Goldman Sachs Funds
| Annual Report |
August 31, 2022 | |||
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Goldman Sachs MarketBeta® ETFs | ||||
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MarketBeta® Emerging Markets Equity ETF (GSEE) | ||||
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MarketBeta® International Equity ETF (GSID) | ||||
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MarketBeta® U.S. Equity ETF (GSUS) | ||||
Goldman Sachs MarketBeta® ETFs
| ∎ |
MarketBeta® Emerging Markets Equity ETF |
| ∎ |
MarketBeta® International Equity ETF |
| ∎ |
MarketBeta® U.S. Equity ETF |
| 1 | ||||
| 3 | ||||
| 16 | ||||
| 63 | ||||
| 67 | ||||
| 67 | ||||
| 68 | ||||
| 69 | ||||
| 70 | ||||
| 83 | ||||
| 84 | ||||
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
Goldman Sachs MarketBeta® Equity ETFs
Principal Investment Strategies
The investment objective of each of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF (each, a “Fund”), is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective underlying index (each, an “Index”).
Each Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
MarketBeta® Emerging Markets Equity ETF
The Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2022, the Index consisted of 1,662 securities with a market capitalization range of between approximately $70.3 million and $2,195.0 billion from issuers in the following emerging market countries: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hong Kong, Hungary, India, Indonesia, Kuwait, Luxembourg, Malaysia, Mexico, Pakistan, Peru, the Philippines, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in an emerging market country if it is organized under the laws of the emerging market country and it is primarily listed in the emerging market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
MarketBeta® International Equity ETF
The Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2022, the Index consisted of 1,031 securities with a market capitalization range of between approximately $545.4 million and $327.6 billion from issuers in the following developed market countries: Australia, Austria, Belgium, Chile, China, Curacao, the Czech Republic, Denmark, Faeroe Island, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Jordan, Luxembourg, Macao, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in a developed market country if it is organized under the laws of the developed market country and it is primarily listed in the developed market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
1
INVESTMENT PROCESS
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
MarketBeta® U.S. Equity ETF
The Solactive GBS United States Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2022, the Index consisted of 534 securities with a market capitalization range of between approximately $4.1 billion and $2,526.6 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times. Solactive AG (“Solactive” or the “Index Provider”) will deem an issuer to be a U.S. issuer if it is organized under the laws of the U.S. and it is primarily listed in the U.S.; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
All Above Funds
Each Fund seeks to invest in the respective Index components in approximately the same weighting that such components have within the respective Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the respective Index in the approximate respective Index weight. In these circumstances, the Fund may purchase a sample of securities in the respective Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in each Fund’s Index, purchase securities not in each Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
Each Index is owned and calculated by Solactive.
Each Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, each Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the respective Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.
Each Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the respective Index is concentrated. The degree to which components of the respective Index represent certain sectors or industries may change over time.
* * *
At the end of the Reporting Period, i.e. August 31, 2022, we maintained conviction in our principal investment strategies, as each Fund continues to seek to provide efficient and diversified access to approximately 85% of the broad equity market represented by each respective Index in one portfolio.
Effective on April 4, 2022, Jamie McGregor no longer served as a portfolio manager for the Funds. In addition, effective the same date, Matthew Maillet served as a portfolio manager for the Funds. Effective June 17, 2022, Matthew Maillet no longer served as a portfolio manager for the Funds. Raj Garigipati, Managing Director, continues to serve as a portfolio manager for the Funds, as he has since their inception.
2
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® Emerging Markets Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund returned -20.01% based on net asset value (“NAV”) and -20.22% based on market price. The Index returned -20.08% during the same period. |
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The Fund had an NAV of $55.68 per share on August 31, 2021 and ended the Reporting Period with an NAV of $41.23 per share. The Fund’s market price on August 31, 2022 was $41.16 per share. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
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Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index. |
| Q | Which sectors and countries contributed most to the Index’s performance during the Reporting Period, and which contributed least? |
| A | Index constituents in the utilities sector contributed most positively to the Index’s results during the Reporting Period. Index constituents in the information technology, consumer discretionary and communication services sectors contributed least to the Index’s results during the Reporting Period. |
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From a country perspective, Index constituents in United Arab Emirates, Saudi Arabia and Indonesia contributed most to the Index’s results during the Reporting Period. Conversely, Index constituents in China, South Korea and Taiwan contributed least to the Index’s results during the Reporting Period. |
| Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
| A | Positions in United Arab Emirates-based health care supply chain company International Holding Company, Brazil-based energy company Petroleo Brasileiro and India-based financials company ICICI Bank contributed most positively (0.64%, 0.43% and 0.84% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted either a double-digit or triple-digit positive return within the Index during the Reporting Period. |
| Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
| A | Positions in Taiwan-based semiconductor company Taiwan Semiconductor Manufacturing, China-based e-commerce retailer Alibaba Group Holding and China-based communication services company Tencent Holdings contributed least (5.91%, 2.62% and 3.67% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a double-digit negative return within the Index during the Reporting Period. |
3
PORTFOLIO RESULTS
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A | The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
| Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| Sector Name | Fund2 | Solactive Index |
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| Financials | 21.45 | % | 22.17 | % | ||||||
| Information Technology | 18.19 | 18.66 | ||||||||
| Consumer Discretionary | 12.98 | 13.30 | ||||||||
| Communication Services | 9.26 | 9.40 | ||||||||
| Materials | 8.42 | 8.32 | ||||||||
| Energy | 7.88 | 6.51 | ||||||||
| Industrials | 7.02 | 7.20 | ||||||||
| Consumer Staples | 5.59 | 5.80 | ||||||||
| Health Care | 3.53 | 3.66 | ||||||||
| Utilities | 3.09 | 3.23 | ||||||||
| Real Estate | 1.75 | 1.75 | ||||||||
| Not Classified | 0.85 | — | ||||||||
| Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1 |
| Country Name | Fund2 | Solactive Index |
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| China | 28.17 | % | 28.75 | % | ||||||
| India | 15.29 | 15.67 | ||||||||
| Taiwan | 14.01 | 14.36 | ||||||||
| South Korea | 10.85 | 11.09 | ||||||||
| Saudi Arabia | 5.81 | 5.99 | ||||||||
| Brazil | 5.37 | 5.52 | ||||||||
| South Africa | 2.65 | 2.72 | ||||||||
| Russia | 2.49 | — | ||||||||
| Thailand | 2.16 | 2.20 | ||||||||
| United Arab Emirates | 2.13 | 2.19 | ||||||||
| Indonesia | 1.99 | 2.05 | ||||||||
| Mexico | 1.96 | 1.99 | ||||||||
| Qatar | 1.27 | 1.31 | ||||||||
| Hong Kong | 1.18 | 1.17 | ||||||||
| United States | 0.85 | — | ||||||||
| Kuwait | 0.81 | 0.83 | ||||||||
| Philippines | 0.74 | 0.75 | ||||||||
| Turkey | 0.69 | 0.67 | ||||||||
| Chile | 0.58 | 0.59 | ||||||||
| Greece | 0.30 | 0.30 | ||||||||
| Hungary | 0.16 | 0.16 | ||||||||
| Colombia | 0.14 | 0.14 | ||||||||
| Czech Republic | 0.14 | 0.14 | ||||||||
| Peru | 0.11 | 0.11 | ||||||||
| Egypt | 0.08 | 0.08 | ||||||||
| Luxembourg | 0.04 | 0.04 | ||||||||
| Singapore | 0.03 | 0.03 | ||||||||
| Pakistan | 0.01 | 0.01 | ||||||||
| Cyprus | 0.01 | — | ||||||||
| Malaysia | — | 1.14 | ||||||||
| 1 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 0.4% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash. |
| 2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index. |
4
FUND BASICS
MarketBeta® Emerging Markets Equity ETF
as of August 31, 2022
| FUND SNAPSHOT |
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| As of August 31, 2022 | ||||||
| Market Price1 | $ | 41.16 | ||||
| Net Asset Value (NAV)1 | $ | 41.23 | ||||
| 1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
| TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||||
| Holding | % of Net Assets | Line of Business | Country | |||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.0 | % | Information Technology | Taiwan | ||||||
| Tencent Holdings Ltd. | 3.8 | Communication Services | China | |||||||
| Samsung Electronics Co. Ltd. | 3.2 | Information Technology | South Korea | |||||||
| Alibaba Group Holding Ltd. ADR | 2.7 | Consumer Discretionary | China | |||||||
| Saudi Arabian Oil Co. | 1.9 | Energy | Saudi Arabia | |||||||
| Meituan, Class B | 1.5 | Consumer Discretionary | China | |||||||
| Reliance Industries Ltd. | 1.4 | Energy | India | |||||||
| JD.com, Inc. ADR | 1.1 | Consumer Discretionary | China | |||||||
| Infosys Ltd. | 0.9 | Information Technology | India | |||||||
| iShares MSCI Malaysia ETF | 0.9 | Exchange-Traded Fund | United States | |||||||
| 2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
5
MARKETBETA® EMERGING MARKETS EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Solactive GBS Emerging Markets Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
| MarketBeta® Emerging Markets Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2022.
| Average Annual Total Return through August 31, 2022* | One Year | Since Inception | ||||
|
Shares based on NAV (Commenced May 12, 2020) |
-20.01% | 6.67% | ||||
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Shares based on Market Price (Commenced May 12, 2020) |
-20.22% | 6.56% | ||||
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|
Solactive GBS Emerging Markets Large & Mid Cap Index |
-20.08% | 6.93% | ||||
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| * | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
6
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® International Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® International Small Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund returned -19.80% based on net asset value (“NAV”) and -20.62% based on market price. The Index returned -19.84% during the same period. |
|
The Fund had an NAV of $57.61 per share on August 31, 2021 and ended the Reporting Period with an NAV of $44.63 per share. The Fund’s market price on August 31, 2022 was $44.33 per share. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
|
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index. |
| Q | Which sectors and countries contributed most positively to the Index’s performance during the Reporting Period, and which contributed least? |
| A | Index constituents in the energy sector contributed most to the Index’s results during the Reporting Period. Index constituents in the industrials, information technology and consumer discretionary sectors contributed least to the Index’s results during the Reporting Period. |
|
From a country perspective, Index constituents in the Czech Republic contributed most to the Fund’s results during the Reporting Period. Index constituents in Japan, Germany and the Netherlands contributed least to the Fund’s results during the Reporting Period. |
| Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
| A | Positions in U.K.-based energy company Shell, France-based energy company TotalEnergies and U.K.-based energy company BP contributed most (1.40%, 0.95% and 0.64% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a robust double-digit positive return within the Index during the Reporting Period. |
| Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
| A | Positions in Netherlands-based photolithography systems supplier ASML Holding, Germany-based enterprise software developer SAP and Germany-based industrial manufacturing company Siemens contributed least (1.40%, 0.63% and 0.58% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated a double-digit negative return within the Index during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A |
The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
7
PORTFOLIO RESULTS
| Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| Sector Name | Fund2 | Solactive Index |
||||||||
| Financials | 16.99 | % | 16.98 | % | ||||||
| Industrials | 15.65 | 15.67 | ||||||||
| Health Care | 13.03 | 13.02 | ||||||||
| Consumer Discretionary | 11.56 | 11.56 | ||||||||
| Consumer Staples | 10.68 | 10.68 | ||||||||
| Information Technology | 8.19 | 8.19 | ||||||||
| Materials | 7.57 | 7.57 | ||||||||
| Communication Services | 5.12 | 5.12 | ||||||||
| Energy | 4.78 | 4.78 | ||||||||
| Utilities | 3.46 | 3.46 | ||||||||
| Real Estate | 2.97 | 2.97 | ||||||||
| Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1 |
| Country Name | Fund2 | Solactive Index |
||||||||
| Japan | 24.36 | % | 24.36 | % | ||||||
| UK | 14.74 | 14.77 | ||||||||
| France | 9.62 | 9.62 | ||||||||
| Switzerland | 9.55 | 9.55 | ||||||||
| Australia | 8.41 | 8.41 | ||||||||
| Germany | 6.82 | 6.82 | ||||||||
| Netherlands | 4.37 | 4.37 | ||||||||
| Sweden | 3.33 | 3.33 | ||||||||
| Hong Kong | 3.18 | 3.17 | ||||||||
| Denmark | 2.60 | 2.60 | ||||||||
| Spain | 2.28 | 2.28 | ||||||||
| Italy | 1.91 | 1.90 | ||||||||
| Singapore | 1.70 | 1.70 | ||||||||
| Finland | 1.26 | 1.26 | ||||||||
| Ireland | 1.19 | 1.19 | ||||||||
| Israel | 1.16 | 1.16 | ||||||||
| Norway | 1.05 | 1.05 | ||||||||
| Belgium | 0.80 | 0.80 | ||||||||
| New Zealand | 0.39 | 0.39 | ||||||||
| Austria | 0.27 | 0.27 | ||||||||
| Poland | 0.23 | 0.23 | ||||||||
| Luxembourg | 0.21 | 0.21 | ||||||||
| Portugal | 0.19 | 0.19 | ||||||||
| China | 0.11 | 0.10 | ||||||||
| Curacao | 0.08 | 0.08 | ||||||||
| Macau | 0.04 | 0.04 | ||||||||
| Malaysia | 0.04 | 0.04 | ||||||||
| Czech Republic | 0.04 | 0.04 | ||||||||
| Chile | 0.03 | 0.03 | ||||||||
| Faroe Islands | 0.02 | 0.02 | ||||||||
| Jordan | 0.02 | 0.01 | ||||||||
| Mexico | 0.01 | 0.01 | ||||||||
| United States | 0.01 | 0.01 | ||||||||
| 1 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 1.9% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash. |
| 2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index. |
8
FUND BASICS
MarketBeta® International Equity ETF
as of August 31, 2022
| FUND SNAPSHOT | ||||||
| As of August 31, 2022 | ||||||
| Market Price1 | $ | 44.33 | ||||
| Net Asset Value (NAV)1 | $ | 44.63 | ||||
| 1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
| TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||||
| Holding | % of Net Assets | Line of Business | Country | |||||||
| Nestle SA | 2.3 | % | Consumer Staples | United States | ||||||
| Roche Holding AG | 1.6 | Health Care | United States | |||||||
| Shell PLC | 1.4 | Energy | Netherlands | |||||||
| ASML Holding NV | 1.4 | Information Technology | Netherlands | |||||||
| AstraZeneca PLC | 1.3 | Health Care | United Kingdom | |||||||
| Novartis AG | 1.3 | Health Care | Switzerland | |||||||
| Novo Nordisk A/S, Class B | 1.3 | Health Care | Denmark | |||||||
| LVMH Moet Hennessy Louis Vuitton SE | 1.2 | Consumer Discretionary | France | |||||||
| Toyota Motor Corp. | 1.2 | Consumer Discretionary | Japan | |||||||
| BHP Group Ltd. | 1.0 | Materials | Australia | |||||||
| 2 | The top 10 holdings may not be representative of the Fund’s future investments. |
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
MARKETBETA® INTERNATIONAL EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Solactive GBS Developed Markets ex North America Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
| MarketBeta® International Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2022.
| Average Annual Total Return through August 31, 2022* | One Year | Since Inception | ||||
|
Shares based on NAV (Commenced May 12, 2020) |
-19.80% | 7.44% | ||||
|
| ||||||
|
Shares based on Market Price (Commenced May 12, 2020) |
-20.62% | 7.11% | ||||
|
| ||||||
|
Solactive GBS Developed Markets ex North America Large & Mid Cap Index |
-19.84% | 7.44% | ||||
|
| ||||||
| * | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
10
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® U.S. Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® U.S. Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A |
During the Reporting Period, the Fund returned -13.41% based on net asset value (“NAV”) and -13.43% based on market price. The Index returned -13.39% during the same period. |
|
The Fund had an NAV of $63.07 per share on August 31, 2021 and ended the Reporting Period with an NAV of $53.96 per share. The Fund’s market price on August 31, 2022 was $53.97 per share. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A |
The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
|
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index. |
| Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which contributed least? |
| A |
Index constituents in the energy, utilities and consumer staples sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the information technology, communication services and consumer discretionary sectors contributed least to the Index’s results during the Reporting Period. |
| Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
| A |
Positions in integrated energy companies Exxon Mobil and Chevron and in health care company UnitedHealth Group contributed most (1.19%, 0.90% and 1.43% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a double-digit positive return within the Index during the Reporting Period. |
| Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
| A |
Positions in communication services giant Meta Platforms, e-commerce retailing behemoth Amazon.com and software leader Microsoft contributed least (1.10%, 3.32% and 5.69% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated a double-digit negative return within the Index during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A |
The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
11
PORTFOLIO RESULTS
| Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| Sector Name | Fund2 | Solactive Index |
||||||||
| Information Technology | 28.18 | % | 28.18 | % | ||||||
| Health Care | 14.12 | 14.12 | ||||||||
| Consumer Discretionary | 11.68 | 11.68 | ||||||||
| Financials | 10.52 | 10.52 | ||||||||
| Communication Services | 8.44 | 8.44 | ||||||||
| Industrials | 7.74 | 7.74 | ||||||||
| Consumer Staples | 6.65 | 6.65 | ||||||||
| Energy | 4.54 | 4.54 | ||||||||
| Utilities | 3.06 | 3.06 | ||||||||
| Real Estate | 2.55 | 2.55 | ||||||||
| Materials | 2.36 | 2.36 | ||||||||
| 1 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash. |
| 2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index. |
12
FUND BASICS
MarketBeta® U.S. Equity ETF
as of August 31, 2022
| FUND SNAPSHOT |
| |||||
| As of August 31, 2022 | ||||||
| Market Price1 | $ | 53.97 | ||||
| Net Asset Value (NAV)1 | $ | 53.96 | ||||
| 1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
| TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||||
| Holding | % of Net Assets | Line of Business | Country | |||||||
| Apple, Inc. | 7.5 | % | Information Technology | United States | ||||||
| Microsoft Corp. | 5.7 | Information Technology | United States | |||||||
| Amazon.com, Inc. | 3.3 | Consumer Discretionary | United States | |||||||
|
Tesla, Inc. |
2.1 | Consumer Discretionary | United States | |||||||
| Alphabet, Inc., Class A | 1.9 | Communication Services | United States | |||||||
| Alphabet, Inc., Class C | 1.7 | Communication Services | United States | |||||||
| UnitedHealth Group, Inc. | 1.4 | Health Care | United States | |||||||
| Johnson & Johnson | 1.3 | Health Care | United States | |||||||
| Exxon Mobil Corp. | 1.2 | Energy | United States | |||||||
| Meta Platforms, Inc., Class A | 1.1 | Communication Services | United States | |||||||
| 2 | The top 10 holdings may not be representative of the Fund’s future investments. |
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.
13
MARKETBETA® U.S. EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Solactive GBS United States Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
| MarketBeta® U.S. Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2022.
| Average Annual Total Return through August 31, 2022* | One Year | Since Inception | ||||
|
Shares based on NAV (Commenced May 12, 2020) |
-13.41% | 16.20% | ||||
|
| ||||||
|
Shares based on Market Price (Commenced May 12, 2020) |
-13.43% | 16.21% | ||||
|
| ||||||
|
Solactive GBS United States Large & Mid Cap Index |
-13.39% | 16.28% | ||||
|
| ||||||
| * | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
14
FUND BASICS
Index Definitions and Industry Terms
Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
The Solactive GBS Emerging Markets Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
The Solactive GBS Developed Markets ex North America Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
The Solactive GBS United States Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
15
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – 96.5% | ||||||||
| Brazil – 4.0% | ||||||||
| 21,576 | Ambev SA (Consumer Staples) | $ | 63,591 | |||||
| 3,138 | Americanas SA (Consumer Discretionary) | 9,897 | ||||||
| 2,611 | Atacadao SA (Consumer Staples) | 9,953 | ||||||
| 29,654 | B3 SA – Brasil Bolsa Balcao (Financials) | 67,825 | ||||||
| 7,528 | Banco Bradesco SA (Financials) | 23,016 | ||||||
| 7,288 | Banco BTG Pactual SA (Financials) | 35,800 | ||||||
| 4,216 | Banco do Brasil SA (Financials) | 33,925 | ||||||
| 1,747 | Banco Santander Brasil SA (Financials) | 9,903 | ||||||
| 3,311 | BB Seguridade Participacoes SA (Financials) | 18,073 | ||||||
| 160 | Bradespar SA (Materials) | 647 | ||||||
| 3,680 | BRF SA (Consumer Staples)* | 11,258 | ||||||
| 2,769 | Caixa Seguridade Participacoes SA (Financials) | 4,869 | ||||||
| 5,660 | CCR SA (Industrials) | 15,065 | ||||||
| 2,971 | Centrais Eletricas Brasileiras SA (Utilities) | 26,441 | ||||||
| 1,725 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 16,364 | ||||||
| 1,366 | Cia Energetica de Minas Gerais (Utilities) | 4,835 | ||||||
| 2,931 | Cia Siderurgica Nacional SA (Materials) | 7,807 | ||||||
| 5,857 | Cosan SA (Energy) | 22,587 | ||||||
| 953 | CPFL Energia SA (Utilities) | 6,432 | ||||||
| 3,127 | CSN Mineracao SA (Materials) | 2,185 | ||||||
| 359 | Diagnosticos da America SA (Health Care) | 1,455 | ||||||
| 1,303 | Energisa SA (Utilities) | 10,636 | ||||||
| 6,385 | Eneva SA (Utilities)* | 19,102 | ||||||
| 852 | Engie Brasil Energia SA (Utilities) | 6,660 | ||||||
| 4,663 | Equatorial Energia SA (Utilities) | 21,762 | ||||||
| 22,280 | Hapvida Participacoes e Investimentos SA (Health Care)(a) | 31,306 | ||||||
| 2,044 | Hypera SA (Health Care) | 16,992 | ||||||
| 2,285 | Itau Unibanco Holding SA (Financials) | 9,764 | ||||||
| 3,982 | Klabin SA (Materials) | 14,472 | ||||||
| 2,918 | Localiza Rent a Car SA (Industrials) | 34,255 | ||||||
| 4,834 | Lojas Renner SA (Consumer Discretionary) | 24,697 | ||||||
| 14,058 | Magazine Luiza SA (Consumer Discretionary)* | 11,586 | ||||||
| 1,435 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 6,675 | ||||||
| 4,408 | Natura & Co. Holding SA (Consumer Staples) | 12,269 | ||||||
| 1,111 | Neoenergia SA (Utilities) | 3,545 | ||||||
| 7,644 | NU Holdings Ltd., Class A (Financials)* | 37,456 | ||||||
| 1,023 | Pagseguro Digital Ltd., Class A (Information Technology)* | 15,897 | ||||||
| 3,313 | Petro Rio SA (Energy)* | 17,463 | ||||||
| 18,068 | Petroleo Brasileiro SA (Energy) | 129,625 | ||||||
| 923 | Porto Seguro SA (Financials) | 3,761 | ||||||
| 5,620 | Raia Drogasil SA (Consumer Staples) | 23,604 | ||||||
| 3,855 | Rede D’Or Sao Luiz SA (Health Care)(a) | 24,800 | ||||||
| 5,968 | Rumo SA (Industrials) | 23,280 | ||||||
| 3,630 | Sendas Distribuidora SA (Consumer Staples) | 12,885 | ||||||
| 1,055 | StoneCo Ltd., Class A (Information Technology)* | 10,001 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Brazil – (continued) | ||||||||
| 3,858 | Suzano SA (Materials) | 32,958 | ||||||
| 2,055 | Telefonica Brasil SA (Communication Services) | 16,318 | ||||||
| 4,102 | TIM SA (Communication Services) | 9,366 | ||||||
| 2,438 | TOTVS SA (Information Technology) | 13,435 | ||||||
| 3,602 | Ultrapar Participacoes SA (Energy) | 9,407 | ||||||
| 464 | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | 727 | ||||||
| 19,769 | Vale SA (Materials) | 246,111 | ||||||
| 3,411 | Vibra Energia SA (Consumer Discretionary) | 12,088 | ||||||
| 7,392 | WEG SA (Industrials) | 40,363 | ||||||
| 1,289 | XP, Inc., Class A (Financials)* | 24,800 | ||||||
|
|
|
|||||||
| 1,319,994 | ||||||||
|
|
|
|||||||
| Chile – 0.4% | ||||||||
| 212,110 | Banco de Chile (Financials) | 20,206 | ||||||
| 341 | Banco de Credito e Inversiones SA (Financials) | 10,086 | ||||||
| 303,360 | Banco Santander Chile (Financials) | 12,235 | ||||||
| 6,313 | Cencosud SA (Consumer Staples) | 8,862 | ||||||
| 2,589 | Cencosud Shopping SA (Real Estate) | 3,684 | ||||||
| 690 | Cia Cervecerias Unidas SA (Consumer Staples) | 3,765 | ||||||
| 90,343 | Cia Sud Americana de Vapores SA (Industrials) | 8,537 | ||||||
| 5,389 | Empresas CMPC SA (Materials) | 10,264 | ||||||
| 1,932 | Empresas Copec SA (Energy) | 16,733 | ||||||
| 96,751 | Enel Americas SA (Utilities) | 10,525 | ||||||
| 132,901 | Enel Chile SA (Utilities) | 4,380 | ||||||
| 4,197 | Falabella SA (Consumer Discretionary) | 9,931 | ||||||
| 2,290 | Quinenco SA (Industrials) | 5,944 | ||||||
|
|
|
|||||||
| 125,152 | ||||||||
|
|
|
|||||||
| China – 30.0% | ||||||||
| 2,300 | 360 Security Technology, Inc., Class A (Information Technology) | 2,442 | ||||||
| 700 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 2,068 | ||||||
| 3,427 | AAC Technologies Holdings, Inc. (Information Technology) | 6,383 | ||||||
| 200 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)* | 3,574 | ||||||
| 716 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 4,775 | ||||||
| 25,954 | Agricultural Bank of China Ltd., Class A (Financials) | 10,730 | ||||||
| 150,758 | Agricultural Bank of China Ltd., Class H (Financials) | 49,364 | ||||||
| 2,089 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 8,915 | ||||||
| 2,153 | Air China Ltd., Class A (Industrials)* | 3,220 | ||||||
| 8,948 | Air China Ltd., Class H (Industrials)* | 7,194 | ||||||
| 647 | Airtac International Group (Industrials)* | 17,515 | ||||||
|
|
|
|||||||
| 16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 9,277 | Alibaba Group Holding Ltd. ADR (Consumer Discretionary)* | $ | 885,119 | |||||
| 4,025 | Aluminum Corp. of China Ltd., Class A (Materials) | 2,633 | ||||||
| 19,046 | Aluminum Corp. of China Ltd., Class H (Materials) | 7,037 | ||||||
| 200 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | 2,500 | ||||||
| 1,793 | Angang Steel Co. Ltd., Class A (Materials) | 754 | ||||||
| 7,799 | Angang Steel Co. Ltd., Class H (Materials) | 2,444 | ||||||
| 162 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 1,141 | ||||||
| 1,200 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 5,556 | ||||||
| 5,802 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 22,176 | ||||||
| 364 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 13,473 | ||||||
| 130 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 953 | ||||||
| 200 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 1,554 | ||||||
| 100 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 2,250 | ||||||
| 5,954 | ANTA Sports Products Ltd. (Consumer Discretionary) | 71,989 | ||||||
| 300 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 785 | ||||||
| 91 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 2,265 | ||||||
| 107 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a) | 1,474 | ||||||
| 349 | Autohome, Inc. ADR (Communication Services) | 12,428 | ||||||
| 341 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 1,467 | ||||||
| 1,256 | AVIC Electromechanical Systems Co. Ltd., Class A (Industrials) | 2,022 | ||||||
| 3,327 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 1,631 | ||||||
| 1,352 | Baidu, Inc. ADR (Communication Services)* | 194,647 | ||||||
| 6,442 | Bank of Beijing Co. Ltd., Class A (Financials) | 3,859 | ||||||
| 1,304 | Bank of Chengdu Co. Ltd., Class A (Financials) | 2,968 | ||||||
| 11,977 | Bank of China Ltd., Class A (Financials) | 5,282 | ||||||
| 410,120 | Bank of China Ltd., Class H (Financials) | 144,216 | ||||||
| 11,844 | Bank of Communications Co. Ltd., Class A (Financials) | 7,869 | ||||||
| 35,636 | Bank of Communications Co. Ltd., Class H (Financials) | 20,340 | ||||||
| 1,939 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 4,031 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 4,770 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 5,017 | ||||||
| 2,940 | Bank of Nanjing Co. Ltd., Class A (Financials) | 4,529 | ||||||
| 1,914 | Bank of Ningbo Co. Ltd., Class A (Financials) | 8,282 | ||||||
| 4,260 | Bank of Shanghai Co. Ltd., Class A (Financials) | 3,652 | ||||||
| 1,948 | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | 723 | ||||||
| 6,595 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 5,099 | ||||||
| 2,500 | BBMG Corp., Class A (Materials) | 950 | ||||||
| 11,543 | BBMG Corp., Class H (Materials) | 1,559 | ||||||
| 392 | BeiGene Ltd. ADR (Health Care)* | 67,291 | ||||||
| 1,300 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)* | 1,631 | ||||||
| 100 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 1,141 | ||||||
| 800 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 1,073 | ||||||
| 2,426 | Beijing Enterprises Holdings Ltd. (Utilities) | 7,233 | ||||||
| 20,271 | Beijing Enterprises Water Group Ltd. (Utilities) | 5,217 | ||||||
| 200 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 5,226 | ||||||
| 383 | Beijing New Building Materials PLC, Class A (Industrials) | 1,461 | ||||||
| 900 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 719 | ||||||
| 420 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 794 | ||||||
| 700 | Beijing Shougang Co. Ltd., Class A (Materials) | 418 | ||||||
| 200 | Beijing Shunxin Agriculture Co. Ltd., Class A (Consumer Staples) | 693 | ||||||
| 468 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 1,513 | ||||||
| 145 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 2,084 | ||||||
| 145 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 2,685 | ||||||
| 14,900 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 10,007 | ||||||
| 100 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 658 | ||||||
| 165 | BGI Genomics Co. Ltd., Class A (Health Care) | 1,445 | ||||||
| 1,157 | Bilibili, Inc. ADR (Communication Services)*(b) | 28,879 | ||||||
| 200 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | 4,150 | ||||||
| 6,785 | Blue Moon Group Holdings Ltd. (Consumer Staples)(a) | 5,187 | ||||||
| 17,600 | BOC Hong Kong Holdings Ltd. (Financials) | 60,768 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 700 | BOC International China Co. Ltd., Class A (Financials) | $ | 1,270 | |||||
| 11,022 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 5,916 | ||||||
| 14,036 | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)*(c) | 6,457 | ||||||
| 587 | BYD Co. Ltd., Class A (Consumer Discretionary) | 24,522 | ||||||
| 4,274 | BYD Co. Ltd., Class H (Consumer Discretionary) | 131,887 | ||||||
| 554 | By-health Co. Ltd., Class A (Consumer Staples) | 1,499 | ||||||
| 1,304 | Caitong Securities Co. Ltd., Class A (Financials) | 1,436 | ||||||
| 421 | CanSino Biologics, Inc., Class H (Health Care)(a) | 2,642 | ||||||
| 1,600 | CECEP Wind-Power Corp., Class A (Utilities) | 1,158 | ||||||
| 4,300 | CGN Power Co. Ltd., Class A (Utilities) | 1,753 | ||||||
| 55,748 | CGN Power Co. Ltd., Class H (Utilities)(a) | 13,282 | ||||||
| 100 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 2,569 | ||||||
| 1,988 | Changjiang Securities Co. Ltd., Class A (Financials) | 1,641 | ||||||
| 100 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 2,035 | ||||||
| 619 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 2,433 | ||||||
| 200 | Chengxin Lithium Group Co. Ltd., Class A (Materials) | 1,543 | ||||||
| 500 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)* | 1,413 | ||||||
| 800 | China Baoan Group Co. Ltd., Class A (Industrials) | 1,713 | ||||||
| 12,635 | China Bohai Bank Co. Ltd., Class H (Financials)(a) | 2,093 | ||||||
| 44,304 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 6,096 | ||||||
| 1,728 | China CITIC Bank Corp. Ltd., Class A (Financials) | 1,123 | ||||||
| 46,780 | China CITIC Bank Corp. Ltd., Class H (Financials) | 20,086 | ||||||
| 1,239 | China Coal Energy Co. Ltd., Class A (Energy) | 1,794 | ||||||
| 10,988 | China Coal Energy Co. Ltd., Class H (Energy) | 9,814 | ||||||
| 7,295 | China Conch Venture Holdings Ltd. (Industrials) | 14,927 | ||||||
| 2,822 | China Construction Bank Corp., Class A (Financials) | 2,260 | ||||||
| 458,023 | China Construction Bank Corp., Class H (Financials) | 284,191 | ||||||
| 1,300 | China CSSC Holdings Ltd., Class A (Industrials) | 4,722 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 3,032 | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | 2,160 | ||||||
| 10,452 | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | 3,609 | ||||||
| 9,800 | China Energy Engineering Corp. Ltd. (Industrials) | 3,213 | ||||||
| 40,165 | China Energy Engineering Corp. Ltd., Class H (Industrials)(b) | 4,759 | ||||||
| 12,273 | China Everbright Bank Co. Ltd., Class A (Financials) | 5,110 | ||||||
| 36,926 | China Everbright Bank Co. Ltd., Class H (Financials) | 11,338 | ||||||
| 17,102 | China Everbright Environment Group Ltd. (Industrials) | 8,476 | ||||||
| 14,770 | China Evergrande Group (Real Estate)*(c) | 3,105 | ||||||
| 11,416 | China Feihe Ltd. (Consumer Staples)*(a) | 9,469 | ||||||
| 1,239 | China Galaxy Securities Co. Ltd., Class A (Financials) | 1,779 | ||||||
| 18,535 | China Galaxy Securities Co. Ltd., Class H (Financials) | 10,154 | ||||||
| 700 | China Great Wall Securities Co. Ltd., Class A (Financials) | 943 | ||||||
| 1,109 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | 1,461 | ||||||
| 14,093 | China Hongqiao Group Ltd. (Materials) | 13,754 | ||||||
| 300 | China International Capital Corp. Ltd., Class A (Financials) | 1,815 | ||||||
| 7,509 | China International Capital Corp. Ltd., Class H (Financials)(a) | 13,260 | ||||||
| 831 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 978 | ||||||
| 2,433 | China International Marine Containers Group Co. Ltd., Class H (Industrials) | 2,024 | ||||||
| 32,443 | China Jinmao Holdings Group Ltd. (Real Estate) | 6,862 | ||||||
| 1,187 | China Jushi Co. Ltd., Class A (Materials) | 2,481 | ||||||
| 5,197 | China Lesso Group Holdings Ltd. (Industrials) | 6,198 | ||||||
| 684 | China Life Insurance Co. Ltd., Class A (Financials) | 3,046 | ||||||
| 36,495 | China Life Insurance Co. Ltd., Class H (Financials) | 52,449 | ||||||
| 1,829 | China Literature Ltd. (Communication Services)*(a) | 7,457 | ||||||
| 15,569 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 25,231 | ||||||
| 2,842 | China Meidong Auto Holdings Ltd. (Consumer Discretionary) | 5,822 | ||||||
| 6,141 | China Merchants Bank Co. Ltd., Class A (Financials) | 31,224 | ||||||
| 20,172 | China Merchants Bank Co. Ltd., Class H (Financials) | 103,573 | ||||||
| 700 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 768 | ||||||
| 6,336 | China Merchants Port Holdings Co. Ltd. (Industrials) | 9,526 | ||||||
|
|
|
|||||||
| 18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 2,194 | China Merchants Securities Co. Ltd., Class A (Financials) | $ | 4,217 | |||||
| 2,190 | China Merchants Securities Co. Ltd., Class H (Financials)(a) | 2,009 | ||||||
| 1,900 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 4,030 | ||||||
| 300 | China Minmetals Rare Earth Co. Ltd., Class A (Materials)* | 1,146 | ||||||
| 11,300 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 5,901 | ||||||
| 35,151 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 11,196 | ||||||
| 19,801 | China National Building Material Co. Ltd., Class H (Materials) | 18,770 | ||||||
| 1,800 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 2,251 | ||||||
| 5,500 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 5,082 | ||||||
| 1,076 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 4,704 | ||||||
| 300 | China Oilfield Services Ltd., Class A (Energy) | 637 | ||||||
| 9,161 | China Oilfield Services Ltd., Class H (Energy) | 9,524 | ||||||
| 23,565 | China Overseas Land & Investment Ltd. (Real Estate) | 63,650 | ||||||
| 1,939 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 5,898 | ||||||
| 12,638 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 26,825 | ||||||
| 10,283 | China Petroleum & Chemical Corp., Class A (Energy) | 6,369 | ||||||
| 122,417 | China Petroleum & Chemical Corp., Class H (Energy) | 57,864 | ||||||
| 24,256 | China Power International Development Ltd. (Utilities) | 13,598 | ||||||
| 6,626 | China Railway Group Ltd., Class A (Industrials) | 5,527 | ||||||
| 20,228 | China Railway Group Ltd., Class H (Industrials) | 11,597 | ||||||
| 1,851 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 1,189 | ||||||
| 9,078 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a) | 2,857 | ||||||
| 33,961 | China Reinsurance Group Corp., Class H (Financials) | 2,510 | ||||||
| 6,982 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 48,792 | ||||||
| 10,707 | China Resources Cement Holdings Ltd. (Materials) | 6,616 | ||||||
| 4,505 | China Resources Gas Group Ltd. (Utilities) | 17,592 | ||||||
| 14,133 | China Resources Land Ltd. (Real Estate) | 58,071 | ||||||
| 300 | China Resources Microelectronics Ltd., Class A (Information Technology) | 2,280 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 2,670 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a) | 12,144 | ||||||
| 8,987 | China Resources Power Holdings Co. Ltd. (Utilities) | 17,931 | ||||||
| 300 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 1,719 | ||||||
| 1,934 | China Shenhua Energy Co. Ltd., Class A (Energy) | 8,512 | ||||||
| 16,565 | China Shenhua Energy Co. Ltd., Class H (Energy) | 52,129 | ||||||
| 1,207 | China Southern Airlines Co. Ltd., Class A (Industrials)* | 1,128 | ||||||
| 9,059 | China Southern Airlines Co. Ltd., Class H (Industrials)* | 4,905 | ||||||
| 12,700 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 9,469 | ||||||
| 8,929 | China State Construction International Holdings Ltd. (Industrials) | 10,330 | ||||||
| 500 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 827 | ||||||
| 9,174 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 4,126 | ||||||
| 7,355 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 7,534 | ||||||
| 8,400 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 7,433 | ||||||
| 622 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 17,640 | ||||||
| 212,804 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 26,570 | ||||||
| 9,300 | China United Network Communications Ltd., Class A (Communication Services) | 4,789 | ||||||
| 2,912 | China Vanke Co. Ltd., Class A (Real Estate) | 7,025 | ||||||
| 9,617 | China Vanke Co. Ltd., Class H (Real Estate) | 18,820 | ||||||
| 6,893 | China Yangtze Power Co. Ltd., Class A (Utilities) | 23,978 | ||||||
| 200 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 3,255 | ||||||
| 5,397 | China Zheshang Bank Co. Ltd., Class A (Financials)* | 2,544 | ||||||
| 181 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 2,933 | ||||||
| 4,313 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 9,085 | ||||||
| 2,800 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 1,454 | ||||||
| 12,477 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 4,324 | ||||||
| 430 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 5,867 | ||||||
| 18,538 | CIFI Holdings Group Co. Ltd. (Real Estate)(b) | 4,724 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 31,202 | CITIC Ltd. (Industrials) | $ | 32,240 | |||||
| 200 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 574 | ||||||
| 3,760 | CITIC Securities Co. Ltd., Class A (Financials) | 10,647 | ||||||
| 11,119 | CITIC Securities Co. Ltd., Class H (Financials) | 22,610 | ||||||
| 5,548 | CMOC Group Ltd., Class A (Materials) | 3,960 | ||||||
| 18,364 | CMOC Group Ltd., Class H (Materials) | 8,236 | ||||||
| 1,100 | CNPC Capital Co. Ltd., Class A (Industrials) | 775 | ||||||
| 726 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials)* | 50,868 | ||||||
| 2,900 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 1,207 | ||||||
| 18,028 | COSCO SHIPPING Development Co. Ltd., Class H (Industrials) | 2,733 | ||||||
| 1,100 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)* | 2,250 | ||||||
| 6,936 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)* | 5,267 | ||||||
| 3,741 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 7,706 | ||||||
| 15,618 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 23,440 | ||||||
| 43,500 | Country Garden Holdings Co. Ltd. (Real Estate) | 12,913 | ||||||
| 9,320 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 18,476 | ||||||
| 7,400 | CRRC Corp. Ltd., Class A (Industrials) | 5,378 | ||||||
| 22,110 | CRRC Corp. Ltd., Class H (Industrials) | 8,282 | ||||||
| 1,200 | CSC Financial Co. Ltd., Class A (Financials) | 4,637 | ||||||
| 5,024 | CSC Financial Co. Ltd., Class H (Financials)(a) | 4,730 | ||||||
| 10,994 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 5,029 | ||||||
| 4,400 | Daqin Railway Co. Ltd., Class A (Industrials) | 4,117 | ||||||
| 224 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 1,085 | ||||||
| 1,793 | Datang International Power Generation Co. Ltd., Class A (Utilities)* | 835 | ||||||
| 15,662 | Datang International Power Generation Co. Ltd., Class H (Utilities)* | 3,233 | ||||||
| 900 | DHC Software Co. Ltd., Class A (Information Technology) | 760 | ||||||
| 200 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 1,178 | ||||||
| 195 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 969 | ||||||
| 744 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 2,126 | ||||||
| 2,028 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 2,703 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 14,005 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 8,904 | ||||||
| 944 | Dongxing Securities Co. Ltd., Class A (Financials) | 1,138 | ||||||
| 3,791 | East Money Information Co. Ltd., Class A (Financials) | 12,209 | ||||||
| 200 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 2,367 | ||||||
| 3,731 | ENN Energy Holdings Ltd. (Utilities) | 54,381 | ||||||
| 600 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 1,788 | ||||||
| 593 | Eve Energy Co. Ltd., Class A (Industrials) | 8,171 | ||||||
| 1,368 | Everbright Securities Co. Ltd., Class A (Financials) | 3,183 | ||||||
| 12,467 | Evergrande Property Services Group Ltd. (Real Estate)*(a)(c) | 3,653 | ||||||
| 1,381 | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | 1,396 | ||||||
| 719 | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | 851 | ||||||
| 1,300 | First Capital Securities Co. Ltd., Class A (Financials) | 1,162 | ||||||
| 344 | Flat Glass Group Co. Ltd., Class A (Information Technology)* | 1,998 | ||||||
| 2,076 | Flat Glass Group Co. Ltd., Class H (Information Technology)* | 6,864 | ||||||
| 4,843 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 4,257 | ||||||
| 1,020 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 11,920 | ||||||
| 2,347 | Founder Securities Co. Ltd., Class A (Financials) | 2,366 | ||||||
| 2,952 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 3,978 | ||||||
| 325 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 1,052 | ||||||
| 4,567 | Full Truck Alliance Co. Ltd. ADR (Industrials)* | 36,079 | ||||||
| 584 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 3,309 | ||||||
| 3,039 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a) | 14,520 | ||||||
| 420 | Ganfeng Lithium Co. Ltd., Class A (Materials) | 5,221 | ||||||
| 1,702 | Ganfeng Lithium Co. Ltd., Class H (Materials)(a) | 15,038 | ||||||
| 5,400 | GD Power Development Co. Ltd., Class A (Utilities)* | 3,408 | ||||||
| 875 | GDS Holdings Ltd. ADR (Information Technology)*(b) | 23,835 | ||||||
| 1,400 | GEM Co. Ltd., Class A (Materials) | 1,696 | ||||||
| 1,263 | Gemdale Corp., Class A (Real Estate) | 2,136 | ||||||
| 6,521 | Genscript Biotech Corp. (Health Care)* | 21,144 | ||||||
| 1,791 | GF Securities Co. Ltd., Class A (Financials) | 4,271 | ||||||
|
|
|
|||||||
| 20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 6,681 | GF Securities Co. Ltd., Class H (Financials) | $ | 8,750 | |||||
| 400 | Giant Network Group Co. Ltd., Class A (Communication Services) | 500 | ||||||
| 182 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 3,062 | ||||||
| 150 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 4,999 | ||||||
| 1,074 | GoerTek, Inc., Class A (Information Technology) | 5,060 | ||||||
| 400 | Gotion High-tech Co. Ltd., Class A (Industrials) | 1,994 | ||||||
| 684 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 3,320 | ||||||
| 15,486 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 23,440 | ||||||
| 1,800 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 8,337 | ||||||
| 4,099 | Greentown China Holdings Ltd. (Real Estate) | 7,771 | ||||||
| 454 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 4,017 | ||||||
| 14,182 | Guangdong Investment Ltd. (Utilities) | 13,010 | ||||||
| 100 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 1,385 | ||||||
| 2,000 | Guanghui Energy Co. Ltd., Class A (Energy) | 3,670 | ||||||
| 736 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 1,485 | ||||||
| 13,763 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 11,889 | ||||||
| 390 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,539 | ||||||
| 1,312 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 3,163 | ||||||
| 181 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1,751 | ||||||
| 195 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 1,912 | ||||||
| 600 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 4,139 | ||||||
| 845 | Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials) | 793 | ||||||
| 1,433 | Guosen Securities Co. Ltd., Class A (Financials) | 1,923 | ||||||
| 2,348 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 5,038 | ||||||
| 4,347 | Guotai Junan Securities Co. Ltd., Class H (Financials)(a) | 5,167 | ||||||
| 1,401 | Guoyuan Securities Co. Ltd., Class A (Financials) | 1,488 | ||||||
| 713 | H World Group Ltd. ADR (Consumer Discretionary) | 26,830 | ||||||
| 7,099 | Haidilao International Holding Ltd. (Consumer Discretionary)*(a) | 16,823 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,995 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 7,487 | ||||||
| 11,351 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 37,312 | ||||||
| 2,992 | Haitong Securities Co. Ltd., Class A (Financials) | 4,115 | ||||||
| 14,762 | Haitong Securities Co. Ltd., Class H (Financials) | 9,686 | ||||||
| 253 | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 1,095 | ||||||
| 411 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 3,868 | ||||||
| 200 | Hangzhou Lion Electronics Co. Ltd., Class A (Information Technology) | 1,545 | ||||||
| 260 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 949 | ||||||
| 300 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 1,726 | ||||||
| 215 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 3,379 | ||||||
| 674 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a) | 6,707 | ||||||
| 5,424 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 10,850 | ||||||
| 200 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 1,093 | ||||||
| 700 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 2,722 | ||||||
| 2,972 | Hengan International Group Co. Ltd. (Consumer Staples) | 14,237 | ||||||
| 1,799 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 5,011 | ||||||
| 1,297 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 1,703 | ||||||
| 3,946 | Hesteel Co. Ltd., Class A (Materials) | 1,385 | ||||||
| 130 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 1,605 | ||||||
| 280 | Hongfa Technology Co. Ltd., Class A (Industrials) | 1,530 | ||||||
| 100 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 1,628 | ||||||
| 3,818 | Hua Hong Semiconductor Ltd. (Information Technology)*(a) | 11,285 | ||||||
| 1,967 | Huadian Power International Corp. Ltd., Class A (Utilities) | 1,558 | ||||||
| 8,562 | Huadian Power International Corp. Ltd., Class H (Utilities)(b) | 3,523 | ||||||
| 419 | Huadong Medicine Co. Ltd., Class A (Health Care) | 2,563 | ||||||
| 1,200 | Huafon Chemical Co. Ltd., Class A (Materials) | 1,309 | ||||||
| 700 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 1,502 | ||||||
| 619 | Hualan Biological Engineering, Inc., Class A (Health Care) | 1,774 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,793 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | $ | 1,891 | |||||
| 2,477 | Huaneng Power International, Inc., Class A (Utilities)* | 2,939 | ||||||
| 20,506 | Huaneng Power International, Inc., Class H (Utilities)* | 10,503 | ||||||
| 2,300 | Huatai Securities Co. Ltd., Class A (Financials) | 4,384 | ||||||
| 6,494 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 8,704 | ||||||
| 879 | Huaxi Securities Co. Ltd., Class A (Financials) | 1,023 | ||||||
| 3,759 | Huaxia Bank Co. Ltd., Class A (Financials) | 2,803 | ||||||
| 400 | Huaxin Cement Co. Ltd., Class A (Materials) | 1,007 | ||||||
| 1,101 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 2,982 | ||||||
| 1,200 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 856 | ||||||
| 300 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 1,682 | ||||||
| 200 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 4,439 | ||||||
| 400 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 1,082 | ||||||
| 2,200 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 1,423 | ||||||
| 460 | Hundsun Technologies, Inc., Class A (Information Technology) | 2,245 | ||||||
| 698 | Iflytek Co. Ltd., Class A (Information Technology) | 3,796 | ||||||
| 100 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 8,109 | ||||||
| 18,818 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 11,957 | ||||||
| 383,187 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 195,283 | ||||||
| 6,180 | Industrial Bank Co. Ltd., Class A (Financials) | 15,339 | ||||||
| 1,977 | Industrial Securities Co. Ltd., Class A (Financials)* | 1,781 | ||||||
| 100 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 1,183 | ||||||
| 15,046 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | 4,387 | ||||||
| 1,120 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 2,859 | ||||||
| 2,967 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 1,872 | ||||||
| 1,834 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 9,508 | ||||||
| 1,100 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | 1,358 | ||||||
| 3,843 | Innovent Biologics, Inc. (Health Care)*(a) | 16,378 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 400 | Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology) | $ | 1,347 | |||||
| 180 | Intco Medical Technology Co. Ltd., Class A (Health Care) | 573 | ||||||
| 1,464 | iQIYI, Inc. ADR (Communication Services)* | 5,358 | ||||||
| 706 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 6,715 | ||||||
| 215 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1,465 | ||||||
| 260 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 1,825 | ||||||
| 600 | JCET Group Co. Ltd., Class A (Information Technology) | 2,158 | ||||||
| 2,440 | JD Health International, Inc. (Consumer Discretionary)*(a) | 16,989 | ||||||
| 8,456 | JD Logistics, Inc. (Industrials)*(a) | 18,143 | ||||||
| 5,763 | JD.com, Inc. ADR (Consumer Discretionary) | 365,893 | ||||||
| 800 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 2,235 | ||||||
| 300 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 331 | ||||||
| 6,540 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 5,608 | ||||||
| 392 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 2,783 | ||||||
| 1,900 | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | 9,553 | ||||||
| 325 | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | 2,178 | ||||||
| 460 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | 10,974 | ||||||
| 100 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 1,651 | ||||||
| 260 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 1,029 | ||||||
| 900 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 2,906 | ||||||
| 684 | Jiangxi Copper Co. Ltd., Class A (Materials) | 1,625 | ||||||
| 5,472 | Jiangxi Copper Co. Ltd., Class H (Materials) | 6,756 | ||||||
| 500 | Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)* | 1,609 | ||||||
| 900 | Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)* | 781 | ||||||
| 1,700 | Jinke Properties Group Co. Ltd., Class A (Real Estate)* | 617 | ||||||
| 100 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 2,165 | ||||||
| 140 | Joinn Laboratories China Co. Ltd., Class A (Health Care) | 1,583 | ||||||
| 303 | Joinn Laboratories China Co. Ltd., Class H (Health Care)(a) | 1,621 | ||||||
|
|
|
|||||||
| 22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 600 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | $ | 1,034 | |||||
| 200 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | 998 | ||||||
| 200 | Juewei Food Co. Ltd., Class A (Consumer Staples) | 1,354 | ||||||
| 252 | Kanzhun Ltd. ADR (Communication Services)* | 5,919 | ||||||
| 2,830 | KE Holdings, Inc. ADR (Real Estate)* | 51,053 | ||||||
| 600 | Keda Industrial Group Co. Ltd. (Industrials) | 1,584 | ||||||
| 13,567 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 26,481 | ||||||
| 800 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 1,248 | ||||||
| 4,281 | Kingsoft Corp. Ltd. (Communication Services) | 13,090 | ||||||
| 4,396 | Kuaishou Technology (Communication Services)*(a) | 38,534 | ||||||
| 668 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials)* | 1,762 | ||||||
| 18,580 | Kunlun Energy Co. Ltd. (Utilities) | 16,215 | ||||||
| 414 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 115,548 | ||||||
| 719 | LB Group Co. Ltd., Class A (Materials) | 1,834 | ||||||
| 5,594 | Legend Holdings Corp., Class H (Information Technology)(a) | 6,372 | ||||||
| 34,222 | Lenovo Group Ltd. (Information Technology) | 28,341 | ||||||
| 1,478 | Lens Technology Co. Ltd., Class A (Information Technology) | 2,333 | ||||||
| 600 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 1,648 | ||||||
| 2,704 | Li Auto, Inc. ADR (Consumer Discretionary)* | 77,794 | ||||||
| 11,479 | Li Ning Co. Ltd. (Consumer Discretionary) | 105,301 | ||||||
| 5,500 | Liaoning Port Co. Ltd., Class A (Industrials) | 1,332 | ||||||
| 2,000 | Lingyi iTech Guangdong Co., Class A (Information Technology)* | 1,596 | ||||||
| 130 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 590 | ||||||
| 800 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 2,263 | ||||||
| 10,005 | Longfor Group Holdings Ltd. (Real Estate)(a) | 32,633 | ||||||
| 2,175 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 16,154 | ||||||
| 11,234 | Lufax Holding Ltd. ADR (Financials) | 49,093 | ||||||
| 600 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 1,199 | ||||||
| 2,180 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 11,865 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 393 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 13,352 | ||||||
| 554 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 2,234 | ||||||
| 160 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 2,361 | ||||||
| 1,200 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)* | 841 | ||||||
| 20,717 | Meituan, Class B (Consumer Discretionary)*(a) | 500,976 | ||||||
| 5,518 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 2,569 | ||||||
| 15,861 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 3,011 | ||||||
| 3,224 | Microport Scientific Corp. (Health Care)* | 6,457 | ||||||
| 600 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 2,335 | ||||||
| 1,812 | Ming Yuan Cloud Group Holdings Ltd. (Information Technology) | 1,503 | ||||||
| 300 | Montage Technology Co. Ltd., Class A (Information Technology) | 2,415 | ||||||
| 1,614 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 13,725 | ||||||
| 390 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 1,015 | ||||||
| 1,100 | Nanjing Securities Co. Ltd., Class A (Financials) | 1,360 | ||||||
| 2,054 | NARI Technology Co. Ltd., Class A (Industrials) | 8,179 | ||||||
| 600 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)* | 1,793 | ||||||
| 130 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 5,318 | ||||||
| 700 | NavInfo Co. Ltd., Class A (Information Technology) | 1,328 | ||||||
| 2,010 | NetEase, Inc. ADR (Communication Services) | 177,905 | ||||||
| 619 | New China Life Insurance Co. Ltd., Class A (Financials) | 2,587 | ||||||
| 4,861 | New China Life Insurance Co. Ltd., Class H (Financials) | 11,458 | ||||||
| 1,400 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | 3,191 | ||||||
| 325 | Ninestar Corp., Class A (Information Technology) | 2,086 | ||||||
| 100 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 5,338 | ||||||
| 200 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 2,079 | ||||||
| 200 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 3,005 | ||||||
| 600 | Ningbo Shanshan Co. Ltd., Class A (Materials) | 2,162 | ||||||
| 344 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 3,945 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,888 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | $ | 1,071 | |||||
| 1,450 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 2,856 | ||||||
| 7,361 | NIO, Inc. ADR (Consumer Discretionary)* | 146,557 | ||||||
| 8,669 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 51,745 | ||||||
| 600 | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | 399 | ||||||
| 900 | OFILM Group Co. Ltd., Class A (Information Technology)* | 837 | ||||||
| 91 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 1,723 | ||||||
| 1,817 | Orient Securities Co. Ltd., Class A (Financials) | 2,283 | ||||||
| 4,477 | Orient Securities Co. Ltd., Class H (Financials)(a) | 2,059 | ||||||
| 200 | Ovctek China, Inc., Class A (Health Care) | 1,239 | ||||||
| 2,700 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)* | 2,244 | ||||||
| 2,300 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 1,665 | ||||||
| 42,797 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 13,250 | ||||||
| 600 | Perfect World Co. Ltd., Class A (Communication Services) | 1,288 | ||||||
| 12,972 | PetroChina Co. Ltd., Class A (Energy) | 10,049 | ||||||
| 103,479 | PetroChina Co. Ltd., Class H (Energy) | 48,913 | ||||||
| 100 | PharmaBlock Sciences Nanjing, Inc., Class A (Health Care) | 1,220 | ||||||
| 247 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 2,438 | ||||||
| 970 | Pharmaron Beijing Co. Ltd., Class H (Health Care)(a) | 6,445 | ||||||
| 33,837 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 36,644 | ||||||
| 2,272 | Pinduoduo, Inc. ADR (Consumer Discretionary)* | 161,994 | ||||||
| 6,013 | Ping An Bank Co. Ltd., Class A (Financials) | 11,121 | ||||||
| 2,332 | Ping An Healthcare and Technology Co. Ltd. (Consumer Discretionary)*(a) | 6,358 | ||||||
| 3,300 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 20,987 | ||||||
| 30,444 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 179,782 | ||||||
| 700 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 1,330 | ||||||
| 3,500 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 8,784 | ||||||
| 779 | Poly Property Services Co. Ltd., Class H (Real Estate) | 4,580 | ||||||
| 1,000 | Pop Mart International Group Ltd. (Consumer Discretionary)(a) | 2,605 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 8,106 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 5,303 | ||||||
| 62,816 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 37,615 | ||||||
| 4,520 | Power Construction Corp. of China Ltd., Class A (Industrials) | 5,062 | ||||||
| 1,600 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 6,452 | ||||||
| 200 | Raytron Technology Co. Ltd., Class A (Information Technology) | 1,264 | ||||||
| 286 | Red Star Macalline Group Corp. Ltd., Class A (Real Estate) | 206 | ||||||
| 532 | Remegen Co. Ltd., Class H (Health Care)*(a) | 3,043 | ||||||
| 1,300 | RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)* | 528 | ||||||
| 1,775 | RLX Technology, Inc. ADR (Consumer Staples)* | 2,538 | ||||||
| 100 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 1,192 | ||||||
| 2,872 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 5,899 | ||||||
| 2,203 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 4,944 | ||||||
| 165 | Sangfor Technologies, Inc., Class A (Information Technology) | 2,311 | ||||||
| 2,479 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 5,664 | ||||||
| 559 | Satellite Chemical Co. Ltd., Class A (Materials) | 1,778 | ||||||
| 2,206 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 3,568 | ||||||
| 9,906 | Seazen Group Ltd. (Real Estate)* | 3,307 | ||||||
| 634 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 1,915 | ||||||
| 1,444 | SF Holding Co. Ltd., Class A (Industrials) | 10,354 | ||||||
| 150 | SG Micro Corp., Class A (Information Technology) | 3,486 | ||||||
| 2,262 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 7,219 | ||||||
| 1,100 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 2,856 | ||||||
| 4,085 | Shandong Gold Mining Co. Ltd., Class H (Materials)(a) | 6,953 | ||||||
| 620 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 2,624 | ||||||
| 400 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 1,320 | ||||||
| 3,700 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 1,820 | ||||||
| 12,247 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 16,696 | ||||||
| 196 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 663 | ||||||
|
|
|
|||||||
| 24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,619 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | $ | 8,927 | |||||
| 3,367 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 2,071 | ||||||
| 14,027 | Shanghai Electric Group Co. Ltd., Class H (Industrials)* | 3,360 | ||||||
| 584 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3,419 | ||||||
| 2,488 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 8,036 | ||||||
| 1,393 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | 6,522 | ||||||
| 600 | Shanghai International Airport Co. Ltd., Class A (Industrials)* | 4,911 | ||||||
| 3,032 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 2,379 | ||||||
| 300 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 2,512 | ||||||
| 200 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | 1,534 | ||||||
| 765 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a) | 2,807 | ||||||
| 712 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 1,307 | ||||||
| 3,484 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 5,029 | ||||||
| 260 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 1,674 | ||||||
| 1,139 | Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)* | 3,606 | ||||||
| 684 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 1,715 | ||||||
| 3,718 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 5,419 | ||||||
| 9,185 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 9,687 | ||||||
| 426 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 3,917 | ||||||
| 2,200 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 1,864 | ||||||
| 1,368 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 1,592 | ||||||
| 1,200 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 2,233 | ||||||
| 900 | Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy) | 2,072 | ||||||
| 1,304 | Shanxi Meijin Energy Co. Ltd., Class A (Materials) | 2,151 | ||||||
| 2,153 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 1,530 | ||||||
| 373 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 15,854 | ||||||
| 700 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 1,615 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 100 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 1,232 | ||||||
| 7,067 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 4,285 | ||||||
| 4,266 | Shenwan Hongyuan Group Co. Ltd., Class H (Financials)(a) | 815 | ||||||
| 180 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 1,098 | ||||||
| 100 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 4,649 | ||||||
| 1,100 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 1,016 | ||||||
| 200 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 457 | ||||||
| 736 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 6,403 | ||||||
| 312 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | 1,525 | ||||||
| 100 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 1,626 | ||||||
| 360 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 15,588 | ||||||
| 2,703 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 2,098 | ||||||
| 100 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 1,929 | ||||||
| 200 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 1,980 | ||||||
| 3,885 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 40,761 | ||||||
| 500 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 1,551 | ||||||
| 894 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 1,711 | ||||||
| 390 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 1,215 | ||||||
| 1,300 | Sichuan Road & Bridge Co. Ltd., Class A (Industrials) | 2,012 | ||||||
| 100 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1,059 | ||||||
| 300 | Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials) | 1,241 | ||||||
| 1,109 | Sinolink Securities Co. Ltd., Class A (Financials) | 1,390 | ||||||
| 400 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 1,345 | ||||||
| 1,923 | Sinopec Oilfield Service Corp., Class A (Energy)* | 533 | ||||||
| 1,700 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 777 | ||||||
| 17,575 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 2,754 | ||||||
| 6,580 | Sinopharm Group Co. Ltd., Class H (Health Care) | 14,654 | ||||||
| 1,134 | Sinotrans Ltd., Class A (Industrials) | 620 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 11,585 | Sinotrans Ltd., Class H (Industrials) | $ | 3,321 | |||||
| 3,547 | Sinotruk Hong Kong Ltd. (Industrials) | 3,557 | ||||||
| 100 | Skshu Paint Co. Ltd., Class A (Materials)* | 1,352 | ||||||
| 5,424 | Smoore International Holdings Ltd. (Consumer Staples)(a) | 9,730 | ||||||
| 800 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 1,473 | ||||||
| 1,368 | SooChow Securities Co. Ltd., Class A (Financials) | 1,361 | ||||||
| 100 | StarPower Semiconductor Ltd., Class A (Information Technology) | 5,753 | ||||||
| 11,569 | Sunac China Holdings Ltd. (Real Estate)*(c) | 6,751 | ||||||
| 400 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 6,464 | ||||||
| 3,288 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 45,201 | ||||||
| 406 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 1,608 | ||||||
| 400 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 1,501 | ||||||
| 100 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 6,789 | ||||||
| 200 | Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials) | 2,263 | ||||||
| 700 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 924 | ||||||
| 1,104 | TBEA Co. Ltd., Class A (Industrials) | 3,969 | ||||||
| 4,569 | TCL Technology Group Corp., Class A (Consumer Discretionary) | 2,751 | ||||||
| 944 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 6,588 | ||||||
| 29,684 | Tencent Holdings Ltd. (Communication Services) | 1,237,456 | ||||||
| 3,864 | Tencent Music Entertainment Group ADR (Communication Services)* | 19,745 | ||||||
| 100 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 1,784 | ||||||
| 684 | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | 937 | ||||||
| 9,313 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 16,564 | ||||||
| 254 | Toly Bread Co. Ltd., Class A (Consumer Staples) | 518 | ||||||
| 5,364 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary)* | 11,058 | ||||||
| 700 | Tongkun Group Co. Ltd., Class A (Materials) | 1,449 | ||||||
| 3,300 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 1,388 | ||||||
| 1,309 | Tongwei Co. Ltd., Class A (Consumer Staples) | 10,041 | ||||||
| 65 | Topchoice Medical Corp., Class A (Health Care)* | 1,097 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 11,844 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 9,371 | ||||||
| 4,716 | TravelSky Technology Ltd., Class H (Information Technology) | 8,256 | ||||||
| 600 | Trina Solar Co. Ltd., Class A (Information Technology) | 6,222 | ||||||
| 3,147 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 80,941 | ||||||
| 195 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 3,055 | ||||||
| 3,045 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 29,679 | ||||||
| 226 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 5,115 | ||||||
| 6,666 | Uni-President China Holdings Ltd. (Consumer Staples) | 5,750 | ||||||
| 800 | Unisplendour Corp. Ltd., Class A (Information Technology) | 2,008 | ||||||
| 300 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 724 | ||||||
| 2,792 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 32,415 | ||||||
| 454 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 2,875 | ||||||
| 943 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 12,116 | ||||||
| 21,758 | Want Want China Holdings Ltd. (Consumer Staples) | 15,358 | ||||||
| 383 | Weibo Corp. ADR (Communication Services)* | 7,924 | ||||||
| 2,112 | Weichai Power Co. Ltd., Class A (Industrials) | 3,563 | ||||||
| 9,829 | Weichai Power Co. Ltd., Class H (Industrials) | 13,174 | ||||||
| 2,000 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)* | 6,882 | ||||||
| 700 | Western Mining Co. Ltd., Class A (Materials) | 1,081 | ||||||
| 1,339 | Western Securities Co. Ltd., Class A (Financials) | 1,259 | ||||||
| 200 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 2,957 | ||||||
| 200 | Westone Information Industry, Inc., Class A (Information Technology) | 975 | ||||||
| 398 | Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology) | 5,412 | ||||||
| 325 | Wingtech Technology Co. Ltd., Class A (Information Technology) | 3,046 | ||||||
| 600 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 616 | ||||||
| 928 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | 1,925 | ||||||
| 1,143 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 27,721 | ||||||
|
|
|
|||||||
| 26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 600 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | $ | 1,041 | |||||
| 787 | WuXi AppTec Co. Ltd., Class A (Health Care) | 10,235 | ||||||
| 1,695 | WuXi AppTec Co. Ltd., Class H (Health Care)(a) | 19,296 | ||||||
| 17,581 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 156,124 | ||||||
| 140 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | 2,739 | ||||||
| 2,902 | XCMG Construction Machinery Co. Ltd., Class A (Industrials)* | 2,193 | ||||||
| 800 | Xiamen C & D, Inc., Class A (Industrials) | 1,362 | ||||||
| 100 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 2,578 | ||||||
| 72,488 | Xiaomi Corp., Class B (Information Technology)*(a) | 106,762 | ||||||
| 939 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 1,748 | ||||||
| 4,060 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials) | 6,073 | ||||||
| 900 | Xinjiang Tianshan Cement Co. Ltd., Class A (Materials) | 1,266 | ||||||
| 20,518 | Xinyi Solar Holdings Ltd. (Information Technology) | 28,337 | ||||||
| 2,932 | XPeng, Inc. ADR (Consumer Discretionary)* | 54,301 | ||||||
| 200 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 1,706 | ||||||
| 649 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 4,519 | ||||||
| 6,619 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 26,311 | ||||||
| 200 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 1,103 | ||||||
| 195 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 2,022 | ||||||
| 218 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 1,689 | ||||||
| 2,294 | Yihai International Holding Ltd. (Consumer Staples)* | 5,793 | ||||||
| 400 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 2,651 | ||||||
| 100 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 1,952 | ||||||
| 928 | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | 2,704 | ||||||
| 800 | YTO Express Group Co. Ltd., Class A (Industrials) | 2,277 | ||||||
| 900 | Yunda Holding Co. Ltd., Class A (Industrials) | 2,199 | ||||||
| 900 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 1,317 | ||||||
| 401 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 3,046 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 100 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 2,701 | ||||||
| 295 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 8,259 | ||||||
| 500 | Yunnan Tin Co. Ltd., Class A (Materials) | 1,007 | ||||||
| 359 | Zai Lab Ltd. ADR (Health Care)* | 16,589 | ||||||
| 130 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 5,676 | ||||||
| 1,300 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 817 | ||||||
| 2,300 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)* | 1,528 | ||||||
| 649 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 2,978 | ||||||
| 809 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 1,730 | ||||||
| 100 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 569 | ||||||
| 7,525 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 5,733 | ||||||
| 400 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 1,155 | ||||||
| 422 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 4,575 | ||||||
| 400 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 4,410 | ||||||
| 200 | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care) | 1,191 | ||||||
| 800 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 1,822 | ||||||
| 950 | Zhejiang NHU Co. Ltd., Class A (Health Care) | 3,097 | ||||||
| 554 | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | 418 | ||||||
| 100 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 665 | ||||||
| 390 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 1,440 | ||||||
| 500 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 1,513 | ||||||
| 200 | Zhejiang Yongtai Technology Co. Ltd., Class A (Materials) | 794 | ||||||
| 1,222 | Zheshang Securities Co. Ltd., Class A (Financials) | 1,938 | ||||||
| 4,419 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a) | 13,034 | ||||||
| 200 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 851 | ||||||
| 3,015 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 14,309 | ||||||
| 1,700 | Zhongtai Securities Co. Ltd., Class A (Financials) | 1,827 | ||||||
| 2,684 | Zhuzhou CRRC Times Electric Co. Ltd. (Industrials) | 13,029 | ||||||
| 200 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 1,792 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 800 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | $ | 1,315 | |||||
| 6,502 | Zijin Mining Group Co. Ltd., Class A (Materials) | 8,300 | ||||||
| 28,038 | Zijin Mining Group Co. Ltd., Class H (Materials) | 31,936 | ||||||
| 2,268 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 1,898 | ||||||
| 8,711 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 3,940 | ||||||
| 1,200 | ZTE Corp., Class A (Information Technology) | 4,265 | ||||||
| 3,821 | ZTE Corp., Class H (Information Technology) | 8,101 | ||||||
| 2,324 | ZTO Express Cayman, Inc. ADR (Industrials) | 60,540 | ||||||
|
|
|
|||||||
| 9,878,956 | ||||||||
|
|
|
|||||||
| Colombia – 0.1% | ||||||||
| 1,150 | Bancolombia SA (Financials) | 8,892 | ||||||
| 19,969 | Ecopetrol SA (Energy) | 10,189 | ||||||
| 2,085 | Interconexion Electrica SA ESP (Utilities) | 9,036 | ||||||
|
|
|
|||||||
| 28,117 | ||||||||
|
|
|
|||||||
| Czech Republic – 0.1% | ||||||||
| 785 | CEZ AS (Utilities) | 31,790 | ||||||
| 364 | Komercni banka AS (Financials) | 8,580 | ||||||
| 1,725 | Moneta Money Bank AS (Financials)(a) | 5,471 | ||||||
|
|
|
|||||||
| 45,841 | ||||||||
|
|
|
|||||||
| Egypt – 0.1% | ||||||||
| 1,394 | Abou Kir Fertilizers & Chemical Industries (Materials) | 1,834 | ||||||
| 7,614 | Commercial International Bank Egypt SAE (Financials) | 15,121 | ||||||
| 4,720 | Eastern Co. SAE (Consumer Staples) | 2,396 | ||||||
| 1,908 | E-Finance for Digital & Financial Investments (Information Technology) | 1,396 | ||||||
| 1,559 | Egypt Kuwait Holding Co. SAE (Materials) | 1,975 | ||||||
| 3,802 | Egyptian Financial Group-Hermes Holding Co. (Financials)* | 2,535 | ||||||
| 1,652 | Telecom Egypt Co. (Communication Services) | 1,338 | ||||||
|
|
|
|||||||
| 26,595 | ||||||||
|
|
|
|||||||
| Greece – 0.3% | ||||||||
| 9,916 | Alpha Services and Holdings SA (Financials)* | 9,215 | ||||||
| 12,103 | Eurobank Ergasias Services and Holdings SA (Financials)* | 11,318 | ||||||
| 1,021 | Hellenic Telecommunications Organization SA (Communication Services) | 16,283 | ||||||
| 557 | JUMBO SA (Consumer Discretionary) | 7,976 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Greece – (continued) | ||||||||
| 339 | Motor Oil Hellas Corinth Refineries SA (Energy) | 6,422 | ||||||
| 512 | Mytilineos SA (Industrials) | 8,042 | ||||||
| 2,765 | National Bank of Greece SA (Financials)* | 8,964 | ||||||
| 898 | OPAP SA (Consumer Discretionary) | 11,874 | ||||||
| 3,360 | Piraeus Financial Holdings SA (Financials)* | 3,541 | ||||||
| 1,083 | Public Power Corp. SA (Utilities)* | 5,668 | ||||||
| 343 | Star Bulk Carriers Corp. (Industrials) | 6,706 | ||||||
| 259 | Terna Energy SA (Utilities) | 4,618 | ||||||
|
|
|
|||||||
| 100,627 | ||||||||
|
|
|
|||||||
| Hong Kong – 0.0% | ||||||||
| 486 | Orient Overseas International Ltd. (Industrials) | 13,610 | ||||||
|
|
|
|||||||
| Hungary – 0.2% | ||||||||
| 2,360 | MOL Hungarian Oil & Gas PLC (Energy) | 16,231 | ||||||
| 1,079 | OTP Bank Nyrt (Financials) | 22,915 | ||||||
| 703 | Richter Gedeon Nyrt (Health Care) | 14,144 | ||||||
|
|
|
|||||||
| 53,290 | ||||||||
|
|
|
|||||||
| India – 15.7% | ||||||||
| 926 | Aarti Industries Ltd. (Materials) | 9,681 | ||||||
| 244 | ABB India Ltd. (Industrials) | 10,019 | ||||||
| 427 | ACC Ltd. (Materials) | 12,358 | ||||||
| 1,462 | Adani Enterprises Ltd. (Industrials) | 58,775 | ||||||
| 2,314 | Adani Green Energy Ltd. (Utilities)* | 70,948 | ||||||
| 3,540 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 37,519 | ||||||
| 4,181 | Adani Power Ltd. (Utilities)* | 21,782 | ||||||
| 1,108 | Adani Total Gas Ltd. (Utilities) | 52,221 | ||||||
| 1,422 | Adani Transmission Ltd. (Utilities)* | 70,882 | ||||||
| 774 | Adani Wilmar Ltd. (Consumer Staples)* | 6,742 | ||||||
| 130 | Alkem Laboratories Ltd. (Health Care) | 4,867 | ||||||
| 2,911 | Ambuja Cements Ltd. (Materials) | 15,066 | ||||||
| 588 | Apollo Hospitals Enterprise Ltd. (Health Care) | 31,990 | ||||||
| 8,709 | Ashok Leyland Ltd. (Industrials) | 16,879 | ||||||
| 3,065 | Asian Paints Ltd. (Materials) | 130,827 | ||||||
| 418 | Astral Ltd. (Industrials) | 11,007 | ||||||
| 1,514 | AU Small Finance Bank Ltd. (Financials)(a) | 12,078 | ||||||
| 1,287 | Aurobindo Pharma Ltd. (Health Care) | 8,834 | ||||||
| 1,124 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 64,100 | ||||||
| 11,141 | Axis Bank Ltd. (Financials) | 105,369 | ||||||
| 341 | Bajaj Auto Ltd. (Consumer Discretionary) | 17,530 | ||||||
| 1,208 | Bajaj Finance Ltd. (Financials) | 111,077 | ||||||
| 187 | Bajaj Finserv Ltd. (Financials) | 39,919 | ||||||
| 141 | Bajaj Holdings & Investment Ltd. (Financials) | 9,698 | ||||||
| 378 | Balkrishna Industries Ltd. (Consumer Discretionary) | 9,734 | ||||||
| 3,655 | Bandhan Bank Ltd. (Financials)*(a) | 12,811 | ||||||
| 5,431 | Bank of Baroda (Financials) | 8,944 | ||||||
|
|
| |||||||
| 28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 1,353 | Berger Paints India Ltd. (Materials) | $ | 11,472 | |||||
| 5,913 | Bharat Electronics Ltd. (Industrials) | 22,809 | ||||||
| 1,901 | Bharat Forge Ltd. (Consumer Discretionary) | 17,725 | ||||||
| 4,121 | Bharat Petroleum Corp. Ltd. (Energy) | 17,045 | ||||||
| 10,516 | Bharti Airtel Ltd. (Communication Services) | 96,163 | ||||||
| 1,917 | Biocon Ltd. (Health Care) | 7,477 | ||||||
| 36 | Bosch Ltd. (Consumer Discretionary) | 7,947 | ||||||
| 481 | Britannia Industries Ltd. (Consumer Staples) | 22,687 | ||||||
| 1,779 | Canara Bank (Financials) | 5,398 | ||||||
| 2,177 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 21,654 | ||||||
| 2,310 | Cipla Ltd. (Health Care) | 30,190 | ||||||
| 7,046 | Coal India Ltd. (Energy) | 20,821 | ||||||
| 631 | Colgate-Palmolive India Ltd. (Consumer Staples) | 13,301 | ||||||
| 1,350 | Container Corp. Of India Ltd. (Industrials) | 11,834 | ||||||
| 3,291 | Dabur India Ltd. (Consumer Staples) | 24,172 | ||||||
| 479 | Dalmia Bharat Ltd. (Materials) | 9,262 | ||||||
| 463 | Deepak Nitrite Ltd. (Materials) | 11,532 | ||||||
| 1,305 | Delhivery Ltd. (Industrials)* | 9,343 | ||||||
| 577 | Divi’s Laboratories Ltd. (Health Care) | 26,337 | ||||||
| 3,143 | DLF Ltd. (Real Estate) | 15,427 | ||||||
| 504 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 26,926 | ||||||
| 615 | Eicher Motors Ltd. (Consumer Discretionary) | 25,996 | ||||||
| 4,647 | Embassy Office Parks REIT (Real Estate) | 21,238 | ||||||
| 565 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)* | 9,887 | ||||||
| 7,376 | GAIL India Ltd. (Utilities) | 12,634 | ||||||
| 288 | Gland Pharma Ltd. (Health Care)*(a) | 8,583 | ||||||
| 1,788 | Godrej Consumer Products Ltd. (Consumer Staples)* | 20,798 | ||||||
| 444 | Godrej Properties Ltd. (Real Estate)* | 7,866 | ||||||
| 1,619 | Grasim Industries Ltd. (Materials) | 34,203 | ||||||
| 885 | Gujarat Gas Ltd. (Utilities) | 5,254 | ||||||
| 1,078 | Havells India Ltd. (Industrials) | 18,878 | ||||||
| 4,818 | HCL Technologies Ltd. (Information Technology) | 56,934 | ||||||
| 250 | HDFC Asset Management Co. Ltd. (Financials)(a) | 6,528 | ||||||
| 4,437 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 32,120 | ||||||
| 640 | Hero MotoCorp Ltd. (Consumer Discretionary) | 22,856 | ||||||
| 6,053 | Hindalco Industries Ltd. (Materials) | 33,442 | ||||||
| 285 | Hindustan Aeronautics Ltd. (Industrials) | 8,232 | ||||||
| 2,990 | Hindustan Petroleum Corp. Ltd. (Energy) | 9,165 | ||||||
| 3,833 | Hindustan Unilever Ltd. (Consumer Staples) | 128,309 | ||||||
| 11 | Honeywell Automation India Ltd. (Information Technology) | 5,981 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 8,141 | Housing Development Finance Corp. Ltd. (Financials) | 250,649 | ||||||
| 25,417 | ICICI Bank Ltd. (Financials) | 283,829 | ||||||
| 1,106 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 17,932 | ||||||
| 1,797 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | 13,447 | ||||||
| 18,417 | IDFC First Bank Ltd. (Financials)* | 11,392 | ||||||
| 3,850 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 13,831 | ||||||
| 12,954 | Indian Oil Corp. Ltd. (Energy) | 11,657 | ||||||
| 1,224 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 10,949 | ||||||
| 1,562 | Indraprastha Gas Ltd. (Utilities) | 8,239 | ||||||
| 2,714 | Indus Towers Ltd. (Communication Services) | 6,824 | ||||||
| 2,733 | IndusInd Bank Ltd. (Financials) | 38,091 | ||||||
| 349 | Info Edge India Ltd. (Communication Services) | 19,081 | ||||||
| 16,028 | Infosys Ltd. (Information Technology) | 301,152 | ||||||
| 472 | InterGlobe Aviation Ltd. (Industrials)*(a) | 11,980 | ||||||
| 14,507 | ITC Ltd. (Consumer Staples) | 58,515 | ||||||
| 2,068 | Jindal Steel & Power Ltd. (Materials) | 11,278 | ||||||
| 2,941 | JSW Energy Ltd. (Utilities) | 12,623 | ||||||
| 4,491 | JSW Steel Ltd. (Materials) | 37,693 | ||||||
| 1,826 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 14,163 | ||||||
| 643 | Kansai Nerolac Paints Ltd. (Materials) | 4,089 | ||||||
| 5,354 | Kotak Mahindra Bank Ltd. (Financials) | 129,066 | ||||||
| 139 | L&T Technology Services Ltd. (Industrials)(a) | 6,497 | ||||||
| 218 | Larsen & Toubro Infotech Ltd. (Information Technology)(a) | 12,735 | ||||||
| 3,376 | Larsen & Toubro Ltd. (Industrials) | 81,683 | ||||||
| 1,657 | Laurus Labs Ltd. (Health Care)(a) | 12,075 | ||||||
| 800 | Life Insurance Corp. Of India (Financials) | 6,781 | ||||||
| 96 | Linde India Ltd. (Materials) | 4,143 | ||||||
| 944 | Lupin Ltd. (Health Care) | 7,949 | ||||||
| 382 | Macrotech Developers Ltd. (Real Estate)*(a) | 5,274 | ||||||
| 4,910 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 80,869 | ||||||
| 2,358 | Marico Ltd. (Consumer Staples) | 15,598 | ||||||
| 568 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 64,924 | ||||||
| 1,377 | Max Financial Services Ltd. (Financials)* | 14,285 | ||||||
| 2,029 | Max Healthcare Institute Ltd. (Health Care)* | 9,914 | ||||||
| 288 | Mindtree Ltd. (Information Technology) | 11,985 | ||||||
| 394 | Mphasis Ltd. (Information Technology) | 10,566 | ||||||
| 14 | MRF Ltd. (Consumer Discretionary) | 15,041 | ||||||
| 557 | Muthoot Finance Ltd. (Financials) | 7,396 | ||||||
| 166 | Nestle India Ltd. (Consumer Staples) | 41,628 | ||||||
| 9,622 | NHPC Ltd. (Utilities) | 4,650 | ||||||
| 3,559 | NMDC Ltd. (Materials) | 5,476 | ||||||
| 18,050 | NTPC Ltd. (Utilities) | 37,255 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 576 | Oberoi Realty Ltd. (Real Estate) | $ | 7,299 | |||||
| 13,097 | Oil & Natural Gas Corp. Ltd. (Energy) | 22,845 | ||||||
| 465 | One 97 Communications Ltd. (Information Technology)* | 4,201 | ||||||
| 95 | Oracle Financial Services Software Ltd. (Information Technology) | 3,790 | ||||||
| 30 | Page Industries Ltd. (Consumer Discretionary) | 19,272 | ||||||
| 833 | PB Fintech Ltd. (Financials)* | 5,274 | ||||||
| 224 | Persistent Systems Ltd. (Information Technology) | 9,917 | ||||||
| 3,619 | Petronet LNG Ltd. (Energy) | 10,070 | ||||||
| 359 | PI Industries Ltd. (Materials) | 15,525 | ||||||
| 681 | Pidilite Industries Ltd. (Materials) | 23,452 | ||||||
| 571 | Piramal Enterprises Ltd. (Financials) | 7,643 | ||||||
| 2,284 | Piramal Pharma Ltd. (Health Care)* | 6,299 | ||||||
| 221 | Polycab India Ltd. (Industrials) | 6,870 | ||||||
| 5,596 | Power Finance Corp. Ltd. (Financials) | 8,423 | ||||||
| 13,279 | Power Grid Corp. Of India Ltd. (Utilities) | 38,371 | ||||||
| 11,154 | Punjab National Bank (Financials) | 5,032 | ||||||
| 5,836 | REC Ltd. (Financials) | 7,987 | ||||||
| 14,343 | Reliance Industries Ltd. (Energy) | 476,177 | ||||||
| 6,297 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 9,740 | ||||||
| 1,118 | SBI Cards & Payment Services Ltd. (Financials) | 12,976 | ||||||
| 1,954 | SBI Life Insurance Co. Ltd. (Financials)(a) | 32,685 | ||||||
| 48 | Shree Cement Ltd. (Materials) | 13,334 | ||||||
| 860 | Shriram Transport Finance Co. Ltd. (Financials) | 14,662 | ||||||
| 341 | Siemens Ltd. (Industrials) | 12,375 | ||||||
| 900 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a) | 5,913 | ||||||
| 632 | SRF Ltd. (Materials) | 20,230 | ||||||
| 8,754 | State Bank of India (Financials) | 58,528 | ||||||
| 5,649 | Steel Authority of India Ltd. (Materials) | 5,780 | ||||||
| 4,611 | Sun Pharmaceutical Industries Ltd. (Health Care) | 51,824 | ||||||
| 522 | Tata Communications Ltd. (Communication Services) | 7,898 | ||||||
| 4,331 | Tata Consultancy Services Ltd. (Information Technology) | 175,029 | ||||||
| 2,928 | Tata Consumer Products Ltd. (Consumer Staples) | 29,835 | ||||||
| 163 | Tata Elxsi Ltd. (Information Technology) | 18,502 | ||||||
| 7,871 | Tata Motors Ltd. (Consumer Discretionary)* | 46,666 | ||||||
| 2,174 | Tata Motors Ltd., Class A (Consumer Discretionary)* | 6,406 | ||||||
| 7,182 | Tata Power Co. Ltd. (The) (Utilities) | 21,417 | ||||||
| 32,260 | Tata Steel Ltd. (Materials) | 43,970 | ||||||
| 2,471 | Tata Teleservices Maharashtra Ltd. (Communication Services)* | 3,373 | ||||||
| 2,720 | Tech Mahindra Ltd. (Information Technology) | 36,837 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 1,803 | Titan Co. Ltd. (Consumer Discretionary) | 59,103 | ||||||
| 474 | Torrent Pharmaceuticals Ltd. (Health Care) | 9,250 | ||||||
| 889 | Trent Ltd. (Consumer Discretionary) | 15,745 | ||||||
| 533 | UltraTech Cement Ltd. (Materials) | 44,795 | ||||||
| 346 | United Breweries Ltd. (Consumer Staples) | 7,149 | ||||||
| 1,553 | United Spirits Ltd. (Consumer Staples)* | 15,868 | ||||||
| 2,191 | UPL Ltd. (Materials) | 21,212 | ||||||
| 1,027 | Varun Beverages Ltd. (Consumer Staples) | 13,366 | ||||||
| 4,267 | Vedanta Ltd. (Materials) | 14,513 | ||||||
| 1,160 | Voltas Ltd. (Industrials) | 14,616 | ||||||
| 6,374 | Wipro Ltd. (Information Technology) | 33,174 | ||||||
| 74,712 | Yes Bank Ltd. (Financials)* | 15,467 | ||||||
| 4,037 | Zomato Ltd. (Consumer Discretionary)* | 2,944 | ||||||
| 1,000 | Zydus Lifesciences Ltd. (Health Care) | 4,760 | ||||||
|
|
|
|||||||
| 5,161,676 | ||||||||
|
|
|
|||||||
| Indonesia – 2.0% | ||||||||
| 67,632 | Adaro Energy Indonesia Tbk PT (Energy) | 16,130 | ||||||
| 40,631 | Aneka Tambang Tbk (Materials) | 5,448 | ||||||
| 97,645 | Astra International Tbk PT (Consumer Discretionary) | 45,887 | ||||||
| 84,746 | Avia Avian Tbk PT (Materials) | 4,454 | ||||||
| 19,397 | Bank Aladin Syariah Tbk PT (Financials)* | 2,202 | ||||||
| 273,155 | Bank Central Asia Tbk PT (Financials) | 150,909 | ||||||
| 30,588 | Bank Jago Tbk PT (Financials)* | 17,363 | ||||||
| 85,704 | Bank Mandiri Persero Tbk PT (Financials) | 51,102 | ||||||
| 36,056 | Bank Negara Indonesia Persero Tbk PT (Financials) | 20,709 | ||||||
| 350,229 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 102,408 | ||||||
| 125,144 | Barito Pacific Tbk PT (Materials) | 6,914 | ||||||
| 122,522 | Bukalapak.com PT Tbk (Consumer Discretionary)* | 2,476 | ||||||
| 96,028 | Chandra Asri Petrochemical Tbk PT (Materials) | 15,786 | ||||||
| 35,276 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | 13,963 | ||||||
| 90,519 | Dayamitra Telekomunikasi PT (Communication Services) | 4,818 | ||||||
| 88,393 | Elang Mahkota Teknologi Tbk PT (Communication Services)* | 11,375 | ||||||
| 2,448 | Gudang Garam Tbk PT (Consumer Staples) | 3,913 | ||||||
| 12,372 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 6,939 | ||||||
| 9,152 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 5,827 | ||||||
| 12,150 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 6,794 | ||||||
| 22,236 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 9,326 | ||||||
|
|
| |||||||
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Indonesia – (continued) | ||||||||
| 94,992 | Kalbe Farma Tbk PT (Health Care) | $ | 10,752 | |||||
| 62,640 | Merdeka Copper Gold Tbk PT (Materials)* | 18,063 | ||||||
| 110,625 | Sarana Menara Nusantara Tbk PT (Communication Services) | 9,242 | ||||||
| 14,059 | Semen Indonesia Persero Tbk PT (Materials) | 6,252 | ||||||
| 91,798 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 13,483 | ||||||
| 229,591 | Telkom Indonesia Persero Tbk PT (Communication Services) | 70,536 | ||||||
| 30,512 | Tower Bersama Infrastructure Tbk PT (Communication Services) | 5,797 | ||||||
| 4,838 | Transcoal Pacific Tbk PT (Industrials) | 2,705 | ||||||
| 27,693 | Unilever Indonesia Tbk PT (Consumer Staples) | 8,564 | ||||||
| 7,308 | United Tractors Tbk PT (Energy) | 16,667 | ||||||
| 9,852 | Vale Indonesia Tbk PT (Materials)* | 4,049 | ||||||
|
|
|
|||||||
| 670,853 | ||||||||
|
|
|
|||||||
| Kuwait – 0.8% | ||||||||
| 6,489 | Agility Public Warehousing Co. KSC (Industrials) | 17,742 | ||||||
| 6,979 | Boubyan Bank KSCP (Financials) | 18,923 | ||||||
| 9,328 | Gulf Bank KSCP (Financials) | 10,602 | ||||||
| 26,045 | Kuwait Finance House KSCP (Financials) | 76,118 | ||||||
| 3,102 | Mabanee Co KPSC (Real Estate) | 8,351 | ||||||
| 11,279 | Mobile Telecommunications Co. KSCP (Communication Services) | 22,159 | ||||||
| 35,201 | National Bank of Kuwait SAKP (Financials) | 120,480 | ||||||
|
|
|
|||||||
| 274,375 | ||||||||
|
|
|
|||||||
| Luxembourg – 0.0% | ||||||||
| 721 | Reinet Investments SCA (Financials) | 11,892 | ||||||
|
|
|
|||||||
| Mexico – 2.0% | ||||||||
| 24,889 | Alfa SAB de CV, Class A (Industrials) | 15,865 | ||||||
| 137,677 | America Movil SAB de CV, Series L (Communication Services) | 117,538 | ||||||
| 2,163 | Arca Continental SAB de CV (Consumer Staples) | 14,750 | ||||||
| 2,261 | Becle SAB de CV (Consumer Staples) | 4,632 | ||||||
| 72,137 | Cemex SAB de CV, Series CPO (Materials)* | 26,793 | ||||||
| 2,533 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 15,514 | ||||||
| 1,002 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 4,476 | ||||||
| 14,537 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 15,244 | ||||||
| 10,599 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 66,544 | ||||||
| 883 | Gruma SAB de CV, Class B (Consumer Staples) | 9,638 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Mexico – (continued) | ||||||||
| 1,820 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 25,957 | ||||||
| 608 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 12,900 | ||||||
| 6,354 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 20,921 | ||||||
| 2,182 | Grupo Carso SAB de CV, Series A1 (Industrials) | 7,522 | ||||||
| 302 | Grupo Elektra SAB DE CV (Financials)(b) | 15,684 | ||||||
| 14,142 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 83,662 | ||||||
| 8,351 | Grupo Financiero Inbursa SAB de CV, Class O (Financials)* | 13,179 | ||||||
| 15,400 | Grupo Mexico SAB de CV, Series B (Materials) | 58,409 | ||||||
| 12,946 | Grupo Televisa SAB, Series CPO (Communication Services) | 16,343 | ||||||
| 608 | Industrias Penoles SAB de CV (Materials) | 5,006 | ||||||
| 7,851 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 10,653 | ||||||
| 6,711 | Operadora De Sites Mexicanos SAB de CV, Class A-1 (Communication Services) | 6,694 | ||||||
| 4,752 | Orbia Advance Corp. SAB de CV (Materials) | 8,983 | ||||||
| 25,255 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 82,676 | ||||||
|
|
|
|||||||
| 659,583 | ||||||||
|
|
|
|||||||
| Pakistan – 0.0% | ||||||||
| 1,099 | Lucky Cement Ltd. (Materials)* | 2,596 | ||||||
| 1,825 | TRG Pakistan (Industrials)* | 750 | ||||||
| 2,156 | United Bank Ltd. (Financials) | 1,150 | ||||||
|
|
|
|||||||
| 4,496 | ||||||||
|
|
|
|||||||
| Peru – 0.1% | ||||||||
| 200 | Credicorp Ltd. (Financials) | 25,778 | ||||||
| 196 | InRetail Peru Corp. (Consumer Staples)(a) | 6,068 | ||||||
| 181 | Intercorp Financial Services, Inc. (Financials) | 3,903 | ||||||
|
|
|
|||||||
| 35,749 | ||||||||
|
|
|
|||||||
| Philippines – 0.8% | ||||||||
| 8,654 | Aboitiz Equity Ventures, Inc. (Industrials) | 8,653 | ||||||
| 7,232 | Aboitiz Power Corp. (Utilities) | 4,031 | ||||||
| 34,944 | ACEN Corp. (Utilities) | 4,667 | ||||||
| 1,259 | Ayala Corp. (Industrials) | 15,739 | ||||||
| 29,026 | Ayala Land, Inc. (Real Estate) | 14,809 | ||||||
| 8,854 | Bank of the Philippine Islands (Financials) | 14,971 | ||||||
| 8,604 | BDO Unibank, Inc. (Financials) | 19,735 | ||||||
| 9,947 | Converge Information and Communications Technology Solutions, Inc. (Communication Services)* | 3,082 | ||||||
| 12,232 | Emperador, Inc. (Consumer Staples)* | 4,313 | ||||||
| 155 | Globe Telecom, Inc. (Communication Services) | 5,791 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Philippines – (continued) | ||||||||
| 4,002 | International Container Terminal Services, Inc. (Industrials) | $ | 12,914 | |||||
| 15,224 | JG Summit Holdings, Inc. (Industrials) | 13,881 | ||||||
| 2,255 | Jollibee Foods Corp. (Consumer Discretionary) | 9,622 | ||||||
| 1,160 | Manila Electric Co. (Utilities) | 6,222 | ||||||
| 9,126 | Metropolitan Bank & Trust Co. (Financials) | 8,548 | ||||||
| 29,414 | Monde Nissin Corp. (Consumer Staples)*(a) | 8,643 | ||||||
| 424 | PLDT, Inc. (Communication Services) | 12,677 | ||||||
| 2,363 | SM Investments Corp. (Industrials) | 34,968 | ||||||
| 52,535 | SM Prime Holdings, Inc. (Real Estate) | 35,410 | ||||||
| 4,297 | Universal Robina Corp. (Consumer Staples) | 9,335 | ||||||
|
|
|
|||||||
| 248,011 | ||||||||
|
|
|
|||||||
| Qatar – 1.3% | ||||||||
| 19,983 | Commercial Bank PSQC (The) (Financials) | 40,221 | ||||||
| 14,341 | Industries Qatar QSC (Industrials) | 71,474 | ||||||
| 36,447 | Masraf Al Rayan QSC (Financials) | 45,247 | ||||||
| 21,009 | Mesaieed Petrochemical Holding Co. (Materials) | 14,999 | ||||||
| 4,769 | Ooredoo QPSC (Communication Services) | 11,891 | ||||||
| 1,937 | Qatar Electricity & Water Co. QSC (Utilities) | 10,053 | ||||||
| 2,357 | Qatar Fuel QSC (Energy) | 12,304 | ||||||
| 13,134 | Qatar Gas Transport Co. Ltd. (Energy) | 14,426 | ||||||
| 3,763 | Qatar International Islamic Bank QSC (Financials) | 12,306 | ||||||
| 10,899 | Qatar Islamic Bank (Financials) | 76,645 | ||||||
| 21,922 | Qatar National Bank QPSC (Financials) | 124,245 | ||||||
|
|
|
|||||||
| 433,811 | ||||||||
|
|
|
|||||||
| Russia – 0.0% | ||||||||
| 12,708 | Alrosa PJSC (Materials)(c) | — | ||||||
| 801 | Gazprom Neft PJSC (Energy)(c) | — | ||||||
| 49,291 | Gazprom PJSC (Energy)*(c) | — | ||||||
| 1,413 | LUKOIL PJSC (Energy)(c) | — | ||||||
| 263 | MMC Norilsk Nickel PJSC (Materials)(c) | — | ||||||
| 4,560 | Mobile TeleSystems PJSC (Communication Services)(c) | — | ||||||
| 3,099 | Novatek PJSC (Energy)(c) | — | ||||||
| 5,287 | Novolipetsk Steel PJSC (Materials)(c) | — | ||||||
| 780 | PIK Group PJSC (Consumer Discretionary)*(c) | — | ||||||
| 1,389 | Polymetal International PLC (Materials)(c) | — | ||||||
| 128 | Polyus PJSC (Materials)(c) | — | ||||||
| 5,078 | Rosneft Oil Co. PJSC (Energy)(c) | — | ||||||
| 44,370 | Sberbank of Russia PJSC (Financials)*(c) | — | ||||||
| 969 | Severstal PAO (Materials)(c) | — | ||||||
| 146,300 | Surgutneftegas PJSC (Energy)(c) | — | ||||||
| 6,047 | Tatneft PJSC (Energy)(c) | — | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Russia – (continued) | ||||||||
| 6,503 | United Co RUSAL International PJSC (Materials)*(c) | — | ||||||
| 1,289 | Yandex NV, Class A (Communication Services)*(c) | — | ||||||
|
|
|
|||||||
| — | ||||||||
|
|
| |||||||
| Saudi Arabia – 5.9% | ||||||||
| 790 | ACWA Power Co. (Utilities) | 36,778 | ||||||
| 645 | Advanced Petrochemical Co. (Materials) | 8,579 | ||||||
| 9,655 | Al Rajhi Bank (Financials)* | 231,679 | ||||||
| 4,741 | Alinma Bank (Financials) | 47,927 | ||||||
| 1,979 | Almarai Co. JSC (Consumer Staples) | 27,903 | ||||||
| 3,220 | Arab National Bank (Financials) | 25,698 | ||||||
| 122 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | 9,023 | ||||||
| 2,371 | Bank AlBilad (Financials)* | 31,916 | ||||||
| 2,857 | Banque Saudi Fransi (Financials) | 37,812 | ||||||
| 277 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 12,115 | ||||||
| 410 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 21,814 | ||||||
| 1,825 | Etihad Etisalat Co. (Communication Services) | 17,769 | ||||||
| 284 | Jarir Marketing Co. (Consumer Discretionary) | 12,995 | ||||||
| 220 | Mouwasat Medical Services Co. (Health Care) | 14,152 | ||||||
| 1,663 | National Industrialization Co. (Materials)* | 7,052 | ||||||
| 4,043 | Rabigh Refining & Petrochemical Co. (Energy)* | 18,629 | ||||||
| 7,112 | Riyad Bank (Financials) | 67,166 | ||||||
| 1,128 | SABIC Agri-Nutrients Co. (Materials) | 52,214 | ||||||
| 1,738 | Sahara International Petrochemical Co. (Materials) | 22,078 | ||||||
| 3,908 | Saudi Arabian Mining Co. (Materials)* | 77,453 | ||||||
| 63,136 | Saudi Arabian Oil Co. (Energy)(a) | 629,848 | ||||||
| 4,437 | Saudi Basic Industries Corp. (Materials) | 118,273 | ||||||
| 4,684 | Saudi British Bank (The) (Financials) | 49,781 | ||||||
| 3,786 | Saudi Electricity Co. (Utilities) | 25,431 | ||||||
| 1,826 | Saudi Industrial Investment Group (Materials) | 12,436 | ||||||
| 3,556 | Saudi Kayan Petrochemical Co. (Materials)* | 13,906 | ||||||
| 10,834 | Saudi National Bank (The) (Financials) | 201,462 | ||||||
| 8,887 | Saudi Telecom Co. (Communication Services) | 98,823 | ||||||
| 1,266 | Savola Group (The) (Consumer Staples) | 10,996 | ||||||
| 1,361 | Yanbu National Petrochemical Co. (Materials) | 18,140 | ||||||
|
|
|
|||||||
| 1,959,848 | ||||||||
|
|
|
|||||||
| Singapore – 0.0% | ||||||||
| 1,051 | BOC Aviation Ltd. (Industrials)(a) | 8,443 | ||||||
|
|
|
|||||||
| South Africa – 2.6% | ||||||||
| 2,928 | Absa Group Ltd. (Financials) | 30,581 | ||||||
| 441 | African Rainbow Minerals Ltd. (Materials) | 6,113 | ||||||
|
|
| |||||||
| 32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Africa – (continued) | ||||||||
| 204 | Anglo American Platinum Ltd. (Materials) | $ | 14,347 | |||||
| 1,799 | Aspen Pharmacare Holdings Ltd. (Health Care) | 15,568 | ||||||
| 1,638 | Bid Corp. Ltd. (Consumer Staples) | 31,238 | ||||||
| 1,615 | Bidvest Group Ltd. (The) (Industrials) | 20,367 | ||||||
| 304 | Capitec Bank Holdings Ltd. (Financials) | 36,448 | ||||||
| 1,195 | Clicks Group Ltd. (Consumer Staples) | 20,895 | ||||||
| 1,744 | Discovery Ltd. (Financials)* | 12,569 | ||||||
| 1,464 | Exxaro Resources Ltd. (Energy) | 18,752 | ||||||
| 18,287 | FirstRand Ltd. (Financials) | 68,848 | ||||||
| 3,429 | Gold Fields Ltd. (Materials) | 27,910 | ||||||
| 2,287 | Harmony Gold Mining Co. Ltd. (Materials) | 5,791 | ||||||
| 4,025 | Impala Platinum Holdings Ltd. (Materials) | 42,596 | ||||||
| 821 | Investec Ltd. (Financials) | 3,880 | ||||||
| 238 | Kumba Iron Ore Ltd. (Materials) | 5,313 | ||||||
| 6,793 | MTN Group Ltd. (Communication Services) | 49,520 | ||||||
| 1,655 | MultiChoice Group (Communication Services) | 11,226 | ||||||
| 1,075 | Naspers Ltd., Class N (Consumer Discretionary) | 152,995 | ||||||
| 1,989 | Nedbank Group Ltd. (Financials)(b) | 23,666 | ||||||
| 1,557 | Northam Platinum Holdings Ltd. (Materials)* | 14,726 | ||||||
| 23,888 | Old Mutual Ltd. (Financials) | 14,253 | ||||||
| 4,197 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 4,952 | ||||||
| 3,028 | Rand Merchant Investment Holdings Ltd. (Financials) | 4,806 | ||||||
| 2,595 | Remgro Ltd. (Financials) | 19,391 | ||||||
| 8,200 | Sanlam Ltd. (Financials) | 25,652 | ||||||
| 2,162 | Sasol Ltd. (Materials)* | 42,091 | ||||||
| 2,071 | Shoprite Holdings Ltd. (Consumer Staples) | 28,277 | ||||||
| 13,460 | Sibanye Stillwater Ltd. (Materials) | 30,396 | ||||||
| 5,169 | Standard Bank Group Ltd. (Financials) | 46,470 | ||||||
| 2,911 | Vodacom Group Ltd. (Communication Services) | 21,545 | ||||||
| 5,271 | Woolworths Holdings Ltd. (Consumer Discretionary) | 17,318 | ||||||
|
|
|
|||||||
| 868,500 | ||||||||
|
|
|
|||||||
| South Korea – 10.5% | ||||||||
| 144 | Alteogen, Inc. (Health Care)* | 6,858 | ||||||
| 130 | Amorepacific Corp. (Consumer Staples) | 11,955 | ||||||
| 163 | AMOREPACIFIC Group (Consumer Staples) | 4,253 | ||||||
| 37 | BGF retail Co. Ltd. (Consumer Staples) | 4,440 | ||||||
| 1,409 | BNK Financial Group, Inc. (Financials) | 7,068 | ||||||
| 211 | Bukwang Pharmaceutical Co. Ltd. (Health Care) | 1,424 | ||||||
| 421 | Celltrion Healthcare Co. Ltd. (Health Care) | 22,694 | ||||||
| 93 | Celltrion Pharm, Inc. (Health Care)* | 5,451 | ||||||
| 438 | Celltrion, Inc. (Health Care) | 62,054 | ||||||
| 270 | Cheil Worldwide, Inc. (Communication Services) | 4,421 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 31 | Chong Kun Dang Pharmaceutical Corp. (Health Care) | 1,991 | ||||||
| 21 | Chunbo Co. Ltd. (Materials) | 3,566 | ||||||
| 31 | CJ CheilJedang Corp. (Consumer Staples) | 9,444 | ||||||
| 63 | CJ Corp. (Industrials) | 3,683 | ||||||
| 56 | CJ ENM Co. Ltd. (Communication Services) | 4,116 | ||||||
| 36 | CJ Logistics Corp. (Industrials)* | 3,189 | ||||||
| 250 | Coway Co. Ltd. (Consumer Discretionary) | 11,906 | ||||||
| 111 | CS Wind Corp. (Industrials) | 5,701 | ||||||
| 905 | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | 3,518 | ||||||
| 212 | Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)* | 3,194 | ||||||
| 154 | DB HiTek Co. Ltd. (Information Technology) | 5,354 | ||||||
| 188 | DB Insurance Co. Ltd. (Financials) | 8,391 | ||||||
| 121 | DL E&C Co. Ltd. (Industrials) | 3,704 | ||||||
| 255 | Dongsuh Cos., Inc. (Consumer Staples) | 4,661 | ||||||
| 216 | Doosan Bobcat, Inc. (Industrials) | 5,604 | ||||||
| 30 | Doosan Co. Ltd. (Industrials) | 1,857 | ||||||
| 1,777 | Doosan Enerbility Co. Ltd. (Industrials)* | 27,036 | ||||||
| 198 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 5,670 | ||||||
| 107 | Douzone Bizon Co. Ltd. (Information Technology) | 2,896 | ||||||
| 238 | Ecopro BM Co. Ltd. (Industrials) | 19,965 | ||||||
| 83 | E-MART, Inc. (Consumer Staples) | 6,069 | ||||||
| 74 | F&F Co. Ltd. (Consumer Discretionary) | 7,884 | ||||||
| 215 | Fila Holdings Corp. (Consumer Discretionary) | 5,015 | ||||||
| 102 | Genexine, Inc. (Health Care)* | 2,322 | ||||||
| 23 | Green Cross Corp. (Health Care) | 2,820 | ||||||
| 275 | GS Engineering & Construction Corp. (Industrials) | 6,199 | ||||||
| 344 | GS Holdings Corp. (Industrials) | 11,843 | ||||||
| 191 | GS Retail Co. Ltd. (Consumer Staples) | 3,627 | ||||||
| 1,279 | Hana Financial Group, Inc. (Financials) | 37,532 | ||||||
| 76 | Hanjin Kal Corp. (Industrials)* | 3,000 | ||||||
| 317 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 8,994 | ||||||
| 25 | Hanmi Pharm Co. Ltd. (Health Care) | 5,757 | ||||||
| 142 | Hanmi Science Co. Ltd. (Health Care) | 4,597 | ||||||
| 719 | Hanon Systems (Consumer Discretionary) | 5,537 | ||||||
| 41 | Hansol Chemical Co. Ltd. (Materials) | 6,698 | ||||||
| 53 | Hanssem Co. Ltd. (Consumer Discretionary) | 2,132 | ||||||
| 142 | Hanwha Aerospace Co. Ltd. (Industrials) | 8,642 | ||||||
| 158 | Hanwha Corp. (Industrials) | 3,762 | ||||||
| 2,067 | Hanwha Life Insurance Co. Ltd. (Financials)* | 3,570 | ||||||
| 490 | Hanwha Solutions Corp. (Materials)* | 19,270 | ||||||
| 257 | Hanwha Systems Co. Ltd. (Industrials) | 2,988 | ||||||
| 206 | HD Hyundai Co. Ltd. (Energy) | 9,734 | ||||||
| 181 | HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials) | 1,685 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 186 | Helixmith Co. Ltd. (Health Care)* | $ | 2,301 | |||||
| 141 | Hite Jinro Co. Ltd. (Consumer Staples) | 3,215 | ||||||
| 475 | HLB, Inc. (Consumer Discretionary)* | 17,508 | ||||||
| 1,207 | HMM Co. Ltd. (Industrials) | 20,078 | ||||||
| 163 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 8,994 | ||||||
| 36 | Hugel, Inc. (Health Care)* | 3,286 | ||||||
| 59 | HYBE Co. Ltd. (Communication Services)* | 8,006 | ||||||
| 11 | Hyosung Advanced Materials Corp. (Materials) | 3,487 | ||||||
| 8 | Hyosung TNC Corp. (Materials) | 1,875 | ||||||
| 30 | Hyundai Autoever Corp. (Information Technology) | 2,703 | ||||||
| 60 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 2,777 | ||||||
| 454 | Hyundai Doosan Infracore Co. Ltd. (Industrials)* | 2,094 | ||||||
| 117 | Hyundai Elevator Co. Ltd. (Industrials) | 2,563 | ||||||
| 313 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 11,279 | ||||||
| 72 | Hyundai Glovis Co. Ltd. (Industrials) | 9,501 | ||||||
| 45 | Hyundai Heavy Industries Co. Ltd. (Industrials)* | 4,828 | ||||||
| 253 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 5,958 | ||||||
| 97 | Hyundai Mipo Dockyard Co. Ltd. (Industrials)* | 7,760 | ||||||
| 260 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 41,793 | ||||||
| 564 | Hyundai Motor Co. (Consumer Discretionary) | 82,647 | ||||||
| 381 | Hyundai Steel Co. (Materials) | 9,372 | ||||||
| 99 | Iljin Materials Co. Ltd. (Information Technology) | 5,492 | ||||||
| 1,172 | Industrial Bank of Korea (Financials) | 8,385 | ||||||
| 1,309 | Kakao Corp. (Communication Services) | 71,833 | ||||||
| 172 | Kakao Games Corp. (Communication Services)* | 6,790 | ||||||
| 752 | KakaoBank Corp. (Financials)* | 15,349 | ||||||
| 103 | Kakaopay Corp. (Information Technology)* | 4,790 | ||||||
| 561 | Kangwon Land, Inc. (Consumer Discretionary)* | 11,136 | ||||||
| 1,536 | KB Financial Group, Inc. (Financials) | 56,787 | ||||||
| 18 | KCC Corp. (Materials) | 3,963 | ||||||
| 49 | KEPCO Engineering & Construction Co., Inc. (Industrials) | 2,696 | ||||||
| 94 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials) | 2,906 | ||||||
| 1,060 | Kia Corp. (Consumer Discretionary) | 64,033 | ||||||
| 67 | KIWOOM Securities Co. Ltd. (Financials) | 4,288 | ||||||
| 128 | KMW Co. Ltd. (Information Technology)* | 3,072 | ||||||
| 58 | Kolmar BNH Co. Ltd. (Consumer Staples) | 1,125 | ||||||
| 307 | Korea Aerospace Industries Ltd. (Industrials) | 14,001 | ||||||
| 1,259 | Korea Electric Power Corp. (Utilities)*(b) | 19,720 | ||||||
| 146 | Korea Gas Corp. (Utilities) | 4,748 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 171 | Korea Investment Holdings Co. Ltd. (Financials) | 7,262 | ||||||
| 189 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | 13,735 | ||||||
| 43 | Korea Zinc Co. Ltd. (Materials) | 21,604 | ||||||
| 880 | Korean Air Lines Co. Ltd. (Industrials)* | 17,665 | ||||||
| 129 | Krafton, Inc. (Communication Services)* | 23,774 | ||||||
| 316 | KT Corp. (Communication Services) | 8,789 | ||||||
| 472 | KT&G Corp. (Consumer Staples) | 29,360 | ||||||
| 74 | Kumho Petrochemical Co. Ltd. (Materials) | 7,192 | ||||||
| 110 | L&F Co. Ltd. (Information Technology)* | 18,956 | ||||||
| 48 | LEENO Industrial, Inc. (Information Technology) | 5,153 | ||||||
| 204 | LG Chem Ltd. (Materials) | 96,391 | ||||||
| 488 | LG Corp. (Industrials) | 29,917 | ||||||
| 972 | LG Display Co. Ltd. (Information Technology) | 11,337 | ||||||
| 462 | LG Electronics, Inc. (Consumer Discretionary) | 34,886 | ||||||
| 110 | LG Energy Solution Ltd. (Industrials)* | 38,036 | ||||||
| 40 | LG H&H Co. Ltd. (Consumer Staples) | 21,293 | ||||||
| 57 | LG Innotek Co. Ltd. (Information Technology) | 14,660 | ||||||
| 1,049 | LG Uplus Corp. (Communication Services) | 9,019 | ||||||
| 63 | Lotte Chemical Corp. (Materials) | 8,243 | ||||||
| 164 | Lotte Corp. (Industrials) | 5,082 | ||||||
| 56 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 4,136 | ||||||
| 97 | LS Corp. (Industrials) | 4,866 | ||||||
| 134 | Mando Corp. (Consumer Discretionary) | 5,410 | ||||||
| 27 | Medytox, Inc. (Health Care)* | 2,469 | ||||||
| 118 | Meritz Financial Group, Inc. (Financials) | 2,717 | ||||||
| 188 | Meritz Fire & Marine Insurance Co. Ltd. (Financials) | 5,390 | ||||||
| 901 | Meritz Securities Co. Ltd. (Financials) | 3,260 | ||||||
| 1,275 | Mirae Asset Securities Co. Ltd. (Financials) | 6,253 | ||||||
| 627 | NAVER Corp. (Communication Services) | 112,504 | ||||||
| 62 | NCSoft Corp. (Communication Services) | 17,545 | ||||||
| 82 | Netmarble Corp. (Communication Services)(a) | 3,893 | ||||||
| 725 | NH Investment & Securities Co. Ltd. (Financials) | 5,393 | ||||||
| 16 | NongShim Co. Ltd. (Consumer Staples) | 3,589 | ||||||
| 84 | OCI Co. Ltd. (Materials) | 7,379 | ||||||
| 101 | Orion Corp. (Consumer Staples) | 7,430 | ||||||
| 998 | Pan Ocean Co. Ltd. (Industrials) | 3,843 | ||||||
| 119 | Pearl Abyss Corp. (Communication Services)* | 5,053 | ||||||
| 121 | POSCO Chemical Co. Ltd. (Materials) | 15,198 | ||||||
| 323 | POSCO Holdings, Inc. (Materials) | 61,579 | ||||||
| 174 | Posco International Corp. (Industrials) | 3,493 | ||||||
| 90 | S-1 Corp. (Industrials) | 3,916 | ||||||
| 87 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 54,312 | ||||||
| 357 | Samsung C&T Corp. (Industrials) | 32,162 | ||||||
| 137 | Samsung Card Co. Ltd. (Financials) | 3,211 | ||||||
|
|
| |||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 238 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | $ | 24,911 | |||||
| 23,443 | Samsung Electronics Co. Ltd. (Information Technology) | 1,046,351 | ||||||
| 687 | Samsung Engineering Co. Ltd. (Industrials)* | 12,044 | ||||||
| 143 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 20,848 | ||||||
| 3,027 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 13,511 | ||||||
| 323 | Samsung Life Insurance Co. Ltd. (Financials) | 14,972 | ||||||
| 228 | Samsung SDI Co. Ltd. (Information Technology) | 101,936 | ||||||
| 154 | Samsung SDS Co. Ltd. (Information Technology) | 14,795 | ||||||
| 257 | Samsung Securities Co. Ltd. (Financials) | 6,514 | ||||||
| 194 | SD Biosensor, Inc. (Health Care) | 5,098 | ||||||
| 196 | Seegene, Inc. (Health Care) | 4,623 | ||||||
| 190 | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | 3,970 | ||||||
| 2,180 | Shinhan Financial Group Co. Ltd. (Financials) | 59,652 | ||||||
| 28 | Shinsegae, Inc. (Consumer Discretionary) | 4,679 | ||||||
| 114 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 6,102 | ||||||
| 84 | SK Bioscience Co. Ltd. (Health Care)* | 7,097 | ||||||
| 52 | SK Chemicals Co. Ltd. (Materials) | 3,802 | ||||||
| 2,331 | SK Hynix, Inc. (Information Technology) | 165,909 | ||||||
| 91 | SK IE Technology Co. Ltd. (Materials)*(a) | 5,660 | ||||||
| 214 | SK Innovation Co. Ltd. (Energy)* | 30,399 | ||||||
| 648 | SK Networks Co. Ltd. (Industrials) | 2,199 | ||||||
| 420 | SK Square Co. Ltd. (Information Technology)* | 12,717 | ||||||
| 270 | SK Telecom Co. Ltd. (Communication Services) | 10,517 | ||||||
| 155 | SK, Inc. (Industrials) | 27,001 | ||||||
| 86 | SKC Co. Ltd. (Materials) | 7,812 | ||||||
| 164 | S-Oil Corp. (Energy) | 12,445 | ||||||
| 63 | Solus Advanced Materials Co. Ltd. (Information Technology) | 1,969 | ||||||
| 21 | Soulbrain Co. Ltd. (Materials) | 3,404 | ||||||
| 406 | SSANGYONG C&E Co. Ltd. (Materials) | 2,073 | ||||||
| 64 | Studio Dragon Corp. (Communication Services)* | 3,632 | ||||||
| 83 | Wemade Co. Ltd. (Communication Services) | 3,854 | ||||||
| 149 | WONIK IPS Co. Ltd. (Information Technology) | 3,119 | ||||||
| 2,473 | Woori Financial Group, Inc. (Financials) | 22,557 | ||||||
| 200 | Yuhan Corp. (Health Care) | 8,493 | ||||||
|
|
|
|||||||
| 3,460,900 | ||||||||
|
|
|
|||||||
| Taiwan – 14.3% | ||||||||
| 2,355 | Accton Technology Corp. (Information Technology) | 21,935 | ||||||
| 13,992 | Acer, Inc. (Information Technology) | 10,113 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 1,949 | Advantech Co. Ltd. (Information Technology) | 20,971 | ||||||
| 15,938 | ASE Technology Holding Co. Ltd. (Information Technology) | 44,718 | ||||||
| 11,143 | Asia Cement Corp. (Materials) | 15,834 | ||||||
| 139 | ASMedia Technology, Inc. (Information Technology) | 4,270 | ||||||
| 128 | ASPEED Technology, Inc. (Information Technology) | 8,558 | ||||||
| 3,089 | Asustek Computer, Inc. (Information Technology) | 25,879 | ||||||
| 39,717 | AUO Corp. (Information Technology) | 21,857 | ||||||
| 3,116 | Catcher Technology Co. Ltd. (Information Technology)* | 18,990 | ||||||
| 36,847 | Cathay Financial Holding Co. Ltd. (Financials) | 53,931 | ||||||
| 6,646 | Chailease Holding Co. Ltd. (Financials) | 43,015 | ||||||
| 26,413 | Chang Hwa Commercial Bank Ltd. (Financials) | 15,316 | ||||||
| 7,242 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 8,435 | ||||||
| 2,955 | Chicony Electronics Co. Ltd. (Information Technology) | 7,922 | ||||||
| 13,373 | China Airlines Ltd. (Industrials) | 10,017 | ||||||
| 80,356 | China Development Financial Holding Corp. (Financials) | 35,376 | ||||||
| 55,223 | China Steel Corp. (Materials) | 52,524 | ||||||
| 1,790 | Chroma ATE, Inc. (Information Technology) | 11,086 | ||||||
| 18,643 | Chunghwa Telecom Co. Ltd. (Communication Services) | 74,113 | ||||||
| 20,918 | Compal Electronics, Inc. (Information Technology) | 15,635 | ||||||
| 88,882 | CTBC Financial Holding Co. Ltd. (Financials) | 68,623 | ||||||
| 9,070 | Delta Electronics, Inc. (Information Technology) | 78,371 | ||||||
| 3,962 | E Ink Holdings, Inc. (Information Technology) | 31,175 | ||||||
| 913 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 13,363 | ||||||
| 320 | eMemory Technology, Inc. (Information Technology) | 14,561 | ||||||
| 61,585 | E.Sun Financial Holding Co. Ltd. (Financials) | 57,058 | ||||||
| 10,744 | Eva Airways Corp. (Industrials) | 11,913 | ||||||
| 12,326 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 35,758 | ||||||
| 14,589 | Far Eastern New Century Corp. (Industrials) | 15,697 | ||||||
| 8,077 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 19,849 | ||||||
| 2,119 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 11,974 | ||||||
| 50,348 | First Financial Holding Co. Ltd. (Financials) | 43,918 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 16,020 | Formosa Chemicals & Fibre Corp. (Materials) | $ | 36,159 | |||||
| 5,743 | Formosa Petrochemical Corp. (Energy) | 15,812 | ||||||
| 22,841 | Formosa Plastics Corp. (Materials) | 68,364 | ||||||
| 313 | Formosa Sumco Technology Corp. (Information Technology) | 1,882 | ||||||
| 4,134 | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | 3,749 | ||||||
| 4,761 | Foxconn Technology Co. Ltd. (Information Technology) | 7,915 | ||||||
| 32,839 | Fubon Financial Holding Co. Ltd. (Financials) | 61,929 | ||||||
| 1,337 | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | 10,520 | ||||||
| 1,024 | Globalwafers Co. Ltd. (Information Technology) | 16,350 | ||||||
| 5,290 | Highwealth Construction Corp. (Real Estate) | 8,412 | ||||||
| 1,350 | Hiwin Technologies Corp. (Industrials) | 9,203 | ||||||
| 56,362 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 201,838 | ||||||
| 1,351 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 27,253 | ||||||
| 47,233 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 36,079 | ||||||
| 47,024 | Innolux Corp. (Information Technology) | 18,694 | ||||||
| 12,262 | Inventec Corp. (Information Technology) | 9,326 | ||||||
| 433 | Largan Precision Co. Ltd. (Information Technology) | 27,812 | ||||||
| 10,379 | Lite-On Technology Corp. (Information Technology) | 22,437 | ||||||
| 8,504 | Macronix International Co. Ltd. (Information Technology) | 9,206 | ||||||