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) |
Goldman Sachs Equity ETFs
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BLOOMBERG CLEAN ENERGY EQUITY ETF (GCLN) |
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EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF (GSEW) |
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HEDGE INDUSTRY VIP ETF (GVIP) |
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INNOVATE EQUITY ETF (GINN) |
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JUST U.S. LARGE CAP EQUITY ETF (JUST) |
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NORTH AMERICA PIPELINES & POWER EQUITY ETF (GPOW) |
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DEFENSIVE EQUITY ETF (GDEF) |
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12 | ||||
41 | ||||
68 | ||||
77 | ||||
77 | ||||
78 | ||||
79 | ||||
80 | ||||
81 | ||||
82 | ||||
83 | ||||
84 | ||||
104 | ||||
107 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
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:
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60% of the Index weight is in securities classified as A1 (Main Driver of Decarbonization). |
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30% of the Index weight is in securities classified as A2 (Considerable Driver of Decarbonization). |
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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:
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The company’s primary listing must be on a regulated stock exchange approved by the Index Provider; |
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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; |
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The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and |
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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
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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.
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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.
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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).
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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/.
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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.
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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.
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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
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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.
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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.
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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.
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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.
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.
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.
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.
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 |
Russell |
|||||||||||
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.
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 |
||||||||
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 Infrastructure 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.
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
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 – |
| ||||||
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) | 533,381 | ||||||
19,286 | Rumble, Inc.*(a) | 161,424 | ||||||
7,163 | Scout24 SE (Germany)(b) | 494,605 | ||||||
30,776 | Sea Ltd. ADR (Singapore)* | 1,158,101 | ||||||
51,236 | Snap, Inc., Class A* | 530,292 | ||||||
4,695 | Spotify Technology SA* | 722,889 | ||||||
3,525 | Take-Two Interactive Software, Inc.* | 501,255 | ||||||
33,437 | TELUS Corp. (Canada) | 586,467 | ||||||
46,219 | Tencent Holdings Ltd. (China) | 1,915,539 | ||||||
80,830 | Tencent Music Entertainment Group ADR (China)* | 551,261 | ||||||
9,157 | Ubisoft Entertainment SA (France)* | 277,882 | ||||||
22,119 | Vivid Seats, Inc., Class A* | 160,584 | ||||||
18,997 | Walt Disney Co. (The)* | 1,589,669 | ||||||
23,400 | Weibo Corp. ADR (China) | 301,860 | ||||||
4,696 | World Wrestling Entertainment, Inc., Class A | 453,399 | ||||||
4,422 | Ziff Davis, Inc.* | 294,726 | ||||||
|
|
|||||||
38,901,981 | ||||||||
|
|
|||||||
Consumer Discretionary – 14.7% | ||||||||
6,036 | Academy Sports & Outdoors, Inc. | 329,384 | ||||||
2,945 | adidas AG (Germany) | 589,472 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
6,583 | Airbnb, Inc., Class A* | 865,994 | ||||||
39,193 | Alibaba Group Holding Ltd. ADR (China)* | 3,641,030 | ||||||
48,711 | Amazon.com, Inc.* | 6,722,605 | ||||||
57,078 | ANTA Sports Products Ltd. (China) | 643,076 | ||||||
9,314 | Aptiv PLC* | 944,905 | ||||||
19,276 | Atour Lifestyle Holdings Ltd. ADR (China)*(a) | 374,340 | ||||||
28,659 | Bandai Namco Holdings, Inc. (Japan) | 665,760 | ||||||
24,135 | Chegg, Inc.* | 246,418 | ||||||
11,471 | Chewy, Inc., Class A* | 275,075 | ||||||
3,562 | Columbia Sportswear Co. | 261,237 | ||||||
8,232 | Continental AG (Germany) | 613,092 | ||||||
15,794 | Coursera, Inc.* | 274,658 | ||||||
2,658 | Dick’s Sporting Goods, Inc. | 309,232 | ||||||
2,440 | Duolingo, Inc.* | 359,070 | ||||||
94,090 | East Buy Holding Ltd. (China)*(a)(b) | 476,944 | ||||||
15,252 | eBay, Inc. | 682,985 | ||||||
7,343 | Etsy, Inc.* | 540,224 | ||||||
21,152 | Everi Holdings, Inc.* | 305,858 | ||||||
39,085 | EVgo, Inc.* | 157,122 | ||||||
41,122 | Fisker, Inc.*(a) | 241,386 | ||||||
93,764 | Ford Motor Co. | 1,137,357 | ||||||
24,714 | GameStop Corp., Class A* | 458,445 | ||||||
32,428 | General Motors Co. | 1,086,662 | ||||||
580 | Graham Holdings Co., Class B | 340,071 | ||||||
6,669 | Hyundai Motor Co. (South Korea) | 954,120 | ||||||
5,606 | iRobot Corp.* | 218,017 | ||||||
256,845 | JD Sports Fashion PLC (United Kingdom) | 472,733 | ||||||
21,918 | JD.com, Inc. ADR (China) | 727,897 | ||||||
17,041 | Just Eat Takeaway.com NV (United Kingdom)*(b) | 240,478 | ||||||
12,490 | Kia Corp. (South Korea) | 757,857 | ||||||
13,235 | Las Vegas Sands Corp. | 726,072 | ||||||
16,432 | Li Auto, Inc. ADR (China)* | 684,393 | ||||||
89,749 | Li Ning Co. Ltd. (China) | 424,038 | ||||||
104,053 | Lucid Group, Inc.*(a) | 653,453 | ||||||
2,862 | Lululemon Athletica, Inc.* | 1,091,166 | ||||||
51,176 | Meituan, Class B (China)*(b) | 838,603 | ||||||
1,811 | MercadoLibre, Inc. (Brazil)* | 2,485,344 | ||||||
14,503 | MGM Resorts International | 637,842 | ||||||
10,537 | New Oriental Education & Technology Group, Inc. ADR (China)* | 571,527 | ||||||
381,623 | Nexteer Automotive Group Ltd. (China) | 245,761 | ||||||
11,005 | NIKE, Inc., Class B | 1,119,319 | ||||||
62,095 | NIO, Inc. ADR (China)* | 637,716 | ||||||
10,000 | Overstock.com, Inc.* | 261,100 | ||||||
11,909 | PDD Holdings, Inc. ADR (China)* | 1,178,634 | ||||||
30,765 | Pearson PLC (United Kingdom) | 327,075 | ||||||
41,527 | Peloton Interactive, Inc., Class A* | 264,942 | ||||||
10,099 | Penn Entertainment, Inc.* | 239,245 | ||||||
4,756 | Planet Fitness, Inc., Class A* | 289,165 | ||||||
13,346 | Playtech PLC (United Kingdom)* | 88,785 | ||||||
68,073 | Polestar Automotive Holding UK PLC, Class A ADR (Hong Kong)*(a) | 226,683 | ||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
252,097 | Rakuten Group, Inc. (Japan) | $ | 984,076 | |||||
33,183 | Rivian Automotive, Inc., Class A* | 754,250 | ||||||
43,590 | Sabre Corp.* | 217,950 | ||||||
58,633 | Sharp Corp. (Japan)*(a) | 361,218 | ||||||
5,913 | Skechers USA, Inc., Class A* | 297,483 | ||||||
6,672 | Stride, Inc.* | 283,493 | ||||||
39,459 | TAL Education Group ADR (China)* | 278,186 | ||||||
13,025 | Tesla, Inc.* | 3,361,492 | ||||||
94,310 | Toyota Motor Corp. (Japan) | 1,629,218 | ||||||
26,544 | Udemy, Inc.* | 274,996 | ||||||
4,122 | Wayfair, Inc., Class A* | 284,871 | ||||||
35,715 | XPeng, Inc. ADR (China)*(a) | 635,370 | ||||||
9,767 | Xponential Fitness, Inc., Class A* | 211,553 | ||||||
19,087 | Yamaha Motor Co. Ltd. (Japan) | 495,448 | ||||||
12,546 | Zalando SE (Germany)*(b) | 391,211 | ||||||
|
|
|||||||
49,365,182 | ||||||||
|
|
|||||||
Consumer Staples – 0.8% | ||||||||
854,784 | Alibaba Health Information Technology Ltd. (China)* | 504,690 | ||||||
15,766 | Beyond Meat, Inc.* | 186,039 | ||||||
16,958 | Curexo, Inc. (South Korea)* | 298,296 | ||||||
10,913 | Walmart, Inc. | 1,774,563 | ||||||
|
|
|||||||
2,763,588 | ||||||||
|
|
|||||||
Energy – 1.0% | ||||||||
452,806 | China Suntien Green Energy Corp. Ltd., Class H (China) | 159,371 | ||||||
29,577 | Enbridge, Inc. (Canada) | 1,037,091 | ||||||
5,969 | HD Hyundai Co. Ltd. (South Korea) | 266,895 | ||||||
20,031 | Oceaneering International, Inc.* | 456,506 | ||||||
22,878 | TotalEnergies SE (France) | 1,441,916 | ||||||
|
|
|||||||
3,361,779 | ||||||||
|
|
|||||||
Financials – 14.4% | ||||||||
33,222 | 3i Group PLC (United Kingdom) | 839,209 | ||||||
555 | Adyen NV (Netherlands)*(b) | 465,330 | ||||||
27,278 | Affirm Holdings, Inc.* | 567,655 | ||||||
51,058 | Allfunds Group PLC (United Kingdom) | 303,125 | ||||||
2,796 | Ameriprise Financial, Inc. | 943,874 | ||||||
14,194 | Apollo Global Management, Inc. | 1,239,704 | ||||||
36,399 | AvidXchange Holdings, Inc.* | 374,182 | ||||||
2,278 | BlackRock, Inc. | 1,595,830 | ||||||
13,785 | Blackstone, Inc. | 1,466,310 | ||||||
27,967 | Block, Inc.* | 1,612,298 | ||||||
41,710 | Blue Owl Capital Corp.(a) | 580,603 | ||||||
14,666 | Carlyle Group, Inc. (The) | 474,445 | ||||||
18,749 | Charles Schwab Corp. (The) | 1,109,003 | ||||||
32,131 | CI Financial Corp. (Canada) | 411,805 | ||||||
3,841 | CME Group, Inc. | 778,494 | ||||||
10,749 | Coinbase Global, Inc., Class A*(a) | 855,620 | ||||||
31,509 | Corebridge Financial, Inc. | 561,806 | ||||||
7,263 | Discover Financial Services | 654,178 | ||||||
5,636 | DWS Group GmbH & Co. KGaA (Germany)(b) | 194,522 | ||||||
5,953 | Eurazeo SE (France) | 351,806 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
5,501 | Euronet Worldwide, Inc.* | 480,567 | ||||||
3,077 | Evercore, Inc., Class A | 430,934 | ||||||
18,121 | Fidelity National Information Services, Inc. | 1,012,239 | ||||||
2,414 | FleetCor Technologies, Inc.* | 655,956 | ||||||
7,308 | Global Payments, Inc. | 925,851 | ||||||
4,593 | GMO Payment Gateway, Inc. (Japan) | 291,130 | ||||||
5,166 | Goldman Sachs Group, Inc. (The)(c) | 1,692,950 | ||||||
3,788 | Hamilton Lane, Inc., Class A | 351,489 | ||||||
33,115 | Hargreaves Lansdown PLC (United Kingdom) | 319,412 | ||||||
8,428 | Interactive Brokers Group, Inc., Class A | 767,622 | ||||||
3,758 | Jack Henry & Associates, Inc. | 589,179 | ||||||
1,321 | Kaspi.KZ JSC GDR (Kazakhstan) | 134,478 | ||||||
21,402 | KKR & Co., Inc. | 1,344,260 | ||||||
10,124 | Lazard Ltd., Class A | 351,708 | ||||||
8,041 | London Stock Exchange Group PLC (United Kingdom) | 833,270 | ||||||
69,915 | Marqeta, Inc., Class A* | 429,977 | ||||||
6,414 | Mastercard, Inc., Class A | 2,646,673 | ||||||
13,196 | Morgan Stanley | 1,123,639 | ||||||
2,271 | Morningstar, Inc. | 528,394 | ||||||
2,119 | MSCI, Inc. | 1,151,931 | ||||||
8,505 | Northern Trust Corp. | 646,975 | ||||||
139,154 | NU Holdings Ltd., Class A (Brazil)* | 953,205 | ||||||
13,048 | Nuvei Corp. (Canada)(b) | 235,220 | ||||||
12,481 | P10, Inc., Class A | 150,396 | ||||||
28,627 | Pagseguro Digital Ltd., Class A (Brazil)* | 257,070 | ||||||
58,764 | Payoneer Global, Inc.* | 363,749 | ||||||
23,796 | PayPal Holdings, Inc.* | 1,487,488 | ||||||
38,902 | Paysafe Ltd.* | 509,616 | ||||||
16,318 | Plus500 Ltd. (Israel) | 295,273 | ||||||
29,985 | Repay Holdings Corp.* | 276,462 | ||||||
55,301 | Robinhood Markets, Inc., Class A* | 602,228 | ||||||
23,648 | Rocket Cos., Inc., Class A*(a) | 252,561 | ||||||
3,269 | S&P Global, Inc. | 1,277,721 | ||||||
8,689 | Shift4 Payments, Inc., Class A* | 493,448 | ||||||
75,836 | SoFi Technologies, Inc.* | 656,740 | ||||||
7,779 | State Street Corp. | 534,728 | ||||||
6,607 | Stifel Financial Corp. | 429,587 | ||||||
30,704 | StoneCo Ltd., Class A (Brazil)* | 376,431 | ||||||
50,376 | TP ICAP Group PLC (United Kingdom) | 105,454 | ||||||
10,435 | TPG, Inc. | 293,432 | ||||||
8,076 | Tradeweb Markets, Inc., Class A | 698,009 | ||||||
56,940 | UBS Group AG (Switzerland) | 1,514,962 | ||||||
50,068 | Up Fintech Holding Ltd. ADR (China)* | 245,834 | ||||||
4,877 | Upstart Holdings, Inc.*(a) | 156,893 | ||||||
12,397 | Virtu Financial, Inc., Class A | 232,320 | ||||||
10,962 | Visa, Inc., Class A | 2,693,144 | ||||||
76,670 | Waterdrop, Inc. ADR (China)*(a) | 123,439 | ||||||
3,229 | WEX, Inc.* | 633,465 | ||||||
54,372 | WisdomTree, Inc. | 396,916 | ||||||
|
|
|||||||
48,334,224 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – 21.7% | ||||||||
8,070 | 10X Genomics, Inc., Class A* | $ | 418,430 | |||||
416,565 | 3SBio, Inc. (China)*(b) | 348,477 | ||||||
19,759 | Abbott Laboratories | 2,033,201 | ||||||
15,439 | AbbVie, Inc. | 2,268,915 | ||||||
27,395 | AdaptHealth Corp.* | 326,822 | ||||||
35,899 | Adaptive Biotechnologies Corp.* | 243,036 | ||||||
7,756 | Agilent Technologies, Inc. | 939,019 | ||||||
6,001 | Amgen, Inc. | 1,538,296 | ||||||
14,738 | AstraZeneca PLC (United Kingdom) | 1,991,157 | ||||||
16,365 | Baxter International, Inc. | 664,419 | ||||||
10,239 | Beam Therapeutics, Inc.* | 237,340 | ||||||
2,724 | Biogen, Inc.* | 728,289 | ||||||
9,318 | BioNTech SE ADR (Germany)* | 1,126,826 | ||||||
7,626 | Bio-Techne Corp. | 597,878 | ||||||
15,418 | Boston Scientific Corp.* | 831,647 | ||||||
26,192 | Bristol-Myers Squibb Co. | 1,614,737 | ||||||
36,017 | Caribou Biosciences, Inc.* | 212,140 | ||||||
9,108 | Celltrion Healthcare Co. Ltd. (South Korea) | 445,839 | ||||||
26,485 | Chugai Pharmaceutical Co. Ltd. (Japan) | 810,823 | ||||||
2,372 | CompuGroup Medical SE & Co KgaA (Germany) | 111,371 | ||||||
11,378 | CRISPR Therapeutics AG (Switzerland)* | 569,014 | ||||||
4,312 | Danaher Corp. | 1,142,680 | ||||||
10,853 | Dexcom, Inc.* | 1,095,936 | ||||||
26,402 | DocGo, Inc.* | 236,298 | ||||||
30,223 | Editas Medicine, Inc.* | 269,287 | ||||||
10,758 | Edwards Lifesciences Corp.* | 822,664 | ||||||
5,476 | Eli Lilly & Co. | 3,034,799 | ||||||
9,871 | Exact Sciences Corp.* | 825,907 | ||||||
20,886 | Exelixis, Inc.* | 467,638 | ||||||
29,068 | Exscientia PLC ADR (United Kingdom)*(a) | 174,989 | ||||||
9,431 | Fulgent Genetics, Inc.* | 308,960 | ||||||
7,522 | Galapagos NV (Belgium)* | 285,740 | ||||||
14,189 | GE HealthCare Technologies, Inc. | 999,615 | ||||||
3,925 | Genelux Corp.* | 94,906 | ||||||
20,161 | Gilead Sciences, Inc. | 1,541,913 | ||||||
6,474 | Globus Medical, Inc., Class A* | 350,243 | ||||||
15,367 | Guardant Health, Inc.* | 600,542 | ||||||
95,294 | HUTCHMED China Ltd. (China)* | 292,866 | ||||||
52,669 | Hygeia Healthcare Holdings Co. Ltd. (China)(b) | 266,309 | ||||||
17,455 | Ideaya Biosciences, Inc.* | 512,479 | ||||||
5,115 | Illumina, Inc.* | 845,100 | ||||||
4,784 | Immunocore Holdings PLC ADR (United Kingdom)* | 269,196 | ||||||
3,089 | Insulet Corp.* | 592,192 | ||||||
10,882 | Intellia Therapeutics, Inc.* | 407,857 | ||||||
5,016 | Intuitive Surgical, Inc.* | 1,568,403 | ||||||
2,923 | iRhythm Technologies, Inc.* | 302,151 | ||||||
9,439 | i-SENS, Inc. (South Korea) | 237,448 | ||||||
16,143 | Johnson & Johnson | 2,610,000 | ||||||
49,158 | Keymed Biosciences, Inc. (China)*(b) | 334,438 | ||||||
35,824 | Koninklijke Philips NV (Netherlands)* | 808,737 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
26,648 | M3, Inc. (Japan) | 531,459 | ||||||
31,919 | Maravai LifeSciences Holdings, Inc., Class A* | 330,042 | ||||||
5,071 | Masimo Corp.* | 579,514 | ||||||
21,222 | Medtronic PLC | 1,729,593 | ||||||
19,809 | Merck & Co., Inc. | 2,158,785 | ||||||
8,004 | Mezzion Pharma Co. Ltd. (South Korea)* | 299,753 | ||||||
11,216 | Moderna, Inc.* | 1,268,193 | ||||||
14,719 | Myriad Genetics, Inc.* | 262,734 | ||||||
14,054 | NextGen Healthcare, Inc.* | 255,923 | ||||||
15,841 | Novartis AG (Switzerland) | 1,601,766 | ||||||
12,871 | Novo Nordisk A/S ADR (Denmark) | 2,389,115 | ||||||
24,884 | Ono Pharmaceutical Co. Ltd. (Japan) | 472,007 | ||||||
33,317 | Pacific Biosciences of California, Inc.* | 375,816 | ||||||
14,168 | Pediatrix Medical Group, Inc.* | 200,194 | ||||||
60,021 | Pfizer, Inc. | 2,123,543 | ||||||
12,498 | PHC Holdings Corp. (Japan) | 122,503 | ||||||
10,387 | PROCEPT BioRobotics Corp.* | 354,301 | ||||||
15,904 | Pulmonx Corp.* | 166,356 | ||||||
10,971 | QIAGEN NV* | 499,071 | ||||||
1,543 | Regeneron Pharmaceuticals, Inc.* | 1,275,274 | ||||||
10,156 | REGENXBIO, Inc.* | 179,761 | ||||||
27,655 | ResMed, Inc. CDI | 456,545 | ||||||
9,966 | REVOLUTION Medicines, Inc.* | 338,545 | ||||||
7,576 | Roche Holding AG | 2,232,701 | ||||||
22,231 | Rocket Pharmaceuticals, Inc.* | 347,915 | ||||||
63,387 | Sana Biotechnology, Inc.* | 339,120 | ||||||
15,023 | Sanofi | 1,608,347 | ||||||
5,618 | Sarepta Therapeutics, Inc.* | 679,834 | ||||||
159 | Scilex Holding Co. (Singapore)* | 456 | ||||||
23,159 | Scilex Holding Co.* | 58,416 | ||||||
4,825 | Seagen, Inc.* | 994,288 | ||||||
109,092 | Shanghai MicroPort MedBot Group Co. Ltd. (China)*(a) | 259,314 | ||||||
24,682 | Siemens Healthineers AG (Germany)(b) | 1,238,974 | ||||||
30,695 | Smith & Nephew PLC (United Kingdom) | 416,179 | ||||||
4,885 | Stryker Corp. | 1,385,142 | ||||||
11,962 | Takara Bio, Inc. (Japan) | 117,332 | ||||||
12,169 | Tandem Diabetes Care, Inc.* | 332,944 | ||||||
15,482 | Teladoc Health, Inc.* | 350,512 | ||||||
2,817 | Thermo Fisher Scientific, Inc. | 1,569,351 | ||||||
1,529 | UFP Technologies, Inc.* | 268,661 | ||||||
15,982 | Veracyte, Inc.* | 421,925 | ||||||
17,114 | Veradigm, Inc.* | 228,985 | ||||||
15,279 | Verona Pharma PLC ADR (United Kingdom)* | 296,871 | ||||||
4,809 | Vertex Pharmaceuticals, Inc.* | 1,675,167 | ||||||
11,820 | Verve Therapeutics, Inc.* | 152,123 | ||||||
124,725 | Well Health Technologies Corp. (Canada)* | 435,125 | ||||||
244,913 | Yidu Tech, Inc. (China)*(a)(b) | 123,991 | ||||||
|
|
|||||||
72,861,435 | ||||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – 7.3% | ||||||||
37,935 | 3D Systems Corp.* | $ | 239,370 | |||||
36,434 | ABB Ltd. (Switzerland) | 1,389,710 | ||||||
4,861 | AeroVironment, Inc.* | 471,663 | ||||||
3,705 | Alfen N.V. (Netherlands)*(a)(b) | 214,894 | ||||||
3,260 | ASGN, Inc.* | 267,842 | ||||||
1,046 | CACI International, Inc., Class A* | 343,098 | ||||||
42,008 | ChargePoint Holdings, Inc.*(a) | 300,777 | ||||||
6,179 | Daihen Corp. (Japan) | 226,219 | ||||||
131,429 | Desktop Metal, Inc., Class A*(a) | 236,572 | ||||||
53,098 | Doosan Enerbility Co. Ltd. (South Korea)* | 731,943 | ||||||
11,845 | ExlService Holdings, Inc.* | 346,229 | ||||||
33,515 | FANUC Corp. (Japan) | 956,059 | ||||||
58,625 | Full Truck Alliance Co. Ltd. ADR (China)* | 392,788 | ||||||
14,290 | General Electric Co. | 1,635,633 | ||||||
398,899 | Goldwind Science & Technology Co. Ltd. (China) | 209,579 | ||||||
322,348 | Grab Holdings Ltd., Class A (Singapore)* | 1,215,252 | ||||||
11,407 | Johnson Controls International PLC | 673,697 | ||||||
6,230 | Kaman Corp. | 139,739 | ||||||
14,979 | Kawasaki Heavy Industries Ltd. (Japan) | 384,700 | ||||||
11,624 | Korea Aerospace Industries Ltd. (South Korea) | 444,997 | ||||||
161,253 | Learning Technologies Group PLC (United Kingdom) | 156,518 | ||||||
4,484 | Leidos Holdings, Inc. | 437,235 | ||||||
2,156 | LG Energy Solution Ltd. (South Korea)* | 887,357 | ||||||
6,374 | LIG Nex1 Co. Ltd. (South Korea) | 408,939 | ||||||
1,942 | Lockheed Martin Corp. | 870,696 | ||||||
29,428 | Lyft, Inc., Class A* | 346,662 | ||||||
13,988 | Meitec Corp. (Japan) | 245,152 | ||||||
53,771 | Mitsubishi Electric Corp. (Japan) | 701,385 | ||||||
4,583 | Moog, Inc., Class A | 532,361 | ||||||
14,175 | Nabtesco Corp. (Japan) | 268,632 | ||||||
17,913 | NIDEC Corp. (Japan) | 939,053 | ||||||
144,350 | Nikola Corp.*(a) | 170,333 | ||||||
31,817 | Nordex SE (Germany)* | 381,412 | ||||||
5,520 | Parsons Corp.* | 314,750 | ||||||
6,509 | PNE AG (Germany) | 90,002 | ||||||
9,474 | Proto Labs, Inc.* | 279,483 | ||||||
3,561 | Rainbow Robotics (South Korea)* | 408,165 | ||||||
5,978 | Shibaura Machine Co. Ltd. (Japan) | 173,281 | ||||||
42,078 | Siemens Energy AG (Germany)* | 601,009 | ||||||
57,156 | SOS Ltd. ADR (China)*(a) | 266,919 | ||||||
12,103 | SS&C Technologies Holdings, Inc. | 694,954 | ||||||
24,983 | SunPower Corp.* | 178,878 | ||||||
15,825 | Sunrun, Inc.* | 247,345 | ||||||
60,093 | TELUS International CDA, Inc. (Philippines)*(a) | 528,217 | ||||||
6,099 | Textron, Inc. | 473,953 | ||||||
4,088 | Thales SA (France) | 598,096 | ||||||
20,998 | Uber Technologies, Inc.* | 991,736 | ||||||
3,059 | Verisk Analytics, Inc. | 740,951 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
93,143 | Xinte Energy Co. Ltd., Class H (China)*(a) | 164,864 | ||||||
14,165 | Xometry, Inc., Class A* | 269,843 | ||||||
14,497 | Yaskawa Electric Corp. (Japan)(a) | 569,683 | ||||||
|
|
|||||||
24,758,625 | ||||||||
|
|
|||||||
Information Technology – 26.2% | ||||||||
18,231 | ACI Worldwide, Inc.* | 442,649 | ||||||
2,793 | Adobe, Inc.* | 1,562,237 | ||||||
27,469 | Advanced Micro Devices, Inc.* | 2,904,023 | ||||||
4,669 | Akamai Technologies, Inc.* | 490,665 | ||||||
4,830 | Alarm.com Holdings, Inc.* | 282,893 | ||||||
19,853 | Alkami Technology, Inc.* | 345,839 | ||||||
4,025 | Altair Engineering, Inc., Class A* | 267,582 | ||||||
11,846 | Ambarella, Inc.* | 736,229 | ||||||
6,555 | Amphenol Corp., Class A | 579,331 | ||||||
37,358 | Apple, Inc. | 7,018,447 | ||||||
4,933 | Arista Networks, Inc.* | 963,070 | ||||||
30,445 | Atos SE (France)*(a) | 256,484 | ||||||
139,076 | Aurora Innovation, Inc.* | 440,871 | ||||||
3,433 | Autodesk, Inc.* | 761,920 | ||||||
3,897 | Belden, Inc. | 365,928 | ||||||
23,872 | BigCommerce Holdings, Inc.Series 1* | 253,043 | ||||||
84,983 | BlackBerry Ltd. (Canada)* | 472,505 | ||||||
1,965 | Broadcom, Inc. | 1,813,479 | ||||||
10,522 | C3.ai, Inc., Class A*(a) | 326,392 | ||||||
8,749 | Canadian Solar, Inc. (Canada)*(a) | 245,059 | ||||||
7,381 | CEVA, Inc.* | 171,387 | ||||||
7,714 | Ciena Corp.* | 385,546 | ||||||
64,037 | Cipher Mining, Inc.*(a) | 204,278 | ||||||
32,096 | Cisco Systems, Inc. | 1,840,706 | ||||||
41,295 | Cleanspark, Inc.* | 203,584 | ||||||
9,056 | Cloudflare, Inc., Class A* | 588,912 | ||||||
9,205 | Cognex Corp. | 433,371 | ||||||
8,943 | Coherent Corp.* | 336,525 | ||||||
5,403 | Consensus Cloud Solutions, Inc.* | 172,518 | ||||||
40,921 | Converge Technology Solutions Corp. (Canada) | 86,503 | ||||||
14,516 | Corning, Inc. | 476,415 | ||||||
5,994 | Crowdstrike Holdings, Inc., Class A* | 977,202 | ||||||
2,912 | CyberArk Software Ltd.* | 483,508 | ||||||
19,431 | Dassault Systemes (France) | 772,084 | ||||||
8,733 | Digi International, Inc.* | 291,508 | ||||||
9,853 | Digital Garage, Inc. (Japan) | 253,795 | ||||||
6,780 | DocuSign, Inc.* | 341,034 | ||||||
27,225 | EngageSmart, Inc.* | 482,155 | ||||||
13,211 | Extreme Networks, Inc.* | 362,642 | ||||||
661 | Fair Isaac Corp.* | 597,934 | ||||||
3,096 | First Solar, Inc.* | 585,515 | ||||||
16,868 | Fortinet, Inc.* | 1,015,622 | ||||||
25,285 | Gen Digital, Inc. | 512,021 | ||||||
2,124 | Globant SA* | 434,294 | ||||||
25,375 | Hewlett Packard Enterprise Co. | 431,121 | ||||||
18,266 | HP, Inc. | 542,683 | ||||||
1,007 | HubSpot, Inc.* | 550,346 | ||||||
58,448 | Hut 8 Mining Corp. (Canada)* | 142,561 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
Shares |
Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
33,384 | indie Semiconductor, Inc., Class A (China)* | $ | 223,673 | |||||
24,924 | Infineon Technologies AG (Germany) | 893,098 | ||||||
44,645 | Infinera Corp.* | 208,939 | ||||||
72,044 | Innoviz Technologies Ltd. (Israel)*(a) | 164,981 | ||||||
7,137 | Instructure Holdings, Inc.* | 184,920 | ||||||
11,725 | Intapp, Inc.* | 429,252 | ||||||
75,231 | Intel Corp. | 2,643,617 | ||||||
3,947 | InterDigital, Inc. | 342,244 | ||||||
8,236 | International Business Machines Corp. | 1,209,292 | ||||||
15,353 | Juniper Networks, Inc. | 447,079 | ||||||
12,033 | Kainos Group PLC (United Kingdom) | 185,259 | ||||||
2,462 | Keyence Corp. (Japan) | 1,023,459 | ||||||
5,011 | Keysight Technologies, Inc.* | 667,966 | ||||||
5,455 | Kontron AG (Austria) | 119,004 | ||||||
16,440 | Lightspeed Commerce, Inc. (Canada)* | 268,056 | ||||||
24,001 | Marathon Digital Holdings, Inc.*(a) | 301,693 | ||||||
15,178 | Marvell Technology, Inc. | 884,118 | ||||||
11,201 | Maxeon Solar Technologies Ltd.* | 176,528 | ||||||
20,741 | Microsoft Corp. | 6,798,070 | ||||||
894 | MicroStrategy, Inc., Class A* | 319,632 | ||||||
78,481 | Nano Dimension Ltd. ADR (Israel)* | 249,570 | ||||||
11,305 | nCino, Inc.* | 371,595 | ||||||
17,464 | NCR Corp.* | 537,193 | ||||||
5,345 | Nemetschek SE (Germany) | 369,768 | ||||||
12,127 | NetScout Systems, Inc.* | 347,196 | ||||||
31,266 | NEXTDC Ltd. (Australia)* | 274,177 | ||||||
2,000 | Nice Ltd. ADR (Israel)* | 389,600 | ||||||
184,048 | Nokia OYJ ADR (Finland) | 734,352 | ||||||
2,150 | Novanta, Inc.* | 359,007 | ||||||
15,216 | NVIDIA Corp. | 7,509,857 | ||||||
2,864 | NXP Semiconductors NV (China) | 589,182 | ||||||
7,825 | Okta, Inc.* | 653,466 | ||||||
10,340 | OneSpan, Inc.* | 126,665 | ||||||
12,351 | Open Text Corp. (Canada) | 497,251 | ||||||
2,111 | OSI Systems, Inc.* | 287,835 | ||||||
4,624 | Palo Alto Networks, Inc.* | 1,125,019 | ||||||
3,686 | PTC, Inc.* | 542,469 | ||||||
12,211 | Q2 Holdings, Inc.* | 420,180 | ||||||
3,105 | Qorvo, Inc.* | 333,446 | ||||||
11,868 | QUALCOMM, Inc. | 1,359,242 | ||||||
5,491 | Rapid7, Inc.* | 276,691 | ||||||
28,289 | Riot Platforms, Inc.* | 321,080 | ||||||
6,923 | Salesforce, Inc.* | 1,533,168 | ||||||
27,217 | Seiko Epson Corp. (Japan) | 426,712 | ||||||
11,593 | Semtech Corp.* | 303,157 | ||||||
28,249 | SentinelOne, Inc., Class A* | 469,781 | ||||||
2,484 | ServiceNow, Inc.* | 1,462,654 | ||||||
21,307 | Shopify, Inc., Class A (Canada)* | 1,416,702 | ||||||
1,926 | Silicon Laboratories, Inc.* | 259,740 | ||||||
6,546 | Skyworks Solutions, Inc. | 711,812 | ||||||
6,516 | Snowflake, Inc., Class A* | 1,022,035 | ||||||
10,709 | Software AG (Germany) | 371,472 | ||||||
113,858 | Spirent Communications PLC (United Kingdom) | 226,368 | ||||||
5,884 | Splunk, Inc.* | 713,494 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
4,943 | Sprout Social, Inc., Class A* | 264,648 | ||||||
12,561 | STMicroelectronics NV (Singapore) | 595,289 | ||||||
20,752 | Stratasys Ltd.* | 305,054 | ||||||
2,611 | Synaptics, Inc.* | 228,567 | ||||||
22,178 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2,075,195 | ||||||
5,621 | TD SYNNEX Corp. | 571,937 | ||||||
7,515 | Tenable Holdings, Inc.* | 340,956 | ||||||
12,317 | Teradyne, Inc. | 1,328,635 | ||||||
100,334 | Terawulf, Inc.*(a) | 209,698 | ||||||
22,772 | TomTom NV (Netherlands)* | 181,165 | ||||||
63,511 | UiPath, Inc., Class A* | 1,004,109 | ||||||
4,699 | VMware, Inc., Class A* | 793,097 | ||||||
91,028 | Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H (China)(b) | 127,225 | ||||||
2,428 | Zebra Technologies Corp., Class A* | 667,724 | ||||||
30,679 | Zeta Global Holdings Corp., Class A* | 249,420 | ||||||
4,692 | Zscaler, Inc.* | 732,187 | ||||||
|
|
|||||||
87,962,138 | ||||||||
|
|
|||||||
Real Estate – 0.8% | ||||||||
5,766 | American Tower Corp. REIT | 1,045,491 | ||||||
6,575 | Digital Realty Trust, Inc. REIT | 866,059 | ||||||
1,036 | Equinix, Inc. REIT | 809,510 | ||||||
|
|
|||||||
2,721,060 | ||||||||
|
|
|||||||
Utilities – 1.1% | ||||||||
10,970 | Atlantica Sustainable Infrastructure PLC (Spain) | 246,277 | ||||||
16,406 | Avangrid, Inc. | 566,007 | ||||||
16,211 | Brookfield Renewable Corp., Class A(a) | 453,097 | ||||||
11,713 | Brookfield Renewable Partners LP (Canada) | 295,736 | ||||||
32,576 | Innergex Renewable Energy, Inc. (Canada) | 310,362 | ||||||
22,765 | NextEra Energy, Inc. | 1,520,702 | ||||||
47,875 | ReNew Energy Global PLC, Class A (India)* | 292,038 | ||||||
|
|
|||||||
3,684,219 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $319,267,467) | $ | 334,714,231 | ||||||
|
|
|||||||
Exchange-Traded Funds – 0.2% | ||||||||
179,533 | Greencoat UK Wind PLC/Funds | $ | 322,361 | |||||
261,948 | Renewables Infrastructure Group Ltd. (The) | 361,137 | ||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $705,644) | $ | 683,498 | ||||||
|
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Units | Description | Expiration Month |
Value | |||||||||
Right – 0.0% | ||||||||||||
Health Care – 0.0% | ||||||||||||
9,282 | AstraZeneca PLC*(d) | |||||||||||
(Cost $0) |
|
12/28 | $ | 28,403 | ||||||||
|
||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||||
(Cost $319,973,111) |
|
$ | 335,426,132 | |||||||||
|
Shares | Dividend Rate |
Value | ||||
Securities Lending Reinvestment Vehicle – 2.5%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
8,259,180 | 5.234% | $ | 8,259,180 | |||
(Cost $8,259,180) | ||||||
|
||||||
TOTAL INVESTMENTS – 102.3% |
| |||||
(Cost $328,232,291) | $ | 343,685,312 | ||||
|
||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (2.3)% | (7,609,751 | ) | ||||
|
||||||
NET ASSETS – 100.0% | $ | 336,075,561 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
All or a portion of security is on loan. | |
(b) |
Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) |
Represents an affiliated issuer. | |
(d) |
Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| ||
Investment Abbreviations: | ||
ADR |
—American Depositary Receipt | |
GDR |
—Global Depositary Receipt | |
LP |
—Limited Partnership | |
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2023
Shares | Description |
Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 7.2% | ||||||||
7,347 | Activision Blizzard, Inc. | $ | 675,851 | |||||
45,889 | Alphabet, Inc., Class A* | 6,248,705 | ||||||
39,769 | Alphabet, Inc., Class C* | 5,462,272 | ||||||
63,919 | AT&T, Inc. | 945,362 | ||||||
917 | Charter Communications, Inc., Class A* | 401,756 | ||||||
2,583 | Electronic Arts, Inc. | 309,908 | ||||||
2,757 | Fox Corp., Class A | 91,146 | ||||||
1,268 | Fox Corp., Class B | 38,699 | ||||||
3,639 | Interpublic Group of Cos., Inc. (The) | 118,668 | ||||||
4,137 | Netflix, Inc.* | 1,794,134 | ||||||
1,519 | New York Times Co. (The), Class A | 67,246 | ||||||
79 | Paramount Global, Class A | 1,451 | ||||||
5,411 | Paramount Global, Class B | 81,652 | ||||||
1,102 | Roku, Inc.* | 89,482 | ||||||
1,555 | Take-Two Interactive Software, Inc.* | 221,121 | ||||||
4,849 | T-Mobile US, Inc.* | 660,676 | ||||||
1,047 | TripAdvisor, Inc.* | 15,820 | ||||||
37,572 | Verizon Communications, Inc. | 1,314,269 | ||||||
17,251 | Walt Disney Co. (The)* | 1,443,564 | ||||||
2,391 | ZoomInfo Technologies, Inc.* | 43,086 | ||||||
|
|
|||||||
20,024,868 | ||||||||
|
|
|||||||
Consumer Discretionary – 10.7% | ||||||||
3,824 | Airbnb, Inc., Class A* | 503,047 | ||||||
85,521 | Amazon.com, Inc.* | 11,802,753 | ||||||
2,550 | Aptiv PLC* | 258,698 | ||||||
1,834 | Best Buy Co., Inc. | 140,209 | ||||||
350 | Booking Holdings, Inc.* | 1,086,760 | ||||||
2,196 | BorgWarner, Inc. | 89,487 | ||||||
634 | Brunswick Corp. | 50,162 | ||||||
1,486 | CarMax, Inc.* | 121,376 | ||||||
257 | Chipotle Mexican Grill, Inc.* | 495,146 | ||||||
1,135 | Darden Restaurants, Inc. | 176,504 | ||||||
250 | Deckers Outdoor Corp.* | 132,273 | ||||||
568 | Dick’s Sporting Goods, Inc. | 66,081 | ||||||
3,939 | DraftKings, Inc., Class A* | 116,791 | ||||||
5,040 | eBay, Inc. | 225,691 | ||||||
1,154 | Etsy, Inc.* | 84,900 | ||||||
1,353 | Expedia Group, Inc.* | 146,652 | ||||||
36,983 | Ford Motor Co. | 448,604 | ||||||
1,817 | Gap, Inc. (The) | 21,041 | ||||||
1,451 | Garmin Ltd. | 153,835 | ||||||
13,081 | General Motors Co. | 438,344 | ||||||
282 | Grand Canyon Education, Inc.* | 33,065 | ||||||
1,433 | H&R Block, Inc. | 57,291 | ||||||
1,236 | Harley-Davidson, Inc. | 41,715 | ||||||
1,234 | Hasbro, Inc. | 88,848 | ||||||
2,424 | Hilton Worldwide Holdings, Inc. | 360,328 | ||||||
9,613 | Home Depot, Inc. (The) | 3,175,174 | ||||||
437 | Hyatt Hotels Corp., Class A | 49,123 | ||||||
1,042 | Kohl’s Corp. | 27,759 | ||||||
3,120 | Las Vegas Sands Corp. | 171,163 | ||||||
554 | Lear Corp. | 79,826 | ||||||
257 | Lithia Motors, Inc. | 79,161 | ||||||
5,627 | Lowe’s Cos., Inc. | 1,296,911 | ||||||
1,050 | Lululemon Athletica, Inc.* | 400,323 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
2,520 | Macy’s, Inc. | 30,820 | ||||||
2,378 | Marriott International, Inc., Class A | 483,947 | ||||||
344 | Marriott Vacations Worldwide Corp. | 37,389 | ||||||
6,923 | McDonald’s Corp. | 1,946,401 | ||||||
2,830 | MGM Resorts International | 124,463 | ||||||
468 | Mohawk Industries, Inc.* | 47,451 | ||||||
11,218 | NIKE, Inc., Class B | 1,140,983 | ||||||
1,050 | Nordstrom, Inc. | 17,031 | ||||||
2,885 | Peloton Interactive, Inc., Class A* | 18,406 | ||||||
436 | Phinia, Inc.* | 12,121 | ||||||
508 | Polaris, Inc. | 56,942 | ||||||
2,092 | PulteGroup, Inc. | 171,670 | ||||||
590 | PVH Corp. | 49,324 | ||||||
2,773 | QuantumScape Corp.* | 19,799 | ||||||
383 | Ralph Lauren Corp. | 44,669 | ||||||
2,205 | Royal Caribbean Cruises Ltd.* | 218,163 | ||||||
1,404 | Service Corp. International | 88,606 | ||||||
10,641 | Starbucks Corp. | 1,036,859 | ||||||
2,223 | Tapestry, Inc. | 74,070 | ||||||
10,864 | TJX Cos., Inc. (The) | 1,004,703 | ||||||
1,032 | Tractor Supply Co. | 225,492 | ||||||
380 | Vail Resorts, Inc. | 86,002 | ||||||
778 | Wayfair, Inc., Class A* | 53,768 | ||||||
504 | Whirlpool Corp. | 70,540 | ||||||
615 | Williams-Sonoma, Inc. | 86,838 | ||||||
804 | YETI Holdings, Inc.* | 40,160 | ||||||
|
|
|||||||
29,605,658 | ||||||||
|
|
|||||||
Consumer Staples – 6.4% | ||||||||
4,992 | Archer-Daniels-Midland Co. | 395,865 | ||||||
1,373 | Bunge Ltd. | 156,961 | ||||||
1,761 | Campbell Soup Co. | 73,434 | ||||||
2,248 | Church & Dwight Co., Inc. | 217,539 | ||||||
1,135 | Clorox Co. (The) | 177,571 | ||||||
36,082 | Coca-Cola Co. (The) | 2,158,786 | ||||||
7,554 | Colgate-Palmolive Co. | 554,992 | ||||||
4,205 | Costco Wholesale Corp. | 2,309,722 | ||||||
5,409 | General Mills, Inc. | 365,973 | ||||||
1,355 | Hershey Co. (The) | 291,135 | ||||||
2,666 | Hormel Foods Corp. | 102,881 | ||||||
603 | Ingredion, Inc. | 62,055 | ||||||
2,390 | Kellogg Co. | 145,838 | ||||||
8,771 | Keurig Dr Pepper, Inc. | 295,144 | ||||||
3,101 | Kimberly-Clark Corp. | 399,502 | ||||||
5,997 | Kroger Co. (The) | 278,201 | ||||||
2,315 | McCormick & Co., Inc. | 190,015 | ||||||
1,606 | Molson Coors Beverage Co., Class B | 101,965 | ||||||
6,846 | Monster Beverage Corp.* | 393,029 | ||||||
12,763 | PepsiCo, Inc. | 2,270,793 | ||||||
21,811 | Procter & Gamble Co. (The) | 3,366,310 | ||||||
4,671 | Sysco Corp. | 325,335 | ||||||
4,340 | Target Corp. | 549,227 | ||||||
2,549 | Tyson Foods, Inc., Class A | 135,785 | ||||||
6,593 | Walgreens Boots Alliance, Inc. | 166,869 | ||||||
13,549 | Walmart, Inc. | 2,203,203 | ||||||
|
|
|||||||
17,688,130 | ||||||||
|
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Shares | Description |
Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – 4.4% | ||||||||
2,676 | APA Corp. | $ | 117,316 | |||||
8,734 | Baker Hughes Co. | 316,083 | ||||||
2,091 | Cheniere Energy, Inc. | 341,251 | ||||||
15,352 | Chevron Corp. | 2,473,207 | ||||||
10,459 | ConocoPhillips | 1,244,935 | ||||||
5,524 | Devon Energy Corp. | 282,221 | ||||||
3,106 | EQT Corp. | 134,241 | ||||||
35,244 | Exxon Mobil Corp. | 3,918,780 | ||||||
7,742 | Halliburton Co. | 298,996 | ||||||
16,904 | Kinder Morgan, Inc. | 291,087 | ||||||
3,805 | Marathon Petroleum Corp. | 543,240 | ||||||
6,012 | Occidental Petroleum Corp. | 377,494 | ||||||
3,854 | ONEOK, Inc. | 251,281 | ||||||
3,972 | Phillips 66 | 453,444 | ||||||
2,004 | Pioneer Natural Resources Co. | 476,812 | ||||||
2,013 | Range Resources Corp. | 65,181 | ||||||
3,107 | Valero Energy Corp. | 403,599 | ||||||
10,496 | Williams Cos., Inc. (The) | 362,427 | ||||||
|
|
|||||||
12,351,595 | ||||||||
|
|
|||||||
Financials – 12.7% | ||||||||
2,592 | Allstate Corp. (The) | 279,443 | ||||||
2,675 | Ally Financial, Inc. | 74,071 | ||||||
5,267 | American Express Co. | 832,133 | ||||||
7,250 | American International Group, Inc. | 424,270 | ||||||
1,039 | Ameriprise Financial, Inc. | 350,746 | ||||||
1,996 | Aon PLC, Class A | 665,446 | ||||||
3,537 | Arch Capital Group Ltd.* | 271,854 | ||||||
523 | Assurant, Inc. | 72,870 | ||||||
771 | Axis Capital Holdings Ltd. | 42,297 | ||||||
68,868 | Bank of America Corp. | 1,974,446 | ||||||
7,810 | Bank of New York Mellon Corp. (The) | 350,435 | ||||||
1,472 | BlackRock, Inc. | 1,031,195 | ||||||
4,821 | Block, Inc.* | 277,931 | ||||||
3,368 | Capital One Financial Corp. | 344,849 | ||||||
1,040 | Cboe Global Markets, Inc. | 155,698 | ||||||
14,651 | Charles Schwab Corp. (The) | 866,607 | ||||||
19,230 | Citigroup, Inc. | 794,007 | ||||||
3,546 | CME Group, Inc. | 718,703 | ||||||
2,036 | Columbia Banking System, Inc. | 41,697 | ||||||
1,296 | Comerica, Inc. | 62,351 | ||||||
352 | Evercore, Inc., Class A | 49,298 | ||||||
421 | Everest Group Ltd. | 151,846 | ||||||
5,268 | Fidelity National Information Services, Inc. | 294,270 | ||||||
6,691 | Fifth Third Bancorp | 177,646 | ||||||
3,533 | FNB Corp. | 41,089 | ||||||
2,807 | Franklin Resources, Inc. | 75,059 | ||||||
3,195 | Goldman Sachs Group, Inc. (The)(a) | 1,047,034 | ||||||
348 | Hanover Insurance Group, Inc. (The) | 37,139 | ||||||
3,012 | Hartford Financial Services Group, Inc. (The) | 216,322 | ||||||
14,211 | Huntington Bancshares, Inc. | 157,600 | ||||||
5,476 | Intercontinental Exchange, Inc. | 646,113 | ||||||
1,974 | Jefferies Financial Group, Inc. | 70,452 | ||||||
29,083 | JPMorgan Chase & Co. | 4,255,715 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
9,205 | KeyCorp | 104,293 | ||||||
1,082 | Lazard Ltd., Class A | 37,589 | ||||||
1,661 | Lincoln National Corp. | 42,621 | ||||||
774 | LPL Financial Holdings, Inc. | 178,477 | ||||||
367 | MarketAxess Holdings, Inc. | 88,421 | ||||||
4,895 | Marsh & McLennan Cos., Inc. | 954,476 | ||||||
7,511 | Mastercard, Inc., Class A | 3,099,339 | ||||||
6,392 | MetLife, Inc. | 404,869 | ||||||
2,848 | MGIC Investment Corp. | 50,068 | ||||||
1,569 | Moody’s Corp. | 528,439 | ||||||
11,885 | Morgan Stanley | 1,012,008 | ||||||
256 | Morningstar, Inc. | 59,563 | ||||||
770 | MSCI, Inc. | 418,587 | ||||||
3,372 | Nasdaq, Inc. | 176,963 | ||||||
2,022 | Northern Trust Corp. | 153,814 | ||||||
1,111 | OneMain Holdings, Inc. | 46,118 | ||||||
9,988 | PayPal Holdings, Inc.* | 624,350 | ||||||
740 | Pinnacle Financial Partners, Inc. | 49,254 | ||||||
3,935 | PNC Financial Services Group, Inc. (The) | 475,073 | ||||||
361 | Primerica, Inc. | 72,547 | ||||||
2,387 | Principal Financial Group, Inc. | 185,494 | ||||||
5,781 | Progressive Corp. (The) | 771,590 | ||||||
3,627 | Prudential Financial, Inc. | 343,368 | ||||||
9,237 | Regions Financial Corp. | 169,407 | ||||||
653 | Reinsurance Group of America, Inc. | 90,519 | ||||||
1,237 | Rocket Cos., Inc., Class A*(b) | 13,211 | ||||||
3,174 | S&P Global, Inc. | 1,240,590 | ||||||
3,793 | Synchrony Financial | 122,438 | ||||||
1,417 | Synovus Financial Corp. | 43,870 | ||||||
1,130 | Tradeweb Markets, Inc., Class A | 97,666 | ||||||
2,280 | Travelers Cos., Inc. (The) | 367,604 | ||||||
13,108 | Truist Financial Corp. | 400,449 | ||||||
1,950 | Unum Group | 95,920 | ||||||
15,146 | US Bancorp | 553,283 | ||||||
14,497 | Visa, Inc., Class A | 3,561,623 | ||||||
2,106 | W R Berkley Corp. | 130,277 | ||||||
37,368 | Wells Fargo & Co. | 1,542,925 | ||||||
3,327 | Western Union Co. (The) | 41,088 | ||||||
|
|
|||||||
35,198,823 | ||||||||
|
|
|||||||
Health Care – 12.9% | ||||||||
691 | 10X Genomics, Inc., Class A* | 35,828 | ||||||
13,079 | Abbott Laboratories | 1,345,829 | ||||||
13,417 | AbbVie, Inc. | 1,971,762 | ||||||
2,230 | Agilent Technologies, Inc. | 269,986 | ||||||
579 | Align Technology, Inc.* | 214,311 | ||||||
938 | Alnylam Pharmaceuticals, Inc.* | 185,555 | ||||||
4,039 | Amgen, Inc. | 1,035,357 | ||||||
3,818 | Baxter International, Inc. | 155,011 | ||||||
2,144 | Becton Dickinson & Co. | 599,141 | ||||||
1,090 | Biogen, Inc.* | 291,422 | ||||||
1,414 | BioMarin Pharmaceutical, Inc.* | 129,211 | ||||||
10,848 | Boston Scientific Corp.* | 585,141 | ||||||
15,885 | Bristol-Myers Squibb Co. | 979,310 | ||||||
1,485 | Cencora, Inc. | 261,330 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
Shares | Description |
Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
4,141 | Centene Corp.* | $ | 255,293 | |||||
2,205 | Cigna Group (The) | 609,153 | ||||||
11,793 | CVS Health Corp. | 768,550 | ||||||
4,972 | Danaher Corp. | 1,317,580 | ||||||
410 | DaVita, Inc.* | 41,992 | ||||||
1,597 | DENTSPLY SIRONA, Inc. | 59,233 | ||||||
2,921 | Dexcom, Inc.* | 294,963 | ||||||
4,551 | Edwards Lifesciences Corp.* | 348,015 | ||||||
1,794 | Elevance Health, Inc. | 792,966 | ||||||
6,434 | Eli Lilly & Co. | 3,565,723 | ||||||
667 | Fortrea Holdings, Inc.* | 18,376 | ||||||
2,945 | GE HealthCare Technologies, Inc. | 207,475 | ||||||
9,442 | Gilead Sciences, Inc. | 722,124 | ||||||
1,544 | HCA Healthcare, Inc. | 428,151 | ||||||
1,832 | Hologic, Inc.* | 136,924 | ||||||
1,690 | Horizon Therapeutics PLC* | 190,531 | ||||||
947 | Humana, Inc. | 437,164 | ||||||
619 | IDEXX Laboratories, Inc.* | 316,563 | ||||||
1,193 | Illumina, Inc.* | 197,107 | ||||||
1,392 | Incyte Corp.* | 89,826 | ||||||
524 | Insulet Corp.* | 100,456 | ||||||
2,641 | Intuitive Surgical, Inc.* | 825,788 | ||||||
1,394 | IQVIA Holdings, Inc.* | 310,346 | ||||||
18,341 | Johnson & Johnson | 2,965,373 | ||||||
667 | Laboratory Corp. of America Holdings | 138,803 | ||||||
821 | Maravai LifeSciences Holdings, Inc., Class A* | 8,489 | ||||||
10,038 | Medtronic PLC | 818,097 | ||||||
19,313 | Merck & Co., Inc. | 2,104,731 | ||||||
2,538 | Moderna, Inc.* | 286,972 | ||||||
731 | Neurocrine Biosciences, Inc.* | 79,599 | ||||||
42,699 | Pfizer, Inc. | 1,510,691 | ||||||
780 | Regeneron Pharmaceuticals, Inc.* | 644,662 | ||||||
421 | Repligen Corp.* | 73,216 | ||||||
1,099 | ResMed, Inc. | 175,389 | ||||||
2,681 | Stryker Corp. | 760,198 | ||||||
2,914 | Thermo Fisher Scientific, Inc. | 1,623,389 | ||||||
510 | Ultragenyx Pharmaceutical, Inc.* | 18,763 | ||||||
7,068 | UnitedHealth Group, Inc. | 3,368,467 | ||||||
1,096 | Veeva Systems, Inc., Class A* | 228,735 | ||||||
1,949 | Vertex Pharmaceuticals, Inc.* | 678,915 | ||||||
521 | Waters Corp.* | 146,297 | ||||||
1,590 | Zimmer Biomet Holdings, Inc. | 189,401 | ||||||
|
|
|||||||
35,913,680 | ||||||||
|
|
|||||||
Industrials – 9.0% | ||||||||
4,894 | 3M Co. | 522,043 | ||||||
278 | Acuity Brands, Inc. | 44,836 | ||||||
1,160 | AECOM | 101,790 | ||||||
777 | Allegion PLC | 88,430 | ||||||
6,125 | American Airlines Group, Inc.* | 90,221 | ||||||
2,044 | AMETEK, Inc. | 326,038 | ||||||
405 | Armstrong World Industries, Inc. | 31,019 | ||||||
3,682 | Automatic Data Processing, Inc. | 937,474 | ||||||
193 | Avis Budget Group, Inc.* | 41,184 | ||||||
1,092 | AZEK Co., Inc. (The)* | 37,139 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
4,959 | Boeing Co. (The)* | 1,110,965 | ||||||
1,156 | Booz Allen Hamilton Holding Corp. | 130,986 | ||||||
1,156 | Broadridge Financial Solutions, Inc. | 215,259 | ||||||
7,409 | Carrier Global Corp. | 425,647 | ||||||
4,592 | Caterpillar, Inc. | 1,290,949 | ||||||
1,128 | Ceridian HCM Holding, Inc.* | 81,803 | ||||||
1,025 | C.H. Robinson Worldwide, Inc. | 92,691 | ||||||
2,406 | ChargePoint Holdings, Inc.*(b) | 17,227 | ||||||
774 | Cintas Corp. | 390,228 | ||||||
18,064 | CSX Corp. | 545,533 | ||||||
1,263 | Cummins, Inc. | 290,541 | ||||||
2,427 | Deere & Co. | 997,351 | ||||||
6,051 | Delta Air Lines, Inc. | 259,467 | ||||||
3,546 | Eaton Corp. PLC | 816,892 | ||||||
5,080 | Emerson Electric Co. | 499,110 | ||||||
2,063 | FedEx Corp. | 538,484 | ||||||
3,146 | Fortive Corp. | 248,062 | ||||||
1,120 | Fortune Brands Innovations, Inc. | 77,302 | ||||||
294 | FTI Consulting, Inc.* | 54,631 | ||||||
9,645 | General Electric Co. | 1,103,967 | ||||||
1,600 | Genpact Ltd. | 59,728 | ||||||
1,269 | Hertz Global Holdings, Inc.* | 21,510 | ||||||
5,926 | Honeywell International, Inc. | 1,113,732 | ||||||
475 | Hubbell, Inc. | 154,874 | ||||||
670 | IDEX Corp. | 151,688 | ||||||
2,695 | Illinois Tool Works, Inc. | 666,608 | ||||||
3,598 | Ingersoll Rand, Inc. | 250,457 | ||||||
1,121 | Jacobs Solutions, Inc. | 151,133 | ||||||
6,113 | Johnson Controls International PLC | 361,034 | ||||||
1,039 | KBR, Inc. | 63,919 | ||||||
1,680 | L3Harris Technologies, Inc. | 299,191 | ||||||
1,047 | Leidos Holdings, Inc. | 102,093 | ||||||
282 | Lennox International, Inc. | 106,260 | ||||||
493 | Lincoln Electric Holdings, Inc. | 94,883 | ||||||
2,010 | Lockheed Martin Corp. | 901,183 | ||||||
1,791 | MDU Resources Group, Inc. | 36,465 | ||||||
428 | Mercury Systems, Inc.* | 16,799 | ||||||
1,276 | Northrop Grumman Corp. | 552,623 | ||||||
1,466 | nVent Electric PLC | 82,888 | ||||||
586 | Oshkosh Corp. | 60,844 | ||||||
3,678 | Otis Worldwide Corp. | 314,653 | ||||||
795 | Owens Corning | 114,408 | ||||||
1,021 | Rockwell Automation, Inc. | 318,634 | ||||||
13,004 | RTX Corp. | 1,118,864 | ||||||
474 | Schneider National, Inc., Class B | 13,703 | ||||||
423 | SiteOne Landscape Supply, Inc.* | 72,413 | ||||||
5,607 | Southwest Airlines Co. | 177,181 | ||||||
928 | Spirit AeroSystems Holdings, Inc., Class A | 19,785 | ||||||
1,360 | Stanley Black & Decker, Inc. | 128,357 | ||||||
2,224 | Sunrun, Inc.* | 34,761 | ||||||
1,793 | Textron, Inc. | 139,334 | ||||||
544 | Timken Co. (The) | 41,572 | ||||||
2,023 | Trane Technologies PLC | 415,241 | ||||||
1,716 | TransUnion | 139,374 | ||||||
18,295 | Uber Technologies, Inc.* | 864,073 | ||||||
|
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Shares | Description |
Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
5,426 | Union Pacific Corp. | $ | 1,196,813 | |||||
3,078 | United Airlines Holdings, Inc.* | 153,315 | ||||||
6,445 | United Parcel Service, Inc., Class B | 1,091,783 | ||||||
607 | United Rentals, Inc. | 289,260 | ||||||
1,271 | Verisk Analytics, Inc. | 307,862 | ||||||
4,292 | Waste Management, Inc. | 672,900 | ||||||
1,749 | WillScot Mobile Mini Holdings Corp.* | 71,744 | ||||||
526 | Woodward, Inc. | 68,049 | ||||||
399 | W.W. Grainger, Inc. | 284,942 | ||||||
2,110 | Xylem, Inc. | 218,469 | ||||||
|
|
|||||||
24,922,671 | ||||||||
|
|
|||||||
Information Technology – 28.9% | ||||||||
5,619 | Accenture PLC, Class A | 1,819,264 | ||||||
3,519 | Adobe, Inc.* | 1,968,317 | ||||||
12,303 | Advanced Micro Devices, Inc.* | 1,300,673 | ||||||
1,179 | Akamai Technologies, Inc.* | 123,901 | ||||||
3,883 | Analog Devices, Inc. | 705,852 | ||||||
665 | ANSYS, Inc.* | 212,049 | ||||||
115,243 | Apple, Inc. | 21,650,702 | ||||||
6,482 | Applied Materials, Inc. | 990,190 | ||||||
1,645 | Autodesk, Inc.* | 365,091 | ||||||
3,152 | Broadcom, Inc. | 2,908,949 | ||||||
2,074 | Cadence Design Systems, Inc.* | 498,673 | ||||||
1,320 | Ciena Corp.* | 65,974 | ||||||
424 | Cirrus Logic, Inc.* | 34,785 | ||||||
36,831 | Cisco Systems, Inc. | 2,112,258 | ||||||
2,204 | Cloudflare, Inc., Class A* | 143,326 | ||||||
5,832 | Corning, Inc. | 191,406 | ||||||
1,551 | DocuSign, Inc.* | 78,015 | ||||||
2,005 | Dropbox, Inc., Class A* | 55,719 | ||||||
1,674 | Dynatrace, Inc.* | 80,687 | ||||||
596 | Elastic NV* | 36,880 | ||||||
460 | F5, Inc.* | 75,284 | ||||||
919 | First Solar, Inc.* | 173,801 | ||||||
5,040 | Fortinet, Inc.* | 303,458 | ||||||
591 | Gartner, Inc.* | 206,661 | ||||||
4,261 | Gen Digital, Inc. | 86,285 | ||||||
1,181 | GoDaddy, Inc., Class A* | 85,634 | ||||||
9,923 | Hewlett Packard Enterprise Co. | 168,592 | ||||||
6,630 | HP, Inc. | 196,977 | ||||||
32,044 | Intel Corp. | 1,126,026 | ||||||
6,976 | International Business Machines Corp. | 1,024,286 | ||||||
2,098 | Intuit, Inc. | 1,136,717 | ||||||
2,841 | Juniper Networks, Inc. | 82,730 | ||||||
1,579 | Keysight Technologies, Inc.* | 210,481 | ||||||
1,029 | Lam Research Corp. | 722,770 | ||||||
217 | Littelfuse, Inc. | 57,956 | ||||||
6,556 | Marvell Technology, Inc. | 381,887 | ||||||
8,384 | Micron Technology, Inc. | 586,377 | ||||||
57,471 | Microsoft Corp. | 18,836,695 | ||||||
503 | MongoDB, Inc.* | 191,794 | ||||||
1,471 | Motorola Solutions, Inc. | 417,131 | ||||||
1,643 | NetApp, Inc. | 126,018 | ||||||
425 | New Relic, Inc.* | 36,172 | ||||||
18,349 | NVIDIA Corp. | 9,056,149 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,149 | Okta, Inc.* | 95,953 | ||||||
3,312 | ON Semiconductor Corp.* | 326,100 | ||||||
11,673 | Oracle Corp. | 1,405,312 | ||||||
2,290 | Palo Alto Networks, Inc.* | 557,157 | ||||||
313 | Pegasystems, Inc. | 15,544 | ||||||
2,152 | Pure Storage, Inc., Class A* | 78,742 | ||||||
8,559 | QUALCOMM, Inc. | 980,262 | ||||||
7,265 | Salesforce, Inc.* | 1,608,907 | ||||||
1,563 | ServiceNow, Inc.* | 920,341 | ||||||
964 | Smartsheet, Inc., Class A* | 40,228 | ||||||
1,235 | Splunk, Inc.* | 149,756 | ||||||
1,164 | Synopsys, Inc.* | 534,148 | ||||||
773 | Teradata Corp.* | 35,767 | ||||||
1,193 | Teradyne, Inc. | 128,689 | ||||||
6,969 | Texas Instruments, Inc. | 1,171,210 | ||||||
2,188 | Trimble, Inc.* | 119,881 | ||||||
1,295 | Twilio, Inc., Class A* | 82,504 | ||||||
318 | Tyler Technologies, Inc.* | 126,701 | ||||||
1,647 | VMware, Inc., Class A* | 277,981 | ||||||
2,451 | Western Digital Corp.* | 110,295 | ||||||
946 | Wolfspeed, Inc.* | 45,238 | ||||||
1,516 | Workday, Inc., Class A* | 370,662 | ||||||
451 | Zebra Technologies Corp., Class A* | 124,030 | ||||||
1,896 | Zoom Video Communications, Inc., Class A* | 134,673 | ||||||
668 | Zscaler, Inc.* | 104,241 | ||||||
|
|
|||||||
80,176,914 | ||||||||
|
|
|||||||
Materials – 2.5% | ||||||||
1,929 | Air Products and Chemicals, Inc. | 570,000 | ||||||
1,016 | Albemarle Corp. | 201,889 | ||||||
584 | AptarGroup, Inc. | 77,415 | ||||||
702 | Avery Dennison Corp. | 132,243 | ||||||
1,956 | Axalta Coating Systems Ltd.* | 55,355 | ||||||
2,738 | Ball Corp. | 149,084 | ||||||
858 | Celanese Corp. | 108,417 | ||||||
1,697 | CF Industries Holdings, Inc. | 130,788 | ||||||
4,408 | Cleveland-Cliffs, Inc.* | 67,398 | ||||||
6,565 | Corteva, Inc. | 331,598 | ||||||
6,148 | Dow, Inc. | 335,435 | ||||||
4,081 | DuPont de Nemours, Inc. | 313,788 | ||||||
1,033 | Eastman Chemical Co. | 87,815 | ||||||
2,162 | Ecolab, Inc. | 397,397 | ||||||
12,417 | Freeport-McMoRan, Inc. | 495,563 | ||||||
2,217 | International Flavors & Fragrances, Inc. | 156,188 | ||||||
3,011 | International Paper Co. | 105,144 | ||||||
4,263 | Linde PLC | 1,649,952 | ||||||
2,248 | LyondellBasell Industries NV, Class A | 222,035 | ||||||
550 | Martin Marietta Materials, Inc. | 245,526 | ||||||
6,916 | Newmont Corp. | 272,629 | ||||||
2,185 | Nucor Corp. | 376,039 | ||||||
783 | Packaging Corp. of America | 116,745 | ||||||
359 | Scotts Miracle-Gro Co. (The) | 20,341 | ||||||
1,784 | SSR Mining, Inc. (Canada) | 26,492 | ||||||
1,177 | Vulcan Materials Co. | 256,880 | ||||||
2,240 | Westrock Co. | 73,270 | ||||||
|
|
|||||||
6,975,426 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
Shares | Description |
Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – 2.8% | ||||||||
4,419 | American Homes 4 Rent, Class A REIT | $ | 159,261 | |||||
6,186 | American Tower Corp. REIT | 1,121,646 | ||||||
1,984 | Apartment Income REIT Corp. REIT | 67,575 | ||||||
1,854 | AvalonBay Communities, Inc. REIT | 340,802 | ||||||
2,083 | Boston Properties, Inc. REIT | 139,082 | ||||||
1,378 | Camden Property Trust REIT | 148,300 | ||||||
4,114 | CBRE Group, Inc., Class A* | 349,896 | ||||||
5,751 | Crown Castle, Inc. REIT | 577,975 | ||||||
3,864 | Digital Realty Trust, Inc. REIT | 508,966 | ||||||
1,242 | Equinix, Inc. REIT | 970,474 | ||||||
5,006 | Equity Residential REIT | 324,539 | ||||||
847 | Essex Property Trust, Inc. REIT | 201,916 | ||||||
3,848 | Iron Mountain, Inc. REIT | 244,502 | ||||||
625 | Jones Lang LaSalle, Inc.* | 108,000 | ||||||
8,038 | Kimco Realty Corp. REIT | 152,240 | ||||||
12,261 | Prologis, Inc. REIT | 1,522,816 | ||||||
1,428 | SBA Communications Corp. REIT | 320,629 | ||||||
4,359 | UDR, Inc. REIT | 173,924 | ||||||
9,725 | Weyerhaeuser Co. REIT | 318,494 | ||||||
736 | Zillow Group, Inc., Class A* | 37,477 | ||||||
2,050 | Zillow Group, Inc., Class C* | 106,928 | ||||||
|
|
|||||||
7,895,442 | ||||||||
|
|
|||||||
Utilities – 2.3% | ||||||||
7,044 | AES Corp. (The) | 126,299 | ||||||
2,763 | Ameren Corp. | 219,023 | ||||||
5,439 | American Electric Power Co., Inc. | 426,418 | ||||||
2,055 | American Water Works Co., Inc. | 285,111 | ||||||
748 | Avangrid, Inc. | 25,806 | ||||||
8,823 | Dominion Energy, Inc. | 428,268 | ||||||
2,171 | DTE Energy Co. | 224,438 | ||||||
8,138 | Duke Energy Corp. | 722,654 | ||||||
3,989 | Edison International | 274,643 | ||||||
2,233 | Entergy Corp. | 212,693 | ||||||
3,680 | Eversource Energy | 234,858 | ||||||
10,489 | Exelon Corp. | 420,819 | ||||||
21,369 | NextEra Energy, Inc. | 1,427,449 | ||||||
2,435 | NRG Energy, Inc. | 91,434 | ||||||
5,250 | Public Service Enterprise Group, Inc. | 320,670 | ||||||
6,652 | Sempra | 467,103 | ||||||
3,959 | Vistra Corp. | 124,392 | ||||||
5,812 | Xcel Energy, Inc. | 332,039 | ||||||
|
|
|||||||
6,364,117 | ||||||||
|
|
|||||||
|
TOTAL INVESTMENTS BEFORE
SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $222,314,822) | $ | 277,117,324 | ||||||
|
|
|||||||
Shares | Dividend Rate |
Value | ||||||
Securities Lending Reinvestment Vehicle – 0.0%(a) | ||||||||
|
Goldman
Sachs Financial Square Government Fund – |
| ||||||
30,687 | 5.234% | $ | 30,687 | |||||
(Cost $30,687) | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $222,345,509) | $ | 277,148,011 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.2% |
598,542 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 277,746,553 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* |
Non-income producing security. | |
(a) |
Represents an affiliated issuer. | |
(b) |
All or a portion of security is on loan. |
| ||
Investment Abbreviations: | ||
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
62 | The accompanying notes are an integral part of these financial statements. |
NORTH AMERICAN PIPELINES & POWER EQUITY ETF
Schedule of Investments
August 31, 2023
Shares |
Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Energy – 81.1% | ||||||||
16,916 | Antero Midstream Corp. (United States) | $ | 205,022 | |||||
464 | Cheniere Energy Partners LP (United States) | 24,082 | ||||||
4,655 | Cheniere Energy, Inc. (United States) | 759,696 | ||||||
3,452 | Clean Energy Fuels Corp. (United States)* | 14,706 | ||||||
468 | Crestwood Equity Partners LP (United States) | 13,385 | ||||||
504 | CrossAmerica Partners LP (United States) | 9,838 | ||||||
252 | Delek Logistics Partners LP (United States) | 10,521 | ||||||
516 | DT Midstream, Inc. (United States) | 26,982 | ||||||
11,418 | Enbridge, Inc. (Canada) | 400,362 | ||||||
28,489 | Energy Transfer LP (United States) | 383,747 | ||||||
6,100 | EnLink Midstream LLC (United States)* | 75,884 | ||||||
13,043 | Enterprise Products Partners LP (United States) | 347,074 | ||||||
4,288 | Equitrans Midstream Corp. (United States) | 41,165 | ||||||
588 | Excelerate Energy, Inc., Class A (United States) | 10,937 | ||||||
2,984 | Gibson Energy, Inc. (Canada) | 44,817 | ||||||
340 | Global Partners LP (United States) | 10,635 | ||||||
1,256 | Hess Midstream LP, Class A (United States) | 36,298 | ||||||
392 | Holly Energy Partners LP (United States) | 8,350 | ||||||
9,313 | Keyera Corp. (Canada) | 229,770 | ||||||
25,483 | Kinder Morgan, Inc. (United States) | 438,817 | ||||||
192 | Kinetik Holdings, Inc. (United States) | 6,741 | ||||||
2,001 | Magellan Midstream Partners LP (United States) | 132,906 | ||||||
3,446 | MPLX LP (United States) | 120,231 | ||||||
3,008 | New Fortress Energy, Inc. (United States) | 93,368 | ||||||
2,160 | NextDecade Corp. (United States)* | 13,111 | ||||||
768 | NuStar Energy LP (United States) | 12,872 | ||||||
10,865 | ONEOK, Inc. (United States) | 708,398 | ||||||
12,429 | Pembina Pipeline Corp. (Canada) | 385,837 | ||||||
9,139 | Plains All American Pipeline LP (United States) | 139,370 | ||||||
13,007 | Plains GP Holdings LP, Class A (United States)* | 208,632 | ||||||
6,468 | Secure Energy Services, Inc. (Canada) | 35,759 | ||||||
1,383 | Sunoco LP (United States) | 63,563 | ||||||
8,004 | Targa Resources Corp. (United States) | 690,345 | ||||||
9,677 | TC Energy Corp. (Canada) | 349,043 | ||||||
1,440 | Vertex Energy, Inc. (United States)* | 6,106 | ||||||
2,304 | Western Midstream Partners LP (United States) | 61,494 | ||||||
13,150 | Williams Cos., Inc. (The) (United States) | 454,069 | ||||||
3,008 | World Kinect Corp. (United States) | 65,875 | ||||||
|
|
|||||||
6,639,808 | ||||||||
|
|
|||||||
Utilities – 18.7% | ||||||||
17,840 | AES Corp. (The) (United States) | 319,871 | ||||||
1,164 | AltaGas Ltd. (Canada) | 22,730 | ||||||
2,140 | Atlantica Sustainable Infrastructure PLC (Spain) | 48,043 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
4,374 | Boralex, Inc., Class A (Canada) | 105,976 | ||||||
1,500 | Brookfield Renewable Corp., Class A (United States) | 41,925 | ||||||
2,232 | Brookfield Renewable Partners LP (Canada) | 56,355 | ||||||
2,104 | Clearway Energy, Inc., Class C (United States) | 52,116 | ||||||
3,404 | Innergex Renewable Energy, Inc. (Canada) | 32,431 | ||||||
2,059 | NextEra Energy Partners LP (United States) | 102,703 | ||||||
8,588 | Northland Power, Inc. (Canada) | 162,181 | ||||||
1,951 | Ormat Technologies, Inc. (United States) | 148,159 | ||||||
348 | Suburban Propane Partners LP (United States) | 5,053 | ||||||
12,560 | Superior Plus Corp. (Canada) | 94,784 | ||||||
13,345 | UGI Corp. (United States) | 336,027 | ||||||
|
|
|||||||
1,528,354 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $8,100,891) | $ | 8,168,162 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 0.2% |
18,161 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 8,186,323 | ||||||
|
|
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. |
| ||
Investment Abbreviations: | ||
LP |
—Limited Partnership | |
PLC |
—Public Limited Company | |
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments
August 31, 2023
Shares | Description | Value |
||||||
Common Stocks – 90.2% | ||||||||
Communication Services – 7.1% | ||||||||
1,743 | Alphabet, Inc., Class A* | $ | 237,344 | |||||
162 | Electronic Arts, Inc. | 19,437 | ||||||
353 | Fox Corp., Class A | 11,670 | ||||||
355 | Meta Platforms, Inc., Class A* | 105,041 | ||||||
75 | Netflix, Inc.* | 32,526 | ||||||
80 | Omnicom Group, Inc. | 6,481 | ||||||
49 | Spotify Technology SA* | 7,545 | ||||||
150 | T-Mobile US, Inc.* | 20,437 | ||||||
441 | Walt Disney Co. (The)* | 36,903 | ||||||
147 | Warner Music Group Corp., Class A | 4,895 | ||||||
|
|
|||||||
482,279 | ||||||||
|
|
|||||||
Consumer Discretionary – 10.2% | ||||||||
101 | Airbnb, Inc., Class A* | 13,287 | ||||||
1,367 | Amazon.com, Inc.* | 188,660 | ||||||
10 | AutoZone, Inc.* | 25,313 | ||||||
102 | Best Buy Co., Inc. | 7,798 | ||||||
8 | Booking Holdings, Inc.* | 24,840 | ||||||
14 | Chipotle Mexican Grill, Inc.* | 26,973 | ||||||
85 | Darden Restaurants, Inc. | 13,218 | ||||||
21 | Deckers Outdoor Corp.* | 11,111 | ||||||
21 | Domino’s Pizza, Inc. | 8,135 | ||||||
81 | Garmin Ltd. | 8,588 | ||||||
77 | Genuine Parts Co. | 11,837 | ||||||
118 | Hilton Worldwide Holdings, Inc. | 17,541 | ||||||
190 | Home Depot, Inc. (The) | 62,757 | ||||||
190 | LKQ Corp. | 9,981 | ||||||
134 | Lowe’s Cos., Inc. | 30,884 | ||||||
28 | Lululemon Athletica, Inc.* | 10,675 | ||||||
154 | McDonald’s Corp. | 43,297 | ||||||
300 | NIKE, Inc., Class B | 30,513 | ||||||
2 | NVR, Inc.* | 12,755 | ||||||
25 | O’Reilly Automotive, Inc.* | 23,492 | ||||||
130 | Ross Stores, Inc. | 15,835 | ||||||
261 | Starbucks Corp. | 25,432 | ||||||
359 | TJX Cos., Inc. (The) | 33,200 | ||||||
47 | Tractor Supply Co. | 10,270 | ||||||
30 | Ulta Beauty, Inc.* | 12,451 | ||||||
135 | Yum! Brands, Inc. | 17,466 | ||||||
|
|
|||||||
696,309 | ||||||||
|
|
|||||||
Consumer Staples – 8.0% | ||||||||
134 | Archer-Daniels-Midland Co. | 10,626 | ||||||
87 | Clorox Co. (The) | 13,611 | ||||||
869 | Coca-Cola Co. (The) | 51,992 | ||||||
334 | Colgate-Palmolive Co. | 24,539 | ||||||
90 | Constellation Brands, Inc., Class A | 23,450 | ||||||
94 | Costco Wholesale Corp. | 51,632 | ||||||
95 | Dollar Tree, Inc.* | 11,624 | ||||||
187 | General Mills, Inc. | 12,653 | ||||||
50 | Hershey Co. (The) | 10,743 | ||||||
101 | Kellogg Co. | 6,163 | ||||||
207 | Kenvue, Inc. | 4,771 | ||||||
489 | Keurig Dr Pepper, Inc. | 16,455 | ||||||
130 | Kimberly-Clark Corp. | 16,748 | ||||||
267 | Kraft Heinz Co. (The) | 8,835 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
232 | Kroger Co. (The) | 10,763 | ||||||
90 | McCormick & Co., Inc. | 7,387 | ||||||
160 | Molson Coors Beverage Co., Class B | 10,158 | ||||||
434 | Mondelez International, Inc., Class A | 30,927 | ||||||
262 | Monster Beverage Corp.* | 15,042 | ||||||
287 | PepsiCo, Inc. | 51,063 | ||||||
411 | Procter & Gamble Co. (The) | 63,434 | ||||||
156 | Reynolds Consumer Products, Inc. | 4,257 | ||||||
229 | Sysco Corp. | 15,950 | ||||||
109 | Target Corp. | 13,794 | ||||||
334 | Walmart, Inc. | 54,312 | ||||||
|
|
|||||||
540,929 | ||||||||
|
|
|||||||
Energy – 1.1% | ||||||||
63 | Chesapeake Energy Corp. | 5,557 | ||||||
223 | ConocoPhillips | 26,544 | ||||||
190 | ONEOK, Inc. | 12,388 | ||||||
133 | Phillips 66 | 15,183 | ||||||
447 | Williams Cos., Inc. (The) | 15,435 | ||||||
|
|
|||||||
75,107 | ||||||||
|
|
|||||||
Financials – 11.7% | ||||||||
127 | American Express Co. | 20,065 | ||||||
83 | Aon PLC, Class A | 27,671 | ||||||
85 | Arthur J Gallagher & Co. | 19,591 | ||||||
222 | Berkshire Hathaway, Inc., Class B* | 79,964 | ||||||
33 | BlackRock, Inc. | 23,118 | ||||||
162 | Brown & Brown, Inc. | 12,004 | ||||||
63 | Cboe Global Markets, Inc. | 9,432 | ||||||
403 | Charles Schwab Corp. (The) | 23,837 | ||||||
128 | Chubb Ltd. | 25,711 | ||||||
103 | CME Group, Inc. | 20,876 | ||||||
88 | CNA Financial Corp. | 3,461 | ||||||
30 | FactSet Research Systems, Inc. | 13,092 | ||||||
158 | Fidelity National Information Services, Inc. | 8,826 | ||||||
194 | Fiserv, Inc.* | 23,550 | ||||||
228 | Franklin Resources, Inc. | 6,097 | ||||||
151 | Hartford Financial Services Group, Inc. (The) | 10,845 | ||||||
198 | Intercontinental Exchange, Inc. | 23,362 | ||||||
269 | Jefferies Financial Group, Inc. | 9,601 | ||||||
511 | JPMorgan Chase & Co. | 74,775 | ||||||
34 | MarketAxess Holdings, Inc. | 8,192 | ||||||
153 | Marsh & McLennan Cos., Inc. | 29,833 | ||||||
163 | Mastercard, Inc., Class A | 67,260 | ||||||
67 | Moody’s Corp. | 22,566 | ||||||
36 | MSCI, Inc. | 19,570 | ||||||
290 | PayPal Holdings, Inc.* | 18,128 | ||||||
109 | PNC Financial Services Group, Inc. (The) | 13,160 | ||||||
127 | Progressive Corp. (The) | 16,951 | ||||||
68 | S&P Global, Inc. | 26,578 | ||||||
135 | SEI Investments Co. | 8,378 | ||||||
114 | T. Rowe Price Group, Inc. | 12,794 | ||||||
78 | Tradeweb Markets, Inc., Class A | 6,742 | ||||||
90 | Travelers Cos., Inc. (The) | 14,511 | ||||||
280 | Visa, Inc., Class A | 68,790 | ||||||
139 | W R Berkley Corp. | 8,599 | ||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Shares | Description | Value |
||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
30 | WEX, Inc.* | $ | 5,885 | |||||
70 | Willis Towers Watson PLC | 14,473 | ||||||
|
|
|||||||
798,288 | ||||||||
|
|
|||||||
Health Care – 15.4% | ||||||||
429 | Abbott Laboratories | 44,144 | ||||||
316 | AbbVie, Inc. | 46,439 | ||||||
106 | Agilent Technologies, Inc. | 12,833 | ||||||
24 | Align Technology, Inc.* | 8,883 | ||||||
45 | Alnylam Pharmaceuticals, Inc.* | 8,902 | ||||||
101 | Amgen, Inc. | 25,890 | ||||||
63 | Becton Dickinson & Co. | 17,605 | ||||||
319 | Boston Scientific Corp.* | 17,207 | ||||||
453 | Bristol-Myers Squibb Co. | 27,927 | ||||||
177 | Cardinal Health, Inc. | 15,457 | ||||||
57 | Cencora, Inc. | 10,031 | ||||||
156 | Centene Corp.* | 9,617 | ||||||
37 | Cooper Cos., Inc. (The) | 13,690 | ||||||
294 | CVS Health Corp. | 19,160 | ||||||
131 | Danaher Corp. | 34,715 | ||||||
218 | DENTSPLY SIRONA, Inc. | 8,086 | ||||||
175 | Dexcom, Inc.* | 17,672 | ||||||
286 | Edwards Lifesciences Corp.* | 21,870 | ||||||
49 | Elevance Health, Inc. | 21,659 | ||||||
137 | Eli Lilly & Co. | 75,925 | ||||||
289 | Gilead Sciences, Inc. | 22,103 | ||||||
79 | HCA Healthcare, Inc. | 21,907 | ||||||
76 | Henry Schein, Inc.* | 5,817 | ||||||
128 | Hologic, Inc.* | 9,567 | ||||||
42 | Humana, Inc. | 19,389 | ||||||
36 | IDEXX Laboratories, Inc.* | 18,411 | ||||||
90 | Intuitive Surgical, Inc.* | 28,141 | ||||||
436 | Johnson & Johnson | 70,493 | ||||||
36 | McKesson Corp. | 14,844 | ||||||
359 | Medtronic PLC | 29,259 | ||||||
433 | Merck & Co., Inc. | 47,188 | ||||||
10 | Mettler-Toledo International, Inc.* | 12,135 | ||||||
107 | Moderna, Inc.* | 12,099 | ||||||
192 | QIAGEN NV* | 8,734 | ||||||
120 | Quest Diagnostics, Inc. | 15,780 | ||||||
54 | ResMed, Inc. | 8,618 | ||||||
67 | Revvity, Inc. | 7,841 | ||||||
34 | STERIS PLC | 7,806 | ||||||
88 | Stryker Corp. | 24,952 | ||||||
79 | Thermo Fisher Scientific, Inc. | 44,011 | ||||||
164 | UnitedHealth Group, Inc. | 78,159 | ||||||
79 | Veeva Systems, Inc., Class A* | 16,487 | ||||||
77 | Vertex Pharmaceuticals, Inc.* | 26,822 | ||||||
47 | West Pharmaceutical Services, Inc. | 19,124 | ||||||
96 | Zoetis, Inc. | 18,289 | ||||||
|
|
|||||||
1,045,688 | ||||||||
|
|
|||||||
Industrials – 12.9% | ||||||||
132 | 3M Co. | 14,080 | ||||||
176 | A O Smith Corp. | 12,760 | ||||||
102 | AMETEK, Inc. | 16,270 | ||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
106 | Automatic Data Processing, Inc. | 26,989 | ||||||
118 | Boeing Co. (The)* | 26,435 | ||||||
63 | Booz Allen Hamilton Holding Corp. | 7,138 | ||||||
100 | BWX Technologies, Inc. | 7,376 | ||||||
32 | Carlisle Cos., Inc. | 8,417 | ||||||
279 | Carrier Global Corp. | 16,028 | ||||||
67 | C.H. Robinson Worldwide, Inc. | 6,059 | ||||||
28 | Cintas Corp. | 14,117 | ||||||
38 | Clean Harbors, Inc.* | 6,435 | ||||||
722 | CSX Corp. | 21,804 | ||||||
67 | Dover Corp. | 9,936 | ||||||
81 | Eaton Corp. PLC | 18,660 | ||||||
78 | Equifax, Inc. | 16,123 | ||||||
64 | Expeditors International of Washington, Inc. | 7,469 | ||||||
373 | Fastenal Co. | 21,477 | ||||||
79 | FedEx Corp. | 20,621 | ||||||
78 | Ferguson PLC | 12,602 | ||||||
148 | Flowserve Corp. | 5,856 | ||||||
168 | Fortive Corp. | 13,247 | ||||||
52 | General Dynamics Corp. | 11,785 | ||||||
223 | General Electric Co. | 25,525 | ||||||
190 | Honeywell International, Inc. | 35,709 | ||||||
269 | Howmet Aerospace, Inc. | 13,307 | ||||||
32 | Hubbell, Inc. | 10,434 | ||||||
37 | IDEX Corp. | 8,377 | ||||||
102 | Illinois Tool Works, Inc. | 25,230 | ||||||
196 | Ingersoll Rand, Inc. | 13,643 | ||||||
45 | J.B. Hunt Transport Services, Inc. | 8,455 | ||||||
389 | Johnson Controls International PLC | 22,974 | ||||||
71 | Lockheed Martin Corp. | 31,833 | ||||||
34 | Nordson Corp. | 8,301 | ||||||
64 | Norfolk Southern Corp. | 13,121 | ||||||
52 | Northrop Grumman Corp. | 22,521 | ||||||
30 | Old Dominion Freight Line, Inc. | 12,821 | ||||||
270 | Otis Worldwide Corp. | 23,098 | ||||||
137 | Paychex, Inc. | 16,745 | ||||||
42 | Paycom Software, Inc. | 12,383 | ||||||
105 | Republic Services, Inc. | 15,134 | ||||||
49 | Rockwell Automation, Inc. | 15,292 | ||||||
231 | Rollins, Inc. | 9,141 | ||||||
405 | RTX Corp. | 34,846 | ||||||
83 | Trane Technologies PLC | 17,037 | ||||||
21 | TransDigm Group, Inc.* | 18,981 | ||||||
139 | Union Pacific Corp. | 30,659 | ||||||
162 | United Parcel Service, Inc., Class B | 27,443 | ||||||
78 | Verisk Analytics, Inc. | 18,893 | ||||||
165 | Waste Management, Inc. | 25,869 | ||||||
123 | Westinghouse Air Brake Technologies Corp. | 13,840 | ||||||
28 | W.W. Grainger, Inc. | 19,996 | ||||||
|
|
|||||||
873,292 | ||||||||
|
|
|||||||
Information Technology – 17.3% | ||||||||
149 | Accenture PLC, Class A | 48,242 | ||||||
81 | Amdocs Ltd. | 7,225 | ||||||
248 | Amphenol Corp., Class A | 21,918 | ||||||
46 | ANSYS, Inc.* | 14,668 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Schedule of Investments (continued)
August 31, 2023
Shares | Description | Value |
||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
2,290 | Apple, Inc. | $ | 430,222 | |||||
62 | Arista Networks, Inc.* | 12,104 | ||||||
72 | Cadence Design Systems, Inc.* | 17,312 | ||||||
676 | Cisco Systems, Inc. | 38,769 | ||||||
102 | Datadog, Inc., Class A* | 9,841 | ||||||
235 | Dynatrace, Inc.* | 11,327 | ||||||
12 | Fair Isaac Corp.* | 10,855 | ||||||
311 | Fortinet, Inc.* | 18,725 | ||||||
55 | Gartner, Inc.* | 19,232 | ||||||
898 | Intel Corp. | 31,556 | ||||||
137 | Keysight Technologies, Inc.* | 18,262 | ||||||
68 | Lattice Semiconductor Corp.* | 6,614 | ||||||
58 | Manhattan Associates, Inc.* | 11,752 | ||||||
70 | Motorola Solutions, Inc. | 19,850 | ||||||
368 | NVIDIA Corp. | 181,626 | ||||||
298 | Oracle Corp. | 35,876 | ||||||
95 | Palo Alto Networks, Inc.* | 23,114 | ||||||
113 | PTC, Inc.* | 16,630 | ||||||
47 | Roper Technologies, Inc. | 23,456 | ||||||
163 | Salesforce, Inc.* | 36,098 | ||||||
35 | Synopsys, Inc.* | 16,061 | ||||||
163 | TE Connectivity Ltd. | 21,580 | ||||||
18 | Teledyne Technologies, Inc.* | 7,529 | ||||||
163 | Texas Instruments, Inc. | 27,394 | ||||||
39 | Tyler Technologies, Inc.* | 15,539 | ||||||
93 | VeriSign, Inc.* | 19,324 | ||||||
|
|
|||||||
1,172,701 | ||||||||
|
|
|||||||
Materials – 2.6% | ||||||||
52 | Air Products and Chemicals, Inc. | 15,366 | ||||||
40 | AptarGroup, Inc. | 5,302 | ||||||
135 | Ball Corp. | 7,351 | ||||||
94 | Ecolab, Inc. | 17,278 | ||||||
103 | International Flavors & Fragrances, Inc. | 7,256 | ||||||
105 | Linde PLC | 40,639 | ||||||
221 | Newmont Corp. | 8,712 | ||||||
58 | Packaging Corp. of America | 8,648 | ||||||
110 | PPG Industries, Inc. | 15,594 | ||||||
28 | Reliance Steel & Aluminum Co. | 7,979 | ||||||
60 | RPM International, Inc. | 5,984 | ||||||
81 | Sherwin-Williams Co. (The) | 22,009 | ||||||
74 | Southern Copper Corp. (Mexico) | 5,969 | ||||||
41 | Vulcan Materials Co. | 8,948 | ||||||
|
|
|||||||
177,035 | ||||||||
|
|
|||||||
Real Estate – 1.3% | ||||||||
78 | AvalonBay Communities, Inc. REIT | 14,338 | ||||||
136 | CoStar Group, Inc.* | 11,151 | ||||||
25 | Equinix, Inc. REIT | 19,534 | ||||||
202 | Equity Residential REIT | 13,096 | ||||||
41 | Essex Property Trust, Inc. REIT | 9,774 | ||||||
70 | Public Storage REIT | 19,346 | ||||||
|
|
|||||||
87,239 | ||||||||
|
|
|||||||
Common Stocks – (continued) | ||||||||
Utilities – 2.6% | ||||||||
90 | Ameren Corp. | 7,134 | ||||||
142 | American Electric Power Co., Inc. | 11,133 | ||||||
316 | CenterPoint Energy, Inc. | 8,813 | ||||||
111 | Consolidated Edison, Inc. | 9,875 | ||||||
94 | Constellation Energy Corp. | 9,791 | ||||||
104 | DTE Energy Co. | 10,752 | ||||||
190 | Duke Energy Corp. | 16,872 | ||||||
360 | Exelon Corp. | 14,443 | ||||||
431 | NextEra Energy, Inc. | 28,791 | ||||||
397 | PPL Corp. | 9,893 | ||||||
216 | Public Service Enterprise Group, Inc. | 13,193 | ||||||
360 | Southern Co. (The) | 24,383 | ||||||
198 | Xcel Energy, Inc. | 11,312 | ||||||
|
|
|||||||
176,385 | ||||||||
|
|
|||||||
TOTAL INVESTMENTS – 90.2% | ||||||||
(Cost $5,718,625) | $ | 6,125,252 | ||||||
|
|
|||||||
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 9.8% |
667,508 | ||||||
|
|
|||||||
NET ASSETS – 100.0% | $ | 6,792,760 | ||||||
|
|
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. |
| ||
Investment Abbreviations: | ||
PLC |
—Public Limited Company | |
REIT |
—Real Estate Investment Trust | |
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2023, the Fund had the following futures contracts:
Description | Number of Contracts |
Expiration Date |
Notional Amount |
Unrealized Appreciation/ (Depreciation) |
||||||||||
Long position contracts: |
||||||||||||||
S&P 500 E-Mini Index |
3 | 09/15/23 | $677,400 | $11,957 |
PURCHASED & WRITTEN OPTIONS CONTRACTS — At August 31, 2023, the Fund had the following purchased and written option contracts:
EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS
Description | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by the Portfolio |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||
Purchased Option Contracts: |
| |||||||||||||||||||||||||
Puts |
||||||||||||||||||||||||||
S&P 500 E-Mini |
4,460.000 | 09/29/2023 | 29 | $6,467,000 | $ | 39,150 | $ | 40,634 | $ | (1,484 | ) | |||||||||||||||
Total purchased option contract | 29 | $ | 6,467,000 | $ | 39,150 | $ | 40,634 | $ | (1,484 | ) |
EXCHANGE TRADED OPTIONS ON EQUITIES CONTRACTS
Description | Exercise Rate |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Paid (Received) by the Portfolio |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||||
Written Option Contracts: |
| |||||||||||||||||||||||||
Calls |
||||||||||||||||||||||||||
S&P 500 E-Mini |
4,640.000 | 09/29/2023 | (29 | ) | $ | (6,728,000 | ) | $ | (35,162 | ) | $ | (42,378 | ) | $ | 7,216 | |||||||||||
Puts |
||||||||||||||||||||||||||
S&P 500 E-Mini |
4,270.000 | 09/29/2023 | (29) | (6,191,500 | ) | (11,963 | ) | (13,379 | ) | 1,416 | ||||||||||||||||
Total written option contracts | (58 | ) | $ | (12,919,500 | ) | $ | (47,125 | ) | $ | (55,757 | ) | $ | 8,632 |
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities
August 31, 2023
Bloomberg Clean Energy Equity ETF |
Equal Weight U.S. Large Cap Equity ETF |
Hedge Industry VIP ETF |
Innovate Equity ETF |
|||||||||||||||
Assets: | ||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $9,567,071, $430,421,894, $121,238,082 and $318,613,051, respectively)(a) |
$ | 8,714,377 | $ | 460,352,318 | $ | 141,999,092 | $ | 333,733,182 | ||||||||||
Investments in affiliated issuers, at value (cost $—, $876,595, $— and $1,360,060, respectively) |
— | 888,422 | — | 1,692,950 | ||||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
119,761 | 542,850 | — | 8,259,180 | ||||||||||||||
Cash |
27,045 | 566,969 | 145,379 | 229,020 | ||||||||||||||
Foreign currency, at value (cost $15, $—, $— and $105,574, respectively) |
15 | — | — | 105,130 | ||||||||||||||
Receivables: |
||||||||||||||||||
Dividends |
14,031 | 761,396 | 71,860 | 314,284 | ||||||||||||||
Foreign capital gains tax |
64 | — | — | — | ||||||||||||||
Foreign tax reclaims |
5,112 | — | 634 | 76,906 | ||||||||||||||
Securities lending income |
85 | 389 | — | 65,381 | ||||||||||||||
Total assets | 8,880,490 | 463,112,344 | 142,216,965 | 344,476,033 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: |
||||||||||||||||||
Upon return of securities loaned |
119,761 | 542,850 | — | 8,259,180 | ||||||||||||||
Management fees |
985 | 35,404 | 53,442 | 141,277 | ||||||||||||||
Investments purchased |
— | — | — | 15 | ||||||||||||||
Total liabilities | 120,746 | 578,254 | 53,442 | 8,400,472 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital |
9,767,293 | 505,530,335 | 187,914,915 | 398,325,408 | ||||||||||||||
Total distributable loss |
(1,007,549 | ) | (42,996,245 | ) | (45,751,392 | ) | (62,249,847 | ) | ||||||||||
NET ASSETS | $ | 8,759,744 | $ | 462,534,090 | $ | 142,163,523 | $ | 336,075,561 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): |
250,000 | 7,350,000 | 1,600,000 | 6,800,000 | ||||||||||||||
Net asset value per share: |
$35.04 | $62.93 | $88.85 | $49.42 |
(a) | Includes loaned securities having a market value of $115,376, $523,110, $— and $7,835,629 for Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and Innovate Equity ETF, respectively. |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities (continued)
August 31, 2023
JUST U.S. Large Cap Equity ETF |
North
American Pipelines & Power Equity ETF |
Defensive Equity ETF |
||||||||||||
Assets: |
|
|||||||||||||
Investments in unaffiliated issuers, at value (cost $221,420,972, $8,100,891 and $5,718,625)(a) |
$ | 276,070,290 | $ | 8,168,162 | $ | 6,125,252 | ||||||||
Investments in affiliated issuers, at value (cost $893,850, $— and $—) |
1,047,034 | — | — | |||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |
30,687 | — | — | |||||||||||
Purchased options, at value (premiums paid $—, $— and $40,634) |
— | — | 39,150 | |||||||||||
Cash |
202,658 | 3,700 | 406,537 | |||||||||||
Variation margin on futures contracts |
— | — | 8,344 | |||||||||||
Receivables: |
||||||||||||||
Dividends |
469,455 | 18,256 | 7,056 | |||||||||||
Securities lending income |
3,689 | — | — | |||||||||||
Collateral on futures contracts |
— | — | 284,000 | |||||||||||
Investments sold |
— | — | 1,281,626 | |||||||||||
Reimbursement from investment adviser |
— | — | 702 | |||||||||||
Total assets | 277,823,813 | 8,190,118 | 8,152,667 | |||||||||||
Liabilities: | ||||||||||||||
Written options, at value (premiums received $—, $— and $55,757) |
— | — | 47,125 | |||||||||||
Payables: |
||||||||||||||
Management fees |
46,573 | 3,795 | — | |||||||||||
Upon return of securities loaned |
30,687 | — | — | |||||||||||
Investments purchased |
— | — | 1,312,782 | |||||||||||
Total liabilities | 77,260 | 3,795 | 1,359,907 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital |
237,079,492 | 8,096,206 | 6,996,749 | |||||||||||
Total distributable earnings (loss) |
40,667,061 | 90,117 | (203,989 | ) | ||||||||||
NET ASSETS | $ | 277,746,553 | $ | 8,186,323 | $ | 6,792,760 | ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||
Shares outstanding no par value (unlimited shares authorized)(b): |
4,325,000 | 200,000 | 152,572 | |||||||||||
Net asset value per share: |
$64.22 | $40.93 | $44.52 |
(a) | Includes loaned securities having a market value of $29,510, $— and $— for JUST U.S. Large Cap Equity ETF, North American Pipelines & Power Equity ETF, and Defensive Equity ETF, respectively. |
(b) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2023
Bloomberg Clean Energy Equity ETF |
Equal Weight U.S. Large Cap Equity ETF |
Hedge Industry VIP ETF |
Innovate Equity ETF |
|||||||||||||||
Investment income: |
| |||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $22,452, $11,635, $5,657 and $179,228, respectively) |
$ | 155,246 | $ | 9,320,659 | $ | 820,938 | $ | 3,878,778 | ||||||||||
Non cash dividend income |
17,278 | — | 76,438 | — | ||||||||||||||
Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
2,224 | 12,845 | 15 | 819,380 | ||||||||||||||
Dividends — affiliated issuers |
— | 29,688 | — | 46,392 | ||||||||||||||
Total investment income | 174,748 | 9,363,192 | 897,391 | 4,744,550 | ||||||||||||||
Expenses: |
| |||||||||||||||||
Trustee fees |
25,307 | 39,054 | 28,469 | 33,099 | ||||||||||||||
Management fees |
13,813 | 426,187 | 567,067 | 1,585,924 | ||||||||||||||
Total expenses | 39,120 | 465,241 | 595,536 | 1,619,023 | ||||||||||||||
NET INVESTMENT INCOME | 135,628 | 8,897,951 | 301,855 | 3,125,527 | ||||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||||
Investments — unaffiliated issuers |
(171,534 | ) | (49,400,975 | ) | (17,960,410 | ) | (41,067,623 | ) | ||||||||||
Investments — affiliated issuers |
— | (14,730 | ) | — | 222,390 | |||||||||||||
In-kind redemptions — unaffiliated issuers |
— | 39,231,216 | 14,049,461 | 10,015,745 | ||||||||||||||
In-kind redemptions — affiliated issuers |
— | 175,053 | — | 99,771 | ||||||||||||||
Foreign currency transactions |
(403 | ) | (668 | ) | 74 | (27,947 | ) | |||||||||||
Net change in unrealized gain (loss) on: |
||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $2,688, $—, $— and $—, respectively) |
(835,912 | ) | 42,709,324 | 23,892,864 | 67,819,739 | |||||||||||||
Investments — affiliated issuers |
— | (141,643 | ) | — | (313,562 | ) | ||||||||||||
Foreign currency translations |
193 | — | — | 4,460 | ||||||||||||||
Net realized and unrealized gain (loss) | (1,007,656 | ) | 32,557,577 | 19,981,989 | 36,752,973 | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (872,028 | ) | $ | 41,455,528 | $ | 20,283,844 | $ | 39,878,500 |
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2023
JUST U.S. Large Cap Equity ETF |
North American Pipelines & Power Equity ETF* |
|||||||||
Investment income: |
|
|||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $54 and $1,540) |
$ | 4,601,670 | $ | 32,592 | ||||||
Dividends — affiliated issuers |
34,609 | — | ||||||||
Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
9,647 | — | ||||||||
Total investment income | 4,645,926 | 32,592 | ||||||||
Expenses: | ||||||||||
Management fees |
509,324 | 6,394 | ||||||||
Trustee fees |
31,646 | — | ||||||||
Total expenses | 540,970 | 6,394 | ||||||||
NET INVESTMENT INCOME | 4,104,956 | 26,198 | ||||||||
Realized and unrealized gain (loss): |
|
|||||||||
Net realized gain (loss) from: |
||||||||||
Investments — unaffiliated issuers |
(6,879,486 | ) | — | |||||||
Investments — affiliated issuers |
(2,495 | ) | — | |||||||
In-kind redemptions — unaffiliated issuers |
15,059,338 | — | ||||||||
In-kind redemptions — affiliated issuers |
59,355 | — | ||||||||
Foreign currency transactions |
— | (3,319 | ) | |||||||
Net change in unrealized gain (loss) on: |
||||||||||
Investments — unaffiliated issuers |
25,725,580 | 67,271 | ||||||||
Investments — affiliated issuers |
(77,977 | ) | — | |||||||
Foreign currency translations |
— | (33 | ) | |||||||
Net realized and unrealized gain | 33,884,315 | 63,919 | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 37,989,271 | $ | 90,117 |
* | For the period July 11, 2023 (commencement of operations) through August 31, 2023. |
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations (continued)
Defensive Equity ETF | ||||||||||
For the Period January 1, 2023 to August 31, 2023†(a) |
For the Fiscal Year Ended December 31, 2022†(a) |
|||||||||
Investment income: | ||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $9 and $—, respectively) |
$ | 68,212 | $ | 78,788 | ||||||
Dividends — affiliated issuers |
289 | 3,394 | ||||||||
Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuer |
6 | — | ||||||||
Interest |
— | 232 | ||||||||
Total investment income | 68,507 | 82,414 | ||||||||
Expenses: | ||||||||||
Registration fees |
50,545 | 75,855 | ||||||||
Trustee fees |
19,354 | 27,444 | ||||||||
Custody, accounting and administrative services |
4,216 | 41,071 | ||||||||
Printing and mailing costs |
4,130 | 36,522 | ||||||||
Professional fees |
3,753 | 141,458 | ||||||||
Management fees |
2,808 | 31,475 | ||||||||
Transfer Agency fees |
163 | 3,099 | (b) | |||||||
Service fees — Class C |
159 | 713 | ||||||||
Distribution and/or Service (12b-1) fees |
— | 2,954 | (c) | |||||||
Other |
13,331 | 82 | ||||||||
Total expenses | 98,459 | 360,673 | ||||||||
Less — expense reductions | (74,198 | ) | (322,522 | ) | ||||||
Net expenses | 24,261 | 38,151 | ||||||||
NET INVESTMENT INCOME | 44,246 | 44,263 | ||||||||
Realized and unrealized gain (loss): | ||||||||||
Net realized gain (loss) from: |
||||||||||
Investments — unaffiliated issuers |
(7,801 | ) | (717,576 | ) | ||||||
In-kind redemptions |
77,586 | — | ||||||||
Futures contracts |
61,783 | (68,240 | ) | |||||||
Written options |
60,850 | 653,925 | ||||||||
Purchased options |
(445,039 | ) | (213,568 | ) | ||||||
Net change in unrealized gain (loss) on: |
||||||||||
Investments — unaffiliated issuers |
595,526 | (597,312 | ) | |||||||
Futures contracts |
28,346 | (26,273 | ) | |||||||
Written options |
17,209 | (26,632 | ) | |||||||
Purchased Options |
18,173 | 70,661 | ||||||||
Net realized and unrealized gain (loss) | 406,633 | (925,015 | ) | |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 450,879 | $ | (880,752 | ) |
† | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(a) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
(b) | Class specific Transfer Agency fees were $383, $457, $2,097, $69, $13, $68 and $12 for Class A, Class C, Institutional, Investor, Class R6, Class R and Class P, respectively. |
(c) | Class specific Distribution and/or Service (12b-1) fees were $601, $2,140 and $213 for Class A, Class C and Class R, respectively. |
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets
Bloomberg Clean Energy Equity ETF | Equal Weight U.S. Large Cap Equity ETF |
|||||||||||||||||||||
For the Fiscal Year Ended August 31, 2023 |
For the Period February 8, 2022* to August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income |
$ | 135,628 | $ | 63,220 | $ | 8,897,951 | $ | 11,259,384 | ||||||||||||||
Net realized gain (loss) |
(171,937 | ) | (18,185 | ) | (10,010,104 | ) | 39,577,340 | |||||||||||||||
Net change in unrealized gain (loss) |
(835,719 | ) | (16,978 | ) | 42,567,681 | (169,980,290 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (872,028 | ) | 28,057 | 41,455,528 | (119,143,566 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(123,162 | ) | (40,416 | ) | (9,019,245 | ) | (11,856,146 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
1,839,938 | 7,927,355 | 49,832,589 | 169,051,301 | ||||||||||||||||||
Cost of shares redeemed |
— | — | (233,144,465 | ) | (282,145,961 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 1,839,938 | 7,927,355 | (183,311,876 | ) | (113,094,660 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) | 844,748 | 7,914,996 | (150,875,593 | ) | (244,094,372 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period |
$ | 7,914,996 | $ | — | $ | 613,409,683 | $ | 857,504,055 | ||||||||||||||
End of period |
$ | 8,759,744 | $ | 7,914,996 | $ | 462,534,090 | $ | 613,409,683 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
Hedge Industry VIP ETF | Innovate Equity ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
|||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income (loss) |
$ | 301,855 | $ | (89,049 | ) | $ | 3,125,527 | $ | 2,584,544 | |||||||||||||
Net realized loss |
(3,910,875 | ) | (23,516,016 | ) | (30,757,664 | ) | (19,394,355 | ) | ||||||||||||||
Net change in unrealized gain (loss) |
23,892,864 | (35,121,455 | ) | 67,510,637 | (133,254,318 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,283,844 | (58,726,520 | ) | 39,878,500 | (150,064,129 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings |
(20,653 | ) | — | (558,596 | ) | (3,566,370 | ) | |||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares |
62,131,240 | 59,701,538 | 33,362,172 | 51,102,318 | ||||||||||||||||||
Cost of shares redeemed |
(85,315,250 | ) | (77,725,146 | ) | (64,136,814 | ) | (63,125,867 | ) | ||||||||||||||
Net decrease in net assets resulting from share transactions | (23,184,010 | ) | (18,023,608 | ) | (30,774,642 | ) | (12,023,549 | ) | ||||||||||||||
TOTAL INCREASE (DECREASE) | (2,920,819 | ) | (76,750,128 | ) | 8,545,262 | (165,654,048 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of year |
$ | 145,084,342 | $ | 221,834,470 | $ | 327,530,299 | $ | 493,184,347 | ||||||||||||||
End of year |
$ | 142,163,523 | $ | 145,084,342 | $ | 336,075,561 | $ | 327,530,299 |
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
JUST U.S. Large Cap Equity ETF | North American Pipelines & Power Equity ETF |
|||||||||||||||||
For the Fiscal Year Ended August 31, 2023 |
For the Fiscal Year Ended August 31, 2022 |
For the
Period July 11, 2023* to August 31, 2023 |
||||||||||||||||
From operations: | ||||||||||||||||||
Net investment income |
$ | 4,104,956 | $ | 3,579,609 | $ | 26,198 | ||||||||||||
Net realized gain (loss) |
8,236,712 | 8,987,322 | (3,319 | ) | ||||||||||||||
Net change in unrealized gain (loss) |
25,647,603 | (49,885,593 | ) | 67,238 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 37,989,271 | (37,318,662 | ) | 90,117 | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||
From distributable earnings |
(4,101,726 | ) | (3,381,618 | ) | — | |||||||||||||
From share transactions: | ||||||||||||||||||
Proceeds from sales of shares |
15,631,778 | 73,677,046 | 8,096,206 | |||||||||||||||
Cost of shares redeemed |
(41,200,389 | ) | (27,788,985 | ) | — | |||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (25,568,611 | ) | 45,888,061 | 8,096,206 | ||||||||||||||
TOTAL INCREASE | 8,318,934 | 5,187,781 | 8,186,323 | |||||||||||||||
Net assets: | ||||||||||||||||||
Beginning of period |
$ | 269,427,619 | $ | 264,239,838 | $ | — | ||||||||||||
End of period |
$ | 277,746,553 | $ | 269,427,619 | $ | 8,186,323 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
Defensive Equity ETF(a) | ||||||||||||||
For the
Period January 1, 2023 to August 31, 2023(b) |
For the Fiscal Year Ended December 31, 2022 |
For the Fiscal Year Ended December 31, 2021 |
||||||||||||
From operations: | ||||||||||||||
Net investment income |
$ | 44,246 | $ | 44,263 | $ | 30,609 | ||||||||
Net realized gain (loss) |
(252,621 | ) | (345,459 | ) | 783,924 | |||||||||
Net change in unrealized gain (loss) |
659,254 | (579,556 | ) | 3,547 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 450,879 | (880,752 | ) | 818,080 | ||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings |
||||||||||||||
Class A Shares |
— | (1,254 | ) | (17,059 | ) | |||||||||
Class C Shares |
— | — | (7,588 | ) | ||||||||||
Institutional Shares/Fund |
(33,649 | ) | (45,517 | ) | (497,162 | ) | ||||||||
Investor Shares |
— | — | (4,551 | ) | ||||||||||
Class R6 Shares |
— | — | (4,623 | ) | ||||||||||
Class R Shares |
— | — | (4,340 | ) | ||||||||||
Class P Shares |
— | — | (4,623 | ) | ||||||||||
Total distributions to shareholders | (33,649 | ) | (46,771 | ) | (539,946 | ) | ||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares |
2,623,015 | 438,545 | 1,097,648 | |||||||||||
Reinvestment of distributions |
— | 46,771 | 539,946 | |||||||||||
Cost of shares redeemed |
(1,816,084 | ) | (920,363 | ) | (519,323 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 806,931 | (435,047 | ) | 1,118,271 | ||||||||||
TOTAL INCREASE (DECREASE) | 1,224,161 | (1,362,570 | ) | 1,396,405 | ||||||||||
Net assets: | ||||||||||||||
Beginning of period |
$ | 5,568,599 | $ | 6,931,169 | $ | 5,534,764 | ||||||||
End of period |
$ | 6,792,760 | $ | 5,568,599 | $ | 6,931,169 |
(a) | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(b) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. |
(c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.05% of average net assets. |
(c) | Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(e) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Year
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. |
(c) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS NORTH AMERICAN PIPELINES & POWER EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout the Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DEFENSIVE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations of Goldman Sachs Defensive Equity Fund, the predecessor fund. |
† | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
(a) | On January 18, 2023, the Fund effected a 4.5 -for-1 reverse share split. All per share data has been adjusted to reflect the reverse share split. |
(b) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Amount is less than $0.005 per share. |
(e) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS EQUITY ETFS
August 31, 2023
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Diversified | |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Diversified | |
Goldman Sachs Hedge Industry VIP ETF |
Diversified | |
Goldman Sachs Innovate Equity ETF |
Diversified | |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Diversified | |
Goldman Sachs North American Pipelines & Power Equity ETF* |
Non-Diversified | |
Goldman Sachs Defensive Equity ETF** |
Diversified |
* | The Goldman Sachs North American Pipelines & Power Equity ETF commenced operations on July 11, 2023. |
** | The Goldman Sachs Defensive Equity ETF commenced operations on January 23, 2023. |
Pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of Goldman Sachs Trust, the Goldman Sachs Defensive Equity Fund (the “Acquired Fund”) was reorganized into the Goldman Sachs Defensive Equity ETF (the “Acquiring Fund”) (the “Reorganization”) as of the close of business on January 23, 2023 (the “Closing Date”). Prior to the Reorganization, Class A Shares and Class C Shares were converted to Institutional Shares on January 13, 2023.
Following the Reorganization, the Acquired Fund’s performance (Institutional Class Shares) and financial history were adopted by the Acquiring Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the surviving Acquiring Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Acquiring Fund. The cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for shares of Goldman Sachs Financial Square Government Fund equal in value to their Acquired Fund shares. The Acquiring Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of its Reorganization.
Costs incurred by the Acquiring Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Acquiring Fund or Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Acquiring Fund or Acquired Fund related to the disposition and acquisition of assets as part of the Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Acquiring Fund and the Acquired Fund. The management fee of the Acquiring Fund is slightly higher than the Acquired Fund, but the Acquiring Fund employs a unitary fee structure pursuant to which GSAM bears all operating expenses of the Fund, subject to limited exceptions, and thus is expected to result in a lower net expense ratio than each share class of the Acquired Fund. The Reorganization did not result in the material change to the Acquired Fund’s portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Acquiring Fund.
The Acquiring Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the corresponding Acquiring Fund’s portfolio turnover ratio for the fiscal year ended August 31, 2023.
84
GOLDMAN SACHS EQUITY ETFS
1. ORGANIZATION (continued) |
The investment objective of each Fund (except Goldman Sachs Defensive Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Goldman Sachs Defensive Equity ETF seeks long-term growth of capital with lower volatility than equity markets.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF and Goldman Sachs Defensive Equity ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Goldman Sachs Bloomberg Clean Energy Equity ETF, Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs North American Pipelines & Power Equity ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each
85
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each Fund, income distributions, if any, are declared and paid quarterly with respect to Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF, Goldman Sachs North American Pipelines & Power Equity ETF and Goldman Sachs Defensive Equity ETF, semi-annually with respect to Goldman Sachs Bloomberg Clean Energy Equity ETF, and annually for Goldman Sachs Hedge Industry VIP ETF and Goldman Sachs Innovate Equity ETF. Capital gains distributions, if any, are declared and paid annually.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
Return of Capital Estimates — Distributions received from the Goldman Sachs North American Pipelines & Power Equity ETF’s investments in MLPs generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform
86
GOLDMAN SACHS EQUITY ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
87
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2023:
BLOOMBERG CLEAN ENERGY EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 2,634,604 | $ | 28,770 | $ | — | ||||||
Europe |
2,085,107 | — | — | |||||||||
North America |
3,899,625 | — | — | |||||||||
South America |
55,786 | 10,485 | — | |||||||||
Securities Lending Reinvestment Vehicle |
119,761 | — | — | |||||||||
Total | $ | 8,794,883 | $ | 39,255 | $ | — | ||||||
EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
North America |
$ | 461,240,740 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle |
542,850 | — | — | |||||||||
Total | $ | 461,783,590 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
88
GOLDMAN SACHS EQUITY ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
HEDGE INDUSTRY VIP ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 5,567,197 | $ | — | $ | — | ||||||
Europe |
2,759,675 | — | — | |||||||||
North America |
130,724,391 | — | — | |||||||||
South America |
2,947,829 | — | — | |||||||||
Total | $ | 141,999,092 | $ | — | $ | — | ||||||
INNOVATE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Asia |
$ | 50,442,826 | $ | 192,894 | $ | — | ||||||
Europe |
29,904,601 | — | — | |||||||||
North America |
249,371,138 | 456,545 | — | |||||||||
Oceania |
274,177 | — | — | |||||||||
South America |
4,072,050 | — | — | |||||||||
Right |
— | — | 28,403 | |||||||||
Exchange-Traded Funds |
683,498 | — | — | |||||||||
Securities Lending Reinvestment Vehicle |
8,259,180 | — | — | |||||||||
Total | $ | 343,007,470 | $ | 649,439 | $ | 28,403 | ||||||
JUST U.S. LARGE CAP EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
North America |
$ | 277,117,324 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle |
30,687 | — | — | |||||||||
Total | $ | 277,148,011 | $ | — | $ | — | ||||||
NORTH AMERICAN PIPELINES & POWER EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
Europe |
$ | 48,043 | $ | — | $ | — | ||||||
North America |
8,120,119 | — | — | |||||||||
Total | $ | 8,168,162 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
89
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
DEFENSIVE EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
||||||||||||
North America |
$ | 6,125,252 | $ | — | $ | — | ||||||
Total | $ | 6,125,252 | $ | — | $ | — | ||||||
Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Futures Contracts(b) |
$ | 11,957 | $ | — | $ | — | ||||||
Purchased Put Options |
39,150 | — | — | |||||||||
Total | $ | 51,107 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Liabilities | ||||||||||||
Written Put Options |
$ | (47,125 | ) | $ | — | $ | — | |||||
Total | $ | (47,125 | ) | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2023. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.
Defensive Equity ETF | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities | ||||||||
Equity |
Variation margin on futures contracts, Purchased options, at value | $ | 51,107 | (a) | Written Options, at value | $ | (47,125) |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2023 is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2023. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and
90
GOLDMAN SACHS EQUITY ETFS
4. INVESTMENTS IN DERIVATIVES (continued) |
accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
Defensive Equity ETF | ||||||||||
Risk | Statement of Operations | Net Realized Gain (Loss) from Futures Contracts, Purchased Options and Written Options |
Net Change in Futures Contracts, |
|||||||
Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | $ | (322,406 | ) | $ | 63,728 |
For the fiscal year ended August 31, 2023, the relevant values for each derivative type were as follows:
Average Number of Contracts(a) |
||||||||||
Futures Contracts |
Purchased Options |
Written Options |
||||||||
Defensive Equity ETF |
4 | 31 | 62 |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2023. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the fiscal year ended August 31, 2023, contractual and effective net unitary management fees with GSAM were at the following rates:
Fund | Unitary Management Fee | |||
Goldman Sachs Bloomberg Clean Energy Equity ETF |
0.45% | |||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
0.09% | |||
Goldman Sachs Hedge Industry VIP ETF |
0.45% | |||
Goldman Sachs Innovate Equity ETF |
0.50% | |||
Goldman Sachs JUST U.S. Large Cap Equity ETF |
0.20% | |||
Goldman Sachs North American Pipelines & Power Equity ETF |
0.55% | |||
Goldman Sachs Defensive Equity ETF(1) |
0.55% |
(1) | For the period January 23, 2023 through August 31, 2023. Prior to January 23, 2023 the effective management rate and net management rate for the Acquired Fund with GSAM was 0.53% and 0.52%, respectively. |
91
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Distribution and/or Service (12b-1) Plans — Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of Class A Shares of the Acquired Fund, had adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which served as distributor (the “Distributor”), was entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Acquired Fund, as set forth below.
Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of Class C Shares of the Acquired Fund, had adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor was entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees were equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Acquired Fund, as set forth below.
Distribution and/or Service Plan | ||||||||
Class A* | Class C | |||||||
Distribution and/or Service Plan |
0.25 | % | 0.75 | % |
* | With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and /or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
C. Distribution Agreement — Prior to January 23, 2023, Goldman Sachs, as Distributor of the shares of the Acquired Fund pursuant to a Distribution Agreement, could retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the period January 1, 2023 to January 22, 2023, Goldman Sachs did not retain any front end sales charges.
D. Service Plan — Prior to January 23, 2023, the Goldman Sachs Trust, on behalf of the Acquired Fund, had adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provided for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.
E. Transfer Agency Agreement — Prior to January 23, 2023, Goldman Sachs also served as the transfer agent of the Acquired Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services were accrued daily and paid monthly at annual rates as follows: 0.16% of the average daily net assets of Class A and Class C Shares of the Acquired Fund and 0.04% of the average daily net assets of Institutional Shares.
F. Other Expense Agreements and Affiliated Transactions — Prior to January 23, 2023, GSAM had agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Acquired Fund. Such Other Expense reimbursements, if any, were accrued daily and paid monthly. In addition, the Acquired Fund was not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Acquired Fund was 0.004%. These Other Expense limitations remained in place until January 23, 2023. In addition, the Acquired Fund had entered into certain offset arrangements with the transfer agent, which may resulted in a reduction of the Acquired Fund’s expenses and were received irrespective of the application of the “Other Expense” limitations described above.
For the period January 1, 2023 to January 22, 2023, these Other Expense reimbursements were $74,198.
92
GOLDMAN SACHS EQUITY ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
G. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investments in The Goldman Sachs Group, Inc. for the fiscal year ended August 31, 2023:
Fund | Beginning value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Realized Gain |
Change in Unrealized Depreciation |
Ending value as of August 31, 2023 |
Shares as of August 31, 2023 |
Dividend Income |
||||||||||||||||||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
$ | 1,291,758 | $ | 328,917 | $ | (750,933 | ) | $ | 160,323 | $ | (141,643 | ) | $ | 888,422 | 2,711 | $ | 29,688 | |||||||||||||||
Goldman Sachs Innovate Equity ETF |
1,601,141 | 847,251 | (764,041 | ) | 322,161 | (313,562 | ) | 1,692,950 | 5,166 | 46,392 | ||||||||||||||||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF |
1,137,066 | 75,567 | (144,482 | ) | 56,860 | (77,977 | ) | 1,047,034 | 3,195 | 34,609 |
The following table provides information about the Funds’ investments in the Underlying Money Market Fund for the period ended August 31, 2023:
Fund |
Beginning Value as of December 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Ending Value as of |
Shares as of August 31, 2023 |
Dividend Income |
||||||||||||||||
Goldman Sachs Defensive Equity ETF* |
$278,504 | $ | 123,864 | $ | (402,368 | ) | $ | — | — | 289 |
* | For the period January 1, 2023 through August 31, 2023 (amounts include the Predecessor Fund). |
6. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
93
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Share activity is as follows:
Goldman Sachs Bloomberg Clean Energy Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Fiscal Year Ended August 31, 2023 |
For the period
February 8, 2022* through August 31, 2022 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
50,000 | $ | 1,839,938 | 200,000 | $ | 7,927,355 | ||||||||||
Shares Redeemed |
— | — | — | — | ||||||||||||
NET INCREASE (DECREASE) IN SHARES |
50,000 | $ | 1,839,938 | 200,000 | $ | 7,927,355 | ||||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Fiscal Year
Ended August 31, 2023 |
For the Fiscal Year
Ended August 31, 2022 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
850,000 | $ | 49,832,589 | 2,500,000 | $ | 169,051,301 | ||||||||||
Shares Redeemed |
(3,900,000 | ) | (233,144,465 | ) | (4,350,000 | ) | (282,145,961 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES |
(3,050,000 | ) | $ | (183,311,876 | ) | (1,850,000 | ) | $ | (113,094,660 | ) | ||||||
Goldman Sachs Hedge Industry VIP ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Fiscal Year
Ended August 31, 2023 |
For the Fiscal Year
Ended August 31, 2022 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
775,000 | $ | 62,131,240 | 625,000 | $ | 59,701,538 | ||||||||||
Shares Redeemed |
(1,100,000 | ) | (85,315,250 | ) | (850,000 | ) | (77,725,146 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES |
(325,000 | ) | $ | (23,184,010 | ) | (225,000 | ) | $ | (18,023,608 | ) | ||||||
Goldman Sachs Innovate Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Fiscal Year
Ended August 31, 2023 |
For the Fiscal Year
Ended August 31, 2022 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
750,000 | $ | 33,353,298 | 900,000 | $ | 51,102,318 | ||||||||||
Shares Redeemed |
(1,450,000 | ) | (64,136,240 | ) | (1,200,000 | ) | (63,125,867 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES |
(700,000 | ) | $ | (30,782,942 | ) | (300,000 | ) | $ | (12,023,549 | ) |
94
GOLDMAN SACHS EQUITY ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs JUST U.S. Large Cap Equity ETF | ||||||||||||||||
|
|
|||||||||||||||
For the Fiscal Year
Ended August 31, 2023 |
For the Fiscal Year
Ended August 31, 2022 |
|||||||||||||||
|
|
|||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
|
|||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold |
275,000 | $ | 15,631,778 | 1,150,000 | $ | 73,677,046 | ||||||||||
Shares Redeemed |
(700,000 | ) | (41,200,389 | ) | (425,000 | ) | (27,788,985 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES |
(425,000 | ) | $ | (25,568,611 | ) | 725,000 | $ | 45,888,061 |
Goldman Sachs North American Pipelines & Power Equity ETF |
||||||||
|
|
|||||||
For the period July 11, 2023* through August 31, 2023 |
||||||||
|
|
|||||||
Shares | Dollars | |||||||
|
|
|||||||
Fund Share Activity | ||||||||
Shares Sold |
200,000 | $ | 8,096,206 | |||||
Shares Redeemed |
— | — | ||||||
NET INCREASE IN SHARES |
200,000 | $ | 8,096,206 |
* | Commencement of operations |
95
GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs Defensive Equity ETF(a) | ||||||||||||||||||||||||
|
|
|||||||||||||||||||||||
For the
Period January 1, 2023 to August 31, 2023† |
For the Fiscal Year Ended December 31, 2022 |
For the Fiscal Year
Ended December 31, 2021 |
||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
|
|||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold |
— | $ | — | 5,398 | $ | 51,806 | 66,277 | $ | 733,989 | |||||||||||||||
Reinvestment of distributions |
— | — | 134 | 1,254 | 1,613 | 17,059 | ||||||||||||||||||
Shares redeemed |
(25,524 | )* | (240,345 | )* | (9,452 | ) | (94,513 | ) | (46,157 | ) | (519,069 | ) | ||||||||||||
(25,524 | ) | (240,345 | ) | (3,920 | ) | (41,453 | ) | 21,733 | 231,979 | |||||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold |
— | — | 24,307 | 241,850 | 3,747 | 42,642 | ||||||||||||||||||
Reinvestment of distributions |
— | — | — | — | 725 | 7,588 | ||||||||||||||||||
Shares redeemed |
(32,815 | )* | (306,081 | )* | (940 | ) | (8,516 | ) | (24 | ) | (254 | ) | ||||||||||||
(32,815 | ) | (306,081 | ) | 23,367 | 233,334 | 4,448 | 49,976 | |||||||||||||||||
Fund Share Activity (formerly Institutional Shares)** | ||||||||||||||||||||||||
Shares sold |
60,477 | 2,623,015 | 3,112 | 144,889 | 6,431 | 321,017 | ||||||||||||||||||
Reinvestment of distributions |
— | — | 1,080 | 45,517 | 10,416 | 497,162 | ||||||||||||||||||
Shares redeemed |
(28,520 | ) | (1,269,658 | ) | (13,844 | ) | (617,012 | ) | — | — | ||||||||||||||
31,957 | 1,353,357 | (9,652 | ) | (426,606 | ) | 16,847 | 818,179 | |||||||||||||||||
Investor Shares | ||||||||||||||||||||||||
Reinvestment of distributions |
— | — | — | — | 429 | 4,551 | ||||||||||||||||||
Shares redeemed |
— | — | (5,438 | ) | (50,140 | ) | — | — | ||||||||||||||||
— | — | (5,438 | ) | (50,140 | ) | 429 | 4,551 | |||||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||
Reinvestment of distributions |
— | — | — | — | 436 | 4,623 | ||||||||||||||||||
Shares redeemed |
— | — | (5,446 | ) | (50,268 | ) | — | — | ||||||||||||||||
— | — | (5,446 | ) | (50,268 | ) | 436 | 4,623 | |||||||||||||||||
Class R Shares | ||||||||||||||||||||||||
Reinvestment of distributions |
— | — | — | — | 411 | 4,340 | ||||||||||||||||||
Shares redeemed |
— | — | (5,414 | ) | (49,649 | ) | — | — | ||||||||||||||||
— | — | (5,414 | ) | (49,649 | ) | 411 | 4,340 | |||||||||||||||||
Class P Shares | ||||||||||||||||||||||||
Reinvestment of distributions |
— | — | — | — | 436 | 4,623 | ||||||||||||||||||
Shares redeemed |
— | — | (5,446 | ) | (50,265 | ) | — | — | ||||||||||||||||
— | — | (5,446 | ) | (50,265 | ) | 436 | 4,623 | |||||||||||||||||
NET INCREASE (DECREASE) IN SHARES |
(26,382 | ) | $ | 806,931 | (11,949 | ) | $ | (435,047 | ) | 44,740 | $ | 1,118,271 |
† | The Fund changed its fiscal year end from December 31 to August 31 on February 1, 2023. |
* | Class A Shares and Class C Shares were converted to Institutional Shares on January 13, 2023. |
** | On January 18, 2023, the Goldman Sachs Defensive Equity Fund Institutional Shares effected a 4.5-for-1 reverse share split. Shares outstanding have been adjusted to reflect the reverse share split. |
(a) | Goldman Sachs Defensive Equity ETF acquired all of the assets and liabilities of the Goldman Sachs Defensive Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on January 23, 2023. Performance and financial history of the Predecessor Fund’s Institutional Class Shares have been adopted by Goldman Sachs Defensive Equity ETF and will be used going forward. As a result, the information prior to January 23, 2023, reflects that of the Predecessor Fund’s Institutional Class Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1). |
96
GOLDMAN SACHS EQUITY ETFS
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF |
$ | 2,447,892 | $ | 1,940,295 | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
229,695,943 | 229,199,981 | ||||||||
Goldman Sachs Hedge Industry VIP ETF |
162,511,799 | 161,992,334 | ||||||||
Goldman Sachs Innovate Equity ETF |
147,260,340 | 145,627,064 | ||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF |
25,366,000 | 24,870,790 | ||||||||
Goldman Sachs North American Pipelines & Power Equity ETF* |
536,217 | — | ||||||||
Goldman Sachs Defensive Equity ETF** |
9,588,001 | 9,848,088 |
* | Commenced operations on July 11, 2023. |
** | For the period January 1, 2023 through August 31, 2023 (amounts include the Predecessor Fund). |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2023, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF |
$ | 1,323,134 | $ | — | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
49,757,813 | 232,789,393 | ||||||||
Goldman Sachs Hedge Industry VIP ETF |
62,083,559 | 84,928,462 | ||||||||
Goldman Sachs Innovate Equity ETF |
32,800,222 | 62,790,680 | ||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF |
15,468,186 | 41,159,306 | ||||||||
Goldman Sachs North American Pipelines & Power Equity ETF* |
7,607,538 | — | ||||||||
Goldman Defensive Equity ETF** |
971,349 | 565,796 |
* | Commenced operations on July 11, 2023. |
** | For the period January 1, 2023 through August 31, 2023 (amounts include the Predecessor Fund). |
8. SECURITIES LENDING |
The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.
Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
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Notes to Financial Statements (continued)
August 31, 2023
8. SECURITIES LENDING (continued) |
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2023, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2023, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the fiscal year ended August 31, 2023:
Fund | Beginning value as of August 31, 2022 |
Purchases at Cost |
Proceeds from Sales |
Ending value as of August 31, 2023 |
||||||||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF |
$ | 45,842 | $ | 1,811,511 | $ | (1,737,592 | ) | $ | 119,761 | |||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
— | 19,702,182 | (19,159,332 | ) | 542,850 | |||||||||||||
Goldman Sachs Hedge Industry VIP ETF |
— | 300,600 | (300,600 | ) | — | |||||||||||||
Goldman Sachs Innovate Equity ETF |
6,943,097 | 68,555,228 | (67,239,145 | ) | 8,259,180 | |||||||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF |
36,658 | 5,980,980 | (5,986,951 | ) | 30,687 |
9. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2023 were as follows:
Fiscal Year Ended August 31, 2023 | ||||||||||||||||||||||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs North American Pipelines & Power Equity ETF* |
Goldman Sachs Defensive Equity ETF** |
||||||||||||||||||||||
Distributions paid from: |
||||||||||||||||||||||||||||
Ordinary Income |
$ | 123,162 | $ | 9,019,245 | $ | 20,653 | $ | 558,596 | $ | 4,101,726 | $ | — | $ | 33,649 | ||||||||||||||
Total taxable distributions |
$ | 123,162 | $ | 9,019,245 | $ | 20,653 | $ | 558,596 | $ | 4,101,726 | $ | — | $ | 33,649 |
* | Commenced operations on July 11, 2023. |
** | For the period January 1, 2023 through August 31, 2023 (amounts include the Predecessor Fund). |
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GOLDMAN SACHS EQUITY ETFS
9. TAX INFORMATION (continued) |
The tax character of distributions paid during the fiscal year ended August 31, 2022 were as follows:
Fiscal Year Ended August 31, 2022 | ||||||||||||||||||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF* |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Defensive Equity ETF** |
|||||||||||||||||||
Distributions paid from: |
||||||||||||||||||||||||
Ordinary Income |
$ | 40,416 | $ | 11,856,146 | $ | — | $ | 3,566,370 | $ | 3,381,618 | $ | 46,771 | ||||||||||||
Total taxable distributions |
$ | 40,416 | $ | 11,856,146 | $ | — | $ | 3,566,370 | $ | 3,381,618 | $ | 46,771 |
* | Commenced operations on February 8, 2022. |
** | Amounts reflect the Predecessor Fund as of December 31, 2022. |
As of August 31, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs North American Pipelines & Power Equity ETF* |
Goldman Sachs Defensive Equity ETF |
||||||||||||||||||||||
Undistributed ordinary income — net |
$ | 52,719 | $ | 1,135,929 | $ | 189,327 | $ | 2,756,640 | $ | 695,143 | $ | 22,126 | $ | 10,541 | ||||||||||||||
Total undistributed earnings |
$ | 52,719 | $ | 1,135,929 | $ | 189,327 | $ | 2,756,640 | $ | 695,143 | $ | 22,126 | $ | 10,541 | ||||||||||||||
Capital loss carryforwards: |
||||||||||||||||||||||||||||
Perpetual Short-Term |
$ | (4,035 | ) | $ | (19,879,124 | ) | $ | (43,746,330 | ) | $ | (19,152,011 | ) | $ | (4,416,220 | ) | $ | — | $ | (96,743 | ) | ||||||||
Perpetual Long-Term |
— | (5,158,552 | ) | (4,687,451 | ) | (19,652,908 | ) | (1,495,913 | ) | — | (381,935 | ) | ||||||||||||||||
Timing differences (Qualified Late Year Ordinary Loss Deferral/Post October Capital Loss Deferral) |
(129,221 | ) | (38,647,844 | ) | (15,225,001 | ) | (36,330,003 | ) | (4,487,849 | ) | — | |||||||||||||||||
Unrealized gains (losses) — net |
(927,012 | ) | 19,553,346 | 17,718,063 | 10,128,435 | 50,371,900 | 67,991 | 264,148 | ||||||||||||||||||||
Total accumulated earnings (losses) net |
$ | (1,007,549 | ) | $ | (42,996,245 | ) | $ | (45,751,392 | ) | $ | (62,249,847 | ) | $ | 40,667,061 | $ | 90,117 | $ | (203,989 | ) |
* | Commenced operations on July 11, 2023. |
As of August 31, 2023, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs North American Pipelines & Power Equity ETF* |
Goldman Sachs Defensive Equity ETF |
||||||||||||||||||||||
Tax Cost |
$ | 9,761,147 | $ | 442,230,244 | $ | 124,281,029 | $ | 333,554,082 | $ | 226,776,111 | $ | 8,100,138 | $ | 5,920,843 | ||||||||||||||
Gross unrealized gain |
837,134 | 51,951,957 | 19,764,151 | 54,580,573 | 67,873,781 | 273,413 | 379,451 | |||||||||||||||||||||
Gross unrealized loss |
(1,764,146 | ) | (32,398,611 | ) | (2,046,088 | ) | (44,452,138 | ) | (17,501,881 | ) | (205,422 | ) | (115,303 | ) | ||||||||||||||
Net unrealized gains (losses) on securities |
$ | (927,012 | ) | $ | 19,553,346 | $ | 17,718,063 | $ | 10,128,435 | $ | 50,371,900 | $ | 67,991 | $ | 264,148 |
* | Commenced operations on July 11, 2023. |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, net mark to market gains (losses) on regulated options, and differences in the tax treatment of partnership investments and passive foreign investment company investments.
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GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
9. TAX INFORMATION (continued) |
In order to present components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemption in-kind transactions.
Fund | Paid-in Capital | Total Distributable Earnings |
||||||||
Goldman Sachs Bloomberg Clean Energy Equity ETF |
$ | — | $ | — | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
$ | 24,522,281 | $ | (24,522,281 | ) | |||||
Goldman Sachs Hedge Industry VIP ETF |
$ | 12,864,800 | $ | (12,864,800 | ) | |||||
Goldman Sachs Innovate Equity ETF |
$ | 8,042,921 | $ | (8,042,921 | ) | |||||
Goldman Sachs JUST U.S. Large Cap Equity ETF |
$ | 14,222,660 | $ | (14,222,660 | ) | |||||
Goldman Sachs North American Pipelines & Power Equity ETF |
$ | — | $ | — | ||||||
Goldman Sachs Defensive Equity ETF |
$ | 71,576 | $ | (71,576 | ) |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index, (or a Reference Index if applicable) including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
Index Risk (each Fund except Goldman Sachs Defensive Equity ETF) — Bloomberg Professional Services, GSAM, JUST Capital Foundation, Inc. and Solactive AG (the “Index Providers”) construct the respective Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Providers rely on third party data they believe to be reliable in constructing each respective Index, but they do not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Bloomberg Professional Services, the index provider for Goldman Sachs Bloomberg Clean Energy Equity ETF, Solactive AG, the index provider for the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Innovate
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GOLDMAN SACHS EQUITY ETFS
10. OTHER RISKS (continued) |
Equity ETF and Goldman Sachs North American Pipeline & Power Equity ETF and JUST Capital Foundation, Inc., the index provider for the Goldman Sachs JUST U.S. Large Cap Equity ETF, may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.
Industry Concentration Risk — In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that the Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If the Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.
Large Shareholder Transactions Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index (except Goldman Sachs Defensive Equity ETF) trading individually or in the aggregate at any point in time.
Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stocks, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.
Non-Diversification Risk — The Goldman Sachs North American Pipelines & Power Equity ETF is non-diversified, meaning that it is permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual
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GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2023
10. OTHER RISKS (continued) |
funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Tracking Error Risk (each Fund except Goldman Sachs Defensive Equity ETF) — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
11. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
12. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Goldman Sachs Trust, Goldman Sachs Trust II and Goldman Sachs Variable Insurance Trust, in July 2023, the Board voted to nominate Gregory G. Weaver, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling and Paul C. Wirth (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on November 16, 2023. Each of the Nominees currently serve as a Trustee of each of the Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a “Reorganization Agreement”) between the Goldman Sachs Defensive Equity Fund (the “Acquired Fund”), and the Goldman Sachs Defensive Equity ETF (the “Acquiring Fund”), as of the close of business on January 23, 2023, all of the assets and liabilities of the Institutional Class Shares of the Acquired Fund were transferred to the Acquiring Fund in exchange for shares of the Acquiring Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the “Reorganization”) as follows:
Acquired Fund/Acquiring Fund | Exchanged Shares of Acquiring Fund Issued |
Value of Exchanged Shares |
Acquired Fund’s Shares Outstanding as of January 22, 2023 |
|||||||||
Goldman Sachs Defensive Equity Fund, Institutional Class/Goldman Sachs Defensive Equity ETF |
127,650 | $ | 5,398,399 | 127,650 |
The Acquiring Fund has been organized solely in connection with the Reorganization to acquire all of the assets and liabilities of the Acquired Fund and continue the business of the Acquired Fund. Therefore, after the Reorganization, the Acquired Fund will remain the “accounting survivor.” This means that the Acquiring Fund will continue to show the historical investment performance and returns of the Acquired Fund (even after conversion of the Acquired Fund).
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GOLDMAN SACHS EQUITY ETFS
12. OTHER MATTERS (continued) |
The following chart shows Acquiring Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized depreciation:
Acquired Fund/Acquiring Fund | Acquiring Fund’s Aggregate Net Assets before acquisition |
Acquired Fund’s Aggregate Net Assets before acquisition |
Acquiring Fund’s Aggregate Net Assets immediately after acquisition |
Acquired Fund’s Unrealized Appreciation (Depreciation)(1) |
Acquired Fund’s Capital Loss Carryforward(2) |
|||||||||||||||
Goldman Sachs Defensive Equity Fund, Institutional Class/Goldman Sachs Defensive Equity ETF |
— | $ | 5,398,399 | $ | 5,398,399 | $ | (339,771 | ) | $ | 129,676 |
(1) | The Acquiring Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized depreciation and future realized gain or loss of those acquired assets. |
(2) | Represents Capital Loss Carryforward of Acquired Fund as of December 31, 2022. |
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
103
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Bloomberg Clean Energy Equity ETF, Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF, Goldman Sachs North American Pipelines & Power Equity ETF, and Goldman Sachs Defensive Equity ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (seven of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Fund | Statements of operations | Statements of changes in net assets |
Financial highlights | |||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF | For the year ended August 31, 2023 | For the two years ended August 31, 2023 | For each of the periods indicated therein | |||
Goldman Sachs Bloomberg Clean Energy Equity ETF | For the year ended August 31, 2023 | For the year ended August 31, 2023, and for the period February 8, 2022 to August 31, 2022 | ||||
Goldman Sachs Defensive Equity ETF |
For the period January 1, 2023 to August 31, 2023 and the year ended December 31, 2022 |
For the period January 1, 2023 through August 31, 2023 and the two years ended December 31, 2022 | For each of the periods indicated therein | |||
Goldman Sachs North American Pipelines and Power Equity ETF | For the period July 11, 2023 (commencement of operations) through August 31, 2023 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 25, 2023
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
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GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs North American Pipelines & Power Equity ETF (Unaudited)
Background
The Goldman Sachs North American Pipelines & Power Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on July 11, 2023. At a meeting held on June 6-7, 2023 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund. At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval of registered fund investment management agreements under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with the COVID-19 pandemic, geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index owned and calculated by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations capabilities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Unitary Fee Structure and Profitability
The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the
105
GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs North American Pipelines & Power Equity ETF (Unaudited) (continued)
Investment Adviser to Solactive AG for the use of its index. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as the Fund’s peer group and category medians. The comparisons of the Fund’s unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary management fee rate and projected expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group. They further noted that the Investment Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund’s unitary management fee rate.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the fund in which the Fund’s securities lending cash collateral is invested; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (d) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (e) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (f) the Fund’s access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary management fee to be paid by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for an initial two-year period from its effective date.
106
GOLDMAN SACHS EQUITY ETFS
Fund Expenses — Six Months ended 8/31/2023 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
Except with respect to the North American Pipelines & Power Equity ETF fund, which commenced operations on July 13, 2023, the example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2023 and held for the six months ended August 31, 2023, which represents a period of 184 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Goldman Sachs Bloomberg
Clean Energy Equity ETF |
Goldman Sachs Equal Weight
U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST US Large Cap Equity ETF |
Goldman Sachs North American Pipelines & Power Equity ETF** |
Goldman Sachs Defensive Equity ETF |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 3/1/2023 |
Ending Account Value 8/31/23 |
Expenses Paid* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid* |
Beginning Account Value 7/11/23 |
Ending Account Value 8/31/23 |
Expenses Paid* |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses Paid* |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV |
$ | 1,000 | $ | 949.99 | $ | 2.21 | $ | 1,000 | $ | 1,048.43 | $ | 0.46 | $ | 1,000 | $ | 1,175.73 | $ | 2.47 | $ | 1,000 | $ | 1,109.56 | $ | 2.66 | $ | 1,000 | $ | 1,135.44 | $ | 1.08 | $ | 1,000 | $ | 1,011.60 | $ | 0.79 | $ | 1,000 | $ | 1,064.38 | $ | 2.87 | ||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return |
1,000 | 1,022.94 | + | 2.30 | 1,000 | 1,024.75 | + | 0.46 | 1,000 | 1,022.94 | + | 2.30 | 1,000 | 1,022.68 | + | 2.55 | 1,000 | 1,024.20 | + | 1.02 | 1,000 | 1,006.34 | + | 0.79 | 1,000 | 1,022.43 | + | 2.81 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for each Fund is calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the fiscal year ended August 31, 2023. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratio for the period is as follows: |
** | Fund commenced operations on July 11, 2023. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 52/365, which represents a period of 52 days of a 365 day year (to reflect he Fund’s commencement of operation). |
Fund | ||||
Goldman Sachs Bloomberg Clean Energy Equity ETF |
0.45 | % | ||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
0.09 | |||
Goldman Sachs Hedge Industry VIP ETF |
0.45 | |||
Goldman Sachs Innovate Equity ETF |
0.50 | |||
Goldman Sachs JUST US Large Cap Equity ETF |
0.20 | |||
Goldman Sachs North American Pipelines & Power Equity ETF |
0.55 | |||
Goldman Sachs Defensive Equity ETF |
0.55 |
107
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited)
Independent Trustees
Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length
of |
Principal
Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Held by Trustee4 | |||||
Cheryl K. Beebe Age: 67 |
Chair of the Board of Trustees | Since 2021 |
Ms. Beebe is retired. She is Director, Packaging Corporation of America (2008-Present); Director, The Mosaic Company (2019-Present); Director, HanesBrands Inc. (2020-Present); and was formerly Director, Convergys Corporation (a global leader in customer experience outsourcing) (2015-2018); and formerly held the position of Executive Vice President, (2010-2014); and Chief Financial Officer, Ingredion, Inc. (a leading global ingredient solutions company) (2004-2014).
Chair of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | Packaging Corporation of America (producer of container board); The Mosaic Company (producer of phosphate and potash fertilizer); HanesBrands Inc. (a multinational clothing company) | |||||
Lawrence Hughes Age: 65 |
Trustee | Since 2021 |
Mr. Hughes is retired. Formerly, he held senior management positions with BNY Mellon Wealth Management, a division of The Bank of New York Mellon Corporation (a financial services company) (1991-2015), most recently as Chief Executive Officer (2010-2015). Previously, Mr. Hughes served as an Advisory Board Member of Goldman Sachs Trust II (February 2016-April 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | None | |||||
John F. Killian Age: 68 |
Trustee | Since 2021 |
Mr. Killian is retired. He is Director, Consolidated Edison, Inc. (2007-Present); and was formerly Director, Houghton Mifflin Harcourt Publishing Company (2011-2022). Previously, he held senior management positions with Verizon Communications, Inc., including Executive Vice President and Chief Financial Officer (2009-2010); and President, Verizon Business, Verizon Communications, Inc. (2005-2009).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | Consolidated Edison, Inc. (a utility holding company) | |||||
Steven D. Krichmar Age: 65 |
Trustee | Since 2021 |
Mr. Krichmar is retired. Formerly, he held senior management and governance positions with Putnam Investments, LLC, a financial services company (2001-2016). He was most recently Chief of Operations and a member of the Operating Committee of Putnam Investments, LLC and Principal Financial Officer of The Putnam Funds. Previously, Mr. Krichmar served as an Audit Partner with PricewaterhouseCoopers LLP and its predecessor company (1990-2001).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
68 | None | |||||
Michael Latham Age: 57 |
Trustee | Since 2015 |
Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business owned by BlackRock, Inc., including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
69 | None | |||||
108
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited) (continued)
Independent Trustees
Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office and Length
of |
Principal
Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee3 |
Other Held by Trustee4 | |||||
Lawrence W. Stranghoener Age: 69 |
Trustee | Since 2015 |
Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs Real Estate Diversified Income Fund.
Chair of the Board of Trustees — Goldman Sachs Credit Income Fund. |
69 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
109
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 |
Position(s) Held with the Trust |
Term of Office
and |
Principal
Occupation(s) During Past 5 Years |
Number
of Portfolios in Fund Complex Overseen by Trustee3 |
Other Held by Trustee4 | |||||
James A. McNamara Age: 60 |
President and Trustee | Since 2014 |
Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
172 | None | |||||
* | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of August 31, 2023. |
2 | Each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2023, Goldman Sachs ETF Trust consisted of 67 portfolios (32 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios; Goldman Sachs Trust consisted of 87 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (11 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Credit Income Fund each did not offer shares to the public. |
4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
110
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 |
Positions Held with the Trust |
Term
of Office and Length of Time Served2 |
Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 60 |
Trustee and President | Since 2014 |
Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 46 |
Secretary | Since 2014 |
Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002–2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs ETF Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 55 |
Treasurer, Principal Financial Officer and Principal Accounting Officer |
Since 2017 (Treasurer and Principal Financial Officer since 2019) |
Managing Director, Goldman Sachs (November 2015-Present) and Vice President-Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
* | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
1 | Information is provided as of August 31, 2023. |
2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs ETF Trust – Equity ETFs — Tax Information (Unaudited)
From distributions paid during the fiscal year ended August 31, 2023, the total amount of income received by the Bloomberg Clean Energy Equity ETF from sources within foreign countries and possessions of the United States was $0.2884 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Bloomberg Clean Energy Equity ETF was 61.37%. The total amount of taxes paid by the Bloomberg Clean Energy Equity ETF to foreign countries was $0.0538 per share.
For the fiscal year ended August 31, 2023, 28.04%, 88.33%, 100%, 75.06%, 100% and 100% of the dividends paid from net investment company taxable income by the Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF, and Defensive Equity ETF, respectively, qualify for the dividends received deduction available to corporations.
For the fiscal year ended August 31, 2023, 100%, 97.50%, 100%, 100%, 100% and 100% of the dividends paid from net investment company taxable income by the Bloomberg Clean Energy Equity ETF, Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF, and Defensive Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the fiscal year ended August 31, 2023, 2.50% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF qualify as section 199A dividends.
111
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.46 trillion in assets under supervision as of June 30, 2023, Goldman Sachs Asset Management has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. Goldman Sachs Asset Management leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF |
Goldman Sachs Bloomberg Clean Energy Equity ETF |
Goldman Sachs Community Municipal Bond ETF |
Goldman Sachs Defensive Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Emerging Markets USD Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access U.S. Aggregate Bond ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF |
Goldman Sachs MarketBeta® U.S. 1000 Equity ETF |
Goldman Sachs MarketBeta® Total International Equity ETF |
Goldman Sachs Future Planet Equity ETF Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Future Health Care Equity ETF |
Goldman Sachs Future Consumer Equity ETF |
Goldman Sachs Future Real Estate and Infrastructure Equity ETF |
Goldman Sachs North American Pipelines & Power Equity ETF |
Goldman Sachs Small Cap Core Equity ETF
|
INDEX DISCLAIMERS
“Bloomberg®” and the Bloomberg Goldman Sachs Global Clean Energy Index are 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 GSAM. The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to GSAM. is the licensing of certain trademarks, trade names and service marks and of the Index, which is determined, composed and calculated by BISL without regard to GSAM or the Fund. Bloomberg has no obligation to take the needs of GSAM or the owners of the Fund into consideration in determining, composing or calculating the Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to Fund customers, in connection with the administration, marketing or trading of the Fund.
BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY GSAM, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES,
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CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES — WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE — ARISING IN CONNECTION WITH THE FUND OR THE INDEX OR ANY DATA OR VALUES RELATING THERETO — WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.
The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive US Large Cap Equal Weight Index (GTR) (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive 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.
GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEX, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUND. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUND OR THE SHAREHOLDERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. GOLDMAN SACHS, ITS AFFILIATES AND ANY OF ITS CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEX. GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
The Goldman Sachs Innovate Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive Innovative Global Equity Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive 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 Innovate 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 Innovate 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 Innovate 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.
Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).
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No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.
No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST 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 Index or the GS ETF.
Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index® and JUST Capital Index® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.
Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and 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. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).
Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.
Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.
Without limiting any of the foregoing, 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 or the Goldman Sachs JUST U.S. Large Cap Equity ETF.
The Goldman Sachs North American Pipelines & Power Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive Energy Infrastructure Enhanced Index (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive 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.
TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Kirchmar Michael Latham James A. McNamara Lawrence W. Stranghoener |
OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary*
* Effective September 20, 2023 | |
THE BANK OF NEW YORK MELLON Transfer Agent |
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ALPS DISTRIBUTORS, INC. Distributor |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by Goldman Sachs. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of August 31, 2023 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Funds at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Funds’ objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
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