Goldman Sachs Funds

 

 

 
Annual Report      

August 31, 2023

 
     

Goldman Sachs Equity ETFs

     

Bloomberg Clean Energy Equity ETF (GCLN)

     

Equal Weight U.S. Large Cap Equity ETF (GSEW)

     

Hedge Industry VIP ETF (GVIP)

     

Innovate Equity ETF (GINN)

     

JUST U.S. Large Cap Equity ETF (JUST)

     

North America Pipelines & Power Equity ETF (GPOW)

     

Defensive Equity ETF (GDEF)

 

 

LOGO


Goldman Sachs Equity ETFs

 

 

BLOOMBERG CLEAN ENERGY EQUITY ETF (GCLN)

 

 

EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF (GSEW)

 

 

HEDGE INDUSTRY VIP ETF (GVIP)

 

 

INNOVATE EQUITY ETF (GINN)

 

 

JUST U.S. LARGE CAP EQUITY ETF (JUST)

 

 

NORTH AMERICA PIPELINES & POWER EQUITY ETF (GPOW)

 

 

DEFENSIVE EQUITY ETF (GDEF)

 

TABLE OF CONTENTS

 

Investment Process

    1  

Portfolio Results and Fund Basics

    12  

Schedule of Investments

    41  

Financial Statements

    68  

Financial Highlights

    77  

Bloomberg Clean Energy Equity ETF (GCLN)

    77  

Equal Weight U.S. Large Cap Equity ETF (GSEW)

    78  

Hedge Industry VIP ETF (GVIP)

    79  

Innovate Equity ETF (GINN)

    80  

JUST U.S. Large Cap Equity ETF (JUST)

    81  

North America Pipelines & Power Equity ETF (GPOW)

    82  

Defensive Equity ETF (GDEF)

    83  

Notes to Financial Statements

    84  

Report of Independent Registered Public Accounting Firm

    104  

Other Information

    107  

 

     
NOT FDIC-INSURED   May Lose Value   No Bank Guarantee


INVESTMENT PROCESS

 

Goldman Sachs Bloomberg Clean Energy Equity ETF

 

Principal Investment Strategies

The Goldman Sachs Bloomberg Clean Energy Equity ETF (the “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.

The Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) is designed to deliver exposure to companies that are expected to have a significant impact on energy decarbonization through their exposure to clean energy which includes, but is not limited to, clean power infrastructure (generation, transmission and distribution), solar energy, wind energy, energy storage, hydrogen energy, energy digitalization and bioenergy. The Index is a free float-adjusted market capitalization-weighted index designed to identify relevant companies using curated data acquired from a variety of sources by Bloomberg Professional Services (the “Index Provider”). Some of the clean energy companies in which the Fund invests may have operations that involve traditional energy facilities (including oil, gas or other hydrocarbons). The Index Provider constructs the Index in accordance with a rules-based methodology that involves three steps.

Step 1 — In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by identifying securities that are constituents of the Bloomberg Global Equity Index and classified to be within clean energy sectors by Bloomberg New Energy Finance (“BNEF”). BNEF is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy.

Step 2 — In the second step, the Index Provider screens the Universe for thematic relevance to clean energy and estimates the proportion of an issuer’s value attributable to clean energy activities. The Index Provider’s estimates are based on quarterly data reviews by sector specialists using reported segment revenues, along with any other available metrics such as segmented earnings before interest, taxes, depreciation and amortization (“EBITDA”), alignment with the European Union’s Taxonomy Regulation, current and planned activities of the issuer, and expected growth of clean energy-relevant business lines relative to other business lines.

Thematic relevance is then divided into four categories based on percentage of a company’s value attributed to clean energy activities: A4 (Minor Driver of Decarbonization) – 10% or Less, A3 (Moderate Driver of Decarbonization) – 10% to 24%, A2 (Considerable Driver of Decarbonization) – 25% to 49% and A1 (Main Driver of Decarbonization) – 50% to 100%. Securities of issuers within category A4 (Minor) or Environmental, Social, and Governance (“ESG”)-controversial securities, and securities with high carbon impact and poor mitigation plans are excluded from the Index.

Step 3 — In the third step, the Index constituents are grouped by thematic relevance categories to maximize relevance and impact. Each thematic category is assigned a weighting to maximize exposure to securities with the greatest impact to de-carbonization as follows:

 

 

60% of the Index weight is in securities classified as A1 (Main Driver of Decarbonization).

 

 

30% of the Index weight is in securities classified as A2 (Considerable Driver of Decarbonization).

 

 

10% of the index weight is in securities classified as A3 (Moderate Driver of Decarbonization).

Within each category, the weight for a single security is capped at a specified level that varies by category. Any excess weight resulted from capping is redistributed proportionally across the remaining uncapped securities in the Index.

The Index is normally rebalanced and reconstituted quarterly in March, June, September, and December.

As of August 31, 2023, the Index consisted of 191 securities with a market capitalization range of between approximately $630.2 million and $819.1 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any 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 country or geographic region at all times.

 

1


INVESTMENT PROCESS

 

The Index is comprised of equity securities, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. The Fund may purchase a sample of securities in its Index. There may also be instances in which Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”) may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the 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.

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 is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, the 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 Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.

The 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 Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2023, we believed that static, clean energy indices developed by index generalists may be missing investment opportunities. To solve for this, the Fund’s underlying index was designed by energy specialists at Goldman Sachs and BNEF to evolve with the low carbon transition. The Fund’s dynamic index leverages BNEF’s more than 200 research analysts to provide exposure to growth-oriented pure-play and “transitioning” clean energy companies.

 

2


INVESTMENT PROCESS

 

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

 

Principal Investment Strategies

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “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.

The Solactive US Large Cap Equal Weight Index (GTR) (the “Index”) is designed to measure the performance of equity securities of large capitalization U.S. issuers. The Index is an equal-weight version of the Solactive US Large Cap Index, a market capitalization-weighted index that includes equity securities of approximately 500 of the largest U.S. companies. The Index includes the same constituents as the Solactive US Large Cap Index. However, unlike the Solactive US Large Cap Index, in which each security is weighted based on its market value, each security in the Index is given the same weight, approximately 0.2% of the Index, at each rebalance.

As of August 31, 2023, the Index consisted of 494 securities with a market capitalization range of between approximately $9.1 billion and $2,937.2 billion. The Index is reconstituted on a semi-annual basis in May and November to reflect changes in the constituents of the Solactive US Large Cap Index. 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. The Index is rebalanced on a monthly basis to weight all constituents equally.

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.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2023, we believed that while mega-cap stocks may drive performance in market cap-weighted equity indices, many top performers may be found among non-mega-cap stocks. We maintain conviction in our methodology for providing meaningful access to opportunities among non-mega-cap stocks and avoiding concentration in mega-cap stocks by equally weighting the largest U.S. equities and rebalancing on a monthly basis. We believe this approach allows investors to participate in a broad range of market cycles and potentially reduce exposure to isolated market incidents.

 

3


INVESTMENT PROCESS

 

Goldman Sachs Hedge Industry VIP ETF

 

Principal Investment Strategies

The Goldman Sachs Hedge Industry VIP ETF (the “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. The Goldman Sachs Hedge Fund VIP IndexTM (the “Index”) is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology.

Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is normally reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded.

The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance.

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 Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of August 31, 2023, the Index consisted of 50 securities with a market capitalization range of between approximately $5.6 billion and $2,937.2 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.

THE FUND IS NOT A HEDGE FUND AND DOES NOT INVEST IN HEDGE FUNDS.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2023, we continued to believe the most effective way to identify the most important positions of hedge fund managers is to know what equities they are holding. We also maintained conviction in our methodology for extracting these important positions — by obtaining information from quarterly 13F filings of hedge funds and identifying stocks that appear among top holdings the most frequently. Through an efficient implementation, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.

 

4


INVESTMENT PROCESS

 

Goldman Sachs Innovate Equity ETF

 

Principal Investment Strategies

The Goldman Sachs Innovate Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index (the “Index”). The Fund seeks to provide investors exposure to the beneficiaries of technological innovation across all sectors, geographies and market capitalizations.

The Index is designed to deliver exposure to companies that may benefit from technological innovation and the resulting changes in the economy across five key themes (the “Key Themes”) that are potential drivers of changes in the economy. Each Key Theme is divided into multiple sub-themes (the “Sub-Themes”). The Key Themes are:

Data-Driven World Theme — Companies that are positioned to potentially benefit from the unprecedented proliferation of data, capitalizing on data storage, security and analysis as well as artificial intelligence and machine learning.

Finance Reimagined Theme — Companies that are positioned to potentially benefit from the evolving financial landscape, from the digitization of traditional financial services to the development of blockchain technology.

Human Evolution Theme — Companies that are positioned to potentially benefit from advances in medical treatment and technology, from robotic surgery and precision medicine to gene therapy and care for an older population.

Manufacturing Revolution Theme — Companies that are positioned to potentially benefit from the technology-driven transformation of the manufacturing industry, including the emergence of new processes, products and energy sources.

New Age Consumer Theme — Companies that are positioned to potentially benefit from structural shifts in the way we consume goods and services due to changes in demographics, technology and consumer preferences.

The Index is comprised entirely of securities that compose the Solactive Data Driven World Index, the Solactive Finance Reimagined Index, the Solactive Human Evolution Index, the Solactive Manufacturing Revolution Index, and the Solactive New Age Consumer Index (the “Solactive Thematic Indexes”), which are designed to provide exposure to the Data Driven World Theme, the Finance Reimagined Theme, the Human Evolution Theme, the Manufacturing Revolution Theme and the New Age Consumer Theme, respectively. The weight of each index constituent within the Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.

Solactive AG (the “Index Provider”) determines the components of each Solactive Thematic Index in accordance with a rules-based methodology that involves four steps. The following index methodology applies to each Solactive Thematic Index.

Step 1 — In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”). The Universe is comprised of companies that meet all the below criteria:

 

 

The company’s primary listing must be on a regulated stock exchange approved by the Index Provider;

 

 

The company’s stock must have an average daily trading volume over the most recent 1-month period (“ADTV”) of at least $1,000,000 in U.S. dollars;

 

 

The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and

 

 

The company must not be classified as within certain industries by the FactSet Industries and Economic Sectors classification in order to minimize non-theme-relevant exposures in the Index.

Step 2 — In the second step, the Index Provider screens publicly available information, such as financial news, business profiles and company publications, using keywords that describe the Key Theme and its proprietary natural language processing algorithm to identify companies within the Universe that have or are expected to have significant exposure to a Sub-Theme. In addition, additional company and/or third-party information is screened in order to verify a company’s relevance to at least one of the Sub-Themes. Securities of issuers whose relevance to at least one of the Sub-Themes cannot be verified is removed from the Universe.

Step 3 — In the third step, each company identified in Step 2 is assigned a thematic relevance score with respect to each Sub-Theme. For each Sub-Theme, the Index Provider identifies 50 companies with the highest thematic relevance scores. The Index Provider then combines the thematic relevance scores for all Sub-Themes of each company identified to calculate such

 

5


INVESTMENT PROCESS

 

 

company’s overall score. The top 100 companies with the highest overall scores are included in the Solactive Thematic Index. In addition, certain buffer rules are applied to prevent excessive turnover.

Step 4 — In the fourth step, the Index Provider calculates a thematic beta for each index constituent, which is a quantitative measurement of the exposure of the index constituents to the applicable Key Theme. Index constituents are then weighted according to a function of its market capitalization and thematic beta, subject to specified minimum and maximum weights.

The 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 Index, in depositary receipts representing securities included in its Index and in underlying stocks in respect of depositary receipts included in its Index. The 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 Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

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. Also, unlike many investment companies, the Fund does not attempt to outperform the Index and does not seek temporary defensive positions when markets decline or appear overvalued.

The Index is normally rebalanced quarterly on the third Friday of each January, April, July and October.

* * *

At the end of the Reporting Period, i.e., the 12-month period ended August 31, 2023, the pace of technological innovation was faster than ever before, creating significant disruption across industries as new entrants and business models emerged and incumbents faced the threat of being dislodged. In our view, the Fund presented an attractive long-term opportunity, as we thought its underlying secular growth Key Themes and Sub-Themes would drive the financial markets during the coming decades. We believed fundamentally sound companies that could benefit from these Key Themes and Sub-Themes may be well-positioned to outperform. Although the Fund’s growth style and its exposure to the emerging markets can lead to short-term volatility, we remained confident overall in the long-term strength of these Key Themes and Sub-Themes at the end of the Reporting Period.

 

6


INVESTMENT PROCESS

 

Goldman Sachs JUST U.S. Large Cap Equity ETF

 

Principal Investment Strategies

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).

The 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.

The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers that engage in “just business behavior” based on rankings produced by JUST Capital Foundation, Inc. (the “Index Provider”). The Index Provider publishes an annual ranking of issuers in the Russell 1000® Index (the “Reference Index”) based on its quantitative performance assessment of seven issue areas: how they treat their workers, their customers, the communities they interact with, the environment, and their shareholders, their commitment to making quality and beneficial products, and job creation.

The Index Provider seeks to encourage greater accountability in the business community and drive positive change among large publicly-traded U.S. corporations by (a) defining business behaviors that the American public cares most about (through extensive qualitative and quantitative survey research), (b) developing metrics that correspond to these issues in accordance with a robust, transparent methodology, (c) ranking the largest publicly-traded U.S. companies on the basis of these metrics, and (d) developing tools and products that allow investors to direct capital towards more “just” companies.

The Index is a market capitalization-weighted index that consists of the top-ranked 50% of companies in the Reference Index by industry, based on the most recent rankings by the Index Provider. On the annual Index reconstitution date, Index constituent weights are adjusted such that the Index is industry neutral and matches the Reference Index’s industry weights, based on the Industry Classification Benchmark (“ICB”) industry classification.

As of August 31, 2023, the Index consisted of 459 securities with a market capitalization range of between approximately $1.3 billion and $2,937.2 billion. The Index is normally reconstituted annually in December and rebalanced in March, June and September on dates corresponding to the rebalance dates for the Reference Index. The components of the Index may change over time. The Index Provider determines whether an issuer is a U.S. issuer by reference to the index methodology of the Reference Index. FTSE Russell, which constructs the Reference Index, will deem an issuer to be a U.S. issuer if it is incorporated in, has a stated headquarters in, and trades in the U.S.; if any of these do not match, the Reference Index methodology providers for consideration of certain additional factors.

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 seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the 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.

The Index is calculated by Frank Russell Company (“Russell” or the “Calculation Agent”) in accordance with the methodology and constituent list developed and provided by the Index Provider.

The 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 Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

 

7


INVESTMENT PROCESS

 

 

For a complete overview of and more in-depth information about the Index Provider’s processes, please view its Full Ranking Methodology and Survey Research Appendices at https://justcapital.com/methodology/full-ranking-methodology/.

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2023, we believed a focus on just business behavior via a data-driven approach may provide a suitable core U.S. equity allocation for investors seeking to encourage greater accountability in the business community through their investments. The Fund’s data-driven approach collects and analyzes data from a diverse range of sources, utilizing more than 150,000 data points across 66 unique metrics to score the performance of Russell 1000® Index companies. These companies are scored across a variety of issues, including worker treatment, customer concerns and environment impacts to provide broad market exposure.

 

8


INVESTMENT PROCESS

 

Goldman Sachs North American Pipelines & Power Equity ETF

 

Principal Investment Strategies

The Goldman Sachs North American Pipelines & Power Equity ETF (the “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.

The Solactive Energy Infrastructure Enhanced Index (the “Index”) is designed to deliver exposure to equity securities of U.S. and Canadian listed companies, including companies structured as master limited partnerships (“MLPs”), operating in the pipelines and power universe. The universe of pipelines and power companies will include those that are classified by a third party as operating within the “Midstream Energy,” “Liquefied Petroleum Gas (LPG), Propane and other Distributors,” or “Oil and Gas Transportation and Infrastructure” subsector or industry groups or derive a specified percentage of revenue from certain “Alternative Wholesale Power” sub-industries (subject to certain exclusions).

Investments in MLP securities taxed as partnerships will not exceed 25% of the Fund’s total assets as measured at the time of investment.

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 Index is owned and calculated by Solactive AG (“Solactive” or the “Index Provider”). Solactive constructs the Index in accordance with a rules-based methodology that involves three steps.

Step 1 — The starting universe (“Universe”) is made up of listed equity securities primarily listed on an exchange in the United States or Canada issued by pipelines and power companies. Under the Index methodology, pipelines and power companies are those assigned by FactSet RBICS to the Midstream Energy, LPG, Propane & Other Distributors, or Oil and Gas Transportation and Infrastructure subsectors or industry groups or deriving a cumulative revenue above 50% from certain Alternative Wholesale Power RBICS sub-industries, in each case subject to certain additional screens and filters.

Step 2 — The Index Provider removes constituents with average daily market capitalizations and trading values below specific thresholds from the Universe. As of August 31, 2023, the Index includes issuers with public stock market capitalizations of at least $395.6 million.

Step 3 — The remaining securities are weighted by float-adjusted market capitalization in the Index. The securities are then measured by two fundamental factors, Growth and Quality. The Index determines Growth and Quality rankings using various sub-factors designed to measure a security’s performance based on these factors (for example, earnings per share growth for Growth and return on investment capital for Quality). The Index Provider ranks each security based on the two fundamental factors, and the index is then reweighted in proportion to scoring on these fundamental factors with higher scores having higher weights in the index. The weights of the constituents are adjusted at each rebalance to ensure compliance by the Fund with the diversification requirements of the Internal Revenue Code of 1986, as applicable to regulated investment companies (“RICs”).

The Index is rebalanced on a quarterly basis. The components of the Index may change over time. The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. The Fund may purchase a sample of securities in its Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the 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.

The 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 its Index is concentrated. As of the date of this Prospectus, the Index is concentrated in the energy sector. The degree to which components of the Index represent certain sectors or industries may change over time.

The Fund is structured as a RIC under the Code.

 

9


INVESTMENT PROCESS

 

 

THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED FUNDS. PRINCIPAL RISKS OF THE FUND

* * *

At the end of the Reporting Period, i.e. the 12 months ended August 31, 2023, we believed that the Fund provides exposure to the full opportunity set of energy infrastructure securities, including those structured as both MLPs and common stocks. Further, we believed the Fund is enhanced with smart factors. More specifically, the Index, developed with input from energy specialists at Goldman Sachs Asset Management, applies quality and growth tilts that seek to apply the principles of active management in a rules-based framework. Finally, we believed the Fund provides a tax efficient structure, as its RIC structure avoids taxation at the fund level with an aim to maximize investor tax efficiency.

 

10


INVESTMENT PROCESS

 

Goldman Sachs Defensive Equity ETF

 

Principal Investment Strategies

The Goldman Sachs Defensive Equity ETF (the “Fund”) seeks long-term growth of capital with lower volatility than equity markets. In seeking to achieve this objective, the Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in a diversified portfolio of equity investments in U.S. issuers with public stock market capitalizations within the range of the market capitalization of the S&P 500® Index at the time of investment and other instruments with similar economic exposures. The Fund’s investments in fixed income securities are limited to cash equivalents (including money market funds) and U.S. Treasury securities.

In an effort to provide lower volatility and enhanced downside protection, the Fund uses an options-based overlay strategy. Specifically, the Fund employs a “put option spread collar” overlay strategy whereby the Fund simultaneously purchases a near-the-money put while selling (writing) an out-of-the-money call and put on the S&P 500® Index or other national or regional stock market indices (or ETFs that seek to track such indices). The difference between strike prices in the put option spread is designed to provide the Fund with downside protection to the extent of the difference between the strike prices of the near-the-money put option bought and the out-of-the-money put option sold. (A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date. “Near-the-money” is a term used to describe an options contract with a strike price that is close to the market price of the underlying asset. “Out-of-the-money” is a term used to describe a put option with a strike price that is lower than the market price of the underlying asset.)

As the seller of S&P 500® Index call and put options, the Fund will receive cash (the “premium”) from the purchaser. If the purchaser exercises the call option, the Fund pays the purchaser the difference between the price of the index and the exercise price of the option. If the purchaser exercises the put option, the Fund pays the purchaser the difference between the exercise price of the option and the price of the index. The premium, the exercise price and the market price of the index determine the gain or loss realized by the Fund as the seller of call and put options.

During periods in which the U.S. equity markets are generally unchanged or falling, a diversified portfolio with limited downside protection from its put spread collar strategy may outperform the same portfolio without such an options strategy. However, in strong rising markets where the aggregate appreciation of the underlying index exceeds the exercise price of the short call, a portfolio with a put spread collar strategy could significantly underperform the same portfolio without these options.

In addition to the use of the put spread collar overlay strategy described earlier, the Fund may use future contracts, primarily futures on indexes, options on futures, and total return swaps to more effectively gain targeted equity exposure from its cash positions and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy. Derivative positions may be listed or over-the-counter (“OTC”) and may or may not be centrally cleared.

The Fund is an actively managed exchange-traded fund (“ETF”), which is a fund that trades like other publicly traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.

* * *

At the end of the Reporting Period, i.e., the 12-month period ended August 31, 2023, we continued to employ our options-based overlay strategy, which may provide lower volatility and enhanced downside protection for the Fund, as we seek to provide investors with favorable risk-adjusted returns.

 

11


PORTFOLIO RESULTS

 

Goldman Sachs Bloomberg Clean Energy Equity ETF

 

Investment Objective

The Goldman Sachs Bloomberg Clean Energy Equity ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy 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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned -10.11% based on net asset value (“NAV”) and -9.54% based on market price. The Index returned -9.55% during the same period.

 

  

The Fund had an NAV of $39.57 on August 31, 2022 and ended the Reporting Period with an NAV of $35.04 per share. The Fund’s market price on August 31, 2023 was $35.22 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.

 

  

During the Reporting Period, the Fund posted a negative absolute result that modestly underperformed the Bloomberg Goldman Sachs Clean Energy Index as measured by NAV.

 

Q   Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A   Index constituents in the information technology, utilities and industrials sectors detracted most from the Index’ results during the Reporting Period. Partially offsetting these detractors were Index constituents in the consumer discretionary, materials and health care sectors, which contributed positively to the Index’s results during the Reporting Period.

 

Q   Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

 

A   Positions in U.S.-based information technology company Enphase Energy, U.S.-based industrials company Plug Power and India-based utilities company Adani Green Energy detracted most (2.13%, 0.62% and 0.67% of Fund net assets as of August 31, 2023, respectively). Each of these companies posted a double-digit negative return within the Index during the Reporting Period.

 

Q   Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

 

A   Positions in South Korea-based materials company Ecopro, U.S.-based industrials company General Electric and U.S.-based electric vehicle maker Tesla contributed most positively (2.39%, 2.98% and 7.43% of Fund net assets as of August 31, 2023, respectively). Ecopro posted a four-digit gain within the Index during the Reporting Period. General Electric generated a triple-digit gain within the Index during the Reporting Period, and Tesla posted a single-digit negative return within the Index during the Reporting Period.

 

12


PORTFOLIO RESULTS

 

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 cash.

 

Q   What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1

 

     Sector Name   Fund2      Bloomberg
Goldman Sachs
Global Clean
Energy Index
 
  Utilities     38.49      38.50
  Industrials     24.04        24.04  
  Information Technology     20.02        20.08  
  Consumer Discretionary     9.15        9.12  
  Materials     5.76        5.77  
  Energy     1.78        1.78  
  Consumer Staples     0.46        0.47  
    Financials     0.25        0.25  

 

Q   What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1

 

     Country Name   Fund2      Bloomberg
Goldman Sachs
Global Clean
Energy Index
 
  U.S.     37.61      37.61
  China     17.74        17.83  
  South Korea     7.06        7.04  
  Denmark     4.31        4.30  
  U.K.     4.20        4.19  
  France     3.98        3.97  
  Italy     3.95        3.95  
  Germany     3.84        3.84  
  Canada     3.30        3.31  
  Spain     2.93        2.92  
  Japan     2.31        2.32  
  Israel     1.38        1.37  
  India     1.23        1.24  
  Finland     1.14        1.14  
  Switzerland     0.89        0.89  
  Belgium     0.88        0.88  
  Brazil     0.75        0.76  
  Taiwan     0.54        0.54  
  Hong Kong     0.44        0.44  
  Czech Republic     0.43        0.43  
  Netherlands     0.42        0.42  
  Thailand     0.33        0.33  
  Norway     0.15        0.15  
  Portugal     0.11        0.11  
    Singapore     0.03        0.03  

 

  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 Bloomberg Professional Services. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.4% of the Fund’s net assets as of August 31, 2023. 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 Bloomberg Goldman Sachs Global Clean Energy Index.

 

13


FUND BASICS

 

Bloomberg Clean Energy Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 35.22  
    Net Asset Value (NAV)1   $ 35.04  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. (“Cboe BZX”). The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets        Line of Business      Country
  Tesla, Inc.     7.4      Consumer Discretionary      United States
  Contemporary Amperex Technology Co. Ltd., Class A     5.0        Industrials      China
  NextEra Energy, Inc.     4.7        Utilities      United States
  Edison International     3.3        Utilities      United States
  General Electric Co.     3.0        Industrials      United States
  Vestas Wind Systems A/S     2.9        Industrials      Denmark
  Enel SpA     2.8        Utilities      Italy
  Samsung SDI Co. Ltd.     2.7        Information Technology      South Korea
  Schneider Electric SE     2.7        Industrials      United States
    Sempra     2.5        Utilities      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.

 

14


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on February 8, 2022 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, a market cap-based index against which the performance of the Fund is measured, Bloomberg Goldman Sachs Global Clean Energy Index (Total Return, Unhedged, USD) 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.

 

Goldman Sachs Bloomberg Clean Energy Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from February 8, 2022 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      1 Year      Since Inception

Shares based on NAV (Commenced February 8, 2022)

     -10.11%      -6.34%

 

Shares based on Market Price (Commenced February 8, 2022)

     -9.54%      -6.03%

 

Bloomberg Goldman Sachs Global Clean Energy Index (TR, unhedged, USD)

     -9.55%      -5.40%

 

 

*   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 calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. 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.

 

15


PORTFOLIO RESULTS

 

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

 

Investment Objective

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index (GTR) (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, 2023 (the “Reporting Period”).

 

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 8.58% based on net asset value (“NAV”) and 8.56% based on market price. The Index returned 8.75%, and the S&P 500® Index (Total Return, USD) (“S&P 500® Index”), a market-cap based index against which the performance of the Fund is measured, returned 15.94% during the same period.

 

  

The Fund had an NAV of $58.98 on August 31, 2022 and ended the Reporting Period with an NAV of $62.93 per share. The Fund’s market price on August 31, 2023 was $62.93 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.

 

  

The Index’s performance is compared to that of the S&P 500® Index below. 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 S&P 500® Index.

 

  

During the Reporting Period, the Index posted a positive absolute return but underperformed the S&P 500® Index. The Fund also underperformed the S&P 500® Index during the Reporting Period, as measured by NAV.

 

Q   Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A   Index constituents in the utilities, real estate and consumer staples sectors detracted most from the Index’s results relative to the S&P 500® Index during the Reporting Period. Index constituents in the information technology, industrials and consumer discretionary sectors contributed most positively to the Index’s results relative to the S&P 500® Index.

 

Q   Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

 

A   Relative to the S&P 500® Index, positions in regional bank First Republic Bank, industrials company Plug Power and communication services company ZoomInfo Technologies detracted most (0.00%1, 0.00% and 0.00% of Fund net assets as of August 31, 2023, respectively). Each of these holdings posted a double-digit negative return within the Index during the Reporting Period.

 

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

 

16


PORTFOLIO RESULTS

 

Q   Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

 

A   Relative to the S&P 500® Index, positions in information technology companies NVIDIA and Palantir Technologies and in consumer discretionary company Royal Caribbean Cruises contributed most positively (0.23%, 0.16% and 0.19% of Fund net assets as of August 31, 2023, respectively). NVIDIA and Royal Caribbean Cruises each posted a triple-digit positive return within the Index during the Reporting Period, and Palantir Technologies generated a robust double-digit positive 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 cash.

 

Q   What was the Fund’s sector positioning relative to the Index and the S&P 500® Index at the end of the Reporting Period?1

 

     Sector Name   Fund2     Solactive
US Large
Cap Equal
Weight Index
    S&P 500®
Index
 
  Information Technology     15.68     15.68     27.32
  Industrials     14.68       14.66       7.92  
  Financials     14.29       14.23       10.86  
  Health Care     13.32       13.37       14.07  
  Consumer Discretionary     8.37       8.38       11.43  
  Consumer Staples     6.78       6.81       6.77  
  Real Estate     6.37       6.38       2.86  
  Utilities     5.45       5.44       3.13  
  Materials     5.41       5.45       2.54  
  Energy     5.36       5.33       4.67  
    Communication Services     4.27       4.27       8.42  

 

  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 Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of August 31, 2023. 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 US Large Cap Equal Weight Index.

 

17


FUND BASICS

 

Equal Weight U.S. Large Cap Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 62.93  
    Net Asset Value (NAV)1   $ 62.93  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. (“Cboe BZX”). The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP TEN HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets      Line of Business
  Texas Pacific Land Corp.     0.3    Energy
  Eli Lilly & Co.     0.3      Health Care
  Atlassian Corp., Class A     0.3      Information Technology
  Axon Enterprise, Inc.     0.3      Industrials
  Splunk, Inc.     0.2      Information Technology
  Zebra Technologies Corp., Class A     0.2      Information Technology
  Horizon Therapeutics PLC     0.2      Health Care
  Akamai Technologies, Inc.     0.2      Information Technology
  APA Corp.     0.2      Energy
    NVIDIA Corp.     0.2      Information Technology

 

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.

 

18


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on September 12, 2017 (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 US Large Cap Equal Weight Index (GTR) and the S&P® 500 Index (Total Return, Unhedged, USD), respectively, are 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.

 

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 12, 2017 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      1 Year        5 Year      Since Inception

Shares based on NAV (Commenced September 12, 2017)

     8.58%        8.10%      9.36%

 

Shares based on Market Price (Commenced September 12, 2017)

     8.56%        8.09%      9.36%

 

Solactive US Large Cap Equal Weight Index (GTR)

     8.75%        8.27%      9.53%

 

S&P 500® Index (TR, unhedged, USD)

     15.94%        11.12%      12.37%

 

 

*   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 and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. 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.

 

19


PORTFOLIO RESULTS

 

Goldman Sachs Hedge Industry VIP ETF

 

Investment Objective

The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP 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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 17.90% based on net asset value (“NAV”) and 17.81% based on market price. The Index returned 18.42%, and the S&P 500® Index (Total Return, USD) (“S&P 500® Index”), a market-cap based index against which the performance of the Fund is measured, returned 15.94% during the same period.

 

     The Fund had an NAV of $75.37 on August 31, 2022 and ended the Reporting Period with an NAV of $88.85 per share. The Fund’s market price on August 31, 2023 was $88.90 per share.

 

Q   What key factors were responsible for the Fund’s performance during the Reporting Period?1

 

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.

 

     The Index is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology. Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded. The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance.

 

     The Index’s performance is compared to that of the S&P 500® Index below. 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 S&P 500® Index.

 

     During the Reporting Period, the Index posted a double-digit positive absolute return and outperformed the S&P 500® Index. The Fund also outperformed the S&P 500® Index during the Reporting Period, as measured by NAV.

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

 

20


PORTFOLIO RESULTS

 

Q   Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A   Index constituents in the information technology, industrials and communication services sectors contributed most positively to the Index’s results relative to the S&P 500® Index during the Reporting Period. Only partially offsetting these positive contributors were Index constituents in the materials sector, the only sector to detract from the Index’s results relative to the S&P 500® Index during the Reporting Period.

 

Q   Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

 

A   Relative to the S&P 500® Index, positions in information technology company NVIDIA and in communication services companies Meta Platforms (Class A) and Netflix contributed most positively (2.21%, 1.89% and 1.99% of Fund net assets as of August 31, 2023, respectively). NVIDIA generated a triple-digit gain within the Index during the Reporting Period. Meta Platforms (Class A) and Netflix each posted a robust double-digit positive return within the Index during the Reporting Period.

 

Q   Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

 

A   Relative to the S&P 500® Index, positions in financials company First Horizon and in information technology companies Atlassian and Five9, each of which is not a component of the S&P 500® Index, detracted most (0.00%1, 0.00% and 0.00% of Fund net assets as of August 31, 2023, 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.

 

  1    Some weights are 0.00% at August 31, 2023 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

 

Q   What was the Fund’s sector positioning relative to the Index and the S&P 500® Index at the end of the Reporting Period?2

 

     Sector Name   Fund3      GS Hedge
Fund VIP
IndexTM
     S&P 500®
Index
 
  Information Technology     26.59      26.59      27.32
  Financials     19.41        19.41        10.86  
  Health Care     13.94        13.94        14.07  
  Communication Services     9.91        9.91        8.42  
  Consumer Discretionary     9.82        9.82        11.43  
  Industrials     8.20        8.20        7.92  
  Energy     8.09        8.09        4.67  
  Utilities     2.03        2.03        3.13  
  Consumer Staples     2.02        2.02        6.77  
  Real Estate     0.00        0.00        2.86  
    Materials     0.00        0.00        2.54  

 

  2    Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Standard & Poor’s. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Figures above may not sum to 100% due to rounding due to the presence of cash.

 

  3    The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index®.

 

21


FUND BASICS

 

Hedge Industry VIP ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 88.90  
    Net Asset Value (NAV)1   $ 88.85  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets      Line of Business
  Vertiv Holdings Co.     2.2    Industrials
  NVIDIA Corp.     2.2      Information Technology
  Palo Alto Networks, Inc.     2.2      Information Technology
  Horizon Therapeutics PLC     2.1      Health Care
  Broadcom, Inc.     2.1      Information Technology
  VMware, Inc., Class A     2.1      Information Technology
  Workday, Inc., Class A     2.1      Information Technology
  Apollo Global Management, Inc.     2.1      Financials
  Seagen, Inc.     2.1      Health Care
    Tenet Healthcare Corp.     2.1      Health Care

 

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.

 

22


GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on November 1, 2016 (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 Goldman Sachs Hedge Fund VIP Index™ and the S&P 500® Index (Total Return, USD), respectively, are 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.

 

Goldman Sachs Hedge Industry VIP ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2016 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      1 Year        5 Year      Since Inception

Shares based on NAV (Commenced November 1, 2016)

     17.90%        9.21%      12.73%

 

Shares based on Market Price (Commenced November 1, 2016)

     17.81%        9.22%      12.74%

 

Goldman Sachs Hedge Fund VIP Index™

     18.42%        9.72%      13.26%

 

S&P 500® Index (Total Return, USD)

     15.94%        11.12%      13.78%

 

 

*   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 calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. 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.

 

23


PORTFOLIO RESULTS

 

Goldman Sachs Innovate Equity ETF

 

Investment Objective

The Goldman Sachs Innovate Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity 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 13.38% based on net asset value (“NAV”) and 13.51% based on market price. The Index returned 13.35% during the same period.

 

     The Fund had an NAV of $43.67 per share on August 31, 2022 and ended the Reporting Period with an NAV of $49.42 per share. The Fund’s market price on August 31, 2023 was $49.42 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. Also, unlike many investment companies, the Fund does not attempt to outperform the Index and does not seek temporary defensive positions when markets decline or appear overvalued.

 

     During the Reporting Period, the Fund recorded positive absolute returns that closely tracked the Index, as measured by NAV. During the Reporting Period, all five of the Key Themes — Data-Driven World, Finance Reimagined, Human Evolution, Manufacturing Revolution Theme and New Age Consumer — added to the Index’s performance.

 

Q   Which individual stock positions contributed the most to the Index’s returns during the Reporting Period?

 

A   During the Reporting Period, the Index benefited most from investments in NVIDIA, a U.S. designer and manufacturer of graphics processors, chipsets and related multimedia software; Meta Platforms, a U.S. technology conglomerate; and Microsoft, a U.S. developer of personal computer software systems and applications (2.24%, 1.47% and 2.03% of Fund net assets as of August 31, 2023, respectively). NVIDIA posted a triple-digit positive return within the Index, while Meta Platforms and Microsoft each recorded a double-digit positive return within the Index during the Reporting Period.

 

Q   Which individual stock positions contributed the least to the Index’s returns during the Reporting Period?

 

A   Positions in Lucid Group, a U.S. manufacturer of electric vehicles; NIO, a Chinese automobile maker; and PayPal Holdings, a U.S. digital payments platform provider (0.20%, 0.19% and 0.44% of Fund net assets as of August 31, 2023, respectively) detracted from the Index’s returns. Each of these holdings posted 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   During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

 

24


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      Index  
  Information Technology     25.99      26.26
  Health Care     21.75        21.70  
  Consumer Discretionary     14.75        14.71  
  Financials     14.44        14.40  
  Communication Services     11.62        11.60  
  Industrials     7.40        7.38  
  Utilities     1.21        1.30  
  Energy     1.00        1.00  
  Consumer Staples     0.83        0.82  
    Real Estate     0.81        0.81  

 

Q   What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1

 

     Country Name   Fund2      Index  
  U.S.     72.81      69.71
  China     6.09        6.09  
  Japan     3.92        3.91  
  Hong Kong     3.03         
  Germany     2.40        2.39  
  U.K.     2.36        2.44  
  Switzerland     2.01        2.18  
  South Korea     1.90        1.90  
  France     1.76        1.58  
  Canada     1.50        2.31  
  Argentina     0.74         
  Denmark     0.71        0.71  
  Singapore     0.71        0.05  
  Netherlands     0.66        1.07  
  Taiwan     0.62        0.62  
  Israel     0.34        0.56  
  Finland     0.22        0.22  
  Belgium     0.09        0.09  
  Australia     0.08        0.08  
  Sweden     0.07         
    Kazakhstan     0.04        0.04  

 

  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. 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 Index.

 

25


FUND BASICS

 

Innovate Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 49.42  
    Net Asset Value (NAV)1   $ 49.42  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets      Line of Business
  NVIDIA Corp.     2.2    Information Technology
  Alphabet, Inc., Class A     2.2      Communication Services
  Apple, Inc.     2.1      Information Technology
  Microsoft Corp.     2.0      Information Technology
  Amazon.com, Inc.     2.0      Consumer Discretionary
  Meta Platforms, Inc., Class A     1.5      Communication Services
  Alibaba Group Holding Ltd. ADR     1.1      Consumer Discretionary
  Tesla, Inc.     1.0      Consumer Discretionary
  Eli Lilly & Co.     0.9      Health Care
    Advanced Micro Devices, Inc.     0.9      Information Technology

 

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.

 

26


GOLDMAN SACHS INNOVATE EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on November 6, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive Innovative Global Equity Index (Net Total Return, USD), a market-cap based index against which the performance of the Fund is measured, 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.

 

Goldman Sachs Innovate Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2020 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      1 Year Return      Since Inception

Shares based on NAV (Commenced November 6, 2020)

     13.38%      0.05%

 

Shares based on Market Price (Commenced November 6, 2020)

     13.51%      0.05%

 

Solactive Innovative Global Equity Index (Net Total Return, USD)

     13.35%      0.17%

 

 

*   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 calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. 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.

 

27


PORTFOLIO RESULTS

 

Goldman Sachs JUST U.S. Large Cap Equity ETF

 

Investment Objective

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified 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, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 15.00% based on net asset value (“NAV”) and 14.84% based on market price. The Index returned 15.20%, and the Russell 1000® Index (Total Return, USD) (“Russell 1000® Index”), a market-cap based index against which the performance of the Fund is measured, returned 15.40% during the same period.

 

  The Fund had an NAV of $56.72 on August 31, 2022 and ended the Reporting Period with an NAV of $64.22 per share. The Fund’s market price on August 31, 2023 was $64.27 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.

 

  The Index’s performance is compared to that of the Russell 1000® Index below. 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 Russell 1000® Index.

 

  During the Reporting Period, the Index posted a double-digit positive absolute return that performed in line with the Russell 1000® Index. The Fund also performed in line with the Russell 1000® Index during the Reporting Period, as measured by NAV.

 

Q   Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

 

A   Index constituents in the information technology, industrials and consumer discretionary sectors contributed most positively to the Index’s results relative to the Russell 1000® Index during the Reporting Period. Index constituents in the utilities and real estate sectors detracted from the Index’s results relative to the Russell 1000® Index during the Reporting Period, the only two sectors to do so.

 

Q   Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

 

A   Relative to the Russell 1000® Index, positions in information technology companies NVIDIA, Microsoft and Apple contributed most positively (3.26%, 6.77% and 7.79% of Fund net assets as of August 31, 2023, respectively). NVIDIA generated a triple-digit gain within the Index during the Reporting Period, and Microsoft and Apple each posted a double-digit positive return within the Index during the Reporting Period.

 

Q   Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

 

A   Relative to the Russell 1000® Index, positions in entertainment and media company The Walt Disney Company and in real estate companies American Tower and Crown Castle detracted most (0.52%, 0.41% and 0.21% of Fund net assets as of August 31, 2023, respectively). Each of
  these holdings generated a double-digit negative return within the Index during the Reporting Period.

 

28


PORTFOLIO RESULTS

 

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.

 

Q   What was the Fund’s sector positioning relative to the Index and the Russell 1000® Index at the end of the Reporting Period?1

 

    

Sector Name

 

Fund2

    

JUST
US Large Cap
Diversified
Index

    

Russell
1000®
Index

 
 

Information Technology

    28.63      28.63      27.06
 

Health Care

    14.25        14.25        13.01  
 

Financials

    10.79        10.79        12.97  
 

Consumer Discretionary

    10.58        10.58        10.89  
 

Industrials

    8.17        8.17        9.46  
 

Communication Services

    7.38        7.38        8.41  
 

Consumer Staples

    6.51        6.51        6.18  
 

Energy

    4.91        4.91        4.32  
 

Real Estate

    3.34        3.34        2.74  
 

Utilities

    2.97        2.97        2.33  
   

Materials

    2.46        2.46        2.63  

 

  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 GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Figures above may not sum to 100% due to rounding 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 JUST US Large Cap Diversified Index.

 

29


FUND BASICS

 

JUST U.S. Large Cap Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 64.27  
    Net Asset Value (NAV)1   $ 64.22  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
    

Holding

 

% of Net Assets

    

Line of Business

 

Apple, Inc.

    7.8   

Information Technology

 

Microsoft Corp.

    6.8     

Information Technology

  Amazon.com, Inc.     4.3      Consumer Discretionary
 

NVIDIA Corp.

    3.3     

Information Technology

 

Alphabet, Inc., Class A

    2.3     

Communication Services

 

Alphabet, Inc., Class C

    2.0     

Communication Services

 

JPMorgan Chase & Co.

    1.5     

Financials

 

Exxon Mobil Corp.

    1.4     

Energy

 

Eli Lilly & Co.

    1.3     

Health Care

   

Visa, Inc., Class A

    1.3     

Financials

 

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.

 

30


GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value, as of August 31, 2023, of a $10,000 investment made on June 7, 2018 (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 JUST US Large Cap Diversified Index and the Russell 1000® Index (Total Return, USD), respectively, are 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.

 

Goldman Sachs JUST U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from June 7, 2018 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      1 Year Return      5 Year Return    Since Inception

Shares based on NAV (Commenced June 7, 2018)

     15.00%        10.58%      11.14%

 

Shares based on Market Price (Commenced June 7, 2018)

     14.84%        10.60%      11.15%

 

JUST US Large Cap Diversified Index

     15.20%        10.83%      11.38%

 

Russell 1000® Index

     15.40%        10.77%      11.31%

 

 

*   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 and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. 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.

 

31


PORTFOLIO RESULTS

 

Goldman Sachs North America Pipelines & Power Equity ETF

 

Investment Objective

The Goldman Sachs North American Pipelines & Power Equity ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Energy Infrastructure Enhanced Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning from its inception on July 11, 2023 through August 31, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 1.16% based on net asset value (“NAV”) and 1.24% based on market price. The Index returned 0.98% during the same period.

 

     The Fund had an NAV of $40.46 on July 11, 2023 and ended the Reporting Period with an NAV of $40.93 per share. The Fund’s market price on August 31, 2023 was $40.96 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.

 

     During the Reporting Period, the Fund posted a positive absolute return and outperformed the Index, as measured by NAV.

 

Q   Which sectors and countries contributed positively to the Index’s relative performance during the Reporting Period, and which detracted?

 

A   Index constituents in the energy sector contributed positively to the Index’s results during the Reporting Period. Index constituents in the utilities sector detracted from the Index’s results during the Reporting Period.

 

     From a country perspective, Index constituents in the U.S. contributed positively to the Index’s results during the Reporting Period. Index constituents in the U.K. and Canada detracted from the Index’s results during the Reporting Period.

 

Q   Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

 

A   Positions in energy companies Targa Resources, Cheniere Energy and Oneok contributed most positively (8.45%, 9.30% and 8.67% of Fund net assets as of August 31, 2023, respectively). Targa Resources posted a double-digit gain within the Index during the Reporting Period. Cheniere Energy and Oneok each generated a single-digit positive return within the Index during the Reporting Period.

 

Q   Which individual stock positions detracted the most from the Index’s results during the Reporting Period?

 

A   Positions in U.S.-based utilities company AES, Canada-based energy company TC Energy and U.S.-based utilities company Nextera Energy Partners L.P. detracted most (3.92%, 4.27%, 1.26% of Fund net assets as of August 31, 2023, respectively). AES and Nextera each posted a double-digit negative return within the Index during the Reporting Period. TC Energy generated a single-digit negative return within the Index during the Reporting Period.

 

32


PORTFOLIO RESULTS

 

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.

 

Q   What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1

 

     Sector Name   Fund2     

Solactive

Energy
Infrastructure
Enhanced
Index

 
  Energy     81.25      81.27
    Utilities     18.72        18.72  

 

Q   What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1

 

     Country Name   Fund2     

Solactive
Energy

Infrastructure
Enhanced

Index

 
  U.S.     75.87      75.89
  Canada     23.51        23.51  
    U.K.     0.59        0.59  

 

  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 Bloomberg Professional Services. 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 0.0% of the Fund’s net assets as of August 31, 2023. 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 Energy Infrastructure Enhanced Index.

 

33


FUND BASICS

 

North America Pipelines & Power Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 40.96  
    Net Asset Value (NAV)1   $ 40.93  

 

1    The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. (“Cboe BZX”). The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets      Line of Business
  Cheniere Energy, Inc.     9.3    Energy
  ONEOK, Inc.     8.7      Energy
  Targa Resources Corp.     8.4      Energy
  Williams Cos., Inc. (The)     5.6      Energy
  Kinder Morgan, Inc.     5.4      Energy
  Enbridge, Inc.     4.9      Energy
  Pembina Pipeline Corp.     4.7      Energy
  Energy Transfer LP     4.7      Energy
  TC Energy Corp.     4.3      Energy
    Enterprise Products Partners LP     4.2      Energy

 

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.

 

34


GOLDMAN SACHS NORTH AMERICA PIPELINES & POWER EQUITY ETF

 

Performance Summary

August 31, 2023

 

Cumulative Total Return through August 31, 2023*    Since Inception

Shares based on NAV (Commenced July 11, 2023)

   1.16%

 

Shares based on Market Price (Commenced July 11, 2023)

   1.16%

 

 

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

The returns set forth above 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 above. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.

 

35


PORTFOLIO RESULTS

 

Goldman Sachs Defensive Equity ETF

 

Investment Objective

The Goldman Sachs Defensive Equity ETF (the “Fund”) seeks long-term growth of capital with lower volatility than equity markets.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies (“QIS”) Team discusses performance and positioning for the periods from January 1, 2023 through January 20, 2023 and from the Fund’s inception on January 23, 2023 through August 31, 2023 (the “Reporting Period”).

 

Q   How did the Fund perform during the Reporting Period?

 

A   During the Reporting Period, the Fund returned 7.25% based on net asset value (“NAV”) and 11.90% based on market price. By comparison, the S&P 500® Index returned 14.66% during the same period.

 

  

The predecessor fund had an NAV of $41.72 per share on December 31, 2022 and ended the Reporting Period with an NAV of $44.52 per share. The Fund’s market price on August 31, 2023 was $44.53 per share.

 

  

The Goldman Sachs Defensive Equity Fund (the “predecessor fund”), which was reorganized into the Fund on January 20, 2023, generated a cumulative total return of 0.93%* between January 1, 2023 and January 20, 2023 compared to the cumulative total return of 3.55% of the benchmark, the S&P 500® Index, during the same period.

 

Q   What key factors were responsible for the Fund’s performance during the Reporting Period?

 

A   The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in U.S. issuers with public stock market capitalizations within the range of the market capitalization of the S&P 500® Index at the time of investment and other instruments with similar economic exposures. The Fund’s investments in fixed income securities are limited to cash equivalents (including money market funds) and U.S. Treasury securities.

 

  

The Fund also uses an options-based overlay strategy in an effort to provide lower volatility and enhanced downside protection. The QIS Team uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments for the Fund. Because of the impact of the options-based overlay strategy, the returns of the Fund are not expected to closely track the S&P 500® Index, even if the returns of the portfolio securities held by the Fund resemble the returns of the S&P 500® Index. In addition, the Fund’s returns may trail the returns of the S&P 500® Index for short or extended periods of time.

 

  

The Fund is an actively managed exchange-traded fund (“ETF”), which is a fund that trades like other publicly traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.

 

During the Reporting Period, the Fund produced a positive absolute return but underperformed the S&P 500® Index. The relative underperformance was due primarily to the Fund’s options-based overlay strategy. Specifically, the Fund’s put option spread collar detracted from relative returns, as the S&P 500® Index appreciated through the strike price of the call options. (The put option spread collar refers to the strategy whereby the Fund simultaneously purchases a near-the-money put while selling an out-of-the-money call and put on the S&P 500® Index. A put option is an option contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a specified price within a specified time. A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date. “Near-the-money” is a term used to describe an options contract with a strike price that is close to the market price of the underlying asset. “Out-of-the-money” is a term used to describe a put option with a strike price that is lower than the market price of the underlying asset.)

 

36

*   As measured by Institutional Shares.


PORTFOLIO RESULTS

 

  

The Fund was also hampered during the Reporting Period by stock selection. In terms of market capitalization, investments in large-cap stocks detracted most from relative performance. Among sectors, the Fund was hurt most by selection in information technology and consumer discretionary, though underweighted allocations compared to the S&P 500® Index in the energy and financials sectors contributed positively.

 

  

As for the predecessor fund, during the period from January 1, 2023 through January 20, 2023, the options-based overlay strategy held back relative performance as the S&P 500® Index rallied. The equity strategy, which aimed to pick defensive stocks, detracted from returns.

 

Q   How did the Fund use derivatives and similar instruments during the Reporting Period?

 

A   During the Reporting Period, the Fund used equity index call options and equity index put options as part of the options-based overlay. The use of these derivatives had a negative impact on the Fund’s performance. In addition, the Fund employed equity index futures to gain exposure to the U.S. equity market, which had a positive impact on performance during the Reporting Period.

 

Q   What was the Fund’s sector positioning relative to the S&P 500® Index at the end of the Reporting Period?

 

     Sector Name   Fund      S&P 500®
Index
 
  Information Technology     24.37      27.34
  Health Care     17.86        14.00  
  Industrials     12.92        8.46  
  Financials     10.21        12.27  
  Consumer Discretionary     9.79        10.40  
  Consumer Staples     9.53        6.86  
  Communication Services     6.41        8.30  
  Materials     2.40        2.49  
  Energy     1.72        4.51  
    Real Estate     1.58        2.54  

 

37


FUND BASICS

 

Defensive Equity ETF

as of August 31, 2023

 

  FUND SNAPSHOT

 

     As of August 31, 2023       
  Market Price1   $ 44.53  
    Net Asset Value (NAV)1   $ 44.52  

 

1    The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. (“NYSE Arca”). The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com/ETFs.

 

  TOP 10 HOLDINGS AS OF 8/31/232
     Holding   % of Net Assets      Line of Business
  Apple, Inc.     6.3    Information Technology
  Alphabet, Inc., Class A     3.5      Communication Services
  Amazon.com, Inc.     2.8      Consumer Discretionary
  NVIDIA Corp.     2.7      Information Technology
  Meta Platforms, Inc., Class A     1.6      Communication Services
  Berkshire Hathaway, Inc., Class B     1.2      Financials
  UnitedHealth Group, Inc.     1.2      Health Care
  Eli Lilly & Co.     1.1      Health Care
  JPMorgan Chase & Co.     1.1      Financials
    Johnson & Johnson     1.0      Health Care

 

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.

 

38


GOLDMAN SACHS DEFENSIVE EQUITY ETF

 

Performance Summary

August 31, 2023

 

The following graph shows the value as of August 31, 2023, of a $10,000 investment made on September 30, 2020 (commencement of operations) in Shares at NAV1. For comparative purposes, the performance of the Fund’s benchmark, the S&P 500® (TR, Unhedged, USD) 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 redemption of Fund shares. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may 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 to obtain the most recent month-end returns.

 

1    Commencement date for Institutional Class Shares of the Predecessor Fund (as defined below).

 

Defensive Equity ETF’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from September 30, 2020 through August 31, 2023.

 

 

LOGO

 

Average Annual Total Return through August 31, 2023*      One Year      Since Inception

Shares Based on NAV (Commenced September 30, 2020)**

     8.51%      3.10%

 

Shares Based on Market Price (Commenced January 23, 2023)

     N/A      11.90%

 

S&P 500® Index (TR, unhedged, USD)

     15.94%      12.32%

 

 

*   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 and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. 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. On January 23, 2023, the Goldman Sachs Defensive Equity ETF acquired the assets and liabilities, and assumed the NAV, performance, financial and other historical information, of the Goldman Sachs Defensive Equity Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since September 30, 2020. The Fund’s performance prior to January 23, 2023 is linked to the Predecessor Fund’s Institutional Class Shares. There were no changes to the investment strategy or objective of the Fund. The Fund was listed on the NYSE Arca on January 23, 2023.

 

  Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares’ lower expenses than those of the Predecessor Fund’s Institutional Class Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value (“NAV”) per share of the Predecessor Fund Shares rather than on market-determined prices.

 

**   Commencement date for Institutional Class Shares of the Predecessor Fund.

 

39


FUND BASICS

 

Index Definitions and Industry Terms

 

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

Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000® is a

subset of the Russell 3000® Index. It represents the top companies by market capitalization. The Russell 1000® typically comprises

approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. It

is not possible to invest directly in an unmanaged index.

S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

Bloomberg Goldman Sachs Global Clean Energy Index is service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman Sachs®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review, or recommend Goldman Sachs Bloomberg Clean Energy ETF (the “ETF”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the ETF.

Solactive US Large Cap Equal Weight Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. 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 the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 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.

The Goldman Sachs Hedge Fund VIP IndexTM is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-Iisted stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally driven hedge fund managers. It is not possible to invest directly in an unmanaged index.

Solactive Innovative Global Equity Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. 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 the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 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.

JUST US Large Cap Diversified Index “JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index. The index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion.

Solactive Energy Infrastructure Enhanced Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs North American Pipelines & Power Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs North American Pipelines & Power Equity ETF. 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 the Goldman Sachs North American Pipelines & Power Equity ETF 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.

 

40


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – 99.4%  
Belgium – 0.9%  
  158     Elia Group SA/NV (Utilities)   $ 18,263  
  2,196     Umicore SA (Materials)     58,323  
   

 

 

 
      76,586  

 

 

 
Brazil – 0.6%  
  3,314     AES Brasil Energia SA (Utilities)*     7,390  
  3,340     Alupar Investimento SA (Utilities)     19,085  
  3,345     Centrais Eletricas Brasileiras SA (Utilities)     23,822  
  817     Cosan SA (Energy)     2,891  
  279     Energisa SA (Utilities)     2,598  
   

 

 

 
      55,786  

 

 

 
Canada – 3.3%  
  3,730     Algonquin Power & Utilities Corp. (Utilities)     28,204  
  556     Atco Ltd., Class I (Utilities)     15,329  
  1,107     Boralex, Inc., Class A (Utilities)     26,821  
  80     Capital Power Corp. (Utilities)     2,405  
  2,636     Fortis, Inc. (Utilities)     103,242  
  1,702     Hydro One Ltd. (Utilities)(a)     44,181  
  2,719     Northland Power, Inc. (Utilities)     51,347  
  120     SNC-Lavalin Group, Inc. (Industrials)     3,905  
  85     WSP Global, Inc. (Industrials)     11,890  
   

 

 

 
      287,324  

 

 

 
China – 18.5%  
  1,500     Beijing Easpring Material Technology Co. Ltd., Class A (Industrials)     9,134  
  7,400     Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology)*     4,809  
  2,800     BYD Co. Ltd., Class A (Consumer Discretionary)     95,943  
  12,000     CECEP Solar Energy Co. Ltd., Class A (Utilities)     9,942  
  19,900     CECEP Wind-Power Corp., Class A (Utilities)     9,187  
  7,900     China Baoan Group Co. Ltd., Class A (Industrials)     11,570  
  24,239     China Datang Corp Renewable Power Co. Ltd., Class H (Utilities)     6,028  
  36,345     China Longyuan Power Group Corp. Ltd., Class H (Utilities)     28,782  
  57,500     China National Nuclear Power Co. Ltd., Class A (Utilities)     56,880  
  87,300     China Three Gorges Renewables Group Co. Ltd., Class A (Utilities)     59,012  
  13,580     Contemporary Amperex Technology Co. Ltd., Class A (Industrials)     441,348  
  1,900     Dajin Heavy Industry Co. Ltd., Class A (Industrials)     6,440  
  630     Daqo New Energy Corp. ADR (Information Technology)*     23,291  
  6,200     Eve Energy Co. Ltd., Class A (Industrials)     42,080  
  300     Ganfeng Lithium Group Co. Ltd., Class A (Materials)     1,954  
  18,000     GCL System Integration Technology Co. Ltd., Class A (Information Technology)*     7,122  

 

 

 
Common Stocks – (continued)  
China – (continued)  
  220,153     GCL Technology Holdings Ltd. (Information Technology)   38,181  
  15,800     GEM Co. Ltd., Class A (Materials)     13,589  
  1,250     Ginlong Technologies Co. Ltd., Class A (Industrials)     12,887  
  10,600     Goldwind Science & Technology Co. Ltd., Class A (Industrials)     13,835  
  436     GoodWe Technologies Co. Ltd., Class A (Industrials)     8,292  
  5,400     Gotion High-tech Co. Ltd., Class A (Industrials)*     17,969  
  1,400     Guangzhou Great Power Energy & Technology Co. Ltd., Class A (Industrials)*     6,888  
  5,900     Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials)     26,612  
  5,732     Hangzhou First Applied Material Co. Ltd., Class A (Information Technology)     24,484  
  2,500     Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology)     5,636  
  1,704     Hoyuan Green Energy Co. Ltd., Class A (Information Technology)     9,758  
  10,104     JA Solar Technology Co. Ltd., Class A (Information Technology)     38,634  
  4,300     Jilin Electric Power Co. Ltd., Class A (Utilities)*     2,960  
  368     JinkoSolar Holding Co. Ltd. ADR (Information Technology)*     12,339  
  23,160     LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)     84,481  
  1,020     Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials)     4,206  
  6,900     Ming Yang Smart Energy Group Ltd., Class A (Industrials)     14,154  
  1,300     Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials)     9,098  
  176     NXP Semiconductors NV (Information Technology)     36,207  
  3,500     Risen Energy Co. Ltd., Class A (Information Technology)     9,656  
  5,600     Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology)     17,088  
  335     Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials)     1,506  
  1,100     Shenzhen Capchem Technology Co. Ltd., Class A (Materials)     7,251  
  900     Shenzhen Dynanonic Co. Ltd., Class A (Materials)     11,597  
  1,800     Shenzhen Kstar Science And Technology Co. Ltd., Class A (Industrials)     7,488  
  500     Shenzhen SC New Energy Technology Corp., Class A (Information Technology)     6,085  
  3,896     Shenzhen Senior Technology Material Co. Ltd., Class A (Materials)     7,521  
  4,600     Sungrow Power Supply Co. Ltd., Class A (Industrials)     63,042  

 

 

 

 

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


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
China – (continued)  
  868     Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials)   $ 18,194  
  7,800     TBEA Co. Ltd., Class A (Industrials)     15,753  
  12,275     TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)     43,258  
  5,500     Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials)*     9,831  
  13,700     Tongwei Co. Ltd., Class A (Information Technology)     60,383  
  6,679     Trina Solar Co. Ltd., Class A (Information Technology)     31,181  
  768     Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology)     5,321  
  451     Wuxi Autowell Technology Co. Ltd., Class A (Information Technology)     10,429  
  2,200     Xiamen Tungsten Co. Ltd., Class A (Materials)     5,244  
  4,880     Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)     27,871  
  1,834     Xinte Energy Co. Ltd., Class H (Industrials)*(b)     3,246  
  23,042     Xinyi Solar Holdings Ltd. (Information Technology)     19,246  
  3,300     Zhejiang Chint Electrics Co. Ltd., Class A (Industrials)     11,235  
  4,000     Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology)     30,957  
   

 

 

 
      1,617,115  

 

 

 
Czech Republic – 0.4%  
  876     CEZ AS (Utilities)     37,279  

 

 

 
Denmark – 4.3%  
  1,964     Orsted AS (Utilities)(a)     126,558  
  10,772     Vestas Wind Systems A/S (Industrials)*     249,388  
   

 

 

 
      375,946  

 

 

 
Finland – 1.2%  
  290     Fortum OYJ (Utilities)     3,903  
  2,619     Neste OYJ (Energy)     96,021  
   

 

 

 
      99,924  

 

 

 
France – 1.1%  
  1,184     Engie SA (Utilities)     19,135  
  1,047     Neoen SA (Utilities)(a)     31,523  
  383     Vinci SA (Industrials)     42,799  
   

 

 

 
      93,457  

 

 

 
Germany – 3.8%  
  607     BASF SE (Materials)     30,826  
  1,143     Encavis AG (Utilities)*     17,572  
  12,243     E.ON SE (Utilities)     151,217  
  832     Infineon Technologies AG (Information Technology)     29,813  
  1,161     Nordex SE (Industrials)*     13,918  
  427     RWE AG (Utilities)     17,639  

 

 

 
Common Stocks – (continued)  
Germany – (continued)  
  2,862     Siemens Energy AG (Industrials)*   40,878  
  114     SMA Solar Technology AG (Information Technology)*     9,193  
  216     VERBIO Vereinigte BioEnergie AG (Energy)     10,242  
  95     Wacker Chemie AG (Materials)     14,033  
   

 

 

 
      335,331  

 

 

 
India – 1.2%  
  5,225     Adani Green Energy Ltd. (Utilities)*     58,611  
  26,454     NHPC Ltd. (Utilities)     16,041  
  2,053     Power Grid Corp. of India Ltd. (Utilities)     6,064  
  83,092     Suzlon Energy Ltd. (Industrials)*     24,641  
  975     Tata Power Co. Ltd. (The) (Utilities)     2,887  
   

 

 

 
      108,244  

 

 

 
Israel – 0.2%  
  1,250     Enlight Renewable Energy Ltd. (Utilities)*     20,371  

 

 

 
Italy – 3.9%  
  35,733     Enel SpA (Utilities)     240,841  
  1,756     Eni SpA (Energy)     27,224  
  486     ERG SpA (Utilities)     13,345  
  7,704     Terna – Rete Elettrica Nazionale (Utilities)     63,715  
   

 

 

 
      345,125  

 

 

 
Japan – 2.3%  
  293     Denso Corp. (Consumer Discretionary)     20,043  
  621     Hitachi Ltd. (Industrials)     41,350  
  226     Kyocera Corp. (Information Technology)     11,609  
  1,114     Marubeni Corp. (Industrials)     18,246  
  337     NIDEC Corp. (Industrials)     17,667  
  1,471     Panasonic Holdings Corp. (Consumer Discretionary)     16,970  
  789     Renesas Electronics Corp. (Information Technology)*     13,280  
  58     Rohm Co. Ltd. (Information Technology)     4,848  
  3,700     SUMCO Corp. (Information Technology)     49,482  
  286     Toshiba Corp. (Industrials)     9,041  
   

 

 

 
      202,536  

 

 

 
Norway – 0.2%  
  11,663     NEL ASA (Industrials)*     12,817  

 

 

 
Portugal – 0.1%  
  2,044     EDP – Energias de Portugal SA (Utilities)     9,331  

 

 

 
Singapore – 0.3%  
  614     Sembcorp Industries Ltd. (Utilities)     2,433  
  437     STMicroelectronics NV (Information Technology)     20,710  
   

 

 

 
      23,143  

 

 

 
South Korea – 7.0%  
  178     CS Wind Corp. (Industrials)     8,551  
  270     Doosan Enerbility Co. Ltd. (Industrials)*     3,722  
  219     Ecopro Co. Ltd. (Materials)     208,272  
  462     Hanwha Solutions Corp. (Materials)*     12,741  

 

 

 

 

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


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
South Korea – (continued)  
  263     L&F Co. Ltd. (Information Technology)   $ 42,780  
  232     LG Chem Ltd. (Materials)     102,331  
  511     Samsung SDI Co. Ltd. (Information Technology)     237,378  
   

 

 

 
      615,775  

 

 

 
Spain – 2.9%  
  131     Acciona SA (Utilities)     18,747  
  216     Endesa SA (Utilities)     4,496  
  18,375     Iberdrola SA (Utilities)     218,579  
  891     Solaria Energia y Medio Ambiente SA (Utilities)*     13,287  
   

 

 

 
      255,109  

 

 

 
Switzerland – 0.9%  
  1,086     ABB Ltd. (Industrials)     41,424  
  108     BKW AG (Utilities)     18,586  
  39,237     Meyer Burger Technology AG (Information Technology)*     17,636  
   

 

 

 
      77,646  

 

 

 
Taiwan – 0.6%  
  1,238     Delta Electronics, Inc. (Information Technology)     13,450  
  5,329     Sino-American Silicon Products, Inc. (Information Technology)     26,188  
  15,066     United Renewable Energy Co. Ltd. (Information Technology)     7,782  
   

 

 

 
      47,420  

 

 

 
Thailand – 0.3%  
  15,928     Energy Absolute PCL NVDR (Utilities)     28,770  

 

 

 
United Kingdom – 4.2%  
  4,356     Drax Group PLC (Utilities)     30,469  
  16,884     National Grid PLC (Utilities)     211,849  
  6,028     SSE PLC (Utilities)     124,238  
   

 

 

 
      366,556  

 

 

 
United States – 41.2%  
  3,587     AES Corp. (The) (Utilities)     64,315  
  171     Alliant Energy Corp. (Utilities)     8,579  
  347     Ameresco, Inc., Class A (Industrials)*     15,091  
  351     American Electric Power Co., Inc. (Utilities)     27,518  
  367     Archer-Daniels-Midland Co. (Consumer Staples)     29,103  
  33     Arcosa, Inc. (Industrials)     2,581  
  1,557     Array Technologies, Inc. (Industrials)*     38,723  
  390     Avangrid, Inc. (Utilities)     13,455  
  51     Avista Corp. (Utilities)     1,698  
  1,945     Bloom Energy Corp., Class A (Industrials)*     29,156  
  1,386     Brookfield Renewable Corp., Class A (Utilities)     38,641  
  102     Bunge Ltd. (Consumer Staples)     11,661  
  449     Clearway Energy, Inc., Class C (Utilities)     11,122  

 

 

 
Common Stocks – (continued)  
United States – (continued)  
  236     Consolidated Edison, Inc. (Utilities)   20,995  
  566     Dominion Energy, Inc. (Utilities)     27,474  
  124     DTE Energy Co. (Utilities)     12,819  
  522     Duke Energy Corp. (Utilities)     46,354  
  19     Dycom Industries, Inc. (Industrials)*     1,899  
  4,204     Edison International (Utilities)     289,445  
  32     EMCOR Group, Inc. (Industrials)     7,176  
  386     Emerson Electric Co. (Industrials)     37,924  
  1,277     Enovix Corp. (Industrials)*     17,597  
  1,467     Enphase Energy, Inc. (Information Technology)*     185,619  
  667     Exelon Corp. (Utilities)     26,760  
  1,112     First Solar, Inc. (Information Technology)*     210,301  
  426     Fluence Energy, Inc. (Industrials)*     11,225  
  4,439     FuelCell Energy, Inc. (Industrials)*(b)     6,215  
  333     Generac Holdings, Inc. (Industrials)*     39,564  
  2,272     General Electric Co. (Industrials)     260,053  
  630     Green Plains, Inc. (Energy)*     19,555  
  982     Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials)     21,967  
  487     Itron, Inc. (Information Technology)*     33,316  
  42     MasTec, Inc. (Industrials)*     4,179  
  6,180     NextEra Energy, Inc. (Utilities)     412,824  
  40     NorthWestern Corp. (Utilities)     2,016  
  294     ON Semiconductor Corp. (Information Technology)*     28,947  
  552     Ormat Technologies, Inc. (Utilities)     41,919  
  6,353     Plug Power, Inc. (Industrials)*(b)     53,746  
  340     Public Service Enterprise Group, Inc. (Utilities)     20,767  
  96     Quanta Services, Inc. (Industrials)     20,147  
  2,462     QuantumScape Corp. (Consumer Discretionary)*     17,579  
  1,352     Schneider Electric SE (Industrials)     232,699  
  3,148     Sempra (Utilities)     221,053  
  614     SolarEdge Technologies, Inc. (Information Technology)*     99,818  
  1,084     Sunnova Energy International, Inc. (Utilities)*(b)     15,078  
  941     SunPower Corp. (Industrials)*     6,738  
  2,270     Sunrun, Inc. (Industrials)*     35,480  
  2,509     Tesla, Inc. (Consumer Discretionary)*     647,523  
  544     Texas Instruments, Inc. (Information Technology)     91,425  
  45     Timken Co. (The) (Industrials)     3,439  
  14     Valmont Industries, Inc. (Industrials)     3,549  
  1,343     Wolfspeed, Inc. (Information Technology)*     64,222  
  372     Xcel Energy, Inc. (Utilities)     21,252  
   

 

 

 
      3,612,301  

 

 

 
  TOTAL COMMON STOCKS  
  (Cost $9,555,938)   $ 8,703,892  

 

 

 

 

The accompanying notes are an integral part of these financial statements.   43


GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description   Rate  
Value
 
Preferred Stock – 0.1%  
Brazil – 0.1%  
  1,340     Centrais Eletricas Brasileiras SA, Class B (Utilities)    
  (Cost $11,133)   3.86%   $ 10,485  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $9,567,071)     $ 8,714,377  

 

 

 
Shares   Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 1.4%(c)  

Goldman Sachs Financial Square Government Fund – Institutional Shares

 

119,761   5.234%   $ 119,761  
(Cost $119,761)

 

 

 
TOTAL INVESTMENTS – 100.9%

 

(Cost $9,686,832)   $ 8,834,138  

 

 
LIABILITIES IN EXCESS OF  OTHER ASSETS – (0.9)%     (74,394

 

 
NET ASSETS – 100.0%   $ 8,759,744  

 

 

 

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)

  Represents an affiliated issuer.

 

 

Investment Abbreviations:

ADR

 

—American Depositary Receipt

NVDR

 

—Non-Voting Depository Receipt

PLC

 

—Public Limited Company

REIT

 

—Real Estate Investment Trust

 

Sector Name   % of Market
Value
 

 

 

Utilities

    38.0

Industrials

    23.7  

Information Technology

    19.7  

Consumer Discretionary

    9.0  

Materials

    5.7  

Energy

    1.8  

Consumer Staples

    0.5  

Financials

    0.2  

Securities Lending Reinvestment Vehicle

    1.4  

 

 
TOTAL INVESTMENTS     100.0

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – 99.7%  
Communication Services – 4.2%  
  10,374     Activision Blizzard, Inc.   $ 954,304  
  7,433     Alphabet, Inc., Class A*     1,012,152  
  65,436     AT&T, Inc.     967,798  
  2,263     Charter Communications, Inc., Class A*     991,466  
  21,069     Comcast Corp., Class A     985,186  
  7,489     Electronic Arts, Inc.     898,530  
  28,097     Interpublic Group of Cos., Inc. (The)     916,243  
  3,046     Meta Platforms, Inc., Class A*     901,281  
  2,221     Netflix, Inc.*     963,203  
  11,351     Omnicom Group, Inc.     919,545  
  59,916     Paramount Global, Class B     904,132  
  34,497     Pinterest, Inc., Class A*     948,323  
  25,713     ROBLOX Corp., Class A*     727,421  
  86,485     Snap, Inc., Class A*     895,120  
  6,594     Spotify Technology SA*     1,015,278  
  6,474     Take-Two Interactive Software, Inc.*     920,603  
  6,993     T-Mobile US, Inc.*     952,796  
  11,063     Trade Desk, Inc. (The), Class A*     885,372  
  28,440     Verizon Communications, Inc.     994,831  
  10,941     Walt Disney Co. (The)*     915,543  
  75,090     Warner Bros Discovery, Inc.*     986,683  
   

 

 

 
      19,655,810  

 

 

 
Consumer Discretionary – 8.4%  
  6,596     Airbnb, Inc., Class A*     867,704  
  7,464     Amazon.com, Inc.*     1,030,107  
  386     AutoZone, Inc.*     977,093  
  11,727     Best Buy Co., Inc.     896,529  
  330     Booking Holdings, Inc.*     1,024,660  
  5,586     Burlington Stores, Inc.*     906,384  
  490     Chipotle Mexican Grill, Inc.*     944,054  
  5,762     Darden Restaurants, Inc.     896,049  
  1,758     Deckers Outdoor Corp.*     930,140  
  2,380     Domino’s Pizza, Inc.     922,012  
  11,213     DoorDash, Inc., Class A*     943,350  
  7,576     D.R. Horton, Inc.     901,696  
  21,757     eBay, Inc.     974,279  
  9,983     Etsy, Inc.*     734,449  
  8,094     Expedia Group, Inc.*     877,309  
  73,016     Ford Motor Co.     885,684  
  8,786     Garmin Ltd.     931,492  
  25,351     General Motors Co.     849,512  
  6,077     Genuine Parts Co.     934,217  
  6,142     Hilton Worldwide Holdings, Inc.     913,008  
  2,889     Home Depot, Inc. (The)     954,237  
  16,491     Las Vegas Sands Corp.     904,696  
  7,617     Lennar Corp., Class A     907,109  
  17,211     LKQ Corp.     904,094  
  4,124     Lowe’s Cos., Inc.     950,500  
  4,620     Marriott International, Inc., Class A     940,216  
  3,265     McDonald’s Corp.     917,955  
  19,352     MGM Resorts International     851,101  
  8,809     NIKE, Inc., Class B     895,963  
  152     NVR, Inc.*     969,354  

 

 

 
Common Stocks – (continued)  
Consumer Discretionary – (continued)  
  1,029     O’Reilly Automotive, Inc.*   966,951  
  2,505     Pool Corp.     915,828  
  11,424     PulteGroup, Inc.     937,453  
  8,482     Ross Stores, Inc.     1,033,192  
  9,113     Royal Caribbean Cruises Ltd.*     901,640  
  9,169     Starbucks Corp.     893,427  
  48,130     Stellantis NV(a)     892,812  
  3,780     Tesla, Inc.*     975,542  
  11,034     TJX Cos., Inc. (The)     1,020,424  
  4,190     Tractor Supply Co.     915,515  
  2,160     Ulta Beauty, Inc.*     896,465  
  6,951     Yum! Brands, Inc.     899,320  
   

 

 

 
      38,783,522  

 

 

 
Consumer Staples – 6.8%  
  21,219     Altria Group, Inc.     938,304  
  11,126     Archer-Daniels-Midland Co.     882,292  
  13,368     Brown-Forman Corp., Class B     884,026  
  8,311     Bunge Ltd.     950,114  
  9,771     Church & Dwight Co., Inc.     945,540  
  6,183     Clorox Co. (The)     967,330  
  15,241     Coca-Cola Co. (The)     911,869  
  12,245     Colgate-Palmolive Co.     899,640  
  28,767     Conagra Brands, Inc.     859,558  
  3,509     Constellation Brands, Inc., Class A     914,305  
  1,713     Costco Wholesale Corp.     940,917  
  5,609     Dollar General Corp.     776,847  
  6,191     Dollar Tree, Inc.*     757,531  
  5,526     Estee Lauder Cos., Inc. (The), Class A     887,089  
  12,565     General Mills, Inc.     850,148  
  4,050     Hershey Co. (The)     870,183  
  22,859     Hormel Foods Corp.     882,129  
  6,236     J M Smucker Co. (The)     903,908  
  14,146     Kellogg Co.     863,189  
  27,536     Keurig Dr Pepper, Inc.     926,586  
  7,310     Kimberly-Clark Corp.     941,747  
  26,144     Kraft Heinz Co. (The)     865,105  
  19,339     Kroger Co. (The)     897,136  
  9,262     Lamb Weston Holdings, Inc.     902,211  
  10,732     McCormick & Co., Inc.     880,883  
  12,627     Mondelez International, Inc., Class A     899,800  
  16,445     Monster Beverage Corp.*     944,107  
  5,022     PepsiCo, Inc.     893,514  
  9,684     Philip Morris International, Inc.     930,245  
  6,038     Procter & Gamble Co. (The)     931,905  
  12,442     Sysco Corp.     866,585  
  7,104     Target Corp.     899,011  
  17,061     Tyson Foods, Inc., Class A     908,839  
  31,119     Walgreens Boots Alliance, Inc.     787,622  
  5,939     Walmart, Inc.     965,741  
   

 

 

 
      31,325,956  

 

 

 
Energy – 5.4%  
  24,540     APA Corp.     1,075,834  
  26,989     Baker Hughes Co.     976,732  
  5,997     Cheniere Energy, Inc.     978,710  
  5,992     Chevron Corp.     965,311  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Energy – (continued)  
  8,243     ConocoPhillips   $ 981,164  
  35,257     Coterra Energy, Inc.     993,895  
  19,160     Devon Energy Corp.     978,884  
  6,512     Diamondback Energy, Inc.     988,391  
  7,346     EOG Resources, Inc.     944,843  
  23,509     EQT Corp.     1,016,059  
  9,083     Exxon Mobil Corp.     1,009,939  
  24,514     Halliburton Co.     946,731  
  6,424     Hess Corp.     992,508  
  54,873     Kinder Morgan, Inc.     944,913  
  37,391     Marathon Oil Corp.     985,253  
  7,064     Marathon Petroleum Corp.     1,008,527  
  15,633     Occidental Petroleum Corp.     981,596  
  14,551     ONEOK, Inc.     948,725  
  8,655     Phillips 66     988,055  
  4,151     Pioneer Natural Resources Co.     987,648  
  16,740     Schlumberger NV     986,990  
  11,763     Targa Resources Corp.     1,014,559  
  639     Texas Pacific Land Corp.     1,204,355  
  7,480     Valero Energy Corp.     971,652  
  28,281     Williams Cos., Inc. (The)     976,543  
   

 

 

 
      24,847,817  

 

 

 
Financials – 14.2%  
  12,332     Aflac, Inc.     919,597  
  8,732     Allstate Corp. (The)     941,397  
  5,715     American Express Co.     902,913  
  15,447     American International Group, Inc.     903,958  
  2,735     Ameriprise Financial, Inc.     923,281  
  2,951     Aon PLC, Class A     983,834  
  11,768     Apollo Global Management, Inc.     1,027,817  
  12,223     Arch Capital Group Ltd.*     939,460  
  9,423     Ares Management Corp., Class A     974,715  
  4,299     Arthur J Gallagher & Co.     990,834  
  30,609     Bank of America Corp.     877,560  
  21,200     Bank of New York Mellon Corp. (The)     951,244  
  2,701     Berkshire Hathaway, Inc., Class B*     972,900  
  1,324     BlackRock, Inc.     927,515  
  9,204     Blackstone, Inc.     979,029  
  12,726     Block, Inc.*     733,654  
  13,470     Brown & Brown, Inc.     998,127  
  8,439     Capital One Financial Corp.     864,069  
  6,764     Cboe Global Markets, Inc.     1,012,638  
  14,581     Charles Schwab Corp. (The)     862,466  
  4,599     Chubb Ltd.     923,801  
  8,629     Cincinnati Financial Corp.     912,862  
  20,572     Citigroup, Inc.     849,418  
  30,647     Citizens Financial Group, Inc.     862,100  
  4,769     CME Group, Inc.     966,581  
  9,235     Discover Financial Services     831,796  
  2,643     Everest Group Ltd.     953,277  
  2,177     FactSet Research Systems, Inc.     950,065  
  15,790     Fidelity National Information Services, Inc.     882,029  
  33,685     Fifth Third Bancorp     894,337  
  7,600     Fiserv, Inc.*     922,564  

 

 

 
Common Stocks – (continued)  
Financials – (continued)  
  3,880     FleetCor Technologies, Inc.*   1,054,312  
  7,693     Global Payments, Inc.     974,626  
  2,711     Goldman Sachs Group, Inc. (The)(b)     888,422  
  13,080     Hartford Financial Services Group, Inc. (The)     939,406  
  79,017     Huntington Bancshares, Inc.     876,299  
  8,270     Intercontinental Exchange, Inc.     975,777  
  5,542     Jack Henry & Associates, Inc.     868,875  
  6,134     JPMorgan Chase & Co.     897,588  
  80,420     KeyCorp     911,159  
  16,255     KKR & Co., Inc.     1,020,977  
  4,102     LPL Financial Holdings, Inc.     945,880  
  6,838     M&T Bank Corp.     855,092  
  659     Markel Group, Inc.*     974,608  
  3,618     MarketAxess Holdings, Inc.     871,685  
  5,000     Marsh & McLennan Cos., Inc.     974,950  
  2,432     Mastercard, Inc., Class A     1,003,540  
  15,090     MetLife, Inc.     955,801  
  2,757     Moody’s Corp.     928,558  
  10,647     Morgan Stanley     906,592  
  1,760     MSCI, Inc.     956,771  
  19,125     Nasdaq, Inc.     1,003,680  
  11,931     Northern Trust Corp.     907,591  
  13,049     PayPal Holdings, Inc.*     815,693  
  7,084     PNC Financial Services Group, Inc. (The)     855,251  
  12,130     Principal Financial Group, Inc.     942,622  
  7,480     Progressive Corp. (The)     998,356  
  10,040     Prudential Financial, Inc.     950,487  
  8,790     Raymond James Financial, Inc.     919,346  
  47,152     Regions Financial Corp.     864,768  
  2,406     S&P Global, Inc.     940,409  
  13,180     State Street Corp.     905,993  
  28,030     Synchrony Financial     904,808  
  8,021     T. Rowe Price Group, Inc.     900,197  
  5,526     Travelers Cos., Inc. (The)     890,957  
  29,489     Truist Financial Corp.     900,889  
  24,918     US Bancorp     910,255  
  4,000     Visa, Inc., Class A     982,720  
  15,137     W R Berkley Corp.     936,375  
  21,195     Wells Fargo & Co.     875,142  
  4,455     Willis Towers Watson PLC     921,116  
   

 

 

 
      65,743,411  

 

 

 
Health Care – 13.3%  
  8,724     Abbott Laboratories     897,700  
  6,339     AbbVie, Inc.     931,579  
  7,466     Agilent Technologies, Inc.     903,909  
  2,606     Align Technology, Inc.*     964,585  
  5,088     Alnylam Pharmaceuticals, Inc.*     1,006,508  
  4,102     Amgen, Inc.     1,051,507  
  45,463     Avantor, Inc.*     984,274  
  21,599     Baxter International, Inc.     876,919  
  3,423     Becton Dickinson & Co.     956,557  
  3,483     Biogen, Inc.*     931,215  
  10,630     BioMarin Pharmaceutical, Inc.*     971,369  
  11,725     Bio-Techne Corp.     919,240  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Health Care – (continued)  
  18,664     Boston Scientific Corp.*   $ 1,006,736  
  15,303     Bristol-Myers Squibb Co.     943,430  
  10,247     Cardinal Health, Inc.     894,870  
  4,972     Cencora, Inc.     874,973  
  13,960     Centene Corp.*     860,634  
  4,604     Charles River Laboratories International, Inc.*     952,199  
  3,160     Cigna Group (The)     872,982  
  2,450     Cooper Cos., Inc. (The)     906,475  
  12,388     CVS Health Corp.     807,326  
  3,690     Danaher Corp.     977,850  
  7,724     Dexcom, Inc.*     779,970  
  11,715     Edwards Lifesciences Corp.*     895,846  
  2,003     Elevance Health, Inc.     885,346  
  2,078     Eli Lilly & Co.     1,151,628  
  10,892     Exact Sciences Corp.*     911,334  
  12,385     GE HealthCare Technologies, Inc.     872,523  
  12,510     Gilead Sciences, Inc.     956,765  
  3,517     HCA Healthcare, Inc.     975,264  
  12,539     Hologic, Inc.*     937,165  
  9,573     Horizon Therapeutics PLC*     1,079,260  
  1,962     Humana, Inc.     905,718  
  1,855     IDEXX Laboratories, Inc.*     948,666  
  5,013     Illumina, Inc.*     828,248  
  14,426     Incyte Corp.*     930,910  
  3,544     Insulet Corp.*     679,420  
  3,018     Intuitive Surgical, Inc.*     943,668  
  4,327     IQVIA Holdings, Inc.*     963,320  
  5,564     Johnson & Johnson     899,588  
  4,419     Laboratory Corp. of America Holdings     919,594  
  2,310     McKesson Corp.     952,459  
  11,084     Medtronic PLC     903,346  
  8,907     Merck & Co., Inc.     970,685  
  732     Mettler-Toledo International, Inc.*     888,267  
  8,553     Moderna, Inc.*     967,088  
  3,122     Molina Healthcare, Inc.*     968,195  
  26,574     Pfizer, Inc.     940,188  
  7,101     Quest Diagnostics, Inc.     933,781  
  1,288     Regeneron Pharmaceuticals, Inc.*     1,064,519  
  4,259     ResMed, Inc.     679,694  
  7,614     Revvity, Inc.     891,066  
  30,787     Royalty Pharma PLC, Class A     918,068  
  4,935     Seagen, Inc.*     1,016,955  
  4,162     STERIS PLC     955,554  
  3,458     Stryker Corp.     980,516  
  3,862     Teleflex, Inc.     821,602  
  1,719     Thermo Fisher Scientific, Inc.     957,655  
  1,875     UnitedHealth Group, Inc.     893,587  
  4,788     Veeva Systems, Inc., Class A*     999,256  
  2,646     Vertex Pharmaceuticals, Inc.*     921,708  
  91,035     Viatris, Inc.     978,626  
  3,212     Waters Corp.*     901,930  
  2,575     West Pharmaceutical Services, Inc.     1,047,767  
  7,396     Zimmer Biomet Holdings, Inc.     881,012  
  5,193     Zoetis, Inc.     989,318  
   

 

 

 
      61,379,912  

 

 

 
Common Stocks – (continued)  
Industrials – 14.6%  
  8,726     3M Co.   930,803  
  5,947     AMETEK, Inc.     948,606  
  3,843     Automatic Data Processing, Inc.     978,466  
  5,320     Axon Enterprise, Inc.*     1,132,681  
  4,101     Boeing Co. (The)*     918,747  
  7,733     Booz Allen Hamilton Holding Corp.     876,226  
  5,715     Broadridge Financial Solutions, Inc.     1,064,190  
  6,422     Builders FirstSource, Inc.*     931,447  
  3,437     Carlisle Cos., Inc.     904,000  
  16,258     Carrier Global Corp.     934,022  
  3,318     Caterpillar, Inc.     932,789  
  9,718     C.H. Robinson Worldwide, Inc.     878,799  
  1,898     Cintas Corp.     956,915  
  21,480     Copart, Inc.*     962,948  
  28,864     CSX Corp.     871,693  
  3,617     Cummins, Inc.     832,055  
  2,198     Deere & Co.     903,246  
  21,247     Delta Air Lines, Inc.     911,071  
  6,621     Dover Corp.     981,894  
  4,297     Eaton Corp. PLC     989,900  
  9,968     Emerson Electric Co.     979,356  
  4,709     Equifax, Inc.     973,350  
  7,645     Expeditors International of Washington, Inc.     892,248  
  16,383     Fastenal Co.     943,333  
  3,569     FedEx Corp.     931,580  
  12,172     Fortive Corp.     959,762  
  4,217     General Dynamics Corp.     955,741  
  8,423     General Electric Co.     964,097  
  12,053     Graco, Inc.     951,464  
  4,889     Honeywell International, Inc.     918,839  
  19,830     Howmet Aerospace, Inc.     980,990  
  3,038     Hubbell, Inc.     990,540  
  4,299     IDEX Corp.     973,294  
  3,768     Illinois Tool Works, Inc.     932,015  
  14,528     Ingersoll Rand, Inc.     1,011,294  
  7,464     Jacobs Solutions, Inc.     1,006,297  
  4,648     J.B. Hunt Transport Services, Inc.     873,266  
  15,088     Johnson Controls International PLC     891,097  
  5,068     L3Harris Technologies, Inc.     902,560  
  9,638     Leidos Holdings, Inc.     939,801  
  2,109     Lockheed Martin Corp.     945,570  
  15,744     Masco Corp.     929,054  
  4,130     Norfolk Southern Corp.     846,691  
  2,129     Northrop Grumman Corp.     922,049  
  2,328     Old Dominion Freight Line, Inc.     994,917  
  10,632     Otis Worldwide Corp.     909,568  
  11,018     PACCAR, Inc.     906,671  
  2,323     Parker-Hannifin Corp.     968,459  
  7,619     Paychex, Inc.     931,270  
  3,157     Paycom Software, Inc.     930,810  
  4,712     Quanta Services, Inc.     988,908  
  6,240     Republic Services, Inc.     899,371  
  3,120     Rockwell Automation, Inc.     973,690  
  11,005     RTX Corp.     946,870  
  3,467     Snap-on, Inc.     931,236  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Industrials – (continued)  
  28,416     Southwest Airlines Co.   $ 897,946  
  16,792     SS&C Technologies Holdings, Inc.     964,197  
  9,177     Stanley Black & Decker, Inc.     866,125  
  12,285     Textron, Inc.     954,667  
  4,610     Trane Technologies PLC     946,249  
  1,070     TransDigm Group, Inc.*     967,120  
  11,996     TransUnion     974,315  
  20,679     Uber Technologies, Inc.*     976,669  
  4,123     Union Pacific Corp.     909,410  
  18,114     United Airlines Holdings, Inc.*     902,258  
  5,170     United Parcel Service, Inc., Class B     875,798  
  2,017     United Rentals, Inc.     961,181  
  4,133     Verisk Analytics, Inc.     1,001,095  
  5,803     Waste Management, Inc.     909,794  
  8,055     Westinghouse Air Brake Technologies Corp.     906,349  
  1,309     W.W. Grainger, Inc.     934,809  
  8,369     Xylem, Inc.     866,526  
   

 

 

 
      67,651,064  

 

 

 
Information Technology – 15.6%  
  2,984     Accenture PLC, Class A     966,130  
  1,799     Adobe, Inc.*     1,006,253  
  8,735     Advanced Micro Devices, Inc.*     923,464  
  10,265     Akamai Technologies, Inc.*     1,078,749  
  10,752     Amphenol Corp., Class A     950,262  
  4,909     Analog Devices, Inc.     892,358  
  2,920     ANSYS, Inc.*     931,100  
  4,949     Apple, Inc.     929,769  
  6,446     Applied Materials, Inc.     984,691  
  5,309     Arista Networks, Inc.*     1,036,476  
  5,599     Atlassian Corp., Class A*     1,142,532  
  4,652     Autodesk, Inc.*     1,032,465  
  1,062     Broadcom, Inc.     980,109  
  4,178     Cadence Design Systems, Inc.*     1,004,558  
  4,749     CDW Corp.     1,002,751  
  17,956     Cisco Systems, Inc.     1,029,777  
  14,862     Cloudflare, Inc., Class A*     966,476  
  14,540     Cognizant Technology Solutions Corp., Class A     1,041,209  
  28,005     Corning, Inc.     919,124  
  6,180     Crowdstrike Holdings, Inc., Class A*     1,007,525  
  8,954     Datadog, Inc., Class A*     863,882  
  6,737     Enphase Energy, Inc.*     852,433  
  9,175     Entegris, Inc.     929,152  
  4,065     EPAM Systems, Inc.*     1,052,794  
  1,170     Fair Isaac Corp.*     1,058,370  
  4,956     First Solar, Inc.*     937,279  
  12,779     Fortinet, Inc.*     769,424  
  2,804     Gartner, Inc.*     980,503  
  50,532     Gen Digital, Inc.     1,023,273  
  12,679     GoDaddy, Inc., Class A*     919,354  
  54,715     Hewlett Packard Enterprise Co.     929,608  
  29,093     HP, Inc.     864,353  
  1,732     HubSpot, Inc.*     946,573  
  27,536     Intel Corp.     967,615  

 

 

 
Common Stocks – (continued)  
Information Technology – (continued)  
  6,608     International Business Machines Corp.   970,253  
  1,918     Intuit, Inc.     1,039,191  
  5,909     Keysight Technologies, Inc.*     787,670  
  1,908     KLA Corp.     957,568  
  1,386     Lam Research Corp.     973,526  
  10,468     Lattice Semiconductor Corp.*     1,018,118  
  15,467     Marvell Technology, Inc.     900,953  
  10,489     Microchip Technology, Inc.     858,420  
  13,989     Micron Technology, Inc.     978,391  
  2,905     Microsoft Corp.     952,143  
  2,388     MongoDB, Inc.*     910,544  
  1,793     Monolithic Power Systems, Inc.     934,529  
  3,295     Motorola Solutions, Inc.     934,363  
  12,022     NetApp, Inc.     922,087  
  2,176     NVIDIA Corp.     1,073,965  
  9,160     ON Semiconductor Corp.*     901,894  
  8,304     Oracle Corp.     999,718  
  51,350     Palantir Technologies, Inc., Class A*     769,223  
  4,029     Palo Alto Networks, Inc.*     980,256  
  6,668     PTC, Inc.*     981,329  
  7,298     QUALCOMM, Inc.     835,840  
  1,937     Roper Technologies, Inc.     966,679  
  4,335     Salesforce, Inc.*     960,029  
  14,643     Seagate Technology Holdings PLC     1,036,578  
  1,681     ServiceNow, Inc.*     989,823  
  8,510     Skyworks Solutions, Inc.     925,377  
  5,725     Snowflake, Inc., Class A*     897,966  
  9,272     Splunk, Inc.*     1,124,323  
  2,158     Synopsys, Inc.*     990,285  
  2,441     Teledyne Technologies, Inc.*     1,021,070  
  8,843     Teradyne, Inc.     953,894  
  5,510     Texas Instruments, Inc.     926,011  
  17,825     Trimble, Inc.*     976,632  
  15,534     Twilio, Inc., Class A*     989,671  
  2,442     Tyler Technologies, Inc.*     972,966  
  4,585     VeriSign, Inc.*     952,717  
  6,033     VMware, Inc., Class A*     1,018,250  
  22,318     Western Digital Corp.*     1,004,310  
  4,168     Workday, Inc., Class A*     1,019,076  
  3,985     Zebra Technologies Corp., Class A*     1,095,915  
  13,556     Zoom Video Communications, Inc., Class A*     962,883  
   

 

 

 
      72,384,827  

 

 

 
Materials – 5.4%  
  3,157     Air Products and Chemicals, Inc.     932,862  
  4,678     Albemarle Corp.     929,565  
  5,111     Avery Dennison Corp.     962,810  
  16,565     Ball Corp.     901,964  
  7,651     Celanese Corp.     966,780  
  11,672     CF Industries Holdings, Inc.     899,561  
  16,911     Corteva, Inc.     854,175  
  17,271     Dow, Inc.     942,306  
  12,441     DuPont de Nemours, Inc.     956,589  
  5,106     Ecolab, Inc.     938,534  
  10,100     FMC Corp.     870,923  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

 

 

Shares     Description  
Value
 
Common Stocks – (continued)  
Materials – (continued)  
  22,444     Freeport-McMoRan, Inc.   $ 895,740  
  11,453     International Flavors & Fragrances, Inc.     806,864  
  25,769     International Paper Co.     899,853  
  2,470     Linde PLC     955,989  
  9,820     LyondellBasell Industries NV, Class A     969,921  
  2,111     Martin Marietta Materials, Inc.     942,372  
  22,968     Mosaic Co. (The)     892,307  
  23,239     Newmont Corp.     916,081  
  5,606     Nucor Corp.     964,793  
  6,104     Packaging Corp. of America     910,106  
  6,685     PPG Industries, Inc.     947,666  
  3,305     Reliance Steel & Aluminum Co.     941,793  
  9,160     RPM International, Inc.     913,618  
  3,414     Sherwin-Williams Co. (The)     927,652  
  8,970     Steel Dynamics, Inc.     956,112  
  4,251     Vulcan Materials Co.     927,781  
   

 

 

 
      24,924,717  

 

 

 
Real Estate – 6.4%  
  7,803     Alexandria Real Estate Equities, Inc. REIT     907,801  
  5,023     American Tower Corp. REIT     910,770  
  5,110     AvalonBay Communities, Inc. REIT     939,320  
  8,842     Camden Property Trust REIT     951,576  
  11,390     CBRE Group, Inc., Class A*     968,720  
  11,566     CoStar Group, Inc.*     948,296  
  8,898     Crown Castle, Inc. REIT     894,249  
  7,659     Digital Realty Trust, Inc. REIT     1,008,844  
  1,177     Equinix, Inc. REIT     919,684  
  13,425     Equity LifeStyle Properties, Inc. REIT     898,938  
  14,484     Equity Residential REIT     938,998  
  3,889     Essex Property Trust, Inc. REIT     927,099  
  6,924     Extra Space Storage, Inc. REIT     890,980  
  19,914     Gaming and Leisure Properties, Inc. REIT     943,924  
  44,053     Healthpeak Properties, Inc. REIT     906,611  
  52,367     Host Hotels & Resorts, Inc. REIT     826,875  
  26,944     Invitation Homes, Inc. REIT     918,521  
  15,476     Iron Mountain, Inc. REIT     983,345  
  47,316     Kimco Realty Corp. REIT     896,165  
  6,466     Mid-America Apartment Communities, Inc. REIT     939,057  
  7,694     Prologis, Inc. REIT     955,595  
  3,414     Public Storage REIT     943,561  
  15,710     Realty Income Corp. REIT     880,388  
  4,194     SBA Communications Corp. REIT     941,679  
  7,676     Simon Property Group, Inc. REIT     871,149  
  7,338     Sun Communities, Inc. REIT     898,318  
  23,457     UDR, Inc. REIT     935,934  
  19,664     Ventas, Inc. REIT     858,924  
  30,287     VICI Properties, Inc. REIT     934,051  
  11,326     Welltower, Inc. REIT     938,699  
  28,483     Weyerhaeuser Co. REIT     932,818  
  14,187     W.P. Carey, Inc. REIT     922,864  
   

 

 

 
      29,533,753  

 

 

 
Common Stocks – (continued)  
Utilities – 5.4%  
  45,225     AES Corp. (The)   810,884  
  17,762     Alliant Energy Corp.     891,120  
  11,201     Ameren Corp.     887,903  
  11,234     American Electric Power Co., Inc.     880,746  
  6,524     American Water Works Co., Inc.     905,140  
  7,764     Atmos Energy Corp.     900,236  
  32,192     CenterPoint Energy, Inc.     897,835  
  15,710     CMS Energy Corp.     882,745  
  10,127     Consolidated Edison, Inc.     900,898  
  9,978     Constellation Energy Corp.     1,039,309  
  18,014     Dominion Energy, Inc.     874,400  
  8,389     DTE Energy Co.     867,255  
  10,235     Duke Energy Corp.     908,868  
  13,242     Edison International     911,712  
  9,333     Entergy Corp.     888,968  
  15,893     Evergy, Inc.     873,638  
  13,503     Eversource Energy     861,761  
  22,898     Exelon Corp.     918,668  
  24,610     FirstEnergy Corp.     887,683  
  13,168     NextEra Energy, Inc.     879,622  
  34,046     NiSource, Inc.     911,071  
  54,371     PG&E Corp.*     886,247  
  34,743     PPL Corp.     865,796  
  15,106     Public Service Enterprise Group, Inc.     922,674  
  12,884     Sempra     904,714  
  13,292     Southern Co. (The)     900,267  
  10,565     WEC Energy Group, Inc.     888,728  
  15,072     Xcel Energy, Inc.     861,063  
   

 

 

 
      25,009,951  

 

 

 
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
 
 
  (Cost $431,298,489)   $ 461,240,740  

 

 

 
Shares     Dividend
Rate
  Value  
Securities Lending Reinvestment Vehicle – 0.1%(b)  
 

Goldman Sachs Financial Square Government Fund –
Institutional Shares

 
 
  542,850     5.234%   $ 542,850  
(Cost $542,850)  

 

 

 
  TOTAL INVESTMENTS – 99.8%  
  (Cost $431,841,339)   $ 461,783,590  

 

 

 
 

OTHER ASSETS IN EXCESS OF

 LIABILITIES – 0.2%

    750,500  

 

 

 
  NET ASSETS – 100.0%   $ 462,534,090  

 

 

 

 

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


GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

 

Schedule of Investments (continued)

August 31, 2023

 

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

 

 

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


GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

 

Schedule of Investments

August 31, 2023

 

Shares     Description  

Value

 
Common Stocks – 99.9%  
Communication Services – 9.9%  
  30,669     Activision Blizzard, Inc.   $ 2,821,241  
  21,202     Alphabet, Inc., Class A*     2,887,077  
  6,517     Charter Communications, Inc., Class A*     2,855,228  
  32,274     GCI Liberty Inc., Class A*(a)      
  9,094     Meta Platforms, Inc., Class A*     2,690,824  
  6,509     Netflix, Inc.*     2,822,823  
   

 

 

 
      14,077,193  

 

 

 
Consumer Discretionary – 9.8%  
  29,793     Alibaba Group Holding Ltd. ADR (China)*     2,767,770  
  19,808     Amazon.com, Inc.*     2,733,702  
  861     Booking Holdings, Inc.*     2,673,431  
  50,802     Caesars Entertainment, Inc.*     2,807,318  
  2,148     MercadoLibre, Inc. (Brazil)*     2,947,829  
   

 

 

 
      13,930,050  

 

 

 
Consumer Staples – 2.0%  
  127,963     Albertsons Cos., Inc., Class A     2,866,371  

 

 

 
Energy – 8.1%  
  33,019     Chesapeake Energy Corp.     2,912,606  
  218,905     Energy Transfer LP     2,948,650  
  64,906     EQT Corp.     2,805,237  
  37,330     Valaris Ltd.*     2,811,696  
   

 

 

 
      11,478,189  

 

 

 
Financials – 19.4%  
  33,974     Apollo Global Management, Inc.     2,967,289  
  7,767     Berkshire Hathaway, Inc., Class B*     2,797,673  
  63,140     Citigroup, Inc.     2,607,051  
  1,906     First Citizens BancShares, Inc., Class A     2,592,922  
  22,371     Fiserv, Inc.*     2,715,616  
  17,991     JPMorgan Chase & Co.     2,632,623  
  6,986     Mastercard, Inc., Class A     2,882,703  
  44,009     PayPal Holdings, Inc.*     2,751,003  
  7,164     S&P Global, Inc.     2,800,121  
  11,463     Visa, Inc., Class A     2,816,230  
   

 

 

 
      27,563,231  

 

 

 
Health Care – 13.9%  
  5,492     Argenx SE ADR (Netherlands)*     2,759,675  
  9,607     Cigna Group (The)     2,654,030  
  5,176     Eli Lilly & Co.     2,868,539  
  26,771     Horizon Therapeutics PLC*     3,018,163  
  5,600     Humana, Inc.     2,585,128  
  14,331     Seagen, Inc.*     2,953,189  
  38,034     Tenet Healthcare Corp.*     2,949,917  
   

 

 

 
      19,788,641  

 

 

 
Industrials – 8.2%  
  11,763     Boeing Co. (The)*     2,635,265  
  3,219     TransDigm Group, Inc.*     2,909,493  
  62,084     Uber Technologies, Inc.*     2,932,227  
  80,523     Vertiv Holdings Co.     3,171,801  
   

 

 

 
      11,648,786  

 

 

 
Common Stocks – (continued)  
Information Technology – 26.6%  
  24,866     Advanced Micro Devices, Inc.*   2,628,834  
  15,516     Apple, Inc.     2,914,991  
  37,226     Black Knight, Inc.*     2,820,242  
  3,260     Broadcom, Inc.     3,008,621  
  39,223     GoDaddy, Inc., Class A*     2,844,060  
  8,593     Microsoft Corp.     2,816,442  
  47,019     National Instruments Corp.     2,802,332  
  6,364     NVIDIA Corp.     3,140,952  
  12,695     Palo Alto Networks, Inc.*     3,088,694  
  13,131     Salesforce, Inc.*     2,907,991  
  29,918     Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)     2,799,427  
  17,798     VMware, Inc., Class A*     3,003,946  
  12,207     Workday, Inc., Class A*     2,984,612  
   

 

 

 
      37,761,144  

 

 

 
Utilities – 2.0%  
  91,836     Vistra Corp.     2,885,487  

 

 

 
  TOTAL INVESTMENTS – 99.9%  
  (Cost $121,238,082)   $ 141,999,092  

 

 

 
 

OTHER ASSETS IN EXCESS OF

 LIABILITIES – 0.1%

    164,431  

 

 

 
  NET ASSETS – 100.0%   $ 142,163,523  

 

 

 

 

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)

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

 

 

Investment Abbreviations:

ADR

 

—American Depositary Receipt

LP

 

—Limited Partnership

PLC

 

—Public Limited Company

 

 

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


GOLDMAN SACHS INNOVATE EQUITY ETF

 

Schedule of Investments

August 31, 2023

 


Shares
    Description   Value  
Common Stocks – 99.6%  
Communication Services – 11.6%      
  10,578     Activision Blizzard, Inc.   $ 973,070  
  3,674     AfreecaTV Co. Ltd. (South Korea)     227,097  
  53,069     Alphabet, Inc., Class A*     7,226,406  
  7,335     Atlanta Braves Holdings, Inc., Class C*     270,221  
  14,238     Baidu, Inc. ADR (China)*     2,033,613  
  19,161     Bilibili, Inc. ADR (China)*(a)     289,906  
  19,046     Bumble, Inc., Class A*     319,592  
  35,063     Comcast Corp., Class A     1,639,546  
  7,050     CTS Eventim AG & Co. KGaA (Germany)     439,974  
  7,504     Electronic Arts, Inc.     900,330  
  35,660     Gree, Inc. (Japan)     151,864  
  28,387     Hello Group, Inc. ADR (China)     244,980  
  8,981     IDT Corp., Class B*     209,976  
  14,202     IMAX Corp.*     271,684  
  6,842     Infocom Corp. (Japan)     133,376  
  5,557     Iridium Communications, Inc.     272,015  
  10,970     JOYY, Inc. ADR (China)     376,490  
  101,188     Kuaishou Technology (China)*(b)     828,421  
  8,906     Liberty Media Corp.-Liberty Formula One, Class A*     540,149  
  26,227     Liberty Media Corp.-Liberty SiriusXM, Class A*     630,235  
  7,774     Live Nation Entertainment, Inc.*     657,136  
  8,285     Madison Square Garden Entertainment Corp.*     265,866  
  1,384     Madison Square Garden Sports Corp.     246,352  
  11,465     Match Group, Inc.*     537,364  
  16,675     Meta Platforms, Inc., Class A*     4,933,966  
  11,752     MIXI, Inc. (Japan)     196,237  
  11,793     NetEase, Inc. ADR (China)     1,220,340  
  3,450     Netflix, Inc.*     1,496,196  
  27,636     Pinterest, Inc., Class A*     759,714  
  38,579     Playtika Holding Corp.*     376,531  
  75,166     Rightmove PLC (United Kingdom)