Goldman Sachs Funds

 

 

 
Annual Report      

August 31, 2022

 
     

Goldman Sachs MarketBeta® ETFs

     

MarketBeta® Emerging Markets Equity ETF (GSEE)

     

MarketBeta® International Equity ETF (GSID)

     

MarketBeta® U.S. Equity ETF (GSUS)

 

 

 

LOGO


Goldman Sachs MarketBeta® ETFs

 

 

MarketBeta® Emerging Markets Equity ETF

 

 

MarketBeta® International Equity ETF

 

 

MarketBeta® U.S. Equity ETF

 

TABLE OF CONTENTS

 

Investment Process

    1  

Portfolio Management Discussion and Performance Summaries

    3  

Schedules of Investments

    16  

Financial Statements

    63  

Financial Highlights

    67  

MarketBeta® Emerging Markets Equity ETF

    67  

MarketBeta® International Equity ETF

    68  

MarketBeta® U.S. Equity ETF

    69  

Notes to Financial Statements

    70  

Report of Independent Registered Public Accounting Firm

    83  

Other Information

    84  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


INVESTMENT PROCESS

 

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.

 

 

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.

 

 

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.

 

 

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
 
  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
 
  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

 

     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.

 

LOGO

 

Average Annual Total Return through August 31, 2022*      One Year      Since Inception

Shares based on NAV (Commenced May 12, 2020)

     -20.01%      6.67%

 

Shares based on Market Price (Commenced May 12, 2020)

     -20.22%      6.56%

 

Solactive GBS Emerging Markets Large & Mid Cap Index

     -20.08%      6.93%

 

 

*   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.

 

LOGO

 

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.

 

LOGO

 

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

 

Schedule of Investments

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