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Goldman Sach Semi-Annual Report February 29, 2024 Goldman Sach Future Thematic ETFs Future consumer Equity ETF (GBUY) Future Health Care Equity ETF (GDOC) Future Planet Equity ETF (GSFP) Future Real Estate and Infrastructure Equity ETF (GREI) Future Tech Leader Equity ETF (GTEK).


 

Goldman Sachs Future Thematic Equity ETFs

 

 

 

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

TABLE OF CONTENTS

 

Market and Economic Review

     1  

Fund Basics

     7  

Schedules of Investments

     22  

Financial Statements

     30  

Financial Highlights

  

Goldman Sachs Future Consumer Equity ETF

     37  

Goldman Sachs Future Health Care Equity ETF

     38  

Goldman Sachs Future Planet Equity ETF

     39  

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

     40  

Goldman Sachs Future Tech Leaders Equity ETF

     41  

Notes to Financial Statements

     42  

Other Information

     61  

 

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 Future Thematic Equity ETFs

The following are highlights both of key factors affecting the U.S., international and emerging markets equity markets and of any key changes made to the Goldman Sachs Future Thematic Equity ETFs (the “Funds”) during the six months ended February 29, 2024 (the “Reporting Period”). Attribution highlights are provided for those Funds that materially outperformed or underperformed their respective benchmark during the Reporting Period. A streamlined annual shareholder report covering the 12 months ended August 31, 2024 will be provided to Fund 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 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.)

  

 

  1


MARKET REVIEW

 

    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.

 

    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.”

 

    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 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 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 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 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

Goldman Sachs Future Consumer Equity ETF

 

    Effective January 22, 2024, Nathan Lin no longer served as a portfolio manager for the Fund. As of the same date, Sumit Mangal became a portfolio manager for the Fund, joining Alexis Deladerrière, Raj Garigipati and Jennifer Sullivan. Mr. Deladerrière and Mr. Garigipati have managed the Fund since 2021. Ms. Sullivan has managed the Fund since February 2023.

Goldman Sachs Future Health Care Equity ETF

 

    The Fund produced positive absolute returns but materially underperformed its benchmark, the MSCI All Country World Index Health Care Index, during the Reporting Period.

 

    From an industry perspective, the Fund was hurt most by stock selection in biotechnology. Stock selection and an underweight relative to the benchmark in health care providers and services also detracted from relative performance. On the positive side, the Fund benefited from stock selection in the pharmaceuticals industry.

 

    In terms of countries, stock selection in the U.S. hampered relative returns. Stock selection in Japan was advantageous.

 

    Among individual stocks, the Fund’s overweighted positions in U.S. biotechnology firm Biogen and U.S. molecular diagnostics company Exact Sciences and an out-of-benchmark position in U.S. biopharmaceutical company Sarepta Therapeutics detracted from relative performance. Overweight positions in U.S. medical device maker Boston Scientific, U.S. pharmaceutical company Eli Lilly and Company and Japanese pharmaceutical company Chugai Pharmaceutical added to returns.

 

    The Fund’s Key Themes bolstered performance overall, with Tech-Enabled Procedures and Precision Medicine contributing most positively. Genomics had a negative impact on the Fund’s results.

Goldman Sachs Future Planet Equity ETF

 

    The Fund generated positive absolute returns but significantly underperformed its benchmark, the MSCI All Country World Index Growth Index, during the Reporting Period.

 

    In terms of sectors, stock selection in industrials and information technology detracted most from the Fund’s relative returns. Stock selection and an overweight position versus the benchmark in utilities also hurt performance. On the positive side, stock selection in the materials sector added modestly to results.

 

    From a country perspective, the Fund was hampered by its exposure to the U.S., while stock selection in Japan added slightly to relative performance.

 

    Among individual stocks, the Fund was hurt by its avoidance of U.S.-based SolarEdge Technologies, a provider of solar power optimization and photovoltaic monitoring solutions. Overweight positions in Chinese battery manufacturer Contemporary Amperex Technology and U.S.-based electric power and energy infrastructure company NextEra Energy further detracted from relative returns. An out-of-benchmark position in Horiba, a Japanese manufacturer of precision instruments for measurement and analysis, contributed positively to relative performance as did overweighted positions in WestRock Company, a U.S. packaging solutions provider, and Waste Management, a U.S.-based waste management collections and environmental solutions provider.

  

 

  5


MARKET REVIEW

 

    The Fund’s Key Themes added to performance overall, led by Circular Economy, Water Sustainability and Sustainable Consumption. Clean Energy detracted from the Fund’s results.

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

 

    The Fund recorded positive absolute returns but notably underperformed its benchmark, which is comprised 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index, during the Reporting Period.

 

    In terms of sectors, the Fund was hampered by stock selection in utilities and, to a lesser extent, energy. The Fund benefited from stock selection in the real estate sector.

 

    Regarding regions, exposure to North America and Japan detracted most from the Fund’s relative returns. Exposure to Europe added modestly to relative performance.

 

    Among individual stocks, the Fund was hurt by overweight positions versus the benchmark in U.S.-based electric power and energy infrastructure company NextEra Energy and Japan-based real estate investment trust Nippon Prologis REIT. The Fund’s out-of-benchmark exposure to U.S. utility and power generator AES also detracted from relative performance. On the positive side, the Fund was helped by out-of-benchmark positions in Spanish infrastructure construction company Ferrovial and Australian property developer Goodman Group as well as by an overweight position in U.S. freight transportation company Norfolk Southern.

 

    From a Key Themes perspective, Environmental Responsibility detracted from the Fund’s relative performance. New Age Consumer, Future of Health Care, and Technological Innovation contributed positively.

Goldman Sachs Future Tech Leaders Equity ETF

 

    The Fund delivered positive absolute returns and materially outperformed its benchmark, the MSCI All Country World Index (Net, USD, Unhedged), during the Reporting Period.

 

    On a sector level, the Fund benefited from stock selection in information technology, especially in the semiconductors and semiconductor equipment industry. An underweight compared to the benchmark in communication services also bolstered relative results. Conversely, the Fund’s exposure to the consumer discretionary and real estate sectors detracted from performance.

 

    From a country perspective, the Fund’s exposure to the U.S. contributed positively to relative performance, offset slightly by its exposure to China, which dampened results.

 

    Among individual stocks, the Fund’s out-of-benchmark position in British semiconductor company ARM Holdings as well as its overweight positions in U.S. cybersecurity company Zscaler and Romanian software company UiPath added to relative performance. On the other hand, the Fund was hurt by overweight positions in Kingdee International Software Group, a Chinese software company, and in Sangfor Technologies, a U.S.-based provider of information technology infrastructure solutions. In addition, the Fund’s avoidance of China-based information security provider Venustech Group detracted from relative returns.

  

 

6  


FUND BASICS

 

Goldman Sachs Future Consumer Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $30.76   

Net Asset Value (NAV)1

   $30.76     

 

  1 

The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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
   MSCI ACWI
Growth Index3
Shares    13.73%    13.60%    14.32%

 

  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 at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

  3 

The MSCI ACWI Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 Developed Markets (DM) countries and 27 Emerging Markets (EM) countries. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend. The returns set forth in the tables above represent past performance. Past performance does not guarantee future results.

  

 

 

 

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

  

 

  7


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/244

 

Holding     % of Net Assets    Line of Business    Country
Amazon.com, Inc.    8.4%   Broadline Retail    United States
Meta Platforms, Inc., Class A    7.5      Interactive Media & Services      United States
Alphabet, Inc., Class C    6.4      Interactive Media & Services

Semiconductors &

   United States 
NVIDIA Corp.    5.3      Semiconductor Equipment
Semiconductors &
   United States
Taiwan Semiconductor Manufacturing Co. Ltd.    4.8      Semiconductor Equipment    Taiwan
Mastercard, Inc., Class A    4.3      IT Services

Textiles, Apparel & Luxury

   United States
LVMH Moet Hennessy Louis Vuitton SE    3.1      Goods    France
Experian PLC    2.8      Professional Services    United States
Walt Disney Co. (The)    2.6      Entertainment
Textiles, Apparel & Luxury
   United States
NIKE, Inc., Class B    2.6      Goods    United States

 

  4 

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

 

FUND VS BENCHMARK5

February 29, 2024

 

 

 

 

LOGO

 

 

 

  5 

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). Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

  

 

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

 

Goldman Sachs Future Health Care Equity ETF

as of February 29, 2024 

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $33.78   

Net Asset Value (NAV)1

   $33.72     

 

  1 

The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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

        MSCI ACWI

Health Care
Index3

    
Shares    4.58%         4.76%         7.40%     

 

  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 at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

  3 

The MSCI ACWI Health Care Index includes large and mid cap securities across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries*. All securities in the index are classified in the Health Care as per the Global Industry Classification Standard (GICS®).

  * 

DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the US. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

 

 

 

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 2/29/244

 

Holding     % of Net Assets    Line of Business    Country

Eli Lilly & Co.

   10.2%   Health Care    United States

Boston Scientific Corp.

   5.9     Health Care    United States

AstraZeneca PLC

   5.2     Health Care    United Kingdom

Novo Nordisk A/S, Class B

   5.0     Health Care    Denmark

Intuitive Surgical, Inc.

   4.6     Health Care           United States 

Danaher Corp.

   3.7     Health Care    United States

Amgen, Inc.

   3.5     Health Care    United States

Zimmer Biomet Holdings, Inc.

   3.4     Health Care    United States

Cooper Cos., Inc. (The)

   3.4     Health Care    United States

BioMarin Pharmaceutical, Inc.

   3.2     Health Care    United States

 

  4

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

 

FUND VS BENCHMARK5

February 29, 2024

 

 

 

 

LOGO

 

 

 

  5 

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. Figures above may not sum to 100% due to rounding.

 

 

 

 

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

  

 

  11


FUND BASICS

 

Goldman Sachs Future Planet Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

    

Market Price1

   $29.69   

Net Asset Value (NAV)1

   $29.69     

 

  1 

The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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
   MSCI All
Country World
Index3
    

Shares

   1.85%    2.00%    11.66%     

 

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 at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

3 

The MSCI ACWI captures large- and mid-cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,919 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 29, 2024. It is not possible to invest directly into an 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.

 

12  


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/244

 

Holding   % of Net Assets    Line of Business    Country
Novozymes A/S, Class B   4.9%    Materials    Denmark
Waste Management, Inc.   4.7      Industrials    United States
DSM-Firmenich AG   4.2      Materials    Switzerland
Schneider Electric SE   4.2      Industrials    United States
Westrock Co.   4.0      Materials    United States
NextEra Energy, Inc.   3.8      Utilities    United States
Iberdrola SA   3.8      Utilities    Spain
Enel SpA   3.6      Utilities    Italy
DS Smith PLC   3.5      Materials    United Kingdom
Ball Corp.   3.4      Materials    United States

 

4

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

 

FUND VS BENCHMARK5

 

February 29, 2024

 

 

 

 

LOGO

 

 

 

5 

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 0.6% of the Fund’s net assets as of February 29, 2024. Figures above may not sum to 100% due to rounding.

 

 

  

 

  13


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.

  

 

14  


FUND BASICS

 

Goldman Sachs Future Real Estate and Infrastructure Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $32.61   

Net Asset Value (NAV)1

   $32.72     

 

  1 

The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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
   Future Real
Estate and
Infrastructure
Composite
Index3
    

Shares

   2.51%    2.56%    4.06%     

 

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 at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized.

3 

Future Real Estate and Infrastructure Composite Index consist of the FTSE Global Core Infrastructure 50/50 Index and the FTSE EPRA Nareit Developed Index. The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights for these indexes are adjusted as part of the semi-annual review according to three broad industry sectors – 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalisation. The FTSE EPRA Nareit Developed Index is designed to track the performance of listed real estate companies and REITs worldwide. By making the index constituents free-float adjusted, liquidity, size and revenue screened, the series is suitable for use as the basis for investment products, such as derivatives and Exchange Traded Funds (ETFs). It is not possible to invest directly in an unmanaged index.

 

 

 

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

 

  15


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/244

 

Holding   % of Net Assets    Line of Business    Country
     Equity Real Estate Investment   
Prologis, Inc. REIT   6.5%    Trusts (REITs)    United States
Transurban Group   4.2      Transportation Infrastructure    Australia
     Equity Real Estate Investment   
Equinix, Inc. REIT   4.0      Trusts (REITs)    United States
NextEra Energy, Inc.   3.5      Electric Utilities    United States
National Grid PLC   3.4      Multi-Utilities    United Kingdom
     Equity Real Estate Investment   
American Tower Corp. REIT   3.3      Trusts (REITs)    United States
     Equity Real Estate Investment   
Welltower, Inc. REIT   2.8      Trusts (REITs)    United States
     Equity Real Estate Investment   
Extra Space Storage, Inc. REIT   2.7      Trusts (REITs)    United States
     Equity Real Estate Investment   
Digital Realty Trust, Inc. REIT   2.6      Trusts (REITs)    United States
     Equity Real Estate Investment   
AvalonBay Communities, Inc. REIT   2.6      Trusts (REITs)    United States

 

4

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

 

FUND VS BENCHMARK5

 

February 29, 2024

 

 

 

 

LOGO

 

 

 

  5 

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

  

 

16  


FUND BASICS

 

  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). Figures above may not sum to 100% due to rounding.

 

 

 

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

  

 

  17


FUND BASICS

 

Goldman Sachs Future Tech Leaders Equity ETF

as of February 29, 2024

 

FUND SNAPSHOT

 

As of February 29, 2024

         

Market Price1

   $29.23   

Net Asset Value (NAV)1

   $29.18     

 

  1 

The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). 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
   MSCI All
Country World
Index3
   MSCI ACWI
Select
Information
Technology +
Communication
Services
(excluding
>$100B Market
Cap) Index4
    

Shares

   16.60%    16.94%    11.66%    14.67%     

 

2 

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

3 

The MSCI ACWI captures large- and mid-cap representation across 23 Developed Markets (DM) and 25 Emerging Markets (EM) countries. With 2,919 constituents, the index covers approximately 85% of the global investable equity opportunity set as of February 29, 2024. It is not possible to invest directly into an index.

4 

The MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index is comprised of those companies classified within the Information Technology sector and Communication Services sector within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.

 

 

 

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.

  

 

18  


FUND BASICS

 

TOP TEN HOLDINGS AS OF 2/29/245

 

Holding   % of Net Assets    Line of Business    Country
     Semiconductors &   
KLA Corp.   3.2%    Semiconductor Equipment    United States
     Semiconductors &   
Marvell Technology, Inc.   3.1    Semiconductor Equipment    United States
Datadog, Inc., Class A   2.9    Software    United States
Workday, Inc., Class A   2.8    Software    United States
Motorola Solutions, Inc.   2.8    Communications Equipment    United States
HubSpot, Inc.   2.7    Software    United States
     Semiconductors &   
Tokyo Electron Ltd.   2.7    Semiconductor Equipment    Japan
Cadence Design Systems, Inc.   2.5    Software    United States
Zscaler, Inc.   2.3    Software    United States
Arista Networks, Inc.   2.3    Communications Equipment    United States

 

5 

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

 

FUND VS BENCHMARK6

 

February 29, 2024

 

 

 

 

LOGO

 

 

 

  6 

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). Figures above may not sum to 100% due to rounding.

 

 

  

 

  19


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.

  

 

20  


PORTFOLIO RESULTS

 

Index Definition

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

MSCI ACWI Growth Index captures large- and mid-cap securities exhibiting overall growth style characteristics across 23 developed markets and 24 emerging markets countries.

MSCI ACWI Health Care Index includes large- and mid-cap securities across 23 developed markets and 24 emerging markets countries.

MSCI ACWI Index captures large-, mid- and small-cap representation across 23 developed markets and 24 emerging markets countries.

MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index is comprised of those companies classified within the Information Technology sector and Communication Services sector within the MSCI ACWI Index and excludes companies with a market capitalization over $100 billion.

Future Real Estate and Infrastructure Composite Index

50% FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors.

50% FTSE EPRA Nareit Developed Index is designed to represent general trends in eligible real estate equities worldwide.

 

  21


GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

    Shares    Description   Value  
  Common Stocks – 97.9%

 

  Communication Services – 30.0%

 

      39,528    Alphabet, Inc., Class C*   $ 5,525,224  
  40,097    Bumble, Inc., Class A*     459,111  
  23,054    CTS Eventim AG & Co. KGaA  
     (Germany)     1,813,712  
  12,506    Electronic Arts, Inc.     1,744,337  
  21,887    Live Nation Entertainment, Inc.*     2,122,601  
  13,249    Meta Platforms, Inc., Class A     6,493,732  
  53,885    NetEase, Inc. (China)     1,212,770  
  9,795    Sea Ltd. ADR (Singapore)*     475,253  
  47,971    Tencent Holdings Ltd. (China)     1,698,544  
  12,092    T-Mobile US, Inc.     1,974,624  
  20,318    Walt Disney Co. (The)     2,267,083  
      

 

 

 
            25,786,991  
 

 

 
  Consumer Discretionary – 28.2%

 

  41,007    Amazon.com, Inc.*     7,248,397  
  11,625    Basic-Fit NV (Netherlands)*(a)(b)     313,242  
  8,770    Cava Group, Inc.*     512,256  
  367    Chipotle Mexican Grill, Inc.*     986,778  
  21,733    Foot Locker, Inc.     748,267  
  2,913    LVMH Moet Hennessy Louis  
     Vuitton SE (France)     2,656,762  
  97,829    Meituan, Class B (China)*(b)     997,184  
  1,302    MercadoLibre, Inc. (Brazil)*     2,077,081  
  27,811    Moncler SpA (Italy)     2,006,178  
  21,484    NIKE, Inc., Class B     2,232,832  
  323,043    Samsonite International SA*(b)     1,128,554  
  120,051    Shenzhou International Group  
     Holdings Ltd. (China)     989,844  
  8,126    TJX Cos., Inc. (The)     805,612  
  2,898    Ulta Beauty, Inc.*     1,589,727  
      

 

 

 
         24,292,714  
 

 

 
  Consumer Staples – 4.4%

 

  423,526    Budweiser Brewing Co. APAC  
     Ltd. (China)(a)(b)     685,968  
  148,335    Davide Campari-Milano NV  
     (Italy)     1,504,401  
  2,547    elf Beauty, Inc.*     531,126  
  6,235    Oddity Tech Ltd., Class A  
     (Israel)*     262,992  
  56,479    Proya Cosmetics Co. Ltd., Class A (China)     831,596  
      

 

 

 
         3,816,083  
 

 

 
  Financials – 6.1%

 

  405,625    Jio Financial Services Ltd.  
     (India)*     1,516,515  
  7,774    Mastercard, Inc., Class A     3,690,784  
      

 

 

 
         5,207,299  
 

 

 
  Health Care – 1.0%

 

  6,010    Illumina, Inc. *     840,378  
 

 

 
  Industrials – 2.8%

 

  55,329    Experian PLC     2,369,110  
 

 

 
  Information Technology – 16.1%

 

  9,070    Advanced Micro Devices, Inc.*     1,746,247  
  9,611    Apple, Inc.     1,737,188  
  5,784    NVIDIA Corp.     4,575,838  
    Shares    Description   Value  
  Common Stocks – (continued)

 

  Information Technology – (continued)

 

  21,590    Shopify, Inc., Class A (Canada)*   $    1,648,829  
      190,323    Taiwan Semiconductor  
     Manufacturing Co. Ltd. (Taiwan)     4,154,538  
      

 

 

 
         13,862,640  
 

 

 
  Materials – 4.6%

 

  31,084    Ball Corp.     1,989,998  
  18,662    DSM-Firmenich AG  
     (Switzerland)     1,999,314  
      

 

 

 
         3,989,312  
 

 

 
  Real Estate – 1.7%

 

  7,551    American Tower Corp. REIT     1,501,592  
 

 

 
  Utilities – 3.0%

 

  66,847    EDP Renovaveis SA (Spain)     911,104  
  30,569    NextEra Energy, Inc.     1,687,103  
      

 

 

 
         2,598,207  
 

 

 
  TOTAL COMMON STOCKS
(Cost $80,851,195)
    84,264,326  
 

 

 

 

    Shares    Dividend Rate   Value  
  Investment Company – 2.1%(c)

 

 

Goldman Sachs Financial Square Treasury
Obligations Fund – Institutional Shares

 

    1,834,522    5.195%     1,834,522  
  (Cost $1,834,522)

 

 

 

 
  TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $82,685,717)     86,098,848  
 

 

 
      
  Securities Lending Reinvestment Vehicle – 0.9%(c)

 

 

Goldman Sachs Financial Square Government
Fund – Institutional Shares

 

  796,867    5.219%     796,867  
  (Cost $796,867)

 

 

 

 
  TOTAL INVESTMENTS – 100.9%
(Cost $83,482,584)
  $    86,895,715  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%

    (779,856
 

 

 
  NET ASSETS – 100.0%   $ 86,115,859  
 

 

 

 

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

 

*   Non-income producing security.
(a)   All or a portion of security is on loan.
(b)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)   Represents an affiliated issuer.

 

 

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

  

 

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


GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – 99.4%

 

  Canada – 0.6%

 

    2,984    Xenon Pharmaceuticals, Inc.
(Health Care)*
  $ 140,845  
 

 

 
  Denmark – 5.7%

 

  6,690    Genmab A/S ADR (Health Care)*     185,781  
  10,570    Novo Nordisk A/S, Class B
(Health Care)
    1,257,818  
      

 

 

 
         1,443,599  
 

 

 
  France – 0.9%

 

  786    Sartorius Stedim Biotech (Health Care)     216,300  
 

 

 
  Italy – 0.5%

 

  4,186    Stevanato Group SpA (Health Care)     138,766  
 

 

 
  Japan – 6.0%

 

  18,029    Chugai Pharmaceutical Co. Ltd. (Health Care)     722,750  
  4,091    Hoya Corp. (Health Care)     532,593  
  13,115    Kyowa Kirin Co. Ltd. (Health Care)     260,381  
      

 

 

 
            1,515,724  
 

 

 
  Netherlands – 1.0%

 

  658    Argenx SE ADR (Health Care)*     250,046  
 

 

 
  Switzerland – 1.6%

 

  751    Lonza Group AG (Health Care)     394,029  
 

 

 
  United Kingdom – 5.2%

 

  10,476    AstraZeneca PLC (Health Care)     1,322,910  
 

 

 
  United States – 77.9%

 

  2,784    Agilent Technologies, Inc. (Health Care)     382,410  
  2,686    Alexandria Real Estate Equities, Inc. REIT (Real Estate)     335,025  
  1,131    Align Technology, Inc. (Health Care)*     342,037  
  1,151    Alnylam Pharmaceuticals, Inc. (Health Care)*     173,905  
  3,232    Amgen, Inc. (Health Care)     885,019  
  4,223    Amylyx Pharmaceuticals, Inc. (Health Care)*     79,603  
  3,516    Biogen, Inc. (Health Care)*     762,937  
  9,349    BioMarin Pharmaceutical, Inc. (Health Care)*     806,632  
  22,692    Boston Scientific Corp. (Health Care)*     1,502,437  
  13,897    Bristol-Myers Squibb Co. (Health Care)     705,273  
  4,379    CG oncology, Inc. (Health Care)*     195,785  
  9,200    Cooper Cos., Inc. (The) (Health Care)     861,120  
  3,907    CSL Ltd. (Health Care)     728,207  
  3,654    Danaher Corp. (Health Care)     924,974  
   

Shares

   Description   Value  
  Common Stocks – (continued)  
  United States – (continued)

 

    3,443    Dexcom, Inc. (Health Care)*   $ 396,186  
  4,155    Dyne Therapeutics, Inc. (Health Care)*     111,769  
  3,323    Edwards Lifesciences Corp. (Health Care)*     282,023  
  3,427    Eli Lilly & Co. (Health Care)     2,582,861  
  5,500    Exact Sciences Corp. (Health Care)*     316,415  
  427    Humana, Inc. (Health Care)     149,587  
  903    IDEXX Laboratories, Inc. (Health Care)*     519,433  
  994    Illumina, Inc. (Health Care)*     138,991  
  4,136    Insulet Corp. (Health Care)*     678,304  
  2,770    Intra-Cellular Therapies, Inc. (Health Care)*     192,570  
  2,986    Intuitive Surgical, Inc. (Health Care)*     1,151,402  
  828    iRhythm Technologies, Inc. (Health Care)*     98,242  
  451    Mettler-Toledo International, Inc. (Health Care)*     562,496  
  2,644    MoonLake Immunotherapeutics (Health Care)*     127,547  
  4,888    Neurocrine Biosciences, Inc. (Health Care)*     637,395  
  1,562    Novanta, Inc. (Information Technology)*     270,132  
  1,299    Shockwave Medical, Inc. (Health Care)*     338,870  
  3,495    Ultragenyx Pharmaceutical, Inc. (Health Care)*     180,761  
  1,618    Vaxcyte, Inc. (Health Care)*     119,441  
  1,613    Veeva Systems, Inc., Class A (Health Care)*     363,748  
  900    West Pharmaceutical Services, Inc. (Health Care)     322,524  
  6,945    Zimmer Biomet Holdings, Inc. (Health Care)     863,680  
  3,061    Zoetis, Inc. (Health Care)     607,088  
      

 

 

 
            19,696,829  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $24,891,629)

    25,119,048  
 

 

 

  

 

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


GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

   

Shares

   Dividend Rate   Value  
  Investment Company – 0.9%(a)

 

 

Goldman Sachs Financial Square Treasury
Obligations Fund – Institutional Shares

 
    234,879    5.195%   $ 234,879  
  (Cost $234,879)     
 

 

 
 

TOTAL INVESTMENTS – 100.3%

(Cost $25,126,508)

  $   25,353,927  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%

    (64,366
 

 

 
  NET ASSETS – 100.0%   $ 25,289,561  
 

 

 

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

 

 

Sector Name    % of
Market
Value
 
Health Care      96.7
Real Estate      1.3  
Information Technology      1.1  
Investment Company      0.9  

 

 
TOTAL INVESTMENTS      100.0

 

 

  

 

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


GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – 98.0%

 

  Belgium – 0.9%

 

  20,087    Umicore SA (Materials)   $ 419,310  
 

 

 
  China – 3.4%

 

  49,057    Contemporary Amperex
Technology Co. Ltd., Class A
(Industrials)
      1,113,259  
    661,039    Xinyi Solar Holdings Ltd. (Information Technology)     401,919  
      

 

 

 
         1,515,178  
 

 

 
  Denmark – 6.9%

 

  38,656    Novozymes A/S, Class B (Materials)     2,181,881  
  15,849    Orsted AS (Utilities)(a)     889,742  
      

 

 

 
         3,071,623  
 

 

 
  France – 3.3%

 

  22,024    Dassault Systemes (Information Technology)     1,029,240  
  14,489    Imerys SA (Materials)     458,462  
      

 

 

 
         1,487,702  
 

 

 
  Germany – 3.4%

 

  41,938    Infineon Technologies AG (Information Technology)     1,501,958  
 

 

 
  Ireland – 2.5%

 

  3,606    Carbon Revolution PLC (Consumer Discretionary)*(b)(c)     35,952  
  11,748    Kingspan Group PLC (Industrials)     1,061,290  
      

 

 

 
         1,097,242  
 

 

 
  Italy – 3.6%

 

  254,099    Enel SpA (Utilities)     1,617,668  
 

 

 
  Japan – 8.1%

 

  9,765    Horiba Ltd. (Information Technology)     952,882  
  2,271    Keyence Corp. (Information Technology)     1,062,743  
  27,794    Kurita Water Industries Ltd. (Industrials)     1,130,739  
  12,372    NIDEC Corp. (Industrials)     469,602  
      

 

 

 
         3,615,966  
 

 

 
  Netherlands – 2.1%

 

  20,599    Aalberts NV (Industrials)     925,085  
 

 

 
  Norway – 0.6%

 

  363,534    Aker Carbon Capture ASA (Industrials)*     277,814  
 

 

 
  Spain – 3.7%

 

  145,511    Iberdrola SA (Utilities)     1,672,276  
 

 

 
  Sweden – –%

 

  18,262    Re:NewCell AB (Materials)*(b)(d)      
 

 

 
  Switzerland – 9.0%

 

  25,668    ABB Ltd. (Industrials)     1,186,986  
 

 

 
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Switzerland – (continued)

 

  17,418    DSM-Firmenich AG (Materials)   $ 1,866,041  
  3,305    Sika AG (Materials)     958,977  
      

 

 

 
           4,012,004  
 

 

 
  Taiwan – 1.9%

 

    90,142    Delta Electronics, Inc. (Information Technology)     839,837  
 

 

 
  United Kingdom – 3.5%

 

  384,514    DS Smith PLC (Materials)     1,566,667  
 

 

 
  United States – 45.1%

 

  3,214    Albemarle Corp. (Materials)     443,050  
  8,661    Aptiv PLC (Consumer Discretionary)*     688,463  
  23,512    Ball Corp. (Materials)     1,505,238  
  53,072    Bloom Energy Corp., Class A (Industrials)*(b)     465,441  
  20,885    Darling Ingredients, Inc. (Consumer Staples)*     883,644  
  20,703    DocuSign, Inc. (Information Technology)*     1,102,849  
  2,224    Ecolab, Inc. (Materials)     500,044  
  25,503    Energy Recovery, Inc. (Industrials)*     398,612  
  13,958    Itron, Inc. (Information Technology)*     1,293,628  
  30,686    NextEra Energy, Inc. (Utilities)     1,693,560  
  134,927    Oatly Group AB ADR (Consumer Staples)*(b)     149,769  
  8,158    Schneider Electric SE (Industrials)     1,852,153  
  40,852    Shoals Technologies Group, Inc., Class A (Industrials)*     524,131  
  9,586    SolarEdge Technologies, Inc. (Information Technology)*     643,892  
  4,479    Trane Technologies PLC (Industrials)     1,262,944  
  5,648    Veralto Corp. (Industrials)     488,100  
  6,666    Waste Connections, Inc. (Industrials)     1,109,489  
  10,194    Waste Management, Inc. (Industrials)     2,096,396  
  38,798    Westrock Co. (Materials)     1,757,161  
  8,357    Wolfspeed, Inc. (Information Technology)*     217,449  
  7,854    Xylem, Inc. (Industrials)     997,851  
      

 

 

 
         20,073,864  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $59,473,716)

    43,694,194  
 

 

 

  

 

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


GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Schedule of Investments (continued)

 

February 29, 2024 (Unaudited)

 

    Shares             Dividend Rate           Value  
  Investment Company – 1.6%(e)

 

 

Goldman Sachs Financial Square Treasury
Obligations Fund – Institutional Shares

 

    691,620         5.195%       $ 691,620  
  (Cost $691,620)

 

 

 

 
 

TOTAL INVESTMENTS BEFORE SECURITIES

LENDING REINVESTMENT VEHICLE

(Cost $60,165,336)

 

 

 

     44,385,814  
 

 

 
               
  Securities Lending Reinvestment Vehicle – 0.6%(e)

 

 

Goldman Sachs Financial Square Government
Fund - Institutional Shares

 

    245,945         5.219%         245,945  
  (Cost $245,945)

 

 

 

 
 

TOTAL INVESTMENTS – 100.2%

(Cost $60,411,281)

 

 

   $ 44,631,759  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%

 

     (98,538
 

 

 
  NET ASSETS – 100.0%

 

   $   44,533,221  
 

 

 

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)

Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $35,952, which represents approximately 0.1% of net assets as of February 29, 2024. See additional details below:

 

 Security     

Date(s) of

Purchase

     Cost  

 

 
 Carbon Revolution PLC      11/07/23      $ 105,718  

 

 

 

(d)

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

(e)

Represents an affiliated issuer.

 

 

Investment Abbreviations:
ADR    —American Depositary Receipt
PLC    —Public Limited Company

 

 

Sector Name    % of
Market
Value
 
Industrials    34.4%  
Materials    26.1  
Information Technology    20.3  
Utilities    13.2  
Consumer Staples      2.3      
Consumer Discretionary      1.6    
Investment Company      1.5    
Securities Lending Reinvestment Vehicle      0.6    

 

 
TOTAL INVESTMENTS      100.0  

 

 

  

 

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


GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – 98.3%

 

  Communication Services – 2.0%

 

    10,335    Cellnex Telecom SA (Spain)*(a)   $ 372,092  
 

 

 
  Energy – 2.0%

 

  2,491    Cheniere Energy, Inc.     386,603  
 

 

 
  Health Care – 1.7%

 

  35,596    Chartwell Retirement Residences (Canada)     319,126  
 

 

 
  Industrials – 12.0%

 

    103,481    Enav SpA (Italy)(a)     363,046  
  9,745    Ferrovial SE     365,403  
  1,613    Norfolk Southern Corp.     408,702  
  89,785    Transurban Group (Australia)     791,596  
  2,534    Vinci SA (France)     324,673  
      

 

 

 
           2,253,420  
 

 

 
  Materials – 1.4%

 

  584    Linde PLC     262,111  
 

 

 
  Real Estate – 55.5%

 

  3,729    Alexandria Real Estate Equities, Inc. REIT     465,118  
  8,881    American Homes 4 Rent, Class A REIT     328,686  
  3,140    American Tower Corp. REIT     624,420  
  13,158    Americold Realty Trust, Inc. REIT     332,897  
  2,759    AvalonBay Communities, Inc. REIT     488,426  
  24,189    Big Yellow Group PLC REIT (United Kingdom)     306,897  
  14,128    CTP NV (Netherlands)(a)     229,023  
  3,354    Digital Realty Trust, Inc. REIT     492,401  
  852    Equinix, Inc. REIT     757,275  
  6,900    Equity LifeStyle Properties, Inc. REIT     464,508  
  3,584    Extra Space Storage, Inc. REIT     505,236  
  12,122    Goodman Group REIT (Australia)     236,008  
  53    Hoshino Resorts REIT, Inc. REIT (Japan)     194,762  
  11,594    Invitation Homes, Inc. REIT     395,008  
  145    Nippon Prologis REIT, Inc. REIT (Japan)     242,781  
  9,199    Prologis, Inc. REIT     1,225,951  
  2,208    SBA Communications Corp. REIT     461,980  
  34,985    Segro PLC REIT (United Kingdom)     374,126  
  4,640    Terreno Realty Corp. REIT     298,352  
  30,056    UNITE Group PLC (The) REIT (United Kingdom)     364,986  
  8,272    Ventas, Inc. REIT     349,823  
  16,172    VICI Properties, Inc. REIT     484,028  
  10,388    Vonovia SE (Germany)     290,027  
  5,738    Welltower, Inc. REIT     528,814  
      

 

 

 
         10,441,533  
 

 

 
  Utilities – 23.7%

 

  16,726    AES Corp. (The)     254,235  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Utilities – (continued)

 

  3,381    Ameren Corp.   $ 240,693  
  2,872    American Water Works Co., Inc.     340,447  
  6,140    CMS Energy Corp.     352,252  
    17,158    Engie SA (France)     275,468  
  6,434    Eversource Energy     377,676  
  49,127    National Grid PLC (United Kingdom)     644,736  
  12,071    NextEra Energy, Inc.     666,199  
  9,384    Severn Trent PLC (United Kingdom)     296,757  
  8,786    Veolia Environnement SA (France)     272,398  
  4,554    WEC Energy Group, Inc.     357,443  
  7,179    Xcel Energy, Inc.     378,262  
      

 

 

 
         4,456,566  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $20,349,458)

    18,491,451  
 

 

 

 

        Shares             Dividend Rate    Value  
  Investment Company – 1.7%(b)

 

 

Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares

  
        318,130         5.195%      318,130  
  (Cost $318,130)

 

 

 

 
 

TOTAL INVESTMENTS – 100.0%

(Cost $20,667,588)

   $   18,809,581  
 

 

 
 

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%

     2,920  
 

 

 
  NET ASSETS – 100.0%    $ 18,812,501  
 

 

 

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)

Represents an affiliated issuer.

 

 

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

 

  

 

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


GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Schedule of Investments

 

February 29, 2024 (Unaudited)

 

   

Shares

   Description   Value  
  Common Stocks – 97.9%

 

  Communication Services – 9.7%

 

    110,183    Baidu, Inc., Class A (China)*   $ 1,401,073  
  68,480    Cellnex Telecom SA (Spain)*(a)     2,465,495  
  20,355    Electronic Arts, Inc.     2,839,115  
  48,516    Match Group, Inc.*     1,748,516  
  14,617    NAVER Corp. (South Korea)     2,140,519  
  56,807    NetEase, Inc. (China)     1,278,535  
  194,910    Snap, Inc., Class A*     2,147,908  
  38,411    Trade Desk, Inc. (The), Class A*     3,281,452  
      

 

 

 
         17,302,613  
 

 

 
  Consumer Discretionary – 6.3%

 

  12,167    DoorDash, Inc., Class A*     1,515,643  
  2,431    MercadoLibre, Inc. (Brazil)*     3,878,174  
  59,491    Mobileye Global, Inc., Class A (Israel)*     1,515,236  
  47,820    Trip.com Group Ltd. (China)*     2,179,411  
  1,090,011    Zomato Ltd. (India)*     2,174,994  
      

 

 

 
           11,263,458  
 

 

 
  Financials – 2.8%

 

  49,083    Fidelity National Information Services, Inc.     3,396,053  
  9,511    Jack Henry & Associates, Inc.     1,652,726  
      

 

 

 
         5,048,779  
 

 

 
  Health Care – 1.0%

 

  14,113    Hoya Corp. (Japan)     1,837,321  
 

 

 
  Industrials – 1.9%

 

  140,880    Daifuku Co. Ltd. (Japan)     3,337,746  
 

 

 
  Information Technology – 75.1%

 

  12,130    Analog Devices, Inc.     2,326,777  
  55,637    AppLovin Corp., Class A*     3,322,642  
  14,792    Arista Networks, Inc.*     4,105,372  
  5,583    ASM International NV (Netherlands)     3,405,676  
  5,473    Atlassian Corp., Class A*     1,135,210  
  14,385    Cadence Design Systems, Inc.*     4,378,506  
  7,612    CDW Corp.     1,874,150  
  234,726    Chroma ATE, Inc. (Taiwan)     1,730,213  
  8,368    Crowdstrike Holdings, Inc., Class A*     2,712,487  
  39,643    Datadog, Inc., Class A*     5,211,469  
  290,474    Delta Electronics, Inc. (Taiwan)     2,706,294  
  74,146    Dynatrace, Inc.*     3,673,934  
  11,882    Enphase Energy, Inc.*     1,509,133  
  27,344    Entegris, Inc.     3,673,940  
  30,482    Hamamatsu Photonics KK (Japan)     1,094,069  
  7,852    HubSpot, Inc.*     4,858,896  
  63,355    Infineon Technologies AG (Germany)     2,268,981  
  127,504    Jentech Precision Industrial Co. Ltd. (Taiwan)     3,706,992  
  13,850    Keysight Technologies, Inc.*     2,137,055  
  1,672,468    Kingdee International Software Group Co. Ltd. (China)*     1,807,311  
  8,399    KLA Corp.     5,730,638  
  69,587    Klaviyo, Inc., Class A*     1,844,055  
   

Shares

   Description   Value  
  Common Stocks – (continued)

 

  Information Technology – (continued)

 

  78,198    Marvell Technology, Inc.   $ 5,603,669  
  61,026    MediaTek, Inc. (Taiwan)     2,200,909  
  44,225    Micron Technology, Inc.     4,007,227  
  20,810    MKS Instruments, Inc.     2,554,636  
  10,305    Monday.com Ltd.*     2,298,118  
  4,187    MongoDB, Inc.*     1,874,017  
  15,100    Motorola Solutions, Inc.     4,988,889  
    115,131    Murata Manufacturing Co. Ltd. (Japan)     2,325,389  
  12,602    Palo Alto Networks, Inc.*     3,913,551  
  14,113    Persistent Systems Ltd. (India)     1,468,954  
  24,567    Procore Technologies, Inc.*     1,916,963  
  56,115    Samsara, Inc., Class A*     1,938,773  
  104,561    Sangfor Technologies, Inc., Class A (China)*     920,047  
  26,195    Shopify, Inc., Class A (Canada)*     2,000,512  
  149,402    Silergy Corp. (China)     1,970,946  
  15,435    Snowflake, Inc., Class A*     2,906,102  
  19,578    Tokyo Electron Ltd. (Japan)     4,822,883  
  41,805    Tokyo Seimitsu Co. Ltd. (Japan)     2,855,991  
  75,497    UiPath, Inc., Class A*     1,793,054  
  317,913    Unimicron Technology Corp. (Taiwan)     1,805,324  
  2,507,243    United Microelectronics Corp. (Taiwan)     3,874,747  
  572,596    Venustech Group, Inc., Class A (China)     1,751,503  
  17,132    Workday, Inc., Class A*     5,048,115  
  17,048    Zscaler, Inc.*     4,125,105  
      

 

 

 
           134,179,224  
 

 

 
  Real Estate – 1.1%

 

  9,816    SBA Communications Corp. REIT     2,053,802  
 

 

 
 

TOTAL COMMON STOCKS

(Cost $160,387,939)

    175,022,943  
 

 

 

 

    Shares           Dividend Rate    Value  
  Investment Company – 2.2%(b)

 

 

Goldman Sachs Financial Square Treasury
Obligations Fund – Institutional Shares

 

    3,922,479       5.195%      3,922,479  
  (Cost $3,922,479)

 

 

 

 
 

TOTAL INVESTMENTS – 100.1%

(Cost $164,310,418)

   $   178,945,422  
 

 

 
 

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%

     (227,933
 

 

 
  NET ASSETS – 100.0%    $   178,717,489  
 

 

 

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

  

 

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


GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

 

*

Non-income producing security.

(a)

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

(b)

Represents an affiliated issuer.

 

 

Investment Abbreviations:

REIT   —Real Estate Investment Trust

  

 

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


GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities

 

February 29, 2024 (Unaudited)

 

        

Future Consumer
Equity ETF

    Future Health Care
Equity ETF
    Future Planet
Equity ETF
    Future Real Estate
and Infrastructure
Equity ETF
     
  Assets:           
 

Investments in unaffiliated issuers, at value (cost $80,851,195, $24,891,629, $59,473,716 and $20,349,458, respectively)(a)

    $ 84,264,326      $ 25,119,048      $   43,694,194      $ 18,491,451    
 

Investments in affiliated issuers, at value (cost $1,834,522, $234,879, $691,620 and $318,130, respectively)

     1,834,522       234,879       691,620       318,130    
 

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

     796,867             245,945          
 

Cash

                 11,712       3,162    
 

Foreign Currency, at value (cost $30,778, $916, $– and $106, respectively)

     30,743       920             109    
 

Receivables:

          
 

Dividends

     49,074       40,876       53,231       21,610    
 

Foreign tax reclaims

     20,302       6,953       129,890       9,263    
 

Securities lending income

     2,583       16       5,041          
 

Investments sold

           133,552             47,158    
 

 

 

Total assets

     86,998,417       25,536,244       44,831,633       18,890,883    
 

 

            
  Liabilities:           
 

Payables:

          
 

Payable upon return of securities loaned

     796,867             245,945          
 

Management fees

     49,451       15,110       25,703       11,132    
 

Foreign capital gains taxes

     36,240                      
 

Investments purchased

           210,505       11,712       67,250    
 

Due to custodian

           21,068                
 

Foreign bank overdraft (cost $–, $–, $15,223 and $–, respectively)

                 15,052          
 

 

 

Total liabilities

     882,558       246,683       298,412       78,382    
 

 

            
  Net Assets:           
 

Paid-in capital

     92,631,250       45,297,297       96,777,901       22,950,634    
 

Total distributable earnings (loss)

     (6,515,391     (20,007,736     (52,244,680     (4,138,133  
 

 

 

NET ASSETS

   $ 86,115,859     $ 25,289,561     $ 44,533,221     $ 18,812,501    
 

 

 

SHARES ISSUED AND OUTSTANDING

          
 

Shares outstanding no par value (unlimited shares authorized):

     2,800,000       750,000       1,500,000       575,000    
 

Net asset value per share:

   $ 30.76     $ 33.72     $ 29.69     $ 32.72    

 

 

  (a)

Includes loaned securities having a market value of $754,325, $–, $217,495 and $– for Future Consumer Equity ETF, Future Health Care Equity ETF, Future Planet Equity ETF and Future Real Estate and Infrastructure Equity ETF, respectively.

  

 

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


GOLDMAN SACHS FUTURE ETFS

Statements of Assets and Liabilities (continued)

 

February 29, 2024 (Unaudited)

 

         Future Tech Leaders
Equity ETF
       
  Assets:     
 

Investments in unaffiliated issuers, at value (cost $160,387,939)

   $ 175,022,943    
 

Investments in affiliated issuers, at value (cost $3,922,479)

     3,922,479    
 

Cash

     17,693    
 

Receivables:

    
 

Dividends

     46,262    
 

Foreign tax reclaims

     13,456    
 

Securities lending income

     992    
 

 

 
 

Total assets

     179,023,825    
 

 

 
      
  Liabilities:     
 

Payables:

    
 

Foreign capital gains taxes

     185,064    
 

Management fees

     103,366    
 

Investments purchased

     17,693    
 

Foreign bank overdraft (cost $214)

     213    
 

 

 
 

Total liabilities

     306,336    
 

 

 
      
  Net Assets:     
 

Paid-in capital

     280,793,525    
 

Total distributable earnings (loss)

     (102,076,036  
 

 

 
 

NET ASSETS

   $ 178,717,489    
 

 

 
 

SHARES ISSUED AND OUTSTANDING

    
 

Shares outstanding no par value (unlimited shares authorized):

     6,125,000    
 

Net asset value per share:

   $ 29.18    

 

 

  

 

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


GOLDMAN SACHS FUTURE ETFS

Statements of Operations

 

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

 

         Future Consumer
Equity ETF
    Future Health Care
Equity ETF
    Future Planet
Equity ETF
    Future Real Estate
and Infrastructure
Equity ETF
     
     Investment Income:           
  Dividends — unaffiliated issuers (net of foreign withholding taxes of $14,823, $439, $27,890 and $15,891, respectively)    $ 332,141     $ 200,268     $    608,867     $ 281,608    
  Dividends — affiliated issuers      23,932       6,808       18,244       5,042    
  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer      11,694       155       22,242       47    
 

 

 

Total Investment Income

     367,767       207,231       649,353       286,697    
 

 

            
  Expenses:           
 

Management fees

     403,459       200,753       278,755       72,879    
 

Trustee fees

     8,758       8,684       8,734       8,526    
 

 

 

Total expenses

     412,217       209,437       287,489       81,405    
 

 

 

Less — expense reductions

     (800     (233     (611     (171  
 

 

 

Net expenses

     411,417       209,204       286,878       81,234    
 

 

 

NET INVESTMENT INCOME (LOSS)

     (43,650     (1,973     362,475       205,463    
 

 

            
  Realized and unrealized gain (loss):           
 

Net realized gain (loss) from:

          
 

Investments — unaffiliated issuers

     (7,476,088     (4,855,920     (7,570,962     (677,426  
 

In-kind redemptions

     6,194,407       (4,645,052     (20,483,368     330,888    
 

Foreign currency transactions

     (33,268     (12,666     (4,240     (2,704  
 

Net change in unrealized gain (loss) on:

          
 

Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(36,240), $–, $– and $–, respectively)

     9,673,185       209,819       18,361,975       746,181    
 

Foreign currency translations

     10,971       (152     391       (2  
 

 

 

Net realized and unrealized gain (loss)

     8,369,207       (9,303,971     (9,696,204     396,937    
 

 

  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS    $ 8,325,557     $ (9,305,944   $ (9,333,729   $ 602,400    
 

 

  

 

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


GOLDMAN SACHS FUTURE ETFS

Statements of Operations (continued)

 

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

 

         Future Tech Leaders
Equity ETF
       
  Investment Income:     
 

Dividends — unaffiliated issuers (net of foreign withholding taxes of $25,732)

   $ 430,132    
 

Dividends — affiliated issuers

     45,635    
 

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

     9,485    
 

 

 
 

Total Investment Income

     485,252    
 

 

 
      
  Expenses:     
 

Management fees

     730,118    
 

Trustee fees

     8,942    
 

 

 
 

Total expenses

     739,060    
 

 

 
 

Less — expense reductions

     (1,526  
 

 

 
 

Net expenses

     737,534    
 

 

 
 

NET INVESTMENT LOSS

     (252,282  
 

 

 
      
  Realized and unrealized gain (loss):     
 

Net realized gain (loss) from:

    
 

Investments — unaffiliated issuers

     (27,430,244  
 

In-kind redemptions

     8,700,663    
 

Foreign currency transactions

     12,259    
 

Net change in unrealized gain (loss) on:

    
 

Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $(185,064))

     39,460,478    
 

Foreign currency translations

     1,980    
 

 

 
 

Net realized and unrealized gain

     20,745,136    
 

 

 
 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ 20,492,854    
 

 

 

  

 

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


GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets

 

 

         Future Consumer Equity ETF     Future Health Care 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 (loss)

   $ (43,650   $ 367,972     $ (1,973   $ (146,245  
 

Net realized loss

     (1,314,949     (3,972,894     (9,513,638     (6,358,196  
 

Net change in unrealized gain

     9,684,156       12,112,843       209,667       14,699,877    
 

 

  Net increase (decrease) in net assets resulting from operations      8,325,557       8,507,921       (9,305,944     8,195,436    
 

 

            
  Distributions to shareholders:           
 

From distributable earnings

     (364,636           (134,205     (102  
            
  From share transactions:           
 

Proceeds from sales of shares

     16,801,937       61,459,027             12,109,470    
 

Cost of shares redeemed

     (94,855,529     (2,758,951     (77,110,935     (10,245,168  
 

 

  Net increase (decrease) in net assets resulting from share transactions      (78,053,592     58,700,076       (77,110,935     1,864,302    
 

 

 

TOTAL INCREASE (DECREASE)

     (70,092,671     67,207,997       (86,551,084     10,059,636    
 

 

            
  Net assets:           
 

Beginning of period

   $   156,208,530     $   89,000,533     $   111,840,645     $   101,781,009    
 

 

 

End of period

   $ 86,115,859     $ 156,208,530     $ 25,289,561     $ 111,840,645    
 

 

  

 

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


GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)

 

 

         Future Planet Equity ETF     Future Real Estate and Infrastructure 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

   $ 362,475     $ 1,581,163     $ 205,463     $ 418,553    
 

Net realized loss

     (28,058,570     (5,941,855     (349,242     (1,359,406  
 

Net change in unrealized gain

     18,362,366       5,739,047       746,179       39,559    
 

 

  Net increase (decrease) in net assets resulting from operations      (9,333,729     1,378,355       602,400       (901,294  
 

 

 
  Distributions to shareholders:           
 

From distributable earnings

     (1,539,345     617,909       (301,595     (445,287  
            
  From share transactions:           
 

Proceeds from sales of shares

           7,651,164             1,628,238    
 

Cost of shares redeemed

     (87,063,598     (39,765,858     (4,918,349     (826,941  
 

 

  Net increase (decrease) in net assets resulting from share transactions      (87,063,598     (32,114,694     (4,918,349     801,297    
 

 

 

TOTAL DECREASE

     (97,936,672     (31,354,248     (4,617,544     (545,284  
 

 

            
  Net assets:           
 

Beginning of period

   $   142,469,893     $   173,824,141     $   23,430,045     $   23,975,329    
 

 

 

End of period

   $ 44,533,221     $ 142,469,893     $ 18,812,501     $ 23,430,045    
 

 

  

 

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


GOLDMAN SACHS FUTURE ETFS

Statements of Changes in Net Assets (continued)

 

 

         Future Tech Leaders Equity ETF  
        

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

 

   

For the Fiscal
Year Ended
August 31, 2023

 

       
  From operations:       
 

Net investment income (loss)

   $ (252,282   $ 465,750    
 

Net realized loss

     (18,717,322     (62,314,321  
 

Net change in unrealized gain

     39,462,458       74,033,974    
 

 

 
 

Net increase in net assets resulting from operations

     20,492,854       12,185,403    
 

 

 
        
  Distributions to shareholders:       
 

From distributable earnings

     (431,486     (48,204  
        
  From share transactions:       
 

Proceeds from sales of shares

     12,930,354       16,960,331    
 

Cost of shares redeemed

      (110,169,607      (15,609,588  
 

 

 
 

Net increase (decrease) in net assets resulting from share transactions

     (97,239,253     1,350,743    
 

 

 
 

TOTAL INCREASE (DECREASE)

     (77,177,885     13,487,942    
 

 

 
        
  Net assets:       
 

Beginning of period

   $ 255,895,374     $ 242,407,432    
 

 

 
 

End of period

   $   178,717,489     $   255,895,374    
 

 

 

  

 

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


GOLDMAN SACHS FUTURE CONSUMER EQUITY ETF

Financial Highlights

 

Selected Data for a Share Outstanding Throughout Each Period

 

        Future Consumer Equity ETF
        For the Six Months
Ended
February 29, 2024
(Unaudited)
  For the
Fiscal Year Ended
August 31, 2023
  For the Period
November 9, 2021*
to
August 31, 2022
   
  Per Share Operating Performance:                
 

Net asset value, beginning of period

    $ 27.17     $ 25.43     $ 40.03    
 

 

 
 

Net investment income (loss)(a)

      (0.01 )       0.08       0.10    
 

Net realized and unrealized gain (loss)

      3.73       1.66       (14.62 )    
 

 

 
 

Total from investment operations

      3.72       1.74       (14.52 )    
 

 

 
 

Distributions to shareholders from net investment income

      (0.13 )             (0.06 )    
 

Distributions to shareholders from return of capital

                  (0.02 )    
 

 

 
 

Total distributions

      (0.13 )             (0.08 )    
 

 

 
 

Net asset value, end of period

    $ 30.76     $ 27.17     $ 25.43    
 

 

 
 

Market price, end of period

    $ 30.76     $ 27.20     $ 25.30    
 

 

 
 

Total Return at Net Asset Value(b)

      13.73 %       6.84 %       (36.28 )%    
 

 

 
 

Net assets, end of period (in 000’s)

    $   86,116     $   156,209     $   89,001    
 

Ratio of net expenses to average net assets

      0.75 %(c)       0.75 %       0.75 %(c)    
 

Ratio of net investment income to average net assets

      (0.08 )%(c)       0.32 %       0.46 %(c)    
 

Portfolio turnover rate(d)

      14 %       16 %       24 %    
 

 

 

 

  *

Commencement of operations.

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

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

  (c) 

Annualized.

  (d) 

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

  

 

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


GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        Future Health Care Equity ETF
        For the Six Months
Ended
February 29, 2024
(Unaudited)
  For the
Fiscal Year Ended
August 31, 2023
  For the Period
November 9, 2021*
to
August 31, 2022
   
  Per Share Operating Performance:                
 

Net asset value, beginning of period

    $ 32.42     $ 29.94     $ 39.68    
 

 

 
 

Net investment loss(a)

      (b)         (0.04 )       (0.08 )    
 

Net realized and unrealized gain (loss)

      1.48       2.52       (9.66 )    
 

 

 
 

Total from investment operations

      1.48       2.48       (9.74 )    
 

 

 
 

Distributions to shareholders from net investment income

      (0.18 )       (b)            
 

 

 
 

Net asset value, end of period

    $ 33.72     $ 32.42     $ 29.94    
 

 

 
 

Market price, end of period

    $ 33.78     $ 32.42     $ 30.00    
 

 

 
 

Total Return at Net Asset Value(c)

      4.58 %       8.28 %       (24.55 )%    
 

 

 
 

Net assets, end of period (in 000’s)

    $   25,290     $   111,841     $   101,781    
 

Ratio of net expenses to average net assets

      0.75 %(d)       0.75 %       0.75 %(d)    
 

Ratio of net investment income to average net assets

      (0.01 )%(d)       (0.14 )%       (0.33 )%(d)    
 

Portfolio turnover rate(e)

      21 %       28 %       24 %    
 

 

 

 

  *

Commencement of operations.

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Amount is less than $0.005 per share.

  (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.

  

 

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


GOLDMAN SACHS FUTURE PLANET EQUITY ETF

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        Future Planet Equity ETF
       

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

 

  For the Fiscal
Year Ended August 31,
 

For the Period
July 13, 2021*

to
August 31, 2021

 

   
        2023   2022    
  Per Share Operating Performance:                    
 

Net asset value, beginning of period

    $ 30.15     $ 30.23     $ 42.18     $ 39.89    
 

 

 
 

Net investment income(a)

      0.13       0.30       0.27       0.02    
 

Net realized and unrealized gain (loss)

      0.44       (0.27 )       (12.05 )       2.27    
 

 

 
 

Total from investment operations

      0.57       0.03       (11.78 )       2.29    
 

 

 
 

Distributions to shareholders from net investment income

      (1.03 )       (0.11 )       (0.17 )          
 

 

 
 

Net asset value, end of period

    $ 29.69     $ 30.15     $ 30.23     $ 42.18    
 

 

 
 

Market price, end of period

    $ 29.69     $ 30.11     $ 30.15     $ 42.25    
 

 

 
 

Total Return at Net Asset Value(b)

      1.85 %       0.13 %       (27.97 )%       5.74 %    
 

 

 
 

Net assets, end of period (in 000’s)

    $   44,533     $   142,470     $   173,824     $   60,104    
 

Ratio of net expenses to average net assets

      0.75 %(c)       0.75 %       0.75 %       0.75 %(c)    
 

Ratio of net investment income to average net assets

      0.95 %(c)       0.97 %       0.81 %       0.42 %(c)    
 

Portfolio turnover rate(d)

      18 %       20 %       15 %       2 %    
 

 

 

 

  *

Commencement of operations.

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

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

  (c) 

Annualized.

  (d) 

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

  

 

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


GOLDMAN SACHS FUTURE REAL ESTATE AND INFRASTRUCTURE EQUITY ETF

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        Future Real Estate and Infrastructure Equity ETF
        For the Six Months
Ended
February 29, 2024
(Unaudited)
  For the
Fiscal Year Ended
August 31, 2023
  For the Period
November 9, 2021*
to
August 31, 2022
   
  Per Share Operating Performance:                
 

Net asset value, beginning of period

    $ 32.32     $ 34.25     $ 40.05    
 

 

 
 

Net investment income(a)

      0.30       0.59       0.56    
 

Net realized and unrealized gain (loss)

      0.53       (1.90 )       (5.95 )    
 

 

 
 

Total from investment operations

      0.83       (1.31 )       (5.39 )    
 

 

 
 

Distributions to shareholders from net investment income

      (0.43 )       (0.62 )       (0.41 )    
 

 

 
 

Net asset value, end of period

    $ 32.72     $ 32.32     $ 34.25    
 

 

 
 

Market price, end of period

    $ 32.61     $ 32.19     $ 34.25    
 

 

 
 

Total Return at Net Asset Value(b)

      2.51 %       (3.77 )%       (13.52 )%    
 

 

 
 

Net assets, end of period (in 000’s)

    $   18,813     $   23,430     $   23,975    
 

Ratio of net expenses to average net assets

      0.75 %(c)       0.75 %       0.75 %(c)    
 

Ratio of net investment income to average net assets

      1.89 %(c)       1.79 %       1.85 %(c)    
 

Portfolio turnover rate(d)

      10 %       30 %       40 %    
 

 

 

 

  *

Commencement of operations.

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

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

  (c) 

Annualized.

  (d) 

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

  

 

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


GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

Financial Highlights (continued)

 

Selected Data for a Share Outstanding Throughout Each Period

 

        Future Tech Leaders Equity ETF
        For the Six Months
Ended
February 29, 2024
(Unaudited)
  For the Fiscal
Year Ended
August 31, 2023
 

For the Period
September 14, 2021*
to

August 31, 2022

   
  Per Share Operating Performance:                
 

Net asset value, beginning of period

    $ 25.09     $ 24.12     $ 40.22    
 

 

 
 

Net investment income (loss)(a)

      (0.03 )       0.05       0.01    
 

Net realized and unrealized gain (loss)

      4.19       (0.92 )       (16.11 )    
 

 

 
 

Total from investment operations

      4.16       0.97       (16.10 )    
 

 

 
 

Distributions to shareholders from net investment income

      (0.07 )       (b)         (b)      
 

 

 
 

Net asset value, end of period

    $ 29.18     $ 25.09     $ 24.12    
 

 

 
 

Market price, end of period

    $ 29.23     $ 25.06     $ 24.08    
 

 

 
 

Total Return at Net Asset Value(c)

      16.60 %       4.05 %       (40.03 )%    
 

 

 
 

Net assets, end of period (in 000’s)

    $   178,717     $   255,895     $   242,407    
 

Ratio of net expenses to average net assets

      0.75 %(d)       0.75 %       0.75 %(d)    
 

Ratio of net investment income to average net assets

      (0.27 )%(d)       0.19 %       0.03 %(d)    
 

Portfolio turnover rate(e)

      23 %       44 %       55 %    
 

 

 

 

  *

Commencement of operations.

  (a) 

Calculated based on the average shares outstanding methodology.

  (b) 

Amount is less than $0.005 per share.

  (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.

  

 

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


GOLDMAN SACHS FUTURE ETFS

Notes to Financial Statements

 

February 29, 2024 (Unaudited)

 

1. ORGANIZATION

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

 

Fund        

Diversified/ 

Non-diversified 

Future Consumer Equity ETF         Non-Diversified
Future Health Care Equity ETF         Non-Diversified
Future Planet Equity ETF         Non-Diversified
Future Real Estate and Infrastructure Equity ETF         Non-Diversified
Future Tech Leaders Equity ETF         Non-Diversified

The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to seek long-term growth of capital. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term capital appreciation.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). 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 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.

  

 

42  


GOLDMAN SACHS FUTURE ETFS

 

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 Goldman Sachs Future Consumer Equity ETF, Goldman Sachs Future Health Care Equity ETF, Goldman Sachs Future Planet Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF, income distributions, if any, are declared and paid annually. For Goldman Sachs Future Real Estate and Infrastructure Equity ETF income distributions, if any, are declared and paid semi-annually. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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