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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  
 

 

 
  Germany – 13.1%  
  236    adidas AG (Consumer Discretionary)     47,788  
  258    Allianz SE (Financials)     70,874  
  396    BASF SE (Materials)     20,173  
  799    Bayer AG (Health Care)     24,288  
  400    Bayerische Motoren Werke AG (Consumer Discretionary)     47,277  
  247    Bechtle AG (Information Technology)     12,739  
  170    Beiersdorf AG (Consumer Staples)     24,385  
  217    Brenntag SE (Industrials)     19,815  
  51    Carl Zeiss Meditec AG (Health Care)     6,278  
  1,923    Commerzbank AG (Financials)     22,256  

      Shares    Description   Value  
  Common Stocks – (continued)  
  Germany – (continued)  
  186    Covestro AG (Materials)*(b)   $      10,124  
  332    Daimler Truck Holding AG (Industrials)     13,573  
  3,581    Deutsche Bank AG (Financials)     47,905  
  121    Deutsche Boerse AG (Financials)     25,350  
  5,800    Deutsche Lufthansa AG (Industrials)*     45,115  
    1,466    Deutsche Post AG (Industrials)     68,074  
  2,207    Deutsche Telekom AG (Communication Services)     52,507  
  4,063    E.ON SE (Utilities)     51,926  
  224    Evonik Industries AG (Materials)     4,135  
  994    Fresenius Medical Care AG (Health Care)     38,057  
  491    Fresenius SE & Co. KGaA (Health Care)     13,751  
  202    GEA Group AG (Industrials)     8,147  
  80    Hannover Rueck SE (Financials)     20,544  
  374    Heidelberg Materials AG (Materials)     36,304  
  122    Henkel AG & Co. KGaA (Consumer Staples)     8,238  
  583    Infineon Technologies AG (Information Technology)     20,879  
  221    Knorr-Bremse AG (Industrials)     15,469  
  684    Mercedes-Benz Group AG (Consumer Discretionary)     54,508  
  121    Merck KGaA (Health Care)     20,662  
  23    MTU Aero Engines AG (Industrials)     5,533  
  101    Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials)     47,041  
  533    Nemetschek SE (Information Technology)     50,861  
  582    Puma SE (Consumer Discretionary)     26,748  
  44    Rational AG (Industrials)     36,187  
  43    Rheinmetall AG (Industrials)     19,730  
  315    RWE AG (Utilities)     10,567  
  825    SAP SE (Information Technology)     154,343  
  133    Scout24 SE (Communication Services)(b)     9,672  
  501    Siemens AG (Industrials)     99,182  
  1,186    Siemens Energy AG (Industrials)*     18,231  
  124    Siemens Healthineers AG (Health Care)*(b)     7,447  
  76    Symrise AG (Materials)     7,777  
  248    Talanx AG (Financials)     17,713  
  74    Vonovia SE (Real Estate)     2,066  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

      Shares    Description   Value  
  Common Stocks – (continued)  
  Germany – (continued)  
    1,020    Zalando SE (Consumer Discretionary)*(b)   $ 21,546  
      

 

 

 
           1,385,785  
 

 

 
  Hong Kong – 0.1%  
  809    Prudential PLC (Financials)     7,958  
 

 

 
  Ireland – 0.4%  
  118    AerCap Holdings NV (Industrials)*     9,107  
  320    Bank of Ireland Group PLC (Financials)     2,789  
  117    Kerry Group PLC, Class A (Consumer Staples)     10,273  
  152    Kingspan Group PLC (Industrials)     13,732  
  252    Smurfit Kappa Group PLC (Materials)     10,753  
      

 

 

 
         46,654  
 

 

 
  Italy – 4.8%  
  1,918    Assicurazioni Generali SpA (Financials)     45,496  
  1,497    Banco BPM SpA (Financials)     8,706  
  489    Coca-Cola HBC AG (Consumer Staples)*     15,247  
  789    Davide Campari-Milano NV (Consumer Staples)     8,002  
  63    DiaSorin SpA (Health Care)     6,366  
  5,489    Enel SpA (Utilities)     34,945  
  3,062    Eni SpA (Energy)     47,211  
  146    Ferrari NV (Consumer Discretionary)     61,602  
  959    FinecoBank Banca Fineco SpA (Financials)     13,263  
  549    Infrastrutture Wireless Italiane SpA (Communication Services)(b)     6,081  
  7,705    Intesa Sanpaolo SpA (Financials)     24,497  
  1,940    Leonardo SpA (Industrials)     41,473  
  862    Mediobanca Banca di Credito Finanziario SpA (Financials)     11,749  
  615    Moncler SpA (Consumer Discretionary)     44,364  
  2,247    Poste Italiane SpA (Financials)(b)     26,358  
  467    Prysmian SpA (Industrials)     23,272  
  335    Recordati Industria Chimica e Farmaceutica SpA (Health Care)     18,764  
  1,646    Snam SpA (Utilities)     7,697  
  1,363    Terna - Rete Elettrica Nazionale (Utilities)     10,685  
  1,659    UniCredit SpA (Financials)     55,492  
      

 

 

 
         511,270  
 

 

 
  Jordan – 0.2%  
  630    Hikma Pharmaceuticals PLC (Health Care)     15,675  
 

 

 
      Shares    Description   Value  
  Common Stocks – (continued)  
  Luxembourg – 0.6%  
    2,115    ArcelorMittal (Materials)   $ 55,205  
  149    Eurofins Scientific SE (Health Care)     8,907  
      

 

 

 
         64,112  
 

 

 
  Netherlands – 8.7%  
  912    ABN AMRO Bank NV (Financials)(b)     14,656  
  7    Adyen NV (Financials)*(b)     11,060  
  1,319    Aegon Ltd. (Financials)     7,916  
  163    Akzo Nobel NV (Materials)     11,878  
  23    Argenx SE (Health Care)*     8,542  
  43    ASM International NV (Information Technology)     26,230  
  338    ASML Holding NV (Information Technology)         318,400  
  129    ASR Nederland NV (Financials)     5,951  
  104    BE Semiconductor Industries NV (Information Technology)     18,812  
  80    Euronext NV (Financials)(b)     7,380  
  387    EXOR NV (Financials)     41,795  
  262    Heineken Holding NV (Consumer Staples)     20,244  
  176    Heineken NV (Consumer Staples)     16,269  
  52    IMCD NV (Industrials)     7,929  
  1,734    ING Groep NV (Financials)     23,812  
  440    JDE Peet’s NV (Consumer Staples)     10,066  
  2,336    Koninklijke Ahold Delhaize NV (Consumer Staples)     69,568  
  4,595    Koninklijke KPN NV (Communication Services)     16,822  
  524    Koninklijke Philips NV (Health Care)     10,492  
  109    NN Group NV (Financials)     4,867  
  568    Randstad NV (Industrials)     31,311  
  4,924    Shell PLC (Energy)     153,037  
  510    Universal Music Group NV (Communication Services)     15,381  
  419    Wolters Kluwer NV (Industrials)     66,131  
      

 

 

 
         918,549  
 

 

 
  Norway – 1.1%  
  269    Aker BP ASA (Energy)     6,540  
  706    DNB Bank ASA (Financials)     14,141  
  1,221    Equinor ASA (Energy)     30,141  
  787    Gjensidige Forsikring ASA (Financials)     12,444  
  204    Kongsberg Gruppen ASA (Industrials)     13,020  
  291    Mowi ASA (Consumer Staples)     5,626  
  1,808    Orkla ASA (Consumer Staples)     12,974  
  135    Salmar ASA (Consumer Staples)     8,577  
  931    Telenor ASA (Communication Services)     10,207  
      

 

 

 
         113,670  
 

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

      Shares    Description   Value  
  Common Stocks – (continued)  
  Portugal – 0.5%  
  1,293    EDP – Energias de Portugal SA (Utilities)   $ 5,148  
  365    Galp Energia SGPS SA (Energy)     5,755  
  1,613    Jeronimo Martins SGPS SA (Consumer Staples)     38,610  
      

 

 

 
         49,513  
 

 

 
  Singapore – 0.3%  
  635    STMicroelectronics NV (Information Technology)     28,672  
 

 

 
  Spain – 4.1%  
  33    Acciona SA (Utilities)     3,694  
  1,101    ACS Actividades de Construccion y Servicios SA (Industrials)     45,203  
  31    Aena SME SA (Industrials)(b)     5,876  
  275    Amadeus IT Group SA (Consumer Discretionary)     16,183  
  5,454    Banco Bilbao Vizcaya Argentaria SA (Financials)     54,216  
   15,368    Banco Santander SA (Financials)     63,953  
  3,123    CaixaBank SA (Financials)     14,093  
  77    Cellnex Telecom SA (Communication
Services)*(b)
    2,772  
  375    Enagas SA (Utilities)     5,416  
  315    Endesa SA (Utilities)     5,672  
  325    Grifols SA (Health Care)*     2,667  
  4,509    Iberdrola SA (Utilities)     51,819  
  1,876    Industria de Diseno Textil SA (Consumer Discretionary)     83,255  
  487    Redeia Corp. SA (Utilities)     7,747  
  2,510    Repsol SA (Energy)     39,996  
  8,210    Telefonica SA (Communication Services)     33,699  
      

 

 

 
            436,261  
 

 

 
  Sweden – 3.9%  
  259    Alfa Laval AB (Industrials)     9,754  
  485    Assa Abloy AB, Class B (Industrials)     13,846  
  1,827    Atlas Copco AB, Class A (Industrials)     31,738  
  1,130    Atlas Copco AB, Class B (Industrials)     16,910  
  204    Epiroc AB, Class A (Industrials)     3,702  
  152    Epiroc AB, Class B (Industrials)     2,509  
  434    Essity AB, Class B (Consumer Staples)     10,138  
  68    Evolution AB (Consumer Discretionary)(b)     8,815  
  115    Getinge AB, Class B (Health Care)     2,281  
  3,060    H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)     41,538  
      Shares    Description   Value  
  Common Stocks – (continued)  
  Sweden – (continued)  
    1,349    Hexagon AB, Class B (Information Technology)   $ 15,820  
  152    Holmen AB, Class B (Materials)     6,108  
  641    Husqvarna AB, Class B (Industrials)     4,947  
  254    Industrivarden AB, Class A (Financials)     8,672  
  260    Industrivarden AB, Class C (Financials)     8,852  
  1,227    Investor AB, Class B (Financials)     30,878  
  117    L E Lundbergforetagen AB, Class B (Financials)     6,366  
  296    Lifco AB, Class B (Industrials)     7,890  
  115    Saab AB, Class B (Industrials)     9,073  
  193    Sandvik AB (Industrials)     4,344  
  1,277    Skandinaviska Enskilda Banken AB, Class A (Financials)     18,981  
  110    SKF AB, Class B (Industrials)     2,400  
  357    Svenska Cellulosa AB SCA, Class B (Materials)     5,060  
  1,283    Svenska Handelsbanken AB, Class A (Financials)     15,350  
  848    Swedbank AB, Class A (Financials)     18,636  
  490    Swedish Orphan Biovitrum AB (Health Care)*     12,057  
  688    Tele2 AB, Class B (Communication Services)     5,779  
  3,835    Telefonaktiebolaget LM Ericsson, Class B (Information Technology)     20,840  
  2,668    Telia Co. AB (Communication Services)     6,361  
  428    Volvo AB, Class A (Industrials)     11,946  
  880    Volvo AB, Class B (Industrials)     24,246  
  7,160    Volvo Car AB, Class B (Consumer Discretionary)*     26,128  
      

 

 

 
            411,965  
 

 

 
  Switzerland – 9.1%  
  923    ABB Ltd. (Industrials)     42,683  
  95    Adecco Group AG (Industrials)     3,822  
  146    Alcon, Inc. (Health Care)     12,465  
  86    Avolta AG (Consumer Discretionary)*     3,378  
  74    Baloise Holding AG (Financials)     11,984  
  136    Banque Cantonale Vaudoise (Financials)     16,356  
  6    Barry Callebaut AG (Consumer Staples)     8,463  
  82    BKW AG (Utilities)     11,547  
  2    Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)     24,576  
  342    Cie Financiere Richemont SA (Consumer Discretionary)     54,608  
  269    Clariant AG (Materials)*     3,342  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

      Shares    Description   Value  
  Common Stocks – (continued)  
  Switzerland – (continued)  
  63    DSM-Firmenich AG (Materials)   $ 6,749  
  25    EMS-Chemie Holding AG (Materials)     17,503  
  53    Geberit AG (Industrials)     30,889  
  5    Givaudan SA (Materials)     21,049  
  80    Helvetia Holding AG (Financials)     11,348  
  165    Kuehne + Nagel International AG (Industrials)     55,765  
  441    Logitech International SA (Information Technology)     39,054  
  7    Lonza Group AG (Health Care)     3,673  
  1,837    Novartis AG (Health Care)        186,694  
  32    Partners Group Holding AG (Financials)     46,117  
  622    Sandoz Group AG (Health Care)*     19,397  
  30    Schindler Holding AG (Industrials)     7,659  
  36    Schindler Holding AG Participation Certificates (Industrials)     9,522  
  438    SGS SA (Industrials)     42,181  
  136    SIG Group AG (Materials)*     2,703  
  24    Sika AG (Materials)     6,964  
  37    Sonova Holding AG (Health Care)     11,442  
  156    Straumann Holding AG (Health Care)     24,732  
  58    Swatch Group AG (The) – Bearer (Consumer Discretionary)     13,740  
  267    Swatch Group AG (The) – Registered (Consumer Discretionary)     12,265  
  32    Swiss Life Holding AG (Financials)     23,316  
  121    Swiss Prime Site AG (Real Estate)     11,612  
  23    Swisscom AG (Communication Services)     13,201  
  31    Temenos AG (Information Technology)     2,334  
    2,785    UBS Group AG (Financials)     79,734  
  31    VAT Group AG (Industrials)(b)     15,589  
  98    Zurich Insurance Group AG (Financials)     52,308  
      

 

 

 
         960,764  
 

 

 
  United Kingdom – 16.7%  
  1,348    3i Group PLC (Financials)     42,083  
  811    Admiral Group PLC (Financials)     27,350  
  65    Ashtead Group PLC (Industrials)     4,670  
  773    Associated British Foods PLC (Consumer Staples)     22,226  
  1,276    AstraZeneca PLC (Health Care)     161,133  
      Shares    Description   Value  
  Common Stocks – (continued)  
  United Kingdom – (continued)  
  5,947    Auto Trader Group PLC (Communication Services)(b)   $ 55,698  
  1,403    Aviva PLC (Financials)     7,921  
  2,763    BAE Systems PLC (Industrials)     43,409  
   14,785    Barclays PLC (Financials)     30,758  
  2,621    Barratt Developments PLC (Consumer Discretionary)     15,466  
  245    Berkeley Group Holdings PLC (Consumer Discretionary)     14,389  
  14,095    BP PLC (Energy)     82,140  
  1,711    British American Tobacco PLC (Consumer Staples)     50,754  
  2,307    BT Group PLC (Communication Services)     3,048  
  468    Bunzl PLC (Industrials)     18,666  
  2,796    Burberry Group PLC (Consumer Discretionary)     45,448  
   28,385    Centrica PLC (Utilities)     45,187  
  299    Coca-Cola Europacific Partners PLC (Consumer Staples)     20,520  
  1,335    Compass Group PLC (Consumer Discretionary)     36,645  
  346    DCC PLC (Industrials)     24,580  
  1,562    Diageo PLC (Consumer Staples)     58,525  
  22    Flutter Entertainment PLC (Consumer Discretionary)*     4,760  
  229    Halma PLC (Information Technology)     6,668  
  3,740    Hargreaves Lansdown PLC (Financials)     34,460  
  13,989    HSBC Holdings PLC (Financials)        108,738  
  1,298    Imperial Brands PLC (Consumer Staples)     27,986  
  1,420    Informa PLC (Communication Services)     14,553  
  176    InterContinental Hotels Group PLC (Consumer Discretionary)     18,656  
  139    Intertek Group PLC (Industrials)     8,127  
  6,597    J Sainsbury PLC (Consumer Staples)     20,829  
  26,348    JD Sports Fashion PLC (Consumer Discretionary)     39,295  
  4,156    Kingfisher PLC (Consumer Discretionary)     12,328  
  345    Land Securities Group PLC REIT (Real Estate)     2,704  
  9,901    Legal & General Group PLC (Financials)     30,321  
  17,035    Lloyds Banking Group PLC (Financials)     10,035  
  266    London Stock Exchange Group PLC (Financials)     29,866  
  1,378    M&G PLC (Financials)     3,917  
  1,303    Melrose Industries PLC (Industrials)     10,466  

  

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

      Shares    Description   Value  
  Common Stocks – (continued)  
  United Kingdom – (continued)  
  2,258    National Grid PLC (Utilities)   $ 29,634  
  3,693    NatWest Group PLC (Financials)     11,169  
  440    Next PLC (Consumer Discretionary)     46,274  
  525    Pearson PLC (Consumer Discretionary)     6,379  
  1,145    Phoenix Group Holdings PLC (Financials)     7,203  
  418    Reckitt Benckiser Group PLC (Consumer Staples)     26,427  
  1,528    RELX PLC (Industrials)     66,896  
  429    Rentokil Initial PLC (Industrials)     2,378  
  5,181    Rolls-Royce Holdings PLC (Industrials)*     24,190  
  3,676    Sage Group PLC (The) (Information Technology)     57,869  
  865    Schroders PLC (Financials)     4,303  
  275    Severn Trent PLC (Utilities)     8,697  
  945    Smith & Nephew PLC (Health Care)     12,438  
  604    Smiths Group PLC (Industrials)     12,286  
  45    Spirax-Sarco Engineering PLC (Industrials)     5,877  
  755    SSE PLC (Utilities)     15,524  
  1,736    St James’s Place PLC (Financials)     11,046  
  1,724    Standard Chartered PLC (Financials)     14,559  
  4,962    Taylor Wimpey PLC (Consumer Discretionary)     8,652  
   13,533    Tesco PLC (Consumer Staples)     47,727  
  1,512    Unilever PLC (Consumer Staples)     73,951  
  695    United Utilities Group PLC (Utilities)     9,011  
  43,200    Vodafone Group PLC (Communication Services)     37,771  
  293    Whitbread PLC (Consumer Discretionary)     12,242  
  1,573    Wise PLC, Class A (Financials)*     18,262  
  563    WPP PLC (Communication Services)     5,036  
      

 

 

 
           1,770,126  
 

 

 
  United States – 9.0%  
  385    CRH PLC (Materials)     32,016  
  433    Experian PLC (Industrials)     18,540  
  445    Ferrovial SE (Industrials)     16,686  
  3,897    GSK PLC (Health Care)     82,057  
  3,803    Haleon PLC (Consumer Staples)     15,945  
  556    Holcim AG (Materials)*     45,526  
  2,156    Nestle SA (Consumer Staples)     224,672  
  335    QIAGEN NV (Health Care)*     14,368  
  656    Roche Holding AG (Health Care)     172,800  
      Shares    Description   Value  
  Common Stocks – (continued)  
  United States – (continued)  
  75    Roche Holding AG (Health  
     Care)   $ 20,902  
    1,011    Sanofi SA (Health Care)     96,156  
  434    Schneider Electric SE  
     (Industrials)     98,533  
  2,478    Stellantis NV (Consumer  
     Discretionary)     64,720  
  227    Swiss Re AG (Financials)     27,481  
  459    Tenaris SA (Energy)     8,156  
      

 

 

 
         938,558  
 

 

 
  TOTAL COMMON STOCKS
(Cost $9,201,919)
     10,453,569  
 

 

 
      Shares    Description   Rate   Value  
        
  Preferred Stocks – 0.5%  
  Germany – 0.5%  
  253    Bayerische Motoren Werke AG (Consumer Discretionary)   8.33%     27,734  
  29    Dr. Ing hc F Porsche AG (Consumer Discretionary)(b)   1.16      2,709  
  203    Henkel AG & Co. KGaA (Consumer Staples)   2.66      15,281  
  86    Porsche Automobil Holding SE (Consumer Discretionary)   5.18      4,596  
  49    Volkswagen AG (Consumer Discretionary)   7.00      6,646  
 

 

 
 

TOTAL PREFERRED STOCKS

(Cost $60,696)

    56,966  
 

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF

 

    Shares             Dividend Rate          Value  
  Investment Company – 0.5%(c)

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 

  
     48,442      5.195%            $  48,442  
 

(Cost $48,442)

 

  
 

 

 
  TOTAL INVESTMENTS BEFORE SECURITIES

 

  
 

LENDING REINVESTMENT VEHICLE

(Cost $9,311,057)

 

 

      10,558,977  
 

 

 
            
  Securities Lending Reinvestment Vehicle – 0.2%(c)

 

 

Goldman Sachs Financial Square Government Fund - Institutional Shares

 

  
     22,539      5.219%            22,539  
  (Cost $22,539)

 

  
 

 

 
       Shares    Dividend Rate   Value  
  Securities Lending Reinvestment Vehicle –0.2%(c) –(continued)

 

 

TOTAL INVESTMENTS – 100.3%

(Cost $9,333,596)

  $ 10,581,516  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%

    (26,755
 

 

 
 

NET ASSETS – 100.0%

  $  10,554,761  
 

 

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   All or a portion of security is on loan.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
PLC    —Public Limited Company
REIT    —Real Estate Investment Trust

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

 

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

 

 

Long position contracts:

                 

MSCI EUROPE MAR24

   1      03/15/24      $  34,770        $ 1,537  

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – 99.4%

 

  Australia – 5.9%

 

  76,241    Ampol Ltd. (Energy)   $ 1,955,987  
  437,445    ANZ Group Holdings Ltd. (Financials)     8,103,766  
  217,375    APA Group (Utilities)     1,111,119  
  88,849    Aristocrat Leisure Ltd. (Consumer Discretionary)     2,697,734  
  33,546    ASX Ltd. (Financials)     1,436,646  
  540,462    Aurizon Holdings Ltd. (Industrials)     1,340,823  
  635,208    BHP Group Ltd. (Materials)         18,170,143  
  722,154    BlueScope Steel Ltd. (Materials)     10,740,070  
  336,897    Brambles Ltd. (Industrials)     3,305,914  
  78,604    CAR Group Ltd. (Communication Services)     1,881,487  
  39,799    Cochlear Ltd. (Health Care)     9,074,700  
  665,155    Coles Group Ltd. (Consumer Staples)     7,319,657  
  233,600    Commonwealth Bank of Australia (Financials)     17,706,972  
  45,947    Computershare Ltd. (Industrials)     775,485  
  154,356    Dexus REIT (Real Estate)     739,746  
  265,843    Endeavour Group Ltd. (Consumer Staples)     952,070  
  247,921    Fortescue Ltd. (Materials)     4,185,979  
  1,092,011    Glencore PLC (Materials)     5,182,098  
  90,039    Goodman Group REIT (Real Estate)     1,753,004  
  254,462    GPT Group (The) REIT (Real Estate)     720,764  
  552,383    IDP Education Ltd. (Consumer Discretionary)(a)     6,866,373  
  422,855    Insurance Australia Group Ltd. (Financials)     1,707,121  
  1,972,964    Lottery Corp. Ltd. (The) (Consumer Discretionary)     6,526,255  
  37,826    Macquarie Group Ltd. (Financials)     4,798,250  
  1,042,609    Medibank Pvt Ltd. (Financials)     2,437,233  
  442,574    National Australia Bank Ltd. (Financials)     9,752,084  
  208,064    Northern Star Resources Ltd. (Materials)     1,747,704  
  132,655    Orica Ltd. (Materials)     1,477,933  
  176,319    Origin Energy Ltd. (Utilities)     1,032,143  
    1,556,098    Pilbara Minerals Ltd.
(Materials)(a)
    4,255,665  
  208,444    QBE Insurance Group Ltd. (Financials)     2,346,743  
  28,533    REA Group Ltd. (Communication Services)     3,606,422  
  103,064    Reece Ltd. (Industrials)     1,803,250  
  48,485    Rio Tinto Ltd. (Materials)     3,907,860  
  95,755    Rio Tinto PLC (Materials)     6,151,958  
  486,661    Santos Ltd. (Energy)     2,243,577  
  63,866    Seven Group Holdings Ltd. (Industrials)     1,601,491  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Australia – (continued)

 

  97,649    Sonic Healthcare Ltd. (Health Care)   $ 1,897,987  
  306,914    Stockland REIT (Real Estate)     897,313  
  386,270    Suncorp Group Ltd. (Financials)     3,848,253  
  1,046,859    Telstra Group Ltd. (Communication Services)     2,603,950  
  250,756    Transurban Group (Industrials)     2,210,809  
  724,823    Vicinity Ltd. REIT (Real Estate)     915,619  
  114,251    Washington H Soul Pattinson & Co. Ltd. (Financials)     2,569,588  
  272,946    Wesfarmers Ltd. (Consumer Discretionary)     11,843,850  
  469,084    Westpac Banking Corp. (Financials)     8,048,453  
  28,515    WiseTech Global Ltd. (Information Technology)     1,754,262  
  133,492    Woodside Energy Group Ltd. (Energy)     2,638,993  
  425,823    Woolworths Group Ltd. (Consumer Staples)     9,044,702  
      

 

 

 
            209,690,005  
 

 

 
  Austria – 0.3%

 

  48,140    Erste Group Bank AG (Financials)     1,922,295  
  47,220    Mondi PLC (Materials)     841,311  
  16,289    OMV AG (Energy)     718,130  
      298,920    voestalpine AG (Materials)     8,164,544  
      

 

 

 
         11,646,280  
 

 

 
  Belgium – 0.7%

 

  110,940    Ageas SA/NV (Financials)     4,706,107  
  102,356    Anheuser-Busch InBev SA/NV (Consumer Staples)     6,171,803  
  8,348    Elia Group SA/NV (Utilities)     927,770  
  22,869    Groupe Bruxelles Lambert NV (Financials)     1,716,005  
  27,283    KBC Group NV (Financials)     1,916,128  
  132    Lotus Bakeries NV (Consumer Staples)     1,242,742  
  34,119    Syensqo SA (Materials)*     3,050,117  
  46,294    UCB SA (Health Care)     5,335,338  
      

 

 

 
         25,066,010  
 

 

 
  Brazil – 0.1%

 

  28,631    Wheaton Precious Metals Corp. (Materials)     1,180,618  
  26,784    Yara International ASA (Materials)     833,901  
      

 

 

 
         2,014,519  
 

 

 
  Canada – 11.2%

 

  21,201    Agnico Eagle Mines Ltd. (Materials)     1,017,417  
  127,597    Air Canada (Industrials)*     1,704,617  
  188,180    Alimentation Couche-Tard, Inc. (Consumer Staples)     11,677,746  
  46,363    AltaGas Ltd. (Utilities)     994,360  
  387,668    ARC Resources Ltd. (Energy)     6,610,949  
  86,999    Bank of Montreal (Financials)     7,879,203  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Canada – (continued)

 

  161,284    Bank of Nova Scotia (The) (Financials)   $ 7,825,488  
  31,402    BCE, Inc. (Communication Services)     1,165,927  
  75,376    Brookfield Asset Management Ltd., Class A (Financials)(a)     3,073,725  
  35,308    Brookfield Corp. (Financials)     1,457,771  
  73,553    Cameco Corp. (Energy)     2,982,575  
  31,830    Canadian Apartment Properties REIT (Real Estate)     1,117,283  
  134,375    Canadian Imperial Bank of Commerce (Financials)     6,362,342  
  33,400    Canadian National Railway Co. (Industrials)     4,333,246  
  152,836    Canadian Natural Resources Ltd. (Energy)     10,652,940  
  56,427    Canadian Pacific Kansas City Ltd. (Industrials)     4,793,809  
  33,974    Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)     3,459,144  
  55,418    Canadian Utilities Ltd., Class A (Utilities)     1,248,626  
  32,119    CCL Industries, Inc., Class B (Materials)     1,638,215  
  640,609    Cenovus Energy, Inc. (Energy)     11,169,980  
  81,222    CGI, Inc. (Information Technology)*     9,330,934  
  8,961    Constellation Software, Inc. (Information Technology)        24,962,696  
  21,171    Descartes Systems Group, Inc. (The) (Information Technology)*     1,836,063  
  153,428    Dollarama, Inc. (Consumer Discretionary)     11,875,159  
  46,689    Element Fleet Management Corp. (Industrials)     779,670  
  40,839    Emera, Inc. (Utilities)     1,433,211  
  491,972    Empire Co. Ltd. (Consumer Staples)     12,473,858  
      178,721    Enbridge, Inc. (Energy)     6,146,890  
  11,788    Fairfax Financial Holdings Ltd. (Financials)     12,589,655  
  23,934    FirstService Corp. (Real Estate)     3,941,033  
  46,824    Fortis, Inc. (Utilities)     1,806,540  
  8,707    Franco-Nevada Corp. (Materials)     912,137  
  96,683    George Weston Ltd. (Consumer Staples)     12,671,044  
  26,589    GFL Environmental, Inc. (Industrials)     959,192  
  132,299    Great-West Lifeco, Inc.
(Financials)(a)
    4,077,191  
  67,776    Hydro One Ltd. (Utilities)(b)     2,021,262  
  78,880    iA Financial Corp., Inc. (Financials)     4,894,416  
  59,753    IGM Financial, Inc. (Financials)     1,570,534  
  116,419    Imperial Oil Ltd. (Energy)(a)     7,288,901  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Canada – (continued)

 

  23,206    Intact Financial Corp. (Financials)   $ 3,861,194  
  48,763    Keyera Corp. (Energy)     1,200,425  
  203,570    Kinross Gold Corp. (Materials)     996,575  
  166,977    Loblaw Cos. Ltd. (Consumer Staples)     17,806,284  
  457,519    Manulife Financial Corp. (Financials)(a)     10,864,959  
  154,338    MEG Energy Corp. (Energy)*     3,305,577  
  69,057    Metro, Inc. (Consumer Staples)     3,741,150  
  76,159    National Bank of Canada (Financials)     5,947,965  
  93,724    Nutrien Ltd. (Materials)     4,895,055  
  20,613    Onex Corp. (Financials)     1,536,002  
  37,855    Open Text Corp. (Information Technology)     1,456,595  
  155,717    Parkland Corp. (Energy)     4,983,725  
  64,612    Pembina Pipeline Corp. (Energy)     2,249,880  
  240,753    Power Corp. of Canada (Financials)     6,959,800  
  65,901    Quebecor, Inc., Class B (Communication Services)     1,542,152  
  23,910    RB Global, Inc. (Industrials)     1,804,951  
  49,044    Restaurant Brands International, Inc. (Consumer Discretionary)     3,810,415  
  38,547    Rogers Communications, Inc., Class B (Communication Services)     1,706,885  
  224,587    Royal Bank of Canada (Financials)     21,823,693  
  129,942    Saputo, Inc. (Consumer Staples)     2,645,113  
  93,830    Shopify, Inc., Class A (Information Technology)*     7,173,099  
  62,426    Stantec, Inc. (Industrials)     5,215,552  
  101,238    Sun Life Financial, Inc. (Financials)(a)     5,380,053  
  294,912    Suncor Energy, Inc. (Energy)(a)     10,138,789  
  47,669    TC Energy Corp. (Energy)     1,886,587  
  81,623    TELUS Corp. (Communication Services)     1,424,423  
  15,344    TFI International, Inc. (Industrials)     2,268,425  
  30,380    Thomson Reuters Corp. (Industrials)     4,798,622  
  130,929    TMX Group Ltd. (Financials)     3,436,482  
  31,039    Toromont Industries Ltd. (Industrials)     2,852,517  
      265,899    Toronto-Dominion Bank (The) (Financials)     15,975,308  
  42,021    Tourmaline Oil Corp. (Energy)     1,902,849  
  15,230    West Fraser Timber Co. Ltd. (Materials)     1,226,395  
  89,933    WSP Global, Inc. (Industrials)     14,283,457  
      

 

 

 
            393,836,702  
 

 

 
  China – 0.7%

 

  1,685,997    BOC Hong Kong Holdings Ltd. (Financials)     4,447,149  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  China – (continued)

 

  40,375    Prosus NV (Consumer Discretionary)*   $ 1,179,242  
    3,804,909    SITC International Holdings Co. Ltd. (Industrials)     6,259,864  
  527,577    Wharf Holdings Ltd. (The) (Real Estate)     1,950,919  
  3,657,026    Wilmar International Ltd. (Consumer Staples)     9,029,694  
      

 

 

 
         22,866,868  
 

 

 
  Denmark – 3.0%

 

  991    AP Moller – Maersk A/S, Class A (Industrials)(a)     1,345,158  
  1,003    AP Moller – Maersk A/S, Class B (Industrials)(a)     1,419,107  
  26,775    Carlsberg AS, Class B (Consumer Staples)     3,735,432  
  16,280    Coloplast A/S, Class B (Health Care)     2,163,954  
  122,660    Danske Bank A/S (Financials)     3,605,919  
  57,184    Demant A/S (Health Care)*     2,864,886  
  10,229    DSV A/S (Industrials)     1,642,390  
  8,652    Genmab A/S (Health Care)*     2,424,163  
  593,846    Novo Nordisk A/S, Class B (Health Care)     70,667,010  
  46,172    Novozymes A/S, Class B (Materials)     2,606,111  
  56,054    Pandora A/S (Consumer Discretionary)     9,057,112  
  4,898    ROCKWOOL A/S, Class B (Industrials)     1,567,889  
  118,650    Tryg A/S (Financials)     2,523,442  
      

 

 

 
            105,622,573  
 

 

 
  Finland – 0.6%

 

  32,985    Elisa OYJ (Communication Services)     1,487,042  
  71,055    Fortum OYJ (Utilities)     888,105  
  25,001    Kone OYJ, Class B (Industrials)     1,223,420  
  812,462    Nokia OYJ (Information Technology)     2,865,772  
  240,732    Nordea Bank Abp (Financials)     2,928,112  
  180,305    Orion OYJ, Class B (Health Care)     7,102,263  
  65,756    Sampo OYJ, Class A (Financials)     2,943,802  
  45,059    UPM-Kymmene OYJ (Materials)     1,508,166  
  79,715    Wartsila OYJ Abp (Industrials)     1,233,138  
      

 

 

 
         22,179,820  
 

 

 
  France – 10.3%

 

  54,492    Accor SA (Consumer Discretionary)     2,364,049  
  8,377    Aeroports de Paris SA (Industrials)     1,139,492  
  50,122    Air Liquide SA (Materials)     10,191,610  
  48,776    Airbus SE (Industrials)     8,072,627  
  10,603    Amundi SA (Financials)(b)     698,195  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  France – (continued)

 

  31,463    Arkema SA (Materials)   $ 3,260,407  
  355,344    AXA SA (Financials)     12,643,532  
  44,271    BioMerieux (Health Care)     4,843,486  
      153,988    BNP Paribas SA (Financials)     9,228,422  
  290,182    Bollore SE (Communication Services)     1,990,890  
  102,214    Bouygues SA (Industrials)     4,045,041  
  77,572    Bureau Veritas SA (Industrials)     2,255,590  
  43,155    Capgemini SE (Information Technology)     10,493,535  
  484,453    Carrefour SA (Consumer Staples)     8,141,618  
  176,420    Cie de Saint-Gobain SA (Industrials)         13,593,003  
  72,494    Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)     2,682,185  
  400,659    Credit Agricole SA (Financials)     5,428,337  
  101,021    Danone SA (Consumer Staples)     6,452,061  
  16,857    Dassault Aviation SA (Industrials)     3,336,427  
  110,901    Dassault Systemes (Information Technology)     5,182,699  
  53,350    Edenred SE (Financials)     2,643,581  
  110,955    Eiffage SA (Industrials)     12,085,045  
  379,889    Engie SA (Utilities)     6,099,035  
  41,692    EssilorLuxottica SA (Health Care)     8,850,153  
  103,415    Eurazeo SE (Financials)     8,740,216  
  8,496    Gecina SA REIT (Real Estate)     821,020  
  105,945    Getlink SE (Industrials)     1,810,299  
  7,681    Hermes International SCA (Consumer Discretionary)     19,225,649  
  120,674    Ipsen SA (Health Care)     13,293,799  
  10,844    Kering (Consumer Discretionary)     4,987,893  
  41,740    Klepierre SA REIT (Real Estate)     1,060,567  
  234,583    La Francaise des Jeux SAEM (Consumer Discretionary)(b)     9,829,230  
  37,610    Legrand SA (Industrials)     3,805,420  
  51,390    L’Oreal SA (Consumer Staples)     24,563,691  
  48,082    LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)     43,852,531  
  302,220    Orange SA (Communication Services)     3,468,666  
  13,071    Pernod Ricard SA (Consumer Staples)     2,186,077  
  55,314    Publicis Groupe SA (Communication Services)     5,852,922  
  146,571    Rexel SA (Industrials)     3,759,101  
  38,935    Safran SA (Industrials)     8,161,264  
  95,470    SEB SA (Consumer Discretionary)     11,302,431  
  116,182    Societe Generale SA (Financials)     2,820,043  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  France – (continued)

 

  20,485    Sodexo SA (Consumer Discretionary)   $ 1,633,771  
  24,293    Thales SA (Industrials)     3,602,863  
  383,448    TotalEnergies SE (Energy)     24,477,806  
  93,108    Veolia Environnement SA (Utilities)     2,886,684  
  86,151    Vinci SA (Industrials)     11,038,235  
  147,631    Vivendi SE (Communication Services)     1,650,310  
  145,696    Worldline SA (Financials)*(b)     1,675,190  
      

 

 

 
            362,226,698  
 

 

 
  Germany – 7.4%

 

  47,530    adidas AG (Consumer Discretionary)     9,624,444  
  46,606    Allianz SE (Financials)     12,802,848  
  52,902    BASF SE (Materials)     2,694,946  
  157,592    Bayer AG (Health Care)     4,790,419  
  71,556    Bayerische Motoren Werke AG (Consumer Discretionary)     8,457,380  
  65,561    Bechtle AG (Information Technology)     3,381,327  
  40,437    Beiersdorf AG (Consumer Staples)     5,800,244  
  44,881    Brenntag SE (Industrials)     4,098,167  
  10,770    Carl Zeiss Meditec AG (Health Care)     1,325,729  
  438,935    Commerzbank AG (Financials)     5,080,057  
  18,496    Covestro AG (Materials)*(b)     1,006,777  
  31,642    Daimler Truck Holding AG (Industrials)     1,293,640  
  546,459    Deutsche Bank AG (Financials)     7,310,279  
  27,827    Deutsche Boerse AG (Financials)     5,829,876  
  970,881    Deutsche Lufthansa AG (Industrials)*     7,551,995  
  312,582    Deutsche Post AG (Industrials)     14,514,768  
  420,231    Deutsche Telekom AG (Communication Services)     9,997,747  
  774,498    E.ON SE (Utilities)     9,898,236  
  49,873    Evonik Industries AG (Materials)     920,730  
  157,195    Fresenius Medical Care AG (Health Care)     6,018,443  
      160,394    Fresenius SE & Co. KGaA (Health Care)     4,492,003  
  47,283    GEA Group AG (Industrials)     1,907,006  
  16,393    Hannover Rueck SE (Financials)     4,209,629  
  97,087    Heidelberg Materials AG (Materials)     9,424,127  
  28,064    Henkel AG & Co. KGaA (Consumer Staples)     1,895,055  
  66,830    Infineon Technologies AG (Information Technology)     2,393,434  
  38,701    Knorr-Bremse AG (Industrials)     2,708,818  
  136,093    Mercedes-Benz Group AG (Consumer Discretionary)     10,845,190  
  25,095    Merck KGaA (Health Care)     4,285,306  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Germany – (continued)

 

  3,379    MTU Aero Engines AG (Industrials)   $ 812,859  
  18,689    Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials)     8,704,542  
  95,163    Nemetschek SE (Information Technology)     9,080,836  
  88,953    Puma SE (Consumer Discretionary)     4,088,184  
  8,273    Rational AG (Industrials)     6,803,999  
  11,323    Rheinmetall AG (Industrials)     5,195,352  
  55,103    RWE AG (Utilities)     1,848,522  
  147,637    SAP SE (Information Technology)     27,620,248  
  23,127    Scout24 SE (Communication Services)(b)     1,681,807  
  81,180    Siemens AG (Industrials)     16,071,090  
  252,297    Siemens Energy AG (Industrials)*     3,878,296  
  25,766    Siemens Healthineers AG (Health Care)(b)     1,547,489  
  15,310    Symrise AG (Materials)     1,566,644  
  52,799    Talanx AG (Financials)     3,771,006  
  205,432    Zalando SE (Consumer Discretionary)*(b)     4,339,458  
      

 

 

 
            261,568,952  
 

 

 
  Hong Kong – 1.1%

 

  591,241    AIA Group Ltd. (Financials)     4,803,153  
  241,189    CK Asset Holdings Ltd. (Real Estate)     1,113,706  
  134,701    CK Infrastructure Holdings Ltd. (Utilities)     792,328  
  193,186    CLP Holdings Ltd. (Utilities)     1,610,130  
  22,067    Futu Holdings Ltd. ADR (Financials)*     1,181,026  
  79,673    Hang Seng Bank Ltd. (Financials)     909,816  
  1,303,757    HKT Trust & HKT Ltd. (Communication Services)     1,590,394  
    1,011,446    Hong Kong & China Gas Co. Ltd. (Utilities)     782,925  
  173,667    Hong Kong Exchanges & Clearing Ltd. (Financials)     5,386,055  
  471,068    Hongkong Land Holdings Ltd. (Real Estate)     1,592,210  
  75,235    Jardine Matheson Holdings Ltd. (Industrials)     3,153,099  
  222,905    MTR Corp. Ltd. (Industrials)     740,283  
  270,001    Power Assets Holdings Ltd. (Utilities)     1,624,393  
  126,615    Sun Hung Kai Properties Ltd. (Real Estate)     1,276,857  
  175,647    Swire Pacific Ltd., Class A (Real Estate)     1,456,097  
  412,355    Techtronic Industries Co. Ltd. (Industrials)     4,463,914  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Hong Kong – (continued)

 

   13,946,596    WH Group Ltd. (Consumer Staples)(b)   $ 8,408,432  
      

 

 

 
         40,884,818  
 

 

 
  Ireland – 0.3%

 

  17,509    AerCap Holdings NV (Industrials)*     1,351,345  
  17,083    Kerry Group PLC, Class A (Consumer Staples)     1,499,984  
  25,977    Kingspan Group PLC (Industrials)     2,346,708  
  84,719    Smurfit Kappa Group PLC (Materials)     3,614,891  
      

 

 

 
         8,812,928  
 

 

 
  Israel – 0.9%

 

  209,371    Bank Hapoalim BM (Financials)     2,003,668  
  200,258    Bank Leumi Le-Israel BM (Financials)     1,677,601  
  29,301    Check Point Software Technologies Ltd. (Information Technology)*     4,700,466  
  4,659    Elbit Systems Ltd. (Industrials)     1,035,739  
  219,037    ICL Group Ltd. (Materials)     1,158,475  
  301,282    Israel Discount Bank Ltd., Class A (Financials)     1,570,688  
  27,438    Mizrahi Tefahot Bank Ltd. (Financials)     1,085,505  
  814,545    Teva Pharmaceutical Industries Ltd. ADR (Health Care)*     10,711,267  
  50,250    Wix.com Ltd. (Information Technology)*     7,044,045  
      

 

 

 
             30,987,454  
 

 

 
  Italy – 2.9%

 

  437,439    Assicurazioni Generali SpA (Financials)     10,376,375  
  333,698    Banco BPM SpA (Financials)     1,940,613  
  115,298    Coca-Cola HBC AG (Consumer Staples)*     3,595,112  
  116,191    Davide Campari-Milano NV (Consumer Staples)     1,178,399  
  8,713    DiaSorin SpA (Health Care)     880,459  
  818,153    Enel SpA (Utilities)     5,208,600  
  564,003    Eni SpA (Energy)     8,696,068  
  31,212    Ferrari NV (Consumer Discretionary)     13,169,292  
  284,768    FinecoBank Banca Fineco SpA (Financials)     3,938,308  
  94,561    Infrastrutture Wireless Italiane SpA (Communication
Services)(b)
    1,047,340  
  1,468,877    Intesa Sanpaolo SpA (Financials)     4,670,085  
  489,500    Leonardo SpA (Industrials)     10,464,472  
  175,437    Mediobanca Banca di Credito Finanziario SpA (Financials)     2,391,151  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Italy – (continued)

 

  119,916    Moncler SpA (Consumer Discretionary)   $ 8,650,278  
  395,428    Poste Italiane SpA (Financials)(b)     4,638,572  
  101,112    Prysmian SpA (Industrials)     5,038,717  
  89,818    Recordati Industria Chimica e Farmaceutica SpA (Health Care)     5,030,895  
  342,040    Snam SpA (Utilities)     1,599,369  
  199,814    Terna - Rete Elettrica Nazionale (Utilities)     1,566,361  
  275,508    UniCredit SpA (Financials)     9,215,541  
      

 

 

 
            103,296,007  
 

 

 
  Japan – 20.7%

 

  257,407    Advantest Corp. (Information Technology)     11,884,027  
  111,161    Aeon Co. Ltd. (Consumer Staples)(a)     2,655,179  
  32,665    AGC, Inc. (Industrials)     1,168,275  
  101,879    Aisin Corp. (Consumer Discretionary)     3,843,861  
  79,742    Ajinomoto Co., Inc. (Consumer Staples)     2,931,918  
  58,908    ANA Holdings, Inc. (Industrials)*(a)     1,284,664  
      116,408    Asahi Group Holdings Ltd. (Consumer Staples)     3,992,265  
  46,017    Asahi Intecc Co. Ltd. (Health Care)     956,497  
  148,897    Asahi Kasei Corp. (Materials)     1,036,121  
  559,607    Astellas Pharma, Inc. (Health Care)     6,174,858  
  42,399    Azbil Corp. (Information Technology)     1,243,897  
  197,726    Bandai Namco Holdings, Inc. (Consumer Discretionary)     3,821,884  
  86,055    Bridgestone Corp. (Consumer Discretionary)     3,706,224  
  235,004    Brother Industries Ltd. (Information Technology)     3,940,286  
  146,824    Canon, Inc. (Information Technology)     4,293,771  
  167,618    Capcom Co. Ltd. (Communication Services)     6,751,980  
  54,035    Central Japan Railway Co. (Industrials)     1,360,713  
  144,103    Chubu Electric Power Co., Inc. (Utilities)     1,797,075  
  113,508    Chugai Pharmaceutical Co. Ltd. (Health Care)     4,550,331  
  259,807    Concordia Financial Group Ltd. (Financials)     1,315,786  
  23,096    Dai Nippon Printing Co. Ltd. (Industrials)     673,884  
  92,444    Dai-ichi Life Holdings, Inc. (Financials)     2,104,959  
  194,582    Daiichi Sankyo Co. Ltd. (Health Care)     6,466,566  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Japan – (continued)

 

  17,789    Daikin Industries Ltd. (Industrials)   $ 2,516,751  
  28,491    Daito Trust Construction Co. Ltd. (Real Estate)     3,381,724  
  93,388    Daiwa House Industry Co. Ltd. (Real Estate)     2,701,744  
  257,531    Daiwa Securities Group, Inc. (Financials)     1,896,166  
  128,522    Denso Corp. (Consumer Discretionary)     2,364,867  
  98,747    Dentsu Group, Inc. (Communication Services)     2,736,704  
  15,238    Disco Corp. (Information Technology)     4,913,382  
  41,305    East Japan Railway Co. (Industrials)     2,446,508  
  112,204    Eisai Co. Ltd. (Health Care)     4,688,473  
    1,107,663    ENEOS Holdings, Inc. (Energy)     4,783,073  
  32,025    FANUC Corp. (Industrials)     935,480  
  27,336    Fast Retailing Co. Ltd. (Consumer Discretionary)     7,901,085  
  56,753    FUJIFILM Holdings Corp. (Information Technology)     3,611,003  
  44,765    Fujitsu Ltd. (Information Technology)     6,994,251  
  1,253    GLP J REIT (Real Estate)     995,401  
  26,561    Hamamatsu Photonics KK (Information Technology)     953,335  
  77,884    Hankyu Hanshin Holdings, Inc. (Industrials)     2,246,444  
  9,470    Hikari Tsushin, Inc. (Industrials)     1,712,787  
  9,937    Hirose Electric Co. Ltd. (Information Technology)     1,056,640  
  119,007    Hitachi Ltd. (Industrials)         10,070,312  
  701,766    Honda Motor Co. Ltd. (Consumer Discretionary)     8,355,362  
  29,465    Hoshizaki Corp. (Industrials)     1,005,200  
  97,625    Hoya Corp. (Health Care)     12,709,448  
  201,901    Hulic Co. Ltd. (Real Estate)     2,014,019  
  20,148    Ibiden Co. Ltd. (Information Technology)     928,986  
  510,585    Idemitsu Kosan Co. Ltd. (Energy)     3,234,012  
  86,550    Iida Group Holdings Co. Ltd. (Consumer Discretionary)     1,116,933  
  435,523    Inpex Corp. (Energy)     5,851,786  
  181,795    Isuzu Motors Ltd. (Consumer Discretionary)     2,589,610  
  245,244    ITOCHU Corp. (Industrials)     10,676,888  
  306,859    Japan Airlines Co. Ltd. (Industrials)     5,732,463  
  123,081    Japan Exchange Group, Inc. (Financials)     3,218,675  
  1,791    Japan Metropolitan Fund Invest REIT (Real Estate)     1,056,627  
  270,209    Japan Post Bank Co. Ltd. (Financials)     2,884,071  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Japan – (continued)

 

  890,329    Japan Post Holdings Co. Ltd. (Financials)   $ 8,604,670  
  277,811    Japan Post Insurance Co. Ltd. (Financials)     5,126,705  
  280    Japan Real Estate Investment Corp. REIT (Real Estate)     1,010,222  
  198,064    Japan Tobacco, Inc. (Consumer Staples)     5,150,432  
  152,468    JFE Holdings, Inc. (Materials)     2,500,895  
      122,209    Kajima Corp. (Industrials)     2,267,893  
  304,775    Kansai Electric Power Co., Inc. (The) (Utilities)     3,910,740  
  83,796    Kao Corp. (Consumer Staples)     3,189,029  
  38,503    Kawasaki Kisen Kaisha Ltd. (Industrials)     1,840,128  
  207,668    KDDI Corp. (Communication Services)     6,318,702  
  976    KDX Realty Investment Corp. REIT (Real Estate)     977,500  
  51,671    Keisei Electric Railway Co. Ltd. (Industrials)     2,414,904  
  15,331    Keyence Corp. (Information Technology)     7,174,338  
  45,811    Kikkoman Corp. (Consumer Staples)     2,999,890  
  63,132    Kintetsu Group Holdings Co. Ltd. (Industrials)     1,942,848  
  131,647    Kirin Holdings Co. Ltd. (Consumer Staples)     1,833,488  
  80,612    Komatsu Ltd. (Industrials)     2,340,748  
  10,736    Konami Group Corp. (Communication Services)     723,050  
  153,668    Kyocera Corp. (Information Technology)     2,263,387  
  44,046    Kyowa Kirin Co. Ltd. (Health Care)     874,475  
  5,063    Lasertec Corp. (Information Technology)     1,351,419  
  61,575    M3, Inc. (Health Care)     883,081  
  487,717    Marubeni Corp. (Industrials)     8,055,298  
  248,071    MatsukiyoCocokara & Co. (Consumer Staples)     4,112,141  
  657,073    Mazda Motor Corp. (Consumer Discretionary)     7,717,875  
  63,335    McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)     2,949,455  
  63,203    MEIJI Holdings Co. Ltd. (Consumer Staples)     1,426,047  
  205,294    MISUMI Group, Inc. (Industrials)     3,135,579  
  391,213    Mitsubishi Chemical Group Corp. (Materials)     2,243,979  
  673,940    Mitsubishi Corp. (Industrials)         14,431,601  
  223,325    Mitsubishi Electric Corp. (Industrials)     3,553,474  
  103,479    Mitsubishi Estate Co. Ltd. (Real Estate)     1,590,522  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Japan – (continued)

 

  482,217    Mitsubishi HC Capital, Inc. (Financials)   $ 3,328,190  
  27,870    Mitsubishi Heavy Industries Ltd. (Industrials)     2,201,929  
  1,200,694    Mitsubishi UFJ Financial Group, Inc. (Financials)     12,370,349  
  301,393    Mitsui & Co. Ltd. (Industrials)     13,195,886  
  58,797    Mitsui Fudosan Co. Ltd. (Real Estate)     1,595,341  
  83,387    Mitsui OSK Lines Ltd. (Industrials)     2,859,238  
  411,216    Mizuho Financial Group, Inc. (Financials)     7,695,704  
  708,354    MonotaRO Co. Ltd. (Industrials)     6,779,696  
  93,585    MS&AD Insurance Group Holdings, Inc. (Financials)     4,633,292  
  165,582    Murata Manufacturing Co. Ltd. (Information Technology)     3,344,387  
  141,628    NEC Corp. (Information Technology)     9,547,849  
  116,261    Nintendo Co. Ltd. (Communication Services)     6,524,971  
  355    Nippon Building Fund, Inc. REIT (Real Estate)     1,368,578  
  54,783    NIPPON EXPRESS HOLDINGS, Inc. (Industrials)     2,898,554  
  618    Nippon Prologis REIT, Inc. REIT (Real Estate)     1,034,748  
  50,349    Nippon Sanso Holdings Corp. (Materials)     1,459,304  
  116,803    Nippon Steel Corp. (Materials)(a)     2,899,199  
   11,627,811    Nippon Telegraph & Telephone Corp. (Communication Services)         14,162,824  
  193,863    Nippon Yusen KK (Industrials)     6,181,026  
  23,824    Nissan Chemical Corp. (Materials)     995,333  
  69,087    Nissin Foods Holdings Co. Ltd. (Consumer Staples)     2,020,404  
  35,375    Nitori Holdings Co. Ltd. (Consumer Discretionary)     5,195,046  
  20,670    Nitto Denko Corp. (Materials)     1,898,928  
  196,069    Nomura Holdings, Inc. (Financials)     1,114,555  
  67,165    Nomura Real Estate Holdings, Inc. (Real Estate)     1,670,711  
  1,404    Nomura Real Estate Master Fund, Inc. REIT (Real Estate)     1,396,777  
  66,312    Nomura Research Institute Ltd. (Information Technology)     1,862,602  
  72,110    NTT Data Group Corp. (Information Technology)     1,172,926  
  393,387    Obayashi Corp. (Industrials)     3,809,811  
  5,807    Obic Co. Ltd. (Information Technology)     908,859  
  290,105    Olympus Corp. (Health Care)     4,132,450  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Japan – (continued)

 

  30,298    Omron Corp. (Information Technology)   $ 1,123,903  
  188,755    Ono Pharmaceutical Co. Ltd. (Health Care)     3,137,719  
  48,403    Oracle Corp. Japan (Information Technology)     3,709,377  
  107,097    Oriental Land Co. Ltd. (Consumer Discretionary)     3,837,517  
  123,358    ORIX Corp. (Financials)     2,585,515  
  76,794    Osaka Gas Co. Ltd. (Utilities)     1,536,188  
  24,117    Otsuka Corp. (Information Technology)     1,060,265  
      163,123    Otsuka Holdings Co. Ltd. (Health Care)          6,628,677  
  72,118    Pan Pacific International Holdings Corp. (Consumer Discretionary)     1,698,510  
  339,712    Panasonic Holdings Corp. (Consumer Discretionary)     3,224,166  
  328,524    Recruit Holdings Co. Ltd. (Industrials)     13,266,513  
  323,641    Renesas Electronics Corp. (Information Technology)     5,307,522  
  491,877    Resona Holdings, Inc. (Financials)     2,681,711  
  751,377    Ricoh Co. Ltd. (Information Technology)     6,250,179  
  55,726    SBI Holdings, Inc. (Financials)     1,498,611  
  8,715    SCREEN Holdings Co. Ltd. (Information Technology)     1,090,903  
  76,394    SCSK Corp. (Information Technology)     1,408,749  
  27,839    Secom Co. Ltd. (Industrials)     2,031,148  
  178,773    Seiko Epson Corp. (Information Technology)(a)     2,891,758  
  89,859    Sekisui Chemical Co. Ltd. (Consumer Discretionary)     1,266,203  
  108,151    Sekisui House Ltd. (Consumer Discretionary)     2,413,472  
  491,259    Seven & i Holdings Co. Ltd. (Consumer Staples)     7,319,487  
  61,614    Shimadzu Corp. (Information Technology)     1,680,831  
  214,779    Shimizu Corp. (Industrials)     1,246,743  
  134,395    Shin-Etsu Chemical Co. Ltd. (Materials)     5,735,156  
  32,968    Shionogi & Co. Ltd. (Health Care)     1,648,510  
  293,631    Shiseido Co. Ltd. (Consumer Staples)     7,939,632  
  239,692    Shizuoka Financial Group, Inc. (Financials)     2,346,153  
  386,693    SoftBank Corp. (Communication Services)     5,096,225  
  43,324    SoftBank Group Corp. (Communication Services)     2,544,384  
  39,860    Sompo Holdings, Inc. (Financials)     2,338,815  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Japan – (continued)

 

  75,426    Sony Group Corp. (Consumer Discretionary)   $ 6,523,616  
  48,000    Square Enix Holdings Co. Ltd. (Communication Services)     2,034,556  
  347,595    Subaru Corp. (Consumer Discretionary)     7,905,481  
  76,149    SUMCO Corp. (Information Technology)     1,192,579  
  286,720    Sumitomo Corp. (Industrials)     6,718,294  
  288,996    Sumitomo Electric Industries Ltd. (Consumer Discretionary)     4,287,537  
  185,524    Sumitomo Mitsui Financial Group, Inc. (Financials)     10,342,836  
  136,654    Sumitomo Mitsui Trust Holdings, Inc. (Financials)     2,774,714  
  79,713    Suntory Beverage & Food Ltd. (Consumer Staples)     2,621,416  
  19,337    Suzuki Motor Corp. (Consumer Discretionary)     849,732  
  65,604    Sysmex Corp. (Health Care)     3,690,691  
  83,738    T&D Holdings, Inc. (Financials)     1,456,337  
  110,001    Taisei Corp. (Industrials)     3,459,442  
  426,580    Takeda Pharmaceutical Co. Ltd. (Health Care)         12,503,551  
  28,702    TDK Corp. (Information Technology)     1,493,110  
  56,051    Terumo Corp. (Health Care)     2,185,566  
  54,608    TIS, Inc. (Information Technology)     1,231,389  
  88,054    Tobu Railway Co. Ltd. (Industrials)     2,251,504  
  30,542    Toho Co. Ltd. (Communication Services)     992,151  
  232,963    Tokio Marine Holdings, Inc. (Financials)     6,811,292  
  65,486    Tokyo Electron Ltd. (Information Technology)     16,131,949  
      226,958    Tokyo Gas Co. Ltd. (Utilities)     4,972,241  
  133,543    Tokyu Corp. (Industrials)     1,662,707  
  111,960    TOPPAN Holdings, Inc. (Industrials)     2,665,287  
  220,066    Toray Industries, Inc. (Materials)     1,015,271  
  27,690    TOTO Ltd. (Industrials)     749,093  
  17,422    Toyota Industries Corp. (Industrials)     1,733,237  
  824,736    Toyota Motor Corp. (Consumer Discretionary)     19,953,024  
  97,330    Toyota Tsusho Corp. (Industrials)     6,290,976  
  68,466    Trend Micro, Inc. (Information Technology)     3,396,997  
  60,790    Unicharm Corp. (Consumer Staples)     2,021,053  
  99,300    USS Co. Ltd. (Consumer Discretionary)     1,728,644  
  43,422    West Japan Railway Co. (Industrials)     1,807,727  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Japan – (continued)

 

  80,939    Yakult Honsha Co. Ltd. (Consumer Staples)   $ 1,745,648  
  116,772    Yamaha Motor Co. Ltd. (Consumer Discretionary)     1,045,073  
  65,761    Yamato Holdings Co. Ltd. (Industrials)     999,574  
  107,777    Yokogawa Electric Corp. (Information Technology)     2,278,389  
  221,537    Zensho Holdings Co. Ltd. (Consumer Discretionary)     9,699,552  
      428,474    ZOZO, Inc. (Consumer Discretionary)     9,716,314  
      

 

 

 
         730,892,305  
 

 

 
  Jordan – 0.1%

 

  140,844    Hikma Pharmaceuticals PLC (Health Care)     3,504,422  
 

 

 
  Luxembourg – 0.4%

 

  460,398    ArcelorMittal (Materials)     12,017,063  
  37,056    Eurofins Scientific SE (Health Care)     2,215,133  
      

 

 

 
         14,232,196  
 

 

 
  Macau – 0.0%

 

  356,138    Sands China Ltd. (Consumer Discretionary)*     1,014,444  
 

 

 
  Netherlands – 4.7%

 

  130,693    ABN AMRO Bank NV
(Financials)(b)
    2,100,228  
  444    Adyen NV (Financials)*(b)     701,493  
  185,831    Aegon Ltd. (Financials)     1,115,285  
  22,820    Akzo Nobel NV (Materials)     1,662,939  
  8,528    ASM International NV (Information Technology)     5,202,150  
  54,424    ASML Holding NV (Information Technology)         51,268,055  
  25,512    ASR Nederland NV (Financials)     1,176,921  
  16,590    BE Semiconductor Industries NV (Information Technology)     3,000,823  
  14,855    Euronext NV (Financials)(b)     1,370,423  
  75,534    EXOR NV (Financials)     8,157,567  
  57,775    Heineken Holding NV (Consumer Staples)     4,464,016  
  34,934    Heineken NV (Consumer Staples)     3,229,204  
  7,370    IMCD NV (Industrials)     1,123,741  
  400,823    ING Groep NV (Financials)     5,504,297  
  103,004    JDE Peet’s NV (Consumer Staples)     2,356,387  
  509,176    Koninklijke Ahold Delhaize NV (Consumer Staples)     15,163,657  
  744,754    Koninklijke KPN NV (Communication Services)     2,726,481  
  96,863    Koninklijke Philips NV (Health Care)     1,939,386  
  110,671    Randstad NV (Industrials)     6,100,710  
  884,735    Shell PLC (Energy)     27,497,426  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Netherlands – (continued)

 

  69,837    Universal Music Group NV (Communication Services)   $ 2,106,251  
  99,954    Wolters Kluwer NV (Industrials)     15,775,903  
      

 

 

 
            163,743,343  
 

 

 
  New Zealand – 0.2%

 

  193,966    Fisher & Paykel Healthcare Corp. Ltd. (Health Care)     2,895,257  
  363,460    Spark New Zealand Ltd. (Communication Services)     1,122,691  
  49,928    Xero Ltd. (Information Technology)*     4,138,928  
      

 

 

 
         8,156,876  
 

 

 
  Norway – 0.7%

 

  54,798    Aker BP ASA (Energy)     1,332,306  
  154,869    DNB Bank ASA (Financials)     3,101,982  
  269,606    Equinor ASA (Energy)     6,655,415  
  226,068    Gjensidige Forsikring ASA (Financials)     3,574,687  
  42,060    Kongsberg Gruppen ASA (Industrials)     2,684,491  
  37,834    Mowi ASA (Consumer Staples)     731,390  
  351,076    Orkla ASA (Consumer Staples)     2,519,314  
  29,176    Salmar ASA (Consumer Staples)     1,853,633  
  193,942    Telenor ASA (Communication Services)     2,126,194  
      

 

 

 
         24,579,412  
 

 

 
  Portugal – 0.3%

 

  250,310    EDP – Energias de Portugal SA (Utilities)     996,542  
  81,056    Galp Energia SGPS SA (Energy)     1,278,004  
  384,289    Jeronimo Martins SGPS SA (Consumer Staples)     9,198,790  
      

 

 

 
         11,473,336  
 

 

 
  Singapore – 1.4%

 

  585,015    CapitaLand Integrated Commercial Trust REIT (Real Estate)     852,766  
  397,544    DBS Group Holdings Ltd. (Financials)     9,854,337  
    2,281,172    Genting Singapore Ltd. (Consumer Discretionary)     1,543,854  
  58,870    Jardine Cycle & Carriage Ltd. (Industrials)     1,114,266  
  398,454    Keppel Ltd. (Industrials)     2,145,476  
  908,159    Oversea-Chinese Banking Corp. Ltd. (Financials)     8,766,848  
  339,768    Sembcorp Industries Ltd. (Utilities)     1,288,723  
  400,157    Singapore Airlines Ltd. (Industrials)     1,925,491  
  1,372,733    Singapore Exchange Ltd. (Financials)     9,647,722  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Singapore – (continued)

 

  668,952    Singapore Telecommunications Ltd. (Communication Services)   $ 1,169,149  
  134,300    STMicroelectronics NV (Information Technology)     6,064,011  
  256,720    United Overseas Bank Ltd. (Financials)     5,336,400  
      

 

 

 
             49,709,043  
 

 

 
  Spain – 2.4%

 

  9,401    Acciona SA (Utilities)     1,052,427  
  229,477    ACS Actividades de Construccion y Servicios SA (Industrials)     9,421,588  
  4,354    Aena SME SA (Industrials)(b)     825,251  
  47,197    Amadeus IT Group SA (Consumer Discretionary)     2,777,418  
  1,022,328    Banco Bilbao Vizcaya Argentaria SA (Financials)     10,162,588  
  2,649,107    Banco Santander SA (Financials)     11,024,018  
  553,655    CaixaBank SA (Financials)     2,498,405  
  78,221    Enagas SA (Utilities)     1,129,613  
  75,548    Endesa SA (Utilities)     1,360,391  
  765,626    Iberdrola SA (Utilities)     8,798,908  
  402,990    Industria de Diseno Textil SA (Consumer Discretionary)     17,884,288  
  101,052    Redeia Corp. SA (Utilities)     1,607,496  
  638,642    Repsol SA (Energy)     10,176,546  
    1,041,160    Telefonica SA (Communication Services)     4,273,542  
      

 

 

 
         82,992,479  
 

 

 
  Sweden – 2.2%

 

  51,709    Alfa Laval AB (Industrials)     1,947,436  
  81,200    Assa Abloy AB, Class B (Industrials)     2,318,105  
  382,808    Atlas Copco AB, Class A (Industrials)     6,649,922  
  271,988    Atlas Copco AB, Class B (Industrials)     4,070,311  
  74,883    Epiroc AB, Class A (Industrials)     1,358,720  
  55,641    Epiroc AB, Class B (Industrials)     918,437  
  118,131    Essity AB, Class B (Consumer Staples)     2,759,352  
  11,885    Evolution AB (Consumer Discretionary)(b)     1,540,721  
  581,154    H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)(a)     7,888,793  
  88,770    Hexagon AB, Class B (Information Technology)     1,041,053  
  31,198    Holmen AB, Class B (Materials)     1,253,655  
  132,024    Husqvarna AB, Class B
(Industrials)(a)
    1,018,941  
  51,592    Industrivarden AB, Class A (Financials)     1,761,541  
  62,167    Industrivarden AB, Class C (Financials)     2,116,602  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Sweden – (continued)

 

  204,397    Investor AB, Class B (Financials)   $ 5,143,777  
  23,982    L E Lundbergforetagen AB, Class B (Financials)     1,304,850  
  37,084    Lifco AB, Class B (Industrials)     988,434  
  17,949    Saab AB, Class B (Industrials)     1,416,152  
  59,544    Sandvik AB (Industrials)     1,340,214  
  193,771    Skandinaviska Enskilda Banken AB, Class A (Financials)(a)     2,880,128  
  35,836    SKF AB, Class B (Industrials)     782,006  
  84,728    Svenska Cellulosa AB SCA, Class B (Materials)     1,200,814  
  261,219    Svenska Handelsbanken AB, Class A (Financials)     3,125,303  
  167,386    Swedbank AB, Class A (Financials)     3,678,546  
  102,694    Swedish Orphan Biovitrum AB (Health Care)*     2,526,796  
  118,430    Tele2 AB, Class B (Communication Services)     994,828  
  710,682    Telefonaktiebolaget LM Ericsson, Class B (Information Technology)     3,861,980  
  627,237    Telia Co. AB (Communication Services)     1,495,435  
  84,699    Volvo AB, Class A (Industrials)     2,363,971  
  182,002    Volvo AB, Class B (Industrials)     5,014,643  
    1,058,475    Volvo Car AB, Class B (Consumer Discretionary)*     3,862,596  
      

 

 

 
             78,624,062  
 

 

 
  Switzerland – 5.3%

 

  159,918    ABB Ltd. (Industrials)     7,395,220  
  27,798    Adecco Group AG (Industrials)     1,118,486  
  27,726    Alcon, Inc. (Health Care)     2,367,203  
  17,867    Baloise Holding AG (Financials)     2,893,458  
  29,906    Banque Cantonale Vaudoise (Financials)     3,596,667  
  1,035    Barry Callebaut AG (Consumer Staples)     1,459,849  
  14,807    BKW AG (Utilities)     2,085,138  
  384    Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)     4,718,505  
  57,735    Cie Financiere Richemont SA (Consumer Discretionary)     9,218,717  
  65,246    Clariant AG (Materials)*     810,620  
  14,303    DSM-Firmenich AG (Materials)     1,532,322  
  4,031    EMS-Chemie Holding AG (Materials)     2,822,226  
  8,050    Geberit AG (Industrials)     4,691,681  
  1,026    Givaudan SA (Materials)     4,319,325  
  20,791    Helvetia Holding AG (Financials)     2,949,061  
  34,986    Kuehne + Nagel International AG (Industrials)     11,824,239  
  69,381    Logitech International SA (Information Technology)     6,144,263  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Switzerland – (continued)

 

  341,354    Novartis AG (Health Care)   $ 34,691,692  
  7,431    Partners Group Holding AG (Financials)     10,709,147  
  161,965    Sandoz Group AG (Health Care)*     5,050,887  
  7,493    Schindler Holding AG (Industrials)     1,912,925  
  6,480    Schindler Holding AG Participation Certificates (Industrials)     1,713,920  
  72,259    SGS SA (Industrials)     6,958,791  
  48,931    SIG Group AG (Materials)*     972,452  
  5,233    Sika AG (Materials)     1,518,405  
  7,512    Sonova Holding AG (Health Care)     2,323,000  
  39,623    Straumann Holding AG (Health Care)     6,281,723  
  14,523    Swatch Group AG (The) – Bearer (Consumer Discretionary)     3,440,461  
  65,446    Swatch Group AG (The) – Registered (Consumer Discretionary)     3,006,406  
  6,455    Swiss Life Holding AG (Financials)     4,703,342  
  24,210    Swiss Prime Site AG (Real Estate)     2,323,258  
  4,413    Swisscom AG (Communication Services)     2,532,883  
  509,654    UBS Group AG (Financials)     14,591,309  
  5,585    VAT Group AG (Industrials)(b)     2,808,515  
  16,578    Zurich Insurance Group AG (Financials)     8,848,629  
      

 

 

 
            184,334,725  
 

 

 
  United Kingdom – 10.1%

 

  314,561    3i Group PLC (Financials)     9,820,276  
  257,608    Admiral Group PLC (Financials)     8,687,467  
  14,232    Ashtead Group PLC (Industrials)     1,022,558  
  172,560    Associated British Foods PLC (Consumer Staples)     4,961,503  
  220,930    AstraZeneca PLC (Health Care)     27,899,052  
  1,248,841    Auto Trader Group PLC (Communication Services)(b)     11,696,266  
  279,021    Aviva PLC (Financials)     1,575,206  
  534,001    BAE Systems PLC (Industrials)     8,389,524  
  2,278,269    Barclays PLC (Financials)     4,739,570  
  895,613    Barratt Developments PLC (Consumer Discretionary)     5,285,009  
  61,821    Berkeley Group Holdings PLC (Consumer Discretionary)     3,630,851  
    2,737,183    BP PLC (Energy)     15,951,287  
  358,261    British American Tobacco PLC (Consumer Staples)     10,627,132  
  85,655    Bunzl PLC (Industrials)     3,416,256  
  563,924    Burberry Group PLC (Consumer Discretionary)     9,166,370  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  United Kingdom – (continued)

 

  5,026,452    Centrica PLC (Utilities)   $ 8,001,814  
  934,344    CK Hutchison Holdings Ltd. (Industrials)     4,744,044  
  76,707    Coca-Cola Europacific Partners PLC (Consumer Staples)     5,264,401  
  304,368    Compass Group PLC (Consumer Discretionary)     8,354,730  
  73,163    DCC PLC (Industrials)     5,197,473  
  205,797    Diageo PLC (Consumer Staples)     7,710,770  
  45,543    Halma PLC (Information Technology)     1,326,174  
  690,978    Hargreaves Lansdown PLC (Financials)     6,366,604  
    2,577,159    HSBC Holdings PLC (Financials)     20,032,575  
  275,551    Imperial Brands PLC (Consumer Staples)     5,941,180  
  302,100    Informa PLC (Communication Services)     3,096,112  
  40,375    InterContinental Hotels Group PLC (Consumer Discretionary)     4,279,867  
  28,657    Intertek Group PLC (Industrials)     1,675,461  
  2,124,623    J Sainsbury PLC (Consumer Staples)     6,708,109  
  4,903,705    JD Sports Fashion PLC (Consumer Discretionary)     7,313,274  
  1,438,929    Kingfisher PLC (Consumer Discretionary)     4,268,309  
  98,340    Land Securities Group PLC REIT (Real Estate)     770,753  
  1,983,162    Legal & General Group PLC (Financials)     6,073,327  
  4,854,558    Lloyds Banking Group PLC (Financials)     2,859,760  
  55,069    London Stock Exchange Group PLC (Financials)     6,182,985  
  247,800    M&G PLC (Financials)     704,333  
  301,652    Melrose Industries PLC (Industrials)     2,423,001  
  246,678    National Grid PLC (Utilities)     3,237,369  
  822,710    NatWest Group PLC (Financials)     2,488,284  
  86,779    Next PLC (Consumer Discretionary)     9,126,376  
  102,927    Pearson PLC (Consumer Discretionary)     1,250,678  
  251,150    Phoenix Group Holdings PLC (Financials)     1,579,884  
  77,916    Reckitt Benckiser Group PLC (Consumer Staples)     4,926,025  
  326,465    RELX PLC (Industrials)         14,292,622  
  969,627    Rolls-Royce Holdings PLC (Industrials)*     4,527,124  
  841,267    Sage Group PLC (The) (Information Technology)     13,243,490  
  57,886    Severn Trent PLC (Utilities)     1,830,574  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  United Kingdom – (continued)

 

  237,088    Smith & Nephew PLC (Health Care)   $ 3,120,508  
  123,131    Smiths Group PLC (Industrials)     2,504,535  
  9,428    Spirax-Sarco Engineering PLC (Industrials)     1,231,355  
  159,673    SSE PLC (Utilities)     3,283,161  
  463,601    St James’s Place PLC (Financials)     2,949,756  
  333,628    Standard Chartered PLC (Financials)     2,817,426  
  1,136,322    Taylor Wimpey PLC (Consumer Discretionary)     1,981,444  
    2,526,990    Tesco PLC (Consumer Staples)     8,911,893  
  194,252    Unilever PLC (Consumer Staples)     9,500,735  
  150,841    United Utilities Group PLC (Utilities)     1,955,766  
  7,658,578    Vodafone Group PLC (Communication Services)     6,696,156  
  69,339    Whitbread PLC (Consumer Discretionary)     2,897,076  
  352,415    Wise PLC, Class A (Financials)*     4,091,439  
  82,956    WPP PLC (Communication Services)     742,102  
      

 

 

 
            355,349,161  
 

 

 
  United States – 5.5%

 

  44,224    BRP, Inc. (Consumer Discretionary)     2,920,770  
  81,618    CRH PLC (Materials)     6,787,179  
  29,669    CSL Ltd. (Health Care)     5,529,863  
  4,324    CyberArk Software Ltd. (Information Technology)*     1,140,498  
  81,482    Experian PLC (Industrials)     3,488,944  
  89,891    Ferrovial SE (Industrials)     3,370,599  
  775,195    GSK PLC (Health Care)     16,322,795  
  801,354    Haleon PLC (Consumer Staples)     3,359,821  
  100,365    Holcim AG (Materials)*     8,217,951  
  95,462    James Hardie Industries PLC CDI (Materials)*     3,776,226  
  20,476    Monday.com Ltd. (Information Technology)*     4,566,353  
  394,477    Nestle SA (Consumer Staples)     41,107,500  
  59,698    QIAGEN NV (Health Care)*     2,560,509  
  14,434    Roche Holding AG (Health Care)     4,022,604  
  122,261    Roche Holding AG (Health Care)     32,205,371  
  182,888    Sanofi SA (Health Care)     17,394,513  
  69,715    Schneider Electric SE (Industrials)     15,827,755  
  439,019    Stellantis NV (Consumer Discretionary)     11,466,166  
  43,370    Swiss Re AG (Financials)     5,250,403  

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  United States – (continued)

 

      150,856    Tenaris SA (Energy)   $ 2,680,547  
      

 

 

 
         191,996,367  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $2,897,481,214)

     3,501,301,805  
 

 

 

 

    Shares    Description   Rate     Value  
  Preferred Stocks – 0.3%

 

  Germany – 0.3%

 

       50,211    Bayerische Motoren Werke AG (Consumer Discretionary)     8.33%       5,504,222  
  37,719    Henkel AG & Co. KGaA (Consumer Staples)     2.66        2,839,275  
  16,467    Porsche Automobil Holding SE (Consumer Discretionary)     5.18        879,940  
  9,274    Volkswagen AG (Consumer Discretionary)     7.00        1,257,895  
 

 

 
 

TOTAL PREFERRED STOCKS

(Cost $10,438,791)

 

 

    10,481,332  
 

 

 
    Units    Description   Expiration Month     Value  
  Warrant – 0.0%

 

  Canada – 0.0%

 

  8,722    Constellation Software, Inc. (Information Technology)*(c)    
  (Cost $0)     08/28        
 

 

 
   

Shares

   Dividend Rate   Value  
  Investment Company – 0.2%(d)

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 
    8,698,821    5.195%   $ 8,698,821  
  (Cost $8,698,821)  
 

 

 
 

TOTAL INVESTMENTS BEFORE SECURITIES

LENDING REINVESTMENT VEHICLE
(Cost $2,916,618,826)

    3,520,481,958  
 

 

 
   
  Securities Lending Reinvestment Vehicle – 1.7%(d)

 

 

Goldman Sachs Financial Square Government
Fund - Institutional Shares

 
   59,012,449    5.219%     59,012,449  
  (Cost $59,012,449)  
 

 

 
 

TOTAL INVESTMENTS – 101.6%

(Cost $2,975,631,275)

  $ 3,579,494,407  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%

    (55,670,163
 

 

 
  NET ASSETS – 100.0%   $  3,523,824,244  
 

 

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   All or a portion of security is on loan.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)   Represents an affiliated issuer.

 

 

Investment Abbreviations:
ADR    —American Depositary Receipt
PLC    —Public Limited Company
REIT    —Real Estate Investment Trust

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

 

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

 

 

Long position contracts:

                 

E-Mini MSCI EAFE Index Future

   77      03/15/24      $ 8,808,415        $ 461,846  

 

 

 

  Sector Name   

% of   

Market   
Value   

 

 

 
 

Financials

     19.3%   
 

Industrials

     16.4    
 

Consumer Discretionary

     13.1    
 

Health Care

     11.5    
 

Consumer Staples

     10.5    
 

Information Technology

     9.4    
 

Energy

     5.3    
 

Materials

     5.2    
 

Communication Services

     3.7    
 

Utilities

     2.6    
 

Real Estate

     1.2    
 

Investment Company

     0.2    
 

Securities Lending Reinvestment Vehicle

     1.6    
 

 

 
 

TOTAL INVESTMENTS

     100.0%   
 

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – 99.7%

 

  Communication Services – 5.5%  
  1,710    Capcom Co. Ltd. (Japan)   $ 68,882  
  1,565    Dentsu Group, Inc. (Japan)     43,373  
  5,670    KDDI Corp. (Japan)     172,521  
  506    Konami Group Corp. (Japan)     34,078  
  3,756    LY Corp. (Japan)     10,362  
  1,035    Nexon Co. Ltd. (Japan)     16,776  
  4,527    Nintendo Co. Ltd. (Japan)     254,071  
   166,579    Nippon Telegraph & Telephone Corp. (Japan)     202,895  
  15,366    SoftBank Corp. (Japan)     202,509  
  2,992    SoftBank Group Corp. (Japan)     175,718  
  1,027    Square Enix Holdings Co. Ltd. (Japan)     43,531  
  603    Toho Co. Ltd. (Japan)     19,588  
      

 

 

 
           1,244,304  
 

 

 
  Consumer Discretionary – 18.8%

 

  3,936    Aisin Corp. (Japan)     148,504  
  3,378    Bandai Namco Holdings, Inc. (Japan)     65,294  
  3,141    Bridgestone Corp. (Japan)     135,277  
  6,108    Denso Corp. (Japan)     112,390  
  850    Fast Retailing Co. Ltd. (Japan)     245,681  
  22,336    Honda Motor Co. Ltd. (Japan)     265,937  
  1,551    Iida Group Holdings Co. Ltd. (Japan)     20,016  
  3,120    Isuzu Motors Ltd. (Japan)     44,443  
  3,473    Koito Manufacturing Co. Ltd. (Japan)     43,961  
  18,293    Mazda Motor Corp. (Japan)     214,867  
  1,475    McDonald’s Holdings Co. Japan Ltd. (Japan)     68,689  
  4,589    Nissan Motor Co. Ltd. (Japan)     18,053  
  615    Nitori Holdings Co. Ltd. (Japan)     90,317  
  4,168    Oriental Land Co. Ltd. (Japan)     149,349  
  2,730    Pan Pacific International Holdings Corp. (Japan)     64,296  
  17,665    Panasonic Holdings Corp. (Japan)     167,656  
  2,564    Rakuten Group, Inc. (Japan)*     14,047  
  2,959    Sekisui Chemical Co. Ltd. (Japan)     41,695  
  3,414    Sekisui House Ltd. (Japan)     76,186  
  1,436    Sharp Corp. (Japan)*     7,824  
  291    Shimano, Inc. (Japan)     40,558  
  5,298    Sony Group Corp. (Japan)     458,226  
  7,422    Subaru Corp. (Japan)     168,801  
  10,552    Sumitomo Electric Industries Ltd. (Japan)     156,549  
  1,311    Suzuki Motor Corp. (Japan)     57,610  
  48,669    Toyota Motor Corp. (Japan)     1,177,460  
  1,489    USS Co. Ltd. (Japan)     25,921  
  610    Yamaha Corp. (Japan)     13,331  
  4,767    Yamaha Motor Co. Ltd. (Japan)     42,663  
  1,990    Zensho Holdings Co. Ltd. (Japan)     87,128  
  2,828    ZOZO, Inc. (Japan)     64,129  
      

 

 

 
         4,286,858  
 

 

 
    Shares    Description   Value  
  Common Stocks – (continued)

 

  Consumer Staples – 6.2%

 

  4,786    Aeon Co. Ltd. (Japan)   $ 114,318  
  2,952    Ajinomoto Co., Inc. (Japan)     108,538  
  3,043    Asahi Group Holdings Ltd. (Japan)     104,361  
  7,394    Japan Tobacco, Inc. (Japan)     192,273  
  2,272    Kao Corp. (Japan)     86,466  
  874    Kikkoman Corp. (Japan)     57,233  
  5,614    Kirin Holdings Co. Ltd. (Japan)     78,188  
  550    Kobe Bussan Co. Ltd. (Japan)     14,809  
  5,018    MatsukiyoCocokara & Co. (Japan)     83,181  
  1,519    MEIJI Holdings Co. Ltd. (Japan)     34,273  
  2,486    Nissin Foods Holdings Co. Ltd. (Japan)     72,701  
    15,441    Seven & i Holdings Co. Ltd. (Japan)     230,062  
  2,065    Shiseido Co. Ltd. (Japan)     55,836  
  1,764    Suntory Beverage & Food Ltd. (Japan)     58,010  
  1,878    Unicharm Corp. (Japan)     62,437  
  2,742    Yakult Honsha Co. Ltd. (Japan)     59,138  
      

 

 

 
           1,411,824  
 

 

 
  Energy – 1.9%  
  47,066    ENEOS Holdings, Inc. (Japan)     203,239  
  23,185    Idemitsu Kosan Co. Ltd. (Japan)     146,852  
  6,608    Inpex Corp. (Japan)     88,787  
      

 

 

 
         438,878  
 

 

 
  Financials – 13.2%  
  2,148    Chiba Bank Ltd. (The) (Japan)     17,480  
  6,536    Concordia Financial Group Ltd. (Japan)     33,101  
  3,323    Dai-ichi Life Holdings, Inc. (Japan)     75,665  
  9,236    Daiwa Securities Group, Inc. (Japan)     68,003  
  5,326    Japan Exchange Group, Inc. (Japan)     139,280  
  7,589    Japan Post Bank Co. Ltd. (Japan)     81,001  
  12,144    Japan Post Holdings Co. Ltd. (Japan)     117,367  
  9,594    Japan Post Insurance Co. Ltd. (Japan)     177,047  
  15,389    Mitsubishi HC Capital, Inc. (Japan)     106,213  
  60,118    Mitsubishi UFJ Financial Group, Inc. (Japan)     619,376  
  16,344    Mizuho Financial Group, Inc. (Japan)     305,870  
  2,988    MS&AD Insurance Group Holdings, Inc. (Japan)     147,933  
  8,415    Nomura Holdings, Inc. (Japan)     47,835  
  4,857    ORIX Corp. (Japan)     101,800  
  8,085    Resona Holdings, Inc. (Japan)     44,079  
  1,054    SBI Holdings, Inc. (Japan)     28,345  
  3,320    Shizuoka Financial Group, Inc. (Japan)     32,497  
  2,056    Sompo Holdings, Inc. (Japan)     120,637  

  

 

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


GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – (continued)

 

  Financials – (continued)

 

  6,749    Sumitomo Mitsui Financial Group, Inc. (Japan)   $ 376,252  
  3,146    Sumitomo Mitsui Trust Holdings, Inc. (Japan)     63,879  
  2,731    T&D Holdings, Inc. (Japan)     47,496  
  8,769    Tokio Marine Holdings, Inc. (Japan)     256,385  
      

 

 

 
           3,007,541  
 

 

 
  Health Care – 8.4%

 

  1,909    Asahi Intecc Co. Ltd. (Japan)     39,680  
    13,002    Astellas Pharma, Inc. (Japan)     143,468  
  3,962    Chugai Pharmaceutical Co. Ltd. (Japan)     158,829  
  8,747    Daiichi Sankyo Co. Ltd. (Japan)     290,690  
  1,788    Eisai Co. Ltd. (Japan)     74,712  
  1,859    Hoya Corp. (Japan)     242,017  
  2,692    Kyowa Kirin Co. Ltd. (Japan)     53,446  
  1,791    M3, Inc. (Japan)     25,686  
  6,701    Olympus Corp. (Japan)     95,454  
  4,534    Ono Pharmaceutical Co. Ltd. (Japan)     75,370  
  4,376    Otsuka Holdings Co. Ltd. (Japan)     177,823  
  1,601    Shionogi & Co. Ltd. (Japan)     80,055  
  1,023    Sysmex Corp. (Japan)     57,551  
  9,804    Takeda Pharmaceutical Co. Ltd. (Japan)     287,366  
  2,539    Terumo Corp. (Japan)     99,002  
      

 

 

 
         1,901,149  
 

 

 
  Industrials – 19.8%

 

  707    AGC, Inc. (Japan)     25,286  
  1,245    ANA Holdings, Inc. (Japan)*     27,151  
  1,929    Central Japan Railway Co. (Japan)     48,576  
  836    Dai Nippon Printing Co. Ltd. (Japan)     24,392  
  396    Daifuku Co. Ltd. (Japan)     9,382  
  947    Daikin Industries Ltd. (Japan)     133,980  
  924    East Japan Railway Co. (Japan)     54,729  
  2,687    FANUC Corp. (Japan)     78,490  
  428    Fuji Electric Co. Ltd. (Japan)     26,023  
  1,038    Hankyu Hanshin Holdings, Inc. (Japan)     29,939  
  111    Hikari Tsushin, Inc. (Japan)     20,076  
  825    Hitachi Construction Machinery Co. Ltd. (Japan)     23,834  
  4,932    Hitachi Ltd. (Japan)     417,343  
  823    Hoshizaki Corp. (Japan)     28,077  
  6,878    ITOCHU Corp. (Japan)     299,439  
  3,046    Japan Airlines Co. Ltd. (Japan)     56,903  
  3,563    Kajima Corp. (Japan)     66,120  
  1,387    Kawasaki Kisen Kaisha Ltd. (Japan)     66,287  
  1,206    Keisei Electric Railway Co. Ltd. (Japan)     56,364  
  781    Kintetsu Group Holdings Co. Ltd. (Japan)     24,035  
  3,575    Komatsu Ltd. (Japan)     103,808  
    Shares    Description   Value  
  Common Stocks – (continued)

 

  Industrials – (continued)

 

  1,797    Kubota Corp. (Japan)   $ 26,342  
  965    Makita Corp. (Japan)     25,190  
  9,563    Marubeni Corp. (Japan)     157,946  
  604    MINEBEA MITSUMI, Inc. (Japan)     12,490  
  2,800    MISUMI Group, Inc. (Japan)     42,766  
    20,942    Mitsubishi Corp. (Japan)     448,447  
  9,501    Mitsubishi Electric Corp. (Japan)     151,177  
  1,222    Mitsubishi Heavy Industries Ltd. (Japan)     96,547  
  7,433    Mitsui & Co. Ltd. (Japan)     325,439  
  1,413    Mitsui OSK Lines Ltd. (Japan)     48,450  
  3,978    MonotaRO Co. Ltd. (Japan)     38,074  
  828    NIDEC Corp. (Japan)     31,428  
  2,852    NIPPON EXPRESS HOLDINGS, Inc. (Japan)     150,899  
  3,468    Nippon Yusen KK (Japan)     110,572  
  8,423    Obayashi Corp. (Japan)     81,574  
  1,201    Odakyu Electric Railway Co. Ltd. (Japan)     16,891  
  6,235    Recruit Holdings Co. Ltd. (Japan)     251,783  
  917    Secom Co. Ltd. (Japan)     66,905  
  1,262    SG Holdings Co. Ltd. (Japan)     15,835  
  6,827    Shimizu Corp. (Japan)     39,629  
  175    SMC Corp. (Japan)     105,407  
  6,605    Sumitomo Corp. (Japan)     154,765  
  1,743    Taisei Corp. (Japan)     54,816  
  1,120    Tobu Railway Co. Ltd. (Japan)     28,638  
  2,080    Tokyu Corp. (Japan)     25,897  
  1,776    TOPPAN Holdings, Inc. (Japan)     42,279  
  1,070    TOTO Ltd. (Japan)     28,947  
  578    Toyota Industries Corp. (Japan)     57,503  
  2,785    Toyota Tsusho Corp. (Japan)     180,010  
  624    West Japan Railway Co. (Japan)     25,978  
  1,139    Yamato Holdings Co. Ltd. (Japan)     17,313  
  871    Yaskawa Electric Corp. (Japan)     35,609  
      

 

 

 
           4,515,780  
 

 

 
  Information Technology – 16.8%

 

  4,773    Advantest Corp. (Japan)     220,361  
  1,304    Azbil Corp. (Japan)     38,257  
  7,444    Brother Industries Ltd. (Japan)     124,813  
  6,829    Canon, Inc. (Japan)     199,710  
  594    Disco Corp. (Japan)     191,531  
  1,752    FUJIFILM Holdings Corp. (Japan)     111,474  
  1,089    Fujitsu Ltd. (Japan)     170,149  
  1,203    Hamamatsu Photonics KK (Japan)     43,178  
  207    Hirose Electric Co. Ltd. (Japan)     22,011  
  257    Ibiden Co. Ltd. (Japan)     11,850  
  870    Keyence Corp. (Japan)     407,128  
  5,668    Kyocera Corp. (Japan)     83,484  
  348    Lasertec Corp. (Japan)     92,888  
  7,586    Murata Manufacturing Co. Ltd. (Japan)     153,220  
  2,406    NEC Corp. (Japan)     162,200  

  

 

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


GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF

 

    Shares    Description   Value  
  Common Stocks – (continued)

 

  Information Technology – (continued)

 

  2,393    Nomura Research Institute Ltd. (Japan)   $ 67,216  
  2,514    NTT Data Group Corp. (Japan)     40,892  
  227    Obic Co. Ltd. (Japan)     35,528  
  812    Omron Corp. (Japan)     30,121  
  801    Oracle Corp. Japan (Japan)     61,385  
  1,784    Otsuka Corp. (Japan)     78,431  
  8,183    Renesas Electronics Corp. (Japan)     134,196  
  18,252    Ricoh Co. Ltd. (Japan)     151,826  
  692    Rohm Co. Ltd. (Japan)     11,755  
  587    SCREEN Holdings Co. Ltd. (Japan)     73,478  
  4,247    SCSK Corp. (Japan)     78,317  
  4,606    Seiko Epson Corp. (Japan)     74,505  
  1,730    Shimadzu Corp. (Japan)     47,194  
  1,515    SUMCO Corp. (Japan)     23,727  
  1,952    TDK Corp. (Japan)     101,545  
  2,397    TIS, Inc. (Japan)     54,051  
  2,373    Tokyo Electron Ltd. (Japan)     584,570  
  1,459    Trend Micro, Inc. (Japan)     72,390  
  3,396    Yokogawa Electric Corp. (Japan)     71,791  
      

 

 

 
           3,825,172  
 

 

 
  Materials – 4.6%

 

  4,306    Asahi Kasei Corp. (Japan)     29,964  
  9,161    JFE Holdings, Inc. (Japan)     150,266  
  298    JSR Corp. (Japan)     8,008  
  20,674    Mitsubishi Chemical Group Corp. (Japan)     118,585  
  533    Mitsui Chemicals, Inc. (Japan)     14,772  
  2,104    Nippon Paint Holdings Co. Ltd. (Japan)     15,611  
  1,568    Nippon Sanso Holdings Corp. (Japan)     45,446  
  6,136    Nippon Steel Corp. (Japan)(a)     152,303  
  963    Nissan Chemical Corp. (Japan)     40,233  
  775    Nitto Denko Corp. (Japan)     71,198  
  7,304    Shin-Etsu Chemical Co. Ltd. (Japan)     311,690  
  392    Sumitomo Metal Mining Co. Ltd. (Japan)     10,225  
    16,421    Toray Industries, Inc. (Japan)     75,758  
      

 

 

 
         1,044,059  
 

 

 
  Real Estate – 2.3%

 

  560    Daito Trust Construction Co. Ltd. (Japan)     66,469  
  3,223    Daiwa House Industry Co. Ltd. (Japan)     93,242  
  28    GLP J REIT (Japan)     22,244  
  6,239    Hulic Co. Ltd. (Japan)     62,236  
  39    Japan Metropolitan Fund Invest REIT (Japan)     23,009  
  7    Japan Real Estate Investment Corp. REIT (Japan)     25,256  
  19    KDX Realty Investment Corp. REIT (Japan)     19,029  
    Shares    Description   Value  
  Common Stocks – (continued)

 

  Real Estate – (continued)

 

  1,797    Mitsubishi Estate Co. Ltd. (Japan)   $ 27,621  
  2,424    Mitsui Fudosan Co. Ltd. (Japan)     65,770  
  6    Nippon Building Fund, Inc. REIT (Japan)     23,131  
  10    Nippon Prologis REIT, Inc. REIT (Japan)     16,743  
  1,318    Nomura Real Estate Holdings, Inc. (Japan)     32,785  
  24    Nomura Real Estate Master Fund, Inc. REIT (Japan)     23,876  
  498    Sumitomo Realty & Development Co. Ltd. (Japan)     14,767  
      

 

 

 
         516,178  
 

 

 
  Utilities – 2.2%

 

  3,493    Chubu Electric Power Co., Inc. (Japan)     43,561  
  13,428    Kansai Electric Power Co., Inc. (The) (Japan)     172,302  
  4,257    Osaka Gas Co. Ltd. (Japan)     85,157  
  2,880    Tokyo Electric Power Co. Holdings, Inc. (Japan)*     15,586  
  8,103    Tokyo Gas Co. Ltd. (Japan)     177,522  
      

 

 

 
         494,128  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $19,114,941)

     22,685,871  
 

 

 
    Shares    Dividend Rate   Value  
  Investment Company – 0.2%(b)

 

 

Goldman Sachs Financial Square Treasury
Obligations Fund – Institutional Shares

 
    48,147    5.195%     48,147  
  (Cost $48,147)  
 

 

 
  TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE  
  (Cost $19,163,088)     22,734,018  
 

 

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

 

 

Goldman Sachs Financial Square Government Fund - Institutional Shares

 
   152,374    5.219%     152,374  
  (Cost $152,374)  
 

 

 
 

TOTAL INVESTMENTS – 100.6%

(Cost $19,315,462)

  $ 22,886,392  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%

    (126,265
 

 

 
 

NET ASSETS – 100.0%

  $ 22,760,127  
 

 

 

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.

  

 

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


GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

  (a)

All or a portion of security is on loan.

  (b)

Represents an affiliated issuer.

Investment Abbreviations:
REIT        —Real Estate Investment Trust

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

 

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

 

 

Long position contracts:

                 

E-Mini Topix Index Future

   3      03/07/24      $  53,738        $ 6,702  

 

 

  

 

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


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

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – 99.8%  
  Communication Services – 8.1%  
   1,475,663    Alphabet, Inc., Class A*   $    204,320,299  
  1,393,025    Alphabet, Inc., Class C*     194,717,035  
  1,663,816    AT&T, Inc.     28,168,405  
  30,945    Charter Communications, Inc.,
Class A*
    9,095,664  
  1,317,195    Comcast Corp., Class A     56,441,806  
  161,469    Electronic Arts, Inc.     22,521,696  
  239,406    Interpublic Group of Cos., Inc. (The)     7,517,349  
  621,141    Meta Platforms, Inc., Class A     304,439,838  
  53,860    Netflix, Inc.*     32,473,271  
  121,429    Omnicom Group, Inc.     10,733,109  
  348,804    Pinterest, Inc., Class A*     12,801,107  
  45,424    Take-Two Interactive Software, Inc.*     6,674,148  
  128,857    T-Mobile US, Inc.     21,042,348  
  481,987    Verizon Communications, Inc.     19,289,120  
  153,973    Walt Disney Co. (The)     17,180,307  
  4,596,824    Warner Bros Discovery, Inc.*     40,406,083  
      

 

 

 
         987,821,585  
 

 

 
  Consumer Discretionary – 12.2%  
  18,173    Airbnb, Inc., Class A*     2,861,702  
  2,110,667    Amazon.com, Inc.*     373,081,499  
  14,387    AutoZone, Inc.*     43,247,610  
  305,992    Best Buy Co., Inc.     24,748,633  
  12,443    Booking Holdings, Inc.*     43,162,652  
  558,499    Carnival Corp.*     8,857,794  
  5,115    Chipotle Mexican Grill, Inc.*     13,753,059  
  209,930    D.R. Horton, Inc.     31,371,939  
  70,669    Darden Restaurants, Inc.     12,063,905  
  33,954    Deckers Outdoor Corp.*     30,408,863  
  30,795    Domino’s Pizza, Inc.     13,806,938  
  74,563    DoorDash, Inc., Class A*     9,288,313  
  189,486    DraftKings, Inc., Class A*     8,208,534  
  367,337    eBay, Inc.     17,367,693  
  173,004    Expedia Group, Inc.*     23,670,407  
  863,056    Ford Motor Co.     10,736,417  
  103,472    Garmin Ltd.     14,211,879  
  171,873    Genuine Parts Co.     25,653,764  
  52,077    Hilton Worldwide Holdings, Inc.     10,640,373  
  298,779    Home Depot, Inc. (The)     113,718,275  
  97,299    Las Vegas Sands Corp.     5,304,742  
  342,138    Lennar Corp., Class A     54,232,294  
  767,700    LKQ Corp.     40,143,033  
  224,727    Lowe’s Cos., Inc.     54,085,047  
  52,202    Marriott International, Inc., Class A     13,043,714  
  145,396    McDonald’s Corp.     42,496,343  
  576,003    MGM Resorts International*     24,929,410  
  324,223    NIKE, Inc., Class B     33,696,496  
  1,592    NVR, Inc.*     12,139,907  
  47,168    O’Reilly Automotive, Inc.*     51,291,427  
  48,315    Pool Corp.     19,235,168  
  468,979    PulteGroup, Inc.     50,827,944  
  85,094    Ross Stores, Inc.     12,675,602  
  120,771    Royal Caribbean Cruises Ltd.*     14,897,103  
  180,746    Starbucks Corp.     17,152,795  
  388,667    Tesla, Inc.*     78,464,094  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Consumer Discretionary – (continued)  
  398,736    TJX Cos., Inc. (The)   $      39,530,687  
  143,626    Tractor Supply Co.     36,526,964  
  60,440    Ulta Beauty, Inc.*     33,154,966  
  215,500    Yum! Brands, Inc.     29,829,510  
      

 

 

 
         1,494,517,495  
 

 

 
  Consumer Staples – 7.8%  
  484,377    Altria Group, Inc.     19,815,863  
  234,793    Archer-Daniels-Midland Co.     12,469,856  
  207,195    Brown-Forman Corp., Class B     12,479,355  
  88,836    Bunge Global SA     8,383,453  
  146,885    Church & Dwight Co., Inc.     14,706,126  
  136,477    Clorox Co. (The)     20,923,289  
  633,158    Coca-Cola Co. (The)     38,002,143  
  376,838    Colgate-Palmolive Co.     32,604,024  
  713,103    Conagra Brands, Inc.     20,023,932  
  49,315    Constellation Brands, Inc., Class A     12,255,764  
  141,703    Costco Wholesale Corp.     105,411,445  
  111,769    Dollar General Corp.     16,241,153  
  141,313    Dollar Tree, Inc.*     20,727,791  
  117,795    Estee Lauder Cos., Inc. (The),
Class A
    17,501,981  
  220,437    General Mills, Inc.     14,147,647  
  134,945    Hershey Co. (The)     25,358,864  
  146,891    J M Smucker Co. (The)     17,651,892  
  162,300    Kellanova     8,950,845  
  720,072    Kenvue, Inc.     13,681,368  
  488,236    Keurig Dr Pepper, Inc.     14,603,139  
  148,812    Kimberly-Clark Corp.     18,031,550  
  509,176    Kraft Heinz Co. (The)     17,963,729  
  1,156,788    Kroger Co. (The)     57,388,253  
  99,460    Lamb Weston Holdings, Inc.     10,165,807  
  90,099    McCormick & Co., Inc.     6,204,217  
  312,485    Mondelez International, Inc.,
Class A
    22,833,279  
  421,688    Monster Beverage Corp.*     24,921,761  
  359,445    PepsiCo, Inc.     59,430,636  
  432,392    Philip Morris International, Inc.     38,897,984  
  490,991    Procter & Gamble Co. (The)     78,038,110  
  282,907    Sysco Corp.     22,906,980  
  174,891    Target Corp.     26,744,332  
  305,360    Tyson Foods, Inc., Class A     16,562,726  
  329,636    Walgreens Boots Alliance, Inc.     7,008,061  
   1,654,943    Walmart, Inc.     96,996,209  
      

 

 

 
         950,033,564  
 

 

 
  Energy – 2.8%  
  224,962    APA Corp.     6,701,618  
  59,631    Cheniere Energy, Inc.     9,254,731  
  185,253    Chevron Corp.     28,160,309  
  172,944    ConocoPhillips     19,463,118  
  182,302    Devon Energy Corp.     8,032,226  
  17,681    Diamondback Energy, Inc.     3,227,136  
  114,930    EOG Resources, Inc.     13,154,888  
  315,857    EQT Corp.     11,734,088  
  831,642    Exxon Mobil Corp.     86,923,222  
  488,441    Kinder Morgan, Inc.     8,493,989  
  314,276    Marathon Oil Corp.     7,621,193  

 

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  Energy – (continued)  
  261,589    Marathon Petroleum Corp.   $     44,268,706  
  54,173    Occidental Petroleum Corp.     3,283,426  
  120,682    ONEOK, Inc.     9,065,632  
  195,767    Phillips 66     27,898,755  
  35,481    Pioneer Natural Resources Co.     8,344,776  
  40,531    Targa Resources Corp.     3,981,765  
  260,538    Valero Energy Corp.     36,855,706  
  281,944    Williams Cos., Inc. (The)     10,133,067  
      

 

 

 
         346,598,351  
 

 

 
  Financials – 10.6%  
  217,200    Aflac, Inc.     17,536,728  
  37,756    Allstate Corp. (The)     6,022,837  
  103,586    American Express Co.     22,728,840  
  460,769    American International Group, Inc.     33,585,452  
  53,126    Ameriprise Financial, Inc.     21,641,407  
  36,465    Aon PLC, Class A     11,522,575  
  178,536    Apollo Global Management, Inc.     19,960,325  
  242,339    Arch Capital Group Ltd.*     21,226,473  
  53,823    Ares Management Corp., Class A     7,138,544  
  99,294    Arthur J Gallagher & Co.     24,220,785  
   1,183,306    Bank of America Corp.     40,847,723  
  498,214    Bank of New York Mellon Corp. (The)     27,944,823  
  284,017    Berkshire Hathaway, Inc., Class B*     116,276,560  
  10,187    BlackRock, Inc.     8,265,121  
  29,587    Blackstone, Inc.     3,781,810  
  102,684    Brown & Brown, Inc.     8,647,020  
  349,726    Capital One Financial Corp.     48,125,795  
  81,034    Cboe Global Markets, Inc.     15,558,528  
  173,920    Charles Schwab Corp. (The)     11,614,378  
  69,849    Chubb Ltd.     17,578,898  
  28,543    Cincinnati Financial Corp.     3,253,902  
  635,298    Citigroup, Inc.     35,252,686  
  253,318    Citizens Financial Group, Inc.     7,951,652  
  75,811    CME Group, Inc.     16,704,954  
  192,422    Discover Financial Services     23,225,335  
  27,556    Everest Group Ltd.     10,164,857  
  26,862    FactSet Research Systems, Inc.     12,425,824  
  7,812    First Citizens BancShares, Inc.,
Class A
    12,294,604  
  113,306    Fiserv, Inc.*     16,913,187  
  25,519    FleetCor Technologies, Inc.*     7,126,691  
  169,101    Hartford Financial Services Group, Inc. (The)     16,206,640  
  108,983    Intercontinental Exchange, Inc.     15,085,427  
  56,923    Jack Henry & Associates, Inc.     9,891,510  
  577,865    JPMorgan Chase & Co.     107,517,562  
  265,450    KeyCorp     3,787,972  
  70,155    KKR & Co., Inc.     6,893,430  
  119,959    Loews Corp.     9,012,520  
  38,945    LPL Financial Holdings, Inc.     10,432,976  
  27,042    M&T Bank Corp.     3,778,849  
  6,938    Markel Group, Inc.*     10,354,826  
  157,766    Marsh & McLennan Cos., Inc.     31,911,329  
  181,212    Mastercard, Inc., Class A     86,032,209  
  61,318    MetLife, Inc.     4,276,317  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Financials – (continued)  
  80,845    Moody’s Corp.   $      30,674,210  
  133,325    Morgan Stanley     11,471,283  
  113,462    Nasdaq, Inc.     6,376,564  
  30,893    Northern Trust Corp.     2,537,242  
  41,467    PNC Financial Services Group, Inc. (The)     6,103,942  
  334,079    Principal Financial Group, Inc.     27,013,628  
  119,194    Progressive Corp. (The)     22,594,415  
  64,439    Prudential Financial, Inc.     7,023,207  
  30,494    Raymond James Financial, Inc.     3,669,038  
  31,030    S&P Global, Inc.     13,292,631  
  300,778    State Street Corp.     22,176,362  
   1,106,839    Synchrony Financial     45,712,451  
  53,655    Travelers Cos., Inc. (The)     11,855,609  
  312,223    Visa, Inc., Class A     88,246,709  
  126,925    W R Berkley Corp.     10,610,930  
  588,664    Wells Fargo & Co.     32,723,832  
  27,829    Willis Towers Watson PLC     7,586,464  
      

 

 

 
         1,294,388,398  
 

 

 
  Health Care – 12.8%  
  307,729    Abbott Laboratories     36,508,969  
  444,622    AbbVie, Inc.     78,275,703  
  115,569    Agilent Technologies, Inc.     15,874,558  
  35,592    Align Technology, Inc.*     10,763,733  
  153,270    Amgen, Inc.     41,969,924  
  352,111    Avantor, Inc.*     8,676,015  
  37,282    Becton Dickinson & Co.     8,781,775  
  60,957    Biogen, Inc.*     13,227,059  
  365,647    Boston Scientific Corp.*     24,209,488  
  663,776    Bristol-Myers Squibb Co.     33,686,632  
  188,845    Cardinal Health, Inc.     21,146,863  
  90,593    Cencora, Inc.     21,343,711  
  507,410    Centene Corp.*     39,796,166  
  135,245    Cigna Group (The)     45,461,254  
  53,260    Cooper Cos., Inc. (The)     4,985,136  
  648,608    CVS Health Corp.     48,236,977  
  122,010    Danaher Corp.     30,885,611  
  67,178    Dexcom, Inc.*     7,730,173  
  291,951    Edwards Lifesciences Corp.*     24,777,881  
  61,911    Elevance Health, Inc.     31,032,889  
  229,767    Eli Lilly & Co.     173,170,793  
  57,696    GE HealthCare Technologies, Inc.     5,266,491  
  371,149    Gilead Sciences, Inc.     26,759,843  
  48,639    HCA Healthcare, Inc.     15,160,776  
  135,723    Hologic, Inc.*     10,016,357  
  56,144    Humana, Inc.     19,668,366  
  63,457    IDEXX Laboratories, Inc.*     36,502,370  
  276,504    Incyte Corp.*     16,136,773  
  29,212    Insulet Corp.*     4,790,768  
  47,695    Intuitive Surgical, Inc.*     18,391,192  
  54,379    IQVIA Holdings, Inc.*     13,440,314  
  588,759    Johnson & Johnson     95,013,927  
  54,715    Laboratory Corp. of America Holdings     11,809,139  
  53,408    McKesson Corp.     27,847,465  
  116,131    Medtronic PLC     9,680,680  
  625,999    Merck & Co., Inc.     79,595,773  

  

 

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


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

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  Health Care – (continued)  
  23,120    Mettler-Toledo International, Inc.*   $     28,835,726  
  23,212    Molina Healthcare, Inc.*     9,143,439  
  854,536    Pfizer, Inc.     22,696,476  
  76,725    Quest Diagnostics, Inc.     9,582,185  
  40,972    Regeneron Pharmaceuticals, Inc.*     39,582,640  
  377,119    Royalty Pharma PLC, Class A     11,441,791  
  18,818    STERIS PLC     4,382,900  
  61,590    Stryker Corp.     21,499,221  
  59,853    Thermo Fisher Scientific, Inc.     34,126,984  
  216,392    UnitedHealth Group, Inc.     106,811,091  
  17,097    Veeva Systems, Inc., Class A*     3,855,545  
  94,796    Vertex Pharmaceuticals, Inc.*     39,884,469  
   5,383,659    Viatris, Inc.     66,595,862  
  51,306    Waters Corp.*     17,311,671  
  24,200    West Pharmaceutical Services, Inc.     8,672,312  
  73,775    Zimmer Biomet Holdings, Inc.     9,174,659  
  136,968    Zoetis, Inc.     27,164,863  
      

 

 

 
         1,571,383,378  
 

 

 
  Industrials – 9.9%  
  133,604    3M Co.     12,307,600  
  98,714    AMETEK, Inc.     17,786,289  
  41,080    Automatic Data Processing, Inc.     10,316,420  
  37,449    Axon Enterprise, Inc.*     11,510,699  
  60,862    Boeing Co. (The)*     12,398,807  
  115,079    Booz Allen Hamilton Holding Corp.     16,998,319  
  58,066    Broadridge Financial Solutions, Inc.     11,821,076  
  377,757    Builders FirstSource, Inc.*     73,730,611  
  33,546    Carlisle Cos., Inc.     11,741,100  
  301,182    Carrier Global Corp.     16,739,696  
  60,730    Caterpillar, Inc.     20,281,391  
  58,966    Cintas Corp.     37,066,617  
  275,955    Copart, Inc.*     14,667,008  
  215,479    CSX Corp.     8,175,273  
  35,521    Cummins, Inc.     9,541,296  
  36,821    Deere & Co.     13,441,506  
  376,931    Delta Air Lines, Inc.     15,932,873  
  67,182    Dover Corp.     11,110,559  
  79,552    Eaton Corp. PLC     22,990,528  
  122,401    Emerson Electric Co.     13,078,547  
  103,855    Expeditors International of Washington, Inc.     12,421,058  
  623,765    Fastenal Co.     45,541,083  
  114,485    FedEx Corp.     28,503,330  
  127,201    Fortive Corp.     10,828,621  
  79,530    General Dynamics Corp.     21,731,573  
  241,461    General Electric Co.     37,882,816  
  52,345    Graco, Inc.     4,777,005  
  100,254    Honeywell International, Inc.     19,923,477  
  238,761    Howmet Aerospace, Inc.     15,889,545  
  45,586    Hubbell, Inc.     17,353,223  
  34,533    IDEX Corp.     8,146,335  
  96,171    Illinois Tool Works, Inc.     25,211,228  
  119,750    Ingersoll Rand, Inc.     10,936,767  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Industrials – (continued)  
  16,619    J.B. Hunt Transport Services, Inc.   $       3,428,666  
  52,403    Jacobs Solutions, Inc.     7,684,900  
  117,720    Johnson Controls International PLC     6,977,264  
  69,600    L3Harris Technologies, Inc.     14,731,536  
  181,846    Leidos Holdings, Inc.     23,250,830  
  33,361    Lennox International, Inc.     15,720,037  
  42,595    Lockheed Martin Corp.     18,240,883  
  205,307    Masco Corp.     15,759,365  
  28,160    Norfolk Southern Corp.     7,135,181  
  29,917    Northrop Grumman Corp.     13,792,335  
  31,848    Old Dominion Freight Line, Inc.     14,092,103  
  95,873    Otis Worldwide Corp.     9,136,697  
  172,019    PACCAR, Inc.     19,075,187  
  53,559    Parker-Hannifin Corp.     28,678,167  
  96,788    Paychex, Inc.     11,868,145  
  55,775    Quanta Services, Inc.     13,470,220  
  126,022    Republic Services, Inc.     23,137,639  
  232,101    RTX Corp.     20,812,497  
  31,193    Snap-on, Inc.     8,598,662  
   408,768    SS&C Technologies Holdings, Inc.     26,063,048  
  397,263    Stanley Black & Decker, Inc.     35,471,613  
  345,543    Textron, Inc.     30,777,515  
  61,555    Trane Technologies PLC     17,356,663  
  14,616    TransDigm Group, Inc.     17,213,848  
  227,043    Uber Technologies, Inc.*     18,049,918  
  40,379    Union Pacific Corp.     10,243,749  
  59,298    United Parcel Service, Inc., Class B     8,791,521  
  11,946    United Rentals, Inc.     8,281,803  
  84,737    Veralto Corp.     7,322,972  
  55,694    Verisk Analytics, Inc.     13,472,379  
  169,779    Vertiv Holdings Co., Class A     11,480,456  
  50,420    W.W. Grainger, Inc.     49,081,853  
  98,265    Waste Management, Inc.     20,208,197  
  18,401    Watsco, Inc.     7,252,202  
  196,500    Westinghouse Air Brake Technologies Corp.     27,763,485  
  68,511    Xylem, Inc.     8,704,323  
      

 

 

 
          1,213,908,135  
 

 

 
  Information Technology – 29.8%  
  243,847    Accenture PLC, Class A     91,388,979  
  134,305    Adobe, Inc.*     75,248,405  
  304,221    Advanced Micro Devices, Inc.*     58,571,669  
  127,514    Akamai Technologies, Inc.*     14,143,853  
  155,965    Amphenol Corp., Class A     17,037,617  
  108,120    Analog Devices, Inc.     20,739,578  
  13,537    ANSYS, Inc.*     4,523,659  
   3,742,061    Apple, Inc.     676,377,526  
  296,357    Applied Materials, Inc.     59,751,498  
  94,977    Arista Networks, Inc.*     26,359,917  
  79,551    Atlassian Corp., Class A*     16,500,468  
  97,814    Autodesk, Inc.*     25,252,640  
  93,346    Broadcom, Inc.     121,395,540  
  184,873    Cadence Design Systems, Inc.*     56,271,644  
  43,999    CDW Corp.     10,832,994  
  1,020,641    Cisco Systems, Inc.     49,368,405  

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  Information Technology – (continued)  
  297,002    Cognizant Technology Solutions Corp., Class A   $     23,469,098  
  184,357    Corning, Inc.     5,943,670  
  37,677    Crowdstrike Holdings, Inc., Class A*     12,213,000  
  46,111    Datadog, Inc., Class A*     6,061,752  
  121,432    Dell Technologies, Inc., Class C     11,494,753  
  53,599    Enphase Energy, Inc.*     6,807,609  
  37,715    EPAM Systems, Inc.*     11,480,446  
  24,648    Fair Isaac Corp.*     31,300,742  
  510,635    Fortinet, Inc.*     35,289,985  
  65,941    Gartner, Inc.*     30,699,492  
  564,595    Gen Digital, Inc.     12,133,147  
  149,425    GoDaddy, Inc., Class A*     17,056,864  
   2,472,396    Hewlett Packard Enterprise Co.     37,654,591  
  379,120    HP, Inc.     10,740,470  
  28,517    HubSpot, Inc.*     17,646,605  
  562,837    Intel Corp.     24,230,133  
  286,801    International Business Machines Corp.     53,066,789  
  66,181    Intuit, Inc.     43,870,723  
  64,312    Jabil, Inc.     9,266,716  
  78,134    Keysight Technologies, Inc.*     12,056,076  
  43,524    KLA Corp.     29,696,425  
  63,798    Lam Research Corp.     59,858,473  
  176,870    Lattice Semiconductor Corp.*     13,550,011  
  88,158    Manhattan Associates, Inc.*     22,333,066  
  145,099    Microchip Technology, Inc.     12,208,630  
  129,774    Micron Technology, Inc.     11,758,822  
  1,835,114    Microsoft Corp.     759,076,555  
  10,858    MongoDB, Inc.*     4,859,824  
  16,006    Monolithic Power Systems, Inc.     11,524,960  
  87,192    Motorola Solutions, Inc.     28,807,365  
  174,762    NetApp, Inc.     15,574,789  
  564,310    NVIDIA Corp.     446,436,927  
  55,361    Okta, Inc.*     5,940,235  
  264,504    ON Semiconductor Corp.*     20,874,656  
  278,010    Oracle Corp.     31,048,157  
  216,818    Palantir Technologies, Inc., Class A*     5,437,795  
  105,769    Palo Alto Networks, Inc.*     32,846,563  
  60,026    PTC, Inc.*     10,985,358  
  266,416    QUALCOMM, Inc.     42,037,781  
  41,589    Roper Technologies, Inc.     22,654,776  
  203,642    Salesforce, Inc.*     62,888,722  
  46,643    Seagate Technology Holdings PLC     4,340,131  
  50,586    ServiceNow, Inc.*     39,019,005  
  186,508    Skyworks Solutions, Inc.     19,568,419  
  11,754    Snowflake, Inc., Class A*     2,213,043  
  55,582    Splunk, Inc.*     8,683,020  
  26,926    Super Micro Computer, Inc.*     23,321,147  
  71,374    Synopsys, Inc.*     40,949,405  
  21,637    Teledyne Technologies, Inc.*     9,244,841  
  132,129    Teradyne, Inc.     13,687,243  
  216,559    Texas Instruments, Inc.     36,236,817  
  82,346    Trimble, Inc.*     5,038,752  
  8,374    Tyler Technologies, Inc.*     3,660,610  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Information Technology – (continued)  
  100,830    VeriSign, Inc.*   $      19,691,091  
  66,484    Western Digital Corp.*     3,953,803  
  36,666    Workday, Inc., Class A*     10,804,004  
  19,770    Zebra Technologies Corp., Class A*     5,525,320  
  255,491    Zoom Video Communications, Inc., Class A*     18,070,878  
  9,872    Zscaler, Inc.*     2,388,728  
      

 

 

 
         3,653,043,200  
 

 

 
  Materials – 1.9%  
  37,347    Air Products and Chemicals, Inc.     8,740,692  
  22,263    Avery Dennison Corp.     4,820,607  
  77,730    CF Industries Holdings, Inc.     6,274,366  
  137,519    Dow, Inc.     7,684,562  
  40,471    DuPont de Nemours, Inc.     2,800,188  
  59,857    Ecolab, Inc.     13,458,248  
  320,482    International Paper Co.     11,332,244  
  69,656    Linde PLC     31,263,006  
  33,107    LyondellBasell Industries NV,
Class A
    3,319,970  
  11,397    Martin Marietta Materials, Inc.     6,584,161  
  714,777    Mosaic Co. (The)     22,272,451  
  95,725    Nucor Corp.     18,407,918  
  35,013    Packaging Corp. of America     6,344,005  
  40,469    PPG Industries, Inc.     5,730,410  
  43,260    Reliance, Inc.     13,895,977  
  64,392    RPM International, Inc.     7,427,617  
  77,491    Sherwin-Williams Co. (The)     25,729,337  
  145,149    Steel Dynamics, Inc.     19,423,839  
  39,892    Vulcan Materials Co.     10,605,288  
      

 

 

 
         226,114,886  
 

 

 
  Real Estate – 1.6%  
  49,381    Alexandria Real Estate Equities, Inc. REIT     6,159,292  
  30,776    American Tower Corp. REIT     6,120,115  
  30,863    AvalonBay Communities, Inc. REIT     5,463,677  
  90,248    Camden Property Trust REIT     8,526,631  
  146,559    CBRE Group, Inc., Class A*     13,467,306  
  29,173    Crown Castle, Inc. REIT     3,207,280  
  10,510    Equinix, Inc. REIT     9,341,498  
  34,684    Equity LifeStyle Properties, Inc. REIT     2,334,927  
  117,206    Equity Residential REIT     7,056,973  
  29,643    Essex Property Trust, Inc. REIT     6,859,390  
  187,954    Gaming and Leisure Properties, Inc. REIT     8,548,148  
   1,094,423    Host Hotels & Resorts, Inc. REIT     22,698,333  
  150,598    Invitation Homes, Inc. REIT     5,130,874  
  87,278    Iron Mountain, Inc. REIT     6,863,542  
  116,570    Kimco Realty Corp. REIT     2,303,423  
  44,267    Mid-America Apartment Communities, Inc. REIT     5,563,477  
  44,412    Prologis, Inc. REIT     5,918,787  
  21,767    Public Storage REIT     6,178,998  
  145,791    Realty Income Corp. REIT     7,597,169  

  

 

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


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

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  Real Estate – (continued)  
  30,706    Simon Property Group, Inc. REIT   $      4,548,787  
  86,025    Sun Communities, Inc. REIT     11,506,704  
  118,244    UDR, Inc. REIT     4,197,662  
  133,796    Ventas, Inc. REIT     5,658,233  
  383,901    VICI Properties, Inc. REIT     11,490,157  
  98,307    W.P. Carey, Inc. REIT     5,537,633  
  87,635    Welltower, Inc. REIT     8,076,442  
  175,152    Weyerhaeuser Co. REIT     6,021,726  
      

 

 

 
         196,377,184  
 

 

 
  Utilities – 2.3%  
  171,720    Alliant Energy Corp.     8,199,630  
  120,240    Ameren Corp.     8,559,886  
  142,930    American Electric Power Co., Inc.     12,176,207  
  40,814    American Water Works Co., Inc.     4,838,091  
  85,935    Atmos Energy Corp.     9,702,921  
  367,261    CenterPoint Energy, Inc.     10,099,677  
  116,056    CMS Energy Corp.     6,658,133  
  164,988    Consolidated Edison, Inc.     14,388,603  
  122,265    Constellation Energy Corp.     20,595,539  
  149,810    Dominion Energy, Inc.     7,165,412  
  82,357    DTE Energy Co.     8,923,381  
  138,161    Duke Energy Corp.     12,687,325  
  185,651    Edison International     12,627,981  
  75,675    Entergy Corp.     7,686,310  
  176,000    Evergy, Inc.     8,719,040  
  85,119    Eversource Energy     4,996,485  
   409,807    Exelon Corp.     14,687,483  
  256,724    FirstEnergy Corp.     9,398,666  
  256,113    NextEra Energy, Inc.     14,134,876  
  135,155    NiSource, Inc.     3,522,139  
  763,684    PG&E Corp.     12,745,886  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Utilities – (continued)  
  217,798    PPL Corp.   $       5,743,333  
  152,410    Public Service Enterprise Group, Inc.     9,510,384  
  195,851    Sempra     13,827,081  
   231,836    Southern Co. (The)     15,590,971  
  172,977    WEC Energy Group, Inc.     13,576,965  
  152,230    Xcel Energy, Inc.     8,020,999  
      

 

 

 
         278,783,404  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $8,161,888,538)

    12,212,969,580  
 

 

 
    Shares    Dividend Rate   Value  
  Investment Company – 0.1%(a)  
 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 
 

13,171,145

   5.195%     13,171,145  
  (Cost $13,171,145)  
 

 

 
  TOTAL INVESTMENTS – 99.9%

 

  (Cost $8,175,059,683)   $ 12,226,140,725  
 

 

 
 

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%

    14,823,354  
 

 

 
  NET ASSETS – 100.0%   $ 12,240,964,079  
 

 

 

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)

Represents an affiliated issuer.

 

 

Investment Abbreviations:
PLC    —Public Limited Company
REIT    —Real Estate Investment Trust

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

 

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

 

 

Long position contracts:

                 

S&P 500 E-Mini Index

   24      03/15/24      $ 6,124,500        $ 532,826  

 

 

  

 

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


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

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – 99.2%

 

  Communication Services – 2.0%

 

  9,087    AMC Networks, Inc., Class A*   $ 117,586  
  17,648    AST SpaceMobile, Inc.*     55,944  
  3,176    Atlanta Braves Holdings, Inc., Class A*(a)     133,233  
  4,331    Atlanta Braves Holdings, Inc., Class C*     169,429  
  11,291    Cardlytics, Inc.*     93,602  
       22,285    Cargurus, Inc.*     493,390  
  26,694    Cars.com, Inc.*     489,568  
  10,231    Cinemark Holdings, Inc.*     178,122  
  6,277    Cogent Communications Holdings, Inc.     507,872  
  30,530    DHI Group, Inc.*     86,400  
  13,254    EchoStar Corp., Class A*     173,760  
  17,821    EverQuote, Inc., Class A*     285,492  
  18,048    EW Scripps Co. (The), Class A*     72,734  
  29,640    fuboTV, Inc.*     61,355  
  88,080    Gannett Co., Inc.*     187,610  
  14,776    Gogo, Inc.*     120,572  
  18,713    Gray Television, Inc.     109,284  
  13,723    IDT Corp., Class B*     510,633  
  34,604    iHeartMedia, Inc., Class A*     95,853  
  7,936    IMAX Corp.*     135,944  
  8,469    Integral Ad Science Holding Corp.*     87,739  
  12,758    John Wiley & Sons, Inc., Class A     425,479  
  7,256    Liberty Latin America Ltd., Class A (Puerto Rico)*     46,656  
  34,769    Liberty Latin America Ltd., Class C (Puerto Rico)*     226,694  
  8,693    Lions Gate Entertainment Corp., Class A*(a)     84,409  
  9,216    Lions Gate Entertainment Corp., Class B*     83,681  
  27,070    Loop Media, Inc.*     13,535  
  4,282    Madison Square Garden Entertainment Corp.*     164,814  
  15,079    Magnite, Inc.*     181,250  
  8,852    Marcus Corp. (The)     129,859  
  20,250    Ooma, Inc.*     206,550  
  24,438    Playstudios, Inc.*(a)     57,918  
  2,410    QuinStreet, Inc.*     35,258  
  12,266    Scholastic Corp.     483,771  
  7,580    Shutterstock, Inc.     369,601  
  4,059    Sphere Entertainment Co.*     175,755  
  10,553    Spok Holdings, Inc.     189,637  
  25,618    Stagwell, Inc.*     136,800  
  40,107    TEGNA, Inc.     561,899  
  5,028    Telephone and Data Systems, Inc.     76,928  
  11,573    Thryv Holdings, Inc.*     242,339  
  118,595    Tingo Group, Inc.*(b)      
  84,826    TrueCar, Inc.*     295,195  
  21,616    Yelp, Inc.*     830,919  
  6,378    Ziff Davis, Inc.*     438,551  
  7,670    ZipRecruiter, Inc., Class A*     97,562  
      

 

 

 
         9,721,182  
 

 

 
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Consumer Discretionary – 11.8%

 

  19,792    1-800-Flowers.com, Inc., Class A*   $ 206,233  
  26,696    2U, Inc.*     12,029  
  19,030    Aaron’s Co., Inc. (The)     147,483  
  15,184    Abercrombie & Fitch Co., Class A*     1,939,908  
  12,905    Academy Sports & Outdoors, Inc.     964,262  
  9,949    Acushnet Holdings Corp.     640,915  
  13,396    Adient PLC*     454,660  
  12,027    Adtalem Global Education, Inc.*     595,337  
       35,416    American Axle & Manufacturing Holdings, Inc.*     245,079  
  27,633    American Eagle Outfitters, Inc.     656,284  
  4,439    Asbury Automotive Group, Inc.*     926,996  
  7,229    Atmus Filtration Technologies, Inc.*(a)     172,556  
  9,490    Beazer Homes USA, Inc.*     297,322  
  7,456    Beyond, Inc.*     250,000  
  4,348    BJ’s Restaurants, Inc.*     152,267  
  13,939    Bloomin’ Brands, Inc.     378,862  
  4,788    Boot Barn Holdings, Inc.*     442,890  
  7,236    Brinker International, Inc.*     335,316  
  10,176    Buckle, Inc. (The)     416,605  
  6,546    Build-A-Bear Workshop, Inc.     156,711  
  15,533    Caleres, Inc.     599,729  
  5,376    Camping World Holdings, Inc., Class A     143,485  
  31,422    CarParts.com, Inc.*     80,126  
  5,792    Carriage Services, Inc.     143,757  
  33,125    Carrols Restaurant Group, Inc.     313,694  
  5,685    Carvana Co.*     431,662  
  1,469    Cavco Industries, Inc.*     547,305  
  3,998    Century Communities, Inc.     344,987  
  5,196    Cheesecake Factory, Inc. (The)     183,834  
  19,255    Chegg, Inc.*     172,140  
  4,528    Chuy’s Holdings, Inc.*     153,182  
  6,933    Cooper-Standard Holdings, Inc.*     97,478  
  16,203    Coursera, Inc.*     260,382  
  1,791    Cracker Barrel Old Country Store, Inc.     118,439  
  24,535    Dana, Inc.     306,688  
  5,128    Dave & Buster’s Entertainment, Inc.*     316,603  
  16,905    Denny’s Corp.*     156,033  
  11,868    Designer Brands, Inc., Class A     125,326  
  28,077    Destination XL Group, Inc.*     112,027  
  1,993    Dillard’s, Inc., Class A     826,557  
  5,764    Dorman Products, Inc.*     543,084  
  3,175    Dream Finders Homes, Inc., Class A*     124,238  
  2,377    Duolingo, Inc.*     568,103  
  11,685    El Pollo Loco Holdings, Inc.*     105,866  
  19,475    Ethan Allen Interiors, Inc.     651,049  
  12,305    Everi Holdings, Inc.*     145,937  
  49,437    Figs, Inc., Class A*(a)     258,556  
  5,595    Foot Locker, Inc.          192,636  
  26,732    Fossil Group, Inc.*     28,336  

  

 

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


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

 

   

Shares

   Description   Value  
  Common Stocks – (continued)  
  Consumer Discretionary – (continued)  
  6,683    Fox Factory Holding Corp.*   $ 338,093  
  20,679    Frontdoor, Inc.*     648,493  
  9,364    Genesco, Inc.*     298,899  
  6,996    Gentherm, Inc.*     397,793  
  11,027    G-III Apparel Group Ltd.*     366,868  
  5,068    Golden Entertainment, Inc.     187,820  
  45,501    Goodyear Tire & Rubber Co. (The)*     540,552  
       37,801    GoPro, Inc., Class A*     88,454  
  832    Graham Holdings Co., Class B     584,339  
  6,759    Green Brick Partners, Inc.*     395,402  
  3,964    Group 1 Automotive, Inc.     1,072,857  
  8,445    Guess?, Inc.     214,334  
  14,079    Haverty Furniture Cos., Inc.     482,910  
  3,325    Helen of Troy Ltd.*     415,625  
  6,216    Hibbett, Inc.     509,401  
  10,835    Hilton Grand Vacations, Inc.*     486,275  
  2,162    Hovnanian Enterprises, Inc., Class A*     338,699  
  20,127    Inspired Entertainment, Inc.*     199,257  
  4,304    Installed Building Products, Inc.        1,028,355  
  15,870    International Game Technology PLC     431,188  
  3,164    iRobot Corp.*(a)     36,101  
  3,665    Jack in the Box, Inc.     267,545  
  6,750    JAKKS Pacific, Inc.*     236,992  
  3,825    Johnson Outdoors, Inc., Class A     175,797  
  10,284    KB Home     683,166  
  10,764    Kontoor Brands, Inc.     636,260  
  9,714    Krispy Kreme, Inc.     125,699  
  23,593    Laureate Education, Inc.     316,382  
  15,345    La-Z-Boy, Inc.     582,957  
  6,989    LCI Industries     880,474  
  17,351    Leslie’s, Inc.*     137,073  
  1,431    LGI Homes, Inc.*     163,263  
  7,297    Life Time Group Holdings, Inc.*     100,261  
  10,637    Light & Wonder, Inc.*     1,069,125  
  22,146    Lincoln Educational Services Corp.*     222,789  
  8,716    Lovesac Co. (The)*     200,817  
  6,488    M/I Homes, Inc.*     823,911  
  5,500    Malibu Boats, Inc., Class A*     240,020  
  5,417    MarineMax, Inc.*     179,844  
  14,759    MasterCraft Boat Holdings, Inc.*     323,665  
  8,751    MDC Holdings, Inc.     548,688  
  6,158    Meritage Homes Corp.     970,870  
  14,340    Modine Manufacturing Co.*     1,286,441  
  3,699    Monarch Casino & Resort, Inc.     260,225  
  4,005    Monro, Inc.     134,448  
  8,715    Movado Group, Inc.     250,208  
  2,177    Nathan’s Famous, Inc.     152,934  
  9,387    National Vision Holdings, Inc.*     219,656  
  35,216    Nerdy, Inc.*     102,126  
  9,520    ODP Corp. (The)*     537,690  
  11,799    OneSpaWorld Holdings Ltd. (Bahamas)*     153,859  
  6,573    Oxford Industries, Inc.     666,436  
  7,889    Papa John’s International, Inc.     567,140  
   

Shares

   Description   Value  
  Common Stocks – (continued)  
  Consumer Discretionary – (continued)  
  8,263    Patrick Industries, Inc.   $ 991,064  
  61,627    Perdoceo Education Corp.     1,097,577  
  16,874    PlayAGS, Inc.*     156,591  
  22,043    Potbelly Corp.*     305,957  
  968    Purple Innovation, Inc.     1,800  
  3,312    RCI Hospitality Holdings, Inc.     186,664  
  8,262    Red Rock Resorts, Inc., Class A     479,113  
  8,210    Revolve Group, Inc.*(a)     180,045  
  40,871    Rush Street Interactive, Inc.*     239,095  
  22,718    Sabre Corp.*     60,203  
  24,806    Sally Beauty Holdings, Inc.*     313,300  
  2,384    Shake Shack, Inc., Class A*     253,467  
  14,665    Shoe Carnival, Inc.     480,572  
  8,942    Signet Jewelers Ltd.     909,938  
  4,924    Six Flags Entertainment Corp.*     124,774  
  7,704    Skyline Champion Corp.*     645,518  
  9,216    Sleep Number Corp.*     152,248  
       22,687    Smith & Wesson Brands, Inc.     311,493  
  5,008    Sonic Automotive, Inc., Class A     262,920  
  24,370    Sonos, Inc.*     462,055  
  10,481    Standard Motor Products, Inc.     332,877  
  17,697    Steven Madden Ltd.     757,786  
  32,920    Stitch Fix, Inc., Class A*     106,332  
  14,592    Stoneridge, Inc.*     256,381  
  4,169    Strategic Education, Inc.     461,884  
  18,937    Stride, Inc.*     1,131,486  
  6,373    Sturm Ruger & Co., Inc.     276,078  
  8,933    Sweetgreen, Inc., Class A*     113,806  
  20,867    Target Hospitality Corp.*(a)     201,993  
  21,857    Taylor Morrison Home Corp.*     1,237,325  
  7,906    Topgolf Callaway Brands Corp.*     112,581  
  23,092    Tri Pointe Homes, Inc.*     816,995  
  23,240    Udemy, Inc.*     262,612  
  5,599    United Parks & Resorts, Inc.*     287,509  
  21,850    Upbound Group, Inc.     737,656  
  8,044    Urban Outfitters, Inc.*     334,228  
  22,093    Vera Bradley, Inc.*     172,325  
  13,648    Vista Outdoor, Inc.*     425,818  
  2,773    Visteon Corp.*     313,682  
  1,652    Winmark Corp.     627,017  
  9,910    Winnebago Industries, Inc.     710,844  
  13,660    Wolverine World Wide, Inc.     138,922  
  6,916    Worthington Enterprises, Inc.     429,622  
  42,228    WW International, Inc.*     131,751  
  10,425    XPEL, Inc.*     548,147  
  11,831    Zumiez, Inc.*     208,462  
      

 

 

 
           58,469,943  
 

 

 
  Consumer Staples – 3.7%

 

  5,510    Andersons, Inc. (The)     304,593  
  10,828    B&G Foods, Inc.     125,063  
  31,553    Beauty Health Co. (The)*     105,072  
  18,709    BellRing Brands, Inc.*     1,065,478  
  13,075    Cal-Maine Foods, Inc.     751,682  
  5,152    Central Garden & Pet Co.*     226,018  
  12,201    Central Garden & Pet Co., Class A*     459,856  
  3,923    Chefs’ Warehouse, Inc. (The)*     149,113  
  1,761    Coca-Cola Consolidated, Inc.     1,480,649  

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Consumer Staples – (continued)

 

  8,716    Dole PLC   $ 102,936  
  11,622    Edgewell Personal Care Co.     443,844  
  6,812    elf Beauty, Inc.*     1,420,506  
  10,429    Energizer Holdings, Inc.     297,748  
  10,275    Fresh Del Monte Produce, Inc.     245,881  
  19,383    Hain Celestial Group, Inc. (The)*     193,830  
  21,327    Herbalife Ltd.*     188,317  
  8,030    Ingles Markets, Inc., Class A     618,390  
  3,948    Inter Parfums, Inc.     579,251  
  2,346    J & J Snack Foods Corp.     340,358  
  4,561    John B. Sanfilippo & Son, Inc.     466,910  
  3,535    Lancaster Colony Corp.     731,462  
  3,110    Medifast, Inc.     124,680  
  1,395    MGP Ingredients, Inc.     118,826  
  11,872    National Beverage Corp.*     624,942  
  10,402    Nu Skin Enterprises, Inc., Class A     130,025  
  2,491    PriceSmart, Inc.     209,593  
       36,559    Primo Water Corp.     592,621  
  11,752    Simply Good Foods Co. (The)*     416,961  
  6,143    Sovos Brands, Inc.*     139,999  
  18,184    SpartanNash Co.     383,137  
  24,203    Sprouts Farmers Market, Inc.*     1,511,235  
  10,957    TreeHouse Foods, Inc.*     392,151  
  7,324    Turning Point Brands, Inc.     185,297  
  16,836    United Natural Foods, Inc.*     262,810  
  6,765    Universal Corp.     324,788  
  5,547    USANA Health Sciences, Inc.*     267,698  
  7,432    Utz Brands, Inc.     131,472  
  39,933    Vector Group Ltd.     445,652  
  7,787    Village Super Market, Inc., Class A     212,975  
  4,873    Vita Coco Co., Inc. (The)*     127,185  
  17,300    Vital Farms, Inc.*     310,881  
  3,039    WD-40 Co.     815,637  
  5,694    Weis Markets, Inc.     369,768  
      

 

 

 
           18,395,290  
 

 

 
  Energy – 6.6%  
  32,793    Amplify Energy Corp.*     198,070  
  27,739    Archrock, Inc.     506,792  
  24,657    Ardmore Shipping Corp. (Ireland)     400,183  
  20,882    Berry Corp.     147,218  
  20,764    Borr Drilling Ltd. (Mexico)*(a)     124,999  
  6,786    Bristow Group, Inc.*     182,883  
  6,763    Cactus, Inc., Class A     310,422  
  18,366    California Resources Corp.     958,154  
  10,180    Callon Petroleum Co.*     317,209  
  3,103    Centrus Energy Corp., Class A*     126,571  
  25,470    ChampionX Corp.     791,098  
  6,955    Chord Energy Corp.     1,129,840  
  9,245    Civitas Resources, Inc.     634,947  
  25,027    CNX Resources Corp.*     524,316  
  12,682    CONSOL Energy, Inc.     1,088,369  
  11,813    CVR Energy, Inc.     391,955  
  9,608    Delek US Holdings, Inc.     245,100  
  33,886    DHT Holdings, Inc.     366,647  
  16,875    Diamond Offshore Drilling, Inc.*     187,144  
   

Shares

   Description   Value  
  Common Stocks – (continued)  
  Energy – (continued)  
  10,600    Dorian LPG Ltd.   $ 383,190  
  5,269    Dril-Quip, Inc.*     119,079  
  3,984    Empire Petroleum Corp.*     23,625  
  19,302    Energy Fuels, Inc.*(a)     122,182  
  43,040    Equitrans Midstream Corp.     460,098  
  29,487    Evolution Petroleum Corp.     172,794  
  7,868    Expro Group Holdings NV*     140,759  
  3,480    FLEX LNG Ltd. (Norway)(a)     87,835  
  6,633    Golar LNG Ltd. (Cameroon)     134,584  
  4,261    Green Plains, Inc.*     90,759  
  5,806    Gulfport Energy Corp.*     824,394  
  43,898    Helix Energy Solutions Group, Inc.*     395,082  
  11,572    Helmerich & Payne, Inc.     444,249  
  10,469    International Seaways, Inc.     554,124  
  2,698    Kinetik Holdings, Inc.     95,293  
  11,843    KLX Energy Services Holdings, Inc.*     96,165  
  48,037    Kosmos Energy Ltd. (Ghana)*     294,947  
  51,438    Liberty Energy, Inc.     1,099,744  
  56,984    Magnolia Oil & Gas Corp., Class A     1,292,397  
  22,851    Matador Resources Co.     1,443,041  
       22,514    Murphy Oil Corp.     893,130  
  2,109    Nabors Industries Ltd.*     165,282  
  3,727    NACCO Industries, Inc., Class A     123,848  
  11,863    Noble Corp. PLC     495,992  
  23,554    Nordic American Tankers Ltd.     95,865  
  16,864    Northern Oil & Gas, Inc.     602,551  
  20,124    Oceaneering International, Inc.*     397,650  
  25,629    Oil States International, Inc.*     138,140  
  23,183    Overseas Shipholding Group, Inc., Class A     140,953  
  9,202    Par Pacific Holdings, Inc.*     332,376  
  51,774    Patterson-UTI Energy, Inc.     599,025  
  23,085    PBF Energy, Inc., Class A        1,078,070  
  21,661    Peabody Energy Corp.     536,543  
  62,059    Permian Resources Corp.     965,638  
  22,439    ProFrac Holding Corp., Class A*     183,551  
  39,915    ProPetro Holding Corp.*     295,371  
  7,003    REX American Resources Corp.*     307,992  
  21,555    Ring Energy, Inc.*     30,824  
  71,337    RPC, Inc.     527,180  
  12,552    SandRidge Energy, Inc.     163,678  
  9,783    Scorpio Tankers, Inc. (Monaco)     656,733  
  4,623    Seadrill Ltd. (Norway)*     195,091  
  20,706    SFL Corp. Ltd. (Norway)     276,632  
  7,906    SilverBow Resources, Inc.*     224,451  
  10,173    Sitio Royalties Corp., Class A     232,148  
  37,780    SM Energy Co.     1,653,631  
  387    Solaris Oilfield Infrastructure, Inc., Class A     3,278  
  22,741    Talos Energy, Inc.*     299,954  
  39,557    Teekay Corp. (Bermuda)*     299,446  
  10,677    Teekay Tankers Ltd., Class A (Canada)     585,313  
  77,880    TETRA Technologies, Inc.*     303,732  
  3,883    Tidewater, Inc.*     271,926  

  

 

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


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

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Energy – (continued)

 

  25,720    Uranium Energy Corp.*   $ 166,666  
  19,108    US Silica Holdings, Inc.*     219,742  
  46,774    VAALCO Energy, Inc.     208,612  
  6,907    Valaris Ltd.*     435,486  
  30,420    Vertex Energy, Inc.*     41,067  
  5,259    Vital Energy, Inc.*     264,685  
  85,409    W&T Offshore, Inc.     257,935  
  9,496    Weatherford International PLC*     974,385  
  14,498    World Kinect Corp.     353,171  
      

 

 

 
         32,904,001  
 

 

 
  Financials – 17.0%  
  3,638    1st Source Corp.     181,100  
  1,267    ACNB Corp.     44,649  
  5,489    Amalgamated Financial Corp.     126,686  
  12,788    A-Mark Precious Metals, Inc.     328,524  
       25,926    Ambac Financial Group, Inc.*     424,149  
  4,786    Amerant Bancorp, Inc.     101,415  
  24,530    American Equity Investment Life Holding Co.*        1,362,396  
  4,166    American National Bankshares, Inc.     187,970  
  13,978    Ameris Bancorp     647,601  
  6,680    AMERISAFE, Inc.     352,437  
  4,466    Ames National Corp.     84,720  
  28,851    Apollo Commercial Real Estate Finance, Inc. REIT     323,420  
  33,358    Arbor Realty Trust, Inc. REIT     446,997  
  861    Ares Commercial Real Estate Corp. REIT     6,492  
  8,515    Arrow Financial Corp.     204,190  
  18,203    Artisan Partners Asset Management, Inc., Class A     784,003  
  4,686    AssetMark Financial Holdings, Inc.*     165,650  
  23,242    Associated Banc-Corp.     484,363  
  12,303    Atlantic Union Bankshares Corp.     409,198  
  2,168    Atlanticus Holdings Corp.*     71,869  
  12,862    AvidXchange Holdings, Inc.*     170,936  
  19,002    Axos Financial, Inc.*     990,384  
  8,183    Banc of California, Inc.     119,717  
  6,601    BancFirst Corp.     579,172  
  11,130    Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)     311,306  
  14,602    Bancorp, Inc. (The)*     651,833  
  2,391    Bank First Corp.     206,821  
  5,910    Bank of Hawaii Corp.     356,255  
  20,569    Bank of NT Butterfield & Son Ltd. (The) (Bermuda)     614,807  
  15,500    BankUnited, Inc.     415,710  
  5,182    Bankwell Financial Group, Inc.     131,986  
  5,765    Banner Corp.     252,738  
  672    BayCom Corp.     13,453  
  11,760    BCB Bancorp, Inc.     123,362  
  6,238    Berkshire Hills Bancorp, Inc.     134,055  
  29,160    BGC Group, Inc., Class A     202,662  
  20,500    Blackstone Mortgage Trust, Inc., Class A REIT     417,585  
   

Shares

   Description   Value  
  Common Stocks – (continued)  
  Financials – (continued)  
  2,483    Blue Ridge Bankshares, Inc.   $ 6,083  
  7,813    Bread Financial Holdings, Inc.     299,082  
  13,249    Brightsphere Investment Group, Inc.     300,222  
  22,740    Brookline Bancorp, Inc.     222,170  
  5,376    Byline Bancorp, Inc.     112,036  
  31,468    Cadence Bank     871,034  
  583    Cambridge Bancorp     36,881  
  8,642    Camden National Corp.     274,643  
  5,836    Cannae Holdings, Inc.*     127,342  
  8,265    Capital City Bank Group, Inc.     234,313  
  4,588    Cass Information Systems, Inc.     221,692  
  16,858    Cathay General Bancorp     658,305  
  11,175    Central Pacific Financial Corp.     208,526  
  5,410    Central Valley Community Bancorp     101,113  
  3,276    Chemung Financial Corp.     139,558  
  21,701    Chimera Investment Corp. REIT     94,616  
  3,673    ChoiceOne Financial Services, Inc.(a)     97,739  
  6,284    City Holding Co.          631,416  
       10,303    Civista Bancshares, Inc.     154,751  
  15,319    Claros Mortgage Trust, Inc.     148,288  
  7,025    CNB Financial Corp.     140,430  
  33,615    CNO Financial Group, Inc.     897,184  
  4,240    Codorus Valley Bancorp, Inc.     97,605  
  8,895    Cohen & Steers, Inc.     654,227  
  1,084    Colony Bankcorp, Inc.     12,293  
  6,589    Columbia Financial, Inc.*     110,234  
  5,684    Community Bank System, Inc.     257,485  
  5,085    Community Trust Bancorp, Inc.     202,180  
  294    Compass Diversified Holdings     6,762  
  6,688    ConnectOne Bancorp, Inc.     132,356  
  8,371    Consumer Portfolio Services, Inc.*     73,916  
  16,065    Customers Bancorp, Inc.*     872,490  
  18,213    CVB Financial Corp.     309,985  
  1,805    Diamond Hill Investment Group, Inc.     261,147  
  10,823    Dime Community Bancshares, Inc.     202,823  
  11,861    Donnelley Financial Solutions, Inc.*     765,746  
  8,546    Dynex Capital, Inc. REIT     105,458  
  8,950    Eagle Bancorp, Inc.     213,189  
  8,868    Eastern Bankshares, Inc.     114,575  
  11,156    Ellington Financial, Inc. REIT     126,397  
  8,370    Employers Holdings, Inc.     382,593  
  11,724    Enact Holdings, Inc.     324,989  
  5,436    Encore Capital Group, Inc.*     260,928  
  17,309    Enova International, Inc.*     1,094,794  
  1,781    Enstar Group Ltd.*     548,441  
  7,022    Enterprise Financial Services Corp.     280,318  
  3,670    Esquire Financial Holdings, Inc.     186,363  
  23,708    Essent Group Ltd.     1,270,038  
  3,535    Evans Bancorp, Inc.     104,990  
  15,735    EVERTEC, Inc. (Puerto Rico)     568,506  

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Financials – (continued)

 

  2,232    Farmers & Merchants Bancorp, Inc.   $ 45,086  
  11,625    Farmers National Banc Corp.     156,705  
  9,045    FB Financial Corp.     322,364  
  5,942    Federal Agricultural Mortgage Corp., Class C     1,062,846  
  2,153    Fidelity D&D Bancorp, Inc.     107,521  
  9,989    Financial Institutions, Inc.     183,398  
  8,142    First Bancorp     277,805  
  5,875    First Bancorp, Inc. (The)     138,767  
  47,347    First BanCorp. (Puerto Rico)     803,952  
  4,134    First Bancshares, Inc. (The)     102,647  
  9,477    First Busey Corp.     218,540  
  7,558    First Business Financial Services, Inc.          266,646  
  22,136    First Commonwealth Financial Corp.     288,432  
  4,785    First Community Corp/SC     78,618  
  19,681    First Financial Bancorp     427,078  
       23,712    First Financial Bankshares, Inc.     733,649  
  4,044    First Financial Corp.     150,558  
  10,575    First Interstate BancSystem, Inc., Class A     278,334  
  13,598    First Merchants Corp.     451,454  
  4,564    First Mid Bancshares, Inc.     138,289  
  8,888    First of Long Island Corp. (The)     99,012  
  1,205    First Western Financial, Inc.*     17,051  
  5,507    FirstCash Holdings, Inc.     630,551  
  12,621    Flushing Financial Corp.     162,054  
  5,441    Flywire Corp.*     154,470  
  12,581    Franklin BSP Realty Trust, Inc. REIT     162,421  
  3,044    FS Bancorp, Inc.     101,578  
  31,571    Fulton Financial Corp.     486,193  
  2,286    FVCBankcorp, Inc.*     27,683  
  110,236    Genworth Financial, Inc., Class A*     677,951  
  10,190    German American Bancorp, Inc.     320,577  
  12,470    Glacier Bancorp, Inc.     466,627  
  4,990    Goosehead Insurance, Inc., Class A*     377,494  
  6,460    Great Southern Bancorp, Inc.     336,824  
  6,228    Greene County Bancorp, Inc.     177,872  
  8,400    Hamilton Lane, Inc., Class A     964,740  
  14,185    Hancock Whitney Corp.     618,466  
  11,519    Hanmi Financial Corp.     174,052  
  14,614    HarborOne Bancorp, Inc.     148,771  
  8,312    Heartland Financial USA, Inc.     282,608  
  17,837    Heritage Commerce Corp.     147,869  
  6,156    Heritage Financial Corp.     112,963  
  13,488    Hilltop Holdings, Inc.     416,509  
  623    Hingham Institution For Savings (The)(a)     104,652  
  3,692    Home Bancorp, Inc.     135,681  
  29,106    Home BancShares, Inc.     682,827  
  5,818    HomeTrust Bancshares, Inc.     152,723  
  27,171    Hope Bancorp, Inc.     298,066  
  8,235    Horace Mann Educators Corp.     298,025  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Financials – (continued)

 

  12,683    Horizon Bancorp, Inc.   $ 152,703  
  1,970    I3 Verticals, Inc., Class A*     41,981  
  13,416    Independent Bank Corp.     328,021  
  7,244    Independent Bank Corp.     377,920  
  5,333    Independent Bank Group, Inc.     233,212  
  11,652    International Bancshares Corp.     604,622  
  14,250    International Money Express, Inc.*     280,725  
  1,143    Investors Title Co.     177,645  
  19,392    Jackson Financial, Inc., Class A     1,067,530  
  9,052    KKR Real Estate Finance Trust, Inc. REIT     88,257  
  18,869    Ladder Capital Corp. REIT     203,974  
  11,775    Lakeland Bancorp, Inc.     137,532  
  9,011    Lakeland Financial Corp.     574,001  
  29,683    LendingClub Corp.*     240,729  
  9,596    Live Oak Bancshares, Inc.     381,153  
  19,904    Macatawa Bank Corp.     195,059  
  5,761    MainStreet Bancshares, Inc.     103,784  
       26,160    Marqeta, Inc., Class A*     170,825  
  33,081    MBIA, Inc.*     216,019  
  7,206    Mercantile Bank Corp.          265,469  
  3,523    Metropolitan Bank Holding Corp.*     138,137  
  10,097    MFA Financial, Inc. REIT     113,288  
  2,995    Middlefield Banc Corp.     73,497  
  5,460    Midland States Bancorp, Inc.     132,951  
  4,499    MidWestOne Financial Group, Inc.     103,117  
  8,659    Moelis & Co., Class A     467,932  
  14,935    Mr Cooper Group, Inc.*     1,064,567  
  5,443    National Bank Holdings Corp., Class A     184,191  
  5,357    National Bankshares, Inc.     167,513  
  818    National Western Life Group, Inc., Class A     397,204  
  46,526    Navient Corp.     756,513  
  8,786    NBT Bancorp, Inc.     302,151  
  4,525    Nelnet, Inc., Class A     388,562  
  505    New York Mortgage Trust, Inc. REIT     3,641  
  3,620    NewtekOne, Inc.(a)     41,775  
  7,204    Nexpoint Real Estate Finance, Inc. REIT     101,144  
  2,806    Nicolet Bankshares, Inc.     221,478  
  21,716    NMI Holdings, Inc., Class A*     653,217  
  6,357    Northeast Bank     339,400  
  5,949    Northeast Community Bancorp, Inc.     92,745  
  16,531    Northwest Bancshares, Inc.     189,445  
  4,228    Norwood Financial Corp.     116,735  
  6,291    Oak Valley Bancorp     156,835  
  8,287    OceanFirst Financial Corp.     125,962  
  16,937    OFG Bancorp (Puerto Rico)     613,458  
  42,920    Old National Bancorp     705,176  
  15,702    Old Second Bancorp, Inc.     210,878  
  18,313    Open Lending Corp.*     132,952  
  3,170    Origin Bancorp, Inc.     94,593  

  

 

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


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

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Financials – (continued)

 

  11,949    Oscar Health, Inc., Class A*   $ 194,291  
  12,494    Pacific Premier Bancorp, Inc.     285,613  
  17,485    Pagseguro Digital Ltd., Class A (Brazil)*     243,391  
  3,535    Palomar Holdings, Inc.*     269,155  
  3,738    Park National Corp.     480,370  
  9,294    Parke Bancorp, Inc.     160,322  
  11,494    Pathward Financial, Inc.     584,355  
  9,209    Patria Investments Ltd., Class A (Cayman Islands)          137,214  
  21,025    Payoneer Global, Inc.*     102,181  
  10,197    PCB Bancorp     164,682  
  7,357    Peapack-Gladstone Financial Corp.     178,260  
  7,636    PennyMac Financial Services, Inc.     648,525  
       14,794    PennyMac Mortgage Investment Trust REIT     209,039  
  14,023    Peoples Bancorp, Inc.     393,626  
  3,848    Peoples Financial Services Corp.     155,267  
  2,504    Piper Sandler Cos.     471,428  
  6,747    PJT Partners, Inc., Class A     711,134  
  2,741    Plumas Bancorp     95,496  
  4,881    PRA Group, Inc.*     124,758  
  8,043    Preferred Bank     577,890  
  7,461    Premier Financial Corp.     144,594  
  6,018    Primis Financial Corp.     74,322  
  9,330    ProAssurance Corp.     115,039  
  15,233    PROG Holdings, Inc.*     470,243  
  15,577    Provident Financial Services, Inc.     234,901  
  6,448    QCR Holdings, Inc.     367,536  
  45,880    Radian Group, Inc.     1,336,943  
  36,583    Ready Capital Corp. REIT     323,028  
  6,385    Regional Management Corp.     149,409  
  10,970    Remitly Global, Inc.*     226,201  
  10,083    Renasant Corp.     318,724  
  5,948    Republic Bancorp, Inc., Class A     292,998  
  7,919    S&T Bancorp, Inc.     246,994  
  3,756    Safety Insurance Group, Inc.     308,593  
  11,193    Sandy Spring Bancorp, Inc.     246,022  
  8,293    Seacoast Banking Corp. of Florida     200,193  
  12,170    Selective Insurance Group, Inc.     1,271,522  
  12,196    ServisFirst Bancshares, Inc.     770,665  
  696    Shore Bancshares, Inc.     7,907  
  6,843    Sierra Bancorp     127,348  
  16,318    Simmons First National Corp., Class A     313,306  
  23,868    SiriusPoint Ltd. (Bermuda)*     292,860  
  4,209    Skyward Specialty Insurance Group, Inc.*     154,007  
  5,867    Southern First Bancshares, Inc.*     193,318  
  6,482    Southern Missouri Bancorp, Inc.     277,948  
  6,306    Southside Bancshares, Inc.     180,730  
  9,836    SouthState Corp.     826,617  
  7,959    Stellar Bancorp, Inc.     188,628  
  3,869    StepStone Group, Inc., Class A     134,370  
   

Shares

   Description   Value  
  Common Stocks – (continued)  
  Financials – (continued)  
  9,092    Stewart Information Services Corp.   $ 572,614  
  7,039    Stock Yards Bancorp, Inc.     322,457  
  36,008    StoneCo Ltd., Class A (Brazil)*     619,698  
  9,337    StoneX Group, Inc.*     646,681  
  8,196    Texas Capital Bancshares, Inc.*     480,695  
  3,507    Timberland Bancorp, Inc.     91,883  
  3,549    Tompkins Financial Corp.     170,920  
  13,577    Towne Bank     368,072  
  8,896    TriCo Bancshares     297,215  
  3,781    Triumph Financial, Inc.*     283,575  
  5,505    TrustCo Bank Corp.     150,231  
  12,550    Trustmark Corp.     337,093  
  7,344    Two Harbors Investment Corp. REIT     93,048  
  8,542    UMB Financial Corp.     697,113  
  17,483    United Bankshares, Inc.     606,485  
       15,220    United Community Banks, Inc.     395,872  
  6,472    Unity Bancorp, Inc.     177,203  
  8,062    Universal Insurance Holdings, Inc.     162,772  
  6,548    Univest Financial Corp.     131,091  
  4,323    Upstart Holdings, Inc.*(a)     111,317  
  68,516    Valley National Bancorp     561,146  
  9,644    Veritex Holdings, Inc.     189,312  
  4,228    Victory Capital Holdings, Inc., Class A     162,482  
  4,413    Virginia National Bankshares Corp.     134,243  
  2,421    Virtus Investment Partners, Inc.     562,447  
  14,535    WaFd, Inc.     395,933  
  4,699    Walker & Dunlop, Inc.     448,191  
  6,473    Washington Trust Bancorp, Inc.     166,615  
  15,950    Waterstone Financial, Inc.     201,768  
  11,397    WesBanco, Inc.     330,285  
  12,359    West BanCorp, Inc.     215,047  
  7,903    Westamerica BanCorp     361,246  
  48,215    WisdomTree, Inc.     388,613  
  803    World Acceptance Corp.*     96,167  
  12,294    WSFS Financial Corp.     521,143  
      

 

 

 
           84,280,716  
 

 

 
  Health Care – 11.4%

 

  3,406    4D Molecular Therapeutics, Inc.*     95,436  
  39,019    ACADIA Pharmaceuticals, Inc.*     906,802  
  18,947    AdaptHealth Corp.*     193,828  
  3,557    Addus HomeCare Corp.*     328,240  
  34,604    ADMA Biologics, Inc.*     185,477  
  16,630    Alignment Healthcare, Inc.*     99,780  
  50,461    Alkermes PLC*     1,498,187  
  17,564    Alphatec Holdings, Inc.*     235,885  
  26,680    Amicus Therapeutics, Inc.*     342,038  
  13,075    AMN Healthcare Services, Inc.*     735,730  
  116,385    Amneal Pharmaceuticals, Inc.*     642,445  
  11,228    Amphastar Pharmaceuticals, Inc.*     522,888  
  19,466    Amylyx Pharmaceuticals, Inc.*     366,934  
  14,926    AngioDynamics, Inc.*     81,944  
  5,479    ANI Pharmaceuticals, Inc.*     370,764  

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Health Care – (continued)

 

  12,276    Anika Therapeutics, Inc.*   $ 298,061  
  4,780    Arcellx, Inc.*     314,620  
  12,742    Arcturus Therapeutics Holdings, Inc.*     493,880  
  23,933    Ardelyx, Inc.*     223,056  
  5,837    Arrowhead Pharmaceuticals, Inc.*     187,368  
  82,421    Assertio Holdings, Inc.*     72,852  
  4,355    Astrana Health, Inc.*     196,149  
  3,387    Astria Therapeutics, Inc.*     48,163  
  6,876    AtriCure, Inc.*     240,454  
  141    Atrion Corp.     51,887  
  14,909    Aurinia Pharmaceuticals, Inc. (Canada)*     85,279  
  12,462    Avanos Medical, Inc.*     231,419  
       12,956    Avita Medical, Inc.*     234,892  
  3,948    Axonics, Inc.*     268,227  
  4,756    Axsome Therapeutics, Inc.*     387,043  
  25,738    BioCryst Pharmaceuticals, Inc.*     144,905  
  4,125    Biohaven Ltd.*     198,577  
  3,489    Blueprint Medicines Corp.*     326,291  
  5,949    Bridgebio Pharma, Inc.*     203,158  
  6,804    Cabaletta Bio, Inc.*     155,676  
  41,567    CareDx, Inc.*     442,273  
  72,423    Catalyst Pharmaceuticals, Inc.*     1,160,941  
  2,250    Cerevel Therapeutics Holdings, Inc.*     92,250  
  63,662    Cerus Corp.*     138,783  
  8,296    Codexis, Inc.*     38,576  
  32,133    Collegium Pharmaceutical, Inc.*        1,179,602  
  13,110    Computer Programs and Systems, Inc.*     116,155  
  2,438    CONMED Corp.     195,820  
  48,398    Corcept Therapeutics, Inc.*     1,137,353  
  140    CorMedix, Inc.*     496  
  3,143    CorVel Corp.*     766,892  
  2,803    Crinetics Pharmaceuticals, Inc.*     114,755  
  27,695    Cross Country Healthcare, Inc.*     505,988  
  8,825    CryoPort, Inc.*     155,938  
  5,970    CVRx, Inc.*     117,191  
  10,923    Cymabay Therapeutics, Inc.*     351,611  
  3,673    Cytokinetics, Inc.*     265,338  
  1,601    Disc Medicine, Inc.*     109,941  
  62,900    Dynavax Technologies Corp.*     796,943  
  6,377    Eagle Pharmaceuticals, Inc.*     37,369  
  16,967    Embecta Corp.     242,289  
  10,759    Emergent BioSolutions, Inc.*     34,752  
  401    Enhabit, Inc.*     3,609  
  1,687    Enliven Therapeutics, Inc.*     26,941  
  9,184    Ensign Group, Inc. (The)     1,147,265  
  17,786    Entrada Therapeutics, Inc.*     235,309  
  8,644    Evolent Health, Inc., Class A*     293,118  
  31,583    Evolus, Inc.*     468,376  
  10,186    Fulgent Genetics, Inc.*     229,796  
  3,478    Glaukos Corp.*     308,116  
  5,657    Haemonetics Corp.*     412,848  
  17,906    Halozyme Therapeutics, Inc.*     712,838  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Health Care – (continued)

 

  18,969    Harmony Biosciences Holdings, Inc.*   $ 608,905  
  36,572    Harvard Bioscience, Inc.*     158,357  
  8,750    HealthEquity, Inc.*     722,837  
  9,056    HealthStream, Inc.     247,048  
  10,508    Hims & Hers Health, Inc.*     137,024  
  3,709    Ideaya Biosciences, Inc.*     165,792  
  4,443    Immunovant, Inc.*     157,149  
  8,119    Inari Medical, Inc.*     374,448  
  16,793    InfuSystem Holdings, Inc.*     155,335  
  14,161    Inmode Ltd.*     311,542  
  46,167    Innoviva, Inc.*     705,432  
  8,695    Insmed, Inc.*     241,025  
  6,680    Integer Holdings Corp.*     736,737  
  3,797    Intellia Therapeutics, Inc.*     121,960  
       17,307    Intra-Cellular Therapies, Inc.*     1,203,183  
  2,587    iRadimed Corp.     108,576  
  6,418    iRhythm Technologies, Inc.*     761,496  
  72,888    Ironwood Pharmaceuticals, Inc.*     687,334  
  7,144    iTeos Therapeutics, Inc.*     76,512  
  10,329    Joint Corp. (The)*     101,844  
  90,435    Karyopharm Therapeutics, Inc.*     104,905  
  18,725    Kiniksa Pharmaceuticals Ltd., Class A*     395,846  
  1,245    Krystal Biotech, Inc.*     198,540  
  11,610    Lantheus Holdings, Inc.*          759,062  
  7,411    LeMaitre Vascular, Inc.     518,770  
  5,772    Ligand Pharmaceuticals, Inc.*     458,008  
  6,639    LivaNova PLC*     363,884  
  569    Madrigal Pharmaceuticals, Inc.*     134,398  
  7,813    Merit Medical Systems, Inc.*     595,351  
  1,985    Mesa Laboratories, Inc.     216,742  
  88,910    MiMedx Group, Inc.*     725,506  
  3,240    Mirum Pharmaceuticals, Inc.*     93,020  
  4,165    Morphic Holding, Inc.*     153,897  
  130,170    Multiplan Corp.*     145,790  
  36,952    Myriad Genetics, Inc.*     773,405  
  5,221    National HealthCare Corp.     515,104  
  8,023    National Research Corp.     323,487  
  17,325    Neogen Corp.*     297,817  
  11,590    NeoGenomics, Inc.*     180,804  
  6,002    Nevro Corp.*     87,389  
  2,065    Nuvalent, Inc., Class A*     173,708  
  58,294    Ocular Therapeutix, Inc.*     586,438  
  8,085    Olema Pharmaceuticals, Inc.*     100,254  
  9,356    Omega Therapeutics, Inc.*(a)     38,453  
  23,964    Omeros Corp.*(a)     107,838  
  1,368    OmniAb, Inc. 12.5 Earnout*(b)      
  1,368    OmniAb, Inc. 15.00 Earnout*(b)      
  5,749    Omnicell, Inc.*     150,854  
  86,554    OPKO Health, Inc.*(a)     86,554  
  22,633    Option Care Health, Inc.*     730,367  
  40,078    OraSure Technologies, Inc.*     288,361  
  64,341    Organogenesis Holdings, Inc.*     229,697  
  16,245    Orthofix Medical, Inc.*     212,160  
  22,384    Ovid therapeutics, Inc.*     76,106  
  19,883    Owens & Minor, Inc.*     483,753  

  

 

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


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

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Health Care – (continued)

 

  14,810    Pacific Biosciences of California, Inc.*(a)   $ 81,899  
  15,759    Pacira BioSciences, Inc.*     468,357  
  20,962    Patterson Cos., Inc.     567,861  
  20,656    Pediatrix Medical Group, Inc.*     189,002  
  15,553    PetIQ, Inc.*     283,220  
  807    Phathom Pharmaceuticals, Inc.*     8,635  
       18,751    Phibro Animal Health Corp., Class A     242,450  
  9,548    Phreesia, Inc.*     236,313  
  24,853    Poseida Therapeutics, Inc.*     98,418  
  16,488    Prestige Consumer Healthcare, Inc.*     1,147,235  
  4,365    Privia Health Group, Inc.*     97,427  
  5,645    Progyny, Inc.*     206,155  
  5,620    Protagonist Therapeutics, Inc.*     170,736  
  52,508    Protalix BioTherapeutics, Inc.*     85,588  
  16,633    PTC Therapeutics, Inc.*     468,884  
  1,200    Pulmonx Corp.*(a)     11,064  
  3,950    Quanterix Corp.*     94,642  
  9,467    RadNet, Inc.*     358,421  
  5,145    REVOLUTION Medicines, Inc.*          151,675  
  4,848    Rhythm Pharmaceuticals, Inc.*     210,500  
  3,484    RxSight, Inc.*     190,122  
  3,550    Sanara Medtech, Inc.*     135,042  
  22,048    Sangamo Therapeutics, Inc.*     25,576  
  29,072    Savara, Inc.*(a)     146,814  
  5,118    Scholar Rock Holding Corp.*     79,329  
  3,273    Schrodinger, Inc.*     83,331  
  25    scPharmaceuticals, Inc.*     150  
  14,622    Select Medical Holdings Corp.     398,157  
  4,677    Semler Scientific, Inc.*     220,614  
  10,361    SI-BONE, Inc.*     179,763  
  43,075    SIGA Technologies, Inc.     224,421  
  11,525    Silk Road Medical, Inc.*     207,335  
  4,918    SpringWorks Therapeutics, Inc.*     242,261  
  9,155    STAAR Surgical Co.*     286,002  
  33,408    Supernus Pharmaceuticals, Inc.*     992,218  
  6,282    Surgery Partners, Inc.*     194,930  
  6,414    Surmodics, Inc.*     204,607  
  21,865    Tactile Systems Technology, Inc.*     333,441  
  6,870    Taro Pharmaceutical Industries Ltd.*     289,021  
  5,194    Tarsus Pharmaceuticals, Inc.*     198,515  
  10,454    Tela Bio, Inc.*     70,669  
  24,918    TG Therapeutics, Inc.*     429,088  
  12,667    Theravance Biopharma, Inc.*     119,956  
  1,499    TransMedics Group, Inc.*     122,318  
  1,617    UFP Technologies, Inc.*     336,837  
  18,818    UroGen Pharma Ltd.*(a)     344,934  
  2,553    US Physical Therapy, Inc.     271,307  
  51,038    Vanda Pharmaceuticals, Inc.*     228,140  
  14,292    Varex Imaging Corp.*     245,822  
  5,059    Vaxcyte, Inc.*     373,455  
  6,933    Vera Therapeutics, Inc.*     326,406  
  7,871    Veracyte, Inc.*     185,362  
  23,376    Vericel Corp.*     1,067,816  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Health Care – (continued)

 

  9,886    Verrica Pharmaceuticals, Inc.*(a)   $ 52,099  
  31,915    Viemed Healthcare, Inc.*     270,001  
  7,819    Vigil Neuroscience, Inc.*     27,210  
  6,743    Viking Therapeutics, Inc.*     519,548  
  1,771    Vir Biotechnology, Inc.*     19,906  
  26,129    Voyager Therapeutics, Inc.*     217,393  
  6,655    Xencor, Inc.*     152,732  
  4,063    Xeris Biopharma Holdings, Inc.*     12,494  
  8,483    Y-mAbs Therapeutics, Inc.*     141,666  
  11,054    Zimvie, Inc.*     187,365  
  18,423    Zynex, Inc.*(a)     249,816  
      

 

 

 
         56,679,082  
 

 

 
  Industrials – 20.1%  
  11,731    AAON, Inc.     985,169  
  7,161    AAR Corp.*     478,212  
  12,314    ABM Industries, Inc.     508,691  
       26,804    ACCO Brands Corp.     149,566  
  14,456    ACV Auctions, Inc., Class A*     256,594  
  2,710    AeroVironment, Inc.*     343,601  
  1,114    AerSale Corp.*     9,848  
  3,099    Alamo Group, Inc.     626,897  
  3,663    Albany International Corp., Class A          343,846  
  42,314    Alight, Inc., Class A*     381,249  
  10,622    Allient, Inc.     301,877  
  4,027    Alta Equipment Group, Inc.     46,230  
  4,132    American Woodmark Corp.*     414,192  
  27,479    API Group Corp.*     963,139  
  11,172    Apogee Enterprises, Inc.     639,150  
  11,555    Applied Industrial Technologies, Inc.     2,194,179  
  5,652    ArcBest Corp.     807,445  
  20,061    Archer Aviation, Inc., Class A*(a)     96,895  
  8,441    Arcosa, Inc.     700,603  
  3,200    Argan, Inc.     149,952  
  10,830    Array Technologies, Inc.*     147,721  
  12,094    ASGN, Inc.*     1,201,176  
  6,915    Astec Industries, Inc.     280,749  
  3,139    Asure Software, Inc.*(a)     29,255  
  12,650    Atkore, Inc.     2,142,910  
  4,896    AZZ, Inc.     356,429  
  3,533    Babcock & Wilcox Enterprises, Inc.*     4,522  
  7,021    Barnes Group, Inc.     245,314  
  2,565    Barrett Business Services, Inc.     312,904  
  12,788    Beacon Roofing Supply, Inc.*     1,098,361  
  5,916    Blue Bird Corp.*     200,197  
  8,418    BlueLinx Holdings, Inc.*     1,067,823  
  14,497    Boise Cascade Co.     1,970,287  
  9,669    Bowman Consulting Group Ltd.*     314,919  
  5,633    Brink’s Co. (The)     466,581  
  5,287    Casella Waste Systems, Inc., Class A*     476,359  
  8,876    CBIZ, Inc.*     670,404  
  6,775    CECO Environmental Corp.*     153,454  
  3,888    Chart Industries, Inc.*     555,440  
  9,282    Cimpress PLC (Ireland)*     909,729  
  8,227    Columbus McKinnon Corp.     343,642  

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Industrials – (continued)

 

  8,471    Comfort Systems USA, Inc.   $ 2,589,839  
  13,706    Commercial Vehicle Group, Inc.*     89,637  
  85,434    Conduent, Inc.*     293,893  
  3,870    Construction Partners, Inc., Class A*     186,070  
  34,213    CoreCivic, Inc.*     521,064  
  14,224    Costamare, Inc. (Monaco)     161,727  
  3,837    Covenant Logistics Group, Inc.     186,785  
  3,850    CRA International, Inc.     510,279  
  11,964    CSG Systems International, Inc.     652,756  
  4,298    CSW Industrials, Inc.     990,216  
  16,397    Deluxe Corp.     318,266  
  8,470    Distribution Solutions Group, Inc.*     266,043  
  65,371    DNOW, Inc.*     925,000  
  3,233    Douglas Dynamics, Inc.     81,148  
  2,481    Ducommun, Inc.*     118,393  
       13,871    DXP Enterprises, Inc.*     492,698  
  3,992    Dycom Industries, Inc.*     504,948  
  3,925    Eagle Bulk Shipping, Inc.     240,485  
  7,036    Encore Wire Corp.        1,695,676  
  22,448    Energy Recovery, Inc.*     350,862  
  14,841    Enerpac Tool Group Corp.     500,290  
  6,852    EnerSys     629,562  
  7,081    Ennis, Inc.     143,886  
  11,216    Enovix Corp.*(a)     109,356  
  4,259    Enpro, Inc.     663,637  
  3,438    ESCO Technologies, Inc.     350,298  
  4,080    EVI Industries, Inc.     87,842  
  31,216    ExlService Holdings, Inc.*     971,442  
  4,451    Exponent, Inc.     360,041  
  8,669    Federal Signal Corp.     710,078  
  10,011    First Advantage Corp.     156,772  
  5,214    Fluence Energy, Inc.*(a)     79,722  
  19,151    Fluor Corp.*     704,757  
  7,386    Forrester Research, Inc.*     148,976  
  10,319    Forward Air Corp.     383,144  
  11,499    Franklin Covey Co.*     439,032  
  11,694    Franklin Electric Co., Inc.     1,215,708  
  10,585    FTAI Aviation Ltd.     595,830  
  3,485    GATX Corp.     442,037  
  12,117    Genco Shipping & Trading Ltd.     247,187  
  7,491    Gencor Industries, Inc.*     122,777  
  49,448    GEO Group, Inc. (The)*     606,727  
  5,733    Gibraltar Industries, Inc.*     444,021  
  12,202    Global Industrial Co.     535,058  
  20,896    GMS, Inc.*     1,866,222  
  3,789    Gorman-Rupp Co. (The)     141,443  
  63,080    GrafTech International Ltd.     111,021  
  4,618    Granite Construction, Inc.     237,966  
  3,326    Greenbrier Cos., Inc. (The)     172,121  
  12,941    Griffon Corp.     923,987  
  6,983    H&E Equipment Services, Inc.     394,470  
  7,161    Heartland Express, Inc.     91,518  
  5,158    Heidrick & Struggles International, Inc.     175,372  
  3,275    Helios Technologies, Inc.     144,591  
  3,553    Herc Holdings, Inc.     563,790  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Industrials – (continued)

 

  10,114    Hillenbrand, Inc.   $ 480,921  
  16,887    Hillman Solutions Corp.*     164,479  
  2,918    HireQuest, Inc.(a)     39,101  
  21,139    HNI Corp.     947,239  
  18,777    Hub Group, Inc., Class A*     798,586  
  38,173    Hudson Technologies, Inc.*     559,234  
  5,898    Huron Consulting Group, Inc.*     578,771  
  77    Hyster-Yale Materials Handling, Inc.     4,534  
  5,155    ICF International, Inc.     798,252  
  7,881    IES Holdings, Inc.*     866,280  
  22,427    Innodata, Inc.*(a)     165,960  
  8,898    Insperity, Inc.     905,727  
  6,678    Insteel Industries, Inc.     243,146  
  23,072    Interface, Inc.     362,692  
  23,283    Janus International Group, Inc.*     334,111  
  20,782    JELD-WEN Holding, Inc.*     378,232  
  33,770    Joby Aviation, Inc.*(a)     189,787  
  5,026    John Bean Technologies Corp.     510,038  
  3,859    Kadant, Inc.        1,301,641  
  5,125    Kaman Corp.     234,776  
  16,545    Kelly Services, Inc., Class A     405,849  
       10,300    Kennametal, Inc.     259,972  
  14,051    Kforce, Inc.     978,512  
  10,376    Korn Ferry     660,536  
  9,889    Kratos Defense & Security Solutions, Inc.*     180,375  
  34,472    Legalzoom.com, Inc.*     427,453  
  18,976    Leonardo DRS, Inc.*     430,945  
  3,706    Limbach Holdings, Inc.*     182,483  
  1,967    Lindsay Corp.     234,683  
  24,662    LSI Industries, Inc.     355,873  
  11,266    Manitowoc Co., Inc. (The)*     157,048  
  7,452    Marten Transport Ltd.     140,470  
  4,842    Masonite International Corp.*     630,622  
  12,051    Masterbrand, Inc.*     208,603  
  9,703    Matson, Inc.     1,077,518  
  6,814    Matthews International Corp., Class A     197,197  
  11,468    Maximus, Inc.     959,413  
  4,294    Mayville Engineering Co., Inc.*     52,559  
  2,541    McGrath RentCorp     316,304  
  2,697    Miller Industries, Inc.     121,392  
  14,793    MillerKnoll, Inc.     451,926  
  17,923    Mistras Group, Inc.*     155,034  
  5,707    Moog, Inc., Class A     855,765  
  32,308    MRC Global, Inc.*     372,511  
  34,666    Mueller Industries, Inc.     1,781,139  
  21,069    Mueller Water Products, Inc., Class A     327,623  
  4,727    MYR Group, Inc.*     767,948  
  1,319    National Presto Industries, Inc.     101,998  
  4,452    NEXTracker, Inc., Class A*     250,380  
  5,309    Northwest Pipe Co.*     158,367  
  3,836    NV5 Global, Inc.*     390,160  
  2,853    Omega Flex, Inc.     198,711  
  12,084    OPENLANE, Inc.*     184,523  

  

 

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


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

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Industrials – (continued)

 

  3,444    PAM Transportation Services, Inc.*   $ 63,783  
  8,517    Pangaea Logistics Solutions Ltd.     71,372  
  9,878    Parsons Corp.*     796,266  
  20,768    PGT Innovations, Inc.*     867,479  
  4,809    Powell Industries, Inc.     890,819  
  2,317    Preformed Line Products Co.     318,541  
  12,269    Primoris Services Corp.     484,748  
  6,396    Proto Labs, Inc.*     233,006  
  15,041    Quanex Building Products Corp.     520,118  
  34,531    Radiant Logistics, Inc.*     200,280  
  26,663    Resideo Technologies, Inc.*     595,385  
  29,201    Resources Connection, Inc.     403,850  
       15,722    REV Group, Inc.     324,502  
  26,321    Rocket Lab USA, Inc.*(a)     120,682  
  20,488    Rush Enterprises, Inc., Class A     997,766  
  9,001    Rush Enterprises, Inc., Class B     453,920  
  34,409    RXO, Inc.*     740,482  
  44,173    Safe Bulkers, Inc. (Greece)     204,963  
  7,503    Shoals Technologies Group, Inc., Class A*     96,263  
  18,960    Shyft Group, Inc. (The)     195,478  
  10,481    Simpson Manufacturing Co., Inc.       2,187,175  
  6,244    SkyWest, Inc.*     400,990  
  7,404    SP Plus Corp.*     380,640  
  6,200    Spirit Airlines, Inc.     39,990  
  6,529    SPX Technologies, Inc.*     765,134  
  2,372    Standex International Corp.     410,356  
  32,777    Steelcase, Inc., Class A     450,356  
  8,014    Sterling Infrastructure, Inc.*     854,613  
  7,761    Tennant Co.     878,468  
  13,101    Terex Corp.     751,342  
  10,589    Textainer Group Holdings Ltd. (China)     528,391  
  7,033    Thermon Group Holdings, Inc.*     191,931  
  14,630    Titan International, Inc.*     186,679  
  14,346    Titan Machinery, Inc.*     361,950  
  6,012    Transcat, Inc.*     632,222  
  6,260    TriNet Group, Inc.*     801,343  
  5,901    Trinity Industries, Inc.     149,767  
  7,982    Triumph Group, Inc.*     110,950  
  28,320    TrueBlue, Inc.*     332,760  
  4,826    TTEC Holdings, Inc.     84,214  
  16,465    Tutor Perini Corp.*     186,548  
  16,307    UFP Industries, Inc.     1,869,271  
  2,827    UniFirst Corp.     476,971  
  22,558    Upwork, Inc.*     295,510  
  6,797    V2X, Inc.*     261,685  
  20,884    Verra Mobility Corp.*     451,512  
  7,021    Vicor Corp.*     261,462  
  16,101    Wabash National Corp.     439,235  
  7,612    Watts Water Technologies, Inc., Class A     1,552,467  
  7,851    Werner Enterprises, Inc.     315,139  
  7,951    Willdan Group, Inc.*     166,017  
  11,497    Zurn Elkay Water Solutions Corp.     365,030  
      

 

 

 
           99,549,197  
 

 

 
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Information Technology – 13.8%

 

  107,228    8x8, Inc.*   $ 303,455  
  44,981    A10 Networks, Inc.     598,697  
  19,100    ACI Worldwide, Inc.*     628,581  
  5,359    ACM Research, Inc., Class A*     165,700  
  33,537    Adeia, Inc.     380,310  
  6,871    Advanced Energy Industries, Inc.     695,345  
  6,455    Aehr Test Systems*     105,023  
  8,575    Agilysys, Inc.*     667,135  
  9,895    Alarm.com Holdings, Inc.*     748,953  
  4,076    Alkami Technology, Inc.*     101,696  
  9,924    Alpha & Omega Semiconductor Ltd.*     217,336  
  9,777    Altair Engineering, Inc., Class A*     831,827  
  4,063    Ambarella, Inc.*     226,919  
  11,604    American Software, Inc., Class A     130,197  
  30,496    Amkor Technology, Inc.     945,986  
  5,135    Appfolio, Inc., Class A*     1,243,132  
  9,807    Appian Corp., Class A*     341,774  
  18,639    Applied Digital Corp.*(a)     77,352  
  33,792    Arlo Technologies, Inc.*     351,775  
  14,709    Asana, Inc., Class A*     289,767  
       43,942    Aurora Innovation, Inc.*     111,613  
  8,706    Axcelis Technologies, Inc.*     980,905  
  7,200    Badger Meter, Inc.        1,142,568  
  5,647    Bel Fuse, Inc., Class B     293,475  
  7,364    Belden, Inc.     627,266  
  10,977    Benchmark Electronics, Inc.     337,104  
  15,340    BigCommerce Holdings, Inc., Series 1*     118,885  
  42,997    Bit Digital, Inc. (China)*(a)     111,792  
  7,824    Blackbaud, Inc.*     541,264  
  2,299    BlackLine, Inc.*     130,422  
  31,480    Box, Inc., Class A*     811,869  
  4,414    Braze, Inc., Class A*     251,157  
  36,372    Brightcove, Inc.*     80,564  
  4,618    C3.ai, Inc., Class A*(a)     170,727  
  13,865    Calix, Inc.*     483,473  
  1,979    Cambium Networks Corp.*     8,411  
  5,715    Cerence, Inc.*     85,153  
  5,473    CEVA, Inc.*     123,909  
  10,508    Cleanspark, Inc.*     175,694  
  6,225    Clearfield, Inc.*(a)     187,808  
  2,836    Climb Global Solutions, Inc.     192,763  
  13,180    Cohu, Inc.*     423,473  
  12,914    CommVault Systems, Inc.*     1,235,999  
  7,115    Consensus Cloud Solutions, Inc.*     113,271  
  5,313    CoreCard Corp.*     67,794  
  6,538    Corsair Gaming, Inc.*     84,667  
  9,911    Couchbase, Inc.*     278,301  
  3,081    CPI Card Group, Inc.*     58,231  
  7,850    Credo Technology Group Holding Ltd.*     169,089  
  6,552    CTS Corp.     291,957  
  19,218    Daktronics, Inc.*     166,812  
  11,385    Digi International, Inc.*     336,541  
  27,059    Digital Turbine, Inc.*     85,777  
  2,945    DigitalOcean Holdings, Inc.*     111,674  

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Information Technology – (continued)

 

  13,269    Diodes, Inc.*   $ 902,027  
  25,868    Domo, Inc., Class B*     297,741  
  18,351    eGain Corp.*     112,492  
  6,023    Envestnet, Inc.*     310,365  
  8,403    ePlus, Inc.*     692,323  
  5,193    Everbridge, Inc.*     146,806  
  50,970    Extreme Networks, Inc.*     644,261  
  5,100    Fabrinet (Thailand)*        1,099,407  
  8,019    Fastly, Inc., Class A*     114,030  
  16,097    FormFactor, Inc.*     692,654  
  14,254    Freshworks, Inc., Class A*     291,352  
  15,310    Grid Dynamics Holdings, Inc.*     206,532  
  21,650    Hackett Group, Inc. (The)     535,188  
  29,307    Harmonic, Inc.*     384,801  
  7,679    Ichor Holdings Ltd.*     328,661  
  3,527    Immersion Corp.     23,807  
  6,426    Impinj, Inc.*     701,848  
       46,197    Infinera Corp.*     231,909  
  32,673    Information Services Group, Inc.     141,474  
  8,281    Insight Enterprises, Inc.*     1,556,828  
  3,160    Intapp, Inc.*     123,967  
  4,926    InterDigital, Inc.     527,181  
  10,034    inTEST Corp.*     117,197  
  9,205    IonQ, Inc.*(a)     95,364  
  4,773    Itron, Inc.*     442,362  
  9,644    Kimball Electronics, Inc.*     217,086  
  22,891    Knowles Corp.*     374,039  
  13,152    Kulicke & Soffa Industries, Inc. (Singapore)     626,298  
  11,681    LiveRamp Holdings, Inc.*     408,601  
  22,318    Luna Innovations, Inc.*     151,316  
  6,271    MACOM Technology Solutions Holdings, Inc.*     553,917  
  8,942    Marathon Digital Holdings, Inc.*     231,598  
  28,061    MaxLinear, Inc.*     545,506  
  9,411    Methode Electronics, Inc.     200,454  
  618    MicroStrategy, Inc., Class A*     632,115  
  19,900    Mitek Systems, Inc.*     231,039  
  7,610    Model N, Inc.*     186,902  
  9,526    N-able, Inc.*     128,315  
  19,698    Napco Security Technologies, Inc.     887,001  
  15,103    Navitas Semiconductor Corp.*     92,732  
  9,328    NETGEAR, Inc.*     139,827  
  17,794    NetScout Systems, Inc.*     385,240  
  5,785    Novanta, Inc.*     1,000,458  
  3,042    NVE Corp.     254,281  
  14,168    OneSpan, Inc.*     136,154  
  9,125    Onto Innovation, Inc.*     1,680,460  
  3,822    OSI Systems, Inc.*     501,370  
  6,429    PagerDuty, Inc.*     155,325  
  2,361    PAR Technology Corp.*     103,459  
  10,622    PC Connection, Inc.     705,088  
  10,267    PDF Solutions, Inc.*     348,975  
  8,557    Perficient, Inc.*     555,093  
  26,618    Photronics, Inc.*     766,332  
  5,628    Plexus Corp.*     531,283  
  10,801    Power Integrations, Inc.     771,839  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Information Technology – (continued)

 

  4,653    PowerSchool Holdings, Inc., Class A*   $ 97,201  
  12,428    Progress Software Corp.     663,158  
  6,746    PROS Holdings, Inc.*     241,169  
  4,056    Q2 Holdings, Inc.*     187,509  
  6,837    Qualys, Inc.*        1,175,007  
  54,400    Rackspace Technology, Inc.*     114,784  
  24,031    Rambus, Inc.*     1,423,596  
  8,104    Rapid7, Inc.*     474,732  
  1,983    Red Violet, Inc.*     35,416  
  42,764    Ribbon Communications, Inc.*     127,864  
  3,813    Richardson Electronics Ltd.     33,516  
  13,064    Riot Platforms, Inc.*     184,464  
  1,430    Rogers Corp.*     160,260  
  10,876    Sanmina Corp.*     687,363  
  8,871    Sapiens International Corp. NV (Israel)     272,961  
  8,806    ScanSource, Inc.*     380,683  
  20,378    SEMrush Holdings, Inc., Class A*     254,317  
  4,418    Silicon Laboratories, Inc.*     607,652  
  812    SiTime Corp.*     75,110  
  17,471    SMART Global Holdings, Inc.*     371,608  
  18,189    SolarWinds Corp.*     217,177  
  5,067    SoundThinking, Inc.*     88,115  
       20,907    Sprinklr, Inc., Class A*     272,418  
  7,246    Sprout Social, Inc., Class A*     447,948  
  7,975    SPS Commerce, Inc.*     1,476,651  
  11,675    Squarespace, Inc., Class A*     388,544  
  7,610    Super Micro Computer, Inc.*     6,591,173  
  8,805    Synaptics, Inc.*     881,381  
  15,078    Tenable Holdings, Inc.*     726,156  
  65,124    Terawulf, Inc.*(a)     122,108  
  31,239    Thoughtworks Holding, Inc.*     97,466  
  30,225    TTM Technologies, Inc.*     448,841  
  4,874    Turtle Beach Corp.*     52,054  
  11,827    Ultra Clean Holdings, Inc.*     510,926  
  30,529    Unisys Corp.*     158,446  
  14,637    Varonis Systems, Inc.*     743,560  
  10,450    Veeco Instruments, Inc.*     378,395  
  12,958    Verint Systems, Inc.*     409,602  
  37,677    Viavi Solutions, Inc.*     359,815  
  27,471    Vishay Intertechnology, Inc.     597,494  
  7,688    Vishay Precision Group, Inc.*     265,620  
  10,861    Weave Communications, Inc.*     136,088  
  7,701    Workiva, Inc.*     663,210  
  24,181    Xerox Holdings Corp.     450,976  
  12,186    Xperi, Inc.*     133,559  
  44,850    Yext, Inc.*     265,512  
  34,520    Zeta Global Holdings Corp., Class A*     362,460  
  23,203    Zuora, Inc., Class A*     187,480  
      

 

 

 
         68,665,593  
 

 

 
  Materials – 4.6%  
  8,822    AdvanSix, Inc.     246,840  
  5,672    Alpha Metallurgical Resources, Inc.     2,139,762  
  18,517    American Vanguard Corp.     198,502  

  

 

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


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

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Materials – (continued)

 

  30,963    Arcadium Lithium PLC (Jersey)*   $ 169,987  
  6,394    Arch Resources, Inc.     1,056,864  
  10,488    ATI, Inc.*     515,800  
  15,503    Avient Corp.     627,561  
  3,485    Balchem Corp.     547,807  
  9,488    Cabot Corp.     806,006  
  6,746    Carpenter Technology Corp.     436,129  
  5,837    Clearwater Paper Corp.*     229,336  
  27,364    Commercial Metals Co.        1,477,656  
  18,112    Constellium SE*     351,192  
  7,241    Core Molding Technologies, Inc.*     133,017  
       21,162    Ecovyst, Inc.*     204,213  
  5,498    Greif, Inc., Class A     354,401  
  5,035    Hawkins, Inc.     353,709  
  515    Haynes International, Inc.     30,606  
  8,712    HB Fuller Co.     692,865  
  37,470    Hecla Mining Co.     132,644  
  7,080    Ingevity Corp.*     323,414  
  7,513    Innospec, Inc.     933,641  
  1,585    Kaiser Aluminum Corp.     114,944  
  3,595    Knife River Corp.*     266,354  
  4,873    Koppers Holdings, Inc.     275,909  
  12,336    LSB Industries, Inc.*     90,793  
  4,193    Materion Corp.     563,204  
  9,312    Mativ Holdings, Inc.     161,749  
  20,256    Metallus, Inc.*     440,568  
  6,216    Minerals Technologies, Inc.     449,790  
  32,230    Myers Industries, Inc.     619,783  
  22,417    O-I Glass, Inc.*     379,296  
  8,980    Olympic Steel, Inc.     610,820  
  24,127    Orion SA (Germany)     543,823  
  12,829    Pactiv Evergreen, Inc.     189,228  
  1,417    Quaker Chemical Corp.     284,108  
  12,097    Radius Recycling, Inc., Class A     239,037  
  16,531    Ramaco Resources, Inc., Class A     290,615  
  2,328    Ramaco Resources, Inc., Class B     27,936  
  36,297    Rayonier Advanced Materials, Inc.*     123,047  
  20,035    Ryerson Holding Corp.     632,705  
  8,113    Sensient Technologies Corp.     542,597  
  1,744    Stepan Co.     155,565  
  15,448    Summit Materials, Inc., Class A*     659,784  
  38,427    SunCoke Energy, Inc.     411,553  
  4,335    Sylvamo Corp.     261,877  
  9,326    TriMas Corp.     219,161  
  2,643    Trinseo PLC     11,893  
  16,960    Tronox Holdings PLC     249,312  
  1,921    United States Lime & Minerals, Inc.     489,817  
  21,399    Warrior Met Coal, Inc.     1,219,101  
  6,776    Worthington Steel, Inc.*     214,528  
      

 

 

 
         22,700,849  
 

 

 
  Real Estate – 5.4%

 

  18,334    Acadia Realty Trust REIT     300,494  
  27,339    Alexander & Baldwin, Inc. REIT     444,532  
  531    Alexander’s, Inc. REIT     117,378  
   

Shares

   Description   Value  
  Common Stocks – (continued)  
  Real Estate – (continued)  
  5,559    Alpine, Inc.ome Property Trust, Inc. REIT   $ 86,776  
  10,445    American Assets Trust, Inc. REIT     225,299  
  33,686    Anywhere Real Estate, Inc.*     211,211  
  44,605    Apartment Investment and Management Co., Class A REIT*     329,185  
  42,503    Apple Hospitality REIT, Inc. REIT     683,873  
  10,643    Armada Hoffler Properties, Inc. REIT     108,346  
  15,323    Braemar Hotels & Resorts, Inc. REIT     34,937  
  27,125    Brandywine Realty Trust REIT     116,638  
       24,764    Broadstone Net Lease, Inc. REIT     369,231  
  8,757    BRT Apartments Corp. REIT     135,558  
  18,938    CareTrust REIT, Inc. REIT     427,241  
  8,066    CBL & Associates Properties, Inc. REIT     186,002  
  2,552    Centerspace REIT     141,866  
  16,126    Chatham Lodging Trust REIT     164,485  
  22,539    City Office REIT, Inc. REIT     103,229  
  5,923    Community Healthcare Trust, Inc. REIT     160,750  
  150,023    Compass, Inc., Class A*     592,591  
  19,519    COPT Defense Properties REIT          472,945  
  10,960    CTO Realty Growth, Inc. REIT     186,868  
  37,384    Cushman & Wakefield PLC*     373,466  
  42,628    DiamondRock Hospitality Co. REIT     400,703  
  9,245    DigitalBridge Group, Inc.     169,831  
  70,379    Douglas Elliman, Inc.     129,497  
  24,201    Douglas Emmett, Inc. REIT     319,937  
  13,884    Easterly Government Properties, Inc. REIT     163,831  
  10,254    Elme Communities REIT     132,072  
  39,928    Empire State Realty Trust, Inc., Class A REIT     398,082  
  12,883    Equity Commonwealth REIT*     242,587  
  19,197    Essential Properties Realty Trust, Inc. REIT     458,616  
  48,659    eXp World Holdings, Inc.(a)     637,433  
  11,055    Farmland Partners, Inc. REIT     130,449  
  11,239    Forestar Group, Inc.*     378,979  
  15,511    Four Corners Property Trust, Inc. REIT     375,056  
  3,691    FRP Holdings, Inc.*     222,198  
  8,387    Getty Realty Corp. REIT     221,081  
  11,225    Gladstone Commercial Corp. REIT     138,966  
  3,783    Gladstone Land Corp. REIT     49,217  
  9,426    Global Medical REIT, Inc. REIT     84,363  
  46,328    Global Net Lease, Inc. REIT     334,025  
  24,782    Hudson Pacific Properties, Inc. REIT     157,118  
  25,667    Independence Realty Trust, Inc. REIT     375,765  

  

 

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


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

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Real Estate – (continued)

 

  3,842    Innovative Industrial Properties, Inc. REIT   $ 376,478  
  8,756    InvenTrust Properties Corp. REIT     221,089  
  15,648    JBG SMITH Properties REIT     259,444  
  8,172    Kennedy-Wilson Holdings, Inc.     71,750  
  37,101    Kite Realty Group Trust REIT     794,332  
  7,048    LTC Properties, Inc. REIT     221,730  
  37,861    LXP Industrial Trust REIT     327,876  
  32,081    Macerich Co. (The) REIT     526,449  
  19,201    Marcus & Millichap, Inc.     704,485  
  6,897    National Health Investors, Inc. REIT     396,371  
  21,562    Newmark Group, Inc., Class A     232,654  
  5,892    NexPoint Residential Trust, Inc. REIT     172,105  
  17,395    Office Properties Income Trust REIT     46,445  
  37,616    Opendoor Technologies, Inc.*     115,857  
  17,036    Orion Office REIT, Inc. REIT     59,796  
  27,152    Outfront Media, Inc. REIT     390,174  
  41,726    Paramount Group, Inc. REIT     184,846  
  21,543    Pebblebrook Hotel Trust REIT     341,241  
  14,891    Phillips Edison & Co., Inc. REIT     531,907  
       26,985    Piedmont Office Realty Trust, Inc., Class A REIT     169,196  
  6,351    Plymouth Industrial REIT, Inc. REIT     136,991  
  11,225    Postal Realty Trust, Inc., Class A REIT     160,742  
  21,101    PotlatchDeltic Corp. REIT     953,976  
  14,606    RE/MAX Holdings, Inc., Class A     124,589  
  16,438    Redfin Corp.*     116,792  
  20,372    Retail Opportunity Investments Corp. REIT     263,410  
  27,151    RLJ Lodging Trust REIT     322,282  
  11,234    RMR Group, Inc. (The), Class A     274,896  
  9,409    Ryman Hospitality Properties, Inc. REIT        1,114,778  
  35,840    Sabra Health Care REIT, Inc. REIT     497,459  
  2,482    Saul Centers, Inc. REIT     89,824  
  42,869    Service Properties Trust REIT     291,509  
  29,331    SITE Centers Corp. REIT     398,315  
  5,033    SL Green Realty Corp. REIT     244,000  
  5,957    St Joe Co. (The)     320,904  
  35,417    Summit Hotel Properties, Inc. REIT     227,377  
  36,315    Sunstone Hotel Investors, Inc. REIT     406,365  
  22,155    Tanger, Inc. REIT     638,286  
  10,298    Terreno Realty Corp. REIT     662,161  
  10,786    UMH Properties, Inc. REIT     166,104  
  62,648    Uniti Group, Inc. REIT     367,117  
  2,956    Universal Health Realty Income Trust REIT     114,634  
  15,128    Urban Edge Properties REIT     257,327  
  20,030    Veris Residential, Inc. REIT     292,438  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Real Estate – (continued)

 

  21,331    Whitestone REIT   $ 262,798  
  23,920    Xenia Hotels & Resorts, Inc. REIT     366,933  
      

 

 

 
         26,708,939  
 

 

 
  Utilities – 2.8%  
  12,298    ALLETE, Inc.     696,559  
  9,403    American States Water Co.     671,468  
  13,709    Avista Corp.     455,139  
  13,236    Black Hills Corp.     688,669  
  26,266    Brookfield Infrastructure Corp., Class A (Canada)(a)     871,243  
  9,025    California Water Service Group     414,157  
  4,613    Chesapeake Utilities Corp.     470,664  
  14,318    Consolidated Water Co. Ltd. (Cayman Islands)     423,240  
  19,013    Genie Energy Ltd., Class B     346,797  
  7,452    MGE Energy, Inc.     470,892  
  3,029    Middlesex Water Co.     154,146  
       53,465    Montauk Renewables, Inc.*     303,681  
  16,735    New Jersey Resources Corp.     696,343  
  5,332    Northwest Natural Holding Co.     195,898  
  10,915    Northwestern Energy Group, Inc.     523,047  
  13,513    ONE Gas, Inc.     805,375  
  10,278    Ormat Technologies, Inc.     669,612  
  13,297    Otter Tail Corp.        1,202,847  
  17,718    PNM Resources, Inc.     646,884  
  19,631    Portland General Electric Co.     788,577  
  17,901    Pure Cycle Corp.*     178,473  
  3,819    RGC Resources, Inc.     71,644  
  5,353    SJW Group     294,736  
  11,373    Southwest Gas Holdings, Inc.     775,070  
  9,333    Spire, Inc.     553,634  
  5,056    Unitil Corp.     257,654  
  4,822    York Water Co. (The)     170,699  
      

 

 

 
         13,797,148  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $444,247,613)

    491,871,940  
 

 

 
    Units    Description    Expiration Month      Value  
  Rights – 0.0%

 

  Health Care* – 0.0%

 

  4,104    Chinook Therapeutics, Inc.*(b)      12/25        1,601  
        45,824    Radius Health, Inc.*(b)      12/25        3,666  
          

 

 

 
                    5,267  
 

 

 
  Materials – 0.0%

 

  15,501    Resolute Forest Products*(b)      09/23        22,011  
 

 

 
 

TOTAL RIGHTS

(Cost $0)

 

 

     27,278  
 

 

 

  

 

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


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

 

   

Shares

   Dividend Rate   Value  
  Investment Company – 0.6%(c)

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 
 

  3,112,940

   5.195%   $ 3,112,940  
  (Cost $3,112,940)  
 

 

 
 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $447,360,553)

     495,012,158  
 

 

 
   

Shares

   Dividend Rate   Value  
  Securities Lending Reinvestment Vehicle – 0.8%(c)

 

 

Goldman Sachs Financial Square Government Fund - Institutional Shares

 
 

  4,158,292

   5.219%   $ 4,158,292  
  (Cost $4,158,292)

 

 

 

 
  TOTAL INVESTMENTS – 100.6%

 

  (Cost $451,518,845)   $ 499,170,450  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%

    (2,893,545)  
 

 

 
  NET ASSETS – 100.0%   $  496,276,905  
 

 

 

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

 

  *

Non-income producing security.

  (a)

All or a portion of security is on loan.

  (b)

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

  (c)

Represents an affiliated issuer.

 

 

Investment Abbreviations:
PLC    —Public Limited Company
REIT    —Real Estate Investment Trust

 

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

 

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

 

 

Long position contracts:

                 

Russell 2000 E-Mini Index

   38      03/15/24      $   3,908,870        $ 109,636  

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – 99.4%  
  Australia – 2.5%  
  54,542    ANZ Group Holdings Ltd. (Financials)   $    1,010,403  
     117,370    Brambles Ltd. (Industrials)     1,151,732  
  295,256    Coles Group Ltd. (Consumer Staples)     3,249,126  
  39,122    EBOS Group Ltd. (Health Care)     880,706  
  176,523    Insurance Australia Group Ltd. (Financials)     712,647  
  195,383    Lottery Corp. Ltd. (The) (Consumer Discretionary)     646,296  
  684,242    Medibank Pvt Ltd. (Financials)     1,599,504  
  64,778    National Australia Bank Ltd. (Financials)     1,427,378  
  33,175    Sonic Healthcare Ltd. (Health Care)     644,817  
  820,013    Telstra Group Ltd. (Communication Services)     2,039,695  
  109,478    Wesfarmers Ltd. (Consumer Discretionary)     4,750,540  
  30,866    Westpac Banking Corp. (Financials)     529,593  
  119,847    Woolworths Group Ltd. (Consumer Staples)     2,545,613  
      

 

 

 
         21,188,050  
 

 

 
  Austria – 0.1%  
  9,821    Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials)     285,357  
  27,498    Wienerberger AG (Materials)     961,150  
      

 

 

 
         1,246,507  
 

 

 
  Belgium – 0.2%  
  6,088    Ackermans & van Haaren NV (Industrials)     1,023,137  
  19,947    Warehouses De Pauw CVA REIT (Real Estate)     532,734  
      

 

 

 
         1,555,871  
 

 

 
  Canada – 3.5%  
  36,861    Bank of Nova Scotia (The) (Financials)     1,788,493  
  6,319    Brookfield Asset Management Ltd., Class A (Financials)(a)     257,680  
  34,317    Canadian Imperial Bank of Commerce (Financials)     1,624,830  
  35,488    CGI, Inc. (Information Technology)*     4,076,927  
  9,398    George Weston Ltd. (Consumer Staples)     1,231,680  
  74,232    Great-West Lifeco, Inc. (Financials)(a)     2,287,682  
  15,231    Hydro One Ltd. (Utilities)(b)     454,229  
  2,472    Intact Financial Corp. (Financials)     411,310  
  33,150    Loblaw Cos. Ltd. (Consumer Staples)     3,535,088  
  27,096    Manulife Financial Corp. (Financials)     643,464  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Canada – (continued)  
  15,411    Metro, Inc. (Consumer Staples)   $      834,888  
  25,658    National Bank of Canada (Financials)     2,003,872  
  96,333    Power Corp. of Canada (Financials)     2,784,839  
  22,234    Royal Bank of Canada (Financials)     2,160,535  
  34,560    Sun Life Financial, Inc. (Financials)(a)     1,836,609  
  10,434    Thomson Reuters Corp. (Industrials)     1,648,085  
  21,072    Toronto-Dominion Bank (The) (Financials)     1,266,013  
      

 

 

 
         28,846,224  
 

 

 
  Denmark – 0.0%  
  6,466    Tryg A/S (Financials)     137,519  
 

 

 
  Finland – 0.4%  
  3,145    Elisa OYJ (Communication Services)     141,784  
  29,190    Orion OYJ, Class B (Health Care)     1,149,802  
  24,493    Sampo OYJ, Class A (Financials)     1,096,516  
  29,489    UPM-Kymmene OYJ (Materials)     987,024  
      

 

 

 
         3,375,126  
 

 

 
  France – 2.5%  
  9,449    Air Liquide SA (Materials)     1,921,322  
  82,613    AXA SA (Financials)     2,939,462  
  42,048    Bouygues SA (Industrials)     1,664,018  
  7,002    Capgemini SE (Information Technology)     1,702,601  
  84,977    Cie Generale des Etablissements Michelin SCA (Consumer Discretionary)     3,144,040  
  12,328    Danone SA (Consumer Staples)     787,371  
  4,537    Dassault Systemes (Information Technology)     212,026  
  3,755    Legrand SA (Industrials)     379,935  
  5,650    L’Oreal SA (Consumer Staples)     2,700,620  
     377,989    Orange SA (Communication Services)     4,338,288  
  6,479    Thales SA (Industrials)     960,892  
      

 

 

 
         20,750,575  
 

 

 
  Germany – 1.9%  
  5,363    Allianz SE (Financials)     1,473,237  
  13,091    Beiersdorf AG (Consumer Staples)     1,877,760  
  7,390    Deutsche Boerse AG (Financials)     1,548,237  
  133,500    Deutsche Telekom AG (Communication Services)     3,176,109  
  159,813    E.ON SE (Utilities)     2,042,441  
  3,547    Hannover Rueck SE (Financials)     910,849  

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  Germany – (continued)  
  4,208    Henkel AG & Co. KGaA (Consumer Staples)   $      284,150  
  3,776    Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials)     1,758,700  
  11,399    SAP SE (Information Technology)     2,132,550  
  14,083    Talanx AG (Financials)     1,005,835  
      

 

 

 
         16,209,868  
 

 

 
  Hong Kong – 0.1%  
  10,637    CK Asset Holdings Ltd. (Real Estate)     49,117  
  62,073    CLP Holdings Ltd. (Utilities)     517,354  
  55,368    Power Assets Holdings Ltd. (Utilities)     333,108  
      

 

 

 
         899,579  
 

 

 
  Ireland – 0.1%  
  5,238    Kerry Group PLC, Class A (Consumer Staples)     459,926  
 

 

 
  Israel – 0.6%  
  17,350    Check Point Software Technologies Ltd. (Information Technology)*     2,783,287  
  14,286    First International Bank Of Israel Ltd. (The) (Financials)     616,383  
     153,002    Mivne Real Estate KD Ltd. (Real Estate)     410,564  
  41,241    Mizrahi Tefahot Bank Ltd. (Financials)     1,631,581  
      

 

 

 
         5,441,815  
 

 

 
  Italy – 0.7%  
  193,231    Assicurazioni Generali SpA (Financials)     4,583,581  
  110,359    Enel SpA (Utilities)     702,577  
  29,585    Terna - Rete Elettrica Nazionale (Utilities)     231,920  
  116,524    UnipolSai Assicurazioni SpA (Financials)     335,669  
      

 

 

 
         5,853,747  
 

 

 
  Japan – 7.9%  
  6,893    Aeon Co. Ltd. (Consumer Staples)(a)     164,645  
  115,131    ANA Holdings, Inc. (Industrials)*(a)     2,510,774  
  77,195    Astellas Pharma, Inc. (Health Care)     851,791  
  73,731    Bridgestone Corp. (Consumer Discretionary)     3,175,453  
  169,234    Canon, Inc. (Information Technology)     4,949,136  
  32,261    Central Japan Railway Co. (Industrials)     812,399  
  71,098    Chubu Electric Power Co., Inc. (Utilities)     886,647  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Japan – (continued)  
  43,051    Daiwa House Industry Co. Ltd. (Real Estate)   $    1,245,479  
  174,576    Daiwa Securities Group, Inc. (Financials)     1,285,380  
  15,030    FUJIFILM Holdings Corp. (Information Technology)     956,309  
  3,139    Fujitsu Ltd. (Information Technology)     490,449  
  21,666    Hankyu Hanshin Holdings, Inc. (Industrials)     624,922  
  22,281    Haseko Corp. (Consumer Discretionary)     276,075  
  61,082    Hulic Co. Ltd. (Real Estate)     609,310  
  104,936    Japan Post Bank Co. Ltd. (Financials)     1,120,032  
  298,803    Japan Post Holdings Co. Ltd. (Financials)     2,887,810  
     126,892    Japan Tobacco, Inc. (Consumer Staples)     3,299,684  
  45,429    KDDI Corp. (Communication Services)     1,382,265  
  27,839    Kirin Holdings Co. Ltd. (Consumer Staples)     387,722  
  199,857    Kyocera Corp. (Information Technology)     2,943,708  
  46,710    Kyushu Electric Power Co., Inc. (Utilities)*     381,838  
  16,426    Kyushu Railway Co. (Industrials)     377,863  
  22,195    McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)     1,033,602  
  25,484    MEIJI Holdings Co. Ltd. (Consumer Staples)     574,995  
  226,661    Mitsubishi HC Capital, Inc. (Financials)     1,564,380  
  51,303    MS&AD Insurance Group Holdings, Inc. (Financials)     2,539,956  
  15,236    NH Foods Ltd. (Consumer Staples)     534,029  
  3,969,391    Nippon Telegraph & Telephone Corp. (Communication Services)     4,834,770  
  57,049    Nisshin Seifun Group, Inc. (Consumer Staples)     790,918  
  121,048    Obayashi Corp. (Industrials)     1,172,306  
  120,861    Oji Holdings Corp. (Materials)     473,447  
  68,967    Ono Pharmaceutical Co. Ltd. (Health Care)     1,146,455  
  31,384    Osaka Gas Co. Ltd. (Utilities)     627,806  
  69,877    Otsuka Holdings Co. Ltd. (Health Care)     2,839,526  
  16,941    SCSK Corp. (Information Technology)     312,402  
  10,423    Secom Co. Ltd. (Industrials)     760,467  
  53,962    Sekisui Chemical Co. Ltd. (Consumer Discretionary)     760,379  
  83,032    Sekisui House Ltd. (Consumer Discretionary)     1,852,922  

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  Japan – (continued)  
  7,924    Shionogi & Co. Ltd. (Health Care)   $      396,226  
  304,569    SoftBank Corp. (Communication Services)     4,013,913  
     150,272    Takeda Pharmaceutical Co. Ltd. (Health Care)     4,404,645  
  25,322    Tobu Railway Co. Ltd. (Industrials)     647,473  
  35,902    Trend Micro, Inc. (Information Technology)     1,781,307  
  22,722    USS Co. Ltd. (Consumer Discretionary)     395,551  
  145,165    Yamada Holdings Co. Ltd. (Consumer Discretionary)     417,833  
      

 

 

 
         65,494,999  
 

 

 
  Netherlands – 1.4%  
  5,089    HAL Trust (Financials)     628,907  
  1,822    Heineken Holding NV (Consumer Staples)     140,778  
  166,148    Koninklijke Ahold Delhaize NV (Consumer Staples)     4,948,017  
  294,641    Koninklijke KPN NV (Communication Services)     1,078,655  
  32,396    Wolters Kluwer NV (Industrials)     5,113,113  
      

 

 

 
         11,909,470  
 

 

 
  New Zealand – 0.1%  
  19,892    Mainfreight Ltd. (Industrials)     821,197  
 

 

 
  Norway – 0.6%  
  66,296    DNB Bank ASA (Financials)     1,327,890  
  50,462    Gjensidige Forsikring ASA (Financials)     797,928  
  47,401    SpareBank 1 SR-Bank ASA (Financials)     574,219  
  93,565    Storebrand ASA (Financials)     836,495  
  99,398    Telenor ASA (Communication Services)     1,089,704  
      

 

 

 
         4,626,236  
 

 

 
  Portugal – 0.0%  
  22,251    EDP – Energias de Portugal SA (Utilities)     88,586  
 

 

 
  Singapore – 1.0%  
  8,473    DBS Group Holdings Ltd. (Financials)     210,029  
  254,610    Oversea-Chinese Banking Corp. Ltd. (Financials)     2,457,860  
  281,620    Singapore Airlines Ltd. (Industrials)     1,355,110  
  222,793    Singapore Exchange Ltd. (Financials)     1,565,814  
  64,261    United Overseas Bank Ltd. (Financials)     1,335,784  
  97,906    UOL Group Ltd. (Real Estate)     428,876  
    Shares    Description   Value  
  Common Stocks – (continued)  
  Singapore – (continued)  
  76,500    Venture Corp. Ltd. (Information Technology)   $      796,519  
      

 

 

 
         8,149,992  
 

 

 
  Spain – 0.6%  
  30,459    ACS Actividades de Construccion y Servicios SA (Industrials)     1,250,549  
  65,985    Iberdrola SA (Utilities)     758,328  
  34,799    Naturgy Energy Group SA (Utilities)     823,952  
  16,731    Redeia Corp. SA (Utilities)     266,150  
  432,563    Telefonica SA (Communication Services)     1,775,496  
      

 

 

 
         4,874,475  
 

 

 
  Sweden – 0.7%  
  29,313    Axfood AB (Consumer Staples)     819,833  
  9,882    Essity AB, Class B (Consumer Staples)     230,828  
  6,587    Industrivarden AB, Class C (Financials)     224,268  
     112,539    Investor AB, Class A (Financials)     2,792,960  
  20,803    Investor AB, Class B (Financials)     523,520  
  26,197    Skandinaviska Enskilda Banken AB, Class A (Financials)     389,381  
  269,112    Telia Co. AB (Communication Services)     641,607  
      

 

 

 
         5,622,397  
 

 

 
  Switzerland – 1.3%  
  35,823    Novartis AG (Health Care)     3,640,679  
  29,685    SGS SA (Industrials)     2,858,768  
  3,695    Swisscom AG (Communication Services)     2,120,780  
  5,308    Zurich Insurance Group AG (Financials)     2,833,184  
      

 

 

 
         11,453,411  
 

 

 
  United Kingdom – 3.0%  
  275,697    BAE Systems PLC (Industrials)     4,331,390  
  48,293    British American Tobacco PLC (Consumer Staples)     1,432,520  
  28,497    Bunzl PLC (Industrials)     1,136,572  
  582,569    CK Hutchison Holdings Ltd. (Industrials)     2,957,940  
  10,425    Coca-Cola Europacific Partners PLC (Consumer Staples)     715,468  
  38,624    Compass Group PLC (Consumer Discretionary)     1,060,207  
  6,423    London Stock Exchange Group PLC (Financials)     721,155  
  40,085    National Grid PLC (Utilities)     526,070  
  113,001    RELX PLC (Industrials)     4,947,178  
  276,877    Sage Group PLC (The) (Information Technology)     4,358,685  

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  United Kingdom – (continued)  
  869,711    Tesco PLC (Consumer Staples)   $    3,067,195  
      

 

 

 
         25,254,380  
 

 

 
  United States – 70.2%  
  12,758    3M Co. (Industrials)     1,175,267  
  4,482    Abbott Laboratories (Health Care)     531,744  
  27,611    AbbVie, Inc. (Health Care)     4,860,917  
  17,954    Accenture PLC, Class A (Information Technology)     6,728,800  
  8,836    Adobe, Inc. (Information Technology)*     4,950,634  
  44,178    Aflac, Inc. (Financials)     3,566,932  
  3,431    Agilent Technologies, Inc. (Health Care)     471,282  
  1,579    Air Products and Chemicals, Inc. (Materials)     369,549  
  22,969    Akamai Technologies, Inc. (Information Technology)*     2,547,721  
  41,015    Alphabet, Inc., Class A (Communication Services)*     5,678,937  
  36,895    Alphabet, Inc., Class C (Communication Services)*     5,157,183  
  12,903    Altria Group, Inc. (Consumer Staples)     527,862  
  55,492    Amazon.com, Inc. (Consumer Discretionary)*     9,808,766  
  31,362    Amdocs Ltd. (Information Technology)     2,860,214  
  10,606    AMETEK, Inc. (Industrials)     1,910,989  
  6,390    Amgen, Inc. (Health Care)     1,749,774  
  41,158    Amphenol Corp., Class A (Information Technology)     4,496,100  
  5,731    Analog Devices, Inc. (Information Technology)     1,099,320  
     133,538    Apple, Inc. (Information Technology)     24,136,994  
  21,650    Arch Capital Group Ltd. (Financials)*     1,896,324  
  11,123    Arthur J Gallagher & Co. (Financials)     2,713,233  
  203,801    AT&T, Inc. (Communication Services)     3,450,351  
  2,595    Automatic Data Processing, Inc. (Industrials)     651,682  
  2,272    AutoZone, Inc. (Consumer Discretionary)*     6,829,677  
  73,494    Bank of America Corp. (Financials)     2,537,013  
  5,239    Becton Dickinson & Co. (Health Care)     1,234,046  
  23,454    Berkshire Hathaway, Inc., Class B (Financials)*     9,602,068  
  23,379    Boston Scientific Corp. (Health Care)*     1,547,924  
  62,825    Bristol-Myers Squibb Co. (Health Care)     3,188,369  
  3,138    Broadcom, Inc. (Information Technology)     4,080,938  
    Shares    Description   Value  
  Common Stocks – (continued)  
  United States – (continued)  
  9,036    Broadridge Financial Solutions, Inc. (Industrials)   $    1,839,549  
  31,277    C.H. Robinson Worldwide, Inc. (Industrials)     2,317,000  
  38,730    Cardinal Health, Inc. (Health Care)     4,336,985  
  9,415    Cboe Global Markets, Inc. (Financials)     1,807,680  
  17,152    CDW Corp. (Information Technology)     4,222,994  
  20,986    Cencora, Inc. (Health Care)     4,944,302  
  15,157    Chevron Corp. (Energy)     2,304,016  
  2,431    Chubb Ltd. (Financials)     611,810  
  21,777    Church & Dwight Co., Inc. (Consumer Staples)     2,180,313  
  10,698    Cigna Group (The) (Health Care)     3,596,026  
  5,426    Cintas Corp. (Industrials)     3,410,838  
     120,562    Cisco Systems, Inc. (Information Technology)     5,831,584  
  56,113    Citigroup, Inc. (Financials)     3,113,710  
  5,720    CME Group, Inc. (Financials)     1,260,402  
  55,549    Coca-Cola Co. (The) (Consumer Staples)     3,334,051  
  63,587    Cognizant Technology Solutions Corp., Class A (Information Technology)     5,024,645  
  76,842    Colgate-Palmolive Co. (Consumer Staples)     6,648,370  
  69,071    Comcast Corp., Class A (Communication Services)     2,959,692  
  55,958    Conagra Brands, Inc. (Consumer Staples)     1,571,301  
  7,722    Consolidated Edison, Inc. (Utilities)     673,436  
  1,472    Constellation Brands, Inc., Class A (Consumer Staples)     365,821  
  15,014    Copart, Inc. (Industrials)*     797,994  
  25,526    Corning, Inc. (Information Technology)     822,958  
  6,669    Costco Wholesale Corp. (Consumer Staples)     4,961,002  
  12,675    CSX Corp. (Industrials)     480,890  
  784    Cummins, Inc. (Industrials)     210,590  
  63,633    CVS Health Corp. (Health Care)     4,732,386  
  3,955    Darden Restaurants, Inc. (Consumer Discretionary)     675,158  
  59,733    Dell Technologies, Inc., Class C (Information Technology)     5,654,326  
  3,085    Dover Corp. (Industrials)     510,197  
  20,653    Dow, Inc. (Materials)     1,154,090  
  1,699    Duke Energy Corp. (Utilities)     156,019  
  6,824    Eaton Corp. PLC (Industrials)     1,972,136  
  1,192    Ecolab, Inc. (Materials)     268,009  
  9,863    Electronic Arts, Inc. (Communication Services)     1,375,691  

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  United States – (continued)  
  6,109    Elevance Health, Inc. (Health Care)   $    3,062,136  
  7,412    Eli Lilly & Co. (Health Care)     5,586,276  
  3,882    Everest Group Ltd. (Financials)     1,431,992  
  13,687    Expeditors International of Washington, Inc. (Industrials)     1,636,965  
  28,310    Exxon Mobil Corp. (Energy)     2,958,961  
  81,213    Fastenal Co. (Industrials)     5,929,361  
  8,934    Ferguson PLC (Industrials)     1,889,094  
  7,604    Fidelity National Financial, Inc. (Financials)     384,610  
  6,388    Fiserv, Inc. (Financials)*     953,537  
  9,184    FleetCor Technologies, Inc. (Financials)*     2,564,816  
  17,601    Fortive Corp. (Industrials)     1,498,373  
  42,946    Fox Corp., Class A (Communication Services)     1,279,361  
  30,473    Fox Corp., Class B (Communication Services)     834,351  
  8,165    Gartner, Inc. (Information Technology)*     3,801,297  
  4,477    GE HealthCare Technologies, Inc. (Health Care)     408,661  
  36,069    Gen Digital, Inc. (Information Technology)     775,123  
  11,331    General Dynamics Corp. (Industrials)     3,096,196  
  14,844    General Electric Co. (Industrials)     2,328,875  
  10,111    General Mills, Inc. (Consumer Staples)     648,924  
  30,660    Genuine Parts Co. (Consumer Discretionary)     4,576,312  
  63,582    Gilead Sciences, Inc. (Health Care)     4,584,262  
     130,660    GSK PLC (Health Care)     2,751,226  
  143,264    Haleon PLC (Consumer Staples)     600,660  
  17,764    Hartford Financial Services Group, Inc. (The) (Financials)     1,702,502  
  1,338    HCA Healthcare, Inc. (Health Care)     417,055  
  35,255    Henry Schein, Inc. (Health Care)*     2,695,950  
  17,613    Hershey Co. (The) (Consumer Staples)     3,309,835  
  274,023    Hewlett Packard Enterprise Co. (Information Technology)     4,173,370  
  12,628    Hologic, Inc. (Health Care)*     931,946  
  18,088    Home Depot, Inc. (The) (Consumer Discretionary)     6,884,474  
  656    Honeywell International, Inc. (Industrials)     130,367  
  65,771    HP, Inc. (Information Technology)     1,863,292  
  18,183    Illinois Tool Works, Inc. (Industrials)     4,766,673  
  27,830    Incyte Corp. (Health Care)*     1,624,159  
    Shares    Description   Value  
  Common Stocks – (continued)  
  United States – (continued)  
  31,400    Intel Corp. (Information Technology)   $    1,351,770  
  10,851    Intercontinental Exchange, Inc. (Financials)     1,501,995  
  41,026    International Business Machines Corp. (Information Technology)     7,591,041  
      46,253    International Paper Co. (Materials)     1,635,506  
  1,760    Intuit, Inc. (Information Technology)     1,166,686  
  3,613    IQVIA Holdings, Inc. (Health Care)*     892,989  
  8,797    J M Smucker Co. (The) (Consumer Staples)     1,057,135  
  17,084    Johnson Controls International PLC (Industrials)     1,012,569  
  41,021    Johnson & Johnson (Health Care)     6,619,969  
  23,375    JPMorgan Chase & Co. (Financials)     4,349,153  
  20,487    Keurig Dr Pepper, Inc. (Consumer Staples)     612,766  
  27,965    Keysight Technologies, Inc. (Information Technology)*     4,315,000  
  11,756    Kimberly-Clark Corp. (Consumer Staples)     1,424,475  
  30,003    Kinder Morgan, Inc. (Energy)     521,752  
  17,031    Kraft Heinz Co. (The) (Consumer Staples)     600,854  
  68,040    Kroger Co. (The) (Consumer Staples)     3,375,464  
  3,592    L3Harris Technologies, Inc. (Industrials)     760,283  
  9,801    Laboratory Corp. of America Holdings (Health Care)     2,115,350  
  5,902    Leidos Holdings, Inc. (Industrials)     754,630  
  3,738    Linde PLC (Materials)     1,677,689  
  53,293    LKQ Corp. (Consumer Discretionary)     2,786,691  
  1,483    Lockheed Martin Corp. (Industrials)     635,080  
  38,916    Loews Corp. (Financials)     2,923,759  
  25,828    Lowe’s Cos., Inc. (Consumer Discretionary)     6,216,025  
  19,848    LyondellBasell Industries NV, Class A (Materials)     1,990,357  
  948    Markel Group, Inc. (Financials)*     1,414,871  
  667    Marriott International, Inc., Class A (Consumer Discretionary)     166,663  
  28,764    Marsh & McLennan Cos., Inc. (Financials)     5,818,094  
  57,745    Masco Corp. (Industrials)     4,432,506  
  13,316    Mastercard, Inc., Class A (Financials)     6,321,904  

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  United States – (continued)  
  19,419    McDonald’s Corp. (Consumer Discretionary)   $    5,675,785  
  9,415    McKesson Corp. (Health Care)     4,909,075  
  43,931    Merck & Co., Inc. (Health Care)     5,585,827  
  16,355    Meta Platforms, Inc., Class A (Communication Services)     8,016,076  
  1,381    MetLife, Inc. (Financials)     96,311  
      58,688    Microsoft Corp. (Information Technology)     24,275,704  
  47,093    Mondelez International, Inc., Class A (Consumer Staples)     3,441,086  
  4,503    Monster Beverage Corp. (Consumer Staples)*     266,127  
  11,292    Moody’s Corp. (Financials)     4,284,411  
  20,270    Motorola Solutions, Inc. (Information Technology)     6,697,005  
  10,104    Nasdaq, Inc. (Financials)     567,845  
  6,380    Nestle SA (Consumer Staples)     664,844  
  31,861    NetApp, Inc. (Information Technology)     2,839,452  
  4,933    NiSource, Inc. (Utilities)     128,554  
  897    Northrop Grumman Corp. (Industrials)     413,535  
  10,447    NVIDIA Corp. (Information Technology)     8,264,831  
  17,936    Oracle Corp. (Information Technology)     2,003,092  
  9,045    O’Reilly Automotive, Inc. (Consumer Discretionary)*     9,835,714  
  14,765    Otis Worldwide Corp. (Industrials)     1,407,105  
  28,016    PACCAR, Inc. (Industrials)     3,106,694  
  6,376    Packaging Corp. of America (Materials)     1,155,267  
  11,442    Paychex, Inc. (Industrials)     1,403,018  
  37,240    PepsiCo, Inc. (Consumer Staples)     6,157,262  
  7,581    PG&E Corp. (Utilities)     126,527  
  16,158    Philip Morris International, Inc. (Consumer Staples)     1,453,574  
  29,976    Procter & Gamble Co. (The) (Consumer Staples)     4,764,385  
  9,539    Progressive Corp. (The) (Financials)     1,808,213  
  11,660    QUALCOMM, Inc. (Information Technology)     1,839,831  
  10,276    Quest Diagnostics, Inc. (Health Care)     1,283,370  
  11,396    Realty Income Corp. REIT (Real Estate)     593,846  
  3,154    Regeneron Pharmaceuticals, Inc. (Health Care)*     3,047,048  
  23,338    Republic Services, Inc. (Industrials)     4,284,857  
  7,839    Roche Holding AG (Health Care)     2,064,909  
  6,317    Roche Holding AG (Health Care)     1,760,481  
    Shares    Description   Value  
  Common Stocks – (continued)  
  United States – (continued)  
  20,311    Rollins, Inc. (Industrials)   $      895,106  
  5,903    Roper Technologies, Inc. (Information Technology)     3,215,541  
  3,405    Ross Stores, Inc. (Consumer Discretionary)     507,209  
  22,286    Royalty Pharma PLC, Class A (Health Care)     676,157  
  7,459    RTX Corp. (Industrials)     668,849  
  5,503    Salesforce, Inc. (Information Technology)*     1,699,436  
  26,506    Sanofi SA (Health Care)     2,520,991  
  1,090    ServiceNow, Inc. (Information Technology)*     840,761  
  6,057    Sherwin-Williams Co. (The) (Materials)     2,011,106  
  3,120    Snap-on, Inc. (Industrials)     860,059  
  14,447    Southern Co. (The) (Utilities)     971,561  
  34,897    SS&C Technologies Holdings, Inc. (Industrials)     2,225,033  
  11,828    Starbucks Corp. (Consumer Discretionary)     1,122,477  
  5,037    Stryker Corp. (Health Care)     1,758,266  
  14,537    Swiss Re AG (Financials)     1,759,859  
  3,737    Synopsys, Inc. (Information Technology)*     2,144,029  
  25,058    Sysco Corp. (Consumer Staples)     2,028,946  
  9,203    TE Connectivity Ltd. (Information Technology)     1,321,183  
  8,534    Texas Instruments, Inc. (Information Technology)     1,427,994  
  16,029    Textron, Inc. (Industrials)     1,427,703  
  322    Thermo Fisher Scientific, Inc. (Health Care)     183,598  
  48,858    TJX Cos., Inc. (The) (Consumer Discretionary)     4,843,782  
  2,642    T-Mobile US, Inc. (Communication Services)     431,439  
  9,242    Tractor Supply Co. (Consumer Discretionary)     2,350,425  
  472    TransDigm Group, Inc. (Industrials)     555,893  
  3,317    Travelers Cos., Inc. (The) (Financials)     732,924  
  12,564    UnitedHealth Group, Inc. (Health Care)     6,201,591  
  19,757    VeriSign, Inc. (Information Technology)*     3,858,345  
  4,318    Verisk Analytics, Inc. (Industrials)     1,044,524  
     118,093    Verizon Communications, Inc. (Communication Services)     4,726,082  
  5,416    Vertex Pharmaceuticals, Inc. (Health Care)*     2,278,728  
  21,403    Visa, Inc., Class A (Financials)     6,049,344  
  21,202    W R Berkley Corp. (Financials)     1,772,487  
  5,592    W.P. Carey, Inc. REIT (Real Estate)     314,997  
  6,697    W.W. Grainger, Inc. (Industrials)     6,519,262  

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – (continued)  
  United States – (continued)  
     149,596    Walmart, Inc. (Consumer Staples)   $   8,767,822  
  2,285    Waste Connections, Inc. (Industrials)     380,432  
  23,055    Waste Management, Inc. (Industrials)     4,741,261  
  10,897    Welltower, Inc. REIT (Real Estate)     1,004,268  
  43,850    Yum! Brands, Inc. (Consumer Discretionary)     6,069,717  
  1,923    Zebra Technologies Corp., Class A (Information Technology)*     537,440  
  9,108    Zoetis, Inc. (Health Care)     1,806,390  
      

 

 

 
         584,085,277  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $725,645,205)

    828,345,227  
 

 

 
    Shares    Description   Rate     Value  
  Preferred Stock – 0.1%

 

  Germany – 0.1%

 

  9,303    Henkel AG & Co. KGaA (Consumer Staples)    
  (Cost $737,718)     2.66     700,278  
 

 

 
    Shares    Dividend Rate     Value  
  Investment Company – 0.1%(c)

 

 

Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares

 

    1,142,885    5.260%

 

    1,142,885  
  (Cost $1,142,885)    
 

 

 
 

TOTAL INVESTMENTS BEFORE SECURITIES

LENDING REINVESTMENT VEHICLE

(Cost $727,525,808)

      830,188,390  
 

 

 
    Shares    Dividend Rate   Value  
  Securities Lending Reinvestment Vehicle – 0.9%(c)

 

  Goldman Sachs Financial Square Government Fund - Institutional Shares

 

    7,167,244    5.260%   $ 7,167,244  
  (Cost $7,167,244)  
 

 

 
 

TOTAL INVESTMENTS – 100.5%

(Cost $734,693,052)

  $ 837,355,634  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%

    (4,510,189)  
 

 

 
  NET ASSETS – 100.0%   $  832,845,445  
 

 

 

 

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

Non-income producing security.

 (a)  

All or a portion of security is on loan.

 (b)  

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

 (c)  

Represents an affiliated issuer.

 

 

Investment Abbreviations:
CVA    —Dutch Certification
PLC    —Public Limited Company
REIT    —Real Estate Investment Trust

 

 

Sector Name   

% of   

Market   

Value   

 

 

Information Technology

     22.2%   

Financials

     16.8    

Health Care

     13.5    

Industrials

     13.4    

Consumer Staples

     11.3    

Consumer Discretionary

     10.3    

Communication Services

     7.2    

Materials

     1.7    

Utilities

     1.3    

Energy

     0.7    

Real Estate

     0.6    

Investment Company

     0.1    

Securities Lending Reinvestment Vehicle

     0.9    

 

 

TOTAL INVESTMENTS

     100.0%   

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA® WORLD LOW VOL PLUS EQUITY ETF

 

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 29, 2024, the Fund had the following futures contracts:

 

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

 

 

Long position contracts:

                 

E-Mini MSCI EAFE Index Future

     4          03/15/24        $ 457,580        $ 24,418  

S&P 500 E-Mini Index

     5          03/15/24            1,275,938          111,006  

 

 

Total Futures Contracts

                  $   135,424  

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Assets and Liabilities

 

February 29, 2024 (Unaudited)

 

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

Investments in unaffiliated issuers, at value (cost $815,757,778, $9,262,615, $2,907,920,005 and $19,114,941, respectively)(a)

   $ 943,452,943      $ 10,510,535     $ 3,511,783,137     $ 22,685,871    
 

Investments in affiliated issuers, at value (cost $12,595,998, $48,442, $8,698,821 and $48,147, respectively)

     12,595,998        48,442       8,698,821       48,147    
 

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

     906,385        22,539       59,012,449       152,374    
 

Cash

     28,380                       
 

Foreign Currency, at value (cost $9,737,467, $–, $345,401 and $–, respectively)

     9,246,684              346,518          
 

Receivables:

           
 

Investments sold

     17,743,203        248,633       107,201,651       927,258    
 

Dividends

     2,240,027        10,241       5,074,259       26,883    
 

Foreign tax reclaims

     116,881        27,330       4,435,181       1,795    
 

Reimbursement from investment adviser

     48,577                       
 

Securities lending income

     5,293        6       28,394       7    
 

Due from broker

                  297,400          
 

Collateral on certain derivative contracts

            2,348             2,540    
 

Variation margin on futures contracts

            2,413       139,975       317    
 

Other assets

     282,172                       
 

 

 

Total assets

     986,666,543        10,872,487       3,697,017,785       23,845,192    
 

 

             
  Liabilities:            
 

Payables:

           
 

Investments purchased

     32,832,080        292,849       113,458,863       928,920    
 

Foreign capital gains taxes

     7,288,122                       
 

Payable upon return of securities loaned

     906,385        22,539       59,012,449       152,374    
 

Management fees

     295,406        2,047       684,356       3,382    
 

Due to custodian

            120       37,873       273    
 

Foreign bank overdraft (cost $–, $165, $– and $115, respectively)

            171             116    
 

Accrued expenses

     654,390                       
 

 

 

Total liabilities

     41,976,383        317,726       173,193,541       1,085,065    
 

 

             
   

Commitments and contingencies

                                     
  Net Assets:            
 

Paid-in capital

     917,506,524        12,850,891       3,243,389,047       21,057,848    
 

Total distributable earnings (loss)

     27,183,636        (2,296,130     280,435,197       1,702,279    
 

 

 

NET ASSETS

   $ 944,690,160      $ 10,554,761     $ 3,523,824,244     $ 22,760,127    
 

 

 

SHARES ISSUED AND OUTSTANDING

           
 

Shares outstanding no par value (unlimited shares authorized):

     30,500,000        300,000       105,700,000       600,000    
 

Net asset value per share:

   $ 30.97      $ 35.18     $ 33.34     $ 37.93    
           

 

(a)

Includes loaned securities having a market value of $782,142, $20,361, $55,967,358 and $146,197 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively.

  

 

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



GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Assets and Liabilities (continued)

 

February 29, 2024 (Unaudited)

 

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

Investments in unaffiliated issuers, at value (cost $8,161,888,538, $444,247,613 and $726,382,923, respectively)(a)

   $ 12,212,969,580      $ 491,899,218      $ 829,045,505    
 

Investments in affiliated issuers, at value (cost $13,171,145, $3,112,940 and $1,142,885,respectively)

     13,171,145        3,112,940        1,142,885    
 

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

            4,158,292        7,167,244    
 

Cash

     676,719               24,156    
 

Foreign Currency, at value (cost $–, $– and $748,283, respectively)

                   750,667    
 

Receivables:

          
 

Dividends

     15,356,259        466,677        1,503,265    
 

Collateral on certain derivative contracts

     311,520        271,700           
 

Due from broker

                   80,349    
 

Investments sold

            3,762,866           
 

Securities lending income

            5,224        2,071    
 

Foreign tax reclaims

            612        477,998    
 

Fund shares sold

                   4,576,072    
 

Variation margin on futures contracts

     27,301        24,700        6,634    
 

 

 

Total assets

     12,242,512,524        503,702,229        844,776,846    
 

 

            
  Liabilities:           
 

Payables:

          
 

Management fees

     871,726        79,601        162,282    
 

Investments purchased

     676,719               48,163    
 

Payable upon return of securities loaned

            4,158,292        7,167,244    
 

Fund shares redeemed

            3,152,436        4,553,712    
 

Due to custodian

            34,995           
 

 

 

Total liabilities

     1,548,445        7,425,324        11,931,401    
 

 

            
   

Commitments and contingencies

                              
  Net Assets:           
 

Paid-in capital

     8,746,431,314        472,927,302        756,465,940    
 

Total distributable earnings (loss)

     3,494,532,765        23,349,603        76,379,505    
 

 

 

NET ASSETS

   $ 12,240,964,079      $ 496,276,905      $ 832,845,445    
 

 

 

SHARES ISSUED AND OUTSTANDING

          
 

Shares outstanding no par value (unlimited shares authorized):

     121,452,500        7,800,000        18,200,000    
   

Net asset value per share:

   $ 100.79      $ 63.63      $ 45.76      

 

(a)

Includes loaned securities having a market value of $–, $4,048,921 and $6,808,871 for ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF, respectively.

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Operations

 

For the Six Months Ended February 29, 2024 (Unaudited)

 

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

Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,066,794, $1,367, $1,108,752 and $23,074, respectively)

   $ 8,247,836     $ 81,509     $ 31,163,252     $ 142,414    
 

Dividends — affiliated issuers

     97,186       913       130,384          
 

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

     36,208       759       243,265       530    
 

 

 

Total Investment Income

     8,381,230       83,181       31,536,901       142,944    
 

 

            
  Expenses:           
 

Management fees

     1,866,834       5,469       4,062,059       9,241    
 

Custody, accounting and administrative services

     298,441                      
 

Printing and mailing costs

     88,192                      
 

Professional fees

     66,482                      
 

Trustee fees

     19,052       8,505       14,221       8,509    
 

Registration fees

     9,390                      
 

Other

     9,427                      
 

 

 

Total expenses

     2,357,818       13,974       4,076,280       17,750    
 

 

 

Less — expense reductions

     (257,900     (32     (4,433     (27  
 

 

 

Net expenses

     2,099,918       13,942       4,071,847       17,723    
 

 

 

NET INVESTMENT INCOME

     6,281,312       69,239       27,465,054       125,221    
 

 

            
  Realized and Unrealized gain (loss):           
 

Net realized gain (loss) from:

          
 

Investments — unaffiliated issuers

     (16,992,189     (83,373     (34,397,573     (127,894  
 

Foreign currency transactions

     (101,404     (18     (77,585     1,024    
 

Futures contracts

     99,469       2,146       786,834       230    
 

In-kind redemptions

     2,354,736       369,650                
 

Net change in unrealized gain (loss) on:

          
 

Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2,860,219, $–, $– and $–, respectively)

     61,665,380       403,170       262,184,796       1,843,462    
 

Futures contracts

           2,248       554,558       5,760    
 

Foreign currency translations

     (556,521     134       (101,849     (2,587  
 

 

 

Net realized and unrealized gain

     46,469,471       693,957       228,949,181       1,719,995    
 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 52,750,783     $ 763,196     $ 256,414,235     $ 1,845,216    
 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Operations (continued)

 

For the Six Months Ended February 29, 2024 (Unaudited)

 

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

Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $4,780 and $275,944, respectively)

   $ 82,248,928     $ 3,774,201     $ 7,322,034    
 

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

     3,472,811       23,469       632,620    
 

Dividends — affiliated issuers

     500,216                
 

 

 

Total Investment Income

     86,221,955       3,797,670       7,954,654    
 

 

 
  Expenses:         
 

Management fees

     5,022,430       465,077       926,880    
 

Trustee fees

     28,708       9,335       9,766    
 

 

 

Total expenses

     5,051,138       474,412       936,646    
 

 

 

Less — expense reductions

     (17,062     (2,489     (1,684  
 

 

 

Net expenses

     5,034,076       471,923       934,962    
 

 

 

NET INVESTMENT INCOME

     81,187,879       3,325,747       7,019,692    
 

 

 
  Realized and Unrealized gain (loss):         
 

Net realized gain (loss) from:

        
 

Investments — unaffiliated issuers

     (72,501,261     (5,278,475     (6,359,402  
 

In-kind redemptions

     418,674,072       9,915,623       8,745,392    
 

Futures contracts

     948,284       1,076,614       162,761    
 

Foreign currency transactions

                 (11,962  
 

Net change in unrealized gain (loss) on:

        
 

Investments — unaffiliated issuers

     1,127,850,092       32,012,935       78,130,808    
 

Futures contracts

     472,945       113,350       113,321    
 

Foreign currency translations

                 (6,287  
 

 

 

Net realized and unrealized gain

     1,475,444,132       37,840,047       80,774,631    
 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 1,556,632,011     $ 41,165,794     $ 87,794,323    
 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Changes in Net Assets

 

 

         ActiveBeta® Emerging Markets Equity ETF     ActiveBeta® Europe Equity ETF      
         For the
Six Months Ended
February 29, 2024
(Unaudited)
    For the Fiscal
Year Ended
August 31, 2023
    For the Six
Months Ended
February 29, 2024
(Unaudited)
    For the Fiscal
Year Ended
August 31, 2023
     
  From operations:           
  Net investment income    $    6,281,312     $   29,949,389     $       69,239     $      418,036    
  Net realized gain (loss)      (14,639,388     (33,527,367     288,405       (417,799  
  Net change in unrealized gain      61,108,859       30,610,672       405,552       2,130,680    
 

 

 

Net increase in net assets resulting from operations

     52,750,783       27,032,694       763,196       2,130,917    
 

 

            
  Distributions to shareholders:           
 

From distributable earnings

     (12,364,152     (25,009,312     (95,271     (359,836  
            
  From share transactions:           
  Proceeds from sales of shares            62,411,100                
  Cost of shares redeemed      (65,404,084     (119,934,568     (1,700,198     (2,547,509  
 

 

 

Net decrease in net assets resulting from share transactions

     (65,404,084     (57,523,468     (1,700,198     (2,547,509  
 

 

 

TOTAL DECREASE

     (25,017,453     (55,500,086     (1,032,273     (776,428  
 

 

            
  Net Assets:           
  Beginning of period    $ 969,707,613     $ 1,025,207,699     $ 11,587,034     $ 12,363,462    
 

 

  End of period    $ 944,690,160     $ 969,707,613     $ 10,554,761     $ 11,587,034    
 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Changes in Net Assets (continued)

 

 

         ActiveBeta® International Equity ETF     ActiveBeta® Japan Equity ETF      
         For the Six
Months Ended
February 29, 2024
(Unaudited)
     For the Fiscal
Year Ended
August 31, 2023
    For the
Six Months Ended
February 29, 2024
(Unaudited)
    For the Fiscal
Year Ended
August 31, 2023
     
  From operations:            
  Net investment income    $ 27,465,054      $ 91,862,520     $ 125,221     $ 275,723    
  Net realized loss      (33,688,324)        (56,523,195     (126,640     (189,702  
  Net change in unrealized gain      262,637,505        408,781,803       1,846,635       1,786,105    
 

 

 

Net increase in net assets resulting from operations

     256,414,235        444,121,128       1,845,216       1,872,126    
 

 

             
  Distributions to shareholders:            
 

From distributable earnings

     (30,136,104)        (90,840,491     (176,236     (259,624  
             
  From share transactions:            
  Proceeds from sales of shares      46,484,328        222,011,550       7,419,872          
  Cost of shares redeemed             (44,267,175              
 

 

 

Net increase in net assets resulting from share transactions

     46,484,328        177,744,375       7,419,872          
 

 

 

TOTAL INCREASE

     272,762,459        531,025,012       9,088,852       1,612,502    
 

 

             
  Net Assets:            
  Beginning of period    $ 3,251,061,785      $ 2,720,036,773     $ 13,671,275     $ 12,058,773    
 

 

  End of period    $ 3,523,824,244      $ 3,251,061,785     $ 22,760,127     $ 13,671,275    
 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Changes in Net Assets (continued)

 

 

         ActiveBeta® U.S. Large Cap Equity ETF     ActiveBeta® U.S. Small Cap Equity ETF      
         For the
Six Months Ended
February 29, 2024
(Unaudited)
    For the Fiscal
Year Ended
August 31, 2023
    For the
Six Months Ended
February 29, 2024
(Unaudited)
    For the Fiscal
Year Ended
August 31, 2023
     
  From operations:           
  Net investment income    $ 81,187,879     $ 167,259,552     $ 3,325,747     $ 6,802,784    
  Net realized gain      347,121,095       463,281,433       5,713,762       7,994,471    
  Net change in unrealized gain      1,128,323,037       860,961,368       32,126,285       13,562,819    
 

 

 

Net increase in net assets resulting from operations

     1,556,632,011       1,491,502,353       41,165,794       28,360,074    
 

 

            
  Distributions to shareholders:           
 

From distributable earnings

     (85,094,604)       (170,189,662     (3,515,617     (6,492,896  
            
  From share transactions:           
  Proceeds from sales of shares      425,524,968       551,981,819       6,120,776       40,329,686    
  Cost of shares redeemed      (1,066,571,335)       (2,079,315,418     (30,332,886     (62,627,817  
 

 

 

Net decrease in net assets resulting from share transactions

     (641,046,367     (1,527,333,599     (24,212,110     (22,298,131  
 

 

 

TOTAL INCREASE (DECREASE)

     830,491,040       (206,020,908     13,438,067       (430,953  
 

 

            
  Net Assets:           
  Beginning of period    $ 11,410,473,039     $ 11,616,493,947     $ 482,838,838     $ 483,269,791    
 

 

  End of period    $ 12,240,964,079     $ 11,410,473,039     $ 496,276,905     $ 482,838,838    
 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Statements of Changes in Net Assets (continued)

 

 

         ActiveBeta® World Low Vol  Plus Equity ETF        
         For the Six
Months Ended
February 29, 2024
(Unaudited)
   

For the Fiscal

Year Ended
August 31, 2023

       
  From operations:       
 

Net investment income

   $ 7,019,692     $ 14,003,105    
 

Net realized gain (loss)

     2,536,789       (24,561,263  
 

Net change in unrealized gain

     78,237,842       78,892,266    
 

 

 
 

Net increase in net assets resulting from operations

     87,794,323       68,334,108    
 

 

 
        
  Distributions to shareholders:       
 

From distributable earnings

     (7,455,043     (13,421,605  
        
  From share transactions:       
 

Proceeds from sales of shares

     65,700,492       109,729,323    
 

Cost of shares redeemed

     (35,947,938        
 

 

 
 

Net increase in net assets resulting from share transactions

     29,752,554       109,729,323    
 

 

 
 

TOTAL INCREASE

     110,091,834       164,641,826    
 

 

 
        
  Net Assets:       
 

Beginning of period

   $ 722,753,611     $ 558,111,785    
 

 

 
 

End of period

   $ 832,845,445     $ 722,753,611    
 

 

 

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Financial Highlights

 

Selected Data for a Share Outstanding Throughout Each Period

 

        ActiveBeta® Emerging Markets Equity ETF    
        For the Six Months   For the Fiscal    
        Ended   Year Ended August 31,    
        February 29, 2024        
        (Unaudited)   2023   2022   2021   2020   2019    
  Per Share Operating Performance:                          
 

Net asset value, beginning of period

    $ 29.61     $ 29.42     $ 39.33     $ 33.28     $ 31.12     $ 32.98  
 

 

 

Net investment income(a)

      0.20       0.91       1.13       0.67       0.80 (b)        0.75  
 

Net realized and unrealized gain (loss)

      1.54       0.06       (9.55 )       6.07       2.17       (1.79 )  
 

 

 

Total from investment operations

      1.74       0.97       (8.42 )       6.74       2.97       (1.04 )  
 

 

 

Distributions to shareholders from net investment income

      (0.38 )       (0.78 )       (1.49 )       (0.69 )       (0.81 )       (0.82 )  
 

 

 

Net asset value, end of period

    $ 30.97     $ 29.61     $ 29.42     $ 39.33     $ 33.28     $ 31.12  
 

 

 

Market price, end of period

    $ 30.70     $ 29.48     $ 29.03     $ 39.16     $ 33.28     $ 31.14  
 

 

 

Total Return at Net Asset Value(c)

      5.95 %       3.50 %       (21.97 )%       20.49 %       9.55 %       (3.21 )%  
 

 

 

Net assets, end of period (in 000’s)

    $  944,690     $  969,708     $  1,025,208     $  1,388,289     $  1,710,477     $  1,699,201  
 

Ratio of net expenses to average net assets

      0.45 %(d)       0.45 %       0.45 %       0.45 %       0.45 %       0.45 %  
 

Ratio of total expenses to average net assets

      0.50 %(d)       0.52 %       0.51 %       0.51 %       0.52 %       0.51 %  
 

Ratio of net investment income to average net assets

      1.34 %(d)       3.15 %       3.29 %       1.76 %       2.55 %(b)       2.37 %  
 

Portfolio turnover rate(e)

      6 %       21 %       18 %       46 %       38 %       28 %  
 

 

 

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets.

  (c) 

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

  (d) 

Annualized.

  (e) 

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        ActiveBeta® Europe Equity ETF    
        For the Six Months   For the Fiscal    
        Ended   Year Ended August 31,    
        February 29, 2024        
        (Unaudited)   2023   2022   2021   2020   2019    
  Per Share Operating Performance:                          
 

Net asset value, beginning of period

    $ 33.11     $ 27.47     $ 37.99     $ 29.85     $ 28.59     $ 30.82  
 

 

 

Net investment income(a)

      0.20       1.16       1.01       0.84       0.58       0.89  
 

Net realized and unrealized gain (loss)

      2.14       5.50       (10.29 )       8.15       1.27       (1.84 )  
 

 

 

Total from investment operations

      2.34       6.66       (9.28 )       8.99       1.85       (0.95 )  
 

 

 

Distributions to shareholders from net investment income

      (0.27 )       (1.02 )       (1.24 )       (0.85 )       (0.59 )       (1.28 )  
 

 

 

Net asset value, end of period

    $ 35.18     $ 33.11     $ 27.47     $ 37.99     $ 29.85     $ 28.59  
 

 

 

Market price, end of period

    $ 35.17     $ 33.05     $ 27.26     $ 38.05     $ 29.81     $ 28.62  
 

 

 

Total Return at Net Asset Value(b)

      7.09 %       24.40 %       (24.81 )%       30.45 %       6.69 %       (3.15 )%  
 

 

 

Net assets, end of period (in 000’s)

    $  10,555     $  11,587     $  12,363     $  20,893     $  16,416     $  18,584  
 

Ratio of net expenses to average net assets

      0.25 %(c)       0.25 %       0.25 %       0.25 %       0.25 %       0.25 %  
 

Ratio of net investment income to average net assets

      1.24 %(c)       3.74 %       2.98 %       2.47 %       2.01 %       3.07 %  
 

Portfolio turnover rate(d)

      6 %       14 %       19 %       19 %       18 %       17 %  
 

 

 

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

  (c) 

Annualized.

  (d) 

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        ActiveBeta® International Equity ETF    
        For the Six Months   For the Fiscal    
        Ended   Year Ended August 31,    
        February 29, 2024        
        (Unaudited)   2023   2022   2021   2020   2019    
  Per Share Operating Performance:                          
 

Net asset value, beginning of period

    $ 31.20     $ 27.64     $ 35.76     $ 28.72     $ 27.70     $ 29.42  
 

 

 

Net investment income(a)

      0.26       0.92       0.96       0.75       0.57       0.86  
 

Net realized and unrealized gain (loss)

      2.17       3.55       (8.07 )       6.97       1.05       (1.78 )  
 

 

 

Total from investment operations

      2.43       4.47       (7.11 )       7.72       1.62       (0.92 )  
 

 

 

Distributions to shareholders from net investment income

      (0.29 )       (0.91 )       (1.01 )       (0.68 )       (0.60 )       (0.80 )  
 

 

 

Net asset value, end of period

    $ 33.34     $ 31.20     $ 27.64     $ 35.76     $ 28.72     $ 27.70  
 

 

 

Market price, end of period

    $ 33.38     $ 31.21     $ 27.52     $ 35.75     $ 28.63     $ 27.73  
 

 

 

Total Return at Net Asset Value(b)

      7.84 %       16.40 %       (20.18 )%       27.12 %       5.96 %       (3.09 )%  
 

 

 

Net assets, end of period (in 000’s)

    $  3,523,824     $  3,251,062     $  2,720,037     $  3,093,235     $  1,743,562     $  1,545,601  
 

Ratio of net expenses to average net assets

      0.25 %(c)       0.25 %       0.25 %       0.25 %       0.25 %       0.25 %  
 

Ratio of net investment income to average net assets

      1.69 %(c)       3.08 %       2.97 %       2.31 %       2.08 %       3.10 %  
 

Portfolio turnover rate(d)

      7 %       14 %       18 %       21 %       20 %       17 %  
 

 

 

  (a)

Calculated based on the average shares outstanding methodology.

  (b) 

Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

  (c) 

Annualized.

  (d) 

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        ActiveBeta® Japan Equity ETF    
        For the Six Months   For the Fiscal    
        Ended   Year Ended August 31,    
        February 29, 2024        
        (Unaudited)   2023   2022   2021   2020   2019    
  Per Share Operating Performance:                          
 

Net asset value, beginning of period

    $ 34.18     $ 30.15     $ 37.91     $ 32.60     $ 30.59     $ 32.99  
 

 

 

Net investment income(a)

      0.31       0.69       0.70       0.60       0.66       0.82  
 

Net realized and unrealized gain (loss)

      3.88       3.99       (7.75 )       5.25       2.15       (2.29 )  
 

 

 

Total from investment operations

      4.19       4.68       (7.05 )       5.85       2.81       (1.47 )  
 

 

 

Distributions to shareholders from net investment income

      (0.44 )       (0.65 )       (0.71 )       (0.54 )       (0.80 )       (0.93 )  
 

 

 

Net asset value, end of period

    $ 37.93     $ 34.18     $ 30.15     $ 37.91     $ 32.60     $ 30.59  
 

 

 

Market price, end of period

    $ 37.90     $ 34.18     $    29.78     $    37.75     $    32.51     $    30.52  
 

 

 

Total Return at Net Asset Value(b)

         12.39 %          15.69 %       (18.76 )%       18.02 %       9.15 %       (4.32 )%  
 

 

 

Net assets, end of period (in 000’s)

    $ 22,760     $ 13,671     $ 12,059     $ 15,163     $ 19,561     $ 24,468  
 

Ratio of net expenses to average net assets

      0.25 %(c)       0.25 %       0.25 %       0.25 %       0.25 %       0.25 %  
 

Ratio of net investment income to average net assets

      1.76 %(c)       2.19 %       2.03 %       1.64 %       2.09 %       2.64 %  
 

Portfolio turnover rate(d)

      12 %       17 %       21 %       21 %       18 %       33 %  
 

 

 

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

  (c) 

Annualized.

  (d)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        ActiveBeta® U.S. Large Cap Equity ETF    
        For the Six Months   For the Fiscal    
        Ended   Year Ended August 31,    
        February 29, 2024        
        (Unaudited)   2023   2022   2021   2020   2019    
  Per Share Operating Performance:                          
 

Net asset value, beginning of period

    $ 88.55     $ 78.36     $ 90.95     $ 70.70     $ 59.09     $ 58.75  
 

 

 

Net investment income(a)

      0.67       1.23       1.17       0.96       1.06       1.03  
 

Net realized and unrealized gain (loss)

      12.25       10.21       (12.61 )       20.21       11.62       0.30  
 

 

 

Total from investment operations

      12.92       11.44       (11.44 )       21.17       12.68       1.33  
 

 

 

Distributions to shareholders from net investment income

      (0.68 )       (1.25 )       (1.15 )       (0.92 )       (1.07 )       (0.99 )  
 

 

 

Net asset value, end of period

    $ 100.79     $ 88.55     $ 78.36     $ 90.95     $ 70.70     $ 59.09  
 

 

 

Market price, end of period

    $ 100.75     $ 88.57     $ 78.33     $ 90.91     $ 70.61     $ 59.07  
 

 

 

Total Return at Net Asset Value(b)

      14.68 %       14.83 %       (12.70 )%       30.21 %       21.81 %       2.42 %  
 

 

 

Net assets, end of period (in 000’s)

    $   12,240,964     $   11,410,473     $   11,616,494     $   13,769,847     $   10,427,895     $   6,606,050  
 

Ratio of net expenses to average net assets

      0.09 %(c)       0.09 %       0.09 %       0.09 %       0.09 %       0.09 %  
 

Ratio of net investment income to average net assets

      1.48 %(c)       1.53 %       1.36 %       1.22 %       1.72 %       1.82 %  
 

Portfolio turnover rate(d)

      5 %       11 %       12 %       16 %       17 %       16 %  
 

 

 

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

  (c) 

Annualized.

  (d) 

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        ActiveBeta® U.S. Small Cap Equity ETF    
        For the Six Months   For the Fiscal    
        Ended   Year Ended August 31,    
        February 29, 2024        
        (Unaudited)   2023   2022   2021   2020   2019    
  Per Share Operating Performance:                          
 

Net asset value, beginning of period

    $ 58.88     $ 55.87     $ 64.97     $ 43.57     $ 42.84     $ 49.49  
 

 

 

Net investment income(a)

      0.47       0.84 (b)        0.74 (c)        0.53 (d)        0.51       0.57  
 

Net realized and unrealized gain (loss)

      4.71       2.97       (9.07 )       21.35       0.78       (6.66 )  
 

 

 

Total from investment operations

      5.18       3.81       (8.33 )       21.88       1.29       (6.09 )  
 

 

 

Distributions to shareholders from net investment income

      (0.43 )       (0.80 )       (0.77 )       (0.48 )       (0.56 )       (0.56 )  
 

 

 

Net asset value, end of period

    $ 63.63     $ 58.88     $ 55.87     $ 64.97     $ 43.57     $ 42.84  
 

 

 

Market price, end of period

    $ 63.48     $ 58.85     $ 55.92     $ 64.94     $ 43.63     $ 42.84  
 

 

 

Total Return at Net Asset Value(e)

      8.83 %       6.95 %       (12.95 )%       50.45 %       3.13 %       (12.28 )%  
 

 

 

Net assets, end of period (in 000’s)

    $   496,277     $   482,839     $   483,270     $   412,543     $   152,484     $   96,399  
 

Ratio of net expenses to average net assets

      0.20 %(f)       0.20 %       0.20 %       0.20 %       0.20 %       0.20 %  
 

Ratio of net investment income to average net assets

      1.60 %(f)       1.49 %(b)       1.22 %(c)       0.90 %(d)       1.21 %       1.32 %  
 

Portfolio turnover rate(g)

      7 %       17 %       20 %       25 %       20 %       20 %  
 

 

 

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Reflects income recognized from non-recurring special dividends which amounted to $0.23 per share and 0.41% of average net assets.

  (c) 

Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets.

  (d) 

Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets.

  (e)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

  (f) 

Annualized.

  (g) 

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

 

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


GOLDMAN SACHS ACTIVEBETA ® ETFS

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        ActiveBeta® World Low Vol Plus Equity ETF
        For the Six
Months Ended
February 29, 2024
(Unaudited)
  For the Fiscal
Year Ended
August 31, 2023
  For the Period
March 15, 2022*
to
August 31, 2022
   
  Per Share Operating Performance:                
 

Net asset value, beginning of period

    $ 41.30     $ 37.97     $ 40.57    
 

 

 
 

Net investment income(a)

      0.40       0.87       0.47    
 

Net realized and unrealized gain (loss)

      4.22       3.30       (2.76 )    
 

 

 
 

Total from investment operations

      4.62       4.17       (2.29 )    
 

 

 
 

Distributions to shareholders from net investment income

      (0.16 )       (0.84 )       (0.31 )    
 

 

 
 

Net asset value, end of period

    $ 45.76     $ 41.30     $ 37.97    
 

 

 
 

Market price, end of period

    $ 45.79     $ 41.34     $ 37.98    
 

 

 
 

Total Return at Net Asset Value(b)

      11.90 %       11.15 %       (5.65 )%    
 

 

 
 

Net assets, end of period (in 000’s)

    $   832,845     $   722,754     $   558,112    
 

Ratio of net expenses to average net assets

      0.25 %(c)       0.25 %       0.25 %(c)    
 

Ratio of net investment income to average net assets

      1.88 %(c)       2.22 %       2.54 %(c)    
 

Portfolio turnover rate(d)

      12 %       31 %       13 %    
 

 

 

 

  * 

Commencement of operations.

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

  (c) 

Annualized.

  (d) 

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

  

 

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


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements

 

February 29, 2024

 

1. ORGANIZATION

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

 

Fund   

Diversified/

Non-diversified

ActiveBeta® Emerging Markets Equity ETF    Diversified
ActiveBeta® Europe Equity ETF    Diversified
ActiveBeta® International Equity ETF    Diversified
ActiveBeta® Japan Equity ETF    Diversified
ActiveBeta® U.S. Large Cap Equity ETF    Diversified
ActiveBeta® U.S. Small Cap Equity ETF    Diversified
ActiveBeta® World Low Vol Plus Equity ETF    Diversified

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

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant

  

 

  109


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly, with the exception of ActiveBeta® Europe Equity ETF and ActiveBeta® Japan Equity ETF, which are paid semiannually. Capital gains distributions, if any, are declared and paid at least annually. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions. The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of assets and liabilities denominated in local currency to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars may be determined by GSAM under Valuation Procedures as discussed in Note 3.

Monetary policies enacted by government agencies in Egypt that limit their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacted the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF’s ability to convert assets and liabilities amounts denominated in local currency to U.S. dollars using quoted immediate currency settlement rates. As of February 29, 2024, the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF’s assets and liabilities denominated in Egyptian Pound were valued using the 12-month non-deliverable forward rate.

Effective March 6, 2024, the government of Egypt allowed its currency to float and as a result of the devaluation the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF reverted to using the immediate current settlement rates for the purposes of translating Egyptian Pound-denominated assets and liabilities to U.S. dollars.

  

 

110  


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024 (Unaudited)

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

  

 

  111


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 29, 2024:

ActiveBeta® Emerging Markets Equity ETF

 

Investment Type    Level 1        Level 2        Level 3  

 

 

Assets

            

Common Stock and/or Other Equity Investments(a)

            

Africa

   $ 26,204,339        $ 3,227,174        $  

Asia

     780,379,430          19,633,062           

Europe

     25,170,269                    

North America

     25,863,137                    

South America

     42,524,430          14,860,755           

Exchange-Traded Fund

     5,590,347                    

Investment Company

     12,595,998                    

Securities Lending Reinvestment Vehicle

     906,385                —           

 

 

Total

   $   919,234,335        $ 37,720,991        $       —  

 

 

 

  (a) 

Amount shown represents unrealized gain (loss) at period end.

  

 

112  


GOLDMAN SACHS ACTIVEBETA® ETFS

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

ActiveBeta® Europe Equity ETF             
Investment Type    Level 1        Level 2        Level 3  

 

 

Assets

            

Common Stock and/or Other Equity Investments(a)

            

Asia

   $ 61,739        $        $  

Europe

     9,362,133          68,913           

North America

     938,558                    

Oceania

     73,837                    

South America

     5,355                    

Investment Company

     48,442                    

Securities Lending Reinvestment Vehicle

     22,539                    

 

 

Total

   $ 10,512,603        $ 68,913        $  

 

 
Derivative Type                         

 

 

Assets

            

Futures Contracts(b)

   $ 1,537        $        $  

 

 
ActiveBeta® International Equity ETF             
Investment Type    Level 1        Level 2        Level 3  

 

 

Assets

            

Common Stock and/or Other Equity Investments(a)

            

Asia

   $ 879,859,354        $       —        $  

Europe

     1,813,647,754          12,581,560           

North America

     582,056,843          3,776,226           

Oceania

       217,846,881                    

South America

     2,014,519                    

Investment Company

     8,698,821                    

Securities Lending Reinvestment Vehicle

     59,012,449                    

 

 

Total

   $ 3,563,136,621        $ 16,357,786        $       —  

 

 
Derivative Type                         

 

 

Assets

            

Futures Contracts(b)

   $ 461,846        $        $  

 

 
ActiveBeta® Japan Equity ETF             
Investment Type    Level 1        Level 2        Level 3  

 

 

Assets

            

Common Stock and/or Other Equity Investments(a)

            

Asia

   $ 22,685,871        $        $  

Investment Company

     48,147                    

Securities Lending Reinvestment Vehicle

     152,374                    

 

 

Total

   $ 22,886,392        $        $  

 

 
Derivative Type                         

 

 

Assets

            

Futures Contracts(b)

   $ 6,702        $        $  

 

 

  

 

  113


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024

 

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

 

ActiveBeta® U.S. Large Cap Equity ETF               
Investment Type      Level 1        Level 2        Level 3  

 

 

Assets

              

Common Stock and/or Other Equity Investments(a)

              

North America

     $ 12,212,969,580        $        $  

Investment Company

       13,171,145                    

 

 

Total

     $ 12,226,140,725        $        $  

 

 
Derivative Type                           

 

 

Assets

              

Futures Contracts(b)

     $ 532,826        $        $       —  

 

 
ActiveBeta® U.S. Small Cap Equity ETF               
Investment Type      Level 1        Level 2        Level 3  

 

 

Assets

              

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 429,531        $       —        $  

Asia

       2,638,849                    

Europe

       3,606,703                    

North America

       484,333,768                   27,278  

South America

       863,089                    

Investment Company

       3,112,940                    

Securities Lending Reinvestment Vehicle

       4,158,292                    

 

 

Total

     $   499,143,172        $        $ 27,278  

 

 
Derivative Type                           

 

 

Assets

              

Futures Contracts(b)

     $ 109,636        $        $  

 

 
ActiveBeta® World Low Vol Plus Equity ETF               
Investment Type      Level 1        Level 2        Level 3  

 

 

Assets

              

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 79,986,385        $        $  

Europe

       113,418,094          700,278           

North America

       612,931,501                    

Oceania

       22,009,247                    

Investment Company

       1,142,885                    

Securities Lending Reinvestment Vehicle

       7,167,244                    

 

 

Total

     $ 836,655,356        $ 700,278        $  

 

 
Derivative Type                           

 

 

Assets

              

Futures Contracts(b)

     $ 135,424        $        $  

 

 

 

  (a) 

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

  (b) 

Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

  

 

114  


GOLDMAN SACHS ACTIVEBETA® ETFS

 

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 29, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

 

ActiveBeta® Europe Equity ETF         
 
Risk   Statement of Assets and Liabilities    Assets1      Statement of Assets and Liabilities    Liabilities1  
 
Equity   Variation margin on futures contracts    $ 1,537      Variation margin on futures contracts    $  
ActiveBeta® International Equity ETF         
 
Risk   Statement of Assets and Liabilities    Assets1      Statement of Assets and Liabilities    Liabilities1  
 
Equity   Variation margin on futures contracts    $ 461,846      Variation margin on futures contracts    $  
ActiveBeta® Japan Equity ETF         
 
Risk   Statement of Assets and Liabilities    Assets1      Statement of Assets and Liabilities    Liabilities1  
 
Equity   Variation margin on futures contracts    $ 6,702      Variation margin on futures contracts    $  
ActiveBeta® U.S. Large Cap Equity ETF         
 
Risk   Statement of Assets and Liabilities    Assets1      Statement of Assets and Liabilities    Liabilities1  
 
Equity   Variation margin on futures contracts    $ 532,826      Variation margin on futures contracts    $  
ActiveBeta® U.S. Small Cap Equity ETF         
 
Risk   Statement of Assets and Liabilities    Assets1      Statement of Assets and Liabilities    Liabilities1  
 
Equity   Variation margin on futures contracts    $ 109,636      Variation margin on futures contracts    $  
ActiveBeta® World Low Vol Plus Equity ETF         
 
Risk   Statement of Assets and Liabilities    Assets1      Statement of Assets and Liabilities    Liabilities1  
 
Equity   Variation margin on futures contracts    $ 135,424      Variation margin on futures contracts    $  

 

  1 

Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of February 29, 2024 is reported within the Statement of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

  

 

  115


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024

 

4. INVESTMENTS IN DERIVATIVES (continued)

 

ActiveBeta® Emerging Markets Equity ETF      
Risk   Statement of Operations   

Net Realized

Gain (Loss)

    

Net Change in

Unrealized

Gain (Loss)

 
Equity   Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on Update condition    $ 99,469      $  
ActiveBeta® Europe Equity ETF      
Risk   Statement of Operations    Net Realized
Gain (Loss)
     Net Change in
Unrealized
Gain (Loss)
 
Equity   Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts      2,146        2,248  
ActiveBeta® International Equity ETF      
Risk   Statement of Operations    Net Realized
Gain (Loss)
     Net Change in
Unrealized
Gain (Loss)
 
Equity   Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts      786,834        554,558  
ActiveBeta® Japan Equity ETF      
Risk   Statement of Operations    Net Realized
Gain (Loss)
     Net Change in
Unrealized
Gain (Loss)
 
Equity   Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts      230        5,760  
ActiveBeta® U.S. Large Cap Equity ETF      
Risk   Statement of Operations    Net Realized
Gain (Loss)
     Net Change in
Unrealized
Gain (Loss)
 
Equity   Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts      948,284        472,945  
ActiveBeta® U.S. Small Cap Equity ETF      
Risk   Statement of Operations    Net Realized
Gain (Loss)
     Net Change in
Unrealized
Gain (Loss)
 
Equity   Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts      1,076,614        113,350  
ActiveBeta® World Low Vol Plus Equity ETF      
Risk   Statement of Operations    Net Realized
Gain (Loss)
     Net Change in
Unrealized
Gain (Loss)
 
Equity   Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts      162,761        113,321  

  

 

116  


GOLDMAN SACHS ACTIVEBETA® ETFS

 

4. INVESTMENTS IN DERIVATIVES ( continued)

For the six months ended February 29, 2024, the relevant values for each derivative type was as follows:

 

Fund   

Average 

Number of 

Contracts(a)

 

 

 

ActiveBeta® Emerging Markets Equity ETF

     55   

 

 

ActiveBeta® Europe Equity ETF

     2   

 

 

ActiveBeta® International Equity ETF

     98   

 

 

ActiveBeta® Japan Equity ETF

     6   

 

 

ActiveBeta® U.S. Large Cap Equity ETF

     106   

 

 

ActiveBeta® U.S. Small Cap Equity ETF

     50   

 

 

ActiveBeta® World Low Vol Plus Equity ETF

     17   

 

 

 

  (a)

Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended February 29, 2024.

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For each Fund except the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the six months ended February 29, 2024, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta® Emerging Markets Equity ETF:

 

Fund    Unitary Management Fee
ActiveBeta® Europe Equity ETF    0.25%
ActiveBeta® International Equity ETF    0.25%
ActiveBeta® Japan Equity ETF    0.25%
ActiveBeta® U.S. Large Cap Equity ETF    0.09%
ActiveBeta® U.S. Small Cap Equity ETF    0.20%
ActiveBeta® World Low Vol Plus Equity ETF    0.25%

  

 

  117


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 29, 2024, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta® Emerging Markets Equity ETF:

 

Fund   

Contractual and Effective

Net Management Fee

Goldman Sachs ActiveBeta® Emerging Markets Equity ETF    0.40%

B. Management Waiver— The ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF, ActiveBeta® U.S. Small Cap Equity ETF and ActiveBeta® World Low Vol Plus Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Treasury Obligations Fund. For the six months ended February 29, 2024, the management fee waived by GSAM for each Fund was as follows:

 

Fund   

Management

Fee Waived

ActiveBeta® Emerging Markets Equity ETF    $   3,405  
ActiveBeta® Europe Equity ETF       32
ActiveBeta® International Equity ETF      4,433
ActiveBeta® Japan Equity ETF       27
ActiveBeta® U.S. Large Cap Equity ETF    17,062
ActiveBeta® U.S. Small Cap Equity ETF     2,489
ActiveBeta® World Low Vol Plus Equity ETF     1,684

C. Other Expense Agreements and Affiliated Transactions— GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the six months ended February 29, 2024, these expense reimbursements amounted to $254,494.

D. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in The Goldman Sachs Group, Inc. and Goldman Sachs Financial Square Treasury Obligations Fund for the six months ended February 29, 2024:

  

 

118  


GOLDMAN SACHS ACTIVEBETA® ETFS

 

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

 

ActiveBeta® Emerging Markets Equity ETF

 

       
Underlying Fund    Beginning value
as of August 31,
2023
  Purchases at Cost     Proceeds from
Sales
    Ending value as of
February 29, 2024
    Shares as of
February 29, 2024
    Dividend Income  

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 

   
   $    –   $ 39,878,316     $ (27,282,317   $ 12,595,998       12,595,998     $ 97,186  
                                           

 

 
ActiveBeta® Europe Equity ETF

 

       
Underlying Fund    Beginning value
as of August 31,
2023
  Purchases at Cost     Proceeds from
Sales
    Ending value as of
February 29, 2024
    Shares as of
February 29, 2024
    Dividend Income  

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 

   
       248,044       (199,602     48,442       48,442       913  
                                           

 

 
ActiveBeta® International Equity ETF

 

       
Underlying Fund    Beginning value
as of August 31,
2023
  Purchases at Cost     Proceeds from
Sales
    Ending value as of
February 29, 2024
    Shares as of
February 29, 2024
    Dividend Income  

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 

   
       29,949,182       (21,250,361     21,250,361       21,250,361       130,384  
                                           

 

 
ActiveBeta® U.S. Large Cap Equity ETF

 

       
Underlying Fund    Beginning value
as of August 31,
2023
  Purchases at Cost     Proceeds from
Sales
    Ending value as of
February 29, 2024
    Shares as of
February 29, 2024
    Dividend Income  

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 

   
       121,669,213       (108,498,068     13,171,145       13,171,145       500,216  
                                           

 

 
ActiveBeta® U.S. Small Cap Equity ETF

 

       
Underlying Fund    Beginning value
as of August 31,
2023
  Purchases at Cost     Proceeds from
Sales
    Ending value as of
February 29, 2024
    Shares as of
February 29, 2024
    Dividend Income  

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

 

   
       15,250,539       (12,137,599     3,112,940       3,112,940        
                                           

 

 
ActiveBeta® World Low Vol Plus Equity ETF

 

       
Underlying Fund    Beginning value
as of August 31,
2023
  Purchases at Cost     Proceeds from
Sales
    Ending value as of
February 29, 2024
    Shares as of
February 29, 2024
    Dividend Income  

 

 

Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares

 

   
       11,097,634       (9,954,749     1,142,885       1,142,885        
                                           

 

 

 

6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable

  

 

  119


GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets. Share activity is as follows:

 

     Goldman Sachs ActiveBeta® Emerging Markets Equity ETF

 

 
    

For the

Six Months Ended
February 29, 2024

(Unaudited)

    For the Fiscal
Year Ended August 31, 2023
 
  

 

 

 
     Shares     Dollars     Shares     Dollars  
  

 

 

 

Fund Share Activity

        

Shares sold

         $       2,100,000     $ 61,682,388  

Shares redeemed

     (2,250,000     (65,404,084     (4,200,000     (119,934,568

 

 

NET DECREASE IN SHARES

     (2,250,000   $ (65,404,084     (2,100,000   $ (58,252,180

 

 
     Goldman Sachs ActiveBeta® Europe Equity ETF

 

 
    

For the

Six Months Ended
February 29, 2024

(Unaudited)

    For the Fiscal
Year Ended August 31, 2023
 
  

 

 

 
     Shares     Dollars     Shares     Dollars  
  

 

 

 

Fund Share Activity

        

Shares sold

         $           $  

Shares redeemed

     (50,000     (1,700,198     (100,000     (2,546,984

 

 

NET DECREASE IN SHARES

     (50,000   $ (1,700,198     (100,000   $ (2,546,984

 

 
     Goldman Sachs ActiveBeta® International Equity ETF

 

 
    

For the

Six Months Ended
February 29, 2024

(Unaudited)

    For the Fiscal
Year Ended August 31, 2023
 
  

 

 

 
     Shares     Dollars     Shares     Dollars  
  

 

 

 

Fund Share Activity

        

Shares sold

     1,500,000     $ 46,484,328       7,300,000     $ 221,995,548  

Shares redeemed

                 (1,500,000     (44,265,384

 

 

NET INCREASE IN SHARES

     1,500,000     $ 46,484,328       5,800,000     $ 177,730,164  

 

 
     Goldman Sachs ActiveBeta® Japan Equity ETF

 

 
    

For the

Six Months Ended
February 29, 2024

(Unaudited)

    For the Fiscal
Year Ended August 31, 2023
 
  

 

 

 
     Shares     Dollars     Shares     Dollars  
  

 

 

 

Fund Share Activity

        

Shares sold

     200,000     $ 7,419,872           $  

Shares redeemed

                        

 

 

NET INCREASE IN SHARES

     200,000     $ 7,419,872           $  

 

 

  

 

120  


GOLDMAN SACHS ACTIVEBETA® ETFS

 

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

 

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

 

 
    

For the

Six Months Ended
February 29, 2024

(Unaudited)

    For the Fiscal
Year Ended August 31, 2023
 
  

 

 

 
     Shares     Dollars     Shares     Dollars  
  

 

 

 

Fund Share Activity

        

Shares sold

     4,750,000     $ 425,524,968       6,700,000     $ 551,981,819  

Shares redeemed

     (12,150,000     (1,066,571,335     (26,100,000     (2,079,315,418

 

 

NET DECREASE IN SHARES

     (7,400,000   $ (641,046,367     (19,400,000   $ (1,527,333,599

 

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

 

 
    

For the

Six Months Ended
February 29, 2024

(Unaudited)

    For the Fiscal
Year Ended August 31, 2023
 
  

 

 

 
     Shares     Dollars     Shares     Dollars  
  

 

 

 

Fund Share Activity

        

Shares sold

     100,000     $ 6,120,776       700,000     $ 40,329,686  

Shares redeemed

     (500,000     (30,332,886     (1,150,000     (62,627,817

 

 

NET DECREASE IN SHARES

     (400,000   $ (24,212,110     (450,000   $ (22,298,131

 

 
     Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

 

 
    

For the

Six Months Ended
February 29, 2024

(Unaudited)

    For the Fiscal
Year Ended August 31, 2023
 
  

 

 

 
     Shares     Dollars     Shares     Dollars  
  

 

 

 

Fund Share Activity

        

Shares sold

     1,500,000     $ 65,700,492       2,800,000     $ 109,727,326  

Shares redeemed

     (800,000     (35,947,938            

 

 

NET INCREASE IN SHARES

     700,000     $ 29,752,554       2,800,000     $ 109,727,326  

 

 

 

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2024, were as follows:

 

  Fund      Purchases        Sales  
ActiveBeta® Emerging Markets Equity ETF    $ 52,586,311      $ 117,635,491  
ActiveBeta® Europe Equity ETF      681,433        680,763  
ActiveBeta® International Equity ETF        245,048,800          244,545,655  
ActiveBeta® Japan Equity ETF      9,135,581        1,803,065  
ActiveBeta® U.S. Large Cap Equity ETF      608,334,951        603,333,979  
ActiveBeta® U.S. Small Cap Equity ETF      33,458,148        32,078,472  

ActiveBeta® World Low Vol Plus Equity ETF

     91,889,768        92,016,390  

  

 

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Notes to Financial Statements (continued)

 

February 29, 2024

 

7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the six months ended February 29, 2024, were as follows:

 

  Fund      Purchases        Sales  
  Goldman Sachs ActiveBeta® Emerging Markets Equity ETF    $      $ 12,351,692  
  Goldman Sachs ActiveBeta® Europe Equity ETF             1,693,596  
  Goldman Sachs ActiveBeta® International Equity ETF      45,581,913         
  Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF      423,584,235        1,065,899,449  
  Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF      6,118,006        30,221,140  

  Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF

     65,247,517        35,936,866  

 

8. SECURITIES LENDING

The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

  

 

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8. SECURITIES LENDING ( continued)

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 29, 2024 are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 29, 2024.

 

Fund    Beginning value as
of August 31, 2023
     Purchases
at Cost
     Proceeds
from Sales
    Ending value as
of February 29, 2024
 

 

 

ActiveBeta® Emerging Markets Equity ETF

   $ 5,450,496      $ 22,554,153      $ (27,098,264   $ 906,385  

 

 

ActiveBeta® Europe Equity ETF

     132,123        881,405        (990,989     22,539  

 

 

ActiveBeta® International Equity ETF

     37,159,558        305,582,144        (283,729,253     59,012,449  

 

 

ActiveBeta® Japan Equity ETF

     96,777        1,906,223        (1,850,626     152,374  

 

 

ActiveBeta® U.S. Large Cap Equity ETF

     39,027,450        29,499,199        (68,526,649      

 

 

ActiveBeta® U.S. Small Cap Equity ETF

     2,764,662        13,889,411        (12,495,781     4,158,292  

 

 

ActiveBeta® World Low Vol Plus Equity ETF

     2,067,149        41,568,064        (36,467,969     7,167,244  

 

 

 

9. TAX INFORMATION

As of the Fund’s most recent fiscal year ended August 31, 2023, the Fund’s capital loss carryforward and certain timing differences on a tax-basis were as follow:

 

     ActiveBeta®
Emerging Markets
Equity ETF
     ActiveBeta®
Europe Equity ETF
     ActiveBeta®
International
Equity ETF
     ActiveBeta® Japan
Equity ETF
     ActiveBeta® U.S.
Large Cap Equity
ETF
 

 

 

Capital loss carryforwards:

              

Perpetual Short-Term

   $ (31,389,025)      $ (1,208,253)      $ (96,667,452)      $ (559,539)      $ (276,490,779)  

Perpetual Long-Term

            (2,369,425)        (118,383,474)        (905,890)        248,471,968   

 

 

Total capital loss carryforwards

     (31,389,025)        (3,577,678)        (215,050,926)        (1,465,429)        (28,018,811)  

 

 

Timing differences

              

(Post-October Capital

              

Loss Deferral/Qualified

              

Late Year Loss Deferral)

     (31,927,009)        (194,024)        (65,186,861)        (185,059)        (301,619,129)  

 

 
                          ActiveBeta® U.S.
Small Cap Equity
ETF
     ActiveBeta® World
Low Vol Plus
Equity ETF
 

 

 

Capital loss carryforwards:

              

Perpetual Short-Term

            $ (12,028,913)      $ (5,514,785)  

Perpetual Long-Term

              (4,515,494)        —   

 

 

Total capital loss carryforwards

              (16,544,407)        (5,514,785)  

 

 

Timing differences

              

(Post-October Capital

              

Loss Deferral/Qualified

              

Late Year Loss Deferral)

              (9,760,708)        (23,615,451)  

 

 

  

 

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Notes to Financial Statements (continued)

 

February 29, 2024

 

9. TAX INFORMATION continued)

As of February 29, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

 

     ActiveBeta®
Emerging Markets
Equity ETF
    ActiveBeta® Europe
Equity ETF
    ActiveBeta®
International Equity
ETF
    ActiveBeta® Japan
Equity ETF
    ActiveBeta® U.S.
Large Cap Equity ETF
 

 

 

Tax Cost

   $ 844,456,850     $ 9,429,796     $ 2,994,388,535     $ 19,397,034     $ 8,276,811,448  

 

 

Gross unrealized gain

     280,166,799       2,235,348       764,061,430       4,267,187       4,298,095,222  

Gross unrealized loss

     (167,668,323     (1,083,628     (178,955,558     (777,829     (348,765,945

 

 

Net unrealized gain (loss)

   $ 112,498,476     $ 1,151,720     $ 585,105,872     $ 3,489,358     $ 3,949,329,277  

 

 
                       ActiveBeta® U.S.
Small Cap Equity ETF
   

ActiveBeta® World
Low Vol Plus Equity

ETF

 

 

 

Tax Cost

         $ 455,831,351     $ 736,405,927  

 

 

Gross unrealized gain

           108,675,801       122,010,470  

Gross unrealized loss

           (65,336,702     (21,060,763

 

 

Net unrealized gain (loss)

         $ 43,339,099     $ 100,949,707  

 

 

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, differences in the tax treatment of partnership investments, and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

 

10. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Calculation Methodology Risk— The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Geographic Risk— If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Index Risk — GSAM (the “Index Provider”) constructs each Fund’s index (an “Index”) in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track its Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact

  

 

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10. OTHER RISKS ( continued )

of a market decline or a decline in the value of one or more issuers. When an Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and its Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

Industry Concentration Risk— In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.

Investment Style Risk— Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

Notes to Financial Statements (continued)

 

February 29, 2024

 

10.  OTHER RISKS (continued )

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

 

11.  INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

 

12. OTHER MATTERS

Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust. At a virtual special joint meeting of shareholders to be held on November 16, 2023, each of the Nominees was elected to serve as Trustees alongside the then current Trustees of the Trust, effective January 1, 2024.

 

13. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting of Shareholders (the “Meeting”) of the Goldman Sachs ETF Trust (the “Trust”) was held on November 16, 2023 to consider and elect nominees to the Trust’s Board of Trustees. At the Meeting, Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, and Paul C. Wirth were elected to the Trust’s Board of Trustees. In electing the nominees, the Trust’s shareholders voted as follows:

 

 Proposal                          
 Election of Trustees            For              Withheld

Gregory G Weaver

              312,642,103                 27,755,773    

Dwight L. Bush

              339,557,290                 840,586  

Kathryn A. Cassidy

              339,692,259                 705,617  

John G. Chou

              339,628,535                 769,341  

Joaquin Delgado

              339,626,867                 771,009  

Eileen H. Dowling

              339,570,827                 827,049  

Paul C. Wirth

              339,591,397                 806,479  

  

 

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap ETF, Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF and Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF and Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

  (a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

  (i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

  (ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

  (iii)

trends in employee headcount;

  (iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

  (v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

  (b)

information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), (ii) its underlying index and (except for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) information on general investment outlooks in the markets in which the Fund invests;

  (c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

  (d)

fee and expense information for the Fund, including:

  (i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; and

  (ii)

the with respect to the Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, comparative information on the advisory fees charged and services provided to other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) managed by the Investment Adviser having investment objectives and policies similar to those of the Fund;

  (e)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider (except for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF, which commenced operations in 2022), its processes in producing that data for the Fund;

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

  (f)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

  (g)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

  (h)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

  (i)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

  (j)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

  (k)

the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

  (l)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund’s ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on each Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective proprietary index and (except for the Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF), to a comparable market capitalization-weighted reference index and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.

In addition, the Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Unitary Fee Structure and Profitability

The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds. With respect to the Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF, the Trustees also considered comparative fee information for services provided by the Investment Adviser to accounts having investment objectives and policies similar to those of the Fund, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to such account which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive. They noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund. The Trustees also considered that no license fees would be payable to the Investment Adviser by the Funds for use of the indices created by the Investment Adviser.

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Funds (except for Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF) was provided for 2022 and 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund’s fee structure, the amount of assets in each Fund, each Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund’s unitary management fee rate.

  

 

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds’ securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2024.

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs

ActiveBeta® Emerging Markets Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until September 30, 2024 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 19-20, 2023 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

  (a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

  (i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

  (ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

  (iii)

trends in employee headcount;

  (iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

  (v)

the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management;

  (b)

information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), (ii) its underlying index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) information on general investment outlooks in the markets in which the Fund invests;

  (c)

the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

  (d)

fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

  (e)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

  (f)

the undertaking of the Investment Adviser and its affiliates to implement an expense limitation;

  (g)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

  (h)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

  (i)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

  (j)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

  (k)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

  (l)

the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

  (m)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of March 31, 2023, and updated information prepared by the Investment Adviser regarding the Funds’ category rankings using the peer group identified by the Outside Data Provider as of June 30, 2023. The information on the Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund. In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level pursuant to the permanent expense limitation agreement in place and reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). They considered that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser.

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Fund was provided for 2022 and 2021. The Trustees considered this information in relation to the Investment Adviser’s overall profitability.

Economies of Scale

The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, information comparing the contractual management fee rate charged by other advisers to other funds in the peer group, and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets. They further noted the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s management fee rate.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Fund’s securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

  

 

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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)

 

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. They considered the competitive nature of the ETF marketplace, noting that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2024.

  

 

  135


GOLDMAN SACHS ACTIVEBETA® ETFS

 

Liquidity Risk Management Program

February 29, 2024

Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 13-14, 2024, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2023 through December 31, 2023 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; (3) the efficiency of the arbitrage function during the Reporting Period; (4) the impact of local holidays in non-U.S. jurisdictions. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

  

 

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GOLDMAN SACHS ACTIVEBETA® ETFS

 

 

Fund Expenses — Six Month Period Ended February 29, 2024 (Unaudited)

As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from September 1, 2023 through February 29, 2024, which represents a period of 182 days in a 366 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

umber in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

     ActiveBeta® Emerging  Markets Equity ETF   ActiveBeta® Europe Equity ETF   ActiveBeta® International Equity ETF   ActiveBeta® Japan Equity ETF
     Beginning
Account Value
9/1/23
  Ending
Account Value
2/29/24
  Expenses
Paid for the 6 months
ended 2/29/24*
  Beginning
Account Value
9/1/23
  Ending
Account Value
2/29/24
  Expenses
Paid for the 6 months
ended 2/29/24*
  Beginning
Account Value
9/1/23
  Ending
Account Value
2/29/24
  Expenses
Paid for the 6 months
ended 2/29/24*
  Beginning
Account Value
9/1/23
  Ending
Account Value
2/29/24
  Expenses
Paid for the 6 months
ended 2/29/24*
Actual based on NAV       $1,000.00       $1,059.52       $2.30       $1,000.00       $1,070.87       $1.29       $1,000.00       $1,078.45       $1.29       $1,000.00       $1,123.87       $1.32
Hypothetical 5% return       1,000.00       1,022.63 +        2.26       1,000.00       1,023.62 +        1.26       1,000.00       1,023.62 +        1.26       1,000.00       1,023.62 +        1.26

 

*

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

 
+

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

 

 

     ActiveBeta® U.S. Large  Cap Equity ETF   ActiveBeta® U.S. Small  Cap Equity ETF   ActiveBeta® World Low  Vol Plus Equity ETF
     Beginning
Account Value
9/1/23
  Ending
Account Value
2/29/24
  Expenses
Paid for the 6 months
ended 2/29/24*
  Beginning
Account Value
9/1/23
  Ending
Account Value
2/29/24
  Expenses
Paid for the 6 months
ended 2/29/24*
  Beginning
Account Value
9/1/23
  Ending
Account Value
2/29/24
  Expenses
Paid for the 6 months
ended 2/29/24*
Actual based on NAV       $1,000.00       $1,146.80       $0.48       $1,000.00       $1,088.30       $1.04       $1,000.00       $1,119.05       $1.32
Hypothetical 5% return       1,000.00       1,024.42 +        0.45       1,000.00       1,023.87 +        1.01       1,000.00       1,023.62 +        1.26

 

*

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2024. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year.

 
+

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

 

The annualized net expense ratios for the period were as follows:

Fund           

ActiveBeta® Emerging Markets Equity ETF

    0.45  

ActiveBeta® Europe Equity ETF

    0.25    

ActiveBeta® International Equity ETF

    0.25    

ActiveBeta® Japan Equity ETF

    0.25    

ActiveBeta® U.S. Large Cap Equity ETF

    0.09    

ActiveBeta® U.S. Small Cap Equity ETF

    0.20    

ActiveBeta® World Low Vol Plus Equity ETF

    0.25    

 

137


 

 

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FUNDS PROFILE

Goldman Sachs ETFs

 

THE GOLDMAN

SACHS ADVANTAGE

Our goal is to deliver:

 

    Strong, Consistent Investment Results
   
  Global Resources and Global Research
   
  Team Approach
   
  Disciplined Processes

 

   

Innovative,

Value-Added

Investment Products

   
  Thoughtful Solutions
   
  Risk Management

 

   

Outstanding

Client Service

   
  Dedicated Service Teams
   
  Excellence and Integrity

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.54 trillion in assets under supervision as of December 31, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

 

GOLDMAN SACHS EXCHANGE - TRADED FUNDS

Goldman Sachs Access Emerging Markets USD Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

Goldman Sachs Access Inflation Protected USD Bond ETF

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

Goldman Sachs Access Investment Grade Corporate Bonds ETF

Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access U.S. Aggregate Bond ETF

Goldman Sachs Access Ultra Short Bond ETF

Goldman Sachs ActiveBeta(®) Emerging Markets Equity ETF

Goldman Sachs ActiveBeta(®) Europe Equity ETF

Goldman Sachs ActiveBeta(®) International Equity ETF

Goldman Sachs ActiveBeta(®) Japan Equity ETF

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

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

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

Goldman Sachs Bloomberg Clean Energy Equity ETF

Goldman Sachs Community Municipal Bond ETF

Goldman Sachs Defensive Equity ETF

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Future Consumer Equity ETF

Goldman Sachs Future Health Care Equity ETF

Goldman Sachs Future Planet Equity ETF

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

Goldman Sachs Future Tech Leaders Equity ETF

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Innovate Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs MarketBeta(®) Emerging Markets Equity ETF

Goldman Sachs MarketBeta(®) International Equity ETF

Goldman Sachs MarketBeta(®) Total International Equity ETF

Goldman Sachs MarketBeta(®) U.S. 1000 Equity ETF

Goldman Sachs MarketBeta(®) U.S. Equity ETF

Goldman Sachs MarketBeta(®) Russell 1000 Growth Equity ETF

Goldman Sachs MarketBeta(®) Russell 1000 Value Equity ETF

Goldman Sachs Nasdaq-100 Core Premium Income ETF

Goldman Sachs North American Pipelines & Power Equity ETF

Goldman Sachs Small Cap Core Equity ETF

Goldman Sachs S&P 500 Core Premium Income ETF

INDEX DISCLAIMERS

The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, Goldman Sachs ActiveBeta® Europe Equity Index, Goldman Sachs ActiveBeta® International Equity Index and Goldman Sachs ActiveBeta® Japan Equity Index (the “ActiveBeta® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta® Indices or the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF or Goldman Sachs ActiveBeta® Japan Equity ETF (the “ActiveBeta® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta® ETFs or the ActiveBeta® Indices.

The Russell 2000® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index. Frank Russell Company (“Russell”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF. In no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the Russell 2000® Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index.

  

 

140  


FUNDS PROFILE

 

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.

The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Goldman Sachs Asset Management, L.P. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management, L.P. The Goldman Sachs S&P 500 Core Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Goldman Sachs Asset Management L.P. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/ OR THE COMPLETENESS OF THE ACTIVEBETA® INDICES OR ANY DATA RELATED THERETO.

GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

  

 

  141


LOGO

TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Krichmar Robert Griffith, Secretary THE BANK OF NEW YORK MELLON GOLDMAN SACHS ASSET MANAGEMENT, L.P. Transfer Agent Investment Adviser ALPS DISTRIBUTORS, INC. Distributor Visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns. Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282 The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) website at http://www.sec.gov. The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 29, 2024 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or Summary Prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the Summary Prospectus, if available, and/or the Prospectus carefully before investing or sending money. The Summary Prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. ActiveBeta® is a registered trademark of Goldman Sachs Asset Management. © 2024 Goldman Sachs. All rights reserved. 365209-OTU-2013878 GST 2508 ACTBETASAR-24