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) | ||||
Goldman Sachs MarketBeta® ETFs
| ∎ |
MarketBeta® Emerging Markets Equity ETF |
| ∎ |
MarketBeta® International Equity ETF |
| ∎ |
MarketBeta® U.S. Equity ETF |
| 1 | ||||
| 3 | ||||
| 16 | ||||
| 63 | ||||
| 67 | ||||
| 67 | ||||
| 68 | ||||
| 69 | ||||
| 70 | ||||
| 83 | ||||
| 84 | ||||
| NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
Goldman Sachs MarketBeta® Equity ETFs
Principal Investment Strategies
The investment objective of each of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF (each, a “Fund”), is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective underlying index (each, an “Index”).
Each Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
MarketBeta® Emerging Markets Equity ETF
The Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2022, the Index consisted of 1,662 securities with a market capitalization range of between approximately $70.3 million and $2,195.0 billion from issuers in the following emerging market countries: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hong Kong, Hungary, India, Indonesia, Kuwait, Luxembourg, Malaysia, Mexico, Pakistan, Peru, the Philippines, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in an emerging market country if it is organized under the laws of the emerging market country and it is primarily listed in the emerging market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
MarketBeta® International Equity ETF
The Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2022, the Index consisted of 1,031 securities with a market capitalization range of between approximately $545.4 million and $327.6 billion from issuers in the following developed market countries: Australia, Austria, Belgium, Chile, China, Curacao, the Czech Republic, Denmark, Faeroe Island, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Jordan, Luxembourg, Macao, Malaysia, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in a developed market country if it is organized under the laws of the developed market country and it is primarily listed in the developed market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
1
INVESTMENT PROCESS
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
MarketBeta® U.S. Equity ETF
The Solactive GBS United States Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2022, the Index consisted of 534 securities with a market capitalization range of between approximately $4.1 billion and $2,526.6 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times. Solactive AG (“Solactive” or the “Index Provider”) will deem an issuer to be a U.S. issuer if it is organized under the laws of the U.S. and it is primarily listed in the U.S.; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
All Above Funds
Each Fund seeks to invest in the respective Index components in approximately the same weighting that such components have within the respective Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the respective Index in the approximate respective Index weight. In these circumstances, the Fund may purchase a sample of securities in the respective Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in each Fund’s Index, purchase securities not in each Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
Each Index is owned and calculated by Solactive.
Each Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, each Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the respective Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.
Each Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the respective Index is concentrated. The degree to which components of the respective Index represent certain sectors or industries may change over time.
* * *
At the end of the Reporting Period, i.e. August 31, 2022, we maintained conviction in our principal investment strategies, as each Fund continues to seek to provide efficient and diversified access to approximately 85% of the broad equity market represented by each respective Index in one portfolio.
Effective on April 4, 2022, Jamie McGregor no longer served as a portfolio manager for the Funds. In addition, effective the same date, Matthew Maillet served as a portfolio manager for the Funds. Effective June 17, 2022, Matthew Maillet no longer served as a portfolio manager for the Funds. Raj Garigipati, Managing Director, continues to serve as a portfolio manager for the Funds, as he has since their inception.
2
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® Emerging Markets Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A | During the Reporting Period, the Fund returned -20.01% based on net asset value (“NAV”) and -20.22% based on market price. The Index returned -20.08% during the same period. |
|
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.
| 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.
| Average Annual Total Return through August 31, 2022* | One Year | Since Inception | ||||
|
Shares based on NAV (Commenced May 12, 2020) |
-19.80% | 7.44% | ||||
|
| ||||||
|
Shares based on Market Price (Commenced May 12, 2020) |
-20.62% | 7.11% | ||||
|
| ||||||
|
Solactive GBS Developed Markets ex North America Large & Mid Cap Index |
-19.84% | 7.44% | ||||
|
| ||||||
| * | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
10
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® U.S. Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® U.S. Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2022 (the “Reporting Period”).
| Q | How did the Fund perform during the Reporting Period? |
| A |
During the Reporting Period, the Fund returned -13.41% based on net asset value (“NAV”) and -13.43% based on market price. The Index returned -13.39% during the same period. |
|
The Fund had an NAV of $63.07 per share on August 31, 2021 and ended the Reporting Period with an NAV of $53.96 per share. The Fund’s market price on August 31, 2022 was $53.97 per share. |
| Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
| A |
The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
|
Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Index. |
| Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which contributed least? |
| A |
Index constituents in the energy, utilities and consumer staples sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the information technology, communication services and consumer discretionary sectors contributed least to the Index’s results during the Reporting Period. |
| Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
| A |
Positions in integrated energy companies Exxon Mobil and Chevron and in health care company UnitedHealth Group contributed most (1.19%, 0.90% and 1.43% of Fund net assets as of August 31, 2022, respectively). Each of these holdings posted a double-digit positive return within the Index during the Reporting Period. |
| Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
| A |
Positions in communication services giant Meta Platforms, e-commerce retailing behemoth Amazon.com and software leader Microsoft contributed least (1.10%, 3.32% and 5.69% of Fund net assets as of August 31, 2022, respectively). Each of these holdings generated a double-digit negative return within the Index during the Reporting Period. |
| Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
| A |
The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
11
PORTFOLIO RESULTS
| Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
| Sector Name | Fund2 | Solactive Index |
||||||||
| Information Technology | 28.18 | % | 28.18 | % | ||||||
| Health Care | 14.12 | 14.12 | ||||||||
| Consumer Discretionary | 11.68 | 11.68 | ||||||||
| Financials | 10.52 | 10.52 | ||||||||
| Communication Services | 8.44 | 8.44 | ||||||||
| Industrials | 7.74 | 7.74 | ||||||||
| Consumer Staples | 6.65 | 6.65 | ||||||||
| Energy | 4.54 | 4.54 | ||||||||
| Utilities | 3.06 | 3.06 | ||||||||
| Real Estate | 2.55 | 2.55 | ||||||||
| Materials | 2.36 | 2.36 | ||||||||
| 1 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.3% of the Fund’s net assets as of August 31, 2022. Figures above may not sum to 100% due to rounding due to the presence of cash. |
| 2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index. |
12
FUND BASICS
MarketBeta® U.S. Equity ETF
as of August 31, 2022
| FUND SNAPSHOT |
| |||||
| As of August 31, 2022 | ||||||
| Market Price1 | $ | 53.97 | ||||
| Net Asset Value (NAV)1 | $ | 53.96 | ||||
| 1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs. |
| TOP 10 HOLDINGS AS OF 8/31/222 | ||||||||||
| Holding | % of Net Assets | Line of Business | Country | |||||||
| Apple, Inc. | 7.5 | % | Information Technology | United States | ||||||
| Microsoft Corp. | 5.7 | Information Technology | United States | |||||||
| Amazon.com, Inc. | 3.3 | Consumer Discretionary | United States | |||||||
|
Tesla, Inc. |
2.1 | Consumer Discretionary | United States | |||||||
| Alphabet, Inc., Class A | 1.9 | Communication Services | United States | |||||||
| Alphabet, Inc., Class C | 1.7 | Communication Services | United States | |||||||
| UnitedHealth Group, Inc. | 1.4 | Health Care | United States | |||||||
| Johnson & Johnson | 1.3 | Health Care | United States | |||||||
| Exxon Mobil Corp. | 1.2 | Energy | United States | |||||||
| Meta Platforms, Inc., Class A | 1.1 | Communication Services | United States | |||||||
| 2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
13
MARKETBETA® U.S. EQUITY ETF
Performance Summary
August 31, 2022
The following graph shows the value, as of August 31, 2022, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Solactive GBS United States Large & Mid Cap Index, is shown. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
| MarketBeta® U.S. Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2022.
| Average Annual Total Return through August 31, 2022* | One Year | Since Inception | ||||
|
Shares based on NAV (Commenced May 12, 2020) |
-13.41% | 16.20% | ||||
|
| ||||||
|
Shares based on Market Price (Commenced May 12, 2020) |
-13.43% | 16.21% | ||||
|
| ||||||
|
Solactive GBS United States Large & Mid Cap Index |
-13.39% | 16.28% | ||||
|
| ||||||
| * | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
14
FUND BASICS
Index Definitions and Industry Terms
Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
The Solactive GBS Emerging Markets Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
The Solactive GBS Developed Markets ex North America Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
The Solactive GBS United States Large & Mid Cap Index is designed to measure the performance of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
15
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – 96.5% | ||||||||
| Brazil – 4.0% | ||||||||
| 21,576 | Ambev SA (Consumer Staples) | $ | 63,591 | |||||
| 3,138 | Americanas SA (Consumer Discretionary) | 9,897 | ||||||
| 2,611 | Atacadao SA (Consumer Staples) | 9,953 | ||||||
| 29,654 | B3 SA – Brasil Bolsa Balcao (Financials) | 67,825 | ||||||
| 7,528 | Banco Bradesco SA (Financials) | 23,016 | ||||||
| 7,288 | Banco BTG Pactual SA (Financials) | 35,800 | ||||||
| 4,216 | Banco do Brasil SA (Financials) | 33,925 | ||||||
| 1,747 | Banco Santander Brasil SA (Financials) | 9,903 | ||||||
| 3,311 | BB Seguridade Participacoes SA (Financials) | 18,073 | ||||||
| 160 | Bradespar SA (Materials) | 647 | ||||||
| 3,680 | BRF SA (Consumer Staples)* | 11,258 | ||||||
| 2,769 | Caixa Seguridade Participacoes SA (Financials) | 4,869 | ||||||
| 5,660 | CCR SA (Industrials) | 15,065 | ||||||
| 2,971 | Centrais Eletricas Brasileiras SA (Utilities) | 26,441 | ||||||
| 1,725 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 16,364 | ||||||
| 1,366 | Cia Energetica de Minas Gerais (Utilities) | 4,835 | ||||||
| 2,931 | Cia Siderurgica Nacional SA (Materials) | 7,807 | ||||||
| 5,857 | Cosan SA (Energy) | 22,587 | ||||||
| 953 | CPFL Energia SA (Utilities) | 6,432 | ||||||
| 3,127 | CSN Mineracao SA (Materials) | 2,185 | ||||||
| 359 | Diagnosticos da America SA (Health Care) | 1,455 | ||||||
| 1,303 | Energisa SA (Utilities) | 10,636 | ||||||
| 6,385 | Eneva SA (Utilities)* | 19,102 | ||||||
| 852 | Engie Brasil Energia SA (Utilities) | 6,660 | ||||||
| 4,663 | Equatorial Energia SA (Utilities) | 21,762 | ||||||
| 22,280 | Hapvida Participacoes e Investimentos SA (Health Care)(a) | 31,306 | ||||||
| 2,044 | Hypera SA (Health Care) | 16,992 | ||||||
| 2,285 | Itau Unibanco Holding SA (Financials) | 9,764 | ||||||
| 3,982 | Klabin SA (Materials) | 14,472 | ||||||
| 2,918 | Localiza Rent a Car SA (Industrials) | 34,255 | ||||||
| 4,834 | Lojas Renner SA (Consumer Discretionary) | 24,697 | ||||||
| 14,058 | Magazine Luiza SA (Consumer Discretionary)* | 11,586 | ||||||
| 1,435 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 6,675 | ||||||
| 4,408 | Natura & Co. Holding SA (Consumer Staples) | 12,269 | ||||||
| 1,111 | Neoenergia SA (Utilities) | 3,545 | ||||||
| 7,644 | NU Holdings Ltd., Class A (Financials)* | 37,456 | ||||||
| 1,023 | Pagseguro Digital Ltd., Class A (Information Technology)* | 15,897 | ||||||
| 3,313 | Petro Rio SA (Energy)* | 17,463 | ||||||
| 18,068 | Petroleo Brasileiro SA (Energy) | 129,625 | ||||||
| 923 | Porto Seguro SA (Financials) | 3,761 | ||||||
| 5,620 | Raia Drogasil SA (Consumer Staples) | 23,604 | ||||||
| 3,855 | Rede D’Or Sao Luiz SA (Health Care)(a) | 24,800 | ||||||
| 5,968 | Rumo SA (Industrials) | 23,280 | ||||||
| 3,630 | Sendas Distribuidora SA (Consumer Staples) | 12,885 | ||||||
| 1,055 | StoneCo Ltd., Class A (Information Technology)* | 10,001 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Brazil – (continued) | ||||||||
| 3,858 | Suzano SA (Materials) | 32,958 | ||||||
| 2,055 | Telefonica Brasil SA (Communication Services) | 16,318 | ||||||
| 4,102 | TIM SA (Communication Services) | 9,366 | ||||||
| 2,438 | TOTVS SA (Information Technology) | 13,435 | ||||||
| 3,602 | Ultrapar Participacoes SA (Energy) | 9,407 | ||||||
| 464 | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | 727 | ||||||
| 19,769 | Vale SA (Materials) | 246,111 | ||||||
| 3,411 | Vibra Energia SA (Consumer Discretionary) | 12,088 | ||||||
| 7,392 | WEG SA (Industrials) | 40,363 | ||||||
| 1,289 | XP, Inc., Class A (Financials)* | 24,800 | ||||||
|
|
|
|||||||
| 1,319,994 | ||||||||
|
|
|
|||||||
| Chile – 0.4% | ||||||||
| 212,110 | Banco de Chile (Financials) | 20,206 | ||||||
| 341 | Banco de Credito e Inversiones SA (Financials) | 10,086 | ||||||
| 303,360 | Banco Santander Chile (Financials) | 12,235 | ||||||
| 6,313 | Cencosud SA (Consumer Staples) | 8,862 | ||||||
| 2,589 | Cencosud Shopping SA (Real Estate) | 3,684 | ||||||
| 690 | Cia Cervecerias Unidas SA (Consumer Staples) | 3,765 | ||||||
| 90,343 | Cia Sud Americana de Vapores SA (Industrials) | 8,537 | ||||||
| 5,389 | Empresas CMPC SA (Materials) | 10,264 | ||||||
| 1,932 | Empresas Copec SA (Energy) | 16,733 | ||||||
| 96,751 | Enel Americas SA (Utilities) | 10,525 | ||||||
| 132,901 | Enel Chile SA (Utilities) | 4,380 | ||||||
| 4,197 | Falabella SA (Consumer Discretionary) | 9,931 | ||||||
| 2,290 | Quinenco SA (Industrials) | 5,944 | ||||||
|
|
|
|||||||
| 125,152 | ||||||||
|
|
|
|||||||
| China – 30.0% | ||||||||
| 2,300 | 360 Security Technology, Inc., Class A (Information Technology) | 2,442 | ||||||
| 700 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 2,068 | ||||||
| 3,427 | AAC Technologies Holdings, Inc. (Information Technology) | 6,383 | ||||||
| 200 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology)* | 3,574 | ||||||
| 716 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 4,775 | ||||||
| 25,954 | Agricultural Bank of China Ltd., Class A (Financials) | 10,730 | ||||||
| 150,758 | Agricultural Bank of China Ltd., Class H (Financials) | 49,364 | ||||||
| 2,089 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 8,915 | ||||||
| 2,153 | Air China Ltd., Class A (Industrials)* | 3,220 | ||||||
| 8,948 | Air China Ltd., Class H (Industrials)* | 7,194 | ||||||
| 647 | Airtac International Group (Industrials)* | 17,515 | ||||||
|
|
|
|||||||
| 16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 9,277 | Alibaba Group Holding Ltd. ADR (Consumer Discretionary)* | $ | 885,119 | |||||
| 4,025 | Aluminum Corp. of China Ltd., Class A (Materials) | 2,633 | ||||||
| 19,046 | Aluminum Corp. of China Ltd., Class H (Materials) | 7,037 | ||||||
| 200 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)* | 2,500 | ||||||
| 1,793 | Angang Steel Co. Ltd., Class A (Materials) | 754 | ||||||
| 7,799 | Angang Steel Co. Ltd., Class H (Materials) | 2,444 | ||||||
| 162 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 1,141 | ||||||
| 1,200 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 5,556 | ||||||
| 5,802 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 22,176 | ||||||
| 364 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 13,473 | ||||||
| 130 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 953 | ||||||
| 200 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 1,554 | ||||||
| 100 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 2,250 | ||||||
| 5,954 | ANTA Sports Products Ltd. (Consumer Discretionary) | 71,989 | ||||||
| 300 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 785 | ||||||
| 91 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 2,265 | ||||||
| 107 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)(a) | 1,474 | ||||||
| 349 | Autohome, Inc. ADR (Communication Services) | 12,428 | ||||||
| 341 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 1,467 | ||||||
| 1,256 | AVIC Electromechanical Systems Co. Ltd., Class A (Industrials) | 2,022 | ||||||
| 3,327 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 1,631 | ||||||
| 1,352 | Baidu, Inc. ADR (Communication Services)* | 194,647 | ||||||
| 6,442 | Bank of Beijing Co. Ltd., Class A (Financials) | 3,859 | ||||||
| 1,304 | Bank of Chengdu Co. Ltd., Class A (Financials) | 2,968 | ||||||
| 11,977 | Bank of China Ltd., Class A (Financials) | 5,282 | ||||||
| 410,120 | Bank of China Ltd., Class H (Financials) | 144,216 | ||||||
| 11,844 | Bank of Communications Co. Ltd., Class A (Financials) | 7,869 | ||||||
| 35,636 | Bank of Communications Co. Ltd., Class H (Financials) | 20,340 | ||||||
| 1,939 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 4,031 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 4,770 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 5,017 | ||||||
| 2,940 | Bank of Nanjing Co. Ltd., Class A (Financials) | 4,529 | ||||||
| 1,914 | Bank of Ningbo Co. Ltd., Class A (Financials) | 8,282 | ||||||
| 4,260 | Bank of Shanghai Co. Ltd., Class A (Financials) | 3,652 | ||||||
| 1,948 | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | 723 | ||||||
| 6,595 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 5,099 | ||||||
| 2,500 | BBMG Corp., Class A (Materials) | 950 | ||||||
| 11,543 | BBMG Corp., Class H (Materials) | 1,559 | ||||||
| 392 | BeiGene Ltd. ADR (Health Care)* | 67,291 | ||||||
| 1,300 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples)* | 1,631 | ||||||
| 100 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 1,141 | ||||||
| 800 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 1,073 | ||||||
| 2,426 | Beijing Enterprises Holdings Ltd. (Utilities) | 7,233 | ||||||
| 20,271 | Beijing Enterprises Water Group Ltd. (Utilities) | 5,217 | ||||||
| 200 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 5,226 | ||||||
| 383 | Beijing New Building Materials PLC, Class A (Industrials) | 1,461 | ||||||
| 900 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 719 | ||||||
| 420 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 794 | ||||||
| 700 | Beijing Shougang Co. Ltd., Class A (Materials) | 418 | ||||||
| 200 | Beijing Shunxin Agriculture Co. Ltd., Class A (Consumer Staples) | 693 | ||||||
| 468 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 1,513 | ||||||
| 145 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 2,084 | ||||||
| 145 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 2,685 | ||||||
| 14,900 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 10,007 | ||||||
| 100 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 658 | ||||||
| 165 | BGI Genomics Co. Ltd., Class A (Health Care) | 1,445 | ||||||
| 1,157 | Bilibili, Inc. ADR (Communication Services)*(b) | 28,879 | ||||||
| 200 | Bloomage Biotechnology Corp. Ltd., Class A (Health Care) | 4,150 | ||||||
| 6,785 | Blue Moon Group Holdings Ltd. (Consumer Staples)(a) | 5,187 | ||||||
| 17,600 | BOC Hong Kong Holdings Ltd. (Financials) | 60,768 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 700 | BOC International China Co. Ltd., Class A (Financials) | $ | 1,270 | |||||
| 11,022 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 5,916 | ||||||
| 14,036 | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)*(c) | 6,457 | ||||||
| 587 | BYD Co. Ltd., Class A (Consumer Discretionary) | 24,522 | ||||||
| 4,274 | BYD Co. Ltd., Class H (Consumer Discretionary) | 131,887 | ||||||
| 554 | By-health Co. Ltd., Class A (Consumer Staples) | 1,499 | ||||||
| 1,304 | Caitong Securities Co. Ltd., Class A (Financials) | 1,436 | ||||||
| 421 | CanSino Biologics, Inc., Class H (Health Care)(a) | 2,642 | ||||||
| 1,600 | CECEP Wind-Power Corp., Class A (Utilities) | 1,158 | ||||||
| 4,300 | CGN Power Co. Ltd., Class A (Utilities) | 1,753 | ||||||
| 55,748 | CGN Power Co. Ltd., Class H (Utilities)(a) | 13,282 | ||||||
| 100 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 2,569 | ||||||
| 1,988 | Changjiang Securities Co. Ltd., Class A (Financials) | 1,641 | ||||||
| 100 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 2,035 | ||||||
| 619 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 2,433 | ||||||
| 200 | Chengxin Lithium Group Co. Ltd., Class A (Materials) | 1,543 | ||||||
| 500 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials)* | 1,413 | ||||||
| 800 | China Baoan Group Co. Ltd., Class A (Industrials) | 1,713 | ||||||
| 12,635 | China Bohai Bank Co. Ltd., Class H (Financials)(a) | 2,093 | ||||||
| 44,304 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 6,096 | ||||||
| 1,728 | China CITIC Bank Corp. Ltd., Class A (Financials) | 1,123 | ||||||
| 46,780 | China CITIC Bank Corp. Ltd., Class H (Financials) | 20,086 | ||||||
| 1,239 | China Coal Energy Co. Ltd., Class A (Energy) | 1,794 | ||||||
| 10,988 | China Coal Energy Co. Ltd., Class H (Energy) | 9,814 | ||||||
| 7,295 | China Conch Venture Holdings Ltd. (Industrials) | 14,927 | ||||||
| 2,822 | China Construction Bank Corp., Class A (Financials) | 2,260 | ||||||
| 458,023 | China Construction Bank Corp., Class H (Financials) | 284,191 | ||||||
| 1,300 | China CSSC Holdings Ltd., Class A (Industrials) | 4,722 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 3,032 | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | 2,160 | ||||||
| 10,452 | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | 3,609 | ||||||
| 9,800 | China Energy Engineering Corp. Ltd. (Industrials) | 3,213 | ||||||
| 40,165 | China Energy Engineering Corp. Ltd., Class H (Industrials)(b) | 4,759 | ||||||
| 12,273 | China Everbright Bank Co. Ltd., Class A (Financials) | 5,110 | ||||||
| 36,926 | China Everbright Bank Co. Ltd., Class H (Financials) | 11,338 | ||||||
| 17,102 | China Everbright Environment Group Ltd. (Industrials) | 8,476 | ||||||
| 14,770 | China Evergrande Group (Real Estate)*(c) | 3,105 | ||||||
| 11,416 | China Feihe Ltd. (Consumer Staples)*(a) | 9,469 | ||||||
| 1,239 | China Galaxy Securities Co. Ltd., Class A (Financials) | 1,779 | ||||||
| 18,535 | China Galaxy Securities Co. Ltd., Class H (Financials) | 10,154 | ||||||
| 700 | China Great Wall Securities Co. Ltd., Class A (Financials) | 943 | ||||||
| 1,109 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | 1,461 | ||||||
| 14,093 | China Hongqiao Group Ltd. (Materials) | 13,754 | ||||||
| 300 | China International Capital Corp. Ltd., Class A (Financials) | 1,815 | ||||||
| 7,509 | China International Capital Corp. Ltd., Class H (Financials)(a) | 13,260 | ||||||
| 831 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 978 | ||||||
| 2,433 | China International Marine Containers Group Co. Ltd., Class H (Industrials) | 2,024 | ||||||
| 32,443 | China Jinmao Holdings Group Ltd. (Real Estate) | 6,862 | ||||||
| 1,187 | China Jushi Co. Ltd., Class A (Materials) | 2,481 | ||||||
| 5,197 | China Lesso Group Holdings Ltd. (Industrials) | 6,198 | ||||||
| 684 | China Life Insurance Co. Ltd., Class A (Financials) | 3,046 | ||||||
| 36,495 | China Life Insurance Co. Ltd., Class H (Financials) | 52,449 | ||||||
| 1,829 | China Literature Ltd. (Communication Services)*(a) | 7,457 | ||||||
| 15,569 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 25,231 | ||||||
| 2,842 | China Meidong Auto Holdings Ltd. (Consumer Discretionary) | 5,822 | ||||||
| 6,141 | China Merchants Bank Co. Ltd., Class A (Financials) | 31,224 | ||||||
| 20,172 | China Merchants Bank Co. Ltd., Class H (Financials) | 103,573 | ||||||
| 700 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 768 | ||||||
| 6,336 | China Merchants Port Holdings Co. Ltd. (Industrials) | 9,526 | ||||||
|
|
|
|||||||
| 18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 2,194 | China Merchants Securities Co. Ltd., Class A (Financials) | $ | 4,217 | |||||
| 2,190 | China Merchants Securities Co. Ltd., Class H (Financials)(a) | 2,009 | ||||||
| 1,900 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 4,030 | ||||||
| 300 | China Minmetals Rare Earth Co. Ltd., Class A (Materials)* | 1,146 | ||||||
| 11,300 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 5,901 | ||||||
| 35,151 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 11,196 | ||||||
| 19,801 | China National Building Material Co. Ltd., Class H (Materials) | 18,770 | ||||||
| 1,800 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 2,251 | ||||||
| 5,500 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 5,082 | ||||||
| 1,076 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 4,704 | ||||||
| 300 | China Oilfield Services Ltd., Class A (Energy) | 637 | ||||||
| 9,161 | China Oilfield Services Ltd., Class H (Energy) | 9,524 | ||||||
| 23,565 | China Overseas Land & Investment Ltd. (Real Estate) | 63,650 | ||||||
| 1,939 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 5,898 | ||||||
| 12,638 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 26,825 | ||||||
| 10,283 | China Petroleum & Chemical Corp., Class A (Energy) | 6,369 | ||||||
| 122,417 | China Petroleum & Chemical Corp., Class H (Energy) | 57,864 | ||||||
| 24,256 | China Power International Development Ltd. (Utilities) | 13,598 | ||||||
| 6,626 | China Railway Group Ltd., Class A (Industrials) | 5,527 | ||||||
| 20,228 | China Railway Group Ltd., Class H (Industrials) | 11,597 | ||||||
| 1,851 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 1,189 | ||||||
| 9,078 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)(a) | 2,857 | ||||||
| 33,961 | China Reinsurance Group Corp., Class H (Financials) | 2,510 | ||||||
| 6,982 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 48,792 | ||||||
| 10,707 | China Resources Cement Holdings Ltd. (Materials) | 6,616 | ||||||
| 4,505 | China Resources Gas Group Ltd. (Utilities) | 17,592 | ||||||
| 14,133 | China Resources Land Ltd. (Real Estate) | 58,071 | ||||||
| 300 | China Resources Microelectronics Ltd., Class A (Information Technology) | 2,280 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 2,670 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)(a) | 12,144 | ||||||
| 8,987 | China Resources Power Holdings Co. Ltd. (Utilities) | 17,931 | ||||||
| 300 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 1,719 | ||||||
| 1,934 | China Shenhua Energy Co. Ltd., Class A (Energy) | 8,512 | ||||||
| 16,565 | China Shenhua Energy Co. Ltd., Class H (Energy) | 52,129 | ||||||
| 1,207 | China Southern Airlines Co. Ltd., Class A (Industrials)* | 1,128 | ||||||
| 9,059 | China Southern Airlines Co. Ltd., Class H (Industrials)* | 4,905 | ||||||
| 12,700 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 9,469 | ||||||
| 8,929 | China State Construction International Holdings Ltd. (Industrials) | 10,330 | ||||||
| 500 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 827 | ||||||
| 9,174 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 4,126 | ||||||
| 7,355 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 7,534 | ||||||
| 8,400 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 7,433 | ||||||
| 622 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 17,640 | ||||||
| 212,804 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 26,570 | ||||||
| 9,300 | China United Network Communications Ltd., Class A (Communication Services) | 4,789 | ||||||
| 2,912 | China Vanke Co. Ltd., Class A (Real Estate) | 7,025 | ||||||
| 9,617 | China Vanke Co. Ltd., Class H (Real Estate) | 18,820 | ||||||
| 6,893 | China Yangtze Power Co. Ltd., Class A (Utilities) | 23,978 | ||||||
| 200 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 3,255 | ||||||
| 5,397 | China Zheshang Bank Co. Ltd., Class A (Financials)* | 2,544 | ||||||
| 181 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 2,933 | ||||||
| 4,313 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 9,085 | ||||||
| 2,800 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 1,454 | ||||||
| 12,477 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 4,324 | ||||||
| 430 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 5,867 | ||||||
| 18,538 | CIFI Holdings Group Co. Ltd. (Real Estate)(b) | 4,724 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 31,202 | CITIC Ltd. (Industrials) | $ | 32,240 | |||||
| 200 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 574 | ||||||
| 3,760 | CITIC Securities Co. Ltd., Class A (Financials) | 10,647 | ||||||
| 11,119 | CITIC Securities Co. Ltd., Class H (Financials) | 22,610 | ||||||
| 5,548 | CMOC Group Ltd., Class A (Materials) | 3,960 | ||||||
| 18,364 | CMOC Group Ltd., Class H (Materials) | 8,236 | ||||||
| 1,100 | CNPC Capital Co. Ltd., Class A (Industrials) | 775 | ||||||
| 726 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials)* | 50,868 | ||||||
| 2,900 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 1,207 | ||||||
| 18,028 | COSCO SHIPPING Development Co. Ltd., Class H (Industrials) | 2,733 | ||||||
| 1,100 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy)* | 2,250 | ||||||
| 6,936 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy)* | 5,267 | ||||||
| 3,741 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 7,706 | ||||||
| 15,618 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 23,440 | ||||||
| 43,500 | Country Garden Holdings Co. Ltd. (Real Estate) | 12,913 | ||||||
| 9,320 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 18,476 | ||||||
| 7,400 | CRRC Corp. Ltd., Class A (Industrials) | 5,378 | ||||||
| 22,110 | CRRC Corp. Ltd., Class H (Industrials) | 8,282 | ||||||
| 1,200 | CSC Financial Co. Ltd., Class A (Financials) | 4,637 | ||||||
| 5,024 | CSC Financial Co. Ltd., Class H (Financials)(a) | 4,730 | ||||||
| 10,994 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 5,029 | ||||||
| 4,400 | Daqin Railway Co. Ltd., Class A (Industrials) | 4,117 | ||||||
| 224 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 1,085 | ||||||
| 1,793 | Datang International Power Generation Co. Ltd., Class A (Utilities)* | 835 | ||||||
| 15,662 | Datang International Power Generation Co. Ltd., Class H (Utilities)* | 3,233 | ||||||
| 900 | DHC Software Co. Ltd., Class A (Information Technology) | 760 | ||||||
| 200 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 1,178 | ||||||
| 195 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 969 | ||||||
| 744 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 2,126 | ||||||
| 2,028 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 2,703 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 14,005 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 8,904 | ||||||
| 944 | Dongxing Securities Co. Ltd., Class A (Financials) | 1,138 | ||||||
| 3,791 | East Money Information Co. Ltd., Class A (Financials) | 12,209 | ||||||
| 200 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 2,367 | ||||||
| 3,731 | ENN Energy Holdings Ltd. (Utilities) | 54,381 | ||||||
| 600 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 1,788 | ||||||
| 593 | Eve Energy Co. Ltd., Class A (Industrials) | 8,171 | ||||||
| 1,368 | Everbright Securities Co. Ltd., Class A (Financials) | 3,183 | ||||||
| 12,467 | Evergrande Property Services Group Ltd. (Real Estate)*(a)(c) | 3,653 | ||||||
| 1,381 | Fangda Carbon New Material Co. Ltd., Class A (Industrials)* | 1,396 | ||||||
| 719 | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | 851 | ||||||
| 1,300 | First Capital Securities Co. Ltd., Class A (Financials) | 1,162 | ||||||
| 344 | Flat Glass Group Co. Ltd., Class A (Information Technology)* | 1,998 | ||||||
| 2,076 | Flat Glass Group Co. Ltd., Class H (Information Technology)* | 6,864 | ||||||
| 4,843 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 4,257 | ||||||
| 1,020 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 11,920 | ||||||
| 2,347 | Founder Securities Co. Ltd., Class A (Financials) | 2,366 | ||||||
| 2,952 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 3,978 | ||||||
| 325 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 1,052 | ||||||
| 4,567 | Full Truck Alliance Co. Ltd. ADR (Industrials)* | 36,079 | ||||||
| 584 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 3,309 | ||||||
| 3,039 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a) | 14,520 | ||||||
| 420 | Ganfeng Lithium Co. Ltd., Class A (Materials) | 5,221 | ||||||
| 1,702 | Ganfeng Lithium Co. Ltd., Class H (Materials)(a) | 15,038 | ||||||
| 5,400 | GD Power Development Co. Ltd., Class A (Utilities)* | 3,408 | ||||||
| 875 | GDS Holdings Ltd. ADR (Information Technology)*(b) | 23,835 | ||||||
| 1,400 | GEM Co. Ltd., Class A (Materials) | 1,696 | ||||||
| 1,263 | Gemdale Corp., Class A (Real Estate) | 2,136 | ||||||
| 6,521 | Genscript Biotech Corp. (Health Care)* | 21,144 | ||||||
| 1,791 | GF Securities Co. Ltd., Class A (Financials) | 4,271 | ||||||
|
|
|
|||||||
| 20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 6,681 | GF Securities Co. Ltd., Class H (Financials) | $ | 8,750 | |||||
| 400 | Giant Network Group Co. Ltd., Class A (Communication Services) | 500 | ||||||
| 182 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 3,062 | ||||||
| 150 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 4,999 | ||||||
| 1,074 | GoerTek, Inc., Class A (Information Technology) | 5,060 | ||||||
| 400 | Gotion High-tech Co. Ltd., Class A (Industrials) | 1,994 | ||||||
| 684 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 3,320 | ||||||
| 15,486 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 23,440 | ||||||
| 1,800 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Discretionary) | 8,337 | ||||||
| 4,099 | Greentown China Holdings Ltd. (Real Estate) | 7,771 | ||||||
| 454 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 4,017 | ||||||
| 14,182 | Guangdong Investment Ltd. (Utilities) | 13,010 | ||||||
| 100 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 1,385 | ||||||
| 2,000 | Guanghui Energy Co. Ltd., Class A (Energy) | 3,670 | ||||||
| 736 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 1,485 | ||||||
| 13,763 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 11,889 | ||||||
| 390 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,539 | ||||||
| 1,312 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 3,163 | ||||||
| 181 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1,751 | ||||||
| 195 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 1,912 | ||||||
| 600 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 4,139 | ||||||
| 845 | Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials) | 793 | ||||||
| 1,433 | Guosen Securities Co. Ltd., Class A (Financials) | 1,923 | ||||||
| 2,348 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 5,038 | ||||||
| 4,347 | Guotai Junan Securities Co. Ltd., Class H (Financials)(a) | 5,167 | ||||||
| 1,401 | Guoyuan Securities Co. Ltd., Class A (Financials) | 1,488 | ||||||
| 713 | H World Group Ltd. ADR (Consumer Discretionary) | 26,830 | ||||||
| 7,099 | Haidilao International Holding Ltd. (Consumer Discretionary)*(a) | 16,823 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,995 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 7,487 | ||||||
| 11,351 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 37,312 | ||||||
| 2,992 | Haitong Securities Co. Ltd., Class A (Financials) | 4,115 | ||||||
| 14,762 | Haitong Securities Co. Ltd., Class H (Financials) | 9,686 | ||||||
| 253 | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 1,095 | ||||||
| 411 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 3,868 | ||||||
| 200 | Hangzhou Lion Electronics Co. Ltd., Class A (Information Technology) | 1,545 | ||||||
| 260 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 949 | ||||||
| 300 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 1,726 | ||||||
| 215 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 3,379 | ||||||
| 674 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a) | 6,707 | ||||||
| 5,424 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 10,850 | ||||||
| 200 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 1,093 | ||||||
| 700 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | 2,722 | ||||||
| 2,972 | Hengan International Group Co. Ltd. (Consumer Staples) | 14,237 | ||||||
| 1,799 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 5,011 | ||||||
| 1,297 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 1,703 | ||||||
| 3,946 | Hesteel Co. Ltd., Class A (Materials) | 1,385 | ||||||
| 130 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 1,605 | ||||||
| 280 | Hongfa Technology Co. Ltd., Class A (Industrials) | 1,530 | ||||||
| 100 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 1,628 | ||||||
| 3,818 | Hua Hong Semiconductor Ltd. (Information Technology)*(a) | 11,285 | ||||||
| 1,967 | Huadian Power International Corp. Ltd., Class A (Utilities) | 1,558 | ||||||
| 8,562 | Huadian Power International Corp. Ltd., Class H (Utilities)(b) | 3,523 | ||||||
| 419 | Huadong Medicine Co. Ltd., Class A (Health Care) | 2,563 | ||||||
| 1,200 | Huafon Chemical Co. Ltd., Class A (Materials) | 1,309 | ||||||
| 700 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 1,502 | ||||||
| 619 | Hualan Biological Engineering, Inc., Class A (Health Care) | 1,774 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,793 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | $ | 1,891 | |||||
| 2,477 | Huaneng Power International, Inc., Class A (Utilities)* | 2,939 | ||||||
| 20,506 | Huaneng Power International, Inc., Class H (Utilities)* | 10,503 | ||||||
| 2,300 | Huatai Securities Co. Ltd., Class A (Financials) | 4,384 | ||||||
| 6,494 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 8,704 | ||||||
| 879 | Huaxi Securities Co. Ltd., Class A (Financials) | 1,023 | ||||||
| 3,759 | Huaxia Bank Co. Ltd., Class A (Financials) | 2,803 | ||||||
| 400 | Huaxin Cement Co. Ltd., Class A (Materials) | 1,007 | ||||||
| 1,101 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 2,982 | ||||||
| 1,200 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 856 | ||||||
| 300 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 1,682 | ||||||
| 200 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 4,439 | ||||||
| 400 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 1,082 | ||||||
| 2,200 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 1,423 | ||||||
| 460 | Hundsun Technologies, Inc., Class A (Information Technology) | 2,245 | ||||||
| 698 | Iflytek Co. Ltd., Class A (Information Technology) | 3,796 | ||||||
| 100 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 8,109 | ||||||
| 18,818 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 11,957 | ||||||
| 383,187 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 195,283 | ||||||
| 6,180 | Industrial Bank Co. Ltd., Class A (Financials) | 15,339 | ||||||
| 1,977 | Industrial Securities Co. Ltd., Class A (Financials)* | 1,781 | ||||||
| 100 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 1,183 | ||||||
| 15,046 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | 4,387 | ||||||
| 1,120 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 2,859 | ||||||
| 2,967 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 1,872 | ||||||
| 1,834 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 9,508 | ||||||
| 1,100 | Inner Mongolia Yuan Xing Energy Co. Ltd., Class A (Materials) | 1,358 | ||||||
| 3,843 | Innovent Biologics, Inc. (Health Care)*(a) | 16,378 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 400 | Inspur Electronic Information Industry Co. Ltd., Class A (Information Technology) | $ | 1,347 | |||||
| 180 | Intco Medical Technology Co. Ltd., Class A (Health Care) | 573 | ||||||
| 1,464 | iQIYI, Inc. ADR (Communication Services)* | 5,358 | ||||||
| 706 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 6,715 | ||||||
| 215 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1,465 | ||||||
| 260 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 1,825 | ||||||
| 600 | JCET Group Co. Ltd., Class A (Information Technology) | 2,158 | ||||||
| 2,440 | JD Health International, Inc. (Consumer Discretionary)*(a) | 16,989 | ||||||
| 8,456 | JD Logistics, Inc. (Industrials)*(a) | 18,143 | ||||||
| 5,763 | JD.com, Inc. ADR (Consumer Discretionary) | 365,893 | ||||||
| 800 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 2,235 | ||||||
| 300 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 331 | ||||||
| 6,540 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 5,608 | ||||||
| 392 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 2,783 | ||||||
| 1,900 | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | 9,553 | ||||||
| 325 | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | 2,178 | ||||||
| 460 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | 10,974 | ||||||
| 100 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 1,651 | ||||||
| 260 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 1,029 | ||||||
| 900 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 2,906 | ||||||
| 684 | Jiangxi Copper Co. Ltd., Class A (Materials) | 1,625 | ||||||
| 5,472 | Jiangxi Copper Co. Ltd., Class H (Materials) | 6,756 | ||||||
| 500 | Jiangxi Special Electric Motor Co. Ltd., Class A (Industrials)* | 1,609 | ||||||
| 900 | Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)* | 781 | ||||||
| 1,700 | Jinke Properties Group Co. Ltd., Class A (Real Estate)* | 617 | ||||||
| 100 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 2,165 | ||||||
| 140 | Joinn Laboratories China Co. Ltd., Class A (Health Care) | 1,583 | ||||||
| 303 | Joinn Laboratories China Co. Ltd., Class H (Health Care)(a) | 1,621 | ||||||
|
|
|
|||||||
| 22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 600 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | $ | 1,034 | |||||
| 200 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | 998 | ||||||
| 200 | Juewei Food Co. Ltd., Class A (Consumer Staples) | 1,354 | ||||||
| 252 | Kanzhun Ltd. ADR (Communication Services)* | 5,919 | ||||||
| 2,830 | KE Holdings, Inc. ADR (Real Estate)* | 51,053 | ||||||
| 600 | Keda Industrial Group Co. Ltd. (Industrials) | 1,584 | ||||||
| 13,567 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 26,481 | ||||||
| 800 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 1,248 | ||||||
| 4,281 | Kingsoft Corp. Ltd. (Communication Services) | 13,090 | ||||||
| 4,396 | Kuaishou Technology (Communication Services)*(a) | 38,534 | ||||||
| 668 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials)* | 1,762 | ||||||
| 18,580 | Kunlun Energy Co. Ltd. (Utilities) | 16,215 | ||||||
| 414 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 115,548 | ||||||
| 719 | LB Group Co. Ltd., Class A (Materials) | 1,834 | ||||||
| 5,594 | Legend Holdings Corp., Class H (Information Technology)(a) | 6,372 | ||||||
| 34,222 | Lenovo Group Ltd. (Information Technology) | 28,341 | ||||||
| 1,478 | Lens Technology Co. Ltd., Class A (Information Technology) | 2,333 | ||||||
| 600 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | 1,648 | ||||||
| 2,704 | Li Auto, Inc. ADR (Consumer Discretionary)* | 77,794 | ||||||
| 11,479 | Li Ning Co. Ltd. (Consumer Discretionary) | 105,301 | ||||||
| 5,500 | Liaoning Port Co. Ltd., Class A (Industrials) | 1,332 | ||||||
| 2,000 | Lingyi iTech Guangdong Co., Class A (Information Technology)* | 1,596 | ||||||
| 130 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 590 | ||||||
| 800 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 2,263 | ||||||
| 10,005 | Longfor Group Holdings Ltd. (Real Estate)(a) | 32,633 | ||||||
| 2,175 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 16,154 | ||||||
| 11,234 | Lufax Holding Ltd. ADR (Financials) | 49,093 | ||||||
| 600 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 1,199 | ||||||
| 2,180 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 11,865 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 393 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 13,352 | ||||||
| 554 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 2,234 | ||||||
| 160 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 2,361 | ||||||
| 1,200 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care)* | 841 | ||||||
| 20,717 | Meituan, Class B (Consumer Discretionary)*(a) | 500,976 | ||||||
| 5,518 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 2,569 | ||||||
| 15,861 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 3,011 | ||||||
| 3,224 | Microport Scientific Corp. (Health Care)* | 6,457 | ||||||
| 600 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 2,335 | ||||||
| 1,812 | Ming Yuan Cloud Group Holdings Ltd. (Information Technology) | 1,503 | ||||||
| 300 | Montage Technology Co. Ltd., Class A (Information Technology) | 2,415 | ||||||
| 1,614 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 13,725 | ||||||
| 390 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 1,015 | ||||||
| 1,100 | Nanjing Securities Co. Ltd., Class A (Financials) | 1,360 | ||||||
| 2,054 | NARI Technology Co. Ltd., Class A (Industrials) | 8,179 | ||||||
| 600 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)* | 1,793 | ||||||
| 130 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 5,318 | ||||||
| 700 | NavInfo Co. Ltd., Class A (Information Technology) | 1,328 | ||||||
| 2,010 | NetEase, Inc. ADR (Communication Services) | 177,905 | ||||||
| 619 | New China Life Insurance Co. Ltd., Class A (Financials) | 2,587 | ||||||
| 4,861 | New China Life Insurance Co. Ltd., Class H (Financials) | 11,458 | ||||||
| 1,400 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples)* | 3,191 | ||||||
| 325 | Ninestar Corp., Class A (Information Technology) | 2,086 | ||||||
| 100 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 5,338 | ||||||
| 200 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 2,079 | ||||||
| 200 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 3,005 | ||||||
| 600 | Ningbo Shanshan Co. Ltd., Class A (Materials) | 2,162 | ||||||
| 344 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 3,945 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,888 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | $ | 1,071 | |||||
| 1,450 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 2,856 | ||||||
| 7,361 | NIO, Inc. ADR (Consumer Discretionary)* | 146,557 | ||||||
| 8,669 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 51,745 | ||||||
| 600 | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | 399 | ||||||
| 900 | OFILM Group Co. Ltd., Class A (Information Technology)* | 837 | ||||||
| 91 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 1,723 | ||||||
| 1,817 | Orient Securities Co. Ltd., Class A (Financials) | 2,283 | ||||||
| 4,477 | Orient Securities Co. Ltd., Class H (Financials)(a) | 2,059 | ||||||
| 200 | Ovctek China, Inc., Class A (Health Care) | 1,239 | ||||||
| 2,700 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)* | 2,244 | ||||||
| 2,300 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 1,665 | ||||||
| 42,797 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 13,250 | ||||||
| 600 | Perfect World Co. Ltd., Class A (Communication Services) | 1,288 | ||||||
| 12,972 | PetroChina Co. Ltd., Class A (Energy) | 10,049 | ||||||
| 103,479 | PetroChina Co. Ltd., Class H (Energy) | 48,913 | ||||||
| 100 | PharmaBlock Sciences Nanjing, Inc., Class A (Health Care) | 1,220 | ||||||
| 247 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 2,438 | ||||||
| 970 | Pharmaron Beijing Co. Ltd., Class H (Health Care)(a) | 6,445 | ||||||
| 33,837 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 36,644 | ||||||
| 2,272 | Pinduoduo, Inc. ADR (Consumer Discretionary)* | 161,994 | ||||||
| 6,013 | Ping An Bank Co. Ltd., Class A (Financials) | 11,121 | ||||||
| 2,332 | Ping An Healthcare and Technology Co. Ltd. (Consumer Discretionary)*(a) | 6,358 | ||||||
| 3,300 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 20,987 | ||||||
| 30,444 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 179,782 | ||||||
| 700 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 1,330 | ||||||
| 3,500 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 8,784 | ||||||
| 779 | Poly Property Services Co. Ltd., Class H (Real Estate) | 4,580 | ||||||
| 1,000 | Pop Mart International Group Ltd. (Consumer Discretionary)(a) | 2,605 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 8,106 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 5,303 | ||||||
| 62,816 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 37,615 | ||||||
| 4,520 | Power Construction Corp. of China Ltd., Class A (Industrials) | 5,062 | ||||||
| 1,600 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)* | 6,452 | ||||||
| 200 | Raytron Technology Co. Ltd., Class A (Information Technology) | 1,264 | ||||||
| 286 | Red Star Macalline Group Corp. Ltd., Class A (Real Estate) | 206 | ||||||
| 532 | Remegen Co. Ltd., Class H (Health Care)*(a) | 3,043 | ||||||
| 1,300 | RiseSun Real Estate Development Co. Ltd., Class A (Real Estate)* | 528 | ||||||
| 1,775 | RLX Technology, Inc. ADR (Consumer Staples)* | 2,538 | ||||||
| 100 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 1,192 | ||||||
| 2,872 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 5,899 | ||||||
| 2,203 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 4,944 | ||||||
| 165 | Sangfor Technologies, Inc., Class A (Information Technology) | 2,311 | ||||||
| 2,479 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 5,664 | ||||||
| 559 | Satellite Chemical Co. Ltd., Class A (Materials) | 1,778 | ||||||
| 2,206 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 3,568 | ||||||
| 9,906 | Seazen Group Ltd. (Real Estate)* | 3,307 | ||||||
| 634 | Seazen Holdings Co. Ltd., Class A (Real Estate)* | 1,915 | ||||||
| 1,444 | SF Holding Co. Ltd., Class A (Industrials) | 10,354 | ||||||
| 150 | SG Micro Corp., Class A (Information Technology) | 3,486 | ||||||
| 2,262 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 7,219 | ||||||
| 1,100 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 2,856 | ||||||
| 4,085 | Shandong Gold Mining Co. Ltd., Class H (Materials)(a) | 6,953 | ||||||
| 620 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 2,624 | ||||||
| 400 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 1,320 | ||||||
| 3,700 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 1,820 | ||||||
| 12,247 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 16,696 | ||||||
| 196 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 663 | ||||||
|
|
|
|||||||
| 24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 1,619 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | $ | 8,927 | |||||
| 3,367 | Shanghai Electric Group Co. Ltd., Class A (Industrials)* | 2,071 | ||||||
| 14,027 | Shanghai Electric Group Co. Ltd., Class H (Industrials)* | 3,360 | ||||||
| 584 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3,419 | ||||||
| 2,488 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 8,036 | ||||||
| 1,393 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology) | 6,522 | ||||||
| 600 | Shanghai International Airport Co. Ltd., Class A (Industrials)* | 4,911 | ||||||
| 3,032 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 2,379 | ||||||
| 300 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 2,512 | ||||||
| 200 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | 1,534 | ||||||
| 765 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)*(a) | 2,807 | ||||||
| 712 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 1,307 | ||||||
| 3,484 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 5,029 | ||||||
| 260 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 1,674 | ||||||
| 1,139 | Shanghai MicroPort MedBot Group Co. Ltd. (Health Care)* | 3,606 | ||||||
| 684 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 1,715 | ||||||
| 3,718 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 5,419 | ||||||
| 9,185 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 9,687 | ||||||
| 426 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 3,917 | ||||||
| 2,200 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 1,864 | ||||||
| 1,368 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 1,592 | ||||||
| 1,200 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 2,233 | ||||||
| 900 | Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A (Energy) | 2,072 | ||||||
| 1,304 | Shanxi Meijin Energy Co. Ltd., Class A (Materials) | 2,151 | ||||||
| 2,153 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 1,530 | ||||||
| 373 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 15,854 | ||||||
| 700 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 1,615 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 100 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 1,232 | ||||||
| 7,067 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 4,285 | ||||||
| 4,266 | Shenwan Hongyuan Group Co. Ltd., Class H (Financials)(a) | 815 | ||||||
| 180 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 1,098 | ||||||
| 100 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 4,649 | ||||||
| 1,100 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 1,016 | ||||||
| 200 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 457 | ||||||
| 736 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 6,403 | ||||||
| 312 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | 1,525 | ||||||
| 100 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 1,626 | ||||||
| 360 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 15,588 | ||||||
| 2,703 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 2,098 | ||||||
| 100 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 1,929 | ||||||
| 200 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 1,980 | ||||||
| 3,885 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 40,761 | ||||||
| 500 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 1,551 | ||||||
| 894 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 1,711 | ||||||
| 390 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 1,215 | ||||||
| 1,300 | Sichuan Road & Bridge Co. Ltd., Class A (Industrials) | 2,012 | ||||||
| 100 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1,059 | ||||||
| 300 | Sichuan Yahua Industrial Group Co. Ltd., Class A (Materials) | 1,241 | ||||||
| 1,109 | Sinolink Securities Co. Ltd., Class A (Financials) | 1,390 | ||||||
| 400 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 1,345 | ||||||
| 1,923 | Sinopec Oilfield Service Corp., Class A (Energy)* | 533 | ||||||
| 1,700 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 777 | ||||||
| 17,575 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 2,754 | ||||||
| 6,580 | Sinopharm Group Co. Ltd., Class H (Health Care) | 14,654 | ||||||
| 1,134 | Sinotrans Ltd., Class A (Industrials) | 620 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 11,585 | Sinotrans Ltd., Class H (Industrials) | $ | 3,321 | |||||
| 3,547 | Sinotruk Hong Kong Ltd. (Industrials) | 3,557 | ||||||
| 100 | Skshu Paint Co. Ltd., Class A (Materials)* | 1,352 | ||||||
| 5,424 | Smoore International Holdings Ltd. (Consumer Staples)(a) | 9,730 | ||||||
| 800 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 1,473 | ||||||
| 1,368 | SooChow Securities Co. Ltd., Class A (Financials) | 1,361 | ||||||
| 100 | StarPower Semiconductor Ltd., Class A (Information Technology) | 5,753 | ||||||
| 11,569 | Sunac China Holdings Ltd. (Real Estate)*(c) | 6,751 | ||||||
| 400 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 6,464 | ||||||
| 3,288 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 45,201 | ||||||
| 406 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 1,608 | ||||||
| 400 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 1,501 | ||||||
| 100 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 6,789 | ||||||
| 200 | Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A (Materials) | 2,263 | ||||||
| 700 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 924 | ||||||
| 1,104 | TBEA Co. Ltd., Class A (Industrials) | 3,969 | ||||||
| 4,569 | TCL Technology Group Corp., Class A (Consumer Discretionary) | 2,751 | ||||||
| 944 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | 6,588 | ||||||
| 29,684 | Tencent Holdings Ltd. (Communication Services) | 1,237,456 | ||||||
| 3,864 | Tencent Music Entertainment Group ADR (Communication Services)* | 19,745 | ||||||
| 100 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 1,784 | ||||||
| 684 | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | 937 | ||||||
| 9,313 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 16,564 | ||||||
| 254 | Toly Bread Co. Ltd., Class A (Consumer Staples) | 518 | ||||||
| 5,364 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary)* | 11,058 | ||||||
| 700 | Tongkun Group Co. Ltd., Class A (Materials) | 1,449 | ||||||
| 3,300 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 1,388 | ||||||
| 1,309 | Tongwei Co. Ltd., Class A (Consumer Staples) | 10,041 | ||||||
| 65 | Topchoice Medical Corp., Class A (Health Care)* | 1,097 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 11,844 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 9,371 | ||||||
| 4,716 | TravelSky Technology Ltd., Class H (Information Technology) | 8,256 | ||||||
| 600 | Trina Solar Co. Ltd., Class A (Information Technology) | 6,222 | ||||||
| 3,147 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 80,941 | ||||||
| 195 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 3,055 | ||||||
| 3,045 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 29,679 | ||||||
| 226 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 5,115 | ||||||
| 6,666 | Uni-President China Holdings Ltd. (Consumer Staples) | 5,750 | ||||||
| 800 | Unisplendour Corp. Ltd., Class A (Information Technology) | 2,008 | ||||||
| 300 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 724 | ||||||
| 2,792 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 32,415 | ||||||
| 454 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 2,875 | ||||||
| 943 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 12,116 | ||||||
| 21,758 | Want Want China Holdings Ltd. (Consumer Staples) | 15,358 | ||||||
| 383 | Weibo Corp. ADR (Communication Services)* | 7,924 | ||||||
| 2,112 | Weichai Power Co. Ltd., Class A (Industrials) | 3,563 | ||||||
| 9,829 | Weichai Power Co. Ltd., Class H (Industrials) | 13,174 | ||||||
| 2,000 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples)* | 6,882 | ||||||
| 700 | Western Mining Co. Ltd., Class A (Materials) | 1,081 | ||||||
| 1,339 | Western Securities Co. Ltd., Class A (Financials) | 1,259 | ||||||
| 200 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 2,957 | ||||||
| 200 | Westone Information Industry, Inc., Class A (Information Technology) | 975 | ||||||
| 398 | Will Semiconductor Co. Ltd. Shanghai, Class A (Information Technology) | 5,412 | ||||||
| 325 | Wingtech Technology Co. Ltd., Class A (Information Technology) | 3,046 | ||||||
| 600 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 616 | ||||||
| 928 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | 1,925 | ||||||
| 1,143 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 27,721 | ||||||
|
|
|
|||||||
| 26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 600 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | $ | 1,041 | |||||
| 787 | WuXi AppTec Co. Ltd., Class A (Health Care) | 10,235 | ||||||
| 1,695 | WuXi AppTec Co. Ltd., Class H (Health Care)(a) | 19,296 | ||||||
| 17,581 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 156,124 | ||||||
| 140 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | 2,739 | ||||||
| 2,902 | XCMG Construction Machinery Co. Ltd., Class A (Industrials)* | 2,193 | ||||||
| 800 | Xiamen C & D, Inc., Class A (Industrials) | 1,362 | ||||||
| 100 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 2,578 | ||||||
| 72,488 | Xiaomi Corp., Class B (Information Technology)*(a) | 106,762 | ||||||
| 939 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 1,748 | ||||||
| 4,060 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials) | 6,073 | ||||||
| 900 | Xinjiang Tianshan Cement Co. Ltd., Class A (Materials) | 1,266 | ||||||
| 20,518 | Xinyi Solar Holdings Ltd. (Information Technology) | 28,337 | ||||||
| 2,932 | XPeng, Inc. ADR (Consumer Discretionary)* | 54,301 | ||||||
| 200 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | 1,706 | ||||||
| 649 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 4,519 | ||||||
| 6,619 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 26,311 | ||||||
| 200 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 1,103 | ||||||
| 195 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 2,022 | ||||||
| 218 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 1,689 | ||||||
| 2,294 | Yihai International Holding Ltd. (Consumer Staples)* | 5,793 | ||||||
| 400 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 2,651 | ||||||
| 100 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 1,952 | ||||||
| 928 | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | 2,704 | ||||||
| 800 | YTO Express Group Co. Ltd., Class A (Industrials) | 2,277 | ||||||
| 900 | Yunda Holding Co. Ltd., Class A (Industrials) | 2,199 | ||||||
| 900 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 1,317 | ||||||
| 401 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 3,046 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 100 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 2,701 | ||||||
| 295 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 8,259 | ||||||
| 500 | Yunnan Tin Co. Ltd., Class A (Materials) | 1,007 | ||||||
| 359 | Zai Lab Ltd. ADR (Health Care)* | 16,589 | ||||||
| 130 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 5,676 | ||||||
| 1,300 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 817 | ||||||
| 2,300 | Zhejiang Century Huatong Group Co. Ltd., Class A (Communication Services)* | 1,528 | ||||||
| 649 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 2,978 | ||||||
| 809 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 1,730 | ||||||
| 100 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 569 | ||||||
| 7,525 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 5,733 | ||||||
| 400 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 1,155 | ||||||
| 422 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 4,575 | ||||||
| 400 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 4,410 | ||||||
| 200 | Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Health Care) | 1,191 | ||||||
| 800 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 1,822 | ||||||
| 950 | Zhejiang NHU Co. Ltd., Class A (Health Care) | 3,097 | ||||||
| 554 | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | 418 | ||||||
| 100 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 665 | ||||||
| 390 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 1,440 | ||||||
| 500 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 1,513 | ||||||
| 200 | Zhejiang Yongtai Technology Co. Ltd., Class A (Materials) | 794 | ||||||
| 1,222 | Zheshang Securities Co. Ltd., Class A (Financials) | 1,938 | ||||||
| 4,419 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)*(a) | 13,034 | ||||||
| 200 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 851 | ||||||
| 3,015 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 14,309 | ||||||
| 1,700 | Zhongtai Securities Co. Ltd., Class A (Financials) | 1,827 | ||||||
| 2,684 | Zhuzhou CRRC Times Electric Co. Ltd. (Industrials) | 13,029 | ||||||
| 200 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 1,792 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 800 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | $ | 1,315 | |||||
| 6,502 | Zijin Mining Group Co. Ltd., Class A (Materials) | 8,300 | ||||||
| 28,038 | Zijin Mining Group Co. Ltd., Class H (Materials) | 31,936 | ||||||
| 2,268 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 1,898 | ||||||
| 8,711 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 3,940 | ||||||
| 1,200 | ZTE Corp., Class A (Information Technology) | 4,265 | ||||||
| 3,821 | ZTE Corp., Class H (Information Technology) | 8,101 | ||||||
| 2,324 | ZTO Express Cayman, Inc. ADR (Industrials) | 60,540 | ||||||
|
|
|
|||||||
| 9,878,956 | ||||||||
|
|
|
|||||||
| Colombia – 0.1% | ||||||||
| 1,150 | Bancolombia SA (Financials) | 8,892 | ||||||
| 19,969 | Ecopetrol SA (Energy) | 10,189 | ||||||
| 2,085 | Interconexion Electrica SA ESP (Utilities) | 9,036 | ||||||
|
|
|
|||||||
| 28,117 | ||||||||
|
|
|
|||||||
| Czech Republic – 0.1% | ||||||||
| 785 | CEZ AS (Utilities) | 31,790 | ||||||
| 364 | Komercni banka AS (Financials) | 8,580 | ||||||
| 1,725 | Moneta Money Bank AS (Financials)(a) | 5,471 | ||||||
|
|
|
|||||||
| 45,841 | ||||||||
|
|
|
|||||||
| Egypt – 0.1% | ||||||||
| 1,394 | Abou Kir Fertilizers & Chemical Industries (Materials) | 1,834 | ||||||
| 7,614 | Commercial International Bank Egypt SAE (Financials) | 15,121 | ||||||
| 4,720 | Eastern Co. SAE (Consumer Staples) | 2,396 | ||||||
| 1,908 | E-Finance for Digital & Financial Investments (Information Technology) | 1,396 | ||||||
| 1,559 | Egypt Kuwait Holding Co. SAE (Materials) | 1,975 | ||||||
| 3,802 | Egyptian Financial Group-Hermes Holding Co. (Financials)* | 2,535 | ||||||
| 1,652 | Telecom Egypt Co. (Communication Services) | 1,338 | ||||||
|
|
|
|||||||
| 26,595 | ||||||||
|
|
|
|||||||
| Greece – 0.3% | ||||||||
| 9,916 | Alpha Services and Holdings SA (Financials)* | 9,215 | ||||||
| 12,103 | Eurobank Ergasias Services and Holdings SA (Financials)* | 11,318 | ||||||
| 1,021 | Hellenic Telecommunications Organization SA (Communication Services) | 16,283 | ||||||
| 557 | JUMBO SA (Consumer Discretionary) | 7,976 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Greece – (continued) | ||||||||
| 339 | Motor Oil Hellas Corinth Refineries SA (Energy) | 6,422 | ||||||
| 512 | Mytilineos SA (Industrials) | 8,042 | ||||||
| 2,765 | National Bank of Greece SA (Financials)* | 8,964 | ||||||
| 898 | OPAP SA (Consumer Discretionary) | 11,874 | ||||||
| 3,360 | Piraeus Financial Holdings SA (Financials)* | 3,541 | ||||||
| 1,083 | Public Power Corp. SA (Utilities)* | 5,668 | ||||||
| 343 | Star Bulk Carriers Corp. (Industrials) | 6,706 | ||||||
| 259 | Terna Energy SA (Utilities) | 4,618 | ||||||
|
|
|
|||||||
| 100,627 | ||||||||
|
|
|
|||||||
| Hong Kong – 0.0% | ||||||||
| 486 | Orient Overseas International Ltd. (Industrials) | 13,610 | ||||||
|
|
|
|||||||
| Hungary – 0.2% | ||||||||
| 2,360 | MOL Hungarian Oil & Gas PLC (Energy) | 16,231 | ||||||
| 1,079 | OTP Bank Nyrt (Financials) | 22,915 | ||||||
| 703 | Richter Gedeon Nyrt (Health Care) | 14,144 | ||||||
|
|
|
|||||||
| 53,290 | ||||||||
|
|
|
|||||||
| India – 15.7% | ||||||||
| 926 | Aarti Industries Ltd. (Materials) | 9,681 | ||||||
| 244 | ABB India Ltd. (Industrials) | 10,019 | ||||||
| 427 | ACC Ltd. (Materials) | 12,358 | ||||||
| 1,462 | Adani Enterprises Ltd. (Industrials) | 58,775 | ||||||
| 2,314 | Adani Green Energy Ltd. (Utilities)* | 70,948 | ||||||
| 3,540 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 37,519 | ||||||
| 4,181 | Adani Power Ltd. (Utilities)* | 21,782 | ||||||
| 1,108 | Adani Total Gas Ltd. (Utilities) | 52,221 | ||||||
| 1,422 | Adani Transmission Ltd. (Utilities)* | 70,882 | ||||||
| 774 | Adani Wilmar Ltd. (Consumer Staples)* | 6,742 | ||||||
| 130 | Alkem Laboratories Ltd. (Health Care) | 4,867 | ||||||
| 2,911 | Ambuja Cements Ltd. (Materials) | 15,066 | ||||||
| 588 | Apollo Hospitals Enterprise Ltd. (Health Care) | 31,990 | ||||||
| 8,709 | Ashok Leyland Ltd. (Industrials) | 16,879 | ||||||
| 3,065 | Asian Paints Ltd. (Materials) | 130,827 | ||||||
| 418 | Astral Ltd. (Industrials) | 11,007 | ||||||
| 1,514 | AU Small Finance Bank Ltd. (Financials)(a) | 12,078 | ||||||
| 1,287 | Aurobindo Pharma Ltd. (Health Care) | 8,834 | ||||||
| 1,124 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 64,100 | ||||||
| 11,141 | Axis Bank Ltd. (Financials) | 105,369 | ||||||
| 341 | Bajaj Auto Ltd. (Consumer Discretionary) | 17,530 | ||||||
| 1,208 | Bajaj Finance Ltd. (Financials) | 111,077 | ||||||
| 187 | Bajaj Finserv Ltd. (Financials) | 39,919 | ||||||
| 141 | Bajaj Holdings & Investment Ltd. (Financials) | 9,698 | ||||||
| 378 | Balkrishna Industries Ltd. (Consumer Discretionary) | 9,734 | ||||||
| 3,655 | Bandhan Bank Ltd. (Financials)*(a) | 12,811 | ||||||
| 5,431 | Bank of Baroda (Financials) | 8,944 | ||||||
|
|
| |||||||
| 28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 1,353 | Berger Paints India Ltd. (Materials) | $ | 11,472 | |||||
| 5,913 | Bharat Electronics Ltd. (Industrials) | 22,809 | ||||||
| 1,901 | Bharat Forge Ltd. (Consumer Discretionary) | 17,725 | ||||||
| 4,121 | Bharat Petroleum Corp. Ltd. (Energy) | 17,045 | ||||||
| 10,516 | Bharti Airtel Ltd. (Communication Services) | 96,163 | ||||||
| 1,917 | Biocon Ltd. (Health Care) | 7,477 | ||||||
| 36 | Bosch Ltd. (Consumer Discretionary) | 7,947 | ||||||
| 481 | Britannia Industries Ltd. (Consumer Staples) | 22,687 | ||||||
| 1,779 | Canara Bank (Financials) | 5,398 | ||||||
| 2,177 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 21,654 | ||||||
| 2,310 | Cipla Ltd. (Health Care) | 30,190 | ||||||
| 7,046 | Coal India Ltd. (Energy) | 20,821 | ||||||
| 631 | Colgate-Palmolive India Ltd. (Consumer Staples) | 13,301 | ||||||
| 1,350 | Container Corp. Of India Ltd. (Industrials) | 11,834 | ||||||
| 3,291 | Dabur India Ltd. (Consumer Staples) | 24,172 | ||||||
| 479 | Dalmia Bharat Ltd. (Materials) | 9,262 | ||||||
| 463 | Deepak Nitrite Ltd. (Materials) | 11,532 | ||||||
| 1,305 | Delhivery Ltd. (Industrials)* | 9,343 | ||||||
| 577 | Divi’s Laboratories Ltd. (Health Care) | 26,337 | ||||||
| 3,143 | DLF Ltd. (Real Estate) | 15,427 | ||||||
| 504 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 26,926 | ||||||
| 615 | Eicher Motors Ltd. (Consumer Discretionary) | 25,996 | ||||||
| 4,647 | Embassy Office Parks REIT (Real Estate) | 21,238 | ||||||
| 565 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)* | 9,887 | ||||||
| 7,376 | GAIL India Ltd. (Utilities) | 12,634 | ||||||
| 288 | Gland Pharma Ltd. (Health Care)*(a) | 8,583 | ||||||
| 1,788 | Godrej Consumer Products Ltd. (Consumer Staples)* | 20,798 | ||||||
| 444 | Godrej Properties Ltd. (Real Estate)* | 7,866 | ||||||
| 1,619 | Grasim Industries Ltd. (Materials) | 34,203 | ||||||
| 885 | Gujarat Gas Ltd. (Utilities) | 5,254 | ||||||
| 1,078 | Havells India Ltd. (Industrials) | 18,878 | ||||||
| 4,818 | HCL Technologies Ltd. (Information Technology) | 56,934 | ||||||
| 250 | HDFC Asset Management Co. Ltd. (Financials)(a) | 6,528 | ||||||
| 4,437 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 32,120 | ||||||
| 640 | Hero MotoCorp Ltd. (Consumer Discretionary) | 22,856 | ||||||
| 6,053 | Hindalco Industries Ltd. (Materials) | 33,442 | ||||||
| 285 | Hindustan Aeronautics Ltd. (Industrials) | 8,232 | ||||||
| 2,990 | Hindustan Petroleum Corp. Ltd. (Energy) | 9,165 | ||||||
| 3,833 | Hindustan Unilever Ltd. (Consumer Staples) | 128,309 | ||||||
| 11 | Honeywell Automation India Ltd. (Information Technology) | 5,981 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 8,141 | Housing Development Finance Corp. Ltd. (Financials) | 250,649 | ||||||
| 25,417 | ICICI Bank Ltd. (Financials) | 283,829 | ||||||
| 1,106 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 17,932 | ||||||
| 1,797 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | 13,447 | ||||||
| 18,417 | IDFC First Bank Ltd. (Financials)* | 11,392 | ||||||
| 3,850 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 13,831 | ||||||
| 12,954 | Indian Oil Corp. Ltd. (Energy) | 11,657 | ||||||
| 1,224 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 10,949 | ||||||
| 1,562 | Indraprastha Gas Ltd. (Utilities) | 8,239 | ||||||
| 2,714 | Indus Towers Ltd. (Communication Services) | 6,824 | ||||||
| 2,733 | IndusInd Bank Ltd. (Financials) | 38,091 | ||||||
| 349 | Info Edge India Ltd. (Communication Services) | 19,081 | ||||||
| 16,028 | Infosys Ltd. (Information Technology) | 301,152 | ||||||
| 472 | InterGlobe Aviation Ltd. (Industrials)*(a) | 11,980 | ||||||
| 14,507 | ITC Ltd. (Consumer Staples) | 58,515 | ||||||
| 2,068 | Jindal Steel & Power Ltd. (Materials) | 11,278 | ||||||
| 2,941 | JSW Energy Ltd. (Utilities) | 12,623 | ||||||
| 4,491 | JSW Steel Ltd. (Materials) | 37,693 | ||||||
| 1,826 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 14,163 | ||||||
| 643 | Kansai Nerolac Paints Ltd. (Materials) | 4,089 | ||||||
| 5,354 | Kotak Mahindra Bank Ltd. (Financials) | 129,066 | ||||||
| 139 | L&T Technology Services Ltd. (Industrials)(a) | 6,497 | ||||||
| 218 | Larsen & Toubro Infotech Ltd. (Information Technology)(a) | 12,735 | ||||||
| 3,376 | Larsen & Toubro Ltd. (Industrials) | 81,683 | ||||||
| 1,657 | Laurus Labs Ltd. (Health Care)(a) | 12,075 | ||||||
| 800 | Life Insurance Corp. Of India (Financials) | 6,781 | ||||||
| 96 | Linde India Ltd. (Materials) | 4,143 | ||||||
| 944 | Lupin Ltd. (Health Care) | 7,949 | ||||||
| 382 | Macrotech Developers Ltd. (Real Estate)*(a) | 5,274 | ||||||
| 4,910 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 80,869 | ||||||
| 2,358 | Marico Ltd. (Consumer Staples) | 15,598 | ||||||
| 568 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 64,924 | ||||||
| 1,377 | Max Financial Services Ltd. (Financials)* | 14,285 | ||||||
| 2,029 | Max Healthcare Institute Ltd. (Health Care)* | 9,914 | ||||||
| 288 | Mindtree Ltd. (Information Technology) | 11,985 | ||||||
| 394 | Mphasis Ltd. (Information Technology) | 10,566 | ||||||
| 14 | MRF Ltd. (Consumer Discretionary) | 15,041 | ||||||
| 557 | Muthoot Finance Ltd. (Financials) | 7,396 | ||||||
| 166 | Nestle India Ltd. (Consumer Staples) | 41,628 | ||||||
| 9,622 | NHPC Ltd. (Utilities) | 4,650 | ||||||
| 3,559 | NMDC Ltd. (Materials) | 5,476 | ||||||
| 18,050 | NTPC Ltd. (Utilities) | 37,255 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 576 | Oberoi Realty Ltd. (Real Estate) | $ | 7,299 | |||||
| 13,097 | Oil & Natural Gas Corp. Ltd. (Energy) | 22,845 | ||||||
| 465 | One 97 Communications Ltd. (Information Technology)* | 4,201 | ||||||
| 95 | Oracle Financial Services Software Ltd. (Information Technology) | 3,790 | ||||||
| 30 | Page Industries Ltd. (Consumer Discretionary) | 19,272 | ||||||
| 833 | PB Fintech Ltd. (Financials)* | 5,274 | ||||||
| 224 | Persistent Systems Ltd. (Information Technology) | 9,917 | ||||||
| 3,619 | Petronet LNG Ltd. (Energy) | 10,070 | ||||||
| 359 | PI Industries Ltd. (Materials) | 15,525 | ||||||
| 681 | Pidilite Industries Ltd. (Materials) | 23,452 | ||||||
| 571 | Piramal Enterprises Ltd. (Financials) | 7,643 | ||||||
| 2,284 | Piramal Pharma Ltd. (Health Care)* | 6,299 | ||||||
| 221 | Polycab India Ltd. (Industrials) | 6,870 | ||||||
| 5,596 | Power Finance Corp. Ltd. (Financials) | 8,423 | ||||||
| 13,279 | Power Grid Corp. Of India Ltd. (Utilities) | 38,371 | ||||||
| 11,154 | Punjab National Bank (Financials) | 5,032 | ||||||
| 5,836 | REC Ltd. (Financials) | 7,987 | ||||||
| 14,343 | Reliance Industries Ltd. (Energy) | 476,177 | ||||||
| 6,297 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 9,740 | ||||||
| 1,118 | SBI Cards & Payment Services Ltd. (Financials) | 12,976 | ||||||
| 1,954 | SBI Life Insurance Co. Ltd. (Financials)(a) | 32,685 | ||||||
| 48 | Shree Cement Ltd. (Materials) | 13,334 | ||||||
| 860 | Shriram Transport Finance Co. Ltd. (Financials) | 14,662 | ||||||
| 341 | Siemens Ltd. (Industrials) | 12,375 | ||||||
| 900 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)(a) | 5,913 | ||||||
| 632 | SRF Ltd. (Materials) | 20,230 | ||||||
| 8,754 | State Bank of India (Financials) | 58,528 | ||||||
| 5,649 | Steel Authority of India Ltd. (Materials) | 5,780 | ||||||
| 4,611 | Sun Pharmaceutical Industries Ltd. (Health Care) | 51,824 | ||||||
| 522 | Tata Communications Ltd. (Communication Services) | 7,898 | ||||||
| 4,331 | Tata Consultancy Services Ltd. (Information Technology) | 175,029 | ||||||
| 2,928 | Tata Consumer Products Ltd. (Consumer Staples) | 29,835 | ||||||
| 163 | Tata Elxsi Ltd. (Information Technology) | 18,502 | ||||||
| 7,871 | Tata Motors Ltd. (Consumer Discretionary)* | 46,666 | ||||||
| 2,174 | Tata Motors Ltd., Class A (Consumer Discretionary)* | 6,406 | ||||||
| 7,182 | Tata Power Co. Ltd. (The) (Utilities) | 21,417 | ||||||
| 32,260 | Tata Steel Ltd. (Materials) | 43,970 | ||||||
| 2,471 | Tata Teleservices Maharashtra Ltd. (Communication Services)* | 3,373 | ||||||
| 2,720 | Tech Mahindra Ltd. (Information Technology) | 36,837 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| India – (continued) | ||||||||
| 1,803 | Titan Co. Ltd. (Consumer Discretionary) | 59,103 | ||||||
| 474 | Torrent Pharmaceuticals Ltd. (Health Care) | 9,250 | ||||||
| 889 | Trent Ltd. (Consumer Discretionary) | 15,745 | ||||||
| 533 | UltraTech Cement Ltd. (Materials) | 44,795 | ||||||
| 346 | United Breweries Ltd. (Consumer Staples) | 7,149 | ||||||
| 1,553 | United Spirits Ltd. (Consumer Staples)* | 15,868 | ||||||
| 2,191 | UPL Ltd. (Materials) | 21,212 | ||||||
| 1,027 | Varun Beverages Ltd. (Consumer Staples) | 13,366 | ||||||
| 4,267 | Vedanta Ltd. (Materials) | 14,513 | ||||||
| 1,160 | Voltas Ltd. (Industrials) | 14,616 | ||||||
| 6,374 | Wipro Ltd. (Information Technology) | 33,174 | ||||||
| 74,712 | Yes Bank Ltd. (Financials)* | 15,467 | ||||||
| 4,037 | Zomato Ltd. (Consumer Discretionary)* | 2,944 | ||||||
| 1,000 | Zydus Lifesciences Ltd. (Health Care) | 4,760 | ||||||
|
|
|
|||||||
| 5,161,676 | ||||||||
|
|
|
|||||||
| Indonesia – 2.0% | ||||||||
| 67,632 | Adaro Energy Indonesia Tbk PT (Energy) | 16,130 | ||||||
| 40,631 | Aneka Tambang Tbk (Materials) | 5,448 | ||||||
| 97,645 | Astra International Tbk PT (Consumer Discretionary) | 45,887 | ||||||
| 84,746 | Avia Avian Tbk PT (Materials) | 4,454 | ||||||
| 19,397 | Bank Aladin Syariah Tbk PT (Financials)* | 2,202 | ||||||
| 273,155 | Bank Central Asia Tbk PT (Financials) | 150,909 | ||||||
| 30,588 | Bank Jago Tbk PT (Financials)* | 17,363 | ||||||
| 85,704 | Bank Mandiri Persero Tbk PT (Financials) | 51,102 | ||||||
| 36,056 | Bank Negara Indonesia Persero Tbk PT (Financials) | 20,709 | ||||||
| 350,229 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 102,408 | ||||||
| 125,144 | Barito Pacific Tbk PT (Materials) | 6,914 | ||||||
| 122,522 | Bukalapak.com PT Tbk (Consumer Discretionary)* | 2,476 | ||||||
| 96,028 | Chandra Asri Petrochemical Tbk PT (Materials) | 15,786 | ||||||
| 35,276 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | 13,963 | ||||||
| 90,519 | Dayamitra Telekomunikasi PT (Communication Services) | 4,818 | ||||||
| 88,393 | Elang Mahkota Teknologi Tbk PT (Communication Services)* | 11,375 | ||||||
| 2,448 | Gudang Garam Tbk PT (Consumer Staples) | 3,913 | ||||||
| 12,372 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 6,939 | ||||||
| 9,152 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 5,827 | ||||||
| 12,150 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 6,794 | ||||||
| 22,236 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 9,326 | ||||||
|
|
| |||||||
| 30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Indonesia – (continued) | ||||||||
| 94,992 | Kalbe Farma Tbk PT (Health Care) | $ | 10,752 | |||||
| 62,640 | Merdeka Copper Gold Tbk PT (Materials)* | 18,063 | ||||||
| 110,625 | Sarana Menara Nusantara Tbk PT (Communication Services) | 9,242 | ||||||
| 14,059 | Semen Indonesia Persero Tbk PT (Materials) | 6,252 | ||||||
| 91,798 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | 13,483 | ||||||
| 229,591 | Telkom Indonesia Persero Tbk PT (Communication Services) | 70,536 | ||||||
| 30,512 | Tower Bersama Infrastructure Tbk PT (Communication Services) | 5,797 | ||||||
| 4,838 | Transcoal Pacific Tbk PT (Industrials) | 2,705 | ||||||
| 27,693 | Unilever Indonesia Tbk PT (Consumer Staples) | 8,564 | ||||||
| 7,308 | United Tractors Tbk PT (Energy) | 16,667 | ||||||
| 9,852 | Vale Indonesia Tbk PT (Materials)* | 4,049 | ||||||
|
|
|
|||||||
| 670,853 | ||||||||
|
|
|
|||||||
| Kuwait – 0.8% | ||||||||
| 6,489 | Agility Public Warehousing Co. KSC (Industrials) | 17,742 | ||||||
| 6,979 | Boubyan Bank KSCP (Financials) | 18,923 | ||||||
| 9,328 | Gulf Bank KSCP (Financials) | 10,602 | ||||||
| 26,045 | Kuwait Finance House KSCP (Financials) | 76,118 | ||||||
| 3,102 | Mabanee Co KPSC (Real Estate) | 8,351 | ||||||
| 11,279 | Mobile Telecommunications Co. KSCP (Communication Services) | 22,159 | ||||||
| 35,201 | National Bank of Kuwait SAKP (Financials) | 120,480 | ||||||
|
|
|
|||||||
| 274,375 | ||||||||
|
|
|
|||||||
| Luxembourg – 0.0% | ||||||||
| 721 | Reinet Investments SCA (Financials) | 11,892 | ||||||
|
|
|
|||||||
| Mexico – 2.0% | ||||||||
| 24,889 | Alfa SAB de CV, Class A (Industrials) | 15,865 | ||||||
| 137,677 | America Movil SAB de CV, Series L (Communication Services) | 117,538 | ||||||
| 2,163 | Arca Continental SAB de CV (Consumer Staples) | 14,750 | ||||||
| 2,261 | Becle SAB de CV (Consumer Staples) | 4,632 | ||||||
| 72,137 | Cemex SAB de CV, Series CPO (Materials)* | 26,793 | ||||||
| 2,533 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 15,514 | ||||||
| 1,002 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 4,476 | ||||||
| 14,537 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 15,244 | ||||||
| 10,599 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 66,544 | ||||||
| 883 | Gruma SAB de CV, Class B (Consumer Staples) | 9,638 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Mexico – (continued) | ||||||||
| 1,820 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 25,957 | ||||||
| 608 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 12,900 | ||||||
| 6,354 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 20,921 | ||||||
| 2,182 | Grupo Carso SAB de CV, Series A1 (Industrials) | 7,522 | ||||||
| 302 | Grupo Elektra SAB DE CV (Financials)(b) | 15,684 | ||||||
| 14,142 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 83,662 | ||||||
| 8,351 | Grupo Financiero Inbursa SAB de CV, Class O (Financials)* | 13,179 | ||||||
| 15,400 | Grupo Mexico SAB de CV, Series B (Materials) | 58,409 | ||||||
| 12,946 | Grupo Televisa SAB, Series CPO (Communication Services) | 16,343 | ||||||
| 608 | Industrias Penoles SAB de CV (Materials) | 5,006 | ||||||
| 7,851 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 10,653 | ||||||
| 6,711 | Operadora De Sites Mexicanos SAB de CV, Class A-1 (Communication Services) | 6,694 | ||||||
| 4,752 | Orbia Advance Corp. SAB de CV (Materials) | 8,983 | ||||||
| 25,255 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 82,676 | ||||||
|
|
|
|||||||
| 659,583 | ||||||||
|
|
|
|||||||
| Pakistan – 0.0% | ||||||||
| 1,099 | Lucky Cement Ltd. (Materials)* | 2,596 | ||||||
| 1,825 | TRG Pakistan (Industrials)* | 750 | ||||||
| 2,156 | United Bank Ltd. (Financials) | 1,150 | ||||||
|
|
|
|||||||
| 4,496 | ||||||||
|
|
|
|||||||
| Peru – 0.1% | ||||||||
| 200 | Credicorp Ltd. (Financials) | 25,778 | ||||||
| 196 | InRetail Peru Corp. (Consumer Staples)(a) | 6,068 | ||||||
| 181 | Intercorp Financial Services, Inc. (Financials) | 3,903 | ||||||
|
|
|
|||||||
| 35,749 | ||||||||
|
|
|
|||||||
| Philippines – 0.8% | ||||||||
| 8,654 | Aboitiz Equity Ventures, Inc. (Industrials) | 8,653 | ||||||
| 7,232 | Aboitiz Power Corp. (Utilities) | 4,031 | ||||||
| 34,944 | ACEN Corp. (Utilities) | 4,667 | ||||||
| 1,259 | Ayala Corp. (Industrials) | 15,739 | ||||||
| 29,026 | Ayala Land, Inc. (Real Estate) | 14,809 | ||||||
| 8,854 | Bank of the Philippine Islands (Financials) | 14,971 | ||||||
| 8,604 | BDO Unibank, Inc. (Financials) | 19,735 | ||||||
| 9,947 | Converge Information and Communications Technology Solutions, Inc. (Communication Services)* | 3,082 | ||||||
| 12,232 | Emperador, Inc. (Consumer Staples)* | 4,313 | ||||||
| 155 | Globe Telecom, Inc. (Communication Services) | 5,791 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Philippines – (continued) | ||||||||
| 4,002 | International Container Terminal Services, Inc. (Industrials) | $ | 12,914 | |||||
| 15,224 | JG Summit Holdings, Inc. (Industrials) | 13,881 | ||||||
| 2,255 | Jollibee Foods Corp. (Consumer Discretionary) | 9,622 | ||||||
| 1,160 | Manila Electric Co. (Utilities) | 6,222 | ||||||
| 9,126 | Metropolitan Bank & Trust Co. (Financials) | 8,548 | ||||||
| 29,414 | Monde Nissin Corp. (Consumer Staples)*(a) | 8,643 | ||||||
| 424 | PLDT, Inc. (Communication Services) | 12,677 | ||||||
| 2,363 | SM Investments Corp. (Industrials) | 34,968 | ||||||
| 52,535 | SM Prime Holdings, Inc. (Real Estate) | 35,410 | ||||||
| 4,297 | Universal Robina Corp. (Consumer Staples) | 9,335 | ||||||
|
|
|
|||||||
| 248,011 | ||||||||
|
|
|
|||||||
| Qatar – 1.3% | ||||||||
| 19,983 | Commercial Bank PSQC (The) (Financials) | 40,221 | ||||||
| 14,341 | Industries Qatar QSC (Industrials) | 71,474 | ||||||
| 36,447 | Masraf Al Rayan QSC (Financials) | 45,247 | ||||||
| 21,009 | Mesaieed Petrochemical Holding Co. (Materials) | 14,999 | ||||||
| 4,769 | Ooredoo QPSC (Communication Services) | 11,891 | ||||||
| 1,937 | Qatar Electricity & Water Co. QSC (Utilities) | 10,053 | ||||||
| 2,357 | Qatar Fuel QSC (Energy) | 12,304 | ||||||
| 13,134 | Qatar Gas Transport Co. Ltd. (Energy) | 14,426 | ||||||
| 3,763 | Qatar International Islamic Bank QSC (Financials) | 12,306 | ||||||
| 10,899 | Qatar Islamic Bank (Financials) | 76,645 | ||||||
| 21,922 | Qatar National Bank QPSC (Financials) | 124,245 | ||||||
|
|
|
|||||||
| 433,811 | ||||||||
|
|
|
|||||||
| Russia – 0.0% | ||||||||
| 12,708 | Alrosa PJSC (Materials)(c) | — | ||||||
| 801 | Gazprom Neft PJSC (Energy)(c) | — | ||||||
| 49,291 | Gazprom PJSC (Energy)*(c) | — | ||||||
| 1,413 | LUKOIL PJSC (Energy)(c) | — | ||||||
| 263 | MMC Norilsk Nickel PJSC (Materials)(c) | — | ||||||
| 4,560 | Mobile TeleSystems PJSC (Communication Services)(c) | — | ||||||
| 3,099 | Novatek PJSC (Energy)(c) | — | ||||||
| 5,287 | Novolipetsk Steel PJSC (Materials)(c) | — | ||||||
| 780 | PIK Group PJSC (Consumer Discretionary)*(c) | — | ||||||
| 1,389 | Polymetal International PLC (Materials)(c) | — | ||||||
| 128 | Polyus PJSC (Materials)(c) | — | ||||||
| 5,078 | Rosneft Oil Co. PJSC (Energy)(c) | — | ||||||
| 44,370 | Sberbank of Russia PJSC (Financials)*(c) | — | ||||||
| 969 | Severstal PAO (Materials)(c) | — | ||||||
| 146,300 | Surgutneftegas PJSC (Energy)(c) | — | ||||||
| 6,047 | Tatneft PJSC (Energy)(c) | — | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Russia – (continued) | ||||||||
| 6,503 | United Co RUSAL International PJSC (Materials)*(c) | — | ||||||
| 1,289 | Yandex NV, Class A (Communication Services)*(c) | — | ||||||
|
|
|
|||||||
| — | ||||||||
|
|
| |||||||
| Saudi Arabia – 5.9% | ||||||||
| 790 | ACWA Power Co. (Utilities) | 36,778 | ||||||
| 645 | Advanced Petrochemical Co. (Materials) | 8,579 | ||||||
| 9,655 | Al Rajhi Bank (Financials)* | 231,679 | ||||||
| 4,741 | Alinma Bank (Financials) | 47,927 | ||||||
| 1,979 | Almarai Co. JSC (Consumer Staples) | 27,903 | ||||||
| 3,220 | Arab National Bank (Financials) | 25,698 | ||||||
| 122 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | 9,023 | ||||||
| 2,371 | Bank AlBilad (Financials)* | 31,916 | ||||||
| 2,857 | Banque Saudi Fransi (Financials) | 37,812 | ||||||
| 277 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 12,115 | ||||||
| 410 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 21,814 | ||||||
| 1,825 | Etihad Etisalat Co. (Communication Services) | 17,769 | ||||||
| 284 | Jarir Marketing Co. (Consumer Discretionary) | 12,995 | ||||||
| 220 | Mouwasat Medical Services Co. (Health Care) | 14,152 | ||||||
| 1,663 | National Industrialization Co. (Materials)* | 7,052 | ||||||
| 4,043 | Rabigh Refining & Petrochemical Co. (Energy)* | 18,629 | ||||||
| 7,112 | Riyad Bank (Financials) | 67,166 | ||||||
| 1,128 | SABIC Agri-Nutrients Co. (Materials) | 52,214 | ||||||
| 1,738 | Sahara International Petrochemical Co. (Materials) | 22,078 | ||||||
| 3,908 | Saudi Arabian Mining Co. (Materials)* | 77,453 | ||||||
| 63,136 | Saudi Arabian Oil Co. (Energy)(a) | 629,848 | ||||||
| 4,437 | Saudi Basic Industries Corp. (Materials) | 118,273 | ||||||
| 4,684 | Saudi British Bank (The) (Financials) | 49,781 | ||||||
| 3,786 | Saudi Electricity Co. (Utilities) | 25,431 | ||||||
| 1,826 | Saudi Industrial Investment Group (Materials) | 12,436 | ||||||
| 3,556 | Saudi Kayan Petrochemical Co. (Materials)* | 13,906 | ||||||
| 10,834 | Saudi National Bank (The) (Financials) | 201,462 | ||||||
| 8,887 | Saudi Telecom Co. (Communication Services) | 98,823 | ||||||
| 1,266 | Savola Group (The) (Consumer Staples) | 10,996 | ||||||
| 1,361 | Yanbu National Petrochemical Co. (Materials) | 18,140 | ||||||
|
|
|
|||||||
| 1,959,848 | ||||||||
|
|
|
|||||||
| Singapore – 0.0% | ||||||||
| 1,051 | BOC Aviation Ltd. (Industrials)(a) | 8,443 | ||||||
|
|
|
|||||||
| South Africa – 2.6% | ||||||||
| 2,928 | Absa Group Ltd. (Financials) | 30,581 | ||||||
| 441 | African Rainbow Minerals Ltd. (Materials) | 6,113 | ||||||
|
|
| |||||||
| 32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Africa – (continued) | ||||||||
| 204 | Anglo American Platinum Ltd. (Materials) | $ | 14,347 | |||||
| 1,799 | Aspen Pharmacare Holdings Ltd. (Health Care) | 15,568 | ||||||
| 1,638 | Bid Corp. Ltd. (Consumer Staples) | 31,238 | ||||||
| 1,615 | Bidvest Group Ltd. (The) (Industrials) | 20,367 | ||||||
| 304 | Capitec Bank Holdings Ltd. (Financials) | 36,448 | ||||||
| 1,195 | Clicks Group Ltd. (Consumer Staples) | 20,895 | ||||||
| 1,744 | Discovery Ltd. (Financials)* | 12,569 | ||||||
| 1,464 | Exxaro Resources Ltd. (Energy) | 18,752 | ||||||
| 18,287 | FirstRand Ltd. (Financials) | 68,848 | ||||||
| 3,429 | Gold Fields Ltd. (Materials) | 27,910 | ||||||
| 2,287 | Harmony Gold Mining Co. Ltd. (Materials) | 5,791 | ||||||
| 4,025 | Impala Platinum Holdings Ltd. (Materials) | 42,596 | ||||||
| 821 | Investec Ltd. (Financials) | 3,880 | ||||||
| 238 | Kumba Iron Ore Ltd. (Materials) | 5,313 | ||||||
| 6,793 | MTN Group Ltd. (Communication Services) | 49,520 | ||||||
| 1,655 | MultiChoice Group (Communication Services) | 11,226 | ||||||
| 1,075 | Naspers Ltd., Class N (Consumer Discretionary) | 152,995 | ||||||
| 1,989 | Nedbank Group Ltd. (Financials)(b) | 23,666 | ||||||
| 1,557 | Northam Platinum Holdings Ltd. (Materials)* | 14,726 | ||||||
| 23,888 | Old Mutual Ltd. (Financials) | 14,253 | ||||||
| 4,197 | Pepkor Holdings Ltd. (Consumer Discretionary)(a) | 4,952 | ||||||
| 3,028 | Rand Merchant Investment Holdings Ltd. (Financials) | 4,806 | ||||||
| 2,595 | Remgro Ltd. (Financials) | 19,391 | ||||||
| 8,200 | Sanlam Ltd. (Financials) | 25,652 | ||||||
| 2,162 | Sasol Ltd. (Materials)* | 42,091 | ||||||
| 2,071 | Shoprite Holdings Ltd. (Consumer Staples) | 28,277 | ||||||
| 13,460 | Sibanye Stillwater Ltd. (Materials) | 30,396 | ||||||
| 5,169 | Standard Bank Group Ltd. (Financials) | 46,470 | ||||||
| 2,911 | Vodacom Group Ltd. (Communication Services) | 21,545 | ||||||
| 5,271 | Woolworths Holdings Ltd. (Consumer Discretionary) | 17,318 | ||||||
|
|
|
|||||||
| 868,500 | ||||||||
|
|
|
|||||||
| South Korea – 10.5% | ||||||||
| 144 | Alteogen, Inc. (Health Care)* | 6,858 | ||||||
| 130 | Amorepacific Corp. (Consumer Staples) | 11,955 | ||||||
| 163 | AMOREPACIFIC Group (Consumer Staples) | 4,253 | ||||||
| 37 | BGF retail Co. Ltd. (Consumer Staples) | 4,440 | ||||||
| 1,409 | BNK Financial Group, Inc. (Financials) | 7,068 | ||||||
| 211 | Bukwang Pharmaceutical Co. Ltd. (Health Care) | 1,424 | ||||||
| 421 | Celltrion Healthcare Co. Ltd. (Health Care) | 22,694 | ||||||
| 93 | Celltrion Pharm, Inc. (Health Care)* | 5,451 | ||||||
| 438 | Celltrion, Inc. (Health Care) | 62,054 | ||||||
| 270 | Cheil Worldwide, Inc. (Communication Services) | 4,421 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 31 | Chong Kun Dang Pharmaceutical Corp. (Health Care) | 1,991 | ||||||
| 21 | Chunbo Co. Ltd. (Materials) | 3,566 | ||||||
| 31 | CJ CheilJedang Corp. (Consumer Staples) | 9,444 | ||||||
| 63 | CJ Corp. (Industrials) | 3,683 | ||||||
| 56 | CJ ENM Co. Ltd. (Communication Services) | 4,116 | ||||||
| 36 | CJ Logistics Corp. (Industrials)* | 3,189 | ||||||
| 250 | Coway Co. Ltd. (Consumer Discretionary) | 11,906 | ||||||
| 111 | CS Wind Corp. (Industrials) | 5,701 | ||||||
| 905 | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | 3,518 | ||||||
| 212 | Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)* | 3,194 | ||||||
| 154 | DB HiTek Co. Ltd. (Information Technology) | 5,354 | ||||||
| 188 | DB Insurance Co. Ltd. (Financials) | 8,391 | ||||||
| 121 | DL E&C Co. Ltd. (Industrials) | 3,704 | ||||||
| 255 | Dongsuh Cos., Inc. (Consumer Staples) | 4,661 | ||||||
| 216 | Doosan Bobcat, Inc. (Industrials) | 5,604 | ||||||
| 30 | Doosan Co. Ltd. (Industrials) | 1,857 | ||||||
| 1,777 | Doosan Enerbility Co. Ltd. (Industrials)* | 27,036 | ||||||
| 198 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 5,670 | ||||||
| 107 | Douzone Bizon Co. Ltd. (Information Technology) | 2,896 | ||||||
| 238 | Ecopro BM Co. Ltd. (Industrials) | 19,965 | ||||||
| 83 | E-MART, Inc. (Consumer Staples) | 6,069 | ||||||
| 74 | F&F Co. Ltd. (Consumer Discretionary) | 7,884 | ||||||
| 215 | Fila Holdings Corp. (Consumer Discretionary) | 5,015 | ||||||
| 102 | Genexine, Inc. (Health Care)* | 2,322 | ||||||
| 23 | Green Cross Corp. (Health Care) | 2,820 | ||||||
| 275 | GS Engineering & Construction Corp. (Industrials) | 6,199 | ||||||
| 344 | GS Holdings Corp. (Industrials) | 11,843 | ||||||
| 191 | GS Retail Co. Ltd. (Consumer Staples) | 3,627 | ||||||
| 1,279 | Hana Financial Group, Inc. (Financials) | 37,532 | ||||||
| 76 | Hanjin Kal Corp. (Industrials)* | 3,000 | ||||||
| 317 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 8,994 | ||||||
| 25 | Hanmi Pharm Co. Ltd. (Health Care) | 5,757 | ||||||
| 142 | Hanmi Science Co. Ltd. (Health Care) | 4,597 | ||||||
| 719 | Hanon Systems (Consumer Discretionary) | 5,537 | ||||||
| 41 | Hansol Chemical Co. Ltd. (Materials) | 6,698 | ||||||
| 53 | Hanssem Co. Ltd. (Consumer Discretionary) | 2,132 | ||||||
| 142 | Hanwha Aerospace Co. Ltd. (Industrials) | 8,642 | ||||||
| 158 | Hanwha Corp. (Industrials) | 3,762 | ||||||
| 2,067 | Hanwha Life Insurance Co. Ltd. (Financials)* | 3,570 | ||||||
| 490 | Hanwha Solutions Corp. (Materials)* | 19,270 | ||||||
| 257 | Hanwha Systems Co. Ltd. (Industrials) | 2,988 | ||||||
| 206 | HD Hyundai Co. Ltd. (Energy) | 9,734 | ||||||
| 181 | HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials) | 1,685 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 186 | Helixmith Co. Ltd. (Health Care)* | $ | 2,301 | |||||
| 141 | Hite Jinro Co. Ltd. (Consumer Staples) | 3,215 | ||||||
| 475 | HLB, Inc. (Consumer Discretionary)* | 17,508 | ||||||
| 1,207 | HMM Co. Ltd. (Industrials) | 20,078 | ||||||
| 163 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 8,994 | ||||||
| 36 | Hugel, Inc. (Health Care)* | 3,286 | ||||||
| 59 | HYBE Co. Ltd. (Communication Services)* | 8,006 | ||||||
| 11 | Hyosung Advanced Materials Corp. (Materials) | 3,487 | ||||||
| 8 | Hyosung TNC Corp. (Materials) | 1,875 | ||||||
| 30 | Hyundai Autoever Corp. (Information Technology) | 2,703 | ||||||
| 60 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 2,777 | ||||||
| 454 | Hyundai Doosan Infracore Co. Ltd. (Industrials)* | 2,094 | ||||||
| 117 | Hyundai Elevator Co. Ltd. (Industrials) | 2,563 | ||||||
| 313 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 11,279 | ||||||
| 72 | Hyundai Glovis Co. Ltd. (Industrials) | 9,501 | ||||||
| 45 | Hyundai Heavy Industries Co. Ltd. (Industrials)* | 4,828 | ||||||
| 253 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 5,958 | ||||||
| 97 | Hyundai Mipo Dockyard Co. Ltd. (Industrials)* | 7,760 | ||||||
| 260 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 41,793 | ||||||
| 564 | Hyundai Motor Co. (Consumer Discretionary) | 82,647 | ||||||
| 381 | Hyundai Steel Co. (Materials) | 9,372 | ||||||
| 99 | Iljin Materials Co. Ltd. (Information Technology) | 5,492 | ||||||
| 1,172 | Industrial Bank of Korea (Financials) | 8,385 | ||||||
| 1,309 | Kakao Corp. (Communication Services) | 71,833 | ||||||
| 172 | Kakao Games Corp. (Communication Services)* | 6,790 | ||||||
| 752 | KakaoBank Corp. (Financials)* | 15,349 | ||||||
| 103 | Kakaopay Corp. (Information Technology)* | 4,790 | ||||||
| 561 | Kangwon Land, Inc. (Consumer Discretionary)* | 11,136 | ||||||
| 1,536 | KB Financial Group, Inc. (Financials) | 56,787 | ||||||
| 18 | KCC Corp. (Materials) | 3,963 | ||||||
| 49 | KEPCO Engineering & Construction Co., Inc. (Industrials) | 2,696 | ||||||
| 94 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials) | 2,906 | ||||||
| 1,060 | Kia Corp. (Consumer Discretionary) | 64,033 | ||||||
| 67 | KIWOOM Securities Co. Ltd. (Financials) | 4,288 | ||||||
| 128 | KMW Co. Ltd. (Information Technology)* | 3,072 | ||||||
| 58 | Kolmar BNH Co. Ltd. (Consumer Staples) | 1,125 | ||||||
| 307 | Korea Aerospace Industries Ltd. (Industrials) | 14,001 | ||||||
| 1,259 | Korea Electric Power Corp. (Utilities)*(b) | 19,720 | ||||||
| 146 | Korea Gas Corp. (Utilities) | 4,748 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 171 | Korea Investment Holdings Co. Ltd. (Financials) | 7,262 | ||||||
| 189 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | 13,735 | ||||||
| 43 | Korea Zinc Co. Ltd. (Materials) | 21,604 | ||||||
| 880 | Korean Air Lines Co. Ltd. (Industrials)* | 17,665 | ||||||
| 129 | Krafton, Inc. (Communication Services)* | 23,774 | ||||||
| 316 | KT Corp. (Communication Services) | 8,789 | ||||||
| 472 | KT&G Corp. (Consumer Staples) | 29,360 | ||||||
| 74 | Kumho Petrochemical Co. Ltd. (Materials) | 7,192 | ||||||
| 110 | L&F Co. Ltd. (Information Technology)* | 18,956 | ||||||
| 48 | LEENO Industrial, Inc. (Information Technology) | 5,153 | ||||||
| 204 | LG Chem Ltd. (Materials) | 96,391 | ||||||
| 488 | LG Corp. (Industrials) | 29,917 | ||||||
| 972 | LG Display Co. Ltd. (Information Technology) | 11,337 | ||||||
| 462 | LG Electronics, Inc. (Consumer Discretionary) | 34,886 | ||||||
| 110 | LG Energy Solution Ltd. (Industrials)* | 38,036 | ||||||
| 40 | LG H&H Co. Ltd. (Consumer Staples) | 21,293 | ||||||
| 57 | LG Innotek Co. Ltd. (Information Technology) | 14,660 | ||||||
| 1,049 | LG Uplus Corp. (Communication Services) | 9,019 | ||||||
| 63 | Lotte Chemical Corp. (Materials) | 8,243 | ||||||
| 164 | Lotte Corp. (Industrials) | 5,082 | ||||||
| 56 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 4,136 | ||||||
| 97 | LS Corp. (Industrials) | 4,866 | ||||||
| 134 | Mando Corp. (Consumer Discretionary) | 5,410 | ||||||
| 27 | Medytox, Inc. (Health Care)* | 2,469 | ||||||
| 118 | Meritz Financial Group, Inc. (Financials) | 2,717 | ||||||
| 188 | Meritz Fire & Marine Insurance Co. Ltd. (Financials) | 5,390 | ||||||
| 901 | Meritz Securities Co. Ltd. (Financials) | 3,260 | ||||||
| 1,275 | Mirae Asset Securities Co. Ltd. (Financials) | 6,253 | ||||||
| 627 | NAVER Corp. (Communication Services) | 112,504 | ||||||
| 62 | NCSoft Corp. (Communication Services) | 17,545 | ||||||
| 82 | Netmarble Corp. (Communication Services)(a) | 3,893 | ||||||
| 725 | NH Investment & Securities Co. Ltd. (Financials) | 5,393 | ||||||
| 16 | NongShim Co. Ltd. (Consumer Staples) | 3,589 | ||||||
| 84 | OCI Co. Ltd. (Materials) | 7,379 | ||||||
| 101 | Orion Corp. (Consumer Staples) | 7,430 | ||||||
| 998 | Pan Ocean Co. Ltd. (Industrials) | 3,843 | ||||||
| 119 | Pearl Abyss Corp. (Communication Services)* | 5,053 | ||||||
| 121 | POSCO Chemical Co. Ltd. (Materials) | 15,198 | ||||||
| 323 | POSCO Holdings, Inc. (Materials) | 61,579 | ||||||
| 174 | Posco International Corp. (Industrials) | 3,493 | ||||||
| 90 | S-1 Corp. (Industrials) | 3,916 | ||||||
| 87 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 54,312 | ||||||
| 357 | Samsung C&T Corp. (Industrials) | 32,162 | ||||||
| 137 | Samsung Card Co. Ltd. (Financials) | 3,211 | ||||||
|
|
| |||||||
| 34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| South Korea – (continued) | ||||||||
| 238 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | $ | 24,911 | |||||
| 23,443 | Samsung Electronics Co. Ltd. (Information Technology) | 1,046,351 | ||||||
| 687 | Samsung Engineering Co. Ltd. (Industrials)* | 12,044 | ||||||
| 143 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 20,848 | ||||||
| 3,027 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 13,511 | ||||||
| 323 | Samsung Life Insurance Co. Ltd. (Financials) | 14,972 | ||||||
| 228 | Samsung SDI Co. Ltd. (Information Technology) | 101,936 | ||||||
| 154 | Samsung SDS Co. Ltd. (Information Technology) | 14,795 | ||||||
| 257 | Samsung Securities Co. Ltd. (Financials) | 6,514 | ||||||
| 194 | SD Biosensor, Inc. (Health Care) | 5,098 | ||||||
| 196 | Seegene, Inc. (Health Care) | 4,623 | ||||||
| 190 | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | 3,970 | ||||||
| 2,180 | Shinhan Financial Group Co. Ltd. (Financials) | 59,652 | ||||||
| 28 | Shinsegae, Inc. (Consumer Discretionary) | 4,679 | ||||||
| 114 | SK Biopharmaceuticals Co. Ltd. (Health Care)* | 6,102 | ||||||
| 84 | SK Bioscience Co. Ltd. (Health Care)* | 7,097 | ||||||
| 52 | SK Chemicals Co. Ltd. (Materials) | 3,802 | ||||||
| 2,331 | SK Hynix, Inc. (Information Technology) | 165,909 | ||||||
| 91 | SK IE Technology Co. Ltd. (Materials)*(a) | 5,660 | ||||||
| 214 | SK Innovation Co. Ltd. (Energy)* | 30,399 | ||||||
| 648 | SK Networks Co. Ltd. (Industrials) | 2,199 | ||||||
| 420 | SK Square Co. Ltd. (Information Technology)* | 12,717 | ||||||
| 270 | SK Telecom Co. Ltd. (Communication Services) | 10,517 | ||||||
| 155 | SK, Inc. (Industrials) | 27,001 | ||||||
| 86 | SKC Co. Ltd. (Materials) | 7,812 | ||||||
| 164 | S-Oil Corp. (Energy) | 12,445 | ||||||
| 63 | Solus Advanced Materials Co. Ltd. (Information Technology) | 1,969 | ||||||
| 21 | Soulbrain Co. Ltd. (Materials) | 3,404 | ||||||
| 406 | SSANGYONG C&E Co. Ltd. (Materials) | 2,073 | ||||||
| 64 | Studio Dragon Corp. (Communication Services)* | 3,632 | ||||||
| 83 | Wemade Co. Ltd. (Communication Services) | 3,854 | ||||||
| 149 | WONIK IPS Co. Ltd. (Information Technology) | 3,119 | ||||||
| 2,473 | Woori Financial Group, Inc. (Financials) | 22,557 | ||||||
| 200 | Yuhan Corp. (Health Care) | 8,493 | ||||||
|
|
|
|||||||
| 3,460,900 | ||||||||
|
|
|
|||||||
| Taiwan – 14.3% | ||||||||
| 2,355 | Accton Technology Corp. (Information Technology) | 21,935 | ||||||
| 13,992 | Acer, Inc. (Information Technology) | 10,113 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 1,949 | Advantech Co. Ltd. (Information Technology) | 20,971 | ||||||
| 15,938 | ASE Technology Holding Co. Ltd. (Information Technology) | 44,718 | ||||||
| 11,143 | Asia Cement Corp. (Materials) | 15,834 | ||||||
| 139 | ASMedia Technology, Inc. (Information Technology) | 4,270 | ||||||
| 128 | ASPEED Technology, Inc. (Information Technology) | 8,558 | ||||||
| 3,089 | Asustek Computer, Inc. (Information Technology) | 25,879 | ||||||
| 39,717 | AUO Corp. (Information Technology) | 21,857 | ||||||
| 3,116 | Catcher Technology Co. Ltd. (Information Technology)* | 18,990 | ||||||
| 36,847 | Cathay Financial Holding Co. Ltd. (Financials) | 53,931 | ||||||
| 6,646 | Chailease Holding Co. Ltd. (Financials) | 43,015 | ||||||
| 26,413 | Chang Hwa Commercial Bank Ltd. (Financials) | 15,316 | ||||||
| 7,242 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 8,435 | ||||||
| 2,955 | Chicony Electronics Co. Ltd. (Information Technology) | 7,922 | ||||||
| 13,373 | China Airlines Ltd. (Industrials) | 10,017 | ||||||
| 80,356 | China Development Financial Holding Corp. (Financials) | 35,376 | ||||||
| 55,223 | China Steel Corp. (Materials) | 52,524 | ||||||
| 1,790 | Chroma ATE, Inc. (Information Technology) | 11,086 | ||||||
| 18,643 | Chunghwa Telecom Co. Ltd. (Communication Services) | 74,113 | ||||||
| 20,918 | Compal Electronics, Inc. (Information Technology) | 15,635 | ||||||
| 88,882 | CTBC Financial Holding Co. Ltd. (Financials) | 68,623 | ||||||
| 9,070 | Delta Electronics, Inc. (Information Technology) | 78,371 | ||||||
| 3,962 | E Ink Holdings, Inc. (Information Technology) | 31,175 | ||||||
| 913 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 13,363 | ||||||
| 320 | eMemory Technology, Inc. (Information Technology) | 14,561 | ||||||
| 61,585 | E.Sun Financial Holding Co. Ltd. (Financials) | 57,058 | ||||||
| 10,744 | Eva Airways Corp. (Industrials) | 11,913 | ||||||
| 12,326 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 35,758 | ||||||
| 14,589 | Far Eastern New Century Corp. (Industrials) | 15,697 | ||||||
| 8,077 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 19,849 | ||||||
| 2,119 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 11,974 | ||||||
| 50,348 | First Financial Holding Co. Ltd. (Financials) | 43,918 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 16,020 | Formosa Chemicals & Fibre Corp. (Materials) | $ | 36,159 | |||||
| 5,743 | Formosa Petrochemical Corp. (Energy) | 15,812 | ||||||
| 22,841 | Formosa Plastics Corp. (Materials) | 68,364 | ||||||
| 313 | Formosa Sumco Technology Corp. (Information Technology) | 1,882 | ||||||
| 4,134 | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | 3,749 | ||||||
| 4,761 | Foxconn Technology Co. Ltd. (Information Technology) | 7,915 | ||||||
| 32,839 | Fubon Financial Holding Co. Ltd. (Financials) | 61,929 | ||||||
| 1,337 | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | 10,520 | ||||||
| 1,024 | Globalwafers Co. Ltd. (Information Technology) | 16,350 | ||||||
| 5,290 | Highwealth Construction Corp. (Real Estate) | 8,412 | ||||||
| 1,350 | Hiwin Technologies Corp. (Industrials) | 9,203 | ||||||
| 56,362 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 201,838 | ||||||
| 1,351 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 27,253 | ||||||
| 47,233 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 36,079 | ||||||
| 47,024 | Innolux Corp. (Information Technology) | 18,694 | ||||||
| 12,262 | Inventec Corp. (Information Technology) | 9,326 | ||||||
| 433 | Largan Precision Co. Ltd. (Information Technology) | 27,812 | ||||||
| 10,379 | Lite-On Technology Corp. (Information Technology) | 22,437 | ||||||
| 8,504 | Macronix International Co. Ltd. (Information Technology) | 9,206 | ||||||
| 7,138 | MediaTek, Inc. (Information Technology) | 156,420 | ||||||
| 50,208 | Mega Financial Holding Co. Ltd. (Financials) | 59,219 | ||||||
| 1,002 | Merida Industry Co. Ltd. (Consumer Discretionary) | 7,341 | ||||||
| 3,368 | Micro-Star International Co. Ltd. (Information Technology) | 12,725 | ||||||
| 379 | momo.com, Inc. (Consumer Discretionary) | 9,090 | ||||||
| 23,128 | Nan Ya Plastics Corp. (Materials) | 52,202 | ||||||
| 1,079 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 9,589 | ||||||
| 5,441 | Nanya Technology Corp. (Information Technology) | 9,546 | ||||||
| 680 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 6,322 | ||||||
| 2,605 | Novatek Microelectronics Corp. (Information Technology) | 22,552 | ||||||
| 1,159 | Oneness Biotech Co. Ltd. (Health Care)* | 11,271 | ||||||
| 8,262 | Pegatron Corp. (Information Technology) | 17,264 | ||||||
| 803 | Phison Electronics Corp. (Information Technology) | 8,244 | ||||||
| 10,986 | Pou Chen Corp. (Consumer Discretionary) | 10,467 | ||||||
| 12,590 | Powerchip Semiconductor Manufacturing Corp. (Information Technology) | 14,250 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 3,334 | Powertech Technology, Inc. (Information Technology) | 9,354 | ||||||
| 2,571 | President Chain Store Corp. (Consumer Staples) | 22,637 | ||||||
| 12,750 | Quanta Computer, Inc. (Information Technology) | 33,218 | ||||||
| 2,117 | Realtek Semiconductor Corp. (Information Technology) | 24,065 | ||||||
| 5,759 | Ruentex Development Co. Ltd. (Real Estate) | 11,939 | ||||||
| 2,462 | Ruentex Industries Ltd. (Consumer Discretionary) | 5,290 | ||||||
| 19,407 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 31,753 | ||||||
| 64,149 | Shin Kong Financial Holding Co. Ltd. (Financials) | 18,525 | ||||||
| 171 | Silicon Motion Technology Corp. ADR (Information Technology) | 13,186 | ||||||
| 2,562 | Sino-American Silicon Products, Inc. (Information Technology) | 14,099 | ||||||
| 49,231 | SinoPac Financial Holdings Co. Ltd. (Financials) | 28,063 | ||||||
| 2,832 | Standard Foods Corp. (Consumer Staples) | 3,819 | ||||||
| 6,140 | Synnex Technology International Corp. (Information Technology) | 11,256 | ||||||
| 7,991 | TA Chen Stainless Pipe (Materials) | 10,383 | ||||||
| 52,694 | Taishin Financial Holding Co. Ltd. (Financials) | 26,315 | ||||||
| 29,315 | Taiwan Business Bank (Financials) | 12,376 | ||||||
| 28,205 | Taiwan Cement Corp. (Materials) | 36,417 | ||||||
| 45,490 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 41,324 | ||||||
| 3,645 | Taiwan Fertilizer Co. Ltd. (Materials) | 7,533 | ||||||
| 10,626 | Taiwan High Speed Rail Corp. (Industrials) | 10,194 | ||||||
| 8,580 | Taiwan Mobile Co. Ltd. (Communication Services) | 28,076 | ||||||
| 119,858 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 1,988,609 | ||||||
| 9,811 | Tatung Co. Ltd. (Industrials)* | 11,120 | ||||||
| 8,526 | Teco Electric and Machinery Co. Ltd. (Industrials) | 8,291 | ||||||
| 2,394 | Tripod Technology Corp. (Information Technology) | 7,905 | ||||||
| 5,640 | Unimicron Technology Corp. (Information Technology) | 28,073 | ||||||
| 22,727 | Uni-President Enterprises Corp. (Consumer Staples) | 49,281 | ||||||
| 55,354 | United Microelectronics Corp. (Information Technology)* | 74,745 | ||||||
| 4,525 | Vanguard International Semiconductor Corp. (Information Technology) | 11,061 | ||||||
| 1,483 | VisEra Technologies Co. Ltd. (Information Technology) | 15,153 | ||||||
| 309 | Voltronic Power Technology Corp. (Industrials) | 17,614 | ||||||
|
|
| |||||||
| 36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Taiwan – (continued) | ||||||||
| 12,891 | Walsin Lihwa Corp. (Industrials) | $ | 16,814 | |||||
| 1,518 | Walsin Technology Corp. (Information Technology) | 4,638 | ||||||
| 3,118 | Wan Hai Lines Ltd. (Industrials) | 8,892 | ||||||
| 1,571 | Win Semiconductors Corp. (Information Technology) | 9,213 | ||||||
| 13,273 | Winbond Electronics Corp. (Information Technology) | 9,681 | ||||||
| 12,927 | Wistron Corp. (Information Technology) | 11,764 | ||||||
| 416 | Wiwynn Corp. (Information Technology) | 10,524 | ||||||
| 7,512 | WPG Holdings Ltd. (Information Technology) | 12,686 | ||||||
| 1,983 | Yageo Corp. (Information Technology) | 21,402 | ||||||
| 8,562 | Yang Ming Marine Transport Corp. (Industrials) | 22,194 | ||||||
| 57,010 | Yuanta Financial Holding Co. Ltd. (Financials) | 38,022 | ||||||
| 2,709 | Yulon Motor Co. Ltd. (Consumer Discretionary) | 3,671 | ||||||
| 2,978 | Zhen Ding Technology Holding Ltd. (Information Technology) | 11,154 | ||||||
|
|
|
|||||||
| 4,714,526 | ||||||||
|
|
|
|||||||
| Tanzania – 0.1% | ||||||||
| 1,786 | AngloGold Ashanti Ltd. (Materials)(b) | 24,062 | ||||||
|
|
|
|||||||
| Thailand – 2.2% | ||||||||
| 4,900 | Advanced Info Service PCL NVDR (Communication Services) | 25,802 | ||||||
| 20,206 | Airports of Thailand PCL NVDR (Industrials)* | 40,315 | ||||||
| 39,237 | Asset World Corp. PCL NVDR (Consumer Discretionary) | 6,026 | ||||||
| 4,264 | B Grimm Power PCL NVDR (Utilities) | 4,327 | ||||||
| 4,864 | Bangkok Bank PCL NVDR (Financials) | 18,275 | ||||||
| 9,152 | Bangkok Commercial Asset Management PCL NVDR (Financials) | 4,618 | ||||||
| 27,767 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 22,275 | ||||||
| 42,370 | Bangkok Expressway & Metro PCL NVDR (Industrials) | 10,168 | ||||||
| 2,450 | Bangkok Life Assurance PCL NVDR (Financials) | 2,385 | ||||||
| 17,043 | Banpu PCL NVDR (Energy) | 6,777 | ||||||
| 4,769 | Berli Jucker PCL NVDR (Consumer Staples) | 4,382 | ||||||
| 37,715 | BTS Group Holdings PCL NVDR (Industrials) | 8,689 | ||||||
| 2,315 | Bumrungrad Hospital PCL NVDR (Health Care) | 13,714 | ||||||
| 1,906 | Carabao Group PCL NVDR (Consumer Staples) | 5,280 | ||||||
| 8,407 | Central Pattana PCL NVDR (Real Estate) | 15,967 | ||||||
| 15,515 | Central Retail Corp. PCL NVDR (Consumer Discretionary) | 17,233 | ||||||
| 18,416 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 13,132 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Thailand – (continued) | ||||||||
| 3,951 | Com7 PCL NVDR (Consumer Discretionary) | 3,738 | ||||||
| 22,884 | CP ALL PCL NVDR (Consumer Staples) | 38,598 | ||||||
| 5,297 | Dohome PCL NVDR (Consumer Discretionary) | 2,208 | ||||||
| 1,192 | Electricity Generating PCL NVDR (Utilities) | 5,982 | ||||||
| 7,756 | Energy Absolute PCL NVDR (Utilities) | 18,134 | ||||||
| 185 | Fabrinet (Information Technology)* | 19,025 | ||||||
| 3,299 | Global Power Synergy PCL NVDR (Utilities) | 6,152 | ||||||
| 20,821 | Gulf Energy Development PCL NVDR (Utilities) | 29,265 | ||||||
| 2,813 | Hana Microelectronics PCL NVDR (Information Technology) | 3,298 | ||||||
| 25,349 | Home Product Center PCL NVDR (Consumer Discretionary) | 9,663 | ||||||
| 9,794 | Indorama Ventures PCL NVDR (Materials) | 11,617 | ||||||
| 5,293 | Intouch Holdings PCL NVDR (Communication Services) | 10,561 | ||||||
| 53,620 | IRPC PCL NVDR (Energy) | 5,029 | ||||||
| 1,022 | Jasmine Technology Solution PCL NVDR (Information Technology)* | 2,242 | ||||||
| 2,800 | Jay Mart PCL NVDR (Information Technology) | 3,993 | ||||||
| 3,672 | JMT Network Services PCL NVDR (Financials) | 7,855 | ||||||
| 7,996 | Kasikornbank PCL NVDR (Financials) | 33,662 | ||||||
| 3,526 | KCE Electronics PCL NVDR (Information Technology) | 5,246 | ||||||
| 2,185 | Kerry Express Thailand PCL NVDR (Industrials)* | 1,300 | ||||||
| 21,675 | Krung Thai Bank PCL NVDR (Financials) | 10,046 | ||||||
| 5,288 | Krungthai Card PCL NVDR (Financials) | 8,738 | ||||||
| 30,030 | Land & Houses PCL NVDR (Real Estate) | 7,330 | ||||||
| 14,903 | Minor International PCL NVDR (Consumer Discretionary)* | 13,386 | ||||||
| 3,748 | Muangthai Capital PCL NVDR (Financials) | 4,369 | ||||||
| 6,059 | Ngern Tid Lor PCL NVDR (Financials) | 4,777 | ||||||
| 7,268 | Osotspa PCL NVDR (Consumer Staples) | 6,229 | ||||||
| 6,130 | PTT Exploration & Production PCL NVDR (Energy) | 28,328 | ||||||
| 10,764 | PTT Global Chemical PCL NVDR (Materials) | 14,022 | ||||||
| 13,419 | PTT Oil & Retail Business PCL NVDR (Consumer Discretionary) | 10,029 | ||||||
| 50,125 | PTT PCL NVDR (Energy) | 51,551 | ||||||
| 1,325 | Ramkhamhaeng Hospital PCL NVDR (Health Care) | 2,035 | ||||||
| 2,262 | Ratch Group PCL NVDR (Utilities) | 2,730 | ||||||
| 5,223 | SCB X PCL NVDR (Financials) | 15,828 | ||||||
| 5,775 | SCG Packaging PCL NVDR (Materials) | 8,988 | ||||||
| 2,038 | Siam Cement PCL (The) NVDR (Materials) | 20,010 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Thailand – (continued) | ||||||||
| 7,486 | Siam Global House PCL NVDR (Consumer Discretionary) | $ | 4,024 | |||||
| 7,019 | Siam Makro PCL NVDR (Consumer Staples) | 6,641 | ||||||
| 3,933 | Sri Trang Agro-Industry PCL NVDR (Consumer Discretionary) | 2,438 | ||||||
| 4,905 | Sri Trang Gloves Thailand PCL NVDR (Health Care) | 1,910 | ||||||
| 3,229 | Srisawad Corp. PCL NVDR (Financials) | 4,317 | ||||||
| 15,917 | STARK Corp. PCL NVDR (Industrials)* | 1,825 | ||||||
| 38,406 | Thai Beverage PCL (Consumer Staples) | 17,756 | ||||||
| 5,217 | Thai Oil PCL NVDR (Energy) | 8,692 | ||||||
| 14,337 | Thai Union Group PCL NVDR (Consumer Staples) | 6,881 | ||||||
| 1,702 | Thonburi Healthcare Group PCL NVDR (Health Care) | 3,186 | ||||||
| 2,551 | Tisco Financial Group PCL NVDR (Financials) | 6,559 | ||||||
| 215,989 | TMBThanachart Bank PCL NVDR (Financials) | 7,523 | ||||||
| 2,701 | TOA Paint Thailand PCL NVDR (Materials) | 2,278 | ||||||
| 1,883 | Total Access Communication PCL NVDR (Communication Services) | 2,221 | ||||||
| 51,697 | True Corp. PCL NVDR (Communication Services) | 6,465 | ||||||
| 22,038 | VGI PCL NVDR (Communication Services) | 2,647 | ||||||
|
|
|
|||||||
| 730,692 | ||||||||
|
|
|
|||||||
| Turkey – 0.7% | ||||||||
| 344 | AG Anadolu Grubu Holding AS (Industrials) | 1,404 | ||||||
| 15,111 | Akbank TAS (Financials) | 9,734 | ||||||
| 744 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 2,259 | ||||||
| 1,508 | Aksa Enerji Uretim AS (Utilities) | 2,361 | ||||||
| 786 | Alarko Holding AS (Industrials) | 2,138 | ||||||
| 1,146 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 2,603 | ||||||
| 12 | Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials) | 180 | ||||||
| 1,074 | Arcelik AS (Consumer Discretionary) | 4,147 | ||||||
| 3,088 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 4,423 | ||||||
| 682 | Aydem Yenilenebilir Enerji AS (Utilities)* | 499 | ||||||
| 481 | Aygaz AS (Utilities) | 1,210 | ||||||
| 381 | Baskent Dogalgaz Dagitim Gayrimenkul Yatirim Ortakligi AS (Utilities) | 359 | ||||||
| 1,887 | Bera Holding AS (Industrials) | 1,848 | ||||||
| 2,200 | BIM Birlesik Magazalar AS (Consumer Staples) | 13,228 | ||||||
| 126 | Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)* | 297 | ||||||
| 32 | Borusan Yatirim ve Pazarlama AS (Financials) | 755 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Turkey – (continued) | ||||||||
| 232 | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary) | 471 | ||||||
| 390 | Can2 Termik AS (Utilities)* | 1,856 | ||||||
| 12 | Celebi Hava Servisi AS (Industrials) | 238 | ||||||
| 259 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 755 | ||||||
| 390 | Coca-Cola Icecek AS (Consumer Staples) | 3,430 | ||||||
| 186 | Deva Holding AS (Health Care) | 354 | ||||||
| 330 | D-MARKET Elektronik Hizmetler ve Ticaret AS ADR (Consumer Discretionary)* | 333 | ||||||
| 5,599 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary) | 1,634 | ||||||
| 58 | Dogu Aras Enerji Yatirimlari AS (Utilities) | 320 | ||||||
| 170 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | 933 | ||||||
| 87 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 382 | ||||||
| 6 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 760 | ||||||
| 710 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 541 | ||||||
| 11,315 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 2,494 | ||||||
| 1,506 | Enerjisa Enerji AS (Utilities)(a) | 1,419 | ||||||
| 9,105 | Enka Insaat ve Sanayi AS (Industrials) | 9,253 | ||||||
| 8,232 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 13,021 | ||||||
| 158 | Fenerbahce Futbol AS (Communication Services)* | 519 | ||||||
| 308 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 5,618 | ||||||
| 422 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 598 | ||||||
| 321 | Gubre Fabrikalari TAS (Materials)* | 2,064 | ||||||
| 6,711 | Haci Omer Sabanci Holding AS (Financials) | 9,391 | ||||||
| 1,858 | Hektas Ticaret TAS (Materials)* | 4,191 | ||||||
| 2,254 | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 2,240 | ||||||
| 638 | Is Yatirim Menkul Degerler AS (Financials) | 997 | ||||||
| 2,699 | Izmir Demir Celik Sanayi AS (Materials)* | 392 | ||||||
| 105 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 452 | ||||||
| 3,632 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Materials) | 2,360 | ||||||
| 1,087 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials) | 547 | ||||||
| 196 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials) | 99 | ||||||
| 85 | Kartonsan Karton Sanayi ve Ticaret AS (Materials) | 336 | ||||||
| 156 | Kizilbuk Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | 292 | ||||||
| 3,403 | KOC Holding AS (Industrials) | 8,533 | ||||||
|
|
| |||||||
| 38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Turkey – (continued) | ||||||||
| 4 | Konya Cimento Sanayii AS (Materials)* | $ | 282 | |||||
| 311 | Kordsa Teknik Tekstil AS (Consumer Discretionary) | 979 | ||||||
| 269 | Koza Altin Isletmeleri AS (Materials) | 2,340 | ||||||
| 1,106 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)* | 1,649 | ||||||
| 365 | Logo Yazilim Sanayi Ve Ticaret AS (Information Technology) | 953 | ||||||
| 468 | Migros Ticaret AS (Consumer Staples)* | 2,100 | ||||||
| 369 | MLP Saglik Hizmetleri AS (Health Care)*(a) | 821 | ||||||
| 41 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials) | 1,076 | ||||||
| 1,489 | Oyak Cimento Fabrikalari AS (Materials)* | 1,207 | ||||||
| 228 | Pegasus Hava Tasimaciligi AS (Industrials)* | 2,615 | ||||||
| 83 | Penta Teknoloji Urunleri Dagitim Ticaret AS (Information Technology)* | 1,715 | ||||||
| 4,972 | Petkim Petrokimya Holding AS (Materials)* | 3,940 | ||||||
| 1,743 | Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS (Industrials) | 1,509 | ||||||
| 1,880 | Sasa Polyester Sanayi AS (Materials)* | 5,528 | ||||||
| 573 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 629 | ||||||
| 50 | Servet Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | 292 | ||||||
| 2,934 | Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 687 | ||||||
| 1,675 | Sok Marketler Ticaret AS (Consumer Staples)* | 1,554 | ||||||
| 849 | TAV Havalimanlari Holding AS (Industrials)* | 2,909 | ||||||
| 1,045 | Tekfen Holding AS (Industrials) | 1,710 | ||||||
| 721 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 3,501 | ||||||
| 879 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 413 | ||||||
| 3,685 | Turk Hava Yollari AO (Industrials)* | 14,805 | ||||||
| 150 | Turk Prysmian Kablo ve Sistemleri AS (Industrials) | 198 | ||||||
| 2,446 | Turk Telekomunikasyon AS (Communication Services) | 1,410 | ||||||
| 79 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 1,062 | ||||||
| 6,022 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 7,149 | ||||||
| 3,018 | Turkiye Halk Bankasi AS (Financials)* | 1,430 | ||||||
| 17,444 | Turkiye Is Bankasi AS, Class C (Financials) | 7,593 | ||||||
| 644 | Turkiye Petrol Rafinerileri AS (Energy)* | 12,718 | ||||||
| 1,004 | Turkiye Sigorta AS (Financials) | 370 | ||||||
| 6,869 | Turkiye Sinai Kalkinma Bankasi AS (Financials)* | 1,857 | ||||||
| 6,667 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 9,080 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Turkey – (continued) | ||||||||
| 5,551 | Turkiye Vakiflar Bankasi TAO, Class D (Financials)* | 2,230 | ||||||
| 880 | Ulker Biskuvi Sanayi AS (Consumer Staples)* | 871 | ||||||
| 133 | Verusa Holding AS (Financials) | 485 | ||||||
| 1,245 | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) | 645 | ||||||
| 439 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary) | 716 | ||||||
| 12,869 | Yapi ve Kredi Bankasi AS (Financials) | 4,979 | ||||||
| 4,361 | Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate) | 820 | ||||||
| 5,818 | Zorlu Enerji Elektrik Uretim AS (Utilities)* | 937 | ||||||
|
|
|
|||||||
| 232,032 | ||||||||
|
|
|
|||||||
| United Arab Emirates – 2.2% | ||||||||
| 13,556 | Abu Dhabi Commercial Bank PJSC (Financials) | 33,474 | ||||||
| 14,099 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 17,043 | ||||||
| 8,632 | ADNOC Drilling Co. PJSC (Energy) | 8,601 | ||||||
| 17,376 | Aldar Properties PJSC (Real Estate) | 22,802 | ||||||
| 6,552 | Alpha Dhabi Holding PJSC (Industrials)* | 43,525 | ||||||
| 14,841 | Borouge PLC (Materials)* | 12,404 | ||||||
| 44,437 | Dubai Electricity & Water Authority PJSC (Utilities)* | 30,971 | ||||||
| 14,205 | Dubai Islamic Bank PJSC (Financials) | 22,624 | ||||||
| 19,658 | Emaar Properties PJSC (Real Estate) | 33,503 | ||||||
| 12,055 | Emirates NBD Bank PJSC (Financials) | 43,815 | ||||||
| 17,061 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 119,467 | ||||||
| 21,673 | First Abu Dhabi Bank PJSC (Financials) | 112,701 | ||||||
| 2,346 | International Holding Co. PJSC (Industrials)* | 216,522 | ||||||
|
|
|
|||||||
| 717,452 | ||||||||
|
|
|
|||||||
| United States – 0.1% | ||||||||
| 3,554 | JBS SA (Consumer Staples) | 20,298 | ||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $29,000,338) | $ | 31,829,381 | ||||||
|
|
| |||||||
| Shares |
Description | Rate | Value | |||||||||
| Preferred Stocks – 2.3% | ||||||||||||
| Brazil – 1.4% | ||||||||||||
| 1,022 | Alpargatas SA (Consumer Discretionary) | 2.09 | % | $ | 4,072 | |||||||
| 25,519 | Banco Bradesco SA (Financials) | 3.29 | 93,388 | |||||||||
| 1,237 | Bradespar SA (Materials) | 35.44 | 5,226 | |||||||||
| 943 | Braskem SA, Class A (Materials) | 30.35 | 5,542 | |||||||||
| 1,088 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 3.33 | 10,059 | |||||||||
|
|
|
|||||||||||
| The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Rate | Value | |||||||||
| Preferred Stocks – (continued) | ||||||||||||
| Brazil – (continued) | ||||||||||||
| 6,989 | Cia Energetica de Minas Gerais (Utilities) | 9.62 | % | $ | 16,323 | |||||||
| 5,559 | Gerdau SA (Materials) | 17.22 | 25,021 | |||||||||
| 23,647 | Itau Unibanco Holding SA (Financials) | 3.15 | 117,801 | |||||||||
| 23,038 | Itausa SA (Financials) | 6.16 | 40,687 | |||||||||
| 22,398 | Petroleo Brasileiro SA (Energy) | 33.98 | 143,657 | |||||||||
| 5,104 | Raizen SA (Energy) | 1.38 | 4,768 | |||||||||
| 2,583 | Usinas Siderurgicas de Minas Gerais SA Usiminas (Materials) | 10.07 | 3,998 | |||||||||
|
|
|
|||||||||||
| 470,542 | ||||||||||||
|
|
|
|||||||||||
| Chile – 0.2% | ||||||||||||
| 700 | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | 4.38 | 70,268 | |||||||||
|
|
|
|||||||||||
| Colombia – 0.1% | ||||||||||||
| 2,217 | Bancolombia SA (Financials) | 5.45 | 15,327 | |||||||||
| 18,859 | Grupo Aval Acciones y Valores SA (Financials) | 4.55 | 2,836 | |||||||||
|
|
|
|||||||||||
| 18,163 | ||||||||||||
|
|
|
|||||||||||
| Russia – 0.0% | ||||||||||||
| 4,252 | Sberbank of Russia PJSC (Financials)*(c) | 0.00 | — | |||||||||
| 31,665 | Surgutneftegas PJSC (Energy)(c) | 15.71 | — | |||||||||
| 640 | Tatneft PJSC (Energy)(c) | 10.16 | — | |||||||||
|
|
|
|||||||||||
| — | ||||||||||||
|
|
|
|||||||||||
| South Korea – 0.6% | ||||||||||||
| 62 | Amorepacific Corp. (Consumer Staples) | 2.08 | 2,204 | |||||||||
| 174 | Hyundai Motor Co. (Consumer Discretionary) | 5.48 | 12,137 | |||||||||
| 114 | Hyundai Motor Co. (Consumer Discretionary) | 5.52 | 7,773 | |||||||||
| 16 | Kumho Petrochemical Co. Ltd. (Materials) | 10.96 | 1,111 | |||||||||
| 38 | LG Chem Ltd. (Materials) | 4.16 | 8,551 | |||||||||
| 90 | LG Electronics, Inc. (Consumer Discretionary) | 1.97 | 3,183 | |||||||||
| 4,036 | Samsung Electronics Co. Ltd. (Information Technology) | 2.72 | 164,451 | |||||||||
| 16 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 7.60 | 1,908 | |||||||||
| 9 | Samsung SDI Co. Ltd. (Information Technology) | 0.35 | 2,066 | |||||||||
| 7 | Shin Poong Pharmaceutical Co. Ltd. (Health Care)* | 0.00 | 225 | |||||||||
|
|
|
|||||||||||
| 203,609 | ||||||||||||
|
|
|
|||||||||||
| Taiwan – 0.0% | ||||||||||||
| 9,244 | China Development Financial Holding Corp. (Financials) | 0.02 | 2,575 | |||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED STOCKS | ||||||||||||
| (Cost $696,191) | $ | 765,157 | ||||||||||
|
|
|
|||||||||||
| Units |
Description | Expiration Month |
Value | |||||||||
| Right – 0.0% | ||||||||||||
| Uruguay – 0.0% | ||||||||||||
| 443 | Thai Oil PCL* | |||||||||||
| (Cost $0) | 12/23 | $ | — | |||||||||
|
|
|
|||||||||||
| Shares |
Description | Value | ||||||
| Exchange-Traded Fund – 0.9% | ||||||||
| United States – 0.9% | ||||||||
| 12,873 | iShares MSCI Malaysia ETF | |||||||
| (Cost $302,162) | $ | 287,325 | ||||||
|
|
|
|||||||
| |
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
| (Cost $29,998,691) | $ | 32,881,863 | ||||||
|
|
|
|||||||
| Shares | Dividend Rate |
Value | ||||||
| Securities Lending Reinvestment Vehicle – 0.4%(d) | ||||||||
|
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
|
140,256 |
2.154 | % | $ | 140,256 | ||||
| (Cost $140,256) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 100.1% |
| |||||||
| (Cost $30,138,947) |
|
$ | 33,022,119 | |||||
|
|
||||||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% |
|
(40,839 | ) | |||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 32,981,280 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
* |
Non-income producing security. | |
|
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
(b) |
All or a portion of security is on loan. | |
|
(c) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
|
(d) |
Represents an affiliated issuer. | |
|
| ||
|
Investment Abbreviations: | ||
|
ADR |
—American Depositary Receipt | |
|
NVDR |
—Non-Voting Depository Receipt | |
|
PLC |
—Public Limited Company | |
|
REIT |
—Real Estate Investment Trust | |
|
| ||
| 40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
| Sector | % of Market Value |
|||
|
| ||||
|
Financials |
21.6 | % | ||
|
Information Technology |
18.6 | |||
|
Consumer Discretionary |
13.2 | |||
|
Communication Services |
9.3 | |||
|
Materials |
8.2 | |||
|
Industrials |
7.2 | |||
|
Energy |
6.4 | |||
|
Consumer Staples |
5.7 | |||
|
Health Care |
3.6 | |||
|
Utilities |
3.1 | |||
|
Real Estate |
1.8 | |||
|
Exchange-Traded Fund |
0.9 | |||
|
Securities Lending Reinvestment Vehicle |
0.4 | |||
|
| ||||
| TOTAL INVESTMENTS | 100.0 | % | ||
|
|
||||
| The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – 99.1% | ||||||||
| Australia – 9.2% | ||||||||
| 15,111 | AGL Energy Ltd. (Utilities) | $ | 79,560 | |||||
| 14,951 | Allkem Ltd. (Materials)* | 142,573 | ||||||
| 65,223 | Alumina Ltd. (Materials) | 67,741 | ||||||
| 81,278 | AMP Ltd. (Financials)* | 64,914 | ||||||
| 6,021 | Ampol Ltd. (Energy) | 142,736 | ||||||
| 30,056 | APA Group (Utilities) | 228,508 | ||||||
| 15,879 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 388,625 | ||||||
| 4,874 | ASX Ltd. (Financials) | 262,131 | ||||||
| 46,559 | Aurizon Holdings Ltd. (Industrials) | 119,056 | ||||||
| 75,999 | Australia & New Zealand Banking Group Ltd. (Financials) | 1,189,469 | ||||||
| 128,934 | BHP Group Ltd. (Materials) | 3,588,663 | ||||||
| 12,264 | BlueScope Steel Ltd. (Materials) | 140,575 | ||||||
| 8,468 | Boral Ltd. (Materials) | 17,125 | ||||||
| 35,326 | Brambles Ltd. (Industrials) | 299,816 | ||||||
| 7,626 | carsales.com Ltd. (Communication Services) | 118,153 | ||||||
| 11,100 | Charter Hall Group REIT (Real Estate) | 102,806 | ||||||
| 1,670 | Cochlear Ltd. (Health Care) | 245,345 | ||||||
| 32,371 | Coles Group Ltd. (Consumer Staples) | 389,691 | ||||||
| 43,242 | Commonwealth Bank of Australia (Financials) | 2,889,455 | ||||||
| 13,555 | Computershare Ltd. (Information Technology) | 229,528 | ||||||
| 12,216 | CSL Ltd. (Health Care) | 2,458,304 | ||||||
| 27,233 | Dexus REIT (Real Estate) | 162,985 | ||||||
| 1,492 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 65,001 | ||||||
| 3,947 | EBOS Group Ltd. (Health Care) | 93,505 | ||||||
| 34,062 | Endeavour Group Ltd. (Consumer Staples) | 169,763 | ||||||
| 45,823 | Evolution Mining Ltd. (Materials) | 75,079 | ||||||
| 45,514 | Fortescue Metals Group Ltd. (Materials) | 574,743 | ||||||
| 265,143 | Glencore PLC (Materials)* | 1,460,228 | ||||||
| 46,114 | Goodman Group REIT (Real Estate) | 621,837 | ||||||
| 48,376 | GPT Group (The) REIT (Real Estate) | 139,621 | ||||||
| 5,270 | IDP Education Ltd. (Consumer Discretionary) | 104,809 | ||||||
| 18,701 | IGO Ltd. (Materials) | 172,307 | ||||||
| 62,694 | Insurance Australia Group Ltd. (Financials) | 199,856 | ||||||
| 17,414 | Lendlease Corp. Ltd. (Real Estate) | 122,605 | ||||||
| 56,692 | Lottery Corp. Ltd. (The) (Consumer Discretionary)* | 171,784 | ||||||
| 22,681 | Lynas Rare Earths Ltd. (Materials)* | 138,075 | ||||||
| 8,914 | Macquarie Group Ltd. (Financials) | 1,083,235 | ||||||
| 69,923 | Medibank Pvt Ltd. (Financials) | 177,841 | ||||||
| 4,169 | Mineral Resources Ltd. (Materials)* | 182,830 | ||||||
| 99,402 | Mirvac Group REIT (Real Estate) | 143,105 | ||||||
| 81,250 | National Australia Bank Ltd. (Financials) | 1,703,892 | ||||||
| 22,688 | Newcrest Mining Ltd. (Materials) | 275,768 | ||||||
| 29,138 | Northern Star Resources Ltd. (Materials) | 157,407 | ||||||
| 10,294 | Orica Ltd. (Materials) | 109,173 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Australia – (continued) | ||||||||
| 44,121 | Origin Energy Ltd. (Utilities) | 190,860 | ||||||
| 7,861 | OZ Minerals Ltd. (Materials) | 138,608 | ||||||
| 56,710 | Pilbara Minerals Ltd. (Materials)* | 141,903 | ||||||
| 47,394 | Qantas Airways Ltd. (Industrials)* | 172,852 | ||||||
| 37,621 | QBE Insurance Group Ltd. (Financials) | 311,298 | ||||||
| 4,727 | Ramsay Health Care Ltd. (Health Care) | 232,383 | ||||||
| 1,268 | REA Group Ltd. (Communication Services) | 110,876 | ||||||
| 7,528 | Reece Ltd. (Industrials) | 82,625 | ||||||
| 9,454 | Rio Tinto Ltd. (Materials) | 612,473 | ||||||
| 27,174 | Rio Tinto PLC (Materials) | 1,508,575 | ||||||
| 85,714 | Santos Ltd. (Energy) | 463,626 | ||||||
| 132,061 | Scentre Group REIT (Real Estate) | 266,171 | ||||||
| 8,296 | SEEK Ltd. (Communication Services) | 118,638 | ||||||
| 4,533 | Seven Group Holdings Ltd. (Industrials) | 57,739 | ||||||
| 12,100 | Sonic Healthcare Ltd. (Health Care) | 282,035 | ||||||
| 115,503 | South32 Ltd. (Materials) | 328,610 | ||||||
| 55,156 | Stockland REIT (Real Estate) | 136,880 | ||||||
| 32,097 | Suncorp Group Ltd. (Financials) | 239,845 | ||||||
| 56,106 | Tabcorp Holdings Ltd. (Consumer Discretionary) | 36,925 | ||||||
| 294,294 | Telstra Corp. Ltd. (Communication Services) | 800,961 | ||||||
| 10,829 | TPG Telecom Ltd. (Communication Services) | 39,717 | ||||||
| 78,084 | Transurban Group (Industrials) | 747,286 | ||||||
| 18,275 | Treasury Wine Estates Ltd. (Consumer Staples) | 165,250 | ||||||
| 96,889 | Vicinity Centres REIT (Real Estate) | 128,527 | ||||||
| 5,879 | Washington H Soul Pattinson & Co. Ltd. (Energy) | 103,580 | ||||||
| 28,842 | Wesfarmers Ltd. (Consumer Discretionary) | 929,512 | ||||||
| 89,020 | Westpac Banking Corp. (Financials) | 1,318,808 | ||||||
| 4,076 | WiseTech Global Ltd. (Information Technology) | 164,221 | ||||||
| 48,369 | Woodside Energy Group Ltd. (Energy) | 1,135,709 | ||||||
| 30,888 | Woolworths Group Ltd. (Consumer Staples) | 764,216 | ||||||
|
|
|
|||||||
| 33,000,932 | ||||||||
|
|
|
|||||||
| Austria – 0.3% | ||||||||
| 6,608 | ams-OSRAM AG (Information Technology)* | 48,601 | ||||||
| 1,824 | ANDRITZ AG (Industrials) | 84,333 | ||||||
| 2,271 | BAWAG Group AG (Financials)*(a) | 102,990 | ||||||
| 1,030 | CA Immobilien Anlagen AG (Real Estate) | 32,884 | ||||||
| 8,173 | Erste Group Bank AG (Financials) | 184,749 | ||||||
| 896 | EVN AG (Utilities) | 17,425 | ||||||
| 785 | IMMOFINANZ AG (Real Estate)* | 11,682 | ||||||
| 356 | Mayr Melnhof Karton AG (Materials) | 53,338 | ||||||
| 12,361 | Mondi PLC (Materials) | 210,859 | ||||||
| 3,614 | OMV AG (Energy) | 146,380 | ||||||
| 3,432 | Raiffeisen Bank International AG (Financials) | 43,621 | ||||||
|
|
|
|||||||
| 42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Austria – (continued) | ||||||||
| 820 | Verbund AG (Utilities) | $ | 78,621 | |||||
| 893 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 21,237 | ||||||
| 2,813 | voestalpine AG (Materials) | 56,912 | ||||||
| 2,835 | Wienerberger AG (Materials) | 66,536 | ||||||
|
|
|
|||||||
| 1,160,168 | ||||||||
|
|
|
|||||||
| Belgium – 0.8% | ||||||||
| 559 | Ackermans & van Haaren NV (Industrials) | 81,954 | ||||||
| 4,439 | Ageas SA/NV (Financials) | 180,733 | ||||||
| 18,626 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 905,472 | ||||||
| 1,766 | Azelis Group NV (Industrials) | 35,019 | ||||||
| 557 | D’ieteren Group (Consumer Discretionary) | 84,406 | ||||||
| 851 | Elia Group SA/NV (Utilities) | 123,994 | ||||||
| 1,360 | Etablissements Franz Colruyt NV (Consumer Staples) | 37,854 | ||||||
| 2,547 | Groupe Bruxelles Lambert SA (Financials) | 193,366 | ||||||
| 7,137 | KBC Group NV (Financials) | 340,028 | ||||||
| 3,591 | Proximus SADP (Communication Services) | 45,786 | ||||||
| 384 | Sofina SA (Financials) | 77,303 | ||||||
| 1,803 | Solvay SA (Materials) | 146,201 | ||||||
| 1,181 | Telenet Group Holding NV (Communication Services) | 16,828 | ||||||
| 3,116 | UCB SA (Health Care) | 219,644 | ||||||
| 5,142 | Umicore SA (Materials) | 164,165 | ||||||
| 437 | VGP NV (Real Estate) | 63,804 | ||||||
| 3,622 | Warehouses De Pauw CVA REIT (Real Estate) | 110,647 | ||||||
|
|
|
|||||||
| 2,827,204 | ||||||||
|
|
|
|||||||
| Brazil – 0.1% | ||||||||
| 4,120 | Yara International ASA (Materials) | 174,944 | ||||||
|
|
|
|||||||
| Chile – 0.0% | ||||||||
| 8,758 | Antofagasta PLC (Materials) | 112,201 | ||||||
|
|
|
|||||||
| China – 1.2% | ||||||||
| 103,150 | Alibaba Health Information Technology Ltd. (Consumer Discretionary)* | 59,796 | ||||||
| 42,861 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(a) | 126,418 | ||||||
| 16,193 | BYD Electronic International Co. Ltd. (Information Technology) | 43,119 | ||||||
| 78,117 | China Evergrande New Energy Vehicle Group Ltd. (Health Care)*(c) | 31,849 | ||||||
| 56,597 | China Gas Holdings Ltd. (Utilities) | 80,329 | ||||||
| 77,349 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 351,324 | ||||||
| 44,223 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 89,360 | ||||||
| 213,381 | CSPC Pharmaceutical Group Ltd. (Health Care) | 217,218 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| China – (continued) | ||||||||
| 61,557 | ESR Group Ltd. (Real Estate)*(a) | 172,934 | ||||||
| 56,385 | Fosun International Ltd. (Industrials) | 41,595 | ||||||
| 1,980 | Futu Holdings Ltd. ADR (Financials)* | 97,198 | ||||||
| 151,216 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 306,329 | ||||||
| 6,680 | NXP Semiconductors NV (Information Technology) | 1,099,394 | ||||||
| 20,144 | Prosus NV (Consumer Discretionary)* | 1,250,796 | ||||||
| 28,068 | Shimao Group Holdings Ltd. (Real Estate)(c) | 15,806 | ||||||
| 34,349 | Wharf Holdings Ltd. (The) (Real Estate) | 129,539 | ||||||
| 46,531 | Wilmar International Ltd. (Consumer Staples) | 134,747 | ||||||
| 39,872 | Xinyi Glass Holdings Ltd. (Industrials) | 73,965 | ||||||
| 69,503 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 48,325 | ||||||
|
|
|
|||||||
| 4,370,041 | ||||||||
|
|
|
|||||||
| Colombia – 0.0% | ||||||||
| 4,384 | Millicom International Cellular SA SDR (Communication Services)* | 63,019 | ||||||
|
|
|
|||||||
| Denmark – 2.6% | ||||||||
| 75 | AP Moller – Maersk A/S, Class A (Industrials) | 176,034 | ||||||
| 137 | AP Moller – Maersk A/S, Class B (Industrials) | 328,872 | ||||||
| 2,428 | Carlsberg AS, Class B (Consumer Staples) | 317,045 | ||||||
| 2,615 | Chr Hansen Holding A/S (Materials) | 152,807 | ||||||
| 3,114 | Coloplast A/S, Class B (Health Care) | 357,110 | ||||||
| 17,252 | Danske Bank A/S (Financials) | 231,339 | ||||||
| 2,297 | Demant A/S (Health Care)* | 70,963 | ||||||
| 4,717 | DSV A/S (Industrials) | 699,294 | ||||||
| 1,649 | Genmab A/S (Health Care)* | 588,586 | ||||||
| 3,224 | GN Store Nord AS (Health Care) | 91,668 | ||||||
| 41,923 | Novo Nordisk A/S, Class B (Health Care) | 4,491,973 | ||||||
| 5,155 | Novozymes A/S, Class B (Materials) | 296,630 | ||||||
| 4,551 | Orsted AS (Utilities)(a) | 447,267 | ||||||
| 2,386 | Pandora A/S (Consumer Discretionary) | 144,232 | ||||||
| 9,108 | Tryg A/S (Financials) | 206,449 | ||||||
| 25,603 | Vestas Wind Systems A/S (Industrials) | 645,311 | ||||||
|
|
|
|||||||
| 9,245,580 | ||||||||
|
|
|
|||||||
| Faroe Islands – 0.0% | ||||||||
| 1,255 | Bakkafrost P/F (Consumer Staples) | 73,726 | ||||||
|
|
|
|||||||
| Finland – 1.3% | ||||||||
| 3,746 | Elisa OYJ (Communication Services) | 200,619 | ||||||
| 10,725 | Fortum OYJ (Utilities) | 110,488 | ||||||
| 2,406 | Huhtamaki OYJ (Materials) | 84,484 | ||||||
| 6,105 | Kesko OYJ, Class B (Consumer Staples) | 128,794 | ||||||
| 9,003 | Kone OYJ, Class B (Industrials) | 361,395 | ||||||
| 17,528 | Metso Outotec OYJ (Industrials) | 137,830 | ||||||
| 12,061 | Neste OYJ (Energy) | 597,301 | ||||||
| 133,418 | Nokia OYJ (Information Technology) | 672,402 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Finland – (continued) | ||||||||
| 84,524 | Nordea Bank Abp (Financials) | $ | 787,716 | |||||
| 2,589 | Orion OYJ, Class B (Health Care) | 117,594 | ||||||
| 10,540 | Sampo OYJ, Class A (Financials) | 477,992 | ||||||
| 14,728 | Stora Enso OYJ, Class R (Materials) | 220,295 | ||||||
| 13,445 | UPM-Kymmene OYJ (Materials) | 458,180 | ||||||
| 13,933 | Wartsila OYJ Abp (Industrials) | 115,361 | ||||||
|
|
|
|||||||
| 4,470,451 | ||||||||
|
|
|
|||||||
| France – 9.1% | ||||||||
| 10,144 | Adevinta ASA (Communication Services)* | 82,948 | ||||||
| 838 | Aeroports de Paris (Industrials)* | 115,317 | ||||||
| 13,302 | Air Liquide SA (Materials) | 1,674,654 | ||||||
| 14,873 | Airbus SE (Industrials) | 1,463,999 | ||||||
| 1,558 | Amundi SA (Financials)(a) | 79,429 | ||||||
| 57,781 | AXA SA (Financials) | 1,366,842 | ||||||
| 1,216 | BioMerieux (Health Care) | 111,588 | ||||||
| 28,640 | BNP Paribas SA (Financials) | 1,338,719 | ||||||
| 22,839 | Bollore SE (Communication Services) | 109,684 | ||||||
| 7,572 | Bouygues SA (Industrials) | 223,091 | ||||||
| 4,131 | Capgemini SE (Information Technology) | 718,629 | ||||||
| 14,827 | Carrefour SA (Consumer Staples) | 248,091 | ||||||
| 10,791 | Cie de Saint-Gobain (Industrials) | 437,833 | ||||||
| 18,193 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 444,635 | ||||||
| 35,979 | Credit Agricole SA (Financials) | 332,482 | ||||||
| 16,446 | Danone SA (Consumer Staples) | 868,372 | ||||||
| 17,238 | Dassault Systemes (Information Technology) | 668,646 | ||||||
| 16,933 | Electricite de France SA (Utilities) | 203,217 | ||||||
| 44,261 | Engie SA (Utilities) | 528,205 | ||||||
| 7,610 | EssilorLuxottica SA (Consumer Discretionary) | 1,142,096 | ||||||
| 1,256 | Euroapi SA (Health Care)* | 19,646 | ||||||
| 863 | Hermes International (Consumer Discretionary) | 1,112,940 | ||||||
| 1,823 | Kering (Consumer Discretionary) | 922,058 | ||||||
| 6,132 | L’Oreal SA (Consumer Staples) | 2,116,491 | ||||||
| 6,675 | Legrand SA (Industrials) | 485,147 | ||||||
| 6,613 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 4,305,683 | ||||||
| 50,996 | Orange SA (Communication Services) | 517,816 | ||||||
| 5,092 | Pernod Ricard SA (Consumer Staples) | 939,824 | ||||||
| 9,644 | Safran SA (Industrials) | 988,178 | ||||||
| 27,633 | Sanofi (Health Care) | 2,283,484 | ||||||
| 615 | Sartorius Stedim Biotech (Health Care) | 226,154 | ||||||
| 20,739 | Societe Generale SA (Financials) | 460,459 | ||||||
| 2,106 | Sodexo SA (Consumer Discretionary) | 161,876 | ||||||
| 1,476 | Teleperformance (Industrials) | 421,956 | ||||||
| 2,690 | Thales SA (Industrials) | 324,997 | ||||||
| 66,480 | TotalEnergies SE (Energy) | 3,388,574 | ||||||
| 14,552 | Vinci SA (Industrials) | 1,349,873 | ||||||
| 18,230 | Vivendi SE (Communication Services) | 165,971 | ||||||
| 5,648 | Worldline SA (Information Technology)*(a) | 243,019 | ||||||
|
|
|
|||||||
| 32,592,623 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Germany – 6.3% | ||||||||
| 4,254 | adidas AG (Consumer Discretionary) | 634,284 | ||||||
| 10,092 | Allianz SE (Financials) | 1,710,752 | ||||||
| 23,400 | BASF SE (Materials) | 989,902 | ||||||
| 25,029 | Bayer AG (Health Care) | 1,323,832 | ||||||
| 8,175 | Bayerische Motoren Werke AG (Consumer Discretionary) | 603,951 | ||||||
| 2,493 | Beiersdorf AG (Consumer Staples) | 252,188 | ||||||
| 2,299 | BioNTech SE ADR (Health Care) | 341,447 | ||||||
| 928 | Carl Zeiss Meditec AG (Health Care) | 115,897 | ||||||
| 2,752 | Continental AG (Consumer Discretionary) | 159,063 | ||||||
| 4,774 | Covestro AG (Materials)(a) | 144,591 | ||||||
| 9,942 | Daimler Truck Holding AG (Industrials)* | 255,178 | ||||||
| 47,095 | Deutsche Bank AG (Financials) | 394,147 | ||||||
| 4,671 | Deutsche Boerse AG (Financials) | 791,197 | ||||||
| 24,711 | Deutsche Post AG (Industrials) | 904,348 | ||||||
| 82,612 | Deutsche Telekom AG (Communication Services) | 1,560,729 | ||||||
| 54,302 | E.ON SE (Utilities) | 464,675 | ||||||
| 4,487 | Evonik Industries AG (Materials) | 83,899 | ||||||
| 5,071 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 174,340 | ||||||
| 10,134 | Fresenius SE & Co. KGaA (Health Care) | 251,291 | ||||||
| 1,529 | Hannover Rueck SE (Financials) | 225,857 | ||||||
| 618 | Hapag-Lloyd AG (Industrials)(a)(b) | 161,075 | ||||||
| 3,689 | HeidelbergCement AG (Materials) | 167,297 | ||||||
| 2,553 | Henkel AG & Co. KGaA (Consumer Staples) | 159,935 | ||||||
| 30,612 | Infineon Technologies AG (Information Technology) | 748,000 | ||||||
| 1,674 | Knorr-Bremse AG (Industrials) | 81,387 | ||||||
| 21,476 | Mercedes-Benz Group AG (Consumer Discretionary) | 1,211,922 | ||||||
| 3,293 | Merck KGaA (Health Care) | 567,553 | ||||||
| 1,323 | MTU Aero Engines AG (Industrials) | 234,074 | ||||||
| 3,568 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 854,615 | ||||||
| 2,562 | Puma SE (Consumer Discretionary) | 157,201 | ||||||
| 15,925 | RWE AG (Utilities) | 609,790 | ||||||
| 26,389 | SAP SE (Information Technology) | 2,253,922 | ||||||
| 20,356 | Siemens AG (Industrials) | 2,069,004 | ||||||
| 11,097 | Siemens Energy AG (Industrials) | 163,752 | ||||||
| 7,060 | Siemens Healthineers AG (Health Care)(a) | 345,943 | ||||||
| 3,277 | Symrise AG (Materials) | 343,853 | ||||||
| 1,349 | Talanx AG (Financials) | 47,884 | ||||||
| 19,871 | Telefonica Deutschland Holding AG (Communication Services) | 51,652 | ||||||
| 1,270 | Vantage Towers AG (Communication Services) | 32,973 | ||||||
| 725 | Volkswagen AG (Consumer Discretionary) | 134,286 | ||||||
| 20,276 | Vonovia SE (Real Estate) | 550,490 | ||||||
| 5,906 | Zalando SE (Consumer Discretionary)*(a) | 137,245 | ||||||
|
|
|
|||||||
| 22,465,421 | ||||||||
|
|
|
|||||||
| 44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Hong Kong – 2.7% | ||||||||
| 305,652 | AIA Group Ltd. (Financials) | $ | 2,957,665 | |||||
| 7,780 | ASMPT Ltd. (Information Technology) | 60,514 | ||||||
| 24,375 | Bank of East Asia Ltd. (The) (Financials) | 30,745 | ||||||
| 24,485 | Cathay Pacific Airways Ltd. (Industrials)* | 25,456 | ||||||
| 41,543 | CK Asset Holdings Ltd. (Real Estate) | 281,052 | ||||||
| 15,468 | CK Infrastructure Holdings Ltd. (Utilities) | 94,201 | ||||||
| 48,124 | CLP Holdings Ltd. (Utilities) | 415,092 | ||||||
| 7,622 | DFI Retail Group Holdings Ltd. (Consumer Staples) | 20,732 | ||||||
| 45,652 | Hang Lung Properties Ltd. (Real Estate) | 76,078 | ||||||
| 18,440 | Hang Seng Bank Ltd. (Financials) | 288,975 | ||||||
| 33,257 | Henderson Land Development Co. Ltd. (Real Estate) | 111,438 | ||||||
| 57,564 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 48,038 | ||||||
| 86,243 | HKT Trust & HKT Ltd. (Communication Services) | 115,813 | ||||||
| 276,427 | Hong Kong & China Gas Co. Ltd. (Utilities) | 272,946 | ||||||
| 32,272 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 1,306,694 | ||||||
| 29,274 | Hongkong Land Holdings Ltd. (Real Estate) | 141,686 | ||||||
| 5,009 | Jardine Matheson Holdings Ltd. (Industrials) | 265,978 | ||||||
| 53,728 | Link REIT (Real Estate) | 416,539 | ||||||
| 39,622 | MTR Corp. Ltd. (Industrials) | 203,187 | ||||||
| 34,641 | New World Development Co. Ltd. (Real Estate) | 113,207 | ||||||
| 34,810 | Power Assets Holdings Ltd. (Utilities) | 208,447 | ||||||
| 69,941 | Prudential PLC (Financials) | 735,380 | ||||||
| 248,828 | Sino Biopharmaceutical Ltd. (Health Care) | 131,248 | ||||||
| 82,998 | Sino Land Co. Ltd. (Real Estate) | 121,607 | ||||||
| 36,213 | Sun Hung Kai Properties Ltd. (Real Estate) | 425,853 | ||||||
| 11,693 | Swire Pacific Ltd., Class A (Real Estate) | 80,969 | ||||||
| 26,643 | Swire Properties Ltd. (Real Estate) | 61,576 | ||||||
| 35,077 | Techtronic Industries Co. Ltd. (Industrials) | 416,517 | ||||||
| 191,272 | WH Group Ltd. (Consumer Staples)(a) | 130,620 | ||||||
| 37,528 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 171,172 | ||||||
|
|
|
|||||||
| 9,729,425 | ||||||||
|
|
|
|||||||
| Ireland – 0.8% | ||||||||
| 3,385 | AerCap Holdings NV (Industrials)* | 149,109 | ||||||
| 24,863 | AIB Group PLC (Financials) | 56,652 | ||||||
| 19,405 | CRH PLC (Materials) | 717,970 | ||||||
| 4,425 | Flutter Entertainment PLC (Consumer Discretionary)* | 557,307 | ||||||
| 3,979 | Kerry Group PLC, Class A (Consumer Staples) | 411,512 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Ireland – (continued) | ||||||||
| 3,894 | Kingspan Group PLC (Industrials) | 221,780 | ||||||
| 4,901 | Ryanair Holdings PLC ADR (Industrials)* | 356,352 | ||||||
| 6,586 | Smurfit Kappa Group PLC (Materials) | 222,187 | ||||||
|
|
|
|||||||
| 2,692,869 | ||||||||
|
|
|
|||||||
| Israel – 1.1% | ||||||||
| 957 | AFI Properties Ltd. (Real Estate)(b) | 47,470 | ||||||
| 1,651 | Airport City Ltd. (Real Estate)* | 34,738 | ||||||
| 3,728 | Alony Hetz Properties & Investments Ltd. (Real Estate) | 60,507 | ||||||
| 5,956 | Amot Investments Ltd. (Real Estate) | 42,793 | ||||||
| 969 | Ashtrom Group Ltd. (Industrials) | 24,761 | ||||||
| 924 | Azrieli Group Ltd. (Real Estate) | 77,082 | ||||||
| 28,888 | Bank Hapoalim BM (Financials) | 301,346 | ||||||
| 37,906 | Bank Leumi Le-Israel BM (Financials) | 402,939 | ||||||
| 51,316 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) | 86,852 | ||||||
| 272 | Big Shopping Centers Ltd. (Real Estate) | 39,069 | ||||||
| 2,628 | Check Point Software Technologies Ltd. (Information Technology)* | 315,991 | ||||||
| 244 | Delek Group Ltd. (Energy)* | 42,500 | ||||||
| 630 | Elbit Systems Ltd. (Industrials) | 135,055 | ||||||
| 239 | Elco Ltd. (Industrials) | 16,884 | ||||||
| 6,307 | Energix-Renewable Energies Ltd. (Utilities) | 28,952 | ||||||
| 23,809 | Enlight Renewable Energy Ltd. (Utilities)* | 58,419 | ||||||
| 147 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)* | 18,233 | ||||||
| 1,313 | First International Bank Of Israel Ltd. (The) (Financials) | 61,418 | ||||||
| 185 | Fox Wizel Ltd. (Consumer Discretionary) | 26,962 | ||||||
| 1,474 | Gav-Yam Lands Corp. Ltd. (Real Estate) | 15,097 | ||||||
| 1,621 | Global-e Online Ltd. (Consumer Discretionary)* | 51,207 | ||||||
| 2,866 | Harel Insurance Investments & Financial Services Ltd. (Financials) | 32,740 | ||||||
| 17,815 | ICL Group Ltd. (Materials) | 171,378 | ||||||
| 91 | Israel Corp. Ltd. (Materials)* | 44,318 | ||||||
| 30,289 | Israel Discount Bank Ltd., Class A (Financials) | 186,208 | ||||||
| 1,586 | JFrog Ltd. (Information Technology)* | 33,544 | ||||||
| 1,256 | Kornit Digital Ltd. (Industrials)* | 39,036 | ||||||
| 815 | Matrix IT Ltd. (Information Technology) | 21,475 | ||||||
| 1,209 | Maytronics Ltd. (Consumer Discretionary) | 17,467 | ||||||
| 580 | Melisron Ltd. (Real Estate) | 47,618 | ||||||
| 16,495 | Mivne Real Estate KD Ltd. (Real Estate) | 60,893 | ||||||
| 3,789 | Mizrahi Tefahot Bank Ltd. (Financials) | 154,911 | ||||||
| 1,619 | Nice Ltd. (Information Technology)* | 351,547 | ||||||
| 679 | Nova Ltd. (Information Technology)* | 67,034 | ||||||
| 2,319 | OPC Energy Ltd. (Utilities)* | 27,802 | ||||||
| 3,576 | Phoenix Holdings Ltd. (The) (Financials) | 43,323 | ||||||
| 2,406 | Plus500 Ltd. (Financials) | 47,538 | ||||||
| 774 | Sapiens International Corp. NV (Information Technology) | 17,565 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Israel – (continued) | ||||||||
| 3,593 | Shapir Engineering and Industry Ltd. (Industrials) | $ | 34,445 | |||||
| 5,817 | Shikun & Binui Ltd. (Industrials)*(b) | 26,458 | ||||||
| 6,722 | Shufersal Ltd. (Consumer Staples) | 46,134 | ||||||
| 1,257 | Strauss Group Ltd. (Consumer Staples) | 33,008 | ||||||
| 28,123 | Teva Pharmaceutical Industries Ltd. (Health Care)* | 253,124 | ||||||
| 2,761 | Tower Semiconductor Ltd. (Information Technology)* | 129,980 | ||||||
| 1,391 | Wix.com Ltd. (Information Technology)* | 88,036 | ||||||
| 2,032 | ZIM Integrated Shipping Services Ltd. (Industrials)(b) | 73,335 | ||||||
|
|
|
|||||||
| 3,937,192 | ||||||||
|
|
|
|||||||
| Italy – 1.9% | ||||||||
| 39,671 | A2A SpA (Utilities) | 44,658 | ||||||
| 3,143 | Amplifon SpA (Health Care) | 82,330 | ||||||
| 29,630 | Assicurazioni Generali SpA (Financials) | 436,191 | ||||||
| 12,943 | Atlantia SpA (Industrials) | 297,129 | ||||||
| 5,397 | Banca Mediolanum SpA (Financials) | 34,613 | ||||||
| 2,368 | Buzzi Unicem SpA (Materials) | 39,825 | ||||||
| 13,571 | Davide Campari-Milano NV (Consumer Staples) | 133,843 | ||||||
| 224 | DiaSorin SpA (Health Care) | 29,496 | ||||||
| 197,911 | Enel SpA (Utilities) | 934,449 | ||||||
| 62,283 | Eni SpA (Energy) | 739,519 | ||||||
| 3,257 | Ferrari NV (Consumer Discretionary) | 632,745 | ||||||
| 15,544 | FinecoBank Banca Fineco SpA (Financials) | 169,041 | ||||||
| 21,521 | Hera SpA (Utilities) | 54,101 | ||||||
| 8,218 | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | 76,521 | ||||||
| 1,860 | Interpump Group SpA (Industrials) | 66,097 | ||||||
| 459,124 | Intesa Sanpaolo SpA (Financials) | 795,461 | ||||||
| 9,997 | Leonardo SpA (Industrials) | 82,089 | ||||||
| 16,346 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 129,982 | ||||||
| 5,013 | Moncler SpA (Consumer Discretionary) | 225,022 | ||||||
| 15,863 | Nexi SpA (Information Technology)*(a) | 130,831 | ||||||
| 10,047 | Pirelli & C SpA (Consumer Discretionary)(a) | 38,188 | ||||||
| 11,687 | Poste Italiane SpA (Financials)(a) | 93,921 | ||||||
| 12,974 | PRADA SpA (Consumer Discretionary) | 70,417 | ||||||
| 6,515 | Prysmian SpA (Industrials) | 200,531 | ||||||
| 2,468 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 101,104 | ||||||
| 50,081 | Snam SpA (Utilities) | 238,500 | ||||||
| 812 | Stevanato Group SpA (Health Care) | 13,479 | ||||||
| 253,913 | Telecom Italia SpA (Communication Services)* | 52,596 | ||||||
| 152,633 | Telecom Italia SpA-RSP (Communication Services)* | 30,358 | ||||||
| 35,843 | Terna – Rete Elettrica Nazionale (Utilities) | 255,898 | ||||||
| 52,726 | UniCredit SpA (Financials) | 519,477 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Italy – (continued) | ||||||||
| 10,772 | UnipolSai Assicurazioni SpA (Financials) | 24,003 | ||||||
|
|
|
|||||||
| 6,772,415 | ||||||||
|
|
|
|||||||
| Japan – 24.3% | ||||||||
| 782 | ABC-Mart, Inc. (Consumer Discretionary)(b) | 31,647 | ||||||
| 9,555 | Acom Co. Ltd. (Financials) | 22,884 | ||||||
| 4,816 | Advantest Corp. (Information Technology) | 277,930 | ||||||
| 18,556 | Aeon Co. Ltd. (Consumer Staples)(b) | 364,427 | ||||||
| 2,333 | Aeon Mall Co. Ltd. (Real Estate) | 28,004 | ||||||
| 4,896 | AGC, Inc. (Industrials) | 167,762 | ||||||
| 4,761 | Air Water, Inc. (Materials) | 60,103 | ||||||
| 3,948 | Aisin Corp. (Consumer Discretionary) | 118,333 | ||||||
| 13,552 | Ajinomoto Co., Inc. (Consumer Staples) | 377,452 | ||||||
| 4,427 | Alfresa Holdings Corp. (Health Care) | 53,300 | ||||||
| 8,546 | Amada Co. Ltd. (Industrials) | 67,628 | ||||||
| 11,103 | ANA Holdings, Inc. (Industrials)* | 215,252 | ||||||
| 12,230 | Asahi Group Holdings Ltd. (Consumer Staples) | 412,269 | ||||||
| 5,571 | Asahi Intecc Co. Ltd. (Health Care) | 100,670 | ||||||
| 33,766 | Asahi Kasei Corp. (Materials) | 249,180 | ||||||
| 46,270 | Astellas Pharma, Inc. (Health Care) | 662,383 | ||||||
| 3,329 | Azbil Corp. (Information Technology) | 95,818 | ||||||
| 4,774 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 361,085 | ||||||
| 334 | BayCurrent Consulting, Inc. (Industrials) | 99,989 | ||||||
| 1,881 | Benefit One, Inc. (Industrials) | 28,332 | ||||||
| 14,591 | Bridgestone Corp. (Consumer Discretionary) | 563,431 | ||||||
| 6,251 | Brother Industries Ltd. (Information Technology) | 120,669 | ||||||
| 1,990 | Calbee, Inc. (Consumer Staples) | 39,635 | ||||||
| 25,665 | Canon, Inc. (Information Technology) | 617,441 | ||||||
| 4,141 | Capcom Co. Ltd. (Communication Services) | 113,812 | ||||||
| 5,494 | Casio Computer Co. Ltd. (Consumer Discretionary) | 52,394 | ||||||
| 4,331 | Central Japan Railway Co. (Industrials) | 513,784 | ||||||
| 17,064 | Chiba Bank Ltd. (The) (Financials) | 92,567 | ||||||
| 18,542 | Chubu Electric Power Co., Inc. (Utilities) | 189,132 | ||||||
| 16,136 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 420,089 | ||||||
| 7,901 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 47,534 | ||||||
| 3,058 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 31,523 | ||||||
| 27,326 | Concordia Financial Group Ltd. (Financials) | 87,128 | ||||||
| 471 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 49,912 | ||||||
| 10,425 | CyberAgent, Inc. (Communication Services) | 102,953 | ||||||
| 5,898 | Dai Nippon Printing Co. Ltd. (Industrials) | 124,959 | ||||||
| 2,913 | Daifuku Co. Ltd. (Industrials) | 172,101 | ||||||
| 23,763 | Dai-ichi Life Holdings, Inc. (Financials) | 412,606 | ||||||
|
|
| |||||||
| 46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 48,101 | Daiichi Sankyo Co. Ltd. (Health Care) | $ | 1,456,302 | |||||
| 6,695 | Daikin Industries Ltd. (Industrials) | 1,182,522 | ||||||
| 1,526 | Daito Trust Construction Co. Ltd. (Real Estate) | 151,252 | ||||||
| 15,386 | Daiwa House Industry Co. Ltd. (Real Estate) | 348,065 | ||||||
| 54 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 125,432 | ||||||
| 35,220 | Daiwa Securities Group, Inc. (Financials)(b) | 154,625 | ||||||
| 10,927 | Denso Corp. (Consumer Discretionary) | 603,084 | ||||||
| 5,319 | Dentsu Group, Inc. (Communication Services) | 173,239 | ||||||
| 722 | Disco Corp. (Information Technology) | 178,124 | ||||||
| 8,680 | East Japan Railway Co. (Industrials) | 453,270 | ||||||
| 2,313 | Ebara Corp. (Industrials) | 88,766 | ||||||
| 6,793 | Eisai Co. Ltd. (Health Care) | 279,168 | ||||||
| 4,188 | Electric Power Development Co. Ltd. (Utilities) | 64,772 | ||||||
| 78,988 | ENEOS Holdings, Inc. (Energy)(b) | 298,345 | ||||||
| 1,247 | Ezaki Glico Co. Ltd. (Consumer Staples) | 32,609 | ||||||
| 4,836 | FANUC Corp. (Industrials) | 786,144 | ||||||
| 1,390 | Fast Retailing Co. Ltd. (Consumer Discretionary)(b) | 821,717 | ||||||
| 2,759 | Food & Life Cos. Ltd. (Consumer Discretionary) | 44,005 | ||||||
| 3,285 | Fuji Electric Co. Ltd. (Industrials) | 143,841 | ||||||
| 4,109 | Fuji Media Holdings, Inc. (Communication Services) | 32,753 | ||||||
| 9,620 | FUJIFILM Holdings Corp. (Information Technology) | 493,474 | ||||||
| 4,801 | Fujitsu Ltd. (Information Technology) | 573,696 | ||||||
| 4,437 | Fukuoka Financial Group, Inc. (Financials) | 79,570 | ||||||
| 110 | GLP J REIT (Real Estate) | 134,817 | ||||||
| 1,104 | GMO Payment Gateway, Inc. (Information Technology) | 89,355 | ||||||
| 5,543 | Hakuhodo DY Holdings, Inc. (Communication Services)(b) | 50,022 | ||||||
| 3,585 | Hamamatsu Photonics KK (Information Technology) | 153,874 | ||||||
| 5,867 | Hankyu Hanshin Holdings, Inc. (Industrials) | 177,121 | ||||||
| 1,082 | Harmonic Drive Systems, Inc. (Industrials) | 39,963 | ||||||
| 6,420 | Haseko Corp. (Consumer Discretionary) | 74,099 | ||||||
| 483 | Hikari Tsushin, Inc. (Consumer Discretionary) | 61,496 | ||||||
| 6,748 | Hino Motors Ltd. (Industrials) | 31,057 | ||||||
| 781 | Hirose Electric Co. Ltd. (Information Technology) | 111,833 | ||||||
| 1,653 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 40,423 | ||||||
| 2,596 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 53,914 | ||||||
| 24,010 | Hitachi Ltd. (Industrials) | 1,211,715 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 4,999 | Hitachi Metals Ltd. (Materials)* | 75,476 | ||||||
| 40,592 | Honda Motor Co. Ltd. (Consumer Discretionary) | 1,090,457 | ||||||
| 2,789 | Hoshizaki Corp. (Industrials) | 83,494 | ||||||
| 9,144 | Hoya Corp. (Health Care) | 939,960 | ||||||
| 11,847 | Hulic Co. Ltd. (Real Estate) | 90,588 | ||||||
| 2,972 | Ibiden Co. Ltd. (Information Technology) | 96,047 | ||||||
| 5,261 | Idemitsu Kosan Co. Ltd. (Energy) | 138,522 | ||||||
| 3,407 | IHI Corp. (Industrials) | 91,795 | ||||||
| 3,776 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 57,828 | ||||||
| 25,187 | Inpex Corp. (Energy) | 291,433 | ||||||
| 8,446 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 67,142 | ||||||
| 14,883 | Isuzu Motors Ltd. (Consumer Discretionary) | 185,843 | ||||||
| 1,392 | Ito En Ltd. (Consumer Staples) | 61,655 | ||||||
| 37,018 | ITOCHU Corp. (Industrials)(b) | 1,026,223 | ||||||
| 2,270 | Itochu Techno-Solutions Corp. (Information Technology) | 57,886 | ||||||
| 6,185 | J Front Retailing Co. Ltd. (Consumer Discretionary) | 49,346 | ||||||
| 10,758 | Japan Airlines Co. Ltd. (Industrials)* | 199,755 | ||||||
| 13,382 | Japan Exchange Group, Inc. (Financials) | 201,225 | ||||||
| 178 | Japan Metropolitan Fund Invest REIT (Real Estate) | 142,015 | ||||||
| 10,144 | Japan Post Bank Co. Ltd. (Financials) | 74,200 | ||||||
| 58,705 | Japan Post Holdings Co. Ltd. (Financials) | 407,092 | ||||||
| 4,986 | Japan Post Insurance Co. Ltd. (Financials)(b) | 76,683 | ||||||
| 28,045 | Japan Tobacco, Inc. (Consumer Staples) | 477,448 | ||||||
| 12,609 | JFE Holdings, Inc. (Materials)(b) | 136,436 | ||||||
| 5,683 | JGC Holdings Corp. (Industrials) | 77,236 | ||||||
| 4,977 | JSR Corp. (Materials) | 112,375 | ||||||
| 5,743 | JTEKT Corp. (Consumer Discretionary) | 40,807 | ||||||
| 10,889 | Kajima Corp. (Industrials) | 115,390 | ||||||
| 3,213 | Kakaku.com, Inc. (Communication Services) | 60,007 | ||||||
| 18,749 | Kansai Electric Power Co., Inc. (The) (Utilities) | 182,046 | ||||||
| 5,537 | Kansai Paint Co. Ltd. (Materials) | 85,796 | ||||||
| 11,868 | Kao Corp. (Consumer Staples) | 518,382 | ||||||
| 3,837 | Kawasaki Heavy Industries Ltd. (Industrials) | 75,093 | ||||||
| 1,316 | Kawasaki Kisen Kaisha Ltd. (Industrials) | 84,300 | ||||||
| 38,290 | KDDI Corp. (Communication Services) | 1,181,362 | ||||||
| 2,540 | Keihan Holdings Co. Ltd. (Industrials) | 64,863 | ||||||
| 5,996 | Keikyu Corp. (Industrials) | 61,982 | ||||||
| 2,602 | Keio Corp. (Industrials) | 99,857 | ||||||
| 3,789 | Keisei Electric Railway Co. Ltd. (Industrials) | 106,598 | ||||||
| 2,567 | Kewpie Corp. (Consumer Staples) | 42,424 | ||||||
| 4,768 | Keyence Corp. (Information Technology) | 1,817,429 | ||||||
| 3,572 | Kikkoman Corp. (Consumer Staples) | 220,569 | ||||||
| 4,288 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 146,619 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 19,256 | Kirin Holdings Co. Ltd. (Consumer Staples) | $ | 318,722 | |||||
| 1,224 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 70,019 | ||||||
| 3,411 | Kobe Bussan Co. Ltd. (Consumer Staples) | 87,843 | ||||||
| 1,436 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 48,635 | ||||||
| 3,109 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 107,315 | ||||||
| 23,792 | Komatsu Ltd. (Industrials) | 502,871 | ||||||
| 2,365 | Konami Group Corp. (Communication Services) | 120,788 | ||||||
| 825 | Kose Corp. (Consumer Staples) | 78,795 | ||||||
| 29,766 | Kubota Corp. (Industrials) | 467,130 | ||||||
| 8,278 | Kuraray Co. Ltd. (Materials) | 63,358 | ||||||
| 2,771 | Kurita Water Industries Ltd. (Industrials) | 109,141 | ||||||
| 8,226 | Kyocera Corp. (Information Technology) | 461,546 | ||||||
| 6,241 | Kyowa Kirin Co. Ltd. (Health Care) | 141,140 | ||||||
| 11,293 | Kyushu Electric Power Co., Inc. (Utilities) | 68,104 | ||||||
| 3,450 | Kyushu Railway Co. (Industrials) | 73,019 | ||||||
| 1,954 | Lasertec Corp. (Information Technology) | 273,525 | ||||||
| 1,131 | Lawson, Inc. (Consumer Staples) | 37,612 | ||||||
| 6,332 | Lion Corp. (Consumer Staples) | 74,454 | ||||||
| 7,152 | Lixil Corp. (Industrials) | 125,834 | ||||||
| 10,386 | M3, Inc. (Health Care) | 338,720 | ||||||
| 6,192 | Makita Corp. (Industrials) | 147,447 | ||||||
| 42,349 | Marubeni Corp. (Industrials) | 443,576 | ||||||
| 4,629 | Marui Group Co. Ltd. (Financials) | 83,748 | ||||||
| 3,067 | MatsukiyoCocokara & Co. (Consumer Staples) | 122,569 | ||||||
| 14,849 | Mazda Motor Corp. (Consumer Discretionary) | 131,860 | ||||||
| 2,153 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 77,190 | ||||||
| 25,469 | Mebuki Financial Group, Inc. (Financials) | 49,055 | ||||||
| 4,397 | Medipal Holdings Corp. (Health Care) | 60,488 | ||||||
| 3,146 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 150,463 | ||||||
| 2,582 | Mercari, Inc. (Consumer Discretionary)* | 42,467 | ||||||
| 9,608 | MINEBEA MITSUMI, Inc. (Industrials) | 167,590 | ||||||
| 7,230 | MISUMI Group, Inc. (Industrials) | 179,935 | ||||||
| 34,213 | Mitsubishi Chemical Group Corp. (Materials) | 180,906 | ||||||
| 34,165 | Mitsubishi Corp. (Industrials) | 1,124,826 | ||||||
| 49,544 | Mitsubishi Electric Corp. (Industrials) | 506,966 | ||||||
| 29,492 | Mitsubishi Estate Co. Ltd. (Real Estate) | 399,964 | ||||||
| 4,841 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 72,672 | ||||||
| 17,737 | Mitsubishi HC Capital, Inc. (Financials) | 86,494 | ||||||
| 7,865 | Mitsubishi Heavy Industries Ltd. (Industrials) | 304,898 | ||||||
| 3,035 | Mitsubishi Materials Corp. (Materials) | 45,561 | ||||||
| 16,660 | Mitsubishi Motors Corp. (Consumer Discretionary)* | 67,181 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 286,430 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 1,489,953 | ||||||
| 37,414 | Mitsui & Co. Ltd. (Industrials) | 881,472 | ||||||
| 4,458 | Mitsui Chemicals, Inc. (Materials) | 101,139 | ||||||
| 22,251 | Mitsui Fudosan Co. Ltd. (Real Estate) | 453,206 | ||||||
| 8,896 | Mitsui OSK Lines Ltd. (Industrials)(b) | 234,553 | ||||||
| 2,436 | Miura Co. Ltd. (Industrials) | 52,384 | ||||||
| 60,032 | Mizuho Financial Group, Inc. (Financials) | 690,070 | ||||||
| 6,143 | MonotaRO Co. Ltd. (Industrials) | 111,848 | ||||||
| 11,693 | MS&AD Insurance Group Holdings, Inc. (Financials)(b) | 350,980 | ||||||
| 15,797 | Murata Manufacturing Co. Ltd. (Information Technology) | 860,815 | ||||||
| 2,705 | Nabtesco Corp. (Industrials) | 64,881 | ||||||
| 4,882 | Nagoya Railroad Co. Ltd. (Industrials) | 75,999 | ||||||
| 6,383 | NEC Corp. (Information Technology) | 234,830 | ||||||
| 10,784 | Nexon Co. Ltd. (Communication Services) | 216,964 | ||||||
| 7,603 | NGK Insulators Ltd. (Industrials) | 109,637 | ||||||
| 4,880 | NGK Spark Plug Co. Ltd. (Consumer Discretionary) | 100,891 | ||||||
| 2,557 | NH Foods Ltd. (Consumer Staples) | 73,597 | ||||||
| 3,006 | Nichirei Corp. (Consumer Staples) | 54,016 | ||||||
| 12,636 | Nidec Corp. (Industrials) | 849,905 | ||||||
| 7,549 | Nihon M&A Center Holdings, Inc. (Industrials) | 95,244 | ||||||
| 7,934 | Nikon Corp. (Consumer Discretionary) | 91,173 | ||||||
| 2,917 | Nintendo Co. Ltd. (Communication Services) | 1,199,205 | ||||||
| 42 | Nippon Building Fund, Inc. REIT (Real Estate) | 210,265 | ||||||
| 2,087 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 115,773 | ||||||
| 22,840 | Nippon Paint Holdings Co. Ltd. (Materials) | 178,930 | ||||||
| 58 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 146,647 | ||||||
| 4,489 | Nippon Sanso Holdings Corp. (Materials) | 82,381 | ||||||
| 1,600 | Nippon Shinyaku Co. Ltd. (Health Care) | 88,296 | ||||||
| 21,824 | Nippon Steel Corp. (Materials)(b) | 347,688 | ||||||
| 55,928 | Nippon Telegraph & Telephone Corp. (Communication Services) | 1,520,596 | ||||||
| 3,541 | Nippon Television Holdings, Inc. (Communication Services) | 30,295 | ||||||
| 4,154 | Nippon Yusen KK (Industrials)(b) | 320,334 | ||||||
| 3,193 | Nissan Chemical Corp. (Materials) | 162,846 | ||||||
| 56,165 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 222,796 | ||||||
| 6,025 | Nisshin Seifun Group, Inc. (Consumer Staples) | 68,236 | ||||||
| 1,657 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 119,053 | ||||||
| 2,071 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 200,041 | ||||||
|
|
| |||||||
| 48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 3,710 | Nitto Denko Corp. (Materials) | $ | 230,696 | |||||
| 75,165 | Nomura Holdings, Inc. (Financials) | 273,170 | ||||||
| 2,785 | Nomura Real Estate Holdings, Inc. (Real Estate) | 68,809 | ||||||
| 114 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 139,966 | ||||||
| 9,391 | Nomura Research Institute Ltd. (Information Technology) | 256,749 | ||||||
| 11,514 | NSK Ltd. (Industrials) | 62,958 | ||||||
| 15,988 | NTT Data Corp. (Information Technology) | 227,667 | ||||||
| 16,164 | Obayashi Corp. (Industrials) | 112,638 | ||||||
| 702 | OBIC Business Consultants Co. Ltd. (Information Technology) | 25,624 | ||||||
| 1,594 | Obic Co. Ltd. (Information Technology) | 238,827 | ||||||
| 8,592 | Odakyu Electric Railway Co. Ltd. (Industrials) | 118,444 | ||||||
| 22,406 | Oji Holdings Corp. (Materials) | 90,028 | ||||||
| 30,937 | Olympus Corp. (Health Care) | 671,743 | ||||||
| 4,893 | Omron Corp. (Information Technology) | 260,842 | ||||||
| 9,968 | Ono Pharmaceutical Co. Ltd. (Health Care) | 239,304 | ||||||
| 1,958 | Open House Group Co. Ltd. (Consumer Discretionary) | 77,261 | ||||||
| 838 | Oracle Corp. Japan (Information Technology) | 50,476 | ||||||
| 5,063 | Oriental Land Co. Ltd. (Consumer Discretionary) | 761,504 | ||||||
| 30,242 | ORIX Corp. (Financials) | 500,888 | ||||||
| 70 | Orix JREIT, Inc. REIT (Real Estate) | 96,700 | ||||||
| 10,212 | Osaka Gas Co. Ltd. (Utilities) | 172,674 | ||||||
| 2,766 | Otsuka Corp. (Information Technology) | 90,388 | ||||||
| 10,229 | Otsuka Holdings Co. Ltd. (Health Care) | 336,552 | ||||||
| 9,658 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 174,523 | ||||||
| 57,844 | Panasonic Holdings Corp. (Consumer Discretionary) | 472,766 | ||||||
| 3,237 | Park24 Co. Ltd. (Industrials)* | 46,608 | ||||||
| 2,295 | PeptiDream, Inc. (Health Care)* | 27,830 | ||||||
| 4,708 | Persol Holdings Co. Ltd. (Industrials) | 95,773 | ||||||
| 2,906 | Pigeon Corp. (Consumer Staples) | 43,666 | ||||||
| 2,085 | Pola Orbis Holdings, Inc. (Consumer Staples) | 23,283 | ||||||
| 2,097 | Rakus Co. Ltd. (Information Technology) | 25,398 | ||||||
| 22,437 | Rakuten Group, Inc. (Consumer Discretionary) | 109,413 | ||||||
| 35,248 | Recruit Holdings Co. Ltd. (Industrials) | 1,139,887 | ||||||
| 29,006 | Renesas Electronics Corp. (Information Technology)* | 277,035 | ||||||
| 59,843 | Resona Holdings, Inc. (Financials) | 221,155 | ||||||
| 15,409 | Ricoh Co. Ltd. (Information Technology) | 121,938 | ||||||
| 876 | Rinnai Corp. (Consumer Discretionary) | 67,742 | ||||||
| 2,174 | Rohm Co. Ltd. (Information Technology) | 164,981 | ||||||
| 6,124 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 57,430 | ||||||
| 9,535 | Santen Pharmaceutical Co. Ltd. (Health Care) | 69,195 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 6,064 | SBI Holdings, Inc. (Financials) | 120,121 | ||||||
| 1,083 | SCREEN Holdings Co. Ltd. (Information Technology) | 73,281 | ||||||
| 3,627 | SCSK Corp. (Information Technology) | 59,654 | ||||||
| 5,306 | Secom Co. Ltd. (Industrials) | 341,498 | ||||||
| 4,035 | Sega Sammy Holdings, Inc. (Consumer Discretionary)(b) | 60,339 | ||||||
| 5,642 | Seibu Holdings, Inc. (Industrials) | 57,590 | ||||||
| 7,614 | Seiko Epson Corp. (Information Technology) | 120,616 | ||||||
| 10,142 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 139,446 | ||||||
| 15,145 | Sekisui House Ltd. (Consumer Discretionary) | 259,363 | ||||||
| 18,839 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 751,929 | ||||||
| 15,242 | Seven Bank Ltd. (Financials) | 29,027 | ||||||
| 10,056 | SG Holdings Co. Ltd. (Industrials) | 168,223 | ||||||
| 8,133 | Sharp Corp. (Consumer Discretionary) | 58,845 | ||||||
| 6,997 | Shimadzu Corp. (Information Technology) | 206,440 | ||||||
| 594 | Shimamura Co. Ltd. (Consumer Discretionary) | 54,162 | ||||||
| 2,036 | Shimano, Inc. (Consumer Discretionary) | 364,534 | ||||||
| 14,096 | Shimizu Corp. (Industrials) | 77,890 | ||||||
| 10,272 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1,208,928 | ||||||
| 1,678 | Shinko Electric Industries Co. Ltd. (Information Technology) | 47,571 | ||||||
| 1,848 | Shinsei Bank Ltd. (Financials) | 26,129 | ||||||
| 7,551 | Shionogi & Co. Ltd. (Health Care) | 370,619 | ||||||
| 10,095 | Shiseido Co. Ltd. (Consumer Staples) | 385,594 | ||||||
| 12,764 | Shizuoka Bank Ltd. (The) (Financials) | 74,213 | ||||||
| 4,507 | Showa Denko KK (Materials) | 70,064 | ||||||
| 1,564 | SMC Corp. (Industrials) | 751,397 | ||||||
| 70,471 | SoftBank Corp. (Communication Services) | 777,532 | ||||||
| 26,586 | SoftBank Group Corp. (Communication Services) | 1,066,700 | ||||||
| 1,848 | Sohgo Security Services Co. Ltd. (Industrials) | 48,191 | ||||||
| 5,780 | Sojitz Corp. (Industrials) | 97,984 | ||||||
| 7,942 | Sompo Holdings, Inc. (Financials) | 342,201 | ||||||
| 31,438 | Sony Group Corp. (Consumer Discretionary) | 2,525,245 | ||||||
| 2,256 | Square Enix Holdings Co. Ltd. (Communication Services) | 98,784 | ||||||
| 3,697 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 68,993 | ||||||
| 15,461 | Subaru Corp. (Consumer Discretionary) | 282,787 | ||||||
| 900 | Sugi Holdings Co. Ltd. (Consumer Staples) | 38,435 | ||||||
| 8,612 | SUMCO Corp. (Information Technology) | 118,658 | ||||||
| 40,134 | Sumitomo Chemical Co. Ltd. (Materials) | 159,233 | ||||||
| 29,897 | Sumitomo Corp. (Industrials) | 423,788 | ||||||
| 18,867 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 218,102 | ||||||
|
|
| |||||||
| The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 2,894 | Sumitomo Heavy Industries Ltd. (Industrials) | $ | 61,356 | |||||
| 6,146 | Sumitomo Metal Mining Co. Ltd. (Materials) | 195,298 | ||||||
| 30,687 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 928,413 | ||||||
| 7,968 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 249,228 | ||||||
| 4,217 | Sumitomo Pharma Co. Ltd. (Health Care) | 31,607 | ||||||
| 7,997 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 197,293 | ||||||
| 4,485 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 38,824 | ||||||
| 1,710 | Sundrug Co. Ltd. (Consumer Staples) | 42,064 | ||||||
| 3,150 | Suntory Beverage & Food Ltd. (Consumer Staples) | 115,888 | ||||||
| 1,559 | Suzuken Co. Ltd. (Health Care) | 37,506 | ||||||
| 10,479 | Suzuki Motor Corp. (Consumer Discretionary) | 368,815 | ||||||
| 3,877 | Sysmex Corp. (Health Care) | 240,605 | ||||||
| 13,103 | T&D Holdings, Inc. (Financials) | 143,767 | ||||||
| 4,574 | Taisei Corp. (Industrials) | 139,736 | ||||||
| 1,002 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 37,514 | ||||||
| 3,088 | Taiyo Yuden Co. Ltd. (Information Technology) | 96,900 | ||||||
| 38,797 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 1,077,500 | ||||||
| 2,287 | TBS Holdings, Inc. (Communication Services) | 26,677 | ||||||
| 9,628 | TDK Corp. (Information Technology) | 341,364 | ||||||
| 4,574 | Teijin Ltd. (Materials) | 48,668 | ||||||
| 18,195 | Terumo Corp. (Health Care) | 591,428 | ||||||
| 2,929 | THK Co. Ltd. (Industrials) | 60,281 | ||||||
| 5,686 | TIS, Inc. (Information Technology) | 163,658 | ||||||
| 4,557 | Tobu Railway Co. Ltd. (Industrials) | 108,316 | ||||||
| 146 | Toei Animation Co. Ltd. (Communication Services) | 13,513 | ||||||
| 2,735 | Toho Co. Ltd. (Communication Services) | 104,764 | ||||||
| 2,351 | Toho Gas Co. Ltd. (Utilities) | 52,998 | ||||||
| 11,842 | Tohoku Electric Power Co., Inc. (Utilities) | 59,114 | ||||||
| 15,566 | Tokio Marine Holdings, Inc. (Financials) | 874,952 | ||||||
| 954 | Tokyo Century Corp. (Financials) | 34,409 | ||||||
| 37,674 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 147,842 | ||||||
| 3,796 | Tokyo Electron Ltd. (Information Technology)(b) | 1,209,243 | ||||||
| 10,501 | Tokyo Gas Co. Ltd. (Utilities) | 197,862 | ||||||
| 13,709 | Tokyu Corp. (Industrials) | 164,063 | ||||||
| 15,051 | Tokyu Fudosan Holdings Corp. (Real Estate) | 81,539 | ||||||
| 6,858 | TOPPAN, Inc. (Industrials) | 108,392 | ||||||
| 38,042 | Toray Industries, Inc. (Materials) | 219,237 | ||||||
| 10,374 | Toshiba Corp. (Industrials) | 386,672 | ||||||
| 7,202 | Tosoh Corp. (Materials)(b) | 93,879 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Japan – (continued) | ||||||||
| 3,922 | TOTO Ltd. (Industrials) | 136,793 | ||||||
| 2,220 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 91,442 | ||||||
| 1,836 | Toyota Boshoku Corp. (Consumer Discretionary) | 26,966 | ||||||
| 3,935 | Toyota Industries Corp. (Industrials) | 221,978 | ||||||
| 276,803 | Toyota Motor Corp. (Consumer Discretionary) | 4,196,224 | ||||||
| 5,626 | Toyota Tsusho Corp. (Industrials) | 199,066 | ||||||
| 3,379 | Trend Micro, Inc. (Information Technology) | 210,113 | ||||||
| 969 | Tsuruha Holdings, Inc. (Consumer Staples) | 54,173 | ||||||
| 10,164 | Unicharm Corp. (Consumer Staples) | 355,676 | ||||||
| 72 | United Urban Investment Corp. REIT (Real Estate) | 76,973 | ||||||
| 4,986 | USS Co. Ltd. (Consumer Discretionary) | 88,624 | ||||||
| 2,327 | Welcia Holdings Co. Ltd. (Consumer Staples) | 49,066 | ||||||
| 5,588 | West Japan Railway Co. (Industrials) | 218,965 | ||||||
| 501 | Workman Co. Ltd. (Consumer Discretionary) | 20,275 | ||||||
| 3,262 | Yakult Honsha Co. Ltd. (Consumer Staples) | 193,661 | ||||||
| 17,771 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 61,790 | ||||||
| 4,156 | Yamaha Corp. (Consumer Discretionary) | 163,692 | ||||||
| 7,842 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 163,996 | ||||||
| 8,000 | Yamato Holdings Co. Ltd. (Industrials) | 125,807 | ||||||
| 3,217 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 38,012 | ||||||
| 6,345 | Yaskawa Electric Corp. (Industrials)(b) | 209,631 | ||||||
| 6,474 | Yokogawa Electric Corp. (Information Technology) | 114,185 | ||||||
| 3,346 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 55,250 | ||||||
| 66,667 | Z Holdings Corp. (Communication Services) | 199,580 | ||||||
| 2,903 | ZOZO, Inc. (Consumer Discretionary) | 65,128 | ||||||
|
|
|
|||||||
| 86,588,520 | ||||||||
|
|
|
|||||||
| Jordan – 0.0% | ||||||||
| 3,505 | Hikma Pharmaceuticals PLC (Health Care) | 53,550 | ||||||
|
|
|
|||||||
| Luxembourg – 0.1% | ||||||||
| 11,874 | ArcelorMittal (Materials) | 283,632 | ||||||
| 3,278 | Eurofins Scientific SE (Health Care) | 227,767 | ||||||
|
|
|
|||||||
| 511,399 | ||||||||
|
|
|
|||||||
| Macau – 0.1% | ||||||||
| 54,757 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | 307,661 | ||||||
| 61,673 | Sands China Ltd. (Consumer Discretionary)* | 139,079 | ||||||
|
|
|
|||||||
| 446,740 | ||||||||
|
|
|
|||||||
| 50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Mexico – 0.0% | ||||||||
| 4,665 | Fresnillo PLC (Materials) | $ | 37,379 | |||||
|
|
|
|||||||
| Netherlands – 5.0% | ||||||||
| 11,168 | ABN AMRO Bank NV (Financials)(a)(b) | 107,516 | ||||||
| 666 | Adyen NV (Information Technology)*(a) | 1,034,681 | ||||||
| 4,170 | Akzo Nobel NV (Materials) | 264,336 | ||||||
| 1,366 | Argenx SE ADR (Health Care)* | 516,170 | ||||||
| 1,146 | ASM International NV (Information Technology) | 312,405 | ||||||
| 10,192 | ASML Holding NV (Information Technology) | 4,966,968 | ||||||
| 2,709 | EXOR NV (Financials) | 164,150 | ||||||
| 2,254 | HAL Trust (Financials) | 282,860 | ||||||
| 2,557 | Heineken Holding NV (Consumer Staples) | 182,040 | ||||||
| 6,059 | Heineken NV (Consumer Staples) | 546,753 | ||||||
| 92,885 | ING Groep NV (Financials) | 818,749 | ||||||
| 2,417 | JDE Peet’s NV (Consumer Staples) | 74,662 | ||||||
| 25,812 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 711,174 | ||||||
| 4,375 | Koninklijke DSM NV (Materials) | 560,249 | ||||||
| 82,063 | Koninklijke KPN NV (Communication Services) | 261,584 | ||||||
| 22,304 | Koninklijke Philips NV (Health Care) | 373,378 | ||||||
| 7,048 | NN Group NV (Financials) | 290,359 | ||||||
| 2,825 | Randstad NV (Industrials) | 132,063 | ||||||
| 187,148 | Shell PLC (Energy) | 4,986,830 | ||||||
| 24,006 | Universal Music Group NV (Communication Services) | 478,102 | ||||||
| 6,601 | Wolters Kluwer NV (Industrials) | 646,771 | ||||||
|
|
|
|||||||
| 17,711,800 | ||||||||
|
|
|
|||||||
| New Zealand – 0.4% | ||||||||
| 18,699 | a2 Milk Co. Ltd. (The) (Consumer Staples)* | 71,423 | ||||||
| 30,538 | Auckland International Airport Ltd. (Industrials)* | 141,545 | ||||||
| 11,281 | Chorus Ltd. (Communication Services) | 55,435 | ||||||
| 19,735 | Contact Energy Ltd. (Utilities) | 95,344 | ||||||
| 14,641 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 176,476 | ||||||
| 18,761 | Fletcher Building Ltd. (Industrials) | 64,413 | ||||||
| 27,596 | Goodman Property Trust REIT (Real Estate) | 36,799 | ||||||
| 17,898 | Infratil Ltd. (Utilities) | 99,308 | ||||||
| 2,096 | Mainfreight Ltd. (Industrials) | 95,737 | ||||||
| 15,882 | Mercury NZ Ltd. (Utilities) | 56,476 | ||||||
| 29,226 | Meridian Energy Ltd. (Utilities) | 89,682 | ||||||
| 9,324 | Ryman Healthcare Ltd. (Health Care) | 52,535 | ||||||
| 46,876 | Spark New Zealand Ltd. (Communication Services) | 155,769 | ||||||
| 3,359 | Xero Ltd. (Information Technology)* | 202,068 | ||||||
|
|
|
|||||||
| 1,393,010 | ||||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Norway – 1.0% | ||||||||
| 560 | Aker ASA, Class A (Industrials) | 44,240 | ||||||
| 10,139 | Aker BP ASA (Energy) | 355,227 | ||||||
| 2,187 | Austevoll Seafood ASA (Consumer Staples) | 23,514 | ||||||
| 21,446 | AutoStore Holdings Ltd. (Industrials)*(a)(b) | 28,525 | ||||||
| 22,477 | DNB Bank ASA (Financials) | 430,327 | ||||||
| 1,376 | Entra ASA (Real Estate)(a) | 17,941 | ||||||
| 23,981 | Equinor ASA (Energy) | 924,767 | ||||||
| 4,700 | Gjensidige Forsikring ASA (Financials) | 95,666 | ||||||
| 1,901 | Kongsberg Gruppen ASA (Industrials) | 65,128 | ||||||
| 7,136 | Leroy Seafood Group ASA (Consumer Staples) | 47,889 | ||||||
| 10,502 | Mowi ASA (Consumer Staples) | 216,196 | ||||||
| 39,372 | NEL ASA (Industrials)* | 58,339 | ||||||
| 4,192 | Nordic Semiconductor ASA (Information Technology)* | 64,628 | ||||||
| 34,068 | Norsk Hydro ASA (Materials) | 235,149 | ||||||
| 18,939 | Orkla ASA (Consumer Staples) | 159,197 | ||||||
| 1,430 | Salmar ASA (Consumer Staples) | 95,029 | ||||||
| 1,867 | Schibsted ASA, Class A (Communication Services) | 34,390 | ||||||
| 2,452 | Schibsted ASA, Class B (Communication Services) | 42,324 | ||||||
| 4,380 | SpareBank 1 SR-Bank ASA (Financials) | 50,225 | ||||||
| 11,523 | Storebrand ASA (Financials) | 92,680 | ||||||
| 16,326 | Telenor ASA (Communication Services) | 179,313 | ||||||
| 5,913 | TOMRA Systems ASA (Industrials) | 135,459 | ||||||
| 9,937 | Var Energi ASA (Energy) | 43,116 | ||||||
|
|
|
|||||||
| 3,439,269 | ||||||||
|
|
|
|||||||
| Poland – 0.2% | ||||||||
| 10,691 | Allegro.eu SA (Consumer Discretionary)*(a)(b) | 56,502 | ||||||
| 4,467 | Bank Pekao SA (Financials) | 62,067 | ||||||
| 1,738 | CD Projekt SA (Communication Services) | 31,156 | ||||||
| 4,663 | Cyfrowy Polsat SA (Communication Services) | 19,278 | ||||||
| 1,213 | Dino Polska SA (Consumer Staples)*(a) | 88,846 | ||||||
| 5,169 | InPost SA (Industrials)* | 26,706 | ||||||
| 3,455 | KGHM Polska Miedz SA (Materials) | 65,161 | ||||||
| 330 | mBank SA (Financials)* | 15,260 | ||||||
| 29,824 | PGE Polska Grupa Energetyczna SA (Utilities)* | 45,583 | ||||||
| 10,227 | Polski Koncern Naftowy ORLEN SA (Energy) | 132,902 | ||||||
| 41,148 | Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)* | 49,018 | ||||||
| 22,338 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 111,964 | ||||||
| 14,393 | Powszechny Zaklad Ubezpieczen SA (Financials) | 86,373 | ||||||
| 842 | Santander Bank Polska SA (Financials) | 38,435 | ||||||
|
|
|
|||||||
| 829,251 | ||||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Portugal – 0.2% | ||||||||
| 185,579 | Banco Comercial Portugues SA, Class R (Financials) | $ | 27,095 | |||||
| 70,624 | EDP – Energias de Portugal SA (Utilities) | 338,178 | ||||||
| 12,425 | Galp Energia SGPS SA (Energy) | 134,872 | ||||||
| 7,032 | Jeronimo Martins SGPS SA (Consumer Staples) | 156,270 | ||||||
| 5,408 | Navigator Co SA (The) (Materials) | 21,524 | ||||||
|
|
|
|||||||
| 677,939 | ||||||||
|
|
|
|||||||
| Russia – 0.0% | ||||||||
| 12,172 | Evraz PLC (Materials)(c) | 0 | ||||||
|
|
|
|||||||
| Singapore – 1.8% | ||||||||
| 87,721 | Ascendas Real Estate Investment Trust REIT (Real Estate) | 177,316 | ||||||
| 133,565 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 198,179 | ||||||
| 128,917 | Capitaland Investment Ltd. (Real Estate) | 340,982 | ||||||
| 13,011 | City Developments Ltd. (Real Estate) | 75,822 | ||||||
| 46,097 | DBS Group Holdings Ltd. (Financials) | 1,077,172 | ||||||
| 66,106 | Frasers Logistics & Commercial Trust REIT (Real Estate) | 64,443 | ||||||
| 143,920 | Genting Singapore Ltd. (Consumer Discretionary) | 79,950 | ||||||
| 67,345 | Grab Holdings Ltd., Class A (Industrials)* | 191,933 | ||||||
| 2,405 | Jardine Cycle & Carriage Ltd. (Industrials) | 56,647 | ||||||
| 35,885 | Keppel Corp. Ltd. (Industrials) | 187,000 | ||||||
| 34,569 | Keppel DC REIT (Real Estate) | 48,071 | ||||||
| 52,304 | Mapletree Industrial Trust REIT (Real Estate) | 94,853 | ||||||
| 83,199 | Mapletree Logistics Trust REIT (Real Estate) | 99,593 | ||||||
| 51,083 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) | 67,373 | ||||||
| 31,898 | Olam Group Ltd. (Consumer Staples) | 33,611 | ||||||
| 97,525 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 845,156 | ||||||
| 16,957 | SATS Ltd. (Industrials)* | 49,105 | ||||||
| 8,979 | Sea Ltd. ADR (Communication Services)* | 556,698 | ||||||
| 32,875 | Singapore Airlines Ltd. (Industrials)* | 125,364 | ||||||
| 20,533 | Singapore Exchange Ltd. (Financials) | 139,673 | ||||||
| 38,742 | Singapore Technologies Engineering Ltd. (Industrials) | 103,582 | ||||||
| 200,611 | Singapore Telecommunications Ltd. (Communication Services) | 376,748 | ||||||
| 16,677 | STMicroelectronics NV (Information Technology) | 582,658 | ||||||
| 42,492 | Suntec Real Estate Investment Trust REIT (Real Estate) | 48,124 | ||||||
| 36,379 | United Overseas Bank Ltd. (Financials) | 712,664 | ||||||
| 11,521 | UOL Group Ltd. (Real Estate) | 57,147 | ||||||
| 6,835 | Venture Corp. Ltd. (Information Technology) | 89,608 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Singapore – (continued) | ||||||||
| 78,383 | Yangzijiang Financial Holding Ltd. (Financials)* | 21,069 | ||||||
|
|
|
|||||||
| 6,500,541 | ||||||||
|
|
|
|||||||
| South Africa – 0.3% | ||||||||
| 28,892 | Anglo American PLC (Materials) | 935,610 | ||||||
| 2,876 | Scatec ASA (Utilities)(a) | 29,356 | ||||||
|
|
|
|||||||
| 964,966 | ||||||||
|
|
|
|||||||
| South Korea – 0.1% | ||||||||
| 3,915 | Delivery Hero SE (Consumer Discretionary)*(a) | 163,374 | ||||||
|
|
|
|||||||
| Spain – 2.3% | ||||||||
| 5,747 | ACS Actividades de Construccion y Servicios SA (Industrials) | 128,349 | ||||||
| 1,800 | Aena SME SA (Industrials)*(a) | 221,452 | ||||||
| 11,465 | Amadeus IT Group SA (Information Technology)* | 606,637 | ||||||
| 150,868 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 681,384 | ||||||
| 417,776 | Banco Santander SA (Financials) | 1,015,369 | ||||||
| 110,521 | CaixaBank SA (Financials) | 333,848 | ||||||
| 14,258 | Cellnex Telecom SA (Communication Services)*(a) | 555,851 | ||||||
| 1,440 | Corp ACCIONA Energias Renovables SA (Utilities) | 60,005 | ||||||
| 6,088 | EDP Renovaveis SA (Utilities) | 147,964 | ||||||
| 8,014 | Endesa SA (Utilities) | 137,800 | ||||||
| 12,161 | Ferrovial SA (Industrials) | 305,468 | ||||||
| 7,460 | Grifols SA (Health Care)* | 90,354 | ||||||
| 155,752 | Iberdrola SA (Utilities) | 1,626,462 | ||||||
| 28,145 | Industria de Diseno Textil SA (Consumer Discretionary) | 609,891 | ||||||
| 24,279 | Mapfre SA (Financials) | 40,356 | ||||||
| 8,448 | Naturgy Energy Group SA (Utilities) | 233,439 | ||||||
| 10,285 | Red Electrica Corp. SA (Utilities) | 188,588 | ||||||
| 32,648 | Repsol SA (Energy) | 426,287 | ||||||
| 5,680 | Siemens Gamesa Renewable Energy SA (Industrials)* | 102,379 | ||||||
| 129,647 | Telefonica SA (Communication Services) | 536,589 | ||||||
|
|
|
|||||||
| 8,048,472 | ||||||||
|
|
|
|||||||
| Sweden – 3.3% | ||||||||
| 4,568 | AAK AB (Consumer Staples) | 70,239 | ||||||
| 5,755 | AddTech AB, Class B (Industrials) | 81,238 | ||||||
| 5,235 | Akelius Residential Property AB, Class D (Real Estate) | 9,833 | ||||||
| 7,443 | Alfa Laval AB (Industrials) | 199,843 | ||||||
| 5,357 | Alleima AB (Materials)* | 21,563 | ||||||
| 24,771 | Assa Abloy AB, Class B (Industrials) | 504,820 | ||||||
| 65,677 | Atlas Copco AB, Class A (Industrials) | 671,640 | ||||||
| 38,457 | Atlas Copco AB, Class B (Industrials) | 352,698 | ||||||
| 2,695 | Avanza Bank Holding AB (Financials) | 43,517 | ||||||
| 2,842 | Axfood AB (Consumer Staples) | 85,929 | ||||||
| 5,782 | Beijer Ref AB (Industrials) | 75,257 | ||||||
|
|
| |||||||
| 52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Sweden – (continued) | ||||||||
| 6,752 | Boliden AB (Materials) | $ | 218,151 | |||||
| 5,421 | Castellum AB (Real Estate) | 76,549 | ||||||
| 5,873 | Electrolux AB, Class B (Consumer Discretionary) | 74,696 | ||||||
| 8,388 | Elekta AB, Class B (Health Care)(b) | 48,325 | ||||||
| 20,046 | Embracer Group AB (Communication Services)*(b) | 125,424 | ||||||
| 15,892 | Epiroc AB, Class A (Industrials) | 244,584 | ||||||
| 9,547 | Epiroc AB, Class B (Industrials) | 130,636 | ||||||
| 8,885 | EQT AB (Financials) | 200,791 | ||||||
| 15,364 | Essity AB, Class B (Consumer Staples) | 342,586 | ||||||
| 4,540 | Evolution AB (Consumer Discretionary)(a) | 366,547 | ||||||
| 6,601 | Fabege AB (Real Estate) | 58,689 | ||||||
| 15,394 | Fastighets AB Balder, Class B (Real Estate)* | 85,618 | ||||||
| 4,992 | Getinge AB, Class B (Health Care) | 93,026 | ||||||
| 18,303 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) | 191,167 | ||||||
| 51,054 | Hexagon AB, Class B (Information Technology) | 525,508 | ||||||
| 2,288 | Holmen AB, Class B (Materials) | 98,679 | ||||||
| 10,222 | Husqvarna AB, Class B (Industrials) | 69,215 | ||||||
| 3,449 | Industrivarden AB, Class A (Financials) | 76,938 | ||||||
| 3,831 | Industrivarden AB, Class C (Financials) | 84,595 | ||||||
| 6,796 | Indutrade AB (Industrials) | 126,675 | ||||||
| 3,426 | Investment AB Latour, Class B (Industrials) | 67,984 | ||||||
| 13,843 | Investor AB, Class A (Financials) | 231,471 | ||||||
| 42,969 | Investor AB, Class B (Financials) | 681,717 | ||||||
| 6,105 | Kinnevik AB, Class B (Financials)* | 87,528 | ||||||
| 1,839 | L E Lundbergforetagen AB, Class B (Financials) | 76,443 | ||||||
| 4,967 | Lifco AB, Class B (Industrials) | 77,752 | ||||||
| 40,839 | Nibe Industrier AB, Class B (Industrials) | 385,029 | ||||||
| 4,782 | Orron Energy ab (Utilities) | 9,138 | ||||||
| 2,000 | Saab AB, Class B (Industrials) | 67,110 | ||||||
| 4,051 | Sagax AB, Class B (Real Estate) | 87,700 | ||||||
| 2,573 | Sagax AB, Class D (Real Estate) | 6,727 | ||||||
| 27,153 | Samhallsbyggnadsbolaget i Norden AB (Real Estate)(b) | 43,935 | ||||||
| 4,893 | Samhallsbyggnadsbolaget i Norden AB, Class D (Real Estate)(b) | 9,682 | ||||||
| 26,786 | Sandvik AB (Industrials) | 420,560 | ||||||
| 7,810 | Securitas AB, Class B (Industrials)(b) | 68,748 | ||||||
| 37,298 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 374,094 | ||||||
| 8,573 | Skanska AB, Class B (Industrials) | 127,508 | ||||||
| 8,984 | SKF AB, Class B (Industrials) | 135,648 | ||||||
| 6,410 | SSAB AB, Class A (Materials) | 31,046 | ||||||
| 15,462 | SSAB AB, Class B (Materials) | 72,706 | ||||||
| 36,104 | Storskogen Group AB, Class B (Industrials) | 40,745 | ||||||
| 15,264 | Svenska Cellulosa AB SCA, Class B (Materials) | 230,182 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| Sweden – (continued) | ||||||||
| 36,426 | Svenska Handelsbanken AB, Class A (Financials) | 300,020 | ||||||
| 880 | Svenska Handelsbanken AB, Class B (Financials) | 8,309 | ||||||
| 5,245 | Sweco AB, Class B (Industrials) | 49,672 | ||||||
| 27,812 | Swedbank AB, Class A (Financials) | 361,733 | ||||||
| 38,118 | Swedish Match AB (Consumer Staples) | 383,931 | ||||||
| 4,182 | Swedish Orphan Biovitrum AB (Health Care)* | 92,660 | ||||||
| 12,530 | Tele2 AB, Class B (Communication Services) | 133,864 | ||||||
| 74,487 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 560,268 | ||||||
| 55,683 | Telia Co. AB (Communication Services) | 196,795 | ||||||
| 2,627 | Thule Group AB (Consumer Discretionary)(a) | 64,556 | ||||||
| 6,010 | Trelleborg AB, Class B (Industrials) | 125,702 | ||||||
| 1,945 | Vitrolife AB (Health Care) | 46,680 | ||||||
| 4,810 | Volvo AB, Class A (Industrials) | 80,474 | ||||||
| 37,298 | Volvo AB, Class B (Industrials) | 593,780 | ||||||
| 12,144 | Volvo Car AB, Class B (Consumer Discretionary)*(b) | 74,235 | ||||||
| 9,053 | Wallenstam AB, Class B (Real Estate) | 40,867 | ||||||
|
|
|
|||||||
| 11,801,975 | ||||||||
|
|
|
|||||||
| Switzerland – 4.8% | ||||||||
| 40,632 | ABB Ltd. (Industrials) | 1,122,849 | ||||||
| 12,483 | Alcon, Inc. (Health Care) | 825,762 | ||||||
| 11,529 | Cie Financiere Richemont SA (Consumer Discretionary) | 1,297,670 | ||||||
| 61,634 | Credit Suisse Group AG (Financials) | 319,553 | ||||||
| 881 | Geberit AG (Industrials) | 408,837 | ||||||
| 202 | Givaudan SA (Materials) | 647,634 | ||||||
| 14,350 | Holcim AG (Materials)* | 640,196 | ||||||
| 1,298 | Kuehne + Nagel International AG (Industrials) | 300,577 | ||||||
| 1,889 | Lonza Group AG (Health Care) | 1,013,067 | ||||||
| 57,502 | Novartis AG (Health Care) | 4,662,261 | ||||||
| 559 | Partners Group Holding AG (Financials) | 542,074 | ||||||
| 498 | Schindler Holding AG (Industrials) | 84,297 | ||||||
| 1,037 | Schindler Holding AG Participation Certificates (Industrials) | 181,378 | ||||||
| 154 | SGS SA (Industrials) | 340,206 | ||||||
| 3,906 | Sika AG (Materials) | 882,097 | ||||||
| 2,631 | Straumann Holding AG (Health Care) | 290,341 | ||||||
| 717 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 175,072 | ||||||
| 1,289 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 58,985 | ||||||
| 647 | Swisscom AG (Communication Services) | 335,582 | ||||||
| 81,458 | UBS Group AG (Financials) | 1,296,217 | ||||||
| 3,826 | Zurich Insurance Group AG (Financials) | 1,701,795 | ||||||
|
|
|
|||||||
| 17,126,450 | ||||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| United Kingdom – 12.0% | ||||||||
| 24,363 | 3i Group PLC (Financials) | $ | 344,580 | |||||
| 55,199 | abrdn PLC (Financials) | 94,321 | ||||||
| 6,122 | Admiral Group PLC (Financials) | 151,162 | ||||||
| 9,723 | Allfunds Group PLC (Financials) | 76,749 | ||||||
| 11,227 | Ashtead Group PLC (Industrials) | 555,209 | ||||||
| 9,162 | Associated British Foods PLC (Consumer Staples) | 162,579 | ||||||
| 38,140 | AstraZeneca PLC (Health Care) | 4,723,778 | ||||||
| 23,810 | Auto Trader Group PLC (Communication Services)(a) | 180,583 | ||||||
| 2,783 | AVEVA Group PLC (Information Technology) | 90,672 | ||||||
| 70,634 | Aviva PLC (Financials) | 344,129 | ||||||
| 23,582 | B&M European Value Retail SA (Consumer Discretionary) | 101,501 | ||||||
| 80,401 | BAE Systems PLC (Industrials) | 726,171 | ||||||
| 419,232 | Barclays PLC (Financials) | 802,462 | ||||||
| 25,843 | Barratt Developments PLC (Consumer Discretionary) | 128,493 | ||||||
| 2,709 | Berkeley Group Holdings PLC (Consumer Discretionary) | 115,213 | ||||||
| 443,074 | BP PLC (Energy) | 2,276,202 | ||||||
| 57,474 | British American Tobacco PLC (Consumer Staples) | 2,308,252 | ||||||
| 22,855 | British Land Co. PLC (The) REIT (Real Estate) | 114,567 | ||||||
| 176,714 | BT Group PLC (Communication Services) | 309,876 | ||||||
| 8,595 | Bunzl PLC (Industrials) | 286,133 | ||||||
| 10,127 | Burberry Group PLC (Consumer Discretionary) | 205,981 | ||||||
| 67,555 | CK Hutchison Holdings Ltd. (Industrials) | 436,805 | ||||||
| 25,328 | CNH Industrial NV (Industrials) | 310,207 | ||||||
| 3,873 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 190,435 | ||||||
| 45,157 | Compass Group PLC (Consumer Discretionary) | 976,806 | ||||||
| 41,588 | ConvaTec Group PLC (Health Care)(a) | 105,301 | ||||||
| 3,551 | Croda International PLC (Materials) | 277,915 | ||||||
| 8,295 | Darktrace PLC (Information Technology)* | 49,341 | ||||||
| 2,415 | DCC PLC (Industrials) | 139,465 | ||||||
| 58,050 | Diageo PLC (Consumer Staples) | 2,542,469 | ||||||
| 33,535 | Direct Line Insurance Group PLC (Financials) | 80,345 | ||||||
| 34,451 | DS Smith PLC (Materials) | 107,313 | ||||||
| 16,251 | easyJet PLC (Industrials)* | 68,037 | ||||||
| 693 | Endava PLC ADR (Information Technology)* | 69,993 | ||||||
| 14,983 | Entain PLC (Consumer Discretionary) | 221,938 | ||||||
| 23,425 | Experian PLC (Industrials) | 714,960 | ||||||
| 8,076 | Farfetch Ltd., Class A (Consumer Discretionary)* | 81,002 | ||||||
| 129,493 | Haleon PLC (Consumer Staples)* | 390,030 | ||||||
| 9,625 | Halma PLC (Information Technology) | 232,393 | ||||||
|
|
| |||||||
| Common Stocks – (continued) | ||||||||
| United Kingdom – (continued) | ||||||||
| 8,901 | Hargreaves Lansdown PLC (Financials) | 84,681 | ||||||
| 510,925 | HSBC Holdings PLC (Financials) | 3,143,783 | ||||||
| 24,201 | Imperial Brands PLC (Consumer Staples) | 534,060 | ||||||
| 37,470 | Informa PLC (Communication Services) | 238,405 | ||||||
| 4,503 | InterContinental Hotels Group PLC (Consumer Discretionary) | 245,794 | ||||||
| 7,364 | Intermediate Capital Group PLC (Financials) | 117,135 | ||||||
| 4,099 | Intertek Group PLC (Industrials) | 188,828 | ||||||
| 91,800 | ITV PLC (Communication Services) | 68,684 | ||||||
| 51,159 | J Sainsbury PLC (Consumer Staples) | 121,081 | ||||||
| 62,602 | JD Sports Fashion PLC (Consumer Discretionary) | 82,277 | ||||||
| 4,685 | Johnson Matthey PLC (Materials) | 109,847 | ||||||
| 51,605 | Kingfisher PLC (Consumer Discretionary) | 139,371 | ||||||
| 18,760 | Land Securities Group PLC REIT (Real Estate) | 142,020 | ||||||
| 152,136 | Legal & General Group PLC (Financials) | 446,989 | ||||||
| 3,976 | Liberty Global PLC, Class A (Communication Services)* | 80,315 | ||||||
| 7,477 | Liberty Global PLC, Class C (Communication Services)* | 159,335 | ||||||
| 1,750,782 | Lloyds Banking Group PLC (Financials) | 893,928 | ||||||
| 9,324 | London Stock Exchange Group PLC (Financials) | 879,019 | ||||||
| 65,694 | M&G PLC (Financials) | 149,634 | ||||||
| 19,913 | Meggitt PLC (Industrials)* | 184,949 | ||||||
| 106,875 | Melrose Industries PLC (Industrials) | 169,751 | ||||||
| 92,946 | National Grid PLC (Utilities) | 1,165,879 | ||||||
| 126,019 | NatWest Group PLC (Financials) | 361,384 | ||||||
| 3,163 | Next PLC (Consumer Discretionary) | 213,909 | ||||||
| 14,559 | Ocado Group PLC (Consumer Staples)* | 122,991 | ||||||
| 19,073 | Pearson PLC (Communication Services) | 191,484 | ||||||
| 8,085 | Persimmon PLC (Consumer Discretionary) | 138,858 | ||||||
| 18,890 | Phoenix Group Holdings PLC (Financials) | 132,410 | ||||||
| 18,224 | Reckitt Benckiser Group PLC (Consumer Staples) | 1,409,739 | ||||||
| 48,932 | RELX PLC (Industrials) | 1,287,922 | ||||||
| 47,434 | Rentokil Initial PLC (Industrials) | 287,562 | ||||||
| 21,235 | Rightmove PLC (Communication Services) | 150,132 | ||||||
| 211,211 | Rolls-Royce Holdings PLC (Industrials)* | 189,239 | ||||||
| 25,874 | Sage Group PLC (The) (Information Technology) | 215,325 | ||||||
| 3,175 | Schroders PLC (Financials) | 99,306 | ||||||
|
|
| |||||||
| 54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| United Kingdom – (continued) | ||||||||
| 30,732 | Segro PLC REIT (Real Estate) | $ | 337,215 | |||||
| 6,382 | Severn Trent PLC (Utilities) | 206,965 | ||||||
| 22,209 | Smith & Nephew PLC (Health Care) | 262,430 | ||||||
| 9,394 | Smiths Group PLC (Industrials) | 162,979 | ||||||
| 1,873 | Spirax-Sarco Engineering PLC (Industrials) | 229,602 | ||||||
| 27,184 | SSE PLC (Utilities) | 522,708 | ||||||
| 13,799 | St James’s Place PLC (Financials) | 177,746 | ||||||
| 76,057 | Standard Chartered PLC (Financials) | 529,407 | ||||||
| 88,829 | Taylor Wimpey PLC (Consumer Discretionary) | 111,940 | ||||||
| 191,200 | Tesco PLC (Consumer Staples) | 553,309 | ||||||
| 63,782 | Unilever PLC (Consumer Staples) | 2,913,379 | ||||||
| 17,366 | United Utilities Group PLC (Utilities) | 213,488 | ||||||
| 713,775 | Vodafone Group PLC (Communication Services) | 960,779 | ||||||
| 6,570 | Weir Group PLC (The) (Industrials) | 111,424 | ||||||
| 5,109 | Whitbread PLC (Consumer Discretionary) | 148,859 | ||||||
| 11,243 | Wise PLC, Class A (Information Technology)* | 63,685 | ||||||
| 28,104 | WPP PLC (Communication Services) | 243,432 | ||||||
|
|
|
|||||||
| 42,988,741 | ||||||||
|
|
|
|||||||
| United States – 5.8% | ||||||||
| 16,605 | Avast PLC (Information Technology)(a)(b) | 136,604 | ||||||
| 3,737 | Carnival PLC (Consumer Discretionary)* | 31,682 | ||||||
| 1,037 | CyberArk Software Ltd. (Information Technology)* | 149,618 | ||||||
| 5,452 | Ferguson PLC (Industrials) | 633,507 | ||||||
| 640 | Fiverr International Ltd. (Consumer Discretionary)* | 22,131 | ||||||
| 103,594 | GSK PLC (Health Care) | 1,662,757 | ||||||
| 2,057 | ICON PLC (Health Care)* | 431,620 | ||||||
| 11,326 | James Hardie Industries PLC CDI (Materials) | 260,190 | ||||||
| 22,895 | JS Global Lifestyle Co. Ltd. (Consumer Discretionary)(a) | 27,215 | ||||||
| 69,510 | Nestle SA (Consumer Staples) | 8,160,721 | ||||||
| 17,893 | Roche Holding AG (Health Care) | 5,782,522 | ||||||
| 671 | Roche Holding AG (Health Care) | 257,276 | ||||||
| 14,165 | Schneider Electric SE (Industrials) | 1,691,857 | ||||||
| 15,490 | Sinch AB (Information Technology)*(a)(b) | 30,271 | ||||||
| 54,838 | Stellantis NV (Consumer Discretionary) | 736,371 | ||||||
| 7,345 | Swiss Re AG (Financials) | 573,331 | ||||||
| 11,799 | Tenaris SA (Energy) | 163,137 | ||||||
|
|
|
|||||||
| 20,750,810 | ||||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $370,168,506) | $ | 353,722,397 | ||||||
|
|
|
|||||||
| Shares |
Description | Rate | Value | |||||||||
| Preferred Stocks – 0.4% | ||||||||||||
| Germany – 0.4% | ||||||||||||
| 1,440 | Bayerische Motoren Werke AG (Consumer Discretionary) | 8.39 | % | $ | 100,274 | |||||||
| 4,403 | Henkel AG & Co. KGaA (Consumer Staples) | 2.94 | 284,419 | |||||||||
| 3,901 | Porsche Automobil Holding SE (Consumer Discretionary) | 3.60 | 276,468 | |||||||||
| 687 | Sartorius AG (Health Care) | 0.30 | 287,309 | |||||||||
| 4,664 | Volkswagen AG (Consumer Discretionary) | 5.24 | 666,620 | |||||||||
|
|
|
|||||||||||
| 1,615,090 | ||||||||||||
|
|
|
|||||||||||
| Spain – 0.0% | ||||||||||||
| 6,620 | Grifols SA, Class B (Health Care)* | 0.00 | 52,222 | |||||||||
|
|
|
|||||||||||
| TOTAL PREFERRED STOCKS | ||||||||||||
| (Cost $1,878,374) | $ | 1,667,312 | ||||||||||
|
|
|
|||||||||||
| |
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||||||
| (Cost $372,046,880) | $ | 355,389,709 | ||||||||||
|
|
|
|||||||||||
| Shares | Dividend Rate |
Value | ||||||
| Securities Lending Reinvestment Vehicle – 2.0%(d) | ||||||||
|
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
|
6,986,472 |
2.154 | % | $ | 6,986,472 | ||||
| (Cost $6,986,472) |
| |||||||
|
|
||||||||
| TOTAL INVESTMENTS – 101.5% |
| |||||||
| (Cost $379,033,352) |
|
$ | 362,376,181 | |||||
|
|
||||||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)% |
|
(5,325,888 | ) | |||||
|
|
||||||||
| NET ASSETS – 100.0% |
|
$ | 357,050,293 | |||||
|
|
||||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
* |
Non-income producing security. | |
|
(a) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
|
(b) |
All or a portion of security is on loan. | |
|
(c) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
|
(d) |
Represents an affiliated issuer. | |
|
| ||
|
Investment Abbreviations: | ||
|
ADR |
— American Depositary Receipt | |
|
CVA |
— Dutch Certification | |
|
PLC |
— Public Limited Company | |
|
REIT |
— Real Estate Investment Trust | |
|
SDR |
— Swedish Depositary Receipt | |
|
| ||
| The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Sector | % of Market Value |
|||
|
| ||||
|
Financials |
16.7 | % | ||
|
Industrials |
15.3 | |||
|
Health Care |
12.8 | |||
|
Consumer Discretionary |
11.4 | |||
|
Consumer Staples |
10.5 | |||
|
Information Technology |
8.0 | |||
|
Materials |
7.4 | |||
|
Communication Services |
5.0 | |||
|
Energy |
4.7 | |||
|
Utilities |
3.4 | |||
|
Real Estate |
2.9 | |||
|
Securities Lending Reinvestment Vehicle |
1.9 | |||
|
| ||||
| TOTAL INVESTMENTS | 100.0 | % | ||
|
|
||||
FUTURES CONTRACTS — At August 31, 2022, the Fund had the following futures contracts:
| Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||||
|
Long position contracts: |
||||||||||||||||
|
E-Mini MSCI EAFE Index Future |
4 | 09/16/22 | $ | 374,066 | $ | (8,646 | ) | |||||||||
| 56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – 99.8% | ||||||||
| Communication Services – 8.4% | ||||||||
| 14,357 | Activision Blizzard, Inc. | $ | 1,126,881 | |||||
| 121,173 | Alphabet, Inc., Class A* | 13,113,342 | ||||||
| 108,260 | Alphabet, Inc., Class C* | 11,816,579 | ||||||
| 143,923 | AT&T, Inc. | 2,524,409 | ||||||
| 2,019 | Charter Communications, Inc., Class A* | 833,100 | ||||||
| 89,678 | Comcast Corp., Class A | 3,245,447 | ||||||
| 5,038 | DISH Network Corp., Class A* | 87,409 | ||||||
| 5,610 | Electronic Arts, Inc. | 711,741 | ||||||
| 6,262 | Fox Corp., Class A | 214,035 | ||||||
| 2,886 | Fox Corp., Class B | 91,255 | ||||||
| 1,572 | IAC, Inc.* | 101,033 | ||||||
| 394 | Liberty Broadband Corp., Class A* | 39,723 | ||||||
| 2,597 | Liberty Broadband Corp., Class C* | 264,115 | ||||||
| 1,545 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 64,179 | ||||||
| 3,093 | Liberty Media Corp.-Liberty SiriusXM, Class C* | 127,927 | ||||||
| 3,102 | Live Nation Entertainment, Inc.* | 280,297 | ||||||
| 20,656 | Lumen Technologies, Inc. | 205,734 | ||||||
| 5,742 | Match Group, Inc.* | 324,595 | ||||||
| 46,086 | Meta Platforms, Inc., Class A* | 7,508,792 | ||||||
| 8,832 | Netflix, Inc.* | 1,974,482 | ||||||
| 4,101 | Omnicom Group, Inc. | 274,357 | ||||||
| 184 | Paramount Global, Class A(a) | 4,861 | ||||||
| 11,714 | Paramount Global, Class B | 273,991 | ||||||
| 11,512 | Pinterest, Inc., Class A* | 265,237 | ||||||
| 6,002 | ROBLOX Corp., Class A* | 234,738 | ||||||
| 2,412 | Roku, Inc.* | 164,016 | ||||||
| 14,482 | Sirius XM Holdings, Inc.(a) | 88,195 | ||||||
| 20,609 | Snap, Inc., Class A* | 224,226 | ||||||
| 2,289 | Spotify Technology SA* | 247,555 | ||||||
| 3,218 | Take-Two Interactive Software, Inc.* | 394,398 | ||||||
| 12,708 | T-Mobile US, Inc.* | 1,829,444 | ||||||
| 12,737 | Twitter, Inc.* | 493,559 | ||||||
| 84,798 | Verizon Communications, Inc. | 3,545,404 | ||||||
| 36,754 | Walt Disney Co. (The)* | 4,119,388 | ||||||
| 44,675 | Warner Bros Discovery, Inc.* | 591,497 | ||||||
| 2,379 | Warner Music Group Corp., Class A | 63,686 | ||||||
| 5,579 | ZoomInfo Technologies, Inc.* | 253,398 | ||||||
|
|
|
|||||||
| 57,723,025 | ||||||||
|
|
|
|||||||
| Consumer Discretionary – 11.7% | ||||||||
| 1,218 | Advance Auto Parts, Inc. | 205,404 | ||||||
| 6,985 | Airbnb, Inc., Class A* | 790,143 | ||||||
| 179,018 | Amazon.com, Inc.* | 22,694,112 | ||||||
| 5,436 | Aptiv PLC* | 507,885 | ||||||
| 390 | AutoZone, Inc.* | 826,492 | ||||||
| 4,044 | Best Buy Co., Inc. | 285,870 | ||||||
| 819 | Booking Holdings, Inc.* | 1,536,288 | ||||||
| 1,329 | Burlington Stores, Inc.* | 186,313 | ||||||
| 4,138 | Caesars Entertainment, Inc.* | 178,431 | ||||||
| 3,200 | CarMax, Inc.* | 283,008 | ||||||
| 17,523 | Carnival Corp.* | 165,768 | ||||||
| 1,948 | Carvana Co.* | 64,265 | ||||||
| 1,758 | Chewy, Inc., Class A*(a) | 60,352 | ||||||
| 538 | Chipotle Mexican Grill, Inc.* | 859,078 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Consumer Discretionary – (continued) | ||||||||
| 16,673 | Coupang, Inc. (South Korea)* | 281,774 | ||||||
| 2,508 | Darden Restaurants, Inc. | 310,265 | ||||||
| 4,571 | Dollar General Corp. | 1,085,247 | ||||||
| 4,246 | Dollar Tree, Inc.* | 576,097 | ||||||
| 722 | Domino’s Pizza, Inc. | 268,483 | ||||||
| 4,839 | DoorDash, Inc., Class A* | 289,856 | ||||||
| 6,570 | D.R. Horton, Inc. | 467,455 | ||||||
| 11,277 | eBay, Inc. | 497,654 | ||||||
| 2,550 | Etsy, Inc.* | 269,306 | ||||||
| 3,046 | Expedia Group, Inc.* | 312,672 | ||||||
| 79,563 | Ford Motor Co. | 1,212,540 | ||||||
| 3,118 | Garmin Ltd. | 275,912 | ||||||
| 26,759 | General Motors Co. | 1,022,461 | ||||||
| 2,799 | Genuine Parts Co. | 436,672 | ||||||
| 2,599 | Hasbro, Inc. | 204,853 | ||||||
| 5,520 | Hilton Worldwide Holdings, Inc. | 703,027 | ||||||
| 20,740 | Home Depot, Inc. (The) | 5,981,831 | ||||||
| 6,668 | Las Vegas Sands Corp.* | 250,917 | ||||||
| 5,051 | Lennar Corp., Class A | 391,200 | ||||||
| 293 | Lennar Corp., Class B | 18,072 | ||||||
| 4,964 | LKQ Corp. | 264,184 | ||||||
| 12,844 | Lowe’s Cos., Inc. | 2,493,534 | ||||||
| 11,167 | Lucid Group, Inc.*(a) | 171,302 | ||||||
| 2,368 | Lululemon Athletica, Inc.* | 710,305 | ||||||
| 5,810 | Marriott International, Inc., Class A | 893,229 | ||||||
| 14,929 | McDonald’s Corp. | 3,766,288 | ||||||
| 972 | MercadoLibre, Inc. (Brazil)* | 831,410 | ||||||
| 7,049 | MGM Resorts International | 230,079 | ||||||
| 7,633 | Newell Brands, Inc. | 136,249 | ||||||
| 25,296 | NIKE, Inc., Class B | 2,692,759 | ||||||
| 63 | NVR, Inc.* | 260,824 | ||||||
| 1,313 | O’Reilly Automotive, Inc.* | 915,319 | ||||||
| 4,768 | PulteGroup, Inc. | 193,867 | ||||||
| 9,850 | Rivian Automotive, Inc., Class A* | 322,194 | ||||||
| 6,931 | Ross Stores, Inc. | 597,937 | ||||||
| 4,386 | Royal Caribbean Cruises Ltd.* | 179,168 | ||||||
| 22,673 | Starbucks Corp. | 1,906,119 | ||||||
| 9,335 | Target Corp. | 1,496,774 | ||||||
| 51,877 | Tesla, Inc.* | 14,297,820 | ||||||
| 22,070 | TJX Cos., Inc. (The) | 1,376,065 | ||||||
| 2,252 | Tractor Supply Co. | 416,958 | ||||||
| 1,026 | Ulta Beauty, Inc.* | 430,787 | ||||||
| 805 | Vail Resorts, Inc. | 180,867 | ||||||
| 7,036 | VF Corp. | 291,642 | ||||||
| 1,523 | Wayfair, Inc., Class A* | 80,277 | ||||||
| 1,129 | Whirlpool Corp. | 176,801 | ||||||
| 8,141 | Yum China Holdings, Inc. (China) | 407,946 | ||||||
| 5,752 | Yum! Brands, Inc. | 639,852 | ||||||
|
|
|
|||||||
| 79,860,259 | ||||||||
|
|
|
|||||||
| Consumer Staples – 6.6% | ||||||||
| 36,513 | Altria Group, Inc. | 1,647,467 | ||||||
| 11,292 | Archer-Daniels-Midland Co. | 992,454 | ||||||
| 786 | Brown-Forman Corp., Class A | 55,468 | ||||||
| 6,091 | Brown-Forman Corp., Class B | 442,816 | ||||||
| 4,042 | Campbell Soup Co. | 203,636 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Consumer Staples – (continued) | ||||||||
| 4,895 | Church & Dwight Co., Inc. | $ | 409,760 | |||||
| 2,470 | Clorox Co. (The) | 356,520 | ||||||
| 78,478 | Coca-Cola Co. (The) | 4,842,877 | ||||||
| 16,887 | Colgate-Palmolive Co. | 1,320,732 | ||||||
| 9,644 | Conagra Brands, Inc. | 331,561 | ||||||
| 2,954 | Constellation Brands, Inc., Class A | 726,832 | ||||||
| 8,924 | Costco Wholesale Corp. | 4,659,220 | ||||||
| 4,304 | Estee Lauder Cos., Inc. (The), Class A | 1,094,852 | ||||||
| 12,024 | General Mills, Inc. | 923,443 | ||||||
| 2,926 | Hershey Co. (The) | 657,384 | ||||||
| 5,739 | Hormel Foods Corp. | 288,557 | ||||||
| 2,032 | J M Smucker Co. (The) | 284,460 | ||||||
| 5,178 | Kellogg Co. | 376,648 | ||||||
| 17,313 | Keurig Dr Pepper, Inc. | 659,972 | ||||||
| 6,793 | Kimberly-Clark Corp. | 866,243 | ||||||
| 15,703 | Kraft Heinz Co. (The) | 587,292 | ||||||
| 13,159 | Kroger Co. (The) | 630,842 | ||||||
| 5,002 | McCormick & Co., Inc. | 420,518 | ||||||
| 3,559 | Molson Coors Beverage Co., Class B | 183,894 | ||||||
| 27,824 | Mondelez International, Inc., Class A | 1,721,193 | ||||||
| 7,645 | Monster Beverage Corp.* | 679,105 | ||||||
| 27,875 | PepsiCo, Inc. | 4,802,026 | ||||||
| 31,231 | Philip Morris International, Inc. | 2,982,248 | ||||||
| 48,400 | Procter & Gamble Co. (The) | 6,676,296 | ||||||
| 10,183 | Sysco Corp. | 837,246 | ||||||
| 5,796 | Tyson Foods, Inc., Class A | 436,903 | ||||||
| 14,404 | Walgreens Boots Alliance, Inc. | 505,004 | ||||||
| 28,824 | Walmart, Inc. | 3,820,621 | ||||||
|
|
|
|||||||
| 45,424,090 | ||||||||
|
|
|
|||||||
| Energy – 4.5% | ||||||||
| 19,769 | Baker Hughes Co. | 499,365 | ||||||
| 4,606 | Cheniere Energy, Inc. | 737,789 | ||||||
| 38,895 | Chevron Corp. | 6,147,744 | ||||||
| 26,082 | ConocoPhillips | 2,854,675 | ||||||
| 13,221 | Devon Energy Corp. | 933,667 | ||||||
| 3,569 | Diamondback Energy, Inc. | 475,676 | ||||||
| 11,790 | EOG Resources, Inc. | 1,430,127 | ||||||
| 84,801 | Exxon Mobil Corp. | 8,106,128 | ||||||
| 16,785 | Halliburton Co. | 505,732 | ||||||
| 5,671 | Hess Corp. | 684,943 | ||||||
| 40,079 | Kinder Morgan, Inc. | 734,247 | ||||||
| 10,879 | Marathon Petroleum Corp. | 1,096,059 | ||||||
| 18,874 | Occidental Petroleum Corp. | 1,340,054 | ||||||
| 8,958 | ONEOK, Inc. | 548,498 | ||||||
| 9,688 | Phillips 66 | 866,689 | ||||||
| 4,630 | Pioneer Natural Resources Co. | 1,172,409 | ||||||
| 28,485 | Schlumberger NV | 1,086,703 | ||||||
| 8,212 | Valero Energy Corp. | 961,789 | ||||||
| 24,517 | Williams Cos., Inc. (The) | 834,314 | ||||||
|
|
|
|||||||
| 31,016,608 | ||||||||
|
|
|
|||||||
| Financials – 10.6% | ||||||||
| 11,851 | Aflac, Inc. | 704,186 | ||||||
| 262 | Alleghany Corp.* | 220,389 | ||||||
| 5,442 | Allstate Corp. (The) | 655,761 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Financials – (continued) | ||||||||
| 6,273 | Ally Financial, Inc. | 208,264 | ||||||
| 11,163 | American Express Co. | 1,696,776 | ||||||
| 15,966 | American International Group, Inc. | 826,241 | ||||||
| 2,210 | Ameriprise Financial, Inc. | 592,302 | ||||||
| 31,706 | Annaly Capital Management, Inc. REIT | 204,504 | ||||||
| 4,084 | Aon PLC, Class A | 1,140,498 | ||||||
| 8,697 | Apollo Global Management, Inc. | 483,379 | ||||||
| 7,324 | Arch Capital Group Ltd.* | 334,853 | ||||||
| 4,194 | Arthur J Gallagher & Co. | 761,505 | ||||||
| 141,790 | Bank of America Corp. | 4,765,562 | ||||||
| 14,712 | Bank of New York Mellon Corp. (The) | 610,989 | ||||||
| 25,854 | Berkshire Hathaway, Inc., Class B* | 7,259,803 | ||||||
| 2,865 | BlackRock, Inc. | 1,909,207 | ||||||
| 14,006 | Blackstone, Inc. | 1,315,724 | ||||||
| 7,831 | Capital One Financial Corp. | 828,676 | ||||||
| 2,135 | Cboe Global Markets, Inc. | 251,866 | ||||||
| 30,682 | Charles Schwab Corp. (The) | 2,176,888 | ||||||
| 7,956 | Chubb Ltd. | 1,504,082 | ||||||
| 3,110 | Cincinnati Financial Corp. | 301,546 | ||||||
| 39,137 | Citigroup, Inc. | 1,910,277 | ||||||
| 9,937 | Citizens Financial Group, Inc. | 364,489 | ||||||
| 7,212 | CME Group, Inc. | 1,410,739 | ||||||
| 2,809 | Coinbase Global, Inc., Class A* | 187,641 | ||||||
| 5,602 | Discover Financial Services | 562,945 | ||||||
| 785 | Everest Re Group Ltd. | 211,204 | ||||||
| 5,386 | Fidelity National Financial, Inc. | 210,593 | ||||||
| 13,760 | Fifth Third Bancorp | 469,904 | ||||||
| 3,604 | First Republic Bank | 547,195 | ||||||
| 5,821 | Franklin Resources, Inc. | 151,754 | ||||||
| 1,818 | Globe Life, Inc. | 176,691 | ||||||
| 6,903 | Goldman Sachs Group, Inc. (The)(b) | 2,296,421 | ||||||
| 6,614 | Hartford Financial Services Group, Inc. (The) | 425,346 | ||||||
| 28,571 | Huntington Bancshares, Inc. | 382,851 | ||||||
| 1,893 | Interactive Brokers Group, Inc., Class A | 116,590 | ||||||
| 11,162 | Intercontinental Exchange, Inc. | 1,125,688 | ||||||
| 58,756 | JPMorgan Chase & Co. | 6,682,320 | ||||||
| 18,753 | KeyCorp | 331,741 | ||||||
| 16,575 | KKR & Co., Inc. | 838,032 | ||||||
| 4,177 | Loews Corp. | 231,030 | ||||||
| 3,585 | M&T Bank Corp. | 651,681 | ||||||
| 259 | Markel Corp.* | 309,275 | ||||||
| 10,119 | Marsh & McLennan Cos., Inc. | 1,632,903 | ||||||
| 12,374 | MetLife, Inc. | 796,019 | ||||||
| 3,203 | Moody’s Corp. | 911,318 | ||||||
| 27,392 | Morgan Stanley | 2,334,346 | ||||||
| 1,592 | MSCI, Inc. | 715,190 | ||||||
| 6,912 | Nasdaq, Inc. | 411,471 | ||||||
| 4,034 | Northern Trust Corp. | 383,593 | ||||||
| 8,297 | PNC Financial Services Group, Inc. (The) | 1,310,926 | ||||||
| 5,071 | Principal Financial Group, Inc. | 379,108 | ||||||
| 11,776 | Progressive Corp. (The) | 1,444,326 | ||||||
| 7,557 | Prudential Financial, Inc. | 723,583 | ||||||
| 3,952 | Raymond James Financial, Inc. | 412,470 | ||||||
| 18,770 | Regions Financial Corp. | 406,746 | ||||||
| 11,942 | Robinhood Markets, Inc., Class A*(a) | 114,046 | ||||||
|
|
|
|||||||
| 58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Financials – (continued) | ||||||||
| 2,288 | Rocket Cos., Inc., Class A(a) | $ | 18,075 | |||||
| 6,850 | S&P Global, Inc. | 2,412,433 | ||||||
| 6,965 | State Street Corp. | 476,058 | ||||||
| 1,176 | SVB Financial Group* | 478,068 | ||||||
| 10,070 | Synchrony Financial | 329,793 | ||||||
| 4,498 | T. Rowe Price Group, Inc. | 539,760 | ||||||
| 4,825 | Travelers Cos., Inc. (The) | 779,913 | ||||||
| 26,717 | Truist Financial Corp. | 1,251,424 | ||||||
| 26,912 | US Bancorp | 1,227,456 | ||||||
| 4,038 | W R Berkley Corp. | 261,662 | ||||||
| 76,459 | Wells Fargo & Co. | 3,342,023 | ||||||
| 2,232 | Willis Towers Watson PLC | 461,645 | ||||||
|
|
|
|||||||
| 71,901,763 | ||||||||
|
|
|
|||||||
| Health Care – 14.1% | ||||||||
| 35,102 | Abbott Laboratories | 3,603,220 | ||||||
| 35,646 | AbbVie, Inc. | 4,792,961 | ||||||
| 898 | ABIOMED, Inc.* | 232,833 | ||||||
| 6,009 | Agilent Technologies, Inc. | 770,654 | ||||||
| 1,490 | Align Technology, Inc.* | 363,113 | ||||||
| 2,427 | Alnylam Pharmaceuticals, Inc.* | 501,588 | ||||||
| 3,152 | AmerisourceBergen Corp. | 461,957 | ||||||
| 10,766 | Amgen, Inc. | 2,587,070 | ||||||
| 12,336 | Avantor, Inc.* | 307,290 | ||||||
| 10,145 | Baxter International, Inc. | 582,932 | ||||||
| 5,743 | Becton Dickinson and Co. | 1,449,648 | ||||||
| 2,937 | Biogen, Inc.* | 573,831 | ||||||
| 3,704 | BioMarin Pharmaceutical, Inc.* | 330,397 | ||||||
| 28,789 | Boston Scientific Corp.* | 1,160,485 | ||||||
| 42,963 | Bristol-Myers Squibb Co. | 2,896,136 | ||||||
| 5,474 | Cardinal Health, Inc. | 387,121 | ||||||
| 3,425 | Catalent, Inc.* | 301,400 | ||||||
| 11,566 | Centene Corp.* | 1,037,933 | ||||||
| 6,383 | Cigna Corp. | 1,809,261 | ||||||
| 991 | Cooper Cos., Inc. (The) | 284,853 | ||||||
| 26,402 | CVS Health Corp. | 2,591,356 | ||||||
| 13,355 | Danaher Corp. | 3,604,648 | ||||||
| 1,122 | DaVita, Inc.* | 95,695 | ||||||
| 4,330 | DENTSPLY SIRONA, Inc. | 141,894 | ||||||
| 7,873 | Dexcom, Inc.* | 647,239 | ||||||
| 12,451 | Edwards Lifesciences Corp.* | 1,121,835 | ||||||
| 8,973 | Elanco Animal Health, Inc.* | 135,762 | ||||||
| 4,861 | Elevance Health, Inc. | 2,358,120 | ||||||
| 17,050 | Eli Lilly & Co. | 5,135,972 | ||||||
| 3,520 | Exact Sciences Corp.* | 125,136 | ||||||
| 25,317 | Gilead Sciences, Inc. | 1,606,870 | ||||||
| 4,509 | HCA Healthcare, Inc. | 892,196 | ||||||
| 2,746 | Henry Schein, Inc.* | 201,584 | ||||||
| 4,972 | Hologic, Inc.* | 335,908 | ||||||
| 4,597 | Horizon Therapeutics PLC* | 272,188 | ||||||
| 2,522 | Humana, Inc. | 1,215,049 | ||||||
| 1,678 | IDEXX Laboratories, Inc.* | 583,306 | ||||||
| 3,161 | Illumina, Inc.* | 637,384 | ||||||
| 3,691 | Incyte Corp.* | 259,957 | ||||||
| 7,217 | Intuitive Surgical, Inc.* | 1,484,826 | ||||||
| 3,745 | IQVIA Holdings, Inc.* | 796,412 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Health Care – (continued) | ||||||||
| 1,223 | Jazz Pharmaceuticals PLC* | 189,834 | ||||||
| 53,097 | Johnson & Johnson | 8,566,670 | ||||||
| 1,879 | Laboratory Corp. of America Holdings | 423,282 | ||||||
| 2,839 | McKesson Corp. | 1,041,913 | ||||||
| 26,800 | Medtronic PLC | 2,356,256 | ||||||
| 50,853 | Merck & Co., Inc. | 4,340,812 | ||||||
| 451 | Mettler-Toledo International, Inc.* | 546,819 | ||||||
| 7,012 | Moderna, Inc.* | 927,477 | ||||||
| 5,120 | Organon & Co. | 146,074 | ||||||
| 113,221 | Pfizer, Inc. | 5,120,986 | ||||||
| 2,353 | Quest Diagnostics, Inc. | 294,854 | ||||||
| 2,114 | Regeneron Pharmaceuticals, Inc.* | 1,228,361 | ||||||
| 2,926 | ResMed, Inc. | 643,486 | ||||||
| 7,028 | Royalty Pharma PLC, Class A | 293,841 | ||||||
| 2,737 | Seagen, Inc.* | 422,292 | ||||||
| 2,015 | STERIS PLC | 405,781 | ||||||
| 6,706 | Stryker Corp. | 1,376,071 | ||||||
| 2,930 | Teladoc Health, Inc.* | 91,006 | ||||||
| 944 | Teleflex, Inc. | 213,589 | ||||||
| 7,894 | Thermo Fisher Scientific, Inc. | 4,304,756 | ||||||
| 18,856 | UnitedHealth Group, Inc. | 9,792,487 | ||||||
| 1,296 | Universal Health Services, Inc., Class B | 126,801 | ||||||
| 2,810 | Veeva Systems, Inc., Class A* | 560,089 | ||||||
| 5,153 | Vertex Pharmaceuticals, Inc.* | 1,451,909 | ||||||
| 24,416 | Viatris, Inc. | 233,173 | ||||||
| 1,211 | Waters Corp.* | 361,605 | ||||||
| 1,487 | West Pharmaceutical Services, Inc. | 441,178 | ||||||
| 4,227 | Zimmer Biomet Holdings, Inc. | 449,415 | ||||||
| 9,493 | Zoetis, Inc. | 1,485,939 | ||||||
|
|
|
|||||||
| 96,514,776 | ||||||||
|
|
|
|||||||
| Industrials – 7.7% | ||||||||
| 11,483 | 3M Co. (a) | 1,427,911 | ||||||
| 2,607 | A O Smith Corp. | 147,165 | ||||||
| 4,637 | AMETEK, Inc. | 557,182 | ||||||
| 11,931 | Boeing Co. (The)* | 1,911,943 | ||||||
| 17,063 | Carrier Global Corp. | 667,505 | ||||||
| 10,752 | Caterpillar, Inc. | 1,986,002 | ||||||
| 2,521 | C.H. Robinson Worldwide, Inc. | 287,772 | ||||||
| 1,748 | Cintas Corp. | 711,156 | ||||||
| 4,325 | Copart, Inc.* | 517,486 | ||||||
| 7,912 | CoStar Group, Inc.* | 550,992 | ||||||
| 43,793 | CSX Corp. | 1,386,048 | ||||||
| 2,837 | Cummins, Inc. | 611,005 | ||||||
| 5,630 | Deere & Co. | 2,056,357 | ||||||
| 12,900 | Delta Air Lines, Inc.* | 400,803 | ||||||
| 2,899 | Dover Corp. | 362,259 | ||||||
| 8,022 | Eaton Corp. PLC | 1,096,126 | ||||||
| 11,898 | Emerson Electric Co. | 972,543 | ||||||
| 2,458 | Equifax, Inc. | 463,948 | ||||||
| 3,370 | Expeditors International of Washington, Inc. | 346,739 | ||||||
| 11,582 | Fastenal Co. | 582,922 | ||||||
| 4,828 | FedEx Corp. | 1,017,791 | ||||||
| 7,121 | Fortive Corp. | 450,973 | ||||||
| 2,624 | Fortune Brands Home & Security, Inc. | 161,192 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Industrials – (continued) | ||||||||
| 1,268 | Generac Holdings, Inc.* | $ | 279,480 | |||||
| 4,907 | General Dynamics Corp. | 1,123,360 | ||||||
| 22,002 | General Electric Co. | 1,615,827 | ||||||
| 13,714 | Honeywell International, Inc. | 2,596,746 | ||||||
| 5,509 | Illinois Tool Works, Inc. | 1,073,318 | ||||||
| 8,170 | Ingersoll Rand, Inc. | 387,013 | ||||||
| 1,682 | J.B. Hunt Transport Services, Inc. | 292,702 | ||||||
| 13,998 | Johnson Controls International PLC | 757,852 | ||||||
| 3,880 | L3Harris Technologies, Inc. | 885,377 | ||||||
| 2,730 | Leidos Holdings, Inc. | 259,487 | ||||||
| 5,371 | Lockheed Martin Corp. | 2,256,411 | ||||||
| 5,963 | Lyft, Inc., Class A* | 87,835 | ||||||
| 4,743 | Masco Corp. | 241,276 | ||||||
| 4,808 | Norfolk Southern Corp. | 1,168,969 | ||||||
| 2,823 | Northrop Grumman Corp. | 1,349,366 | ||||||
| 2,031 | Old Dominion Freight Line, Inc. | 551,234 | ||||||
| 8,534 | Otis Worldwide Corp. | 616,325 | ||||||
| 6,409 | PACCAR, Inc. | 560,852 | ||||||
| 2,577 | Parker-Hannifin Corp. | 682,905 | ||||||
| 30,004 | Raytheon Technologies Corp. | 2,692,859 | ||||||
| 4,156 | Republic Services, Inc. | 593,144 | ||||||
| 2,343 | Rockwell Automation, Inc. | 555,150 | ||||||
| 4,810 | Rollins, Inc. | 162,386 | ||||||
| 1,061 | Snap-on, Inc. | 231,149 | ||||||
| 11,924 | Southwest Airlines Co.* | 437,611 | ||||||
| 3,037 | Stanley Black & Decker, Inc. | 267,560 | ||||||
| 4,321 | Textron, Inc. | 269,544 | ||||||
| 4,698 | Trane Technologies PLC | 723,821 | ||||||
| 1,041 | TransDigm Group, Inc. | 625,006 | ||||||
| 3,871 | TransUnion | 285,951 | ||||||
| 36,582 | Uber Technologies, Inc.* | 1,052,098 | ||||||
| 12,651 | Union Pacific Corp. | 2,840,276 | ||||||
| 6,576 | United Airlines Holdings, Inc.* | 230,226 | ||||||
| 14,824 | United Parcel Service, Inc., Class B | 2,883,416 | ||||||
| 1,437 | United Rentals, Inc.* | 419,661 | ||||||
| 3,158 | Verisk Analytics, Inc. | 591,051 | ||||||
| 8,370 | Waste Management, Inc. | 1,414,781 | ||||||
| 3,485 | Westinghouse Air Brake Technologies Corp. | 305,460 | ||||||
| 919 | W.W. Grainger, Inc. | 509,990 | ||||||
| 3,624 | Xylem, Inc. | 330,146 | ||||||
|
|
|
|||||||
| 52,881,441 | ||||||||
|
|
|
|||||||
| Information Technology – 28.1% | ||||||||
| 13,397 | Accenture PLC, Class A | 3,864,499 | ||||||
| 9,427 | Adobe, Inc.* | 3,520,419 | ||||||
| 32,585 | Advanced Micro Devices, Inc.* | 2,765,489 | ||||||
| 3,729 | Affirm Holdings, Inc.* | 87,370 | ||||||
| 3,180 | Akamai Technologies, Inc.* | 287,090 | ||||||
| 2,480 | Amdocs Ltd. | 211,966 | ||||||
| 11,986 | Amphenol Corp., Class A | 881,331 | ||||||
| 10,461 | Analog Devices, Inc. | 1,585,155 | ||||||
| 1,747 | ANSYS, Inc.* | 433,780 | ||||||
| 326,567 | Apple, Inc. | 51,342,864 | ||||||
| 17,504 | Applied Materials, Inc. | 1,646,601 | ||||||
| 2,264 | AppLovin Corp., Class A* | 55,762 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Information Technology – (continued) | ||||||||
| 4,806 | Arista Networks, Inc.* | 576,143 | ||||||
| 2,874 | Atlassian Corp. PLC, Class A* | 711,775 | ||||||
| 4,379 | Autodesk, Inc.* | 883,419 | ||||||
| 8,424 | Automatic Data Processing, Inc. | 2,058,910 | ||||||
| 1,978 | Bill.com Holdings, Inc.* | 320,199 | ||||||
| 10,369 | Block, Inc.* | 714,528 | ||||||
| 7,845 | Broadcom, Inc. | 3,915,518 | ||||||
| 2,348 | Broadridge Financial Solutions, Inc. | 401,907 | ||||||
| 5,499 | Cadence Design Systems, Inc.* | 955,561 | ||||||
| 2,717 | CDW Corp. | 463,792 | ||||||
| 76,461 | Cisco Systems, Inc. | 3,419,336 | ||||||
| 2,525 | Citrix Systems, Inc. | 259,494 | ||||||
| 5,040 | Cloudflare, Inc., Class A* | 315,353 | ||||||
| 10,512 | Cognizant Technology Solutions Corp., Class A | 664,043 | ||||||
| 15,393 | Corning, Inc. | 528,288 | ||||||
| 4,196 | Crowdstrike Holdings, Inc., Class A* | 766,232 | ||||||
| 5,158 | Datadog, Inc., Class A* | 541,332 | ||||||
| 5,164 | Dell Technologies, Inc., Class C | 197,730 | ||||||
| 3,958 | DocuSign, Inc.* | 230,435 | ||||||
| 2,666 | Enphase Energy, Inc.* | 763,649 | ||||||
| 1,119 | EPAM Systems, Inc.* | 477,253 | ||||||
| 1,214 | F5, Inc.* | 190,671 | ||||||
| 12,222 | Fidelity National Information Services, Inc. | 1,116,724 | ||||||
| 12,061 | Fiserv, Inc.* | 1,220,453 | ||||||
| 1,516 | FleetCor Technologies, Inc.* | 322,195 | ||||||
| 13,771 | Fortinet, Inc.* | 670,510 | ||||||
| 1,581 | Gartner, Inc.* | 451,091 | ||||||
| 5,636 | Global Payments, Inc. | 700,160 | ||||||
| 1,417 | GLOBALFOUNDRIES, Inc.*(a) | 84,765 | ||||||
| 26,161 | Hewlett Packard Enterprise Co. | 355,790 | ||||||
| 20,851 | HP, Inc. | 598,632 | ||||||
| 914 | HubSpot, Inc.* | 308,055 | ||||||
| 82,543 | Intel Corp. | 2,634,773 | ||||||
| 18,139 | International Business Machines Corp. | 2,329,955 | ||||||
| 5,540 | Intuit, Inc. | 2,392,061 | ||||||
| 3,608 | Keysight Technologies, Inc.* | 591,315 | ||||||
| 2,999 | KLA Corp. | 1,032,046 | ||||||
| 2,793 | Lam Research Corp. | 1,223,083 | ||||||
| 17,086 | Marvell Technology, Inc. | 799,967 | ||||||
| 17,265 | Mastercard, Inc., Class A | 5,600,248 | ||||||
| 10,978 | Microchip Technology, Inc. | 716,314 | ||||||
| 22,226 | Micron Technology, Inc. | 1,256,436 | ||||||
| 148,794 | Microsoft Corp. | 38,905,167 | ||||||
| 1,321 | MongoDB, Inc.* | 426,498 | ||||||
| 3,365 | Motorola Solutions, Inc. | 819,075 | ||||||
| 4,451 | NetApp, Inc. | 321,051 | ||||||
| 10,963 | NortonLifeLock, Inc. | 247,654 | ||||||
| 48,473 | NVIDIA Corp. | 7,316,515 | ||||||
| 2,968 | Okta, Inc.* | 271,275 | ||||||
| 30,546 | Oracle Corp. | 2,264,986 | ||||||
| 35,070 | Palantir Technologies, Inc., Class A* | 270,740 | ||||||
| 1,966 | Palo Alto Networks, Inc.* | 1,094,688 | ||||||
| 6,487 | Paychex, Inc. | 800,107 | ||||||
| 1,032 | Paycom Software, Inc.* | 362,438 | ||||||
|
|
|
|||||||
| 60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Information Technology – (continued) | ||||||||
| 23,274 | PayPal Holdings, Inc.* | $ | 2,174,723 | |||||
| 2,083 | Qorvo, Inc.* | 187,012 | ||||||
| 22,586 | QUALCOMM, Inc. | 2,987,450 | ||||||
| 1,917 | Qualtrics International, Inc., Class A* | 23,483 | ||||||
| 1,677 | RingCentral, Inc., Class A* | 72,178 | ||||||
| 2,130 | Roper Technologies, Inc. | 857,495 | ||||||
| 19,460 | Salesforce, Inc.* | 3,038,095 | ||||||
| 4,047 | Seagate Technology Holdings PLC | 270,987 | ||||||
| 4,039 | ServiceNow, Inc.* | 1,755,430 | ||||||
| 3,238 | Skyworks Solutions, Inc. | 319,105 | ||||||
| 5,410 | Snowflake, Inc., Class A* | 978,940 | ||||||
| 3,226 | Splunk, Inc.* | 290,437 | ||||||
| 4,496 | SS&C Technologies Holdings, Inc. | 250,697 | ||||||
| 3,072 | Synopsys, Inc.* | 1,062,973 | ||||||
| 6,491 | TE Connectivity Ltd. (Switzerland) | 819,229 | ||||||
| 3,221 | Teradyne, Inc. | 272,625 | ||||||
| 18,601 | Texas Instruments, Inc. | 3,073,071 | ||||||
| 8,823 | Trade Desk, Inc. (The), Class A* | 553,202 | ||||||
| 5,025 | Trimble, Inc.* | 317,831 | ||||||
| 3,433 | Twilio, Inc., Class A* | 238,868 | ||||||
| 6,134 | UiPath, Inc., Class A* | 100,904 | ||||||
| 4,112 | Unity Software, Inc.* | 175,665 | ||||||
| 1,925 | VeriSign, Inc.* | 350,774 | ||||||
| 33,048 | Visa, Inc., Class A | 6,566,968 | ||||||
| 4,491 | VMware, Inc., Class A | 521,091 | ||||||
| 6,213 | Western Digital Corp.* | 262,561 | ||||||
| 3,964 | Workday, Inc., Class A* | 652,316 | ||||||
| 1,055 | Zebra Technologies Corp., Class A* | 318,230 | ||||||
| 4,377 | Zoom Video Communications, Inc., Class A* | 351,911 | ||||||
| 1,689 | Zscaler, Inc.* | 268,956 | ||||||
|
|
|
|||||||
| 192,655,868 | ||||||||
|
|
|
|||||||
| Materials – 2.4% | ||||||||
| 4,462 | Air Products and Chemicals, Inc. | 1,126,432 | ||||||
| 2,357 | Albemarle Corp. | 631,582 | ||||||
| 30,268 | Amcor PLC | 363,519 | ||||||
| 6,410 | Ball Corp. | 357,742 | ||||||
| 2,021 | Celanese Corp. | 224,048 | ||||||
| 14,505 | Corteva, Inc. | 891,042 | ||||||
| 14,678 | Dow, Inc. | 748,578 | ||||||
| 9,423 | DuPont de Nemours, Inc. | 524,296 | ||||||
| 2,592 | Eastman Chemical Co. | 235,872 | ||||||
| 5,120 | Ecolab, Inc. | 838,809 | ||||||
| 2,526 | FMC Corp. | 273,010 | ||||||
| 29,085 | Freeport-McMoRan, Inc. | 860,916 | ||||||
| 5,141 | International Flavors & Fragrances, Inc. | 567,978 | ||||||
| 7,457 | International Paper Co. | 310,360 | ||||||
| 10,044 | Linde PLC (United Kingdom) | 2,841,046 | ||||||
| 5,176 | LyondellBasell Industries NV, Class A | 429,608 | ||||||
| 1,249 | Martin Marietta Materials, Inc. | 434,290 | ||||||
| 7,287 | Mosaic Co. (The) | 392,551 | ||||||
| 16,002 | Newmont Corp. | 661,843 | ||||||
| 5,337 | Nucor Corp. | 709,501 | ||||||
| 1,863 | Packaging Corp. of America | 255,082 | ||||||
| 4,759 | PPG Industries, Inc. | 604,298 | ||||||
|
|
|
|||||||
| Common Stocks – (continued) | ||||||||
| Materials – (continued) | ||||||||
| 4,809 | Sherwin-Williams Co. (The) | 1,116,169 | ||||||
| 1,721 | Southern Copper Corp. (Peru) | 81,007 | ||||||
| 2,619 | Vulcan Materials Co. | 436,037 | ||||||
| 5,067 | Westrock Co. | 205,669 | ||||||
|
|
|
|||||||
| 16,121,285 | ||||||||
|
|
|
|||||||
| Real Estate – 2.7% | ||||||||
| 3,260 | Alexandria Real Estate Equities, Inc. REIT | 500,084 | ||||||
| 9,376 | American Tower Corp. REIT | 2,381,973 | ||||||
| 2,766 | AvalonBay Communities, Inc. REIT | 555,717 | ||||||
| 2,882 | Boston Properties, Inc. REIT | 228,917 | ||||||
| 6,343 | CBRE Group, Inc., Class A* | 500,843 | ||||||
| 8,702 | Crown Castle, Inc. REIT | 1,486,563 | ||||||
| 5,742 | Digital Realty Trust, Inc. REIT | 709,884 | ||||||
| 7,756 | Duke Realty Corp. REIT | 456,441 | ||||||
| 1,833 | Equinix, Inc. REIT | 1,204,959 | ||||||
| 7,356 | Equity Residential REIT | 538,312 | ||||||
| 1,310 | Essex Property Trust, Inc. REIT | 347,229 | ||||||
| 2,669 | Extra Space Storage, Inc. REIT | 530,410 | ||||||
| 10,860 | Healthpeak Properties, Inc. REIT | 285,075 | ||||||
| 14,269 | Host Hotels & Resorts, Inc. REIT | 253,560 | ||||||
| 12,290 | Invitation Homes, Inc. REIT | 445,881 | ||||||
| 5,815 | Iron Mountain, Inc. REIT | 305,927 | ||||||
| 2,316 | Mid-America Apartment Communities, Inc. REIT | 383,692 | ||||||
| 14,890 | Prologis, Inc. REIT | 1,853,954 | ||||||
| 3,062 | Public Storage REIT | 1,013,001 | ||||||
| 12,133 | Realty Income Corp. REIT | 828,441 | ||||||
| 2,152 | SBA Communications Corp. REIT | 699,938 | ||||||
| 6,585 | Simon Property Group, Inc. REIT | 671,538 | ||||||
| 6,391 | UDR, Inc. REIT | 286,764 | ||||||
| 8,030 | Ventas, Inc. REIT | 384,316 | ||||||
| 9,161 | Welltower, Inc. REIT | 702,191 | ||||||
| 14,990 | Weyerhaeuser Co. REIT | 512,058 | ||||||
| 3,832 | W.P. Carey, Inc. REIT | 322,003 | ||||||
| 862 | Zillow Group, Inc., Class A* | 28,791 | ||||||
| 3,355 | Zillow Group, Inc., Class C* | 112,258 | ||||||
|
|
|
|||||||
| 18,530,720 | ||||||||
|
|
|
|||||||
| Utilities – 3.0% | ||||||||
| 5,051 | Alliant Energy Corp. | 308,313 | ||||||
| 5,179 | Ameren Corp. | 479,679 | ||||||
| 10,361 | American Electric Power Co., Inc. | 1,038,172 | ||||||
| 3,662 | American Water Works Co., Inc. | 543,624 | ||||||
| 2,785 | Atmos Energy Corp. | 315,763 | ||||||
| 1,428 | Avangrid, Inc. | 70,543 | ||||||
| 12,664 | CenterPoint Energy, Inc. | 399,296 | ||||||
| 5,834 | CMS Energy Corp. | 394,028 | ||||||
| 7,146 | Consolidated Edison, Inc. | 698,450 | ||||||
| 6,593 | Constellation Energy Corp. | 537,923 | ||||||
| 16,335 | Dominion Energy, Inc. | 1,336,203 | ||||||
| 3,886 | DTE Energy Co. | 506,501 | ||||||
| 15,531 | Duke Energy Corp. | 1,660,419 | ||||||
| 7,694 | Edison International | 521,422 | ||||||
| 4,091 | Entergy Corp. | 471,692 | ||||||
| 4,569 | Evergy, Inc. | 313,114 | ||||||
|
|
|
|||||||
| The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2022
| Shares |
Description | Value | ||||||
| Common Stocks – (continued) | ||||||||
| Utilities – (continued) | ||||||||
| 6,895 | Eversource Energy | $ | 618,413 | |||||
| 19,572 | Exelon Corp. | 859,406 | ||||||
| 10,941 | FirstEnergy Corp. | 432,717 | ||||||
| 39,580 | NextEra Energy, Inc. | 3,366,675 | ||||||
| 8,152 | NiSource, Inc. | 240,566 | ||||||
| 32,427 | PG&E Corp.* | 399,825 | ||||||
| 2,275 | Pinnacle West Capital Corp. | 171,421 | ||||||
| 14,590 | PPL Corp. | 424,277 | ||||||
| 10,064 | Public Service Enterprise Group, Inc. | 647,719 | ||||||
| 6,345 | Sempra Energy | 1,046,735 | ||||||
| 21,269 | Southern Co. (The) | 1,639,202 | ||||||
| 6,362 | WEC Energy Group, Inc. | 656,177 | ||||||
| 10,977 | Xcel Energy, Inc. | 815,042 | ||||||
|
|
|
|||||||
| 20,913,317 | ||||||||
|
|
|
|||||||
| |
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
| (Cost $660,424,632) | $ | 683,543,152 | ||||||
|
|
|
|||||||
| Shares |
Dividend Rate |
Value | ||||||
| Securities Lending Reinvestment Vehicle – 0.3%(b) | ||||||||
| |
Goldman
Sachs Financial Square Government Fund – |
| ||||||
| 1,947,872 | 2.154% | $ | 1,947,872 | |||||
| (Cost $1,947,872) | ||||||||
|
|
|
|||||||
| TOTAL INVESTMENTS – 100.1% | ||||||||
| (Cost $662,372,504) | $ | 685,491,024 | ||||||
|
|
|
|||||||
| |
LIABILITIES IN EXCESS
OF OTHER ASSETS – (0.1)% |
(255,263 | ) | |||||
|
|
|
|||||||
| NET ASSETS – 100.0% | $ | 685,235,761 | ||||||
|
|
|
|||||||
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
|
* |
Non-income producing security. | |
|
(a) |
All or a portion of security is on loan. | |
|
(b) |
Represents an affiliated issuer. | |
|
| ||
| Investment Abbreviations: | ||
|
PLC |
—Public Limited Company | |
|
REIT |
—Real Estate Investment Trust | |
|
| ||
| 62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Assets and Liabilities
August 31, 2022
| MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||||
| Assets: |
| |||||||||||||
|
Investments in unaffiliated issuers, at value (cost $29,998,691, $372,046,880 and $658,461,727, respectively)(a) |
$ | 32,881,863 | $ | 355,389,709 | $ | 681,246,731 | ||||||||
|
Investments in affiliated issuers, at value (cost $–, $– and $1,962,905, respectively) |
— | — | 2,296,421 | |||||||||||
|
Investments in securities lending reinvestment vehicle, at value which equals cost |
140,256 | 6,986,472 | 1,947,872 | |||||||||||
|
Cash |
186,132 | 278,847 | 632,564 | |||||||||||
|
Foreign currency, at value (cost $26,848, $15,862 and $–, respectively) |
26,797 | 15,829 | — | |||||||||||
|
Receivables: |
||||||||||||||
|
Dividends |
86,408 | 1,070,486 | 1,100,534 | |||||||||||
|
Securities lending income |
217 | 3,279 | 3,001 | |||||||||||
|
Investments sold |
— | 13,700 | 5,395,472 | |||||||||||
|
Collateral on futures contracts |
— | 18,694 | — | |||||||||||
|
Foreign tax reclaims |
— | 325,647 | — | |||||||||||
| Total assets | 33,321,673 | 364,102,663 | 692,622,595 | |||||||||||
| Liabilities: |
| |||||||||||||
|
Variation margin on futures contracts |
— | 2,521 | — | |||||||||||
|
Payables: |
||||||||||||||
|
Foreign capital gains tax |
190,036 | — | — | |||||||||||
|
Upon return of securities loaned |
140,256 | 6,986,472 | 1,947,872 | |||||||||||
|
Management fees |
10,101 | 63,377 | 43,405 | |||||||||||
|
Fund shares redeemed |
— | — | 5,395,557 | |||||||||||
| Total liabilities | 340,393 | 7,052,370 | 7,386,834 | |||||||||||
| Net Assets: | ||||||||||||||
|
Paid-in capital |
30,703,760 | 377,873,423 | 663,400,161 | |||||||||||
|
Total distributable earnings (loss) |
2,277,520 | (20,823,130 | ) | 21,835,600 | ||||||||||
| NET ASSETS | $ | 32,981,280 | $ | 357,050,293 | $ | 685,235,761 | ||||||||
| SHARES ISSUED AND OUTSTANDING | ||||||||||||||
|
Shares outstanding no par value (unlimited shares authorized): |
800,000 | 8,000,000 | 12,700,000 | |||||||||||
|
Net asset value per share: |
$41.23 | $44.63 | $53.96 | |||||||||||
| (a) | Includes loaned securities having a market value of $134,570, $5,788,707 and $1,895,649 for MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively. |
| The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2022
| MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||||
| Investment income: | ||||||||||||||
|
Dividends — unaffiliated issuers (net of foreign withholding taxes of $123,100, $1,300,061 and $–, respectively) |
$ | 965,049 | $ | 10,385,596 | $ | 7,717,395 | ||||||||
|
Non cash dividend income |
101,281 | 1,749,206 | — | |||||||||||
|
Securities lending income — unaffiliated issuer |
3,090 | 100,541 | 18,354 | |||||||||||
|
Dividends — affiliated issuers |
— | — | 44,378 | |||||||||||
| Total investment income | 1,069,420 | 12,235,343 | 7,780,127 | |||||||||||
| Expenses: | ||||||||||||||
|
Management fees |
139,264 | 895,616 | 454,543 | |||||||||||
|
Trustee fees |
9,876 | 18,392 | 23,333 | |||||||||||
| Total expenses | 149,140 | 914,008 | 477,876 | |||||||||||
|
Less — expense reductions |
(29,808 | ) | (182,858 | ) | (106,102 | ) | ||||||||
| Net expenses | 119,332 | 731,150 | 371,774 | |||||||||||
| NET INVESTMENT INCOME | 950,088 | 11,504,193 | 7,408,353 | |||||||||||
| Realized and unrealized gain (loss): |
| |||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||
|
Investments — unaffiliated issuers |
(229,601 | ) | (3,981,663 | ) | (2,811,355 | ) | ||||||||
|
Investments — affiliated issuers |
— | — | (1,234 | ) | ||||||||||
|
In-kind redemptions — unaffiliated issuers |
— | 1,918,558 | 10,144,761 | |||||||||||
|
In-kind redemptions — affiliated issuers |
— | — | 38,767 | |||||||||||
|
Futures contracts |
104,193 | (185,800 | ) | 32,430 | ||||||||||
|
Foreign currency transactions |
(1,918 | ) | (153,422 | ) | — | |||||||||
|
Net change in unrealized gain (loss) on: |
||||||||||||||
|
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $190,036, $– and $–, respectively) |
(8,041,213 | ) | (88,742,605 | ) | (89,142,292 | ) | ||||||||
|
Investments — affiliated issuers |
— | — | (299,897 | ) | ||||||||||
|
Futures contracts |
(162,991 | ) | (23,126 | ) | (36,551 | ) | ||||||||
|
Foreign currency translations |
(2,176 | ) | (62,676 | ) | — | |||||||||
| Net realized and unrealized loss | (8,333,706 | ) | (91,230,734 | ) | (82,075,371 | ) | ||||||||
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (7,383,618 | ) | $ | (79,726,541 | ) | $ | (74,667,018 | ) | |||||
| 64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Changes in Net Assets
| MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | |||||||||||||||||||||
| For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
|||||||||||||||||||
| From operations: |
| |||||||||||||||||||||
|
Net investment income |
$ | 950,088 | $ | 644,973 | $ | 11,504,193 | $ | 7,646,163 | ||||||||||||||
|
Net realized gain (loss) |
(127,326 | ) | 2,184,194 | (2,402,327 | ) | 1,076,706 | ||||||||||||||||
|
Net change in unrealized gain (loss) |
(8,206,380 | ) | 4,354,283 | (88,828,407 | ) | 63,965,742 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (7,383,618 | ) | 7,183,450 | (79,726,541 | ) | 72,688,611 | ||||||||||||||||
| Distributions to shareholders: | ||||||||||||||||||||||
|
From distributable earnings |
(2,556,833 | ) | (1,171,922 | ) | (12,795,314 | ) | (7,742,172 | ) | ||||||||||||||
| From share transactions: |
| |||||||||||||||||||||
|
Proceeds from sales of shares |
6,730,275 | — | 106,009,495 | 16,893,577 | ||||||||||||||||||
|
Cost of shares redeemed |
— | (8,337,333 | ) | (13,629,357 | ) | (5,371,302 | ) | |||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions | 6,730,275 | (8,337,333 | ) | 92,380,138 | 11,522,275 | |||||||||||||||||
| TOTAL INCREASE (DECREASE) | (3,210,176 | ) | (2,325,805 | ) | (141,717 | ) | 76,468,714 | |||||||||||||||
| Net assets: |
| |||||||||||||||||||||
|
Beginning of year |
$ | 36,191,456 | $ | 38,517,261 | $ | 357,192,010 | $ | 280,723,296 | ||||||||||||||
|
End of year |
$ | 32,981,280 | $ | 36,191,456 | $ | 357,050,293 | $ | 357,192,010 | ||||||||||||||
| The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS MARKETBETA ETFS
Statements of Changes in Net Assets (continued)
| MarketBeta® U.S. Equity ETF | ||||||||||
| For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2021 |
|||||||||
| From operations: |
| |||||||||
|
Net investment income |
$ | 7,408,353 | $ | 4,469,540 | ||||||
|
Net realized gain |
7,403,369 | 518,027 | ||||||||
|
Net change in unrealized gain (loss) |
(89,478,740 | ) | 87,871,859 | |||||||
| Net increase (decrease) in net assets resulting from operations | (74,667,018 | ) | 92,859,426 | |||||||
| Distributions to shareholders: | ||||||||||
|
From distributable earnings |
(6,429,882 | ) | (4,409,032 | ) | ||||||
| From share transactions: | ||||||||||
|
Proceeds from sales of shares |
367,338,844 | 85,652,201 | ||||||||
|
Cost of shares redeemed |
(29,867,204 | ) | (2,904,650 | ) | ||||||
| Net increase in net assets resulting from share transactions | 337,471,640 | 82,747,551 | ||||||||
| TOTAL INCREASE | 256,374,740 | 171,197,945 | ||||||||
| Net assets: | ||||||||||
|
Beginning of year |
$ | 428,861,021 | $ | 257,663,076 | ||||||
|
End of year |
$ | 685,235,761 | $ | 428,861,021 | ||||||
| 66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.67% of average net assets. |
| (c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (d) | Annualized. |
| (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS MARKETBETA ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| 68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
| * | Commencement of operations. |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
| (c) | Annualized. |
| (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions, short-term transactions and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS MARKETBETA ETFS
August 31, 2022
| 1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
| Fund | Diversification Classification | |
|
Goldman Sachs MarketBeta® Emerging Markets Equity ETF (“MarketBeta® Emerging Markets Equity ETF”) |
Diversified | |
|
Goldman Sachs MarketBeta® International Equity ETF (“MarketBeta® International Equity ETF”) |
Diversified | |
|
Goldman Sachs MarketBeta® U.S. Equity ETF (“MarketBeta® U.S. Equity ETF”) |
Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
| 2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
70
GOLDMAN SACHS MARKETBETA ETFS
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has
71
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker or receivable for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.
Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares
72
GOLDMAN SACHS MARKETBETA ETFS
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2022:
| MARKETBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
|
Africa |
$ | 919,157 | $ | — | $ | — | ||||||
|
Asia |
27,801,623 | 894,276 | 19,966 | (b) | ||||||||
|
Europe |
211,650 | — | — | |||||||||
|
North America |
967,206 | — | — | |||||||||
|
South America |
1,586,114 | 481,871 | — | |||||||||
|
Securities Lending Reinvestment Vehicle |
140,256 | — | — | |||||||||
| Total | $ | 31,626,006 | $ | 1,376,147 | $ | 19,966 | ||||||
| MARKETBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
|
Africa |
$ | 964,966 | $ | — | $ | — | ||||||
|
Asia |
111,741,728 | — | 47,655 | (b) | ||||||||
|
Europe |
185,380,459 | 1,722,606 | — | |||||||||
|
North America |
20,527,999 | 260,190 | — | |||||||||
|
Oceania |
34,393,942 | — | — | |||||||||
|
South America |
287,145 | 63,019 | — | |||||||||
|
Securities Lending Reinvestment Vehicle |
6,986,472 | — | — | |||||||||
| Total | $ | 360,282,711 | $ | 2,045,815 | $ | 47,655 | ||||||
| Derivative Type | ||||||||||||
| Liabilities(c) | ||||||||||||
|
Futures Contracts |
$ | (8,646 | ) | $ | — | $ | — | |||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification. |
| (b) | Amount represents valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of August 31, 2022. To the extent that the same positions were held as of the Fund’s prior fiscal year end, August 31, 2021, they were classified as either Level 1 or Level 2. |
| (c) | Amount shown represents unrealized loss at fiscal year end. |
73
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
| 3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| MARKETBETA® U.S. EQUITY ETF |
| |||||||||||
| Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| Assets | ||||||||||||
|
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
|
Asia |
$ | 689,720 | $ | — | $ | — | ||||||
|
Europe |
3,660,275 | — | — | |||||||||
|
North America |
678,280,740 | — | — | |||||||||
|
South America |
912,417 | — | — | |||||||||
|
Securities Lending Reinvestment Vehicle |
1,947,872 | — | — | |||||||||
| Total | $ | 685,491,024 | $ | — | $ | — | ||||||
| (a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
| 4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2022. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
| Fund | Risk |
Statement of Assets and Liabilities |
Assets(a) | Statement of Assets and Liabilities |
Liabilities(a) | |||||||
|
MarketBeta® International Equity ETF |
Equity | Variation Margin on Futures Contracts | $ — | Variation Margin on Futures Contracts |
$ | 8,646 | ||||||
| (a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2022 is reported within the Statements of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2022. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
| Risk | Fund |
Net Realized Gain (Loss) |
Net Change in Unrealized |
|||||||||||
| Equity | MarketBeta® Emerging Markets Equity ETF | $ | 104,193 | $ | (162,991 | ) | ||||||||
| Equity | MarketBeta® International Equity ETF | (185,800 | ) | (23,126 | ) | |||||||||
| Equity | MarketBeta® U.S. Equity ETF | 32,430 | (36,551 | ) | ||||||||||
74
GOLDMAN SACHS MARKETBETA ETFS
| 4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended August 31, 2022, the relevant values for each derivative type was as follows:
| Fund | Number of Contracts(a) | |||
|
MarketBeta® Emerging Markets Equity ETF |
3 | |||
|
MarketBeta® International Equity ETF |
14 |
| (a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2022. |
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the fiscal year ended August 31, 2022, contractual and effective net unitary management fees with GSAM were at the following rates for each Fund:
| Fund | Contractual Unitary Management Fee |
Effective Net Unitary Management Fee* |
||||||||
|
MarketBeta® Emerging Markets Equity ETF |
0.45 | % | 0.36 | % | ||||||
|
MarketBeta® International Equity ETF |
0.25 | % | 0.20 | % | ||||||
|
MarketBeta® U.S. Equity ETF |
0.09 | % | 0.07 | % | ||||||
| * | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively. These arrangements will remain in effect through at least December 29, 2022 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2022, GSAM waived $29,808, $182,858 and $106,102 of the Funds’ management fees for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively.
75
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
| 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Other Transactions with Affiliates — The following table provides information about the MarketBeta® U.S. Equity ETF’s investment in shares of The Goldman Sachs Group, Inc. of which the MarketBeta® U.S. Equity ETF is an affiliate as of and for the fiscal year ended August 31, 2022:
| Fund | Beginning value as of August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Realized Gain |
Change in Unrealized Depreciation |
Ending value as of |
Shares as of August 31, 2022 |
Dividend Income |
||||||||||||||||||||||
|
MarketBeta® U.S. Equity ETF |
$1,515,100 | $ | 1,169,622 | $ | (125,937 | ) | $ | 37,533 | $ | (299,897 | ) | $ | 2,296,421 | 6,903 | $ | 44,378 | ||||||||||||||
| 6. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.
Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets. Share activity is as follows:
| MarketBeta® Emerging Markets Equity ETF | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year
Ended August 31,2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
150,000 | $ | 6,730,275 | — | $ | — | ||||||||||
|
Shares Redeemed |
— | — | (150,000 | ) | (8,323,242 | ) | ||||||||||
|
NET INCREASE (DECREASE) IN SHARES |
150,000 | $ | 6,730,275 | (150,000 | ) | $ | (8,323,242 | ) | ||||||||
| MarketBeta® International Equity ETF | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
2,100,000 | $ | 106,009,495 | 300,000 | $ | 16,893,287 | ||||||||||
|
Shares Redeemed |
(300,000 | ) | (13,629,357 | ) | (100,000 | ) | (5,367,710 | ) | ||||||||
|
NET INCREASE IN SHARES |
1,800,000 | $ | 92,380,138 | 200,000 | $ | 11,525,577 | ||||||||||
76
GOLDMAN SACHS MARKETBETA ETFS
| 6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
| MarketBeta® U.S. Equity ETF | ||||||||||||||||
|
|
|
|||||||||||||||
| For the Fiscal Year
Ended August 31, 2022 |
For the Fiscal Year
Ended August 31, 2021 |
|||||||||||||||
|
|
|
|||||||||||||||
| Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|
|||||||||||||||
| Fund Share Activity | ||||||||||||||||
|
Shares Sold |
6,400,000 | $ | 367,338,844 | 1,550,000 | $ | 85,652,200 | ||||||||||
|
Shares Redeemed |
(500,000 | ) | (29,867,204 | ) | (50,000 | ) | (2,904,650 | ) | ||||||||
|
NET INCREASE IN SHARES |
5,900,000 | $ | 337,471,640 | 1,500,000 | $ | 82,747,550 | ||||||||||
| 7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2022, were as follows:
| Fund | Purchases | Sales | ||||||||
|
MarketBeta® Emerging Markets Equity ETF |
$ | 12,645,464 | $ | 5,978,503 | ||||||
|
MarketBeta® International Equity ETF |
27,235,368 | 24,806,142 | ||||||||
|
MarketBeta® U.S. Equity ETF |
19,092,051 | 17,501,526 | ||||||||
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2022, were as follows:
| Fund | Purchases | Sales | ||||||||
|
MarketBeta® Emerging Markets Equity ETF |
$ | 1,261,227 | $ | — | ||||||
|
MarketBeta® International Equity ETF |
102,466,395 | 13,584,266 | ||||||||
|
MarketBeta® U.S. Equity ETF |
367,241,501 | 29,866,990 | ||||||||
| 8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
77
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
| 8. SECURITIES LENDING (continued) |
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2022, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2022, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2022:
| Fund | Beginning
value as of August 31, 2021 |
Purchases at Cost |
Proceeds from Sales |
Ending
value as of August 31, 2022 |
||||||||||||||
|
MarketBeta® Emerging Markets Equity ETF |
$ | 568,867 | $ | 4,803,528 | $ | (5,232,139 | ) | $ | 140,256 | |||||||||
|
MarketBeta® International Equity ETF |
1,129,562 | 68,720,705 | (62,863,795 | ) | 6,986,472 | |||||||||||||
|
MarketBeta® U.S. Equity ETF |
530,905 | 12,156,207 | (10,739,240 | ) | 1,947,872 | |||||||||||||
| 9. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2022 were as follows:
| MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||
|
Distributions paid from: |
||||||||||||
|
Ordinary Income* |
$ | 2,556,833 | $ | 12,795,314 | $ | 6,429,882 | ||||||
|
Long-term capital gain |
— | — | — | |||||||||
|
Total taxable distributions |
$ | 2,556,833 | $ | 12,795,314 | $ | 6,429,882 | ||||||
| * | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
78
GOLDMAN SACHS MARKETBETA ETFS
| 9. TAX INFORMATION (continued) |
The tax character of distributions paid during the fiscal year ended August 31, 2021 were as follows:
| MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||
|
Distributions paid from: |
||||||||||||
|
Ordinary Income* |
$ | 1,171,922 | $ | 7,742,172 | $ | 4,402,171 | ||||||
|
Long-term capital gain |
— | — | 6,861 | |||||||||
|
Total taxable distributions |
$ | 1,171,922 | $ | 7,742,172 | $ | 4,409,032 | ||||||
| * | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
As of August 31, 2022, the components of accumulated earnings (losses) on a tax-basis were as follows:
|
Marketbeta® |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||
|
Undistributed ordinary income — net |
$ | 180,959 | $ | 1,189,007 | $ | 1,916,178 | ||||||
|
Undistributed long-term capital gains |
— | — | — | |||||||||
|
Total undistributed earnings |
$ | 180,959 | $ | 1,189,007 | $ | 1,916,178 | ||||||
|
Capital loss carryforwards: |
||||||||||||
|
Perpetual Short-Term |
$ | (83,301 | ) | $ | (131,672 | ) | $ | — | ||||
|
Perpetual Long-Term |
(76,526 | ) | (337,264 | ) | (92,195 | ) | ||||||
|
Timing differences (Late Year Ordinary Loss Deferral and Post-October Capital Loss Deferral) |
(50,687 | ) | (3,065,272 | ) | (765,016 | ) | ||||||
|
Unrealized gains (losses) — net |
2,307,075 | (18,477,929 | ) | 20,776,633 | ||||||||
|
Total accumulated earnings (losses) net |
$ | 2,277,520 | $ | (20,823,130 | ) | $ | 21,835,600 | |||||
As of August 31, 2022, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| MarketBeta® Emerging Markets Equity ETF |
MarketBeta® International Equity ETF |
MarketBeta® U.S. Equity ETF |
||||||||||
|
Tax Cost |
$ | 30,523,870 | $ | 380,779,750 | $ | 664,714,391 | ||||||
|
Gross unrealized gain |
6,324,433 | 23,022,317 | 75,948,485 | |||||||||
|
Gross unrealized loss |
(4,017,358 | ) | (41,500,246 | ) | (55,171,852 | ) | ||||||
|
Net unrealized gains (losses) |
$ | 2,307,075 | $ | (18,477,929 | ) | $ | 20,776,633 | |||||
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated future contracts, and differences in the tax treatment of partnership investments and passive foreign investment company investments.
79
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
| 9. TAX INFORMATION (continued) |
In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemptions utilized as distributions and redemption in-kind transactions.
| Fund | Paid-in Capital | Total Distributable Earnings |
||||||||
|
MarketBeta® Emerging Markets Equity ETF |
$ | — | $ | — | ||||||
|
MarketBeta® International Equity ETF |
$ | 1,399,612 | $ | (1,399,612 | ) | |||||
|
MarketBeta® U.S. Equity ETF |
$ | 10,078,578 | $ | (10,078,578 | ) | |||||
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
| 10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign
80
GOLDMAN SACHS MARKETBETA ETFS
| 10. OTHER RISKS (continued) |
custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Index Risk — Solactive AG (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
81
GOLDMAN SACHS MARKETBETA ETFS
Notes to Financial Statements (continued)
August 31, 2022
| 11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
| 12. OTHER MATTERS |
In late February 2022, Russia began an invasion of Ukraine. Following such invasion, the United States, the European Union, and other countries and entities imposed wide-ranging sanctions on Russia and related entities. Certain Funds have limited market value in Russian and Ukrainian securities, which are being valued to reflect the limited liquidity and transferability in the current environment. With the closure of local Russian markets and imposition of sanctions in late February and early March, there are currently limited portfolio management actions possible as many of these assets are either sanctioned and/or cannot be transferred or settled. These sanctions and current environment could impair the ability of these funds to buy, sell, hold, receive, deliver or otherwise transact in certain securities and other instruments. The full impact of the sanctions and the conflict on these Funds, the financial markets and the global economy is not yet known. Management is continuing to monitor these developments and evaluate other impacts they may have on these Funds.
| 13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
82
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year ended August 31, 2022, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2022
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
83
GOLDMAN SACHS MARKETBETA ETFS
Voting Results of Special Meeting of Shareholders (Unaudited)
A Special Meeting (the “Meeting”) of the Goldman Sachs ETF Trust (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.
At the Meeting, Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:
|
Proposal 1. Election of Trustees |
For | Against/Withheld | Abstain | |||||||||
|
Cheryl K. Beebe |
264,924,160 | 15,294,512 | 0 | |||||||||
|
Lawrence Hughes |
279,548,931 | 669,741 | 0 | |||||||||
|
John F. Killian |
264,883,857 | 15,334,814 | 0 | |||||||||
|
Steven D. Krichmar |
279,552,751 | 665,920 | 0 | |||||||||
|
Linda A. Lang |
279,620,511 | 598,160 | 0 | |||||||||
84
GOLDMAN SACHS MARKETBETA ETFS
|
Fund Expenses — Six Month Period Ended 8/31/22 (Unaudited) |
||
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from March 1, 2022 through August 31, 2022, which represents a period of 184 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||||||||||||||||||||||||||
|
Beginning Value |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Value |
Ending Account Value 8/31/22 |
Expenses Paid* |
Beginning Value |
Ending Account Value 8/31/22 |
Expenses Paid* |
||||||||||||||||||||||||||||
|
Actual based on NAV |
$ | 1,000 | $ | 880.27 | $ | 1.71 | $ | 1,000 | $ | 862.77 | $ | 0.94 | $ | 1,000 | $ | 903.27 | $ | 0.34 | ||||||||||||||||||
|
Hypothetical 5% return |
$ | 1,000 | $ | 1,023.39 | + | $ | 1.84 | $ | 1,000 | $ | 1,024.20 | + | $ | 1.02 | $ | 1,000 | $ | 1,024.85 | + | $ | 0.36 | |||||||||||||||
| + | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
| * | Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows: |
| Fund | ||||
|
MarketBeta® Emerging Markets Equity ETF |
0.36 | % | ||
|
MarketBeta® International Equity ETF |
0.20 | |||
|
MarketBeta® U.S. Equity ETF |
0.07 | |||
85
GOLDMAN SACHS MARKETBETA ETFS
Trustees and Officers (Unaudited)
Independent Trustees
| Name, Address and Age1 |
Position(s)
Held with the Trust |
Term
of Office and Length of Time Served2 |
Principal
Occupation(s) During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
|
Cheryl K. Beebe Age: 66 |
Chair of
the Board of Trustees |
Since 2021 |
Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014).
Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
|
Lawrence Hughes Age: 64 |
Trustee | Since 2021 |
Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). He serves as a Member of the Board of Directors, (2012-Present) and formerly served as Chairman (2012-2019), Ellis Memorial and Eldredge House (a not-for-profit organization). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | None | |||||
|
John F. Killian Age: 67 |
Trustee | Since 2021 |
Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | Consolidated Edison, Inc. (a utility holding company) | |||||
|
Steven D. Krichmar Age: 64 |
Trustee | Since 2021 |
Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | None | |||||
86
GOLDMAN SACHS MARKETBETA ETFS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
| Name, Address and Age1 |
Position(s)
Held with the Trust |
Term
of Office and Length of Time Served2 |
Principal
Occupation(s) During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
|
Linda A. Lang Age: 64 |
Trustee | Since 2016 |
Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
69 | None | |||||
|
Michael Latham Age: 56 |
Trustee | Since 2015 |
Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
69 | FinTech Evolution Acquisition Group (a special purpose acquisition company) | |||||
|
Lawrence W. Stranghoener Age: 68 |
Trustee | Since 2015 |
Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Chair of the Board of Trustees — Goldman Sachs Credit Income Fund |
69 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
87
GOLDMAN SACHS MARKETBETA ETFS
Trustees and Officers (Unaudited) (continued) Interested Trustee*
|
Name, Address and Age1 |
Position(s)
Held with the Trust |
Term
of Office and Length of Time Served2 |
Principal
Occupation(s) During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee3 |
Other Directorships Held by Trustee4 | |||||
|
James A. McNamara Age: 59 |
President and Trustee | Since 2014 |
Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
172 | None | |||||
| * | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
| 1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2022. |
| 2 | Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
| 3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2022, Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. |
| 4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
88
GOLDMAN SACHS MARKETBETA ETFS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
|
Name, Address and Age1 |
Positions
Held with the Trust |
Term
of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years | |||
|
James A. McNamara 200 West Street New York, NY 10282 Age: 59 |
Trustee and President | Since 2014 |
Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
|
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 45 |
Secretary | Since 2014 |
Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
|
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 54 |
Treasurer, Principal Financial Officer and Principal Accounting Officer |
Since 2017 (Treasurer and Principal Financial Officer since 2019) |
Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
| * | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
| 1 | Information is provided as of August 31, 2022. |
| 2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs MarketBeta® ETFs - Tax Information (Unaudited)
From distributions paid during the fiscal year ended August 31, 2022, the total amount of income received by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF from sources within foreign countries and possessions of the United States was $1.2618 and $1.2008 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF was 33.87% and 82.06%, respectively. The total amount of taxes paid by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF to foreign countries was $0.2787 and $0.1208 per share, respectively.
For the year ended August 31, 2022, 1.11% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. Equity ETF qualify as section 199A dividends.
For the fiscal year ended August 31, 2022, 23.78%, 71.17%, and 98.89% of the dividends paid from net investment company taxable income by the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF, and MarketBeta® U.S. Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the fiscal year ended August 31, 2022, 96.54% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. Equity ETF qualify for the dividends received deduction available to corporations.
During the fiscal year ended August 31, 2022, the MarketBeta® Emerging Markets Equity ETF designated $1,249,594 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
89
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.27 trillion in assets under supervision as of June 30, 2022, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
| GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
| Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
| Goldman Sachs ActiveBeta® Europe Equity ETF |
| Goldman Sachs ActiveBeta® International Equity ETF |
| Goldman Sachs ActiveBeta® Japan Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
| Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
| Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
| Goldman Sachs Bloomberg Clean Energy Equity ETF |
| Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
| Goldman Sachs Hedge Industry VIP ETF |
| Goldman Sachs Innovate Equity ETF |
| Goldman Sachs JUST U.S. Large Cap Equity ETF |
| Goldman Sachs Access Emerging Markets USD Bond ETF |
| Goldman Sachs Access High Yield Corporate Bond ETF |
| Goldman Sachs Access Inflation Protected USD Bond ETF |
| Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
| Goldman Sachs Access Investment Grade Corporate Bond ETF |
| Goldman Sachs Access Treasury 0-1 Year ETF |
| Goldman Sachs Access Ultra Short Bond ETF |
| Goldman Sachs Access U.S. Aggregate Bond ETF |
| Goldman Sachs MarketBetaTM Emerging Markets Equity ETF |
| Goldman Sachs MarketBetaTM International Equity ETF |
| Goldman Sachs MarketBetaTM U.S. Equity ETF |
| Goldman Sachs MarketBeta U.S. 1000 Equity ETF |
| Goldman Sachs Future Planet Equity ETF |
| Goldman Sachs Future Tech Leaders Equity ETF |
| Goldman Sachs Future Health Care Equity ETF |
| Goldman Sachs Future Consumer Equity ETF |
|
Goldman Sachs Future Real Estate and Infrastructure Equity ETF
|
INDEX DISCLAIMERS
The Goldman Sachs MarketBeta® International Equity ETF, Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Small Cap Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF are not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive GBS Developed Markets ex North America Large & Mid Cap Index, the Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS Developed Markets ex North America Small Cap Index, Solactive GBS United States Large & Mid Cap Index (“Solactive Indexes”) and/ or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with a Fund constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.
|
TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Linda A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener |
OFFICERS James A. McNamara, President Joseph
F. DiMaria, Principal Financial Officer, Caroline L. Kraus, Secretary | |
|
THE BANK OF NEW YORK MELLON Transfer Agent |
||
|
ALPS DISTRIBUTORS, INC. Distributor |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser | |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of August 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
MarketBeta® and ActiveBeta® are registered trademarks of GSAM.
© 2022 Goldman Sachs. All rights reserved. 294228-OTU-10/2022 MCEQWGETFAR-22