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Goldman Sachs Funds Semi-Annual Report February 29, 2024 Goldman Sachs ActiveBeta® ETFs ActiveBeta® Emerging Markets Equity ETF (GEM) ActiveBeta® Europe Equity ETF (GSEU) ActiveBeta® International Equity ETF (GSIE) ActiveBeta® Japan Equity ETF (GSJY) ActiveBeta® U.S. Large Cap Equity ETF (GSLC) ActiveBeta® U.S. Small Cap Equity ETF (GSSC) ActiveBeta® World Low Vol Plus Equity ETF (GLOV) ActiveBeta® is a registered trademark of GSAM.


 

Goldman Sachs ActiveBeta® Equity ETFs

 

 

 

ACTIVEBETA® EMERGING MARKETS EQUITY ETF (GEM)

 

 

ACTIVEBETA® EUROPE EQUITY ETF (GSEU)

 

 

ACTIVEBETA® INTERNATIONAL EQUITY ETF (GSIE)

 

 

ACTIVEBETA® JAPAN EQUITY ETF (GSJY)

 

 

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

 

 

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

 

 

ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF (GLOV)

TABLE OF CONTENTS

 

Market and Economic Review

     1  

Fund Basics

     6  

Schedules of Investments

     28  

Financial Statements

     94  

Financial Highlights

     102  

ActiveBeta® Emerging Markets Equity ETF (GEM)

     102  

ActiveBeta® Europe Equity ETF (GSEU)

     103  

ActiveBeta® International Equity ETF (GSIE)

     104  

ActiveBeta® Japan Equity ETF (GSJY)

     105  

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

     106  

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

     107  

ActiveBeta® World Low Vol Plus Equity ETF (GLOV)

     108  

Notes to Financial Statements

     109  

Other Information

     137  

 

Effective January 24, 2023, open-end mutual funds and exchange traded funds will be required to provide shareholders with streamlined annual and semi-annual shareholder reports (“Tailored Shareholder Reports”). Funds will be required to prepare a separate Tailored Shareholder Report for each share class of a fund that highlights key information to investors. Other information, including financial statements, will no longer appear in a fund’s shareholder report, but will be available online, delivered free of charge upon request, and filed with the Securities and Exchange Commission on a semi-annual basis on Form N-CSR. The new requirements have a compliance date of July 24, 2024.

 

     
NOT  FDIC-INSURED     May Lose Value     No Bank Guarantee    

  

 

 


MARKET REVIEW

 

Goldman Sachs ActiveBeta® Equity ETFs

February 29, 2024

The following are highlights both of key factors affecting U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs ActiveBeta® Equity ETFs (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to the Funds’ shareholders, per new Securities and Exchange Commission requirements with a compliance date of July 24, 2024.

Market and Economic Review

U.S. Equities

 

    Overall, U.S. equities rose during the Reporting Period. The Standard & Poor’s 500® Index (the “S&P 500 Index”) ended the Reporting Period with a return of 13.93%. The Russell 3000® Index generated a return of 13.76%.

 

    Despite ongoing geopolitical tensions and persistent volatility, the market posted solid returns during the Reporting Period amid a backdrop of shifting consensus expectations around the Federal Reserve’s (“Fed”) policy path forward and generally broadening market leadership.

 

    The Reporting Period began in September 2023 with a sharp pullback.

 

    Although economic activity remained resilient, the S&P 500 Index declined mostly due to a pickup in soft landing concerns, surging energy prices and disinflationary pressures on corporate earnings. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

 

    Concerns about a looming threat of a federal government shutdown, consumer impacts from student loan repayments resuming, and a strike against automakers by the United Auto Workers union that began in September further weighed on investor sentiment.

 

    The Fed acted in line with consensus forecasts, keeping interest rates unchanged at 5.25%-5.50% in September. However, the Fed’s “higher for longer” narrative appeared to gain further recognition from investors.

 

    During the fourth quarter of 2023, the S&P 500 Index enjoyed a double-digit gain, finishing the calendar year with the best fourth quarter since 2003.

 

    The quarter saw a broadening of market leadership following the mega-cap dominance for most of 2023.

 

    U.S. equity markets began the quarter with negative momentum, as investors digested a more resilient than consensus expected U.S. economy and a “higher for longer” Fed interest rate regime.

 

    The market then shifted direction in November.

 

    November saw the most significant easing in financial conditions of any month in more than four decades.

 

    Market sentiment took a positive turn on the back of an overall shift in tonality from Fed officials signaling potential easing of monetary policy in 2024, a gradual cooldown in economic activity while the labor market remained resilient, and a rally across U.S. Treasuries marking one of the best monthly performances on record—all underpinning soft landing and disinflation traction themes.

 

    The Fed held interest rates unchanged throughout the quarter, as growth of the U.S. economy slowed, the unemployment rate remained low despite abating job gains, and inflationary pressures continued to trend downwards.

 

    Near the end of the quarter, there was a major shift in the Fed’s policy path expectations, with the Summary of Economic Projections median dot plot signaling 75 basis points of rate cuts in 2024. (A basis point is 1/100th of a percentage point. The Fed’s dot plot shows the interest rate projections of the members of the Federal Open Market Committee.)

 

    U.S. economic data provided further evidence of disinflation momentum, with November’s annualized core Consumer Price Index dropping to its lowest level since September 2021 and core Personal Consumption Expenditure Index increasing 1.9% on a six-month annualized basis, measuring below the Fed’s inflation target of 2% for the first time in more than three years.

  

 

  1


MARKET REVIEW

 

    Market seasonality proved to be another tailwind to equities during the quarter, as November and December historically represent the strongest two-month period for U.S. stocks.

 

    The S&P 500 Index rose in January 2024, albeit modestly.

 

    Following an especially strong end to 2023, U.S. equity markets began the new calendar year with a more cautionary tone, driven by concerns regarding overvalued conditions and the Fed’s ability to match interest rate cut expectations from investors.

 

    Yields across the U.S. Treasury curve, or spectrum of maturities, steepened, a headwind to equity valuations as traders repriced expectations regarding the path of monetary policy.

 

    The trend of broadened market leadership witnessed in the last months of 2023 reversed course in January, with mega-cap stocks outperforming again.

 

    Despite this defensive start, U.S. equities finished the month mostly higher, with the S&P 500 Index recording new record highs as economic releases and robust labor market data continued to underpin the prevailing soft landing narrative.

 

    In February 2024, the S&P 500 Index notched a new all-time high, rallying for the fourth consecutive month as market leadership broadened from the “Magnificent Seven,” the group of high-performing and influential companies that drove U.S. equity performance for much of 2023.”

 

    U.S. Treasury yields were notably higher on the back of resilient macroeconomic data and hawkish sentiment following the Fed’s January meeting, wherein Fed Chair Powell communicated it was not likely the Fed would cut interest rates in March 2024. (Hawkish suggests higher interest rates; opposite of dovish.)

 

    The major headline of the month was the shift in market expectations for the timing of the first interest rate cut, which moved from March to June 2024 even as the broader disinflation theme remained intact.

 

    Economic data remained robust, which helped ease concerns of a hard landing.

 

    Concerns of a temporary U.S. government shutdown were subdued at the end of the month, as policymakers reached a timely temporary funding bill to keep government operations open through March 2024.

 

    Corporate earnings were better than consensus feared, underpinned by both sales and earnings exceeding market forecasts on improved profit margins across most sectors.

 

    During the Reporting Period overall, all capitalization segments within the U.S. equity market posted gains, with large-cap stocks, as measured by the Russell 1000® Index, performing best, followed by mid-cap stocks and then small-cap stocks, as measured by the Russell Midcap® Index and Russell 2000® Index, respectively. From a style perspective, growth-oriented stocks materially outperformed value-oriented stocks across the capitalization spectrum. (All as measured by the FTSE Russell indices.)

 

    The best performing sectors within the S&P 500 Index during the Reporting Period were information technology, communication services and financials, while the weakest performing sectors were energy, utilities and consumer staples.

International Equities

 

    Representing the developed international equity markets, the MSCI EAFE Index (net) returned 9.23% for the Reporting Period, lagging the U.S. equity market.

 

    As the Reporting Period began in September 2023, international equity markets, like their U.S. counterpart, declined, marked by persistent inflation, contractionary economic concerns, particularly in Europe, and further interest rate hikes. Recession fears were renewed by a steep rise in oil prices. Further, a selloff in global bond markets put increased pressure on risk assets.

 

    In Europe, concerns persisted around the contractionary effect of elevated interest rates on the economy as the European Central Bank (“ECB”) raised interest rates for the second time in the third calendar quarter. However, inflation in Europe fell to a two-year low, and the ECB suggested its September hike may be the last.

  

 

2  


MARKET REVIEW

 

    The U.K. equity market fared better than continental Europe, largely supported by its energy sector, which benefited from increased oil prices. The market also benefited from sterling, its currency, depreciation relative to the U.S. dollar. Additionally, U.K. markets showed signs of improving consumer confidence. The Bank of England (“BoE”) ended its run of 14 consecutive interest rate hikes in September.

 

    The Japanese equity market fell in September, as concerns arose surrounding political tensions with China, which could impact tourism.

 

    International equities rallied strongly in the fourth quarter of 2023, fueled by consensus expectations of interest rate cuts in 2024 amid falling inflation numbers and a fizzling out of the “higher for longer” narrative.

 

    In Europe, equities were weak in October but then recovered to close out the year. Headline inflation in December ticked up from November; however, core inflation fell.

 

    U.K. equities posted positive returns overall but lagged other geographies due to sterling appreciation and a large exposure to the underperforming energy sector. Although U.K. economic growth entered negative territory during the quarter, markets were buoyed by expectations of an ending rate hike cycle. As a result, domestic small-cap and mid-cap stocks performed especially well.

 

    The Japanese equity market similarly posted positive, albeit modest, returns for the quarter. Yen appreciation was a headwind for Japanese equities. However, expectations of rate cuts and dovish U.S. Fed moves were positive news for Japanese equities. The December 2023 Bank of Japan Tankan survey signaled toward improving business sentiment. However, the Bank of Japan’s December meeting, though not featuring any policy or rate changes, slightly dampened consensus expectations of an imminent end to its negative policy rates.

 

    The MSCI EAFE Index posted positive, though quite modest, returns in January 2024. While developed markets advanced on positive macroeconomic indicators, central banks tempered investor expectations of interest rate cuts in the first quarter of 2024.

 

    European equities gained. The ECB kept its rates steady at its January meeting, recognizing a medium-term trend in declining inflation despite the uptick in the prior month. The ECB seemed to have little aversion towards maintaining elevated rates for as long as necessary, reiterating its commitment to a data-driven approach over the next few months.

 

    U.K. equities posted a negative return overall in January. Signs of economic growth as well as a higher than anticipated December 2023 inflation reading pushed out consensus expectations of rate cuts from the BoE.

 

    Despite beginning the calendar year with an earthquake and an accident at Tokyo Haneda airport, Japan was the best performing major region in January amidst foreign inflows, as investors rotated out of an underperforming Chinese equity market. Japanese equity markets were propelled by investor optimism around structural developments, such as corporate governance reforms requesting management plans around cost of capital and stock prices, as well as by the launch of the Nippon Individual Savings Account, which was widely expected to increase retail investor participation. The market was also boosted by yen depreciation, as the Bank of Japan elected not to change its negative rate policy at its January meeting.

 

    The MSCI EAFE Index performed better in February 2024, as corporate earnings reports and positive economic data supported a solid monthly return.

 

    European equities gained. Despite inflation in the region declining, the ECB reiterated its cautionary guidance regarding rate cuts. After reaching its highest level since July 2023 in January 2024, Europe’s Purchasing Managers’ Index (“PMI”) rose further in February, underscoring signs of improving economic activity in the region.

 

    The U.K. equity market underperformed other international equity markets in February but still eked out a modestly positive return. Similar to the ECB, the BoE tempered interest rate cut expectations despite inflation coming in slightly below expectations. The U.K. equity market was further challenged by underwhelming corporate earnings and poor economic data that signaled the U.K. had entered a technical recession in the fourth quarter of 2023.

 

    The Japanese equity market reached an all-time high in February, surpassing its previous high set 34 years earlier. Despite disappointing fourth quarter 2023 economic growth data, markets were enthused by the return of inflation in Japan, corporate governance reforms and stronger than consensus expected corporate earnings results, led mainly by large-cap stocks.

  

 

  3


MARKET REVIEW

 

    For the Reporting Period overall, eight of the eleven sectors in the MSCI EAFE Index posted positive total returns. The best performing sectors within the MSCI EAFE Index during the Reporting Period were information technology, industrials and financials, each posting a double-digit positive total return. The weakest performing sectors were consumer staples, utilities and energy.

 

    The best performing countries within the MSCI EAFE Index were the Netherlands, Sweden and Israel. The weakest performing countries during the Reporting Period were Portugal, Hong Kong and Finland.

Emerging Markets Equities

 

    Representing the emerging markets equity markets, the MSCI Emerging Markets Index (net) returned 4.93% during the Reporting Period, underperforming both the U.S. equity market and the developed international equity markets overall.

 

    As the Reporting Period began in September 2023, emerging markets equities as a whole posted negative returns, as heightened expectations amid strong U.S. economic data that U.S. interest rates would remain higher for longer put pressure on emerging markets equities.

 

    China remained top of mind for many investors with property market and local government debt issues reducing confidence in its equity market, which posted negative returns.

 

    Elsewhere in Asia, India’s equity market rose, as the country’s long-term structural drivers remained strong and its near-term cyclical backdrop improved, with economic momentum advancing, corporate earnings growth broadening and corporate capital expenditures picking up.

 

    In Latin America, the Brazilian equity market rose modestly, reporting economic growth that beat consensus expectations though high inflation kept investors alert to potential changes in economic policy.

 

    In the EMEA (Europe, Middle East and Africa) region, Turkey’s equity market was the top performer, as domestic retail investor flows followed a signaled return to economic orthodoxy from the Turkish government. However, the equity markets of Poland, Greece and Saudi Arabia fell.

 

  Emerging markets equities rallied in the fourth quarter of 2023 overall.

 

    In October 2023, emerging markets equities as a whole fell as did most equity markets globally, as expectations for higher for longer interest rates, particularly in the U.S., and the outbreak of war in the Middle East reduced risk appetite, especially within emerging markets regions.

 

    November 2023 was a strong month for emerging markets equities, as the view that developed markets interest rates had reached their peak supported equity market performance. All individual country constituents within the MSCI Emerging Markets Index posted positive returns, although China continued to struggle as consumer confidence remained weak amid ongoing property market troubles.

 

    The MSCI Emerging Markets Index rose solidly in December 2023, as emerging markets proved beneficiaries of the widening view that U.S. interest rates were likely to fall more quickly than previously anticipated. A series of lower than consensus expected inflation reports in Europe and the U.S. were key drivers of such rate expectations. Adding to positive sentiment for emerging markets equities were high consensus earnings growth forecasts for emerging markets for 2024 and 2025.

 

    The MSCI Emerging Markets Index fell in January 2024, suffering as strong U.S. economic data and hawkish messaging from the U.S. Fed altered interest rate cut altered consensus interest rate expectations. Despite China’s positive reported economic growth, its equity market was weakest, as the country continued to deal with issues of weak consumer confidence and property market concerns, with Evergrande, one of its largest real estate companies, going into liquidation during the month. Additionally, disappointment in the level of government support affected sentiment. Countries with strong trade links to China, including South Korea and Thailand, also suffered, as consensus expected export demand fell. On the other hand, India maintained its strong momentum from 2023, buoyed by corporate fundamentals and its government announcing a budget that reiterated a commitment to fiscal consolidation and introducing measures to encourage private capital expenditure. In Latin America, the rate differential between the U.S. and regional central banks was a drag, driving the equity markets of Chile, Peru and Brazil to negative monthly returns.

  

 

4  


MARKET REVIEW

 

    The MSCI Emerging Markets Index rose in February 2024, supported largely by a rebound in China’s equity market, which had recently hit five-year lows. China’s equity market was boosted by government intervention, including stock purchases by state-owned investment firms, and by data indicating better tourist activity during the lunar new year.

 

    During the Reporting Period overall, the best performing sectors within the MSCI Emerging Markets Index were utilities, energy and information technology. The weakest performing sectors were communication services, real estate and materials.

 

    The best performing countries within the MSCI Emerging Markets Index during the Reporting Period were Egypt, Poland, Colombia, Peru and India. The weakest performing countries were Hong Kong, Thailand, China, Czech Republic and Chile.

Fund Changes and Highlights

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

  

 

  5


FUND BASICS

 

Index Definitions and Industry Terms

S&P 500 Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500® Index components and their weightings are determined by S&P Dow Jones Indices.

Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. The Russell 1000® Index is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® Index represents approximately 92% of the U.S. market. The Russell 1000® Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. The Russell 2000® Index includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000® Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

Russell 3000® Index is a market capitalization weighted equity index maintained by the FTSE Russell that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. It is not possible to invest directly in an index.

Russell MidCap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. The Russell Midcap® Index includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® Index companies. The Russell Midcap® Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The Russell Midcap® Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set.

MSCI EAFE® Index is a market capitalization-weighted composite of securities in 21 developed markets. The MSCI EAFE® Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI EAFE® Index is unmanaged and the figures for the MSCI EAFE® Index do not include any deduction for fees or expenses.

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

  

 

6  


FUND BASICS

 

ActiveBeta® Emerging Markets Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $30.70   

Net Asset Value (NAV)1

   $30.97     

 

  1 

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

 

PERFORMANCE REVIEW

 

September 1, 2023-February 29, 2024    Fund Total
Return (based
on NAV)2
   Fund Total
Return (based
on Market
Price)2
   GS ActiveBeta®
Emerging
Markets  Equity
Index3
   MSCI Emerging
Market Index4
Shares    5.95%    5.49%    6.93%    4.93%

 

  2 

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

  3 

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

  4 

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

 

 

 

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

  

 

  7


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/24 5

 

Holding     % of Net Assets    Line of Business    Country

Taiwan Semiconductor Manufacturing Co. Ltd.

   6.8%   Information Technology    Taiwan

Samsung Electronics Co. Ltd.

   3.4     Information Technology      South Korea  

Tencent Holdings Ltd.

   2.8     Communication Services       China

Alibaba Group Holding Ltd.

   1.7     Consumer Discretionary    China

Reliance Industries Ltd.

   1.0     Energy    India

Infosys Ltd.

   0.9     Information Technology    India

MediaTek, Inc.

   0.8     Information Technology    Taiwan

Tata Consultancy Services Ltd.

   0.7     Information Technology    India

China Construction Bank Corp., Class H

   0.7     Financials    China

PDD Holdings, Inc. ADR

   0.7     Consumer Discretionary    China

 

  5 

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

 

FUND VS BENCHMARK 6

 

LOGO

 

 

 

  6 

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.3% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

 

  7 

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

 

 

  

 

8  


FUND BASICS

 

 

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


FUND BASICS

 

ActiveBeta® Europe Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $35.17   

Net Asset Value (NAV)1

   $35.18     

 

  1 

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

 

PERFORMANCE REVIEW

 

September 1, 2023-February 29, 2024    Fund Total
Return (based
on NAV)2
   Fund Total
Return (based
on Market
Price)2
   ActiveBeta®
Europe  Equity
Index3
   MSCI Europe
Index4
   
Shares     7.09%     7.24%     7.15%     8.17%    

 

  2 

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

  3 

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

  4 

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

 

 

 

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

  

 

10  


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/24 5

 

Holding     % of Net Assets    Line of Business    Country

Novo Nordisk A/S, Class B

   3.5%   Health Care    Denmark

ASML Holding NV

   3.0   Information Technology       Netherlands

Nestle SA

   2.1   Consumer Staples    United States

LVMH Moet Hennessy Louis Vuitton SE

   2.1   Consumer Discretionary    France

Novartis AG

   1.8   Health Care    Switzerland

Roche Holding AG

   1.6   Health Care    United States

AstraZeneca PLC

   1.5   Health Care    United Kingdom 

SAP SE

   1.5   Information Technology    Germany

Shell PLC

   1.5   Energy    Netherlands

TotalEnergies SE

   1.2   Energy    France

 

  5 

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

 

FUND VS BENCHMARK 6

 

LOGO

 

 

 

  6 

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

 

  7 

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

 

 

  

 

  11


FUND BASICS

 

 

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

  

 

12  


FUND BASICS

 

ActiveBeta® International Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $33.38   

Net Asset Value (NAV)1

   $33.34     

 

  1 

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

 

PERFORMANCE REVIEW

 

September 1, 2023-February 29, 2024    Fund Total
Return (based
on NAV)2
   Fund Total
Return (based
on Market
Price)2
   GS ActiveBeta®
Intl Equity
Index3
   MSCI World ex
USA Index4
    
Shares    7.84%    7.94%    7.85%    9.07%     

 

  2 

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

  3 

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

  4 

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

 

 

 

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

  

 

  13


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/24 5

 

Holding     % of Net Assets    Line of Business    Country

Novo Nordisk A/S, Class B

   2.0%   Health Care    Denmark

ASML Holding NV

   1.5     Information Technology    Netherlands

LVMH Moet Hennessy Louis Vuitton SE

   1.2     Consumer Discretionary    France

Nestle SA

   1.2     Consumer Staples    United States

Novartis AG

   1.0     Health Care    Switzerland

Roche Holding AG

   0.9     Health Care    United States

AstraZeneca PLC

   0.8     Health Care    United Kingdom 

SAP SE

   0.8     Information Technology    Germany

Shell PLC

   0.8     Energy    Netherlands

Constellation Software, Inc.

   0.7     Information Technology       Canada

 

  5 

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

 

FUND VS BENCHMARK 6

 

LOGO

 

 

 

  6 

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

 

  7 

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

 

 

  

 

14  


FUND BASICS

 

 

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.

  

 

  15


FUND BASICS

 

ActiveBeta® Japan Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $37.90   

Net Asset Value (NAV)1

   $37.93     

 

  1 

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

 

PERFORMANCE REVIEW

 

September 1, 2023-February 29, 2024    Fund Total
Return (based
on NAV)2
   Fund Total
Return (based
on Market
Price)2
   GS ActiveBeta®
Japan Equity
Index3
   MSCI Japan
Index4
    
Shares     12.39%     12.28%     12.40%     14.13%     

 

  2 

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

  3 

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

  4 

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

 

 

 

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

  

 

16  


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/24 5

 

Holding    % of Net Assets   Line of Business

Toyota Motor Corp.

   5.2%   Automobiles

Mitsubishi UFJ Financial Group, Inc.

   2.7     Banks

Tokyo Electron Ltd.

   2.6     Semiconductors & Semiconductor Equipment

Sony Group Corp.

   2.0     Household Durables

Mitsubishi Corp.

   2.0     Trading Companies & Distributors

Hitachi Ltd.

   1.8     Industrial Conglomerates

Keyence Corp.

   1.8     Electronic Equipment, Instruments & Components   

Sumitomo Mitsui Financial Group, Inc.

   1.7     Banks

Mitsui & Co. Ltd.

   1.4     Trading Companies & Distributors

Shin-Etsu Chemical Co. Ltd.

   1.4     Chemicals

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

 

FUND VS BENCHMARK 6

 

LOGO

 

 

 

  6 

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

 

  7 

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

 

 

  

 

  17


FUND BASICS

 

 

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

  

 

18  


FUND BASICS

 

ActiveBeta® U.S. Large Cap Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $100.75   

Net Asset Value (NAV)1

   $100.79     

 

  1 

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

 

PERFORMANCE REVIEW

 

September 1, 2023-February 29, 2024    Fund Total
Return (based
on NAV)2
   Fund Total
Return (based
on Market
Price)2
   GS ActiveBeta®
U.S. Large Cap
Equity Index3
   S&P 500
Index4
   
Shares     14.68%     14.61%     14.72%     13.93%    

 

  2 

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

  3 

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

  4 

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

 

 

 

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

  

 

  19


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/24 5

 

Holding     % of Net Assets    Line of Business

Microsoft Corp.

   6.2%   Software

Apple, Inc.

   5.5    Technology Hardware, Storage & Peripherals

NVIDIA Corp.

   3.7    Semiconductors & Semiconductor Equipment

Amazon.com, Inc.

   3.1    Broadline Retail

Meta Platforms, Inc., Class A

   2.5    Interactive Media & Services

Alphabet, Inc., Class A

   1.7    Interactive Media & Services

Alphabet, Inc., Class C

   1.6    Interactive Media & Services

Eli Lilly & Co.

   1.4    Pharmaceuticals

Broadcom, Inc.

   1.0    Semiconductors & Semiconductor Equipment   

Berkshire Hathaway, Inc., Class B

   1.0    Financial Services

 

  5 

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

 

FUND VS BENCHMARK 6

 

LOGO

 

 

 

  6 

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

 

  7 

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

 

 

  

 

20  


FUND BASICS

 

 

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

  

 

  21


FUND BASICS

 

ActiveBeta® U.S. Small Cap Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $63.48   

Net Asset Value (NAV)1

   $63.63     

 

  1 

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

 

PERFORMANCE REVIEW

 

September 1, 2023-February 29, 2024    Fund Total
Return (based
on NAV)2
   Fund Total
Return (based
on Market
Price)2
   ActiveBeta®
U.S. Small Cap
Equity ETF
Index3
   Russell 2000®
Index4
   
Shares     8.83%     8.62%     8.90%     8.97%    

 

  2 

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

  3 

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

  4 

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

 

 

 

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

  

 

22  


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/24 5

 

Holding     % of Net Assets    Line of Business

Super Micro Computer, Inc.

   1.3%   Technology Hardware, Storage & Peripherals   

Comfort Systems USA, Inc.

   0.5     Construction & Engineering

Applied Industrial Technologies, Inc.

   0.4     Trading Companies & Distributors

Simpson Manufacturing Co., Inc.

   0.4     Building Products

Atkore, Inc.

   0.4     Electrical Equipment

Alpha Metallurgical Resources, Inc.

   0.4     Metals & Mining

Boise Cascade Co.

   0.4     Trading Companies & Distributors

Abercrombie & Fitch Co., Class A

   0.4     Specialty Retail

UFP Industries, Inc.

   0.4     Building Products

GMS, Inc.

   0.4     Trading Companies & Distributors

 

  5 

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

 

FUND VS BENCHMARK 6

 

LOGO

 

 

 

  6 

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

 

  7 

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

 

 

  

 

  23


FUND BASICS

 

 

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

  

 

24  


FUND BASICS

 

ActiveBeta® World Low Vol Plus Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $45.79   

Net Asset Value (NAV)1

   $45.76     

 

  1 

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

 

PERFORMANCE REVIEW

 

September 1, 2023-February 29, 2024    Fund Total
Return (based
on NAV)2
   Fund Total
Return (based
on Market
Price)2
   GS ActiveBeta®
World Low Vol
Plus Equity
Index3
    
Shares    11.90%    11.87%    11.75%     

 

  2 

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

  3 

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

 

 

 

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

  

 

  25


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/24 5

 

Holding     % of Net Assets    Line of Business    Country

Microsoft Corp.

   2.9%   Information Technology    United States

Apple, Inc.

   2.9     Information Technology    United States

O’Reilly Automotive, Inc.

   1.2     Consumer Discretionary    United States

Amazon.com, Inc.

   1.2     Consumer Discretionary    United States

Berkshire Hathaway, Inc., Class B

   1.2     Financials    United States

Walmart, Inc.

   1.1     Consumer Staples    United States

NVIDIA Corp.

   1.0     Information Technology    United States

Meta Platforms, Inc., Class A

   1.0     Communication Services    United States

International Business Machines Corp.

   0.9     Information Technology    United States

Home Depot, Inc. (The)

   0.8     Consumer Discretionary       United States 

 

  4 

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

 

FUND VS BENCHMARK 5

 

LOGO

 

 

 

  5 

Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

 

  6 

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

 

 

  

 

26  


FUND BASICS

 

 

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.

  

 

  27


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

   
Shares
   Description   Value  
  Common Stocks – 96.8%

 

  Brazil – 4.0%  
  667,886    Ambev SA (Consumer Staples)   $    1,691,004  
  499,804    B3 SA – Brasil Bolsa Balcao (Financials)     1,290,589  
  403,110    Banco Bradesco SA (Financials)     997,908  
  92,046    Banco do Brasil SA (Financials)     1,071,877  
  64,908    Banco Santander Brasil SA (Financials)     373,616  
  543,960    BB Seguridade Participacoes SA (Financials)     3,650,011  
  190,031    CCR SA (Industrials)     527,030  
  121,391    Centrais Eletricas Brasileiras SA (Utilities)     1,062,765  
  94,045    CPFL Energia SA (Utilities)     669,850  
  48,079    Energisa SA (Utilities)     491,952  
  76,943    Engie Brasil Energia SA (Utilities)     650,709  
  279,333    Equatorial Energia SA (Utilities)     1,921,569  
  48,138    Hypera SA (Health Care)     318,553  
  84,762    Klabin SA (Materials)     385,030  
  257,373    Lojas Renner SA (Consumer Discretionary)     818,430  
    1,328,900    Magazine Luiza SA (Consumer Discretionary)*     569,683  
  306,273    Natura & Co. Holding SA (Consumer Staples)*     1,005,366  
  489,805    Petroleo Brasileiro SA (Energy)     4,063,430  
  76,179    PRIO SA (Energy)     670,159  
  552,715    Raia Drogasil SA (Consumer Staples)     2,963,446  
  85,225    Suzano SA (Materials)     966,546  
  201,741    Telefonica Brasil SA (Communication Services)     2,212,039  
  273,596    TIM SA (Communication Services)     1,000,521  
  442,527    Vale SA (Materials)     5,966,386  
  133,795    Vibra Energia SA (Consumer Discretionary)     696,354  
  236,849    WEG SA (Industrials)     1,748,964  
      

 

 

 
         37,783,787  
 

 

 
  Chile – 0.4%  
  918,721    Cencosud SA (Consumer Staples)     1,648,352  
  231,540    Empresas CMPC SA (Materials)     410,636  
  82,031    Empresas Copec SA (Energy)     525,940  
  2,982,330    Enel Americas SA (Utilities)     303,780  
  321,705    Falabella SA (Consumer Discretionary)*     815,062  
      

 

 

 
         3,703,770  
 

 

 
  China – 27.3%  
  193,995    360 Security Technology, Inc., Class A (Information Technology)*     236,125  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)  
  358,131    37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services)   $      968,237  
  2,716,985    Agricultural Bank of China Ltd., Class A (Financials)     1,579,982  
  4,262,766    Agricultural Bank of China Ltd., Class H (Financials)     1,753,284  
  125,685    Aier Eye Hospital Group Co. Ltd., Class A (Health Care)     255,548  
  19,798    Airtac International Group (Industrials)     757,860  
  82,404    Akeso, Inc. (Health Care)*(a)     495,763  
  1,694,540    Alibaba Group Holding Ltd. (Consumer Discretionary)     15,779,170  
  614,409    Alibaba Health Information Technology Ltd. (Consumer Staples)*     269,973  
  449,336    Aluminum Corp. of China Ltd., Class A (Materials)     377,292  
    1,254,817    Aluminum Corp. of China Ltd., Class H (Materials)     628,306  
  63,185    Anhui Conch Cement Co. Ltd., Class A (Materials)     209,937  
  60,318    Anker Innovations Technology Co. Ltd., Class A (Information Technology)     683,943  
  170,659    ANTA Sports Products Ltd. (Consumer Discretionary)     1,673,063  
  16,002    Autohome, Inc. ADR (Communication Services)     415,892  
  162,417    Baidu, Inc., Class A (Communication Services)*     2,065,273  
  1,822,276    Bank of Beijing Co. Ltd., Class A (Financials)     1,310,071  
  372,194    Bank of Changsha Co. Ltd., Class A (Financials)     402,400  
  2,923,030    Bank of China Ltd., Class A (Financials)     1,813,392  
  8,968,969    Bank of China Ltd., Class H (Financials)     3,528,564  
  1,933,364    Bank of Communications Co. Ltd., Class A (Financials)     1,682,411  
  2,384,594    Bank of Communications Co. Ltd., Class H (Financials)     1,565,606  
  193,627    Bank of Hangzhou Co. Ltd., Class A (Financials)     297,753  
  1,317,967    Bank of Jiangsu Co. Ltd., Class A (Financials)     1,402,978  
  608,526    Bank of Nanjing Co. Ltd., Class A (Financials)     738,989  
  997,546    Bank of Shanghai Co. Ltd., Class A (Financials)     904,060  
  343,233    Bank of Suzhou Co. Ltd., Class A (Financials)     337,743  
  456,232    Baoshan Iron & Steel Co. Ltd., Class A (Materials)     422,340  
  37,509    BeiGene Ltd. (Health Care)*     507,863  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)  
  245,583    Beijing Enterprises Holdings Ltd. (Utilities)   $      925,391  
  6,317    Beijing Kingsoft Office Software, Inc., Class A (Information Technology)     237,548  
  64,761    Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)     661,070  
  187,161    Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples)     227,547  
  471,212    Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials)     330,262  
  62,206    Bloomage Biotechnology Corp. Ltd., Class A (Health Care)     551,935  
  1,042,510    BOE Technology Group Co. Ltd., Class A (Information Technology)     577,303  
    2,031,813    Bosideng International Holdings Ltd. (Consumer Discretionary)     1,025,146  
  12,493    BYD Co. Ltd., Class A (Consumer Discretionary)     331,517  
  56,472    BYD Co. Ltd., Class H (Consumer Discretionary)     1,394,344  
  114,796    BYD Electronic International Co. Ltd. (Information Technology)     434,034  
  166,904    By-health Co. Ltd., Class A (Consumer Staples)     391,475  
  136,061    C&D International Investment Group Ltd. (Real Estate)     221,415  
  363,177    Caitong Securities Co. Ltd., Class A (Financials)     402,228  
  440,955    CECEP Solar Energy Co. Ltd., Class A (Utilities)     332,923  
  996,903    CGN Power Co. Ltd., Class A (Utilities)     534,061  
  3,593,548    CGN Power Co. Ltd., Class H (Utilities)(a)     1,092,459  
  12,284    Changchun High & New Technology Industry Group, Inc., Class A (Health Care)     219,076  
  402,335    Changjiang Securities Co. Ltd., Class A (Financials)     307,115  
  3,763,641    China Cinda Asset Management Co. Ltd., Class H (Financials)     360,557  
  2,699,302    China CITIC Bank Corp. Ltd., Class H (Financials)     1,437,780  
  1,157,315    China Communications Services Corp. Ltd., Class H (Industrials)     492,267  
  1,164,718    China Construction Bank Corp., Class A (Financials)     1,131,540  
  11,095,407    China Construction Bank Corp., Class H (Financials)     6,916,205  
  1,200,550    China Energy Engineering Corp. Ltd., Class A (Industrials)     363,235  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)  
    1,256,618    China Everbright Bank Co. Ltd., Class A (Financials)   $      561,578  
  2,475,872    China Everbright Bank Co. Ltd., Class H (Financials)     774,817  
  1,540,342    China Feihe Ltd. (Consumer Staples)(a)     767,338  
  291,842    China Galaxy Securities Co. Ltd., Class A (Financials)     492,125  
  1,057,280    China Galaxy Securities Co. Ltd., Class H (Financials)     556,406  
  301,977    China Great Wall Securities Co. Ltd., Class A (Financials)     331,933  
  1,175,666    China Medical System Holdings Ltd. (Health Care)     1,931,211  
  535,493    China Mengniu Dairy Co. Ltd. (Consumer Staples)*     1,346,120  
  200,210    China Merchants Bank Co. Ltd., Class A (Financials)     890,285  
  387,865    China Merchants Bank Co. Ltd., Class H (Financials)     1,513,549  
  293,160    China Merchants Port Holdings Co. Ltd. (Industrials)     363,604  
  173,512    China Merchants Securities Co. Ltd., Class A (Financials)     339,547  
  270,970    China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate)     354,261  
  1,718,670    China Minsheng Banking Corp. Ltd., Class A (Financials)     963,662  
  2,916,758    China Minsheng Banking Corp. Ltd., Class H (Financials)     1,028,287  
  66,558    China National Medicines Corp. Ltd., Class A (Health Care)     290,979  
  388,960    China National Nuclear Power Co. Ltd., Class A (Utilities)     468,571  
  285,841    China Oilfield Services Ltd., Class H (Energy)     251,929  
  53,644    China Pacific Insurance Group Co. Ltd., Class A (Financials)     190,744  
  170,531    China Pacific Insurance Group Co. Ltd., Class H (Financials)     325,431  
  1,430,853    China Petroleum & Chemical Corp., Class A (Energy)     1,241,155  
  3,509,175    China Petroleum & Chemical Corp., Class H (Energy)     1,940,876  
  575,661    China Railway Group Ltd., Class A (Industrials)     507,331  
  910,170    China Railway Group Ltd., Class H (Industrials)     444,110  
  85,134    China Resources Beer Holdings Co. Ltd. (Consumer Staples)     369,188  
  75,279    China Resources Land Ltd. (Real Estate)     231,737  
  743,451    China Resources Pharmaceutical Group Ltd. (Health Care)(a)     503,307  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)  
  100,510    China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care)   $      766,946  
  158,191    China Shenhua Energy Co. Ltd., Class A (Energy)     847,462  
  546,457    China Shenhua Energy Co. Ltd., Class H (Energy)     2,111,476  
  430,004    China State Construction Engineering Corp. Ltd., Class A (Industrials)     319,284  
  294,356    China Taiping Insurance Holdings Co. Ltd. (Financials)     256,802  
  568,205    China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)     364,333  
   11,360,320    China Tower Corp. Ltd., Class H (Communication Services)(a)     1,378,539  
  1,329,095    China United Network Communications Ltd., Class A (Communication Services)     885,418  
  242,111    China Yangtze Power Co. Ltd., Class A (Utilities)     841,731  
  2,565,381    China Zheshang Bank Co. Ltd., Class A (Financials)     989,800  
  61,459    Chongqing Brewery Co. Ltd., Class A (Consumer Staples)     558,699  
  1,258,195    Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials)     782,306  
  61,562    Chongqing Taiji Industry Group Co. Ltd., Class A (Health Care)*     324,161  
  69,971    Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care)     519,447  
  219,961    Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary)     329,290  
  691,449    CITIC Ltd. (Industrials)     698,621  
  139,148    CITIC Securities Co. Ltd., Class A (Financials)     411,346  
  1,089,594    COSCO SHIPPING Development Co. Ltd., Class A (Industrials)     372,007  
  391,190    COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)     570,070  
  478,003    COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)     515,321  
  471,852    CRRC Corp. Ltd., Class A (Industrials)     417,809  
  385,301    CRRC Corp. Ltd., Class H (Industrials)     198,832  
  81,888    CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care)     389,026  
  2,176,156    CSPC Pharmaceutical Group Ltd. (Health Care)     1,701,164  
  408,555    Daqin Railway Co. Ltd., Class A (Industrials)     423,000  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)  
  92,026    DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples)   $      303,848  
  62,497    Dong-E-E-Jiao Co. Ltd., Class A (Health Care)     503,862  
  851,519    Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)     364,371  
  320,262    Dongxing Securities Co. Ltd., Class A (Financials)     377,367  
  135,732    East Buy Holding Ltd. (Consumer Discretionary)*(a)     419,568  
  79,230    Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary)     410,486  
  33,980    ENN Energy Holdings Ltd. (Utilities)     279,304  
      175,148    ENN Natural Gas Co. Ltd., Class A (Utilities)     455,296  
  407,278    Fangda Carbon New Material Co. Ltd., Class A (Industrials)*     278,669  
  449,102    Far East Horizon Ltd. (Financials)     360,828  
  428,021    First Capital Securities Co. Ltd., Class A (Financials)     340,385  
  251,613    Foxconn Industrial Internet Co. Ltd., Class A (Information Technology)     652,670  
  62,091    Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary)     373,050  
  572,727    Geely Automobile Holdings Ltd. (Consumer Discretionary)     626,219  
  423,174    GEM Co. Ltd., Class A (Materials)     314,800  
  119,407    GF Securities Co. Ltd., Class A (Financials)     234,994  
  281,774    Goldwind Science & Technology Co. Ltd., Class A (Industrials)     298,776  
  74,890    Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary)     405,878  
  51,568    Guangdong Haid Group Co. Ltd., Class A (Consumer Staples)     308,610  
  259,436    Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary)     320,818  
  158,661    Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care)     651,357  
  51,112    Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care)     427,751  
  249,815    Guosen Securities Co. Ltd., Class A (Financials)     298,866  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)  
  180,160    Guotai Junan Securities Co. Ltd., Class A (Financials)   $      377,310  
  381,654    Guoyuan Securities Co. Ltd., Class A (Financials)     369,723  
  637,829    Haidilao International Holding Ltd. (Consumer Discretionary)(a)     1,168,310  
  216,479    Haier Smart Home Co. Ltd., Class A (Consumer Discretionary)     723,775  
  430,218    Haier Smart Home Co. Ltd., Class H (Consumer Discretionary)     1,313,383  
  272,120    Haitong Securities Co. Ltd., Class A (Financials)     345,190  
  514,672    Haitong Securities Co. Ltd., Class H (Financials)     255,732  
  219,684    Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate)     230,500  
  73,673    Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary)     255,623  
  206,229    Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples)     355,772  
  101,863    Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples)     413,093  
  74,853    Hengan International Group Co. Ltd. (Consumer Staples)     231,382  
  422,902    Hengyi Petrochemical Co. Ltd., Class A (Materials)*     406,160  
  1,219,242    Hesteel Co. Ltd., Class A (Materials)     368,890  
  108,670    Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary)     390,625  
  49,025    Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials)     932,633  
  112,923    Huadong Medicine Co. Ltd., Class A (Health Care)     527,844  
  376,817    Huafon Chemical Co. Ltd., Class A (Materials)     356,669  
  261,393    Huaibei Mining Holdings Co. Ltd., Class A (Materials)     687,471  
  189,642    Huatai Securities Co. Ltd., Class A (Financials)     382,692  
  330,395    Huatai Securities Co. Ltd., Class H (Financials)(a)     390,795  
    1,329,585    Huaxia Bank Co. Ltd., Class A (Financials)     1,169,920  
  171,864    Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary)     416,705  
  144,846    Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care)     743,805  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)  
  1,826,766    Industrial & Commercial Bank of China Ltd., Class A (Financials)   $    1,351,329  
  6,166,599    Industrial & Commercial Bank of China Ltd., Class H (Financials)     3,182,232  
  415,666    Industrial Bank Co. Ltd., Class A (Financials)     960,527  
    1,477,395    Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)*     315,768  
  190,150    Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy)     437,818  
  100,956    Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples)     397,225  
  127,662    iQIYI, Inc. ADR (Communication Services)*     471,073  
  191,600    JCET Group Co. Ltd., Class A (Information Technology)     695,639  
  52,967    JD Health International, Inc. (Consumer Staples)*(a)     201,617  
  205,946    JD.com, Inc., Class A (Consumer Discretionary)     2,342,567  
  410,613    Jiangsu Expressway Co. Ltd., Class H (Industrials)     422,215  
  248,484    Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care)     1,470,505  
  58,340    Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology)     647,183  
  184,105    Jiangxi Copper Co. Ltd., Class A (Materials)     500,554  
  317,893    Jiangxi Copper Co. Ltd., Class H (Materials)     473,461  
  24,797    JiuGui Liquor Co. Ltd., Class A (Consumer Staples)     210,449  
  217,579    Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care)     364,783  
  631,211    Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care)     713,099  
  294,073    Kingboard Holdings Ltd. (Information Technology)     577,719  
  335,016    Kingnet Network Co. Ltd., Class A (Communication Services)     581,201  
  97,185    Kingsoft Corp. Ltd. (Communication Services)     271,241  
  255,503    Kuaishou Technology (Communication Services)*(a)     1,452,315  
  9,448    Kweichow Moutai Co. Ltd., Class A (Consumer Staples)     2,222,596  
  1,841,639    Lenovo Group Ltd. (Information Technology)     2,039,522  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)

 

  72,001    Li Auto, Inc., Class A (Consumer Discretionary)*   $    1,630,617  
  257,180    Li Ning Co. Ltd. (Consumer Discretionary)     641,242  
  1,502,219    Liaoning Port Co. Ltd., Class A (Industrials)     308,564  
  150,647    Longfor Group Holdings Ltd. (Real Estate)(a)     190,118  
  181,664    LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)     535,518  
  15,365    Luzhou Laojiao Co. Ltd., Class A (Consumer Staples)     374,782  
  428,903    Meituan, Class B (Consumer Discretionary)*(a)     4,371,865  
  651,478    Metallurgical Corp. of China Ltd., Class A (Industrials)     301,089  
  41,917    Muyuan Foods Co. Ltd., Class A (Consumer Staples)     223,918  
  196,521    NetEase, Inc. (Communication Services)     4,423,028  
  75,069    New China Life Insurance Co. Ltd., Class A (Financials)     341,732  
  163,259    New China Life Insurance Co. Ltd., Class H (Financials)     314,473  
  456,541    New Hope Liuhe Co. Ltd., Class A (Consumer Staples)*     561,390  
  253,175    New Oriental Education & Technology Group, Inc. (Consumer Discretionary)*     2,401,165  
  315,014    Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a)     1,786,560  
  700,640    Offshore Oil Engineering Co. Ltd., Class A (Energy)     601,917  
  272,394    OFILM Group Co. Ltd., Class A (Information Technology)*     308,488  
  338,281    Oriental Pearl Group Co. Ltd., Class A (Communication Services)     347,424  
  55,508    PDD Holdings, Inc. ADR (Consumer Discretionary)*     6,912,966  
  505,677    People’s Insurance Co. Group of China Ltd. (The), Class A (Financials)     368,454  
  2,287,684    People’s Insurance Co. Group of China Ltd. (The), Class H (Financials)     762,678  
    2,115,523    PetroChina Co. Ltd., Class A (Energy)     2,595,500  
  4,352,190    PetroChina Co. Ltd., Class H (Energy)     3,430,029  
  1,535,339    PICC Property & Casualty Co. Ltd., Class H (Financials)     2,102,344  
  198,100    Ping An Bank Co. Ltd., Class A (Financials)     291,160  
  118,187    Ping An Insurance Group Co. of China Ltd., Class A (Financials)     703,684  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)

 

  397,995    Ping An Insurance Group Co. of China Ltd., Class H (Financials)   $    1,784,389  
    1,337,413    Postal Savings Bank of China Co. Ltd., Class A (Financials)     900,240  
  1,289,200    Postal Savings Bank of China Co. Ltd., Class H (Financials)(a)     680,104  
  56,997    Qifu Technology, Inc. ADR (Financials)     880,604  
  259,490    Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)*     581,626  
  194,617    SAIC Motor Corp. Ltd., Class A (Consumer Discretionary)     404,076  
  32,046    Sangfor Technologies, Inc., Class A (Information Technology)*     281,977  
  447,560    SDIC Capital Co. Ltd., Class A (Financials)     428,599  
  203,305    SDIC Power Holdings Co. Ltd., Class A (Utilities)     406,596  
  169,817    Seazen Holdings Co. Ltd., Class A (Real Estate)*     245,348  
  27,146    SG Micro Corp., Class A (Information Technology)     266,515  
  125,743    Shaanxi Coal Industry Co. Ltd., Class A (Energy)     450,251  
  170,185    Shandong Gold Mining Co. Ltd., Class A (Materials)     512,309  
  988,126    Shanghai Construction Group Co. Ltd., Class A (Industrials)     335,992  
  599,823    Shanghai Electric Group Co. Ltd., Class A (Industrials)*     352,972  
  649,281    Shanghai International Port Group Co. Ltd., Class A (Industrials)     489,309  
  174,524    Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate)     258,931  
  194,560    Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care)     489,556  
  970,007    Shanghai Pudong Development Bank Co. Ltd., Class A (Financials)     962,569  
  420,684    Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care)     420,377  
  463,490    Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials)     414,907  
  309,712    Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary)     284,126  
  781,822    Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)     411,243  
  26,669    Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples)     862,632  
  661,731    Shenwan Hongyuan Group Co. Ltd., Class A (Financials)     420,628  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)

 

  385,102    Shenzhen Energy Group Co. Ltd., Class A (Utilities)   $      352,218  
  14,472    Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care)     580,828  
  663,705    Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)*     282,790  
  56,203    Shenzhen SC New Energy Technology Corp., Class A (Information Technology)     505,068  
  85,265    Shenzhen SED Industry Co. Ltd., Class A (Industrials)     233,953  
  201,284    Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)     599,501  
  441,580    Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary)     315,009  
  165,667    Sichuan Chuantou Energy Co. Ltd., Class A (Utilities)     360,063  
  196,024    Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care)     746,797  
  328,093    Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials)     371,568  
  73,665    Sichuan Swellfun Co. Ltd., Class A (Consumer Staples)     513,439  
  20,749    Silergy Corp. (Information Technology)     273,726  
  209,262    Sinoma International Engineering Co., Class A (Industrials)     326,153  
  237,612    Sinopharm Group Co. Ltd., Class H (Health Care)     666,205  
  356,094    SooChow Securities Co. Ltd., Class A (Financials)     360,777  
  33,743    Sunny Optical Technology Group Co. Ltd. (Information Technology)     218,954  
  69,634    TAL Education Group ADR (Consumer Discretionary)*     1,025,709  
  639,688    TCL Technology Group Corp., Class A (Information Technology)*     402,177  
  734,965    Tencent Holdings Ltd. (Communication Services)     26,023,439  
  128,533    Tencent Music Entertainment Group ADR (Communication Services)*     1,345,740  
  117,705    Tianqi Lithium Corp., Class A (Materials)     876,100  
    1,053,799    Tingyi Cayman Islands Holding Corp. (Consumer Staples)     1,175,105  
  215,850    Tongwei Co. Ltd., Class A (Information Technology)     793,869  
  1,918,502    Topsports International Holdings Ltd. (Consumer Discretionary)(a)     1,303,703  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)

 

  17,971    Trip.com Group Ltd. (Consumer Discretionary)*   $      819,034  
  172,297    Vipshop Holdings Ltd. ADR (Consumer Discretionary)*     3,316,717  
  28,207    Wanhua Chemical Group Co. Ltd., Class A (Materials)     311,421  
    1,705,152    Want Want China Holdings Ltd. (Consumer Staples)     940,918  
  364,942    Western Securities Co. Ltd., Class A (Financials)     403,676  
  1,699,499    Wintime Energy Group Co. Ltd., Class A (Utilities)*     325,500  
  838,575    Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary)     535,366  
  27,075    Wuliangye Yibin Co. Ltd., Class A (Consumer Staples)     534,529  
  118,533    Wuxi Biologics Cayman, Inc. (Health Care)*(a)     288,278  
  385,649    Xiamen C & D, Inc., Class A (Industrials)     557,178  
  942,664    Xiaomi Corp., Class B (Information Technology)*(a)     1,591,817  
  262,446    Yadea Group Holdings Ltd. (Consumer Discretionary)(a)     411,664  
  352,580    Yankuang Energy Group Co. Ltd., Class H (Energy)     814,256  
  75,123    Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples)     337,182  
  65,034    YongXing Special Materials Technology Co. Ltd., Class A (Materials)     498,140  
  424,044    Youngor Fashion Co. Ltd., Class A (Real Estate)     432,563  
  129,197    YTO Express Group Co. Ltd., Class A (Industrials)     228,620  
  667,555    Yuexiu Property Co. Ltd. (Real Estate)     445,958  
  58,059    Yum China Holdings, Inc. (Consumer Discretionary)     2,490,151  
  46,944    Yunnan Baiyao Group Co. Ltd., Class A (Health Care)     324,655  
  58,892    Yunnan Botanee Bio- Technology Group Co. Ltd., Class A (Consumer Staples)     535,854  
  159,335    Yunnan Yuntianhua Co. Ltd., Class A (Materials)     403,355  
  214,277    Yutong Bus Co. Ltd., Class A (Industrials)     555,227  
  135,629    Zangge Mining Co. Ltd., Class A (Materials)     551,344  
  8,374    Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care)     259,172  
  324,784    Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary)     370,525  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)

 

  798,281    Zhejiang Expressway Co. Ltd., Class H (Industrials)   $      609,764  
  274,703    Zhejiang Longsheng Group Co. Ltd., Class A (Materials)     326,353  
  153,670    Zhejiang NHU Co. Ltd., Class A (Health Care)     383,895  
  63,427    Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary)     486,624  
  257,051    Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials)     561,889  
  249,288    Zheshang Securities Co. Ltd., Class A (Financials)     354,285  
  26,107    Zhongji Innolight Co. Ltd., Class A (Information Technology)     562,196  
  306,727    Zhongjin Gold Corp. Ltd., Class A (Materials)     443,579  
  150,026    Zhongsheng Group Holdings Ltd. (Consumer Discretionary)     275,186  
  341,967    Zhongtai Securities Co. Ltd., Class A (Financials)     329,853  
  175,711    Zijin Mining Group Co. Ltd., Class H (Materials)     284,143  
  434,008    Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials)     481,880  
  127,814    ZTE Corp., Class H (Information Technology)     288,319  
  13,032    ZTO Express Cayman, Inc. ADR (Industrials)     250,084  
      

 

 

 
         257,970,257  
 

 

 
  Czech Republic – 0.2%

 

  13,473    CEZ AS (Utilities)     461,479  
  18,771    Komercni banka AS (Financials)     654,987  
  152,339    Moneta Money Bank AS (Financials)(a)     670,971  
      

 

 

 
         1,787,437  
 

 

 
  Egypt – 0.3%

 

  1,421,159    Commercial International Bank - Egypt (CIB) (Financials)     1,992,538  
    1,779,689    Eastern Co. SAE (Consumer Staples)     1,234,636  
      

 

 

 
         3,227,174  
 

 

 
  Greece – 0.8%

 

  565,762    Eurobank Ergasias Services and Holdings SA (Financials)*     1,170,296  
  173,701    Hellenic Telecommunications Organization SA (Communication Services)     2,624,070  
  18,708    JUMBO SA (Consumer Discretionary)     547,421  
  14,182    Motor Oil Hellas Corinth Refineries SA (Energy)     405,162  
  24,205    Mytilineos SA (Industrials)     942,964  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  Greece – (continued)

 

  75,677    National Bank of Greece SA (Financials)*   $      593,239  
  86,525    OPAP SA (Consumer Discretionary)     1,579,590  
      

 

 

 
         7,862,742  
 

 

 
  Hong Kong – 0.2%

 

  48,285    Orient Overseas International Ltd. (Industrials)     750,599  
    2,340,967    Sino Biopharmaceutical Ltd. (Health Care)     935,932  
      

 

 

 
         1,686,531  
 

 

 
  Hungary – 0.2%

 

  128,210    MOL Hungarian Oil & Gas PLC (Energy)     1,019,685  
  15,975    OTP Bank Nyrt (Financials)     765,616  
  15,462    Richter Gedeon Nyrt (Health Care)     411,470  
      

 

 

 
         2,196,771  
 

 

 
  India – 17.2%

 

  7,630    ABB India Ltd. (Industrials)     501,047  
  210,893    Adani Power Ltd. (Utilities)*     1,398,768  
  6,420    Apollo Hospitals Enterprise Ltd. (Health Care)     472,432  
  51,491    Asian Paints Ltd. (Materials)     1,752,400  
  121,194    Aurobindo Pharma Ltd. (Health Care)     1,502,716  
  20,209    Avenue Supermarts Ltd. (Consumer Staples)*(a)     955,145  
  159,870    Axis Bank Ltd. (Financials)     2,072,890  
  5,075    Bajaj Auto Ltd. (Consumer Discretionary)     484,102  
  16,300    Bajaj Finance Ltd. (Financials)     1,276,881  
  19,570    Bajaj Finserv Ltd. (Financials)     376,171  
  313,774    Bank of Baroda (Financials)     1,004,523  
  77,376    Berger Paints India Ltd. (Materials)     566,162  
  294,712    Bharat Electronics Ltd. (Industrials)     728,994  
  118,525    Bharat Petroleum Corp. Ltd. (Energy)     863,176  
  159,277    Bharti Airtel Ltd. (Communication Services)     2,157,886  
  48,727    Britannia Industries Ltd. (Consumer Staples)     2,917,876  
  146,732    CG Power & Industrial Solutions Ltd. (Industrials)     784,393  
  37,061    Cholamandalam Investment and Finance Co. Ltd. (Financials)     486,839  
  162,748    Cipla Ltd. (Health Care)     2,905,631  
  191,426    Coal India Ltd. (Energy)     1,008,195  
  94,603    Colgate-Palmolive India Ltd. (Consumer Staples)     2,882,886  
  192,152    Dabur India Ltd. (Consumer Staples)     1,247,121  
  12,035    Divi’s Laboratories Ltd. (Health Care)     506,387  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  India – (continued)

 

  48,256    DLF Ltd. (Real Estate)   $      524,485  
  30,534    Dr. Reddy’s Laboratories Ltd. (Health Care)     2,365,737  
  11,610    Eicher Motors Ltd. (Consumer Discretionary)     531,015  
  362,498    GAIL India Ltd. (Utilities)     796,771  
  25,300    Godrej Consumer Products Ltd. (Consumer Staples)     383,758  
  42,620    Grasim Industries Ltd. (Materials)     1,126,407  
  83,714    Havells India Ltd. (Industrials)     1,546,083  
  267,922    HCL Technologies Ltd. (Information Technology)     5,376,293  
  14,800    HDFC Asset Management Co. Ltd. (Financials)(a)     669,886  
  161,462    HDFC Bank Ltd. (Financials)     2,732,827  
  101,187    HDFC Life Insurance Co. Ltd. (Financials)(a)     710,245  
  260,602    Hindalco Industries Ltd. (Materials)     1,583,578  
  24,849    Hindustan Aeronautics Ltd. (Industrials)     924,253  
  127,533    Hindustan Petroleum Corp. Ltd. (Energy)     783,505  
  82,341    Hindustan Unilever Ltd. (Consumer Staples)     2,395,564  
  470,534    ICICI Bank Ltd. (Financials)     5,971,036  
  43,327    ICICI Lombard General Insurance Co. Ltd. (Financials)(a)     894,457  
  141,928    Indian Hotels Co. Ltd. (Consumer Discretionary)     1,004,256  
  865,757    Indian Oil Corp. Ltd. (Energy)     1,728,564  
  410,770    Infosys Ltd. (Information Technology)     8,292,559  
  445,230    ITC Ltd. (Consumer Staples)     2,181,683  
  144,552    Jindal Steel & Power Ltd. (Materials)     1,353,275  
  261,025    Jio Financial Services Ltd. (Financials)*     975,897  
  95,825    JSW Steel Ltd. (Materials)     924,663  
  158,406    Jubilant Foodworks Ltd. (Consumer Discretionary)     886,250  
  32,508    Kotak Mahindra Bank Ltd. (Financials)     662,363  
  68,003    Larsen & Toubro Ltd. (Industrials)     2,852,081  
  41,045    LTIMindtree Ltd. (Information Technology)(a)     2,624,014  
  51,233    Lupin Ltd. (Health Care)     1,001,628  
  87,503    Mahindra & Mahindra Ltd. (Consumer Discretionary)     2,039,296  
      317,881    Marico Ltd. (Consumer Staples)     2,003,523  
  8,239    Maruti Suzuki India Ltd. (Consumer Discretionary)     1,121,671  
  42,532    Mphasis Ltd. (Information Technology)     1,342,573  
  382    MRF Ltd. (Consumer Discretionary)     673,006  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  India – (continued)

 

  56,139    Muthoot Finance Ltd. (Financials)   $      882,713  
  94,700    Nestle India Ltd. (Consumer Staples)     2,965,162  
  334,800    NMDC Ltd. (Materials)     912,141  
  611,199    NTPC Ltd. (Utilities)     2,473,802  
  552,254    Oil & Natural Gas Corp. Ltd. (Energy)     1,762,337  
  4,202    Page Industries Ltd. (Consumer Discretionary)     1,738,727  
  13,641    Persistent Systems Ltd. (Information Technology)     1,419,825  
  8,665    PI Industries Ltd. (Materials)     383,808  
  47,725    Pidilite Industries Ltd. (Materials)     1,574,789  
  10,248    Polycab India Ltd. (Industrials)     587,056  
  330,330    Power Finance Corp. Ltd. (Financials)     1,596,348  
  841,729    Power Grid Corp. of India Ltd. (Utilities)     2,871,368  
  247,853    REC Ltd. (Financials)     1,321,374  
  259,125    Reliance Industries Ltd. (Energy)     9,130,413  
  42,800    SBI Cards & Payment Services Ltd. (Financials)     371,471  
  45,462    SBI Life Insurance Co. Ltd.
(Financials)(a)
    851,245  
  20,385    Shriram Finance Ltd. (Financials)     599,531  
  29,446    Siemens Ltd. (Industrials)     1,661,739  
  14,126    SRF Ltd. (Materials)     407,112  
  204,685    State Bank of India (Financials)     1,846,741  
  76,663    Sun Pharmaceutical Industries Ltd. (Health Care)     1,458,947  
  7,374    Supreme Industries Ltd. (Materials)     369,126  
  747,774    Suzlon Energy Ltd. (Industrials)*     408,084  
  27,100    Tata Communications Ltd. (Communication Services)     628,571  
  142,199    Tata Consultancy Services Ltd. (Information Technology)     7,022,979  
  74,364    Tata Consumer Products Ltd. (Consumer Staples)     1,067,304  
  16,512    Tata Elxsi Ltd. (Information Technology)     1,555,498  
  335,987    Tata Motors Ltd. (Consumer Discretionary)     3,850,329  
  169,850    Tata Motors Ltd., Class A (Consumer Discretionary)     1,295,134  
  151,102    Tata Power Co. Ltd. (The) (Utilities)     677,457  
    1,374,132    Tata Steel Ltd. (Materials)     2,334,241  
  201,601    Tech Mahindra Ltd. (Information Technology)     3,097,215  
  23,082    Titan Co. Ltd. (Consumer Discretionary)     1,008,951  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  India – (continued)

 

  66,155    Torrent Pharmaceuticals Ltd. (Health Care)   $    2,127,157  
  11,487    Trent Ltd. (Consumer Discretionary)     537,774  
  20,292    Tube Investments of India Ltd. (Consumer Discretionary)     853,773  
  26,977    TVS Motor Co. Ltd. (Consumer Discretionary)*     695,994  
  16,366    UltraTech Cement Ltd. (Materials)     1,952,561  
  27,200    United Spirits Ltd. (Consumer Staples)     382,448  
  90,020    UPL Ltd. (Materials)     509,941  
  108,843    Varun Beverages Ltd. (Consumer Staples)     1,848,918  
  355,560    Vedanta Ltd. (Materials)     1,149,447  
  266,444    Wipro Ltd. (Information Technology)     1,666,475  
  268,088    Zomato Ltd. (Consumer Discretionary)*     534,939  
      

 

 

 
         162,226,788  
 

 

 
  Indonesia – 1.9%

 

    1,784,047    Adaro Energy Indonesia Tbk PT (Energy)     274,731  
  4,872,030    Aneka Tambang Tbk (Materials)     452,635  
  3,108,771    Astra International Tbk PT (Industrials)     1,033,619  
  3,830,256    Bank Central Asia Tbk PT (Financials)     2,406,858  
  2,889,561    Bank Mandiri Persero Tbk PT (Financials)     1,287,110  
  2,714,736    Bank Negara Indonesia Persero Tbk PT (Financials)     1,036,489  
  4,046,814    Bank Rakyat Indonesia Persero Tbk PT (Financials)     1,577,266  
  906,467    Indah Kiat Pulp & Paper Tbk PT (Materials)     503,272  
  2,114,185    Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)     1,553,855  
  3,466,071    Indofood Sukses Makmur Tbk PT (Consumer Staples)     1,461,198  
  11,406,541    Kalbe Farma Tbk PT (Health Care)     1,081,498  
  6,579,435    Sumber Alfaria Trijaya Tbk PT (Consumer Staples)     1,151,349  
  10,136,410    Telkom Indonesia Persero Tbk PT (Communication Services)     2,580,060  
  6,076,989    Unilever Indonesia Tbk PT (Consumer Staples)     1,055,691  
      

 

 

 
         17,455,631  
 

 

 
  Kuwait – 0.6%

 

  312,135    Agility Public Warehousing Co. KSC (Industrials)*     609,761  
  201,735    Boubyan Bank KSCP (Financials)     421,634  
  590,729    Kuwait Finance House KSCP (Financials)     1,555,308  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  Kuwait – (continued)

 

  871,804    National Bank of Kuwait SAKP (Financials)   $    2,777,078  
      

 

 

 
         5,363,781  
 

 

 
  Luxembourg – 0.1%

 

  40,574    Reinet Investments SCA (Financials)     1,023,754  
 

 

 
  Mexico – 2.6%

 

  807,226    Alfa SAB de CV, Class A (Industrials)     601,169  
  2,810,955    America Movil SAB de CV, Series B (Communication Services)     2,628,708  
  51,098    Arca Continental SAB de CV (Consumer Staples)     549,738  
  107,500    Banco del Bajio SA (Financials)(a)     399,539  
    2,536,919    Cemex SAB de CV, Series CPO (Materials)*     1,936,897  
  103,936    Coca-Cola Femsa SAB de CV (Consumer Staples)     1,013,142  
  327,661    Fomento Economico Mexicano SAB de CV (Consumer Staples)     4,086,139  
  130,813    Gruma SAB de CV, Class B (Consumer Staples)     2,326,527  
  461,124    Grupo Bimbo SAB de CV, Series A (Consumer Staples)     1,926,472  
  75,231    Grupo Carso SAB de CV, Series A1 (Industrials)     650,020  
  317,108    Grupo Financiero Banorte SAB de CV, Class O (Financials)     3,274,296  
  246,110    Grupo Mexico SAB de CV, Series B (Materials)     1,193,164  
  241,373    Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)     535,740  
  216,057    Orbia Advance Corp. SAB de CV (Materials)     399,034  
  40,958    Promotora y Operadora de Infraestructura SAB de CV (Industrials)     425,119  
  4,800    Southern Copper Corp. (Materials)     388,128  
  744,807    Wal-Mart de Mexico SAB de CV (Consumer Staples)     2,978,530  
      

 

 

 
         25,312,362  
 

 

 
  Philippines – 0.1%

 

  442,034    Bank of the Philippine Islands (Financials)     983,696  
  38,170    Manila Electric Co. (Utilities)     264,810  
      

 

 

 
         1,248,506  
 

 

 
  Poland – 1.2%

 

  32,139    Bank Pekao SA (Financials)     1,394,229  
  14,680    CD Projekt SA (Communication Services)(b)     403,820  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  Poland – (continued)

 

  22,364    Dino Polska SA (Consumer
Staples)*(a)
  $    2,606,021  
  503    LPP SA (Consumer Discretionary)     2,262,800  
  25,787    ORLEN SA (Energy)     400,782  
  101,966    Powszechna Kasa Oszczednosci Bank Polski SA (Financials)     1,420,605  
  184,201    Powszechny Zaklad Ubezpieczen SA (Financials)     2,268,390  
  3,156    Santander Bank Polska SA (Financials)     434,871  
      

 

 

 
         11,191,518  
 

 

 
  Qatar – 0.9%

 

  512,875    Commercial Bank PSQC (The) (Financials)     712,193  
  91,940    Industries Qatar QSC (Industrials)     325,742  
  655,702    Ooredoo QPSC (Communication Services)     2,047,606  
  366,678    Qatar International Islamic Bank QSC (Financials)     1,149,079  
  325,626    Qatar Islamic Bank (Financials)     1,802,077  
  688,093    Qatar National Bank QPSC (Financials)     2,878,236  
      

 

 

 
         8,914,933  
 

 

 
  Romania – 0.1%

 

  116,547    NEPI Rockcastle NV (Real Estate)*     831,405  
 

 

 
  Russia – 0.0%

 

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

 

  Russia – (continued)

 

  40,500    Yandex NV, Class A (Communication Services)*(c)   $  
      

 

 

 
          
 

 

 
  Saudi Arabia – 4.0%

 

  11,627    ACWA Power Co. (Utilities)     818,475  
  31,010    Advanced Petrochemical Co. (Materials)     316,277  
      198,395    Al Rajhi Bank (Financials)        4,708,198  
  72,176    Alinma Bank (Financials)     845,835  
  28,985    Almarai Co. JSC (Consumer Staples)     454,448  
  53,756    Arab National Bank (Financials)     399,196  
  7,232    Arabian Internet & Co.mmunications Services Co. (Information Technology)     707,329  
  40,409    Bank AlBilad (Financials)     532,279  
  56,422    Bank Al-Jazira (Financials)*     292,769  
  44,097    Banque Saudi Fransi (Financials)     447,990  
  30,238    Bupa Arabia for Cooperative Insurance Co. (Financials)     1,851,224  
  129,372    Dar Al Arkan Real Estate Development Co. (Real Estate)*     481,570  
  11,023    Dr Sulaiman Al Habib Medical Services Group Co. (Health Care)     968,183  
  4,731    Elm Co. (Information Technology)     1,333,405  
  186,031    Etihad Etisalat Co. (Communication Services)     2,743,118  
  88,173    Jarir Marketing Co. (Consumer Discretionary)     366,300  
  171,864    Mobile Telecommunications Co Saudi Arabia (Communication Services)     682,818  
  31,300    Nahdi Medical Co. (Consumer Staples)     1,185,132  
  76,724    Riyad Bank (Financials)     636,247  
  29,136    SABIC Agri-Nutrients Co. (Materials)     972,676  
  101,488    Sahara International Petrochemical Co. (Materials)     829,429  
  64,028    Saudi Arabian Mining Co. (Materials)*     849,370  
  458,535    Saudi Arabian Oil Co. (Energy)(a)     3,875,839  
  104,848    Saudi Awwal Bank (Financials)     1,153,236  
  89,537    Saudi Basic Industries Corp. (Materials)     1,881,320  
  137,859    Saudi Electricity Co. (Utilities)     735,189  
  84,855    Saudi Investment Bank (The) (Financials)     366,092  
  290,381    Saudi Kayan Petrochemical Co. (Materials)*     747,187  
  277,467    Saudi National Bank (The) (Financials)     3,133,277  
  203,873    Saudi Telecom Co. (Communication Services)     2,307,658  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  Saudi Arabia – (continued)

 

  104,882    Savola Group (The) (Consumer Staples)   $    1,482,214  
      

 

 

 
         38,104,280  
 

 

 
  South Africa – 2.8%

 

  125,422    Absa Group Ltd. (Financials)     1,069,344  
  112,157    Aspen Pharmacare Holdings Ltd. (Health Care)     1,145,848  
  84,549    Bid Corp. Ltd. (Consumer Staples)     1,977,566  
  42,953    Bidvest Group Ltd. (The) (Industrials)     523,172  
  7,152    Capitec Bank Holdings Ltd. (Financials)     752,256  
  87,993    Clicks Group Ltd. (Consumer Staples)     1,376,468  
  28,631    Discovery Ltd. (Financials)     202,826  
  540,853    FirstRand Ltd. (Financials)     1,826,361  
  124,575    Gold Fields Ltd. (Materials)     1,635,133  
  186,566    Impala Platinum Holdings Ltd. (Materials)     629,999  
  52,087    Kumba Iron Ore Ltd. (Materials)     1,457,907  
  264,958    MTN Group Ltd. (Communication Services)     1,153,267  
  8,910    Naspers Ltd., Class N (Consumer Discretionary)     1,465,422  
  95,624    Nedbank Group Ltd. (Financials)     1,092,582  
    1,179,356    Old Mutual Ltd. (Financials)     734,033  
  280,654    OUTsurance Group Ltd. (Financials)     609,184  
  296,438    Pepkor Holdings Ltd. (Consumer Discretionary)(a)     288,499  
  92,085    Remgro Ltd. (Financials)     698,231  
  256,115    Sanlam Ltd. (Financials)     981,938  
  212,916    Shoprite Holdings Ltd. (Consumer Staples)     2,865,924  
  189,537    Standard Bank Group Ltd. (Financials)     1,993,998  
  150,904    Vodacom Group Ltd. (Communication Services)     739,584  
  294,407    Woolworths Holdings Ltd. (Consumer Discretionary)     984,797  
      

 

 

 
         26,204,339  
 

 

 
  South Korea – 11.7%

 

  14,719    Amorepacific Corp. (Consumer Staples)     1,322,013  
  4,274    Celltrion, Inc. (Health Care)     576,778  
  5,661    CJ CheilJedang Corp. (Consumer Staples)     1,273,257  
  2,506    CosmoAM&T Co. Ltd. (Information Technology)*     333,293  
  45,388    Coway Co. Ltd. (Consumer Discretionary)     1,847,424  
  8,928    DB Insurance Co. Ltd. (Financials)*     662,426  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  South Korea – (continued)

 

  15,042    Doosan Bobcat, Inc. (Industrials)   $      530,356  
  28,784    Doosan Enerbility Co. Ltd. (Industrials)*     351,045  
  3,395    Ecopro BM Co. Ltd. (Industrials)*     679,459  
  925    Ecopro Co. Ltd. (Industrials)*     429,296  
  43,175    GS Holdings Corp. (Industrials)     1,557,944  
  44,102    Hana Financial Group, Inc. (Financials)     1,874,567  
  36,624    Hankook Tire & Technology Co. Ltd. (Consumer Discretionary)     1,490,704  
  6,148    Hanmi Pharm Co. Ltd. (Health Care)     1,542,079  
  4,563    Hanwha Aerospace Co. Ltd. (Industrials)     642,507  
  11,079    HD Hyundai Co. Ltd. (Energy)     588,229  
  8,300    HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)     697,484  
  69,099    HMM Co. Ltd. (Industrials)*     948,062  
  1,765    HYBE Co. Ltd. (Communication Services)     263,902  
  2,700    Hyundai Glovis Co. Ltd. (Industrials)*     386,265  
  6,531    Hyundai Mobis Co. Ltd. (Consumer Discretionary)     1,189,372  
  11,240    Hyundai Motor Co. (Consumer Discretionary)     2,114,464  
  19,863    Hyundai Steel Co. (Materials)*     536,253  
      157,340    Industrial Bank of Korea (Financials)*     1,654,220  
  14,546    Kakao Corp. (Communication Services)     582,233  
  61,041    Kangwon Land, Inc. (Consumer Discretionary)*     796,705  
  43,505    KB Financial Group, Inc. (Financials)     2,074,623  
  36,266    Kia Corp. (Consumer Discretionary)*     3,390,746  
  15,215    Korea Aerospace Industries Ltd. (Industrials)*     586,159  
  43,517    Korea Electric Power Corp. (Utilities)     810,470  
  5,744    Korea Investment Holdings Co. Ltd. (Financials)*     306,266  
  652    Korea Zinc Co. Ltd. (Materials)     219,112  
  34,398    Korean Air Lines Co. Ltd. (Industrials)     594,138  
  2,300    Krafton, Inc. (Communication Services)*     392,085  
  24,288    KT Corp. (Communication Services)     713,173  
  19,345    KT&G Corp. (Consumer Staples)     1,351,070  
  5,333    Kumho Petrochemical Co. Ltd. (Materials)*     592,333  
  1,065    LG Chem Ltd. (Materials)     362,305  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  South Korea – (continued)

 

  5,498    LG Corp. (Industrials)   $      386,875  
  30,213    LG Electronics, Inc. (Consumer Discretionary)     2,153,209  
  6,746    LG H&H Co. Ltd. (Consumer Staples)     1,616,081  
  2,480    LG Innotek Co. Ltd. (Information Technology)     376,209  
  294,337    LG Uplus Corp. (Communication Services)     2,281,134  
  13,300    Meritz Financial Group, Inc. (Financials)     830,002  
  69,964    Mirae Asset Securities Co. Ltd. (Financials)*     473,923  
  8,051    NAVER Corp. (Communication Services)     1,178,991  
  9,129    NCSoft Corp. (Communication Services)     1,329,999  
  8,100    Netmarble Corp. (Communication Services)*(a)     375,315  
  85,771    NH Investment & Securities Co. Ltd. (Financials)*     756,197  
  21,698    Orion Corp. (Consumer Staples)     1,513,776  
  13,022    Posco DX Co. Ltd. (Information Technology)*(b)     529,055  
  1,585    POSCO Future M Co. Ltd. (Industrials)*     377,324  
  7,223    POSCO Holdings, Inc. (Materials)     2,340,586  
  1,101    Samsung Biologics Co. Ltd. (Health Care)*(a)     639,962  
  13,621    Samsung C&T Corp. (Industrials)     1,602,892  
  7,034    Samsung Electro-Mechanics Co. Ltd. (Information Technology)     739,531  
      578,332    Samsung Electronics Co. Ltd. (Information Technology)     31,878,619  
  24,089    Samsung Engineering Co. Ltd. (Industrials)*     445,021  
  9,857    Samsung Fire & Marine Insurance Co. Ltd. (Financials)*     2,205,907  
  119,893    Samsung Heavy Industries Co. Ltd. (Industrials)*     711,291  
  10,089    Samsung Life Insurance Co. Ltd. (Financials)     734,173  
  1,621    Samsung SDI Co. Ltd. (Information Technology)     458,934  
  10,781    Samsung SDS Co. Ltd. (Information Technology)     1,295,404  
  43,199    Samsung Securities Co. Ltd. (Financials)     1,347,941  
  53,613    Shinhan Financial Group Co. Ltd. (Financials)     1,753,414  
  18,074    SK Biopharmaceuticals Co. Ltd. (Health Care)*     1,315,238  
  53,130    SK Hynix, Inc. (Information Technology)     6,232,281  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  South Korea – (continued)

 

  17,049    SK Square Co. Ltd. (Industrials)*   $      894,957  
  60,332    SK Telecom Co. Ltd. (Communication Services)     2,387,726  
  2,214    SK, Inc. (Industrials)     318,898  
  8,100    S-Oil Corp. (Energy)     464,734  
  110,227    Woori Financial Group, Inc. (Financials)     1,233,390  
  23,852    Yuhan Corp. (Health Care)     1,207,288  
      

 

 

 
         110,649,094  
 

 

 
  Taiwan – 16.5%

 

  152,083    Accton Technology Corp. (Information Technology)     2,497,068  
  556,762    Acer, Inc. (Information Technology)     795,261  
  179,804    Advantech Co. Ltd. (Information Technology)     2,218,433  
  632,395    ASE Technology Holding Co. Ltd. (Information Technology)     2,780,901  
  434,107    Asia Cement Corp. (Materials)     555,517  
  82,907    Asustek Computer, Inc. (Information Technology)     1,193,397  
  189,509    Catcher Technology Co. Ltd. (Information Technology)     1,181,078  
  797,467    Cathay Financial Holding Co. Ltd. (Financials)*     1,136,554  
  231,899    Chailease Holding Co. Ltd. (Financials)     1,280,197  
  770,300    Chang Hwa Commercial Bank Ltd. (Financials)     433,773  
  342,975    Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary)     509,425  
   2,905,011    China Development Financial Holding Corp. (Financials)*     1,153,384  
  701,578    China Steel Corp. (Materials)     546,001  
  393,969    Chunghwa Telecom Co. Ltd. (Communication Services)     1,501,867  
  1,385,835    Compal Electronics, Inc. (Information Technology)     1,600,246  
  1,897,347    CTBC Financial Holding Co. Ltd. (Financials)     1,764,723  
  247,603    Delta Electronics, Inc. (Information Technology)     2,306,872  
  57,435    E Ink Holdings, Inc. (Information Technology)     446,986  
  916,645    E.Sun Financial Holding Co. Ltd. (Financials)     732,226  
  20,573    eMemory Technology, Inc. (Information Technology)     1,763,800  
  140,444    Evergreen Marine Corp. Taiwan Ltd. (Industrials)     735,332  
  806,763    Far Eastern New Century Corp. (Industrials)     832,043  
  272,813    Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)     1,428,385  
  1,013,932    First Financial Holding Co. Ltd. (Financials)     869,282  

  

 

The accompanying notes are an integral part of these financial statements.   39


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  Taiwan – (continued)

 

  335,011    Formosa Plastics Corp. (Materials)   $      759,907  
    1,029,462    Fubon Financial Holding Co. Ltd. (Financials)     2,214,632  
  35,376    Gigabyte Technology Co. Ltd. (Information Technology)     386,109  
  25,232    Global Unichip Corp. (Information Technology)     1,269,203  
  30,003    Globalwafers Co. Ltd. (Information Technology)     529,641  
  1,146,457    Hon Hai Precision Industry Co. Ltd. (Information Technology)     3,735,746  
  851,555    Hua Nan Financial Holdings Co. Ltd. (Financials)     592,677  
  798,735    Inventec Corp. (Information Technology)     1,389,786  
  9,167    Largan Precision Co. Ltd. (Information Technology)     751,120  
  467,084    Lite-On Technology Corp. (Information Technology)     1,618,048  
  198,101    MediaTek, Inc. (Information Technology)     7,144,534  
  751,101    Mega Financial Holding Co. Ltd. (Financials)     919,585  
  370,288    Micro-Star International Co. Ltd. (Information Technology)     2,237,460  
  422,328    Nan Ya Plastics Corp. (Materials)     797,639  
  49,174    Nan Ya Printed Circuit Board Corp. (Information Technology)     329,025  
  486,585    Nanya Technology Corp. (Information Technology)     1,035,991  
  122,062    Nien Made Enterprise Co. Ltd. (Consumer Discretionary)     1,426,847  
  204,253    Novatek Microelectronics Corp. (Information Technology)     3,883,518  
  510,323    Pegatron Corp. (Information Technology)     1,380,364  
  768,929    Pou Chen Corp. (Consumer Discretionary)     741,939  
  333,624    President Chain Store Corp. (Consumer Staples)     2,844,451  
  251,803    Quanta Computer, Inc. (Information Technology)     1,848,125  
  158,032    Realtek Semiconductor Corp. (Information Technology)     2,844,721  
  319,800    Shanghai Commercial & Savings Bank Ltd. (The) (Financials)     455,275  
  1,597,869    SinoPac Financial Holdings Co. Ltd. (Financials)     1,016,061  
  386,890    Synnex Technology International Corp. (Information Technology)     952,247  
  2,081,072    Taishin Financial Holding Co. Ltd. (Financials)     1,145,562  
  984,875    Taiwan Business Bank (Financials)     436,206  
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  Taiwan – (continued)

 

  371,609    Taiwan Cement Corp. (Materials)   $      377,375  
  662,919    Taiwan Cooperative Financial Holding Co. Ltd. (Financials)     544,227  
  176,644    Taiwan Mobile Co. Ltd. (Communication Services)     553,244  
  2,936,048    Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)     64,090,641  
  93,486    Unimicron Technology Corp. (Information Technology)     530,876  
  1,459,480    Uni-President Enterprises Corp. (Consumer Staples)     3,541,407  
  1,704,202    United Microelectronics Corp. (Information Technology)     2,633,710  
  181,806    Vanguard International Semiconductor Corp. (Information Technology)     415,267  
  29,558    Voltronic Power Technology Corp. (Industrials)     1,500,833  
  611,152    Winbond Electronics Corp. (Information Technology)     540,398  
  458,934    Wistron Corp. (Information Technology)     1,676,929  
  375,409    WPG Holdings Ltd. (Information Technology)     1,102,136  
  189,941    Yang Ming Marine Transport Corp. (Industrials)     299,548  
    2,444,684    Yuanta Financial Holding Co. Ltd. (Financials)     2,122,988  
  157,265    Zhen Ding Technology Holding Ltd. (Information Technology)     500,012  
      

 

 

 
         155,378,761  
 

 

 
  Thailand – 1.3%

 

  274,816    Advanced Info Service PCL, NVDR (Communication Services)     1,540,165  
  303,900    Airports of Thailand PCL, NVDR (Industrials)     538,064  
  1,598,100    Bangkok Dusit Medical Services PCL, NVDR (Health Care)     1,269,925  
  177,100    Bumrungrad Hospital PCL, NVDR (Health Care)     1,106,103  
  198,100    Central Pattana PCL, NVDR (Real Estate)     357,646  
  699,300    Charoen Pokphand Foods PCL, NVDR (Consumer Staples)     368,514  
  835,477    CP ALL PCL, NVDR (Consumer Staples)     1,339,465  
  510,200    Delta Electronics Thailand PCL, NVDR (Information Technology)*     1,013,572  
  277,900    Gulf Energy Development PCL, NVDR (Utilities)     333,186  
  780,700    Indorama Ventures PCL, NVDR (Materials)     507,188  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

 

   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  Thailand – (continued)

 

  267,400    Intouch Holdings PCL, NVDR (Communication Services)   $      505,126  
    1,146,900    Krung Thai Bank PCL, NVDR (Financials)     514,850  
  290,000    Krungthai Card PCL, NVDR (Financials)     345,671  
  181,900    PTT Exploration & Production PCL, NVDR (Energy)     765,841  
  342,100    PTT Global Chemical PCL, NVDR (Materials)     362,465  
  705,200    PTT PCL, NVDR (Energy)     673,445  
  77,100    Siam Cement PCL (The), NVDR (Materials)     578,277  
  236,800    Thai Oil PCL, NVDR (Energy)     369,742  
      

 

 

 
         12,489,245  
 

 

 
  Turkey – 0.8%

 

  288,000    Akbank TAS (Financials)     383,572  
  224,459    BIM Birlesik Magazalar AS (Consumer Staples)     2,791,381  
  332,880    KOC Holding AS (Industrials)     1,793,429  
  47,191    Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary)     404,346  
  108,896    Turk Hava Yollari AO (Industrials)*     982,758  
  172,223    Turkiye Petrol Rafinerileri AS (Energy)     892,566  
  506,000    Yapi ve Kredi Bankasi AS (Financials)     374,398  
      

 

 

 
         7,622,450  
 

 

 
  United Arab Emirates – 1.5%

 

  418,490    Abu Dhabi Commercial Bank PJSC (Financials)     976,465  
  427,911    Abu Dhabi Islamic Bank PJSC (Financials)     1,309,515  
  1,155,552    Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary)     1,101,155  
  603,976    Aldar Properties PJSC (Real Estate)     909,360  
  796,457    Americana Restaurants International PLC (Consumer Discretionary)     743,785  
  1,057,679    Dubai Islamic Bank PJSC (Financials)     1,854,516  
  940,198    Emaar Properties PJSC (Real Estate)     2,078,578  
  484,640    Emirates NBD Bank PJSC (Financials)     2,414,689  
  170,119    Emirates Telecommunications Group Co. PJSC (Communication Services)     838,344  
  412,531    First Abu Dhabi Bank PJSC (Financials)     1,532,011  
      

 

 

 
         13,758,418  
 

 

 
   
Shares
   Description   Value  
  Common Stocks – (continued)

 

  United Kingdom – 0.0%

 

  55,106    Pepco Group NV (Consumer Discretionary)*   $      276,642  
 

 

 
  United States – 0.1%

 

       49,223    JBS SA (Consumer Staples)     228,449  
  10,038    Parade Technologies Ltd. (Information Technology)     322,326  
      

 

 

 
         550,775  
 

 

 
  TOTAL COMMON STOCKS
(Cost $791,106,210)
    914,821,151  
 

 

 
    Shares      Description    Rate     Value
                       
    Preferred Stocks – 2.5%
    Brazil – 1.5%
    539,825      Banco Bradesco SA (Financials)      8.10      1,493,885
    38,827      Centrais Eletricas Brasileiras SA, Class B (Utilities)      3.12     374,388
    242,142      Cia Energetica de Minas Gerais (Utilities)      10.78     583,345
    187,100      Companhia Paranaense de Energia (Utilities)      3.27     384,845
    152,342      Gerdau SA (Materials)      7.44     659,204
    589,064      Itau Unibanco Holding SA (Financials)      7.02     4,023,796
    793,727      Itausa SA (Financials)      8.36     1,645,394
    629,112      Petroleo Brasileiro SA (Energy)      7.91     5,082,378
         

 

          14,247,235

 

    Chile – 0.1%
    20,889      Sociedad Quimica y Minera de Chile SA, Class B (Industrials)      8.66     1,036,873

 

    Colombia – 0.1%
    75,095      Bancolombia SA (Financials)      11.02     613,520

 

    Russia – 0.0%
      3,212,489      Surgutneftegas PJSC (Energy)(c)      1.29    

 

    South Korea – 0.8%
    8,986      Hyundai Motor Co. (Consumer Discretionary)      21.25     1,084,447
    8,734      Hyundai Motor Co. (Consumer Discretionary)      21.27     1,046,165

  

 

The accompanying notes are an integral part of these financial statements.   41


GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   
Shares
     Description      Rate     Value  
    Preferred Stocks – (continued)  
    South Korea – (continued)  
      104,962      Samsung Electronics Co. Ltd. (Information Technology)        2.30   $    5,013,205  
           

 

 

 
              7,143,817  
 

 

 

 
   
TOTAL PREFERRED STOCKS
(Cost $16,918,700)

 
    23,041,445  
 

 

 

 
    Shares    Description   Value  
  Exchange-Traded Fund – 0.6%  
  United States – 0.6%  
  257,264    iShares MSCI Malaysia ETF(b)  
  (Cost $7,732,868)        5,590,347  
 

 

 
    Shares    Dividend Rate   Value  
  Investment Company – 1.3%(d)  
 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 

  12,595,998    5.195%     12,595,998  
  (Cost $12,595,998)  
 

 

 
  TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $828,353,776)
    956,048,941  
 

 

 

 

Sector Name    % of  
Market  
Value  
 

 

 

Information Technology

     22%   

Financials

     21.3     

Consumer Discretionary

     11.3     

Consumer Staples

     9.9     

Communication Services

     8.2     

Materials

     6.2     

Industrials

     5.3     

Energy

     5.2     

Health Care

     4.7     

Utilities

     2.7     

Investment Company

     1.3     

Real Estate

     0.8     

Exchange-Traded Fund

     0.6     

Securities Lending Reinvestment Vehicle

     0.1     

 

 

TOTAL INVESTMENTS

     100.0%   

 

 
           Shares    Dividend
Rate
   Value  
  Securities Lending Reinvestment Vehicle – 0.1%(d)

 

 

Goldman Sachs Financial Square Government Fund - Institutional Shares

 

       906,385    5.219%    $ 906,385  
  (Cost $906,385)

 

 

 

 
  TOTAL INVESTMENTS – 101.3%
(Cost $829,260,161)
   $ 956,955,326  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%

     (12,265,166
 

 

 
  NET ASSETS – 100.0%    $  944,690,160  
 

 

 

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

 

  *

Non-income producing security.

  (a)

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

  (b)

All or a portion of security is on loan.

  (c)

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

  (d)

Represents an affiliated issuer.

 

 

Investment Abbreviations:
ADR    —American Depositary Receipt
GDR    —Global Depositary Receipt
NVDR    —Non-Voting Depository Receipt
PLC    —Public Limited Company

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

      Shares    Description   Value  
  Common Stocks – 99.1%  
  Australia – 0.7%  
  5,717    Glencore PLC (Materials)   $ 27,130  
  727    Rio Tinto PLC (Materials)     46,707  
      

 

 

 
         73,837  
 

 

 
  Austria – 0.6%  
  338    Erste Group Bank AG (Financials)     13,497  
  227    Mondi PLC (Materials)     4,044  
  63    OMV AG (Energy)     2,778  
  1,735    voestalpine AG (Materials)     47,389  
      

 

 

 
         67,708  
 

 

 
  Belgium – 1.2%  
  534    Ageas SA/NV (Financials)     22,652  
  605    Anheuser-Busch InBev SA/NV (Consumer Staples)     36,480  
  17    D’ieteren Group (Consumer Discretionary)     3,275  
  28    Elia Group SA/NV (Utilities)     3,112  
  102    Groupe Bruxelles Lambert NV (Financials)     7,654  
  140    KBC Group NV (Financials)     9,832  
  1    Lotus Bakeries NV (Consumer Staples)     9,415  
  152    Syensqo SA (Materials)*     13,588  
  219    UCB SA (Health Care)     25,239  
      

 

 

 
             131,247  
 

 

 
  Brazil – 0.1%  
  172    Yara International ASA (Materials)     5,355  
 

 

 
  China – 0.1%  
  323    Prosus NV (Consumer Discretionary)*     9,434  
 

 

 
  Denmark – 5.2%  
  7    AP Moller – Maersk A/S, Class A (Industrials)(a)     9,502  
  7    AP Moller – Maersk A/S, Class B (Industrials)     9,904  
  135    Carlsberg AS, Class B (Consumer Staples)     18,834  
  68    Coloplast A/S, Class B (Health Care)     9,039  
  725    Danske Bank A/S (Financials)     21,313  
  157    Demant A/S (Health Care)*     7,866  
  55    DSV A/S (Industrials)     8,831  
  48    Genmab A/S (Health Care)*     13,449  
    3,083    Novo Nordisk A/S, Class B (Health Care)     366,873  
  244    Novozymes A/S, Class B (Materials)     13,772  
  260    Pandora A/S (Consumer Discretionary)     42,010  
  28    ROCKWOOL A/S, Class B (Industrials)     8,963  
  581    Tryg A/S (Financials)     12,357  

      Shares    Description   Value  
  Common Stocks – (continued)  
  Denmark – (continued)  
  115    Vestas Wind Systems A/S (Industrials)*   $ 3,204  
      

 

 

 
             545,917  
 

 

 
  Finland – 1.2%  
  235    Elisa OYJ (Communication Services)     10,594  
  289    Fortum OYJ (Utilities)     3,612  
  126    Kone OYJ, Class B (Industrials)     6,166  
  427    Metso Corp. (Industrials)     4,562  
  4,858    Nokia OYJ (Information Technology)     17,135  
  1,579    Nordea Bank Abp (Financials)     19,206  
  842    Orion OYJ, Class B (Health Care)     33,167  
  290    Sampo OYJ, Class A (Financials)     12,983  
  232    UPM-Kymmene OYJ (Materials)     7,765  
  463    Wartsila OYJ Abp (Industrials)     7,162  
      

 

 

 
         122,352  
 

 

 
  France – 17.4%  
  237    Accor SA (Consumer Discretionary)     10,282  
  257    Adevinta ASA (Communication Services)*     2,750  
  32    Aeroports de Paris SA (Industrials)     4,353  
  325    Air Liquide SA (Materials)     66,084  
  281    Airbus SE (Industrials)     46,507  
  64    Amundi SA (Financials)(b)     4,214  
  112    Arkema SA (Materials)     11,606  
    1,860    AXA SA (Financials)     66,181  
  167    BioMerieux (Health Care)     18,271  
  792    BNP Paribas SA (Financials)     47,464  
  1,462    Bollore SE (Communication Services)     10,031  
  390    Bouygues SA (Industrials)     15,434  
  545    Bureau Veritas SA (Industrials)     15,847  
  175    Capgemini SE (Information Technology)     42,553  
  2,484    Carrefour SA (Consumer Staples)     41,746  
  798    Cie de Saint-Gobain SA (Industrials)     61,485  
  475    Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)     17,574  
  54    Covivio SA REIT (Real Estate)     2,426  
  2,490    Credit Agricole SA (Financials)     33,736  
  633    Danone SA (Consumer Staples)     40,429  
  100    Dassault Aviation SA (Industrials)     19,793  
  480    Dassault Systemes (Information Technology)     22,432  
  280    Edenred SE (Financials)     13,874  
  553    Eiffage SA (Industrials)     60,232  
  1,952    Engie SA (Utilities)     31,339  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

<
      Shares    Description   Value  
  Common Stocks – (continued)  
  France – (continued)  
  205    EssilorLuxottica SA (Health Care)   $ 43,516  
  545    Eurazeo SE (Financials)     46,061  
  43    Gecina SA REIT (Real Estate)     4,155  
  510    Getlink SE (Industrials)     8,714  
  35    Hermes International SCA (Consumer Discretionary)     87,605  
  449    Ipsen SA (Health Care)     49,463  
  51    Kering (Consumer Discretionary)     23,458  
  116    Klepierre SA REIT (Real Estate)     2,947  
  1,354    La Francaise des Jeux SAEM (Consumer Discretionary)(b)     56,734  
  250    Legrand SA (Industrials)     25,295  
  254    L’Oreal SA (Consumer Staples)     121,408  
  241    LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)         219,801  
  1,914    Orange SA (Communication Services)     21,968  
  67    Pernod Ricard SA (Consumer Staples)     11,206  
  245    Publicis Groupe SA (Communication Services)     25,924  
  804    Rexel SA (Industrials)     20,620  
  208    Safran SA (Industrials)     43,599  
  475    SEB SA (Consumer Discretionary)     56,234  
  704    Societe Generale SA (Financials)     17,088  
  119    Sodexo SA (Consumer Discretionary)     9,491  
  138    Thales SA (Industrials)     20,467  
    2,019    TotalEnergies SE (Energy)     128,885  
  504    Veolia Environnement SA (Utilities)     15,626  
  410    Vinci SA (Industrials)     52,532  
  740    Vivendi SE (Communication Services)     8,272  
  911    Worldline SA (Financials)*(b)     10,475  
      

 

 

 
         1,838,187