltd. (Financials) | 77,406 | ||||||
1,159 | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | 11,968 | ||||||
830 | Globalwafers Co. Ltd. (Information Technology) | 20,369 | ||||||
4,287 | Highwealth Construction Corp. (Real Estate) | 7,485 | ||||||
1,094 | Hiwin Technologies Corp. (Industrials) | 10,321 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
48,429 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | $ | 177,927 | |||||
1,129 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 25,371 | ||||||
39,136 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 30,851 | ||||||
38,106 | Innolux Corp. (Information Technology) | 22,767 | ||||||
10,632 | Inventec Corp. (Information Technology) | 9,727 | ||||||
362 | Largan Precision Co. Ltd. (Information Technology) | 26,083 | ||||||
8,411 | Lite-On Technology Corp. (Information Technology) | 20,521 | ||||||
7,378 | Macronix International Co. Ltd. (Information Technology) | 11,448 | ||||||
5,965 | MediaTek, Inc. (Information Technology) | 230,855 | ||||||
40,942 | Mega Financial Holding Co. Ltd. (Financials) | 54,911 | ||||||
812 | Merida Industry Co. Ltd. (Consumer Discretionary) | 8,197 | ||||||
2,729 | Micro-Star International Co. Ltd. (Information Technology) | 15,137 | ||||||
256 | momo.com, Inc. (Consumer Discretionary) | 8,976 | ||||||
19,330 | Nan Ya Plastics Corp. (Materials) | 60,469 | ||||||
874 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 16,336 | ||||||
4,724 | Nanya Technology Corp. (Information Technology) | 12,992 | ||||||
551 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 7,095 | ||||||
2,177 | Novatek Microelectronics Corp. (Information Technology) | 35,449 | ||||||
939 | Oneness Biotech Co. Ltd. (Health Care)* | 8,290 | ||||||
6,695 | Pegatron Corp. (Information Technology) | 16,502 | ||||||
651 | Phison Electronics Corp. (Information Technology) | 11,843 | ||||||
9,530 | Pou Chen Corp. (Consumer Discretionary) | 10,912 | ||||||
10,202 | Powerchip Semiconductor Manufacturing Corp. (Information Technology) | 19,396 | ||||||
2,702 | Powertech Technology, Inc. (Information Technology) | 9,079 | ||||||
2,149 | President Chain Store Corp. (Consumer Staples) | 20,045 | ||||||
10,656 | Quanta Computer, Inc. (Information Technology) | 35,311 | ||||||
1,769 | Realtek Semiconductor Corp. (Information Technology) | 28,773 | ||||||
4,995 | Ruentex Development Co. Ltd. (Real Estate) | 12,757 | ||||||
1,995 | Ruentex Industries Ltd. (Consumer Discretionary) | 8,184 | ||||||
16,222 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 26,501 | ||||||
47,480 | Shin Kong Financial Holding Co. Ltd. (Financials) | 19,053 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
149 | Silicon Motion Technology Corp. ADR (Information Technology) | 10,808 | ||||||
2,076 | Sino-American Silicon Products, Inc. (Information Technology) | 13,477 | ||||||
40,750 | SinoPac Financial Holdings Co. Ltd. (Financials) | 24,856 | ||||||
2,295 | Standard Foods Corp. (Consumer Staples) | 4,159 | ||||||
5,323 | Synnex Technology International Corp. (Information Technology) | 13,652 | ||||||
41,962 | Taishin Financial Holding Co. Ltd. (Financials) | 29,187 | ||||||
22,909 | Taiwan Business Bank (Financials) | 9,070 | ||||||
21,428 | Taiwan Cement Corp. (Materials) | 36,191 | ||||||
36,930 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 34,842 | ||||||
2,954 | Taiwan Fertilizer Co. Ltd. (Materials) | 7,207 | ||||||
8,611 | Taiwan High Speed Rail Corp. (Industrials) | 9,076 | ||||||
6,953 | Taiwan Mobile Co. Ltd. (Communication Services) | 25,669 | ||||||
99,498 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 2,143,634 | ||||||
8,507 | Tatung Co. Ltd. (Industrials)* | 9,483 | ||||||
6,909 | Teco Electric and Machinery Co. Ltd. (Industrials) | 7,406 | ||||||
1,940 | Tripod Technology Corp. (Information Technology) | 8,823 | ||||||
4,714 | Unimicron Technology Corp. (Information Technology) | 42,709 | ||||||
18,994 | Uni-President Enterprises Corp. (Consumer Staples) | 45,461 | ||||||
46,266 | United Microelectronics Corp. (Information Technology) | 85,980 | ||||||
3,667 | Vanguard International Semiconductor Corp. (Information Technology) | 16,415 | ||||||
1,202 | VisEra Technologies Co. Ltd. (Information Technology) | 21,995 | ||||||
267 | Voltronic Power Technology Corp. (Industrials) | 13,714 | ||||||
11,177 | Walsin Lihwa Corp. (Industrials) | 11,123 | ||||||
1,230 | Walsin Technology Corp. (Information Technology)* | 6,406 | ||||||
2,352 | Wan Hai Lines Ltd. (Industrials) | 15,688 | ||||||
1,273 | Win Semiconductors Corp. (Information Technology) | 13,713 | ||||||
11,513 | Winbond Electronics Corp. (Information Technology) | 13,552 | ||||||
11,211 | Wistron Corp. (Information Technology) | 11,757 | ||||||
337 | Wiwynn Corp. (Information Technology) | 11,864 | ||||||
6,510 | WPG Holdings Ltd. (Information Technology) | 12,934 | ||||||
1,462 | Yageo Corp. (Information Technology) | 23,545 | ||||||
7,156 | Yang Ming Marine Transport Corp. (Industrials)* | 29,482 | ||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
46,277 | Yuanta Financial Holding Co. Ltd. (Financials) | $ | 41,020 | |||||
2,195 | Yulon Motor Co. Ltd. (Consumer Discretionary) | 3,198 | ||||||
2,413 | Zhen Ding Technology Holding Ltd. (Information Technology) | 7,919 | ||||||
|
|
|||||||
5,000,318 | ||||||||
|
|
|||||||
Tanzania – 0.1% | ||||||||
1,494 | AngloGold Ashanti Ltd. (Materials) | 35,142 | ||||||
|
|
|||||||
Thailand – 2.2% | ||||||||
4,108 | Advanced Info Service PCL NVDR (Communication Services) | 28,791 | ||||||
16,938 | Airports of Thailand PCL NVDR (Industrials)* | 33,306 | ||||||
35,817 | Asset World Corp. PCL NVDR (Consumer Discretionary)* | 5,262 | ||||||
3,464 | B Grimm Power PCL NVDR (Utilities) | 3,657 | ||||||
4,153 | Bangkok Bank PCL NVDR (Financials) | 17,794 | ||||||
7,452 | Bangkok Commercial Asset Management PCL NVDR (Financials) | 4,995 | ||||||
22,467 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 16,296 | ||||||
34,370 | Bangkok Expressway & Metro PCL NVDR (Industrials) | 9,362 | ||||||
13,843 | Banpu PCL NVDR (Energy) | 4,618 | ||||||
3,200 | Banpu Power PCL NVDR (Utilities) | 1,636 | ||||||
3,869 | Berli Jucker PCL NVDR (Consumer Staples) | 3,967 | ||||||
33,050 | BTS Group Holdings PCL NVDR (Industrials) | 9,609 | ||||||
1,996 | Bumrungrad Hospital PCL NVDR (Health Care) | 9,377 | ||||||
1,506 | Carabao Group PCL NVDR (Consumer Staples) | 4,909 | ||||||
6,807 | Central Pattana PCL NVDR (Real Estate) | 11,510 | ||||||
13,283 | Central Retail Corp. PCL NVDR (Consumer Discretionary) | 15,549 | ||||||
14,916 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 11,527 | ||||||
1,823 | Com7 PCL NVDR (Consumer Discretionary) | 4,603 | ||||||
21,307 | CP ALL PCL NVDR (Consumer Staples) | 44,342 | ||||||
3,581 | Dohome PCL NVDR (Consumer Discretionary) | 2,586 | ||||||
992 | Electricity Generating PCL NVDR (Utilities) | 5,450 | ||||||
8,507 | Energy Absolute PCL NVDR (Utilities) | 24,733 | ||||||
150 | Fabrinet (Information Technology)* | 15,020 | ||||||
2,699 | Global Power Synergy PCL NVDR (Utilities) | 6,195 | ||||||
18,428 | Gulf Energy Development PCL NVDR (Utilities) | 28,481 | ||||||
2,313 | Hana Microelectronics PCL NVDR (Information Technology) | 3,610 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Thailand – (continued) | ||||||||
20,549 | Home Product Center PCL NVDR (Consumer Discretionary) | 9,559 | ||||||
8,492 | Indorama Ventures PCL NVDR (Materials) | 11,695 | ||||||
7,222 | Intouch Holdings PCL NVDR (Communication Services) | 16,743 | ||||||
43,451 | IRPC PCL NVDR (Energy) | 5,053 | ||||||
6,496 | Kasikornbank PCL NVDR (Financials) | 32,505 | ||||||
2,826 | KCE Electronics PCL NVDR (Information Technology) | 5,233 | ||||||
1,785 | Kerry Express Thailand PCL NVDR (Industrials) | 1,224 | ||||||
17,575 | Krung Thai Bank PCL NVDR (Financials) | 7,530 | ||||||
4,288 | Krungthai Card PCL NVDR (Financials) | 8,300 | ||||||
24,330 | Land & Houses PCL NVDR (Real Estate) | 7,148 | ||||||
12,824 | Minor International PCL NVDR (Consumer Discretionary)* | 12,068 | ||||||
3,048 | Muangthai Capital PCL NVDR (Financials) | 4,804 | ||||||
4,526 | Ngern Tid Lor PCL NVDR (Financials)* | 5,194 | ||||||
5,868 | Osotspa PCL NVDR (Consumer Staples) | 6,330 | ||||||
5,139 | PTT Exploration & Production PCL NVDR (Energy) | 21,468 | ||||||
8,764 | PTT Global Chemical PCL NVDR (Materials) | 14,216 | ||||||
11,866 | PTT Oil & Retail Business PCL NVDR (Consumer Discretionary) | 9,351 | ||||||
41,543 | PTT PCL NVDR (Energy) | 50,220 | ||||||
1,862 | Ratch Group PCL NVDR (Utilities) | 2,621 | ||||||
4,675 | SCG Packaging PCL NVDR (Materials) | 8,763 | ||||||
1,726 | Siam Cement PCL (The) NVDR (Materials) | 20,707 | ||||||
7,575 | Siam Commercial Bank PCL (The) NVDR (Financials) | 29,095 | ||||||
6,086 | Siam Global House PCL NVDR (Consumer Discretionary) | 3,669 | ||||||
3,187 | Sri Trang Agro-Industry PCL NVDR (Consumer Discretionary) | 2,609 | ||||||
4,005 | Sri Trang Gloves Thailand PCL NVDR (Health Care) | 3,156 | ||||||
2,629 | Srisawad Corp. PCL NVDR (Financials) | 4,647 | ||||||
25,237 | STARK Corp. PCL NVDR (Industrials)* | 3,615 | ||||||
24,196 | Thai Beverage PCL (Consumer Staples) | 11,853 | ||||||
4,217 | Thai Oil PCL NVDR (Energy) | 6,937 | ||||||
11,637 | Thai Union Group PCL NVDR (Consumer Staples) | 7,265 | ||||||
2,051 | Tisco Financial Group PCL NVDR (Financials) | 6,136 | ||||||
174,989 | TMBThanachart Bank PCL NVDR (Financials) | 7,337 | ||||||
2,201 | TOA Paint Thailand PCL NVDR (Materials) | 1,953 | ||||||
2,585 | Total Access Communication PCL NVDR (Communication Services) | 3,718 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
Thailand – (continued) | ||||||||
81,318 | True Corp. PCL NVDR (Communication Services) | $ | 12,443 | |||||
17,838 | VGI PCL NVDR (Communication Services) | 3,166 | ||||||
|
|
|||||||
695,516 | ||||||||
|
|
|||||||
Turkey – 0.5% | ||||||||
279 | AG Anadolu Grubu Holding AS (Industrials) | 651 | ||||||
13,362 | Akbank TAS (Financials) | 6,778 | ||||||
125 | Akcansa Cimento AS (Materials) | 149 | ||||||
603 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 1,564 | ||||||
1,222 | Aksa Enerji Uretim AS (Utilities)* | 1,137 | ||||||
7 | Alarko Carrier Sanayii VE Ticaret AS (Industrials) | 140 | ||||||
637 | Alarko Holding AS (Industrials) | 837 | ||||||
929 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 1,619 | ||||||
870 | Arcelik AS (Consumer Discretionary) | 3,474 | ||||||
2,502 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 4,015 | ||||||
553 | Aydem Yenilenebilir Enerji AS (Utilities)* | 315 | ||||||
390 | Aygaz AS (Utilities) | 704 | ||||||
309 | Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities) | 251 | ||||||
1,529 | Bera Holding AS (Industrials)* | 902 | ||||||
1,925 | BIM Birlesik Magazalar AS (Consumer Staples) | 10,153 | ||||||
470 | Biotrend Cevre VE Enerji Yatirimlari AS (Utilities)* | 162 | ||||||
126 | Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)* | 217 | ||||||
26 | Borusan Yatirim ve Pazarlama AS (Financials) | 647 | ||||||
188 | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary) | 356 | ||||||
316 | Can2 Termik AS (Utilities)* | 420 | ||||||
10 | Celebi Hava Servisi AS (Industrials)* | 136 | ||||||
210 | Cimsa Cimento Sanayi VE Ticaret AS (Materials)* | 489 | ||||||
316 | Coca-Cola Icecek AS (Consumer Staples) | 2,478 | ||||||
151 | Deva Holding AS (Health Care) | 306 | ||||||
1,216 | D-MARKET Elektronik Hizmetler ve Ticaret AS ADR (Consumer Discretionary)* | 2,165 | ||||||
4,537 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | 832 | ||||||
138 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | 468 | ||||||
87 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 256 | ||||||
5 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 641 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
575 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 307 | ||||||
9,169 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 1,317 | ||||||
1,220 | Enerjisa Enerji AS (Utilities)(b) | 1,165 | ||||||
6,886 | Enka Insaat ve Sanayi AS (Industrials) | 6,086 | ||||||
5,291 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 11,865 | ||||||
158 | Fenerbahce Futbol AS (Communication Services)* | 273 | ||||||
281 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 5,466 | ||||||
342 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care)* | 321 | ||||||
260 | Gubre Fabrikalari TAS (Materials)* | 1,428 | ||||||
5,438 | Haci Omer Sabanci Holding AS (Financials) | 6,097 | ||||||
1,506 | Hektas Ticaret TAS (Materials)* | 1,403 | ||||||
517 | Is Yatirim Menkul Degerler AS (Financials) | 654 | ||||||
2,699 | Izmir Demir Celik Sanayi AS (Materials)* | 397 | ||||||
85 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 354 | ||||||
881 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)* | 646 | ||||||
3,579 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)* | 3,029 | ||||||
69 | Kartonsan Karton Sanayi ve Ticaret AS (Materials) | 222 | ||||||
572 | Kerevitas Gida Sanayi ve Ticaret AS (Consumer Staples)* | 154 | ||||||
2,758 | KOC Holding AS (Industrials) | 6,296 | ||||||
4 | Konya Cimento Sanayii AS (Materials)* | 252 | ||||||
252 | Kordsa Teknik Tekstil AS (Consumer Discretionary)* | 581 | ||||||
218 | Koza Altin Isletmeleri AS (Materials)* | 1,801 | ||||||
896 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)* | 1,268 | ||||||
296 | Logo Yazilim Sanayi Ve Ticaret AS (Information Technology) | 880 | ||||||
379 | Migros Ticaret AS (Consumer Staples)* | 984 | ||||||
299 | MLP Saglik Hizmetleri AS (Health Care)*(b) | 639 | ||||||
252 | Nuh Cimento Sanayi AS (Materials) | 764 | ||||||
315 | Nurol Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 113 | ||||||
33 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials) | 961 | ||||||
1,207 | Oyak Cimento Fabrikalari AS (Materials)* | 632 | ||||||
185 | Pegasus Hava Tasimaciligi AS (Industrials)* | 1,248 | ||||||
67 | Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)* | 1,450 | ||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description |
Value |
||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
4,029 | Petkim Petrokimya Holding AS (Materials)* | $ | 2,253 | |||||
1,059 | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials) | 1,299 | ||||||
762 | Sasa Polyester Sanayi AS (Materials)* | 2,554 | ||||||
464 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 350 | ||||||
50 | Servet Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | 321 | ||||||
1,384 | Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 603 | ||||||
1,357 | Sok Marketler Ticaret AS (Consumer Staples) | 1,106 | ||||||
892 | TAV Havalimanlari Holding AS (Industrials)* | 2,168 | ||||||
847 | Tekfen Holding AS (Industrials)* | 1,131 | ||||||
584 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 3,384 | ||||||
712 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 274 | ||||||
2,986 | Turk Hava Yollari AO (Industrials)* | 5,520 | ||||||
150 | Turk Prysmian Kablo ve Sistemleri AS (Industrials) | 389 | ||||||
1,982 | Turk Telekomunikasyon AS (Communication Services) | 1,238 | ||||||
64 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 983 | ||||||
4,880 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 7,225 | ||||||
8,957 | Turkiye Garanti Bankasi AS (Financials) | 7,161 | ||||||
2,599 | Turkiye Halk Bankasi AS (Financials)* | 821 | ||||||
6,361 | Turkiye Is Bankasi AS, Class C (Financials) | 3,653 | ||||||
522 | Turkiye Petrol Rafinerileri AS (Energy)* | 7,265 | ||||||
814 | Turkiye Sigorta AS (Financials) | 255 | ||||||
5,566 | Turkiye Sinai Kalkinma Bankasi AS (Financials) | 518 | ||||||
5,403 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 4,826 | ||||||
4,498 | Turkiye Vakiflar Bankasi TAO, Class D (Financials)* | 1,084 | ||||||
713 | Ulker Biskuvi Sanayi AS (Consumer Staples) | 764 | ||||||
439 | Vakif Finansal Kiralama AS (Financials)* | 93 | ||||||
108 | Verusa Holding AS (Financials) | 373 | ||||||
1,009 | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) | 514 | ||||||
356 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary) | 578 | ||||||
10,428 | Yapi ve Kredi Bankasi AS (Financials) | 2,694 | ||||||
4,715 | Zorlu Enerji Elektrik Uretim AS (Utilities)* | 514 | ||||||
|
|
|||||||
163,226 | ||||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
United Arab Emirates – 1.7% | ||||||||
11,364 | Abu Dhabi Commercial Bank PJSC (Financials) | 33,290 | ||||||
12,225 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 13,713 | ||||||
15,011 | Aldar Properties PJSC (Real Estate) | 17,165 | ||||||
5,493 | Alpha Dhabi Holding PJSC (Industrials)* | 40,707 | ||||||
11,908 | Dubai Islamic Bank PJSC (Financials) | 19,744 | ||||||
16,479 | Emaar Properties PJSC (Real Estate) | 22,791 | ||||||
10,106 | Emirates NBD Bank PJSC (Financials) | 39,345 | ||||||
14,302 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 136,204 | ||||||
17,958 | First Abu Dhabi Bank PJSC (Financials) | 101,107 | ||||||
1,967 | International Holding Co. PJSC (Consumer Staples)* | 100,785 | ||||||
|
|
|||||||
524,851 | ||||||||
|
|
|||||||
United States – 0.1% | ||||||||
3,375 | JBS SA (Consumer Staples) | 23,512 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $22,766,102) | $ | 29,945,921 | ||||||
|
|
Shares |
Description | Rate | Value | |||||||
Preferred Stocks – 2.3% | ||||||||||
Brazil – 1.3% | ||||||||||
828 | Alpargatas SA, Class Preference (Consumer Discretionary) | 1.70 | % | $ | 4,136 | |||||
19,447 | Banco Bradesco SA (Financials) | 4.89 | 76,819 | |||||||
1,118 | Bradespar SA (Materials) | 32.62 | 6,537 | |||||||
764 | Braskem SA, Class A (Materials) | 15.73 | 7,078 | |||||||
1,088 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 6.10 | 7,267 | |||||||
4,662 | Cia Energetica de Minas Gerais (Utilities) | 8.39 | 11,583 | |||||||
4,660 | Gerdau SA (Materials) | 10.77 | 23,030 | |||||||
19,835 | Itau Unibanco Holding SA (Financials) | 2.93 | 98,064 | |||||||
19,310 | Itausa SA (Financials) | 4.86 | 37,558 | |||||||
18,776 | Petroleo Brasileiro SA (Energy) | 16.47 | 123,917 | |||||||
4,136 | Raizen SA (Energy) | 0.61 | 4,584 | |||||||
2,093 | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | 8.88 | 5,976 | |||||||
|
|
|||||||||
406,549 | ||||||||||
|
||||||||||
Chile – 0.1% | ||||||||||
1,625 | Embotelladora Andina SA, Class B (Consumer Staples) | 7.47 | 3,555 | |||||||
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Rate | Value | |||||||
Preferred Stocks – (continued) | ||||||||||
Chile – (continued) | ||||||||||
586 | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | 2.81 | % | $ | 39,077 | |||||
|
|
|||||||||
42,632 | ||||||||||
|
||||||||||
Colombia – 0.1% | ||||||||||
1,859 | Bancolombia SA (Financials) | 0.71 | 16,588 | |||||||
15,282 | Grupo Aval Acciones y Valores SA (Financials) | 5.09 | 4,154 | |||||||
|
|
|||||||||
20,742 | ||||||||||
|
||||||||||
Russia – 0.0% | ||||||||||
4,252 | Sberbank of Russia PJSC (Financials)(c) | 14.27 | 3,182 | |||||||
31,665 | Surgutneftegas PJSC (Energy)(c) | 22.52 | 4,541 | |||||||
640 | Tatneft PJSC (Energy)(c) | 12.41 | 1,369 | |||||||
|
|
|||||||||
9,092 | ||||||||||
|
||||||||||
South Korea – 0.8% | ||||||||||
50 | Amorepacific Corp. (Consumer Staples) | 1.25 | 3,190 | |||||||
151 | Hyundai Motor Co. (Consumer Discretionary) | 5.70 | 11,077 | |||||||
11 | Hyundai Motor Co. (Consumer Discretionary) | 5.89 | 773 | |||||||
92 | Hyundai Motor Co. (Consumer Discretionary) | 5.73 | 6,695 | |||||||
28 | Korea Investment Holdings Co. Ltd. (Financials)* | 5.28 | 1,507 | |||||||
13 | Kumho Petrochemical Co. Ltd. (Materials)* | 3.97 | 898 | |||||||
31 | LG Chem Ltd. (Materials) | 4.42 | 6,974 | |||||||
73 | LG Electronics, Inc. (Consumer Discretionary) | 1.48 | 3,619 | |||||||
676 | Mirae Asset Securities Co. Ltd. (Financials) | 6.62 | 2,516 | |||||||
84 | NH Investment & Securities Co. Ltd. (Financials) | 9.87 | 747 | |||||||
14 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 2.32 | 1,063 | |||||||
3,373 | Samsung Electronics Co. Ltd. (Information Technology) | 2.19 | 185,433 | |||||||
13 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 7.65 | 1,676 | |||||||
7 | Samsung SDI Co. Ltd. (Information Technology) | 0.36 | 1,694 | |||||||
6 | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | 0.17 | 272 | |||||||
9 | SK Chemicals Co. Ltd. (Materials) | 4.57 | 487 | |||||||
6 | SK Innovation Co. Ltd. (Energy) | 0.04 | 609 | |||||||
15 | S-Oil Corp. (Energy) | 7.30 | 636 | |||||||
|
|
|||||||||
229,866 | ||||||||||
|
||||||||||
Preferred Stocks – (continued) | ||||||||||
Taiwan – 0.0% | ||||||||||
7,491 | China Development Financial Holding Corp. (Financials)* | 0.00 | 2,490 | |||||||
|
||||||||||
TOTAL PREFERRED STOCKS |
|
|||||||||
(Cost $569,477) | $ | 711,371 | ||||||||
|
||||||||||
Units | Description | Expiration Month |
Value | |||||||
Rights – 0.0% | ||||||||||
South Korea – 0.0% | ||||||||||
3 | Samsung Biologics Co. Ltd.* | 04/22 | $ | 349 | ||||||
|
||||||||||
Thailand – 0.0% | ||||||||||
5,351 | VGI PCL* | 04/22 | — | |||||||
|
||||||||||
TOTAL RIGHTS |
|
|||||||||
(Cost $0) | $ | 349 | ||||||||
|
Shares | Description | Value | ||||||
Exchange-Traded Fund – 1.1% | ||||||||
United States – 1.1% | ||||||||
12,873 | iShares MSCI Malaysia ETF | |||||||
(Cost $302,161) | $ | 333,797 | ||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $23,637,740) | $ | 30,991,438 | ||||||
|
|
|||||||
Shares |
Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle – 0.3%(d) | ||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||
104,541 | 0.026% | $ | 104,541 | |||||
(Cost $104,541) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 99.9% | ||||||||
(Cost $23,742,282) | $ | 31,095,979 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.1% |
22,580 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 31,118,559 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) |
Represents an affiliated issuer. |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| ||
Investment Abbreviations: | ||
ADR |
—American Depositary Receipt | |
NVDR |
—Non-Voting Depository Receipt | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name | Percent of Market Value | |
Financials |
21.6% | |
Information Technology |
21.3% | |
Consumer Discretionary |
13.1% | |
Communication Services |
10.4% | |
Materials |
8.3% | |
Consumer Staples |
6.3% | |
Energy |
5.4% | |
Industrials |
5.3% | |
Health Care |
2.8% | |
Utilities |
2.5% | |
Real Estate |
1.9% | |
Exchange-Traded Fund |
1.1% | |
| ||
TOTAL INVESTMENTS | 100.0% | |
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 99.1% | ||||||||
Australia – 8.4% | ||||||||
14,940 | AGL Energy Ltd. (Utilities) | $ | 81,526 | |||||
58,780 | Alumina Ltd. (Materials) | 84,241 | ||||||
72,935 | AMP Ltd. (Financials)* | 50,014 | ||||||
5,416 | Ampol Ltd. (Energy) | 115,821 | ||||||
26,922 | APA Group (Utilities) | 196,336 | ||||||
14,309 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 386,987 | ||||||
4,340 | ASX Ltd. (Financials) | 259,284 | ||||||
41,955 | Aurizon Holdings Ltd. (Industrials) | 106,556 | ||||||
64,106 | Australia & New Zealand Banking Group Ltd. (Financials) | 1,209,947 | ||||||
114,824 | BHP Group Ltd. (Materials) | 3,887,807 | ||||||
11,161 | BlueScope Steel Ltd. (Materials) | 163,923 | ||||||
7,630 | Boral Ltd. (Materials) | 20,098 | ||||||
32,600 | Brambles Ltd. (Industrials) | 234,196 | ||||||
5,739 | carsales.com Ltd. (Communication Services) | 85,372 | ||||||
10,017 | Charter Hall Group REIT (Real Estate) | 121,898 | ||||||
1,518 | CIMIC Group Ltd. (Industrials) | 24,333 | ||||||
1,492 | Cochlear Ltd. (Health Care) | 241,327 | ||||||
28,839 | Coles Group Ltd. (Consumer Staples) | 363,712 | ||||||
38,577 | Commonwealth Bank of Australia (Financials) | 2,616,264 | ||||||
12,567 | Computershare Ltd. (Information Technology) | 197,523 | ||||||
9,890 | Crown Resorts Ltd. (Consumer Discretionary)* | 88,847 | ||||||
10,872 | CSL Ltd. (Health Care) | 2,051,052 | ||||||
24,330 | Dexus REIT (Real Estate) | 192,793 | ||||||
1,346 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 77,112 | ||||||
3,238 | EBOS Group Ltd. (Health Care) | 85,396 | ||||||
30,511 | Endeavour Group Ltd. (Consumer Staples) | 158,525 | ||||||
40,624 | Evolution Mining Ltd. (Materials) | 125,875 | ||||||
40,767 | Fortescue Metals Group Ltd. (Materials) | 536,924 | ||||||
252,341 | Glencore PLC (Materials)* | 1,497,026 | ||||||
41,306 | Goodman Group REIT (Real Estate) | 666,316 | ||||||
43,566 | GPT Group (The) REIT (Real Estate) | 156,172 | ||||||
4,755 | IDP Education Ltd. (Consumer Discretionary) | 90,609 | ||||||
16,852 | IGO Ltd. (Materials) | 133,659 | ||||||
56,156 | Insurance Australia Group Ltd. (Financials) | 187,448 | ||||||
15,122 | Lendlease Corp. Ltd. (Real Estate) | 115,878 | ||||||
8,382 | Macquarie Group Ltd. (Financials) | 1,099,576 | ||||||
3,349 | Magellan Financial Group Ltd. (Financials)(a) | 44,716 | ||||||
62,633 | Medibank Pvt Ltd. (Financials) | 144,530 | ||||||
3,735 | Mineral Resources Ltd. (Materials) | 122,641 | ||||||
89,566 | Mirvac Group REIT (Real Estate) | 168,333 | ||||||
74,452 | National Australia Bank Ltd. (Financials) | 1,563,516 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
18,620 | Newcrest Mining Ltd. (Materials) | 346,843 | ||||||
26,180 | Northern Star Resources Ltd. (Materials) | 195,865 | ||||||
9,236 | Orica Ltd. (Materials) | 97,784 | ||||||
39,759 | Origin Energy Ltd. (Utilities) | 164,451 | ||||||
7,064 | OZ Minerals Ltd. (Materials) | 130,713 | ||||||
42,820 | Qantas Airways Ltd. (Industrials)* | 157,537 | ||||||
33,536 | QBE Insurance Group Ltd. (Financials) | 279,614 | ||||||
4,221 | Ramsay Health Care Ltd. (Health Care) | 195,938 | ||||||
1,143 | REA Group Ltd. (Communication Services) | 109,218 | ||||||
6,782 | Reece Ltd. (Industrials) | 95,327 | ||||||
8,397 | Rio Tinto Ltd. (Materials) | 720,043 | ||||||
24,306 | Rio Tinto PLC (Materials) | 1,888,595 | ||||||
77,235 | Santos Ltd. (Energy) | 406,891 | ||||||
118,278 | Scentre Group REIT (Real Estate) | 263,493 | ||||||
7,412 | SEEK Ltd. (Communication Services) | 143,445 | ||||||
4,080 | Seven Group Holdings Ltd. (Industrials) | 65,697 | ||||||
10,833 | Sonic Healthcare Ltd. (Health Care) | 275,527 | ||||||
102,005 | South32 Ltd. (Materials) | 356,036 | ||||||
49,706 | Stockland REIT (Real Estate) | 150,048 | ||||||
28,749 | Suncorp Group Ltd. (Financials) | 224,681 | ||||||
58,286 | Sydney Airport (Industrials)* | 368,815 | ||||||
50,456 | Tabcorp Holdings Ltd. (Consumer Discretionary) | 182,701 | ||||||
267,381 | Telstra Corp. Ltd. (Communication Services) | 768,339 | ||||||
9,483 | TPG Telecom Ltd. (Communication Services) | 38,467 | ||||||
69,923 | Transurban Group (Industrials) | 643,886 | ||||||
16,468 | Treasury Wine Estates Ltd. (Consumer Staples) | 138,859 | ||||||
87,309 | Vicinity Centres REIT (Real Estate) | 114,040 | ||||||
5,254 | Washington H Soul Pattinson & Co. Ltd. (Energy) | 96,000 | ||||||
25,828 | Wesfarmers Ltd. (Consumer Discretionary) | 903,182 | ||||||
83,479 | Westpac Banking Corp. (Financials) | 1,381,751 | ||||||
3,599 | WiseTech Global Ltd. (Information Technology) | 113,814 | ||||||
22,065 | Woodside Petroleum Ltd. (Energy) | 456,967 | ||||||
27,623 | Woolworths Group Ltd. (Consumer Staples) | 711,384 | ||||||
|
|
|||||||
31,940,060 | ||||||||
|
|
|||||||
Austria – 0.4% | ||||||||
5,955 | ams-OSRAM AG (Information Technology)* | 93,078 | ||||||
1,644 | ANDRITZ AG (Industrials) | 73,862 | ||||||
2,003 | BAWAG Group AG (Financials)*(b) | 108,079 | ||||||
928 | CA Immobilien Anlagen AG (Real Estate) | 31,947 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Austria – (continued) | ||||||||
7,363 | Erste Group Bank AG (Financials) | $ | 264,561 | |||||
806 | EVN AG (Utilities) | 22,497 | ||||||
319 | Mayr Melnhof Karton AG (Materials) | 60,410 | ||||||
11,072 | Mondi PLC (Materials) | 233,460 | ||||||
3,256 | OMV AG (Energy) | 154,990 | ||||||
3,092 | Raiffeisen Bank International AG (Financials) | 50,948 | ||||||
1,506 | Verbund AG (Utilities) | 182,686 | ||||||
832 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 21,867 | ||||||
2,537 | voestalpine AG (Materials) | 83,891 | ||||||
2,557 | Wienerberger AG (Materials) | 76,913 | ||||||
|
|
|||||||
1,459,189 | ||||||||
|
|
|||||||
Belgium – 0.9% | ||||||||
504 | Ackermans & van Haaren NV (Industrials) | 94,538 | ||||||
3,954 | Ageas SA/NV (Financials) | 190,880 | ||||||
16,200 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 1,003,319 | ||||||
1,427 | Azelis Group NV (Industrials)* | 28,783 | ||||||
502 | D’ieteren Group (Consumer Discretionary) | 81,476 | ||||||
656 | Elia Group SA/NV (Utilities) | 94,755 | ||||||
1,194 | Etablissements Franz Colruyt NV (Consumer Staples) | 47,850 | ||||||
2,292 | Groupe Bruxelles Lambert SA (Financials) | 239,262 | ||||||
6,395 | KBC Group NV (Financials) | 463,439 | ||||||
3,236 | Proximus SADP (Communication Services) | 64,552 | ||||||
342 | Sofina SA (Financials) | 133,372 | ||||||
1,674 | Solvay SA (Materials) | 187,497 | ||||||
1,002 | Telenet Group Holding NV (Communication Services) | 35,001 | ||||||
2,666 | UCB SA (Health Care) | 292,558 | ||||||
4,401 | Umicore SA (Materials) | 181,366 | ||||||
3,205 | Warehouses De Pauw CVA REIT (Real Estate) | 126,787 | ||||||
|
|
|||||||
3,265,435 | ||||||||
|
|
|||||||
Brazil – 0.1% | ||||||||
3,705 | Yara International ASA (Materials) | 188,754 | ||||||
|
|
|||||||
Chile – 0.0% | ||||||||
7,893 | Antofagasta PLC (Materials) | 161,081 | ||||||
|
|
|||||||
China – 1.0% | ||||||||
93,001 | Alibaba Health Information Technology Ltd. (Consumer Discretionary)* | 64,749 | ||||||
38,908 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(b) | 120,752 | ||||||
14,696 | BYD Electronic International Co. Ltd. (Information Technology) | 41,190 | ||||||
78,117 | China Evergrande New Energy Vehicle Group Ltd. (Health Care)* | 33,991 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
50,951 | China Gas Holdings Ltd. (Utilities) | 80,596 | ||||||
40,153 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)* | 83,454 | ||||||
193,741 | CSPC Pharmaceutical Group Ltd. (Health Care) | 229,354 | ||||||
39,555 | ESR Cayman Ltd. (Real Estate)*(b) | 122,254 | ||||||
52,315 | Fosun International Ltd. (Industrials) | 56,709 | ||||||
1,768 | Futu Holdings Ltd. ADR (Financials)* | 75,582 | ||||||
131,993 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 243,590 | ||||||
1,131 | JOYY, Inc. ADR (Communication Services) | 52,354 | ||||||
6,040 | NXP Semiconductors NV (Information Technology) | 1,148,325 | ||||||
19,641 | Prosus NV (Consumer Discretionary)* | 1,222,609 | ||||||
28,068 | Shimao Group Holdings Ltd. (Real Estate) | 16,775 | ||||||
45,140 | Sun Art Retail Group Ltd. (Consumer Staples) | 16,233 | ||||||
31,174 | Wharf Holdings Ltd. (The) (Real Estate) | 112,508 | ||||||
42,514 | Wilmar International Ltd. (Consumer Staples) | 137,177 | ||||||
63,883 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 64,944 | ||||||
|
|
|||||||
3,923,146 | ||||||||
|
|
|||||||
Colombia – 0.0% | ||||||||
2,291 | Millicom International Cellular SA SDR (Communication Services)*(a) | 53,596 | ||||||
|
|
|||||||
Denmark – 2.4% | ||||||||
3,959 | Ambu A/S, Class B (Health Care) | 73,411 | ||||||
66 | AP Moller – Maersk A/S, Class A (Industrials) | 198,322 | ||||||
119 | AP Moller – Maersk A/S, Class B (Industrials) | 377,707 | ||||||
2,174 | Carlsberg AS, Class B (Consumer Staples) | 319,146 | ||||||
2,343 | Chr Hansen Holding A/S (Materials) | 171,447 | ||||||
2,799 | Coloplast A/S, Class B (Health Care) | 421,886 | ||||||
15,448 | Danske Bank A/S (Financials) | 262,888 | ||||||
2,251 | Demant A/S (Health Care)* | 95,138 | ||||||
4,375 | DSV A/S (Industrials) | 810,583 | ||||||
1,478 | Genmab A/S (Health Care)* | 497,684 | ||||||
2,904 | GN Store Nord AS (Health Care) | 153,695 | ||||||
37,284 | Novo Nordisk A/S, Class B (Health Care) | 3,840,125 | ||||||
4,647 | Novozymes A/S, Class B (Materials) | 305,377 | ||||||
4,077 | Orsted AS (Utilities)(b) | 530,175 | ||||||
2,184 | Pandora A/S (Consumer Discretionary) | 226,099 | ||||||
8,207 | Tryg A/S (Financials) | 186,631 | ||||||
22,915 | Vestas Wind Systems A/S (Industrials) | 752,582 | ||||||
|
|
|||||||
9,222,896 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Faroe Islands – 0.0% | ||||||||
1,133 | Bakkafrost P/F (Consumer Staples) | $ | 77,177 | |||||
|
|
|||||||
Finland – 1.2% | ||||||||
3,280 | Elisa OYJ (Communication Services) | 182,547 | ||||||
9,586 | Fortum OYJ (Utilities) | 202,850 | ||||||
2,061 | Huhtamaki OYJ (Materials) | 75,675 | ||||||
1,795 | Kesko OYJ, Class A (Consumer Staples) | 48,589 | ||||||
6,069 | Kesko OYJ, Class B (Consumer Staples) | 179,552 | ||||||
8,274 | Kone OYJ, Class B (Industrials) | 486,786 | ||||||
15,723 | Metso Outotec OYJ (Industrials) | 134,040 | ||||||
10,548 | Neste OYJ (Energy) | 416,796 | ||||||
120,259 | Nokia OYJ (Information Technology)* | 653,425 | ||||||
77,316 | Nordea Bank Abp (Financials) | 863,898 | ||||||
2,276 | Orion OYJ, Class B (Health Care) | 107,344 | ||||||
9,480 | Sampo OYJ, Class A (Financials) | 451,047 | ||||||
13,220 | Stora Enso OYJ, Class R (Materials) | 254,952 | ||||||
12,026 | UPM-Kymmene OYJ (Materials) | 418,736 | ||||||
12,546 | Wartsila OYJ Abp (Industrials) | 141,903 | ||||||
|
|
|||||||
4,618,140 | ||||||||
|
|
|||||||
France – 9.3% | ||||||||
9,280 | Adevinta ASA (Communication Services)* | 99,684 | ||||||
753 | Aeroports de Paris (Industrials)* | 107,413 | ||||||
10,799 | Air Liquide SA (Materials) | 1,803,648 | ||||||
13,274 | Airbus SE (Industrials)* | 1,713,086 | ||||||
8,118 | Alstom SA (Industrials) | 208,805 | ||||||
1,406 | Amundi SA (Financials)(b) | 98,543 | ||||||
51,457 | AXA SA (Financials) | 1,403,011 | ||||||
934 | BioMerieux (Health Care) | 102,935 | ||||||
25,653 | BNP Paribas SA (Financials) | 1,512,995 | ||||||
20,513 | Bollore SA (Communication Services) | 104,556 | ||||||
6,782 | Bouygues SA (Industrials) | 243,914 | ||||||
3,699 | Capgemini SE (Information Technology) | 782,334 | ||||||
13,573 | Carrefour SA (Consumer Staples) | 272,889 | ||||||
10,330 | Cie de Saint-Gobain (Industrials) | 649,169 | ||||||
3,714 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 517,274 | ||||||
33,736 | Credit Agricole SA (Financials) | 434,473 | ||||||
15,001 | Danone SA (Consumer Staples) | 915,076 | ||||||
15,418 | Dassault Systemes SE (Information Technology) | 753,138 | ||||||
14,693 | Electricite de France SA (Utilities) | 134,171 | ||||||
39,884 | Engie SA (Utilities) | 639,174 | ||||||
6,809 | EssilorLuxottica SA (Consumer Discretionary) | 1,198,575 | ||||||
773 | Hermes International (Consumer Discretionary) | 1,078,347 | ||||||
1,655 | Kering (Consumer Discretionary) | 1,184,303 | ||||||
6,000 | L’Oreal SA (Consumer Staples) | 2,392,417 | ||||||
5,993 | Legrand SA (Industrials) | 570,952 | ||||||
5,969 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 4,424,223 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
45,695 | Orange SA (Communication Services) | 555,025 | ||||||
4,202 | Pernod Ricard SA (Consumer Staples) | 923,407 | ||||||
8,641 | Safran SA (Industrials) | 1,113,230 | ||||||
24,708 | Sanofi (Health Care) | 2,593,983 | ||||||
552 | Sartorius Stedim Biotech (Health Care) | 212,910 | ||||||
18,947 | Societe Generale SA (Financials) | 545,652 | ||||||
1,792 | Sodexo SA (Consumer Discretionary) | 151,159 | ||||||
1,313 | Teleperformance (Industrials) | 489,474 | ||||||
2,408 | Thales SA (Industrials) | 278,310 | ||||||
60,248 | TotalEnergies SE (Energy) | 3,085,102 | ||||||
12,903 | Vinci SA (Industrials) | 1,369,846 | ||||||
16,329 | Vivendi SE (Communication Services) | 207,434 | ||||||
5,185 | Worldline SA (Information Technology)*(b) | 267,341 | ||||||
|
|
|||||||
35,137,978 | ||||||||
|
|
|||||||
Germany – 7.1% | ||||||||
3,918 | adidas AG (Consumer Discretionary) | 933,168 | ||||||
9,040 | Allianz SE (Financials) | 2,064,254 | ||||||
20,959 | BASF SE (Materials) | 1,394,814 | ||||||
22,418 | Bayer AG (Health Care) | 1,297,017 | ||||||
7,323 | Bayerische Motoren Werke AG (Consumer Discretionary) | 711,973 | ||||||
2,233 | Beiersdorf AG (Consumer Staples) | 226,783 | ||||||
1,832 | BioNTech SE ADR (Health Care)* | 276,967 | ||||||
838 | Carl Zeiss Meditec AG (Health Care) | 132,574 | ||||||
2,464 | Continental AG (Consumer Discretionary)* | 212,549 | ||||||
4,273 | Covestro AG (Materials)(b) | 226,581 | ||||||
8,907 | Daimler Truck Holding AG (Industrials)* | 271,918 | ||||||
43,296 | Deutsche Bank AG (Financials)* | 547,575 | ||||||
4,184 | Deutsche Boerse AG (Financials) | 717,609 | ||||||
22,460 | Deutsche Post AG (Industrials) | 1,139,255 | ||||||
73,997 | Deutsche Telekom AG (Communication Services) | 1,332,309 | ||||||
48,640 | E.ON SE (Utilities) | 662,036 | ||||||
4,042 | Evonik Industries AG (Materials) | 122,080 | ||||||
4,533 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 291,843 | ||||||
8,970 | Fresenius SE & Co. KGaA (Health Care) | 314,998 | ||||||
1,370 | Hannover Rueck SE (Financials) | 253,592 | ||||||
554 | Hapag-Lloyd AG (Industrials)(b) | 167,511 | ||||||
3,395 | HeidelbergCement AG (Materials) | 221,703 | ||||||
2,300 | Henkel AG & Co. KGaA (Consumer Staples) | 177,219 | ||||||
27,418 | Infineon Technologies AG (Information Technology) | 946,820 | ||||||
1,509 | Knorr-Bremse AG (Industrials) | 133,898 | ||||||
19,118 | Mercedes-Benz Group AG (Consumer Discretionary) | 1,506,785 | ||||||
2,949 | Merck KGaA (Health Care) | 588,102 | ||||||
1,184 | MTU Aero Engines AG (Industrials) | 287,518 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
3,195 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | $ | 886,929 | |||||
2,295 | Puma SE (Consumer Discretionary) | 211,324 | ||||||
14,264 | RWE AG (Utilities) | 664,725 | ||||||
23,808 | SAP SE (Information Technology) | 2,709,414 | ||||||
58 | Sartorius AG (Health Care) | 23,387 | ||||||
18,423 | Siemens AG (Industrials) | 2,620,940 | ||||||
9,939 | Siemens Energy AG (Industrials) | 239,234 | ||||||
6,324 | Siemens Healthineers AG (Health Care)(b) | 408,287 | ||||||
2,936 | Symrise AG (Materials) | 351,207 | ||||||
1,216 | Talanx AG (Financials) | 53,485 | ||||||
17,906 | Telefonica Deutschland Holding AG (Communication Services) | 49,174 | ||||||
653 | Volkswagen AG (Consumer Discretionary) | 172,507 | ||||||
17,314 | Vonovia SE (Real Estate) | 923,737 | ||||||
5,116 | Zalando SE (Consumer Discretionary)*(b) | 342,364 | ||||||
|
|
|||||||
26,816,165 | ||||||||
|
|
|||||||
Hong Kong – 2.5% | ||||||||
277,875 | AIA Group Ltd. (Financials) | 2,889,456 | ||||||
7,026 | ASM Pacific Technology Ltd. (Information Technology) | 76,791 | ||||||
30,119 | Bank of East Asia Ltd. (The) (Financials) | 50,727 | ||||||
22,226 | Cathay Pacific Airways Ltd. (Industrials)* | 19,798 | ||||||
44,985 | CK Asset Holdings Ltd. (Real Estate) | 284,118 | ||||||
13,959 | CK Infrastructure Holdings Ltd. (Utilities) | 86,644 | ||||||
43,420 | CLP Holdings Ltd. (Utilities) | 442,052 | ||||||
7,062 | Dairy Farm International Holdings Ltd. (Consumer Staples) | 18,714 | ||||||
42,023 | Hang Lung Properties Ltd. (Real Estate) | 88,094 | ||||||
16,636 | Hang Seng Bank Ltd. (Financials) | 307,013 | ||||||
30,188 | Henderson Land Development Co. Ltd. (Real Estate) | 125,563 | ||||||
52,040 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 51,349 | ||||||
78,285 | HKT Trust & HKT Ltd. (Communication Services) | 105,600 | ||||||
249,480 | Hong Kong & China Gas Co. Ltd. (Utilities) | 377,395 | ||||||
29,124 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 1,407,428 | ||||||
27,148 | Hongkong Land Holdings Ltd. (Real Estate) | 146,328 | ||||||
5,783 | Jardine Matheson Holdings Ltd. (Industrials) | 344,088 | ||||||
48,007 | Link REIT (Real Estate) | 387,683 | ||||||
10,390 | Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)* | 104,108 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Hong Kong – (continued) | ||||||||
35,712 | MTR Corp. Ltd. (Industrials) | 184,874 | ||||||
31,475 | New World Development Co. Ltd. (Real Estate) | 125,881 | ||||||
31,414 | Power Assets Holdings Ltd. (Utilities) | 198,003 | ||||||
226,406 | Sino Biopharmaceutical Ltd. (Health Care) | 144,298 | ||||||
72,987 | Sino Land Co. Ltd. (Real Estate) | 91,821 | ||||||
32,903 | Sun Hung Kai Properties Ltd. (Real Estate) | 382,774 | ||||||
10,618 | Swire Pacific Ltd., Class A (Real Estate) | 58,704 | ||||||
24,182 | Swire Properties Ltd. (Real Estate) | 62,825 | ||||||
31,457 | Techtronic Industries Co. Ltd. (Industrials) | 525,377 | ||||||
173,630 | WH Group Ltd. (Consumer Staples)(b) | 121,106 | ||||||
33,865 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 151,909 | ||||||
38,580 | Xinyi Glass Holdings Ltd. (Industrials) | 102,453 | ||||||
|
|
|||||||
9,462,974 | ||||||||
|
|
|||||||
Ireland – 0.9% | ||||||||
2,939 | AerCap Holdings NV (Industrials)* | 159,970 | ||||||
17,887 | AIB Group PLC (Financials)* | 47,153 | ||||||
17,583 | CRH PLC (Materials) | 802,016 | ||||||
3,959 | Flutter Entertainment PLC (Consumer Discretionary)* | 570,296 | ||||||
1,841 | ICON PLC (Health Care)* | 438,176 | ||||||
3,561 | Kerry Group PLC, Class A (Consumer Staples) | 424,770 | ||||||
3,472 | Kingspan Group PLC (Industrials) | 338,655 | ||||||
4,092 | Ryanair Holdings PLC ADR (Industrials)* | 408,013 | ||||||
5,874 | Smurfit Kappa Group PLC (Materials) | 294,191 | ||||||
|
|
|||||||
3,483,240 | ||||||||
|
|
|||||||
Israel – 1.0% | ||||||||
823 | AFI Properties Ltd. (Real Estate) | 47,935 | ||||||
1,489 | Airport City Ltd. (Real Estate)* | 33,715 | ||||||
3,353 | Alony Hetz Properties & Investments Ltd. (Real Estate) | 58,787 | ||||||
4,724 | Amot Investments Ltd. (Real Estate) | 36,328 | ||||||
873 | Ashtrom Group Ltd. (Industrials) | 24,182 | ||||||
835 | Azrieli Group Ltd. (Real Estate) | 71,375 | ||||||
25,866 | Bank Hapoalim BM (Financials) | 273,471 | ||||||
31,878 | Bank Leumi Le-Israel BM (Financials) | 344,891 | ||||||
46,245 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)* | 76,030 | ||||||
248 | Big Shopping Centers Ltd. (Real Estate) | 36,657 | ||||||
2,255 | Check Point Software Technologies Ltd. (Information Technology)* | 326,704 | ||||||
477 | Elbit Systems Ltd. (Industrials) | 97,768 | ||||||
4,970 | Energix-Renewable Energies Ltd. (Utilities) | 20,218 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Israel – (continued) | ||||||||
20,738 | Enlight Renewable Energy Ltd. (Utilities)* | $ | 50,049 | |||||
1,182 | First International Bank Of Israel Ltd. (The) (Financials) | 50,777 | ||||||
1,112 | Gav-Yam Lands Corp. Ltd. (Real Estate) | 13,599 | ||||||
901 | Global-e Online Ltd. (Consumer Discretionary)* | 35,265 | ||||||
2,590 | Harel Insurance Investments & Financial Services Ltd. (Financials) | 31,415 | ||||||
15,464 | ICL Group Ltd. (Materials) | 175,604 | ||||||
83 | Israel Corp. Ltd. (The) (Materials)* | 43,558 | ||||||
25,465 | Israel Discount Bank Ltd., Class A (Financials) | 167,466 | ||||||
1,157 | JFrog Ltd. (Information Technology)* | 28,659 | ||||||
1,131 | Kornit Digital Ltd. (Industrials)* | 107,253 | ||||||
735 | Matrix IT Ltd. (Information Technology) | 19,850 | ||||||
1,089 | Maytronics Ltd. (Consumer Discretionary) | 23,432 | ||||||
524 | Melisron Ltd. (Real Estate)* | 41,718 | ||||||
14,828 | Mivne Real Estate KD Ltd. (Real Estate) | 58,055 | ||||||
3,412 | Mizrahi Tefahot Bank Ltd. (Financials) | 133,161 | ||||||
5,678 | Nano Dimension Ltd. ADR (Information Technology)* | 20,100 | ||||||
1,440 | Nice Ltd. (Information Technology)* | 326,010 | ||||||
603 | Nova Ltd. (Information Technology)* | 65,446 | ||||||
2,089 | OPC Energy Ltd. (Utilities)* | 23,787 | ||||||
3,253 | Phoenix Holdings Ltd. (The) (Financials) | 40,390 | ||||||
2,186 | Plus500 Ltd. (Financials) | 40,931 | ||||||
694 | Sapiens International Corp. NV (Information Technology) | 19,009 | ||||||
3,237 | Shapir Engineering and Industry Ltd. (Industrials) | 31,911 | ||||||
5,233 | Shikun & Binui Ltd. (Industrials)* | 31,622 | ||||||
6,050 | Shufersal Ltd. (Consumer Staples) | 54,112 | ||||||
1,134 | Strauss Group Ltd. (Consumer Staples) | 37,252 | ||||||
3,866 | Taboola.com Ltd. (Communication Services)* | 25,554 | ||||||
25,042 | Teva Pharmaceutical Industries Ltd. (Health Care)* | 203,120 | ||||||
2,486 | Tower Semiconductor Ltd. (Information Technology)* | 116,178 | ||||||
411 | WalkMe Ltd. (Information Technology)* (a) | 6,280 | ||||||
1,240 | Wix.com Ltd. (Information Technology)* | 113,559 | ||||||
1,699 | ZIM Integrated Shipping Services Ltd. (Industrials) | 118,573 | ||||||
|
|
|||||||
3,701,756 | ||||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Italy – 2.1% | ||||||||
35,746 | A2A SpA (Utilities) | 64,119 | ||||||
2,830 | Amplifon SpA (Health Care) | 122,219 | ||||||
28,020 | Assicurazioni Generali SpA (Financials) | 558,000 | ||||||
12,111 | Atlantia SpA (Industrials)* | 223,227 | ||||||
4,855 | Banca Mediolanum SpA (Financials) | 40,146 | ||||||
2,422 | Buzzi Unicem SpA (Materials) | 46,532 | ||||||
12,157 | Davide Campari-Milano NV (Consumer Staples) | 133,107 | ||||||
264 | DiaSorin SpA (Health Care) | 39,631 | ||||||
177,284 | Enel SpA (Utilities) | 1,314,029 | ||||||
55,716 | Eni SpA (Energy) | 865,610 | ||||||
2,728 | Ferrari NV (Consumer Discretionary) | 590,604 | ||||||
13,917 | FinecoBank Banca Fineco SpA (Financials) | 233,301 | ||||||
19,393 | Hera SpA (Utilities) | 75,475 | ||||||
8,020 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 82,082 | ||||||
1,675 | Interpump Group SpA (Industrials) | 91,171 | ||||||
391,380 | Intesa Sanpaolo SpA (Financials) | 1,008,219 | ||||||
4,491 | Iveco Group NV (Industrials)* | 37,555 | ||||||
9,007 | Leonardo SpA (Industrials)* | 80,933 | ||||||
14,730 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 154,296 | ||||||
4,735 | Moncler SpA (Consumer Discretionary) | 288,148 | ||||||
19,356 | Nexi SpA (Information Technology)*(b) | 266,758 | ||||||
8,742 | Pirelli & C SpA (Consumer Discretionary)(b) | 48,535 | ||||||
10,532 | Poste Italiane SpA (Financials)(b) | 121,549 | ||||||
11,778 | PRADA SpA (Consumer Discretionary) | 73,483 | ||||||
5,778 | Prysmian SpA (Industrials) | 191,580 | ||||||
2,224 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 109,312 | ||||||
43,496 | Snam SpA (Utilities) | 242,564 | ||||||
678 | Stevanato Group SpA (Health Care)* | 10,882 | ||||||
227,944 | Telecom Italia SpA (Communication Services) | 96,753 | ||||||
137,544 | Telecom Italia SpA-RSP (Communication Services) | 57,578 | ||||||
32,175 | Terna – Rete Elettrica Nazionale (Utilities) | 265,332 | ||||||
46,346 | UniCredit SpA (Financials) | 592,812 | ||||||
9,708 | UnipolSai Assicurazioni SpA (Financials) | 26,497 | ||||||
|
|
|||||||
8,152,039 | ||||||||
|
|
|||||||
Japan – 23.7% | ||||||||
706 | ABC-Mart, Inc. (Consumer Discretionary)(a) | 30,526 | ||||||
8,611 | Acom Co. Ltd. (Financials) | 23,925 | ||||||
4,393 | Advantest Corp. (Information Technology) | 345,948 | ||||||
15,849 | Aeon Co. Ltd. (Consumer Staples)(a) | 357,437 | ||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
2,385 | AEON Financial Service Co. Ltd. (Financials)(a) | $ | 24,601 | |||||
2,101 | Aeon Mall Co. Ltd. (Real Estate) | 29,424 | ||||||
4,352 | AGC, Inc. (Industrials) | 192,331 | ||||||
4,292 | Air Water, Inc. (Materials) | 62,307 | ||||||
3,518 | Aisin Corp. (Consumer Discretionary) | 127,830 | ||||||
12,213 | Ajinomoto Co., Inc. (Consumer Staples) | 354,063 | ||||||
4,227 | Alfresa Holdings Corp. (Health Care) | 64,813 | ||||||
7,700 | Amada Co. Ltd. (Industrials) | 67,724 | ||||||
9,930 | ANA Holdings, Inc. (Industrials)* | 217,826 | ||||||
10,021 | Asahi Group Holdings Ltd. (Consumer Staples) | 404,059 | ||||||
4,961 | Asahi Intecc Co. Ltd. (Health Care) | 105,789 | ||||||
30,211 | Asahi Kasei Corp. (Materials) | 282,634 | ||||||
41,952 | Astellas Pharma, Inc. (Health Care) | 698,805 | ||||||
3,001 | Azbil Corp. (Information Technology) | 112,822 | ||||||
4,031 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 292,941 | ||||||
306 | BayCurrent Consulting, Inc. (Industrials) | 120,487 | ||||||
1,697 | Benefit One, Inc. (Industrials) | 38,913 | ||||||
1,568 | Benesse Holdings, Inc. (Consumer Discretionary) | 31,830 | ||||||
13,054 | Bridgestone Corp. (Consumer Discretionary) | 535,534 | ||||||
5,665 | Brother Industries Ltd. (Information Technology) | 102,602 | ||||||
1,871 | Calbee, Inc. (Consumer Staples) | 41,944 | ||||||
23,301 | Canon, Inc. (Information Technology) | 545,932 | ||||||
3,732 | Capcom Co. Ltd. (Communication Services) | 89,918 | ||||||
4,992 | Casio Computer Co. Ltd. (Consumer Discretionary) | 58,296 | ||||||
3,855 | Central Japan Railway Co. (Industrials) | 518,463 | ||||||
15,427 | Chiba Bank Ltd. (The) (Financials) | 97,645 | ||||||
16,605 | Chubu Electric Power Co., Inc. (Utilities) | 166,230 | ||||||
14,396 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 474,971 | ||||||
7,120 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 55,761 | ||||||
2,754 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 35,102 | ||||||
24,730 | Concordia Financial Group Ltd. (Financials) | 101,132 | ||||||
426 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 58,699 | ||||||
9,396 | CyberAgent, Inc. (Communication Services) | 121,228 | ||||||
5,315 | Dai Nippon Printing Co. Ltd. (Industrials) | 137,842 | ||||||
5,900 | Daicel Corp. (Materials) | 45,233 | ||||||
2,609 | Daifuku Co. Ltd. (Industrials) | 187,110 | ||||||
22,699 | Dai-ichi Life Holdings, Inc. (Financials) | 474,575 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
42,958 | Daiichi Sankyo Co. Ltd. (Health Care) | 1,041,920 | ||||||
5,990 | Daikin Industries Ltd. (Industrials) | 1,102,826 | ||||||
1,375 | Daito Trust Construction Co. Ltd. (Real Estate) | 151,856 | ||||||
13,762 | Daiwa House Industry Co. Ltd. (Real Estate) | 390,605 | ||||||
49 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 132,524 | ||||||
31,726 | Daiwa Securities Group, Inc. (Financials) | 187,808 | ||||||
9,847 | Denso Corp. (Consumer Discretionary) | 687,986 | ||||||
4,845 | Dentsu Group, Inc. (Communication Services) | 192,454 | ||||||
1,842 | DIC Corp. (Materials) | 41,886 | ||||||
642 | Disco Corp. (Information Technology) | 179,208 | ||||||
7,342 | East Japan Railway Co. (Industrials) | 434,113 | ||||||
2,082 | Ebara Corp. (Industrials) | 107,738 | ||||||
6,227 | Eisai Co. Ltd. (Health Care) | 309,147 | ||||||
3,772 | Electric Power Development Co. Ltd. (Utilities) | 59,769 | ||||||
71,177 | ENEOS Holdings, Inc. (Energy) | 280,444 | ||||||
1,125 | Ezaki Glico Co. Ltd. (Consumer Staples) | 38,387 | ||||||
4,343 | FANUC Corp. (Industrials) | 797,709 | ||||||
1,244 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 667,823 | ||||||
2,488 | Food & Life Cos. Ltd. (Consumer Discretionary) | 82,087 | ||||||
2,960 | Fuji Electric Co. Ltd. (Industrials) | 150,602 | ||||||
3,703 | Fuji Media Holdings, Inc. (Communication Services) | 40,060 | ||||||
8,670 | FUJIFILM Holdings Corp. (Information Technology) | 546,660 | ||||||
4,317 | Fujitsu Ltd. (Information Technology) | 620,891 | ||||||
4,000 | Fukuoka Financial Group, Inc. (Financials) | 79,219 | ||||||
98 | GLP J REIT (Real Estate) | 146,011 | ||||||
996 | GMO Payment Gateway, Inc. (Information Technology) | 94,865 | ||||||
4,993 | Hakuhodo DY Holdings, Inc. (Communication Services) | 65,721 | ||||||
3,209 | Hamamatsu Photonics KK (Information Technology) | 161,321 | ||||||
5,258 | Hankyu Hanshin Holdings, Inc. (Industrials) | 156,816 | ||||||
977 | Harmonic Drive Systems, Inc. (Industrials) | 39,530 | ||||||
5,783 | Haseko Corp. (Consumer Discretionary) | 73,609 | ||||||
443 | Hikari Tsushin, Inc. (Consumer Discretionary) | 54,618 | ||||||
6,083 | Hino Motors Ltd. (Industrials) | 56,882 | ||||||
705 | Hirose Electric Co. Ltd. (Information Technology) | 104,977 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
1,521 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | $ | 48,334 | |||||
2,337 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 56,875 | ||||||
21,535 | Hitachi Ltd. (Industrials) | 1,056,416 | ||||||
4,506 | Hitachi Metals Ltd. (Materials)* | 80,085 | ||||||
36,069 | Honda Motor Co. Ltd. (Consumer Discretionary) | 1,103,913 | ||||||
1,254 | Hoshizaki Corp. (Industrials) | 86,884 | ||||||
8,408 | Hoya Corp. (Health Care) | 1,084,444 | ||||||
9,585 | Hulic Co. Ltd. (Real Estate) | 87,133 | ||||||
2,677 | Ibiden Co. Ltd. (Information Technology) | 128,301 | ||||||
4,741 | Idemitsu Kosan Co. Ltd. (Energy) | 126,783 | ||||||
3,071 | IHI Corp. (Industrials) | 70,872 | ||||||
3,401 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 62,690 | ||||||
22,784 | Inpex Corp. (Energy) | 234,418 | ||||||
7,611 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 61,126 | ||||||
13,412 | Isuzu Motors Ltd. (Consumer Discretionary) | 181,311 | ||||||
1,261 | Ito En Ltd. (Consumer Staples) | 72,260 | ||||||
33,513 | ITOCHU Corp. (Industrials) | 1,089,118 | ||||||
2,100 | Itochu Techno-Solutions Corp. (Information Technology) | 53,952 | ||||||
917 | Izumi Co. Ltd. (Consumer Discretionary) | 25,597 | ||||||
5,573 | J Front Retailing Co. Ltd. (Consumer Discretionary)(a) | 46,549 | ||||||
9,637 | Japan Airlines Co. Ltd. (Industrials)* | 192,196 | ||||||
11,980 | Japan Exchange Group, Inc. (Financials) | 224,674 | ||||||
159 | Japan Metropolitan Fund Invest REIT (Real Estate) | 128,525 | ||||||
9,141 | Japan Post Bank Co. Ltd. (Financials)(a) | 80,477 | ||||||
54,572 | Japan Post Holdings Co. Ltd. (Financials)* | 452,070 | ||||||
4,493 | Japan Post Insurance Co. Ltd. (Financials) | 77,006 | ||||||
24,740 | Japan Tobacco, Inc. (Consumer Staples) | 455,384 | ||||||
11,036 | JFE Holdings, Inc. (Materials) | 164,809 | ||||||
5,120 | JGC Holdings Corp. (Industrials) | 51,211 | ||||||
4,634 | JSR Corp. (Materials) | 144,442 | ||||||
5,170 | JTEKT Corp. (Consumer Discretionary) | 44,484 | ||||||
9,954 | Kajima Corp. (Industrials) | 133,440 | ||||||
2,894 | Kakaku.com, Inc. (Communication Services) | 62,918 | ||||||
16,795 | Kansai Electric Power Co., Inc. (The) (Utilities) | 169,445 | ||||||
4,988 | Kansai Paint Co. Ltd. (Materials) | 99,565 | ||||||
10,668 | Kao Corp. (Consumer Staples) | 498,319 | ||||||
3,458 | Kawasaki Heavy Industries Ltd. (Industrials) | 63,831 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
34,822 | KDDI Corp. (Communication Services) | 1,135,589 | ||||||
2,290 | Keihan Holdings Co. Ltd. (Industrials) | 60,841 | ||||||
5,173 | Keikyu Corp. (Industrials) | 54,077 | ||||||
2,463 | Keio Corp. (Industrials) | 100,509 | ||||||
3,415 | Keisei Electric Railway Co. Ltd. (Industrials) | 95,475 | ||||||
2,311 | Kewpie Corp. (Consumer Staples) | 49,260 | ||||||
4,270 | Keyence Corp. (Information Technology) | 1,993,841 | ||||||
3,201 | Kikkoman Corp. (Consumer Staples) | 237,348 | ||||||
3,866 | Kintetsu Group Holdings Co. Ltd. (Industrials)* | 115,972 | ||||||
17,756 | Kirin Holdings Co. Ltd. (Consumer Staples) | 294,071 | ||||||
1,113 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 94,896 | ||||||
2,727 | Kobe Bussan Co. Ltd. (Consumer Staples) | 89,618 | ||||||
1,277 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 44,073 | ||||||
2,801 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 143,972 | ||||||
21,435 | Komatsu Ltd. (Industrials) | 491,791 | ||||||
2,132 | Konami Holdings Corp. (Communication Services) | 119,951 | ||||||
740 | Kose Corp. (Consumer Staples) | 84,360 | ||||||
26,767 | Kubota Corp. (Industrials) | 479,215 | ||||||
7,556 | Kuraray Co. Ltd. (Materials) | 70,722 | ||||||
2,498 | Kurita Water Industries Ltd. (Industrials) | 101,937 | ||||||
7,367 | Kyocera Corp. (Information Technology) | 420,816 | ||||||
5,620 | Kyowa Kirin Co. Ltd. (Health Care) | 144,141 | ||||||
10,176 | Kyushu Electric Power Co., Inc. (Utilities) | 76,690 | ||||||
3,108 | Kyushu Railway Co. (Industrials) | 68,542 | ||||||
1,750 | Lasertec Corp. (Information Technology) | 316,649 | ||||||
1,018 | Lawson, Inc. (Consumer Staples)(a) | 42,426 | ||||||
5,764 | Lion Corp. (Consumer Staples) | 75,319 | ||||||
6,446 | Lixil Corp. (Industrials) | 142,996 | ||||||
9,300 | M3, Inc. (Health Care) | 344,708 | ||||||
5,528 | Makita Corp. (Industrials) | 195,586 | ||||||
38,375 | Marubeni Corp. (Industrials) | 400,993 | ||||||
4,254 | Marui Group Co. Ltd. (Financials) | 83,289 | ||||||
13,262 | Mazda Motor Corp. (Consumer Discretionary)* | 98,565 | ||||||
1,940 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 83,209 | ||||||
23,288 | Mebuki Financial Group, Inc. (Financials) | 54,795 | ||||||
3,962 | Medipal Holdings Corp. (Health Care) | 72,136 | ||||||
2,896 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 173,747 | ||||||
2,277 | Mercari, Inc. (Consumer Discretionary)* | 70,183 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
8,607 | MINEBEA MITSUMI, Inc. (Industrials) | $ | 186,525 | |||||
6,473 | MISUMI Group, Inc. (Industrials) | 205,978 | ||||||
31,983 | Mitsubishi Chemical Holdings Corp. (Materials) | 226,984 | ||||||
30,751 | Mitsubishi Corp. (Industrials) | 1,033,533 | ||||||
44,663 | Mitsubishi Electric Corp. (Industrials) | 535,723 | ||||||
26,612 | Mitsubishi Estate Co. Ltd. (Real Estate) | 405,967 | ||||||
4,364 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 77,182 | ||||||
15,546 | Mitsubishi HC Capital, Inc. (Financials) | 80,851 | ||||||
7,042 | Mitsubishi Heavy Industries Ltd. (Industrials) | 207,637 | ||||||
2,735 | Mitsubishi Materials Corp. (Materials) | 49,226 | ||||||
15,013 | Mitsubishi Motors Corp. (Consumer Discretionary)* | 39,105 | ||||||
260,444 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 1,611,847 | ||||||
35,253 | Mitsui & Co. Ltd. (Industrials) | 877,078 | ||||||
4,017 | Mitsui Chemicals, Inc. (Materials) | 102,470 | ||||||
20,184 | Mitsui Fudosan Co. Ltd. (Real Estate) | 448,105 | ||||||
2,629 | Mitsui OSK Lines Ltd. (Industrials) | 213,196 | ||||||
2,203 | Miura Co. Ltd. (Industrials) | 59,964 | ||||||
53,687 | Mizuho Financial Group, Inc. (Financials) | 710,855 | ||||||
5,535 | MonotaRO Co. Ltd. (Industrials) | 103,323 | ||||||
10,556 | MS&AD Insurance Group Holdings, Inc. (Financials) | 357,900 | ||||||
14,211 | Murata Manufacturing Co. Ltd. (Information Technology) | 960,808 | ||||||
2,438 | Nabtesco Corp. (Industrials) | 66,890 | ||||||
4,399 | Nagoya Railroad Co. Ltd. (Industrials)* | 80,513 | ||||||
5,700 | NEC Corp. (Information Technology) | 245,222 | ||||||
10,537 | Nexon Co. Ltd. (Communication Services) | 227,619 | ||||||
6,850 | NGK Insulators Ltd. (Industrials) | 105,865 | ||||||
4,397 | NGK Spark Plug Co. Ltd. (Consumer Discretionary) | 78,949 | ||||||
2,304 | NH Foods Ltd. (Consumer Staples)(a) | 86,419 | ||||||
2,774 | Nichirei Corp. (Consumer Staples) | 61,008 | ||||||
11,484 | Nidec Corp. (Industrials) | 985,425 | ||||||
6,804 | Nihon M&A Center Holdings, Inc. (Industrials) | 98,242 | ||||||
7,343 | Nikon Corp. (Consumer Discretionary) | 76,060 | ||||||
2,631 | Nintendo Co. Ltd. (Communication Services) | 1,325,380 | ||||||
63 | Nippon Building Fund, Inc. REIT (Real Estate) | 359,922 | ||||||
1,774 | Nippon Express Holdings, Inc. (Industrials) | 107,510 | ||||||
20,184 | Nippon Paint Holdings Co. Ltd. (Materials) | 178,576 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
49 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 143,586 | ||||||
4,021 | Nippon Sanso Holdings Corp. (Materials) | 78,273 | ||||||
1,428 | Nippon Shinyaku Co. Ltd. (Health Care) | 92,369 | ||||||
19,569 | Nippon Steel Corp. (Materials) | 358,248 | ||||||
49,431 | Nippon Telegraph & Telephone Corp. (Communication Services) | 1,413,295 | ||||||
3,189 | Nippon Television Holdings, Inc. (Communication Services) | 36,465 | ||||||
3,682 | Nippon Yusen KK (Industrials)(a) | 341,106 | ||||||
2,892 | Nissan Chemical Corp. (Materials) | 163,213 | ||||||
50,312 | Nissan Motor Co. Ltd. (Consumer Discretionary)* | 238,204 | ||||||
5,429 | Nisshin Seifun Group, Inc. (Consumer Staples) | 76,833 | ||||||
1,501 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 119,507 | ||||||
1,856 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 277,896 | ||||||
3,325 | Nitto Denko Corp. (Materials) | 241,057 | ||||||
68,859 | Nomura Holdings, Inc. (Financials) | 314,656 | ||||||
2,547 | Nomura Real Estate Holdings, Inc. (Real Estate) | 63,357 | ||||||
93 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 122,573 | ||||||
8,098 | Nomura Research Institute Ltd. (Information Technology) | 279,484 | ||||||
10,375 | NSK Ltd. (Industrials) | 67,020 | ||||||
14,317 | NTT Data Corp. (Information Technology) | 270,118 | ||||||
14,566 | Obayashi Corp. (Industrials) | 121,536 | ||||||
634 | OBIC Business Consultants Co. Ltd. (Information Technology) | 23,010 | ||||||
1,428 | Obic Co. Ltd. (Information Technology) | 227,017 | ||||||
7,741 | Odakyu Electric Railway Co. Ltd. (Industrials) | 127,297 | ||||||
20,191 | Oji Holdings Corp. (Materials) | 102,905 | ||||||
28,854 | Olympus Corp. (Health Care) | 576,078 | ||||||
4,383 | Omron Corp. (Information Technology) | 295,308 | ||||||
9,174 | Ono Pharmaceutical Co. Ltd. (Health Care) | 225,138 | ||||||
1,766 | Open House Group Co. Ltd. (Consumer Discretionary) | 79,733 | ||||||
753 | Oracle Corp. Japan (Information Technology) | 53,349 | ||||||
4,659 | Oriental Land Co. Ltd. (Consumer Discretionary) | 854,740 | ||||||
27,183 | ORIX Corp. (Financials) | 538,822 | ||||||
63 | Orix JREIT, Inc. REIT (Real Estate) | 88,011 | ||||||
9,141 | Osaka Gas Co. Ltd. (Utilities) | 167,383 | ||||||
2,487 | Otsuka Corp. (Information Technology) | 95,766 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
9,102 | Otsuka Holdings Co. Ltd. (Health Care) | $ | 313,186 | |||||
8,703 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 142,059 | ||||||
49,807 | Panasonic Corp. (Consumer Discretionary) | 514,611 | ||||||
2,475 | Park24 Co. Ltd. (Industrials)* | 36,789 | ||||||
2,216 | PeptiDream, Inc. (Health Care)* | 39,135 | ||||||
4,009 | Persol Holdings Co. Ltd. (Industrials) | 88,899 | ||||||
2,617 | Pigeon Corp. (Consumer Staples) | 48,125 | ||||||
1,876 | Pola Orbis Holdings, Inc. (Consumer Staples) | 29,254 | ||||||
1,888 | Rakus Co. Ltd. (Information Technology) | 30,769 | ||||||
19,961 | Rakuten Group, Inc. (Consumer Discretionary) | 168,804 | ||||||
31,590 | Recruit Holdings Co. Ltd. (Industrials) | 1,321,747 | ||||||
25,773 | Renesas Electronics Corp. (Information Technology)* | 299,855 | ||||||
53,661 | Resona Holdings, Inc. (Financials) | 241,247 | ||||||
14,058 | Ricoh Co. Ltd. (Information Technology) | 119,495 | ||||||
789 | Rinnai Corp. (Consumer Discretionary) | 64,531 | ||||||
1,941 | Rohm Co. Ltd. (Information Technology) | 152,179 | ||||||
5,520 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary)(a) | 80,949 | ||||||
8,586 | Santen Pharmaceutical Co. Ltd. (Health Care) | 97,210 | ||||||
4,990 | SBI Holdings, Inc. (Financials) | 129,976 | ||||||
980 | SCREEN Holdings Co. Ltd. (Information Technology)(a) | 94,618 | ||||||
3,267 | SCSK Corp. (Information Technology) | 55,540 | ||||||
4,784 | Secom Co. Ltd. (Industrials) | 349,823 | ||||||
3,890 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 70,555 | ||||||
5,080 | Seibu Holdings, Inc. (Industrials)* | 52,884 | ||||||
6,682 | Seiko Epson Corp. (Information Technology) | 102,282 | ||||||
9,137 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 149,222 | ||||||
13,533 | Sekisui House Ltd. (Consumer Discretionary) | 275,654 | ||||||
17,070 | Seven & i Holdings Co. Ltd. (Consumer Staples)(a) | 828,638 | ||||||
13,735 | Seven Bank Ltd. (Financials) | 29,336 | ||||||
9,183 | SG Holdings Co. Ltd. (Industrials) | 193,905 | ||||||
6,489 | Sharp Corp. (Consumer Discretionary)(a) | 61,017 | ||||||
6,422 | Shimadzu Corp. (Information Technology) | 228,889 | ||||||
533 | Shimamura Co. Ltd. (Consumer Discretionary) | 48,082 | ||||||
1,825 | Shimano, Inc. (Consumer Discretionary) | 421,172 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
12,674 | Shimizu Corp. (Industrials) | 83,741 | ||||||
9,254 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1,419,737 | ||||||
1,411 | Shinsei Bank Ltd. (Financials) | 26,536 | ||||||
6,764 | Shionogi & Co. Ltd. (Health Care) | 448,741 | ||||||
9,038 | Shiseido Co. Ltd. (Consumer Staples) | 515,246 | ||||||
11,503 | Shizuoka Bank Ltd. (The) (Financials) | 85,392 | ||||||
4,054 | Showa Denko KK (Materials) | 74,093 | ||||||
1,418 | SMC Corp. (Industrials) | 837,811 | ||||||
63,125 | SoftBank Corp. (Communication Services) | 794,989 | ||||||
26,150 | SoftBank Group Corp. (Communication Services) | 1,163,610 | ||||||
1,664 | Sohgo Security Services Co. Ltd. (Industrials) | 59,813 | ||||||
5,141 | Sojitz Corp. (Industrials) | 84,809 | ||||||
7,245 | Sompo Holdings, Inc. (Financials) | 315,779 | ||||||
28,239 | Sony Group Corp. (Consumer Discretionary) | 2,895,616 | ||||||
2,032 | Square Enix Holdings Co. Ltd. (Communication Services) | 98,094 | ||||||
3,329 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 78,821 | ||||||
13,838 | Subaru Corp. (Consumer Discretionary) | 227,499 | ||||||
810 | Sugi Holdings Co. Ltd. (Consumer Staples) | 45,713 | ||||||
7,635 | SUMCO Corp. (Information Technology) | 125,090 | ||||||
35,930 | Sumitomo Chemical Co. Ltd. (Materials) | 171,578 | ||||||
26,667 | Sumitomo Corp. (Industrials) | 433,896 | ||||||
3,800 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 41,670 | ||||||
16,900 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 223,401 | ||||||
2,606 | Sumitomo Heavy Industries Ltd. (Industrials) | 63,015 | ||||||
5,504 | Sumitomo Metal Mining Co. Ltd. (Materials) | 274,591 | ||||||
26,736 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 956,623 | ||||||
7,177 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 256,110 | ||||||
7,065 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 207,702 | ||||||
4,039 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 38,961 | ||||||
1,539 | Sundrug Co. Ltd. (Consumer Staples) | 41,690 | ||||||
2,839 | Suntory Beverage & Food Ltd. (Consumer Staples) | 113,387 | ||||||
1,400 | Suzuken Co. Ltd. (Health Care) | 45,097 | ||||||
9,363 | Suzuki Motor Corp. (Consumer Discretionary) | 371,756 | ||||||
3,471 | Sysmex Corp. (Health Care) | 274,968 | ||||||
12,118 | T&D Holdings, Inc. (Financials) | 177,180 | ||||||
|
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
2,606 | Taiheiyo Cement Corp. (Materials) | $ | 49,937 | |||||
4,167 | Taisei Corp. (Industrials) | 138,026 | ||||||
905 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 44,867 | ||||||
2,805 | Taiyo Yuden Co. Ltd. (Information Technology) | 124,207 | ||||||
35,071 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 1,066,061 | ||||||
2,067 | TBS Holdings, Inc. (Communication Services) | 33,381 | ||||||
8,625 | TDK Corp. (Information Technology) | 344,476 | ||||||
4,118 | Teijin Ltd. (Materials) | 49,448 | ||||||
16,293 | Terumo Corp. (Health Care) | 524,686 | ||||||
2,717 | THK Co. Ltd. (Industrials) | 61,806 | ||||||
5,269 | TIS, Inc. (Information Technology) | 123,519 | ||||||
4,347 | Tobu Railway Co. Ltd. (Industrials) | 106,623 | ||||||
133 | Toei Animation Co. Ltd. (Communication Services) | 11,675 | ||||||
2,463 | Toho Co. Ltd. (Communication Services) | 102,327 | ||||||
2,119 | Toho Gas Co. Ltd. (Utilities) | 56,574 | ||||||
10,674 | Tohoku Electric Power Co., Inc. (Utilities) | 69,229 | ||||||
14,094 | Tokio Marine Holdings, Inc. (Financials) | 804,462 | ||||||
854 | Tokyo Century Corp. (Financials) | 37,371 | ||||||
33,876 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 106,474 | ||||||
3,393 | Tokyo Electron Ltd. (Information Technology) | 1,642,957 | ||||||
9,463 | Tokyo Gas Co. Ltd. (Utilities) | 192,916 | ||||||
12,355 | Tokyu Corp. (Industrials) | 164,340 | ||||||
13,562 | Tokyu Fudosan Holdings Corp. (Real Estate) | 75,243 | ||||||
6,211 | TOPPAN, Inc. (Industrials) | 121,712 | ||||||
34,073 | Toray Industries, Inc. (Materials) | 195,164 | ||||||
9,157 | Toshiba Corp. (Industrials) | 363,895 | ||||||
6,488 | Tosoh Corp. (Materials) | 100,721 | ||||||
3,534 | TOTO Ltd. (Industrials) | 148,356 | ||||||
1,990 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 83,626 | ||||||
1,524 | Toyoda Gosei Co. Ltd. (Consumer Discretionary) | 28,846 | ||||||
1,655 | Toyota Boshoku Corp. (Consumer Discretionary) | 30,118 | ||||||
3,523 | Toyota Industries Corp. (Industrials) | 267,341 | ||||||
249,957 | Toyota Motor Corp. (Consumer Discretionary) | 4,641,051 | ||||||
5,039 | Toyota Tsusho Corp. (Industrials) | 208,473 | ||||||
3,020 | Trend Micro, Inc. (Information Technology) | 167,814 | ||||||
872 | Tsuruha Holdings, Inc. (Consumer Staples) | 69,578 | ||||||
9,097 | Unicharm Corp. (Consumer Staples) | 341,212 | ||||||
65 | United Urban Investment Corp. REIT (Real Estate) | 74,213 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
4,568 | USS Co. Ltd. (Consumer Discretionary) | 75,515 | ||||||
2,096 | Welcia Holdings Co. Ltd. (Consumer Staples) | 55,778 | ||||||
5,010 | West Japan Railway Co. (Industrials) | 215,407 | ||||||
450 | Workman Co. Ltd. (Consumer Discretionary) | 19,692 | ||||||
2,981 | Yakult Honsha Co. Ltd. (Consumer Staples) | 161,247 | ||||||
16,015 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 55,481 | ||||||
3,723 | Yamaha Corp. (Consumer Discretionary) | 173,261 | ||||||
7,063 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 157,971 | ||||||
7,254 | Yamato Holdings Co. Ltd. (Industrials) | 141,584 | ||||||
2,994 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 40,475 | ||||||
5,682 | Yaskawa Electric Corp. (Industrials)(a) | 225,455 | ||||||
5,833 | Yokogawa Electric Corp. (Information Technology) | 93,439 | ||||||
3,016 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 42,081 | ||||||
59,727 | Z Holdings Corp. (Communication Services) | 289,158 | ||||||
2,554 | ZOZO, Inc. (Consumer Discretionary) | 72,069 | ||||||
|
|
|||||||
90,031,229 | ||||||||
|
|
|||||||
Jordan – 0.0% | ||||||||
3,261 | Hikma Pharmaceuticals PLC (Health Care) | 91,141 | ||||||
|
|
|||||||
Luxembourg – 0.2% | ||||||||
13,875 | ArcelorMittal (Materials) | 431,766 | ||||||
2,930 | Eurofins Scientific SE (Health Care) | 297,965 | ||||||
|
|
|||||||
729,731 | ||||||||
|
|
|||||||
Macau – 0.1% | ||||||||
49,385 | Galaxy Entertainment Group Ltd. (Consumer Discretionary)* | 274,617 | ||||||
55,982 | Sands China Ltd. (Consumer Discretionary)* | 146,516 | ||||||
33,440 | Wynn Macau Ltd. (Consumer Discretionary)* | 28,503 | ||||||
|
|
|||||||
449,636 | ||||||||
|
|
|||||||
Mexico – 0.0% | ||||||||
4,204 | Fresnillo PLC (Materials) | 40,534 | ||||||
|
|
|||||||
Netherlands – 5.0% | ||||||||
10,064 | ABN AMRO Bank NV (Financials)(b) | 134,087 | ||||||
607 | Adyen NV (Information Technology)*(b) | 1,271,116 | ||||||
3,825 | Akzo Nobel NV (Materials) | 365,181 | ||||||
1,025 | ASM International NV (Information Technology) | 331,799 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Netherlands – (continued) | ||||||||
9,132 | ASML Holding NV (Information Technology) | $ | 6,142,957 | |||||
2,428 | EXOR NV (Financials) | 184,899 | ||||||
1,976 | HAL Trust (Financials) | 305,396 | ||||||
2,290 | Heineken Holding NV (Consumer Staples) | 187,122 | ||||||
5,427 | Heineken NV (Consumer Staples) | 550,921 | ||||||
86,322 | ING Groep NV (Financials) | 1,017,854 | ||||||
2,177 | JDE Peet’s NV (Consumer Staples) | 71,583 | ||||||
23,124 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 713,735 | ||||||
3,935 | Koninklijke DSM NV (Materials) | 739,432 | ||||||
74,849 | Koninklijke KPN NV (Communication Services) | 256,415 | ||||||
19,913 | Koninklijke Philips NV (Health Care) | 678,593 | ||||||
5,809 | NN Group NV (Financials) | 279,125 | ||||||
2,668 | Randstad NV (Industrials) | 181,900 | ||||||
175,194 | Shell PLC (Energy) | 4,635,514 | ||||||
21,505 | Universal Music Group NV (Communication Services) | 491,060 | ||||||
5,897 | Wolters Kluwer NV (Industrials) | 601,547 | ||||||
|
|
|||||||
19,140,236 | ||||||||
|
|
|||||||
New Zealand – 0.4% | ||||||||
16,855 | a2 Milk Co. Ltd. (The) (Consumer Staples)* | 67,870 | ||||||
27,518 | Auckland International Airport Ltd. (Industrials)* | 132,594 | ||||||
10,273 | Chorus Ltd. (Communication Services) | 50,786 | ||||||
17,747 | Contact Energy Ltd. (Utilities) | 97,524 | ||||||
13,109 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 244,055 | ||||||
17,268 | Fletcher Building Ltd. (Industrials) | 78,414 | ||||||
11,714 | Genesis Energy Ltd. (Utilities) | 21,840 | ||||||
23,033 | Goodman Property Trust REIT (Real Estate) | 37,566 | ||||||
15,736 | Infratil Ltd. (Utilities) | 84,662 | ||||||
1,871 | Mainfreight Ltd. (Industrials) | 100,524 | ||||||
13,867 | Mercury NZ Ltd. (Utilities) | 53,679 | ||||||
26,335 | Meridian Energy Ltd. (Utilities) | 89,022 | ||||||
8,699 | Ryman Healthcare Ltd. (Health Care) | 58,871 | ||||||
42,191 | Spark New Zealand Ltd. (Communication Services) | 128,630 | ||||||
2,972 | Xero Ltd. (Information Technology)* | 202,141 | ||||||
|
|
|||||||
1,448,178 | ||||||||
|
|
|||||||
Norway – 0.9% | ||||||||
503 | Aker ASA, Class A (Industrials) | 41,728 | ||||||
2,873 | Aker BP ASA (Energy) | 89,356 | ||||||
1,968 | Austevoll Seafood ASA (Consumer Staples) | 27,885 | ||||||
13,498 | AutoStore Holdings Ltd. (Industrials)* | 45,412 | ||||||
20,134 | DNB Bank ASA (Financials) | 451,281 | ||||||
1,360 | Entra ASA (Real Estate)(b) | 28,844 | ||||||
23,861 | Equinor ASA (Energy) | 755,556 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
4,247 | Gjensidige Forsikring ASA (Financials) | 105,237 | ||||||
8,307 | Kahoot! ASA (Communication Services)* | 26,091 | ||||||
1,982 | Kongsberg Gruppen ASA (Industrials) | 69,916 | ||||||
6,431 | Leroy Seafood Group ASA (Consumer Staples) | 56,166 | ||||||
10,335 | Mowi ASA (Consumer Staples) | 266,083 | ||||||
33,088 | NEL ASA (Industrials)*(a) | 60,260 | ||||||
3,775 | Nordic Semiconductor ASA (Information Technology)* | 100,453 | ||||||
30,502 | Norsk Hydro ASA (Materials) | 289,840 | ||||||
16,961 | Orkla ASA (Consumer Staples) | 159,201 | ||||||
1,289 | Salmar ASA (Consumer Staples) | 95,162 | ||||||
1,597 | Schibsted ASA, Class A (Communication Services) | 45,983 | ||||||
2,104 | Schibsted ASA, Class B (Communication Services) | 54,600 | ||||||
3,936 | SpareBank 1 SR-Bank ASA (Financials) | 58,546 | ||||||
10,398 | Storebrand ASA (Financials) | 103,062 | ||||||
14,628 | Telenor ASA (Communication Services) | 217,000 | ||||||
2,657 | TOMRA Systems ASA (Industrials) | 125,453 | ||||||
|
|
|||||||
3,273,115 | ||||||||
|
|
|||||||
Poland – 0.3% | ||||||||
8,807 | Allegro.eu SA (Consumer Discretionary)*(b) | 66,029 | ||||||
4,025 | Bank Polska Kasa Opieki SA (Financials) | 111,220 | ||||||
1,567 | CD Projekt SA (Communication Services)(a) | 63,077 | ||||||
5,752 | Cyfrowy Polsat SA (Communication Services) | 37,425 | ||||||
1,092 | Dino Polska SA (Consumer Staples)*(b) | 77,055 | ||||||
4,761 | InPost SA (Industrials)* | 29,508 | ||||||
3,112 | KGHM Polska Miedz SA (Materials) | 123,111 | ||||||
297 | mBank SA (Financials)* | 29,320 | ||||||
18,183 | PGE Polska Grupa Energetyczna SA (Utilities)* | 35,458 | ||||||
7,074 | Polski Koncern Naftowy ORLEN SA (Energy) | 120,157 | ||||||
37,080 | Polskie Gornictwo Naftowe i Gazownictwo SA (Energy) | 49,351 | ||||||
20,130 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials)* | 194,058 | ||||||
12,968 | Powszechny Zaklad Ubezpieczen SA (Financials) | 97,768 | ||||||
761 | Santander Bank Polska SA (Financials) | 57,246 | ||||||
|
|
|||||||
1,090,783 | ||||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Portugal – 0.2% | ||||||||
167,227 | Banco Comercial Portugues SA, Class R (Financials)* | $ | 31,011 | |||||
62,756 | EDP – Energias de Portugal SA (Utilities) | 307,608 | ||||||
11,198 | Galp Energia SGPS SA (Energy) | 123,990 | ||||||
6,300 | Jeronimo Martins SGPS SA (Consumer Staples) | 137,454 | ||||||
|
|
|||||||
600,063 | ||||||||
|
|
|||||||
Russia – 0.0% | ||||||||
12,172 | Evraz PLC (Materials) | 23,640 | ||||||
5,180 | Raspadskaya OJSC (Materials)(c) | 12,634 | ||||||
|
|
|||||||
36,274 | ||||||||
|
|
|||||||
Saudi Arabia – 0.0% | ||||||||
3,508 | Delivery Hero SE (Consumer Discretionary)*(b) | 188,380 | ||||||
|
|
|||||||
Singapore – 1.4% | ||||||||
79,110 | Ascendas Real Estate Investment Trust REIT (Real Estate) | 161,431 | ||||||
103,002 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 160,105 | ||||||
112,758 | Capitaland Investment Ltd. (Real Estate)* | 306,514 | ||||||
13,106 | City Developments Ltd. (Real Estate) | 68,743 | ||||||
49,787 | ComfortDelGro Corp. Ltd. (Industrials) | 51,714 | ||||||
41,352 | DBS Group Holdings Ltd. (Financials) | 1,030,259 | ||||||
60,643 | Frasers Logistics & Commercial Trust REIT (Real Estate) | 62,544 | ||||||
130,656 | Genting Singapore Ltd. (Consumer Discretionary) | 74,113 | ||||||
2,181 | Jardine Cycle & Carriage Ltd. (Industrials) | 35,090 | ||||||
33,036 | Keppel Corp. Ltd. (Industrials) | 145,777 | ||||||
31,401 | Keppel DC REIT (Real Estate) | 50,660 | ||||||
46,415 | Mapletree Commercial Trust REIT (Real Estate) | 61,889 | ||||||
47,795 | Mapletree Industrial Trust REIT (Real Estate) | 90,136 | ||||||
67,725 | Mapletree Logistics Trust REIT (Real Estate) | 87,310 | ||||||
29,924 | Olam International Ltd. (Consumer Staples) | 37,916 | ||||||
87,529 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 752,487 | ||||||
15,409 | SATS Ltd. (Industrials)* | 45,065 | ||||||
29,909 | Singapore Airlines Ltd. (Industrials)*(a) | 112,149 | ||||||
18,772 | Singapore Exchange Ltd. (Financials) | 129,162 | ||||||
35,175 | Singapore Technologies Engineering Ltd. (Industrials) | 98,986 | ||||||
181,211 | Singapore Telecommunications Ltd. (Communication Services) | 336,404 | ||||||
14,948 | STMicroelectronics NV (Information Technology) | 637,333 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Singapore – (continued) | ||||||||
31,450 | Suntec Real Estate Investment Trust REIT (Real Estate) | 37,533 | ||||||
32,832 | United Overseas Bank Ltd. (Financials) | 723,419 | ||||||
12,251 | UOL Group Ltd. (Real Estate) | 62,995 | ||||||
6,213 | Venture Corp. Ltd. (Information Technology) | 80,234 | ||||||
|
|
|||||||
5,439,968 | ||||||||
|
|
|||||||
South Africa – 0.4% | ||||||||
25,985 | Anglo American PLC (Materials) | 1,332,904 | ||||||
2,602 | Scatec ASA (Utilities)(b) | 37,519 | ||||||
|
|
|||||||
1,370,423 | ||||||||
|
|
|||||||
Spain – 2.3% | ||||||||
5,137 | ACS Actividades de Construccion y Servicios SA (Industrials) | 125,899 | ||||||
1,576 | Aena SME SA (Industrials)*(b) | 258,975 | ||||||
10,264 | Amadeus IT Group SA (Information Technology)* | 691,020 | ||||||
148,442 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 882,002 | ||||||
388,169 | Banco Santander SA (Financials) | 1,301,217 | ||||||
99,001 | CaixaBank SA (Financials) | 326,922 | ||||||
12,821 | Cellnex Telecom SA (Communication Services)*(b) | 585,238 | ||||||
5,485 | EDP Renovaveis SA (Utilities) | 133,812 | ||||||
7,223 | Endesa SA (Utilities) | 159,540 | ||||||
10,627 | Ferrovial SA (Industrials) | 291,483 | ||||||
6,723 | Grifols SA (Health Care) | 128,485 | ||||||
139,497 | Iberdrola SA (Utilities) | 1,595,034 | ||||||
25,303 | Industria de Diseno Textil SA (Consumer Discretionary) | 670,720 | ||||||
21,876 | Mapfre SA (Financials) | 43,282 | ||||||
7,864 | Naturgy Energy Group SA (Utilities) | 212,253 | ||||||
9,213 | Red Electrica Corp. SA (Utilities) | 184,454 | ||||||
32,122 | Repsol SA (Energy) | 419,460 | ||||||
5,118 | Siemens Gamesa Renewable Energy SA (Industrials)* | 119,167 | ||||||
116,094 | Telefonica SA (Communication Services) | 557,577 | ||||||
|
|
|||||||
8,686,540 | ||||||||
|
|
|||||||
Sweden – 3.6% | ||||||||
3,980 | AAK AB (Consumer Staples) | 72,931 | ||||||
5,185 | AddTech AB, Class B (Industrials) | 86,250 | ||||||
6,706 | Alfa Laval AB (Industrials) | 220,260 | ||||||
22,190 | Assa Abloy AB, Class B (Industrials) | 591,533 | ||||||
14,406 | Atlas Copco AB, Class A (Industrials) | 754,628 | ||||||
8,504 | Atlas Copco AB, Class B (Industrials) | 389,871 | ||||||
2,473 | Avanza Bank Holding AB (Financials) | 70,562 | ||||||
2,373 | Axfood AB (Consumer Staples) | 62,555 | ||||||
5,201 | Beijer Ref AB (Industrials) | 79,187 | ||||||
6,127 | Boliden AB (Materials) | 274,924 | ||||||
5,961 | Castellum AB (Real Estate) | 133,643 | ||||||
5,852 | Electrolux AB, Class B (Consumer Discretionary) | 105,871 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
7,558 | Elekta AB, Class B (Health Care)(a) | $ | 65,905 | |||||
15,723 | Embracer Group AB (Communication Services)* | 136,603 | ||||||
14,166 | Epiroc AB, Class A (Industrials) | 268,740 | ||||||
8,502 | Epiroc AB, Class B (Industrials) | 138,814 | ||||||
7,539 | EQT AB (Financials) | 256,327 | ||||||
13,769 | Essity AB, Class B (Consumer Staples) | 356,983 | ||||||
4,111 | Evolution AB (Consumer Discretionary)(b) | 479,476 | ||||||
5,949 | Fabege AB (Real Estate) | 89,504 | ||||||
2,049 | Fastighets AB Balder, Class B (Real Estate)* | 128,782 | ||||||
4,465 | Getinge AB, Class B (Health Care) | 175,323 | ||||||
16,083 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 273,429 | ||||||
47,861 | Hexagon AB, Class B (Information Technology) | 652,890 | ||||||
2,064 | Holmen AB, Class B (Materials) | 102,257 | ||||||
9,370 | Husqvarna AB, Class B (Industrials) | 113,623 | ||||||
2,682 | Industrivarden AB, Class A (Financials) | 74,792 | ||||||
3,633 | Industrivarden AB, Class C (Financials) | 99,657 | ||||||
6,087 | Indutrade AB (Industrials) | 136,403 | ||||||
3,087 | Investment AB Latour, Class B (Industrials) | 86,446 | ||||||
12,399 | Investor AB, Class A (Financials) | 277,323 | ||||||
38,489 | Investor AB, Class B (Financials) | 791,540 | ||||||
5,502 | Kinnevik AB, Class B (Financials)* | 141,715 | ||||||
1,666 | L E Lundbergforetagen AB, Class B (Financials) | 81,339 | ||||||
4,481 | Lifco AB, Class B (Industrials) | 102,931 | ||||||
4,206 | Lundin Energy AB (Energy) | 155,839 | ||||||
36,602 | Nibe Industrier AB, Class B (Industrials) | 329,326 | ||||||
1,749 | Saab AB, Class B (Industrials) | 53,017 | ||||||
3,326 | Sagax AB, Class B (Real Estate) | 91,623 | ||||||
24,398 | Samhallsbyggnadsbolaget i Norden AB (Real Estate) | 114,232 | ||||||
4,407 | Samhallsbyggnadsbolaget i Norden AB, Class D (Real Estate) | 13,354 | ||||||
24,349 | Sandvik AB (Industrials) | 533,768 | ||||||
7,098 | Securitas AB, Class B (Industrials) | 86,448 | ||||||
12,524 | Sinch AB (Information Technology)*(b) | 107,695 | ||||||
33,228 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 386,208 | ||||||
7,703 | Skanska AB, Class B (Industrials) | 175,881 | ||||||
8,295 | SKF AB, Class B (Industrials) | 154,506 | ||||||
5,083 | SSAB AB, Class A (Materials)* | 32,292 | ||||||
13,934 | SSAB AB, Class B (Materials)* | 76,504 | ||||||
31,001 | Storskogen Group AB, Class B (Industrials)* | 85,269 | ||||||
13,672 | Svenska Cellulosa AB SCA, Class B (Materials) | 225,254 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
33,291 | Svenska Handelsbanken AB, Class A (Financials) | 320,275 | ||||||
793 | Svenska Handelsbanken AB, Class B (Financials) | 8,536 | ||||||
4,607 | Sweco AB, Class B (Industrials) | 65,018 | ||||||
24,781 | Swedbank AB, Class A (Financials) | 403,083 | ||||||
35,044 | Swedish Match AB (Consumer Staples) | 257,459 | ||||||
4,057 | Swedish Orphan Biovitrum AB (Health Care)* | 83,584 | ||||||
11,234 | Tele2 AB, Class B (Communication Services) | 149,676 | ||||||
66,857 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 622,654 | ||||||
49,663 | Telia Co. AB (Communication Services) | 185,825 | ||||||
2,359 | Thule Group AB (Consumer Discretionary)(b) | 93,828 | ||||||
5,522 | Trelleborg AB, Class B (Industrials) | 112,333 | ||||||
1,926 | Vitrolife AB (Health Care) | 64,648 | ||||||
4,333 | Volvo AB, Class A (Industrials) | 85,253 | ||||||
33,595 | Volvo AB, Class B (Industrials) | 654,160 | ||||||
10,942 | Volvo Car AB, Class B (Consumer Discretionary)* | 77,026 | ||||||
3,615 | Wallenstam AB, Class B (Real Estate) | 53,393 | ||||||
|
|
|||||||
13,730,984 | ||||||||
|
|
|||||||
Switzerland – 8.8% | ||||||||
39,348 | ABB Ltd. (Industrials) | 1,335,975 | ||||||
11,400 | Alcon, Inc. (Health Care) | 883,222 | ||||||
10,263 | Cie Financiere Richemont SA, Class A (Consumer Discretionary) | 1,399,424 | ||||||
55,664 | Credit Suisse Group AG (Financials) | 470,576 | ||||||
789 | Geberit AG (Industrials) | 517,199 | ||||||
182 | Givaudan SA (Materials) | 763,946 | ||||||
12,896 | Holcim Ltd. (Materials)* | 647,857 | ||||||
1,282 | Kuehne + Nagel International AG (Industrials) | 351,294 | ||||||
1,695 | Lonza Group AG (Health Care) | 1,177,604 | ||||||
63,734 | Nestle SA (Consumer Staples) | 8,320,953 | ||||||
53,345 | Novartis AG (Health Care) | 4,671,358 | ||||||
499 | Partners Group Holding AG (Financials) | 677,970 | ||||||
16,028 | Roche Holding AG (Health Care) | 6,111,936 | ||||||
600 | Roche Holding AG (Health Care) | 251,393 | ||||||
448 | Schindler Holding AG (Industrials) | 101,080 | ||||||
929 | Schindler Holding AG Participation Certificates (Industrials) | 214,163 | ||||||
138 | SGS SA (Industrials) | 396,349 | ||||||
3,255 | Sika AG (Materials) | 1,085,650 | ||||||
229 | Straumann Holding AG (Health Care) | 364,298 | ||||||
642 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 199,503 | ||||||
1,162 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 69,407 | ||||||
579 | Swisscom AG (Communication Services) | 347,482 | ||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
76,987 | UBS Group AG (Financials) | $ | 1,416,890 | |||||
3,428 | Zurich Insurance Group AG (Financials) | 1,575,285 | ||||||
|
|
|||||||
33,350,814 | ||||||||
|
|
|||||||
Taiwan – 0.3% | ||||||||
7,201 | Sea Ltd. ADR (Communication Services)* | 1,048,466 | ||||||
|
|
|||||||
United Kingdom – 12.8% | ||||||||
21,822 | 3i Group PLC (Financials) | 391,030 | ||||||
49,741 | abrdn PLC (Financials) | 137,952 | ||||||
5,448 | Admiral Group PLC (Financials) | 217,614 | ||||||
8,762 | Allfunds Group PLC (Financials)* | 100,521 | ||||||
10,155 | Ashtead Group PLC (Industrials) | 664,378 | ||||||
1,591 | ASOS PLC (Consumer Discretionary)* | 41,702 | ||||||
8,206 | Associated British Foods PLC (Consumer Staples) | 211,400 | ||||||
34,166 | AstraZeneca PLC (Health Care) | 4,152,849 | ||||||
21,438 | Auto Trader Group PLC (Communication Services)(b) | 190,708 | ||||||
2,538 | AVEVA Group PLC (Information Technology) | 84,794 | ||||||
84,995 | Aviva PLC (Financials) | 478,749 | ||||||
19,425 | B&M European Value Retail SA (Consumer Discretionary) | 157,788 | ||||||
72,183 | BAE Systems PLC (Industrials) | 696,944 | ||||||
381,816 | Barclays PLC (Financials) | 936,898 | ||||||
23,288 | Barratt Developments PLC (Consumer Discretionary) | 190,917 | ||||||
2,441 | Berkeley Group Holdings PLC (Consumer Discretionary) | 127,602 | ||||||
413,673 | BP PLC (Energy) | 2,017,870 | ||||||
52,350 | British American Tobacco PLC (Consumer Staples) | 2,290,899 | ||||||
19,267 | British Land Co. PLC (The) REIT (Real Estate) | 136,910 | ||||||
158,090 | BT Group PLC (Communication Services) | 395,069 | ||||||
7,696 | Bunzl PLC (Industrials) | 306,582 | ||||||
9,165 | Burberry Group PLC (Consumer Discretionary) | 238,565 | ||||||
61,043 | CK Hutchison Holdings Ltd. (Industrials) | 427,724 | ||||||
22,474 | CNH Industrial NV (Industrials) | 323,739 | ||||||
3,450 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 176,675 | ||||||
40,688 | Compass Group PLC (Consumer Discretionary) | 924,808 | ||||||
36,720 | ConvaTec Group PLC (Health Care)(b) | 88,808 | ||||||
3,177 | Croda International PLC (Materials) | 319,024 | ||||||
5,845 | Darktrace PLC (Information Technology)* | 34,695 | ||||||
2,175 | DCC PLC (Industrials) | 171,013 | ||||||
53,049 | Diageo PLC (Consumer Staples) | 2,651,400 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
30,367 | Direct Line Insurance Group PLC (Financials) | 120,646 | ||||||
31,043 | DS Smith PLC (Materials) | 143,533 | ||||||
14,644 | easyJet PLC (Industrials)* | 118,402 | ||||||
626 | Endava PLC ADR (Information Technology)* | 83,371 | ||||||
13,267 | Entain PLC (Consumer Discretionary)* | 299,769 | ||||||
21,034 | Experian PLC (Industrials) | 827,762 | ||||||
6,803 | Farfetch Ltd., Class A (Consumer Discretionary)* | 129,597 | ||||||
114,794 | GlaxoSmithKline PLC (Health Care) | 2,380,301 | ||||||
8,621 | Halma PLC (Information Technology) | 278,886 | ||||||
8,021 | Hargreaves Lansdown PLC (Financials) | 122,097 | ||||||
463,171 | HSBC Holdings PLC (Financials) | 3,198,033 | ||||||
21,586 | Imperial Brands PLC (Consumer Staples) | 474,704 | ||||||
34,238 | Informa PLC (Communication Services)* | 273,061 | ||||||
4,034 | InterContinental Hotels Group PLC (Consumer Discretionary)* | 283,405 | ||||||
6,587 | Intermediate Capital Group PLC (Financials) | 151,485 | ||||||
3,678 | Intertek Group PLC (Industrials) | 265,698 | ||||||
82,693 | ITV PLC (Communication Services)* | 122,770 | ||||||
45,558 | J Sainsbury PLC (Consumer Staples) | 168,528 | ||||||
56,184 | JD Sports Fashion PLC (Consumer Discretionary) | 113,831 | ||||||
4,394 | Johnson Matthey PLC (Materials) | 111,015 | ||||||
4,423 | Just Eat Takeaway.com NV (Consumer Discretionary)*(b) | 179,938 | ||||||
47,342 | Kingfisher PLC (Consumer Discretionary) | 194,502 | ||||||
16,905 | Land Securities Group PLC REIT (Real Estate) | 180,143 | ||||||
136,219 | Legal & General Group PLC (Financials) | 506,644 | ||||||
3,457 | Liberty Global PLC, Class A (Communication Services)* | 89,121 | ||||||
7,540 | Liberty Global PLC, Class C (Communication Services)* | 195,060 | ||||||
1,619,349 | Lloyds Banking Group PLC (Financials) | 1,052,377 | ||||||
8,172 | London Stock Exchange Group PLC (Financials) | 720,825 | ||||||
59,301 | M&G PLC (Financials) | 163,749 | ||||||
17,803 | Meggitt PLC (Industrials)* | 180,348 | ||||||
98,448 | Melrose Industries PLC (Industrials) | 195,827 | ||||||
82,508 | National Grid PLC (Utilities) | 1,251,854 | ||||||
119,720 | NatWest Group PLC (Financials) | 368,977 | ||||||
2,789 | Next PLC (Consumer Discretionary) | 256,786 | ||||||
11,609 | Ocado Group PLC (Consumer Staples)* | 213,864 | ||||||
17,230 | Pearson PLC (Communication Services) | 149,807 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
7,225 | Persimmon PLC (Consumer Discretionary) | $ | 233,920 | |||||
15,966 | Phoenix Group Holdings PLC (Financials) | 132,519 | ||||||
62,582 | Prudential PLC (Financials) | 954,313 | ||||||
16,269 | Reckitt Benckiser Group PLC (Consumer Staples) | 1,379,807 | ||||||
44,121 | RELX PLC (Industrials) | 1,350,338 | ||||||
42,376 | Rentokil Initial PLC (Industrials) | 288,725 | ||||||
19,229 | Rightmove PLC (Communication Services) | 173,534 | ||||||
189,186 | Rolls-Royce Holdings PLC (Industrials)* | 262,725 | ||||||
23,233 | Sage Group PLC (The) (Information Technology) | 219,083 | ||||||
2,683 | Schroders PLC (Financials) | 110,301 | ||||||
27,379 | Segro PLC REIT (Real Estate) | 478,116 | ||||||
5,697 | Severn Trent PLC (Utilities) | 219,840 | ||||||
20,063 | Smith & Nephew PLC (Health Care) | 359,914 | ||||||
8,955 | Smiths Group PLC (Industrials) | 183,715 | ||||||
1,677 | Spirax-Sarco Engineering PLC (Industrials) | 268,776 | ||||||
24,309 | SSE PLC (Utilities) | 555,950 | ||||||
12,280 | St James’s Place PLC (Financials) | 231,250 | ||||||
70,203 | Standard Chartered PLC (Financials) | 501,871 | ||||||
80,973 | Taylor Wimpey PLC (Consumer Discretionary) | 163,240 | ||||||
174,915 | Tesco PLC (Consumer Staples) | 680,021 | ||||||
17,352 | THG PLC (Consumer Discretionary)* | 24,912 | ||||||
57,348 | Unilever PLC (Consumer Staples) | 2,882,809 | ||||||
15,552 | United Utilities Group PLC (Utilities) | 224,215 | ||||||
619,500 | Vodafone Group PLC (Communication Services) | 1,092,548 | ||||||
5,911 | Weir Group PLC (The) (Industrials) | 125,509 | ||||||
4,604 | Whitbread PLC (Consumer Discretionary)* | 180,628 | ||||||
10,132 | Wise PLC, Class A (Information Technology)* | 72,867 | ||||||
26,270 | WPP PLC (Communication Services) | 372,745 | ||||||
|
|
|||||||
48,576,534 | ||||||||
|
|
|||||||
United States – 1.4% | ||||||||
14,225 | Avast PLC (Information Technology)(b) | 119,977 | ||||||
3,382 | Carnival PLC (Consumer Discretionary)* | 63,929 | ||||||
908 | CyberArk Software Ltd. (Information Technology)* | 154,487 | ||||||
5,026 | Ferguson PLC (Industrials) | 769,786 | ||||||
610 | Fiverr International Ltd. (Consumer Discretionary)* | 48,135 | ||||||
9,576 | James Hardie Industries PLC CDI (Materials) | 310,265 | ||||||
17,891 | JS Global Lifestyle Co. Ltd. (Consumer Discretionary)(b) | 20,562 | ||||||
12,676 | Schneider Electric SE (Industrials) | 1,990,144 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
48,254 | Stellantis NV (Consumer Discretionary) | 887,236 | ||||||
6,572 | Swiss Re AG (Financials) | 629,084 | ||||||
10,633 | Tenaris SA (Energy) | 137,822 | ||||||
|
|
|||||||
5,131,427 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $335,728,232) | $ | 376,118,082 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 0.5% | ||||||||||
Germany – 0.5% | ||||||||||
1,298 | Bayerische Motoren Werke AG (Consumer Discretionary) | 2.98 | % | $ | 106,282 | |||||
3,969 | Henkel AG & Co. KGaA (Consumer Staples) | 2.85 | 315,803 | |||||||
3,495 | Porsche Automobil Holding SE (Consumer Discretionary) | 2.70 | 356,757 | |||||||
778 | Sartorius AG (Health Care) | 0.18 | 344,472 | |||||||
4,178 | Volkswagen AG (Consumer Discretionary) | 3.06 | 835,494 | |||||||
1,958,808 | ||||||||||
|
||||||||||
Spain – 0.0% | ||||||||||
5,966 | Grifols SA, Class B (Health Care) | 3.45 | 74,917 | |||||||
|
||||||||||
TOTAL PREFERRED STOCKS |
|
|||||||||
(Cost $1,802,701) |
|
$ | 2,033,725 | |||||||
|
||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
|
|||||||||
(Cost $337,530,933) |
|
$ | 378,151,807 | |||||||
|
Shares |
Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle – 0.6%(d) | ||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||
2,279,615 | 0.026% | $ | 2,279,615 | |||||
(Cost $2,279,615) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 100.2% | ||||||||
(Cost $339,810,548) | $ | 380,431,422 | ||||||
|
|
|||||||
|
LIABILITIES IN EXCESS
OF OTHER ASSETS – (0.2)% |
(855,387 | ) | |||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 379,576,035 | ||||||
|
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
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 | |
CVA |
—Dutch Certification | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
SDR |
—Swedish Depositary Receipt | |
|
The below table represents the sector breakdown of investments as a percentage of total market value of the Fund:
Sector Name | Percent of Market Value | |
Financials |
17.1% | |
Industrials |
16.1% | |
Health Care |
12.4% | |
Consumer Discretionary |
12.1% | |
Consumer Staples |
10.1% | |
Information Technology |
8.7% | |
Materials |
8.1% | |
Communication Services |
5.1% | |
Energy |
3.9% | |
Utilities |
3.5% | |
Real Estate |
3.0% | |
| ||
TOTAL INVESTMENTS | 100.0% | |
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 9.7% | ||||||||
9,575 | Activision Blizzard, Inc. | $ | 780,363 | |||||
3,691 | Alphabet, Inc., Class A* | 9,969,908 | ||||||
3,381 | Alphabet, Inc., Class C* | 9,121,329 | ||||||
2,633 | Altice USA, Inc., Class A* | 30,437 | ||||||
88,214 | AT&T, Inc. | 2,089,790 | ||||||
1,461 | Charter Communications, Inc., Class A* | 879,201 | ||||||
56,237 | Comcast Corp., Class A | 2,629,642 | ||||||
2,019 | Discovery, Inc., Class A *(a) | 56,633 | ||||||
3,902 | Discovery, Inc., Class C* | 109,139 | ||||||
3,094 | DISH Network Corp., Class A* | 98,884 | ||||||
3,488 | Electronic Arts, Inc. | 453,754 | ||||||
3,955 | Fox Corp., Class A | 165,438 | ||||||
1,829 | Fox Corp., Class B | 69,978 | ||||||
961 | IAC/InterActiveCorp* | 110,284 | ||||||
284 | Liberty Broadband Corp., Class A* | 41,126 | ||||||
1,737 | Liberty Broadband Corp., Class C* | 254,818 | ||||||
918 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 46,230 | ||||||
1,973 | Liberty Media Corp.-Liberty SiriusXM, Class C* | 99,281 | ||||||
1,869 | Live Nation Entertainment, Inc.* | 225,813 | ||||||
12,585 | Lumen Technologies, Inc. | 130,381 | ||||||
3,305 | Match Group, Inc.* | 368,474 | ||||||
29,241 | Meta Platforms, Inc., Class A* | 6,170,728 | ||||||
5,419 | Netflix, Inc.* | 2,137,904 | ||||||
2,616 | Omnicom Group, Inc. | 219,456 | ||||||
117 | Paramount Global, Class A | 3,984 | ||||||
7,101 | Paramount Global, Class B | 217,362 | ||||||
6,929 | Pinterest, Inc., Class A* | 185,351 | ||||||
3,462 | ROBLOX Corp., Class A* | 178,535 | ||||||
1,454 | Roku, Inc.* | 202,877 | ||||||
9,153 | Sirius XM Holdings, Inc.(a) | 56,382 | ||||||
15,179 | Snap, Inc., Class A* | 606,249 | ||||||
1,432 | Spotify Technology SA* | 223,664 | ||||||
1,412 | Take-Two Interactive Software, Inc.* | 228,744 | ||||||
7,306 | T-Mobile US, Inc.* | 900,172 | ||||||
9,664 | Twitter, Inc.* | 343,555 | ||||||
52,111 | Verizon Communications, Inc. | 2,796,797 | ||||||
22,547 | Walt Disney Co. (The)* | 3,347,328 | ||||||
1,288 | Warner Music Group Corp., Class A | 46,651 | ||||||
3,220 | ZoomInfo Technologies, Inc.* | 176,102 | ||||||
|
|
|||||||
45,772,744 | ||||||||
|
|
|||||||
Consumer Discretionary – 12.0% | ||||||||
771 | Advance Auto Parts, Inc. | 157,654 | ||||||
4,085 | Airbnb, Inc., Class A* | 618,837 | ||||||
5,426 | Amazon.com, Inc.* | 16,664,657 | ||||||
3,333 | Aptiv PLC* | 431,424 | ||||||
259 | AutoZone, Inc.* | 482,618 | ||||||
2,663 | Best Buy Co., Inc. | 257,352 | ||||||
505 | Booking Holdings, Inc.* | 1,096,986 | ||||||
820 | Burlington Stores, Inc.* | 185,230 | ||||||
2,536 | Caesars Entertainment, Inc.* | 213,506 | ||||||
2,005 | CarMax, Inc.* | 219,207 | ||||||
10,608 | Carnival Corp.* | 215,661 | ||||||
1,048 | Carvana Co.* | 157,693 | ||||||
1,047 | Chewy, Inc., Class A* | 49,356 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
329 | Chipotle Mexican Grill, Inc.* | 501,182 | ||||||
8,660 | Coupang, Inc. (South Korea)* | 229,663 | ||||||
1,578 | Darden Restaurants, Inc. | 229,157 | ||||||
2,865 | Dollar General Corp. | 568,244 | ||||||
2,760 | Dollar Tree, Inc.* | 392,141 | ||||||
450 | Domino’s Pizza, Inc. | 194,494 | ||||||
2,392 | DoorDash, Inc., Class A* | 251,040 | ||||||
4,103 | D.R. Horton, Inc. | 350,396 | ||||||
3,888 | DraftKings, Inc., Class A* | 92,068 | ||||||
7,470 | eBay, Inc. | 407,787 | ||||||
1,564 | Etsy, Inc.* | 242,248 | ||||||
1,798 | Expedia Group, Inc.* | 352,606 | ||||||
48,618 | Ford Motor Co. | 853,732 | ||||||
1,893 | Garmin Ltd. | 209,063 | ||||||
16,409 | General Motors Co.* | 766,628 | ||||||
1,746 | Genuine Parts Co. | 213,291 | ||||||
1,599 | Hasbro, Inc. | 155,183 | ||||||
3,403 | Hilton Worldwide Holdings, Inc.* | 506,571 | ||||||
12,960 | Home Depot, Inc. (The) | 4,093,157 | ||||||
5,080 | Las Vegas Sands Corp.* | 217,729 | ||||||
3,318 | Lennar Corp., Class A | 298,222 | ||||||
192 | Lennar Corp., Class B | 14,496 | ||||||
3,133 | LKQ Corp. | 147,094 | ||||||
8,334 | Lowe’s Cos., Inc. | 1,842,314 | ||||||
6,684 | Lucid Group, Inc. *(a) | 193,702 | ||||||
1,471 | Lululemon Athletica, Inc.* | 470,632 | ||||||
3,420 | Marriott International, Inc., Class A* | 581,879 | ||||||
9,271 | McDonald’s Corp. | 2,269,263 | ||||||
600 | MercadoLibre, Inc. (Brazil)* | 675,990 | ||||||
4,816 | MGM Resorts International | 213,301 | ||||||
677 | Mohawk Industries, Inc.* | 95,308 | ||||||
4,709 | Newell Brands, Inc. | 111,839 | ||||||
15,661 | NIKE, Inc., Class B | 2,138,510 | ||||||
38 | NVR, Inc.* | 188,421 | ||||||
822 | O’Reilly Automotive, Inc.* | 533,675 | ||||||
3,576 | Peloton Interactive, Inc., Class A* | 103,919 | ||||||
3,031 | PulteGroup, Inc. | 150,519 | ||||||
2,257 | Rivian Automotive, Inc., Class A *(a) | 152,483 | ||||||
4,298 | Ross Stores, Inc. | 392,794 | ||||||
2,682 | Royal Caribbean Cruises Ltd.* | 216,491 | ||||||
14,536 | Starbucks Corp. | 1,334,259 | ||||||
5,933 | Target Corp. | 1,185,235 | ||||||
10,047 | Tesla, Inc.* | 8,745,210 | ||||||
13,702 | TJX Cos., Inc. (The) | 905,702 | ||||||
1,405 | Tractor Supply Co. | 286,325 | ||||||
657 | Ulta Beauty, Inc.* | 246,047 | ||||||
495 | Vail Resorts, Inc. | 128,972 | ||||||
4,374 | VF Corp. | 253,779 | ||||||
927 | Wayfair, Inc., Class A* | 130,586 | ||||||
753 | Whirlpool Corp. | 151,556 | ||||||
1,300 | Wynn Resorts Ltd.* | 112,476 | ||||||
5,082 | Yum China Holdings, Inc. (China) | 264,366 | ||||||
3,630 | Yum! Brands, Inc. | 444,965 | ||||||
|
|
|||||||
56,556,891 | ||||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – 6.1% | ||||||||
22,772 | Altria Group, Inc. | $ | 1,167,976 | |||||
6,906 | Archer-Daniels-Midland Co. | 541,776 | ||||||
468 | Brown-Forman Corp., Class A | 28,567 | ||||||
3,749 | Brown-Forman Corp., Class B | 244,547 | ||||||
2,500 | Campbell Soup Co. | 112,425 | ||||||
3,021 | Church & Dwight Co., Inc. | 295,605 | ||||||
1,520 | Clorox Co. (The) | 221,601 | ||||||
48,068 | Coca-Cola Co. (The) | 2,991,752 | ||||||
10,428 | Colgate-Palmolive Co. | 802,434 | ||||||
5,824 | Conagra Brands, Inc. | 203,665 | ||||||
1,890 | Constellation Brands, Inc., Class A | 407,522 | ||||||
5,491 | Costco Wholesale Corp. | 2,851,202 | ||||||
2,669 | Estee Lauder Cos., Inc. (The), Class A | 790,905 | ||||||
7,473 | General Mills, Inc. | 503,904 | ||||||
1,792 | Hershey Co. (The) | 362,450 | ||||||
3,483 | Hormel Foods Corp. | 165,930 | ||||||
1,268 | J M Smucker Co. (The) | 170,863 | ||||||
3,184 | Kellogg Co. | 203,585 | ||||||
9,767 | Keurig Dr Pepper, Inc. | 377,690 | ||||||
4,172 | Kimberly-Clark Corp. | 542,986 | ||||||
8,574 | Kraft Heinz Co. (The) | 336,272 | ||||||
8,283 | Kroger Co. (The) | 387,644 | ||||||
3,069 | McCormick & Co., Inc. | 292,077 | ||||||
2,302 | Molson Coors Beverage Co., Class B | 120,118 | ||||||
17,236 | Mondelez International, Inc., Class A | 1,128,613 | ||||||
4,654 | Monster Beverage Corp.* | 392,797 | ||||||
17,132 | PepsiCo, Inc. | 2,805,194 | ||||||
19,283 | Philip Morris International, Inc. | 1,948,933 | ||||||
30,012 | Procter & Gamble Co. (The) | 4,678,571 | ||||||
6,337 | Sysco Corp. | 551,953 | ||||||
3,587 | Tyson Foods, Inc., Class A | 332,371 | ||||||
8,842 | Walgreens Boots Alliance, Inc. | 407,528 | ||||||
18,062 | Walmart, Inc. | 2,441,260 | ||||||
|
|
|||||||
28,810,716 | ||||||||
|
|
|||||||
Energy – 3.5% | ||||||||
10,179 | Baker Hughes Co. | 299,059 | ||||||
2,764 | Cheniere Energy, Inc. | 367,336 | ||||||
23,565 | Chevron Corp. | 3,393,360 | ||||||
16,348 | ConocoPhillips | 1,550,771 | ||||||
8,330 | Devon Energy Corp. | 496,051 | ||||||
7,239 | EOG Resources, Inc. | 831,906 | ||||||
52,362 | Exxon Mobil Corp. | 4,106,228 | ||||||
10,290 | Halliburton Co. | 345,024 | ||||||
3,547 | Hess Corp. | 358,460 | ||||||
24,630 | Kinder Morgan, Inc. | 428,562 | ||||||
7,573 | Marathon Petroleum Corp. | 589,710 | ||||||
10,983 | Occidental Petroleum Corp. | 480,287 | ||||||
5,498 | ONEOK, Inc. | 359,019 | ||||||
5,427 | Phillips 66 | 457,170 | ||||||
2,695 | Pioneer Natural Resources Co. | 645,722 | ||||||
17,379 | Schlumberger NV | 681,952 | ||||||
5,118 | Valero Energy Corp. | 427,404 | ||||||
15,045 | Williams Cos., Inc. (The) | 470,608 | ||||||
|
|
|||||||
16,288,629 | ||||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – 11.1% | ||||||||
7,498 | Aflac, Inc. | 458,053 | ||||||
164 | Alleghany Corp.* | 108,555 | ||||||
3,484 | Allstate Corp. (The) | 426,302 | ||||||
4,244 | Ally Financial, Inc. | 211,776 | ||||||
7,119 | American Express Co. | 1,384,930 | ||||||
10,296 | American International Group, Inc. | 630,527 | ||||||
1,386 | Ameriprise Financial, Inc. | 415,509 | ||||||
17,945 | Annaly Capital Management, Inc. REIT | 124,897 | ||||||
2,615 | Aon PLC, Class A | 763,946 | ||||||
6,323 | Apollo Global Management, Inc. | 412,639 | ||||||
4,631 | Arch Capital Group Ltd.* | 218,166 | ||||||
2,545 | Arthur J Gallagher & Co. | 402,594 | ||||||
88,665 | Bank of America Corp. | 3,918,993 | ||||||
9,262 | Bank of New York Mellon Corp. (The) | 492,275 | ||||||
16,151 | Berkshire Hathaway, Inc., Class B* | 5,191,739 | ||||||
1,739 | BlackRock, Inc. | 1,293,625 | ||||||
8,447 | Blackstone, Inc. | 1,076,739 | ||||||
5,217 | Capital One Financial Corp. | 799,610 | ||||||
1,313 | Cboe Global Markets, Inc. | 154,002 | ||||||
18,795 | Charles Schwab Corp. (The) | 1,587,426 | ||||||
4,576 | Chubb Ltd. | 931,857 | ||||||
1,917 | Cincinnati Financial Corp. | 235,388 | ||||||
24,572 | Citigroup, Inc. | 1,455,400 | ||||||
5,267 | Citizens Financial Group, Inc. | 276,096 | ||||||
4,375 | CME Group, Inc. | 1,034,819 | ||||||
1,523 | Coinbase Global, Inc., Class A* | 290,543 | ||||||
3,589 | Discover Financial Services | 443,026 | ||||||
479 | Everest Re Group Ltd. | 142,847 | ||||||
3,355 | Fidelity National Financial, Inc. | 159,832 | ||||||
8,430 | Fifth Third Bancorp | 403,291 | ||||||
2,205 | First Republic Bank | 382,038 | ||||||
3,612 | Franklin Resources, Inc. | 107,385 | ||||||
1,141 | Globe Life, Inc. | 115,195 | ||||||
4,132 | Goldman Sachs Group, Inc. (The)(b) | 1,410,210 | ||||||
4,209 | Hartford Financial Services Group, Inc. (The) | 292,441 | ||||||
17,662 | Huntington Bancshares, Inc. | 274,114 | ||||||
1,121 | Interactive Brokers Group, Inc., Class A | 74,188 | ||||||
6,923 | Intercontinental Exchange, Inc. | 886,975 | ||||||
36,344 | JPMorgan Chase & Co. | 5,153,579 | ||||||
11,492 | KeyCorp | 288,105 | ||||||
7,025 | KKR & Co., Inc. | 422,343 | ||||||
2,648 | Loews Corp. | 162,428 | ||||||
1,575 | M&T Bank Corp. | 287,012 | ||||||
165 | Markel Corp.* | 205,080 | ||||||
6,223 | Marsh & McLennan Cos., Inc. | 967,116 | ||||||
8,008 | MetLife, Inc. | 540,940 | ||||||
1,989 | Moody’s Corp. | 640,518 | ||||||
17,417 | Morgan Stanley | 1,580,419 | ||||||
988 | MSCI, Inc. | 495,670 | ||||||
1,447 | Nasdaq, Inc. | 247,654 | ||||||
2,465 | Northern Trust Corp. | 280,764 | ||||||
5,211 | PNC Financial Services Group, Inc. (The) | 1,038,292 | ||||||
3,271 | Principal Financial Group, Inc. | 231,063 | ||||||
7,231 | Progressive Corp. (The) | 765,980 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
4,687 | Prudential Financial, Inc. | $ | 523,350 | |||||
2,692 | Raymond James Financial, Inc. | 295,178 | ||||||
11,763 | Regions Financial Corp. | 284,547 | ||||||
4,664 | Robinhood Markets, Inc., Class A *(a) | 56,015 | ||||||
1,667 | Rocket Cos., Inc., Class A(a) | 21,521 | ||||||
4,236 | S&P Global, Inc. | 1,591,465 | ||||||
1,557 | SEI Investments Co. | 91,209 | ||||||
4,260 | State Street Corp. | 363,506 | ||||||
724 | SVB Financial Group* | 438,744 | ||||||
6,763 | Synchrony Financial | 289,321 | ||||||
2,735 | T. Rowe Price Group, Inc. | 395,372 | ||||||
3,035 | Travelers Cos., Inc. (The) | 521,504 | ||||||
16,479 | Truist Financial Corp. | 1,025,323 | ||||||
730 | Upstart Holdings, Inc.* | 115,333 | ||||||
16,501 | US Bancorp | 932,967 | ||||||
1,641 | W R Berkley Corp. | 148,182 | ||||||
49,425 | Wells Fargo & Co. | 2,637,812 | ||||||
1,531 | Willis Towers Watson PLC | 340,341 | ||||||
|
|
|||||||
52,366,601 | ||||||||
|
|
|||||||
Health Care – 13.2% | ||||||||
1,029 | 10X Genomics, Inc., Class A* | 83,833 | ||||||
21,785 | Abbott Laboratories | 2,627,707 | ||||||
21,748 | AbbVie, Inc. | 3,213,702 | ||||||
546 | ABIOMED, Inc.* | 169,664 | ||||||
3,737 | Agilent Technologies, Inc. | 487,155 | ||||||
915 | Align Technology, Inc.* | 467,986 | ||||||
1,473 | Alnylam Pharmaceuticals, Inc.* | 232,513 | ||||||
1,871 | AmerisourceBergen Corp. | 266,674 | ||||||
6,984 | Amgen, Inc. | 1,581,736 | ||||||
3,006 | Anthem, Inc. | 1,358,261 | ||||||
6,583 | Avantor, Inc.* | 228,364 | ||||||
6,209 | Baxter International, Inc. | 527,579 | ||||||
3,511 | Becton Dickinson and Co. | 952,464 | ||||||
1,817 | Biogen, Inc.* | 383,405 | ||||||
2,257 | BioMarin Pharmaceutical, Inc.* | 176,317 | ||||||
17,646 | Boston Scientific Corp.* | 779,424 | ||||||
27,265 | Bristol-Myers Squibb Co. | 1,872,288 | ||||||
3,479 | Cardinal Health, Inc. | 187,901 | ||||||
2,053 | Catalent, Inc.* | 209,488 | ||||||
7,075 | Centene Corp.* | 584,537 | ||||||
3,620 | Cerner Corp. | 337,565 | ||||||
4,098 | Cigna Corp. | 974,422 | ||||||
611 | Cooper Cos., Inc. (The) | 249,911 | ||||||
16,331 | CVS Health Corp. | 1,692,708 | ||||||
7,966 | Danaher Corp. | 2,185,950 | ||||||
772 | DaVita, Inc.* | 87,058 | ||||||
2,697 | DENTSPLY SIRONA, Inc. | 146,016 | ||||||
1,199 | Dexcom, Inc.* | 496,278 | ||||||
7,685 | Edwards Lifesciences Corp.* | 863,563 | ||||||
5,507 | Elanco Animal Health, Inc.* | 156,454 | ||||||
10,519 | Eli Lilly & Co. | 2,629,224 | ||||||
2,130 | Exact Sciences Corp.* | 166,268 | ||||||
15,561 | Gilead Sciences, Inc. | 939,884 | ||||||
2,972 | HCA Healthcare, Inc. | 743,921 | ||||||
1,698 | Henry Schein, Inc.* | 146,673 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
3,086 | Hologic, Inc.* | 219,631 | ||||||
2,791 | Horizon Therapeutics PLC* | 254,455 | ||||||
1,574 | Humana, Inc. | 683,620 | ||||||
1,046 | IDEXX Laboratories, Inc.* | 556,838 | ||||||
1,930 | Illumina, Inc.* | 630,338 | ||||||
2,295 | Incyte Corp.* | 156,749 | ||||||
4,394 | Intuitive Surgical, Inc.* | 1,275,710 | ||||||
2,327 | IQVIA Holdings, Inc.* | 535,489 | ||||||
744 | Jazz Pharmaceuticals PLC* | 102,240 | ||||||
32,665 | Johnson & Johnson | 5,375,679 | ||||||
1,187 | Laboratory Corp. of America Holdings* | 321,986 | ||||||
1,893 | McKesson Corp. | 520,499 | ||||||
16,668 | Medtronic PLC | 1,749,973 | ||||||
31,223 | Merck & Co., Inc. | 2,391,057 | ||||||
284 | Mettler-Toledo International, Inc.* | 400,082 | ||||||
4,348 | Moderna, Inc.* | 667,853 | ||||||
3,128 | Organon & Co. | 116,768 | ||||||
69,655 | Pfizer, Inc. | 3,269,606 | ||||||
1,517 | Quest Diagnostics, Inc. | 199,137 | ||||||
1,270 | Regeneron Pharmaceuticals, Inc.* | 785,317 | ||||||
1,787 | ResMed, Inc. | 440,942 | ||||||
4,081 | Royalty Pharma PLC, Class A | 160,220 | ||||||
1,672 | Seagen, Inc.* | 215,471 | ||||||
4,097 | Stryker Corp. | 1,078,945 | ||||||
1,785 | Teladoc Health, Inc.* | 135,499 | ||||||
583 | Teleflex, Inc. | 196,069 | ||||||
4,881 | Thermo Fisher Scientific, Inc. | 2,655,264 | ||||||
11,630 | UnitedHealth Group, Inc. | 5,534,368 | ||||||
876 | Universal Health Services, Inc., Class B | 126,083 | ||||||
1,714 | Veeva Systems, Inc., Class A* | 392,592 | ||||||
3,149 | Vertex Pharmaceuticals, Inc.* | 724,333 | ||||||
14,979 | Viatris, Inc. | 164,919 | ||||||
756 | Waters Corp.* | 239,448 | ||||||
915 | West Pharmaceutical Services, Inc. | 354,178 | ||||||
2,596 | Zimmer Biomet Holdings, Inc. | 330,185 | ||||||
5,861 | Zoetis, Inc. | 1,134,983 | ||||||
|
|
|||||||
62,303,419 | ||||||||
|
|
|||||||
Industrials – 7.6% | ||||||||
7,148 | 3M Co. | 1,062,550 | ||||||
1,634 | A O Smith Corp. | 112,060 | ||||||
2,855 | AMETEK, Inc. | 370,550 | ||||||
7,291 | Boeing Co. (The)* | 1,497,134 | ||||||
10,718 | Carrier Global Corp. | 481,024 | ||||||
6,706 | Caterpillar, Inc. | 1,257,912 | ||||||
1,585 | C.H. Robinson Worldwide, Inc. | 153,238 | ||||||
1,084 | Cintas Corp. | 406,847 | ||||||
2,632 | Copart, Inc.* | 323,420 | ||||||
4,851 | CoStar Group, Inc.* | 295,960 | ||||||
27,465 | CSX Corp. | 931,338 | ||||||
1,765 | Cummins, Inc. | 360,272 | ||||||
3,442 | Deere & Co. | 1,239,189 | ||||||
7,915 | Delta Air Lines, Inc.* | 315,967 | ||||||
1,774 | Dover Corp. | 278,270 | ||||||
4,927 | Eaton Corp. PLC | 760,187 | ||||||
7,338 | Emerson Electric Co. | 681,847 | ||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,512 | Equifax, Inc. | $ | 330,130 | |||||
2,088 | Expeditors International of Washington, Inc. | 215,816 | ||||||
7,111 | Fastenal Co. | 365,932 | ||||||
3,034 | FedEx Corp. | 674,367 | ||||||
4,337 | Fortive Corp. | 280,821 | ||||||
1,678 | Fortune Brands Home & Security, Inc. | 145,818 | ||||||
771 | Generac Holdings, Inc.* | 243,227 | ||||||
3,026 | General Dynamics Corp. | 709,446 | ||||||
13,446 | General Electric Co. | 1,284,227 | ||||||
8,513 | Honeywell International, Inc. | 1,615,342 | ||||||
3,447 | Illinois Tool Works, Inc. | 745,724 | ||||||
5,034 | Ingersoll Rand, Inc. | 254,318 | ||||||
1,040 | J.B. Hunt Transport Services, Inc. | 211,047 | ||||||
8,720 | Johnson Controls International PLC | 566,451 | ||||||
2,423 | L3Harris Technologies, Inc. | 611,347 | ||||||
1,725 | Leidos Holdings, Inc. | 175,674 | ||||||
2,913 | Lockheed Martin Corp. | 1,263,659 | ||||||
3,426 | Lyft, Inc., Class A* | 133,408 | ||||||
3,010 | Masco Corp. | 168,680 | ||||||
3,014 | Norfolk Southern Corp. | 773,151 | ||||||
1,757 | Northrop Grumman Corp. | 776,840 | ||||||
1,311 | Old Dominion Freight Line, Inc. | 411,693 | ||||||
5,276 | Otis Worldwide Corp. | 413,269 | ||||||
3,937 | PACCAR, Inc. | 361,456 | ||||||
1,585 | Parker-Hannifin Corp. | 469,778 | ||||||
18,555 | Raytheon Technologies Corp. | 1,905,599 | ||||||
2,574 | Republic Services, Inc. | 309,601 | ||||||
1,435 | Rockwell Automation, Inc. | 382,542 | ||||||
2,835 | Rollins, Inc. | 92,506 | ||||||
1,300 | Roper Technologies, Inc. | 582,686 | ||||||
652 | Snap-on, Inc. | 137,037 | ||||||
7,322 | Southwest Airlines Co.* | 320,704 | ||||||
2,019 | Stanley Black & Decker, Inc. | 328,491 | ||||||
2,718 | Textron, Inc. | 198,767 | ||||||
2,937 | Trane Technologies PLC | 452,092 | ||||||
647 | TransDigm Group, Inc.* | 431,284 | ||||||
2,349 | TransUnion | 213,195 | ||||||
18,514 | Uber Technologies, Inc.* | 667,059 | ||||||
7,960 | Union Pacific Corp. | 1,957,762 | ||||||
4,013 | United Airlines Holdings, Inc.* | 178,177 | ||||||
9,052 | United Parcel Service, Inc., Class B | 1,904,722 | ||||||
897 | United Rentals, Inc.* | 288,493 | ||||||
1,987 | Verisk Analytics, Inc. | 352,375 | ||||||
5,184 | Waste Management, Inc. | 748,570 | ||||||
2,195 | Westinghouse Air Brake Technologies Corp. | 203,740 | ||||||
528 | W.W. Grainger, Inc. | 251,888 | ||||||
2,225 | Xylem, Inc. | 197,914 | ||||||
|
|
|||||||
35,834,590 | ||||||||
|
|
|||||||
Information Technology – 29.2% | ||||||||
8,161 | Accenture PLC, Class A | 2,579,039 | ||||||
5,895 | Adobe, Inc.* | 2,756,974 | ||||||
20,204 | Advanced Micro Devices, Inc.* | 2,491,961 | ||||||
2,201 | Affirm Holdings, Inc.* | 92,090 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,983 | Akamai Technologies, Inc.* | 214,680 | ||||||
1,549 | Amdocs Ltd. | 121,906 | ||||||
7,377 | Amphenol Corp., Class A | 560,726 | ||||||
6,492 | Analog Devices, Inc. | 1,040,603 | ||||||
1,074 | ANSYS, Inc.* | 348,180 | ||||||
203,493 | Apple, Inc. | 33,600,764 | ||||||
10,967 | Applied Materials, Inc. | 1,471,771 | ||||||
1,506 | AppLovin Corp., Class A* | 87,468 | ||||||
2,852 | Arista Networks, Inc.* | 350,026 | ||||||
1,733 | Atlassian Corp. PLC, Class A* | 529,813 | ||||||
2,722 | Autodesk, Inc.* | 599,466 | ||||||
5,221 | Automatic Data Processing, Inc. | 1,067,381 | ||||||
1,199 | Bill.com Holdings, Inc.* | 285,218 | ||||||
4,920 | Block, Inc.* | 627,300 | ||||||
4,926 | Broadcom, Inc. | 2,893,729 | ||||||
1,433 | Broadridge Financial Solutions, Inc. | 209,519 | ||||||
3,397 | Cadence Design Systems, Inc.* | 514,408 | ||||||
1,671 | CDW Corp. | 288,181 | ||||||
48,171 | Cisco Systems, Inc. | 2,686,497 | ||||||
1,532 | Citrix Systems, Inc. | 157,030 | ||||||
3,005 | Cloudflare, Inc., Class A* | 349,842 | ||||||
6,496 | Cognizant Technology Solutions Corp., Class A | 559,500 | ||||||
9,573 | Corning, Inc. | 386,749 | ||||||
923 | Coupa Software, Inc.* | 111,692 | ||||||
2,521 | Crowdstrike Holdings, Inc., Class A* | 492,124 | ||||||
2,968 | Datadog, Inc., Class A* | 478,174 | ||||||
3,491 | Dell Technologies, Inc., Class C* | 177,901 | ||||||
2,380 | DocuSign, Inc.* | 281,863 | ||||||
3,650 | Dropbox, Inc., Class A* | 82,819 | ||||||
1,527 | Enphase Energy, Inc.* | 254,551 | ||||||
677 | EPAM Systems, Inc.* | 140,647 | ||||||
758 | F5, Inc.* | 152,244 | ||||||
7,409 | Fidelity National Information Services, Inc. | 705,559 | ||||||
7,506 | Fiserv, Inc.* | 733,111 | ||||||
979 | FleetCor Technologies, Inc.* | 229,282 | ||||||
1,727 | Fortinet, Inc.* | 594,986 | ||||||
987 | Gartner, Inc.* | 276,775 | ||||||
3,574 | Global Payments, Inc. | 476,700 | ||||||
679 | GLOBALFOUNDRIES, Inc. *(a) | 41,270 | ||||||
16,004 | Hewlett Packard Enterprise Co. | 254,784 | ||||||
13,408 | HP, Inc. | 460,699 | ||||||
561 | HubSpot, Inc.* | 294,525 | ||||||
50,465 | Intel Corp. | 2,407,181 | ||||||
11,118 | International Business Machines Corp. | 1,362,066 | ||||||
3,421 | Intuit, Inc. | 1,622,820 | ||||||
2,251 | Keysight Technologies, Inc.* | 354,240 | ||||||
1,874 | KLA Corp. | 653,089 | ||||||
2,204 | Kyndryl Holdings, Inc.* | 34,955 | ||||||
1,742 | Lam Research Corp. | 977,872 | ||||||
10,434 | Marvell Technology, Inc. | 712,955 | ||||||
10,682 | Mastercard, Inc., Class A | 3,854,279 | ||||||
6,753 | Microchip Technology, Inc. | 474,939 | ||||||
13,879 | Micron Technology, Inc. | 1,233,288 | ||||||
91,827 | Microsoft Corp. | 27,436,989 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
February 28, 2022 (Unaudited)
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
776 | MongoDB, Inc.* | $ | 296,424 | |||||
2,084 | Motorola Solutions, Inc. | 459,376 | ||||||
2,757 | NetApp, Inc. | 216,094 | ||||||
6,979 | NortonLifeLock, Inc. | 202,251 | ||||||
29,779 | NVIDIA Corp. | 7,261,609 | ||||||
1,836 | Okta, Inc.* | 335,694 | ||||||
18,938 | Oracle Corp. | 1,438,720 | ||||||
20,719 | Palantir Technologies, Inc., Class A* | 245,520 | ||||||
1,199 | Palo Alto Networks, Inc.* | 712,506 | ||||||
4,005 | Paychex, Inc. | 476,835 | ||||||
629 | Paycom Software, Inc.* | 213,363 | ||||||
14,532 | PayPal Holdings, Inc.* | 1,626,567 | ||||||
1,364 | Qorvo, Inc.* | 186,568 | ||||||
13,891 | QUALCOMM, Inc. | 2,389,113 | ||||||
1,038 | Qualtrics International, Inc., Class A* | 31,483 | ||||||
998 | RingCentral, Inc., Class A* | 130,578 | ||||||
11,817 | salesforce.com, Inc.* | 2,487,833 | ||||||
2,554 | Seagate Technology Holdings PLC | 263,471 | ||||||
2,467 | ServiceNow, Inc.* | 1,430,663 | ||||||
2,045 | Skyworks Solutions, Inc. | 282,558 | ||||||
3,355 | Snowflake, Inc., Class A* | 891,289 | ||||||
1,954 | Splunk, Inc.* | 230,767 | ||||||
2,765 | SS&C Technologies Holdings, Inc. | 207,292 | ||||||
1,892 | Synopsys, Inc.* | 591,042 | ||||||
4,044 | TE Connectivity Ltd. (Switzerland) | 575,987 | ||||||
2,018 | Teradyne, Inc. | 237,963 | ||||||
11,447 | Texas Instruments, Inc. | 1,945,876 | ||||||
5,359 | Trade Desk, Inc. (The), Class A* | 457,230 | ||||||
3,105 | Trimble, Inc.* | 216,574 | ||||||
2,054 | Twilio, Inc., Class A* | 359,039 | ||||||
3,271 | UiPath, Inc., Class A* | 113,536 | ||||||
2,177 | Unity Software, Inc.* | 231,742 | ||||||
1,207 | VeriSign, Inc.* | 257,960 | ||||||
20,563 | Visa, Inc., Class A | 4,444,076 | ||||||
2,567 | VMware, Inc., Class A | 301,160 | ||||||
3,771 | Western Digital Corp.* | 192,095 | ||||||
4,950 | Western Union Co. (The) | 89,991 | ||||||
2,361 | Workday, Inc., Class A* | 540,787 | ||||||
657 | Zebra Technologies Corp., Class A* | 271,564 | ||||||
2,544 | Zoom Video Communications, Inc., Class A* | 337,334 | ||||||
1,006 | Zscaler, Inc.* | 240,585 | ||||||
|
|
|||||||
137,656,315 | ||||||||
|
|
|||||||
Materials – 2.3% | ||||||||
2,749 | Air Products and Chemicals, Inc. | 649,589 | ||||||
1,444 | Albemarle Corp. | 282,865 | ||||||
18,983 | Amcor PLC | 220,772 | ||||||
3,986 | Ball Corp. | 357,704 | ||||||
1,344 | Celanese Corp. | 187,192 | ||||||
8,977 | Corteva, Inc. | 467,073 | ||||||
9,171 | Dow, Inc. | 540,722 | ||||||
6,421 | DuPont de Nemours, Inc. | 496,793 | ||||||
1,666 | Eastman Chemical Co. | 197,371 | ||||||
3,154 | Ecolab, Inc. | 555,924 | ||||||
1,564 | FMC Corp. | 183,379 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
18,130 | Freeport-McMoRan, Inc. | 851,204 | ||||||
3,154 | International Flavors & Fragrances, Inc. | 419,482 | ||||||
4,796 | International Paper Co. | 208,770 | ||||||
6,321 | Linde PLC (United Kingdom) | 1,853,570 | ||||||
3,248 | LyondellBasell Industries NV, Class A | 315,803 | ||||||
771 | Martin Marietta Materials, Inc. | 292,517 | ||||||
9,884 | Newmont Corp. | 654,321 | ||||||
3,517 | Nucor Corp. | 462,908 | ||||||
1,157 | Packaging Corp. of America | 170,299 | ||||||
2,945 | PPG Industries, Inc. | 393,010 | ||||||
2,970 | Sherwin-Williams Co. (The) | 781,496 | ||||||
1,057 | Southern Copper Corp. (Peru) | 73,345 | ||||||
1,606 | Vulcan Materials Co. | 291,409 | ||||||
3,225 | Westrock Co. | 145,996 | ||||||
|
|
|||||||
11,053,514 | ||||||||
|
|
|||||||
Real Estate – 2.6% | ||||||||
1,969 | Alexandria Real Estate Equities, Inc. REIT | 372,929 | ||||||
5,635 | American Tower Corp. REIT | 1,278,412 | ||||||
1,708 | AvalonBay Communities, Inc. REIT | 407,512 | ||||||
1,764 | Boston Properties, Inc. REIT | 215,755 | ||||||
3,988 | CBRE Group, Inc., Class A* | 386,238 | ||||||
5,339 | Crown Castle International Corp. REIT | 889,424 | ||||||
3,513 | Digital Realty Trust, Inc. REIT | 473,974 | ||||||
4,719 | Duke Realty Corp. REIT | 250,107 | ||||||
1,113 | Equinix, Inc. REIT | 789,929 | ||||||
4,509 | Equity Residential REIT | 384,618 | ||||||
803 | Essex Property Trust, Inc. REIT | 254,687 | ||||||
1,632 | Extra Space Storage, Inc. REIT | 307,061 | ||||||
6,679 | Healthpeak Properties, Inc. REIT | 207,450 | ||||||
8,761 | Host Hotels & Resorts, Inc. REIT* | 160,063 | ||||||
7,386 | Invitation Homes, Inc. REIT | 279,191 | ||||||
3,567 | Iron Mountain, Inc. REIT | 175,425 | ||||||
1,419 | Mid-America Apartment Communities, Inc. REIT | 290,342 | ||||||
699 | Orion Office REIT, Inc. REIT* | 11,904 | ||||||
9,147 | Prologis, Inc. REIT | 1,334,090 | ||||||
1,881 | Public Storage REIT | 667,793 | ||||||
7,014 | Realty Income Corp. REIT | 463,555 | ||||||
1,341 | SBA Communications Corp. REIT | 406,846 | ||||||
4,050 | Simon Property Group, Inc. REIT | 557,118 | ||||||
3,807 | UDR, Inc. REIT | 208,890 | ||||||
4,924 | Ventas, Inc. REIT | 265,896 | ||||||
5,389 | Welltower, Inc. REIT | 448,850 | ||||||
9,271 | Weyerhaeuser Co. REIT | 360,456 | ||||||
2,283 | W.P. Carey, Inc. REIT | 176,704 | ||||||
536 | Zillow Group, Inc., Class A* | 30,697 | ||||||
2,127 | Zillow Group, Inc., Class C* | 122,345 | ||||||
|
|
|||||||
12,178,261 | ||||||||
|
|
|||||||
Utilities – 2.5% | ||||||||
3,106 | Alliant Energy Corp. | 181,390 | ||||||
3,149 | Ameren Corp. | 270,657 | ||||||
6,249 | American Electric Power Co., Inc. | 566,472 | ||||||
2,243 | American Water Works Co., Inc. | 338,895 | ||||||
|
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
1,629 | Atmos Energy Corp. | $ | 178,880 | |||||
886 | Avangrid, Inc. | 39,755 | ||||||
7,779 | CenterPoint Energy, Inc. | 212,756 | ||||||
3,580 | CMS Energy Corp. | 229,156 | ||||||
4,384 | Consolidated Edison, Inc. | 376,016 | ||||||
3,982 | Constellation Energy Corp. | 183,092 | ||||||
10,027 | Dominion Energy, Inc. | 797,447 | ||||||
2,387 | DTE Energy Co. | 290,235 | ||||||
9,537 | Duke Energy Corp. | 957,610 | ||||||
4,712 | Edison International | 298,835 | ||||||
2,488 | Entergy Corp. | 261,762 | ||||||
2,780 | Evergy, Inc. | 173,500 | ||||||
4,231 | Eversource Energy | 346,096 | ||||||
11,960 | Exelon Corp. | 509,018 | ||||||
6,745 | FirstEnergy Corp. | 282,278 | ||||||
24,303 | NextEra Energy, Inc. | 1,902,196 | ||||||
4,851 | NiSource, Inc. | 140,339 | ||||||
18,659 | PG&E Corp.* | 212,153 | ||||||
1,397 | Pinnacle West Capital Corp. | 98,950 | ||||||
9,180 | PPL Corp. | 240,241 | ||||||
6,268 | Public Service Enterprise Group, Inc. | 406,354 | ||||||
3,909 | Sempra Energy | 563,756 | ||||||
13,127 | Southern Co. (The) | 850,236 | ||||||
3,910 | WEC Energy Group, Inc. | 355,341 | ||||||
6,674 | Xcel Energy, Inc. | 449,360 | ||||||
|
|
|||||||
11,712,776 | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS
BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
|||||||
(Cost $383,892,594) | $ | 470,534,456 | ||||||
|
|
|||||||
Shares |
Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle – 0.1%(b) | ||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||
505,989 | 0.026% | $ | 505,989 | |||||
(Cost $505,989) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 99.9% | ||||||||
(Cost $384,398,583) | $ | 471,040,445 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.1% |
608,569 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 471,649,014 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Assets and Liabilities
February 28, 2022 (Unaudited)
MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||||
Assets: | ||||||||||||||
Investments in unaffiliated issuers, at value (cost $23,637,741, $337,530,933 and $382,826,720, respectively)(a) |
$ | 30,991,438 | $ | 378,151,807 | $ | 469,124,246 | ||||||||
Investments in affiliated issuers, at value (cost $–, $– and $1,065,874, respectively) |
— | — | 1,410,210 | |||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost |
104,541 | 2,279,615 | 505,989 | |||||||||||
Cash |
240,521 | 545,768 | 586,295 | |||||||||||
Foreign currency, at value (cost $5,090, $29,723 and $–, respectively) |
5,114 | 29,717 | — | |||||||||||
Receivables: |
||||||||||||||
Dividends |
56,614 | 721,077 | 560,375 | |||||||||||
Reimbursement from investment adviser |
2,240 | 14,894 | 6,842 | |||||||||||
Securities lending income |
96 | 777 | 1,163 | |||||||||||
Foreign tax reclaims |
— | 190,362 | — | |||||||||||
Fund shares sold |
— | — | 30,041,323 | |||||||||||
Total assets | 31,400,564 | 381,934,017 | 502,236,443 | |||||||||||
Liabilities: | ||||||||||||||
Payables: |
||||||||||||||
Foreign capital gains tax |
164,778 | — | — | |||||||||||
Upon return of securities loaned |
104,541 | 2,279,615 | 505,989 | |||||||||||
Management fees |
11,200 | 74,469 | 30,791 | |||||||||||
Investments purchased |
1 | 15 | 30,042,212 | |||||||||||
Accrued expenses |
1,485 | 3,883 | 8,437 | |||||||||||
Total liabilities | 282,005 | 2,357,982 | 30,587,429 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital |
23,973,485 | 340,365,603 | 380,932,778 | |||||||||||
Total distributable earnings |
7,145,074 | 39,210,432 | 90,716,236 | |||||||||||
NET ASSETS | $ | 31,118,559 | $ | 379,576,035 | $ | 471,649,014 | ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||
Shares outstanding no par value (unlimited shares authorized): |
650,000 | 7,200,000 | 7,850,000 | |||||||||||
Net asset value per share: |
$ | 47.87 | $ | 52.72 | $ | 60.08 |
(a) | Includes loaned securities having a market value of $77,209, $2,193,117 and $521,704 for MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Operations
For the Six Months Ended February 28, 2022 (Unaudited)
MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||||
Investment income: | ||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $36,450, $315,511 and $–, respectively) |
$ | 269,947 | $ | 3,237,274 | $ | 2,880,365 | ||||||||
Non cash dividend income |
86,661 | 804,891 | — | |||||||||||
Securities lending income — unaffiliated issuer |
1,345 | 51,853 | 4,981 | |||||||||||
Dividends — affiliated issuers |
— | — | 7,634 | |||||||||||
Total investment income | 357,953 | 4,094,018 | 2,892,980 | |||||||||||
Expenses: | ||||||||||||||
Expenses: | ||||||||||||||
Management fees |
72,123 | 449,379 | 192,239 | |||||||||||
Trustee fees |
3,187 | 5,665 | 6,450 | |||||||||||
Total expenses | 75,310 | 455,044 | 198,689 | |||||||||||
Less — expense reductions |
(15,062 | ) | (91,009 | ) | (44,153 | ) | ||||||||
Net expenses | 60,248 | 364,035 | 154,536 | |||||||||||
NET INVESTMENT INCOME | 297,705 | 3,729,983 | 2,738,444 | |||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: |
||||||||||||||
Investments — unaffiliated issuers |
121,952 | (510,563 | ) | 189,492 | ||||||||||
Investments — affiliated issuers |
— | — | (1,234 | ) | ||||||||||
In-kind redemptions — unaffiliated issuers |
— | — | 3,513,371 | |||||||||||
In-kind redemptions — affiliated issuers |
— | — | 15,258 | |||||||||||
Futures contracts |
95,079 | 49,852 | 23,933 | |||||||||||
Foreign currency transactions |
4,574 | (39,613 | ) | — | ||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $164,777, $– and $–, respectively) |
(3,545,429 | ) | (31,464,560 | ) | (25,629,770 | ) | ||||||||
Investments — affiliated issuers |
— | — | (289,077 | ) | ||||||||||
Futures contracts |
(162,991 | ) | (14,480 | ) | (36,551 | ) | ||||||||
Foreign currency translations |
(1,095 | ) | (7,540 | ) | — | |||||||||
Net realized and unrealized loss | (3,487,910 | ) | (31,986,904 | ) | (22,214,578 | ) | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,190,205 | ) | $ | (28,256,921 | ) | $ | (19,476,134 | ) |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Changes in Net Assets
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | |||||||||||||||||||||
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
For
the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income |
$ | 297,705 | $ | 644,973 | $ | 3,729,983 | $ | 7,646,163 | ||||||||||||||
Net realized gain (loss) |
221,605 | 2,184,194 | (500,324 | ) | 1,076,706 | |||||||||||||||||
Net change in unrealized gain (loss) |
(3,709,515 | ) | 4,354,283 | (31,486,580 | ) | 63,965,742 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,190,205 | ) | 7,183,450 | (28,256,921 | ) | 72,688,611 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(1,882,692 | ) | (1,171,922 | ) | (5,630,984 | ) | (7,742,172 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares |
— | — | 56,271,930 | 16,893,577 | ||||||||||||||||||
Cost of shares redeemed |
— | (8,337,333 | ) | — | (5,371,302 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | — | (8,337,333 | ) | 56,271,930 | 11,522,275 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (5,072,897 | ) | (2,325,805 | ) | 22,384,025 | 76,468,714 | ||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period |
$ | 36,191,456 | $ | 38,517,261 | $ | 357,192,010 | $ | 280,723,296 | ||||||||||||||
End of period |
$ | 31,118,559 | $ | 36,191,456 | $ | 379,576,035 | $ | 357,192,010 |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Changes in Net Assets (continued)
MarketBeta® U.S. Equity ETF | ||||||||||
For the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year Ended August 31, 2021 |
|||||||||
From operations: |
| |||||||||
Net investment income |
$ | 2,738,444 | $ | 4,469,540 | ||||||
Net realized gain |
3,740,820 | 518,027 | ||||||||
Net change in unrealized gain (loss) |
(25,955,398 | ) | 87,871,859 | |||||||
Net increase (decrease) in net assets resulting from operations | (19,476,134 | ) | 92,859,426 | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings |
(2,818,708 | ) | (4,409,032 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares |
74,463,733 | 85,652,201 | ||||||||
Cost of shares redeemed |
(9,380,898 | ) | (2,904,650 | ) | ||||||
Net increase in net assets resulting from share transactions | 65,082,835 | 82,747,551 | ||||||||
TOTAL INCREASE | 42,787,993 | 171,197,945 | ||||||||
Net assets: | ||||||||||
Beginning of period |
$ | 428,861,021 | $ | 257,663,076 | ||||||
End of period |
$ | 471,649,014 | $ | 428,861,021 |
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
February 28, 2022 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF (“MarketBeta® Emerging Markets Equity ETF”) |
Diversified | |
Goldman Sachs MarketBeta® International Equity ETF (“MarketBeta® International Equity ETF”) |
Diversified | |
Goldman Sachs MarketBeta® U.S. Equity ETF (“MarketBeta® U.S. Equity ETF”) |
Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities
lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. For derivative contracts, realized gains and losses are recorded upon settlement of the contract.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are
allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
65
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the
Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars.
Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
66
GOLDMAN SACHS MARKETBETA ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.
Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
67
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value
hierarchy as of February 28, 2022:
MARKETBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa |
$ | 1,006,848 | $ | — | $ | — | ||||||
Asia |
25,662,005 | 890,404 | 310,541 | |||||||||
Europe |
222,114 | — | — | |||||||||
North America |
1,004,433 | — | — | |||||||||
South America |
1,474,377 | 420,716 | — | |||||||||
Securities Lending Reinvestment Vehicle |
104,541 | — | — | |||||||||
Total | $ | 29,474,318 | $ | 1,311,120 | $ | 310,541 | ||||||
MARKETBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa |
$ | 1,370,423 | $ | — | $ | — | ||||||
Asia |
114,360,336 | — | 12,634 | |||||||||
Europe |
221,351,889 | 2,092,895 | — | |||||||||
North America |
4,861,696 | 310,265 | — | |||||||||
Oceania |
33,019,423 | 368,815 | — | |||||||||
South America |
349,835 | 53,596 | — | |||||||||
Securities Lending Reinvestment Vehicle |
2,279,615 | — | — | |||||||||
Total | $ | 377,593,217 | $ | 2,825,571 | $ | 12,634 |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
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GOLDMAN SACHS MARKETBETA ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
MARKETBETA® U.S. EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Asia |
$ | 494,029 | $ | — | $ | — | ||||||
Europe |
2,429,557 | — | — | |||||||||
North America |
466,861,535 | — | — | |||||||||
South America |
749,335 | — | — | |||||||||
Securities Lending Reinvestment Vehicle |
505,989 | — | — | |||||||||
Total | $ | 471,040,445 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
Risk | Fund |
Net Realized Gain (Loss) |
Net Change in Unrealized |
|||||||
Equity | MarketBeta® Emerging Markets Equity ETF | $ | 95,079 | $ | (162,991 | ) | ||||
Equity | MarketBeta® International Equity ETF | 49,852 | (14,480 | ) | ||||||
Equity | MarketBeta® U.S. Equity ETF | 23,933 | (36,551 | ) |
For the six months ended February 28, 2022, the relevant values for each derivative type was as follows:
Fund | Number of Contracts(a) | |||
MarketBeta® Emerging Markets Equity ETF |
7 | |||
MarketBeta® International Equity ETF |
2 | |||
MarketBeta® U.S. Equity ETF |
1 |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the six months ended February 28, 2022. |
There were no outstanding derivative contracts at February 28, 2022.
69
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the six months ended February 28, 2022, contractual and effective net unitary management fees with GSAM were at the following rates for each Fund:
Fund | Contractual Unitary Management Fee |
Effective Net Unitary Management Fee* |
||||||||
MarketBeta Emerging Markets Equity ETF |
0.45 | % | 0.36 | % | ||||||
MarketBeta International Equity ETF |
0.25 | % | 0.20 | % | ||||||
MarketBeta U.S. Equity ETF |
0.09 | % | 0.07 | % |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively. These arrangements will remain in effect through at least December 29, 2022 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2022, GSAM waived $15,062, $91,009 and $44,153 of the Funds’ management fees for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively.
B. Other Transactions with Affiliates — The following table provides information about the MarketBeta® U.S. Equity ETF’s investment in shares of The Goldman Sachs Group, Inc. of which the MarketBeta® U.S. Equity ETF is an affiliate as of and for the six months ended February 28, 2022:
Fund | Beginning value as of August 31, 2021 |
Purchases at Cost |
Proceeds from |
Realized Gain |
Change in Unrealized Depreciation |
Ending value as of |
Shares as of February 28, 2022 |
Dividend Income |
||||||||||||||||||||||||
MarketBeta U.S. Equity ETF |
$ | 1,515,100 | $ | 235,079 | $ | (64,916 | ) | $ | 14,024 | $ | (289,077 | ) | $ | 1,410,210 | 4,132 | $ | 7,634 |
6. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.
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GOLDMAN SACHS MARKETBETA ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets. Share activity is as follows:
MarketBeta Emerging Markets Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
— | $ | — | — | $ | — | ||||||||||
Shares Redeemed |
— | — | (150,000 | ) | (8,323,242 | ) | ||||||||||
NET DECREASE IN SHARES |
— | $ | — | (150,000 | ) | $ | (8,323,242 | ) | ||||||||
MarketBeta International Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
1,000,000 | $ | 56,254,335 | 300,000 | $ | 16,893,287 | ||||||||||
Shares Redeemed |
— | — | (100,000 | ) | (5,367,710 | ) | ||||||||||
NET INCREASE IN SHARES |
1,000,000 | $ | 56,254,335 | 200,000 | $ | 11,525,577 | ||||||||||
MarketBeta U.S. Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Six Months
Ended February 28, 2022 (Unaudited) |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
1,200,000 | $ | 74,463,733 | 1,550,000 | $ | 85,652,200 | ||||||||||
Shares Redeemed |
(150,000 | ) | (9,380,898 | ) | (50,000 | ) | (2,904,650 | ) | ||||||||
NET INCREASE IN SHARES |
1,050,000 | $ | 65,082,835 | 1,500,000 | $ | 82,747,550 |
71
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2022, were as follows:
Fund | Purchases | Sales | ||||||||
MarketBeta Emerging Markets Equity ETF |
$ | 5,191,224 | $ | 3,968,781 | ||||||
MarketBeta International Equity ETF |
16,914,717 | 16,146,081 | ||||||||
MarketBeta U.S. Equity ETF |
8,980,605 | 8,076,690 |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2022, were as follows:
Fund | Purchases | Sales | ||||||||
MarketBeta Emerging Markets Equity ETF |
$ | — | $ | — | ||||||
MarketBeta International Equity ETF |
54,491,076 | — | ||||||||
MarketBeta U.S. Equity ETF |
74,464,259 | 9,380,545 |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency
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GOLDMAN SACHS MARKETBETA ETFS
8. SECURITIES LENDING (continued) |
laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2022, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2022:
Fund | Beginning value as of August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending
value as of February 28, 2022 |
||||||||||||||
MarketBeta Emerging Markets Equity ETF |
$ | 568,867 | $ | 2,091,469 | $ | (2,555,795 | ) | $ | 104,541 | |||||||||
MarketBeta International Equity ETF |
1,129,562 | 26,395,142 | (25,245,089 | ) | 2,279,615 | |||||||||||||
MarketBeta U.S. Equity ETF |
530,905 | 3,040,492 | (3,065,408 | ) | 505,989 |
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year ended August 31, 2021, the Funds’ capital loss carryforward on a tax-basis were as follows:
MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||
Capital loss carryforwards: |
||||||||||||
Perpetual Short-Term |
$ | — | $ | — | $ | — | ||||||
Perpetual Long-Term |
— | (44,653 | ) | (84,374 | ) |
As of February 28, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||
Tax Cost |
$ | 24,264,251 | $ | 341,313,130 | $ | 384,830,169 | ||||||
Gross unrealized gain |
8,631,081 | 54,163,403 | |
97,308,079 |
| |||||||
Gross unrealized loss |
(1,799,353 | ) | |
(15,045,111 |
) |
(11,097,803 | ) | |||||
Net unrealized gain |
$ | 6,831,728 | $ | 39,118,292 | $ | 86,210,276 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, and differences in the tax treatment of partnership investments and passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
73
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2022 (Unaudited)
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Index Risk — Solactive AG (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not
74
GOLDMAN SACHS MARKETBETA ETFS
10. OTHER RISKS (continued) |
attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. OTHER MATTERS |
In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. The MarketBeta Emerging Markets Equity ETF and the MarketBeta International Equity ETF have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as
75
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
February 28, 2022
12. OTHER MATTERS (continued) |
many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
76
GOLDMAN SACHS MARKETBETA ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
Proposal 1. Election of Trustees |
For | Against/Withheld | Abstain | |||||||||
Cheryl K. Beebe |
264,924,160 | 15,294,512 | 0 | |||||||||
Lawrence Hughes |
279,548,931 | 669,741 | 0 | |||||||||
John F. Killian |
264,883,857 | 15,334,814 | 0 | |||||||||
Steven D. Krichmar |
279,552,751 | 665,920 | 0 | |||||||||
Linda A. Lang |
279,620,511 | 598,160 | 0 | |||||||||
77
GOLDMAN SACHS MARKETBETA ETFS
Liquidity Risk Management Program
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on February 3-4, 2022, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; and (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
78
GOLDMAN SACHS MARKETBETA ETFS
Fund Expenses — Six Months ended 2/28/2022 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2021 and held for the six months ended February 28, 2022, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
MarketBeta Emerging Markets Equity ETF | MarketBeta International Equity ETF | MarketBeta U.S. Equity ETF | ||||||||||||||||||||||||||||||||||
Beginning Value |
Ending Value |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
Beginning Account Value 9/1/21 |
Ending Account Value 2/28/22 |
Expenses Paid* |
||||||||||||||||||||||||||||
Actual based on NAV |
$ | 1,000 | $ | 908.74 | $ | 1.70 | $ | 1,000 | $ | 929.56 | $ | 0.96 | $ | 1,000 | $ | 958.59 | $ | 0.34 | ||||||||||||||||||
Hypothetical 5% return |
$ | 1,000 | $ | 1,023.01 | + | $ | 1.81 | $ | 1,000 | $ | 1,023.80 | + | $ | 1.00 | $ | 1,000 | $ | 1,024.45 | + | $ | 0.35 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for each Fund is calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows: |
Fund | ||||
MarketBeta Emerging Markets Equity ETF |
0.36 | % | ||
MarketBeta International Equity ETF |
0.20 | |||
MarketBeta U.S. Equity ETF |
0.07 |
79
GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited)
Background
The Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until September 30, 2022 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 13, 2021 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held one meeting over the course of the year since the Management Agreement was last approved in 2020. At this Committee meeting, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”); |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
80
GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Funds operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. They also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using data compiled by the Outside Data Provider as of March 31, 2021, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2021. The information on each Fund’s investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index and a composite of separate accounts with comparable investment strategies. The Trustees observed that the
81
GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)
investment performance of each passively-managed Fund was consistent with the investment objective of tracking its respective index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement a management fee waiver for each Fund. The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG for the use of its indices. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of each Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (d) fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
82
GOLDMAN SACHS MARKETBETA ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (Unaudited) (continued)
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (c) Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (e) the Funds’ access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement with respect to each Fund should be approved and continued with respect to each Fund until September 30, 2022.
83
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Emerging Markets USD Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Access U.S. Aggregate Bond ETF |
Goldman Sachs MarketBetaTM Emerging Markets Equity ETF |
Goldman Sachs MarketBetaTM International Equity ETF |
Goldman Sachs MarketBetaTM U.S. Equity ETF |
Goldman Sachs Future Planet Equity ETF |
Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Future Health Care Equity ETF |
Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF |
Goldman Sachs Physical Gold ETF |
INDEX DISCLAIMERS
The Goldman Sachs MarketBeta® International Equity ETF, Goldman Sachs MarketBeta® Emerging Markets Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive GBS Developed Markets ex North America Large & Mid Cap Index, the Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS United States Large & Mid Cap Index (“Solactive Indexes”) and/ or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with a Fund constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.
GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.
GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent |
||
ALPS DISTRIBUTORS, INC. Distributor |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of February 28, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
© 2022 Goldman Sachs. All rights reserved. 275088-OTU-1591614 04/2022 MCEQWGETFSAR-22