UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-23013
Goldman Sachs ETF Trust
(Exact name of registrant as specified in charter)
200 West Street, New York, New York 10282
(Address of principal executive offices) (Zip code)
Caroline Kraus, Esq. | Copies to: | |
Goldman Sachs & Co. LLC | Geoffrey R.T. Kenyon, Esq. | |
200 West Street | Dechert LLP | |
New York, New York 10282 | 100 Oliver Street | |
40th Floor | ||
Boston, MA 02110-2605 |
(Name and address of agents for service)
Registrant’s telephone number, including area code:(312) 655-4400
Date of fiscal year end: August 31
Date of reporting period: February 29, 2020
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | February 29, 2020 | |||
Access Fixed Income ETFs | ||||
Access High Yield Corporate Bond ETF (GHYB) | ||||
Access Inflation Protected USD Bond ETF (GTIP) | ||||
Access Investment Grade Corporate Bond ETF (GIGB) | ||||
Access Treasury0-1 Year ETF (GBIL) | ||||
Access Ultra Short Bond ETF (GSST) |
It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.
Goldman Sachs Access Fixed Income ETFs
∎ | ACCESS HIGH YIELD CORPORATE BOND ETF |
∎ | ACCESS INFLATION PROTECTED USD BOND ETF |
∎ | ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
∎ | ACCESS TREASURY0-1 YEAR ETF |
∎ | ACCESS ULTRA SHORT BOND ETF |
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1 | ||||
10 | ||||
42 | ||||
49 | ||||
50 | ||||
51 | ||||
52 | ||||
53 | ||||
54 | ||||
64 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Recent Market Events related toCOVID-19
While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.
An outbreak of a novel strain of coronavirus(COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread ofCOVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact ofCOVID-19 on the Funds’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.
On March 15, 2020, the Federal Reserve of the United States (Fed) announced an emergency 1.00% rate cut. This cut was their second intermeeting move in less than two weeks, having cut 0.50% on March 3rd. Since these rate cuts, and in response to further market disruption due to COVID-19, the Fed has announced various programs in an effort to stabilize the short-term credit markets and money market fund liquidity.
i
Access High Yield Corporate Bond ETF
as of February 29, 2020
FUND SNAPSHOT |
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As of February 29, 2020 | ||||||
Market Price1 | $ | 48.85 | ||||
Net Asset Value (NAV)1 | $ | 48.74 |
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. |
PERFORMANCE REVIEW |
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September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs High Yield Corporate Bond Index3 | Bloomberg Barclays High Yield Very Liquid Index4 | ||||||||||||||
Shares | 1.09 | % | 1.73 | % | 1.36 | % | 0.93 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. 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. |
4 | The Bloomberg Barclays High Yield Very Liquid Index (VLI) is a component of the US Corporate High Yield Index that is designed to track a more liquid component of the USD-denominated, high yield, fixed-rate corporate bond market. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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 recentmonth-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
1
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
TransDigm, Inc., 6.25%, 03/15/26 | 0.8 | % | Aerospace & Defense | |||||
Freeport-McMoRan, Inc., 4.55%, 11/14/24 | 0.8 | Mining | ||||||
Tenet Healthcare Corp., 4.63%, 07/15/24 | 0.7 | Healthcare | ||||||
TransDigm, Inc., 5.50%, 11/15/27 | 0.7 | Aerospace & Defense | ||||||
Post Holdings, Inc., 5.75%, 03/01/27 | 0.7 | Food and Beverage | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 05/01/27 | 0.7 | Communications | ||||||
HCA, Inc., 5.88%, 02/15/26 | 0.7 | Healthcare | ||||||
HCA, Inc., 7.50%, 02/15/22 | 0.7 | Healthcare | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/28 | 0.6 | Communications | ||||||
CSC Holdings LLC, 5.75%, 01/15/30 | 0.6 | Communications |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
INDUSTRY ALLOCATION AS OF 2/29/206 |
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Industry | % of Net Assets | |||||
Consumer,Non-cyclical | 21.55 | % | ||||
Telecommunication Services | 21.18 | |||||
Consumer, Cyclical | 15.91 | |||||
Energy | 10.43 | |||||
Financials | 8.83 | |||||
Industrials | 8.67 | |||||
Utilities | 4.06 | |||||
Information Technology | 3.82 | |||||
Materials | 3.18 | |||||
Other | 0.76 |
6 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
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.
2
FUND BASICS
Access Inflation Protected USD Bond ETF
as of February 29, 2020
FUND SNAPSHOT |
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As of February 29, 2020 | ||||||
Market Price1 | $ | 54.04 | ||||
Net Asset Value (NAV)1 | $ | 54.15 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. 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. |
PERFORMANCE REVIEW |
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October 2, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index3 | |||||||||||
Shares | 2.77 | % | 2.62 | % | 2.87 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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 recentmonth-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
3
FUND BASICS
HOLDINGS AS OF 2/29/204 | ||||||||
Holding | % of Net Assets5 | Line of Business | ||||||
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28 | 16.6 | % | Government | |||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23 | 14.2 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25 | 11.4 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24 | 9.9 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.75%, 02/15/42 | 9.7 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27 | 8.9 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/22 | 7.3 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 04/15/21 | 7.1 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.88%, 02/15/47 | 5.4 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.75%, 07/15/28 | 5.0 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 1.00%, 02/15/48 | 2.0 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.63%, 04/15/23 | 1.6 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/25 | 0.9 | Government |
4 | The holdings may not be representative of the Fund’s future investments. |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
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.
4
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of February 29, 2020
FUND SNAPSHOT |
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As of February 29, 2020 | ||||||
Market Price1 | $ | 54.10 | ||||
Net Asset Value (NAV)1 | $ | 54.23 |
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. |
PERFORMANCE REVIEW |
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September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs Investment Grade Corporate Bond Index3 | Bloomberg Barclays US Corporate Investment Grade Index4 | ||||||||||||||
Shares | 4.18 | % | 3.90 | % | 4.26 | % | 4.26 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. FTSE is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. 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. |
4 | The Bloomberg Barclays US Corporate Investment Grade Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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 recentmonth-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
5
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 | 0.5 | % | Food and Beverage | |||||
BP Capital Markets PLC, 3.56%, 11/01/21 | 0.4 | Energy | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 0.4 | Financial Company | ||||||
DuPont de Nemours, Inc., 4.21%, 11/15/23 | 0.4 | Basic Industry | ||||||
Apple, Inc., 2.10%, 09/12/22 | 0.4 | Technology | ||||||
Toronto-Dominion Bank (The), Series MTN, 2.65%, 06/12/24 | 0.3 | Banks | ||||||
Apple, Inc., 2.50%, 02/09/22 | 0.3 | Technology | ||||||
AbbVie, Inc., 3.20%, 11/21/29 | 0.3 | Consumer Noncyclical | ||||||
AbbVie, Inc., 2.90%, 11/06/22 | 0.3 | Consumer Noncyclical | ||||||
JPMorgan Chase & Co., 3.88%, 09/10/24 | 0.3 | Banks |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
INDUSTRY ALLOCATION AS OF 2/29/206 |
| |||||
Industry | % of Net Assets | |||||
Financials | 33.33 | % | ||||
Consumer,Non-cyclical | 19.13 | |||||
Telecommunication Services | 12.59 | |||||
Energy | 9.81 | |||||
Information Technology | 8.65 | |||||
Consumer, Cyclical | 6.21 | |||||
Industrials | 4.77 | |||||
Materials | 2.15 | |||||
Utilities | 1.71 | |||||
Other | 0.40 |
6 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
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.
6
FUND BASICS
Access Treasury 0-1 Year ETF
as of February 29, 2020
FUND SNAPSHOT |
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As of February 29, 2020 | ||||||
Market Price1 | $ | 100.51 | ||||
Net Asset Value (NAV)1 | $ | 100.50 |
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. |
PERFORMANCE REVIEW | ||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE US Treasury 0-1 Year Composite Select Index3 | |||||||
Shares | 1.01 | % | 1.00% | 1.03% |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
HOLDINGS AS OF 2/29/204 |
| |||||||||
Holding | Maturity Date | % of Net Assets5 | ||||||||
U.S. Treasury Bill, 1.55% | 04/02/20 | 11.2 | % | |||||||
U.S. Treasury Bill, 1.45% | 08/27/20 | 9.1 | ||||||||
U.S. Treasury Bill, 1.56% | 04/02/20 | 8.5 | ||||||||
U.S. Treasury Bill, 1.31% | 01/28/21 | 6.6 | ||||||||
U.S. Treasury Note, 2.00% | 07/31/20 | 6.6 | ||||||||
U.S. Treasury Note, 1.63% | 10/15/20 | 6.6 | ||||||||
U.S. Treasury Note, 2.38% | 04/30/20 | 6.5 | ||||||||
U.S. Treasury Note, 1.75% | 11/15/20 | 5.0 | ||||||||
U.S. Treasury Note, 1.38% | 09/15/20 | 5.0 | ||||||||
U.S. Treasury Bill, 1.56% | 07/30/20 | 4.9 | ||||||||
Other | N/A | 30.0 |
4 | The holdings may not be representative of the Fund’s future investments. |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
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.
7
FUND BASICS
Access Ultra Short Bond ETF
as of February 29, 2020
FUND SNAPSHOT |
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As of February 29, 2020 | ||||||
Market Price1 | $ | 50.82 | ||||
Net Asset Value (NAV)1 | $ | 50.81 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on Cboe BZX Exchange, Inc. 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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Three-Month U.S. Treasury Bill Index3 | |||||||||||
Shares | 1.68 | % | 1.68 | % | 0.90 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The FTSE Three-Month U.S. Treasury Bill Index is intended to track the daily performance of three-month U.S. Treasury bills. The index is designed to operate as a reference rate for a series of funds. The Fund does not attempt to track an index and takes a more active approach. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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 recentmonth-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
8
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/204 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
U.S. Treasury Floating Rate Note (3M USDT-Bill + 0.043%) | 5.6 | % | U.S. Treasury Note | |||||
U.S. Treasury Bills | 3.7 | U.S. Treasury Bill | ||||||
Government National Mortgage Association Series2013-64, Class KF(a) (1M USD LIBOR + 0.250%) | 3.2 | Mortgage-Backed Security | ||||||
FNMA REMIC Series2013-19, Class DF(a) (1M USD LIBOR + 0.300%) | 3.0 | Mortgage-Backed Security | ||||||
FHLMC REMIC Series 2013-4238, Class FT(a) (1M USD LIBOR + 0.350%) | 2.6 | Mortgage-Backed Security | ||||||
American Express Credit Account Master Trust, Series2019-3, Class A | 1.4 | Asset-Backed Securities | ||||||
FHLMC REMIC Series 2007-3315, Class PF(a) (1M USD LIBOR + 0.350%) | 1.4 | Mortgage-Backed Security | ||||||
Ford Credit Auto Owner Trust, Series2017-1, Class A(b) | 1.3 | Asset-Backed Securities | ||||||
FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR + 0.350%) | 1.2 | Mortgage-Backed Security | ||||||
FNMA REMIC Series2007-67, Class FB(a) (1M USD LIBOR + 0.320%) | 1.2 | Mortgage-Backed Security |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATION AS OF 2/29/205 |
| |||||
Sector Name | Fund | |||||
Mortgage-Backed Securities | 34.28 | % | ||||
Asset- Backed Securities | 21.20 | |||||
Corporate Obligations | 19.71 | |||||
Foreign Corporate Debt | 13.44 | |||||
U.S. Treasury Note | 5.61 | |||||
U.S. Treasury Bills | 4.07 | |||||
Investment Company | 0.67 | |||||
Certificate of Deposit | 0.65 |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities.
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
9
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 92.4% | ||||||||||||||
Advertising – 0.4% | ||||||||||||||
Lamar Media Corp. | ||||||||||||||
$ | 170,000 | 5.000 | % | 05/01/23 | $ | 171,381 | ||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||||||||
120,000 | 5.625 | 02/15/24 | 121,800 | |||||||||||
|
| |||||||||||||
293,181 | ||||||||||||||
|
| |||||||||||||
Aerospace & Defense – 1.9% | ||||||||||||||
TransDigm, Inc. | ||||||||||||||
4,000 | 6.500 | 07/15/24 | 4,110 | |||||||||||
90,000 | 6.500 | 05/15/25 | 93,094 | |||||||||||
590,000 | 6.250 | (a) | 03/15/26 | 625,400 | ||||||||||
100,000 | 6.375 | 06/15/26 | 103,000 | |||||||||||
70,000 | 7.500 | 03/15/27 | 74,025 | |||||||||||
570,000 | 5.500 | (a) | 11/15/27 | 567,150 | ||||||||||
Wolverine Escrow LLC(a) | ||||||||||||||
100,000 | 9.000 | 11/15/26 | 100,000 | |||||||||||
|
| |||||||||||||
1,566,779 | ||||||||||||||
|
| |||||||||||||
Agriculture – 1.7% | ||||||||||||||
JBS Investments II GmbH(a) | ||||||||||||||
400,000 | 7.000 | 01/15/26 | 429,000 | |||||||||||
JBS USA LUX SA / JBS USA Finance, Inc. | ||||||||||||||
280,000 | 5.750 | (a) | 06/15/25 | 287,350 | ||||||||||
214,000 | 6.750 | (a) | 02/15/28 | 233,260 | ||||||||||
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, | | ||||||||||||
170,000 | 6.500 | 04/15/29 | 185,300 | |||||||||||
Pilgrim’s Pride Corp.(a) | ||||||||||||||
208,000 | 5.875 | 09/30/27 | 219,180 | |||||||||||
|
| |||||||||||||
1,354,090 | ||||||||||||||
|
| |||||||||||||
Banks – 1.4% | ||||||||||||||
Ally Financial, Inc. | ||||||||||||||
140,000 | 5.750 | 11/20/25 | 158,170 | |||||||||||
CIT Group, Inc. | ||||||||||||||
310,000 | 5.000 | 08/15/22 | 324,725 | |||||||||||
420,000 | 5.000 | 08/01/23 | 452,025 | |||||||||||
Freedom Mortgage Corp. | ||||||||||||||
4,000 | 8.125 | (a) | 11/15/24 | 3,910 | ||||||||||
215,000 | 8.250 | (a) | 04/15/25 | 204,250 | ||||||||||
|
| |||||||||||||
1,143,080 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.8% | ||||||||||||||
CF Industries, Inc. | ||||||||||||||
70,000 | 3.450 | 06/01/23 | 71,312 | |||||||||||
70,000 | 5.150 | 03/15/34 | 79,654 | |||||||||||
CVR Partners LP / CVR Nitrogen Finance Corp.(a) | ||||||||||||||
80,000 | 9.250 | 06/15/23 | 83,300 | |||||||||||
Olin Corp. | ||||||||||||||
400,000 | 5.125 | 09/15/27 | 404,000 | |||||||||||
|
| |||||||||||||
638,266 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 3.2% | ||||||||||||||
Clear Channel Worldwide Holdings, Inc. | ||||||||||||||
282,000 | 9.250 | (a) | 02/15/24 | 301,035 | ||||||||||
150,000 | 5.125 | (a) | 08/15/27 | 151,125 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Broadcasting – (continued) | ||||||||||||||
iHeartCommunications, Inc. | ||||||||||||||
270,000 | 6.375 | 05/01/26 | 290,250 | |||||||||||
150,000 | 8.375 | 05/01/27 | 163,500 | |||||||||||
Sirius XM Radio, Inc. | ||||||||||||||
150,000 | 4.625 | (a) | 07/15/24 | 155,063 | ||||||||||
150,000 | 5.375 | (a) | 04/15/25 | 154,312 | ||||||||||
28,000 | 5.375 | (a) | 07/15/26 | 29,085 | ||||||||||
345,000 | 5.000 | (a) | 08/01/27 | 361,388 | ||||||||||
100,000 | 5.500 | (a) | 07/01/29 | 107,700 | ||||||||||
TEGNA, Inc.(a) | ||||||||||||||
150,000 | 5.000 | 09/15/29 | 148,875 | |||||||||||
Terrier Media Buyer, Inc.(a) | ||||||||||||||
120,000 | 8.875 | 12/15/27 | 119,700 | |||||||||||
Univision Communications, Inc. | ||||||||||||||
370,000 | 5.125 | (a) | 05/15/23 | 359,825 | ||||||||||
207,000 | 5.125 | (a) | 02/15/25 | 195,356 | ||||||||||
|
| |||||||||||||
2,537,214 | ||||||||||||||
|
| |||||||||||||
Building Materials – 0.5% | ||||||||||||||
AECOM | ||||||||||||||
193,000 | 5.125 | 03/15/27 | 200,238 | |||||||||||
American Builders & Contractors Supply Co., Inc.(a) | ||||||||||||||
100,000 | 4.000 | 01/15/28 | 98,125 | |||||||||||
Beacon Roofing Supply, Inc.(a) | ||||||||||||||
70,000 | 4.875 | 11/01/25 | 67,978 | |||||||||||
|
| |||||||||||||
366,341 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 4.6% | ||||||||||||||
Ball Corp. | ||||||||||||||
255,000 | 5.000 | 03/15/22 | 266,475 | |||||||||||
245,000 | 4.000 | 11/15/23 | 252,656 | |||||||||||
105,000 | 5.250 | 07/01/25 | 114,981 | |||||||||||
121,000 | 4.875 | 03/15/26 | 133,100 | |||||||||||
Berry Global, Inc. | ||||||||||||||
70,000 | 5.500 | 05/15/22 | 70,350 | |||||||||||
263,000 | 4.500 | (a) | 02/15/26 | 259,712 | ||||||||||
Covanta Holding Corp. | ||||||||||||||
125,000 | 5.875 | 07/01/25 | 128,260 | |||||||||||
101,000 | 6.000 | 01/01/27 | 103,941 | |||||||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | ||||||||||||||
150,000 | 4.500 | 01/15/23 | 152,813 | |||||||||||
Crown Americas LLC / Crown Americas Capital Corp. VI | ||||||||||||||
100,000 | 4.750 | 02/01/26 | 103,625 | |||||||||||
Flex Acquisition Co., Inc. | ||||||||||||||
130,000 | 6.875 | (a) | 01/15/25 | 127,075 | ||||||||||
44,000 | 7.875 | (a) | 07/15/26 | 44,330 | ||||||||||
Herc Holdings, Inc.(a) | ||||||||||||||
160,000 | 5.500 | 07/15/27 | 166,200 | |||||||||||
LABL Escrow Issuer LLC | ||||||||||||||
50,000 | 6.750 | (a) | 07/15/26 | 52,125 | ||||||||||
60,000 | 10.500 | (a) | 07/15/27 | 62,250 | ||||||||||
Mauser Packaging Solutions Holding Co. | ||||||||||||||
334,000 | 5.500 | (a) | 04/15/24 | 332,517 | ||||||||||
185,000 | 7.250 | (a) | 04/15/25 | 179,595 | ||||||||||
|
|
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
| Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / | | ||||||||||||
$ | 214,000 | 5.125 | %(a) | 07/15/23 | $ | 216,942 | ||||||||
106,000 | 7.000 | (a) | 07/15/24 | 107,458 | ||||||||||
Sealed Air Corp. | ||||||||||||||
160,000 | 4.875 | (a) | 12/01/22 | 166,600 | ||||||||||
60,000 | 6.875 | (a) | 07/15/33 | 71,925 | ||||||||||
Sensata Technologies BV | ||||||||||||||
235,000 | 4.875 | (a) | 10/15/23 | 249,100 | ||||||||||
179,000 | 5.000 | (a) | 10/01/25 | 189,964 | ||||||||||
Vertiv Group Corp.(a) | ||||||||||||||
127,000 | 9.250 | 10/15/24 | 136,049 | |||||||||||
|
| |||||||||||||
3,688,043 | ||||||||||||||
|
| |||||||||||||
Communications – 10.1% | ||||||||||||||
AMC Networks, Inc. | ||||||||||||||
120,000 | 4.750 | 12/15/22 | 121,200 | |||||||||||
70,000 | 5.000 | 04/01/24 | 70,700 | |||||||||||
Cablevision Systems Corp. | ||||||||||||||
270,000 | 5.875 | 09/15/22 | 284,850 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||||||||
104,000 | 5.250 | 09/30/22 | 105,560 | |||||||||||
237,000 | 4.000 | (a) | 03/01/23 | 240,259 | ||||||||||
17,000 | 5.125 | (a) | 05/01/23 | 17,255 | ||||||||||
18,000 | 5.750 | 09/01/23 | 18,171 | |||||||||||
181,000 | 5.875 | (a) | 04/01/24 | 186,656 | ||||||||||
320,000 | 5.375 | (a) | 05/01/25 | 329,600 | ||||||||||
9,000 | 5.500 | (a) | 05/01/26 | 9,394 | ||||||||||
530,000 | 5.125 | (a) | 05/01/27 | 552,525 | ||||||||||
17,000 | 5.875 | (a) | 05/01/27 | 17,765 | ||||||||||
491,000 | 5.000 | (a) | 02/01/28 | 511,867 | ||||||||||
60,000 | 5.375 | (a) | 06/01/29 | 64,050 | ||||||||||
200,000 | 4.750 | (a) | 03/01/30 | 206,500 | ||||||||||
CSC Holdings LLC | ||||||||||||||
154,000 | 5.250 | 06/01/24 | 167,090 | |||||||||||
300,000 | 10.875 | (a) | 10/15/25 | 329,250 | ||||||||||
200,000 | 5.500 | (a) | 04/15/27 | 211,000 | ||||||||||
200,000 | 5.375 | (a) | 02/01/28 | 209,500 | ||||||||||
200,000 | 7.500 | (a) | 04/01/28 | 225,000 | ||||||||||
240,000 | 6.500 | (a) | 02/01/29 | 266,100 | ||||||||||
480,000 | 5.750 | (a) | 01/15/30 | 508,200 | ||||||||||
DISH DBS Corp. | ||||||||||||||
200,000 | 6.750 | 06/01/21 | 207,500 | |||||||||||
172,000 | 5.875 | 07/15/22 | 180,170 | |||||||||||
385,000 | 5.000 | 03/15/23 | 392,700 | |||||||||||
324,000 | 5.875 | 11/15/24 | 334,530 | |||||||||||
257,000 | 7.750 | 07/01/26 | 276,918 | |||||||||||
Lions Gate Capital Holdings LLC | ||||||||||||||
83,000 | 6.375 | (a) | 02/01/24 | 81,755 | ||||||||||
142,000 | 5.875 | (a) | 11/01/24 | 138,805 | ||||||||||
Live Nation Entertainment, Inc.(a) | ||||||||||||||
150,000 | 4.750 | 10/15/27 | 151,125 | |||||||||||
Meredith Corp. | ||||||||||||||
220,000 | 6.875 | 02/01/26 | 221,100 | |||||||||||
Netflix, Inc. | ||||||||||||||
104,000 | 5.750 | 03/01/24 | 115,180 | |||||||||||
215,000 | 5.875 | 02/15/25 | 240,800 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
Netflix, Inc. – (continued) | ||||||||||||||
310,000 | 4.375 | 11/15/26 | 325,500 | |||||||||||
207,000 | 4.875 | 04/15/28 | 218,902 | |||||||||||
189,000 | 5.875 | 11/15/28 | 212,153 | |||||||||||
227,000 | 6.375 | 05/15/29 | 261,050 | |||||||||||
100,000 | 5.375 | (a) | 11/15/29 | 109,250 | ||||||||||
|
| |||||||||||||
8,119,930 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 15.0% | ||||||||||||||
Adient Global Holdings Ltd.(a) | ||||||||||||||
200,000 | 4.875 | 08/15/26 | 172,250 | |||||||||||
ADT Security Corp. (The) | ||||||||||||||
50,000 | 6.250 | 10/15/21 | 52,313 | |||||||||||
135,000 | 4.125 | 06/15/23 | 137,531 | |||||||||||
160,000 | 4.875 | (a) | 07/15/32 | 153,200 | ||||||||||
Allison Transmission, Inc. | ||||||||||||||
97,000 | 5.000 | (a) | 10/01/24 | 98,212 | ||||||||||
120,000 | 4.750 | (a) | 10/01/27 | 123,300 | ||||||||||
AMC Entertainment Holdings, Inc. | ||||||||||||||
100,000 | 5.750 | 06/15/25 | 81,500 | |||||||||||
50,000 | 6.125 | 05/15/27 | 39,750 | |||||||||||
APX Group, Inc. | ||||||||||||||
103,000 | 7.875 | 12/01/22 | 104,802 | |||||||||||
Asbury Automotive Group, Inc.(a) | ||||||||||||||
340,000 | 4.750 | 03/01/30 | 343,825 | |||||||||||
Boyd Gaming Corp. | ||||||||||||||
279,000 | 6.000 | 08/15/26 | 286,530 | |||||||||||
Caesars Resort Collection LLC / CRC Finco, Inc.(a) | ||||||||||||||
211,000 | 5.250 | 10/15/25 | 209,417 | |||||||||||
Cedar Fair LP(a) | ||||||||||||||
75,000 | 5.250 | 07/15/29 | 75,187 | |||||||||||
Cinemark USA, Inc. | ||||||||||||||
4,000 | 5.125 | 12/15/22 | 4,000 | |||||||||||
50,000 | 4.875 | 06/01/23 | 49,812 | |||||||||||
Diamond Resorts International, Inc.(a) | ||||||||||||||
104,000 | 7.750 | 09/01/23 | 104,116 | |||||||||||
ESH Hospitality, Inc.(a) | ||||||||||||||
219,000 | 5.250 | 05/01/25 | 221,190 | |||||||||||
Goodyear Tire & Rubber Co. (The) | ||||||||||||||
370,000 | 5.000 | 05/31/26 | 360,750 | |||||||||||
Guitar Center, Inc.(a) | ||||||||||||||
75,000 | 9.500 | 10/15/21 | 71,438 | |||||||||||
Hanesbrands, Inc.(a) | ||||||||||||||
398,000 | 4.625 | 05/15/24 | 416,661 | |||||||||||
Hilton Domestic Operating Co., Inc. | ||||||||||||||
314,000 | 4.250 | 09/01/24 | 316,355 | |||||||||||
60,000 | 4.875 | 01/15/30 | 62,327 | |||||||||||
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance | | ||||||||||||
117,000 | 4.625 | 04/01/25 | 117,585 | |||||||||||
155,000 | 4.875 | 04/01/27 | 158,843 | |||||||||||
Iron Mountain, Inc. | ||||||||||||||
120,000 | 4.375 | (a) | 06/01/21 | 120,000 | ||||||||||
124,000 | 5.750 | 08/15/24 | 125,395 | |||||||||||
271,000 | 4.875 | (a) | 09/15/27 | 275,742 | ||||||||||
270,000 | 5.250 | (a) | 03/15/28 | 280,463 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America | | ||||||||||||
$ | 236,000 | 5.000 | %(a) | 06/01/24 | $ | 241,900 | ||||||||
120,000 | 5.250 | (a) | 06/01/26 | 124,200 | ||||||||||
L Brands, Inc. | ||||||||||||||
30,000 | 5.625 | 02/15/22 | 31,575 | |||||||||||
202,000 | 5.250 | 02/01/28 | 196,820 | |||||||||||
Lennar Corp. | ||||||||||||||
270,000 | 4.125 | 01/15/22 | 276,075 | |||||||||||
50,000 | 4.500 | 04/30/24 | 53,220 | |||||||||||
55,000 | 4.750 | 05/30/25 | 59,671 | |||||||||||
140,000 | 4.750 | 11/29/27 | 156,450 | |||||||||||
MGM Resorts International | ||||||||||||||
298,000 | 6.000 | 03/15/23 | 320,723 | |||||||||||
116,000 | 5.750 | 06/15/25 | 128,325 | |||||||||||
130,000 | 4.625 | 09/01/26 | 136,500 | |||||||||||
131,000 | 5.500 | 04/15/27 | 142,135 | |||||||||||
Navistar International Corp.(a) | ||||||||||||||
245,000 | 6.625 | 11/01/25 | 255,413 | |||||||||||
Panther BF Aggregator 2 LP / Panther Finance Co., Inc. | ||||||||||||||
174,000 | 6.250 | (a) | 05/15/26 | 179,290 | ||||||||||
340,000 | 8.500 | (a) | 05/15/27 | 346,555 | ||||||||||
Penske Automotive Group, Inc. | ||||||||||||||
70,000 | 5.750 | 10/01/22 | 70,875 | |||||||||||
20,000 | 5.500 | 05/15/26 | 20,700 | |||||||||||
PetSmart, Inc. | ||||||||||||||
200,000 | 7.125 | (a) | 03/15/23 | 195,261 | ||||||||||
150,000 | 5.875 | (a) | 06/01/25 | 151,312 | ||||||||||
100,000 | 8.875 | (a) | 06/01/25 | 99,750 | ||||||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||||||||
80,000 | 5.250 | (a) | 04/15/24 | 83,400 | ||||||||||
400,000 | 5.750 | (a) | 04/15/26 | 421,500 | ||||||||||
PulteGroup, Inc. | ||||||||||||||
201,000 | 5.500 | 03/01/26 | 222,153 | |||||||||||
220,000 | 5.000 | 01/15/27 | 242,550 | |||||||||||
Rite Aid Corp.(a) | ||||||||||||||
89,000 | 7.500 | 07/01/25 | 89,445 | |||||||||||
Ryman Hospitality Properties, Inc.(a) | ||||||||||||||
100,000 | 4.750 | 10/15/27 | 101,500 | |||||||||||
Sabre GLBL, Inc. | ||||||||||||||
155,000 | 5.375 | (a) | 04/15/23 | 155,775 | ||||||||||
70,000 | 5.250 | (a) | 11/15/23 | 70,175 | ||||||||||
Scientific Games International, Inc. | ||||||||||||||
150,000 | 5.000 | (a) | 10/15/25 | 151,125 | ||||||||||
140,000 | 8.250 | (a) | 03/15/26 | 144,900 | ||||||||||
90,000 | 7.000 | (a) | 05/15/28 | 87,300 | ||||||||||
Six Flags Entertainment Corp.(a) | ||||||||||||||
368,000 | 4.875 | 07/31/24 | 363,400 | |||||||||||
Staples, Inc. | ||||||||||||||
347,000 | 7.500 | (a) | 04/15/26 | 347,868 | ||||||||||
221,000 | 10.750 | (a) | 04/15/27 | 215,475 | ||||||||||
Tesla, Inc.(a) | ||||||||||||||
315,000 | 5.300 | 08/15/25 | 316,181 | |||||||||||
Toll Brothers Finance Corp. | ||||||||||||||
89,000 | 5.875 | 02/15/22 | 93,526 | |||||||||||
113,000 | 4.375 | 04/15/23 | 118,103 | |||||||||||
122,000 | 4.350 | 02/15/28 | 129,133 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Vericast Corp.(a) | ||||||||||||||
136,000 | 8.375 | 08/15/22 | 113,900 | |||||||||||
VICI Properties LP / VICI Note Co., Inc.(a) | ||||||||||||||
200,000 | 4.625 | 12/01/29 | 207,000 | |||||||||||
Wyndham Destinations, Inc. | ||||||||||||||
100,000 | 5.750 | 04/01/27 | 105,840 | |||||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.(a) | ||||||||||||||
347,000 | 5.500 | 03/01/25 | 341,228 | |||||||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(a) | ||||||||||||||
100,000 | 5.125 | 10/01/29 | 96,896 | |||||||||||
Yum! Brands, Inc.(a) | ||||||||||||||
75,000 | 4.750 | 01/15/30 | 78,188 | |||||||||||
|
| |||||||||||||
12,045,805 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 3.8% | ||||||||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / | | ||||||||||||
290,000 | 6.625 | 06/15/24 | 298,700 | |||||||||||
409,000 | 5.750 | 03/15/25 | 425,871 | |||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp.(a) | ||||||||||||||
140,000 | 6.625 | 07/15/26 | 147,525 | |||||||||||
Avantor, Inc.(a) | ||||||||||||||
50,000 | 9.000 | 10/01/25 | 54,625 | |||||||||||
| Change Healthcare Holdings LLC / Change Healthcare Finance, | | ||||||||||||
150,000 | 5.750 | 03/01/25 | 152,062 | |||||||||||
Elanco Animal Health, Inc. | ||||||||||||||
300,000 | 5.650 | 08/28/28 | 346,161 | |||||||||||
Fresh Market, Inc. (The)(a) | ||||||||||||||
182,000 | 9.750 | 05/01/23 | 84,857 | |||||||||||
Hologic, Inc.(a) | ||||||||||||||
230,000 | 4.375 | 10/15/25 | 235,462 | |||||||||||
| Jaguar Holding Co. II / Pharmaceutical Product Development | | ||||||||||||
219,000 | 6.375 | 08/01/23 | 225,982 | |||||||||||
MEDNAX, Inc.(a) | ||||||||||||||
230,000 | 6.250 | 01/15/27 | 222,525 | |||||||||||
MPH Acquisition Holdings LLC(a) | ||||||||||||||
174,000 | 7.125 | 06/01/24 | 162,690 | |||||||||||
Par Pharmaceutical, Inc.(a) | ||||||||||||||
150,000 | 7.500 | 04/01/27 | 159,188 | |||||||||||
Polaris Intermediate Corp.(a)(b) (PIK 9.250%, Cash 8.500%) | ||||||||||||||
120,000 | 8.500 | 12/01/22 | 102,600 | |||||||||||
RegionalCare Hospital Partners Holdings, Inc.(a) | ||||||||||||||
118,000 | 8.250 | 05/01/23 | 124,195 | |||||||||||
| RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, | | ||||||||||||
170,000 | 9.750 | 12/01/26 | 182,963 | |||||||||||
Rite Aid Corp.(a) | ||||||||||||||
154,000 | 6.125 | 04/01/23 | 141,873 | |||||||||||
|
| |||||||||||||
3,067,279 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 1.4% | ||||||||||||||
Energizer Holdings, Inc.(a) | ||||||||||||||
340,000 | 6.375 | 07/15/26 | 354,025 | |||||||||||
Mattel, Inc.(a) | ||||||||||||||
382,000 | 6.750 | 12/31/25 | 403,010 | |||||||||||
|
|
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Products – (continued) | ||||||||||||||
Spectrum Brands, Inc. | ||||||||||||||
$ | 162,000 | 5.750 | % | 07/15/25 | $ | 166,100 | ||||||||
Tempur Sealy International, Inc. | ||||||||||||||
232,000 | 5.625 | 10/15/23 | 237,800 | |||||||||||
|
| |||||||||||||
1,160,935 | ||||||||||||||
|
| |||||||||||||
Electric – 3.8% | ||||||||||||||
Calpine Corp. | ||||||||||||||
99,000 | 5.500 | 02/01/24 | 98,505 | |||||||||||
400,000 | 5.750 | 01/15/25 | 404,500 | |||||||||||
8,000 | 5.250 | (a) | 06/01/26 | 8,010 | ||||||||||
250,000 | 5.125 | (a) | 03/15/28 | 237,643 | ||||||||||
Clearway Energy Operating LLC | ||||||||||||||
130,000 | 5.750 | 10/15/25 | 135,200 | |||||||||||
NextEra Energy Operating Partners LP | ||||||||||||||
362,000 | 4.250 | (a) | 09/15/24 | 367,430 | ||||||||||
95,000 | 4.500 | (a) | 09/15/27 | 98,800 | ||||||||||
NRG Energy, Inc. | ||||||||||||||
110,000 | 7.250 | 05/15/26 | 117,287 | |||||||||||
196,000 | 6.625 | 01/15/27 | 205,310 | |||||||||||
200,000 | 5.250 | (a) | 06/15/29 | 208,000 | ||||||||||
Talen Energy Supply LLC | ||||||||||||||
220,000 | 10.500 | (a) | 01/15/26 | 194,700 | ||||||||||
60,000 | 7.250 | (a) | 05/15/27 | 60,750 | ||||||||||
TerraForm Power Operating LLC | ||||||||||||||
218,000 | 4.250 | (a) | 01/31/23 | 223,177 | ||||||||||
100,000 | 4.750 | (a) | 01/15/30 | 103,750 | ||||||||||
Vistra Operations Co. LLC | ||||||||||||||
410,000 | 5.625 | (a) | 02/15/27 | 422,300 | ||||||||||
170,000 | 5.000 | (a) | 07/31/27 | 172,338 | ||||||||||
|
| |||||||||||||
3,057,700 | ||||||||||||||
|
| |||||||||||||
Energy – 7.8% | ||||||||||||||
Antero Resources Corp. | ||||||||||||||
50,000 | 5.375 | 11/01/21 | 41,750 | |||||||||||
67,000 | 5.125 | 12/01/22 | 42,377 | |||||||||||
280,000 | 5.625 | 06/01/23 | 152,600 | |||||||||||
50,000 | 5.000 | 03/01/25 | 26,000 | |||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | ||||||||||||||
211,000 | 10.000 | (a) | 04/01/22 | 179,350 | ||||||||||
80,000 | 7.000 | (a) | 11/01/26 | 48,400 | ||||||||||
California Resources Corp.(a) | ||||||||||||||
268,000 | 8.000 | 12/15/22 | 61,975 | |||||||||||
Chesapeake Energy Corp. | ||||||||||||||
140,000 | 11.500 | (a) | 01/01/25 | 82,250 | ||||||||||
100,000 | 8.000 | 03/15/26 | 29,237 | |||||||||||
CNX Resources Corp.(a) | ||||||||||||||
180,000 | 7.250 | 03/14/27 | 133,650 | |||||||||||
Comstock Resources, Inc. | ||||||||||||||
85,000 | 7.500 | (a) | 05/15/25 | 63,325 | ||||||||||
109,000 | 9.750 | 08/15/26 | 91,015 | |||||||||||
CrownRock LP / CrownRock Finance, Inc.(a) | ||||||||||||||
280,000 | 5.625 | 10/15/25 | 270,900 | |||||||||||
Denbury Resources, Inc. | ||||||||||||||
30,000 | 9.000 | (a) | 05/15/21 | 26,250 | ||||||||||
188,000 | 9.250 | (a) | 03/31/22 | 145,700 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Endeavor Energy Resources LP / EER Finance, Inc. | ||||||||||||||
213,000 | 5.500 | (a) | 01/30/26 | 210,337 | ||||||||||
235,000 | 5.750 | (a) | 01/30/28 | 232,063 | ||||||||||
EnLink Midstream Partners LP | ||||||||||||||
320,000 | 4.850 | 07/15/26 | 275,020 | |||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||||||||
270,000 | 7.750 | 02/01/28 | 233,550 | |||||||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||||||||
110,000 | 5.750 | (a) | 10/01/25 | 87,450 | ||||||||||
120,000 | 6.250 | (a) | 11/01/28 | 90,000 | ||||||||||
Laredo Petroleum, Inc. | ||||||||||||||
100,000 | 9.500 | 01/15/25 | 73,000 | |||||||||||
Moss Creek Resources Holdings, Inc. | ||||||||||||||
107,000 | 7.500 | (a) | 01/15/26 | 62,862 | ||||||||||
75,000 | 10.500 | (a) | 05/15/27 | 51,000 | ||||||||||
Murphy Oil Corp. | ||||||||||||||
330,000 | 5.750 | 08/15/25 | 321,274 | |||||||||||
Nabors Industries, Inc. | ||||||||||||||
140,000 | 5.750 | 02/01/25 | 100,649 | |||||||||||
Parsley Energy LLC / Parsley Finance Corp.(a) | ||||||||||||||
250,000 | 5.375 | 01/15/25 | 251,250 | |||||||||||
PDC Energy, Inc. | ||||||||||||||
50,000 | 6.125 | 09/15/24 | 46,500 | |||||||||||
80,000 | 5.750 | 05/15/26 | 71,600 | |||||||||||
QEP Resources, Inc. | ||||||||||||||
91,000 | 5.375 | 10/01/22 | 84,630 | |||||||||||
75,000 | 5.625 | 03/01/26 | 59,063 | |||||||||||
SM Energy Co. | ||||||||||||||
250,000 | 6.625 | 01/15/27 | 193,750 | |||||||||||
Southwestern Energy Co. | ||||||||||||||
140,000 | 6.200 | 01/23/25 | 104,300 | |||||||||||
150,000 | 7.750 | 10/01/27 | 114,375 | |||||||||||
| Targa Resources Partners LP / Targa Resources Partners Finance | | ||||||||||||
225,000 | 5.375 | 02/01/27 | 226,687 | |||||||||||
370,000 | 6.875 | 01/15/29 | 400,988 | |||||||||||
140,000 | 5.500 | (a) | 03/01/30 | 139,300 | ||||||||||
Transocean Poseidon Ltd.(a) | ||||||||||||||
140,000 | 6.875 | 02/01/27 | 142,800 | |||||||||||
Transocean Proteus Ltd.(a) | ||||||||||||||
175,000 | 6.250 | 12/01/24 | 175,000 | |||||||||||
Transocean Sentry Ltd.(a) | ||||||||||||||
70,000 | 5.375 | 05/15/23 | 68,338 | |||||||||||
Transocean, Inc. | ||||||||||||||
130,000 | 7.250 | (a) | 11/01/25 | 107,900 | ||||||||||
220,000 | 7.500 | (a) | 01/15/26 | 176,000 | ||||||||||
| USA Compression Partners LP / USA Compression Finance | | ||||||||||||
280,000 | 6.875 | 04/01/26 | 271,600 | |||||||||||
50,000 | 6.875 | 09/01/27 | 48,500 | |||||||||||
Weatherford International Ltd.(a) | ||||||||||||||
230,000 | 11.000 | 12/01/24 | 219,650 | |||||||||||
Whiting Petroleum Corp. | ||||||||||||||
250,000 | 6.250 | 04/01/23 | 113,750 | |||||||||||
WPX Energy, Inc. | ||||||||||||||
29,000 | 8.250 | 08/01/23 | 32,480 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
WPX Energy, Inc. – (continued) | ||||||||||||||
$ | 60,000 | 5.750 | % | 06/01/26 | $ | 60,300 | ||||||||
75,000 | 5.250 | 10/15/27 | 74,250 | |||||||||||
|
| |||||||||||||
6,314,995 | ||||||||||||||
|
| |||||||||||||
Financial Company – 4.6% | ||||||||||||||
BCD Acquisition, Inc.(a) | ||||||||||||||
224,000 | 9.625 | 09/15/23 | 230,440 | |||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||||||||
260,000 | 6.750 | 02/01/24 | 270,075 | |||||||||||
236,000 | 6.375 | 12/15/25 | 244,866 | |||||||||||
330,000 | 5.250 | (a) | 05/15/27 | 332,475 | ||||||||||
Nationstar Mortgage Holdings, Inc.(a) | ||||||||||||||
192,000 | 8.125 | 07/15/23 | 199,920 | |||||||||||
Navient Corp. | ||||||||||||||
70,000 | 5.875 | 03/25/21 | 71,874 | |||||||||||
132,000 | 7.250 | 09/25/23 | 143,446 | |||||||||||
16,000 | 5.875 | 10/25/24 | 16,473 | |||||||||||
63,000 | 6.750 | 06/25/25 | 67,956 | |||||||||||
90,000 | 6.750 | 06/15/26 | 95,645 | |||||||||||
Navient Corp., MTN | ||||||||||||||
170,000 | 7.250 | 01/25/22 | 180,412 | |||||||||||
220,000 | 6.125 | 03/25/24 | 227,557 | |||||||||||
80,000 | 5.625 | 08/01/33 | 70,538 | |||||||||||
Quicken Loans, Inc. | ||||||||||||||
8,000 | 5.750 | (a) | 05/01/25 | 8,208 | ||||||||||
272,000 | 5.250 | (a) | 01/15/28 | 282,245 | ||||||||||
Springleaf Finance Corp. | ||||||||||||||
69,000 | 7.750 | 10/01/21 | 73,626 | |||||||||||
302,000 | 5.625 | 03/15/23 | 320,189 | |||||||||||
212,000 | 6.875 | 03/15/25 | 233,966 | |||||||||||
270,000 | 7.125 | 03/15/26 | 300,444 | |||||||||||
240,000 | 6.625 | 01/15/28 | 264,600 | |||||||||||
| Vertiv Intermediate Holding Corp.(a)(b)(PIK 13.000%, Cash | | ||||||||||||
50,000 | 12.000 | 02/15/22 | 51,500 | |||||||||||
|
| |||||||||||||
3,686,455 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 2.2% | ||||||||||||||
Aramark Services, Inc.(a) | ||||||||||||||
308,000 | 5.000 | 02/01/28 | 323,400 | |||||||||||
B&G Foods, Inc. | ||||||||||||||
75,000 | 5.250 | 09/15/27 | 74,625 | |||||||||||
Golden Nugget, Inc.(a) | ||||||||||||||
297,000 | 6.750 | 10/15/24 | 291,628 | |||||||||||
Lamb Weston Holdings, Inc.(a) | ||||||||||||||
140,000 | 4.625 | 11/01/24 | 145,950 | |||||||||||
Post Holdings, Inc. | ||||||||||||||
161,000 | 5.500 | (a) | 03/01/25 | 167,641 | ||||||||||
138,000 | 5.000 | (a) | 08/15/26 | 138,965 | ||||||||||
537,000 | 5.750 | (a) | 03/01/27 | 561,165 | ||||||||||
50,000 | 5.500 | (a) | 12/15/29 | 52,000 | ||||||||||
|
| |||||||||||||
1,755,374 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Hardware – 0.6% | ||||||||||||||
CDW LLC / CDW Finance Corp. | ||||||||||||||
185,000 | 5.500 | 12/01/24 | 203,962 | |||||||||||
100,000 | 5.000 | 09/01/25 | 104,250 | |||||||||||
NCR Corp. | ||||||||||||||
75,000 | 6.375 | 12/15/23 | 76,688 | |||||||||||
75,000 | 6.125 | (a) | 09/01/29 | 82,031 | ||||||||||
|
| |||||||||||||
466,931 | ||||||||||||||
|
| |||||||||||||
Healthcare – 7.7% | ||||||||||||||
CHS/Community Health Systems, Inc. | ||||||||||||||
312,000 | 6.250 | 03/31/23 | 311,220 | |||||||||||
125,000 | 9.875 | (a) | 06/30/23 | 119,062 | ||||||||||
149,000 | 8.625 | (a) | 01/15/24 | 154,960 | ||||||||||
188,000 | 8.125 | (a) | 06/30/24 | 172,960 | ||||||||||
285,000 | 8.000 | (a) | 03/15/26 | 295,688 | ||||||||||
90,000 | 8.000 | (a) | 12/15/27 | 92,025 | ||||||||||
200,000 | 6.875 | (a) | 04/01/28 | 113,000 | ||||||||||
DaVita, Inc. | ||||||||||||||
410,000 | 5.125 | 07/15/24 | 416,662 | |||||||||||
Encompass Health Corp. | ||||||||||||||
88,000 | 5.750 | 11/01/24 | 89,320 | |||||||||||
100,000 | 4.750 | 02/01/30 | �� | 103,875 | ||||||||||
HCA, Inc. | ||||||||||||||
470,000 | 7.500 | 02/15/22 | 519,350 | |||||||||||
159,000 | 5.375 | 02/01/25 | 176,093 | |||||||||||
480,000 | 5.875 | 02/15/26 | 543,600 | |||||||||||
275,000 | 5.375 | 09/01/26 | 307,656 | |||||||||||
260,000 | 5.625 | 09/01/28 | 296,075 | |||||||||||
120,000 | 5.875 | 02/01/29 | 139,500 | |||||||||||
IQVIA, Inc.(a) | ||||||||||||||
200,000 | 5.000 | 05/15/27 | 207,750 | |||||||||||
Service Corp. International | ||||||||||||||
70,000 | 5.375 | 05/15/24 | 71,400 | |||||||||||
125,000 | 4.625 | 12/15/27 | 131,094 | |||||||||||
Tenet Healthcare Corp. | ||||||||||||||
210,000 | 8.125 | 04/01/22 | 227,587 | |||||||||||
304,000 | 6.750 | 06/15/23 | 328,320 | |||||||||||
575,000 | 4.625 | 07/15/24 | 584,344 | |||||||||||
300,000 | 5.125 | 05/01/25 | 303,375 | |||||||||||
172,000 | 7.000 | 08/01/25 | 177,590 | |||||||||||
200,000 | 6.250 | (a) | 02/01/27 | 210,750 | ||||||||||
100,000 | 5.125 | (a) | 11/01/27 | 104,375 | ||||||||||
|
| |||||||||||||
6,197,631 | ||||||||||||||
|
| |||||||||||||
Household & Leisure – 0.1% | ||||||||||||||
Prestige Brands, Inc.(a) | ||||||||||||||
100,000 | 6.375 | 03/01/24 | 103,375 | |||||||||||
|
| |||||||||||||
Insurance – 0.7% | ||||||||||||||
Acrisure LLC / Acrisure Finance, Inc. | ||||||||||||||
213,000 | 8.125 | (a) | 02/15/24 | 225,883 | ||||||||||
105,000 | 7.000 | (a) | 11/15/25 | 102,875 | ||||||||||
HUB International Ltd.(a) | ||||||||||||||
217,000 | 7.000 | 05/01/26 | 220,526 | |||||||||||
|
| |||||||||||||
549,284 | ||||||||||||||
|
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Internet & Data – 0.3% | ||||||||||||||
Uber Technologies, Inc. | ||||||||||||||
$ | 100,000 | 7.500 | %(a) | 11/01/23 | $ | 104,250 | ||||||||
160,000 | 8.000 | (a) | 11/01/26 | 167,400 | ||||||||||
|
| |||||||||||||
271,650 | ||||||||||||||
|
| |||||||||||||
Metals – 0.6% | ||||||||||||||
Novelis Corp. | ||||||||||||||
150,000 | 5.875 | (a) | 09/30/26 | 157,125 | ||||||||||
330,000 | 4.750 | (a) | 01/30/30 | 325,463 | ||||||||||
|
| |||||||||||||
482,588 | ||||||||||||||
|
| |||||||||||||
Mining – 0.9% | ||||||||||||||
Freeport-McMoRan, Inc. | ||||||||||||||
592,000 | 4.550 | 11/14/24 | 602,360 | |||||||||||
100,000 | 5.400 | 11/14/34 | 98,250 | |||||||||||
|
| |||||||||||||
700,610 | ||||||||||||||
|
| |||||||||||||
Natural Gas – 2.2% | ||||||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | ||||||||||||||
181,000 | 5.500 | 05/20/25 | 185,525 | |||||||||||
333,000 | 5.750 | 05/20/27 | 349,650 | |||||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||||||||
75,000 | 5.750 | (a) | 03/01/27 | 52,125 | ||||||||||
87,000 | 5.750 | (a) | 01/15/28 | 60,465 | ||||||||||
| Crestwood Midstream Partners LP / Crestwood Midstream | | ||||||||||||
108,000 | 6.250 | 04/01/23 | 103,140 | |||||||||||
50,000 | 5.750 | 04/01/25 | 47,750 | |||||||||||
138,000 | 5.625 | (a) | 05/01/27 | 128,340 | ||||||||||
Ferrellgas LP / Ferrellgas Finance Corp. | ||||||||||||||
50,000 | 6.500 | 05/01/21 | 43,250 | |||||||||||
150,000 | 6.750 | 06/15/23 | 126,000 | |||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||||||||
120,000 | 6.500 | 10/01/25 | 102,000 | |||||||||||
NGL Energy Partners LP / NGL Energy Finance Corp. | ||||||||||||||
231,000 | 7.500 | 11/01/23 | 214,830 | |||||||||||
NuStar Logistics LP | ||||||||||||||
83,000 | 6.000 | 06/01/26 | 86,735 | |||||||||||
29,000 | 5.625 | 04/28/27 | 29,435 | |||||||||||
PBF Logistics LP / PBF Logistics Finance Corp. | ||||||||||||||
42,000 | 6.875 | 05/15/23 | 43,050 | |||||||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | ||||||||||||||
65,000 | 4.750 | (a) | 10/01/23 | 61,750 | ||||||||||
70,000 | 5.500 | (a) | 09/15/24 | 65,450 | ||||||||||
120,000 | 5.500 | (a) | 01/15/28 | 107,400 | ||||||||||
|
| |||||||||||||
1,806,895 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 3.1% | ||||||||||||||
Bausch Health Americas, Inc. | ||||||||||||||
202,000 | 9.250 | (a) | 04/01/26 | 226,774 | ||||||||||
427,000 | 8.500 | (a) | 01/31/27 | 470,943 | ||||||||||
Bausch Health Cos., Inc. | ||||||||||||||
102,000 | 5.500 | (a) | 03/01/23 | 102,638 | ||||||||||
259,000 | 7.000 | (a) | 03/15/24 | 267,099 | ||||||||||
379,000 | 6.125 | (a) | 04/15/25 | 386,949 | ||||||||||
172,000 | 5.500 | (a) | 11/01/25 | 177,590 | ||||||||||
246,000 | 5.750 | (a) | 08/15/27 | 262,479 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Pharmaceuticals – (continued) | ||||||||||||||
Bausch Health Cos., Inc. – (continued) | ||||||||||||||
12,000 | 7.000 | %(a) | 01/15/28 | 12,879 | ||||||||||
113,000 | 7.250 | (a) | 05/30/29 | 124,619 | ||||||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | ||||||||||||||
200,000 | 6.000 | (a) | 07/15/23 | 160,500 | ||||||||||
200,000 | 6.000 | (a) | 02/01/25 | 155,000 | ||||||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC(a) | ||||||||||||||
164,000 | 10.000 | 04/15/25 | 135,300 | |||||||||||
|
| |||||||||||||
2,482,770 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.6% | ||||||||||||||
CBL & Associates LP | ||||||||||||||
170,000 | 5.250 | 12/01/23 | 86,700 | |||||||||||
141,000 | 5.950 | 12/15/26 | 62,040 | |||||||||||
Howard Hughes Corp. (The)(a) | ||||||||||||||
178,000 | 5.375 | 03/15/25 | 182,450 | |||||||||||
Kennedy-Wilson, Inc. | ||||||||||||||
183,000 | 5.875 | 04/01/24 | 186,660 | |||||||||||
|
| |||||||||||||
517,850 | ||||||||||||||
|
| |||||||||||||
Rental Equipment – 1.7% | ||||||||||||||
Hertz Corp. (The) | ||||||||||||||
92,000 | 5.500 | (a) | 10/15/24 | 88,550 | ||||||||||
300,000 | 6.000 | (a) | 01/15/28 | 279,000 | ||||||||||
United Rentals North America, Inc. | ||||||||||||||
100,000 | 5.500 | 07/15/25 | 103,625 | |||||||||||
250,000 | 5.875 | 09/15/26 | 264,375 | |||||||||||
250,000 | 5.500 | 05/15/27 | 262,500 | |||||||||||
250,000 | 4.875 | 01/15/28 | 257,500 | |||||||||||
100,000 | 5.250 | 01/15/30 | 106,000 | |||||||||||
|
| |||||||||||||
1,361,550 | ||||||||||||||
|
| |||||||||||||
Software – 2.1% | ||||||||||||||
Dun & Bradstreet Corp. (The)(a) | ||||||||||||||
86,000 | 6.875 | 08/15/26 | 92,127 | |||||||||||
Infor US, Inc. | ||||||||||||||
250,000 | 6.500 | 05/15/22 | 251,250 | |||||||||||
MSCI, Inc. | ||||||||||||||
245,000 | 4.750 | (a) | 08/01/26 | 255,106 | ||||||||||
130,000 | 4.000 | (a) | 11/15/29 | 135,200 | ||||||||||
Rackspace Hosting, Inc.(a) | ||||||||||||||
205,000 | 8.625 | 11/15/24 | 196,800 | |||||||||||
Refinitiv US Holdings, Inc. | ||||||||||||||
190,000 | 6.250 | (a) | 05/15/26 | 204,725 | ||||||||||
171,000 | 8.250 | (a) | 11/15/26 | 189,383 | ||||||||||
Solera LLC / Solera Finance, Inc.(a) | ||||||||||||||
220,000 | 10.500 | 03/01/24 | 233,200 | |||||||||||
Uber Technologies, Inc.(a) | ||||||||||||||
150,000 | 7.500 | 09/15/27 | 157,125 | |||||||||||
|
| |||||||||||||
1,714,916 | ||||||||||||||
|
| |||||||||||||
Technology – 1.1% | ||||||||||||||
CDK Global, Inc.(a) | ||||||||||||||
130,000 | 5.250 | 05/15/29 | 139,262 | |||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
172,000 | 5.875 | (a) | 06/15/21 | 173,075 | ||||||||||
156,000 | 7.125 | (a) | 06/15/24 | 163,800 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Dell, Inc. | ||||||||||||||
$ | 60,000 | 4.625 | % | 04/01/21 | $ | 60,900 | ||||||||
Verscend Escrow Corp.(a) | ||||||||||||||
217,000 | 9.750 | 08/15/26 | 237,615 | |||||||||||
Xerox Corp. | ||||||||||||||
80,000 | 4.125 | 03/15/23 | 81,635 | |||||||||||
|
| |||||||||||||
856,287 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.1% | ||||||||||||||
XPO Logistics, Inc.(a) | ||||||||||||||
100,000 | 6.750 | 08/15/24 | 105,875 | |||||||||||
|
| |||||||||||||
Wireless – 5.7% | ||||||||||||||
Hughes Satellite Systems Corp. | ||||||||||||||
100,000 | 7.625 | 06/15/21 | 105,375 | |||||||||||
100,000 | 6.625 | 08/01/26 | 110,500 | |||||||||||
SBA Communications Corp. | ||||||||||||||
150,000 | 4.875 | 09/01/24 | 154,687 | |||||||||||
Sprint Capital Corp. | ||||||||||||||
285,000 | 6.875 | 11/15/28 | 339,150 | |||||||||||
220,000 | 8.750 | 03/15/32 | 306,625 | |||||||||||
Sprint Communications, Inc. | ||||||||||||||
230,000 | 6.000 | 11/15/22 | 248,400 | |||||||||||
Sprint Corp. | ||||||||||||||
220,000 | 7.250 | 09/15/21 | 233,750 | |||||||||||
317,000 | 7.875 | 09/15/23 | 362,965 | |||||||||||
315,000 | 7.125 | 06/15/24 | 358,706 | |||||||||||
293,000 | 7.625 | 02/15/25 | 339,514 | |||||||||||
300,000 | 7.625 | 03/01/26 | 354,873 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
450,000 | 4.000 | 04/15/22 | 462,937 | |||||||||||
163,000 | 6.000 | 03/01/23 | 165,852 | |||||||||||
58,000 | 6.500 | 01/15/24 | 59,269 | |||||||||||
120,000 | 6.000 | 04/15/24 | 122,700 | |||||||||||
335,000 | 5.125 | 04/15/25 | 345,469 | |||||||||||
5,000 | 6.500 | 01/15/26 | 5,275 | |||||||||||
115,000 | 5.375 | 04/15/27 | 122,044 | |||||||||||
130,000 | 4.750 | 02/01/28 | 135,688 | |||||||||||
ViaSat, Inc.(a) | ||||||||||||||
225,000 | 5.625 | 04/15/27 | 229,500 | |||||||||||
|
| |||||||||||||
4,563,279 | ||||||||||||||
|
| |||||||||||||
Wirelines – 1.7% | ||||||||||||||
Frontier Communications Corp. | ||||||||||||||
340,000 | 8.750 | 04/15/22 | 158,100 | |||||||||||
457,000 | 7.125 | 01/15/23 | 213,647 | |||||||||||
450,000 | 11.000 | 09/15/25 | 209,250 | |||||||||||
330,000 | 8.000 | (a) | 04/01/27 | 342,788 | ||||||||||
Zayo Group LLC / Zayo Capital, Inc. | ||||||||||||||
150,000 | 6.000 | 04/01/23 | 153,000 | |||||||||||
122,000 | 6.375 | 05/15/25 | 124,287 | |||||||||||
150,000 | 5.750 | (a) | 01/15/27 | 153,188 | ||||||||||
|
| |||||||||||||
1,354,260 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $74,168,763) | $ | 74,331,218 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 5.2% | ||||||||||||||
Aerospace & Defense – 1.4% | ||||||||||||||
Bombardier, Inc. (Canada) | ||||||||||||||
$ | 122,000 | 8.750 | %(a) | 12/01/21 | $ | 129,625 | ||||||||
208,000 | 6.000 | (a) | 10/15/22 | 205,400 | ||||||||||
185,000 | 6.125 | (a) | 01/15/23 | 188,237 | ||||||||||
95,000 | 7.500 | (a) | 12/01/24 | 96,425 | ||||||||||
130,000 | 7.500 | (a) | 03/15/25 | 129,025 | ||||||||||
340,000 | 7.875 | (a) | 04/15/27 | 337,450 | ||||||||||
|
| |||||||||||||
1,086,162 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.4% | ||||||||||||||
NOVA Chemicals Corp. (Canada) | ||||||||||||||
10,000 | 5.250 | (a) | 08/01/23 | 10,078 | ||||||||||
280,000 | 5.000 | (a) | 05/01/25 | 272,911 | ||||||||||
75,000 | 5.250 | (a) | 06/01/27 | 72,938 | ||||||||||
|
| |||||||||||||
355,927 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.2% | ||||||||||||||
GFL Environmental, Inc. (Canada) | ||||||||||||||
100,000 | 5.125 | (a) | 12/15/26 | 104,000 | ||||||||||
75,000 | 8.500 | (a) | 05/01/27 | 81,281 | ||||||||||
|
| |||||||||||||
185,281 | ||||||||||||||
|
| |||||||||||||
Communications – 0.3% | ||||||||||||||
Videotron Ltd.(a) (Canada) | ||||||||||||||
250,000 | 5.125 | 04/15/27 | 262,188 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.9% | ||||||||||||||
1011778 BC ULC / New Red Finance, Inc. (Canada) | ||||||||||||||
280,000 | 4.250 | (a) | 05/15/24 | 281,050 | ||||||||||
420,000 | 5.000 | (a) | 10/15/25 | 427,875 | ||||||||||
|
| |||||||||||||
708,925 | ||||||||||||||
|
| |||||||||||||
Energy – 0.7% | ||||||||||||||
MEG Energy Corp. (Canada) | ||||||||||||||
156,000 | 6.500 | (a) | 01/15/25 | 154,440 | ||||||||||
150,000 | 7.125 | (a) | 02/01/27 | 141,750 | ||||||||||
Seven Generations Energy Ltd. (Canada) | ||||||||||||||
200,000 | 6.750 | (a) | 05/01/23 | 198,750 | ||||||||||
50,000 | 5.375 | (a) | 09/30/25 | 45,750 | ||||||||||
|
| |||||||||||||
540,690 | ||||||||||||||
|
| |||||||||||||
Food – 0.3% | ||||||||||||||
NBM US Holdings, Inc.(a) (Brazil) | ||||||||||||||
200,000 | 7.000 | 05/14/26 | 210,000 | |||||||||||
|
| |||||||||||||
Mining – 0.5% | ||||||||||||||
First Quantum Minerals Ltd.(a) (Zambia) | ||||||||||||||
401,000 | 6.500 | 03/01/24 | 378,444 | |||||||||||
|
| |||||||||||||
Natural Gas – 0.1% | ||||||||||||||
Parkland Fuel Corp.(a) (Canada) | ||||||||||||||
100,000 | 5.875 | 07/15/27 | 103,057 | |||||||||||
|
| |||||||||||||
Software – 0.4% | ||||||||||||||
Open Text Corp. (Canada) | ||||||||||||||
270,000 | 5.625 | (a) | 01/15/23 | 273,796 | ||||||||||
70,000 | 5.875 | (a) | 06/01/26 | 74,375 | ||||||||||
|
| |||||||||||||
348,171 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $4,179,340) | $ | 4,178,845 | ||||||||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Dividend Rate | Value | ||||||
Investment Company – 0.8%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
$612,535 | 1.507 | % | $ | 612,535 | ||||
(Cost $612,535) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 98.4% |
| |||||||
(Cost $78,960,638) |
| $ | 79,122,598 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6% |
| 1,297,056 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 80,419,654 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) | Pay-in-kind securities. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
U.S. Treasury Inflation Indexed Bonds – 99.9% | ||||||||||||
U.S. Treasury Inflation Indexed Bonds | ||||||||||||
$ | 1,155,811 | 0.125% | 04/15/21 | $ | 1,157,498 | |||||||
1,178,514 | 0.125 | 01/15/22 | 1,187,366 | |||||||||
248,292 | 0.625 | 04/15/23 | 255,410 | |||||||||
2,239,378 | 0.375 | 07/15/23 | 2,302,341 | |||||||||
1,545,166 | 0.625 | 01/15/24 | 1,604,950 | |||||||||
1,795,592 | 0.250 | 01/15/25 | 1,852,903 | |||||||||
145,205 | 0.375 | 07/15/25 | 151,750 | |||||||||
1,375,118 | 0.375 | 07/15/27 | 1,452,043 | |||||||||
2,526,341 | 0.500 | 01/15/28 | 2,689,369 | |||||||||
737,086 | 0.750 | 07/15/28 | 806,225 | |||||||||
1,364,700 | 0.750 | 02/15/42 | 1,569,454 | |||||||||
731,346 | 0.875 | 02/15/47 | 883,488 | |||||||||
256,352 | 1.000 | 02/15/48 | 320,472 | |||||||||
|
| |||||||||||
TOTAL INVESTMENTS – 99.9% | ||||||||||||
(Cost $15,461,948) | $ | 16,233,269 | ||||||||||
|
| |||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% |
| 13,144 | |||||||||
|
| |||||||||||
NET ASSETS – 100.0% | $ | 16,246,413 | ||||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 76.0% | ||||||||||||||
Advertising – 0.3% | ||||||||||||||
Omnicom Group, Inc. / Omnicom Capital, Inc. | ||||||||||||||
$ | 1,450,000 | 3.650 | % | 11/01/24 | $ | 1,567,076 | ||||||||
400,000 | 3.600 | 04/15/26 | 439,570 | |||||||||||
|
| |||||||||||||
2,006,646 | ||||||||||||||
|
| |||||||||||||
Aerospace & Defense – 1.9% | ||||||||||||||
Boeing Co. (The) | ||||||||||||||
540,000 | 2.700 | 02/01/27 | 559,435 | |||||||||||
1,000,000 | 2.950 | 02/01/30 | 1,053,177 | |||||||||||
100,000 | 3.900 | 05/01/49 | 112,636 | |||||||||||
General Dynamics Corp. | ||||||||||||||
280,000 | 3.000 | 05/11/21 | 285,962 | |||||||||||
800,000 | 2.250 | 11/15/22 | 818,956 | |||||||||||
350,000 | 3.750 | 05/15/28 | 397,615 | |||||||||||
Lockheed Martin Corp. | ||||||||||||||
50,000 | 2.900 | 03/01/25 | 53,173 | |||||||||||
310,000 | 4.070 | 12/15/42 | 386,398 | |||||||||||
90,000 | 3.800 | 03/01/45 | 106,917 | |||||||||||
180,000 | 4.700 | 05/15/46 | 244,151 | |||||||||||
400,000 | 4.090 | 09/15/52 | 520,466 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
95,000 | 2.550 | 10/15/22 | 97,874 | |||||||||||
400,000 | 2.930 | 01/15/25 | 424,333 | |||||||||||
290,000 | 3.200 | 02/01/27 | 314,661 | |||||||||||
660,000 | 3.250 | 01/15/28 | 712,453 | |||||||||||
240,000 | 4.030 | 10/15/47 | 286,352 | |||||||||||
Rockwell Collins, Inc. | ||||||||||||||
300,000 | 2.800 | 03/15/22 | 309,354 | |||||||||||
200,000 | 4.350 | 04/15/47 | 262,369 | |||||||||||
United Technologies Corp. | ||||||||||||||
116,000 | 3.650 | 08/16/23 | 124,946 | |||||||||||
750,000 | 3.950 | 08/16/25 | 839,638 | |||||||||||
1,000,000 | 4.125 | 11/16/28 | 1,171,813 | |||||||||||
500,000 | 6.125 | 07/15/38 | 745,855 | |||||||||||
173,000 | 4.450 | 11/16/38 | 217,398 | |||||||||||
400,000 | 4.500 | 06/01/42 | 513,700 | |||||||||||
500,000 | 4.625 | 11/16/48 | 672,308 | |||||||||||
|
| |||||||||||||
11,231,940 | ||||||||||||||
|
| |||||||||||||
Banks – 16.7% | ||||||||||||||
American Express Co. | ||||||||||||||
350,000 | 3.400 | 02/22/24 | 375,283 | |||||||||||
710,000 | 3.000 | 10/30/24 | 751,087 | |||||||||||
450,000 | 4.200 | 11/06/25 | 509,595 | |||||||||||
415,000 | 4.050 | 12/03/42 | 520,976 | |||||||||||
American Express Credit Corp., MTN | ||||||||||||||
350,000 | 2.250 | 05/05/21 | 352,583 | |||||||||||
560,000 | 3.300 | 05/03/27 | 612,791 | |||||||||||
Bank of America Corp. | ||||||||||||||
(3M USD LIBOR + 0.790%) | ||||||||||||||
1,042,000 | 3.004 | (a) | 12/20/23 | 1,080,798 | ||||||||||
(3M USD LIBOR + 0.780%) | ||||||||||||||
135,000 | 3.550 | (a) | 03/05/24 | 142,567 | ||||||||||
(3M USD LIBOR + 0.810%) | ||||||||||||||
400,000 | 3.366 | (a) | 01/23/26 | 427,564 | ||||||||||
(3M USD LIBOR + 1.512%) | ||||||||||||||
540,000 | 3.705 | (a) | 04/24/28 | 594,478 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
(3M USD LIBOR + 1.040%) | ||||||||||||||
868,000 | 3.419 | %(a) | 12/20/28 | 940,048 | ||||||||||
310,000 | 6.110 | 01/29/37 | 430,586 | |||||||||||
(3M USD LIBOR + 1.814%) | ||||||||||||||
900,000 | 4.244 | (a) | 04/24/38 | 1,089,604 | ||||||||||
370,000 | 7.750 | 05/14/38 | 606,165 | |||||||||||
Bank of America Corp., GMTN | ||||||||||||||
1,405,000 | 3.300 | 01/11/23 | 1,476,364 | |||||||||||
50,000 | 3.500 | 04/19/26 | 54,543 | |||||||||||
(3M USD LIBOR + 1.370%) | ||||||||||||||
340,000 | 3.593 | (a) | 07/21/28 | 371,057 | ||||||||||
Bank of America Corp., Series L | ||||||||||||||
50,000 | 3.950 | 04/21/25 | 54,664 | |||||||||||
250,000 | 4.183 | 11/25/27 | 277,217 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
474,000 | 5.000 | 05/13/21 | 494,088 | |||||||||||
(3M USD LIBOR + 0.630%) | ||||||||||||||
180,000 | 3.499 | (a) | 05/17/22 | 184,219 | ||||||||||
50,000 | 2.503 | 10/21/22 | 50,785 | |||||||||||
(3M USD LIBOR + 1.160%) | ||||||||||||||
960,000 | 3.124 | (a) | 01/20/23 | 987,027 | ||||||||||
240,000 | 4.000 | 04/01/24 | 261,269 | |||||||||||
710,000 | 4.200 | 08/26/24 | 779,258 | |||||||||||
850,000 | 4.000 | 01/22/25 | 925,187 | |||||||||||
580,000 | 3.875 | 08/01/25 | 641,624 | |||||||||||
(3M USD LIBOR + 1.090%) | ||||||||||||||
1,250,000 | 3.093 | (a) | 10/01/25 | 1,316,052 | ||||||||||
50,000 | 4.450 | 03/03/26 | 56,373 | |||||||||||
400,000 | 4.250 | 10/22/26 | 444,870 | |||||||||||
880,000 | 3.248 | 10/21/27 | 946,098 | |||||||||||
(3M USD LIBOR + 1.575%) | ||||||||||||||
600,000 | 3.824 | (a) | 01/20/28 | 663,379 | ||||||||||
(3M USD LIBOR + 1.070%) | ||||||||||||||
150,000 | 3.970 | (a) | 03/05/29 | 168,985 | ||||||||||
(3M USD LIBOR + 1.310%) | ||||||||||||||
1,000,000 | 4.271 | (a) | 07/23/29 | 1,152,154 | ||||||||||
(3M USD LIBOR + 1.210%) | ||||||||||||||
500,000 | 3.974 | (a) | 02/07/30 | 569,676 | ||||||||||
(3M USD LIBOR + 1.320%) | ||||||||||||||
440,000 | 4.078 | (a) | 04/23/40 | 515,668 | ||||||||||
370,000 | 5.875 | 02/07/42 | 544,943 | |||||||||||
544,000 | 5.000 | 01/21/44 | 736,619 | |||||||||||
(3M USD LIBOR + 1.520%) | ||||||||||||||
500,000 | 4.330 | (a) | 03/15/50 | 638,325 | ||||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||
445,000 | 2.050 | 05/03/21 | 447,870 | |||||||||||
263,000 | 2.600 | 02/07/22 | 268,721 | |||||||||||
(3M USD LIBOR + 0.634%) | ||||||||||||||
150,000 | 2.661 | (a) | 05/16/23 | 153,479 | ||||||||||
120,000 | 3.450 | 08/11/23 | 128,248 | |||||||||||
1,270,000 | 2.200 | 08/16/23 | 1,298,248 | |||||||||||
20,000 | 2.800 | 05/04/26 | 21,347 | |||||||||||
75,000 | 2.450 | 08/17/26 | 78,558 | |||||||||||
590,000 | 3.250 | 05/16/27 | 647,233 | |||||||||||
60,000 | 3.300 | 08/23/29 | 65,793 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Bank of New York Mellon Corp. (The), Series G | ||||||||||||||
$ | 640,000 | 3.000 | % | 02/24/25 | $ | 678,022 | ||||||||
Capital One Financial Corp. | ||||||||||||||
200,000 | 3.450 | 04/30/21 | 204,040 | |||||||||||
1,338,000 | 4.750 | 07/15/21 | 1,395,859 | |||||||||||
850,000 | 3.300 | 10/30/24 | 901,969 | |||||||||||
250,000 | 3.200 | 02/05/25 | 264,153 | |||||||||||
427,000 | 4.200 | 10/29/25 | 464,802 | |||||||||||
435,000 | �� | 3.750 | 07/28/26 | 464,896 | ||||||||||
300,000 | 3.750 | 03/09/27 | 327,693 | |||||||||||
290,000 | 3.800 | 01/31/28 | 317,256 | |||||||||||
Citibank NA | ||||||||||||||
(3M USD LIBOR + 0.530%) | ||||||||||||||
780,000 | 3.165 | (a) | 02/19/22 | 792,023 | ||||||||||
(3M USD LIBOR + 0.596%) | ||||||||||||||
770,000 | 2.844 | (a) | 05/20/22 | 781,933 | ||||||||||
910,000 | 3.650 | 01/23/24 | 981,478 | |||||||||||
Citigroup, Inc. | ||||||||||||||
110,000 | 2.700 | 03/30/21 | 110,991 | |||||||||||
320,000 | 2.350 | 08/02/21 | 323,456 | |||||||||||
1,306,000 | 2.900 | 12/08/21 | 1,334,151 | |||||||||||
780,000 | 4.500 | 01/14/22 | 822,383 | |||||||||||
200,000 | 2.700 | 10/27/22 | 205,062 | |||||||||||
500,000 | 3.500 | 05/15/23 | 525,499 | |||||||||||
130,000 | 3.875 | 10/25/23 | 140,380 | |||||||||||
90,000 | 4.000 | 08/05/24 | 97,822 | |||||||||||
535,000 | 3.875 | 03/26/25 | 574,452 | |||||||||||
190,000 | 3.300 | 04/27/25 | 203,776 | |||||||||||
150,000 | 4.400 | 06/10/25 | 167,391 | |||||||||||
80,000 | 5.500 | 09/13/25 | 93,702 | |||||||||||
225,000 | 3.700 | 01/12/26 | 244,697 | |||||||||||
40,000 | 4.600 | 03/09/26 | 45,291 | |||||||||||
800,000 | 3.400 | 05/01/26 | 860,614 | |||||||||||
360,000 | 3.200 | 10/21/26 | 385,246 | |||||||||||
40,000 | 4.300 | 11/20/26 | 44,546 | |||||||||||
667,000 | 4.450 | 09/29/27 | 755,582 | |||||||||||
240,000 | 4.125 | 07/25/28 | 268,278 | |||||||||||
(3M USD LIBOR + 1.338%) | ||||||||||||||
935,000 | 3.980 | (a) | 03/20/30 | 1,060,791 | ||||||||||
860,000 | 2.976 | 11/05/30 | 905,774 | |||||||||||
240,000 | 6.625 | 06/15/32 | 332,003 | |||||||||||
660,000 | 8.125 | 07/15/39 | 1,137,964 | |||||||||||
230,000 | 6.675 | 09/13/43 | 349,889 | |||||||||||
150,000 | 5.300 | 05/06/44 | 201,319 | |||||||||||
310,000 | 4.650 | 07/30/45 | 396,614 | |||||||||||
240,000 | 4.750 | 05/18/46 | 299,674 | |||||||||||
(3M USD LIBOR + 1.839%) | ||||||||||||||
620,000 | 4.281 | (a) | 04/24/48 | 771,112 | ||||||||||
320,000 | 4.650 | 07/23/48 | 421,832 | |||||||||||
Discover Bank | ||||||||||||||
300,000 | 4.200 | 08/08/23 | 322,440 | |||||||||||
1,050,000 | 4.650 | 09/13/28 | 1,219,778 | |||||||||||
Discover Financial Services | ||||||||||||||
149,000 | 4.100 | 02/09/27 | 162,577 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
750,000 | 4.300 | 01/16/24 | 814,646 | |||||||||||
330,000 | 8.250 | 03/01/38 | 542,951 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Huntington Bancshares, Inc. | ||||||||||||||
840,000 | 3.150 | 03/14/21 | 850,720 | |||||||||||
250,000 | 2.300 | 01/14/22 | 251,830 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
1,650,000 | 2.550 | 03/01/21 | 1,662,675 | |||||||||||
300,000 | 2.400 | 06/07/21 | 303,094 | |||||||||||
577,000 | 4.500 | 01/24/22 | 607,549 | |||||||||||
660,000 | 3.250 | 09/23/22 | 690,216 | |||||||||||
117,000 | 2.972 | 01/15/23 | 120,530 | |||||||||||
140,000 | 3.200 | 01/25/23 | 146,042 | |||||||||||
(3M USD LIBOR + 0.935%) | ||||||||||||||
200,000 | 2.776 | (a) | 04/25/23 | 205,172 | ||||||||||
60,000 | 3.375 | 05/01/23 | 62,985 | |||||||||||
250,000 | 2.700 | 05/18/23 | 258,954 | |||||||||||
150,000 | 3.875 | 02/01/24 | 162,734 | |||||||||||
1,695,000 | 3.875 | 09/10/24 | 1,843,282 | |||||||||||
80,000 | 3.125 | 01/23/25 | 85,186 | |||||||||||
1,400,000 | 3.300 | 04/01/26 | 1,515,539 | |||||||||||
810,000 | 3.200 | 06/15/26 | 867,567 | |||||||||||
400,000 | 4.125 | 12/15/26 | 448,996 | |||||||||||
(3M USD LIBOR + 1.245%) | ||||||||||||||
200,000 | 3.960 | (a) | 01/29/27 | 222,296 | ||||||||||
870,000 | 4.250 | 10/01/27 | 990,075 | |||||||||||
540,000 | 3.625 | 12/01/27 | 586,176 | |||||||||||
(3M USD LIBOR + 1.337%) | ||||||||||||||
215,000 | 3.782 | (a) | 02/01/28 | 238,414 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
700,000 | 3.540 | (a) | 05/01/28 | 764,037 | ||||||||||
(3M USD LIBOR + 1.160%) | ||||||||||||||
836,000 | 3.702 | (a) | 05/06/30 | 928,514 | ||||||||||
550,000 | 6.400 | 05/15/38 | 824,274 | |||||||||||
(3M USD LIBOR + 1.360%) | ||||||||||||||
750,000 | 3.882 | (a) | 07/24/38 | 862,465 | ||||||||||
175,000 | 5.500 | 10/15/40 | 243,561 | |||||||||||
610,000 | 5.600 | 07/15/41 | 875,788 | |||||||||||
180,000 | 5.400 | 01/06/42 | 250,876 | |||||||||||
400,000 | 5.625 | 08/16/43 | 569,385 | |||||||||||
150,000 | 4.850 | 02/01/44 | 202,092 | |||||||||||
230,000 | 4.950 | 06/01/45 | 304,818 | |||||||||||
(3M USD LIBOR + 1.580%) | ||||||||||||||
460,000 | 4.260 | (a) | 02/22/48 | 570,408 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
650,000 | 3.964 | (a) | 11/15/48 | 781,018 | ||||||||||
(3M USD LIBOR + 1.220%) | ||||||||||||||
500,000 | 3.897 | (a) | 01/23/49 | 595,030 | ||||||||||
JPMorgan Chase & Co., MTN | ||||||||||||||
990,000 | 2.295 | 08/15/21 | 994,005 | |||||||||||
KeyCorp, MTN | ||||||||||||||
400,000 | 2.550 | 10/01/29 | 407,410 | |||||||||||
Morgan Stanley | ||||||||||||||
1,535,000 | 2.750 | 05/19/22 | 1,578,167 | |||||||||||
(3M USD LIBOR + 0.847%) | ||||||||||||||
1,600,000 | 3.737 | (a) | 04/24/24 | 1,697,356 | ||||||||||
200,000 | 5.000 | 11/24/25 | 230,485 | |||||||||||
30,000 | 3.625 | 01/20/27 | 32,918 | |||||||||||
486,000 | 3.950 | 04/23/27 | 535,798 | |||||||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
(3M USD LIBOR + 0.847%) – (continued) | ||||||||||||||
$ | 798,000 | 6.375 | % | 07/24/42 | $ | 1,224,836 | ||||||||
370,000 | 4.300 | 01/27/45 | 454,969 | |||||||||||
730,000 | 4.375 | 01/22/47 | 928,484 | |||||||||||
Morgan Stanley, GMTN | ||||||||||||||
339,000 | 2.500 | 04/21/21 | 342,475 | |||||||||||
790,000 | 5.500 | 07/28/21 | 832,723 | |||||||||||
40,000 | 3.125 | 01/23/23 | 41,777 | |||||||||||
300,000 | 3.750 | 02/25/23 | 319,349 | |||||||||||
25,000 | 3.700 | 10/23/24 | 27,185 | |||||||||||
160,000 | 4.000 | 07/23/25 | 177,794 | |||||||||||
730,000 | 3.875 | 01/27/26 | 804,685 | |||||||||||
300,000 | 4.350 | 09/08/26 | 335,168 | |||||||||||
Morgan Stanley, MTN | ||||||||||||||
600,000 | 2.625 | 11/17/21 | 611,479 | |||||||||||
800,000 | 4.100 | 05/22/23 | 851,824 | |||||||||||
865,000 | 3.125 | 07/27/26 | 920,058 | |||||||||||
Morgan Stanley, Series F | ||||||||||||||
1,055,000 | 3.875 | 04/29/24 | 1,148,410 | |||||||||||
PNC Bank NA | ||||||||||||||
600,000 | 2.550 | 12/09/21 | 611,803 | |||||||||||
1,000,000 | 3.100 | 10/25/27 | 1,075,042 | |||||||||||
1,000,000 | 2.700 | 10/22/29 | 1,043,934 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
705,000 | 3.300 | 03/08/22 | 734,884 | |||||||||||
950,000 | 2.600 | 07/23/26 | 991,133 | |||||||||||
State Street Corp. | ||||||||||||||
(3M USD LIBOR + 0.635%) | ||||||||||||||
870,000 | 2.653 | (a) | 05/15/23 | 891,752 | ||||||||||
828,000 | 3.100 | 05/15/23 | 872,136 | |||||||||||
275,000 | 3.700 | 11/20/23 | 298,782 | |||||||||||
35,000 | 3.300 | 12/16/24 | 37,540 | |||||||||||
300,000 | 3.550 | 08/18/25 | 330,988 | �� | ||||||||||
180,000 | 2.650 | 05/19/26 | 188,993 | |||||||||||
Synchrony Financial | ||||||||||||||
150,000 | 3.750 | 08/15/21 | 154,033 | |||||||||||
50,000 | 4.250 | 08/15/24 | 53,976 | |||||||||||
498,000 | 4.500 | 07/23/25 | 545,976 | |||||||||||
140,000 | 3.950 | 12/01/27 | 150,855 | |||||||||||
Truist Financial Corp., MTN | ||||||||||||||
140,000 | 2.150 | 02/01/21 | 140,730 | |||||||||||
160,000 | 2.050 | 05/10/21 | 161,053 | |||||||||||
240,000 | 2.750 | 04/01/22 | 245,697 | |||||||||||
500,000 | 3.050 | 06/20/22 | 518,055 | |||||||||||
840,000 | 3.750 | 12/06/23 | 905,848 | |||||||||||
605,000 | 2.850 | 10/26/24 | 635,924 | |||||||||||
US Bancorp, MTN | ||||||||||||||
50,000 | 2.350 | 01/29/21 | 50,334 | |||||||||||
1,000,000 | 3.000 | 03/15/22 | 1,031,878 | |||||||||||
550,000 | 3.700 | 01/30/24 | 595,748 | |||||||||||
550,000 | 3.600 | 09/11/24 | 597,341 | |||||||||||
540,000 | 3.100 | 04/27/26 | 578,988 | |||||||||||
400,000 | 3.900 | 04/26/28 | 465,717 | |||||||||||
320,000 | 3.000 | 07/30/29 | 340,102 | |||||||||||
US Bancorp, Series X | ||||||||||||||
375,000 | 3.150 | 04/27/27 | 406,175 | |||||||||||
|
| |||||||||||||
98,615,943 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Basic Industry – 1.1% | ||||||||||||||
Dow Chemical Co. (The) | ||||||||||||||
700,000 | 4.375 | 11/15/42 | 774,790 | |||||||||||
DuPont de Nemours, Inc. | ||||||||||||||
2,000,000 | 4.205 | 11/15/23 | 2,182,707 | |||||||||||
500,000 | 5.419 | 11/15/48 | 630,925 | |||||||||||
International Paper Co. | ||||||||||||||
220,000 | 3.000 | 02/15/27 | 236,509 | |||||||||||
200,000 | 4.800 | 06/15/44 | 234,494 | |||||||||||
190,000 | 4.400 | 08/15/47 | 207,059 | |||||||||||
150,000 | 4.350 | 08/15/48 | 167,219 | |||||||||||
LYB International Finance BV | ||||||||||||||
220,000 | 4.875 | 03/15/44 | 261,183 | |||||||||||
LYB International Finance III LLC | ||||||||||||||
300,000 | 4.200 | 10/15/49 | 316,631 | |||||||||||
LyondellBasell Industries NV | ||||||||||||||
200,000 | 4.625 | 02/26/55 | 220,883 | |||||||||||
Rohm & Haas Co. | ||||||||||||||
140,000 | 7.850 | 07/15/29 | 196,689 | |||||||||||
Sherwin-Williams Co. (The) | ||||||||||||||
90,000 | 2.750 | 06/01/22 | 92,199 | |||||||||||
500,000 | 3.450 | 06/01/27 | 544,590 | |||||||||||
260,000 | 4.500 | 06/01/47 | 325,304 | |||||||||||
|
| |||||||||||||
6,391,182 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 0.6% | ||||||||||||||
Discovery Communications LLC | ||||||||||||||
300,000 | 2.950 | 03/20/23 | 310,469 | |||||||||||
363,000 | 3.950 | 03/20/28 | 393,614 | |||||||||||
568,000 | 5.200 | 09/20/47 | 681,384 | |||||||||||
Fox Corp. | ||||||||||||||
990,000 | 4.030 | (b) | 01/25/24 | 1,071,795 | ||||||||||
990,000 | 4.709 | (b) | 01/25/29 | 1,166,487 | ||||||||||
|
| |||||||||||||
3,623,749 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.2% | ||||||||||||||
BlackRock, Inc. | ||||||||||||||
200,000 | 3.500 | 03/18/24 | 215,806 | |||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||
50,000 | 4.000 | 10/15/23 | 53,853 | |||||||||||
660,000 | 3.750 | 12/01/25 | 725,522 | |||||||||||
290,000 | 4.250 | 09/21/48 | 354,437 | |||||||||||
|
| |||||||||||||
1,349,618 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 1.5% | ||||||||||||||
3M Co. | ||||||||||||||
350,000 | 3.250 | 08/26/49 | 368,078 | |||||||||||
3M Co., MTN | ||||||||||||||
450,000 | 4.000 | 09/14/48 | 535,227 | |||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||
520,000 | 1.700 | 08/09/21 | 522,654 | |||||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||
250,000 | 1.950 | 11/18/22 | 254,952 | |||||||||||
Caterpillar, Inc. | ||||||||||||||
50,000 | 3.900 | 05/27/21 | 51,678 | |||||||||||
130,000 | 3.400 | 05/15/24 | 139,468 | |||||||||||
80,000 | 5.200 | 05/27/41 | 111,319 | |||||||||||
130,000 | 3.803 | 08/15/42 | 155,053 | |||||||||||
550,000 | 3.250 | 09/19/49 | 593,835 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
Deere & Co. | ||||||||||||||
$ | 480,000 | 2.600 | % | 06/08/22 | $ | 490,269 | ||||||||
320,000 | 3.900 | 06/09/42 | 394,544 | |||||||||||
General Electric Co. | ||||||||||||||
1,400,000 | 2.700 | 10/09/22 | 1,429,921 | |||||||||||
40,000 | 4.125 | 10/09/42 | 43,943 | |||||||||||
170,000 | 4.500 | 03/11/44 | 196,642 | |||||||||||
General Electric Co., GMTN | ||||||||||||||
400,000 | 6.750 | 03/15/32 | 539,409 | |||||||||||
200,000 | 6.150 | 08/07/37 | 264,962 | |||||||||||
224,000 | 6.875 | 01/10/39 | 314,450 | |||||||||||
General Electric Co., MTN | ||||||||||||||
744,000 | 5.875 | 01/14/38 | 955,347 | |||||||||||
Honeywell International, Inc. | ||||||||||||||
545,000 | 2.500 | 11/01/26 | 575,972 | |||||||||||
Illinois Tool Works, Inc. | ||||||||||||||
50,000 | 2.650 | 11/15/26 | 53,742 | |||||||||||
John Deere Capital Corp., MTN | ||||||||||||||
250,000 | 2.800 | 03/06/23 | 260,338 | |||||||||||
Waste Management, Inc. | ||||||||||||||
510,000 | 2.950 | 06/15/24 | 538,787 | |||||||||||
250,000 | 4.100 | 03/01/45 | 307,089 | |||||||||||
|
| |||||||||||||
9,097,679 | ||||||||||||||
|
| |||||||||||||
Communications – 4.3% | ||||||||||||||
AT&T, Inc. | ||||||||||||||
215,000 | 3.600 | 07/15/25 | 232,737 | |||||||||||
370,000 | 3.800 | 02/15/27 | 405,942 | |||||||||||
50,000 | 4.850 | 07/15/45 | 58,815 | |||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
170,000 | 4.464 | 07/23/22 | 180,574 | |||||||||||
960,000 | 4.908 | 07/23/25 | 1,080,460 | |||||||||||
315,000 | 3.750 | 02/15/28 | 338,063 | |||||||||||
440,000 | 4.200 | 03/15/28 | 480,299 | |||||||||||
670,000 | 5.050 | 03/30/29 | 777,083 | |||||||||||
423,000 | 6.384 | 10/23/35 | 558,970 | |||||||||||
130,000 | 5.375 | 04/01/38 | 150,450 | |||||||||||
650,000 | 6.484 | 10/23/45 | 837,173 | |||||||||||
580,000 | 5.375 | 05/01/47 | 666,718 | |||||||||||
320,000 | 5.750 | 04/01/48 | 381,250 | |||||||||||
Comcast Corp. | ||||||||||||||
700,000 | 3.125 | 07/15/22 | 730,607 | |||||||||||
1,616,000 | 3.700 | 04/15/24 | 1,757,469 | |||||||||||
225,000 | 3.375 | 02/15/25 | 243,235 | |||||||||||
100,000 | 3.375 | 08/15/25 | 108,637 | |||||||||||
200,000 | 3.150 | 03/01/26 | 215,378 | |||||||||||
700,000 | 4.150 | 10/15/28 | 812,459 | |||||||||||
1,140,000 | 4.250 | 10/15/30 | 1,358,785 | |||||||||||
825,000 | 4.250 | 01/15/33 | 995,318 | |||||||||||
650,000 | 7.050 | 03/15/33 | 1,003,111 | |||||||||||
100,000 | 4.200 | 08/15/34 | 122,932 | |||||||||||
140,000 | 3.900 | 03/01/38 | 166,697 | |||||||||||
500,000 | 4.600 | 10/15/38 | 627,323 | |||||||||||
1,180,000 | 3.250 | 11/01/39 | 1,281,312 | |||||||||||
300,000 | 4.750 | 03/01/44 | 395,006 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
Comcast Corp. – (continued) | ||||||||||||||
230,000 | 3.400 | 07/15/46 | 249,935 | |||||||||||
500,000 | 3.969 | 11/01/47 | 590,099 | |||||||||||
1,092,000 | 4.700 | 10/15/48 | 1,424,874 | |||||||||||
205,000 | 4.049 | 11/01/52 | 246,428 | |||||||||||
681,000 | 4.950 | 10/15/58 | 933,454 | |||||||||||
NBCUniversal Media LLC | ||||||||||||||
110,000 | 4.375 | 04/01/21 | 113,633 | |||||||||||
180,000 | 5.950 | 04/01/41 | 264,435 | |||||||||||
Time Warner Cable LLC | ||||||||||||||
70,000 | 6.550 | 05/01/37 | 91,807 | |||||||||||
470,000 | 7.300 | 07/01/38 | 652,702 | |||||||||||
450,000 | 6.750 | 06/15/39 | 608,150 | |||||||||||
180,000 | 5.875 | 11/15/40 | 223,954 | |||||||||||
250,000 | 5.500 | 09/01/41 | 297,657 | |||||||||||
Time Warner Entertainment Co. LP | ||||||||||||||
490,000 | 8.375 | 03/15/23 | 584,474 | |||||||||||
TWDC Enterprises 18 Corp., GMTN | ||||||||||||||
240,000 | 4.125 | 06/01/44 | 302,953 | |||||||||||
TWDC Enterprises 18 Corp., MTN | ||||||||||||||
240,000 | 2.950 | 06/15/27 | 263,582 | |||||||||||
ViacomCBS, Inc. | ||||||||||||||
108,000 | 4.250 | 09/01/23 | 116,618 | |||||||||||
240,000 | 6.875 | 04/30/36 | 335,904 | |||||||||||
216,000 | 4.375 | 03/15/43 | 230,154 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
110,000 | 3.000 | 09/15/22 | 114,759 | |||||||||||
1,000,000 | 1.750 | 08/30/24 | 1,017,902 | |||||||||||
1,000,000 | 2.750 | 09/01/49 | 1,011,209 | |||||||||||
|
| |||||||||||||
25,641,486 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 7.2% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
422,000 | 2.400 | 02/22/23 | 435,105 | |||||||||||
370,000 | 2.800 | 08/22/24 | 390,794 | |||||||||||
530,000 | 3.800 | 12/05/24 | 584,245 | |||||||||||
258,000 | 5.200 | 12/03/25 | 309,723 | |||||||||||
780,000 | 3.150 | 08/22/27 | 859,368 | |||||||||||
170,000 | 4.800 | 12/05/34 | 225,684 | |||||||||||
275,000 | 3.875 | 08/22/37 | 330,565 | |||||||||||
344,000 | 4.950 | 12/05/44 | 478,757 | |||||||||||
485,000 | 4.050 | 08/22/47 | 619,469 | |||||||||||
330,000 | 4.250 | 08/22/57 | 444,629 | |||||||||||
American Honda Finance Corp., GMTN | ||||||||||||||
50,000 | 2.650 | 02/12/21 | 50,511 | |||||||||||
297,000 | 1.700 | 09/09/21 | 298,227 | |||||||||||
Costco Wholesale Corp. | ||||||||||||||
734,000 | 2.300 | 05/18/22 | 751,611 | |||||||||||
200,000 | 3.000 | 05/18/27 | 218,256 | |||||||||||
Dollar Tree, Inc. | ||||||||||||||
530,000 | 4.000 | 05/15/25 | 582,354 | |||||||||||
140,000 | 4.200 | 05/15/28 | 156,830 | |||||||||||
eBay, Inc. | ||||||||||||||
150,000 | 2.875 | 08/01/21 | 152,568 | |||||||||||
250,000 | 2.600 | 07/15/22 | 256,321 | |||||||||||
250,000 | 2.750 | 01/30/23 | 257,078 | |||||||||||
50,000 | 3.450 | 08/01/24 | 53,052 | |||||||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Ford Motor Co. | ||||||||||||||
$ | 300,000 | 4.346 | % | 12/08/26 | $ | 301,939 | ||||||||
370,000 | 7.450 | 07/16/31 | 420,217 | |||||||||||
320,000 | 4.750 | 01/15/43 | 280,921 | |||||||||||
320,000 | 5.291 | 12/08/46 | 294,481 | |||||||||||
Ford Motor Credit Co. LLC | ||||||||||||||
300,000 | 5.750 | 02/01/21 | 308,334 | |||||||||||
300,000 | 3.336 | 03/18/21 | 302,946 | |||||||||||
555,000 | 5.875 | 08/02/21 | 580,183 | |||||||||||
520,000 | 5.596 | 01/07/22 | 547,005 | |||||||||||
250,000 | 4.375 | 08/06/23 | 258,340 | |||||||||||
300,000 | 3.664 | 09/08/24 | 304,439 | |||||||||||
1,150,000 | 4.063 | 11/01/24 | 1,164,169 | |||||||||||
376,000 | 4.134 | 08/04/25 | 378,523 | |||||||||||
General Motors Co. | ||||||||||||||
340,000 | 5.000 | 10/01/28 | 374,074 | |||||||||||
550,000 | 6.600 | 04/01/36 | 661,625 | |||||||||||
300,000 | 6.250 | 10/02/43 | 339,839 | |||||||||||
328,000 | 5.400 | 04/01/48 | 334,479 | |||||||||||
200,000 | 5.950 | 04/01/49 | 218,550 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
600,000 | 3.200 | 07/06/21 | 608,983 | |||||||||||
1,000,000 | 4.200 | 11/06/21 | 1,035,422 | |||||||||||
1,000,000 | 5.100 | 01/17/24 | 1,093,242 | |||||||||||
1,000,000 | 4.000 | 01/15/25 | 1,060,314 | |||||||||||
300,000 | 5.250 | 03/01/26 | 335,169 | |||||||||||
Home Depot, Inc. (The) | ||||||||||||||
160,000 | 4.400 | 04/01/21 | 163,844 | |||||||||||
70,000 | 2.625 | 06/01/22 | 72,032 | |||||||||||
138,000 | 2.700 | 04/01/23 | 144,281 | |||||||||||
50,000 | 3.350 | 09/15/25 | 54,686 | |||||||||||
55,000 | 3.000 | 04/01/26 | 59,570 | |||||||||||
30,000 | 2.125 | 09/15/26 | 31,091 | |||||||||||
60,000 | 2.800 | 09/14/27 | 64,666 | |||||||||||
430,000 | 5.875 | 12/16/36 | 619,090 | |||||||||||
500,000 | 5.950 | 04/01/41 | 743,154 | |||||||||||
620,000 | 4.400 | 03/15/45 | 783,851 | |||||||||||
200,000 | 4.250 | 04/01/46 | 248,775 | |||||||||||
290,000 | 3.900 | 06/15/47 | 353,333 | |||||||||||
400,000 | 4.500 | 12/06/48 | 533,034 | |||||||||||
400,000 | 3.125 | 12/15/49 | 423,263 | |||||||||||
130,000 | 3.500 | 09/15/56 | 147,846 | |||||||||||
Las Vegas Sands Corp. | ||||||||||||||
150,000 | 3.500 | 08/18/26 | 159,632 | |||||||||||
Lowe’s Cos., Inc. | ||||||||||||||
1,010,000 | 2.500 | 04/15/26 | 1,047,491 | |||||||||||
30,000 | 3.100 | 05/03/27 | 31,903 | |||||||||||
1,000,000 | 3.650 | 04/05/29 | 1,109,794 | |||||||||||
100,000 | 3.700 | 04/15/46 | 106,960 | |||||||||||
264,000 | 4.050 | 05/03/47 | 297,823 | |||||||||||
Mastercard, Inc. | ||||||||||||||
400,000 | 2.000 | 03/03/25 | 410,171 | |||||||||||
McDonald’s Corp., MTN | ||||||||||||||
50,000 | 2.750 | 12/09/20 | 50,500 | |||||||||||
800,000 | 3.350 | 04/01/23 | 845,654 | |||||||||||
100,000 | 3.500 | 03/01/27 | 110,204 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
McDonald’s Corp., MTN – (continued) | ||||||||||||||
593,000 | 4.700 | 12/09/35 | 747,465 | |||||||||||
320,000 | 4.875 | 12/09/45 | 410,086 | |||||||||||
370,000 | 4.450 | 09/01/48 | 456,948 | |||||||||||
NIKE, Inc. | ||||||||||||||
288,000 | 2.375 | 11/01/26 | 303,071 | |||||||||||
140,000 | 3.875 | 11/01/45 | 174,874 | |||||||||||
Starbucks Corp. | ||||||||||||||
322,000 | 3.800 | 08/15/25 | 354,997 | |||||||||||
400,000 | 4.000 | 11/15/28 | 463,584 | |||||||||||
470,000 | 4.500 | 11/15/48 | 573,469 | |||||||||||
Target Corp. | ||||||||||||||
590,000 | 3.500 | 07/01/24 | 645,453 | |||||||||||
350,000 | 4.000 | 07/01/42 | 425,234 | |||||||||||
140,000 | 3.625 | 04/15/46 | 161,232 | |||||||||||
80,000 | 3.900 | 11/15/47 | 97,349 | |||||||||||
Toyota Motor Credit Corp., GMTN | ||||||||||||||
400,000 | 3.450 | 09/20/23 | 428,854 | |||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
170,000 | 2.950 | 04/13/21 | 173,007 | |||||||||||
800,000 | 2.150 | 09/08/22 | 816,331 | |||||||||||
1,000,000 | 2.150 | 02/13/30 | 1,010,266 | |||||||||||
Visa, Inc. | ||||||||||||||
625,000 | 3.150 | 12/14/25 | 679,330 | |||||||||||
360,000 | 2.750 | 09/15/27 | 388,058 | |||||||||||
270,000 | 4.150 | 12/14/35 | 335,025 | |||||||||||
600,000 | 4.300 | 12/14/45 | 778,902 | |||||||||||
280,000 | 3.650 | 09/15/47 | 334,197 | |||||||||||
Walmart, Inc. | ||||||||||||||
80,000 | 1.900 | 12/15/20 | 80,261 | |||||||||||
100,000 | 2.350 | 12/15/22 | 103,229 | |||||||||||
188,000 | 2.550 | 04/11/23 | 195,148 | |||||||||||
500,000 | 3.400 | 06/26/23 | 533,739 | |||||||||||
470,000 | 2.650 | 12/15/24 | 496,751 | |||||||||||
1,415,000 | 3.700 | 06/26/28 | 1,608,489 | |||||||||||
325,000 | 3.250 | 07/08/29 | 362,454 | |||||||||||
360,000 | 5.250 | 09/01/35 | 505,463 | |||||||||||
530,000 | 3.950 | 06/28/38 | 646,538 | |||||||||||
100,000 | 3.625 | 12/15/47 | 119,121 | |||||||||||
650,000 | 4.050 | 06/29/48 | 822,495 | |||||||||||
|
| |||||||||||||
42,502,409 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 8.3% | ||||||||||||||
Abbott Laboratories | ||||||||||||||
34,000 | 3.400 | 11/30/23 | 36,489 | |||||||||||
60,000 | 2.950 | 03/15/25 | 64,474 | |||||||||||
84,000 | 3.750 | 11/30/26 | 94,455 | |||||||||||
438,000 | 4.750 | 11/30/36 | 579,433 | |||||||||||
700,000 | 4.900 | 11/30/46 | 973,910 | |||||||||||
AbbVie, Inc. | ||||||||||||||
1,790,000 | 2.900 | 11/06/22 | 1,848,855 | |||||||||||
337,000 | 3.600 | 05/14/25 | 365,788 | |||||||||||
190,000 | 3.200 | 05/14/26 | 202,284 | |||||||||||
350,000 | 4.250 | 11/14/28 | 400,075 | |||||||||||
1,750,000 | 3.200 | (b) | 11/21/29 | 1,857,249 | ||||||||||
734,000 | 4.500 | 05/14/35 | 872,814 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
AbbVie, Inc. – (continued) | ||||||||||||||
$ | 150,000 | 4.300 | % | 05/14/36 | $ | 175,056 | ||||||||
1,250,000 | 4.050 | (b) | 11/21/39 | 1,381,888 | ||||||||||
210,000 | 4.400 | 11/06/42 | 243,556 | |||||||||||
250,000 | 4.450 | 05/14/46 | 287,448 | |||||||||||
495,000 | 4.875 | 11/14/48 | 614,054 | |||||||||||
1,075,000 | 4.250 | (b) | 11/21/49 | 1,210,991 | ||||||||||
Amgen, Inc. | ||||||||||||||
540,000 | 3.875 | 11/15/21 | 560,672 | |||||||||||
145,000 | 2.650 | 05/11/22 | 148,520 | |||||||||||
100,000 | 3.625 | 05/22/24 | 107,521 | |||||||||||
430,000 | 2.600 | 08/19/26 | 454,744 | |||||||||||
650,000 | 3.200 | 11/02/27 | 714,501 | |||||||||||
402,000 | 4.400 | 05/01/45 | 471,317 | |||||||||||
780,000 | 4.663 | 06/15/51 | 976,108 | |||||||||||
Becton Dickinson and Co. | ||||||||||||||
300,000 | 3.700 | 06/06/27 | 331,600 | |||||||||||
260,000 | 4.685 | 12/15/44 | 324,180 | |||||||||||
400,000 | 4.669 | 06/06/47 | 504,543 | |||||||||||
Biogen, Inc. | ||||||||||||||
307,000 | 3.625 | 09/15/22 | 324,064 | |||||||||||
900,000 | 4.050 | 09/15/25 | 1,010,998 | |||||||||||
270,000 | 5.200 | 09/15/45 | 349,269 | |||||||||||
Boston Scientific Corp. | ||||||||||||||
215,000 | 4.550 | 03/01/39 | 267,072 | |||||||||||
200,000 | 4.700 | 03/01/49 | 261,508 | |||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||
130,000 | 3.250 | (b) | 08/15/22 | 135,594 | ||||||||||
500,000 | 3.625 | (b) | 05/15/24 | 542,239 | ||||||||||
580,000 | 3.875 | (b) | 08/15/25 | 649,336 | ||||||||||
600,000 | 3.450 | (b) | 11/15/27 | 672,730 | ||||||||||
50,000 | 3.900 | (b) | 02/20/28 | 57,070 | ||||||||||
1,520,000 | 3.400 | (b) | 07/26/29 | 1,709,118 | ||||||||||
350,000 | 4.125 | (b) | 06/15/39 | 426,432 | ||||||||||
380,000 | 5.000 | (b) | 08/15/45 | 520,328 | ||||||||||
320,000 | 4.550 | (b) | 02/20/48 | 422,169 | ||||||||||
500,000 | 4.250 | (b) | 10/26/49 | 640,661 | ||||||||||
Cardinal Health, Inc. | ||||||||||||||
300,000 | 2.616 | 06/15/22 | 307,499 | |||||||||||
184,000 | 3.079 | 06/15/24 | 191,458 | |||||||||||
Centene Corp. | ||||||||||||||
810,000 | 4.750 | 01/15/25 | 831,769 | |||||||||||
970,000 | 4.250 | (b) | 12/15/27 | 1,001,525 | ||||||||||
Eli Lilly & Co. | ||||||||||||||
300,000 | 3.950 | 03/15/49 | 368,105 | |||||||||||
200,000 | 4.150 | 03/15/59 | 250,953 | |||||||||||
Gilead Sciences, Inc. | ||||||||||||||
1,000,000 | 3.500 | 02/01/25 | 1,086,392 | |||||||||||
1,000,000 | 3.650 | 03/01/26 | 1,104,053 | |||||||||||
1,000,000 | 2.950 | 03/01/27 | 1,073,475 | |||||||||||
1,000,000 | 4.500 | 02/01/45 | 1,239,063 | |||||||||||
Johnson & Johnson | ||||||||||||||
110,000 | 2.250 | 03/03/22 | 112,047 | |||||||||||
277,000 | 2.625 | 01/15/25 | 292,926 | |||||||||||
30,000 | 2.450 | 03/01/26 | 31,550 | |||||||||||
125,000 | 2.950 | 03/03/27 | 136,285 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Johnson & Johnson – (continued) | ||||||||||||||
388,000 | 3.550 | 03/01/36 | 457,234 | |||||||||||
420,000 | 3.625 | 03/03/37 | 492,324 | |||||||||||
300,000 | 5.950 | 08/15/37 | 464,446 | |||||||||||
60,000 | 3.400 | 01/15/38 | 68,484 | |||||||||||
70,000 | 3.700 | 03/01/46 | 84,711 | |||||||||||
395,000 | 3.750 | 03/03/47 | 481,254 | |||||||||||
Medtronic, Inc. | ||||||||||||||
670,000 | 4.375 | 03/15/35 | 858,796 | |||||||||||
424,000 | 4.625 | 03/15/45 | 573,066 | |||||||||||
Merck & Co., Inc. | ||||||||||||||
50,000 | 3.875 | 01/15/21 | 50,892 | |||||||||||
40,000 | 2.350 | 02/10/22 | 40,968 | |||||||||||
400,000 | 2.900 | 03/07/24 | 424,310 | |||||||||||
285,000 | 2.750 | 02/10/25 | 302,109 | |||||||||||
400,000 | 3.400 | 03/07/29 | 448,322 | |||||||||||
150,000 | 3.900 | 03/07/39 | 184,694 | |||||||||||
50,000 | 4.150 | 05/18/43 | 63,620 | |||||||||||
690,000 | 3.700 | 02/10/45 | 826,926 | |||||||||||
340,000 | 4.000 | 03/07/49 | 428,149 | |||||||||||
Mylan NV | ||||||||||||||
400,000 | 3.950 | 06/15/26 | 432,294 | |||||||||||
Mylan, Inc. | ||||||||||||||
300,000 | 5.200 | 04/15/48 | 356,660 | |||||||||||
Pfizer, Inc. | ||||||||||||||
40,000 | 2.200 | 12/15/21 | 40,690 | |||||||||||
657,000 | 2.950 | 03/15/24 | 695,811 | |||||||||||
125,000 | 2.750 | 06/03/26 | 133,966 | |||||||||||
50,000 | 3.000 | 12/15/26 | 54,232 | |||||||||||
300,000 | 3.450 | 03/15/29 | 337,278 | |||||||||||
540,000 | 7.200 | 03/15/39 | 906,768 | |||||||||||
280,000 | 4.400 | 05/15/44 | 353,615 | |||||||||||
130,000 | 4.125 | 12/15/46 | 159,091 | |||||||||||
320,000 | 4.000 | 03/15/49 | 397,928 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
112,000 | 1.875 | 02/25/21 | 112,301 | |||||||||||
100,000 | 2.500 | 11/02/22 | 102,769 | |||||||||||
50,000 | 3.250 | 11/10/24 | 53,623 | |||||||||||
335,000 | 3.375 | 08/11/25 | 364,217 | |||||||||||
20,000 | 2.750 | 02/25/26 | 21,084 | |||||||||||
440,000 | 6.375 | 05/16/38 | 636,538 | |||||||||||
100,000 | 4.375 | 11/15/41 | 116,488 | |||||||||||
30,000 | 3.875 | 08/21/42 | 32,666 | |||||||||||
645,000 | 4.125 | 03/04/43 | 738,019 | |||||||||||
50,000 | 4.250 | 11/10/44 | 58,039 | |||||||||||
Stryker Corp. | ||||||||||||||
420,000 | 3.500 | 03/15/26 | 464,269 | |||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||||
50,000 | 3.000 | 04/15/23 | 52,361 | |||||||||||
50,000 | 4.150 | 02/01/24 | 55,075 | |||||||||||
314,000 | 2.950 | 09/19/26 | 335,200 | |||||||||||
340,000 | 3.200 | 08/15/27 | 374,783 | |||||||||||
Walgreen Co. | ||||||||||||||
50,000 | 3.100 | 09/15/22 | 51,796 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
550,000 | 3.300 | 11/18/21 | 565,687 | |||||||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Walgreens Boots Alliance, Inc. – (continued) | ||||||||||||||
$ | 174,000 | 3.800 | % | 11/18/24 | $ | 185,569 | ||||||||
350,000 | 3.450 | 06/01/26 | 368,228 | |||||||||||
450,000 | 4.800 | 11/18/44 | 473,931 | |||||||||||
Wyeth LLC | ||||||||||||||
140,000 | 6.500 | 02/01/34 | 211,760 | |||||||||||
530,000 | 5.950 | 04/01/37 | 773,222 | |||||||||||
Zoetis, Inc. | ||||||||||||||
790,000 | 3.000 | 09/12/27 | 851,727 | |||||||||||
100,000 | 4.700 | 02/01/43 | 131,925 | |||||||||||
|
| |||||||||||||
49,068,128 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Newell Brands, Inc. | ||||||||||||||
125,000 | 4.200 | 04/01/26 | 130,279 | |||||||||||
Procter & Gamble Co. (The) | ||||||||||||||
538,000 | 3.100 | 08/15/23 | 573,140 | |||||||||||
275,000 | 2.450 | 11/03/26 | 295,290 | |||||||||||
|
| |||||||||||||
998,709 | ||||||||||||||
|
| |||||||||||||
Electric – 1.6% | ||||||||||||||
Berkshire Hathaway Energy Co. | ||||||||||||||
417,000 | 6.125 | 04/01/36 | 597,742 | |||||||||||
120,000 | 5.150 | 11/15/43 | 160,164 | |||||||||||
40,000 | 4.500 | 02/01/45 | 49,698 | |||||||||||
Dominion Energy, Inc. | ||||||||||||||
200,000 | 3.900 | 10/01/25 | 220,876 | |||||||||||
Duke Energy Corp. | ||||||||||||||
680,000 | 1.800 | 09/01/21 | 682,874 | |||||||||||
400,000 | 2.650 | 09/01/26 | 417,893 | |||||||||||
375,000 | 3.750 | 09/01/46 | 410,988 | |||||||||||
Exelon Corp. | ||||||||||||||
200,000 | 3.497 | 06/01/22 | 207,366 | |||||||||||
400,000 | 4.450 | 04/15/46 | 478,589 | |||||||||||
Exelon Generation Co. LLC | ||||||||||||||
225,000 | 6.250 | 10/01/39 | 287,483 | |||||||||||
FirstEnergy Corp., Series B | ||||||||||||||
255,000 | 3.900 | 07/15/27 | 282,371 | |||||||||||
FirstEnergy Corp., Series C | ||||||||||||||
360,000 | 7.375 | 11/15/31 | 526,579 | |||||||||||
150,000 | 4.850 | 07/15/47 | 185,986 | |||||||||||
Florida Power & Light Co. | ||||||||||||||
500,000 | 3.950 | 03/01/48 | 617,163 | |||||||||||
MidAmerican Energy Co. | ||||||||||||||
300,000 | 4.250 | 07/15/49 | 386,532 | |||||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||||
400,000 | 2.900 | 04/01/22 | 411,721 | |||||||||||
80,000 | 3.550 | 05/01/27 | 87,444 | |||||||||||
NiSource, Inc. | ||||||||||||||
435,000 | 2.950 | 09/01/29 | 455,553 | |||||||||||
350,000 | 4.375 | 05/15/47 | 409,658 | |||||||||||
Sempra Energy | ||||||||||||||
300,000 | 3.400 | 02/01/28 | 323,889 | |||||||||||
200,000 | 4.000 | 02/01/48 | 221,985 | |||||||||||
Southern California Edison Co. | ||||||||||||||
100,000 | 4.650 | 10/01/43 | 121,439 | |||||||||||
300,000 | 4.000 | 04/01/47 | 335,955 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Southern Co. (The) | ||||||||||||||
90,000 | 2.350 | 07/01/21 | 90,867 | |||||||||||
260,000 | 3.250 | 07/01/26 | 278,206 | |||||||||||
630,000 | 4.400 | 07/01/46 | 748,195 | |||||||||||
Virginia Electric & Power Co., Series A | ||||||||||||||
140,000 | 3.150 | 01/15/26 | 150,976 | |||||||||||
|
| |||||||||||||
9,148,192 | ||||||||||||||
|
| |||||||||||||
Energy – 6.2% | ||||||||||||||
Baker Hughes a GE Co. LLC | ||||||||||||||
190,000 | 5.125 | 09/15/40 | 232,630 | |||||||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||||
575,000 | 3.337 | 12/15/27 | 601,003 | |||||||||||
BP Capital Markets America, Inc. | ||||||||||||||
450,000 | 3.790 | 02/06/24 | 486,256 | |||||||||||
300,000 | 3.410 | 02/11/26 | 326,510 | |||||||||||
50,000 | 3.119 | 05/04/26 | 53,365 | |||||||||||
60,000 | 3.017 | 01/16/27 | 64,638 | |||||||||||
520,000 | 4.234 | 11/06/28 | 602,782 | |||||||||||
250,000 | 3.000 | 02/24/50 | 247,937 | |||||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||||
600,000 | 5.125 | 06/30/27 | 657,000 | |||||||||||
Chevron Corp. | ||||||||||||||
646,000 | 2.566 | 05/16/23 | 668,994 | |||||||||||
1,212,000 | 3.191 | 06/24/23 | 1,276,079 | |||||||||||
30,000 | 2.895 | 03/03/24 | 31,717 | |||||||||||
32,000 | 3.326 | 11/17/25 | 35,083 | |||||||||||
180,000 | 2.954 | 05/16/26 | 192,728 | |||||||||||
Concho Resources, Inc. | ||||||||||||||
825,000 | 3.750 | 10/01/27 | 855,937 | |||||||||||
230,000 | 4.875 | 10/01/47 | 252,425 | |||||||||||
ConocoPhillips | ||||||||||||||
580,000 | 6.500 | 02/01/39 | 855,287 | |||||||||||
ConocoPhillips Co. | ||||||||||||||
250,000 | 4.950 | 03/15/26 | 293,396 | |||||||||||
100,000 | 4.300 | 11/15/44 | 120,102 | |||||||||||
ConocoPhillips Holding Co. | ||||||||||||||
515,000 | 6.950 | 04/15/29 | 705,729 | |||||||||||
Devon Energy Corp. | ||||||||||||||
190,000 | 5.600 | 07/15/41 | 243,367 | |||||||||||
190,000 | 4.750 | 05/15/42 | 196,918 | |||||||||||
Energy Transfer Operating LP | ||||||||||||||
20,000 | 4.650 | 06/01/21 | 20,623 | |||||||||||
100,000 | 3.600 | 02/01/23 | 103,736 | |||||||||||
250,000 | 4.500 | 04/15/24 | 272,066 | |||||||||||
400,000 | 4.750 | 01/15/26 | 440,914 | |||||||||||
400,000 | 5.250 | 04/15/29 | 452,689 | |||||||||||
200,000 | 6.500 | 02/01/42 | 249,902 | |||||||||||
20,000 | 5.150 | 03/15/45 | 21,317 | |||||||||||
220,000 | 6.125 | 12/15/45 | 256,406 | |||||||||||
334,000 | 5.300 | 04/15/47 | 347,949 | |||||||||||
350,000 | 6.000 | 06/15/48 | 395,397 | |||||||||||
200,000 | 6.250 | 04/15/49 | 231,464 | |||||||||||
Enterprise Products Operating LLC | ||||||||||||||
882,000 | 3.350 | 03/15/23 | 928,884 | |||||||||||
157,000 | 3.900 | 02/15/24 | 169,925 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Enterprise Products Operating LLC – (continued) | ||||||||||||||
$ | 107,000 | 3.750 | % | 02/15/25 | $ | 117,075 | ||||||||
748,000 | 3.125 | 07/31/29 | 772,604 | |||||||||||
225,000 | 4.850 | 08/15/42 | 270,045 | |||||||||||
340,000 | 4.450 | 02/15/43 | 396,813 | |||||||||||
200,000 | 4.850 | 03/15/44 | 245,536 | |||||||||||
190,000 | 5.100 | 02/15/45 | 229,642 | |||||||||||
50,000 | 4.900 | 05/15/46 | 58,713 | |||||||||||
200,000 | 4.800 | 02/01/49 | 235,259 | |||||||||||
500,000 | 4.200 | 01/31/50 | 526,099 | |||||||||||
Enterprise Products Operating LLC(a), Series E | ||||||||||||||
(3M USD LIBOR + 3.033%) | ||||||||||||||
164,000 | 5.250 | 08/16/77 | 167,645 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
773,000 | 2.222 | 03/01/21 | 778,551 | |||||||||||
100,000 | 2.397 | 03/06/22 | 102,365 | |||||||||||
1,655,000 | 2.019 | 08/16/24 | 1,709,954 | |||||||||||
525,000 | 3.043 | 03/01/26 | 561,386 | |||||||||||
60,000 | 3.567 | 03/06/45 | 67,155 | |||||||||||
370,000 | 4.114 | 03/01/46 | 448,274 | |||||||||||
550,000 | 3.095 | 08/16/49 | 568,418 | |||||||||||
Halliburton Co. | ||||||||||||||
780,000 | 5.000 | 11/15/45 | 845,918 | |||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
10,000 | 3.500 | 03/01/21 | 10,177 | |||||||||||
50,000 | 5.500 | 03/01/44 | 61,048 | |||||||||||
Kinder Morgan Energy Partners LP, MTN | ||||||||||||||
200,000 | 6.950 | 01/15/38 | 270,908 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
180,000 | 3.150 | 01/15/23 | 186,776 | |||||||||||
200,000 | 4.300 | 06/01/25 | 221,860 | |||||||||||
308,000 | 4.300 | 03/01/28 | 342,899 | |||||||||||
320,000 | 5.550 | 06/01/45 | 379,763 | |||||||||||
385,000 | 5.050 | 02/15/46 | 436,114 | |||||||||||
Kinder Morgan, Inc., GMTN | ||||||||||||||
440,000 | 7.750 | 01/15/32 | 632,738 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
235,000 | 5.125 | 03/01/21 | 244,026 | |||||||||||
295,000 | 6.500 | 03/01/41 | 413,258 | |||||||||||
MPLX LP | ||||||||||||||
1,000,000 | 4.500 | 07/15/23 | 1,083,522 | |||||||||||
50,000 | 4.875 | 06/01/25 | 56,067 | |||||||||||
145,000 | 4.500 | 04/15/38 | 148,286 | |||||||||||
300,000 | 5.200 | 03/01/47 | 316,605 | |||||||||||
400,000 | 5.500 | 02/15/49 | 455,458 | |||||||||||
Noble Energy, Inc. | ||||||||||||||
190,000 | 5.250 | 11/15/43 | 200,483 | |||||||||||
ONEOK, Inc. | ||||||||||||||
250,000 | 5.200 | 07/15/48 | 293,048 | |||||||||||
Ovintiv, Inc. | ||||||||||||||
280,000 | 6.500 | 08/15/34 | 300,594 | |||||||||||
Phillips 66 | ||||||||||||||
250,000 | 4.300 | 04/01/22 | 265,855 | |||||||||||
210,000 | 3.900 | 03/15/28 | 235,844 | |||||||||||
140,000 | 4.650 | 11/15/34 | 171,741 | |||||||||||
360,000 | 5.875 | 05/01/42 | 516,925 | |||||||||||
110,000 | 4.875 | 11/15/44 | 132,945 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
630,000 | 3.650 | 06/01/22 | 648,371 | |||||||||||
250,000 | 3.600 | 11/01/24 | 261,716 | |||||||||||
110,000 | 4.650 | 10/15/25 | 119,908 | |||||||||||
240,000 | 4.500 | 12/15/26 | 258,504 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
100,000 | 5.625 | 04/15/23 | 109,525 | |||||||||||
895,000 | 5.625 | 03/01/25 | 1,016,385 | |||||||||||
518,000 | 5.875 | 06/30/26 | 599,423 | |||||||||||
220,000 | 5.000 | 03/15/27 | 243,474 | |||||||||||
225,000 | 4.200 | 03/15/28 | 238,500 | |||||||||||
Sunoco Logistics Partners Operations LP | ||||||||||||||
500,000 | 4.000 | 10/01/27 | 545,558 | |||||||||||
50,000 | 5.350 | 05/15/45 | 55,764 | |||||||||||
200,000 | 5.400 | 10/01/47 | 212,401 | |||||||||||
Valero Energy Corp. | ||||||||||||||
587,000 | 3.400 | 09/15/26 | 633,108 | |||||||||||
500,000 | 4.000 | 04/01/29 | 545,332 | |||||||||||
170,000 | 6.625 | 06/15/37 | 233,530 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
350,000 | 4.300 | 03/04/24 | 379,869 | |||||||||||
1,000,000 | 4.550 | 06/24/24 | 1,097,146 | |||||||||||
705,000 | 3.900 | 01/15/25 | 753,097 | |||||||||||
50,000 | 3.750 | 06/15/27 | 52,254 | |||||||||||
240,000 | 6.300 | 04/15/40 | 293,756 | |||||||||||
208,000 | 5.100 | 09/15/45 | 230,087 | |||||||||||
|
| |||||||||||||
36,897,255 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.7% | ||||||||||||||
Air Lease Corp., MTN | ||||||||||||||
300,000 | 2.300 | 02/01/25 | 300,567 | |||||||||||
Ares Capital Corp. | ||||||||||||||
300,000 | 3.250 | 07/15/25 | 305,655 | |||||||||||
BlackRock, Inc. | ||||||||||||||
400,000 | 2.400 | 04/30/30 | 414,525 | |||||||||||
GE Capital International Funding Co. Unlimited Co. | ||||||||||||||
300,000 | 3.373 | 11/15/25 | 319,930 | |||||||||||
1,920,000 | 4.418 | 11/15/35 | 2,193,100 | |||||||||||
International Lease Finance Corp. | ||||||||||||||
375,000 | 5.875 | 08/15/22 | 411,231 | |||||||||||
|
| |||||||||||||
3,945,008 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 2.2% | ||||||||||||||
Coca-Cola Co. (The) | ||||||||||||||
475,000 | 2.875 | 10/27/25 | 514,698 | |||||||||||
380,000 | 2.250 | 09/01/26 | 399,859 | |||||||||||
Conagra Brands, Inc. | ||||||||||||||
500,000 | 4.600 | 11/01/25 | 560,158 | |||||||||||
General Mills, Inc. | ||||||||||||||
470,000 | 4.200 | 04/17/28 | 542,375 | |||||||||||
Keurig Dr Pepper, Inc. | ||||||||||||||
265,000 | 3.551 | 05/25/21 | 271,501 | |||||||||||
178,000 | 4.057 | 05/25/23 | 191,304 | |||||||||||
210,000 | 4.597 | 05/25/28 | 242,652 | |||||||||||
Kraft Heinz Foods Co. | ||||||||||||||
250,000 | 4.000 | 06/15/23 | 260,478 | |||||||||||
250,000 | 3.950 | 07/15/25 | 260,914 | |||||||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food and Beverage – (continued) | ||||||||||||||
Kraft Heinz Foods Co. – (continued) | ||||||||||||||
$ | 1,650,000 | 3.000 | % | 06/01/26 | $ | 1,643,598 | ||||||||
250,000 | 6.875 | 01/26/39 | 300,419 | |||||||||||
250,000 | 6.500 | 02/09/40 | 291,452 | |||||||||||
990,000 | 4.875 | (b) | 10/01/49 | 979,107 | ||||||||||
Molson Coors Beverage Co. | ||||||||||||||
120,000 | 2.100 | 07/15/21 | 120,843 | |||||||||||
780,000 | 3.000 | 07/15/26 | 815,968 | |||||||||||
140,000 | 5.000 | 05/01/42 | 160,223 | |||||||||||
150,000 | 4.200 | 07/15/46 | 156,281 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
800,000 | 3.100 | 07/17/22 | 831,159 | |||||||||||
80,000 | 2.750 | 04/30/25 | 84,795 | |||||||||||
500,000 | 2.850 | 02/24/26 | 539,835 | |||||||||||
620,000 | 4.450 | 04/14/46 | 828,631 | |||||||||||
630,000 | 3.450 | 10/06/46 | 723,625 | |||||||||||
30,000 | 4.000 | 05/02/47 | 37,602 | |||||||||||
Sysco Corp. | ||||||||||||||
200,000 | 3.300 | 07/15/26 | 219,977 | |||||||||||
60,000 | 3.250 | 07/15/27 | 65,565 | |||||||||||
Tyson Foods, Inc. | ||||||||||||||
50,000 | 3.950 | 08/15/24 | 54,629 | |||||||||||
762,000 | 4.000 | 03/01/26 | 848,307 | |||||||||||
350,000 | 3.550 | 06/02/27 | 385,367 | |||||||||||
290,000 | 4.550 | 06/02/47 | 355,355 | |||||||||||
300,000 | 5.100 | 09/28/48 | 391,915 | |||||||||||
|
| |||||||||||||
13,078,592 | ||||||||||||||
|
| |||||||||||||
Healthcare – 4.7% | ||||||||||||||
Aetna, Inc. | ||||||||||||||
350,000 | 2.800 | 06/15/23 | 359,643 | |||||||||||
675,000 | 3.500 | 11/15/24 | 725,055 | |||||||||||
140,000 | 6.625 | 06/15/36 | 201,899 | |||||||||||
Anthem, Inc. | ||||||||||||||
250,000 | 3.500 | 08/15/24 | 268,940 | |||||||||||
50,000 | 3.350 | 12/01/24 | 53,939 | |||||||||||
1,320,000 | 3.650 | 12/01/27 | 1,449,585 | |||||||||||
90,000 | 4.625 | 05/15/42 | 106,835 | |||||||||||
250,000 | 4.650 | 01/15/43 | 294,594 | |||||||||||
75,000 | 4.650 | 08/15/44 | 90,849 | |||||||||||
295,000 | 4.375 | 12/01/47 | 337,703 | |||||||||||
Cigna Corp. | ||||||||||||||
1,000,000 | 3.000 | (b) | 07/15/23 | 1,039,573 | ||||||||||
1,400,000 | 4.125 | 11/15/25 | 1,576,868 | |||||||||||
1,000,000 | 4.375 | 10/15/28 | 1,135,995 | |||||||||||
750,000 | 4.900 | 12/15/48 | 931,222 | |||||||||||
CVS Health Corp. | ||||||||||||||
550,000 | 2.125 | 06/01/21 | 553,209 | |||||||||||
548,000 | 2.750 | 12/01/22 | 564,675 | |||||||||||
680,000 | 3.700 | 03/09/23 | 717,792 | |||||||||||
849,000 | 4.000 | 12/05/23 | 912,469 | |||||||||||
579,000 | 4.100 | 03/25/25 | 635,763 | |||||||||||
100,000 | 3.875 | 07/20/25 | 108,888 | |||||||||||
1,027,000 | 4.300 | 03/25/28 | 1,150,137 | |||||||||||
180,000 | 3.250 | 08/15/29 | 189,448 | |||||||||||
1,370,000 | 4.780 | 03/25/38 | 1,620,598 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
CVS Health Corp. – (continued) | ||||||||||||||
245,000 | 5.300 | 12/05/43 | 319,812 | |||||||||||
578,000 | 5.125 | 07/20/45 | 709,852 | |||||||||||
1,310,000 | 5.050 | 03/25/48 | 1,603,266 | |||||||||||
DH Europe Finance II Sarl | ||||||||||||||
500,000 | 3.250 | 11/15/39 | 537,421 | |||||||||||
300,000 | 3.400 | 11/15/49 | 332,059 | |||||||||||
HCA, Inc. | ||||||||||||||
470,000 | 4.750 | 05/01/23 | 506,425 | |||||||||||
890,000 | 5.000 | 03/15/24 | 985,675 | |||||||||||
270,000 | 5.250 | 04/15/25 | 307,125 | |||||||||||
150,000 | 5.250 | 06/15/26 | 171,750 | |||||||||||
425,000 | 4.500 | 02/15/27 | 470,156 | |||||||||||
354,000 | 4.125 | 06/15/29 | 388,073 | |||||||||||
565,000 | 5.125 | 06/15/39 | 652,575 | |||||||||||
145,000 | 5.500 | 06/15/47 | 172,912 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
400,000 | 2.875 | 03/15/22 | 410,972 | |||||||||||
359,000 | 2.875 | 03/15/23 | 375,378 | |||||||||||
420,000 | 3.750 | 07/15/25 | 467,352 | |||||||||||
530,000 | 3.100 | 03/15/26 | 570,736 | |||||||||||
580,000 | 3.450 | 01/15/27 | 635,532 | |||||||||||
120,000 | 4.625 | 07/15/35 | 151,061 | |||||||||||
275,000 | 5.800 | 03/15/36 | 386,065 | |||||||||||
320,000 | 6.875 | 02/15/38 | 503,736 | |||||||||||
200,000 | 4.250 | 03/15/43 | 240,710 | |||||||||||
300,000 | 4.750 | 07/15/45 | 388,811 | |||||||||||
180,000 | 4.200 | 01/15/47 | 216,383 | |||||||||||
130,000 | 3.750 | 10/15/47 | 147,670 | |||||||||||
270,000 | 4.450 | 12/15/48 | 340,901 | |||||||||||
200,000 | 3.875 | 08/15/59 | 228,989 | |||||||||||
Zimmer Biomet Holdings, Inc. | ||||||||||||||
320,000 | 3.550 | 04/01/25 | 345,349 | |||||||||||
|
| |||||||||||||
27,592,425 | ||||||||||||||
|
| |||||||||||||
Insurance – 2.1% | ||||||||||||||
American International Group, Inc. | ||||||||||||||
1,015,000 | 3.750 | 07/10/25 | 1,107,029 | |||||||||||
715,000 | 3.900 | 04/01/26 | 792,997 | |||||||||||
300,000 | 3.875 | 01/15/35 | 343,637 | |||||||||||
602,000 | 4.500 | 07/16/44 | 739,782 | |||||||||||
American International Group, Inc.(a),Series A-9 | ||||||||||||||
(3M USD LIBOR + 2.868%) | ||||||||||||||
200,000 | 5.750 | 04/01/48 | 229,419 | |||||||||||
Berkshire Hathaway Finance Corp. | ||||||||||||||
10,000 | 5.750 | 01/15/40 | 14,662 | |||||||||||
460,000 | 4.200 | 08/15/48 | 565,981 | |||||||||||
410,000 | 4.250 | 01/15/49 | 512,100 | |||||||||||
Berkshire Hathaway, Inc. | ||||||||||||||
1,000,000 | 2.200 | 03/15/21 | 1,007,444 | |||||||||||
670,000 | 3.125 | 03/15/26 | 726,051 | |||||||||||
90,000 | 4.500 | 02/11/43 | 119,313 | |||||||||||
Brighthouse Financial, Inc. | ||||||||||||||
450,000 | 4.700 | 06/22/47 | 455,361 | |||||||||||
Chubb INA Holdings, Inc. | ||||||||||||||
250,000 | 4.350 | 11/03/45 | 324,115 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Insurance – (continued) | ||||||||||||||
Equitable Holdings, Inc. | ||||||||||||||
$ | 350,000 | 3.900 | % | 04/20/23 | $ | 375,021 | ||||||||
696,000 | 4.350 | 04/20/28 | 777,229 | |||||||||||
130,000 | 5.000 | 04/20/48 | 150,529 | |||||||||||
Marsh & McLennan Cos., Inc. | ||||||||||||||
200,000 | 4.900 | 03/15/49 | 268,674 | |||||||||||
MetLife, Inc. | ||||||||||||||
50,000 | 3.600 | 04/10/24 | 54,704 | |||||||||||
240,000 | 6.375 | 06/15/34 | 358,179 | |||||||||||
170,000 | 5.700 | 06/15/35 | 242,351 | |||||||||||
350,000 | 5.875 | 02/06/41 | 503,523 | |||||||||||
410,000 | 4.125 | 08/13/42 | 490,285 | |||||||||||
229,000 | 4.875 | 11/13/43 | 309,665 | |||||||||||
120,000 | 4.050 | 03/01/45 | 145,968 | |||||||||||
100,000 | 4.600 | 05/13/46 | 130,298 | |||||||||||
Prudential Financial, Inc. | ||||||||||||||
(3M USD LIBOR + 3.920%) | ||||||||||||||
450,000 | 5.625 | (a) | 06/15/43 | 480,853 | ||||||||||
(3M USD LIBOR + 2.380%) | ||||||||||||||
400,000 | 4.500 | (a) | 09/15/47 | 438,630 | ||||||||||
275,000 | 3.905 | 12/07/47 | 318,034 | |||||||||||
Prudential Financial, Inc., MTN | ||||||||||||||
480,000 | 4.350 | 02/25/50 | 594,515 | |||||||||||
|
| |||||||||||||
12,576,349 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.1% | ||||||||||||||
Newmont Corp. | ||||||||||||||
310,000 | 4.875 | 03/15/42 | 397,987 | |||||||||||
|
| |||||||||||||
Natural Gas – 0.1% | ||||||||||||||
Sempra Energy | ||||||||||||||
325,000 | 3.250 | 06/15/27 | 347,108 | |||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.8% | ||||||||||||||
Boston Properties LP | ||||||||||||||
570,000 | 3.850 | 02/01/23 | 604,898 | |||||||||||
375,000 | 3.650 | 02/01/26 | 406,994 | |||||||||||
60,000 | 2.750 | 10/01/26 | 62,837 | |||||||||||
Equinix, Inc. | ||||||||||||||
500,000 | 2.625 | 11/18/24 | 514,597 | |||||||||||
480,000 | 5.875 | 01/15/26 | 507,300 | |||||||||||
700,000 | 5.375 | 05/15/27 | 756,000 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||
125,000 | 5.375 | 04/15/26 | 142,038 | |||||||||||
Simon Property Group LP | ||||||||||||||
300,000 | 2.000 | 09/13/24 | 303,270 | |||||||||||
150,000 | 3.375 | 10/01/24 | 160,202 | |||||||||||
327,000 | 3.300 | 01/15/26 | 353,084 | |||||||||||
370,000 | 3.375 | 06/15/27 | 402,986 | |||||||||||
Welltower, Inc. | ||||||||||||||
60,000 | 4.000 | 06/01/25 | 66,057 | |||||||||||
185,000 | 4.250 | 04/15/28 | 211,002 | |||||||||||
|
| |||||||||||||
4,491,265 | ||||||||||||||
|
| |||||||||||||
Revenue – 0.2% | ||||||||||||||
CommonSpirit Health | ||||||||||||||
100,000 | 2.760 | 10/01/24 | 105,188 | |||||||||||
300,000 | 4.350 | 11/01/42 | 348,582 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Revenue – (continued) | ||||||||||||||
Kaiser Foundation Hospitals | ||||||||||||||
500,000 | 4.150 | 05/01/47 | 635,157 | |||||||||||
|
| |||||||||||||
1,088,927 | ||||||||||||||
|
| |||||||||||||
Technology – 9.2% | ||||||||||||||
Alphabet, Inc. | ||||||||||||||
293,000 | 1.998 | 08/15/26 | 303,333 | |||||||||||
Apple, Inc. | ||||||||||||||
1,187,000 | 2.250 | 02/23/21 | 1,195,256 | |||||||||||
140,000 | 2.850 | 05/06/21 | 142,544 | |||||||||||
215,000 | 1.550 | 08/04/21 | 215,987 | |||||||||||
1,950,000 | 2.500 | 02/09/22 | 2,001,930 | |||||||||||
2,088,000 | 2.100 | 09/12/22 | 2,129,745 | |||||||||||
30,000 | 3.000 | 02/09/24 | 31,841 | |||||||||||
784,000 | 3.450 | 05/06/24 | 849,639 | |||||||||||
430,000 | 2.850 | 05/11/24 | 454,276 | |||||||||||
350,000 | 2.450 | 08/04/26 | 367,130 | |||||||||||
110,000 | 3.000 | 06/20/27 | 119,230 | |||||||||||
355,000 | 2.900 | 09/12/27 | 383,679 | |||||||||||
410,000 | 3.000 | 11/13/27 | 447,034 | |||||||||||
230,000 | 4.500 | 02/23/36 | 294,258 | |||||||||||
687,000 | 3.850 | 05/04/43 | 819,622 | |||||||||||
550,000 | 4.450 | 05/06/44 | 711,174 | |||||||||||
200,000 | 3.450 | 02/09/45 | 227,011 | |||||||||||
380,000 | 4.375 | 05/13/45 | 491,354 | |||||||||||
560,000 | 4.650 | 02/23/46 | 747,410 | |||||||||||
644,000 | 3.850 | 08/04/46 | 769,856 | |||||||||||
160,000 | 4.250 | 02/09/47 | 202,604 | |||||||||||
50,000 | 3.750 | 11/13/47 | 59,724 | |||||||||||
220,000 | 2.950 | 09/11/49 | 230,518 | |||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||||
483,000 | 3.000 | 01/15/22 | 492,498 | |||||||||||
30,000 | 2.650 | 01/15/23 | 30,610 | |||||||||||
100,000 | 3.625 | 01/15/24 | 104,821 | |||||||||||
300,000 | 3.125 | 01/15/25 | 309,669 | |||||||||||
997,000 | 3.875 | 01/15/27 | 1,051,440 | |||||||||||
160,000 | 3.500 | 01/15/28 | 166,953 | |||||||||||
Broadcom, Inc. | ||||||||||||||
150,000 | 3.625 | (b) | 10/15/24 | 157,912 | ||||||||||
360,000 | 4.250 | (b) | 04/15/26 | 386,590 | ||||||||||
800,000 | 4.750 | (b) | 04/15/29 | 894,075 | ||||||||||
Cisco Systems, Inc. | ||||||||||||||
1,300,000 | 2.200 | 02/28/21 | 1,308,615 | |||||||||||
150,000 | 1.850 | 09/20/21 | 151,290 | |||||||||||
315,000 | 3.625 | 03/04/24 | 343,456 | |||||||||||
466,000 | 5.900 | 02/15/39 | 703,913 | |||||||||||
270,000 | 5.500 | 01/15/40 | 395,745 | |||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
1,310,000 | 4.420 | (b) | 06/15/21 | 1,353,596 | ||||||||||
175,000 | 5.450 | (b) | 06/15/23 | 192,707 | ||||||||||
764,000 | 6.020 | (b) | 06/15/26 | 896,021 | ||||||||||
390,000 | 8.100 | (b) | 07/15/36 | 535,837 | ||||||||||
460,000 | 8.350 | (b) | 07/15/46 | 623,415 | ||||||||||
Fidelity National Information Services, Inc. | ||||||||||||||
101,000 | 3.000 | 08/15/26 | 108,172 | |||||||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Global Payments, Inc. | ||||||||||||||
$ | 310,000 | 3.200 | % | 08/15/29 | $ | 330,360 | ||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
100,000 | 4.400 | 10/15/22 | 106,974 | |||||||||||
1,000,000 | 2.250 | 04/01/23 | 1,016,017 | |||||||||||
HP, Inc. | ||||||||||||||
268,000 | 6.000 | 09/15/41 | 309,179 | |||||||||||
Intel Corp. | ||||||||||||||
470,000 | 2.875 | 05/11/24 | 498,132 | |||||||||||
253,000 | 3.700 | 07/29/25 | 279,982 | |||||||||||
200,000 | 2.600 | 05/19/26 | 210,793 | |||||||||||
240,000 | 3.150 | 05/11/27 | 262,382 | |||||||||||
200,000 | 2.450 | 11/15/29 | 208,591 | |||||||||||
340,000 | 4.100 | 05/19/46 | 417,746 | |||||||||||
320,000 | 4.100 | 05/11/47 | 391,992 | |||||||||||
95,000 | 3.734 | 12/08/47 | 113,606 | |||||||||||
1,000,000 | 3.250 | 11/15/49 | 1,083,287 | |||||||||||
Lam Research Corp. | ||||||||||||||
525,000 | 4.000 | 03/15/29 | 594,153 | |||||||||||
460,000 | 4.875 | 03/15/49 | 605,385 | |||||||||||
Microchip Technology, Inc. | ||||||||||||||
720,000 | 4.333 | 06/01/23 | 777,786 | |||||||||||
Microsoft Corp. | ||||||||||||||
1,200,000 | 1.550 | 08/08/21 | 1,206,019 | |||||||||||
60,000 | 2.400 | 02/06/22 | 61,401 | |||||||||||
882,000 | 2.375 | 02/12/22 | 902,559 | |||||||||||
350,000 | 2.000 | 08/08/23 | 359,470 | |||||||||||
97,000 | 2.875 | 02/06/24 | 102,583 | |||||||||||
795,000 | 2.700 | 02/12/25 | 844,325 | |||||||||||
60,000 | 2.400 | 08/08/26 | 63,194 | |||||||||||
705,000 | 3.300 | 02/06/27 | 783,402 | |||||||||||
475,000 | 3.500 | 02/12/35 | 553,336 | |||||||||||
450,000 | 3.450 | 08/08/36 | 520,048 | |||||||||||
650,000 | 4.100 | 02/06/37 | 808,725 | |||||||||||
95,000 | 5.200 | 06/01/39 | 135,734 | |||||||||||
200,000 | 4.500 | 10/01/40 | 268,127 | |||||||||||
280,000 | 3.500 | 11/15/42 | 329,848 | |||||||||||
140,000 | 3.750 | 02/12/45 | 169,837 | |||||||||||
469,000 | 4.450 | 11/03/45 | 626,742 | |||||||||||
1,260,000 | 3.700 | 08/08/46 | 1,530,651 | |||||||||||
430,000 | 4.250 | 02/06/47 | 569,353 | |||||||||||
155,000 | 4.000 | 02/12/55 | 197,701 | |||||||||||
200,000 | 4.750 | 11/03/55 | 290,231 | |||||||||||
420,000 | 3.950 | 08/08/56 | 533,441 | |||||||||||
464,000 | 4.500 | 02/06/57 | 649,362 | |||||||||||
NVIDIA Corp. | ||||||||||||||
290,000 | 3.200 | 09/16/26 | 316,690 | |||||||||||
Oracle Corp. | ||||||||||||||
656,000 | 2.800 | 07/08/21 | 670,868 | |||||||||||
300,000 | 1.900 | 09/15/21 | 302,770 | |||||||||||
1,150,000 | 2.500 | 05/15/22 | 1,176,656 | |||||||||||
400,000 | 2.500 | 10/15/22 | 411,527 | |||||||||||
30,000 | 2.625 | 02/15/23 | 31,068 | |||||||||||
150,000 | 2.400 | 09/15/23 | 155,471 | |||||||||||
775,000 | 3.400 | 07/08/24 | 835,082 | |||||||||||
40,000 | 2.950 | 11/15/24 | 42,618 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Oracle Corp. – (continued) | ||||||||||||||
130,000 | 2.950 | 05/15/25 | 138,504 | |||||||||||
950,000 | 2.650 | 07/15/26 | 1,003,344 | |||||||||||
80,000 | 3.250 | 11/15/27 | 87,963 | |||||||||||
440,000 | 4.300 | 07/08/34 | 542,402 | |||||||||||
200,000 | 3.900 | 05/15/35 | 237,650 | |||||||||||
420,000 | 3.850 | 07/15/36 | 499,343 | |||||||||||
245,000 | 3.800 | 11/15/37 | 284,827 | |||||||||||
312,000 | 6.500 | 04/15/38 | 477,929 | |||||||||||
220,000 | 5.375 | 07/15/40 | 302,709 | |||||||||||
300,000 | 4.125 | 05/15/45 | 365,482 | |||||||||||
440,000 | 4.000 | 07/15/46 | 536,864 | |||||||||||
670,000 | 4.000 | 11/15/47 | 800,360 | |||||||||||
200,000 | 4.375 | 05/15/55 | 253,729 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
276,000 | 2.900 | 05/20/24 | 289,617 | |||||||||||
750,000 | 3.250 | 05/20/27 | 809,395 | |||||||||||
200,000 | 4.650 | 05/20/35 | 245,759 | |||||||||||
320,000 | 4.800 | 05/20/45 | 406,531 | |||||||||||
380,000 | 4.300 | 05/20/47 | 457,203 | |||||||||||
Texas Instruments, Inc. | ||||||||||||||
422,000 | 4.150 | 05/15/48 | 540,327 | |||||||||||
VMware, Inc. | ||||||||||||||
300,000 | 2.950 | 08/21/22 | 308,939 | |||||||||||
|
| |||||||||||||
54,646,571 | ||||||||||||||
|
| |||||||||||||
Transportation – 1.3% | ||||||||||||||
Burlington Northern Santa Fe LLC | ||||||||||||||
490,000 | 4.450 | 03/15/43 | 607,314 | |||||||||||
130,000 | 4.900 | 04/01/44 | 173,373 | |||||||||||
150,000 | 4.550 | 09/01/44 | 189,373 | |||||||||||
460,000 | 4.150 | 04/01/45 | 552,938 | |||||||||||
350,000 | 3.900 | 08/01/46 | 417,869 | |||||||||||
CSX Corp. | ||||||||||||||
550,000 | 3.250 | 06/01/27 | 598,798 | |||||||||||
30,000 | 3.800 | 03/01/28 | 33,825 | |||||||||||
190,000 | 3.800 | 11/01/46 | 210,925 | |||||||||||
FedEx Corp. | ||||||||||||||
340,000 | 3.100 | 08/05/29 | 354,163 | |||||||||||
860,000 | 4.400 | 01/15/47 | 940,182 | |||||||||||
500,000 | 4.950 | 10/17/48 | 570,810 | |||||||||||
Union Pacific Corp. | ||||||||||||||
530,000 | 4.163 | 07/15/22 | 561,225 | |||||||||||
450,000 | 3.950 | 09/10/28 | 513,242 | |||||||||||
50,000 | 4.375 | 09/10/38 | 59,880 | |||||||||||
300,000 | 4.300 | 03/01/49 | 363,131 | |||||||||||
310,000 | 3.799 | 10/01/51 | 348,043 | |||||||||||
United Parcel Service, Inc. | ||||||||||||||
1,000,000 | 2.450 | 10/01/22 | 1,021,731 | |||||||||||
330,000 | 3.750 | 11/15/47 | 367,377 | |||||||||||
|
| |||||||||||||
7,884,199 | ||||||||||||||
|
| |||||||||||||
Wireless – 4.4% | ||||||||||||||
American Tower Corp. | ||||||||||||||
50,000 | 4.000 | 06/01/25 | 55,060 | |||||||||||
400,000 | 3.375 | 10/15/26 | 433,069 | |||||||||||
475,000 | 3.800 | 08/15/29 | 523,767 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
AT&T, Inc. | ||||||||||||||
$ | 161,000 | 2.800 | % | 02/17/21 | $ | 162,338 | ||||||||
650,000 | 3.200 | 03/01/22 | 669,370 | |||||||||||
50,000 | 3.000 | 06/30/22 | 51,497 | |||||||||||
230,000 | 2.625 | 12/01/22 | 235,507 | |||||||||||
450,000 | 3.600 | 02/17/23 | 474,907 | |||||||||||
25,000 | 3.800 | 03/01/24 | 26,861 | |||||||||||
60,000 | 3.900 | 03/11/24 | 64,534 | |||||||||||
410,000 | 3.950 | 01/15/25 | 447,776 | |||||||||||
440,000 | 3.400 | 05/15/25 | 471,318 | |||||||||||
280,000 | 4.125 | 02/17/26 | 310,099 | |||||||||||
400,000 | 4.250 | 03/01/27 | 448,037 | |||||||||||
560,000 | 4.100 | 02/15/28 | 626,343 | |||||||||||
565,000 | 4.350 | 03/01/29 | 645,632 | |||||||||||
520,000 | 4.300 | 02/15/30 | 597,819 | |||||||||||
85,000 | 4.500 | 05/15/35 | 98,997 | |||||||||||
551,000 | 5.250 | 03/01/37 | 680,815 | |||||||||||
340,000 | 4.850 | 03/01/39 | 406,989 | |||||||||||
360,000 | 6.000 | 08/15/40 | 482,700 | |||||||||||
90,000 | 5.350 | 09/01/40 | 113,345 | |||||||||||
100,000 | 6.375 | 03/01/41 | 139,299 | |||||||||||
320,000 | 5.550 | 08/15/41 | 410,834 | |||||||||||
154,000 | 5.150 | 03/15/42 | 188,149 | |||||||||||
250,000 | 4.300 | 12/15/42 | 277,095 | |||||||||||
270,000 | 4.800 | 06/15/44 | 314,292 | |||||||||||
430,000 | 4.350 | 06/15/45 | 477,401 | |||||||||||
610,000 | 4.750 | 05/15/46 | 714,414 | |||||||||||
170,000 | 5.150 | 11/15/46 | 211,086 | |||||||||||
400,000 | 5.650 | 02/15/47 | 525,612 | |||||||||||
440,000 | 5.450 | 03/01/47 | 568,715 | |||||||||||
910,000 | 4.500 | 03/09/48 | 1,040,359 | |||||||||||
607,000 | 4.550 | 03/09/49 | 704,549 | |||||||||||
70,000 | 5.700 | 03/01/57 | 94,002 | |||||||||||
CC Holdings GS V LLC / Crown Castle GS III Corp. | ||||||||||||||
500,000 | 3.849 | 04/15/23 | 531,596 | |||||||||||
Crown Castle International Corp. | ||||||||||||||
250,000 | 4.875 | 04/15/22 | 266,837 | |||||||||||
190,000 | 5.250 | 01/15/23 | 208,586 | |||||||||||
60,000 | 3.150 | 07/15/23 | 62,583 | |||||||||||
210,000 | 4.450 | 02/15/26 | 235,968 | |||||||||||
130,000 | 3.650 | 09/01/27 | 142,576 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
370,000 | 2.946 | 03/15/22 | 383,042 | |||||||||||
560,000 | 3.125 | 03/16/22 | 581,720 | |||||||||||
130,000 | 5.150 | 09/15/23 | 145,994 | |||||||||||
200,000 | 3.500 | 11/01/24 | 215,958 | |||||||||||
634,000 | 3.376 | 02/15/25 | 685,663 | |||||||||||
730,000 | 4.125 | 03/16/27 | 833,528 | |||||||||||
750,000 | 4.329 | 09/21/28 | 877,608 | |||||||||||
170,000 | 4.016 | 12/03/29 | 197,621 | |||||||||||
560,000 | 4.500 | 08/10/33 | 686,059 | |||||||||||
200,000 | 4.400 | 11/01/34 | 241,789 | |||||||||||
220,000 | 4.272 | 01/15/36 | 264,988 | |||||||||||
460,000 | 5.250 | 03/16/37 | 611,659 | |||||||||||
225,000 | 4.812 | 03/15/39 | 290,007 | |||||||||||
170,000 | 3.850 | 11/01/42 | 195,595 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
Verizon Communications, Inc. – (continued) | ||||||||||||||
270,000 | 6.550 | 09/15/43 | 419,410 | |||||||||||
500,000 | 4.125 | 08/15/46 | 605,486 | |||||||||||
640,000 | 4.862 | 08/21/46 | 853,283 | |||||||||||
110,000 | 5.500 | 03/16/47 | 156,961 | |||||||||||
300,000 | 4.522 | 09/15/48 | 386,130 | |||||||||||
330,000 | 5.012 | 04/15/49 | 455,095 | |||||||||||
562,000 | 5.012 | 08/21/54 | 782,094 | |||||||||||
555,000 | 4.672 | 03/15/55 | 737,584 | |||||||||||
|
| |||||||||||||
25,748,007 | ||||||||||||||
|
| |||||||||||||
Wirelines – 0.1% | ||||||||||||||
AT&T, Inc. | ||||||||||||||
450,000 | 4.900 | 08/15/37 | 539,863 | |||||||||||
110,000 | 5.150 | 02/15/50 | 137,729 | |||||||||||
|
| |||||||||||||
677,592 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $415,329,412) | $ | 449,046,966 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 22.4% | ||||||||||||||
Banks – 11.5% | ||||||||||||||
Australia & New Zealand Banking Group Ltd., MTN (Australia) | ||||||||||||||
$ | 870,000 | 2.300 | % | 06/01/21 | $ | 879,654 | ||||||||
750,000 | 2.050 | 11/21/22 | 761,480 | |||||||||||
Australia & New Zealand Banking Group Ltd. (Australia) | ||||||||||||||
280,000 | 2.550 | 11/23/21 | 285,335 | |||||||||||
Banco Santander SA (Spain) | ||||||||||||||
200,000 | 3.800 | 02/23/28 | 215,443 | |||||||||||
200,000 | 3.306 | 06/27/29 | 216,042 | |||||||||||
Bank of Montreal, MTN (Canada) | ||||||||||||||
120,000 | 1.900 | 08/27/21 | 120,540 | |||||||||||
1,100,000 | 2.900 | 03/26/22 | 1,132,020 | |||||||||||
200,000 | 2.550 | 11/06/22 | 205,520 | |||||||||||
Bank of Montreal(a) (Canada) | ||||||||||||||
(5 Year USD Swap + 1.432%) | ||||||||||||||
100,000 | 3.803 | 12/15/32 | 109,062 | |||||||||||
Bank of Montreal, Series D (Canada) | ||||||||||||||
928,000 | 3.100 | 04/13/21 | 945,446 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
1,000,000 | 2.000 | 11/15/22 | 1,015,752 | |||||||||||
1,530,000 | 3.400 | 02/11/24 | 1,626,139 | |||||||||||
Barclays PLC (United Kingdom) | ||||||||||||||
472,000 | 3.250 | 01/12/21 | 478,051 | |||||||||||
200,000 | 3.684 | 01/10/23 | 206,373 | |||||||||||
(3M USD LIBOR + 1.400%) | ||||||||||||||
500,000 | 4.610 | (a) | 02/15/23 | 525,442 | ||||||||||
(3M USD LIBOR + 1.356%) | ||||||||||||||
700,000 | 4.338 | (a) | 05/16/24 | 747,855 | ||||||||||
690,000 | 3.650 | 03/16/25 | 731,989 | |||||||||||
1,140,000 | 4.375 | 01/12/26 | 1,260,789 | |||||||||||
330,000 | 5.250 | 08/17/45 | 420,186 | |||||||||||
400,000 | 4.950 | 01/10/47 | 491,730 | |||||||||||
BNP Paribas SA, MTN (France) | ||||||||||||||
50,000 | 3.250 | 03/03/23 | 52,405 | |||||||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
BPCE SA (France) | ||||||||||||||
$ | 700,000 | 2.650 | % | 02/03/21 | $ | 706,949 | ||||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||||||||
100,000 | 3.875 | 02/08/22 | 104,101 | |||||||||||
370,000 | 3.950 | 11/09/22 | 390,061 | |||||||||||
800,000 | 4.625 | 12/01/23 | 873,376 | |||||||||||
250,000 | 3.750 | 07/21/26 | 269,750 | |||||||||||
380,000 | 5.250 | 05/24/41 | 548,345 | |||||||||||
370,000 | 5.750 | 12/01/43 | 543,143 | |||||||||||
330,000 | 5.250 | 08/04/45 | 451,932 | |||||||||||
Credit Suisse AG (Switzerland) | ||||||||||||||
670,000 | 3.000 | 10/29/21 | 686,151 | |||||||||||
Credit Suisse AG, MTN (Switzerland) | ||||||||||||||
960,000 | 3.625 | 09/09/24 | 1,031,856 | |||||||||||
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) | ||||||||||||||
300,000 | 3.800 | 09/15/22 | 316,133 | |||||||||||
710,000 | 4.550 | 04/17/26 | 801,834 | |||||||||||
300,000 | 4.875 | 05/15/45 | 393,632 | |||||||||||
Deutsche Bank AG (Germany) | ||||||||||||||
860,000 | 4.250 | 10/14/21 | 887,598 | |||||||||||
230,000 | 3.300 | 11/16/22 | 234,969 | |||||||||||
200,000 | 3.950 | 02/27/23 | 207,783 | |||||||||||
130,000 | 3.700 | 05/30/24 | 136,224 | |||||||||||
500,000 | 3.961 | 11/26/25 | 526,875 | |||||||||||
Deutsche Bank AG, Series D (Germany) | ||||||||||||||
310,000 | 5.000 | 02/14/22 | 326,450 | |||||||||||
Deutsche Bank AG, GMTN (Germany) | ||||||||||||||
50,000 | 3.375 | 05/12/21 | 50,783 | |||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
300,000 | 3.400 | 03/08/21 | 305,052 | |||||||||||
200,000 | 2.950 | 05/25/21 | 203,163 | |||||||||||
1,010,000 | 2.650 | 01/05/22 | 1,027,462 | |||||||||||
(3M USD LIBOR + 1.055%) | ||||||||||||||
1,240,000 | 3.262 | (a) | 03/13/23 | 1,277,933 | ||||||||||
700,000 | 4.250 | 03/14/24 | 753,425 | |||||||||||
(3M USD LIBOR + 0.987%) | ||||||||||||||
500,000 | 3.950 | (a) | 05/18/24 | 530,081 | ||||||||||
400,000 | 4.250 | 08/18/25 | 432,365 | |||||||||||
(3M USD LIBOR + 1.140%) | ||||||||||||||
250,000 | 2.633 | (a) | 11/07/25 | 255,666 | ||||||||||
550,000 | 4.300 | 03/08/26 | 613,295 | |||||||||||
1,305,000 | 3.900 | 05/25/26 | 1,427,270 | |||||||||||
(3M USD LIBOR + 1.348%) | ||||||||||||||
500,000 | 4.292 | (a) | 09/12/26 | 550,568 | ||||||||||
500,000 | 4.375 | 11/23/26 | 547,007 | |||||||||||
(3M USD LIBOR + 1.610%) | ||||||||||||||
500,000 | 3.973 | (a) | 05/22/30 | 545,560 | ||||||||||
250,000 | 6.500 | 05/02/36 | 342,007 | |||||||||||
504,000 | 6.500 | 09/15/37 | 690,478 | |||||||||||
110,000 | 6.800 | 06/01/38 | 157,785 | |||||||||||
350,000 | 6.100 | 01/14/42 | 513,202 | |||||||||||
280,000 | 5.250 | 03/14/44 | 355,175 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
798,000 | 3.150 | 03/29/22 | 823,871 | |||||||||||
390,000 | 4.100 | 10/02/23 | 421,689 | |||||||||||
200,000 | 3.950 | 03/29/27 | 220,482 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
ING Groep NV (Netherlands) – (continued) | ||||||||||||||
490,000 | 4.550 | 10/02/28 | 574,088 | |||||||||||
630,000 | 4.050 | 04/09/29 | 714,330 | |||||||||||
Lloyds Bank PLC (United Kingdom) | ||||||||||||||
250,000 | 3.300 | 05/07/21 | 255,753 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
250,000 | 3.000 | 01/11/22 | 255,868 | |||||||||||
1,100,000 | 4.050 | 08/16/23 | 1,182,257 | |||||||||||
200,000 | 3.900 | 03/12/24 | 215,131 | |||||||||||
200,000 | 4.500 | 11/04/24 | 217,874 | |||||||||||
300,000 | 4.582 | 12/10/25 | 330,339 | |||||||||||
525,000 | 3.750 | 01/11/27 | 569,914 | |||||||||||
1,180,000 | 4.375 | 03/22/28 | 1,336,187 | |||||||||||
200,000 | 5.300 | 12/01/45 | 257,180 | |||||||||||
200,000 | 4.344 | 01/09/48 | 226,099 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
350,000 | 2.950 | 03/01/21 | 355,035 | |||||||||||
1,000,000 | 2.623 | 07/18/22 | 1,024,304 | |||||||||||
1,180,000 | 2.665 | 07/25/22 | 1,209,654 | |||||||||||
950,000 | 3.850 | 03/01/26 | 1,054,351 | |||||||||||
230,000 | 3.677 | 02/22/27 | 252,390 | |||||||||||
150,000 | 3.287 | 07/25/27 | 162,628 | |||||||||||
950,000 | 3.961 | 03/02/28 | 1,086,229 | |||||||||||
300,000 | 3.195 | 07/18/29 | 321,602 | |||||||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||||||||
300,000 | 2.273 | 09/13/21 | 303,615 | |||||||||||
690,000 | 2.601 | 09/11/22 | 708,221 | |||||||||||
200,000 | 2.839 | 09/13/26 | 210,051 | |||||||||||
740,000 | 4.018 | 03/05/28 | 839,697 | |||||||||||
National Australia Bank Ltd. (Australia) | ||||||||||||||
550,000 | 2.500 | 07/12/26 | 571,490 | |||||||||||
National Australia Bank Ltd., GMTN (Australia) | ||||||||||||||
550,000 | 2.500 | 05/22/22 | 562,959 | |||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
400,000 | 3.200 | 04/30/21 | 408,703 | |||||||||||
300,000 | 4.650 | 01/27/26 | 345,361 | |||||||||||
Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.480%) | ||||||||||||||
960,000 | 3.498 | (a) | 05/15/23 | 990,664 | ||||||||||
325,000 | 6.100 | 06/10/23 | 360,608 | |||||||||||
(3M USD LIBOR + 1.762%) | ||||||||||||||
1,525,000 | 4.269 | (a) | 03/22/25 | 1,644,850 | ||||||||||
(3M USD LIBOR + 1.754%) | ||||||||||||||
345,000 | 4.892 | (a) | 05/18/29 | 402,694 | ||||||||||
(US 5 Year CMT T-Note + 2.100%) | ||||||||||||||
830,000 | 3.754 | (a) | 11/01/29 | 866,001 | ||||||||||
(3M USD LIBOR + 1.905%) | ||||||||||||||
500,000 | 5.076 | (a) | 01/27/30 | 592,852 | ||||||||||
Santander UK PLC (United Kingdom) | ||||||||||||||
1,000,000 | 2.875 | 06/18/24 | 1,043,619 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
637,000 | 2.934 | 03/09/21 | 645,425 | |||||||||||
520,000 | 2.442 | 10/19/21 | 527,890 | |||||||||||
340,000 | 2.784 | 07/12/22 | 349,427 | |||||||||||
150,000 | 2.778 | 10/18/22 | 154,540 | |||||||||||
650,000 | 3.102 | 01/17/23 | 678,387 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) – (continued) | ||||||||||||||
$ | 400,000 | 3.784 | % | 03/09/26 | $ | 441,608 | ||||||||
50,000 | 2.632 | 07/14/26 | 51,716 | |||||||||||
610,000 | 3.010 | 10/19/26 | 648,810 | |||||||||||
100,000 | 3.446 | 01/11/27 | 108,635 | |||||||||||
150,000 | 3.364 | 07/12/27 | 163,004 | |||||||||||
500,000 | 3.040 | 07/16/29 | 532,671 | |||||||||||
Svenska Handelsbanken AB, MTN (Sweden) | ||||||||||||||
844,000 | 2.450 | 03/30/21 | 852,930 | |||||||||||
840,000 | 3.350 | 05/24/21 | 859,415 | |||||||||||
Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||||
900,000 | 1.900 | 12/01/22 | 914,297 | |||||||||||
1,950,000 | 2.650 | 06/12/24 | 2,037,282 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
700,000 | 2.100 | 05/13/21 | 706,263 | |||||||||||
550,000 | 2.000 | 08/19/21 | 556,815 | |||||||||||
650,000 | 3.650 | 05/15/23 | 696,516 | |||||||||||
100,000 | 3.300 | 02/26/24 | 106,387 | |||||||||||
330,000 | 2.850 | 05/13/26 | 349,303 | |||||||||||
120,000 | 2.700 | 08/19/26 | 126,514 | |||||||||||
400,000 | 3.400 | 01/25/28 | 448,275 | |||||||||||
300,000 | 2.650 | 01/16/30 | 313,388 | |||||||||||
Westpac Banking Corp.(a), GMTN (Australia) | ||||||||||||||
(5 Year USD Swap + 2.236%) | ||||||||||||||
510,000 | 4.322 | 11/23/31 | 559,120 | |||||||||||
|
| |||||||||||||
68,189,950 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.1% | ||||||||||||||
Brookfield Finance, Inc. (Canada) | ||||||||||||||
300,000 | 4.700 | 09/20/47 | 362,534 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.7% | ||||||||||||||
AstraZeneca PLC (United Kingdom) | ||||||||||||||
250,000 | 2.375 | 06/12/22 | 255,524 | |||||||||||
710,000 | 3.375 | 11/16/25 | 774,434 | |||||||||||
410,000 | 3.125 | 06/12/27 | 443,079 | |||||||||||
280,000 | 4.000 | 01/17/29 | 323,664 | |||||||||||
330,000 | 6.450 | 09/15/37 | 495,796 | |||||||||||
80,000 | 4.375 | 11/16/45 | 101,897 | |||||||||||
160,000 | 4.375 | 08/17/48 | 206,518 | |||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
1,160,000 | 2.764 | 08/15/22 | 1,186,726 | |||||||||||
300,000 | 3.222 | 08/15/24 | 315,194 | |||||||||||
560,000 | 3.557 | 08/15/27 | 589,194 | |||||||||||
848,000 | 4.390 | 08/15/37 | 898,556 | |||||||||||
350,000 | 4.540 | 08/15/47 | 365,929 | |||||||||||
GlaxoSmithKline Capital PLC (United Kingdom) | ||||||||||||||
68,000 | 2.850 | 05/08/22 | 70,393 | |||||||||||
240,000 | 3.375 | 06/01/29 | 266,407 | |||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||||
532,000 | 2.800 | 03/18/23 | 556,477 | |||||||||||
272,000 | 3.875 | 05/15/28 | 311,015 | |||||||||||
497,000 | 6.375 | 05/15/38 | 744,368 | |||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
75,000 | 2.400 | 05/17/22 | 77,430 | |||||||||||
275,000 | 3.000 | 11/20/25 | 297,671 | |||||||||||
800,000 | 3.100 | 05/17/27 | 875,963 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Novartis Capital Corp. (Switzerland) – (continued) | ||||||||||||||
220,000 | 4.400 | 05/06/44 | 286,430 | |||||||||||
300,000 | 2.750 | 08/14/50 | 311,793 | |||||||||||
Reynolds American, Inc. (United Kingdom) | ||||||||||||||
70,000 | 4.450 | 06/12/25 | 77,305 | |||||||||||
110,000 | 5.700 | 08/15/35 | 134,619 | |||||||||||
95,000 | 5.850 | 08/15/45 | 113,116 | |||||||||||
|
| |||||||||||||
10,079,498 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Unilever Capital Corp. (United Kingdom) | ||||||||||||||
1,350,000 | 4.250 | 02/10/21 | 1,384,824 | |||||||||||
|
| |||||||||||||
Electric – 0.1% | ||||||||||||||
Emera US Finance LP (Canada) | ||||||||||||||
50,000 | 2.700 | 06/15/21 | 50,881 | |||||||||||
260,000 | 3.550 | 06/15/26 | 282,258 | |||||||||||
240,000 | 4.750 | 06/15/46 | 291,571 | |||||||||||
|
| |||||||||||||
624,710 | ||||||||||||||
|
| |||||||||||||
Energy – 3.1% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
2,210,000 | 3.561 | 11/01/21 | 2,297,257 | |||||||||||
20,000 | 2.500 | 11/06/22 | 20,607 | |||||||||||
20,000 | 3.535 | 11/04/24 | 21,815 | |||||||||||
200,000 | 3.279 | 09/19/27 | 215,357 | |||||||||||
Canadian Natural Resources Ltd. (Canada) | ||||||||||||||
530,000 | 6.250 | 03/15/38 | 692,667 | |||||||||||
Cenovus Energy, Inc. (Canada) | ||||||||||||||
590,000 | 4.250 | 04/15/27 | 633,541 | |||||||||||
200,000 | 6.750 | 11/15/39 | 250,699 | |||||||||||
200,000 | 5.400 | 06/15/47 | 219,647 | |||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
120,000 | 4.000 | 10/01/23 | 128,504 | |||||||||||
1,500,000 | 3.125 | 11/15/29 | 1,556,596 | |||||||||||
200,000 | 5.500 | 12/01/46 | 271,517 | |||||||||||
Equinor ASA (Norway) | ||||||||||||||
430,000 | 3.150 | 01/23/22 | 444,138 | |||||||||||
100,000 | 3.950 | 05/15/43 | 116,989 | |||||||||||
160,000 | 4.800 | 11/08/43 | 212,530 | |||||||||||
500,000 | 3.250 | 11/18/49 | 535,559 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
425,000 | 1.750 | 09/12/21 | 427,073 | |||||||||||
180,000 | 3.250 | 05/11/25 | 194,189 | |||||||||||
60,000 | 2.875 | 05/10/26 | 63,851 | |||||||||||
500,000 | 2.500 | 09/12/26 | 523,767 | |||||||||||
1,160,000 | 2.375 | 11/07/29 | 1,186,377 | |||||||||||
660,000 | 4.125 | 05/11/35 | 796,908 | |||||||||||
630,000 | 6.375 | 12/15/38 | 954,202 | |||||||||||
190,000 | 5.500 | 03/25/40 | 274,212 | |||||||||||
375,000 | 4.550 | 08/12/43 | 467,878 | |||||||||||
440,000 | 4.375 | 05/11/45 | 541,172 | |||||||||||
660,000 | 4.000 | 05/10/46 | 780,972 | |||||||||||
Suncor Energy, Inc. (Canada) | ||||||||||||||
350,000 | 6.500 | 06/15/38 | 504,237 | |||||||||||
Total Capital Canada Ltd. (France) | ||||||||||||||
25,000 | 2.750 | 07/15/23 | 26,140 | |||||||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Total Capital International SA (France) | ||||||||||||||
$ | 350,000 | 3.700 | % | 01/15/24 | $ | 378,546 | ||||||||
125,000 | 3.750 | 04/10/24 | 135,873 | |||||||||||
1,100,000 | 3.455 | 02/19/29 | 1,223,167 | |||||||||||
TransCanada PipeLines Ltd. (Canada) | ||||||||||||||
390,000 | 4.250 | 05/15/28 | 440,441 | |||||||||||
50,000 | 4.625 | 03/01/34 | 58,460 | |||||||||||
260,000 | 6.200 | 10/15/37 | 365,132 | |||||||||||
200,000 | 7.625 | 01/15/39 | 314,585 | |||||||||||
160,000 | 6.100 | 06/01/40 | 226,854 | |||||||||||
190,000 | 4.875 | 05/15/48 | 227,912 | |||||||||||
300,000 | 5.100 | 03/15/49 | 374,472 | |||||||||||
|
| |||||||||||||
18,103,843 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.2% | ||||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | ||||||||||||
650,000 | 4.500 | 05/15/21 | 671,125 | |||||||||||
350,000 | 5.000 | 10/01/21 | 365,969 | |||||||||||
200,000 | 2.875 | 08/14/24 | 204,125 | |||||||||||
150,000 | 3.650 | 07/21/27 | 154,125 | |||||||||||
|
| |||||||||||||
1,395,344 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.8% | ||||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | | ||||||||||||
560,000 | 3.650 | 02/01/26 | 613,161 | |||||||||||
750,000 | 4.700 | 02/01/36 | 900,723 | |||||||||||
2,200,000 | 4.900 | 02/01/46 | 2,716,442 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||||
1,030,000 | 4.150 | 01/23/25 | 1,148,755 | |||||||||||
290,000 | 4.000 | 04/13/28 | 327,770 | |||||||||||
600,000 | 4.750 | 01/23/29 | 712,075 | |||||||||||
305,000 | 4.900 | 01/23/31 | 371,792 | |||||||||||
850,000 | 4.375 | 04/15/38 | 996,357 | |||||||||||
400,000 | 4.600 | 04/15/48 | 479,574 | |||||||||||
500,000 | 4.439 | 10/06/48 | 582,970 | |||||||||||
896,000 | 5.550 | 01/23/49 | 1,216,423 | |||||||||||
400,000 | 5.800 | 01/23/59 | 563,153 | |||||||||||
Diageo Investment Corp. (United Kingdom) | ||||||||||||||
50,000 | 2.875 | 05/11/22 | 51,457 | |||||||||||
|
| |||||||||||||
10,680,652 | ||||||||||||||
|
| |||||||||||||
Forest Products & Paper – 0.2% | ||||||||||||||
Suzano Austria GmbH (Brazil) | ||||||||||||||
600,000 | 6.000 | 01/15/29 | 675,222 | |||||||||||
460,000 | 5.000 | 01/15/30 | 480,446 | |||||||||||
|
| |||||||||||||
1,155,668 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.1% | ||||||||||||||
AXA SA (France) | ||||||||||||||
195,000 | 8.600 | 12/15/30 | 289,897 | |||||||||||
Manulife Financial Corp.(a) (Canada) | ||||||||||||||
(5 Year USD Swap + 1.647%) | ||||||||||||||
400,000 | 4.061 | 02/24/32 | 430,640 | |||||||||||
|
| |||||||||||||
720,537 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Internet – 0.4% | ||||||||||||||
Alibaba Group Holding Ltd. (China) | ||||||||||||||
1,338,000 | 3.125 | 11/28/21 | 1,373,970 | |||||||||||
300,000 | 3.400 | 12/06/27 | 323,649 | |||||||||||
236,000 | 4.200 | 12/06/47 | 283,855 | |||||||||||
270,000 | 4.400 | 12/06/57 | 345,054 | |||||||||||
|
| |||||||||||||
2,326,528 | ||||||||||||||
|
| |||||||||||||
Lodging – 0.1% | ||||||||||||||
Sands China Ltd. (Macau) | ||||||||||||||
678,000 | 4.600 | 08/08/23 | 726,477 | |||||||||||
|
| |||||||||||||
Media – 0.1% | ||||||||||||||
Grupo Televisa SAB (Mexico) | ||||||||||||||
300,000 | 6.125 | 01/31/46 | 403,179 | |||||||||||
|
| |||||||||||||
Metals & Mining – 0.3% | ||||||||||||||
BHP Billiton Finance USA Ltd. (Australia) | ||||||||||||||
150,000 | 4.125 | 02/24/42 | 181,715 | |||||||||||
390,000 | 5.000 | 09/30/43 | 524,155 | |||||||||||
Rio Tinto Finance USA Ltd. (Australia) | ||||||||||||||
380,000 | 7.125 | 07/15/28 | 525,957 | |||||||||||
240,000 | 5.200 | 11/02/40 | 328,930 | |||||||||||
Rio Tinto Finance USA PLC (Australia) | ||||||||||||||
80,000 | 4.125 | 08/21/42 | 96,688 | |||||||||||
|
| |||||||||||||
1,657,445 | ||||||||||||||
|
| |||||||||||||
Mining – 0.4% | ||||||||||||||
Barrick Gold Corp. (Canada) | ||||||||||||||
350,000 | 5.250 | 04/01/42 | 463,730 | |||||||||||
Barrick North America Finance LLC (Canada) | ||||||||||||||
50,000 | 5.700 | 05/30/41 | 68,844 | |||||||||||
170,000 | 5.750 | 05/01/43 | 241,436 | |||||||||||
Southern Copper Corp. (Peru) | ||||||||||||||
230,000 | 7.500 | 07/27/35 | 336,763 | |||||||||||
150,000 | 6.750 | 04/16/40 | 208,528 | |||||||||||
290,000 | 5.250 | 11/08/42 | 338,642 | |||||||||||
240,000 | 5.875 | 04/23/45 | 310,350 | |||||||||||
Vale Overseas Ltd. (Brazil) | ||||||||||||||
250,000 | 6.875 | 11/21/36 | 328,437 | |||||||||||
250,000 | 6.875 | 11/10/39 | 333,438 | |||||||||||
|
| |||||||||||||
2,630,168 | ||||||||||||||
|
| |||||||||||||
Oil Company-Exploration & Production – 0.2% | ||||||||||||||
CNOOC Finance 2013 Ltd. (China) | ||||||||||||||
450,000 | 3.000 | 05/09/23 | 465,390 | |||||||||||
CNOOC Finance 2015 USA LLC (China) | ||||||||||||||
305,000 | 4.375 | 05/02/28 | 352,354 | |||||||||||
Nexen, Inc. (China) | ||||||||||||||
250,000 | 6.400 | 05/15/37 | 369,248 | |||||||||||
|
| |||||||||||||
1,186,992 | ||||||||||||||
|
| |||||||||||||
Oil Company-Integrated – 0.4% | ||||||||||||||
Ecopetrol SA (Colombia) | ||||||||||||||
520,000 | 5.875 | 09/18/23 | 575,250 | |||||||||||
263,000 | 4.125 | 01/16/25 | 277,465 | |||||||||||
205,000 | 5.375 | 06/26/26 | 230,241 | |||||||||||
70,000 | 7.375 | 09/18/43 | 96,250 | |||||||||||
530,000 | 5.875 | 05/28/45 | 641,962 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Oil Company-Integrated – (continued) | ||||||||||||||
SASOL Financing USA LLC (South Africa) | ||||||||||||||
$ | 450,000 | 6.500 | % | 09/27/28 | $ | 494,156 | ||||||||
|
| |||||||||||||
2,315,324 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 0.1% | ||||||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
500,000 | 2.200 | 08/14/30 | 518,336 | |||||||||||
|
| |||||||||||||
Telecommunications – 0.4% | ||||||||||||||
America Movil SAB de CV (Mexico) | ||||||||||||||
784,000 | 3.125 | 07/16/22 | 811,292 | |||||||||||
425,000 | 3.625 | 04/22/29 | 472,362 | |||||||||||
340,000 | 6.125 | 03/30/40 | 494,963 | |||||||||||
400,000 | 4.375 | 04/22/49 | 497,287 | |||||||||||
|
| |||||||||||||
2,275,904 | ||||||||||||||
|
| |||||||||||||
Wireless – 0.2% | ||||||||||||||
Rogers Communications, Inc. (Canada) | ||||||||||||||
395,000 | 4.300 | 02/15/48 | 469,244 | |||||||||||
200,000 | 4.350 | 05/01/49 | 242,454 | |||||||||||
300,000 | 3.700 | 11/15/49 | 330,671 | |||||||||||
|
| |||||||||||||
1,042,369 | ||||||||||||||
|
| |||||||||||||
Wirelines – 0.8% | ||||||||||||||
British Telecommunications PLC (United Kingdom) | ||||||||||||||
310,000 | 9.625 | 12/15/30 | 492,262 | |||||||||||
Deutsche Telekom International Finance BV (Germany) | ||||||||||||||
618,000 | 8.750 | 06/15/30 | 944,496 | |||||||||||
Orange SA (France) | ||||||||||||||
230,000 | 9.000 | 03/01/31 | 368,613 | |||||||||||
Telefonica Emisiones SA (Spain) | ||||||||||||||
1,230,000 | 5.462 | 02/16/21 | 1,272,045 | |||||||||||
365,000 | 7.045 | 06/20/36 | 527,143 | |||||||||||
572,000 | 5.213 | 03/08/47 | 707,404 | |||||||||||
150,000 | 4.895 | 03/06/48 | 179,340 | |||||||||||
Telefonica Europe BV (Spain) | ||||||||||||||
40,000 | 8.250 | 09/15/30 | 59,578 | |||||||||||
|
| |||||||||||||
4,550,881 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $124,769,011) | $ | 132,331,163 | ||||||||||||
|
| |||||||||||||
Principal Amount | Dividend Rate | Value | ||||||
Investment Company – 0.4%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
$2,351,856 | 1.507 | % | $ | 2,351,856 | ||||
(Cost $2,351,856) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 98.8% |
| |||||||
(Cost $542,450,279) |
| $ | 583,729,985 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2% |
| 7,371,790 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 591,101,775 | |||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2020. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CMT | —Constant Maturity Treasury Index | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – 69.3% | ||||||||||||||
U.S. Treasury Bills | ||||||||||||||
$ | 5,831,000 | 1.510 | % | 04/02/20 | $ | 5,824,021 | ||||||||
3,872,000 | 1.520 | 04/02/20 | 3,867,365 | |||||||||||
2,299,000 | 1.528 | 04/02/20 | 2,296,248 | |||||||||||
1,330,000 | 1.534 | 04/02/20 | 1,328,408 | |||||||||||
5,082,000 | 1.549 | 04/02/20 | 5,075,917 | |||||||||||
395,650,000 | 1.551 | 04/02/20 | 395,176,429 | |||||||||||
2,793,000 | 1.555 | 04/02/20 | 2,789,657 | |||||||||||
301,984,700 | 1.563 | 04/02/20 | 301,623,241 | |||||||||||
1,815,000 | 1.564 | 04/02/20 | 1,812,828 | |||||||||||
2,662,000 | 1.572 | 04/02/20 | 2,658,814 | |||||||||||
605,000 | 1.573 | 04/02/20 | 604,276 | |||||||||||
1,452,000 | 1.588 | 04/02/20 | 1,450,262 | |||||||||||
4,900,000 | 1.511 | 05/21/20 | 4,886,212 | |||||||||||
1,919,000 | 1.518 | 05/21/20 | 1,913,600 | |||||||||||
3,232,000 | 1.520 | 05/21/20 | 3,222,906 | |||||||||||
160,611,400 | 1.522 | 05/21/20 | 160,159,457 | |||||||||||
810,000 | 1.524 | 05/21/20 | 807,721 | |||||||||||
2,222,000 | 1.538 | 05/21/20 | 2,215,748 | |||||||||||
3,333,000 | 1.543 | 05/21/20 | 3,323,621 | |||||||||||
69,254,200 | 1.545 | 05/21/20 | 69,059,326 | |||||||||||
909,000 | 1.547 | 05/21/20 | 906,442 | |||||||||||
4,216,000 | 1.554 | 05/21/20 | 4,204,137 | |||||||||||
1,515,000 | 1.565 | 05/21/20 | 1,510,737 | |||||||||||
969,000 | 1.569 | 05/21/20 | 966,273 | |||||||||||
1,275,000 | 1.571 | 05/21/20 | 1,271,412 | |||||||||||
1,212,000 | 1.572 | 05/21/20 | 1,208,590 | |||||||||||
505,000 | 1.574 | 05/21/20 | 503,579 | |||||||||||
1,683,000 | 1.576 | 05/21/20 | 1,678,264 | |||||||||||
1,122,000 | 1.599 | 05/21/20 | 1,118,843 | |||||||||||
100,407,100 | 1.600 | 05/21/20 | 100,124,565 | |||||||||||
612,000 | 1.638 | 05/21/20 | 610,278 | |||||||||||
612,000 | 1.642 | 05/21/20 | 610,278 | |||||||||||
765,000 | 1.720 | 05/21/20 | 762,847 | |||||||||||
1,938,000 | 1.722 | 05/21/20 | 1,932,547 | |||||||||||
357,000 | 1.734 | 05/21/20 | 355,995 | |||||||||||
663,000 | 1.752 | 05/21/20 | 661,134 | |||||||||||
2,040,000 | 1.774 | 05/21/20 | 2,034,260 | |||||||||||
1,632,000 | 1.780 | 05/21/20 | 1,627,408 | |||||||||||
1,122,000 | 1.781 | 05/21/20 | 1,118,843 | |||||||||||
510,000 | 1.801 | 05/21/20 | 508,565 | |||||||||||
1,020,000 | 1.803 | 05/21/20 | 1,017,130 | |||||||||||
1,887,000 | 1.804 | 05/21/20 | 1,881,690 | |||||||||||
765,000 | 1.828 | 05/21/20 | 762,847 | |||||||||||
1,275,000 | 1.834 | 05/21/20 | 1,271,412 | |||||||||||
408,000 | 1.870 | 05/21/20 | 406,852 | |||||||||||
4,998,000 | 1.871 | 05/21/20 | 4,983,936 | |||||||||||
1,683,000 | 1.886 | 05/21/20 | 1,678,264 | |||||||||||
1,275,000 | 1.887 | 05/21/20 | 1,271,412 | |||||||||||
690,000 | 1.959 | 05/21/20 | 688,058 | |||||||||||
113,133,700 | 1.985 | 05/21/20 | 112,815,354 | |||||||||||
15,239,400 | 1.997 | 05/21/20 | 15,196,518 | |||||||||||
10,000 | 2.008 | 05/21/20 | 9,972 | |||||||||||
598,000 | 2.018 | 05/21/20 | 596,317 | |||||||||||
380,000 | 2.058 | 05/21/20 | 378,931 | |||||||||||
490,000 | 2.133 | 05/21/20 | 488,621 | |||||||||||
1,346,500 | 2.304 | 05/21/20 | 1,342,711 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
19,001,100 | 1.482 | 06/18/20 | 18,930,558 | |||||||||||
1,716,000 | 1.501 | 06/18/20 | 1,709,629 | |||||||||||
1,482,000 | 1.507 | 06/18/20 | 1,476,498 | |||||||||||
2,496,000 | 1.514 | 06/18/20 | 2,486,734 | |||||||||||
3,822,000 | 1.524 | 06/18/20 | 3,807,811 | |||||||||||
1,020,000 | 1.530 | 06/18/20 | 1,016,213 | |||||||||||
2,142,000 | 1.538 | 06/18/20 | 2,134,048 | |||||||||||
702,000 | 1.539 | 06/18/20 | 699,394 | |||||||||||
2,574,000 | 1.544 | 06/18/20 | 2,564,444 | |||||||||||
936,000 | 1.547 | 06/18/20 | 932,525 | |||||||||||
1,170,000 | 1.549 | 06/18/20 | 1,165,656 | |||||||||||
390,000 | 1.550 | 06/18/20 | 388,552 | |||||||||||
1,225,000 | 1.552 | 06/18/20 | 1,220,452 | |||||||||||
490,000 | 1.555 | 06/18/20 | 488,181 | |||||||||||
931,000 | 1.558 | 06/18/20 | 927,544 | |||||||||||
1,225,000 | 1.559 | 06/18/20 | 1,220,452 | |||||||||||
1,617,000 | 1.561 | 06/18/20 | 1,610,997 | |||||||||||
99,542,800 | 1.575 | 06/18/20 | 99,173,247 | |||||||||||
1,078,000 | 1.603 | 06/18/20 | 1,073,998 | |||||||||||
588,000 | 1.630 | 06/18/20 | 585,817 | |||||||||||
588,000 | 1.637 | 06/18/20 | 585,817 | |||||||||||
735,000 | 1.714 | 06/18/20 | 732,271 | |||||||||||
1,862,000 | 1.717 | 06/18/20 | 1,855,087 | |||||||||||
1,960,000 | 1.737 | 06/18/20 | 1,952,724 | |||||||||||
1,078,000 | 1.743 | 06/18/20 | 1,073,998 | |||||||||||
343,000 | 1.744 | 06/18/20 | 341,727 | |||||||||||
637,000 | 1.749 | 06/18/20 | 634,635 | |||||||||||
1,568,000 | 1.778 | 06/18/20 | 1,562,179 | |||||||||||
980,000 | 1.781 | 06/18/20 | 976,362 | |||||||||||
490,000 | 1.793 | 06/18/20 | 488,181 | |||||||||||
1,813,000 | 1.805 | 06/18/20 | 1,806,269 | |||||||||||
735,000 | 1.817 | 06/18/20 | 732,271 | |||||||||||
1,225,000 | 1.833 | 06/18/20 | 1,220,452 | |||||||||||
392,000 | 1.845 | 06/18/20 | 390,545 | |||||||||||
4,802,000 | 1.849 | 06/18/20 | 4,784,173 | |||||||||||
490,000 | 1.868 | 06/18/20 | 488,181 | |||||||||||
1,617,000 | 1.870 | 06/18/20 | 1,610,997 | |||||||||||
735,000 | 1.885 | 06/18/20 | 732,271 | |||||||||||
27,575,400 | 1.962 | 06/18/20 | 27,473,026 | |||||||||||
225,000 | 1.963 | 06/18/20 | 224,165 | |||||||||||
100,415,500 | 1.988 | 06/18/20 | 100,042,708 | |||||||||||
195,000 | 2.002 | 06/18/20 | 194,276 | |||||||||||
1,100,000 | 1.487 | 07/30/20 | 1,094,723 | |||||||||||
459,000 | 1.547 | 07/30/20 | 456,798 | |||||||||||
750,000 | 1.549 | 07/30/20 | 746,402 | |||||||||||
600,000 | 1.553 | 07/30/20 | 597,122 | |||||||||||
174,275,100 | 1.558 | 07/30/20 | 173,439,124 | |||||||||||
323,679,100 | 1.451 | 08/27/20 | 321,906,242 | |||||||||||
1,188,000 | 1.367 | 12/03/20 | 1,178,767 | |||||||||||
340,000 | 1.458 | 12/03/20 | 337,357 | |||||||||||
135,229,800 | 1.462 | 12/03/20 | 134,178,783 | |||||||||||
810,000 | 1.469 | 12/03/20 | 803,705 | |||||||||||
648,000 | 1.476 | 12/03/20 | 642,964 | |||||||||||
270,000 | 1.479 | 12/03/20 | 267,902 | |||||||||||
477,000 | 1.483 | 12/03/20 | 473,293 | |||||||||||
47,392,800 | 1.484 | 12/03/20 | 47,024,459 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
$ | 735,000 | 1.508 | % | 12/03/20 | $ | 729,288 | ||||||||
714,000 | 1.510 | 12/03/20 | 708,451 | |||||||||||
285,000 | 1.511 | 12/03/20 | 282,785 | |||||||||||
480,000 | 1.518 | 12/03/20 | 476,269 | |||||||||||
495,000 | 1.529 | 12/03/20 | 491,153 | |||||||||||
234,911,400 | 1.312 | 01/28/21 | 232,754,744 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $2,447,681,563) | $ | 2,450,706,475 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Notes – 30.5% | ||||||||||||||
U.S. Treasury Notes | ||||||||||||||
$ | 229,528,200 | 2.375 | % | 04/30/20 | $ | 229,874,703 | ||||||||
232,005,000 | 2.000 | 07/31/20 | 232,702,828 | |||||||||||
176,075,000 | 1.375 | 09/15/20 | 176,233,193 | |||||||||||
231,677,500 | 1.625 | 10/15/20 | 232,279,318 | |||||||||||
176,044,400 | 1.750 | 11/15/20 | 176,797,402 | |||||||||||
30,095,800 | 2.250 | 02/15/21 | 30,427,912 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $1,076,195,727) | $ | 1,078,315,356 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.8% | ||||||||||||||
(Cost $3,523,877,290) | $ | 3,529,021,831 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
| 5,435,151 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 3,534,456,982 | ||||||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Mortgage-Backed Securities – 34.3% | ||||||||||||||
| FHLMC REMICSeries 2003-2682, Class FB(a) (1M USD LIBOR | | ||||||||||||
$ | 328,237 | 2.559 | % | 10/15/33 | $ | 334,144 | ||||||||
| FHLMC REMICSeries 2005-3033, Class FG(a) (1M USD LIBOR | | ||||||||||||
940,875 | 2.009 | 09/15/35 | 942,796 | |||||||||||
| FHLMC REMICSeries 2007-3298, Class FC(a) (1M USD LIBOR | | ||||||||||||
502,878 | 2.079 | 04/15/37 | 504,591 | |||||||||||
| FHLMC REMICSeries 2007-3314, Class FC(a) (1M USD LIBOR | | ||||||||||||
47,483 | 2.059 | 12/15/36 | 47,407 | |||||||||||
| FHLMC REMICSeries 2007-3315, Class PF(a) (1M USD LIBOR | | ||||||||||||
1,066,200 | 2.009 | 11/15/36 | 1,068,773 | |||||||||||
| FHLMC REMICSeries 2007-3371, Class FA(a) (1M USD LIBOR | | ||||||||||||
205,368 | 2.259 | 09/15/37 | 206,790 | |||||||||||
| FHLMC REMICSeries 2011-3895, Class FM(a) (1M USD | | ||||||||||||
492,306 | 2.009 | 12/15/40 | 491,893 | |||||||||||
| FHLMC REMICSeries 2012-4040, Class FW(a) (1M USD | | ||||||||||||
905,308 | 2.029 | 05/15/32 | 904,297 | |||||||||||
| FHLMC REMICSeries 2012-4068, Class UF(a) (1M USD LIBOR | | ||||||||||||
496,812 | 2.159 | 06/15/42 | 498,511 | |||||||||||
| FHLMC REMICSeries 2012-4098, Class MF(a) (1M USD | | ||||||||||||
831,689 | 1.959 | 11/15/41 | 828,879 | |||||||||||
| FHLMC REMICSeries 2013-4238, Class FT(a) (1M USD LIBOR | | ||||||||||||
1,996,895 | 2.009 | 08/15/43 | 2,001,171 | |||||||||||
| FHLMC REMICSeries 2013-4248, Class FL(a) (1M USD LIBOR | | ||||||||||||
163,185 | 2.109 | 05/15/41 | 163,988 | |||||||||||
| FHLMC REMICSeries 2013-4263, Class FB(a) (1M USD LIBOR | | ||||||||||||
116,599 | 2.059 | 11/15/43 | 116,946 | |||||||||||
| FHLMC REMICSeries 2013-4272, Class FD(a) (1M USD LIBOR | | ||||||||||||
127,602 | 2.009 | 11/15/43 | 127,005 | |||||||||||
| FHLMC STRIPSSeries 2006-239, Class F22(a) (1M USD LIBOR | | ||||||||||||
340,866 | 2.009 | 08/15/36 | 341,318 | |||||||||||
| FHLMC STRIPSSeries 2006-239, Class F30(a) (1M USD LIBOR | | ||||||||||||
852,165 | 1.959 | 08/15/36 | 852,768 | |||||||||||
| FNMA REMICSeries 2004-54, Class FL(a) (1M USD LIBOR + | | ||||||||||||
216,245 | 2.027 | 07/25/34 | 216,819 | |||||||||||
| FNMA REMICSeries 2004-54, Class FN(a) (1M USD LIBOR + | | ||||||||||||
517,882 | 2.077 | 07/25/34 | 521,043 | |||||||||||
| FNMA REMICSeries 2005-120, Class FE(a) (1M USD LIBOR + | | ||||||||||||
738,768 | 2.147 | 01/25/36 | 745,315 | |||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FNMA REMICSeries 2005-87, Class FE(a) (1M USD LIBOR + | | ||||||||||||
831,524 | 2.077 | 10/25/35 | 835,506 | |||||||||||
| FNMA REMICSeries 2006-16, Class FC(a) (1M USD LIBOR + | | ||||||||||||
242,372 | 1.961 | 03/25/36 | 242,179 | |||||||||||
| FNMA REMICSeries 2006-36, Class FB(a) (1M USD LIBOR + | | ||||||||||||
136,592 | 1.927 | 05/25/36 | 136,578 | |||||||||||
| FNMA REMICSeries 2006-42, Class PF(a) (1M USD LIBOR + | | ||||||||||||
193,965 | 2.037 | 06/25/36 | 195,163 | |||||||||||
| FNMA REMICSeries 2006-61, Class FD(a) (1M USD LIBOR + | | ||||||||||||
309,495 | 1.987 | 07/25/36 | 310,066 | |||||||||||
| FNMA REMICSeries 2006-79, Class DF(a) (1M USD LIBOR + | | ||||||||||||
763,619 | 1.977 | 08/25/36 | 764,749 | |||||||||||
| FNMA REMICSeries 2007-35, Class PF(a) (1M USD LIBOR + | | ||||||||||||
131,960 | 1.877 | 04/25/37 | 131,687 | |||||||||||
| FNMA REMICSeries 2007-67, Class FB(a) (1M USD LIBOR + | | ||||||||||||
923,682 | 1.947 | 07/25/37 | 924,696 | |||||||||||
| FNMA REMICSeries 2008-1, Class CF(a) (1M USD LIBOR + | | ||||||||||||
82,534 | 2.327 | 02/25/38 | 83,538 | |||||||||||
| FNMA REMICSeries 2010-113, Class FA(a) (1M USD LIBOR + | | ||||||||||||
290,516 | 2.027 | 10/25/40 | 291,582 | |||||||||||
| FNMA REMICSeries 2010-116, Class FE(a) (1M USD LIBOR + | | ||||||||||||
362,090 | 2.027 | 10/25/40 | 363,413 | |||||||||||
| FNMA REMICSeries 2010-141, Class FB(a) (1M USD LIBOR + | | ||||||||||||
216,162 | 2.097 | 12/25/40 | 217,278 | |||||||||||
| FNMA REMICSeries 2010-15, Class FJ(a) (1M USD LIBOR + | | ||||||||||||
673,351 | 2.557 | 06/25/36 | 684,177 | |||||||||||
| FNMA REMICSeries 2010-39, Class FG(a) (1M USD LIBOR + | | ||||||||||||
427,244 | 2.547 | 03/25/36 | 436,884 | |||||||||||
| FNMA REMICSeries 2010-49, Class FB(a) (1M USD LIBOR + | | ||||||||||||
337,791 | 2.377 | 05/25/40 | 342,951 | |||||||||||
| FNMA REMICSeries 2011-5, Class PF(a) (1M USD LIBOR + | | ||||||||||||
883,672 | 2.227 | 11/25/40 | 885,827 | |||||||||||
| FNMA REMICSeries 2011-53, Class FT(a) (1M USD LIBOR + | | ||||||||||||
297,418 | 2.207 | 06/25/41 | 298,011 | |||||||||||
| FNMA REMICSeries 2011-87, Class FJ(a) (1M USD LIBOR + | | ||||||||||||
605,632 | 2.177 | 09/25/41 | 609,430 | |||||||||||
| FNMA REMICSeries 2012-37, Class BF(a) (1M USD LIBOR + | | ||||||||||||
261,836 | 2.127 | 12/25/35 | 263,750 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FNMA REMICSeries 2013-10, Class KF(a) (1M USD LIBOR + | | ||||||||||||
$ | 198,780 | 1.927 | % | 02/25/43 | $ | 198,038 | ||||||||
| FNMA REMICSeries 2013-130, Class FB(a) (1M USD LIBOR + | | ||||||||||||
256,574 | 2.077 | 01/25/44 | 257,616 | |||||||||||
| FNMA REMICSeries 2013-19, Class DF(a) (1M USD LIBOR + | | ||||||||||||
2,321,993 | 1.927 | 09/25/41 | 2,313,807 | |||||||||||
| FNMA REMICSeries 2013-2, Class QF(a) (1M USD LIBOR + | | ||||||||||||
144,576 | 2.127 | 02/25/43 | 144,575 | |||||||||||
| FNMA REMICSeries 2015-27, Class KF(a) (1M USD LIBOR + | | ||||||||||||
206,406 | 1.927 | 05/25/45 | 206,392 | |||||||||||
| FNMA REMICSeries 2015-87, Class BF(a) (1M USD LIBOR + | | ||||||||||||
785,621 | 1.927 | 12/25/45 | 779,882 | |||||||||||
GNMASeries 2005-4, Class FA(a) (1M USD LIBOR + 0.370%) | ||||||||||||||
713,317 | 2.029 | 01/16/35 | 715,112 | |||||||||||
GNMASeries 2007-59, Class FA(a) (1M USD LIBOR + 0.500%) | ||||||||||||||
227,986 | 2.147 | 10/20/37 | 229,934 | |||||||||||
GNMASeries 2013-64, Class KF(a) (1M USD LIBOR + 0.250%) | ||||||||||||||
2,496,134 | 1.897 | 04/20/43 | 2,491,635 | |||||||||||
| Morgan Stanley Bank of America Merrill Lynch | | ||||||||||||
283,977 | 2.655 | 02/15/46 | 291,426 | |||||||||||
|
| |||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
(Cost $26,321,059) | $ | 26,560,336 | ||||||||||||
|
| |||||||||||||
Asset- Backed Securities – 21.2% | ||||||||||||||
| American Express Credit Account Master Trust,Series 2017-2, | | ||||||||||||
$ | 135,000 | 2.108 | % | 09/16/24 | $ | 135,598 | ||||||||
| American Express Credit Account Master Trust,Series 2019-3, | | ||||||||||||
1,070,000 | 2.000 | 04/15/25 | 1,091,844 | |||||||||||
| Atlas Senior Loan Fund III Ltd.,Series 2013-1A, Class AR(a)(b) | | ||||||||||||
247,476 | 2.522 | 11/17/27 | 247,492 | |||||||||||
| Atrium XII,Series 2017-12A, Class AR(a)(b) (3M USD LIBOR + | | ||||||||||||
265,000 | 2.632 | 04/22/27 | 265,041 | |||||||||||
BA Credit Card Trust,Series 2018-A3, Class A3 | ||||||||||||||
500,000 | 3.100 | 12/15/23 | 512,729 | |||||||||||
| Barings CLO Ltd.,Series 2018-3A, Class A1(a)(b) (3M USD | | ||||||||||||
500,000 | 2.769 | 07/20/29 | 499,279 | |||||||||||
| Brazos Higher Education Authority, Inc.,Series 2005-3, | | ||||||||||||
174,144 | 2.147 | 06/25/26 | 173,376 | |||||||||||
| Brazos Higher Education Authority, Inc.,Series 2006-2, | | ||||||||||||
545,748 | 2.081 | 06/25/26 | 539,075 | |||||||||||
|
| |||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Brazos Higher Education Authority, Inc.,Series 2011-1, | | ||||||||||||
204,964 | 2.479 | 02/25/30 | 204,620 | |||||||||||
| Brazos Higher Education Authority, Inc.,Series 2011-2, | | ||||||||||||
123,353 | 2.644 | 07/25/29 | 123,379 | |||||||||||
| California Street CLO XII Ltd.,Series 2013-12A, Class AR(a)(b) | | ||||||||||||
485,592 | 2.861 | 10/15/25 | 485,858 | |||||||||||
| Capital One Multi-Asset Execution Trust,Series 2016-A7, | | ||||||||||||
300,000 | 2.169 | 09/16/24 | 301,514 | |||||||||||
Chase Issuance Trust,Series 2020-A1, Class A1 | ||||||||||||||
400,000 | 1.530 | 01/15/25 | 403,709 | |||||||||||
| Crown Point CLO 5 Ltd.,Series 2018-5A, Class A(a)(b) (3M USD | | ||||||||||||
300,000 | 2.776 | 07/17/28 | 299,505 | |||||||||||
| Crown Point CLO 6 Ltd.,Series 2018-6A, Class A1(a)(b) (3M USD | | ||||||||||||
300,000 | 2.989 | 10/20/28 | 300,035 | |||||||||||
| Discover Card Execution Note Trust,Series 2017-A7, Class A7(a) | | ||||||||||||
150,000 | 2.019 | 04/15/25 | 150,383 | |||||||||||
| Dryden XXV Senior Loan Fund,Series 2012-25A, Class ARR(a)(b) | | ||||||||||||
294,615 | 2.731 | 10/15/27 | 294,673 | |||||||||||
| Dryden XXVI Senior Loan Fund,Series 2013-26A, Class AR(a)(b) | | ||||||||||||
250,000 | 2.731 | 04/15/29 | 248,892 | |||||||||||
| Edsouth Indenture No 2 LLC,Series 2012-1, Class A1(a)(b) (1M | | ||||||||||||
400,001 | 2.777 | 09/25/40 | 401,033 | |||||||||||
| Educational Funding of the South, Inc.,Series 2011-1, Class A2(a) | | ||||||||||||
878,031 | 2.444 | 04/25/35 | 871,295 | |||||||||||
| Evergreen Credit Card Trust,Series 2019-1, Class A(a)(b) (1M | | ||||||||||||
500,000 | 2.138 | 01/15/23 | 501,055 | |||||||||||
Ford Credit Auto Owner Trust,Series 2017-1, Class A(b) | ||||||||||||||
950,000 | 2.620 | 08/15/28 | 975,731 | |||||||||||
| Gallatin CLO VIII Ltd.,Series 2017-1A, Class A(a)(b) (3M USD | | ||||||||||||
595,822 | 2.881 | 07/15/27 | 595,985 | |||||||||||
| Goal Capital Funding Trust,Series 2010-1, Class A(a)(b) (3M USD | | ||||||||||||
427,266 | 2.379 | 08/25/48 | 429,770 | |||||||||||
Golden Credit Card Trust,Series 2018-1A, Class A(b) (Canada) | ||||||||||||||
100,000 | 2.620 | 01/15/23 | 100,995 | |||||||||||
| KnowledgeWorks Foundation,Series 2010-1, Class A(a) (3M | | ||||||||||||
435,391 | 2.629 | 02/25/42 | 433,121 | |||||||||||
| LCM XX LP,Series 2018-20A, Class AR(a)(b) (3M USD LIBOR | | ||||||||||||
300,000 | 2.859 | 10/20/27 | 300,044 | |||||||||||
| Madison Park Funding XI Ltd.,Series 2017-11A, Class X(a)(b) | | ||||||||||||
84,375 | 2.706 | 07/23/29 | 84,404 | |||||||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Nelnet Student Loan Trust,Series 2014-2A, Class A2(a)(b) (1M | | ||||||||||||
$ | 334,915 | 2.227 | % | 03/25/30 | $ | 335,230 | ||||||||
| Nelnet Student Loan Trust,Series 2014-4A, Class A1(a)(b) (1M | | ||||||||||||
273,449 | 2.167 | 11/27/39 | 273,449 | |||||||||||
| Nelnet Student Loan Trust,Series 2016-1A, Class A(a)(b) (1M | | ||||||||||||
108,488 | 2.427 | 09/25/65 | 108,478 | |||||||||||
| Neuberger Berman CLO XX Ltd.,Series 2017-20A, Class AR(a)(b) | | ||||||||||||
250,000 | 2.631 | 01/15/28 | 250,030 | |||||||||||
| New Hampshire Higher Education Loan Corp.,Series 2012-1, | | ||||||||||||
409,410 | 2.127 | 10/25/28 | 405,930 | |||||||||||
| North Texas Higher Education Authority, Inc.,Series 2010-1, | | ||||||||||||
270,000 | 2.809 | 07/01/30 | 269,317 | |||||||||||
| Northstar Education Finance, Inc.,Series 2012-1, Class A(a)(b) | | ||||||||||||
199,262 | 2.327 | 12/26/31 | 199,585 | |||||||||||
| Octagon Investment Partners 25 Ltd.,Series 2018-1A, | | ||||||||||||
350,000 | 2.619 | 10/20/26 | 349,397 | |||||||||||
| OZLM XXII Ltd.,Series 2018-22A, Class X(a)(b) (3M USD | | ||||||||||||
31,250 | 2.386 | 01/17/31 | 31,244 | |||||||||||
| Pennsylvania Higher Education Assistance Agency, | | ||||||||||||
183,565 | 2.694 | 07/25/29 | 185,078 | |||||||||||
| Recette CLO Ltd.,Series 2015-1A, Class AR(a)(b) (3M USD | | ||||||||||||
185,078 | 2.739 | 10/20/27 | 185,143 | |||||||||||
| Rhode Island Student Loan Authority,Series 2012-1, Class A1(a) | | ||||||||||||
184,346 | 2.480 | 07/01/31 | 197,936 | |||||||||||
| Rhode Island Student Loan Authority,Series 2014-1, Class A1(a) | | ||||||||||||
254,605 | 2.281 | 10/02/28 | 252,364 | |||||||||||
| SLC Student Loan Trust,Series 2007-1, Class A4(a) (3M USD | | ||||||||||||
439,725 | 1.752 | 05/15/29 | 431,497 | |||||||||||
| SLC Student Loan Trust,Series 2010-1, Class A(a) (3M USD | | ||||||||||||
204,047 | 2.554 | 11/25/42 | 204,065 | |||||||||||
| SLM Student Loan Trust,Series 2005-7, Class A4(a) (3M USD | | ||||||||||||
379,021 | 1.944 | 10/25/29 | 375,774 | |||||||||||
| Sound Point CLO XIV Ltd.,Series 2016-3A, Class AR(a)(b) (3M | | ||||||||||||
400,000 | 2.956 | 01/23/29 | 400,000 | |||||||||||
Toyota Auto Receivables Owner Trust,Series 2017-C, Class A4 | ||||||||||||||
300,000 | 1.980 | 12/15/22 | 302,376 | |||||||||||
| Utah State Board of Regents,Series 2016-1, Class A(a) (1M USD | | ||||||||||||
203,884 | 2.377 | 09/25/56 | 203,631 | |||||||||||
|
| |||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Venture XVI CLO Ltd.,Series 2014-16A, Class ARR(a)(b) (3M | | ||||||||||||
200,000 | 2.681 | 01/15/28 | 200,003 | |||||||||||
| Voya CLO Ltd.,Series 2015-1A, Class A1R(a)(b) (3M USD | | ||||||||||||
300,000 | 2.719 | 01/18/29 | 299,147 | |||||||||||
|
| |||||||||||||
TOTAL ASSET- BACKED SECURITIES | ||||||||||||||
(Cost $16,360,061) | $ | 16,430,109 | ||||||||||||
|
| |||||||||||||
Corporate Obligations – 19.7% | ||||||||||||||
Banks – 8.3% | ||||||||||||||
Bank of America Corp.(a), GMTN | ||||||||||||||
(3M USD LIBOR + 0.660%) | ||||||||||||||
$ | 750,000 | 2.369 | % | 07/21/21 | $ | 752,391 | ||||||||
Capital One Financial Corp. | ||||||||||||||
650,000 | 3.450 | 04/30/21 | 662,978 | |||||||||||
Citigroup, Inc. | ||||||||||||||
710,000 | 2.350 | 08/02/21 | 718,906 | |||||||||||
Citizens Bank NA/Providence RI | ||||||||||||||
550,000 | 2.550 | 05/13/21 | 557,221 | |||||||||||
Discover Bank | ||||||||||||||
250,000 | 3.200 | 08/09/21 | 255,303 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
800,000 | 4.350 | 08/15/21 | 832,953 | |||||||||||
Manufacturers & Traders Trust Co.(a) | ||||||||||||||
(3M USD LIBOR + 0.640%) | ||||||||||||||
675,000 | 2.220 | 12/01/21 | 674,406 | |||||||||||
Morgan Stanley(a) | ||||||||||||||
(3M USD LIBOR + 1.180%) | ||||||||||||||
740,000 | 2.999 | 01/20/22 | 745,065 | |||||||||||
Regions Bank(a) | ||||||||||||||
(3M USD LIBOR + 0.500%) | ||||||||||||||
450,000 | 3.374 | 08/13/21 | 453,764 | |||||||||||
Wells Fargo Bank NA(a) | ||||||||||||||
(3M USD LIBOR + 0.510%) | ||||||||||||||
750,000 | 2.312 | 10/22/21 | 754,820 | |||||||||||
|
| |||||||||||||
6,407,807 | ||||||||||||||
|
| |||||||||||||
Brokerage – 1.0% | ||||||||||||||
TD Ameritrade Holding Corp.(a) (3M USD LIBOR + 0.430%) | ||||||||||||||
758,000 | 2.193 | 11/01/21 | 759,435 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.4% | ||||||||||||||
Marriott International, Inc.(a) (3M USD LIBOR + 0.650%) | ||||||||||||||
350,000 | 2.535 | 03/08/21 | 350,263 | |||||||||||
|
| |||||||||||||
Consumer Non-cyclical – 0.4% | ||||||||||||||
AbbVie, Inc.(a)(b) (3M USD LIBOR + 0.460%) | ||||||||||||||
325,000 | 2.153 | 11/19/21 | 325,922 | |||||||||||
|
| |||||||||||||
Electric – 0.4% | ||||||||||||||
Southern Co. (The) | ||||||||||||||
300,000 | 2.350 | 07/01/21 | 302,688 | |||||||||||
|
| |||||||||||||
Energy – 1.3% | ||||||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
465,000 | 5.000 | 10/01/21 | 485,549 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
MPLX LP(a) | ||||||||||||||
(3M USD LIBOR + 0.900%) | ||||||||||||||
$ | 500,000 | 2.785 | % | 09/09/21 | $ | 501,534 | ||||||||
|
| |||||||||||||
987,083 | ||||||||||||||
|
| |||||||||||||
Financial Company – 2.0% | ||||||||||||||
Air Lease Corp. | ||||||||||||||
750,000 | 3.500 | 01/15/22 | 771,313 | |||||||||||
GE Capital International Funding Co. Unlimited Co. | ||||||||||||||
750,000 | 2.342 | 11/15/20 | 752,163 | |||||||||||
|
| |||||||||||||
1,523,476 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 0.6% | ||||||||||||||
Keurig Dr Pepper, Inc. | ||||||||||||||
440,000 | 3.551 | 05/25/21 | 450,843 | |||||||||||
|
| |||||||||||||
Healthcare – 0.6% | ||||||||||||||
CVS Health Corp. | ||||||||||||||
450,000 | 2.125 | 06/01/21 | 452,452 | |||||||||||
|
| |||||||||||||
Insurance – 2.7% | ||||||||||||||
Jackson National Life Global Funding(a)(b) | ||||||||||||||
(SOFR + 0.600%) | ||||||||||||||
500,000 | 2.184 | 01/06/23 | 501,871 | |||||||||||
Marsh & McLennan Cos., Inc. | ||||||||||||||
250,000 | 4.800 | 07/15/21 | 259,667 | |||||||||||
Metropolitan Life Global Funding I(b) | ||||||||||||||
600,000 | 3.375 | 01/11/22 | 621,409 | |||||||||||
Protective Life Global Funding(a)(b) | ||||||||||||||
(3M USD LIBOR + 0.520%) | ||||||||||||||
695,000 | 2.481 | 06/28/21 | 698,467 | |||||||||||
|
| |||||||||||||
2,081,414 | ||||||||||||||
|
| |||||||||||||
Technology – 0.4% | ||||||||||||||
Hewlett Packard Enterprise Co.(a) (3M USD LIBOR + 0.720%) | ||||||||||||||
350,000 | 2.620 | 10/05/21 | 349,977 | |||||||||||
|
| |||||||||||||
Transportation – 0.3% | ||||||||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp.(b) | ||||||||||||||
250,000 | 3.300 | 04/01/21 | 254,425 | |||||||||||
|
| |||||||||||||
Wireless – 1.3% | ||||||||||||||
AT&T, Inc. | ||||||||||||||
450,000 | 3.875 | 08/15/21 | 464,742 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
550,000 | 2.946 | 03/15/22 | 567,264 | |||||||||||
|
| |||||||||||||
1,032,006 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $15,224,647) | $ | 15,277,791 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 13.4% | ||||||||||||||
Banks – 10.7% | ||||||||||||||
ABN AMRO Bank NV(b) (Netherlands) | ||||||||||||||
$ | 200,000 | 3.400 | % | 08/27/21 | $ | 205,527 | ||||||||
Banque Federative du Credit Mutuel SA(b) (France) | ||||||||||||||
550,000 | 2.500 | 04/13/21 | 555,679 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
BPCE SA(a), MTN (France) | ||||||||||||||
(3M USD LIBOR + 0.880%) | ||||||||||||||
250,000 | 2.460 | 05/31/22 | 252,864 | |||||||||||
Commonwealth Bank of Australia(b) (Australia) | ||||||||||||||
600,000 | 2.050 | 09/18/20 | 602,272 | |||||||||||
Credit Agricole SA(a)(b) (France) | ||||||||||||||
(3M USD LIBOR + 1.180%) | ||||||||||||||
650,000 | 3.089 | 07/01/21 | 658,832 | |||||||||||
Credit Suisse AG(a) (Switzerland) | ||||||||||||||
(SOFR + 0.450%) | ||||||||||||||
700,000 | 2.049 | 02/04/22 | 699,962 | |||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
450,000 | 3.400 | 03/08/21 | 457,677 | |||||||||||
ING Groep NV(a) (Netherlands) | ||||||||||||||
(3M USD LIBOR + 1.150%) | ||||||||||||||
200,000 | 3.111 | 03/29/22 | 203,080 | |||||||||||
Macquarie Bank Ltd.(b) (Australia) | ||||||||||||||
200,000 | 2.850 | 01/15/21 | 202,230 | |||||||||||
Mizuho Financial Group, Inc.(a) (Japan) | ||||||||||||||
(3M USD LIBOR + 0.940%) | ||||||||||||||
600,000 | 2.553 | 02/28/22 | 605,434 | |||||||||||
MUFG Bank Ltd.(b) (Japan) | ||||||||||||||
400,000 | 2.850 | 09/08/21 | 408,217 | |||||||||||
National Australia Bank Ltd.(a)(b) (Australia) | ||||||||||||||
(3M USD LIBOR + 0.890%) | ||||||||||||||
250,000 | 2.724 | 01/10/22 | 253,106 | |||||||||||
Nordea Bank Abp(b) (Finland) | ||||||||||||||
600,000 | 2.250 | 05/27/21 | 605,951 | |||||||||||
Skandinaviska Enskilda Banken AB(b) (Sweden) | ||||||||||||||
550,000 | 2.625 | 11/17/20 | 552,751 | |||||||||||
Societe Generale SA(b) (France) | ||||||||||||||
500,000 | 5.200 | 04/15/21 | 521,284 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
427,000 | 2.442 | 10/19/21 | 433,324 | |||||||||||
Svenska Handelsbanken AB (Sweden) | ||||||||||||||
250,000 | 1.875 | 09/07/21 | 252,013 | |||||||||||
UBS Group AG(a)(b) (Switzerland) | ||||||||||||||
(3M USD LIBOR + 1.780%) | ||||||||||||||
450,000 | 3.618 | 04/14/21 | 458,017 | |||||||||||
Westpac Banking Corp.(a) (Australia) | ||||||||||||||
(3M USD LIBOR + 0.850%) | ||||||||||||||
350,000 | 2.543 | 08/19/21 | 353,547 | |||||||||||
|
| |||||||||||||
8,281,767 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 2.1% | ||||||||||||||
BMW US Capital LLC(b) (Germany) | ||||||||||||||
450,000 | �� | 2.950 | 04/14/22 | 464,080 | ||||||||||
Daimler Finance North America LLC(a)(b) (Germany) | ||||||||||||||
(3M USD LIBOR + 0.550%) | ||||||||||||||
450,000 | 2.301 | 05/04/21 | 449,244 | |||||||||||
Volkswagen Group of America Finance LLC (Germany) | ||||||||||||||
(3M USD LIBOR + 0.860%) | ||||||||||||||
500,000 | 2.795 | (a)(b) | 09/24/21 | 503,896 | ||||||||||
(3M USD LIBOR + 0.940%) | ||||||||||||||
250,000 | 2.653 | (a)(b) | 11/12/21 | 252,524 | ||||||||||
|
| |||||||||||||
1,669,744 | ||||||||||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Consumer Non-cyclical – 0.6% | ||||||||||||||
Bayer US Finance II LLC(b) (Germany) | ||||||||||||||
$ | 450,000 | 3.500 | % | 06/25/21 | $ | 460,265 | ||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $10,370,836) | $ | 10,411,776 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Note – 5.6% | ||||||||||||||
U.S. Treasury Floating Rate Note (3M USD T-Bill + 0.043%) | ||||||||||||||
$ | 4,345,000 | 1.201 | %(c) | 07/31/20 | $ | 4,344,382 | ||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTE | ||||||||||||||
(Cost $4,344,144) | $ | 4,344,382 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Bills – 4.1% | ||||||||||||||
U.S. Treasury Bills | ||||||||||||||
$ | 170,000 | 1.564 | %(c) | 06/18/20 | $ | 169,382 | ||||||||
100,000 | 1.545 | (c) | 07/30/20 | 99,525 | ||||||||||
2,900,000 | 1.516 | (c) | 08/20/20 | 2,884,884 | ||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $3,148,136) | $ | 3,153,791 | ||||||||||||
|
| |||||||||||||
Principal Amount | Dividend Rate | Value | ||||||
Investment Company – 0.7%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
$ | 519,470 | 1.507% | $ | 519,470 | ||||
(Cost $519,470) | ||||||||
|
| |||||||
Certificate of Deposit – 0.7% | ||||||||||||||
Bayerische Landesbank (3M USD LIBOR + 0.470%) (Germany) | ||||||||||||||
$ | 500,000 | 2.221 | %(d) | 02/03/22 | $ | 499,999 | ||||||||
|
| |||||||||||||
TOTAL CERTIFICATE OF DEPOSIT | ||||||||||||||
(Cost $500,000) | $ | 499,999 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.7% | ||||||||||||||
(Cost $76,788,353) | $ | 77,197,654 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
| 283,013 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 77,480,667 | ||||||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 29, 2020. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. | |
(d) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
| ||
Investment Abbreviations: | ||
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
SOFR | —Secured Overnight Financing Rate | |
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
Access High Yield Corporate Bond ETF | Access USD Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | |||||||||||||||
Assets: |
| |||||||||||||||||
Investments in unaffiliated issuers, at value (cost $78,348,103, $15,461,948, $540,098,423 and $3,523,877,290, respectively) | $ | 78,510,063 | $ | 16,233,269 | $ | 581,378,129 | $ | 3,529,021,831 | ||||||||||
Investments in affiliated issuers, at value (cost $612,535, $0, $2,351,856 and $0, respectively) | 612,535 | — | 2,351,856 | — | ||||||||||||||
Cash | 109,184 | 50,722 | 1,123,617 | 95,480 | ||||||||||||||
Receivables: | ||||||||||||||||||
Fund shares sold | 4,875,827 | — | 27,114,403 | — | ||||||||||||||
Dividends and interest | 1,298,812 | 7,973 | 5,291,047 | 5,696,050 | ||||||||||||||
Reimbursement from investment adviser | 52 | — | 267 | 56,255 | ||||||||||||||
Investments sold | — | 54,317 | 954,322 | 10,030,784 | ||||||||||||||
Total assets | 85,406,473 | 16,346,281 | 618,213,641 | 3,544,900,400 | ||||||||||||||
Liabilities: |
| |||||||||||||||||
Payables: | ||||||||||||||||||
Investments purchased | 4,965,913 | 98,512 | 27,004,040 | — | ||||||||||||||
Management fees | 20,906 | 1,356 | 61,888 | 393,782 | ||||||||||||||
Fund shares redeemed | — | — | 45,938 | 10,049,636 | ||||||||||||||
Total liabilities | 4,986,819 | 99,868 | 27,111,866 | 10,443,418 | ||||||||||||||
Net Assets: |
| |||||||||||||||||
Paid-in capital | 80,730,938 | 15,452,060 | 544,019,162 | 3,519,630,888 | ||||||||||||||
Total distributable earnings (loss) | (311,284 | ) | 794,353 | 47,082,613 | 14,826,094 | |||||||||||||
NET ASSETS | $ | 80,419,654 | $ | 16,246,413 | $ | 591,101,775 | $ | 3,534,456,982 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 1,650,000 | 300,000 | 10,900,000 | 35,170,000 | ||||||||||||||
Net asset value per share: | $48.74 | $54.15 | $54.23 | $100.50 |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities(continued)
February 29, 2020 (Unaudited)
Access Ultra Short | ||||||
Assets: |
| |||||
Investments in unaffiliated issuers, at value (cost $76,268,883) | $ | 76,678,184 | ||||
Investments in affiliated issuers, at value (cost $519,470) | 519,470 | |||||
Cash | 89,397 | |||||
Receivables: | ||||||
Dividends and interest | 203,578 | |||||
Reimbursement from investment adviser | 2,390 | |||||
Total assets | 77,493,019 | |||||
Liabilities: |
| |||||
Payables: | ||||||
Management fees | 11,506 | |||||
Investments purchased | 846 | |||||
Total liabilities | 12,352 | |||||
Net Assets: |
| |||||
Paid-in capital | 76,927,413 | |||||
Total distributable earnings | 553,254 | |||||
NET ASSETS | $ | 77,480,667 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 1,525,000 | |||||
Net asset value per share: | $50.81 |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations
For the Six Months Ended February 29, 2020 (Unaudited)
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | |||||||||||||||
Investment income: |
| |||||||||||||||||
Interest | $ | 2,114,842 | $ | 62,373 | $ | 8,673,472 | $ | 30,341,414 | ||||||||||
Dividends from Affiliated Underlying Funds | 5,633 | — | 20,801 | — | ||||||||||||||
Total investment income | 2,120,475 | 62,373 | 8,694,273 | 30,341,414 | ||||||||||||||
Expenses: |
| |||||||||||||||||
Management fees | 127,007 | 4,798 | 364,554 | 2,330,023 | ||||||||||||||
Trustee fees | 3,030 | 2,450 | 6,856 | 31,662 | ||||||||||||||
Total expenses | 130,037 | 7,248 | 371,410 | 2,361,685 | ||||||||||||||
Less — expense reductions | (538 | ) | — | (1,986 | ) | (337,384 | ) | |||||||||||
Net expenses | 129,499 | 7,248 | 369,424 | 2,024,301 | ||||||||||||||
NET INVESTMENT INCOME | 1,990,976 | 55,125 | 8,324,849 | 28,317,113 | ||||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments | (221,971 | ) | 40,826 | 1,054,888 | 3,794,878 | |||||||||||||
In-kind redemptions | (64,231 | ) | — | 4,238,809 | 193,133 | |||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments | (848,642 | ) | 379,103 | 9,244,363 | 1,830,804 | |||||||||||||
Net realized and unrealized gain (loss) | (1,134,844 | ) | 419,929 | 14,538,060 | 5,818,815 | |||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 856,132 | $ | 475,054 | $ | 22,862,909 | $ | 34,135,928 |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations(continued)
For the Six Months Ended February 29, 2020 (Unaudited)
Access Ultra Short Bond ETF | ||||||
Investment income: |
| |||||
Interest | $ | 583,482 | ||||
Dividends from Affiliated Underlying Funds | 6,059 | |||||
Total investment income | 589,541 | |||||
Expenses: |
| |||||
Management fees | 49,108 | |||||
Trustee fees | 2,680 | |||||
Total expenses | 51,788 | |||||
Less — expense reductions | (10,939 | ) | ||||
Net expenses | 40,849 | |||||
NET INVESTMENT INCOME | 548,692 | |||||
Realized and unrealized gain (loss): |
| |||||
Net realized gain from: | ||||||
Investments | 8,587 | |||||
Net change in unrealized gain (loss) on: | ||||||
Investments | 338,390 | |||||
Net realized and unrealized gain | 346,977 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 895,669 |
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | |||||||||||||||||||||
For the February 29, 2020 | For the Fiscal Year Ended August 31, 2019 | For the Six Months Ended February 29, 2020 | For the Period October 2, 2018* to August 31, 2019 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 1,990,976 | $ | 3,383,084 | $ | 55,125 | $ | 163,069 | ||||||||||||||
Net realized gain (loss) | (286,202 | ) | 305,345 | 40,826 | (16,827 | ) | ||||||||||||||||
Net change in unrealized gain (loss) | (848,642 | ) | 979,401 | 379,103 | 392,218 | |||||||||||||||||
Net increase in net assets resulting from operations | 856,132 | 4,667,830 | 475,054 | 538,460 | ||||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings | (1,920,682 | ) | (3,325,987 | ) | (89,405 | ) | (157,830 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 12,237,466 | 119,456,665 | 7,894,653 | 11,281,177 | ||||||||||||||||||
Cost of shares redeemed | (7,355,193 | ) | (90,609,448 | ) | — | (3,695,696 | ) | |||||||||||||||
Net increase in net assets resulting from share transactions | 4,882,273 | 28,847,217 | 7,894,653 | 7,585,481 | ||||||||||||||||||
TOTAL INCREASE | 3,817,723 | 30,189,060 | 8,280,302 | 7,966,111 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 76,601,931 | $ | 46,412,871 | $ | 7,966,111 | $ | — | ||||||||||||||
End of period | $ | 80,419,654 | $ | 76,601,931 | $ | 16,246,413 | $ | 7,966,111 |
* | Commencement of operations. |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets(continued)
Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | |||||||||||||||||||||
For the Six Months Ended February 29, 2020 | For the Fiscal Year Ended | For the Six Months Ended February 29, 2020 | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 8,324,849 | $ | 12,782,931 | $ | 28,317,113 | $ | 63,305,335 | ||||||||||||||
Net realized gain | 5,293,697 | 1,847,736 | 3,988,011 | 2,235,068 | ||||||||||||||||||
Net change in unrealized gain | 9,244,363 | 35,258,508 | 1,830,804 | 3,239,890 | ||||||||||||||||||
Net increase in net assets resulting from operations | 22,862,909 | 49,889,175 | 34,135,928 | 68,780,293 | ||||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From distributable earnings | (8,396,231 | ) | (12,196,139 | ) | (29,476,575 | ) | (60,529,416 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 142,619,379 | 419,766,193 | 564,505,704 | 2,509,825,793 | ||||||||||||||||||
Cost of shares redeemed | (92,032,824 | ) | (189,872,891 | ) | (208,734,435 | ) | (986,677,428 | ) | ||||||||||||||
Net increase in net assets resulting from share transactions | 50,586,555 | 229,893,302 | 355,771,269 | 1,523,148,365 | ||||||||||||||||||
TOTAL INCREASE | 65,053,233 | 267,586,338 | 360,430,622 | 1,531,399,242 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 526,048,542 | $ | 258,462,204 | $ | 3,174,026,360 | $ | 1,642,627,118 | ||||||||||||||
End of period | $ | 591,101,775 | $ | 526,048,542 | $ | 3,534,456,982 | $ | 3,174,026,360 |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets(continued)
Access Ultra Short Bond ETF | ||||||||||
For the Six Months Ended | For the Period to August 31, 2019 | |||||||||
From operations: |
| |||||||||
Net investment income | $ | 548,692 | $ | 130,040 | ||||||
Net realized gain | 8,587 | 6,788 | ||||||||
Net change in unrealized gain | 338,390 | 70,911 | ||||||||
Net increase in net assets resulting from operations | 895,669 | 207,739 | ||||||||
Distributions to shareholders: |
| |||||||||
From distributable earnings | (456,122 | ) | (94,032 | ) | ||||||
From share transactions: |
| |||||||||
Proceeds from sales of shares | 66,947,563 | 15,034,457 | ||||||||
Cost of shares redeemed | (5,054,607 | ) | — | |||||||
Net increase in net assets resulting from share transactions | 61,892,956 | 15,034,457 | ||||||||
TOTAL INCREASE | 62,332,503 | 15,148,164 | ||||||||
Net assets: |
| |||||||||
Beginning of period | $ | 15,148,164 | $ | — | ||||||
End of period | $ | 77,480,667 | $ | 15,148,164 |
* | Commencement of operations. |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
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. 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. | 49 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
(e) | Less than 0.5% |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. 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. | 53 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
February 29, 2020 (Unaudited)
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 Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”) | Diversified | |||
Goldman Sachs Access Inflation Protected USD Bond ETF (“Access Inflation Protected USD Bond ETF”) | Diversified | |||
Goldman Sachs Access Investment Grade Corporate Bond ETF (“Access Investment Grade Corporate Bond ETF”) | Diversified | |||
Goldman Sachs Access Treasury 0-1 Year ETF (“Access Treasury 0-1 Year ETF”) | Diversified | |||
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”)* | Diversified |
* | Commencement of operations on April 15, 2019. |
The investment objective of each Fund (except the Access Ultra Short Bond ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Access Ultra Short Bond ETF seeks to provide current income with preservation of capital.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange- traded fund (“ETF”). Shares of the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF and Access Treasury 0-1 Year ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Access Inflation Protected USD Bond ETF and Access Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). Market Prices for the Funds’ shares may be different from their net asset values (“NAVs”). 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 principallyin-kind for a basket of securities and a cash amount, with respect to the Access Inflation Protected USD Bond ETF, Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF. Creation Units are issued for cash and redeemed principallyin-kind for a basket of securities and a cash amount, with respect to the Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF. 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
54
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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.
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/orpro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders— It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex- dividend date. For each Fund, income distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as eithershort-term orlong-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
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 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. The Trustees have delegated to GSAMday-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.
55
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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:
Debt Securities— Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds— Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.
C. Fair Value Hierarchy— The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2020:
ACCESS HIGH YIELD CORPORATE BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 74,331,218 | $ | — | ||||||
Foreign Corporate Debt | — | 4,178,845 | — | |||||||||
Investment Company | 612,535 | — | — | |||||||||
Total | $ | 612,535 | $ | 78,510,063 | $ | — | ||||||
ACCESS INFLATION PROTECTED USD BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
U.S. Treasury Inflation Indexed Bonds | $ | 16,233,269 | $ | — | $ | — | ||||||
Total | $ | 16,233,269 | $ | — | $ | — |
56
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 449,046,966 | $ | — | ||||||
Foreign Corporate Debt | — | 132,331,163 | — | |||||||||
Investment Company | 2,351,856 | — | — | |||||||||
Total | $ | 2,351,856 | $ | 581,378,129 | $ | — | ||||||
ACCESS TREASURY 0-1 YEAR ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
U.S. Treasury Bills | $ | 2,450,706,475 | $ | — | $ | — | ||||||
U.S. Treasury Notes | 1,078,315,356 | — | — | |||||||||
Total | $ | 3,529,021,831 | $ | — | $ | — | ||||||
ACCESS ULTRA SHORT BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Mortgage-Backed Securities | $ | — | $ | 26,560,336 | $ | — | ||||||
Asset- Backed Securities | — | 16,430,109 | — | |||||||||
Corporate Obligations | — | 15,277,791 | — | |||||||||
Foreign Corporate Debt | — | 10,411,776 | — | |||||||||
U.S. Treasury Note | 4,344,382 | — | — | |||||||||
U.S. Treasury Bills | 3,153,791 | — | — | |||||||||
Investment Company | 519,470 | — | — | |||||||||
Certificate of Deposit | — | 499,999 | — | |||||||||
Total | $ | 8,017,643 | $ | 69,180,011 | $ | — |
For further information regarding security characteristics, see the Schedules of Investments.
4. 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.
57
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and 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 six months ended February 29, 2020, contractual and effective net unitary management fee rates with GSAM were at the following rates:
Fund | Contractual Unitary Management Fee | Effective Net Unitary Management Fee* | ||||||||
Access High Yield Corporate Bond ETF | 0.34 | % | 0.34 | % | ||||||
Access Inflation Protected USD Bond ETF | 0.12 | % | 0.12 | % | ||||||
Access Investment Grade Corporate Bond ETF | 0.14 | % | 0.14 | % | ||||||
Access Treasury 0-1 Year ETF | 0.14 | % | 0.12 | % | ||||||
Access Ultra Short Bond ETF | 0.20 | % | 0.16 | % |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 27, 2020 and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the six months ended February 29, 2020, GSAM waived $337,384 and $10,357 of the Funds’ management fees for the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF respectively.
The Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF, and Access Ultra Short Bond ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the six months ended February 29, 2020, GSAM waived $538, $1,986, and $582 of the Funds’ management fees for the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF, and Access Ultra Short Bond ETF, respectively.
B. 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 Financial Square Government Fund in compliance with Rule 17a-7 under the Act for the six months ended February 29, 2020:
Fund | Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2020 | Shares as of February 29, 2020 | Dividend Income | ||||||||||||||||||
Access High Yield Corporate Bond ETF | $ | 1,093,653 | $ | 5,896,448 | $ | (6,377,566 | ) | $ | 612,535 | 612,535 | $ | 5,633 | ||||||||||||
Access Investment Grade Corporate Bond ETF | $ | 3,519,879 | $ | 17,533,916 | $ | (18,701,939 | ) | $ | 2,351,856 | 2,351,856 | $ | 20,801 | ||||||||||||
Access Ultra Short Bond ETF | $ | 392,280 | $ | 24,738,229 | $ | (24,611,039 | ) | $ | 519,470 | 519,470 | $ | 6,059 |
58
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
Share activity is as follows:
Access High Yield Corporate Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 250,000 | $ | 12,235,558 | 2,450,000 | $ | 119,417,522 | ||||||||||
Shares Redeemed | (150,000 | ) | (7,350,035 | ) | (1,850,000 | ) | (90,435,797 | ) | ||||||||
NET INCREASE IN SHARES | 100,000 | $ | 4,885,523 | 600,000 | $ | 28,981,725 |
Access Inflation Protected USD Bond ETF | ||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Period October 2, 2018* through August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 150,000 | $ | 7,894,653 | 225,000 | $ | 11,280,939 | ||||||||||
Shares Redeemed | — | — | (75,000 | ) | (3,695,696 | ) | ||||||||||
NET INCREASE IN SHARES | 150,000 | $ | 7,894,653 | 150,000 | $ | 7,585,243 |
Access Investment Grade Corporate Bond ETF | ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 2,700,000 | $ | 142,520,460 | 8,450,000 | $ | 419,509,892 | ||||||||||
Shares Redeemed | (1,750,000 | ) | (91,973,342 | ) | (3,850,000 | ) | (189,753,355 | ) | ||||||||
NET INCREASE IN SHARES | 950,000 | $ | 50,547,118 | 4,600,000 | $ | 229,756,537 |
* | Commencement of operations. |
59
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access Treasury 0-1 Year ETF | ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 5,630,000 | $ | 564,505,704 | 25,070,000 | $ | 2,509,781,663 | ||||||||||
Shares Redeemed | (2,080,000 | ) | (208,734,435 | ) | (9,850,000 | ) | (986,671,512 | ) | ||||||||
NET INCREASE IN SHARES | 3,550,000 | $ | 355,771,269 | 15,220,000 | $ | 1,523,110,151 |
Access Ultra Short Bond ETF | ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Period April 15, 2019* through August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 1,325,000 | $ | 66,947,563 | 300,000 | $ | 15,034,457 | ||||||||||
Shares Redeemed | (100,000 | ) | (5,054,607 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | 1,225,000 | $ | 61,892,956 | 300,000 | $ | 15,034,457 |
* | Commencement of operations. |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended February 29, 2020, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
Fund | Purchases | Sales | ||||||||
Access High Yield Corporate Bond ETF | $ | 21,687,497 | $ | 8,657,583 | ||||||
Access Inflation Protected USD Bond ETF | 4,626,155 | 4,663,655 | ||||||||
Access Investment Grade Corporate Bond ETF | 166,411,239 | 24,202,464 | ||||||||
Access Treasury 0-1 Year ETF | 7,787,751,025 | 7,812,725,926 | ||||||||
Access Ultra Short Bond ETF | 70,101,595 | 17,164,293 |
The purchases and sales fromin-kind creation and redemption transactions for the six months ended February 29, 2020, were as follows:
Fund | Purchases | Sales | ||||||||
Access High Yield Corporate Bond ETF | $ | — | $ | 7,302,617 | ||||||
Access Inflation Protected USD Bond ETF | 7,884,471 | — | ||||||||
Access Investment Grade Corporate Bond ETF | — | 91,196,142 | ||||||||
Access Treasury 0-1 Year ETF | 562,661,133 | 208,537,977 | ||||||||
Access Ultra Short Bond ETF | — | — |
60
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
7. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2019, the Funds’ capital loss carryforward and certain timing differences on a tax-basis were as follows:
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | Access Ultra Short Bond ETF | ||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||
PerpetualShort-Term | $ | (509,049 | ) | $ | — | $ | (431,430 | ) | $ | — | $ | — | ||||||||
PerpetualLong-Term | (1,005 | ) | (49,645 | ) | — | — | ||||||||||||||
Timing differences (Post-October Capital Loss Deferral) | (6,354 | ) | — | (179,280 | ) | — | — |
As of February 29, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate Bonds ETF | Access Treasury 0-1 Year ETF | Access Ultra Short Bond ETF | ||||||||||||||||
Tax Cost | $ | 79,052,186 | $ | 15,462,461 | $ | 542,607,633 | $ | 3,523,877,651 | $ | 76,793,088 | ||||||||||
Gross unrealized gain | 1,788,672 | 771,321 | 41,419,928 | 5,144,541 | 421,758 | |||||||||||||||
Gross unrealized loss | (1,718,260 | ) | (513 | ) | (369,576 | ) | (361 | ) | (17,192 | ) | ||||||||||
Net unrealized gains (losses) on securities | $ | 70,412 | $ | 770,808 | $ | 41,122,352 | $ | 5,144,180 | $ | 404,566 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales.
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 Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
8. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Floating and Variable Rate Obligations Risk— Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily. monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investment resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.
Foreign and Emerging Countries Risk— Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions
61
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
8. OTHER RISKS (continued) |
(including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.
Interest Rate Risk— When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value.Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short- term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.
Index Risk (each Fund except the Access Ultra Short Bond ETF)— FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data.
The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is new and has a limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk— As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
Liquidity Risk— A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
62
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
8. OTHER RISKS (continued) |
Market and Credit Risks— In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk— Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s (except the Access Ultra Short Bond ETF) Index trading individually or in the aggregate at any point in time.
Tracking Error Risk (each Fund except the Access Ultra Short Bond 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.
9. 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.
10. OTHER MATTERS |
The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended February 29, 2020. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.
Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date other than above have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Fund Expenses — For the Six Months Ended 2/29/2020 (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 a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2019 and held for the entire six months ended February 29, 2020, which represents a period of 182 days of a 366 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.
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | Access Ultra Short Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | ||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,010.90 | $ | 1.70 | $ | 1,000 | $ | 1,027.70 | $ | 0.60 | $ | 1,000 | $ | 1,041.80 | $ | 0.71 | $ | 1,000 | $ | 1,010.10 | $ | 0.60 | $ | 1,000 | $ | 1,016.80 | $ | 0.80 | ||||||||||||||||||||||||||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,023.17 | + | $ | 1.71 | $ | 1,000 | $ | 1,024.27 | + | $ | 0.60 | $ | 1,000 | $ | 1,024.17 | + | $ | 0.70 | $ | 1,000 | $ | 1,024.27 | + | $ | 0.60 | $ | 1,000 | $ | 1,024.07 | + | $ | 0.81 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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 | ||||
Access High Yield Corporate Bond ETF | 0.34% | |||
Access Inflation Protected USD Bond ETF | 0.12% | |||
Access Investment Grade Corporate Bond ETF | 0.14% | |||
Access Treasury 0-1 Year ETF | 0.12% | |||
Access Ultra Short Bond ETF | 0.16% |
64
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury0-1 Year ETF (Unaudited)
Background
The Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF and Goldman Sachs Access Treasury0-1 Year ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests, to the extent that a Fund had been existence for at least one year; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
65
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury0-1 Year ETF (Unaudited) (continued)
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, 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 Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under eachFund’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. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies and portfolios that invest in short term U.S. Treasury securities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of each Fund. In this regard, they compared the investment performance of each Fund to its peers using ranking compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on each Fund’s investment performance was provided for theone-year period ending on the applicable dates, to the extent that each Fund had been in existence for that period. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its respective index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.
66
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury0-1 Year ETF (Unaudited) (continued)
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the contractual fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single 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 rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Goldman Sachs Access Treasury0-1 Year ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC for the use of its indices. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues andpre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Funds do not have management fee breakpoints. The Trustees considered information previously provided regarding each Fund’s fee structure, the amounts of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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 Funds; and (d) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.
67
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury0-1 Year ETF (Unaudited) (continued)
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 fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2020.
68
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Ultra Short Bond ETF (Unaudited)
Background
The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”); |
(e) | with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written
69
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)
materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, 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 fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under theFund’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. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is an actively-managed ETF that does not seek to replicate the performance of a specified index. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fixed income investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. 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.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund against its peer group identified by the Outside Data Provider using updated performance information prepared by the Investment Adviser as of June 30, 2019. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of seeking to provide current income with preservation of capital.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the contractual 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 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 rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. In addition, the Trustees considered the Investment Adviser’s undertaking to implement a fee waiver for the Fund. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.
70
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Ultra Short Bond ETF (Unaudited) (continued)
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 does not have management fee breakpoints. The Trustees considered information previously provided regarding the Fund’s fee structure, the amounts of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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; and (d) 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.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) 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; and (c) 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 fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.
71
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, theConsumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.69 trillion in assets under supervision as of December 31, 2019, Goldman Sachs Asset Management (“GSAM”) 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. GSAM leverages the resources of Goldman Sachs & Co. LLC. subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Motif Data-Driven World ETF |
Goldman Sachs Motif Finance Reimagined ETF |
Goldman Sachs Motif Human Evolution ETF |
Goldman Sachs Motif Manufacturing Revolution ETF |
Goldman Sachs Motif New Age Consumer ETF
|
INDEX DISCLAIMERS
Goldman Sachs Access High Yield Corporate Bond ETF
The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.
Goldman Sachs Access Inflation Protected USD Bond ETF
The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.
Goldman Sachs Access Investment Grade Corporate Bond ETF
The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE Fixed Income LLC, or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.
Goldman Sachs Access Treasury 0-1 Year ETF
The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock
Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.
The ActiveBeta® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.
TRUSTEES Lawrence W. Stranghoener,Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officerand Treasurer Caroline L. Kraus,Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website atwww.GSAMFUNDS.com/ETFs to obtain the most recentmonth-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies relating to portfolio securities for the most recent12-month period ended June 30, are available (i) without charge, upon request by calling1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on 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 calling1-800-621-2550.
Fund holdings and allocations shown are as of February 29, 2020 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.
A Fund may be recently or newly organized and have limited operating history.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
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’ objectives, risks, and charges and expenses, and read the summary prospectuses, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectuses, 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 calling1-800-621-2550.
ActiveBeta® is a registered trademark of GSAM.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
© 2020 Goldman Sachs. All rights reserved. 200055-OTU-04/2020 GST 1136 AIGAHYCPBNDETFSAR-20
Goldman Sachs Funds
Semi-Annual Report | February 29, 2020 | |||
Goldman Sachs ActiveBeta® ETFs | ||||
ActiveBeta® Emerging Markets Equity ETF (GEM) | ||||
ActiveBeta® Europe Equity ETF (GSEU) | ||||
ActiveBeta® International Equity ETF (GSIE) | ||||
ActiveBeta® Japan Equity ETF (GSJY) | ||||
ActiveBeta® U.S. Large Cap Equity ETF (GSLC) | ||||
ActiveBeta® U.S. Small Cap Equity ETF (GSSC) |
It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.
ActiveBeta® is a registered trademark of GSAM.
Goldman Sachs ActiveBeta® ETFs
∎ | ACTIVEBETA® EMERGING MARKETS EQUITY ETF |
∎ | ACTIVEBETA® EUROPE EQUITY ETF |
∎ | ACTIVEBETA® INTERNATIONAL EQUITY ETF |
∎ | ACTIVEBETA® JAPAN EQUITY ETF |
∎ | ACTIVEBETA® U.S. LARGE CAP EQUITY ETF |
∎ | ACTIVEBETA® U.S. SMALL CAP EQUITY ETF |
i | ||||
1 | ||||
13 | ||||
63 | ||||
70 | ||||
71 | ||||
72 | ||||
73 | ||||
74 | ||||
75 | ||||
76 | ||||
90 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Recent Market Events related to COVID-19
While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.
An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Funds’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.
i
FUND BASICS
ActiveBeta® Emerging Markets Equity ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 31.01 | ||||
Net Asset Value (NAV)1 | $ | 30.91 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Emerging Markets Equity Index3 | MSCI Emerging Markets Index4 | ||||||||||||||
Shares | 1.32 | % | 1.62 | % | 1.22 | % | 2.93 | % |
2 | 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 as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.
1
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Alibaba Group Holding Ltd. ADR | 5.3 | % | Consumer Discretionary | China | ||||||
Tencent Holdings Ltd. | 4.4 | Communication Services | China | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.2 | Information Technology | Taiwan | |||||||
Samsung Electronics Co. Ltd. | 3.6 | Information Technology | South Korea | |||||||
Ping An Insurance Group Co. of China Ltd., Class H | 1.2 | Financials | China | |||||||
China Construction Bank Corp., Class H | 1.2 | Financials | China | |||||||
LUKOIL PJSC | 0.9 | Energy | Russia | |||||||
China Mobile Ltd. | 0.8 | Communication Services | China | |||||||
Infosys Ltd. | 0.8 | Information Technology | India | |||||||
Samsung Electronics Co. Ltd., Participating Preferred | 0.7 | Information Technology | South Korea |
FUND VS BENCHMARK6 |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
6 | 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 MSCI. 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 0.7% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index. |
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.
2
FUND BASICS
ActiveBeta® Europe Equity ETF
as of February 29, 2020
FUND SNAPSHOT | ||||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 28.18 | ||||
Net Asset Value (NAV)1 | $ | 28.01 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Europe Equity Index3 | MSCI Europe Index4 | ||||||||||||||
Shares | -1.51 | % | -0.98 | % | -1.35 | % | -1.12 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
3
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 3.2 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 2.6 | Health Care | Switzerland | |||||||
Novartis AG | 1.8 | Health Care | Switzerland | |||||||
Novo Nordisk A/S, Class B | 1.2 | Health Care | Denmark | |||||||
SAP SE | 1.2 | Information Technology | Germany | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.2 | Consumer Discretionary | France | |||||||
Sanofi | 1.1 | Health Care | France | |||||||
GlaxoSmithKline PLC | 1.1 | Health Care | United Kingdom | |||||||
adidas AG | 1.0 | Consumer Discretionary | Germany | |||||||
AstraZeneca PLC | 1.0 | Health Care | United Kingdom |
FUND VS BENCHMARK6 |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
6 | 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 MSCI. 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 1.8% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Europe Equity Index. |
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.
4
FUND BASICS
ActiveBeta® International Equity ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 26.94 | ||||
Net Asset Value (NAV)1 | $ | 26.95 |
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. |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Intl Equity Index3 | MSCI World ex USA Index4 | ||||||||||||||
Shares | -1.66 | % | -1.80 | % | -1.53 | % | -0.92 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
5
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 1.8 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 1.4 | Health Care | Switzerland | |||||||
Novartis AG | 1.0 | Health Care | Switzerland | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 0.7 | Consumer Discretionary | France | |||||||
Novo Nordisk A/S, Class B | 0.7 | Health Care | Denmark | |||||||
adidas AG | 0.6 | Consumer Discretionary | Germany | |||||||
Royal Bank of Canada | 0.6 | Financials | Canada | |||||||
SAP SE | 0.6 | Information Technology | Germany | |||||||
Sanofi | 0.6 | Health Care | France | |||||||
L’Oreal SA | 0.6 | Consumer Staples | France |
FUND VS BENCHMARK6 |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
6 | 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 MSCI. 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 1.5% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® International Equity Index. |
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.
6
FUND BASICS
ActiveBeta® Japan Equity ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 29.61 | ||||
Net Asset Value (NAV)1 | $ | 29.95 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Japan Equity Index3 | MSCI Japan Index4 | ||||||||||||||
Shares | -0.12 | % | -1.03 | % | -0.12 | % | 0.37 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
7
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Toyota Motor Corp. | 3.8 | % | Consumer Discretionary | Japan | ||||||
Sony Corp. | 2.1 | Consumer Discretionary | Japan | |||||||
SoftBank Group Corp. | 1.7 | Communication Services | Japan | |||||||
Honda Motor Co. Ltd. | 1.5 | Consumer Discretionary | Japan | |||||||
KDDI Corp. | 1.4 | Communication Services | Japan | |||||||
Keyence Corp. | 1.4 | Information Technology | Japan | |||||||
Nippon Telegraph & Telephone Corp. | 1.3 | Communication Services | Japan | |||||||
Sumitomo Mitsui Financial Group, Inc. | 1.3 | Financials | Japan | |||||||
Mitsubishi UFJ Financial Group, Inc. | 1.3 | Financials | Japan | |||||||
NTT DOCOMO, Inc. | 1.3 | Communication Services | Japan |
FUND VS BENCHMARK6 |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
6 | 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 MSCI. 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 0.6% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Japan Equity Index. |
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.
8
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 59.99 | ||||
Net Asset Value (NAV)1 | $ | 59.78 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® U.S. Large Cap Equity Index3 | S&P 500 Index4 | ||||||||||||||
Shares | 2.01 | % | 2.41 | % | 2.09 | % | 1.92 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low dgree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
9
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Microsoft Corp. | 4.2 | % | Information Technology | United States | ||||||
Apple, Inc. | 3.9 | Information Technology | United States | |||||||
Amazon.com, Inc. | 2.5 | Consumer Discretionary | United States | |||||||
Facebook, Inc., Class A | 1.5 | Communication Services | United States | |||||||
Alphabet, Inc., Class C | 1.3 | Communication Services | United States | |||||||
Alphabet, Inc., Class A | 1.3 | Communication Services | United States | |||||||
Johnson & Johnson | 1.2 | Health Care | United States | |||||||
JPMorgan Chase & Co. | 1.2 | Financials | United States | |||||||
Home Depot, Inc. (The) | 1.0 | Consumer Discretionary | United States | |||||||
Intel Corp. | 1.0 | Information Technology | United States |
FUND VS BENCHMARK6 |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
6 | 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 MSCI. 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. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index. |
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.
10
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 41.65 | ||||
Net Asset Value (NAV)1 | $ | 41.89 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® U.S. Small Cap Equity Index3 | Russell 2000® Index4 | ||||||||||||||
Shares | -1.56 | % | -2.12 | % | -1.49 | % | -0.52 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees incurred by the Fund. Market Price returns are based upon the last trade as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The index provider for the reference index on which the Index is based may delay or change a scheduled rebalancing or reconstitution of such reference index or the implementation of certain rules at its sole discretion. In such circumstances, the scheduled rebalancing or reconstitution of the Index may likewise be delayed or changed. It is not possible to invest directly in an unmanaged index. |
4 | The Russell 2000® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
11
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Amedisys, Inc. | 0.4 | % | Health Care | United States | ||||||
Trex Co., Inc. | 0.4 | Industrials | United States | |||||||
Cirrus Logic, Inc. | 0.4 | Information Technology | United States | |||||||
Deckers Outdoor Corp. | 0.3 | Consumer Discretionary | United States | |||||||
SiteOne Landscape Supply, Inc. | 0.3 | Industrials | United States | |||||||
Haemonetics Corp. | 0.3 | Health Care | United States | |||||||
Essent Group Ltd. | 0.3 | Financials | United States | |||||||
Radian Group, Inc. | 0.3 | Financials | United States | |||||||
Redfin Corp. | 0.3 | Real Estate | United States | |||||||
Generac Holdings, Inc. | 0.3 | Industrials | United States |
FUND VS BENCHMARK6 |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
6 | 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 MSCI. 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 1.5% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index. |
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.
12
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 95.6% | ||||||||
Argentina – 0.3% | ||||||||
20,216 | Globant SA (Information Technology)* | $ | 2,284,610 | |||||
96,480 | Telecom Argentina SA ADR (Communication Services) | 1,119,168 | ||||||
203,482 | YPF SA ADR (Energy) | 1,625,821 | ||||||
|
| |||||||
5,029,599 | ||||||||
|
| |||||||
Brazil – 6.1% | ||||||||
1,647,234 | Ambev SA (Consumer Staples) | 5,308,653 | ||||||
374,912 | B3 SA – Brasil Bolsa Balcao (Financials) | 3,988,735 | ||||||
562,658 | Banco Bradesco SA (Financials) | 3,403,397 | ||||||
114,045 | Banco BTG Pactual SA (Financials) | 1,707,774 | ||||||
403,132 | Banco do Brasil SA (Financials) | 4,187,108 | ||||||
640,892 | BB Seguridade Participacoes SA (Financials) | 4,524,378 | ||||||
252,539 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 3,288,523 | ||||||
533,589 | Embraer SA (Industrials)* | 2,005,845 | ||||||
246,115 | Energisa SA (Utilities) | 2,945,754 | ||||||
297,129 | Engie Brasil Energia SA (Utilities) | 3,130,239 | ||||||
583,201 | Equatorial Energia SA (Utilities) | 3,187,689 | ||||||
204,600 | Hapvida Participacoes e Investimentos SA (Health Care)(a) | 2,503,279 | ||||||
255,921 | Hypera SA (Health Care) | 1,945,650 | ||||||
676,540 | IRB Brasil Resseguros SA (Financials) | 4,985,971 | ||||||
518,975 | Klabin SA (Materials) | 2,214,327 | ||||||
241,173 | Localiza Rent a Car SA (Industrials) | 2,648,191 | ||||||
605,818 | Lojas Renner SA (Consumer Discretionary) | 7,157,049 | ||||||
355,104 | Magazine Luiza SA (Consumer Discretionary) | 3,976,340 | ||||||
588,010 | Natura & Co. Holding SA (Consumer Staples) | 5,931,385 | ||||||
192,701 | Notre Dame Intermedica Participacoes SA (Health Care) | 2,700,671 | ||||||
393,200 | Petrobras Distribuidora SA (Consumer Discretionary) | 2,274,671 | ||||||
917,005 | Petroleo Brasileiro SA (Energy) | 5,518,311 | ||||||
288,110 | Porto Seguro SA (Financials) | 3,894,129 | ||||||
217,237 | Raia Drogasil SA (Consumer Staples) | 5,773,213 | ||||||
370,351 | Sul America SA (Financials) | 4,437,661 | ||||||
927,202 | Vale SA (Materials) | 9,106,274 | ||||||
570,293 | WEG SA (Industrials) | 5,454,355 | ||||||
|
| |||||||
108,199,572 | ||||||||
|
| |||||||
Chile – 0.5% | ||||||||
45,647,562 | Banco Santander Chile (Financials) | 2,030,499 | ||||||
1,510,300 | Cencosud SA (Consumer Staples) | 1,767,445 | ||||||
281,582 | Cia Cervecerias Unidas SA (Consumer Staples) | 2,108,956 | ||||||
14,732,127 | Enel Americas SA (Utilities) | 2,460,353 | ||||||
|
| |||||||
8,367,253 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – 30.9% | ||||||||
33,174 | 58.com, Inc. ADR (Communication Services)* | 1,830,210 | ||||||
5,048,409 | Agricultural Bank of China Ltd., Class A (Financials) | 2,462,744 | ||||||
10,440,384 | Agricultural Bank of China Ltd., Class H (Financials) | 4,179,878 | ||||||
445,951 | Alibaba Group Holding Ltd. ADR (Consumer Discretionary)* | 92,757,808 | ||||||
672,315 | ANTA Sports Products Ltd. (Consumer Discretionary) | 5,404,884 | ||||||
29,786 | Autohome, Inc. ADR (Communication Services)* | 2,313,479 | ||||||
3,493,300 | BAIC Motor Corp. Ltd., Class H (Consumer Discretionary)(a) | 1,712,347 | ||||||
60,345 | Baidu, Inc. ADR (Communication Services)* | 7,240,193 | ||||||
3,386,038 | Bank of Beijing Co. Ltd., Class A (Financials) | 2,475,273 | ||||||
5,431,255 | Bank of China Ltd., Class A (Financials) | 2,758,284 | ||||||
18,768,492 | Bank of China Ltd., Class H (Financials) | 7,417,757 | ||||||
3,221,608 | Bank of Communications Co. Ltd., Class A (Financials) | 2,396,550 | ||||||
5,817,894 | Bank of Communications Co. Ltd., Class H (Financials) | 3,732,745 | ||||||
2,617,794 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 2,389,277 | ||||||
1,483,290 | Bank of Shanghai Co. Ltd., Class A (Financials) | 1,827,004 | ||||||
59,140 | Baozun, Inc. ADR (Consumer Discretionary)*(b) | 1,875,921 | ||||||
544,438 | Beijing Enterprises Holdings Ltd. (Utilities) | 2,298,460 | ||||||
6,359,510 | China Agri-Industries Holdings Ltd. (Consumer Staples) | 3,451,887 | ||||||
9,045,125 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 1,891,885 | ||||||
5,015,547 | China CITIC Bank Corp Ltd., Class H (Financials) | 2,606,549 | ||||||
656,500 | China Conch Venture Holdings Ltd. (Industrials) | 3,192,761 | ||||||
1,943,075 | China Construction Bank Corp., Class A (Financials) | 1,806,813 | ||||||
25,541,492 | China Construction Bank Corp., Class H (Financials) | 20,648,065 | ||||||
3,468,170 | China Everbright Bank Co. Ltd., Class A (Financials) | 1,875,437 | ||||||
6,948,233 | China Everbright Bank Co. Ltd., Class H (Financials) | 2,781,772 | ||||||
160,641 | China International Travel Service Corp. Ltd., Class A (Consumer Discretionary) | 1,804,000 | ||||||
2,782,009 | China Jinmao Holdings Group Ltd. (Real Estate) | 2,031,250 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,658,419 | China Lesso Group Holdings Ltd. (Industrials) | $ | 2,489,847 | |||||
1,153,420 | China Life Insurance Co. Ltd., Class H (Financials) | 2,702,594 | ||||||
2,184,509 | China Medical System Holdings Ltd. (Health Care) | 2,691,024 | ||||||
1,743,696 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 6,253,816 | ||||||
371,949 | China Merchants Bank Co. Ltd., Class A (Financials) | 1,819,784 | ||||||
1,481,531 | China Merchants Bank Co. Ltd., Class H (Financials) | 6,986,515 | ||||||
3,192,137 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 2,612,089 | ||||||
5,419,565 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 3,657,992 | ||||||
1,711,520 | China Mobile Ltd. (Communication Services) | 13,462,787 | ||||||
1,656,600 | China National Building Material Co. Ltd., Class H (Materials) | 1,915,292 | ||||||
769,205 | China Overseas Land & Investment Ltd. (Real Estate) | 2,581,109 | ||||||
2,762,336 | China Petroleum & Chemical Corp., Class A (Energy) | 1,817,794 | ||||||
7,424,925 | China Petroleum & Chemical Corp., Class H (Energy) | 3,830,105 | ||||||
577,814 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 2,676,627 | ||||||
523,495 | China Resources Land Ltd. (Real Estate) | 2,414,927 | ||||||
2,764,482 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 2,405,116 | ||||||
1,362,241 | China Shenhua Energy Co. Ltd., Class H (Energy) | 2,363,323 | ||||||
13,225,289 | China Telecom Corp. Ltd., Class H (Communication Services) | 4,972,392 | ||||||
3,672,984 | China Unicom Hong Kong Ltd. (Communication Services) | 2,898,589 | ||||||
3,101,089 | China United Network Communications Ltd., Class A (Communication Services) | 2,431,113 | ||||||
1,109,204 | China Yangtze Power Co. Ltd., Class A (Utilities) | 2,702,318 | ||||||
4,150,347 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 1,874,647 | ||||||
2,271,819 | CITIC Ltd. (Industrials) | 2,521,636 | ||||||
4,705,097 | CNOOC Ltd. (Energy) | 6,448,109 | ||||||
2,237,900 | Country Garden Holdings Co. Ltd. (Real Estate) | 2,963,554 | ||||||
534,824 | Country Garden Services Holdings Co. Ltd. (Industrials) | 2,086,301 | ||||||
2,106,020 | CSPC Pharmaceutical Group Ltd. (Health Care) | 4,799,522 | ||||||
2,921,803 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 1,930,860 | ||||||
2,184,855 | Daqin Railway Co. Ltd., Class A (Industrials) | 2,212,923 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
268,141 | ENN Energy Holdings Ltd. (Utilities) | 2,971,106 | ||||||
7,368,332 | GD Power Development Co. Ltd., Class A (Utilities) | 2,213,599 | ||||||
1,649,809 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 2,934,198 | ||||||
1,546,955 | Guangdong Investment Ltd. (Utilities) | 2,906,105 | ||||||
452,600 | Haidilao International Holding Ltd. (Consumer Discretionary)(a) | 1,849,765 | ||||||
2,470,520 | Huaxia Bank Co. Ltd., Class A (Financials) | 2,456,312 | ||||||
3,394,408 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 2,573,655 | ||||||
16,588,156 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 11,345,349 | ||||||
1,211,119 | Industrial Bank Co. Ltd., Class A (Financials) | 2,995,658 | ||||||
181,515 | JD.com, Inc. ADR (Consumer Discretionary)* | 6,990,143 | ||||||
320,652 | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | 3,857,347 | ||||||
651,400 | Kingboard Holdings Ltd. (Information Technology) | 1,721,898 | ||||||
2,854,621 | Kunlun Energy Co. Ltd. (Utilities) | 1,992,691 | ||||||
24,634 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 3,724,949 | ||||||
4,097,360 | Lenovo Group Ltd. (Information Technology) | 2,528,959 | ||||||
1,651,404 | Li Ning Co. Ltd. (Consumer Discretionary) | 4,344,099 | ||||||
1,073,633 | Longfor Group Holdings Ltd. (Real Estate)(a) | 4,966,537 | ||||||
379,001 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 2,591,664 | ||||||
2,994,200 | Luye Pharma Group Ltd. (Health Care)(a) | 1,825,017 | ||||||
150,350 | Meituan Dianping, Class B (Consumer Discretionary)* | 1,908,061 | ||||||
91,405 | Momo, Inc. ADR (Communication Services) | 2,570,309 | ||||||
67,327 | Muyuan Foodstuff Co. Ltd., Class A (Consumer Staples) | 1,122,085 | ||||||
26,291 | NetEase, Inc. ADR (Communication Services) | 8,379,205 | ||||||
51,144 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)* | 6,540,806 | ||||||
5,092,300 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 1,803,498 | ||||||
2,500,539 | PetroChina Co. Ltd., Class A (Energy) | 1,813,644 | ||||||
8,147,726 | PetroChina Co. Ltd., Class H (Energy) | 3,157,446 | ||||||
|
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
3,260,682 | PICC Property & Casualty Co. Ltd., Class H (Financials) | $ | 3,376,560 | |||||
59,486 | Pinduoduo, Inc. ADR (Consumer Discretionary)* | 2,128,409 | ||||||
219,575 | Ping An Insurance Group Co of China Ltd., Class A (Financials) | 2,441,328 | ||||||
1,926,480 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 21,420,303 | ||||||
3,046,776 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 1,923,526 | ||||||
933,000 | Semiconductor Manufacturing International Corp. (Information Technology)* | 1,807,803 | ||||||
1,802,499 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 2,797,790 | ||||||
298,195 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 3,663,799 | ||||||
58,557 | SINA Corp. (Communication Services)* | 1,917,742 | ||||||
603,609 | Sunac China Holdings Ltd. (Real Estate) | 3,291,828 | ||||||
115,480 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 1,795,982 | ||||||
90,993 | TAL Education Group ADR (Consumer Discretionary)* | 4,949,109 | ||||||
1,564,596 | Tencent Holdings Ltd. (Communication Services) | 77,496,494 | ||||||
1,958,151 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 3,562,993 | ||||||
1,420,600 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 1,642,439 | ||||||
68,422 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 2,077,292 | ||||||
332,245 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 4,262,703 | ||||||
3,167,454 | Want Want China Holdings Ltd. (Consumer Staples) | 2,446,805 | ||||||
1,195,074 | Weichai Power Co. Ltd., Class H (Industrials) | 2,352,408 | ||||||
339,315 | Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 1,643,616 | ||||||
102,593 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 1,770,009 | ||||||
125,900 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 1,841,718 | ||||||
597,657 | Yihai International Holding Ltd. (Consumer Staples)* | 3,999,437 | ||||||
207,101 | Yum China Holdings, Inc. (Consumer Discretionary) | 9,068,953 | ||||||
|
| |||||||
545,449,089 | ||||||||
|
| |||||||
Colombia – 0.4% | ||||||||
2,595,015 | Ecopetrol SA (Energy) | 2,271,606 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Colombia – (continued) | ||||||||
209,631 | Grupo de Inversiones Suramericana SA (Financials) | 1,802,548 | ||||||
438,247 | Interconexion Electrica SA ESP (Utilities) | 2,298,070 | ||||||
|
| |||||||
6,372,224 | ||||||||
|
| |||||||
Egypt – 0.5% | ||||||||
1,110,496 | Commercial International Bank Egypt SAE GDR (Financials) | 5,441,430 | ||||||
337,644 | Commercial International Bank Egypt SAE (Financials) | 1,783,201 | ||||||
1,396,655 | ElSewedy Electric Co. (Industrials) | 844,292 | ||||||
|
| |||||||
8,068,923 | ||||||||
|
| |||||||
Greece – 0.3% | ||||||||
322,763 | Hellenic Telecommunications Organization SA (Communication Services) | 4,545,191 | ||||||
|
| |||||||
Hong Kong – 0.7% | ||||||||
1,451,533 | Haier Electronics Group Co. Ltd. (Consumer Discretionary) | 4,153,597 | ||||||
2,899,848 | Sino Biopharmaceutical Ltd. (Health Care) | 4,197,366 | ||||||
3,289,166 | Sun Art Retail Group Ltd. (Consumer Staples) | 4,203,758 | ||||||
|
| |||||||
12,554,721 | ||||||||
|
| |||||||
Hungary – 0.3% | ||||||||
234,872 | MOL Hungarian Oil & Gas PLC (Energy) | 1,806,337 | ||||||
79,380 | OTP Bank Nyrt (Financials) | 3,432,069 | ||||||
|
| |||||||
5,238,406 | ||||||||
|
| |||||||
India – 9.0% | ||||||||
125,400 | Asian Paints Ltd. (Materials) | 3,124,162 | ||||||
125,011 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 4,025,625 | ||||||
335,694 | Axis Bank Ltd. (Financials) | 3,243,557 | ||||||
99,793 | Bajaj Finance Ltd. (Financials) | 6,175,364 | ||||||
21,200 | Bajaj Finserv Ltd. (Financials) | 2,658,758 | ||||||
329,100 | Berger Paints India Ltd. (Materials) | 2,583,595 | ||||||
302,500 | Bharti Airtel Ltd. (Communication Services)* | 2,194,322 | ||||||
60,517 | Britannia Industries Ltd. (Consumer Staples) | 2,490,700 | ||||||
357,049 | Dabur India Ltd. (Consumer Staples) | 2,454,457 | ||||||
98,146 | Divi’s Laboratories Ltd. (Health Care) | 2,865,399 | ||||||
93,612 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 3,796,885 | ||||||
847,859 | HCL Technologies Ltd. (Information Technology) | 6,277,805 | ||||||
66,146 | HDFC Asset Management Co. Ltd. (Financials)(a) | 2,879,288 | ||||||
373,611 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 2,816,805 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
85,818 | Hero MotoCorp Ltd. (Consumer Discretionary) | $ | 2,439,839 | |||||
900,441 | Hindalco Industries Ltd. (Materials) | 1,945,180 | ||||||
322,718 | Hindustan Unilever Ltd. (Consumer Staples) | 9,725,028 | ||||||
418,601 | Housing Development Finance Corp. Ltd. (Financials) | 12,620,239 | ||||||
652,309 | ICICI Bank Ltd. (Financials) | 4,494,553 | ||||||
139,859 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 2,396,600 | ||||||
411,900 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | 2,690,542 | ||||||
1,310,700 | Infosys Ltd. (Information Technology) | 13,289,073 | ||||||
994,043 | ITC Ltd. (Consumer Staples) | 2,721,075 | ||||||
117,896 | Larsen & Toubro Ltd. (Industrials) | 1,940,034 | ||||||
684,802 | Marico Ltd. (Consumer Staples) | 2,834,858 | ||||||
23,407 | Nestle India Ltd. (Consumer Staples) | 5,117,754 | ||||||
138,396 | Pidilite Industries Ltd. (Materials) | 2,901,680 | ||||||
978,025 | Power Grid Corp. of India Ltd. (Utilities) | 2,459,716 | ||||||
1,105,032 | REC Ltd. (Financials) | 1,803,759 | ||||||
587,110 | Reliance Industries Ltd. (Energy) | 10,809,072 | ||||||
228,497 | SBI Life Insurance Co. Ltd. (Financials)(a) | 2,819,188 | ||||||
113,017 | Siemens Ltd. (Industrials) | 2,041,721 | ||||||
351,484 | Tata Consultancy Services Ltd. (Information Technology) | 9,741,514 | ||||||
334,057 | Tech Mahindra Ltd. (Information Technology) | 3,445,762 | ||||||
203,545 | Titan Co. Ltd. (Consumer Discretionary) | 3,538,258 | ||||||
37,327 | UltraTech Cement Ltd. (Materials) | 2,182,492 | ||||||
257,310 | UPL Ltd. (Materials) | 1,852,967 | ||||||
1,602,124 | Wipro Ltd. (Information Technology) | 4,916,207 | ||||||
|
| |||||||
158,313,833 | ||||||||
|
| |||||||
Indonesia – 1.5% | ||||||||
4,966,318 | Astra International Tbk PT (Consumer Discretionary) | 1,912,452 | ||||||
3,208,304 | Bank Central Asia Tbk PT (Financials) | 7,032,665 | ||||||
4,557,048 | Bank Mandiri Persero Tbk PT (Financials) | 2,310,683 | ||||||
12,414,848 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 3,625,594 | ||||||
24,063,860 | Barito Pacific Tbk PT (Materials)* | 1,652,058 | ||||||
3,421,163 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 2,450,075 | ||||||
16,917,499 | Telekomunikasi Indonesia Persero Tbk PT (Communication Services) | 4,115,147 | ||||||
7,289,258 | Unilever Indonesia Tbk PT (Consumer Staples) | 3,467,447 | ||||||
|
| |||||||
26,566,121 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Luxembourg – 0.1% | ||||||||
134,300 | Reinet Investments SCA (Financials) | 2,752,076 | ||||||
|
| |||||||
Mexico – 2.9% | ||||||||
3,238,381 | Alfa SAB de CV, Class A (Industrials) | 2,056,245 | ||||||
869,004 | Alsea SAB de CV (Consumer Discretionary)*(b) | 1,752,362 | ||||||
10,694,408 | America Movil SAB de CV, Series L (Communication Services) | 8,384,169 | ||||||
482,078 | Arca Continental SAB de CV (Consumer Staples) | 2,629,738 | ||||||
5,176,155 | Cemex SAB de CV, Series CPO (Materials) | 1,657,708 | ||||||
422,998 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 2,328,610 | ||||||
1,637,808 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 2,448,046 | ||||||
613,362 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 4,932,860 | ||||||
332,261 | Gruma SAB de CV, Class B (Consumer Staples) | 3,173,150 | ||||||
265,106 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 2,861,240 | ||||||
2,086,081 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 3,128,621 | ||||||
593,709 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 3,198,198 | ||||||
1,786,686 | Grupo Financiero Inbursa SAB de CV, Class O (Financials) | 1,906,135 | ||||||
893,666 | Grupo Mexico SAB de CV, Series B (Materials) | 2,095,521 | ||||||
1,296,192 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)* | 2,440,284 | ||||||
2,082,444 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 5,806,628 | ||||||
|
| |||||||
50,799,515 | ||||||||
|
| |||||||
Peru – 0.2% | ||||||||
18,071 | Credicorp Ltd. (Financials) | 3,275,730 | ||||||
|
| |||||||
Philippines – 0.3% | ||||||||
70,539 | Globe Telecom, Inc. (Communication Services) | 2,461,773 | ||||||
|
| |||||||
961,890 | International Container Terminal Services, Inc. (Industrials) | 2,000,203 | ||||||
517,828 | Jollibee Foods Corp. (Consumer Discretionary) | 1,726,940 | ||||||
|
| |||||||
6,188,916 | ||||||||
|
| |||||||
Poland – 0.8% | ||||||||
27,179 | CD Projekt SA (Communication Services) | 1,919,840 | ||||||
78,582 | Dino Polska SA (Consumer Staples)*(a) | 2,826,218 | ||||||
1,697 | LPP SA (Consumer Discretionary) | 2,969,868 | ||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Poland – (continued) | ||||||||
123,446 | Polski Koncern Naftowy ORLEN SA (Energy) | $ | 1,836,019 | |||||
255,863 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 2,030,576 | ||||||
227,194 | Powszechny Zaklad Ubezpieczen SA (Financials) | 2,002,433 | ||||||
|
| |||||||
13,584,954 | ||||||||
|
| |||||||
Qatar – 1.2% | ||||||||
1,742,557 | Commercial Bank PSQC (The) (Financials) | 2,165,485 | ||||||
2,247,109 | Masraf Al Rayan QSC (Financials)* | 2,511,702 | ||||||
1,220,089 | Ooredoo QPSC (Communication Services) | 2,119,009 | ||||||
395,792 | Qatar Fuel QSC (Energy) | 2,097,847 | ||||||
1,011,569 | Qatar International Islamic Bank QSC (Financials) | 2,361,369 | ||||||
713,013 | Qatar Islamic Bank (Financials) | 3,054,721 | ||||||
1,464,578 | Qatar National Bank QPSC (Financials) | 7,577,796 | ||||||
|
| |||||||
21,887,929 | ||||||||
|
| |||||||
Russia – 4.6% | ||||||||
1,707,078 | Alrosa PJSC (Materials) | 1,813,516 | ||||||
3,086,292 | Gazprom PJSC (Energy) | 9,307,099 | ||||||
56,194,394 | Inter RAO UES PJSC (Utilities) | 4,351,721 | ||||||
179,595 | LUKOIL PJSC (Energy) | 15,232,168 | ||||||
16,450 | MMC Norilsk Nickel PJSC (Materials) | 4,957,031 | ||||||
266,800 | Mobile TeleSystems PJSC ADR (Communication Services) | 2,587,960 | ||||||
20,375 | Novatek PJSC GDR (Energy) | 2,919,738 | ||||||
209,626 | Polymetal International PLC (Materials) | 3,197,732 | ||||||
23,897 | Polyus PJSC (Materials) | 3,009,884 | ||||||
351,555 | Rosneft Oil Co. PJSC (Energy) | 2,110,376 | ||||||
3,562,044 | Sberbank of Russia PJSC (Financials) | 12,369,622 | ||||||
101,124 | Severstal PJSC GDR (Materials) | 1,222,589 | ||||||
138,112 | Severstal PJSC (Materials) | 1,674,197 | ||||||
5,291,535 | Surgutneftegas PJSC (Energy) | 3,026,490 | ||||||
50,487 | Tatneft PJSC ADR (Energy) | 3,008,016 | ||||||
348,998 | Tatneft PJSC (Energy) | 3,487,903 | ||||||
4,402,497,529 | VTB Bank PJSC (Financials) | 2,838,694 | ||||||
109,263 | X5 Retail Group NV GDR (Consumer Staples) | 3,366,504 | ||||||
|
| |||||||
80,481,240 | ||||||||
|
| |||||||
Saudi Arabia – 2.3% | ||||||||
295,474 | Al Rajhi Bank (Financials) | 4,875,341 | ||||||
399,800 | Arab National Bank (Financials) | 2,696,239 | ||||||
835,163 | Dar Al Arkan Real Estate Development Co. (Real Estate)* | 2,085,960 | ||||||
348,855 | Etihad Etisalat Co. (Communication Services)* | 2,133,209 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Saudi Arabia – (continued) | ||||||||
301,445 | National Commercial Bank (Financials) | 3,559,646 | ||||||
371,034 | Riyad Bank (Financials) | 2,167,950 | ||||||
585,600 | Sahara International Petrochemical Co. (Materials) | 2,435,122 | ||||||
297,189 | Samba Financial Group (Financials) | 2,127,022 | ||||||
499,600 | Saudi Arabian Oil Co. (Energy)*(a) | 4,441,333 | ||||||
94,300 | Saudi Basic Industries Corp. (Materials) | 1,978,251 | ||||||
670,543 | Saudi Electricity Co. (Utilities) | 3,002,832 | ||||||
340,369 | Saudi Industrial Investment Group (Materials) | 1,912,563 | ||||||
1,083,900 | Saudi Kayan Petrochemical Co. (Materials)* | 2,559,870 | ||||||
99,474 | Saudi Telecom Co. (Communication Services) | 2,190,205 | ||||||
248,100 | Savola Group (The) (Consumer Staples)* | 2,212,167 | ||||||
|
| |||||||
40,377,710 | ||||||||
|
| |||||||
South Africa – 3.5% | ||||||||
26,916 | Anglo American Platinum Ltd. (Materials)(b) | 1,791,959 | ||||||
134,741 | AngloGold Ashanti Ltd. (Materials) | 2,379,113 | ||||||
267,362 | Aspen Pharmacare Holdings Ltd. (Health Care)* | 1,699,533 | ||||||
157,043 | Bid Corp. Ltd. (Consumer Staples) | 2,776,491 | ||||||
204,783 | Bidvest Group Ltd. (The) (Industrials)(b) | 2,343,129 | ||||||
34,804 | Capitec Bank Holdings Ltd. (Financials) | 2,876,067 | ||||||
163,435 | Clicks Group Ltd. (Consumer Staples) | 2,446,616 | ||||||
1,065,259 | FirstRand Ltd. (Financials)(b) | 3,732,453 | ||||||
236,700 | Gold Fields Ltd. (Materials) | 1,387,565 | ||||||
239,876 | Impala Platinum Holdings Ltd. (Materials)* | 1,900,680 | ||||||
480,261 | Investec Ltd. (Financials) | 2,407,792 | ||||||
247,652 | Mr Price Group Ltd. (Consumer Discretionary) | 2,376,634 | ||||||
487,900 | MultiChoice Group (Communication Services)* | 2,804,305 | ||||||
77,753 | Naspers Ltd., Class N (Consumer Discretionary) | 11,767,805 | ||||||
200,019 | Nedbank Group Ltd. (Financials) | 2,245,517 | ||||||
257,310 | Northam Platinum Ltd. (Materials)* | 1,818,990 | ||||||
3,617,295 | Old Mutual Ltd. (Financials) | 3,600,854 | ||||||
894,264 | Pick n Pay Stores Ltd. (Consumer Staples) | 3,140,142 | ||||||
936,615 | Sibanye Gold Ltd. (Materials)* | 2,639,300 | ||||||
352,039 | Standard Bank Group Ltd. (Financials)(b) | 3,323,128 | ||||||
278,500 | Vodacom Group Ltd. (Communication Services) | 1,941,525 | ||||||
|
| |||||||
61,399,598 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – 11.2% | ||||||||
18,487 | Amorepacific Corp. (Consumer Staples)* | $ | 2,450,726 | |||||
420,290 | BNK Financial Group, Inc. (Financials) | 2,135,191 | ||||||
170,849 | Cheil Worldwide, Inc. (Communication Services) | 2,722,049 | ||||||
53,264 | Coway Co. Ltd. (Consumer Discretionary) | 3,021,729 | ||||||
57,658 | DB Insurance Co. Ltd. (Financials) | 2,055,654 | ||||||
80,221 | GS Holdings Corp. (Energy) | 2,724,674 | ||||||
77,681 | GS Retail Co. Ltd. (Consumer Staples) | 2,261,032 | ||||||
96,474 | Hana Financial Group, Inc. (Financials) | 2,494,264 | ||||||
47,441 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 3,136,692 | ||||||
37,464 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 2,187,071 | ||||||
17,359 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 3,001,556 | ||||||
48,433 | Hyundai Motor Co. (Consumer Discretionary) | 4,586,081 | ||||||
20,925 | Kakao Corp. (Communication Services) | 2,963,442 | ||||||
123,752 | KB Financial Group, Inc. (Financials) | 3,963,732 | ||||||
148,119 | Kia Motors Corp. (Consumer Discretionary) | 4,421,008 | ||||||
45,950 | KMW Co. Ltd. (Information Technology)* | 1,840,648 | ||||||
108,245 | Korea Electric Power Corp. (Utilities) | 1,898,410 | ||||||
76,405 | Korea Gas Corp. (Utilities) | 1,767,790 | ||||||
47,175 | Korea Investment Holdings Co. Ltd. (Financials)* | 2,439,349 | ||||||
6,819 | Korea Zinc Co. Ltd. (Materials) | 2,327,275 | ||||||
36,041 | KT&G Corp. (Consumer Staples) | 2,513,522 | ||||||
43,434 | LG Corp. (Industrials) | 2,413,993 | ||||||
70,353 | LG Electronics, Inc. (Consumer Discretionary) | 3,498,823 | ||||||
6,616 | LG Household & Health Care Ltd. (Consumer Staples) | 6,651,409 | ||||||
317,558 | LG Uplus Corp. (Communication Services) | 3,451,433 | ||||||
697,949 | Meritz Securities Co. Ltd. (Financials) | 1,997,013 | ||||||
20,845 | NAVER Corp (Communication Services) | 2,986,439 | ||||||
9,580 | NCSoft Corp. (Communication Services) | 5,119,325 | ||||||
24,291 | Orion Corp. (Consumer Staples) | 1,886,078 | ||||||
6,039 | Ottogi Corp. (Consumer Staples) | 2,471,291 | ||||||
13,299 | Pearl Abyss Corp. (Communication Services)* | 1,940,373 | ||||||
19,531 | POSCO (Materials) | 3,143,936 | ||||||
45,268 | S-1 Corp. (Industrials) | 3,063,837 | ||||||
4,900 | Samsung Biologics Co Ltd. (Health Care)*(a) | 1,870,029 | ||||||
25,323 | Samsung C&T Corp. (Industrials) | 2,199,734 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
24,037 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 2,493,752 | ||||||
1,419,717 | Samsung Electronics Co. Ltd. (Information Technology) | 63,358,305 | ||||||
47,115 | Samsung Life Insurance Co. Ltd. (Financials) | 2,269,434 | ||||||
11,425 | Samsung SDI Co. Ltd. (Information Technology) | 2,775,113 | ||||||
13,052 | Samsung SDS Co. Ltd. (Information Technology) | 1,789,344 | ||||||
80,365 | Samsung Securities Co. Ltd. (Financials) | 2,190,269 | ||||||
126,005 | Shinhan Financial Group Co. Ltd. (Financials) | 3,351,141 | ||||||
164,475 | SK Hynix, Inc. (Information Technology) | 11,903,954 | ||||||
25,808 | SK Telecom Co. Ltd. (Communication Services) | 4,515,603 | ||||||
302,222 | Woori Financial Group, Inc. (Financials) | 2,391,398 | ||||||
|
| |||||||
196,643,921 | ||||||||
|
| |||||||
Taiwan – 14.7% | ||||||||
337,599 | Accton Technology Corp. (Information Technology) | 1,822,931 | ||||||
448,796 | Advantech Co. Ltd. (Information Technology) | 4,365,013 | ||||||
1,469,479 | ASE Technology Holding Co. Ltd. (Information Technology) | 3,460,224 | ||||||
1,852,285 | Asia Cement Corp. (Materials) | 2,713,018 | ||||||
2,473,697 | Cathay Financial Holding Co. Ltd. (Financials) | 3,271,902 | ||||||
1,106,974 | Chailease Holding Co. Ltd. (Financials) | 4,204,231 | ||||||
3,931,873 | Chang Hwa Commercial Bank Ltd. (Financials) | 3,012,581 | ||||||
947,778 | Chicony Electronics Co. Ltd. (Information Technology) | 2,613,632 | ||||||
8,840,576 | China Development Financial Holding Corp. (Financials) | 2,674,406 | ||||||
4,424,585 | China Steel Corp. (Materials) | 3,360,870 | ||||||
1,222,833 | Chunghwa Telecom Co. Ltd. (Communication Services) | 4,361,564 | ||||||
4,637,559 | Compal Electronics, Inc. (Information Technology) | 2,825,772 | ||||||
6,121,159 | CTBC Financial Holding Co. Ltd. (Financials) | 4,588,924 | ||||||
747,736 | Delta Electronics, Inc. (Information Technology) | 3,457,225 | ||||||
4,252,470 | E.Sun Financial Holding Co. Ltd. (Financials) | 4,079,798 | ||||||
905,989 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 1,977,770 | ||||||
942,520 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 5,322,773 | ||||||
4,280,605 | First Financial Holding Co. Ltd. (Financials) | 3,350,463 | ||||||
|
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
935,048 | Formosa Chemicals & Fibre Corp. (Materials) | $ | 2,538,382 | |||||
895,636 | Formosa Plastics Corp. (Materials) | 2,691,685 | ||||||
1,199,552 | Foxconn Technology Co. Ltd. (Information Technology) | 2,357,151 | ||||||
2,052,383 | Fubon Financial Holding Co. Ltd. (Financials) | 3,012,877 | ||||||
191,052 | Globalwafers Co. Ltd. (Information Technology) | 2,583,788 | ||||||
2,889,771 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 7,663,555 | ||||||
98,146 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 2,032,317 | ||||||
3,714,439 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 2,643,576 | ||||||
4,081,226 | Inventec Corp. (Information Technology) | 3,093,318 | ||||||
23,361 | Largan Precision Co. Ltd. (Information Technology) | 3,417,799 | ||||||
2,018,348 | Lite-On Technology Corp. (Information Technology) | 2,922,920 | ||||||
399,950 | MediaTek, Inc. (Information Technology) | 4,755,098 | ||||||
3,041,648 | Mega Financial Holding Co. Ltd. (Financials) | 3,249,635 | ||||||
1,123,782 | Nan Ya Plastics Corp. (Materials) | 2,527,438 | ||||||
314,665 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 2,535,652 | ||||||
278,000 | Novatek Microelectronics Corp. (Information Technology) | 1,794,911 | ||||||
1,228,100 | Pegatron Corp. (Information Technology) | 2,543,036 | ||||||
2,460,000 | Pou Chen Corp. (Consumer Discretionary) | 2,770,389 | ||||||
1,041,201 | Powertech Technology, Inc. (Information Technology) | 3,507,406 | ||||||
625,398 | President Chain Store Corp. (Consumer Staples) | 6,123,962 | ||||||
1,094,038 | Quanta Computer, Inc. (Information Technology) | 2,240,141 | ||||||
278,066 | Realtek Semiconductor Corp. (Information Technology) | 2,066,244 | ||||||
1,481,912 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 2,461,737 | ||||||
5,596,946 | SinoPac Financial Holdings Co Ltd. (Financials) | 2,402,956 | ||||||
1,577,098 | Standard Foods Corp. (Consumer Staples) | 3,536,550 | ||||||
2,442,675 | Synnex Technology International Corp. (Information Technology) | 3,033,226 | ||||||
6,202,444 | Taishin Financial Holding Co. Ltd. (Financials) | 2,908,724 | ||||||
9,275,799 | Taiwan Business Bank (Financials) | 3,676,071 | ||||||
2,140,248 | Taiwan Cement Corp. (Materials) | 2,986,360 | ||||||
4,205,149 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 2,909,489 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
2,799,051 | Taiwan High Speed Rail Corp. (Industrials) | 3,189,196 | ||||||
852,456 | Taiwan Mobile Co. Ltd. (Communication Services) | 2,956,055 | ||||||
7,060,264 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 73,681,647 | ||||||
3,177,063 | Uni-President Enterprises Corp. (Consumer Staples) | 7,680,477 | ||||||
5,380,109 | United Microelectronics Corp. (Information Technology) | 2,718,528 | ||||||
4,152,606 | Wistron Corp. (Information Technology) | 3,709,704 | ||||||
2,177,017 | WPG Holdings Ltd. (Information Technology) | 2,789,619 | ||||||
216,106 | Yageo Corp. (Information Technology) | 2,926,186 | ||||||
4,183,566 | Yuanta Financial Holding Co. Ltd. (Financials) | 2,652,767 | ||||||
718,560 | Zhen Ding Technology Holding Ltd. (Information Technology) | 2,740,920 | ||||||
|
| |||||||
259,494,589 | ||||||||
|
| |||||||
Thailand – 2.1% | ||||||||
608,516 | Advanced Info Service PCL NVDR (Communication Services) | 3,856,860 | ||||||
6,232,000 | BTS Group Holdings PCL NVDR (Industrials) | 2,152,711 | ||||||
2,594,200 | Charoen Pokphand Foods PCL NVDR (Consumer Staples) | 2,199,171 | ||||||
2,089,877 | CP ALL PCL NVDR (Consumer Staples) | 4,354,600 | ||||||
310,102 | Electricity Generating PCL NVDR (Utilities) | 2,682,866 | ||||||
351,300 | Gulf Energy Development PCL NVDR (Utilities) | 1,842,502 | ||||||
7,357,200 | Home Product Center PCL NVDR (Consumer Discretionary) | 2,984,382 | ||||||
1,248,600 | Intouch Holdings PCL NVDR (Communication Services) | 2,136,726 | ||||||
1,285,100 | Muangthai Capital PCL NVDR (Financials) | 2,341,729 | ||||||
1,468,700 | Osotspa PCL NVDR (Consumer Staples) | 1,943,217 | ||||||
593,900 | PTT Exploration & Production PCL NVDR (Energy) | 1,995,037 | ||||||
3,139,270 | PTT PCL NVDR (Energy) | 3,879,941 | ||||||
1,389,200 | Ratch Group PCL NVDR (Utilities) | 2,597,458 | ||||||
4,375,500 | Thai Union Group PCL NVDR (Consumer Staples) | 2,121,539 | ||||||
|
| |||||||
37,088,739 | ||||||||
|
| |||||||
Turkey – 0.4% | ||||||||
530,734 | BIM Birlesik Magazalar AS (Consumer Staples) | 4,079,923 | ||||||
1,862,116 | Haci Omer Sabanci Holding AS (Financials) | 2,535,762 | ||||||
|
| |||||||
6,615,685 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Arab Emirates – 0.6% | ||||||||
979,259 | Abu Dhabi Commercial Bank PJSC (Financials) | $ | 1,900,982 | |||||
1,536,487 | Dubai Islamic Bank PJSC (Financials) | 2,258,986 | ||||||
642,077 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 2,762,073 | ||||||
758,715 | First Abu Dhabi Bank PJSC (Financials) | 2,958,098 | ||||||
|
| |||||||
9,880,139 | ||||||||
|
| |||||||
United States – 0.2% | ||||||||
859,784 | JBS SA (Consumer Staples) | 4,325,933 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,455,661,791) | $ | 1,683,501,606 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 3.8% | ||||||||||||
Brazil – 1.9% | ||||||||||||
1,323,087 | Banco Bradesco SA (Financials) | 6.77 | % | $ | 8,953,232 | |||||||
1,776,845 | Itau Unibanco Holding SA (Financials) | 6.31 | 12,602,715 | |||||||||
1,096,863 | Itausa – Investimentos Itau SA (Financials) | 4.14 | 2,919,846 | |||||||||
1,004,341 | Petroleo Brasileiro SA (Energy) | 3.55 | 5,640,952 | |||||||||
248,314 | Telefonica Brasil SA (Communication Services) | 4.61 | 2,937,950 | |||||||||
|
| |||||||||||
33,054,695 | ||||||||||||
|
| |||||||||||
Colombia – 0.2% | ||||||||||||
245,379 | Bancolombia SA, Class Preference (Financials) | 2.67 | 2,911,016 | |||||||||
|
| |||||||||||
Russia – 0.3% | ||||||||||||
5,055,549 | Surgutneftegas PJSC (Energy) | 22.85 | 2,465,332 | |||||||||
1,173 | Transneft PJSC (Energy) | 7.06 | 2,650,596 | |||||||||
|
| |||||||||||
5,115,928 | ||||||||||||
|
| |||||||||||
South Korea – 1.4% | ||||||||||||
35,833 | Amorepacific Corp. (Consumer Staples)* | 1.31 | 2,165,617 | |||||||||
44,300 | Hyundai Motor Co. (Consumer Discretionary) | 6.37 | 2,418,353 | |||||||||
37,532 | Hyundai Motor Co. (Consumer Discretionary) | 5.67 | 2,314,654 | |||||||||
8,885 | LG Household & Health Care Ltd. (Consumer Staples) | 1.40 | 5,362,458 | |||||||||
343,241 | Samsung Electronics Co. Ltd. (Information Technology) | 3.04 | 12,873,304 | |||||||||
|
| |||||||||||
25,134,386 | ||||||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $61,858,109) | $ | 66,216,025 | ||||||||||
|
| |||||||||||
Exchange-Traded Fund – 0.5% | ||||||||||||
United States – 0.5% | ||||||||||||
378,506 | iShares MSCI Malaysia ETF |
| ||||||||||
(Cost $11,274,138) | $ 9,640,548 | |||||||||||
|
| |||||||||||
Units | Description | Expiration Month | Value | |||||||||
Warrant – 0.0% | ||||||||||||
Thailand – 0.0% | ||||||||||||
608,220 | BTS Group Holdings PCL (Industrials)* | |||||||||||
(Cost $0) | 02/21 | $ | 16,576 | |||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $1,528,794,038) | $1,759,374,755 | |||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.7%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
12,026,571 | 1.507% | $ | 12,026,571 | |||||
(Cost $12,026,571) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.6% |
| |||||||
(Cost $1,540,820,609) |
| $ | 1,771,401,326 | |||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)% |
| (9,447,412 | ) | |||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 1,761,953,914 | |||||
|
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 | |
GDR | —Global Depositary Receipt | |
NVDR | —Non-Voting Depository Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 98.8% | ||||||||
Australia – 0.7% | ||||||||
2,705 | BHP Group PLC (Materials) | $ | 49,007 | |||||
1,692 | Rio Tinto PLC (Materials) | 77,976 | ||||||
|
| |||||||
126,983 | ||||||||
|
| |||||||
Austria – 0.7% | ||||||||
768 | ANDRITZ AG (Industrials) | 26,928 | ||||||
141 | Erste Group Bank AG (Financials)* | 4,806 | ||||||
1,128 | OMV AG (Energy) | 46,898 | ||||||
713 | Raiffeisen Bank International AG (Financials) | 14,626 | ||||||
442 | Verbund AG (Utilities) | 20,819 | ||||||
839 | voestalpine AG (Materials) | 18,229 | ||||||
| �� | |||||||
132,306 | ||||||||
|
| |||||||
Belgium – 1.2% | ||||||||
717 | Ageas (Financials) | 32,984 | ||||||
1,013 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 56,449 | ||||||
128 | Galapagos NV (Health Care)* | 26,335 | ||||||
182 | Groupe Bruxelles Lambert SA (Financials) | 16,369 | ||||||
151 | KBC Group NV (Financials) | 9,955 | ||||||
583 | Proximus SADP (Communication Services) | 14,319 | ||||||
123 | Solvay SA (Materials) | 11,090 | ||||||
123 | Telenet Group Holding NV (Communication Services) | 4,664 | ||||||
479 | UCB SA (Health Care) | 43,966 | ||||||
|
| |||||||
216,131 | ||||||||
|
| |||||||
China – 0.1% | ||||||||
363 | Prosus NV (Consumer Discretionary)* | 25,387 | ||||||
|
| |||||||
Denmark – 3.9% | ||||||||
66 | AP Moller – Maersk A/S, Class A (Industrials) | 62,040 | ||||||
63 | AP Moller – Maersk A/S, Class B (Industrials) | 62,693 | ||||||
531 | Carlsberg A/S, Class B (Consumer Staples) | 69,279 | ||||||
75 | Chr Hansen Holding A/S (Materials) | 5,302 | ||||||
501 | Coloplast A/S, Class B (Health Care) | 66,632 | ||||||
2,166 | Danske Bank A/S (Financials) | 33,319 | ||||||
227 | Demant A/S (Health Care)* | 6,890 | ||||||
245 | DSV PANALPINA A/S (Industrials) | 24,553 | ||||||
96 | Genmab A/S (Health Care)* | 21,477 | ||||||
156 | H Lundbeck A/S (Health Care) | 5,343 | ||||||
3,758 | Novo Nordisk A/S, Class B (Health Care) | 218,636 | ||||||
263 | Novozymes A/S, Class B (Materials) | 13,264 | ||||||
511 | Orsted A/S (Utilities)(a) | 52,233 | ||||||
564 | Pandora A/S (Consumer Discretionary) | 25,177 | ||||||
1,058 | Tryg A/S (Financials) | 29,113 | ||||||
190 | Vestas Wind Systems A/S (Industrials) | 18,137 | ||||||
|
| |||||||
714,088 | ||||||||
|
| |||||||
Finland – 1.3% | ||||||||
499 | Elisa OYJ (Communication Services) | 28,470 | ||||||
800 | Fortum OYJ (Utilities) | 16,943 | ||||||
603 | Kone OYJ, Class B (Industrials) | 33,781 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Finland – (continued) | ||||||||
479 | Neste OYJ (Energy) | 18,763 | ||||||
2,390 | Nokia OYJ (Information Technology) | 9,044 | ||||||
1,647 | Nordea Bank Abp (Financials) | 12,856 | ||||||
2,103 | Orion OYJ, Class B (Health Care) | 83,046 | ||||||
502 | Sampo OYJ, Class A (Financials) | 20,336 | ||||||
279 | UPM-Kymmene OYJ (Materials) | 8,498 | ||||||
|
| |||||||
231,737 | ||||||||
|
| |||||||
France – 18.2% | ||||||||
285 | Accor SA (Consumer Discretionary) | 10,228 | ||||||
63 | Aeroports de Paris (Industrials) | 9,259 | ||||||
585 | Air Liquide SA (Materials) | 78,975 | ||||||
552 | Airbus SE (Industrials) | 65,546 | ||||||
541 | Alstom SA (Industrials) | 26,439 | ||||||
114 | Amundi SA (Financials)(a) | 8,096 | ||||||
179 | Arkema SA (Materials) | 16,725 | ||||||
1,297 | Atos SE (Information Technology) | 95,882 | ||||||
2,389 | AXA SA (Financials) | 54,990 | ||||||
363 | BioMerieux (Health Care) | 33,235 | ||||||
2,137 | BNP Paribas SA (Financials) | 102,780 | ||||||
13,350 | Bollore SA (Communication Services) | 45,518 | ||||||
435 | Bouygues SA (Industrials) | 16,953 | ||||||
628 | Bureau Veritas SA (Industrials) | 15,211 | ||||||
527 | Capgemini SE (Information Technology) | 57,437 | ||||||
2,858 | Carrefour SA (Consumer Staples) | 49,115 | ||||||
208 | Casino Guichard Perrachon SA (Consumer Staples)(b) | 8,040 | ||||||
663 | Cie de Saint-Gobain (Industrials) | 23,013 | ||||||
177 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 18,712 | ||||||
3,048 | CNP Assurances (Financials) | 47,375 | ||||||
179 | Covivio REIT (Real Estate) | 18,876 | ||||||
3,852 | Credit Agricole SA (Financials) | 45,740 | ||||||
1,356 | Danone SA (Consumer Staples) | 94,911 | ||||||
5 | Dassault Aviation SA (Industrials) | 5,157 | ||||||
320 | Dassault Systemes (Information Technology) | 49,914 | ||||||
589 | Edenred (Information Technology) | 30,518 | ||||||
715 | Eiffage SA (Industrials) | 75,727 | ||||||
1,292 | Electricite de France SA (Utilities) | 17,868 | ||||||
2,488 | Engie SA (Utilities) | 41,076 | ||||||
444 | EssilorLuxottica SA (Consumer Discretionary) | 60,037 | ||||||
205 | Eurazeo SE (Financials) | 13,646 | ||||||
370 | Faurecia SE (Consumer Discretionary) | 16,615 | ||||||
143 | Gecina SA REIT (Real Estate) | 25,243 | ||||||
1,521 | Getlink SE (Industrials) | 24,359 | ||||||
187 | Hermes International (Consumer Discretionary) | 129,408 | ||||||
209 | ICADE REIT (Real Estate) | 20,719 | ||||||
198 | Ingenico Group SA (Information Technology) | 27,828 | ||||||
1,151 | Ipsen SA (Health Care) | 74,089 | ||||||
117 | Kering (Consumer Discretionary) | 65,005 | ||||||
389 | Klepierre SA REIT (Real Estate)(b) | 11,546 | ||||||
613 | Legrand SA (Industrials) | 46,475 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
627 | L’Oreal SA (Consumer Staples) | $ | 165,983 | |||||
519 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 211,420 | ||||||
10,079 | Natixis SA (Financials) | 40,598 | ||||||
1,776 | Orange SA (Communication Services) | 23,781 | ||||||
352 | Pernod Ricard SA (Consumer Staples) | 56,606 | ||||||
3,199 | Peugeot SA (Consumer Discretionary) | 61,512 | ||||||
657 | Publicis Groupe SA (Communication Services) | 25,244 | ||||||
110 | Remy Cointreau SA (Consumer Staples) | 11,026 | ||||||
505 | Safran SA (Industrials) | 68,840 | ||||||
2,172 | Sanofi (Health Care) | 200,243 | ||||||
224 | Sartorius Stedim Biotech (Health Care) | 42,247 | ||||||
933 | Schneider Electric SE (Industrials) | 92,749 | ||||||
342 | SCOR SE (Financials) | 12,209 | ||||||
224 | SEB SA (Consumer Discretionary) | 29,330 | ||||||
1,827 | Societe Generale SA (Financials) | 51,356 | ||||||
149 | Sodexo SA (Consumer Discretionary)(b) | 14,197 | ||||||
3,672 | Suez (Utilities) | 57,598 | ||||||
152 | Teleperformance (Industrials) | 36,699 | ||||||
149 | Thales SA (Industrials) | 14,861 | ||||||
4,198 | TOTAL SA (Energy) | 176,981 | ||||||
478 | Ubisoft Entertainment SA (Communication Services)* | 35,378 | ||||||
84 | Unibail-Rodamco-Westfield REIT (Real Estate) | 10,057 | ||||||
664 | Valeo SA (Consumer Discretionary) | 16,615 | ||||||
1,345 | Veolia Environnement SA (Utilities) | 38,309 | ||||||
817 | Vinci SA (Industrials) | 81,649 | ||||||
1,079 | Vivendi SA (Communication Services) | 27,284 | ||||||
64 | Wendel SA (Financials) | 7,782 | ||||||
355 | Worldline SA (Information Technology)*(a) | 26,848 | ||||||
|
| |||||||
3,315,688 | ||||||||
|
| |||||||
Germany – 11.9% | ||||||||
689 | adidas AG (Consumer Discretionary) | 189,624 | ||||||
718 | Allianz SE (Financials) | 153,636 | ||||||
2,167 | Aroundtown SA (Real Estate) | 18,633 | ||||||
892 | BASF SE (Materials) | 52,009 | ||||||
1,741 | Bayer AG (Health Care) | 124,708 | ||||||
268 | Bayerische Motoren Werke AG (Consumer Discretionary) | 17,348 | ||||||
606 | Beiersdorf AG (Consumer Staples) | 63,171 | ||||||
761 | Brenntag AG (Industrials) | 33,780 | ||||||
234 | Carl Zeiss Meditec AG (Health Care) | 24,354 | ||||||
1,690 | Commerzbank AG (Financials) | 9,674 | ||||||
87 | Continental AG (Consumer Discretionary) | 9,711 | ||||||
273 | Covestro AG (Materials)(a) | 10,343 | ||||||
370 | Daimler AG (Consumer Discretionary) | 15,257 | ||||||
177 | Delivery Hero SE (Consumer Discretionary)*(a) | 13,221 | ||||||
380 | Deutsche Boerse AG (Financials) | 59,293 | ||||||
1,143 | Deutsche Lufthansa AG (Industrials) | 14,677 | ||||||
3,266 | Deutsche Post AG (Industrials) | 97,294 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
5,294 | Deutsche Telekom AG (Communication Services) | 85,809 | ||||||
292 | Deutsche Wohnen SE (Real Estate) | 11,694 | ||||||
2,784 | E.ON SE (Utilities) | 31,896 | ||||||
313 | Evonik Industries AG (Materials) | 7,705 | ||||||
128 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 8,006 | ||||||
146 | Fresenius Medical Care AG & Co KGaA (Health Care) | 11,117 | ||||||
293 | Fresenius SE & Co KGaA (Health Care) | 13,651 | ||||||
244 | Hannover Rueck SE (Financials) | 43,152 | ||||||
925 | HeidelbergCement AG (Materials) | 54,705 | ||||||
184 | Henkel AG & Co KGaA (Consumer Staples) | 15,533 | ||||||
184 | HOCHTIEF AG (Industrials) | 17,978 | ||||||
1,015 | Infineon Technologies AG (Information Technology) | 20,954 | ||||||
213 | KION Group AG (Industrials) | 11,277 | ||||||
469 | Knorr-Bremse AG (Industrials) | 47,391 | ||||||
454 | Merck KGaA (Health Care) | 54,383 | ||||||
4,937 | METRO AG (Consumer Staples) | 56,861 | ||||||
134 | MTU Aero Engines AG (Industrials) | 32,485 | ||||||
220 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 55,751 | ||||||
1,192 | Puma SE (Consumer Discretionary) | 90,607 | ||||||
1,925 | RWE AG (Utilities) | 65,888 | ||||||
1,749 | SAP SE (Information Technology) | 214,328 | ||||||
1,063 | Siemens AG (Industrials) | 108,825 | ||||||
281 | Siemens Healthineers AG (Health Care)(a) | 11,314 | ||||||
291 | Symrise AG (Materials) | 28,174 | ||||||
1,631 | Telefonica Deutschland Holding AG (Communication Services) | 4,230 | ||||||
1,130 | Uniper SE (Utilities) | 33,191 | ||||||
39 | Volkswagen AG (Consumer Discretionary) | 6,524 | ||||||
762 | Vonovia SE (Real Estate) | 40,662 | ||||||
89 | Wirecard AG (Information Technology)(b) | 11,238 | ||||||
1,632 | Zalando SE (Consumer Discretionary)*(a) | 70,864 | ||||||
|
| |||||||
2,172,926 | ||||||||
|
| |||||||
Ireland – 0.6% | ||||||||
1,007 | Bank of Ireland Group PLC (Financials) | 3,712 | ||||||
1,119 | CRH PLC (Materials) | 37,452 | ||||||
78 | Flutter Entertainment PLC (Consumer Discretionary) | 8,223 | ||||||
282 | Kerry Group PLC, Class A (Consumer Staples) | 35,623 | ||||||
82 | Kingspan Group PLC (Industrials) | 5,139 | ||||||
552 | Smurfit Kappa Group PLC (Materials) | 18,324 | ||||||
|
| |||||||
108,473 | ||||||||
|
| |||||||
Italy – 4.2% | ||||||||
3,617 | Assicurazioni Generali SpA (Financials) | 64,602 | ||||||
856 | Atlantia SpA (Industrials) | 18,227 | ||||||
1,946 | Davide Campari-Milano SpA (Consumer Staples) | 16,117 | ||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Italy – (continued) | ||||||||
13,317 | Enel SpA (Utilities) | $ | 110,822 | |||||
4,284 | Eni SpA (Energy) | 52,507 | ||||||
315 | Ferrari NV (Consumer Discretionary) | 48,978 | ||||||
1,786 | FinecoBank Banca Fineco SpA (Financials) | 18,626 | ||||||
13,900 | Intesa Sanpaolo SpA (Financials) | 33,568 | ||||||
1,675 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 15,069 | ||||||
2,297 | Moncler SpA (Consumer Discretionary) | 88,865 | ||||||
4,456 | Poste Italiane SpA (Financials)(a) | 47,057 | ||||||
687 | Prysmian SpA (Industrials) | 16,134 | ||||||
1,034 | Recordati SpA (Health Care) | 43,933 | ||||||
6,583 | Snam SpA (Utilities) | 32,330 | ||||||
85,613 | Telecom Italia SpA (Communication Services)* | 47,030 | ||||||
88,870 | Telecom ItaliaSpA-RSP (Communication Services) | 49,181 | ||||||
4,624 | Terna Rete Elettrica Nazionale SpA (Utilities) | 30,425 | ||||||
2,787 | UniCredit SpA (Financials) | 35,322 | ||||||
|
| |||||||
768,793 | ||||||||
|
| |||||||
Luxembourg – 0.5% | ||||||||
5,868 | ArcelorMittal (Materials) | 82,737 | ||||||
|
| |||||||
Netherlands – 7.1% | ||||||||
482 | ABN AMRO Bank NV (Financials)(a) | 6,586 | ||||||
7 | Adyen NV (Information Technology)*(a) | 6,130 | ||||||
16,352 | Aegon NV (Financials) | 55,161 | ||||||
357 | Akzo Nobel NV (Materials) | 28,293 | ||||||
3,008 | Altice Europe NV (Communication Services)* | 16,002 | ||||||
590 | ASML Holding NV (Information Technology) | 160,790 | ||||||
801 | EXOR NV (Financials) | 56,381 | ||||||
635 | Heineken Holding NV (Consumer Staples) | 55,662 | ||||||
507 | Heineken NV (Consumer Staples) | 50,245 | ||||||
4,425 | ING Groep NV (Financials) | 41,845 | ||||||
5,525 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 128,540 | ||||||
276 | Koninklijke DSM NV (Materials) | 30,848 | ||||||
5,288 | Koninklijke KPN NV (Communication Services) | 12,785 | ||||||
2,320 | Koninklijke Philips NV (Health Care) | 98,674 | ||||||
302 | Koninklijke Vopak NV (Energy) | 14,314 | ||||||
787 | NN Group NV (Financials) | 26,661 | ||||||
675 | NXP Semiconductors NV (Information Technology) | 76,741 | ||||||
1,331 | Randstad NV (Industrials) | 68,292 | ||||||
7,475 | Royal Dutch Shell PLC, Class A (Energy) | 158,627 | ||||||
5,969 | Royal Dutch Shell PLC, Class B (Energy) | 126,836 | ||||||
924 | Wolters Kluwer NV (Industrials) | 67,313 | ||||||
|
| |||||||
1,286,726 | ||||||||
|
| |||||||
Norway – 1.0% | ||||||||
591 | DNB ASA (Financials) | 9,728 | ||||||
516 | Equinor ASA (Energy) | 7,695 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
2,137 | Gjensidige Forsikring ASA (Financials) | 42,642 | ||||||
813 | Mowi ASA (Consumer Staples) | 16,991 | ||||||
2,703 | Orkla ASA (Consumer Staples) | 22,607 | ||||||
2,156 | Schibsted ASA, Class B (Communication Services) | 51,397 | ||||||
1,318 | Telenor ASA (Communication Services) | 20,921 | ||||||
119 | Yara International ASA (Materials) | 4,284 | ||||||
|
| |||||||
176,265 | ||||||||
|
| |||||||
Portugal – 0.8% | ||||||||
14,512 | EDP – Energias de Portugal SA (Utilities) | 67,270 | ||||||
707 | Galp Energia SGPS SA (Energy) | 9,606 | ||||||
3,916 | Jeronimo Martins SGPS SA (Consumer Staples)(b) | 68,416 | ||||||
|
| |||||||
145,292 | ||||||||
|
| |||||||
Russia – 0.2% | ||||||||
8,608 | Evraz PLC (Materials) | 35,877 | ||||||
|
| |||||||
South Africa – 0.2% | ||||||||
1,736 | Anglo American PLC (Materials) | 39,731 | ||||||
|
| |||||||
Spain – 4.6% | ||||||||
1,390 | ACS Actividades de Construccion y Servicios SA (Industrials) | 40,996 | ||||||
201 | Aena SME SA (Industrials)(a) | 32,014 | ||||||
959 | Amadeus IT Group SA (Information Technology) | 66,892 | ||||||
8,192 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 39,004 | ||||||
32,319 | Banco de Sabadell SA (Financials) | 28,088 | ||||||
23,848 | Banco Santander SA (Financials) | 87,154 | ||||||
1,464 | Bankinter SA (Financials) | 8,587 | ||||||
553 | Cellnex Telecom SA (Communication Services)*(a) | 26,648 | ||||||
884 | Enagas SA (Utilities) | 22,722 | ||||||
1,176 | Endesa SA (Utilities) | 30,008 | ||||||
1,237 | Ferrovial SA (Industrials) | 35,165 | ||||||
493 | Grifols SA (Health Care) | 15,705 | ||||||
10,496 | Iberdrola SA (Utilities) | 118,983 | ||||||
3,522 | Industria de Diseno Textil SA (Consumer Discretionary) | 108,828 | ||||||
5,000 | Mapfre SA (Financials) | 11,122 | ||||||
1,094 | Naturgy Energy Group SA (Utilities) | 25,272 | ||||||
963 | Red Electrica Corp. SA (Utilities) | 18,348 | ||||||
7,557 | Repsol SA (Energy) | 84,089 | ||||||
237 | Siemens Gamesa Renewable Energy SA (Industrials) | 3,781 | ||||||
4,930 | Telefonica SA (Communication Services) | 29,026 | ||||||
|
| |||||||
832,432 | ||||||||
|
| |||||||
Sweden – 4.2% | ||||||||
249 | Alfa Laval AB (Industrials) | 5,550 | ||||||
1,505 | Assa Abloy AB, Class B (Industrials) | 33,359 | ||||||
977 | Atlas Copco AB, Class A (Industrials) | 34,172 | ||||||
701 | Atlas Copco AB, Class B (Industrials) | 21,388 | ||||||
535 | Electrolux AB, Series B (Consumer Discretionary) | 10,730 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
725 | Epiroc AB, Class A (Industrials) | $ | 8,267 | |||||
640 | Epiroc AB, Class B (Industrials) | 7,080 | ||||||
998 | Essity AB, Class B (Consumer Staples) | 29,605 | ||||||
5,516 | Hennes & Mauritz AB, Class B (Consumer Discretionary) | 98,633 | ||||||
439 | Hexagon AB, Class B (Information Technology) | 23,211 | ||||||
907 | Husqvarna AB, Class B (Consumer Discretionary) | 6,008 | ||||||
444 | ICA Gruppen AB (Consumer Staples) | 16,477 | ||||||
918 | Industrivarden AB, Class C (Financials) | 20,481 | ||||||
860 | Investor AB, Class B (Financials) | 42,339 | ||||||
1,099 | Kinnevik AB, Class B (Financials) | 22,048 | ||||||
622 | L E Lundbergforetagen AB, Class B (Financials) | 25,470 | ||||||
1,747 | Sandvik AB (Industrials) | 28,543 | ||||||
1,140 | Securitas AB, Class B (Industrials) | 15,333 | ||||||
1,840 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 17,354 | ||||||
3,011 | Skanska AB, Class B (Industrials) | 64,878 | ||||||
480 | SKF AB, Class B (Industrials) | 8,318 | ||||||
1,253 | Svenska Handelsbanken AB, Class A (Financials) | 12,469 | ||||||
1,639 | Swedish Match AB (Consumer Staples) | 94,603 | ||||||
1,442 | Tele2 AB, Class B (Communication Services) | 20,741 | ||||||
6,152 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 48,657 | ||||||
4,867 | Telia Co. AB (Communication Services) | 19,041 | ||||||
1,309 | Volvo AB, Class B (Industrials) | 20,090 | ||||||
|
| |||||||
754,845 | ||||||||
|
| |||||||
Switzerland – 15.8% | ||||||||
1,419 | ABB Ltd. (Industrials) | 30,507 | ||||||
582 | Adecco Group AG (Industrials) | 30,893 | ||||||
618 | Alcon, Inc. (Health Care)* | 37,644 | ||||||
149 | Baloise Holding AG (Financials) | 23,844 | ||||||
16 | Barry Callebaut AG (Consumer Staples) | 32,779 | ||||||
7 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 54,455 | ||||||
592 | Cie Financiere Richemont SA (Consumer Discretionary) | 39,999 | ||||||
270 | Clariant AG (Materials)* | 5,657 | ||||||
1,336 | Coca-Cola HBC AG (Consumer Staples)* | 42,218 | ||||||
2,414 | Credit Suisse Group AG (Financials)* | 26,959 | ||||||
766 | Dufry AG (Consumer Discretionary)* | 55,570 | ||||||
24 | EMS-Chemie Holding AG (Materials) | 13,972 | ||||||
66 | Geberit AG (Industrials) | 32,661 | ||||||
17 | Givaudan SA (Materials) | 52,794 | ||||||
33,400 | Glencore PLC (Materials)* | 82,448 | ||||||
115 | Julius Baer Group Ltd. (Financials)* | 4,777 | ||||||
647 | Kuehne + Nagel International AG (Industrials) | 93,947 | ||||||
942 | LafargeHolcim Ltd. (Materials)* | 43,511 | ||||||
107 | Lonza Group AG (Health Care)* | 42,272 | ||||||
5,651 | Nestle SA (Consumer Staples) | 577,097 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
3,948 | Novartis AG (Health Care) | 331,396 | ||||||
240 | Pargesa Holding SA (Financials) | 17,493 | ||||||
119 | Partners Group Holding AG (Financials) | 102,163 | ||||||
1,476 | Roche Holding AG (Health Care) | 472,253 | ||||||
66 | Schindler Holding AG (Industrials) | 14,128 | ||||||
89 | Schindler Holding AG Participation Certificates (Industrials) | 19,723 | ||||||
38 | SGS SA (Industrials) | 94,141 | ||||||
169 | Sika AG (Materials) | 29,926 | ||||||
193 | Sonova Holding AG (Health Care) | 45,820 | ||||||
2,266 | STMicroelectronics NV (Information Technology) | 60,759 | ||||||
72 | Straumann Holding AG (Health Care) | 67,020 | ||||||
78 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 17,881 | ||||||
295 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 12,587 | ||||||
86 | Swiss Life Holding AG (Financials) | 38,969 | ||||||
337 | Swiss Prime Site AG (Real Estate)* | 40,386 | ||||||
467 | Swiss Re AG (Financials) | 44,213 | ||||||
60 | Swisscom AG (Communication Services) | 31,836 | ||||||
50 | Temenos AG (Information Technology)* | 7,090 | ||||||
2,990 | UBS Group AG (Financials)* | 32,743 | ||||||
208 | Zurich Insurance Group AG (Financials) | 79,702 | ||||||
|
| |||||||
2,884,233 | ||||||||
|
| |||||||
United Kingdom – 20.9% | ||||||||
3,235 | 3i Group PLC (Financials) | 41,651 | ||||||
4,031 | Admiral Group PLC (Financials) | 108,743 | ||||||
249 | Ashtead Group PLC (Industrials) | 7,598 | ||||||
969 | Associated British Foods PLC (Consumer Staples) | 27,910 | ||||||
2,124 | AstraZeneca PLC (Health Care) | 184,320 | ||||||
16,997 | Auto Trader Group PLC (Communication Services)(a) | 112,807 | ||||||
351 | AVEVA Group PLC (Information Technology) | 19,673 | ||||||
17,843 | Aviva PLC (Financials) | 79,950 | ||||||
6,042 | BAE Systems PLC (Industrials) | 46,953 | ||||||
10,968 | Barclays PLC (Financials)(b) | 20,838 | ||||||
1,747 | Barratt Developments PLC (Consumer Discretionary) | 16,896 | ||||||
665 | Berkeley Group Holdings PLC (Consumer Discretionary) | 40,381 | ||||||
30,606 | BP PLC (Energy) | 154,867 | ||||||
3,213 | British American Tobacco PLC (Consumer Staples) | 125,684 | ||||||
2,282 | British Land Co. PLC (The) REIT (Real Estate) | 14,603 | ||||||
8,723 | BT Group PLC (Communication Services) | 15,779 | ||||||
930 | Bunzl PLC (Industrials) | 22,214 | ||||||
4,056 | Burberry Group PLC (Consumer Discretionary) | 85,430 | ||||||
19,358 | Centrica PLC (Utilities) | 17,832 | ||||||
509 | CNH Industrial NV (Industrials) | 4,669 | ||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
871 | Coca-Cola European Partners PLC (Consumer Staples) | $ | 44,386 | |||||
3,676 | Compass Group PLC (Consumer Discretionary) | 80,314 | ||||||
471 | Croda International PLC (Materials) | 27,397 | ||||||
274 | DCC PLC (Industrials) | 19,361 | ||||||
4,088 | Diageo PLC (Consumer Staples) | 144,403 | ||||||
4,082 | Direct Line Insurance Group PLC (Financials) | 16,007 | ||||||
1,803 | Experian PLC (Industrials) | 59,670 | ||||||
2,360 | Fiat Chrysler Automobiles NV (Consumer Discretionary) | 29,143 | ||||||
9,637 | GlaxoSmithKline PLC (Health Care) | 192,297 | ||||||
884 | GVC Holdings PLC (Consumer Discretionary) | 8,916 | ||||||
1,342 | Halma PLC (Information Technology) | 33,066 | ||||||
4,030 | Hargreaves Lansdown PLC (Financials) | 79,092 | ||||||
27,154 | HSBC Holdings PLC (Financials)(b) | 181,709 | ||||||
1,047 | Imperial Brands PLC (Consumer Staples) | 20,793 | ||||||
1,954 | Informa PLC (Communication Services) | 17,032 | ||||||
504 | InterContinental Hotels Group PLC (Consumer Discretionary) | 27,695 | ||||||
235 | Intertek Group PLC (Industrials) | 15,819 | ||||||
9,527 | J Sainsbury PLC (Consumer Staples) | 23,820 | ||||||
8,454 | JD Sports Fashion PLC (Consumer Discretionary) | 79,583 | ||||||
169 | Johnson Matthey PLC (Materials) | 5,420 | ||||||
6,453 | Kingfisher PLC (Consumer Discretionary) | 15,607 | ||||||
1,359 | Land Securities Group PLC REIT (Real Estate) | 14,487 | ||||||
12,511 | Legal & General Group PLC (Financials) | 41,549 | ||||||
29,764 | Lloyds Banking Group PLC (Financials) | 19,085 | ||||||
649 | London Stock Exchange Group PLC (Financials) | 62,803 | ||||||
20,432 | M&G PLC (Financials)* | 51,882 | ||||||
33,540 | Marks & Spencer Group PLC (Consumer Discretionary) | 67,860 | ||||||
1,639 | Meggitt PLC (Industrials) | 11,347 | ||||||
2,384 | Micro Focus International PLC (Information Technology) | 22,555 | ||||||
823 | Mondi PLC (Materials) | 16,420 | ||||||
4,626 | National Grid PLC (Utilities) | 58,072 | ||||||
891 | Next PLC (Consumer Discretionary) | 69,218 | ||||||
1,418 | Ocado Group PLC (Consumer Discretionary)* | 19,271 | ||||||
3,501 | Pearson PLC (Communication Services) | 24,935 | ||||||
146 | Persimmon PLC (Consumer Discretionary) | 5,294 | ||||||
2,869 | Prudential PLC (Financials) | 46,430 | ||||||
587 | Reckitt Benckiser Group PLC (Consumer Staples) | 42,895 | ||||||
3,028 | RELX PLC (Industrials) | 72,229 | ||||||
3,867 | Rentokil Initial PLC (Industrials) | 23,906 | ||||||
1,180 | Rolls-Royce Holdings PLC (Industrials)* | 9,345 | ||||||
2,724 | Royal Bank of Scotland Group PLC (Financials) | 6,216 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
2,322 | RSA Insurance Group PLC (Financials) | 15,387 | ||||||
8,189 | Sage Group PLC (The) (Information Technology) | 71,315 | ||||||
383 | Schroders PLC (Financials) | 13,962 | ||||||
4,341 | Segro PLC REIT (Real Estate) | 45,534 | ||||||
659 | Severn Trent PLC (Utilities) | 20,749 | ||||||
3,935 | Smith & Nephew PLC (Health Care) | 87,405 | ||||||
1,140 | Smiths Group PLC (Industrials) | 22,322 | ||||||
161 | Spirax-Sarco Engineering PLC (Industrials) | 17,264 | ||||||
1,833 | SSE PLC (Utilities) | 35,798 | ||||||
907 | St James’s Place PLC (Financials) | 11,765 | ||||||
1,752 | Standard Chartered PLC (Financials) | 12,590 | ||||||
6,730 | Standard Life Aberdeen PLC (Financials) | 23,760 | ||||||
2,345 | Taylor Wimpey PLC (Consumer Discretionary) | 6,056 | ||||||
20,867 | Tesco PLC (Consumer Staples) | 60,903 | ||||||
2,664 | Unilever NV (Consumer Staples) | 139,334 | ||||||
2,215 | Unilever PLC (Consumer Staples) | 117,978 | ||||||
1,688 | United Utilities Group PLC (Utilities) | 20,358 | ||||||
42,718 | Vodafone Group PLC (Communication Services) | 73,312 | ||||||
83 | Whitbread PLC (Consumer Discretionary) | 4,128 | ||||||
12,415 | Wm Morrison Supermarkets PLC (Consumer Staples)(b) | 27,156 | ||||||
2,585 | WPP PLC (Communication Services) | 24,856 | ||||||
|
| |||||||
3,808,059 | ||||||||
|
| |||||||
United States – 0.7% | ||||||||
1,385 | Ferguson PLC (Industrials) | 119,235 | ||||||
408 | QIAGEN NV (Health Care)* | 14,879 | ||||||
|
| |||||||
134,114 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $19,920,543) | $ | 17,992,823 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.6% | ||||||||||||
Germany – 0.6% | ||||||||||||
125 | Bayerische Motoren Werke AG (Consumer Discretionary) | 7.51% | $ | 6,388 | ||||||||
857 | FUCHS PETROLUB SE (Materials) | 2.66 | 32,496 | |||||||||
230 | Henkel AG & Co KGaA (Consumer Staples) | 2.17 | 21,141 | |||||||||
102 | Porsche Automobil Holding SE (Consumer Discretionary) | 3.85 | 6,306 | |||||||||
85 | Sartorius AG (Health Care) | 0.28 | 19,327 | |||||||||
129 | Volkswagen AG (Consumer Discretionary) | 3.19 | 21,054 | |||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $134,499) | $ | 106,712 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $20,055,042) | $ | 18,099,535 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.8%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
328,842 | 1.507% | $ | 328,842 | |||||
(Cost $328,842) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 101.2% | ||||||||
(Cost $20,383,884) | $ | 18,428,377 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)% | (220,981 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 18,207,396 | ||||||
|
|
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: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.3% | ||||||||
Australia – 6.1% | ||||||||
33,257 | AGL Energy Ltd. (Utilities) | $ | 410,408 | |||||
74,106 | APA Group (Utilities) | 513,155 | ||||||
49,167 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 1,049,601 | ||||||
25,413 | ASX Ltd. (Financials) | 1,214,786 | ||||||
242,222 | Aurizon Holdings Ltd. (Industrials) | 754,314 | ||||||
544,491 | AusNet Services (Utilities) | 595,048 | ||||||
207,519 | Australia & New Zealand Banking Group Ltd. (Financials) | 3,322,201 | ||||||
240,373 | Bendigo & Adelaide Bank Ltd. (Financials)(a) | 1,424,271 | ||||||
162,086 | BHP Group Ltd. (Materials) | 3,511,366 | ||||||
120,303 | BHP Group PLC (Materials) | 2,179,558 | ||||||
554,401 | BlueScope Steel Ltd. (Materials) | 4,225,059 | ||||||
138,488 | Brambles Ltd. (Industrials) | 1,067,910 | ||||||
95,084 | CIMIC Group Ltd. (Industrials) | 1,461,521 | ||||||
93,992 | Coca-Cola Amatil Ltd. (Consumer Staples) | 696,309 | ||||||
38,647 | Cochlear Ltd. (Health Care) | 5,172,655 | ||||||
356,907 | Coles Group Ltd. (Consumer Staples) | 3,269,945 | ||||||
157,406 | Commonwealth Bank of Australia (Financials) | 8,299,648 | ||||||
40,094 | Computershare Ltd. (Information Technology) | 396,031 | ||||||
40,410 | CSL Ltd. (Health Care) | 8,062,256 | ||||||
134,377 | Dexus REIT (Real Estate) | 1,053,537 | ||||||
114,595 | Flight Centre Travel Group Ltd. (Consumer Discretionary)(a) | 2,410,132 | ||||||
105,221 | Fortescue Metals Group Ltd. (Materials) | 683,840 | ||||||
151,615 | Goodman Group REIT (Real Estate) | 1,464,351 | ||||||
295,920 | GPT Group (The) REIT (Real Estate) | 1,102,792 | ||||||
214,373 | Harvey Norman Holdings Ltd. (Consumer Discretionary)(a) | 512,785 | ||||||
129,595 | Insurance Australia Group Ltd. (Financials) | 533,090 | ||||||
30,946 | Macquarie Group Ltd. (Financials) | 2,690,186 | ||||||
67,998 | Magellan Financial Group Ltd. (Financials) | 2,444,613 | ||||||
516,683 | Medibank Pvt Ltd. (Financials) | 942,762 | ||||||
330,785 | Mirvac Group REIT (Real Estate) | 648,352 | ||||||
159,344 | National Australia Bank Ltd. (Financials) | 2,578,699 | ||||||
41,446 | Newcrest Mining Ltd. (Materials) | 702,797 | ||||||
92,509 | Oil Search Ltd. (Energy) | 327,452 | ||||||
47,179 | Orica Ltd. (Materials) | 602,289 | ||||||
379,100 | Origin Energy Ltd. (Energy) | 1,706,084 | ||||||
120,638 | QBE Insurance Group Ltd. (Financials) | 1,057,048 | ||||||
9,880 | Ramsay Health Care Ltd. (Health Care) | 433,232 | ||||||
30,133 | REA Group Ltd. (Communication Services)(a) | 1,910,185 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
20,098 | Rio Tinto Ltd. (Materials) | 1,130,861 | ||||||
75,884 | Rio Tinto PLC (Materials) | 3,497,115 | ||||||
197,054 | Santos Ltd. (Energy) | 867,755 | ||||||
254,122 | Scentre Group REIT (Real Estate) | 566,904 | ||||||
48,909 | Sonic Healthcare Ltd. (Health Care) | 908,181 | ||||||
1,144,002 | South32 Ltd. (Materials) | 1,637,461 | ||||||
279,225 | Stockland REIT (Real Estate) | 847,943 | ||||||
144,639 | Suncorp Group Ltd. (Financials) | 1,057,523 | ||||||
106,876 | Sydney Airport (Industrials) | 535,417 | ||||||
541,766 | Telstra Corp. Ltd. (Communication Services) | 1,198,111 | ||||||
182,267 | Transurban Group (Industrials) | 1,745,122 | ||||||
349,916 | Vicinity Centres REIT (Real Estate) | 487,314 | ||||||
155,276 | Wesfarmers Ltd. (Consumer Discretionary) | 4,069,642 | ||||||
238,373 | Westpac Banking Corp. (Financials) | 3,633,254 | ||||||
49,725 | Woodside Petroleum Ltd. (Energy) | 895,120 | ||||||
264,392 | Woolworths Group Ltd. (Consumer Staples) | 6,614,109 | ||||||
164,414 | Worley Ltd. (Energy) | 1,327,194 | ||||||
|
| |||||||
102,449,294 | ||||||||
|
| |||||||
Austria – 0.5% | ||||||||
34,676 | ANDRITZ AG (Industrials) | 1,215,828 | ||||||
12,201 | Erste Group Bank AG (Financials)* | 415,870 | ||||||
73,983 | OMV AG (Energy) | 3,075,941 | ||||||
68,396 | Raiffeisen Bank International AG (Financials) | 1,403,044 | ||||||
18,035 | Verbund AG (Utilities) | 849,476 | ||||||
43,211 | voestalpine AG (Materials) | 938,860 | ||||||
|
| |||||||
7,899,019 | ||||||||
|
| |||||||
Belgium – 0.7% | ||||||||
31,801 | Ageas (Financials) | 1,462,944 | ||||||
50,671 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 2,823,608 | ||||||
6,418 | Galapagos NV (Health Care)* | 1,320,437 | ||||||
8,983 | Groupe Bruxelles Lambert SA (Financials) | 807,940 | ||||||
13,822 | KBC Group NV (Financials) | 911,270 | ||||||
17,757 | Proximus SADP (Communication Services) | 436,136 | ||||||
8,272 | Solvay SA (Materials) | 745,810 | ||||||
16,507 | Telenet Group Holding NV (Communication Services) | 625,920 | ||||||
22,729 | UCB SA (Health Care) | 2,086,214 | ||||||
|
| |||||||
11,220,279 | ||||||||
|
| |||||||
Canada – 9.9% | ||||||||
17,043 | Agnico Eagle Mines Ltd. (Materials) | 808,633 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
43,893 | Air Canada (Industrials)* | $ | 1,119,928 | |||||
87,418 | Algonquin Power & Utilities Corp. (Utilities)(a) | 1,328,511 | ||||||
98,250 | Alimentation Couche-Tard, Inc., Class B (Consumer Staples) | 2,983,328 | ||||||
15,206 | Atco Ltd., Class I (Utilities) | 567,301 | ||||||
47,059 | Bank of Montreal (Financials) | 3,197,565 | ||||||
93,585 | Bank of Nova Scotia (The) (Financials) | 4,895,548 | ||||||
65,118 | Barrick Gold Corp. (Materials) | 1,241,867 | ||||||
23,558 | BCE, Inc. (Communication Services) | 1,034,562 | ||||||
49,652 | Brookfield Asset Management, Inc., Class A (Financials) | 2,969,096 | ||||||
42,747 | CAE, Inc. (Industrials) | 1,143,550 | ||||||
18,469 | Canadian Apartment Properties REIT (Real Estate) | 772,276 | ||||||
38,985 | Canadian Imperial Bank of Commerce (Financials) | 2,966,967 | ||||||
31,148 | Canadian National Railway Co. (Industrials) | 2,640,393 | ||||||
59,763 | Canadian Natural Resources Ltd. (Energy) | 1,538,207 | ||||||
7,604 | Canadian Pacific Railway Ltd. (Industrials) | 1,884,473 | ||||||
4,047 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 397,932 | ||||||
32,153 | Canadian Utilities Ltd., Class A (Utilities) | 951,404 | ||||||
433,882 | Cenovus Energy, Inc. (Energy) | 3,190,238 | ||||||
46,328 | CGI, Inc. (Information Technology)* | 3,254,884 | ||||||
227,607 | CI Financial Corp. (Financials) | 3,779,461 | ||||||
8,236 | Constellation Software, Inc. (Information Technology) | 8,389,879 | ||||||
94,951 | Dollarama, Inc. (Consumer Discretionary) | 2,791,199 | ||||||
31,070 | Emera, Inc. (Utilities) | 1,309,136 | ||||||
297,840 | Empire Co. Ltd., Class A (Consumer Staples) | 6,654,167 | ||||||
95,749 | Enbridge, Inc. (Energy) | 3,563,616 | ||||||
6,619 | Fairfax Financial Holdings Ltd. (Financials) | 2,851,098 | ||||||
48,697 | First Capital Real Estate Investment Trust REIT (Real Estate) | 726,274 | ||||||
42,148 | Fortis, Inc. (Utilities) | 1,705,576 | ||||||
12,840 | Franco-Nevada Corp. (Materials) | 1,378,362 | ||||||
60,734 | George Weston Ltd. (Consumer Staples) | 4,571,960 | ||||||
61,709 | Great-West Lifeco, Inc. (Financials) | 1,451,300 | ||||||
41,264 | H&R Real Estate Investment Trust REIT (Real Estate) | 596,666 | ||||||
55,492 | Hydro One Ltd. (Utilities)(b) | 1,113,685 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
75,587 | iA Financial Corp., Inc. (Financials) | 3,597,611 | ||||||
28,906 | IGM Financial, Inc. (Financials) | 770,697 | ||||||
112,449 | Imperial Oil Ltd. (Energy) | 2,462,008 | ||||||
15,524 | Intact Financial Corp. (Financials) | 1,682,562 | ||||||
124,574 | Kinross Gold Corp. (Materials)* | 626,420 | ||||||
99,386 | Kirkland Lake Gold Ltd. (Materials) | 3,205,140 | ||||||
65,458 | Loblaw Cos. Ltd. (Consumer Staples) | 3,242,788 | ||||||
91,866 | Magna International, Inc. (Consumer Discretionary) | 4,180,798 | ||||||
216,721 | Manulife Financial Corp. (Financials)(a) | 3,642,288 | ||||||
40,070 | Metro, Inc. (Consumer Staples) | 1,560,591 | ||||||
44,193 | National Bank of Canada (Financials) | 2,296,976 | ||||||
12,690 | Nutrien Ltd. (Materials) | 512,856 | ||||||
116,788 | Onex Corp. (Financials) | 6,556,519 | ||||||
17,993 | Open Text Corp. (Information Technology) | 753,311 | ||||||
38,714 | Pembina Pipeline Corp. (Energy) | 1,394,437 | ||||||
116,366 | Power Corp. of Canada (Financials) | 2,572,041 | ||||||
30,477 | Quebecor, Inc., Class B (Communication Services) | 712,004 | ||||||
6,521 | Restaurant Brands International, Inc. (Consumer Discretionary) | 384,308 | ||||||
42,737 | RioCan Real Estate Investment Trust REIT (Real Estate) | 798,165 | ||||||
16,936 | Rogers Communications, Inc., Class B (Communication Services) | 776,052 | ||||||
132,316 | Royal Bank of Canada (Financials) | 9,839,299 | ||||||
75,402 | Saputo, Inc. (Consumer Staples) | 2,098,572 | ||||||
25,648 | Shaw Communications, Inc., Class B (Communication Services) | 443,851 | ||||||
8,519 | Shopify, Inc., Class A (Information Technology)* | 3,955,162 | ||||||
34,155 | SmartCentres Real Estate Investment Trust REIT (Real Estate) | 732,284 | ||||||
24,377 | Stars Group, Inc. (The) (Consumer Discretionary)* | 558,600 | ||||||
58,744 | Sun Life Financial, Inc. (Financials) | 2,537,762 | ||||||
91,359 | Suncor Energy, Inc. (Energy) | 2,517,502 | ||||||
53,083 | TC Energy Corp. (Energy) | 2,766,556 | ||||||
203,479 | Teck Resources Ltd., Class B (Materials) | 2,046,386 | ||||||
22,737 | TELUS Corp. (Communication Services) | 820,487 | ||||||
17,404 | Thomson Reuters Corp. (Industrials) | 1,292,772 | ||||||
153,596 | Toronto-Dominion Bank (The) (Financials) | 7,899,779 | ||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
31,927 | Wheaton Precious Metals Corp. (Materials) | $ | 907,851 | |||||
93,603 | WSP Global, Inc. (Industrials) | 6,169,075 | ||||||
|
| |||||||
166,082,552 | ||||||||
|
| |||||||
China – 0.2% | ||||||||
420,230 | BOC Hong Kong Holdings Ltd. (Financials) | 1,442,459 | ||||||
20,844 | Prosus NV (Consumer Discretionary)* | 1,457,794 | ||||||
586,818 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 397,322 | ||||||
|
| |||||||
3,297,575 | ||||||||
|
| |||||||
Denmark – 2.4% | ||||||||
3,560 | AP Moller – Maersk A/S, Class A (Industrials) | 3,346,420 | ||||||
3,423 | AP Moller – Maersk A/S, Class B (Industrials) | 3,406,321 | ||||||
34,670 | Carlsberg A/S, Class B (Consumer Staples) | 4,523,359 | ||||||
33,819 | Coloplast A/S, Class B (Health Care) | 4,497,833 | ||||||
65,745 | Danske Bank A/S (Financials) | 1,011,328 | ||||||
38,973 | Demant A/S (Health Care)* | 1,182,970 | ||||||
21,649 | DSV PANALPINA A/S (Industrials) | 2,169,626 | ||||||
4,805 | Genmab A/S (Health Care)* | 1,074,974 | ||||||
186,242 | Novo Nordisk A/S, Class B (Health Care) | 10,835,361 | ||||||
15,008 | Novozymes A/S, Class B (Materials) | 756,891 | ||||||
28,158 | Orsted A/S (Utilities)(b) | 2,878,236 | ||||||
32,527 | Pandora A/S (Consumer Discretionary) | 1,452,041 | ||||||
54,961 | Tryg A/S (Financials) | 1,512,343 | ||||||
11,225 | Vestas Wind Systems A/S (Industrials) | 1,071,491 | ||||||
|
| |||||||
39,719,194 | ||||||||
|
| |||||||
Finland – 0.7% | ||||||||
19,142 | Elisa OYJ (Communication Services) | 1,092,118 | ||||||
32,387 | Fortum OYJ (Utilities) | 685,895 | ||||||
27,261 | Kone OYJ, Class B (Industrials)(a) | 1,527,187 | ||||||
38,177 | Neste OYJ (Energy) | 1,495,420 | ||||||
150,896 | Nokia OYJ (Information Technology) | 571,014 | ||||||
96,357 | Nordea Bank Abp (Financials) | 752,163 | ||||||
90,433 | Orion OYJ, Class B (Health Care) | 3,571,133 | ||||||
23,980 | Sampo OYJ, Class A (Financials) | 971,450 | ||||||
21,430 | UPM-Kymmene OYJ (Materials) | 652,758 | ||||||
|
| |||||||
11,319,138 | ||||||||
|
| |||||||
France – 10.8% | ||||||||
18,717 | Accor SA (Consumer Discretionary) | 671,685 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
3,531 | Aeroports de Paris (Industrials) | 518,960 | ||||||
25,808 | Air Liquide SA (Materials) | 3,484,066 | ||||||
30,511 | Airbus SE (Industrials) | 3,622,950 | ||||||
17,487 | Alstom SA (Industrials) | 854,590 | ||||||
18,044 | Arkema SA (Materials) | 1,685,925 | ||||||
78,848 | Atos SE (Information Technology) | 5,828,891 | ||||||
128,138 | AXA SA (Financials) | 2,949,482 | ||||||
22,825 | BioMerieux (Health Care) | 2,089,761 | ||||||
108,255 | BNP Paribas SA (Financials) | 5,206,591 | ||||||
849,787 | Bollore SA (Communication Services) | 2,897,423 | ||||||
36,222 | Bouygues SA (Industrials) | 1,411,680 | ||||||
36,870 | Bureau Veritas SA (Industrials) | 893,021 | ||||||
34,755 | Capgemini SE (Information Technology) | 3,787,884 | ||||||
117,864 | Carrefour SA (Consumer Staples) | 2,025,522 | ||||||
15,475 | Casino Guichard Perrachon SA (Consumer Staples)(a) | 598,177 | ||||||
50,710 | Cie de Saint-Gobain (Industrials) | 1,760,195 | ||||||
10,516 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 1,111,697 | ||||||
149,751 | CNP Assurances (Financials) | 2,327,589 | ||||||
8,653 | Covivio REIT (Real Estate) | 912,469 | ||||||
261,990 | Credit Agricole SA (Financials) | 3,110,932 | ||||||
76,679 | Danone SA (Consumer Staples) | 5,367,009 | ||||||
342 | Dassault Aviation SA (Industrials) | 352,754 | ||||||
19,674 | Dassault Systemes (Information Technology) | 3,068,748 | ||||||
24,477 | Edenred (Information Technology) | 1,268,248 | ||||||
34,294 | Eiffage SA (Industrials) | 3,632,164 | ||||||
75,324 | Electricite de France SA (Utilities) | 1,041,692 | ||||||
126,232 | Engie SA (Utilities) | 2,084,052 | ||||||
24,188 | EssilorLuxottica SA (Consumer Discretionary) | 3,270,681 | ||||||
10,813 | Eurazeo SE (Financials) | 719,779 | ||||||
17,490 | Faurecia SE (Consumer Discretionary) | 785,382 | ||||||
5,843 | Gecina SA REIT (Real Estate) | 1,031,411 | ||||||
65,809 | Getlink SE (Industrials) | 1,053,957 | ||||||
11,098 | Hermes International (Consumer Discretionary) | 7,680,074 | ||||||
9,994 | ICADE REIT (Real Estate) | 990,756 | ||||||
16,396 | Ingenico Group SA (Information Technology) | 2,304,403 | ||||||
62,845 | Ipsen SA (Health Care) | 4,045,279 | ||||||
6,295 | Kering (Consumer Discretionary) | 3,497,476 | ||||||
22,009 | Klepierre SA REIT (Real Estate)(a) | 653,230 | ||||||
25,560 | Legrand SA (Industrials) | 1,937,831 | ||||||
34,894 | L’Oreal SA (Consumer Staples) | 9,237,362 | ||||||
28,167 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 11,474,111 | ||||||
555,144 | Natixis SA (Financials) | 2,236,128 | ||||||
90,383 | Orange SA (Communication Services) | 1,210,237 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
17,203 | Pernod Ricard SA (Consumer Staples) | $ | 2,766,467 | |||||
207,714 | Peugeot SA (Consumer Discretionary) | 3,994,000 | ||||||
29,867 | Publicis Groupe SA (Communication Services) | 1,147,603 | ||||||
6,856 | Remy Cointreau SA (Consumer Staples) | 687,201 | ||||||
29,362 | Safran SA (Industrials) | 4,002,557 | ||||||
102,328 | Sanofi (Health Care) | 9,433,913 | ||||||
9,567 | Sartorius Stedim Biotech (Health Care) | 1,804,373 | ||||||
42,095 | Schneider Electric SE (Industrials) | 4,184,651 | ||||||
22,068 | SCOR SE (Financials) | 787,819 | ||||||
22,522 | SEB SA (Consumer Discretionary) | 2,948,923 | ||||||
91,450 | Societe Generale SA (Financials) | 2,570,598 | ||||||
6,874 | Sodexo SA (Consumer Discretionary)(a) | 654,951 | ||||||
205,646 | Suez (Utilities) | 3,225,735 | ||||||
8,624 | Teleperformance (Industrials) | 2,082,172 | ||||||
7,275 | Thales SA (Industrials) | 725,603 | ||||||
189,108 | TOTAL SA (Energy) | 7,972,509 | ||||||
44,671 | Ubisoft Entertainment SA (Communication Services)* | 3,306,259 | ||||||
4,264 | Unibail – Rodamco-Westfield REIT (Real Estate) | 510,533 | ||||||
40,237 | Valeo SA (Consumer Discretionary) | 1,006,838 | ||||||
55,154 | Veolia Environnement SA (Utilities) | 1,570,940 | ||||||
47,478 | Vinci SA (Industrials) | 4,744,806 | ||||||
53,561 | Vivendi SA (Communication Services) | 1,354,360 | ||||||
4,142 | Wendel SA (Financials) | 503,660 | ||||||
24,299 | Worldline SA (Information Technology)*(b) | 1,837,691 | ||||||
|
| |||||||
180,516,416 | ||||||||
|
| |||||||
Germany – 6.8% | ||||||||
36,167 | adidas AG (Consumer Discretionary) | 9,953,757 | ||||||
41,103 | Allianz SE (Financials) | 8,795,137 | ||||||
118,922 | Aroundtown SA (Real Estate) | 1,022,570 | ||||||
41,262 | BASF SE (Materials) | 2,405,810 | ||||||
82,123 | Bayer AG (Health Care) | 5,882,462 | ||||||
8,415 | Bayerische Motoren Werke AG (Consumer Discretionary) | 544,717 | ||||||
39,722 | Beiersdorf AG (Consumer Staples) | 4,140,735 | ||||||
37,686 | Brenntag AG (Industrials) | 1,672,819 | ||||||
5,051 | Carl Zeiss Meditec AG (Health Care) | 525,699 | ||||||
94,859 | Commerzbank AG (Financials) | 542,975 | ||||||
6,224 | Continental AG (Consumer Discretionary) | 694,751 | ||||||
29,803 | Covestro AG (Materials)(b) | 1,129,102 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
22,211 | Daimler AG (Consumer Discretionary) | 915,888 | ||||||
28,675 | Deutsche Boerse AG (Financials) | 4,474,297 | ||||||
132,265 | Deutsche Lufthansa AG (Industrials) | 1,698,399 | ||||||
180,563 | Deutsche Post AG (Industrials) | 5,378,964 | ||||||
245,281 | Deutsche Telekom AG (Communication Services) | 3,975,692 | ||||||
20,885 | Deutsche Wohnen SE (Real Estate) | 836,433 | ||||||
134,220 | E.ON SE (Utilities) | 1,537,736 | ||||||
22,129 | Evonik Industries AG (Materials) | 544,733 | ||||||
8,418 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 526,510 | ||||||
14,483 | Fresenius Medical Care AG & Co KGaA (Health Care) | 1,102,801 | ||||||
39,557 | Fresenius SE & Co KGaA (Health Care) | 1,842,990 | ||||||
11,172 | Hannover Rueck SE (Financials) | 1,975,773 | ||||||
46,796 | HeidelbergCement AG (Materials) | 2,767,540 | ||||||
16,281 | Henkel AG & Co KGaA (Consumer Staples) | 1,374,375 | ||||||
11,000 | HOCHTIEF AG (Industrials) | 1,074,778 | ||||||
42,608 | Infineon Technologies AG (Information Technology) | 879,611 | ||||||
16,130 | KION Group AG (Industrials) | 854,007 | ||||||
21,020 | Knorr-Bremse AG (Industrials) | 2,123,995 | ||||||
30,117 | Merck KGaA (Health Care) | 3,607,593 | ||||||
227,748 | METRO AG (Consumer Staples) | 2,623,029 | ||||||
7,112 | MTU Aero Engines AG (Industrials) | 1,724,147 | ||||||
10,196 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 2,583,792 | ||||||
53,693 | Puma SE (Consumer Discretionary) | 4,081,351 | ||||||
104,534 | RWE AG (Utilities) | 3,577,957 | ||||||
77,583 | SAP SE (Information Technology) | 9,507,257 | ||||||
46,611 | Siemens AG (Industrials) | 4,771,825 | ||||||
9,758 | Siemens Healthineers AG (Health Care)(b) | 392,893 | ||||||
13,382 | Symrise AG (Materials) | 1,295,610 | ||||||
200,907 | Telefonica Deutschland Holding AG (Communication Services) | 521,040 | ||||||
82,106 | Uniper SE (Utilities) | 2,411,662 | ||||||
2,110 | Volkswagen AG (Consumer Discretionary) | 352,990 | ||||||
43,615 | Vonovia SE (Real Estate) | 2,327,414 | ||||||
63,381 | Zalando SE (Consumer Discretionary)*(b) | 2,752,112 | ||||||
|
| |||||||
113,725,728 | ||||||||
|
| |||||||
Hong Kong – 2.5% | ||||||||
719,434 | AIA Group Ltd. (Financials) | 7,099,207 | ||||||
75,532 | ASM Pacific Technology Ltd. (Information Technology) | 895,077 | ||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Hong Kong – (continued) | ||||||||
379,750 | Bank of East Asia Ltd. (The) (Financials) | $ | 806,957 | |||||
82,140 | CK Asset Holdings Ltd. (Real Estate) | 513,306 | ||||||
63,742 | CK Infrastructure Holdings Ltd. (Utilities) | 434,323 | ||||||
87,661 | CLP Holdings Ltd. (Utilities) | 920,136 | ||||||
358,256 | Dairy Farm International Holdings Ltd. (Consumer Staples) | 1,719,629 | ||||||
195,112 | Hang Lung Properties Ltd. (Real Estate) | 426,124 | ||||||
89,444 | Hang Seng Bank Ltd. (Financials) | 1,865,078 | ||||||
96,479 | Henderson Land Development Co. Ltd. (Real Estate) | 442,590 | ||||||
865,173 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 870,385 | ||||||
756,517 | HKT Trust & HKT Ltd. (Communication Services) | 1,131,904 | ||||||
532,342 | Hong Kong & China Gas Co. Ltd. (Utilities) | 1,024,648 | ||||||
141,308 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 4,638,311 | ||||||
80,521 | Hongkong Land Holdings Ltd. (Real Estate) | 395,358 | ||||||
15,160 | Jardine Matheson Holdings Ltd. (Industrials) | 824,704 | ||||||
29,669 | Jardine Strategic Holdings Ltd. (Industrials) | 851,797 | ||||||
82,806 | Link REIT (Real Estate) | 767,170 | ||||||
164,669 | MTR Corp. Ltd. (Industrials) | 926,561 | ||||||
1,957,484 | PCCW Ltd. (Communication Services) | 1,178,050 | ||||||
124,831 | Power Assets Holdings Ltd. (Utilities) | 889,013 | ||||||
44,880 | Sun Hung Kai Properties Ltd. (Real Estate) | 638,095 | ||||||
301,969 | Swire Pacific Ltd., Class A (Real Estate) | 2,720,145 | ||||||
239,269 | Techtronic Industries Co. Ltd. (Industrials) | 1,935,816 | ||||||
789,508 | Vitasoy International Holdings Ltd. (Consumer Staples)(a) | 2,831,593 | ||||||
1,847,505 | WH Group Ltd. (Consumer Staples)(b) | 1,877,601 | ||||||
493,601 | Wheelock & Co. Ltd. (Real Estate) | 3,759,147 | ||||||
|
| |||||||
42,382,725 | ||||||||
|
| |||||||
Ireland – 0.4% | ||||||||
92,993 | Bank of Ireland Group PLC (Financials) | 342,809 | ||||||
57,170 | CRH PLC (Materials) | 1,913,467 | ||||||
15,875 | Kerry Group PLC, Class A (Consumer Staples) | 2,005,357 | ||||||
70,414 | Smurfit Kappa Group PLC (Materials) | 2,337,403 | ||||||
|
| |||||||
6,599,036 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Israel – 0.8% | ||||||||
6,215 | Azrieli Group Ltd. (Real Estate) | 452,142 | ||||||
121,469 | Bank Hapoalim BM (Financials) | 948,748 | ||||||
126,468 | Bank LeumiLe-Israel BM (Financials) | 820,807 | ||||||
13,141 | Check Point Software Technologies Ltd. (Information Technology)* | 1,364,036 | ||||||
201,832 | Israel Discount Bank Ltd., Class A (Financials) | 844,580 | ||||||
52,406 | Mizrahi Tefahot Bank Ltd. (Financials) | 1,350,902 | ||||||
19,426 | Nice Ltd. (Information Technology)* | 3,104,688 | ||||||
302,871 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)* | 3,492,103 | ||||||
8,962 | Wix.com Ltd. (Information Technology)* | 1,201,177 | ||||||
|
| |||||||
13,579,183 | ||||||||
|
| |||||||
Italy – 2.4% | ||||||||
196,256 | Assicurazioni Generali SpA (Financials) | 3,505,287 | ||||||
51,546 | Atlantia SpA (Industrials) | 1,097,592 | ||||||
89,354 | Davide Campari-Milano SpA (Consumer Staples) | 740,058 | ||||||
573,605 | Enel SpA (Utilities) | 4,773,457 | ||||||
241,005 | Eni SpA (Energy) | 2,953,878 | ||||||
24,121 | Ferrari NV (Consumer Discretionary) | 3,750,467 | ||||||
107,156 | FinecoBank Banca Fineco SpA (Financials) | 1,117,496 | ||||||
1,103,991 | Intesa Sanpaolo SpA (Financials) | 2,666,074 | ||||||
97,579 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 877,850 | ||||||
99,265 | Moncler SpA (Consumer Discretionary) | 3,840,304 | ||||||
207,601 | Poste Italiane SpA (Financials)(b) | 2,192,369 | ||||||
48,774 | Prysmian SpA (Industrials) | 1,145,450 | ||||||
52,119 | Recordati SpA (Health Care) | 2,214,434 | ||||||
352,300 | Snam SpA (Utilities) | 1,730,205 | ||||||
4,163,184 | Telecom Italia SpA (Communication Services)* | 2,286,981 | ||||||
4,283,793 | Telecom Italia SpA-RSP (Communication Services) | 2,370,647 | ||||||
232,450 | Terna Rete Elettrica Nazionale SpA (Utilities) | 1,529,454 | ||||||
170,942 | Uni Credit SpA (Financials) | 2,166,504 | ||||||
|
| |||||||
40,958,507 | ||||||||
|
| |||||||
Japan – 20.8% | ||||||||
19,209 | ABC-Mart, Inc. (Consumer Discretionary) | 1,096,996 | ||||||
37,173 | Advantest Corp. (Information Technology) | 1,693,833 | ||||||
58,793 | Aeon Co. Ltd. (Consumer Staples) | 1,098,025 | ||||||
28,176 | Ajinomoto Co., Inc. (Consumer Staples) | 473,322 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
86,248 | Alps Alpine Co. Ltd. (Information Technology) | $ | 1,326,523 | |||||
27,350 | ANA Holdings, Inc. (Industrials) | 737,219 | ||||||
18,538 | Aozora Bank Ltd. (Financials) | 464,374 | ||||||
51,561 | Asahi Group Holdings Ltd. (Consumer Staples) | 1,983,759 | ||||||
20,177 | Asahi Intecc Co. Ltd. (Health Care) | 483,732 | ||||||
313,207 | Astellas Pharma, Inc. (Health Care) | 4,933,377 | ||||||
74,704 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 3,719,098 | ||||||
31,774 | Benesse Holdings, Inc. (Consumer Discretionary) | 819,499 | ||||||
49,931 | Bridgestone Corp. (Consumer Discretionary) | 1,669,227 | ||||||
125,642 | Brother Industries Ltd. (Information Technology) | 2,239,926 | ||||||
93,414 | Calbee, Inc. (Consumer Staples) | 2,392,833 | ||||||
93,210 | Canon, Inc. (Information Technology) | 2,362,115 | ||||||
36,594 | Casio Computer Co. Ltd. (Consumer Discretionary) | 630,001 | ||||||
10,081 | Central Japan Railway Co. (Industrials) | 1,661,708 | ||||||
43,891 | Chubu Electric Power Co., Inc. (Utilities) | 572,721 | ||||||
17,939 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 1,948,319 | ||||||
67,764 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 902,138 | ||||||
57,331 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples)(a) | 1,320,795 | ||||||
28,098 | Credit Saison Co. Ltd. (Financials) | 408,452 | ||||||
43,440 | CyberAgent, Inc. (Communication Services) | 1,649,161 | ||||||
21,981 | Dai Nippon Printing Co. Ltd. (Industrials) | 528,816 | ||||||
54,713 | Dai-ichi Life Holdings, Inc. (Financials) | 749,948 | ||||||
51,001 | Daiichi Sankyo Co. Ltd. (Health Care) | 3,115,900 | ||||||
17,427 | Daikin Industries Ltd. (Industrials) | 2,379,016 | ||||||
11,304 | Daito Trust Construction Co. Ltd. (Real Estate) | 1,150,154 | ||||||
38,828 | Daiwa House Industry Co. Ltd. (Real Estate) | 1,072,526 | ||||||
652 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 1,627,204 | ||||||
17,328 | Denso Corp. (Consumer Discretionary) | 677,923 | ||||||
12,018 | Dentsu Group, Inc. (Communication Services) | 313,305 | ||||||
1,732 | Disco Corp. (Information Technology) | 351,330 | ||||||
10,986 | East Japan Railway Co. (Industrials) | 847,286 | ||||||
23,278 | Eisai Co. Ltd. (Health Care) | 1,722,354 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
22,859 | Electric Power Development Co. Ltd. (Utilities) | 490,812 | ||||||
26,285 | FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)(a) | 581,431 | ||||||
2,142 | FANUC Corp. (Industrials) | 356,851 | ||||||
8,027 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 3,976,850 | ||||||
59,396 | FUJIFILM Holdings Corp. (Information Technology) | 2,905,787 | ||||||
45,420 | Fujitsu Ltd. (Information Technology) | 4,720,328 | ||||||
21,541 | Fukuoka Financial Group, Inc. (Financials) | 328,312 | ||||||
56,517 | Hakuhodo DY Holdings, Inc. (Communication Services) | 659,666 | ||||||
12,839 | Hamamatsu Photonics KK (Information Technology) | 498,134 | ||||||
47,267 | Hankyu Hanshin Holdings, Inc. (Industrials) | 1,555,628 | ||||||
2,873 | Hikari Tsushin, Inc. (Consumer Discretionary) | 545,754 | ||||||
32,592 | Hitachi Chemical Co. Ltd. (Materials) | 1,376,318 | ||||||
14,749 | Hitachi High-Tech Corp. (Information Technology) | 1,089,784 | ||||||
97,841 | Hitachi Ltd. (Information Technology) | 3,299,010 | ||||||
197,525 | Honda Motor Co. Ltd. (Consumer Discretionary) | 5,126,512 | ||||||
4,127 | Hoshizaki Corp. (Industrials) | 349,704 | ||||||
80,934 | Hoya Corp. (Health Care) | 7,209,890 | ||||||
44,807 | Hulic Co. Ltd. (Real Estate) | 501,802 | ||||||
56,485 | Idemitsu Kosan Co. Ltd. (Energy) | 1,391,898 | ||||||
28,715 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 388,404 | ||||||
74,725 | Inpex Corp. (Energy) | 646,280 | ||||||
208,061 | ITOCHU Corp. (Industrials) | 4,747,992 | ||||||
15,521 | Itochu Techno-Solutions Corp. (Information Technology) | 430,815 | ||||||
131,410 | J Front Retailing Co. Ltd. (Consumer Discretionary) | 1,397,370 | ||||||
28,651 | Japan Airlines Co. Ltd. (Industrials) | 711,328 | ||||||
30,940 | Japan Exchange Group, Inc. (Financials) | 520,615 | ||||||
60,941 | Japan Post Bank Co. Ltd. (Financials) | 544,636 | ||||||
211,858 | Japan Post Holdings Co. Ltd. (Financials) | 1,847,632 | ||||||
69,698 | Japan Post Insurance Co. Ltd. (Financials) | 1,070,686 | ||||||
309 | Japan Prime Realty Investment Corp. REIT (Real Estate) | 1,360,729 | ||||||
230 | Japan Real Estate Investment Corp. REIT (Real Estate) | 1,569,369 | ||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
636 | Japan Retail Fund Investment Corp. REIT (Real Estate) | $ | 1,209,323 | |||||
52,703 | Japan Tobacco, Inc. (Consumer Staples) | 1,047,562 | ||||||
36,944 | JGC Holdings Corp. (Industrials) | 453,815 | ||||||
555,495 | JXTG Holdings, Inc. (Energy) | 2,235,061 | ||||||
159,554 | Kakaku.com, Inc. (Communication Services) | 3,416,954 | ||||||
48,576 | Kamigumi Co. Ltd. (Industrials) | 933,556 | ||||||
63,350 | Kao Corp. (Consumer Staples) | 4,620,941 | ||||||
151,557 | KDDI Corp. (Communication Services) | 4,296,679 | ||||||
30,132 | Keihan Holdings Co. Ltd. (Industrials) | 1,223,549 | ||||||
23,033 | Keikyu Corp. (Industrials) | 349,771 | ||||||
10,808 | Keio Corp. (Industrials) | 520,034 | ||||||
16,292 | Keisei Electric Railway Co. Ltd. (Industrials) | 521,845 | ||||||
8,785 | Keyence Corp. (Information Technology) | 2,802,502 | ||||||
41,400 | Kikkoman Corp. (Consumer Staples) | 1,922,904 | ||||||
25,646 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 1,109,151 | ||||||
90,967 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,749,933 | ||||||
10,819 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 787,365 | ||||||
295,198 | Konica Minolta, Inc. (Information Technology) | 1,603,727 | ||||||
29,908 | Kose Corp. (Consumer Staples) | 3,587,906 | ||||||
15,661 | Kyocera Corp. (Information Technology) | 986,716 | ||||||
68,860 | Kyushu Electric Power Co., Inc. (Utilities) | 499,221 | ||||||
21,737 | Kyushu Railway Co. (Industrials) | 653,934 | ||||||
42,995 | Lawson, Inc. (Consumer Staples) | 2,283,979 | ||||||
50,595 | LINE Corp. (Communication Services)* | 2,490,701 | ||||||
149,918 | Lion Corp. (Consumer Staples) | 2,482,302 | ||||||
40,275 | LIXIL Group Corp. (Industrials) | 604,881 | ||||||
35,728 | M3, Inc. (Health Care) | 922,804 | ||||||
373,164 | Marubeni Corp. (Industrials) | 2,479,803 | ||||||
20,257 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 850,732 | ||||||
171,501 | Mebuki Financial Group, Inc. (Financials) | 335,481 | ||||||
32,498 | Medipal Holdings Corp. (Health Care) | 594,132 | ||||||
36,326 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 2,168,817 | ||||||
88,773 | MISUMI Group, Inc. (Industrials) | 1,873,973 | ||||||
364,493 | Mitsubishi Chemical Holdings Corp. (Materials) | 2,454,283 | ||||||
146,790 | Mitsubishi Corp. (Industrials) | 3,660,734 | ||||||
100,480 | Mitsubishi Electric Corp. (Industrials) | 1,277,134 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
51,509 | Mitsubishi Estate Co. Ltd. (Real Estate) | 880,569 | ||||||
25,875 | Mitsubishi Heavy Industries Ltd. (Industrials) | 820,161 | ||||||
48,264 | Mitsubishi Materials Corp. (Materials) | 1,103,407 | ||||||
511,246 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 2,521,038 | ||||||
335,021 | Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials) | 1,916,358 | ||||||
76,774 | Mitsui & Co. Ltd. (Industrials) | 1,269,424 | ||||||
23,542 | Mitsui Chemicals, Inc. (Materials) | 510,497 | ||||||
16,890 | Mitsui Fudosan Co. Ltd. (Real Estate) | 387,938 | ||||||
1,002,581 | Mizuho Financial Group, Inc. (Financials) | 1,371,909 | ||||||
98,339 | MonotaRO Co. Ltd. (Industrials) | 2,188,046 | ||||||
23,904 | MS&AD Insurance Group Holdings, Inc. (Financials) | 771,869 | ||||||
22,095 | Murata Manufacturing Co. Ltd. (Information Technology) | 1,171,886 | ||||||
28,760 | Nagoya Railroad Co. Ltd. (Industrials) | 751,629 | ||||||
82,392 | NEC Corp. (Information Technology) | 3,085,929 | ||||||
13,437 | NH Foods Ltd. (Consumer Staples) | 507,010 | ||||||
3,877 | Nidec Corp. (Industrials) | 459,353 | ||||||
2,941 | Nintendo Co. Ltd. (Communication Services) | 988,922 | ||||||
224 | Nippon Building Fund, Inc. REIT (Real Estate) | 1,680,026 | ||||||
20,729 | Nippon Paint Holdings Co. Ltd. (Materials) | 946,464 | ||||||
481 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 1,305,231 | ||||||
244,673 | Nippon Telegraph & Telephone Corp. (Communication Services) | 5,737,731 | ||||||
18,109 | Nissan Chemical Corp. (Materials) | 766,399 | ||||||
81,711 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 351,191 | ||||||
6,236 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 491,411 | ||||||
28,675 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 3,978,319 | ||||||
186,769 | Nomura Real Estate Holdings, Inc. (Real Estate) | 4,030,948 | ||||||
1,061 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 1,684,970 | ||||||
38,476 | Nomura Research Institute Ltd. (Information Technology) | 840,041 | ||||||
120,627 | NTT Data Corp. (Information Technology) | 1,443,744 | ||||||
203,571 | NTT DOCOMO, Inc. (Communication Services) | 5,525,000 | ||||||
12,170 | Obic Co. Ltd. (Information Technology) | 1,499,460 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
29,078 | Odakyu Electric Railway Co. Ltd. (Industrials) | $ | 561,800 | |||||
206,336 | Olympus Corp. (Health Care) | 3,753,129 | ||||||
42,290 | Omron Corp. (Information Technology) | 2,289,655 | ||||||
22,147 | Ono Pharmaceutical Co. Ltd. (Health Care) | 453,760 | ||||||
7,634 | Oracle Corp. Japan (Information Technology) | 597,330 | ||||||
21,186 | Oriental Land Co. Ltd. (Consumer Discretionary) | 2,408,995 | ||||||
105,692 | ORIX Corp. (Financials) | 1,706,906 | ||||||
857 | Orix JREIT, Inc. REIT (Real Estate) | 1,628,749 | ||||||
37,439 | Osaka Gas Co. Ltd. (Utilities) | 605,674 | ||||||
13,993 | Otsuka Corp. (Information Technology) | 598,690 | ||||||
24,168 | Otsuka Holdings Co. Ltd. (Health Care) | 914,156 | ||||||
143,346 | Panasonic Corp. (Consumer Discretionary) | 1,369,472 | ||||||
19,361 | Park24 Co. Ltd. (Industrials) | 377,474 | ||||||
113,159 | Persol Holdings Co. Ltd. (Industrials) | 1,499,135 | ||||||
39,907 | Pigeon Corp. (Consumer Staples) | 1,354,096 | ||||||
128,915 | Pola Orbis Holdings, Inc. (Consumer Staples) | 2,466,792 | ||||||
232,655 | Recruit Holdings Co. Ltd. (Industrials) | 8,105,664 | ||||||
271,048 | Renesas Electronics Corp. (Information Technology)* | 1,635,862 | ||||||
201,329 | Resona Holdings, Inc. (Financials) | 763,768 | ||||||
73,560 | Ricoh Co. Ltd. (Information Technology) | 685,373 | ||||||
131,853 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 1,806,691 | ||||||
14,333 | Sankyo Co. Ltd. (Consumer Discretionary) | 471,056 | ||||||
13,524 | Secom Co. Ltd. (Industrials) | 1,075,124 | ||||||
24,062 | Seiko Epson Corp. (Information Technology) | 340,859 | ||||||
66,336 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 989,520 | ||||||
177,264 | Sekisui House Ltd. (Consumer Discretionary) | 3,479,051 | ||||||
73,065 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 2,503,576 | ||||||
35,751 | Shimadzu Corp. (Information Technology) | 871,030 | ||||||
12,077 | Shimamura Co. Ltd. (Consumer Discretionary)(a) | 807,261 | ||||||
3,994 | Shimano, Inc. (Consumer Discretionary) | 559,860 | ||||||
14,147 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1,592,874 | ||||||
43,784 | Shinsei Bank Ltd. (Financials) | 583,300 | ||||||
30,013 | Shionogi & Co. Ltd. (Health Care) | 1,626,348 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
95,541 | Shiseido Co. Ltd. (Consumer Staples) | 5,684,718 | ||||||
19,896 | Showa Denko KK (Materials) | 430,144 | ||||||
67,127 | Softbank Corp. (Communication Services) | 879,033 | ||||||
25,021 | SoftBank Group Corp. (Communication Services) | 1,162,845 | ||||||
10,845 | Sompo Holdings, Inc. (Financials) | 403,778 | ||||||
88,519 | Sony Corp. (Consumer Discretionary) | 5,425,292 | ||||||
18,276 | Sony Financial Holdings, Inc. (Financials) | 365,639 | ||||||
11,481 | Square Enix Holdings Co. Ltd. (Communication Services) | 463,008 | ||||||
28,455 | SUMCO Corp. (Information Technology) | 432,899 | ||||||
138,615 | Sumitomo Corp. (Industrials) | 1,984,804 | ||||||
97,739 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 1,414,459 | ||||||
37,203 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 445,098 | ||||||
107,651 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 3,477,088 | ||||||
28,638 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 982,345 | ||||||
29,702 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 928,523 | ||||||
196,123 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 2,041,868 | ||||||
58,351 | Sundrug Co. Ltd. (Consumer Staples) | 1,825,751 | ||||||
46,250 | Suntory Beverage & Food Ltd. (Consumer Staples) | 1,762,272 | ||||||
10,552 | Suzuken Co. Ltd. (Health Care) | 349,728 | ||||||
19,159 | Suzuki Motor Corp. (Consumer Discretionary) | 770,339 | ||||||
42,252 | Sysmex Corp. (Health Care) | 2,710,254 | ||||||
15,106 | Taiheiyo Cement Corp. (Materials) | 372,941 | ||||||
8,980 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 556,957 | ||||||
36,645 | Taiyo Nippon Sanso Corp. (Materials) | 656,019 | ||||||
24,978 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 871,388 | ||||||
3,558 | TDK Corp. (Information Technology) | 344,700 | ||||||
46,517 | Teijin Ltd. (Materials) | 765,472 | ||||||
40,263 | Terumo Corp. (Health Care) | 1,298,241 | ||||||
29,142 | Tobu Railway Co. Ltd. (Industrials) | 869,951 | ||||||
17,740 | Toho Co. Ltd. (Communication Services) | 546,846 | ||||||
16,490 | Toho Gas Co. Ltd. (Utilities) | 563,349 | ||||||
59,898 | Tohoku Electric Power Co., Inc. (Utilities) | 526,429 | ||||||
42,596 | Tokio Marine Holdings, Inc. (Financials) | 2,290,821 | ||||||
17,055 | Tokyo Electron Ltd. (Information Technology) | 3,529,902 | ||||||
|
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
39,551 | Tokyo Gas Co. Ltd. (Utilities) | $ | 800,443 | |||||
40,552 | Tokyu Corp. (Industrials) | 622,576 | ||||||
40,285 | Toppan Printing Co. Ltd. (Industrials) | 702,509 | ||||||
21,508 | Toshiba Corp. (Industrials) | 583,237 | ||||||
16,070 | TOTO Ltd. (Industrials) | 610,083 | ||||||
19,010 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 753,421 | ||||||
28,470 | Toyoda Gosei Co. Ltd. (Consumer Discretionary) | 608,648 | ||||||
115,509 | Toyota Motor Corp. (Consumer Discretionary) | 7,632,065 | ||||||
54,793 | Toyota Tsusho Corp. (Industrials) | 1,658,547 | ||||||
11,982 | Trend Micro, Inc. (Information Technology) | 596,517 | ||||||
16,377 | Tsuruha Holdings, Inc. (Consumer Staples) | 1,902,413 | ||||||
35,270 | Unicharm Corp. (Consumer Staples) | 1,143,786 | ||||||
890 | United Urban Investment Corp. REIT (Real Estate) | 1,424,132 | ||||||
30,557 | USS Co. Ltd. (Consumer Discretionary) | 483,292 | ||||||
51,012 | Welcia Holdings Co. Ltd. (Consumer Staples) | 3,074,009 | ||||||
17,432 | West Japan Railway Co. (Industrials) | 1,231,141 | ||||||
11,781 | Yakult Honsha Co. Ltd. (Consumer Staples) | 539,000 | ||||||
452,542 | Yamada Denki Co. Ltd. (Consumer Discretionary) | 2,177,438 | ||||||
9,692 | Yamaha Corp. (Consumer Discretionary) | 476,221 | ||||||
65,256 | Yamato Holdings Co. Ltd. (Industrials) | 1,029,673 | ||||||
182,025 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 3,096,610 | ||||||
43,099 | Yokogawa Electric Corp. (Information Technology) | 694,043 | ||||||
143,317 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 2,334,473 | ||||||
168,870 | ZOZO, Inc. (Consumer Discretionary) | 2,370,270 | ||||||
|
| |||||||
349,482,805 | ||||||||
|
| |||||||
Luxembourg – 0.3% | ||||||||
288,163 | ArcelorMittal (Materials) | 4,063,012 | ||||||
93,427 | Tenaris SA (Energy) | 838,240 | ||||||
|
| |||||||
4,901,252 | ||||||||
|
| |||||||
Macau – 0.1% | ||||||||
89,716 | Sands China Ltd. (Consumer Discretionary) | 417,321 | ||||||
665,116 | SJM Holdings Ltd. (Consumer Discretionary) | 752,764 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Macau – (continued) | ||||||||
488,323 | Wynn Macau Ltd. (Consumer Discretionary) | 983,783 | ||||||
|
| |||||||
2,153,868 | ||||||||
|
| |||||||
Netherlands – 3.8% | ||||||||
45,378 | ABN AMRO Bank NV (Financials)(b) | 620,077 | ||||||
706,337 | Aegon NV (Financials) | 2,382,714 | ||||||
13,238 | Akzo Nobel NV (Materials) | 1,049,153 | ||||||
130,603 | Altice Europe NV (Communication Services)* | 694,781 | ||||||
23,263 | ASML Holding NV (Information Technology) | 6,339,757 | ||||||
41,709 | EXOR NV (Financials) | 2,935,840 | ||||||
47,376 | Heineken Holding NV (Consumer Staples) | 4,152,804 | ||||||
24,705 | Heineken NV (Consumer Staples) | 2,448,318 | ||||||
254,119 | ING Groep NV (Financials) | 2,403,090 | ||||||
269,529 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 6,270,636 | ||||||
16,230 | Koninklijke DSM NV (Materials) | 1,813,983 | ||||||
259,726 | Koninklijke KPN NV (Communication Services) | 627,936 | ||||||
112,184 | Koninklijke Philips NV (Health Care) | 4,771,407 | ||||||
16,727 | Koninklijke Vopak NV (Energy) | 792,828 | ||||||
70,666 | NN Group NV (Financials) | 2,393,895 | ||||||
32,810 | NXP Semiconductors NV (Information Technology) | 3,730,169 | ||||||
51,649 | Randstad NV (Industrials) | 2,650,037 | ||||||
330,281 | Royal Dutch Shell PLC, Class A (Energy) | 7,008,918 | ||||||
272,722 | Royal Dutch Shell PLC, Class B (Energy) | 5,795,117 | ||||||
60,656 | Wolters Kluwer NV (Industrials) | 4,418,740 | ||||||
|
| |||||||
63,300,200 | ||||||||
|
| |||||||
New Zealand – 0.4% | ||||||||
147,379 | a2 Milk Co. Ltd. (Consumer Staples)* | 1,490,013 | ||||||
109,288 | Auckland International Airport Ltd. (Industrials) | 533,475 | ||||||
140,713 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 2,250,007 | ||||||
178,026 | Mercury NZ Ltd. (Utilities) | 528,363 | ||||||
317,305 | Meridian Energy Ltd. (Utilities) | 909,255 | ||||||
316,317 | Spark New Zealand Ltd. (Communication Services) | 889,747 | ||||||
|
| |||||||
6,600,860 | ||||||||
|
| |||||||
Norway – 0.5% | ||||||||
32,397 | DNB ASA (Financials) | 533,235 | ||||||
28,600 | Equinor ASA (Energy) | 426,503 | ||||||
137,030 | Gjensidige Forsikring ASA (Financials) | 2,734,292 | ||||||
63,446 | Mowi ASA (Consumer Staples)(a) | 1,325,950 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
82,437 | Orkla ASA (Consumer Staples) | $ | 689,484 | |||||
96,651 | Schibsted ASA, Class B (Communication Services) | 2,304,081 | ||||||
56,946 | Telenor ASA (Communication Services) | 903,929 | ||||||
|
| |||||||
8,917,474 | ||||||||
|
| |||||||
Portugal – 0.5% | ||||||||
863,940 | EDP – Energias de Portugal SA (Utilities) | 4,004,757 | ||||||
34,149 | Galp Energia SGPS SA (Energy) | 464,011 | ||||||
179,704 | Jeronimo Martins SGPS SA (Consumer Staples)(a) | 3,139,580 | ||||||
|
| |||||||
7,608,348 | ||||||||
|
| |||||||
Russia – 0.1% | ||||||||
307,976 | Evraz PLC (Materials) | 1,283,592 | ||||||
|
| |||||||
Singapore – 1.6% | ||||||||
496,271 | Ascendas Real Estate Investment Trust REIT (Real Estate) | 1,088,048 | ||||||
485,431 | CapitaLand Commercial Trust REIT (Real Estate) | 646,917 | ||||||
497,361 | CapitaLand Mall Trust REIT (Real Estate) | 808,920 | ||||||
230,676 | DBS Group Holdings Ltd. (Financials) | 3,984,809 | ||||||
150,605 | Jardine Cycle & Carriage Ltd. (Consumer Discretionary) | 2,897,287 | ||||||
534,597 | Mapletree Commercial Trust REIT (Real Estate) | 804,366 | ||||||
526,964 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 4,002,163 | ||||||
796,536 | Singapore Exchange Ltd. (Financials) | 4,845,304 | ||||||
125,007 | Singapore Technologies Engineering Ltd. (Industrials) | 373,489 | ||||||
277,518 | Singapore Telecommunications Ltd. (Communication Services) | 596,514 | ||||||
296,629 | Suntec Real Estate Investment Trust REIT (Real Estate) | 361,302 | ||||||
148,962 | United Overseas Bank Ltd. (Financials) | 2,612,732 | ||||||
1,295,168 | Wilmar International Ltd. (Consumer Staples) | 3,684,042 | ||||||
|
| |||||||
26,705,893 | ||||||||
|
| |||||||
South Africa – 0.2% | ||||||||
116,330 | Anglo American PLC (Materials) | 2,662,407 | ||||||
|
| |||||||
Spain – 2.6% | ||||||||
92,739 | ACS Actividades de Construccion y Servicios SA (Industrials) | 2,735,186 | ||||||
10,853 | Aena SME SA (Industrials)(b) | 1,728,614 | ||||||
77,236 | Amadeus IT Group SA (Information Technology) | 5,387,331 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Spain – (continued) | ||||||||
431,302 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 2,053,528 | ||||||
1,047,325 | Banco de Sabadell SA (Financials) | 910,223 | ||||||
1,153,091 | Banco Santander SA (Financials) | 4,214,019 | ||||||
60,344 | Bankinter SA (Financials) | 353,961 | ||||||
19,081 | Cellnex Telecom SA (Communication Services)*(b) | 919,494 | ||||||
44,748 | Enagas SA (Utilities) | 1,150,190 | ||||||
58,190 | Endesa SA (Utilities) | 1,484,833 | ||||||
58,445 | Ferrovial SA (Industrials) | 1,661,467 | ||||||
17,106 | Grifols SA (Health Care) | 544,912 | ||||||
527,938 | Iberdrola SA (Utilities) | 5,984,705 | ||||||
176,098 | Industria de Diseno Textil SA (Consumer Discretionary) | 5,441,321 | ||||||
260,986 | Mapfre SA (Financials) | 580,527 | ||||||
56,948 | Naturgy Energy Group SA (Utilities) | 1,315,521 | ||||||
41,189 | Red Electrica Corp. SA (Utilities) | 784,758 | ||||||
456,677 | Repsol SA (Energy) | 5,081,580 | ||||||
21,846 | Siemens Gamesa Renewable Energy SA (Industrials) | 348,553 | ||||||
208,329 | Telefonica SA (Communication Services) | 1,226,577 | ||||||
|
| |||||||
43,907,300 | ||||||||
|
| |||||||
Sweden – 2.2% | ||||||||
65,928 | Assa Abloy AB, Class B (Industrials) | 1,461,349 | ||||||
74,066 | Atlas Copco AB, Class A (Industrials) | 2,590,564 | ||||||
35,729 | Atlas Copco AB, Class B (Industrials) | 1,090,101 | ||||||
38,134 | Electrolux AB, Series B (Consumer Discretionary) | 764,835 | ||||||
74,080 | Epiroc AB, Class A (Industrials) | 844,710 | ||||||
32,284 | Epiroc AB, Class B (Industrials) | 357,135 | ||||||
47,888 | Essity AB, Class B (Consumer Staples) | 1,420,572 | ||||||
249,841 | Hennes & Mauritz AB, Class B (Consumer Discretionary) | 4,467,456 | ||||||
12,627 | Hexagon AB, Class B (Information Technology) | 667,616 | ||||||
57,533 | Husqvarna AB, Class B (Consumer Discretionary) | 381,097 | ||||||
23,427 | ICA Gruppen AB (Consumer Staples) | 869,412 | ||||||
30,422 | Industrivarden AB, Class C (Financials) | 678,722 | ||||||
39,600 | Investor AB, Class B (Financials) | 1,949,550 | ||||||
24,489 | Kinnevik AB, Class B (Financials) | 491,291 | ||||||
24,336 | L E Lundbergforetagen AB, Class B (Financials) | 996,523 | ||||||
97,893 | Sandvik AB (Industrials) | 1,599,391 | ||||||
142,082 | Securitas AB, Class B (Industrials) | 1,911,016 | ||||||
107,812 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 1,016,836 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
156,248 | Skanska AB, Class B (Industrials) | $ | 3,366,671 | |||||
45,964 | SKF AB, Class B (Industrials) | 796,480 | ||||||
78,622 | Svenska Handelsbanken AB, Class A (Financials) | 782,400 | ||||||
65,321 | Swedish Match AB (Consumer Staples) | 3,770,320 | ||||||
67,241 | Tele2 AB, Class B (Communication Services) | 967,165 | ||||||
290,401 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 2,296,825 | ||||||
230,619 | Telia Co. AB (Communication Services) | 902,247 | ||||||
55,104 | Volvo AB, Class B (Industrials) | 845,734 | ||||||
|
| |||||||
37,286,018 | ||||||||
|
| |||||||
Switzerland – 9.1% | ||||||||
49,929 | ABB Ltd. (Industrials) | 1,073,426 | ||||||
33,988 | Adecco Group AG (Industrials) | 1,804,126 | ||||||
39,437 | Alcon, Inc. (Health Care)* | 2,402,196 | ||||||
8,303 | Baloise Holding AG (Financials) | 1,328,720 | ||||||
930 | Barry Callebaut AG (Consumer Staples) | 1,905,253 | ||||||
342 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 2,660,530 | ||||||
26,227 | Cie Financiere Richemont SA (Consumer Discretionary) | 1,772,040 | ||||||
20,393 | Clariant AG (Materials)* | 427,264 | ||||||
105,126 | Coca-Cola HBC AG (Consumer Staples)* | 3,322,026 | ||||||
115,229 | Credit Suisse Group AG (Financials)* | 1,286,870 | ||||||
38,139 | Dufry AG (Consumer Discretionary)* | 2,766,796 | ||||||
1,435 | EMS-Chemie Holding AG (Materials) | 835,397 | ||||||
3,046 | Geberit AG (Industrials) | 1,507,344 | ||||||
821 | Givaudan SA (Materials) | 2,549,642 | ||||||
1,550,595 | Glencore PLC (Materials)* | 3,827,661 | ||||||
35,671 | Kuehne + Nagel International AG (Industrials) | 5,179,564 | ||||||
35,167 | LafargeHolcim Ltd. (Materials)* | 1,624,378 | ||||||
4,453 | Lonza Group AG (Health Care)* | 1,759,210 | ||||||
297,135 | Nestle SA (Consumer Staples) | 30,344,330 | ||||||
197,183 | Novartis AG (Health Care) | 16,551,597 | ||||||
12,587 | Pargesa Holding SA (Financials) | 917,416 | ||||||
7,782 | Partners Group Holding AG (Financials) | 6,680,967 | ||||||
73,241 | Roche Holding AG (Health Care) | 23,433,791 | ||||||
4,349 | Schindler Holding AG (Industrials) | 930,950 | ||||||
5,918 | Schindler Holding AG Participation Certificates (Industrials) | 1,311,443 | ||||||
1,677 | SGS SA (Industrials) | 4,154,601 | ||||||
7,398 | Sika AG (Materials) | 1,310,003 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
14,178 | Sonova Holding AG (Health Care) | 3,365,984 | ||||||
173,977 | STMicroelectronics NV (Information Technology) | 4,664,872 | ||||||
4,946 | Straumann Holding AG (Health Care) | 4,603,901 | ||||||
7,599 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 1,742,051 | ||||||
29,796 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 1,271,321 | ||||||
5,174 | Swiss Life Holding AG (Financials) | 2,344,456 | ||||||
15,008 | Swiss Prime Site AG (Real Estate)* | 1,798,572 | ||||||
19,969 | Swiss Re AG (Financials) | 1,890,551 | ||||||
2,236 | Swisscom AG (Communication Services) | 1,186,435 | ||||||
7,244 | Temenos AG (Information Technology)* | 1,027,159 | ||||||
177,686 | UBS Group AG (Financials)* | 1,945,836 | ||||||
9,140 | Zurich Insurance Group AG (Financials) | 3,502,274 | ||||||
|
| |||||||
153,010,953 | ||||||||
|
| |||||||
United Kingdom – 12.1% | ||||||||
256,424 | 3i Group PLC (Financials) | 3,301,508 | ||||||
210,207 | Admiral Group PLC (Financials) | 5,670,668 | ||||||
17,578 | Ashtead Group PLC (Industrials) | 536,388 | ||||||
64,988 | Associated British Foods PLC (Consumer Staples) | 1,871,858 | ||||||
98,164 | AstraZeneca PLC (Health Care) | 8,518,653 | ||||||
858,687 | Auto Trader Group PLC (Communication Services)(b) | 5,698,981 | ||||||
16,002 | AVEVA Group PLC (Information Technology) | 896,879 | ||||||
797,359 | Aviva PLC (Financials) | 3,572,783 | ||||||
251,322 | BAE Systems PLC (Industrials) | 1,953,048 | ||||||
520,422 | Barclays PLC (Financials)(a) | 988,727 | ||||||
100,109 | Barratt Developments PLC (Consumer Discretionary) | 968,226 | ||||||
42,412 | Berkeley Group Holdings PLC (Consumer Discretionary) | 2,575,379 | ||||||
1,340,373 | BP PLC (Energy) | 6,782,323 | ||||||
163,833 | British American Tobacco PLC (Consumer Staples) | 6,408,710 | ||||||
104,769 | British Land Co. PLC (The) REIT (Real Estate) | 670,446 | ||||||
369,414 | BT Group PLC (Communication Services) | 668,238 | ||||||
43,861 | Bunzl PLC (Industrials) | 1,047,643 | ||||||
224,494 | Burberry Group PLC (Consumer Discretionary) | 4,728,447 | ||||||
742,422 | Centrica PLC (Utilities) | 683,911 | ||||||
353,099 | CK Hutchison Holdings Ltd. (Industrials) | 3,074,248 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
44,507 | Coca-Cola European Partners PLC (Consumer Staples) | $ | 2,268,077 | |||||
167,855 | Compass Group PLC (Consumer Discretionary) | 3,667,334 | ||||||
29,421 | Croda International PLC (Materials) | 1,711,369 | ||||||
10,843 | DCC PLC (Industrials) | 766,169 | ||||||
160,362 | Diageo PLC (Consumer Staples) | 5,664,587 | ||||||
159,651 | Direct Line Insurance Group PLC (Financials) | 626,042 | ||||||
104,800 | Experian PLC (Industrials) | 3,468,341 | ||||||
109,765 | Fiat Chrysler Automobiles NV (Consumer Discretionary) | 1,355,463 | ||||||
456,874 | GlaxoSmithKline PLC (Health Care) | 9,116,460 | ||||||
60,985 | Halma PLC (Information Technology) | 1,502,617 | ||||||
248,218 | Hargreaves Lansdown PLC (Financials) | 4,871,458 | ||||||
1,111,906 | HSBC Holdings PLC (Financials)(a) | 7,440,629 | ||||||
56,766 | Imperial Brands PLC (Consumer Staples) | 1,127,343 | ||||||
102,703 | Informa PLC (Communication Services) | 895,190 | ||||||
37,692 | InterContinental Hotels Group PLC (Consumer Discretionary) | 2,071,156 | ||||||
16,630 | Intertek Group PLC (Industrials) | 1,119,428 | ||||||
749,149 | J Sainsbury PLC (Consumer Staples) | 1,873,109 | ||||||
352,461 | JD Sports Fashion PLC (Consumer Discretionary) | 3,317,964 | ||||||
10,701 | Johnson Matthey PLC (Materials) | 343,213 | ||||||
635,233 | Kingfisher PLC (Consumer Discretionary) | 1,536,355 | ||||||
67,805 | Land Securities Group PLC REIT (Real Estate) | 722,825 | ||||||
1,001,468 | Legal & General Group PLC (Financials) | 3,325,857 | ||||||
1,707,945 | Lloyds Banking Group PLC (Financials) | 1,095,143 | ||||||
37,954 | London Stock Exchange Group PLC (Financials) | 3,672,744 | ||||||
886,309 | M&G PLC (Financials)* | 2,250,581 | ||||||
1,409,835 | Marks & Spencer Group PLC (Consumer Discretionary) | 2,852,441 | ||||||
167,956 | Meggitt PLC (Industrials) | 1,162,754 | ||||||
134,167 | Micro Focus International PLC (Information Technology) | 1,269,349 | ||||||
59,384 | Mondi PLC (Materials) | 1,184,796 | ||||||
235,843 | National Grid PLC (Utilities) | 2,960,611 | ||||||
53,733 | Next PLC (Consumer Discretionary) | 4,174,271 | ||||||
137,478 | Ocado Group PLC (Consumer Discretionary)* | 1,868,392 | ||||||
131,883 | Pearson PLC (Communication Services) | 939,301 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
13,364 | Persimmon PLC (Consumer Discretionary) | 484,613 | ||||||
199,683 | Prudential PLC (Financials) | 3,231,550 | ||||||
30,609 | Reckitt Benckiser Group PLC (Consumer Staples) | 2,236,734 | ||||||
161,393 | RELX PLC (Industrials) | 3,849,803 | ||||||
191,112 | Rentokil Initial PLC (Industrials) | 1,181,480 | ||||||
87,345 | Rolls-Royce Holdings PLC (Industrials)* | 691,708 | ||||||
136,376 | RSA Insurance Group PLC (Financials) | 903,714 | ||||||
485,956 | Sage Group PLC (The) (Information Technology) | 4,232,014 | ||||||
38,827 | Schroders PLC (Financials) | 1,415,406 | ||||||
274,920 | Segro PLC REIT (Real Estate) | 2,883,689 | ||||||
41,318 | Severn Trent PLC (Utilities) | 1,300,916 | ||||||
220,725 | Smith & Nephew PLC (Health Care) | 4,902,801 | ||||||
67,233 | Smiths Group PLC (Industrials) | 1,316,491 | ||||||
5,743 | Spirax-Sarco Engineering PLC (Industrials) | 615,818 | ||||||
86,764 | SSE PLC (Utilities) | 1,694,495 | ||||||
44,046 | St James’s Place PLC (Financials) | 571,320 | ||||||
83,152 | Standard Chartered PLC (Financials) | 597,538 | ||||||
548,094 | Standard Life Aberdeen PLC (Financials) | 1,935,024 | ||||||
189,182 | Taylor Wimpey PLC (Consumer Discretionary) | 488,601 | ||||||
1,183,028 | Tesco PLC (Consumer Staples) | 3,452,824 | ||||||
145,812 | Unilever NV (Consumer Staples) | 7,626,358 | ||||||
136,919 | Unilever PLC (Consumer Staples) | 7,292,777 | ||||||
87,527 | United Utilities Group PLC (Utilities) | 1,055,600 | ||||||
2,229,962 | Vodafone Group PLC (Communication Services) | 3,827,019 | ||||||
817,144 | Wm Morrison Supermarkets PLC (Consumer Staples)(a) | 1,787,402 | ||||||
116,804 | WPP PLC (Communication Services) | 1,123,131 | ||||||
|
| |||||||
203,537,259 | ||||||||
|
| |||||||
United States – 0.8% | ||||||||
52,823 | Bausch Health Cos., Inc. (Health Care)* | 1,170,303 | ||||||
6,264 | CyberArk Software Ltd. (Information Technology)* | 655,841 | ||||||
79,730 | Ferguson PLC (Industrials) | 6,863,961 | ||||||
48,691 | James Hardie Industries PLC CDI (Materials) | 886,239 | ||||||
256,661 | Ovintiv, Inc. (Energy) | 2,965,554 | ||||||
19,918 | QIAGEN NV (Health Care)* | 726,380 | ||||||
|
| |||||||
13,268,278 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,660,245,362) | $ | 1,664,375,153 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.4% | ||||||||||||
Germany – 0.4% | ||||||||||||
68,856 | FUCHS PETROLUB SE (Materials) | 2.66 | % | $ | 2,610,915 | |||||||
17,345 | Henkel AG & Co KGaA (Consumer Staples) | 2.17 | 1,594,322 | |||||||||
6,788 | Porsche Automobil Holding SE (Consumer Discretionary) | 3.85 | 419,639 | |||||||||
5,259 | Sartorius AG (Health Care) | 0.28 | 1,195,787 | |||||||||
4,752 | Volkswagen AG (Consumer Discretionary) | 3.19 | 775,563 | |||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $7,438,005) | $ | 6,596,226 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $1,667,683,367) | $ | 1,670,971,379 | ||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.5%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
26,919,831 | 1.507% | $ | 26,919,831 | |||||
(Cost $26,919,831) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 101.2% | ||||||||
(Cost $1,694,603,198) | $ | 1,697,891,210 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)% | (21,446,010 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,676,445,200 | ||||||
|
|
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. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 9.3% | ||||||||
1,033 | CyberAgent, Inc. | $ | 39,217 | |||||
960 | Dentsu Group, Inc. | 25,027 | ||||||
3,592 | Hakuhodo DY Holdings, Inc. | 41,926 | ||||||
2,957 | Kakaku.com, Inc. | 63,326 | ||||||
8,820 | KDDI Corp. | 250,049 | ||||||
540 | Konami Holdings Corp. | 19,499 | ||||||
734 | LINE Corp.* | 36,134 | ||||||
3,246 | Nexon Co. Ltd. | 51,670 | ||||||
480 | Nintendo Co. Ltd. | 161,402 | ||||||
10,126 | Nippon Telegraph & Telephone Corp. | 237,461 | ||||||
8,253 | NTT DOCOMO, Inc. | 223,990 | ||||||
7,413 | Softbank Corp. | 97,074 | ||||||
6,527 | SoftBank Group Corp. | 303,341 | ||||||
1,091 | Square Enix Holdings Co. Ltd. | 43,998 | ||||||
1,396 | Toho Co. Ltd. | 43,032 | ||||||
8,982 | Z Holdings Corp. | 32,725 | ||||||
|
| |||||||
1,669,871 | ||||||||
|
| |||||||
Consumer Discretionary – 18.1% | ||||||||
748 | ABC-Mart, Inc. | 42,717 | ||||||
232 | Aisin Seiki Co. Ltd. | 7,528 | ||||||
1,594 | Bandai Namco Holdings, Inc. | 79,356 | ||||||
1,406 | Benesse Holdings, Inc. | 36,263 | ||||||
2,746 | Bridgestone Corp. | 91,801 | ||||||
2,884 | Casio Computer Co. Ltd. | 49,651 | ||||||
1,392 | Denso Corp. | 54,459 | ||||||
279 | Fast Retailing Co. Ltd. | 138,226 | ||||||
246 | Hikari Tsushin, Inc. | 46,730 | ||||||
10,496 | Honda Motor Co. Ltd. | 272,410 | ||||||
1,495 | Iida Group Holdings Co. Ltd. | 20,222 | ||||||
1,544 | Isetan Mitsukoshi Holdings Ltd. | 10,120 | ||||||
1,277 | Isuzu Motors Ltd. | 12,028 | ||||||
4,186 | J Front Retailing Co. Ltd. | 44,513 | ||||||
232 | Koito Manufacturing Co. Ltd. | 9,163 | ||||||
1,543 | Marui Group Co. Ltd. | 30,126 | ||||||
2,582 | Mazda Motor Corp. | 17,953 | ||||||
770 | McDonald’s Holdings Co. Japan Ltd. | 32,338 | ||||||
1,515 | Mitsubishi Motors Corp. | 5,042 | ||||||
420 | NGK Spark Plug Co. Ltd. | 6,911 | ||||||
1,470 | Nikon Corp. | 15,114 | ||||||
3,681 | Nissan Motor Co. Ltd. | 15,821 | ||||||
533 | Nitori Holdings Co. Ltd. | 73,947 | ||||||
842 | Oriental Land Co. Ltd. | 95,741 | ||||||
2,139 | Pan Pacific International Holdings Corp. | 35,457 | ||||||
10,434 | Panasonic Corp. | 99,682 | ||||||
1,671 | Rakuten, Inc. | 13,989 | ||||||
256 | Rinnai Corp. | 17,491 | ||||||
2,228 | Ryohin Keikaku Co. Ltd. | 30,529 | ||||||
572 | Sankyo Co. Ltd. | 18,799 | ||||||
1,441 | Sega Sammy Holdings, Inc. | 19,010 | ||||||
3,343 | Sekisui Chemical Co. Ltd. | 49,867 | ||||||
6,209 | Sekisui House Ltd. | 121,860 | ||||||
568 | Shimamura Co. Ltd.(a) | 37,967 | ||||||
240 | Shimano, Inc. | 33,642 | ||||||
6,198 | Sony Corp. | 379,873 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
482 | Stanley Electric Co. Ltd. | 11,779 | ||||||
1,708 | Subaru Corp. | 41,479 | ||||||
2,018 | Sumitomo Electric Industries Ltd. | 24,143 | ||||||
8,762 | Sumitomo Rubber Industries Ltd. | 91,223 | ||||||
1,529 | Suzuki Motor Corp. | 61,478 | ||||||
727 | Toyoda Gosei Co. Ltd. | 15,542 | ||||||
426 | Toyota Industries Corp. | 22,551 | ||||||
10,357 | Toyota Motor Corp. | 684,321 | ||||||
1,111 | USS Co. Ltd. | 17,572 | ||||||
20,398 | Yamada Denki Co. Ltd. | 98,146 | ||||||
708 | Yamaha Corp. | 34,788 | ||||||
1,235 | Yamaha Motor Co. Ltd. | 19,785 | ||||||
2,279 | Yokohama Rubber Co. Ltd. (The) | 37,122 | ||||||
1,658 | ZOZO, Inc. | 23,272 | ||||||
|
| |||||||
3,249,547 | ||||||||
|
| |||||||
Consumer Staples – 9.6% | ||||||||
4,012 | Aeon Co. Ltd. | 74,929 | ||||||
2,633 | Ajinomoto Co., Inc. | 44,231 | ||||||
2,439 | Asahi Group Holdings Ltd. | 93,838 | ||||||
1,209 | Calbee, Inc. | 30,969 | ||||||
1,591 | Coca-Cola Bottlers Japan Holdings, Inc.(a) | 36,654 | ||||||
1,654 | FamilyMart UNY Holdings Co. Ltd.(a) | 36,587 | ||||||
4,490 | Japan Tobacco, Inc. | 89,246 | ||||||
2,342 | Kao Corp. | 170,833 | ||||||
932 | Kikkoman Corp. | 43,289 | ||||||
5,089 | Kirin Holdings Co. Ltd. | 97,897 | ||||||
479 | Kobayashi Pharmaceutical Co. Ltd. | 34,860 | ||||||
323 | Kose Corp. | 38,749 | ||||||
787 | Lawson, Inc. | 41,807 | ||||||
2,373 | Lion Corp. | 39,291 | ||||||
836 | MEIJI Holdings Co. Ltd. | 49,913 | ||||||
850 | NH Foods Ltd. | 32,072 | ||||||
1,459 | Nisshin Seifun Group, Inc. | 24,699 | ||||||
423 | Nissin Foods Holdings Co. Ltd. | 33,333 | ||||||
942 | Pigeon Corp. | 31,963 | ||||||
1,502 | Pola Orbis Holdings, Inc. | 28,741 | ||||||
3,819 | Seven & i Holdings Co. Ltd. | 130,858 | ||||||
2,026 | Shiseido Co. Ltd. | 120,548 | ||||||
1,325 | Sundrug Co. Ltd. | 41,458 | ||||||
1,645 | Suntory Beverage & Food Ltd. | 62,680 | ||||||
1,073 | Toyo Suisan Kaisha Ltd. | 42,526 | ||||||
502 | Tsuruha Holdings, Inc. | 58,314 | ||||||
2,065 | Unicharm Corp. | 66,967 | ||||||
1,027 | Welcia Holdings Co. Ltd. | 61,887 | ||||||
591 | Yakult Honsha Co. Ltd. | 27,039 | ||||||
2,579 | Yamazaki Baking Co. Ltd. | 43,874 | ||||||
|
| |||||||
1,730,052 | ||||||||
|
| |||||||
Energy – 1.7% | ||||||||
4,317 | Idemitsu Kosan Co. Ltd. | 106,379 | ||||||
5,304 | Inpex Corp. | 45,873 | ||||||
35,916 | JXTG Holdings, Inc. | 144,510 | ||||||
|
| |||||||
296,762 | ||||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – 10.2% | ||||||||
6,599 | Acom Co. Ltd. | $ | 27,163 | |||||
440 | AEON Financial Service Co. Ltd. | 6,396 | ||||||
613 | Aozora Bank Ltd. | 15,356 | ||||||
138 | Bank of Kyoto Ltd. (The) | 4,702 | ||||||
1,635 | Chiba Bank Ltd. (The) | 8,079 | ||||||
2,780 | Concordia Financial Group Ltd. | 9,588 | ||||||
1,348 | Credit Saison Co. Ltd. | 19,595 | ||||||
5,946 | Dai-ichi Life Holdings, Inc. | 81,502 | ||||||
3,658 | Daiwa Securities Group, Inc. | 15,573 | ||||||
3,051 | Fukuoka Financial Group, Inc. | 46,501 | ||||||
3,353 | Japan Exchange Group, Inc. | 56,420 | ||||||
1,886 | Japan Post Bank Co. Ltd. | 16,855 | ||||||
12,728 | Japan Post Holdings Co. Ltd. | 111,002 | ||||||
5,576 | Japan Post Insurance Co. Ltd. | 85,657 | ||||||
24,667 | Mebuki Financial Group, Inc. | 48,252 | ||||||
45,574 | Mitsubishi UFJ Financial Group, Inc. | 224,733 | ||||||
8,554 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 48,930 | ||||||
59,287 | Mizuho Financial Group, Inc. | 81,127 | ||||||
2,682 | MS&AD Insurance Group Holdings, Inc. | 86,603 | ||||||
9,163 | Nomura Holdings, Inc. | 40,733 | ||||||
7,655 | ORIX Corp. | 123,627 | ||||||
7,581 | Resona Holdings, Inc. | 28,759 | ||||||
1,006 | SBI Holdings, Inc. | 20,285 | ||||||
5,968 | Seven Bank Ltd. | 15,713 | ||||||
1,998 | Shinsei Bank Ltd. | 26,618 | ||||||
1,986 | Shizuoka Bank Ltd. (The) | 12,557 | ||||||
1,801 | Sompo Holdings, Inc. | 67,054 | ||||||
2,008 | Sony Financial Holdings, Inc. | 40,173 | ||||||
7,167 | Sumitomo Mitsui Financial Group, Inc. | 231,491 | ||||||
1,267 | Sumitomo Mitsui Trust Holdings, Inc. | 43,461 | ||||||
978 | T&D Holdings, Inc. | 9,656 | ||||||
3,131 | Tokio Marine Holdings, Inc. | 168,386 | ||||||
406 | Tokyo Century Corp. | 16,863 | ||||||
|
| |||||||
1,839,410 | ||||||||
|
| |||||||
Health Care – 10.2% | ||||||||
652 | Alfresa Holdings Corp. | 11,461 | ||||||
2,126 | Asahi Intecc Co. Ltd. | 50,970 | ||||||
12,254 | Astellas Pharma, Inc. | 193,015 | ||||||
1,283 | Chugai Pharmaceutical Co. Ltd. | 139,344 | ||||||
2,879 | Daiichi Sankyo Co. Ltd. | 175,892 | ||||||
1,315 | Eisai Co. Ltd. | 97,298 | ||||||
317 | Hisamitsu Pharmaceutical Co., Inc. | 14,209 | ||||||
2,175 | Hoya Corp. | 193,757 | ||||||
1,862 | Kyowa Kirin Co. Ltd. | 44,364 | ||||||
2,477 | M3, Inc. | 63,977 | ||||||
892 | Medipal Holdings Corp. | 16,308 | ||||||
394 | Nippon Shinyaku Co. Ltd. | 29,185 | ||||||
6,819 | Olympus Corp. | 124,034 | ||||||
1,824 | Ono Pharmaceutical Co. Ltd. | 37,371 | ||||||
2,120 | Otsuka Holdings Co. Ltd. | 80,189 | ||||||
435 | PeptiDream, Inc.* | 17,341 | ||||||
2,241 | Santen Pharmaceutical Co. Ltd. | 35,984 | ||||||
1,827 | Shionogi & Co. Ltd. | 99,002 | ||||||
2,816 | Sumitomo Dainippon Pharma Co. Ltd. | 40,753 | ||||||
349 | Suzuken Co. Ltd. | 11,567 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
802 | Sysmex Corp. | 51,444 | ||||||
362 | Taisho Pharmaceutical Holdings Co. Ltd. | 22,452 | ||||||
5,902 | Takeda Pharmaceutical Co. Ltd. | 205,898 | ||||||
2,636 | Terumo Corp. | 84,995 | ||||||
|
| |||||||
1,840,810 | ||||||||
|
| |||||||
Industrials – 17.4% | ||||||||
353 | AGC, Inc. | 10,145 | ||||||
816 | Amada Holdings Co. Ltd. | 7,626 | ||||||
640 | ANA Holdings, Inc.(a) | 17,251 | ||||||
665 | Central Japan Railway Co. | 109,616 | ||||||
1,073 | Dai Nippon Printing Co. Ltd. | 25,814 | ||||||
340 | Daifuku Co. Ltd. | 20,236 | ||||||
1,024 | Daikin Industries Ltd. | 139,790 | ||||||
1,103 | East Japan Railway Co. | 85,068 | ||||||
512 | FANUC Corp. | 85,298 | ||||||
231 | Fuji Electric Co. Ltd. | 6,345 | ||||||
1,303 | Hankyu Hanshin Holdings, Inc. | 42,884 | ||||||
1,088 | Hino Motors Ltd. | 8,997 | ||||||
324 | Hitachi Construction Machinery Co. Ltd. | 7,999 | ||||||
329 | Hoshizaki Corp. | 27,878 | ||||||
9,460 | ITOCHU Corp. | 215,879 | ||||||
970 | Japan Airlines Co. Ltd. | 24,082 | ||||||
259 | Japan Airport Terminal Co. Ltd. | 10,133 | ||||||
2,575 | JGC Holdings Corp. | 31,631 | ||||||
559 | JTEKT Corp. | 5,457 | ||||||
909 | Kajima Corp. | 9,801 | ||||||
2,210 | Kamigumi Co. Ltd. | 42,473 | ||||||
328 | Kawasaki Heavy Industries Ltd. | 5,960 | ||||||
658 | Keihan Holdings Co. Ltd. | 26,719 | ||||||
1,264 | Keikyu Corp. | 19,195 | ||||||
315 | Keio Corp. | 15,156 | ||||||
913 | Keisei Electric Railway Co. Ltd. | 29,244 | ||||||
1,162 | Kintetsu Group Holdings Co. Ltd. | 50,255 | ||||||
2,577 | Komatsu Ltd. | 52,142 | ||||||
2,658 | Kubota Corp. | 37,530 | ||||||
500 | Kurita Water Industries Ltd. | 12,956 | ||||||
679 | Kyushu Railway Co. | 20,427 | ||||||
4,891 | LIXIL Group Corp. | 73,457 | ||||||
509 | Makita Corp. | 17,625 | ||||||
22,870 | Marubeni Corp. | 151,979 | ||||||
807 | MINEBEA MITSUMI, Inc. | 14,245 | ||||||
1,970 | MISUMI Group, Inc. | 41,586 | ||||||
7,732 | Mitsubishi Corp. | 192,825 | ||||||
6,962 | Mitsubishi Electric Corp. | 88,489 | ||||||
729 | Mitsubishi Heavy Industries Ltd. | 23,107 | ||||||
5,675 | Mitsui & Co. Ltd. | 93,834 | ||||||
619 | Mitsui OSK Lines Ltd. | 12,860 | ||||||
1,682 | MonotaRO Co. Ltd. | 37,425 | ||||||
276 | Nabtesco Corp. | 7,451 | ||||||
1,414 | Nagoya Railroad Co. Ltd. | 36,954 | ||||||
757 | NGK Insulators Ltd. | 11,910 | ||||||
613 | Nidec Corp. | 72,629 | ||||||
392 | Nippon Express Co. Ltd. | 18,789 | ||||||
627 | Nippon Yusen KK | 8,975 | ||||||
731 | NSK Ltd. | 5,605 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,448 | Obayashi Corp. | $ | 14,619 | |||||
976 | Odakyu Electric Railway Co. Ltd. | 18,857 | ||||||
1,018 | Park24 Co. Ltd. | 19,848 | ||||||
2,100 | Persol Holdings Co. Ltd. | 27,821 | ||||||
5,850 | Recruit Holdings Co. Ltd. | 203,813 | ||||||
728 | Secom Co. Ltd. | 57,874 | ||||||
804 | Seibu Holdings, Inc. | 11,374 | ||||||
672 | SG Holdings Co. Ltd. | 13,257 | ||||||
1,717 | Shimizu Corp. | 15,632 | ||||||
153 | SMC Corp. | 61,092 | ||||||
467 | Sohgo Security Services Co. Ltd. | 21,864 | ||||||
9,128 | Sumitomo Corp. | 130,702 | ||||||
323 | Sumitomo Heavy Industries Ltd. | 7,043 | ||||||
322 | Taisei Corp. | 11,030 | ||||||
987 | Tobu Railway Co. Ltd. | 29,464 | ||||||
1,849 | Tokyu Corp. | 28,387 | ||||||
1,333 | Toppan Printing Co. Ltd. | 23,245 | ||||||
1,786 | Toshiba Corp. | 48,431 | ||||||
951 | TOTO Ltd. | 36,104 | ||||||
3,776 | Toyota Tsusho Corp. | 114,297 | ||||||
754 | West Japan Railway Co. | 53,251 | ||||||
2,065 | Yamato Holdings Co. Ltd. | 32,584 | ||||||
1,114 | Yaskawa Electric Corp. | 34,959 | ||||||
|
| |||||||
3,129,280 | ||||||||
|
| |||||||
Information Technology – 13.1% | ||||||||
1,947 | Advantest Corp. | 88,717 | ||||||
2,523 | Alps Alpine Co. Ltd. | 38,804 | ||||||
2,543 | Brother Industries Ltd. | 45,336 | ||||||
4,005 | Canon, Inc. | 101,494 | ||||||
179 | Disco Corp. | 36,309 | ||||||
2,381 | FUJIFILM Holdings Corp. | 116,484 | ||||||
1,532 | Fujitsu Ltd. | 159,215 | ||||||
200 | GMO Payment Gateway, Inc. | 12,275 | ||||||
1,019 | Hamamatsu Photonics KK | 39,536 | ||||||
189 | Hirose Electric Co. Ltd. | 20,080 | ||||||
643 | Hitachi High-Tech Corp. | 47,510 | ||||||
5,747 | Hitachi Ltd. | 193,778 | ||||||
1,284 | Itochu Techno-Solutions Corp. | 35,640 | ||||||
765 | Keyence Corp. | 244,042 | ||||||
6,114 | Konica Minolta, Inc. | 33,216 | ||||||
1,407 | Kyocera Corp. | 88,648 | ||||||
2,071 | Murata Manufacturing Co. Ltd. | 109,843 | ||||||
3,395 | NEC Corp. | 127,157 | ||||||
2,700 | Nomura Research Institute Ltd. | 58,949 | ||||||
6,350 | NTT Data Corp. | 76,001 | ||||||
404 | Obic Co. Ltd. | 49,777 | ||||||
1,236 | Omron Corp. | 66,919 | ||||||
459 | Oracle Corp. Japan | 35,915 | ||||||
973 | Otsuka Corp. | 41,630 | ||||||
7,412 | Renesas Electronics Corp.* | 44,734 | ||||||
6,257 | Ricoh Co. Ltd. | 58,298 | ||||||
122 | Rohm Co. Ltd. | 8,030 | ||||||
2,343 | Seiko Epson Corp. | 33,191 | ||||||
1,644 | Shimadzu Corp. | 40,054 | ||||||
1,370 | SUMCO Corp. | 20,842 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
372 | TDK Corp. | 36,039 | ||||||
808 | Tokyo Electron Ltd. | 167,233 | ||||||
802 | Trend Micro, Inc. | 39,927 | ||||||
2,055 | Yokogawa Electric Corp. | 33,093 | ||||||
|
| |||||||
2,348,716 | ||||||||
|
| |||||||
Materials – 3.9% | ||||||||
282 | Air Water, Inc. | 3,736 | ||||||
3,374 | Asahi Kasei Corp. | 28,174 | ||||||
501 | Daicel Corp. | 4,324 | ||||||
978 | Hitachi Chemical Co. Ltd. | 41,300 | ||||||
1,924 | Hitachi Metals Ltd. | 27,523 | ||||||
477 | JFE Holdings, Inc. | 4,431 | ||||||
502 | JSR Corp. | 8,843 | ||||||
934 | Kansai Paint Co. Ltd. | 20,409 | ||||||
636 | Kuraray Co. Ltd. | 6,627 | ||||||
347 | Maruichi Steel Tube Ltd. | 8,428 | ||||||
13,596 | Mitsubishi Chemical Holdings Corp. | 91,548 | ||||||
3,583 | Mitsubishi Materials Corp. | 81,914 | ||||||
2,015 | Mitsui Chemicals, Inc. | 43,694 | ||||||
759 | Nippon Paint Holdings Co. Ltd. | 34,655 | ||||||
1,118 | Nippon Steel Corp. | 12,604 | ||||||
707 | Nissan Chemical Corp. | 29,921 | ||||||
443 | Nitto Denko Corp. | 22,260 | ||||||
806 | Oji Holdings Corp. | 3,848 | ||||||
1,176 | Shin-Etsu Chemical Co. Ltd. | 132,411 | ||||||
161 | Showa Denko KK | 3,481 | ||||||
3,434 | Sumitomo Chemical Co. Ltd. | 12,512 | ||||||
164 | Sumitomo Metal Mining Co. Ltd. | 4,083 | ||||||
209 | Taiheiyo Cement Corp. | 5,160 | ||||||
1,383 | Taiyo Nippon Sanso Corp. | 24,758 | ||||||
1,459 | Teijin Ltd. | 24,009 | ||||||
2,362 | Toray Industries, Inc. | 13,680 | ||||||
644 | Tosoh Corp. | 8,842 | ||||||
|
| |||||||
703,175 | ||||||||
|
| |||||||
Real Estate – 5.0% | ||||||||
905 | Aeon Mall Co. Ltd. | 12,845 | ||||||
489 | Daito Trust Construction Co. Ltd. | 49,755 | ||||||
2,583 | Daiwa House Industry Co. Ltd. | 71,349 | ||||||
19 | Daiwa House REIT Investment Corp. REIT | 47,418 | ||||||
3,188 | Hulic Co. Ltd. | 35,703 | ||||||
11 | Japan Prime Realty Investment Corp. REIT | 48,440 | ||||||
8 | Japan Real Estate Investment Corp. REIT | 54,587 | ||||||
21 | Japan Retail Fund Investment Corp. REIT | 39,930 | ||||||
4,178 | Mitsubishi Estate Co. Ltd. | 71,425 | ||||||
2,158 | Mitsui Fudosan Co. Ltd. | 49,566 | ||||||
8 | Nippon Building Fund, Inc. REIT | 60,001 | ||||||
18 | Nippon Prologis REIT, Inc. REIT | 48,844 | ||||||
3,908 | Nomura Real Estate Holdings, Inc. | 84,345 | ||||||
32 | Nomura Real Estate Master Fund, Inc. REIT | 50,819 | ||||||
25 | Orix JREIT, Inc. REIT | 47,513 | ||||||
1,776 | Sumitomo Realty & Development Co. Ltd. | 55,520 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
3,694 | Tokyu Fudosan Holdings Corp. | $ | 23,322 | |||||
26 | United Urban Investment Corp. REIT | 41,604 | ||||||
|
| |||||||
892,986 | ||||||||
|
| |||||||
Utilities – 1.2% | ||||||||
1,284 | Chubu Electric Power Co., Inc. | 16,755 | ||||||
1,390 | Chugoku Electric Power Co., Inc. (The) | 18,505 | ||||||
748 | Electric Power Development Co. Ltd. | 16,060 | ||||||
987 | Kansai Electric Power Co., Inc. (The) | 10,656 | ||||||
1,767 | Kyushu Electric Power Co., Inc. | 12,810 | ||||||
3,129 | Osaka Gas Co. Ltd. | 50,620 | ||||||
651 | Toho Gas Co. Ltd. | 22,240 | ||||||
1,552 | Tohoku Electric Power Co., Inc. | 13,640 | ||||||
1,789 | Tokyo Electric Power Co. Holdings, Inc.* | 6,800 | ||||||
2,561 | Tokyo Gas Co. Ltd. | 51,830 | ||||||
|
| |||||||
219,916 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $18,531,462) | $ | 17,920,525 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.6%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
99,343 | 1.507% | $ | 99,343 | |||||
(Cost $99,343) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.3% | ||||||||
(Cost $18,630,805) | $ | 18,019,868 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (50,679 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 17,969,189 | ||||||
|
|
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: | ||
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 8.8% | ||||||||
177,741 | Activision Blizzard, Inc. | $ | 10,332,084 | |||||
70,450 | Alphabet, Inc., Class A* | 94,350,163 | ||||||
72,199 | Alphabet, Inc., Class C* | 96,698,287 | ||||||
182,680 | Altice USA, Inc., Class A* | 4,724,105 | ||||||
1,541,982 | AT&T, Inc. | 54,308,606 | ||||||
1,537,038 | CenturyLink, Inc. | 18,552,049 | ||||||
40,900 | Charter Communications, Inc., Class A* | 20,170,653 | ||||||
1,045,639 | Comcast Corp., Class A | 42,275,185 | ||||||
156,391 | Electronic Arts, Inc.* | 15,853,356 | ||||||
589,658 | Facebook, Inc., Class A* | 113,491,475 | ||||||
682,732 | Fox Corp., Class A | 20,987,182 | ||||||
68,230 | IAC/InterActiveCorp* | 13,914,826 | ||||||
91,736 | Liberty Broadband Corp., Class C* | 11,548,645 | ||||||
44,595 | Netflix, Inc.* | 16,456,893 | ||||||
106,714 | Omnicom Group, Inc. | 7,393,146 | ||||||
73,474 | Roku, Inc.* | 8,351,790 | ||||||
153,701 | Snap, Inc., Class A* | 2,177,943 | ||||||
19,705 | Take-Two Interactive Software, Inc.* | 2,117,893 | ||||||
166,803 | T-Mobile US, Inc.* | 15,038,958 | ||||||
912,140 | Verizon Communications, Inc. | 49,401,502 | ||||||
89,704 | ViacomCBS, Inc., Class B | 2,207,615 | ||||||
345,345 | Walt Disney Co. (The) | 40,629,839 | ||||||
|
| |||||||
660,982,195 | ||||||||
|
| |||||||
Consumer Discretionary – 12.0% | ||||||||
67,141 | Advance Auto Parts, Inc. | 8,928,410 | ||||||
98,243 | Amazon.com, Inc.* | 185,065,251 | ||||||
36,535 | Aramark | 1,269,226 | ||||||
28,007 | AutoZone, Inc.* | 28,917,508 | ||||||
312,913 | Best Buy Co., Inc. | 23,671,868 | ||||||
13,196 | Booking Holdings, Inc.* | 22,375,929 | ||||||
80,041 | Burlington Stores, Inc.* | 17,309,667 | ||||||
56,870 | Carnival Corp. | 1,902,870 | ||||||
8,355 | Chipotle Mexican Grill, Inc.* | 6,463,261 | ||||||
70,219 | Darden Restaurants, Inc. | 6,846,353 | ||||||
146,055 | Dollar General Corp. | 21,952,067 | ||||||
128,638 | Dollar Tree, Inc.* | 10,680,813 | ||||||
78,665 | Domino’s Pizza, Inc. | 26,703,621 | ||||||
54,049 | D.R. Horton, Inc. | 2,879,190 | ||||||
292,873 | eBay, Inc. | 10,145,121 | ||||||
50,378 | Expedia Group, Inc. | 4,968,278 | ||||||
2,148,677 | Ford Motor Co. | 14,954,792 | ||||||
67,597 | Garmin Ltd. | 5,974,899 | ||||||
54,777 | General Motors Co. | 1,670,699 | ||||||
118,914 | Genuine Parts Co. | 10,374,057 | ||||||
112,440 | Hasbro, Inc. | 8,685,990 | ||||||
114,732 | Hilton Worldwide Holdings, Inc. | 11,151,950 | ||||||
337,213 | Home Depot, Inc. (The) | 73,458,480 | ||||||
53,875 | Las Vegas Sands Corp. | 3,141,451 | ||||||
81,569 | Lennar Corp., Class A | 4,921,874 | ||||||
992,964 | LKQ Corp.* | 29,371,875 | ||||||
307,050 | Lowe’s Cos., Inc. | 32,722,319 | ||||||
32,476 | Marriott International, Inc., Class A | 4,027,024 | ||||||
173,136 | McDonald’s Corp. | 33,617,817 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
64,454 | MGM Resorts International | 1,582,990 | ||||||
462,285 | NIKE, Inc., Class B | 41,319,033 | ||||||
432,526 | Norwegian Cruise Line Holdings Ltd.* | 16,115,919 | ||||||
1,780 | NVR, Inc.* | 6,527,580 | ||||||
65,507 | O’Reilly Automotive, Inc.* | 24,153,741 | ||||||
134,525 | PulteGroup, Inc. | 5,407,905 | ||||||
246,696 | Ross Stores, Inc. | 26,835,591 | ||||||
238,239 | Starbucks Corp. | 18,685,085 | ||||||
347,261 | Target Corp. | 35,767,883 | ||||||
4,282 | Tesla, Inc.* | 2,860,333 | ||||||
99,770 | Tiffany & Co. | 13,328,274 | ||||||
489,283 | TJX Cos., Inc. (The) | 29,259,123 | ||||||
134,143 | Tractor Supply Co. | 11,872,997 | ||||||
59,473 | Ulta Beauty, Inc.* | 15,289,914 | ||||||
203,712 | VF Corp. | 14,667,264 | ||||||
220,372 | Yum! Brands, Inc. | 19,668,201 | ||||||
|
| |||||||
897,494,493 | ||||||||
|
| |||||||
Consumer Staples – 8.9% | ||||||||
180,918 | Altria Group, Inc. | 7,303,660 | ||||||
184,992 | Archer-Daniels-Midland Co. | 6,964,949 | ||||||
275,099 | Brown-Forman Corp., Class B | 16,893,830 | ||||||
176,272 | Church & Dwight Co., Inc. | 12,254,429 | ||||||
159,529 | Clorox Co. (The) | 25,432,113 | ||||||
698,694 | Coca-Cola Co. (The) | 37,373,142 | ||||||
358,459 | Colgate-Palmolive Co. | 24,221,075 | ||||||
151,294 | Conagra Brands, Inc. | 4,038,037 | ||||||
19,178 | Constellation Brands, Inc., Class A | 3,305,904 | ||||||
160,834 | Costco Wholesale Corp. | 45,216,871 | ||||||
164,750 | Estee Lauder Cos., Inc. (The), Class A | 30,248,100 | ||||||
171,382 | General Mills, Inc. | 8,397,718 | ||||||
150,646 | Hershey Co. (The) | 21,691,517 | ||||||
146,314 | Hormel Foods Corp. | 6,086,662 | ||||||
107,504 | JM Smucker Co. (The) | 11,071,837 | ||||||
108,865 | Kellogg Co. | 6,583,067 | ||||||
152,185 | Kimberly-Clark Corp. | 19,965,150 | ||||||
89,679 | Kraft Heinz Co. (The) | 2,221,349 | ||||||
688,748 | Kroger Co. (The) | 19,374,481 | ||||||
148,713 | Lamb Weston Holdings, Inc. | 12,921,673 | ||||||
67,128 | McCormick & Co., Inc. | 9,813,442 | ||||||
620,948 | Molson Coors Beverage Co., Class B | 30,805,230 | ||||||
329,094 | Mondelez International, Inc., Class A | 17,376,163 | ||||||
176,511 | Monster Beverage Corp.* | 11,016,051 | ||||||
394,179 | PepsiCo, Inc. | 52,043,453 | ||||||
344,625 | Philip Morris International, Inc. | 28,214,449 | ||||||
502,072 | Procter & Gamble Co. (The) | 56,849,613 | ||||||
371,595 | Sysco Corp. | 24,766,807 | ||||||
307,328 | Tyson Foods, Inc., Class A | 20,846,058 | ||||||
599,864 | Walgreens Boots Alliance, Inc. | 27,449,777 | ||||||
636,800 | Walmart, Inc. | 68,570,624 | ||||||
|
| |||||||
669,317,231 | ||||||||
|
| |||||||
Energy – 1.8% | ||||||||
33,308 | Cheniere Energy, Inc.* | 1,708,367 | ||||||
295,444 | Chevron Corp. | 27,576,743 | ||||||
|
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
216,851 | ConocoPhillips | $ | 10,499,926 | |||||
69,367 | EOG Resources, Inc. | 4,388,156 | ||||||
617,778 | Exxon Mobil Corp. | 31,778,500 | ||||||
359,015 | Kinder Morgan, Inc. | 6,882,318 | ||||||
533,358 | Marathon Petroleum Corp. | 25,291,836 | ||||||
86,164 | ONEOK, Inc. | 5,748,862 | ||||||
116,005 | Phillips 66 | 8,684,134 | ||||||
77,786 | Valero Energy Corp. | 5,153,323 | ||||||
146,370 | Williams Cos., Inc. (The) | 2,788,349 | ||||||
|
| |||||||
130,500,514 | ||||||||
|
| |||||||
Financials – 10.9% | ||||||||
211,815 | Aflac, Inc. | 9,076,273 | ||||||
6,692 | Alleghany Corp.* | 4,498,697 | ||||||
74,835 | Allstate Corp. (The) | 7,876,384 | ||||||
723,862 | Ally Financial, Inc. | 18,147,220 | ||||||
158,022 | American Express Co. | 17,371,358 | ||||||
84,591 | American International Group, Inc. | 3,566,357 | ||||||
26,525 | Ameriprise Financial, Inc. | 3,747,982 | ||||||
817,201 | Annaly Capital Management, Inc. REIT | 7,240,401 | ||||||
91,926 | Aon PLC | 19,120,608 | ||||||
283,430 | Arch Capital Group Ltd.* | 11,459,075 | ||||||
114,880 | Arthur J Gallagher & Co. | 11,199,651 | ||||||
1,969,004 | Bank of America Corp. | 56,116,614 | ||||||
121,190 | Bank of New York Mellon Corp. (The) | 4,835,481 | ||||||
174,518 | Berkshire Hathaway, Inc., Class B* | 36,010,044 | ||||||
12,252 | BlackRock, Inc. | 5,672,799 | ||||||
131,279 | Blackstone Group, Inc. (The), Class A | 7,068,061 | ||||||
228,411 | Capital One Financial Corp. | 20,159,555 | ||||||
59,560 | Cboe Global Markets, Inc. | 6,789,840 | ||||||
131,215 | Charles Schwab Corp. (The) | 5,347,011 | ||||||
82,329 | Chubb Ltd. | 11,940,175 | ||||||
102,033 | Cincinnati Financial Corp. | 9,513,557 | ||||||
410,912 | Citigroup, Inc. | 26,076,476 | ||||||
263,767 | Citizens Financial Group, Inc. | 8,358,776 | ||||||
76,943 | CME Group, Inc. | 15,297,807 | ||||||
26,841 | Comerica, Inc. | 1,412,910 | ||||||
112,030 | Discover Financial Services | 7,346,927 | ||||||
28,586 | Everest Re Group Ltd. | 7,085,898 | ||||||
47,342 | FactSet Research Systems, Inc. | 12,592,499 | ||||||
184,979 | Fidelity National Financial, Inc. | 7,169,786 | ||||||
348,093 | Fifth Third Bancorp | 8,493,469 | ||||||
29,686 | First Republic Bank | 2,985,521 | ||||||
172,922 | Hartford Financial Services Group, Inc. (The) | 8,637,454 | ||||||
235,153 | Huntington Bancshares, Inc. | 2,885,327 | ||||||
119,954 | Intercontinental Exchange, Inc. | 10,702,296 | ||||||
760,852 | JPMorgan Chase & Co. | 88,342,526 | ||||||
267,879 | KeyCorp | 4,379,822 | ||||||
158,924 | Lincoln National Corp. | 7,213,560 | ||||||
109,926 | Loews Corp. | 5,015,923 | ||||||
24,770 | M&T Bank Corp. | 3,477,213 | ||||||
5,543 | Markel Corp.* | 6,549,609 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
20,734 | MarketAxess Holdings, Inc. | 6,724,658 | ||||||
154,086 | Marsh & McLennan Cos., Inc. | 16,111,232 | ||||||
316,300 | MetLife, Inc. | 13,512,336 | ||||||
110,932 | Moody’s Corp. | 26,627,008 | ||||||
385,996 | Morgan Stanley | 17,381,400 | ||||||
32,689 | MSCI, Inc. | 9,657,638 | ||||||
70,977 | Nasdaq, Inc. | 7,278,691 | ||||||
37,753 | Northern Trust Corp. | 3,313,203 | ||||||
55,143 | PNC Financial Services Group, Inc. (The) | 6,970,075 | ||||||
113,445 | Principal Financial Group, Inc. | 5,035,824 | ||||||
183,268 | Progressive Corp. (The) | 13,407,887 | ||||||
138,974 | Prudential Financial, Inc. | 10,485,588 | ||||||
25,006 | Raymond James Financial, Inc. | 2,091,252 | ||||||
172,137 | Regions Financial Corp. | 2,327,292 | ||||||
57,567 | Reinsurance Group of America, Inc. | 7,024,901 | ||||||
149,150 | S&P Global, Inc. | 39,660,476 | ||||||
72,173 | State Street Corp. | 4,915,703 | ||||||
406,537 | Synchrony Financial | 11,830,227 | ||||||
140,365 | T. Rowe Price Group, Inc. | 16,564,474 | ||||||
72,779 | TD Ameritrade Holding Corp. | 3,073,457 | ||||||
57,121 | Travelers Cos., Inc. (The) | 6,843,667 | ||||||
170,806 | Truist Financial Corp. | 7,880,989 | ||||||
188,408 | US Bancorp | 8,749,668 | ||||||
963,955 | Wells Fargo & Co. | 39,377,562 | ||||||
46,691 | Willis Towers Watson PLC | 8,836,272 | ||||||
167,688 | WR Berkley Corp. | 11,258,572 | ||||||
|
| |||||||
817,720,994 | ||||||||
|
| |||||||
Health Care – 13.7% | ||||||||
314,699 | Abbott Laboratories | 24,241,264 | ||||||
316,697 | AbbVie, Inc. | 27,144,100 | ||||||
102,461 | Agilent Technologies, Inc. | 7,896,669 | ||||||
21,140 | Alexion Pharmaceuticals, Inc.* | 1,987,794 | ||||||
68,327 | Align Technology, Inc.* | 14,919,200 | ||||||
138,611 | Allergan PLC | 26,428,959 | ||||||
23,047 | AmerisourceBergen Corp. | 1,943,323 | ||||||
173,994 | Amgen, Inc. | 34,751,822 | ||||||
57,246 | Anthem, Inc. | 14,717,374 | ||||||
195,027 | Baxter International, Inc. | 16,278,904 | ||||||
38,117 | Becton Dickinson and Co. | 9,064,985 | ||||||
69,818 | Biogen, Inc.* | 21,531,173 | ||||||
264,367 | Boston Scientific Corp.* | 9,884,682 | ||||||
455,023 | Bristol-Myers Squibb Co. | 26,873,658 | ||||||
42,568 | Centene Corp.* | 2,256,955 | ||||||
194,258 | Cerner Corp. | 13,456,252 | ||||||
127,225 | Cigna Corp. | 23,274,541 | ||||||
18,978 | Cooper Cos., Inc. (The) | 6,159,689 | ||||||
525,794 | CVS Health Corp. | 31,116,489 | ||||||
124,776 | Danaher Corp. | 18,040,114 | ||||||
48,446 | DENTSPLY SIRONA, Inc. | 2,385,481 | ||||||
49,306 | DexCom, Inc.* | 13,608,456 | ||||||
122,765 | Edwards Lifesciences Corp.* | 25,147,183 | ||||||
262,554 | Eli Lilly & Co. | 33,115,936 | ||||||
33,597 | Exact Sciences Corp.* | 2,719,677 | ||||||
379,557 | Gilead Sciences, Inc. | 26,326,074 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
15,054 | HCA Healthcare, Inc. | $ | 1,912,009 | |||||
152,770 | Henry Schein, Inc.* | 9,309,804 | ||||||
50,934 | Hologic, Inc.* | 2,400,010 | ||||||
42,210 | Humana, Inc. | 13,493,693 | ||||||
98,650 | IDEXX Laboratories, Inc.* | 25,107,412 | ||||||
29,581 | Illumina, Inc.* | 7,858,784 | ||||||
111,706 | Incyte Corp.* | 8,423,749 | ||||||
17,392 | Intuitive Surgical, Inc.* | 9,286,632 | ||||||
55,602 | IQVIA Holdings, Inc.* | 7,755,923 | ||||||
689,281 | Johnson & Johnson | 92,694,509 | ||||||
43,085 | Laboratory Corp. of America Holdings* | 7,569,604 | ||||||
144,659 | McKesson Corp. | 20,232,008 | ||||||
225,855 | Medtronic PLC | 22,736,823 | ||||||
557,396 | Merck & Co., Inc. | 42,674,238 | ||||||
31,203 | Mettler-Toledo International, Inc.* | 21,895,145 | ||||||
1,812,535 | Mylan NV* | 31,157,477 | ||||||
1,287,563 | Pfizer, Inc. | 43,030,355 | ||||||
57,203 | Quest Diagnostics, Inc. | 6,066,950 | ||||||
6,120 | Regeneron Pharmaceuticals, Inc.* | 2,720,768 | ||||||
94,157 | ResMed, Inc. | 14,967,197 | ||||||
65,520 | STERIS PLC | 10,392,782 | ||||||
103,642 | Stryker Corp. | 19,753,129 | ||||||
7,717 | Teleflex, Inc. | 2,585,349 | ||||||
107,417 | Thermo Fisher Scientific, Inc. | 31,236,864 | ||||||
218,503 | UnitedHealth Group, Inc. | 55,709,525 | ||||||
54,345 | Universal Health Services, Inc., Class B | 6,724,650 | ||||||
54,441 | Varian Medical Systems, Inc.* | 6,694,610 | ||||||
48,536 | Veeva Systems, Inc., Class A* | 6,890,656 | ||||||
59,699 | Vertex Pharmaceuticals, Inc.* | 13,374,367 | ||||||
38,107 | Waters Corp.* | 7,426,673 | ||||||
31,073 | West Pharmaceutical Services, Inc. | 4,678,351 | ||||||
31,952 | Zimmer Biomet Holdings, Inc. | 4,350,265 | ||||||
213,304 | Zoetis, Inc. | 28,418,492 | ||||||
|
| |||||||
1,024,799,557 | ||||||||
|
| |||||||
Industrials – 8.3% | ||||||||
136,641 | 3M Co. | 20,392,303 | ||||||
100,934 | AMETEK, Inc. | 8,680,324 | ||||||
199,308 | Arconic, Inc. | 5,849,690 | ||||||
26,870 | Boeing Co. (The) | 7,392,206 | ||||||
60,462 | Caterpillar, Inc. | 7,511,799 | ||||||
241,888 | C.H. Robinson Worldwide, Inc. | 16,666,083 | ||||||
73,188 | Cintas Corp. | 19,522,167 | ||||||
107,185 | Copart, Inc.* | 9,054,989 | ||||||
15,919 | CoStar Group, Inc.* | 10,627,365 | ||||||
73,439 | CSX Corp. | 5,173,778 | ||||||
87,744 | Cummins, Inc. | 13,274,790 | ||||||
10,472 | Deere & Co. | 1,638,659 | ||||||
285,337 | Delta Air Lines, Inc. | 13,162,596 | ||||||
59,431 | Dover Corp. | 6,105,941 | ||||||
123,089 | Eaton Corp. PLC | 11,166,634 | ||||||
191,859 | Emerson Electric Co. | 12,300,080 | ||||||
58,589 | Equifax, Inc. | 8,321,982 | ||||||
67,023 | Expeditors International of Washington, Inc. | 4,719,760 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
637,878 | Fastenal Co. | 21,828,185 | ||||||
15,181 | FedEx Corp. | 2,143,102 | ||||||
130,079 | Fortive Corp. | 8,996,264 | ||||||
41,383 | General Dynamics Corp. | 6,608,451 | ||||||
334,381 | General Electric Co. | 3,638,065 | ||||||
133,583 | Honeywell International, Inc. | 21,663,155 | ||||||
9,467 | Huntington Ingalls Industries, Inc. | 1,945,752 | ||||||
39,379 | IDEX Corp. | 5,828,092 | ||||||
145,235 | IHS Markit Ltd. | 10,346,541 | ||||||
103,202 | Illinois Tool Works, Inc. | 17,315,232 | ||||||
121,349 | Ingersoll-Rand PLC | 15,658,875 | ||||||
78,219 | Jacobs Engineering Group, Inc. | 7,222,742 | ||||||
27,981 | J.B. Hunt Transport Services, Inc. | 2,698,488 | ||||||
184,134 | Johnson Controls International PLC | 6,733,780 | ||||||
20,756 | Kansas City Southern | 3,127,514 | ||||||
42,036 | L3Harris Technologies, Inc. | 8,311,778 | ||||||
48,425 | Lennox International, Inc. | 11,047,195 | ||||||
44,195 | Lockheed Martin Corp. | 16,346,405 | ||||||
209,953 | Masco Corp. | 8,675,258 | ||||||
25,444 | Norfolk Southern Corp. | 4,639,713 | ||||||
50,233 | Northrop Grumman Corp. | 16,518,620 | ||||||
41,938 | PACCAR, Inc. | 2,805,652 | ||||||
59,867 | Parker-Hannifin Corp. | 11,061,626 | ||||||
53,509 | Raytheon Co. | 10,089,657 | ||||||
130,797 | Republic Services, Inc. | 11,805,737 | ||||||
61,740 | Rockwell Automation, Inc. | 11,329,290 | ||||||
35,780 | Roper Technologies, Inc. | 12,583,826 | ||||||
254,001 | Southwest Airlines Co. | 11,732,306 | ||||||
27,141 | Stanley Black & Decker, Inc. | 3,900,162 | ||||||
22,132 | Teledyne Technologies, Inc.* | 7,465,566 | ||||||
504,624 | Textron, Inc. | 20,487,734 | ||||||
17,003 | TransDigm Group, Inc. | 9,484,443 | ||||||
22,567 | TransUnion | 2,006,658 | ||||||
57,385 | Union Pacific Corp. | 9,170,697 | ||||||
295,876 | United Airlines Holdings, Inc.* | 18,223,003 | ||||||
41,351 | United Parcel Service, Inc., Class B | 3,741,852 | ||||||
143,215 | United Rentals, Inc.* | 18,973,123 | ||||||
141,479 | United Technologies Corp. | 18,475,743 | ||||||
83,904 | Verisk Analytics, Inc. | 13,014,349 | ||||||
138,434 | Waste Management, Inc. | 15,339,872 | ||||||
28,085 | Westinghouse Air Brake Technologies Corp. | 1,929,439 | ||||||
69,069 | W.W. Grainger, Inc. | 19,169,410 | ||||||
69,773 | Xylem, Inc. | 5,396,244 | ||||||
|
| |||||||
621,040,742 | ||||||||
|
| |||||||
Information Technology – 24.4% | ||||||||
249,375 | Accenture PLC, Class A | 45,034,631 | ||||||
137,348 | Adobe, Inc.* | 47,401,542 | ||||||
606,131 | Advanced Micro Devices, Inc.* | 27,566,838 | ||||||
107,205 | Akamai Technologies, Inc.* | 9,274,305 | ||||||
87,560 | Amphenol Corp., Class A | 8,027,501 | ||||||
41,225 | Analog Devices, Inc. | 4,495,586 | ||||||
44,557 | ANSYS, Inc.* | 10,791,260 | ||||||
1,078,484 | Apple, Inc. | 294,814,386 | ||||||
303,057 | Applied Materials, Inc. | 17,613,673 | ||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
24,292 | Arista Networks, Inc.* | $ | 4,691,271 | |||||
96,541 | Autodesk, Inc.* | 18,427,746 | ||||||
90,278 | Automatic Data Processing, Inc. | 13,969,618 | ||||||
49,602 | Broadcom, Inc. | 13,522,497 | ||||||
104,431 | Broadridge Financial Solutions, Inc. | 10,898,419 | ||||||
371,161 | Cadence Design Systems, Inc.* | 24,548,589 | ||||||
129,795 | CDW Corp. | 14,825,185 | ||||||
980,344 | Cisco Systems, Inc. | 39,145,136 | ||||||
167,613 | Citrix Systems, Inc. | 17,329,508 | ||||||
199,039 | Cognizant Technology Solutions Corp., Class A | 12,127,446 | ||||||
80,945 | Corning, Inc. | 1,931,348 | ||||||
163,484 | Fidelity National Information Services, Inc. | 22,841,984 | ||||||
151,390 | Fiserv, Inc.* | 16,556,010 | ||||||
22,261 | FleetCor Technologies, Inc.* | 5,916,751 | ||||||
98,381 | Fortinet, Inc.* | 10,040,765 | ||||||
49,875 | Gartner, Inc.* | 6,453,326 | ||||||
155,813 | Global Payments, Inc. | 28,664,918 | ||||||
44,852 | GoDaddy, Inc., Class A* | 3,138,743 | ||||||
114,731 | Hewlett Packard Enterprise Co. | 1,467,409 | ||||||
650,482 | HP, Inc. | 13,523,521 | ||||||
1,292,474 | Intel Corp. | 71,758,156 | ||||||
250,499 | International Business Machines Corp. | 32,602,445 | ||||||
124,545 | Intuit, Inc. | 33,110,288 | ||||||
65,345 | Jack Henry & Associates, Inc. | 9,915,450 | ||||||
151,465 | Juniper Networks, Inc. | 3,214,087 | ||||||
79,904 | Keysight Technologies, Inc.* | 7,571,703 | ||||||
44,517 | KLA Corp. | 6,842,708 | ||||||
86,281 | Lam Research Corp. | 25,317,434 | ||||||
270,035 | Leidos Holdings, Inc. | 27,719,093 | ||||||
191,042 | Mastercard, Inc., Class A | 55,449,940 | ||||||
80,405 | Maxim Integrated Products, Inc. | 4,472,126 | ||||||
41,222 | Microchip Technology, Inc. | 3,739,248 | ||||||
377,410 | Micron Technology, Inc.* | 19,836,670 | ||||||
1,947,547 | Microsoft Corp. | 315,522,089 | ||||||
89,178 | Motorola Solutions, Inc. | 14,775,011 | ||||||
178,700 | NetApp, Inc. | 8,348,864 | ||||||
471,698 | NortonLifeLock, Inc. | 8,976,413 | ||||||
135,375 | NVIDIA Corp. | 36,560,726 | ||||||
47,626 | Okta, Inc.* | 6,098,986 | ||||||
671,048 | Oracle Corp. | 33,190,034 | ||||||
33,361 | Palo Alto Networks, Inc.* | 6,159,108 | ||||||
175,401 | Paychex, Inc. | 13,590,069 | ||||||
162,067 | PayPal Holdings, Inc.* | 17,501,615 | ||||||
116,878 | Qorvo, Inc.* | 11,755,589 | ||||||
148,805 | QUALCOMM, Inc. | 11,651,431 | ||||||
80,474 | RingCentral, Inc., Class A* | 18,971,746 | ||||||
176,165 | salesforce.com, Inc.* | 30,018,516 | ||||||
208,696 | Seagate Technology PLC | 10,006,973 | ||||||
69,544 | ServiceNow, Inc.* | 22,677,603 | ||||||
133,526 | Skyworks Solutions, Inc. | 13,376,635 | ||||||
38,605 | Splunk, Inc.* | 5,687,675 | ||||||
64,202 | Square, Inc., Class A* | 5,349,953 | ||||||
170,717 | SS&C Technologies Holdings, Inc. | 9,474,794 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
144,505 | Synopsys, Inc.* | 19,931,575 | ||||||
89,663 | TE Connectivity Ltd. | 7,430,373 | ||||||
62,198 | Teradyne, Inc. | 3,654,754 | ||||||
295,879 | Texas Instruments, Inc. | 33,771,629 | ||||||
43,198 | Trimble, Inc.* | 1,705,457 | ||||||
103,102 | VeriSign, Inc.* | 19,563,605 | ||||||
344,558 | Visa, Inc., Class A | 62,626,862 | ||||||
49,269 | VMware, Inc., Class A* | 5,937,900 | ||||||
30,212 | Western Digital Corp. | 1,678,579 | ||||||
544,500 | Western Union Co. (The) | 12,191,355 | ||||||
29,546 | Workday, Inc., Class A* | 5,118,845 | ||||||
53,303 | Xilinx, Inc. | 4,450,267 | ||||||
8,102 | Zebra Technologies Corp., Class A* | 1,709,279 | ||||||
|
| |||||||
1,826,053,570 | ||||||||
|
| |||||||
Materials – 1.4% | ||||||||
60,562 | Air Products & Chemicals, Inc. | 13,300,021 | ||||||
13,670 | Avery Dennison Corp. | 1,565,078 | ||||||
141,352 | Ball Corp. | 9,959,662 | ||||||
72,833 | Eastman Chemical Co. | 4,479,958 | ||||||
70,126 | Ecolab, Inc. | 12,654,237 | ||||||
102,153 | International Paper Co. | 3,775,575 | ||||||
18,213 | Martin Marietta Materials, Inc. | 4,144,004 | ||||||
198,774 | Newmont Corp. | 8,871,284 | ||||||
145,304 | Nucor Corp. | 6,008,320 | ||||||
24,777 | Packaging Corp. of America | 2,245,292 | ||||||
51,223 | PPG Industries, Inc. | 5,350,242 | ||||||
26,655 | Sherwin-Williams Co. (The) | 13,773,971 | ||||||
35,102 | Vulcan Materials Co. | 4,221,366 | ||||||
451,579 | Westrock Co. | 15,015,002 | ||||||
|
| |||||||
105,364,012 | ||||||||
|
| |||||||
Real Estate – 4.4% | ||||||||
48,735 | Alexandria Real Estate Equities, Inc. REIT | 7,401,872 | ||||||
90,682 | American Tower Corp. REIT | 20,566,678 | ||||||
49,242 | AvalonBay Communities, Inc. REIT | 9,877,453 | ||||||
32,305 | Boston Properties, Inc. REIT | 4,165,407 | ||||||
109,200 | Camden Property Trust REIT | 11,573,016 | ||||||
301,825 | CBRE Group, Inc., Class A* | 16,944,455 | ||||||
107,377 | Crown Castle International Corp. REIT | 15,386,050 | ||||||
101,281 | Digital Realty Trust, Inc. REIT | 12,164,861 | ||||||
183,244 | Duke Realty Corp. REIT | 5,949,933 | ||||||
20,216 | Equinix, Inc. REIT | 11,579,725 | ||||||
153,432 | Equity LifeStyle Properties, Inc. REIT | 10,484,009 | ||||||
152,167 | Equity Residential REIT | 11,427,742 | ||||||
35,866 | Essex Property Trust, Inc. REIT | 10,162,990 | ||||||
91,040 | Extra Space Storage, Inc. REIT | 9,136,774 | ||||||
41,968 | Federal Realty Investment Trust REIT | 4,882,557 | ||||||
256,078 | Healthpeak Properties, Inc. REIT | 8,102,308 | ||||||
1,024,699 | Host Hotels & Resorts, Inc. REIT | 14,837,641 | ||||||
371,574 | Invitation Homes, Inc. REIT | 10,660,458 | ||||||
59,391 | Iron Mountain, Inc. REIT | 1,806,080 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
81,551 | Mid-America Apartment Communities, Inc. REIT | $ | 10,541,282 | |||||
85,412 | Omega Healthcare Investors, Inc. REIT | 3,382,315 | ||||||
132,465 | Prologis, Inc. REIT | 11,164,150 | ||||||
40,957 | Public Storage REIT | 8,564,928 | ||||||
149,296 | Realty Income Corp. REIT | 10,807,537 | ||||||
61,658 | Regency Centers Corp. REIT | 3,541,636 | ||||||
44,158 | SBA Communications Corp. REIT | 11,705,844 | ||||||
49,358 | Simon Property Group, Inc. REIT | 6,074,983 | ||||||
87,966 | Sun Communities, Inc. REIT | 13,448,242 | ||||||
174,849 | UDR, Inc. REIT | 7,864,708 | ||||||
135,022 | Ventas, Inc. REIT | 7,260,133 | ||||||
718,912 | VEREIT, Inc. REIT | 6,225,778 | ||||||
215,704 | VICI Properties, Inc. REIT | 5,405,542 | ||||||
63,233 | Vornado Realty Trust REIT | 3,388,024 | ||||||
130,043 | Welltower, Inc. REIT | 9,729,817 | ||||||
101,263 | Weyerhaeuser Co. REIT | 2,630,813 | ||||||
131,696 | W.P. Carey, Inc. REIT | 10,194,587 | ||||||
|
| |||||||
329,040,328 | ||||||||
|
| |||||||
Utilities – 5.1% | ||||||||
371,405 | AES Corp. | 6,213,606 | ||||||
180,364 | Alliant Energy Corp. | 9,400,572 | ||||||
155,595 | Ameren Corp. | 12,292,005 | ||||||
163,305 | American Electric Power Co., Inc. | 14,576,604 | ||||||
101,514 | American Water Works Co., Inc. | 12,553,221 | ||||||
78,311 | Atmos Energy Corp. | 8,085,611 | ||||||
290,458 | CenterPoint Energy, Inc. | 6,686,343 | ||||||
184,989 | CMS Energy Corp. | 11,177,035 | ||||||
137,510 | Consolidated Edison, Inc. | 10,838,538 | ||||||
175,543 | Dominion Energy, Inc. | 13,723,952 | ||||||
95,007 | DTE Energy Co. | 10,609,432 | ||||||
158,450 | Duke Energy Corp. | 14,529,865 | ||||||
69,163 | Edison International | 4,647,062 | ||||||
113,855 | Entergy Corp. | 13,310,788 | ||||||
195,431 | Essential Utilities, Inc. | 8,405,487 | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
172,630 | Evergy, Inc. | 11,281,371 | ||||||
166,474 | Eversource Energy | 14,393,342 | ||||||
302,860 | Exelon Corp. | 13,056,295 | ||||||
271,058 | FirstEnergy Corp. | 12,070,213 | ||||||
129,305 | NextEra Energy, Inc. | 32,683,132 | ||||||
215,111 | NiSource, Inc. | 5,812,299 | ||||||
291,978 | NRG Energy, Inc. | 9,696,589 | ||||||
69,309 | Pinnacle West Capital Corp. | 6,202,462 | ||||||
247,444 | PPL Corp. | 7,425,794 | ||||||
192,165 | Public Service Enterprise Group, Inc. | 9,859,986 | ||||||
86,301 | Sempra Energy | 12,063,154 | ||||||
290,309 | Southern Co. (The) | 17,523,051 | ||||||
291,728 | UGI Corp. | 10,513,877 | ||||||
1,932,963 | Vistra Energy Corp. | 37,170,879 | ||||||
149,363 | WEC Energy Group, Inc. | 13,790,686 | ||||||
215,807 | Xcel Energy, Inc. | 13,449,092 | ||||||
|
| |||||||
384,042,343 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $6,782,614,573) | $ | 7,466,355,979 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 21,097,902 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 7,487,453,881 | ||||||
|
|
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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2020, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
S&P 500E-Mini Index | 115 | 03/20/20 | $ | 19,344,719 | $ | (2,375,894 | ) |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.0% | ||||||||
Communication Services – 2.3% | ||||||||
128 | ATN International, Inc. | $ | 6,899 | |||||
959 | Boston Omaha Corp., Class A* | 18,662 | ||||||
3,127 | Cargurus, Inc.* | 79,707 | ||||||
2,990 | Cars.com, Inc.* | 27,149 | ||||||
6,271 | Central European Media Enterprises Ltd., Class A (Czech Republic)* | 27,781 | ||||||
1,675 | Cogent Communications Holdings, Inc. | 122,292 | ||||||
7,207 | Consolidated Communications Holdings, Inc. | 44,828 | ||||||
68 | Daily Journal Corp.*(a) | 17,000 | ||||||
8,940 | DHI Group, Inc.* | 20,383 | ||||||
819 | Emerald Holding, Inc. | 5,618 | ||||||
5,944 | Entercom Communications Corp., Class A | 20,626 | ||||||
6,352 | Eros International PLC (India)*(a) | 14,673 | ||||||
1,973 | EverQuote, Inc., Class A* | 80,143 | ||||||
2,614 | EW Scripps Co. (The), Class A | 31,107 | ||||||
2,727 | Fluent, Inc.* | 6,354 | ||||||
14,685 | Frontier Communications Corp.* | 7,945 | ||||||
23 | Gaia, Inc.* | 194 | ||||||
11,239 | Gannett Co., Inc. | 47,204 | ||||||
9,909 | Glu Mobile, Inc.* | 70,552 | ||||||
3,570 | Gray Television, Inc.* | 67,544 | ||||||
1,714 | Hemisphere Media Group, Inc.* | 21,648 | ||||||
3,865 | IDT Corp., Class B* | 29,760 | ||||||
937 | IMAX Corp.* | 14,598 | ||||||
3,169 | Intelsat S.A.*(a) | 12,232 | ||||||
1,632 | Iridium Communications, Inc.* | 44,178 | ||||||
12,434 | Lee Enterprises, Inc.* | 18,651 | ||||||
1,928 | Liberty Latin America Ltd., Class A (Chile)* | 29,209 | ||||||
3,252 | Liberty Latin America Ltd., Class C (Chile)* | 49,398 | ||||||
1,030 | Liberty Media Corp.- Liberty Braves, Class A* | 26,801 | ||||||
1,485 | Liberty Media Corp.- Liberty Braves, Class C* | 38,580 | ||||||
2,712 | Liberty TripAdvisor Holdings, Inc., Class A* | 11,811 | ||||||
3,411 | Marchex, Inc., Class B* | 8,834 | ||||||
1,036 | Marcus Corp. (The) | 27,682 | ||||||
8,946 | Meet Group, Inc. (The)* | 45,625 | ||||||
963 | Meredith Corp. | 25,375 | ||||||
3,990 | MSG Networks, Inc., Class A* | 50,434 | ||||||
4,720 | National CineMedia, Inc. | 36,297 | ||||||
2,236 | Ooma, Inc.* | 28,688 | ||||||
5,862 | ORBCOMM, Inc.* | 19,403 | ||||||
2,605 | QuinStreet, Inc.* | 33,552 | ||||||
1,603 | Reading International, Inc., Class A* | 13,353 | ||||||
133 | Saga Communications, Inc., Class A | 3,828 | ||||||
2,635 | Scholastic Corp. | 84,557 | ||||||
1,286 | Shenandoah Telecommunications Co. | 57,137 | ||||||
2,497 | Spok Holdings, Inc. | 24,870 | ||||||
3,153 | TechTarget, Inc.* | 72,929 | ||||||
7,252 | TEGNA, Inc. | 103,849 | ||||||
8,809 | TrueCar, Inc.* | 23,168 | ||||||
17,691 | Vonage Holdings Corp.* | 158,511 | ||||||
3,972 | Yelp, Inc.* | 124,204 | ||||||
|
| |||||||
1,955,823 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – 11.1% | ||||||||
4,379 | 1-800-Flowers.com, Inc., Class A* | 78,997 | ||||||
4,314 | Aaron’s, Inc. | 169,670 | ||||||
4,308 | Abercrombie & Fitch Co., Class A | 56,564 | ||||||
1,871 | Acushnet Holdings Corp. | 47,617 | ||||||
1,911 | Adient PLC* | 45,730 | ||||||
3,468 | Adtalem Global Education, Inc.* | 107,057 | ||||||
1,016 | America’sCar-Mart, Inc.* | 104,414 | ||||||
4,124 | American Axle & Manufacturing Holdings, Inc.* | 26,105 | ||||||
7,181 | American Eagle Outfitters, Inc. | 92,491 | ||||||
3,124 | American Public Education, Inc.* | 69,540 | ||||||
826 | Asbury Automotive Group, Inc.* | 73,217 | ||||||
606 | Ascena Retail Group, Inc.* | 2,303 | ||||||
6,091 | Barnes & Noble Education, Inc.* | 20,161 | ||||||
1,663 | Bassett Furniture Industries, Inc. | 16,414 | ||||||
7,095 | BBX Capital Corp. | 24,691 | ||||||
3,358 | Beazer Homes USA, Inc.* | 41,169 | ||||||
4,785 | Bed Bath & Beyond, Inc. | 51,726 | ||||||
2,173 | Big Lots, Inc. | 34,355 | ||||||
196 | Biglari Holdings, Inc., Class B* | 20,670 | ||||||
758 | BJ’s Restaurants, Inc. | 24,976 | ||||||
2,949 | Bloomin’ Brands, Inc. | 53,053 | ||||||
1,515 | Boot Barn Holdings, Inc.* | 46,465 | ||||||
3,276 | Boyd Gaming Corp. | 87,502 | ||||||
987 | Brinker International, Inc. | 33,903 | ||||||
2,187 | Buckle, Inc. (The) | 49,492 | ||||||
2,547 | Caleres, Inc. | 29,367 | ||||||
3,116 | Callaway Golf Co. | 52,910 | ||||||
1,707 | Carriage Services, Inc. | 36,103 | ||||||
1,910 | Cato Corp. (The), Class A | 30,885 | ||||||
238 | Cavco Industries, Inc.* | 48,009 | ||||||
3,729 | Century Casinos, Inc.* | 26,028 | ||||||
1,900 | Cheesecake Factory, Inc. (The) | 67,697 | ||||||
3,229 | Chegg, Inc.* | 126,609 | ||||||
9,992 | Chico’s FAS, Inc. | 40,068 | ||||||
960 | Children’s Place, Inc. (The)(a) | 55,296 | ||||||
1,025 | Churchill Downs, Inc. | 128,781 | ||||||
1,474 | Citi Trends, Inc. | 29,141 | ||||||
2,034 | Clarus Corp. | 23,513 | ||||||
1,858 | Collectors Universe, Inc. | 42,743 | ||||||
382 | Container Store Group, Inc. (The)* | 1,444 | ||||||
1,894 | Cooper Tire & Rubber Co. | 48,278 | ||||||
1,939 | Core-Mark Holding Co., Inc. | 44,616 | ||||||
580 | Cracker Barrel Old Country Store, Inc. | 83,131 | ||||||
4,647 | Crocs, Inc.* | 121,612 | ||||||
4,436 | Dana, Inc. | 63,790 | ||||||
924 | Dave & Buster’s Entertainment, Inc. | 30,501 | ||||||
1,654 | Deckers Outdoor Corp.* | 287,465 | ||||||
3,185 | Del Taco Restaurants, Inc.* | 20,384 | ||||||
700 | Delta Apparel, Inc.* | 13,832 | ||||||
5,812 | Denny’s Corp.* | 101,187 | ||||||
2,511 | Designer Brands, Inc., Class A | 33,924 | ||||||
575 | Dillard’s, Inc., Class A(a) | 32,367 | ||||||
402 | Dine Brands Global, Inc. | 32,904 | ||||||
1,779 | Dorman Products, Inc.* | 107,879 | ||||||
256 | Drive Shack, Inc.* | 732 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
2,270 | Duluth Holdings, Inc., Class B*(a) | $ | 15,572 | |||||
2,585 | El Pollo Loco Holdings, Inc.* | 33,346 | ||||||
1,628 | Eldorado Resorts, Inc.* | 81,693 | ||||||
2,963 | Ethan Allen Interiors, Inc. | 39,112 | ||||||
3,614 | Everi Holdings, Inc.* | 37,586 | ||||||
7,652 | Express, Inc.* | 28,312 | ||||||
2,748 | Fiesta Restaurant Group, Inc.* | 26,546 | ||||||
7,679 | Fossil Group, Inc.* | 35,247 | ||||||
2,361 | Fox Factory Holding Corp.* | 149,687 | ||||||
5,620 | GameStop Corp., Class A(a) | 20,232 | ||||||
1,656 | Genesco, Inc.* | 56,983 | ||||||
2,159 | Gentherm, Inc.* | 88,044 | ||||||
1,501 | G-III Apparel Group Ltd.* | 33,562 | ||||||
1,750 | Golden Entertainment, Inc.* | 28,490 | ||||||
6,686 | GoPro, Inc., Class A*(a) | 25,373 | ||||||
706 | Group 1 Automotive, Inc. | 60,172 | ||||||
20,545 | Groupon, Inc.* | 27,530 | ||||||
1,868 | Guess?, Inc. | 30,262 | ||||||
2,531 | Haverty Furniture Cos., Inc. | 42,571 | ||||||
795 | Helen of Troy Ltd.* | 130,857 | ||||||
2,466 | Hibbett Sports, Inc.* | 48,136 | ||||||
5,758 | Houghton Mifflin Harcourt Co.* | 31,496 | ||||||
2,338 | Hudson Ltd., Class A* | 21,767 | ||||||
925 | Installed Building Products, Inc.* | 61,096 | ||||||
1,304 | iRobot Corp.*(a) | 62,579 | ||||||
2,951 | J Alexander’s Holdings, Inc.* | 24,228 | ||||||
1,267 | Jack in the Box, Inc. | 87,246 | ||||||
26,612 | JC Penney Co., Inc.*(a) | 18,362 | ||||||
846 | Johnson Outdoors, Inc., Class A | 52,799 | ||||||
5,718 | K12, Inc.* | 113,674 | ||||||
4,023 | KB Home | 131,110 | ||||||
905 | Kontoor Brands, Inc. | 30,535 | ||||||
1,494 | Lands’ End, Inc.* | 15,747 | ||||||
5,073 | Laureate Education, Inc., Class A* | 94,865 | ||||||
3,299 | La-Z-Boy, Inc. | 94,516 | ||||||
1,410 | LCI Industries | 136,136 | ||||||
2,377 | Leaf Group Ltd.* | 6,252 | ||||||
2,089 | Lifetime Brands, Inc. | 13,286 | ||||||
2,168 | Lindblad Expeditions Holdings, Inc.* | 25,799 | ||||||
2,949 | Liquidity Services, Inc.* | 11,560 | ||||||
805 | Lithia Motors, Inc., Class A | 95,924 | ||||||
2,326 | Lumber Liquidators Holdings, Inc.* | 22,795 | ||||||
1,618 | M/I Homes, Inc.* | 60,238 | ||||||
1,183 | Malibu Boats, Inc., Class A* | 51,981 | ||||||
1,456 | Marine Products Corp. | 18,316 | ||||||
1,188 | Marriott Vacations Worldwide Corp. | 114,975 | ||||||
3,171 | MasterCraft Boat Holdings, Inc.* | 51,275 | ||||||
1,421 | MDC Holdings, Inc. | 55,902 | ||||||
1,372 | Meritage Homes Corp.* | 87,067 | ||||||
3,628 | Michaels Cos., Inc. (The)* | 15,564 | ||||||
3,083 | Modine Manufacturing Co.* | 22,999 | ||||||
818 | Monarch Casino & Resort, Inc.* | 38,675 | ||||||
674 | Monro, Inc. | 37,825 | ||||||
1,293 | Murphy USA, Inc.* | 126,068 | ||||||
654 | Nathan’s Famous, Inc. | 38,913 | ||||||
871 | National Vision Holdings, Inc.* | 30,328 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
20,469 | Office Depot, Inc. | 48,102 | ||||||
1,411 | Oxford Industries, Inc. | 85,210 | ||||||
1,792 | Papa John’s International, Inc. | 103,237 | ||||||
4,977 | Penn National Gaming, Inc.* | 147,170 | ||||||
9,501 | Perdoceo Education Corp.* | 141,850 | ||||||
1,417 | PetMed Express, Inc. | 37,409 | ||||||
1,694 | PlayAGS, Inc.* | 16,415 | ||||||
4,895 | Potbelly Corp.* | 24,475 | ||||||
2,392 | Quotient Technology, Inc.* | 21,408 | ||||||
1,448 | RCI Hospitality Holdings, Inc. | 29,177 | ||||||
1,133 | Red Robin Gourmet Burgers, Inc.* | 31,158 | ||||||
882 | Red Rock Resorts, Inc., Class A | 18,178 | ||||||
3,487 | Regis Corp.* | 44,494 | ||||||
5,671 | Rent-A-Center, Inc. | 120,736 | ||||||
1,006 | RH* | 182,488 | ||||||
4,456 | RTW RetailWinds, Inc.* | 1,248 | ||||||
2,755 | Rubicon Project, Inc. (The)* | 31,269 | ||||||
2,581 | Ruth’s Hospitality Group, Inc. | 49,375 | ||||||
5,332 | Sally Beauty Holdings, Inc.* | 66,330 | ||||||
1,003 | Scientific Games Corp.* | 18,295 | ||||||
2,040 | SeaWorld Entertainment, Inc.* | 55,508 | ||||||
387 | Shake Shack, Inc., Class A* | 23,003 | ||||||
2,147 | Shoe Carnival, Inc. | 64,217 | ||||||
1,407 | Shutterstock, Inc.* | 54,226 | ||||||
1,766 | Signet Jewelers Ltd. | 41,183 | ||||||
1,505 | Skyline Champion Corp.* | 38,347 | ||||||
2,253 | Sleep Number Corp.* | 99,245 | ||||||
4,671 | Sonos, Inc.* | 53,903 | ||||||
663 | Stamps.com, Inc.* | 93,556 | ||||||
1,777 | Standard Motor Products, Inc. | 78,188 | ||||||
3,805 | Steven Madden Ltd. | 124,424 | ||||||
1,737 | Stitch Fix, Inc., Class A*(a) | 41,740 | ||||||
4,540 | Stoneridge, Inc.* | 100,334 | ||||||
691 | Strategic Education, Inc. | 101,840 | ||||||
1,405 | Sturm Ruger & Co., Inc. | 67,496 | ||||||
5,857 | Taylor Morrison Home Corp.* | 131,900 | ||||||
1,956 | Texas Roadhouse, Inc. | 109,966 | ||||||
3,017 | Tilly’s, Inc., Class A | 19,611 | ||||||
1,204 | TopBuild Corp.* | 121,604 | ||||||
4,963 | TRI Pointe Group, Inc.* | 76,083 | ||||||
3,488 | Tupperware Brands Corp.(a) | 9,941 | ||||||
4,630 | Vera Bradley, Inc.* | 38,244 | ||||||
430 | Visteon Corp.* | 27,967 | ||||||
811 | Weyco Group, Inc. | 17,793 | ||||||
1,859 | Wingstop, Inc. | 156,993 | ||||||
497 | Winmark Corp. | 99,400 | ||||||
1,033 | Winnebago Industries, Inc. | 53,602 | ||||||
3,021 | Wolverine World Wide, Inc. | 79,422 | ||||||
5,065 | WW International, Inc.* | 151,950 | ||||||
589 | YETI Holdings, Inc.* | 17,817 | ||||||
4,362 | ZAGG, Inc.* | 29,313 | ||||||
2,992 | Zumiez, Inc.* | 79,378 | ||||||
|
| |||||||
9,556,907 | ||||||||
|
| |||||||
Consumer Staples – 3.0% | ||||||||
305 | Alico, Inc. | 9,934 | ||||||
3,004 | BJ’s Wholesale Club Holdings, Inc.* | 57,857 | ||||||
|
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
597 | Boston Beer Co., Inc. (The), Class A* | $ | 221,362 | |||||
393 | Calavo Growers, Inc.(a) | 28,473 | ||||||
1,367 | Cal-Maine Foods, Inc. | 47,695 | ||||||
5,247 | Celsius Holdings, Inc.*(a) | 31,010 | ||||||
1,139 | Central Garden & Pet Co.* | 30,502 | ||||||
1,607 | Central Garden & Pet Co., Class A* | 40,673 | ||||||
1,550 | Chefs’ Warehouse, Inc. (The)* | 47,461 | ||||||
455 | Coca-Cola Consolidated, Inc. | 89,353 | ||||||
6,352 | Darling Ingredients, Inc.* | 163,246 | ||||||
1,633 | Edgewell Personal Care Co.* | 49,578 | ||||||
1,794 | Farmer Brothers Co.* | 22,156 | ||||||
1,861 | Fresh Del Monte Produce, Inc. | 51,029 | ||||||
2,962 | Freshpet, Inc.* | 196,855 | ||||||
6,665 | Hostess Brands, Inc.* | 84,712 | ||||||
1,900 | Ingles Markets, Inc., Class A | 67,963 | ||||||
849 | Inter Parfums, Inc. | 50,991 | ||||||
588 | J&J Snack Foods Corp. | 94,562 | ||||||
636 | John B Sanfilippo & Son, Inc. | 44,641 | ||||||
701 | Lancaster Colony Corp. | 101,259 | ||||||
2,248 | Landec Corp.* | 23,064 | ||||||
3,187 | Lifevantage Corp.* | 37,957 | ||||||
797 | Medifast, Inc.(a) | 66,239 | ||||||
419 | MGP Ingredients, Inc. | 12,050 | ||||||
1,213 | National Beverage Corp.*(a) | 51,298 | ||||||
1,653 | Nature’s Sunshine Products, Inc.* | 13,555 | ||||||
136 | Oil-Dri Corp. of America | 4,138 | ||||||
4,554 | Performance Food Group Co.* | 193,090 | ||||||
2,879 | Rite Aid Corp.* | 39,212 | ||||||
681 | Sanderson Farms, Inc. | 84,144 | ||||||
1,899 | Simply Good Foods Co. (The)* | 41,892 | ||||||
1,824 | SpartanNash Co. | 22,672 | ||||||
644 | Tootsie Roll Industries, Inc. | 20,660 | ||||||
1,164 | Turning Point Brands, Inc. | 30,439 | ||||||
3,034 | United Natural Foods, Inc.*(a) | 19,630 | ||||||
1,177 | Universal Corp. | 58,085 | ||||||
1,193 | USANA Health Sciences, Inc.* | 78,857 | ||||||
4,004 | Vector Group Ltd. | 46,526 | ||||||
1,827 | Village Super Market, Inc., Class A | 37,545 | ||||||
654 | WD-40 Co. | 112,808 | ||||||
1,042 | Weis Markets, Inc. | 38,815 | ||||||
|
| |||||||
2,563,988 | ||||||||
|
| |||||||
Energy – 1.4% | ||||||||
8,351 | Abraxas Petroleum Corp.* | 1,587 | ||||||
1,032 | Arch Coal, Inc., Class A | 51,961 | ||||||
2,553 | Cactus, Inc., Class A | 69,722 | ||||||
1,843 | CONSOL Energy, Inc.* | 10,487 | ||||||
1,328 | CVR Energy, Inc. | 37,742 | ||||||
3,035 | Delek US Holdings, Inc. | 64,888 | ||||||
18,211 | Denbury Resources, Inc.* | 13,702 | ||||||
3,300 | DHT Holdings, Inc. | 18,315 | ||||||
1,824 | DMC Global, Inc. | 65,773 | ||||||
3,736 | Dorian LPG Ltd.* | 41,544 | ||||||
2,701 | Era Group, Inc.* | 26,470 | ||||||
5,831 | Evolution Petroleum Corp. | 27,464 | ||||||
1,350 | Exterran Corp.* | 6,885 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
958 | Falcon Minerals Corp. | 3,827 | ||||||
4,372 | FTS International, Inc.* | 4,044 | ||||||
3,125 | Hallador Energy Co. | 4,031 | ||||||
4,135 | Helix Energy Solutions Group, Inc.* | 27,746 | ||||||
4,841 | Liberty Oilfield Services, Inc., Class A | 32,386 | ||||||
1,595 | Magnolia Oil & Gas Corp., Class A* | 11,978 | ||||||
3,621 | Matrix Service Co.* | 43,742 | ||||||
11,018 | Nabors Industries Ltd. | 19,392 | ||||||
5,013 | Newpark Resources, Inc.* | 17,596 | ||||||
15,160 | NexTier Oilfield Solutions, Inc.* | 70,646 | ||||||
4,551 | Nordic American Tankers Ltd. | 14,654 | ||||||
27,388 | Northern Oil and Gas, Inc.*(a) | 39,713 | ||||||
1,829 | Oceaneering International, Inc.* | 19,278 | ||||||
1,844 | Oil States International, Inc.* | 14,586 | ||||||
3,901 | Overseas Shipholding Group, Inc., Class A* | 6,710 | ||||||
2,285 | Par Pacific Holdings, Inc.* | 37,908 | ||||||
1,377 | Penn Virginia Corp.* | 21,894 | ||||||
4,783 | ProPetro Holding Corp.* | 41,899 | ||||||
477 | Renewable Energy Group, Inc.* | 12,617 | ||||||
870 | REX American Resources Corp.* | 60,909 | ||||||
2,932 | RigNet, Inc.* | 10,321 | ||||||
7,711 | RPC, Inc. | 26,526 | ||||||
1,407 | Scorpio Tankers, Inc. (Monaco) | 27,830 | ||||||
550 | SEACOR Holdings, Inc.* | 20,515 | ||||||
2,552 | Select Energy Services, Inc., Class A* | 16,588 | ||||||
1,587 | SFL Corp. Ltd. (Norway) | 19,266 | ||||||
3,048 | Solaris Oilfield Infrastructure, Inc., Class A | 32,309 | ||||||
2,661 | Teekay Tankers Ltd., Class A (Bermuda)* | 44,039 | ||||||
15,611 | W&T Offshore, Inc.* | 40,589 | ||||||
1,791 | World Fuel Services Corp. | 50,649 | ||||||
|
| |||||||
1,230,728 | ||||||||
|
| |||||||
Financials – 19.6% | ||||||||
810 | 1st Constitution Bancorp | 14,839 | ||||||
805 | 1st Source Corp. | 33,850 | ||||||
324 | ACNB Corp. | 9,876 | ||||||
3,486 | AG Mortgage Investment Trust, Inc. REIT | 52,185 | ||||||
759 | Allegiance Bancshares, Inc. | 25,176 | ||||||
1,417 | Ambac Financial Group, Inc.* | 27,235 | ||||||
976 | Amerant Bancorp, Inc.* | 18,017 | ||||||
2,839 | American Equity Investment Life Holding Co. | 71,770 | ||||||
921 | American National Bankshares, Inc. | 28,450 | ||||||
1,061 | Ameris Bancorp | 36,265 | ||||||
1,356 | AMERISAFE, Inc. | 88,371 | ||||||
359 | Ames National Corp. | 9,287 | ||||||
6,631 | Anworth Mortgage Asset Corp. REIT | 21,683 | ||||||
5,623 | Apollo Commercial Real Estate Finance, Inc. REIT | 91,093 | ||||||
3,266 | Ares Commercial Real Estate Corp. REIT | 49,839 | ||||||
3,087 | Ares Management Corp., Class A | 106,779 | ||||||
1,242 | Argo Group International Holdings Ltd. | 69,875 | ||||||
1,595 | ARMOUR Residential REIT, Inc. REIT | 28,838 | ||||||
1,674 | Arrow Financial Corp. | 53,016 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
3,914 | Artisan Partners Asset Management, Inc., Class A | $ | 111,862 | |||||
420 | Associated Capital Group, Inc., Class A | 17,283 | ||||||
1,834 | Atlantic Capital Bancshares, Inc.* | 33,250 | ||||||
2,941 | Atlantic Union Bankshares Corp. | 87,465 | ||||||
5,191 | Axos Financial, Inc.* | 129,308 | ||||||
2,464 | B. Riley Financial, Inc. | 58,298 | ||||||
4,060 | Banc of California, Inc. | 62,240 | ||||||
1,419 | BancFirst Corp. | 72,795 | ||||||
1,009 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 18,041 | ||||||
3,476 | BancorpSouth Bank | 85,058 | ||||||
528 | Bank First Corp. | 31,258 | ||||||
2,623 | Bank of Commerce Holdings | 27,423 | ||||||
837 | Bank of Marin Bancorp | 31,915 | ||||||
4,424 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 122,456 | ||||||
1,974 | BankFinancial Corp. | 22,385 | ||||||
980 | Bankwell Financial Group, Inc. | 27,901 | ||||||
1,300 | Banner Corp. | 59,332 | ||||||
811 | Bar Harbor Bankshares | 16,561 | ||||||
2,224 | BCB Bancorp, Inc. | 25,220 | ||||||
2,348 | Berkshire Hills Bancorp, Inc. | 57,315 | ||||||
3,982 | Blackstone Mortgage Trust, Inc., Class A REIT | 143,591 | ||||||
1,239 | Blucora, Inc.* | 21,559 | ||||||
4,244 | Boston Private Financial Holdings, Inc. | 41,400 | ||||||
1,224 | Bridge Bancorp, Inc. | 33,684 | ||||||
5,371 | Brightsphere Investment Group, Inc. | 50,219 | ||||||
3,314 | Brookline Bancorp, Inc. | 45,965 | ||||||
1,257 | Bryn Mawr Bank Corp. | 41,783 | ||||||
478 | C&F Financial Corp. | 21,749 | ||||||
4,235 | Cadence BanCorp | 59,798 | ||||||
354 | Cambridge Bancorp | 24,238 | ||||||
1,859 | Camden National Corp. | 76,238 | ||||||
1,528 | Cannae Holdings, Inc.* | 56,979 | ||||||
1,827 | Capital City Bank Group, Inc. | 48,690 | ||||||
3,410 | Capitol Federal Financial, Inc. | 41,619 | ||||||
1,284 | Capstar Financial Holdings, Inc. | 17,257 | ||||||
5,757 | Capstead Mortgage Corp. REIT | 40,875 | ||||||
1,164 | Carolina Financial Corp. | 37,714 | ||||||
3,624 | Cathay General Bancorp | 111,547 | ||||||
3,916 | CenterState Bank Corp. | 79,221 | ||||||
1,579 | Central Pacific Financial Corp. | 37,770 | ||||||
1,305 | Central Valley Community Bancorp | 22,446 | ||||||
481 | Century Bancorp, Inc., Class A | 34,776 | ||||||
559 | Chemung Financial Corp. | 20,068 | ||||||
2,140 | Cherry Hill Mortgage Investment Corp. REIT | 30,516 | ||||||
1,042 | Citizens & Northern Corp. | 23,643 | ||||||
1,352 | City Holding Co. | 94,532 | ||||||
2,280 | Civista Bancshares, Inc. | 43,639 | ||||||
1,091 | CNB Financial Corp. | 27,351 | ||||||
4,803 | CNO Financial Group, Inc. | 76,944 | ||||||
1,208 | Codorus Valley Bancorp, Inc. | 24,885 | ||||||
2,207 | Cohen & Steers, Inc. | 138,269 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,066 | Colony Bankcorp, Inc. | 15,851 | ||||||
2,289 | Colony Credit Real Estate, Inc. REIT | 29,139 | ||||||
2,411 | Columbia Banking System, Inc. | 80,045 | ||||||
1,790 | Community Bank System, Inc. | 108,850 | ||||||
4,930 | Community Bankers Trust Corp. | 40,278 | ||||||
560 | Community Financial Corp. (The) | 17,774 | ||||||
1,123 | Community Trust Bancorp, Inc. | 43,438 | ||||||
1,480 | ConnectOne Bancorp, Inc. | 31,095 | ||||||
1,672 | Cowen, Inc., Class A | 25,030 | ||||||
2,096 | Crawford & Co., Class A | 15,594 | ||||||
3,139 | Customers Bancorp, Inc.* | 63,690 | ||||||
3,917 | CVB Financial Corp. | 72,621 | ||||||
387 | Diamond Hill Investment Group, Inc. | 49,045 | ||||||
1,940 | Dime Community Bancshares, Inc. | 32,553 | ||||||
1,645 | Donegal Group, Inc., Class A | 23,474 | ||||||
3,593 | Donnelley Financial Solutions, Inc.* | 31,259 | ||||||
1,694 | Dynex Capital, Inc. REIT | 28,967 | ||||||
1,925 | Eagle Bancorp, Inc. | 72,033 | ||||||
381 | eHealth, Inc.* | 44,710 | ||||||
1,751 | Ellington Financial, Inc. REIT | 28,944 | ||||||
2,647 | Employers Holdings, Inc. | 102,015 | ||||||
2,333 | Encore Capital Group, Inc.* | 86,694 | ||||||
2,723 | Enova International, Inc.* | 52,336 | ||||||
407 | Enstar Group Ltd. (Bermuda)* | 72,605 | ||||||
141 | Enterprise Bancorp, Inc. | 3,873 | ||||||
1,611 | Enterprise Financial Services Corp. | 61,653 | ||||||
819 | Equity Bancshares, Inc., Class A* | 21,441 | ||||||
532 | Esquire Financial Holdings, Inc.* | 12,188 | ||||||
1,511 | ESSA Bancorp, Inc. | 24,992 | ||||||
5,690 | Essent Group Ltd. | 248,312 | ||||||
869 | Evans Bancorp, Inc. | 34,126 | ||||||
3,354 | EZCORP, Inc., Class A* | 16,099 | ||||||
973 | Farmers & Merchants Bancorp, Inc. | 25,882 | ||||||
1,902 | Farmers National Banc Corp. | 28,587 | ||||||
1,313 | FB Financial Corp. | 42,764 | ||||||
591 | FBL Financial Group, Inc., Class A | 28,226 | ||||||
1,837 | Federal Agricultural Mortgage Corp., Class C | 137,885 | ||||||
5,237 | Federated Hermes, Inc. | 151,087 | ||||||
7,006 | FGL Holdings | 80,149 | ||||||
1,852 | Financial Institutions, Inc. | 49,837 | ||||||
10,200 | First BanCorp. (Puerto Rico) | 80,988 | ||||||
1,299 | First Bancorp, Inc. | 33,124 | ||||||
1,751 | First Bancorp/Southern Pines NC | 56,207 | ||||||
915 | First Bancshares, Inc. (The) | 27,304 | ||||||
1,148 | First Bank/Hamilton NJ | 11,193 | ||||||
2,097 | First Busey Corp. | 46,281 | ||||||
1,380 | First Business Financial Services, Inc. | 33,120 | ||||||
4,758 | First Commonwealth Financial Corp. | 56,144 | ||||||
886 | First Community Bankshares, Inc. | 23,178 | ||||||
2,773 | First Defiance Financial Corp. | 66,316 | ||||||
4,782 | First Financial Bancorp | 98,509 | ||||||
6,118 | First Financial Bankshares, Inc. | 175,831 | ||||||
894 | First Financial Corp. | 35,715 | ||||||
1,482 | First Financial Northwest, Inc. | 20,674 | ||||||
2,411 | First Foundation, Inc. | 34,899 | ||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,102 | First Guaranty Bancshares, Inc. | $ | 18,822 | |||||
1,082 | First Internet Bancorp | 26,282 | ||||||
1,350 | First Interstate BancSystem, Inc., Class A | 45,981 | ||||||
2,922 | First Merchants Corp. | 102,212 | ||||||
1,009 | First Mid Bancshares, Inc. | 28,424 | ||||||
2,944 | First Midwest Bancorp, Inc. | 53,434 | ||||||
1,960 | First Northwest Bancorp | 31,203 | ||||||
1,966 | First of Long Island Corp. (The) | 40,716 | ||||||
1,357 | FirstCash, Inc. | 104,380 | ||||||
2,730 | Flagstar Bancorp, Inc. | 87,032 | ||||||
3,270 | Flushing Financial Corp. | 59,367 | ||||||
1,078 | Franklin Financial Network, Inc. | 36,102 | ||||||
740 | FS Bancorp, Inc. | 35,365 | ||||||
6,789 | Fulton Financial Corp. | 98,101 | ||||||
16,765 | Genworth Financial, Inc., Class A* | 65,383 | ||||||
2,191 | German American Bancorp, Inc. | 65,401 | ||||||
3,181 | Glacier Bancorp, Inc. | 118,619 | ||||||
630 | Global Indemnity Ltd. (Cayman Islands) | 20,009 | ||||||
1,689 | Granite Point Mortgage Trust, Inc. REIT | 27,733 | ||||||
2,799 | Great Ajax Corp. REIT | 39,550 | ||||||
1,389 | Great Southern Bancorp, Inc. | 71,270 | ||||||
2,053 | Great Western Bancorp, Inc. | 55,164 | ||||||
1,652 | Green Dot Corp., Class A* | 56,432 | ||||||
1,637 | Greenhill & Co., Inc. | 23,933 | ||||||
3 | Hallmark Financial Services, Inc.* | 43 | ||||||
1,806 | Hamilton Lane, Inc., Class A | 112,225 | ||||||
3,647 | Hancock Whitney Corp. | 122,174 | ||||||
2,106 | Hanmi Financial Corp. | 32,854 | ||||||
3,233 | HarborOne Bancorp, Inc.* | 32,314 | ||||||
2,266 | Health Insurance Innovations, Inc., Class A* | 66,643 | ||||||
1,787 | Heartland Financial USA, Inc. | 76,573 | ||||||
3,944 | Heritage Commerce Corp. | 40,465 | ||||||
1,363 | Heritage Financial Corp. | 31,608 | ||||||
272 | Heritage Insurance Holdings, Inc. | 3,036 | ||||||
3,680 | Hilltop Holdings, Inc. | 76,654 | ||||||
268 | Hingham Institution for Savings | 49,033 | ||||||
817 | Home Bancorp, Inc. | 27,018 | ||||||
6,259 | Home BancShares, Inc. | 104,901 | ||||||
2,327 | HomeStreet, Inc. | 63,038 | ||||||
1,286 | HomeTrust Bancshares, Inc. | 30,555 | ||||||
4,996 | Hope Bancorp, Inc. | 61,001 | ||||||
1,758 | Horace Mann Educators Corp. | 68,439 | ||||||
2,039 | Horizon Bancorp, Inc. | 30,626 | ||||||
2,205 | Houlihan Lokey, Inc. | 112,940 | ||||||
1,019 | Howard Bancorp, Inc.* | 16,049 | ||||||
2,222 | IBERIABANK Corp. | 133,742 | ||||||
1,223 | Independent Bank Corp. | 82,589 | ||||||
2,316 | Independent Bank Corp. | 45,324 | ||||||
1,175 | Independent Bank Group, Inc. | 54,391 | ||||||
2,304 | International Bancshares Corp. | 78,566 | ||||||
1,175 | INTL. FCStone, Inc.* | 53,521 | ||||||
5,867 | Invesco Mortgage Capital, Inc. REIT | 94,341 | ||||||
1,364 | Investar Holding Corp. | 29,135 | ||||||
7,405 | Investors Bancorp, Inc. | 78,049 | ||||||
260 | Investors Title Co. | 42,630 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,547 | James River Group Holdings Ltd. | 62,514 | ||||||
2,474 | Kearny Financial Corp. | 26,991 | ||||||
1,482 | Kinsale Capital Group, Inc. | 180,019 | ||||||
1,750 | KKR Real Estate Finance Trust, Inc. REIT | 34,370 | ||||||
4,746 | Ladder Capital Corp. REIT | 72,377 | ||||||
2,604 | Lakeland Bancorp, Inc. | 37,511 | ||||||
1,938 | Lakeland Financial Corp. | 79,206 | ||||||
256 | LCNB Corp. | 4,052 | ||||||
2,318 | Live Oak Bancshares, Inc. | 35,628 | ||||||
4,403 | Macatawa Bank Corp. | 42,445 | ||||||
1,481 | Malvern Bancorp, Inc.* | 28,317 | ||||||
489 | Marlin Business Services Corp. | 9,614 | ||||||
1,185 | Mercantile Bank Corp. | 33,998 | ||||||
2,060 | Meridian Bancorp, Inc. | 34,011 | ||||||
1,573 | Meta Financial Group, Inc. | 51,673 | ||||||
1,206 | Midland States Bancorp, Inc. | 28,727 | ||||||
996 | MidWestOne Financial Group, Inc. | 28,615 | ||||||
885 | MMA Capital Holdings, Inc.* | 26,718 | ||||||
2,392 | Moelis & Co., Class A | 76,448 | ||||||
11,634 | Mr Cooper Group, Inc.* | 149,264 | ||||||
365 | MutualFirst Financial, Inc. | 12,228 | ||||||
884 | National Bank Holdings Corp., Class A | 27,042 | ||||||
48 | National Bankshares, Inc. | 1,678 | ||||||
4,415 | National General Holdings Corp. | 85,960 | ||||||
176 | National Western Life Group, Inc., Class A | 42,052 | ||||||
1,890 | NBT Bancorp, Inc. | 63,674 | ||||||
1,122 | Nelnet, Inc., Class A | 59,578 | ||||||
11,661 | New York Mortgage Trust, Inc. REIT | 66,468 | ||||||
645 | NI Holdings, Inc.* | 9,107 | ||||||
970 | Nicolet Bankshares, Inc.* | 64,457 | ||||||
3,746 | �� | NMI Holdings, Inc., Class A* | 87,432 | |||||
1,685 | Northeast Bank | 29,993 | ||||||
1,069 | Northrim BanCorp, Inc. | 37,362 | ||||||
2,916 | Northwest Bancshares, Inc. | 40,503 | ||||||
1,025 | Norwood Financial Corp. | 31,652 | ||||||
1,533 | OceanFirst Financial Corp. | 31,335 | ||||||
3,586 | OFG Bancorp (Puerto Rico) | 60,030 | ||||||
940 | Ohio Valley Banc Corp. | 26,132 | ||||||
5,892 | Old National Bancorp | 92,858 | ||||||
2,512 | Old Second Bancorp, Inc. | 26,728 | ||||||
1,336 | On Deck Capital, Inc.* | 4,663 | ||||||
1,019 | Oppenheimer Holdings, Inc., Class A | 24,181 | ||||||
1,468 | Opus Bank | 34,748 | ||||||
3,637 | Orchid Island Capital, Inc. REIT | 20,840 | ||||||
2,061 | Pacific Mercantile Bancorp* | 13,458 | ||||||
1,457 | Pacific Premier Bancorp, Inc. | 37,634 | ||||||
923 | Park National Corp. | 80,596 | ||||||
1,611 | Parke Bancorp, Inc. | 29,804 | ||||||
1,484 | PCSB Financial Corp. | 27,246 | ||||||
1,627 | Peapack Gladstone Financial Corp. | 44,661 | ||||||
1,042 | Penns Woods Bancorp, Inc. | 31,427 | ||||||
3,683 | PennyMac Financial Services, Inc. | 129,863 | ||||||
4,358 | PennyMac Mortgage Investment Trust REIT | 90,211 | ||||||
1,066 | Peoples Bancorp of North Carolina, Inc. | 27,108 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,744 | Peoples Bancorp, Inc. | $ | 49,791 | |||||
851 | Peoples Financial Services Corp. | 37,376 | ||||||
1,613 | People’s Utah Bancorp | 38,664 | ||||||
547 | Piper Sandler Cos. | 38,334 | ||||||
864 | PJT Partners, Inc., Class A | 38,837 | ||||||
1,722 | PRA Group, Inc.* | 66,848 | ||||||
1,730 | Preferred Bank | 88,455 | ||||||
2,191 | Premier Financial Bancorp, Inc. | 36,480 | ||||||
1,089 | ProAssurance Corp. | 29,566 | ||||||
1,194 | Protective Insurance Corp., Class B | 17,026 | ||||||
2,834 | Provident Financial Services, Inc. | 56,623 | ||||||
1,864 | Prudential Bancorp, Inc. | 30,626 | ||||||
3,884 | Pzena Investment Management, Inc., Class A | 25,363 | ||||||
1,187 | QCR Holdings, Inc. | 45,177 | ||||||
11,451 | Radian Group, Inc. | 243,219 | ||||||
2,408 | Ready Capital Corp. REIT | 34,916 | ||||||
4,829 | Redwood Trust, Inc. REIT | 82,479 | ||||||
1,410 | Regional Management Corp.* | 36,167 | ||||||
967 | Reliant Bancorp, Inc. | 19,195 | ||||||
1,867 | Renasant Corp. | 52,892 | ||||||
1,279 | Republic Bancorp, Inc., Class A | 45,711 | ||||||
4,552 | Riverview Bancorp, Inc. | 29,360 | ||||||
1,674 | RLI Corp. | 134,556 | ||||||
2,246 | S&T Bancorp, Inc. | 73,826 | ||||||
1,054 | Safety Insurance Group, Inc. | 82,992 | ||||||
1,908 | Sandy Spring Bancorp, Inc. | 58,690 | ||||||
225 | SB One Bancorp | 4,932 | ||||||
1,835 | Seacoast Banking Corp. of Florida* | 45,692 | ||||||
2,888 | Selective Insurance Group, Inc. | 161,093 | ||||||
3,524 | ServisFirst Bancshares, Inc. | 121,754 | ||||||
1,981 | Shore Bancshares, Inc. | 30,824 | ||||||
1,513 | Sierra Bancorp | 36,040 | ||||||
3,102 | Simmons First National Corp., Class A | 66,321 | ||||||
1,003 | SmartFinancial, Inc. | 19,047 | ||||||
1,158 | South State Corp. | 78,883 | ||||||
1,297 | Southern First Bancshares, Inc.* | 49,442 | ||||||
1,394 | Southern Missouri Bancorp, Inc. | 45,751 | ||||||
1,997 | Southern National Bancorp of Virginia, Inc. | 28,337 | ||||||
1,396 | Southside Bancshares, Inc. | 44,979 | ||||||
761 | State Auto Financial Corp. | 19,010 | ||||||
1,440 | Stewart Information Services Corp. | 52,099 | ||||||
2,534 | Stifel Financial Corp. | 137,951 | ||||||
2,157 | Stock Yards Bancorp, Inc. | 75,366 | ||||||
785 | Summit Financial Group, Inc. | 17,207 | ||||||
1,342 | Territorial Bancorp, Inc. | 34,114 | ||||||
400 | Third Point Reinsurance Ltd. (Bermuda)* | 3,568 | ||||||
1,430 | Timberland Bancorp, Inc. | 33,248 | ||||||
785 | Tompkins Financial Corp. | 62,392 | ||||||
2,921 | Towne Bank/Portsmouth VA | 67,358 | ||||||
2,235 | TPG RE Finance Trust, Inc. REIT | 42,957 | ||||||
1,912 | TriCo Bancshares | 64,664 | ||||||
2,529 | TriState Capital Holdings, Inc.* | 50,251 | ||||||
1,448 | Triumph Bancorp, Inc.* | 49,044 | ||||||
6,095 | TrustCo Bank Corp. | 41,812 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
2,699 | Trustmark Corp. | 72,603 | ||||||
1,588 | UMB Financial Corp. | 92,342 | ||||||
3,179 | United Bankshares, Inc. | 91,810 | ||||||
3,813 | United Community Banks, Inc. | 94,448 | ||||||
702 | United Fire Group, Inc. | 26,915 | ||||||
1,443 | United Security Bancshares | 12,496 | ||||||
1,773 | Unity Bancorp, Inc. | 30,371 | ||||||
4,580 | Universal Insurance Holdings, Inc. | 94,760 | ||||||
1,449 | Univest Financial Corp. | 33,907 | ||||||
15,780 | Valley National Bancorp | 146,754 | ||||||
2,133 | Veritex Holdings, Inc. | 51,341 | ||||||
438 | Virtus Investment Partners, Inc. | 48,355 | ||||||
5,629 | Waddell & Reed Financial, Inc., Class A | 77,455 | ||||||
3,380 | Walker & Dunlop, Inc. | 219,193 | ||||||
3,769 | Washington Federal, Inc. | 113,032 | ||||||
1,432 | Washington Trust Bancorp, Inc. | 61,461 | ||||||
2,637 | Waterstone Financial, Inc. | 43,853 | ||||||
2,943 | WesBanco, Inc. | 90,085 | ||||||
2,282 | West Bancorporation, Inc. | 46,667 | ||||||
1,101 | Westamerica Bancorporation | 63,660 | ||||||
5,653 | Western Asset Mortgage Capital Corp. REIT | 56,643 | ||||||
3,292 | Western New England Bancorp, Inc. | 29,101 | ||||||
622 | World Acceptance Corp.* | 48,578 | ||||||
1,517 | WSFS Financial Corp. | 52,276 | ||||||
|
| |||||||
16,809,409 | ||||||||
|
| |||||||
Health Care – 14.7% | ||||||||
3,077 | ACADIA Pharmaceuticals, Inc.* | 131,511 | ||||||
452 | Acceleron Pharma, Inc.* | 38,840 | ||||||
1,398 | Accuray, Inc.* | 4,145 | ||||||
2,547 | Acorda Therapeutics, Inc.* | 3,668 | ||||||
764 | Addus HomeCare Corp.* | 58,270 | ||||||
13,984 | Affimed NV (Germany)* | 33,002 | ||||||
947 | Alector, Inc.* | 26,024 | ||||||
8,007 | Allscripts Healthcare Solutions, Inc.* | 60,373 | ||||||
6,940 | Alphatec Holdings, Inc.* | 40,599 | ||||||
7,783 | AMAG Pharmaceuticals, Inc.* | 60,318 | ||||||
2,079 | Amedisys, Inc.* | 361,767 | ||||||
3,263 | American Renal Associates Holdings, Inc.* | 26,267 | ||||||
2,811 | AMN Healthcare Services, Inc.* | 206,890 | ||||||
13,582 | Amneal Pharmaceuticals, Inc.* | 52,291 | ||||||
2,589 | Amphastar Pharmaceuticals, Inc.* | 39,845 | ||||||
3,922 | AngioDynamics, Inc.* | 45,064 | ||||||
1,565 | ANI Pharmaceuticals, Inc.* | 75,136 | ||||||
1,428 | Anika Therapeutics, Inc.* | 59,633 | ||||||
6,011 | Antares Pharma, Inc.* | 18,634 | ||||||
788 | Apellis Pharmaceuticals, Inc.* | 27,281 | ||||||
2,914 | Apyx Medical Corp.* | 17,630 | ||||||
4,981 | Arena Pharmaceuticals, Inc.* | 222,153 | ||||||
2,807 | Arrowhead Pharmaceuticals, Inc.* | 99,256 | ||||||
4,587 | Assertio Therapeutics, Inc.* | 4,954 | ||||||
2,412 | AtriCure, Inc.* | 92,669 | ||||||
72 | Atrion Corp. | 44,374 | ||||||
773 | Axsome Therapeutics, Inc.* | 60,294 | ||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
457 | Baudax Bio, Inc.*(a) | $ | 3,190 | |||||
18,962 | BioDelivery Sciences International, Inc.* | 92,155 | ||||||
456 | Biohaven Pharmaceutical Holding Co. Ltd.* | 20,137 | ||||||
631 | BioSpecifics Technologies Corp.* | 34,825 | ||||||
1,312 | BioTelemetry, Inc.* | 56,049 | ||||||
681 | Blueprint Medicines Corp.* | 36,863 | ||||||
5,293 | Brookdale Senior Living, Inc.* | 34,775 | ||||||
3,399 | Cardiovascular Systems, Inc.* | 127,870 | ||||||
16,850 | Catalyst Pharmaceuticals, Inc.* | 70,938 | ||||||
1,642 | Catasys, Inc.*(a) | 24,827 | ||||||
583 | Cellular Biomedicine Group, Inc.* | 9,305 | ||||||
497 | CEL-SCI Corp.*(a) | 5,452 | ||||||
831 | ChemoCentryx, Inc.* | 37,187 | ||||||
249 | Chiasma, Inc.* | 1,108 | ||||||
1,372 | Codexis, Inc.* | 15,984 | ||||||
7,461 | Collegium Pharmaceutical, Inc.* | 177,199 | ||||||
2,475 | Computer Programs & Systems, Inc. | 66,280 | ||||||
14,071 | Conformis, Inc.* | 10,964 | ||||||
1,052 | CONMED Corp. | 99,561 | ||||||
13,938 | Corcept Therapeutics, Inc.* | 175,898 | ||||||
1,622 | CorMedix, Inc.*(a) | 8,434 | ||||||
918 | CorVel Corp.* | 63,287 | ||||||
7,489 | Cross Country Healthcare, Inc.* | 70,996 | ||||||
1,183 | CryoLife, Inc.* | 30,320 | ||||||
3,042 | Cutera, Inc.* | 75,381 | ||||||
2,884 | Dicerna Pharmaceuticals, Inc.* | 56,930 | ||||||
2,114 | Eagle Pharmaceuticals, Inc.* | 97,033 | ||||||
667 | Eidos Therapeutics, Inc.* | 33,737 | ||||||
2,798 | Emergent BioSolutions, Inc.* | 164,187 | ||||||
804 | Enanta Pharmaceuticals, Inc.* | 40,908 | ||||||
19,777 | Endo International PLC* | 109,169 | ||||||
2,078 | Ensign Group, Inc. (The) | 92,471 | ||||||
9,464 | Enzo Biochem, Inc.* | 20,158 | ||||||
567 | Esperion Therapeutics, Inc.* | 28,628 | ||||||
993 | Fate Therapeutics, Inc.* | 28,996 | ||||||
1,034 | FibroGen, Inc.* | 43,221 | ||||||
575 | Five Star Senior Living, Inc.* | 2,725 | ||||||
439 | Fluidigm Corp.* | 1,457 | ||||||
2,298 | Glaukos Corp.* | 101,066 | ||||||
1,072 | Global Blood Therapeutics, Inc.* | 68,565 | ||||||
3,275 | Globus Medical, Inc., Class A* | 148,128 | ||||||
2,322 | Haemonetics Corp.* | 251,542 | ||||||
2,184 | Halozyme Therapeutics, Inc.* | 42,741 | ||||||
1,510 | Hanger, Inc.* | 34,836 | ||||||
1,725 | HealthEquity, Inc.* | 122,458 | ||||||
375 | Heska Corp.* | 35,801 | ||||||
2,372 | HMS Holdings Corp.* | 54,485 | ||||||
439 | Homology Medicines, Inc.* | 7,024 | ||||||
3,248 | Immunomedics, Inc.* | 51,968 | ||||||
12,740 | Innoviva, Inc.* | 171,608 | ||||||
882 | Inogen, Inc.* | 40,378 | ||||||
1,278 | Inovalon Holdings, Inc., Class A* | 24,895 | ||||||
307 | Inspire Medical Systems, Inc.* | 26,362 | ||||||
1,436 | Integer Holdings Corp.* | 129,484 | ||||||
5,992 | Intersect ENT, Inc.* | 142,969 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
1,472 | Invitae Corp.*(a) | 29,999 | ||||||
1,513 | Iovance Biotherapeutics, Inc.* | 49,793 | ||||||
1,445 | iRhythm Technologies, Inc.* | 125,672 | ||||||
3,550 | Ironwood Pharmaceuticals, Inc.* | 42,742 | ||||||
3,033 | Joint Corp. (The)* | 44,979 | ||||||
100 | KalVista Pharmaceuticals, Inc.* | 1,345 | ||||||
415 | Kindred Biosciences, Inc.* | 4,511 | ||||||
440 | Krystal Biotech, Inc.* | 23,518 | ||||||
6,833 | Lannett Co., Inc.* | 59,447 | ||||||
4,872 | Lantheus Holdings, Inc.* | 75,760 | ||||||
2,287 | LeMaitre Vascular, Inc. | 65,179 | ||||||
1,418 | LHC Group, Inc.* | 172,230 | ||||||
669 | Ligand Pharmaceuticals, Inc.* | 62,618 | ||||||
1,766 | LivaNova PLC* | 123,126 | ||||||
7,007 | Luminex Corp. | 173,493 | ||||||
1,384 | Magellan Health, Inc.* | 83,054 | ||||||
19,512 | Mallinckrodt PLC*(a) | 83,511 | ||||||
1,562 | Medpace Holdings, Inc.* | 140,486 | ||||||
4,171 | Meridian Bioscience, Inc.* | 33,326 | ||||||
1,680 | Merit Medical Systems, Inc.* | 60,497 | ||||||
188 | Mesa Laboratories, Inc. | 44,987 | ||||||
428 | Mirati Therapeutics, Inc.* | 38,302 | ||||||
1,708 | Misonix, Inc.* | 23,656 | ||||||
940 | MyoKardia, Inc.* | 59,587 | ||||||
7,945 | Myriad Genetics, Inc.* | 139,991 | ||||||
5,777 | NanoString Technologies, Inc.* | 206,008 | ||||||
3,751 | Natera, Inc.* | 142,182 | ||||||
825 | National HealthCare Corp. | 61,223 | ||||||
1,761 | National Research Corp. | 96,837 | ||||||
2,593 | Natus Medical, Inc.* | 69,700 | ||||||
1,447 | Neogen Corp.* | 87,905 | ||||||
5,884 | NeoGenomics, Inc.* | 166,694 | ||||||
1,264 | Nevro Corp.* | 164,510 | ||||||
6,948 | NextGen Healthcare, Inc.* | 90,880 | ||||||
3,002 | Novocure Ltd.* | 218,396 | ||||||
2,383 | NuVasive, Inc.* | 156,825 | ||||||
1,529 | Omnicell, Inc.* | 124,568 | ||||||
17,189 | OPKO Health, Inc.* | 25,783 | ||||||
2,787 | OptimizeRx Corp.* | 23,271 | ||||||
2,041 | Option Care Health, Inc.* | 30,105 | ||||||
4,074 | OraSure Technologies, Inc.* | 24,566 | ||||||
2,302 | Orthofix Medical, Inc.* | 81,353 | ||||||
49 | OrthoPediatrics Corp.* | 2,275 | ||||||
11,839 | Owens & Minor, Inc. | 80,860 | ||||||
3,029 | Pacira BioSciences, Inc.* | 131,398 | ||||||
19,856 | Palatin Technologies, Inc.* | 10,140 | ||||||
4,176 | Patterson Cos., Inc. | 99,347 | ||||||
17,180 | PDL BioPharma, Inc.* | 58,412 | ||||||
1,040 | Pennant Group, Inc. (The)* | 28,257 | ||||||
4,034 | Phibro Animal Health Corp., Class A | 101,858 | ||||||
6,678 | Pieris Pharmaceuticals, Inc.* | 20,769 | ||||||
3,842 | Prestige Consumer Healthcare, Inc.* | 143,537 | ||||||
846 | Providence Service Corp. (The)* | 52,266 | ||||||
717 | PTC Therapeutics, Inc.* | 39,320 | ||||||
7,142 | Puma Biotechnology, Inc.* | 76,812 | ||||||
1,204 | Quidel Corp.* | 92,997 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
3,037 | R1 RCM, Inc.* | $ | 37,294 | |||||
4,558 | Radius Health, Inc.* | 95,991 | ||||||
5,544 | RadNet, Inc.* | 113,264 | ||||||
361 | Reata Pharmaceuticals, Inc., Class A* | 70,305 | ||||||
2,210 | Recro Pharma, Inc.* | 31,691 | ||||||
1,262 | Repligen Corp.* | 108,027 | ||||||
2,725 | SeaSpine Holdings Corp.* | 38,504 | ||||||
5,768 | Select Medical Holdings Corp.* | 138,086 | ||||||
962 | Silk Road Medical, Inc.* | 38,336 | ||||||
2,511 | Simulations Plus, Inc. | 81,758 | ||||||
3,428 | STAAR Surgical Co.* | 107,571 | ||||||
5,559 | Supernus Pharmaceuticals, Inc.* | 100,006 | ||||||
5,579 | Surgery Partners, Inc.* | 91,607 | ||||||
992 | Surmodics, Inc.* | 34,631 | ||||||
3,284 | Syneos Health, Inc.* | 208,041 | ||||||
2,136 | Tactile Systems Technology, Inc.* | 107,676 | ||||||
2,308 | Tandem Diabetes Care, Inc.* | 172,315 | ||||||
1,229 | Teladoc Health, Inc.* | 153,576 | ||||||
3,840 | Tenet Healthcare Corp.* | 100,915 | ||||||
3,453 | Tivity Health, Inc.*(a) | 43,750 | ||||||
2,489 | Triple-S Management Corp., Class B (Puerto Rico)* | 37,310 | ||||||
596 | Ultragenyx Pharmaceutical, Inc.* | 33,424 | ||||||
565 | US Physical Therapy, Inc. | 58,884 | ||||||
258 | Utah Medical Products, Inc. | 22,549 | ||||||
12,091 | Vanda Pharmaceuticals, Inc.* | 133,364 | ||||||
1,632 | Varex Imaging Corp.* | 37,895 | ||||||
5,016 | Veracyte, Inc.* | 123,845 | ||||||
8,641 | Vericel Corp.* | 133,417 | ||||||
1,454 | Vocera Communications, Inc.* | 35,463 | ||||||
3,085 | Voyager Therapeutics, Inc.* | 33,626 | ||||||
2,115 | Wright Medical Group NV* | 63,979 | ||||||
2,470 | XBiotech, Inc.* | 30,282 | ||||||
1,684 | Xencor, Inc.* | 54,713 | ||||||
672 | Zogenix, Inc.* | 16,854 | ||||||
3,614 | Zynex, Inc.* | 47,054 | ||||||
|
| |||||||
12,640,669 | ||||||||
|
| |||||||
Industrials – 16.3% | ||||||||
3,047 | AAON, Inc. | 167,615 | ||||||
1,463 | AAR Corp. | 50,547 | ||||||
2,647 | ABM Industries, Inc. | 87,139 | ||||||
2,391 | Acacia Research Corp.* | 5,499 | ||||||
4,696 | ACCO Brands Corp. | 37,615 | ||||||
1,835 | Advanced Disposal Services, Inc.* | 60,665 | ||||||
2,470 | Advanced Drainage Systems, Inc. | 103,394 | ||||||
1,789 | Aegion Corp.* | 32,220 | ||||||
2,659 | Aerojet Rocketdyne Holdings, Inc.* | 131,036 | ||||||
519 | AeroVironment, Inc.* | 26,671 | ||||||
963 | Aircastle Ltd. | 30,672 | ||||||
758 | Alamo Group, Inc. | 83,964 | ||||||
913 | Albany International Corp., Class A | 58,496 | ||||||
385 | Allegiant Travel Co. | 52,183 | ||||||
1,524 | Allied Motion Technologies, Inc. | 58,735 | ||||||
2,155 | Altra Industrial Motion Corp. | 64,909 | ||||||
2,886 | American Superconductor Corp.* | 19,769 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
587 | American Woodmark Corp.* | 49,173 | ||||||
2,200 | Apogee Enterprises, Inc. | 66,418 | ||||||
2,877 | Applied Industrial Technologies, Inc. | 169,714 | ||||||
2,327 | ArcBest Corp. | 46,098 | ||||||
2,088 | Arcosa, Inc. | 89,700 | ||||||
45 | Argan, Inc. | 1,878 | ||||||
2,600 | ASGN, Inc.* | 131,846 | ||||||
1,190 | Astec Industries, Inc. | 44,684 | ||||||
898 | Astronics Corp.* | 18,202 | ||||||
3,192 | Atkore International Group, Inc.* | 117,817 | ||||||
693 | Atlas Air Worldwide Holdings, Inc.* | 18,517 | ||||||
780 | Avis Budget Group, Inc.* | 25,252 | ||||||
2,874 | Axon Enterprise, Inc.* | 222,361 | ||||||
1,082 | AZZ, Inc. | 39,915 | ||||||
1,824 | Barnes Group, Inc. | 97,949 | ||||||
755 | Barrett Business Services, Inc. | 45,224 | ||||||
3,106 | Beacon Roofing Supply, Inc.* | 92,248 | ||||||
2,087 | BG Staffing, Inc. | 32,182 | ||||||
4,484 | Bloom Energy Corp., Class A*(a) | 40,670 | ||||||
2,717 | Blue Bird Corp.* | 48,580 | ||||||
1,859 | BlueLinx Holdings, Inc.*(a) | 21,843 | ||||||
7,278 | BMC Stock Holdings, Inc.* | 178,529 | ||||||
3,009 | Brady Corp., Class A | 142,446 | ||||||
1,333 | BrightView Holdings, Inc.* | 18,662 | ||||||
1,442 | Brink’s Co. (The) | 112,894 | ||||||
9,499 | Builders FirstSource, Inc.* | 215,722 | ||||||
2,675 | Caesarstone Ltd. | 28,917 | ||||||
1,818 | Casella Waste Systems, Inc., Class A* | 88,082 | ||||||
3,907 | CBIZ, Inc.* | 101,738 | ||||||
1,216 | Chart Industries, Inc.* | 69,215 | ||||||
1,461 | Cimpress PLC (Ireland)* | 170,075 | ||||||
594 | CIRCOR International, Inc.* | 21,372 | ||||||
1,769 | Columbus McKinnon Corp. | 54,998 | ||||||
2,886 | Comfort Systems USA, Inc. | 121,847 | ||||||
3,809 | Commercial Vehicle Group, Inc.* | 16,607 | ||||||
10,679 | Cornerstone Building Brands, Inc.* | 78,491 | ||||||
2,527 | Costamare, Inc. (Monaco) | 16,501 | ||||||
2,425 | Covanta Holding Corp. | 32,398 | ||||||
1,668 | Covenant Transportation Group, Inc., Class A* | 20,183 | ||||||
978 | CRA International, Inc. | 45,487 | ||||||
1,463 | CSW Industrials, Inc. | 96,324 | ||||||
925 | Cubic Corp. | 50,357 | ||||||
3,152 | Deluxe Corp. | 104,962 | ||||||
715 | Douglas Dynamics, Inc. | 31,124 | ||||||
1,003 | Ducommun, Inc.* | 44,784 | ||||||
2,830 | DXP Enterprises, Inc.* | 80,344 | ||||||
1,252 | Eastern Co. (The) | 31,888 | ||||||
5,679 | Echo Global Logistics, Inc.* | 104,778 | ||||||
2,665 | EMCOR Group, Inc. | 204,992 | ||||||
1,026 | Encore Wire Corp. | 50,243 | ||||||
1,723 | Enerpac Tool Group Corp. | 36,821 | ||||||
1,636 | EnerSys | 100,745 | ||||||
134 | Ennis, Inc. | 2,693 | ||||||
946 | EnPro Industries, Inc. | 51,037 | ||||||
1,260 | ESCO Technologies, Inc. | 114,559 | ||||||
|
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
677 | EVI Industries, Inc.* | $ | 14,941 | |||||
1,347 | Evoqua Water Technologies Corp.* | 28,247 | ||||||
1,235 | Exponent, Inc. | 90,958 | ||||||
1,863 | Federal Signal Corp. | 54,027 | ||||||
1,303 | Forrester Research, Inc.* | 46,986 | ||||||
2,367 | Forward Air Corp. | 139,677 | ||||||
2,829 | Foundation Building Materials, Inc.* | 44,132 | ||||||
2,229 | Franklin Covey Co.* | 70,102 | ||||||
2,513 | Franklin Electric Co., Inc. | 129,897 | ||||||
1,665 | FTI Consulting, Inc.* | 187,462 | ||||||
753 | GATX Corp. | 53,862 | ||||||
740 | Gencor Industries, Inc.* | 7,437 | ||||||
2,270 | Generac Holdings, Inc.* | 233,787 | ||||||
1,070 | General Finance Corp.* | 8,335 | ||||||
1,450 | Gibraltar Industries, Inc.* | 73,471 | ||||||
4,568 | GMS, Inc.* | 104,379 | ||||||
836 | Gorman-Rupp Co. (The) | 26,744 | ||||||
3,877 | Great Lakes Dredge & Dock Corp.* | 37,607 | ||||||
2,043 | H&E Equipment Services, Inc. | 48,542 | ||||||
1,851 | Hawaiian Holdings, Inc. | 38,649 | ||||||
2,553 | Healthcare Services Group, Inc. | 70,310 | ||||||
1,108 | Heartland Express, Inc. | 19,844 | ||||||
858 | Heidrick & Struggles International, Inc. | 19,133 | ||||||
1,455 | Heritage-Crystal Clean, Inc.* | 38,310 | ||||||
4,189 | Herman Miller, Inc. | 143,431 | ||||||
3,505 | Hillenbrand, Inc. | 82,017 | ||||||
3,367 | HNI Corp. | 110,539 | ||||||
2,573 | Hub Group, Inc., Class A* | 118,950 | ||||||
1,027 | Hurco Cos, Inc. | 28,941 | ||||||
1,268 | Huron Consulting Group, Inc.* | 75,243 | ||||||
550 | Hyster-Yale Materials Handling, Inc. | 26,477 | ||||||
1,378 | ICF International, Inc. | 104,700 | ||||||
1,915 | IES Holdings, Inc.* | 44,639 | ||||||
5,086 | InnerWorkings, Inc.* | 15,970 | ||||||
1,913 | Insperity, Inc. | 128,688 | ||||||
3,737 | Interface, Inc. | 54,523 | ||||||
2,037 | JELD-WEN Holding, Inc.* | 38,296 | ||||||
1,290 | John Bean Technologies Corp. | 124,949 | ||||||
934 | Kadant, Inc. | 84,826 | ||||||
1,258 | Kaman Corp. | 69,769 | ||||||
3,041 | Kelly Services, Inc., Class A | 50,511 | ||||||
2,797 | Kennametal, Inc. | 77,757 | ||||||
4,347 | Kforce, Inc. | 132,410 | ||||||
6,839 | Kimball International, Inc., Class B | 110,655 | ||||||
3,195 | Knoll, Inc. | 56,360 | ||||||
2,229 | Korn Ferry | 77,970 | ||||||
2,187 | Kratos Defense & Security Solutions, Inc.* | 35,561 | ||||||
969 | Lawson Products, Inc.* | 38,760 | ||||||
1,910 | LB Foster Co., Class A* | 30,102 | ||||||
281 | Lindsay Corp. | 27,827 | ||||||
1,159 | Luxfer Holdings PLC (United Kingdom) | 17,976 | ||||||
1,386 | Lydall, Inc.* | 16,507 | ||||||
1,099 | Marten Transport Ltd. | 21,474 | ||||||
1,042 | Masonite International Corp.* | 76,587 | ||||||
2,199 | MasTec, Inc.* | 107,927 | ||||||
659 | Matson, Inc. | 21,885 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,170 | Matthews International Corp., Class A | 34,585 | ||||||
2,111 | Maxar Technologies, Inc. | 32,108 | ||||||
547 | McGrath RentCorp | 37,989 | ||||||
943 | Mercury Systems, Inc.* | 69,273 | ||||||
3,437 | Meritor, Inc.* | 77,986 | ||||||
1,506 | Mistras Group, Inc.* | 11,822 | ||||||
978 | Mobile Mini, Inc. | 38,132 | ||||||
967 | Moog, Inc., Class A | 74,575 | ||||||
2,992 | MRC Global, Inc.* | 26,030 | ||||||
1,449 | MSA Safety, Inc. | 176,300 | ||||||
2,344 | Mueller Industries, Inc. | 65,585 | ||||||
2,754 | Mueller Water Products, Inc., Class A | 30,156 | ||||||
821 | MYR Group, Inc.* | 20,944 | ||||||
229 | National Presto Industries, Inc. | 17,995 | ||||||
1,441 | Navistar International Corp.* | 52,323 | ||||||
1,174 | Northwest Pipe Co.* | 37,040 | ||||||
7,895 | NOW, Inc.* | 69,713 | ||||||
1,709 | NV5 Global, Inc.* | 91,483 | ||||||
669 | Omega Flex, Inc. | 52,383 | ||||||
442 | PAM Transportation Services, Inc.* | 17,508 | ||||||
679 | Park-Ohio Holdings Corp. | 16,649 | ||||||
2,386 | Parsons Corp.* | 93,269 | ||||||
1,306 | Patrick Industries, Inc. | 68,996 | ||||||
4,466 | PGT Innovations, Inc.* | 67,749 | ||||||
2,206 | PICO Holdings, Inc.* | 20,935 | ||||||
5,945 | Pitney Bowes, Inc. | 20,332 | ||||||
8,683 | Plug Power, Inc.*(a) | 37,684 | ||||||
1,157 | Powell Industries, Inc. | 38,679 | ||||||
700 | Preformed Line Products Co. | 34,160 | ||||||
1,058 | Primoris Services Corp. | 20,081 | ||||||
1,327 | Proto Labs, Inc.* | 116,298 | ||||||
4,903 | Quad/Graphics, Inc. | 23,534 | ||||||
2,147 | Quanex Building Products Corp. | 36,070 | ||||||
8,598 | Radiant Logistics, Inc.* | 37,831 | ||||||
2,427 | Raven Industries, Inc. | 69,679 | ||||||
622 | RBC Bearings, Inc.* | 106,480 | ||||||
5,424 | Resources Connection, Inc. | 67,963 | ||||||
3,451 | Rexnord Corp. | 100,631 | ||||||
1,808 | Rush Enterprises, Inc., Class A | 75,791 | ||||||
1,020 | Rush Enterprises, Inc., Class B | 42,748 | ||||||
666 | Safe Bulkers, Inc. (Greece)* | 879 | ||||||
784 | Saia, Inc.* | 68,451 | ||||||
2,408 | Simpson Manufacturing Co., Inc. | 191,267 | ||||||
2,706 | SiteOne Landscape Supply, Inc.* | 268,570 | ||||||
1,498 | SkyWest, Inc. | 68,009 | ||||||
1,592 | SP Plus Corp.* | 58,124 | ||||||
1,070 | Spirit Airlines, Inc.* | 30,441 | ||||||
1,736 | SPX Corp.* | 72,790 | ||||||
1,803 | SPX FLOW, Inc.* | 66,314 | ||||||
512 | Standex International Corp. | 32,476 | ||||||
6,472 | Steelcase, Inc., Class A | 104,976 | ||||||
1,724 | Sterling Construction Co., Inc.* | 23,550 | ||||||
2,638 | Systemax, Inc. | 55,029 | ||||||
1,777 | Team, Inc.* | 22,621 | ||||||
1,522 | Tennant Co. | 108,884 | ||||||
653 | Terex Corp. | 14,373 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
2,110 | Tetra Tech, Inc. | $ | 170,636 | |||||
2,233 | Titan Machinery, Inc.* | 22,576 | ||||||
1,585 | Transcat, Inc.* | 45,791 | ||||||
3,402 | Trex Co., Inc.* | 325,401 | ||||||
2,063 | TriMas Corp.* | 52,297 | ||||||
1,505 | TriNet Group, Inc.* | 79,554 | ||||||
1,877 | Triton International Ltd. (Bermuda) | 64,512 | ||||||
973 | Triumph Group, Inc. | 18,487 | ||||||
4,858 | TrueBlue, Inc.* | 72,287 | ||||||
2,519 | Tutor Perini Corp.* | 36,526 | ||||||
1,959 | Twin Disc, Inc.* | 15,790 | ||||||
607 | UniFirst Corp. | 112,787 | ||||||
3,238 | Universal Forest Products, Inc. | 151,733 | ||||||
1,461 | Vectrus, Inc.* | 76,103 | ||||||
2,642 | Veritiv Corp.* | 31,810 | ||||||
990 | Viad Corp. | 49,698 | ||||||
2,506 | Vicor Corp.* | 108,359 | ||||||
3,409 | Wabash National Corp. | 37,431 | ||||||
1,637 | Watts Water Technologies, Inc., Class A | 153,731 | ||||||
2,550 | Welbilt, Inc.* | 33,711 | ||||||
866 | Werner Enterprises, Inc. | 29,098 | ||||||
1,758 | Willdan Group, Inc.* | 54,059 | ||||||
346 | Willis Lease Finance Corp.* | 19,618 | ||||||
1,116 | WillScot Corp.* | 19,575 | ||||||
|
| |||||||
13,968,094 | ||||||||
|
| |||||||
Information Technology – 14.9% | ||||||||
4,555 | 3D Systems Corp.* | 41,724 | ||||||
5,286 | 8x8, Inc.* | 97,791 | ||||||
9,984 | A10 Networks, Inc.* | 66,993 | ||||||
700 | Acacia Communications, Inc.* | 47,957 | ||||||
3,462 | ACI Worldwide, Inc.* | 96,486 | ||||||
4,240 | Adesto Technologies Corp.* | 51,982 | ||||||
3,022 | ADTRAN, Inc. | 24,312 | ||||||
1,477 | Advanced Energy Industries, Inc.* | 87,845 | ||||||
2,304 | Agilysys, Inc.* | 74,028 | ||||||
2,075 | Airgain, Inc.* | 16,372 | ||||||
1,847 | Alarm.com Holdings, Inc.* | 89,118 | ||||||
1,716 | Altair Engineering, Inc., Class A*(a) | 59,717 | ||||||
1,142 | Ambarella, Inc.* | 67,892 | ||||||
2,567 | American Software, Inc., Class A | 42,227 | ||||||
8,374 | Amkor Technology, Inc.* | 87,383 | ||||||
1,721 | Anixter International, Inc.* | 167,815 | ||||||
1,558 | Appfolio, Inc., Class A* | 191,587 | ||||||
1,974 | Appian Corp.*(a) | 87,152 | ||||||
1,416 | AstroNova, Inc. | 15,378 | ||||||
5,974 | Avaya Holdings Corp.* | 77,423 | ||||||
6,311 | Avid Technology, Inc.* | 46,638 | ||||||
1,965 | AVX Corp. | 42,719 | ||||||
1,712 | Axcelis Technologies, Inc.* | 41,071 | ||||||
1,705 | Badger Meter, Inc. | 102,658 | ||||||
1,122 | Bel Fuse, Inc., Class B | 12,836 | ||||||
1,285 | Belden, Inc. | 51,310 | ||||||
2,920 | Benchmark Electronics, Inc. | 79,366 | ||||||
1,900 | Benefitfocus, Inc.* | 23,712 | ||||||
1,374 | Blackbaud, Inc. | 93,157 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,018 | Blackline, Inc.* | 63,696 | ||||||
1,267 | Bottomline Technologies DE, Inc.* | 56,103 | ||||||
6,281 | Box, Inc., Class A* | 105,207 | ||||||
6,581 | Brightcove, Inc.* | 51,200 | ||||||
1,633 | Brooks Automation, Inc. | 56,355 | ||||||
804 | Cabot Microelectronics Corp. | 111,981 | ||||||
502 | CalAmp Corp.* | 4,829 | ||||||
7,864 | Calix, Inc.* | 70,776 | ||||||
2,329 | Cardtronics PLC, Class A* | 84,473 | ||||||
1,921 | Casa Systems, Inc.* | 6,301 | ||||||
629 | Cass Information Systems, Inc. | 29,532 | ||||||
4,401 | ChannelAdvisor Corp.* | 41,898 | ||||||
4,353 | Cirrus Logic, Inc.* | 298,790 | ||||||
2,485 | Clearfield, Inc.* | 26,639 | ||||||
5,714 | Cloudera, Inc.* | 50,855 | ||||||
2,430 | Cohu, Inc. | 49,742 | ||||||
2,396 | CommVault Systems, Inc.* | 99,913 | ||||||
1,487 | Comtech Telecommunications Corp. | 41,666 | ||||||
8,682 | Conduent, Inc.* | 28,390 | ||||||
2,121 | Cornerstone OnDemand, Inc.* | 87,025 | ||||||
2,305 | CSG Systems International, Inc. | 101,996 | ||||||
1,409 | CTS Corp. | 36,733 | ||||||
5,415 | Daktronics, Inc. | 26,642 | ||||||
2,349 | Diebold Nixdorf, Inc.* | 16,490 | ||||||
3,152 | Digi International, Inc.* | 41,732 | ||||||
64 | Digimarc Corp.* | 1,280 | ||||||
7,807 | Digital Turbine, Inc.* | 47,857 | ||||||
2,853 | Diodes, Inc.* | 125,561 | ||||||
1,485 | Domo, Inc., Class B* | 31,319 | ||||||
1,277 | DSP Group, Inc.* | 17,380 | ||||||
1,561 | Ebix, Inc. | 41,273 | ||||||
4,060 | eGain Corp.* | 32,805 | ||||||
4,590 | Enphase Energy, Inc.* | 224,772 | ||||||
967 | Envestnet, Inc.* | 72,989 | ||||||
903 | ePlus, Inc.* | 68,411 | ||||||
974 | Everbridge, Inc.* | 102,913 | ||||||
3,235 | EVERTEC, Inc. (Puerto Rico) | 96,015 | ||||||
1,433 | ExlService Holdings, Inc.* | 106,973 | ||||||
15,832 | Extreme Networks, Inc.* | 79,635 | ||||||
1,560 | Fabrinet (Thailand)* | 85,987 | ||||||
1,185 | FARO Technologies, Inc.* | 67,829 | ||||||
12,966 | Fitbit, Inc., Class A* | 82,853 | ||||||
3,001 | Five9, Inc.* | 219,163 | ||||||
2,211 | ForeScout Technologies, Inc.* | 71,946 | ||||||
3,858 | FormFactor, Inc.* | 86,303 | ||||||
2,938 | GTT Communications, Inc.*(a) | 44,481 | ||||||
4,656 | Hackett Group, Inc. (The) | 71,702 | ||||||
5,360 | Harmonic, Inc.* | 32,910 | ||||||
2,094 | Ichor Holdings Ltd.* | 60,558 | ||||||
1,975 | II-VI, Inc.* | 58,638 | ||||||
2,463 | Impinj, Inc.* | 75,737 | ||||||
7,252 | Information Services Group, Inc.* | 22,989 | ||||||
834 | Inphi Corp.* | 62,266 | ||||||
4,023 | Inseego Corp.*(a) | 27,920 | ||||||
1,779 | Insight Enterprises, Inc.* | 98,005 | ||||||
2,842 | Instructure, Inc.* | 138,576 | ||||||
|
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,026 | Intelligent Systems Corp.*(a) | $ | 37,623 | |||||
481 | InterDigital, Inc. | 25,440 | ||||||
26 | International Money Express, Inc.* | 245 | ||||||
5,465 | Iteris, Inc.* | 26,396 | ||||||
1,317 | Itron, Inc.* | 99,881 | ||||||
1,900 | j2 Global, Inc. | 165,927 | ||||||
6,281 | KBR, Inc. | 163,055 | ||||||
3,579 | KEMET Corp. | 93,340 | ||||||
2,759 | Kimball Electronics, Inc.* | 37,384 | ||||||
3,074 | Knowles Corp.* | 51,090 | ||||||
3,583 | KVH Industries, Inc.* | 37,335 | ||||||
7,691 | Lattice Semiconductor Corp.* | 138,053 | ||||||
10,725 | Limelight Networks, Inc.* | 54,108 | ||||||
4,151 | LivePerson, Inc.* | 109,835 | ||||||
1,194 | LiveRamp Holdings, Inc.* | 42,315 | ||||||
1,831 | Lumentum Holdings, Inc.* | 142,488 | ||||||
1,797 | ManTech International Corp., Class A | 134,595 | ||||||
3,231 | MAXIMUS, Inc. | 203,618 | ||||||
2,289 | MaxLinear, Inc.* | 35,388 | ||||||
1,801 | Methode Electronics, Inc. | 55,219 | ||||||
610 | MicroStrategy, Inc., Class A* | 82,448 | ||||||
4,718 | Mitek Systems, Inc.* | 41,094 | ||||||
11,725 | MobileIron, Inc.* | 47,486 | ||||||
2,388 | Model N, Inc.* | 69,252 | ||||||
976 | MTS Systems Corp. | 39,177 | ||||||
2,686 | Napco Security Technologies, Inc.* | 54,633 | ||||||
7,969 | NeoPhotonics Corp.* | 52,675 | ||||||
1,319 | NETGEAR, Inc.* | 24,890 | ||||||
3,825 | NetScout Systems, Inc.* | 98,302 | ||||||
4,406 | NIC, Inc. | 80,586 | ||||||
1,396 | Novanta, Inc.* | 124,537 | ||||||
358 | NVE Corp. | 22,651 | ||||||
2,220 | OneSpan, Inc.* | 36,652 | ||||||
4,218 | Onto Innovation, Inc.* | 128,944 | ||||||
823 | OSI Systems, Inc.* | 66,885 | ||||||
1,412 | PAR Technology Corp.*(a) | 37,404 | ||||||
2,613 | PC Connection, Inc. | 106,271 | ||||||
3,669 | Perficient, Inc.* | 150,319 | ||||||
5,616 | Perspecta, Inc. | 140,232 | ||||||
3,026 | Photronics, Inc.* | 37,674 | ||||||
1,548 | Plantronics, Inc. | 21,254 | ||||||
1,329 | Plexus Corp.* | 88,179 | ||||||
1,094 | Power Integrations, Inc. | 95,233 | ||||||
4,812 | PRGX Global, Inc.* | 17,371 | ||||||
2,429 | Progress Software Corp. | 90,577 | ||||||
1,185 | PROS Holdings, Inc.* | 54,261 | ||||||
1,352 | Q2 Holdings, Inc.* | 101,900 | ||||||
1,200 | QAD, Inc., Class A | 58,860 | ||||||
1,048 | Qualys, Inc.* | 84,029 | ||||||
7,680 | Rambus, Inc.* | 107,366 | ||||||
1,741 | Rapid7, Inc.* | 80,608 | ||||||
9,459 | Ribbon Communications, Inc.* | 30,553 | ||||||
367 | Rogers Corp.* | 42,572 | ||||||
4,529 | Rosetta Stone, Inc.* | 78,216 | ||||||
1,679 | SailPoint Technologies Holding, Inc.* | 42,512 | ||||||
3,122 | Sanmina Corp.* | 82,077 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,483 | ScanSource, Inc.* | 42,162 | ||||||
2,675 | Science Applications International Corp. | 214,348 | ||||||
1,947 | SecureWorks Corp., Class A* | 27,044 | ||||||
2,018 | Semtech Corp.* | 79,691 | ||||||
837 | SharpSpring, Inc.* | 9,542 | ||||||
802 | ShotSpotter, Inc.* | 28,551 | ||||||
1,444 | Silicon Laboratories, Inc.* | 128,054 | ||||||
3,039 | SMART Global Holdings, Inc.* | 81,567 | ||||||
1,611 | SPS Commerce, Inc.* | 84,739 | ||||||
1,505 | Stratasys Ltd.*(a) | 24,080 | ||||||
1,082 | SVMK, Inc.* | 19,725 | ||||||
3,958 | Sykes Enterprises, Inc.* | 125,389 | ||||||
2,726 | Synaptics, Inc.* | 180,052 | ||||||
1,314 | Tech Data Corp.* | 187,100 | ||||||
3,035 | Telaria, Inc.* | 37,088 | ||||||
4,082 | Telenav, Inc.* | 24,349 | ||||||
983 | Tenable Holdings, Inc.* | 24,103 | ||||||
1,282 | TESSCO Technologies, Inc. | 7,679 | ||||||
6,731 | TiVo Corp. | 50,954 | ||||||
1,677 | TTEC Holdings, Inc. | 62,770 | ||||||
5,608 | TTM Technologies, Inc.* | 72,848 | ||||||
657 | Tucows, Inc., Class A* | 33,566 | ||||||
3,441 | Ultra Clean Holdings, Inc.* | 71,951 | ||||||
5,961 | Unisys Corp.* | 92,574 | ||||||
970 | Upland Software, Inc.* | 37,743 | ||||||
2,463 | Varonis Systems, Inc.* | 197,582 | ||||||
2,787 | Verint Systems, Inc.* | 152,951 | ||||||
2,463 | Verra Mobility Corp.* | 37,302 | ||||||
7,650 | Viavi Solutions, Inc.* | 100,903 | ||||||
1,349 | Virtusa Corp.* | 59,504 | ||||||
5,392 | Vishay Intertechnology, Inc. | 100,830 | ||||||
1,701 | Vishay Precision Group, Inc.* | 46,726 | ||||||
2,174 | Workiva, Inc.* | 92,917 | ||||||
3,556 | Xperi Corp. | 61,128 | ||||||
4,771 | Yext, Inc.* | 72,328 | ||||||
3,404 | Zix Corp.* | 26,824 | ||||||
1,801 | Zuora, Inc., Class A* | 23,845 | ||||||
|
| |||||||
12,822,183 | ||||||||
|
| |||||||
Materials – 3.2% | ||||||||
1,383 | AdvanSix, Inc.* | 20,095 | ||||||
11,046 | AK Steel Holding Corp.* | 25,516 | ||||||
3,818 | Allegheny Technologies, Inc.* | 65,250 | ||||||
3,166 | American Vanguard Corp. | 48,282 | ||||||
933 | Balchem Corp. | 88,131 | ||||||
3,727 | Boise Cascade Co. | 132,234 | ||||||
1,467 | Carpenter Technology Corp. | 53,912 | ||||||
1,104 | Chase Corp. | 98,024 | ||||||
7,731 | Cleveland-Cliffs, Inc.(a) | 44,917 | ||||||
1,390 | Commercial Metals Co. | 25,381 | ||||||
492 | Compass Minerals International, Inc. | 26,839 | ||||||
3,025 | Ferro Corp.* | 35,151 | ||||||
2,479 | FutureFuel Corp. | 25,211 | ||||||
3,092 | GCP Applied Technologies, Inc.* | 60,201 | ||||||
822 | Greif, Inc., Class A | 29,049 | ||||||
1,873 | HB Fuller Co. | 73,478 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
1,554 | Ingevity Corp.* | $ | 69,992 | |||||
1,519 | Innospec, Inc. | 131,454 | ||||||
587 | Kaiser Aluminum Corp. | 55,501 | ||||||
522 | Koppers Holdings, Inc.* | 11,411 | ||||||
1,448 | Kraton Corp.* | 14,654 | ||||||
1,690 | Kronos Worldwide, Inc. | 16,883 | ||||||
4,716 | Louisiana-Pacific Corp. | 134,170 | ||||||
8,681 | Marrone Bio Innovations, Inc.* | 9,810 | ||||||
1,637 | Materion Corp. | 74,222 | ||||||
1,336 | Minerals Technologies, Inc. | 59,946 | ||||||
5,822 | Myers Industries, Inc. | 79,005 | ||||||
542 | Neenah, Inc. | 31,311 | ||||||
4,491 | Novagold Resources, Inc. (Canada)* | 35,838 | ||||||
2,111 | Olympic Steel, Inc. | 25,438 | ||||||
5,667 | OMNOVA Solutions, Inc.* | 57,293 | ||||||
3,699 | Orion Engineered Carbons SA (Luxembourg) | 52,563 | ||||||
2,389 | PH Glatfelter Co. | 34,067 | ||||||
4,339 | PolyOne Corp. | 107,434 | ||||||
640 | Quaker Chemical Corp. | 100,845 | ||||||
6,132 | Rayonier Advanced Materials, Inc. | 15,023 | ||||||
3,655 | Ryerson Holding Corp.* | 30,446 | ||||||
3,092 | Schnitzer Steel Industries, Inc., Class A | 50,956 | ||||||
1,394 | Schweitzer-Mauduit International, Inc. | 47,006 | ||||||
1,460 | Sensient Technologies Corp. | 71,803 | ||||||
1,151 | Stepan Co. | 101,092 | ||||||
3,267 | Summit Materials, Inc., Class A* | 63,837 | ||||||
4,469 | SunCoke Energy, Inc. | 20,602 | ||||||
579 | Synalloy Corp.* | 6,630 | ||||||
549 | Trecora Resources* | 3,102 | ||||||
1,721 | Trinseo SA | 37,655 | ||||||
4,340 | Tronox Holdings PLC, Class A | 31,856 | ||||||
1,486 | UFP Technologies, Inc.* | 73,304 | ||||||
454 | United States Lime & Minerals, Inc. | 36,570 | ||||||
1,019 | US Concrete, Inc.* | 27,350 | ||||||
1,054 | Valhi, Inc. | 1,465 | ||||||
2,809 | Verso Corp., Class A* | 45,815 | ||||||
6,346 | Warrior Met Coal, Inc. | 112,451 | ||||||
1,488 | Worthington Industries, Inc. | 47,318 | ||||||
|
| |||||||
2,777,789 | ||||||||
|
| |||||||
Real Estate – 8.1% | ||||||||
1,611 | Acadia Realty Trust REIT | 36,795 | ||||||
1,219 | Agree Realty Corp. REIT | 87,549 | ||||||
5,299 | Alexander & Baldwin, Inc. REIT | 99,621 | ||||||
117 | Alexander’s, Inc. REIT | 36,387 | ||||||
1,337 | Altisource Portfolio Solutions SA* | 21,245 | ||||||
1,449 | American Assets Trust, Inc. REIT | 60,061 | ||||||
2,222 | American Finance Trust, Inc. REIT | 23,109 | ||||||
1,653 | Armada Hoffler Properties, Inc. REIT | 27,704 | ||||||
14,556 | Ashford Hospitality Trust, Inc. REIT | 31,441 | ||||||
5,985 | Braemar Hotels & Resorts, Inc. REIT | 44,050 | ||||||
1,939 | BRT Apartments Corp. REIT | 30,248 | ||||||
3,631 | CareTrust, Inc. REIT | 75,779 | ||||||
39,367 | CBL & Associates Properties, Inc. REIT | 20,896 | ||||||
10,623 | Cedar Realty Trust, Inc. REIT | 27,513 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
3,535 | Chatham Lodging Trust REIT | 49,278 | ||||||
1,870 | City Office REIT, Inc. REIT | 21,692 | ||||||
131 | Clipper Realty, Inc. REIT | 1,476 | ||||||
1,310 | Community Healthcare Trust, Inc. REIT | 62,395 | ||||||
808 | Consolidated-Tomoka Land Co. | 46,468 | ||||||
6,339 | CoreCivic, Inc. REIT | 93,881 | ||||||
1,427 | CorEnergy Infrastructure Trust, Inc. REIT | 49,802 | ||||||
4,225 | CorePoint Lodging, Inc. REIT | 33,631 | ||||||
2,515 | Cushman & Wakefield PLC* | 45,748 | ||||||
11,205 | DiamondRock Hospitality Co. REIT | 102,190 | ||||||
8,485 | Diversified Healthcare Trust REIT | 53,371 | ||||||
2,206 | Easterly Government Properties, Inc. REIT | 52,437 | ||||||
1,279 | EastGroup Properties, Inc. REIT | 160,809 | ||||||
1,634 | Essential Properties Realty Trust, Inc. REIT | 37,435 | ||||||
3,708 | eXp World Holdings, Inc.*(a) | 35,448 | ||||||
4,680 | First Industrial Realty Trust, Inc. REIT | 180,180 | ||||||
2,418 | Forestar Group, Inc.* | 43,258 | ||||||
3,333 | Four Corners Property Trust, Inc. REIT | 95,624 | ||||||
5,499 | Franklin Street Properties Corp. REIT | 39,208 | ||||||
3,170 | Front Yard Residential Corp. REIT | 40,196 | ||||||
816 | FRP Holdings, Inc.* | 36,908 | ||||||
6,583 | GEO Group, Inc. (The) REIT | 96,375 | ||||||
1,856 | Getty Realty Corp. REIT | 52,599 | ||||||
2,483 | Gladstone Commercial Corp. REIT | 46,854 | ||||||
38 | Global Medical, Inc. REIT | 531 | ||||||
2,135 | Global Net Lease, Inc. REIT | 39,391 | ||||||
1,623 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 55,101 | ||||||
3,699 | Healthcare Realty Trust, Inc. REIT | 126,876 | ||||||
4,690 | Hersha Hospitality Trust REIT | 54,076 | ||||||
4,831 | Independence Realty Trust, Inc. REIT | 64,059 | ||||||
2,870 | Industrial Logistics Properties Trust REIT | 59,294 | ||||||
604 | Innovative Industrial Properties, Inc. REIT(a) | 55,532 | ||||||
340 | Investors Real Estate Trust REIT | 23,953 | ||||||
4,238 | iStar, Inc. REIT | 64,121 | ||||||
1,427 | Jernigan Capital, Inc. REIT(a) | 25,572 | ||||||
3,891 | Kennedy-Wilson Holdings, Inc. | 78,637 | ||||||
4,543 | Kite Realty Group Trust REIT | 73,369 | ||||||
7,558 | Lexington Realty Trust REIT | 78,376 | ||||||
1,561 | LTC Properties, Inc. REIT | 69,980 | ||||||
5,226 | Mack-Cali Realty Corp. REIT | 99,189 | ||||||
5,331 | Marcus & Millichap, Inc.* | 170,379 | ||||||
817 | Maui Land & Pineapple Co., Inc.* | 8,995 | ||||||
3,749 | Monmouth Real Estate Investment Corp. REIT | 53,236 | ||||||
1,485 | National Health Investors, Inc. REIT | 121,369 | ||||||
3,899 | National Storage Affiliates Trust REIT | 131,552 | ||||||
8,313 | New Senior Investment Group, Inc. REIT | 50,460 | ||||||
7,251 | Newmark Group, Inc., Class A | 69,247 | ||||||
1,533 | NexPoint Residential Trust, Inc. REIT | 68,218 | ||||||
1,721 | Office Properties Income Trust REIT | 50,133 | ||||||
967 | One Liberty Properties, Inc. REIT | 23,305 | ||||||
6,721 | Pebblebrook Hotel Trust REIT | 135,831 | ||||||
9,598 | Pennsylvania Real Estate Investment Trust REIT | 22,651 | ||||||
|
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
5,923 | Physicians Realty Trust REIT | $ | 111,708 | |||||
5,969 | Piedmont Office Realty Trust, Inc., Class A REIT | 128,871 | ||||||
3,374 | PotlatchDeltic Corp. REIT | 123,961 | ||||||
4,308 | Preferred Apartment Communities, Inc., Class A REIT | 41,098 | ||||||
867 | PS Business Parks, Inc. REIT | 128,793 | ||||||
1,680 | QTS Realty Trust, Inc., Class A REIT | 94,366 | ||||||
412 | Rafael Holdings, Inc., Class B* | 7,729 | ||||||
3,230 | RE/MAX Holdings, Inc., Class A | 94,154 | ||||||
14,807 | Realogy Holdings Corp.(a) | 137,261 | ||||||
8,845 | Redfin Corp.* | 239,346 | ||||||
4,382 | Retail Opportunity Investments Corp. REIT | 65,730 | ||||||
1,805 | Retail Value, Inc. REIT | 50,161 | ||||||
3,397 | Rexford Industrial Realty, Inc. REIT | 158,878 | ||||||
8,193 | RLJ Lodging Trust REIT | 108,229 | ||||||
2,417 | RMR Group, Inc. (The), Class A | 90,057 | ||||||
5,239 | RPT Realty REIT | 67,897 | ||||||
2,020 | Ryman Hospitality Properties, Inc. REIT | 140,410 | ||||||
7,705 | Sabra Health Care REIT, Inc. REIT | 150,633 | ||||||
592 | Saul Centers, Inc. REIT | 25,462 | ||||||
1,098 | Seritage Growth Properties, Class A REIT | 37,749 | ||||||
1,282 | St Joe Co. (The)* | 25,217 | ||||||
3,624 | STAG Industrial, Inc. REIT | 101,399 | ||||||
7,769 | Summit Hotel Properties, Inc. REIT | 72,019 | ||||||
12,785 | Sunstone Hotel Investors, Inc. REIT | 139,996 | ||||||
4,762 | Tanger Factory Outlet Centers, Inc. REIT(a) | 57,049 | ||||||
2,215 | Terreno Realty Corp. REIT | 121,537 | ||||||
2,388 | UMH Properties, Inc. REIT | 34,650 | ||||||
6,591 | Uniti Group, Inc. REIT | 64,328 | ||||||
654 | Universal Health Realty Income Trust REIT | 70,449 | ||||||
2,676 | Urban Edge Properties REIT | 43,351 | ||||||
1,227 | Urstadt Biddle Properties, Inc., Class A REIT | 25,288 | ||||||
10,297 | Washington Prime Group, Inc. REIT(a) | 28,317 | ||||||
2,266 | Washington Real Estate Investment Trust REIT | 60,842 | ||||||
1,738 | Whitestone REIT | 21,360 | ||||||
6,270 | Xenia Hotels & Resorts, Inc. REIT | 93,799 | ||||||
|
| |||||||
6,935,188 | ||||||||
|
| |||||||
Utilities – 4.4% | ||||||||
2,481 | ALLETE, Inc. | 171,164 | ||||||
2,379 | American States Water Co. | 182,208 | ||||||
2,505 | AquaVenture Holdings Ltd.* | 67,735 | ||||||
584 | Artesian Resources Corp., Class A | 20,049 | ||||||
24,819 | Atlantic Power Corp.* | 56,339 | ||||||
2,948 | Avista Corp. | 138,998 | ||||||
2,662 | Black Hills Corp. | 192,196 | ||||||
1,939 | California Water Service Group | 92,994 | ||||||
1,122 | Chesapeake Utilities Corp. | 95,931 | ||||||
6,348 | Clearway Energy, Inc., Class A | 128,801 | ||||||
7,391 | Clearway Energy, Inc., Class C | 155,507 | ||||||
3,350 | Consolidated Water Co. Ltd. (Cayman Islands) | 54,136 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
1,853 | El Paso Electric Co. | 125,763 | ||||||
3,340 | Genie Energy Ltd., Class B | 23,113 | ||||||
1,603 | MGE Energy, Inc. | 114,358 | ||||||
551 | Middlesex Water Co. | 32,768 | ||||||
3,598 | New Jersey Resources Corp. | 127,045 | ||||||
1,179 | Northwest Natural Holding Co. | 77,543 | ||||||
2,348 | NorthWestern Corp. | 165,158 | ||||||
2,276 | ONE Gas, Inc. | 186,951 | ||||||
2,210 | Ormat Technologies, Inc. | 153,993 | ||||||
2,103 | Otter Tail Corp. | 102,227 | ||||||
4,189 | Pattern Energy Group, Inc., Class A | 113,313 | ||||||
4,096 | PNM Resources, Inc. | 192,840 | ||||||
4,222 | Portland General Electric Co. | 229,719 | ||||||
3,488 | Pure Cycle Corp.* | 43,147 | ||||||
1,197 | RGC Resources, Inc. | 32,858 | ||||||
1,152 | SJW Group | 70,479 | ||||||
3,125 | South Jersey Industries, Inc. | 84,531 | ||||||
2,290 | Southwest Gas Holdings, Inc. | 148,117 | ||||||
2,648 | Spark Energy, Inc., Class A | 22,667 | ||||||
2,007 | Spire, Inc. | 150,625 | ||||||
7,000 | TerraForm Power, Inc., Class A | 131,530 | ||||||
1,120 | Unitil Corp. | 63,101 | ||||||
891 | York Water Co. (The) | 37,680 | ||||||
|
| |||||||
3,785,584 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $88,868,083) | $ | 85,046,362 | ||||||
|
| |||||||
Units | Description | Value | ||||||
Rights – 0.0% | ||||||||
Financials – 0.0% | ||||||||
153 | NewStar Financial, Inc. CVR*(b) | $ | 37 | |||||
Health Care – 0.0% | ||||||||
1,313 | Corium International, Inc.*(a)(b) | 236 | ||||||
Materials – 0.0% | ||||||||
562 | A Schulman, Inc. CVR*(b) | 244 | ||||||
|
| |||||||
TOTAL RIGHTS | ||||||||
(Cost $1,058) | $ | 517 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $88,869,141) | $ | 85,046,879 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.5%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
1,303,300 | 1.507% | $ | 1,303,300 | |||||
(Cost $1,303,300) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.5% | ||||||||
(Cost $90,172,441) | $ | 86,350,179 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)% | (468,032 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 85,882,147 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CVR | —Contingent Value Right | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At February 29, 2020, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
E-mini Russell 2000 Index | 9 | 03/20/20 | $ | 764,612 | $ | (100,907 | ) |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||
Assets: | ||||||||||||||||||
Investments at value (cost $1,528,794,038, $20,055,042, $1,667,683,367 and $18,531,462, respectively)(a) | $ | 1,759,374,755 | $ | 18,099,535 | $ | 1,670,971,379 | $ | 17,920,525 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 12,026,571 | 328,842 | 26,919,831 | 99,343 | ||||||||||||||
Cash | 7,584,125 | — | 1,549,264 | — | ||||||||||||||
Foreign currency, at value (cost $285,097, $–, $– and $13,534, respectively) | 282,507 | — | — | 13,797 | ||||||||||||||
Receivables: | ||||||||||||||||||
Investments sold | 92,528,655 | 490,079 | 49,632,091 | 512,478 | ||||||||||||||
Dividends | 5,528,565 | 30,853 | 3,218,426 | 41,356 | ||||||||||||||
Reimbursement from investment adviser | 86,166 | — | — | — | ||||||||||||||
Foreign tax reclaims | 24,579 | 74,015 | 864,057 | — | ||||||||||||||
Securities lending income | 5,736 | 145 | 19,958 | 77 | ||||||||||||||
Due from broker | — | — | 81,684 | — | ||||||||||||||
Fund shares sold | — | — | 2,538 | — | ||||||||||||||
Total assets | 1,877,441,659 | 19,023,469 | 1,753,259,228 | 18,587,576 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Investments purchased | 101,204,423 | 455,983 | 48,729,730 | 499,282 | ||||||||||||||
Upon return of securities loaned | 12,026,571 | 328,842 | 26,919,831 | 99,343 | ||||||||||||||
Foreign capital gains tax | 1,031,347 | — | — | — | ||||||||||||||
Management fees | 602,015 | 4,004 | 362,283 | 3,869 | ||||||||||||||
Trustees fees | 7,442 | — | — | — | ||||||||||||||
Foreign bank overdraft (cost $–, $(644), $(801,883) and $–, respectively) | — | 629 | 802,184 | — | ||||||||||||||
Due to custodian | — | 26,615 | — | 15,893 | ||||||||||||||
Accrued expenses | 615,947 | — | — | — | ||||||||||||||
Total liabilities | 115,487,745 | 816,073 | 76,814,028 | 618,387 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 1,660,596,169 | 22,475,143 | 1,726,906,681 | 18,553,557 | ||||||||||||||
Total distributable earnings (loss) | 101,357,745 | (4,267,747 | ) | (50,461,481 | ) | (584,368 | ) | |||||||||||
NET ASSETS | $ | 1,761,953,914 | $ | 18,207,396 | $ | 1,676,445,200 | $ | 17,969,189 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 57,000,000 | 650,000 | 62,200,000 | 600,000 | ||||||||||||||
Net asset value per share: | $ | 30.91 | $ | 28.01 | $ | 26.95 | $ | 29.95 |
(a) | Includes loaned securities having a market value of $10,522,531, $306,797, $21,894,828 and $96,409, respectively. |
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities(continued)
February 29, 2020 (Unaudited)
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||
Assets: | ||||||||||
Investments at value (cost $6,782,614,573 and $88,869,141, respectively)(a) | $ | 7,466,355,979 | $ | 85,046,879 | ||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | — | 1,303,300 | ||||||||
Cash | 8,101,359 | 742,068 | ||||||||
Receivables: | ||||||||||
Fund shares sold | 29,889,439 | — | ||||||||
Dividends | 12,704,683 | 70,130 | ||||||||
Due from broker | 834,900 | 31,680 | ||||||||
Securities lending income | 4 | 11,432 | ||||||||
Total assets | 7,517,886,364 | 87,205,489 | ||||||||
Liabilities: | ||||||||||
Variation margin on futures contracts | 33,350 | 4,815 | ||||||||
Payables: | ||||||||||
Investments purchased | 29,810,153 | — | ||||||||
Management fees | 588,980 | 15,227 | ||||||||
Upon return of securities loaned | — | 1,303,300 | ||||||||
Total liabilities | 30,432,483 | 1,323,342 | ||||||||
Net Assets: | ||||||||||
Paid-in capital | 6,851,774,681 | 89,909,206 | ||||||||
Total distributable earnings (loss) | 635,679,200 | (4,027,059 | ) | |||||||
NET ASSETS | $ | 7,487,453,881 | $ | 85,882,147 | ||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||
Shares outstanding no par value (unlimited shares authorized): | 125,252,500 | 2,050,000 | ||||||||
Net asset value per share: | $ | 59.78 | $ | 41.89 |
(a) | Includes loaned securities having a market value of $– and $1,255,769, respectively. |
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the Six Months Ended February 29, 2020 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||
Investment income: | ||||||||||||||||||
Dividends (net of foreign withholding taxes of $1,875,239, $9,742, $1,225,516 and $28,796, respectively) | $ | 15,839,865 | $ | 136,200 | $ | 14,513,309 | $ | 259,458 | ||||||||||
Non-cash dividend income | 7,407,400 | — | — | — | ||||||||||||||
Interest | 372 | — | — | — | ||||||||||||||
Securities lending income — unaffiliated issuer | 122,956 | 910 | 189,262 | 1,014 | ||||||||||||||
Total investment income | 23,370,593 | 137,110 | 14,702,571 | 260,472 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 3,636,411 | 22,064 | 2,098,730 | 23,872 | ||||||||||||||
Custody, accounting and administrative services | 794,155 | — | — | — | ||||||||||||||
Printing and mailing costs | 72,355 | — | — | — | ||||||||||||||
Professional fees | 28,235 | — | — | — | ||||||||||||||
Trustee fees | 17,973 | 2,530 | 16,925 | 2,560 | ||||||||||||||
Registration fees | 5,917 | — | — | — | ||||||||||||||
Other | 48,282 | 37 | 1,282 | 21 | ||||||||||||||
Total expenses | 4,603,328 | 24,631 | 2,116,937 | 26,453 | ||||||||||||||
Less — expense reductions | (512,230 | ) | — | — | — | |||||||||||||
Net expenses | 4,091,098 | 24,631 | 2,116,937 | 26,453 | ||||||||||||||
NET INVESTMENT INCOME | 19,279,495 | 112,479 | 12,585,634 | 234,019 | ||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments (including the effects of the foreign capital gains tax liability of $59,048, $–, $– and $– , respectively) | (11,701,213 | ) | (281,886 | ) | (13,157,572 | ) | (133,603 | ) | ||||||||||
In-kind redemptions | — | — | 1,976,468 | 836,874 | ||||||||||||||
Futures | — | — | (709,021 | ) | 5,175 | |||||||||||||
Foreign currency transactions | (142,499 | ) | 59 | (20,746 | ) | (2,563 | ) | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments (including the effects of the foreign capital gains tax liability of $1,031,347, $–, $– and $–, respectively) | 11,832,529 | (97,526 | ) | (41,810,456 | ) | (601,695 | ) | |||||||||||
Foreign currency translations | (234,226 | ) | (928 | ) | (57,109 | ) | 321 | |||||||||||
Net realized and unrealized gain (loss) | (245,409 | ) | (380,281 | ) | (53,778,436 | ) | 104,509 | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 19,034,086 | $ | (267,802 | ) | $ | (41,192,802 | ) | $ | 338,528 |
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations(continued)
For the Six Months Ended February 29, 2020 (Unaudited)
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||
Investment income: | ||||||||||
Dividends (net of foreign withholding taxes of $– and $433, respectively) | $ | 70,996,231 | $ | 677,764 | ||||||
Securities lending income — unaffiliated issuer | 339 | 46,410 | ||||||||
Total investment income | 70,996,570 | 724,174 | ||||||||
Expenses: | ||||||||||
Management fees | 3,225,097 | 94,372 | ||||||||
Trustee fees | 64,037 | 3,227 | ||||||||
Total expenses | 3,289,134 | 97,599 | ||||||||
NET INVESTMENT INCOME | 67,707,436 | 626,575 | ||||||||
Realized and unrealized gain (loss): | ||||||||||
Net realized gain (loss) from: | ||||||||||
Investments | (59,964,668 | ) | (1,061,298 | ) | ||||||
In-kind redemptions | 89,859,437 | 3,427,670 | ||||||||
Futures | 45,826 | 66,589 | ||||||||
Net change in unrealized gain (loss) on: | ||||||||||
Investments | (29,448,365 | ) | (3,653,719 | ) | ||||||
Futures | (2,375,894 | ) | (100,907 | ) | ||||||
Net realized and unrealized loss | (1,883,664 | ) | (1,321,665 | ) | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 65,823,772 | $ | (695,090 | ) |
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | |||||||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 19,279,495 | $ | 39,862,455 | $ | 112,479 | $ | 973,864 | ||||||||||||||
Net realized gain (loss) | (11,843,712 | ) | (61,811,796 | ) | (281,827 | ) | 6,372,235 | |||||||||||||||
Net change in unrealized gain (loss) | 11,598,303 | (35,128,337 | ) | (98,454 | ) | (7,884,289 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 19,034,086 | (57,077,678 | ) | (267,802 | ) | (538,190 | ) | |||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (36,812,050 | ) | (42,811,808 | ) | (109,285 | ) | (1,153,378 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 101,549,056 | 173,910,887 | — | 9,731,944 | ||||||||||||||||||
Cost of shares redeemed | (21,018,264 | ) | (63,360,446 | ) | — | (63,419,366 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 80,530,792 | 110,550,441 | — | (53,687,422 | ) | |||||||||||||||||
TOTAL INCREASE (DECREASE) | 62,752,828 | 10,660,955 | (377,087 | ) | (55,378,990 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 1,699,201,086 | $ | 1,688,540,131 | $ | 18,584,483 | $ | 73,963,473 | ||||||||||||||
End of period | $ | 1,761,953,914 | $ | 1,699,201,086 | $ | 18,207,396 | $ | 18,584,483 |
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets(continued)
ActiveBeta® International Equity ETF |
| ActiveBeta® Japan Equity ETF | ||||||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 12,585,634 | $ | 39,751,220 | $ | 234,019 | $ | 745,876 | ||||||||||||||
Net realized gain (loss) | (11,910,871 | ) | (23,424,442 | ) | 705,883 | 8,913,734 | ||||||||||||||||
Net change in unrealized loss | (41,867,565 | ) | (41,264,287 | ) | (601,374 | ) | (9,018,645 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (41,192,802 | ) | (24,937,509 | ) | 338,528 | 640,965 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (18,406,343 | ) | (37,687,035 | ) | (402,234 | ) | (794,800 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 196,493,565 | 533,347,481 | — | 12,425,460 | ||||||||||||||||||
Cost of shares redeemed | (6,050,493 | ) | (19,583,653 | ) | (6,435,562 | ) | (40,580,807 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 190,443,072 | 513,763,828 | (6,435,562 | ) | (28,155,347 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) | 130,843,927 | 451,139,284 | (6,499,268 | ) | (28,309,182 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 1,545,601,273 | $ | 1,094,461,989 | $ | 24,468,457 | $ | 52,777,639 | ||||||||||||||
End of period | $ | 1,676,445,200 | $ | 1,545,601,273 | $ | 17,969,189 | $ | 24,468,457 |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets(continued)
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 67,707,436 | $ | 83,436,579 | $ | 626,575 | $ | 985,967 | ||||||||||||||
Net realized gain (loss) | 29,940,595 | 88,486,288 | 2,432,961 | (925,616 | ) | |||||||||||||||||
Net change in unrealized loss | (31,824,259 | ) | (22,078,144 | ) | (3,754,626 | ) | (4,008,744 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 65,823,772 | 149,844,723 | (695,090 | ) | (3,948,393 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (59,729,908 | ) | (76,178,483 | ) | (667,298 | ) | (900,932 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 1,124,672,935 | 3,028,113,603 | 4,557,069 | 58,670,921 | ||||||||||||||||||
Cost of shares redeemed | (249,363,051 | ) | (476,026,399 | ) | (13,711,831 | ) | (4,436,399 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 875,309,884 | 2,552,087,204 | (9,154,762 | ) | 54,234,522 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | 881,403,748 | 2,625,753,444 | (10,517,150 | ) | 49,385,197 | |||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of period | $ | 6,606,050,133 | $ | 3,980,296,689 | $ | 96,399,297 | $ | 47,014,100 | ||||||||||||||
End of period | $ | 7,487,453,881 | $ | 6,606,050,133 | $ | 85,882,147 | $ | 96,399,297 |
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.02 per share and 0.07% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind 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. | 71 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind 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. | 73 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
(e) | Less than 0.5% |
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACTIVEBETA® ETFS
February 29, 2020 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is anopen-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 ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (“ActiveBeta® U.S. Large Cap Equity ETF”) | Diversified | |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (“ActiveBeta® U.S. Small Cap Equity ETF”) | Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). 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 principallyin-kind for a basket of securities and a cash amount, with respect to the ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF and the ActiveBeta® U.S. Small Cap Equity ETF. The ActiveBeta® Emerging Markets Equity ETF issues and redeems Creation Units partially for cash and partiallyin-kind. 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 onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-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
76
GOLDMAN SACHS ACTIVEBETA® ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, realized gains and losses are recorded upon settlement 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/orpro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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;
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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. The Trustees have delegated to GSAMday-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 may be valued at the closing bid price for long positions and at the closing ask price for short positions. 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 other investment companies and ETFs. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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. 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 receivables/payables for collateral on certain derivatives contracts.Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
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GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 29, 2020:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 61,387,791 | $ | 8,080,730 | $ | — | ||||||
Asia | 1,361,678,069 | 70,131,453 | — | |||||||||
Europe | 35,761,175 | — | — | |||||||||
North America | 55,125,448 | — | — | |||||||||
South America | 131,244,378 | 35,965,711 | — | |||||||||
Securities Lending Reinvestment Vehicle | 12,026,571 | — | ||||||||||
Total | $ | 1,657,223,432 | $ | 114,177,894 | $ | — | ||||||
ACTIVEBETA® EUROPE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 39,731 | $ | — | $ | — | ||||||
Asia | 61,264 | — | — | |||||||||
Europe | 17,624,145 | 113,298 | — | |||||||||
North America | 134,114 | — | — | |||||||||
Oceania | 126,983 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 328,842 | — | — | |||||||||
Total | $ | 18,315,079 | $ | 113,298 | $ | — |
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 2,662,407 | $ | — | $ | — | ||||||
Asia | 438,885,641 | — | — | |||||||||
Europe | 933,806,044 | 7,216,303 | — | |||||||||
North America | 178,464,591 | 886,239 | — | |||||||||
Oceania | 109,050,154 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 26,919,831 | — | — | |||||||||
Total | $ | 1,689,788,668 | $ | 8,102,542 | $ | — | ||||||
ACTIVEBETA® JAPAN EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 17,920,525 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 99,343 | — | — | |||||||||
Total | $ | 18,019,868 | $ | — | $ | — | ||||||
ACTIVEBETA® 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 | $ | 7,466,355,979 | $ | — | $ | — | ||||||
Total | $ | 7,466,355,979 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (2,375,894 | ) | $ | — | $ | — |
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GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 100,660 | $ | — | $ | — | ||||||
Europe | 365,873 | — | — | |||||||||
North America | 84,501,222 | — | 517 | |||||||||
South America | 78,607 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 1,303,300 | — | — | |||||||||
Total | $ | 86,349,662 | $ | — | $ | 517 | ||||||
Derivative Type | ||||||||||||
Liabilities(b) | ||||||||||||
Futures Contracts | $ | (100,907 | ) | $ | — | $ | — |
(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 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 February 29, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
Risk | Fund | Statement of Assets and Liabilities | Assets(a) | |||||||||||||||||
Equity | Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | Variation Margin on Futures Contracts | $ | (2,375,894 | ) | |||||||||||||||
Equity | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | Variation Margin on Futures Contracts | (100,907 | ) |
(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 February 29, 2020 is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 29, 2020. 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
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
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:
Risk | Fund | Net Realized Gain (Loss) from Futures Contracts | Net Change in Futures Contracts | Average Number of Contracts(a) | ||||||||||
Equity | Goldman Sachs ActiveBeta® International Equity ETF | $ | (709,021 | ) | $ | — | 1 | |||||||
Equity | Goldman Sachs ActiveBeta® Japan Equity ETF | 5,175 | — | 1 | ||||||||||
Equity | Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | 45,826 | (2,375,894 | ) | 28 | |||||||||
Equity | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | 66,589 | (100,907 | ) | 5 |
(a) | Average number of contracts is based on the month end balances for the six months ended February 29, 2020. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreements, 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.
For each Fund except the ActiveBeta® Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s12b-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. 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 six months ended February 29, 2020, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta® Emerging Markets Equity ETF:
Fund | Unitary Management Fee | |||||
ActiveBeta® Europe Equity ETF | 0.25 | % | ||||
ActiveBeta® International Equity ETF | 0.25 | % | ||||
ActiveBeta® Japan Equity ETF | 0.25 | % | ||||
ActiveBeta® U.S. Large Cap Equity ETF | 0.09 | % | ||||
ActiveBeta® U.S. Small Cap Equity ETF | 0.20 | % |
For the six months ended February 29, 2020, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta® Emerging Markets Equity ETF:
Fund | Contractual and Effective Net Management Fee | |||||
ActiveBeta® Emerging Markets Equity ETF | 0.40 | % |
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GOLDMAN SACHS ACTIVEBETA® ETFS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the ActiveBeta® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, 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 Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.
For the six months ended February 29, 2020, these expense reimbursements amounted to $512,230.
6. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.
Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
Share activity is as follows:
ActiveBeta® Emerging Markets Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
Shares Sold | 3,000,000 | $ | 101,457,164 | 5,400,000 | $ | 173,435,103 | ||||||||||
Shares Redeemed | (600,000 | ) | (20,678,554 | ) | (2,000,000 | ) | (63,269,200 | ) | ||||||||
NET INCREASE IN SHARES | 2,400,000 | $ | 80,778,610 | 3,400,000 | $ | 110,165,903 | ||||||||||
ActiveBeta® Europe Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
Shares Sold | — | $ | — | 350,000 | $ | 9,731,604 | ||||||||||
Shares Redeemed | — | — | (2,100,000 | ) | (63,419,366 | ) | ||||||||||
NET (DECREASE) IN SHARES | — | $ | — | (1,750,000 | ) | $ | (53,687,762 | ) |
83
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
ActiveBeta® International Equity ETF | ||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
Shares Sold | 6,600,000 | $ | 196,476,902 | 19,300,000 | $ | 533,307,092 | ||||||||||
Shares Redeemed | (200,000 | ) | (6,050,493 | ) | (700,000 | ) | (19,583,028 | ) | ||||||||
NET INCREASE IN SHARES | 6,400,000 | $ | 190,426,409 | 18,600,000 | $ | 513,724,064 | ||||||||||
ActiveBeta® Japan Equity ETF | ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
Shares Sold | — | $ | — | 400,000 | $ | 12,425,460 | ||||||||||
Shares Redeemed | (200,000 | ) | (6,435,562 | ) | (1,200,000 | ) | (40,580,807 | ) | ||||||||
NET (DECREASE) IN SHARES | (200,000 | ) | $ | (6,435,562 | ) | (800,000 | ) | $ | (28,155,347 | ) | ||||||
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
Shares Sold | 17,450,000 | $ | 1,124,672,849 | 52,500,000 | $ | 3,028,113,210 | ||||||||||
Shares Redeemed | (4,000,000 | ) | (249,363,051 | ) | (8,450,000 | ) | (476,026,399 | ) | ||||||||
NET INCREASE IN SHARES | 13,450,000 | $ | 875,309,798 | 44,050,000 | $ | 2,552,086,811 | ||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
Shares Sold | 100,000 | $ | 4,557,069 | 1,400,000 | $ | 58,670,905 | ||||||||||
Shares Redeemed | (300,000 | ) | (13,711,830 | ) | (100,000 | ) | (4,436,399 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES | (200,000 | ) | $ | (9,154,761 | ) | 1,300,000 | $ | 54,234,506 |
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GOLDMAN SACHS ACTIVEBETA® ETFS
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 29, 2020, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 325,031,462 | $ | 282,549,575 | ||||||
ActiveBeta® Europe Equity ETF | 1,252,656 | 1,219,250 | ||||||||
ActiveBeta® International Equity ETF | 125,106,711 | 120,212,775 | ||||||||
ActiveBeta® Japan Equity ETF | 1,719,031 | 1,929,381 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 440,430,349 | 411,561,817 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 7,219,876 | 7,177,125 |
The purchases and sales fromin-kind creation and redemption transactions for the six months ended February 29, 2020, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 19,625,219 | $ | — | ||||||
ActiveBeta® Europe Equity ETF | — | — | ||||||||
ActiveBeta® International Equity ETF | 184,496,783 | 6,045,736 | ||||||||
ActiveBeta® Japan Equity ETF | — | 6,370,895 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 1,100,075,643 | 249,669,021 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 4,531,161 | 13,615,532 |
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.
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 Rule2a-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.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
8. SECURITIES LENDING (continued) |
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 thenon-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 ofset-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 February 29, 2020, 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 six months ended February 29, 2020, 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 six months ended February 29, 2020:
Fund | Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2020 | ||||||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 16,175,855 | $ | 65,439,917 | $ | (69,589,201 | ) | $ | 12,026,571 | |||||||
ActiveBeta® Europe Equity ETF | 41,424 | 1,291,074 | (1,003,656 | ) | 328,842 | |||||||||||
ActiveBeta® International Equity ETF | 17,792,823 | 133,741,307 | (124,614,299 | ) | 26,919,831 | |||||||||||
ActiveBeta® Japan Equity ETF | 670,849 | 1,853,016 | (2,424,522 | ) | 99,343 | |||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | — | 8,390,334 | (8,390,334 | ) | — | |||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 1,802,678 | 7,180,204 | (7,679,582 | ) | 1,303,300 |
9. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2019, the Funds’ capital loss carryforward and certain timing differences on atax-basis were as follows:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||||||
Perpetual Short-Term | $ | (38,356,210 | ) | $ | (685,963 | ) | $ | (19,204,390 | ) | $ | (276,454 | ) | $ | (16,260,161 | ) | $ | (253,145 | ) | ||||||
Perpetual Long-Term | — | (230,075 | ) | (12,588,757 | ) | — | (9,008,313 | ) | — | |||||||||||||||
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral) | (64,732,108 | ) | (1,108,535 | ) | — | — | (41,526,054 | ) | (1,208,478 | ) |
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9. TAX INFORMATION (continued) |
As of February 29, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||
Tax Cost | $ | 1,548,569,926 | $ | 20,440,217 | $ | 1,706,069,258 | $ | 18,957,148 | $ | 6,819,565,622 | $ | 91,373,842 | ||||||||||||
Gross unrealized gain | 352,769,600 | 1,208,861 | 146,363,030 | 1,301,308 | 960,391,650 | 8,432,309 | ||||||||||||||||||
Gross unrealized loss | (129,938,200 | ) | (3,220,701 | ) | (154,541,078 | ) | (2,238,588 | ) | (313,601,293 | ) | (13,455,972 | ) | ||||||||||||
Net unrealized gains (losses) | $ | 222,831,400 | $ | (2,011,840 | ) | $ | (8,178,048 | ) | $ | (937,280 | ) | $ | 646,790,357 | $ | (5,023,663 | ) |
The difference between GAAP-basis andtax-basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of underlying fund investments, partnership investments, and passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.
Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
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Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
10. OTHER RISKS (continued) |
Index Risk — GSAM (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.
Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to the 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
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11. INDEMNIFICATIONS (continued) |
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. 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.
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Fund Expenses — Six Months ended 2/29/2020 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 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.
ActiveBeta® Emerging Markets Equity ETF | �� | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | |||||||||||||||||||||||||||||||||
Beginning Account Value | Ending Account Value | Expenses Paid* | Beginning Account Value | Ending Account Value | Expenses Paid* | Beginning Account Value | Ending Account Value | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,013.20 | $ | 2.25 | $ | 1,000 | $ | 984.90 | $ | 1.23 | $ | 1,000 | $ | 983.40 | $ | 1.23 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.63 | + | 2.26 | 1,000 | 1,023.62 | + | 1.26 | 1,000 | 1,023.62 | + | 1.26 | ||||||||||||||||||||||||
ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 998.80 | $ | 1.24 | $ | 1,000 | $ | 1,020.10 | $ | 0.45 | $ | 1,000 | $ | 984.40 | $ | 0.99 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,023.62 | + | 1.26 | 1,000 | 1,024.42 | + | 0.45 | 1,000 | 1,023.87 | + | 1.01 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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 | ||||
ActiveBeta® Emerging Markets Equity ETF | 0.45 | % | ||
ActiveBeta® Europe Equity ETF | 0.25 | |||
ActiveBeta® International Equity ETF | 0.25 | |||
ActiveBeta® Japan Equity ETF | 0.25 | |||
ActiveBeta® U.S. Large Cap Equity ETF | 0.09 | |||
ActiveBeta® U.S. Small Cap Equity ETF | 0.20 |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.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.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using ranking and rating compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on the Fund’s investment performance was provided for theone- and three-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Costs of Services Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). The Trustees also considered information previously provided regarding fees and expenses to similar information for comparable
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net 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 paid by the Fund.
In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level and acknowledged the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues andpre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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; and (d) 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.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) 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; and (c) 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 management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF, Goldman Sachs ActiveBeta® Japan Equity ETF, Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
94
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, 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 Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each 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. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of each Fund. In this regard, they compared the investment performance of each Fund to its peers using ranking and rating compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on each Fund’s investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy, as applicable. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
95
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
Unitary Fee Structure and Profitability
The Trustees considered the contractual fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single 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 rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. The Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the index created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Funds do not have management fee breakpoints. The Trustees considered information previously provided regarding each Fund’s fee structure, the amounts of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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 Funds; and (d) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ 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 fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2020.
96
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, theConsumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.69 trillion in assets under supervision as of December 31, 2019, Goldman Sachs Asset Management (“GSAM”) 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. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Motif Data-Driven World ETF |
Goldman Sachs Motif Finance Reimagined ETF |
Goldman Sachs Motif Human Evolution ETF |
Goldman Sachs Motif Manufacturing Revolution ETF |
Goldman Sachs Motif New Age Consumer ETF |
INDEX DISCLAIMERS
The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, Goldman Sachs ActiveBeta® Europe Equity Index, Goldman Sachs ActiveBeta® International Equity Index and Goldman Sachs ActiveBeta® Japan Equity Index (the “ActiveBeta® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta® Indices or the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF or Goldman Sachs ActiveBeta® Japan Equity ETF (the “ActiveBeta® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI 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 MSCI Indices, the ActiveBeta® ETFs or the ActiveBeta® Indices.
The Russell 2000® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index. Frank Russell Company (“RUSSELL”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta® U.S. Small 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 Russell 2000® Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index.
The ActiveBeta® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.
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 FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.
GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA® INDICES 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 ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA® INDICES 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.
TRUSTEES Lawrence W. Stranghoener,Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website atwww.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the FormN-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 February 29, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
© 2020 Goldman Sachs. All rights reserved. 200056-OTU-04/2020 GST 1139 ACTBETASAR-20
Goldman Sachs Funds
Semi-Annual Report | February 29, 2020 | |||
Equal Weight U.S. Large Cap Equity ETF |
It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
i | ||||
1 | ||||
3 | ||||
8 | ||||
11 | ||||
12 | ||||
19 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Recent Market Events related toCOVID-19
While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.
An outbreak of a novel strain of coronavirus(COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread ofCOVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact ofCOVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.
i
FUND BASICS
Equal Weight U.S. Large Cap Equity ETF
As of February 29, 2020
FUND SNAPSHOT | ||||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 45.79 | ||||
Net Asset Value (NAV)1 | $ | 46.11 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||||||
September 1, 2019– February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive US Large Cap Equal Weight Index3 | S&P 500 Index (Total Return, USD)4 | ||||||||||||||
Shares | 0.43 | % | 0.30 | % | 0.53 | % | 1.92 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the 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 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 an Index by Solactive AG nor the licensing of the Index or 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 index provider may delay or change a scheduled rebalancing or reconstitution of the Index or the implementation of certain rules at its sole discretion. |
4 | The 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
1
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Regeneron Pharmaceuticals, Inc. | 0.3 | % | Health Care | United States | ||||||
Domino’s Pizza, Inc. | 0.3 | Consumer Discretionary | United States | |||||||
DexCom, Inc. | 0.3 | Health Care | United States | |||||||
RingCentral, Inc., Class A | 0.3 | Information Technology | United States | |||||||
T-Mobile US, Inc. | 0.3 | Communication Services | United States | |||||||
NVIDIA Corp. | 0.3 | Information Technology | United States | |||||||
Biogen, Inc. | 0.3 | Health Care | United States | |||||||
NortonLifeLock, Inc. | 0.3 | Information Technology | United States | |||||||
E*TRADE Financial Corp. | 0.2 | Financials | United States | |||||||
BioMarin Pharmaceutical, Inc. | 0.2 | Health Care | United States |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS. BENCHMARK6 As of February 29, 2020 |
6 | 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). Investments in the securities lending vehicle represented 0.2% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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.
2
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 4.7% | ||||||||
8,200 | Activision Blizzard, Inc. | $ | 476,666 | |||||
337 | Alphabet, Inc., Class A* | 451,327 | ||||||
336 | Alphabet, Inc., Class C* | 450,015 | ||||||
17,305 | Altice USA, Inc., Class A* | 447,507 | ||||||
12,904 | AT&T, Inc. | 454,479 | ||||||
34,783 | CenturyLink, Inc. | 419,831 | ||||||
914 | Charter Communications, Inc., Class A* | 450,757 | ||||||
10,966 | Comcast Corp., Class A | 443,355 | ||||||
4,536 | Electronic Arts, Inc.* | 459,814 | ||||||
2,314 | Facebook, Inc., Class A* | 445,376 | ||||||
12,767 | Fox Corp., Class A | 392,458 | ||||||
1,912 | IAC/InterActiveCorp* | 389,933 | ||||||
3,563 | Liberty Broadband Corp., Class C* | 448,546 | ||||||
1,316 | Netflix, Inc.* | 485,643 | ||||||
6,328 | Omnicom Group, Inc. | 438,404 | ||||||
3,706 | Roku, Inc.* | 421,261 | ||||||
25,583 | Snap, Inc., Class A* | 362,511 | ||||||
3,825 | Take-Two Interactive Software, Inc.* | 411,111 | ||||||
5,957 | T-Mobile US, Inc.* | 537,083 | ||||||
14,299 | Twitter, Inc.* | 474,727 | ||||||
8,331 | Verizon Communications, Inc. | 451,207 | ||||||
14,465 | ViacomCBS, Inc., Class B | 355,984 | ||||||
3,355 | Walt Disney Co. (The) | 394,716 | ||||||
|
| |||||||
10,062,711 | ||||||||
|
| |||||||
Consumer Discretionary – 10.1% | ||||||||
3,691 | Advance Auto Parts, Inc. | 490,829 | ||||||
238 | Amazon.com, Inc.* | 448,332 | ||||||
11,256 | Aramark | 391,033 | ||||||
462 | AutoZone, Inc.* | 477,020 | ||||||
5,601 | Best Buy Co., Inc. | 423,716 | ||||||
261 | Booking Holdings, Inc.* | 442,567 | ||||||
2,134 | Burlington Stores, Inc.* | 461,499 | ||||||
5,019 | CarMax, Inc.* | 438,209 | ||||||
11,147 | Carnival Corp. | 372,979 | ||||||
549 | Chipotle Mexican Grill, Inc.* | 424,695 | ||||||
4,202 | Darden Restaurants, Inc. | 409,695 | ||||||
3,112 | Dollar General Corp. | 467,734 | ||||||
5,498 | Dollar Tree, Inc.* | 456,499 | ||||||
1,776 | Domino’s Pizza, Inc. | 602,881 | ||||||
8,421 | D.R. Horton, Inc. | 448,587 | ||||||
12,981 | eBay, Inc. | 449,662 | ||||||
4,388 | Expedia Group, Inc. | 432,745 | ||||||
52,895 | Ford Motor Co. | 368,149 | ||||||
4,913 | Garmin Ltd. | 434,260 | ||||||
14,128 | General Motors Co. | 430,904 | ||||||
5,091 | Genuine Parts Co. | 444,139 | ||||||
4,672 | Hasbro, Inc. | 360,912 | ||||||
4,377 | Hilton Worldwide Holdings, Inc. | 425,444 | ||||||
2,066 | Home Depot, Inc. (The) | 450,057 | ||||||
7,158 | Las Vegas Sands Corp. | 417,383 | ||||||
7,401 | Lennar Corp., Class A | 446,576 | ||||||
14,599 | LKQ Corp.* | 431,838 | ||||||
4,069 | Lowe’s Cos., Inc. | 433,633 | ||||||
3,293 | Marriott International, Inc., Class A | 408,332 | ||||||
2,262 | McDonald’s Corp. | 439,213 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
15,057 | MGM Resorts International | 369,800 | ||||||
4,791 | NIKE, Inc., Class B | 428,220 | ||||||
8,868 | Norwegian Cruise Line Holdings Ltd.* | 330,422 | ||||||
127 | NVR, Inc.* | 465,732 | ||||||
1,192 | O’Reilly Automotive, Inc.* | 439,514 | ||||||
11,015 | PulteGroup, Inc. | 442,803 | ||||||
4,174 | Ross Stores, Inc. | 454,048 | ||||||
4,114 | Royal Caribbean Cruises Ltd. | 330,807 | ||||||
5,494 | Starbucks Corp. | 430,894 | ||||||
4,287 | Target Corp. | 441,561 | ||||||
548 | Tesla, Inc.* | 366,058 | ||||||
3,622 | Tiffany & Co. | 483,863 | ||||||
7,923 | TJX Cos., Inc. (The) | 473,795 | ||||||
5,329 | Tractor Supply Co. | 471,670 | ||||||
1,775 | Ulta Beauty, Inc.* | 456,335 | ||||||
2,037 | Vail Resorts, Inc. | 433,087 | ||||||
5,784 | VF Corp. | 416,448 | ||||||
3,234 | Whirlpool Corp. | 413,499 | ||||||
3,658 | Wynn Resorts Ltd. | 394,991 | ||||||
4,551 | Yum! Brands, Inc. | 406,177 | ||||||
|
| |||||||
21,579,246 | ||||||||
|
| |||||||
Consumer Staples – 6.4% | ||||||||
10,437 | Altria Group, Inc. | 421,342 | ||||||
10,702 | Archer-Daniels-Midland Co. | 402,930 | ||||||
6,956 | Brown-Forman Corp., Class B | 427,168 | ||||||
6,497 | Church & Dwight Co., Inc. | 451,671 | ||||||
2,968 | Clorox Co. (The) | 473,159 | ||||||
8,253 | Coca-Cola Co. (The) | 441,453 | ||||||
6,439 | Colgate-Palmolive Co. | 435,083 | ||||||
15,213 | Conagra Brands, Inc. | 406,035 | ||||||
2,517 | Constellation Brands, Inc., Class A | 433,880 | ||||||
1,592 | Costco Wholesale Corp. | 447,575 | ||||||
2,423 | Estee Lauder Cos., Inc. (The), Class A | 444,863 | ||||||
9,239 | General Mills, Inc. | 452,711 | ||||||
3,185 | Hershey Co. (The) | 458,608 | ||||||
10,212 | Hormel Foods Corp. | 424,819 | ||||||
4,643 | JM Smucker Co. (The) | 478,183 | ||||||
7,070 | Kellogg Co. | 427,523 | ||||||
3,386 | Kimberly-Clark Corp. | 444,209 | ||||||
16,657 | Kraft Heinz Co. (The) | 412,594 | ||||||
17,729 | Kroger Co. (The) | 498,717 | ||||||
5,263 | Lamb Weston Holdings, Inc. | 457,302 | ||||||
3,021 | McCormick & Co., Inc. | 441,640 | ||||||
8,533 | Molson Coors Beverage Co., Class B | 423,322 | ||||||
8,455 | Mondelez International, Inc., Class A | 446,424 | ||||||
7,050 | Monster Beverage Corp.* | 439,990 | ||||||
3,389 | PepsiCo, Inc. | 447,450 | ||||||
5,807 | Philip Morris International, Inc. | 475,419 | ||||||
3,865 | Procter & Gamble Co. (The) | 437,634 | ||||||
6,470 | Sysco Corp. | 431,226 | ||||||
5,788 | Tyson Foods, Inc., Class A | 392,600 | ||||||
9,278 | Walgreens Boots Alliance, Inc. | 424,561 | ||||||
4,212 | Walmart, Inc. | 453,548 | ||||||
|
| |||||||
13,653,639 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 3 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – 4.4% | ||||||||
17,256 | Apache Corp. | $ | 430,019 | |||||
22,786 | Baker Hughes Co. | 366,627 | ||||||
8,199 | Cheniere Energy, Inc.* | 420,527 | ||||||
4,545 | Chevron Corp. | 424,230 | ||||||
6,375 | Concho Resources, Inc. | 433,627 | ||||||
8,595 | ConocoPhillips | 416,170 | ||||||
6,631 | Diamondback Energy, Inc. | 411,122 | ||||||
6,596 | EOG Resources, Inc. | 417,263 | ||||||
8,097 | Exxon Mobil Corp. | 416,510 | ||||||
22,408 | Halliburton Co. | 380,040 | ||||||
8,421 | Hess Corp. | 473,092 | ||||||
23,123 | Kinder Morgan, Inc. | 443,268 | ||||||
41,256 | Marathon Oil Corp. | 341,600 | ||||||
9,095 | Marathon Petroleum Corp. | 431,285 | ||||||
24,414 | Noble Energy, Inc. | 386,473 | ||||||
11,990 | Occidental Petroleum Corp. | 392,552 | ||||||
6,483 | ONEOK, Inc. | 432,546 | ||||||
5,473 | Phillips 66 | 409,709 | ||||||
3,572 | Pioneer Natural Resources Co. | 438,570 | ||||||
14,252 | Schlumberger Ltd. | 386,087 | ||||||
12,921 | Targa Resources Corp. | 418,640 | ||||||
5,976 | Valero Energy Corp. | 395,910 | ||||||
22,605 | Williams Cos., Inc. (The) | 430,625 | ||||||
|
| |||||||
9,496,492 | ||||||||
|
| |||||||
Financials – 13.8% | ||||||||
9,307 | Aflac, Inc. | 398,805 | ||||||
594 | Alleghany Corp.* | 399,316 | ||||||
4,049 | Allstate Corp. (The) | 426,157 | ||||||
15,089 | Ally Financial, Inc. | 378,281 | ||||||
3,684 | American Express Co. | 404,982 | ||||||
9,587 | American International Group, Inc. | 404,188 | ||||||
2,802 | Ameriprise Financial, Inc. | 395,923 | ||||||
49,396 | Annaly Capital Management, Inc. REIT | 437,649 | ||||||
2,142 | Aon PLC | 445,536 | ||||||
10,821 | Arch Capital Group Ltd.* | 437,493 | ||||||
4,638 | Arthur J Gallagher & Co. | 452,159 | ||||||
14,442 | Bank of America Corp. | 411,597 | ||||||
10,568 | Bank of New York Mellon Corp. (The) | 421,663 | ||||||
2,157 | Berkshire Hathaway, Inc., Class B* | 445,075 | ||||||
908 | BlackRock, Inc. | 420,413 | ||||||
7,676 | Blackstone Group, Inc. (The), Class A | 413,276 | ||||||
4,774 | Capital One Financial Corp. | 421,353 | ||||||
3,966 | Cboe Global Markets, Inc. | 452,124 | ||||||
10,314 | Charles Schwab Corp. (The) | 420,295 | ||||||
3,147 | Chubb Ltd. | 456,409 | ||||||
4,579 | Cincinnati Financial Corp. | 426,946 | ||||||
6,347 | Citigroup, Inc. | 402,781 | ||||||
12,681 | Citizens Financial Group, Inc. | 401,861 | ||||||
2,252 | CME Group, Inc. | 447,743 | ||||||
7,720 | Comerica, Inc. | 406,381 | ||||||
6,406 | Discover Financial Services | 420,105 | ||||||
11,170 | E*TRADE Financial Corp. | 511,363 | ||||||
1,750 | Everest Re Group Ltd. | 433,790 | ||||||
1,646 | FactSet Research Systems, Inc. | 437,820 | ||||||
10,004 | Fidelity National Financial, Inc. | 387,755 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
16,471 | Fifth Third Bancorp | 401,892 | ||||||
4,246 | First Republic Bank | 427,020 | ||||||
2,008 | Goldman Sachs Group, Inc. (The)(a) | 403,146 | ||||||
8,412 | Hartford Financial Services Group, Inc. (The) | 420,179 | ||||||
35,008 | Huntington Bancshares, Inc. | 429,548 | ||||||
5,244 | Intercontinental Exchange, Inc. | 467,870 | ||||||
3,590 | JPMorgan Chase & Co. | 416,835 | ||||||
25,094 | KeyCorp | 410,287 | ||||||
14,894 | KKR & Co., Inc., Class A | 425,968 | ||||||
8,721 | Lincoln National Corp. | 395,846 | ||||||
9,209 | Loews Corp. | 420,207 | ||||||
2,848 | M&T Bank Corp. | 399,802 | ||||||
406 | Markel Corp.* | 479,730 | ||||||
1,368 | MarketAxess Holdings, Inc. | 443,683 | ||||||
4,233 | Marsh & McLennan Cos., Inc. | 442,602 | ||||||
9,673 | MetLife, Inc. | 413,231 | ||||||
1,820 | Moody’s Corp. | 436,855 | ||||||
8,989 | Morgan Stanley | 404,775 | ||||||
1,612 | MSCI, Inc. | 476,249 | ||||||
4,092 | Nasdaq, Inc. | 419,635 | ||||||
4,835 | Northern Trust Corp. | 424,320 | ||||||
3,224 | PNC Financial Services Group, Inc. (The) | 407,514 | ||||||
8,897 | Principal Financial Group, Inc. | 394,938 | ||||||
6,002 | Progressive Corp. (The) | 439,106 | ||||||
5,192 | Prudential Financial, Inc. | 391,736 | ||||||
5,157 | Raymond James Financial, Inc. | 431,280 | ||||||
29,863 | Regions Financial Corp. | 403,748 | ||||||
3,257 | Reinsurance Group of America, Inc. | 397,452 | ||||||
1,631 | S&P Global, Inc. | 433,699 | ||||||
6,246 | State Street Corp. | 425,415 | ||||||
1,905 | SVB Financial Group* | 396,545 | ||||||
14,872 | Synchrony Financial | 432,775 | ||||||
3,549 | T. Rowe Price Group, Inc. | 418,817 | ||||||
9,899 | TD Ameritrade Holding Corp. | 418,035 | ||||||
3,662 | Travelers Cos., Inc. (The) | 438,744 | ||||||
9,134 | Truist Financial Corp. | 421,443 | ||||||
8,955 | US Bancorp | 415,870 | ||||||
10,273 | Wells Fargo & Co. | 419,652 | ||||||
2,222 | Willis Towers Watson PLC | 420,514 | ||||||
6,489 | WR Berkley Corp. | 435,671 | ||||||
|
| |||||||
29,621,873 | ||||||||
|
| |||||||
Health Care – 13.6% | ||||||||
5,503 | Abbott Laboratories | 423,896 | ||||||
5,756 | AbbVie, Inc. | 493,347 | ||||||
5,815 | Agilent Technologies, Inc. | 448,162 | ||||||
4,718 | Alexion Pharmaceuticals, Inc.* | 443,633 | ||||||
1,892 | Align Technology, Inc.* | 413,118 | ||||||
2,553 | Allergan PLC | 486,780 | ||||||
4,049 | Alnylam Pharmaceuticals, Inc.* | 476,405 | ||||||
5,512 | AmerisourceBergen Corp. | 464,772 | ||||||
2,190 | Amgen, Inc. | 437,409 | ||||||
1,776 | Anthem, Inc. | 456,592 | ||||||
5,343 | Baxter International, Inc. | 445,980 | ||||||
1,706 | Becton Dickinson and Co. | 405,721 | ||||||
|
|
4 | 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) | ||||||||
1,713 | Biogen, Inc.* | $ | 528,272 | |||||
5,642 | BioMarin Pharmaceutical, Inc.* | 509,868 | ||||||
11,324 | Boston Scientific Corp.* | 423,404 | ||||||
7,552 | Bristol-Myers Squibb Co. | 446,021 | ||||||
9,412 | Cardinal Health, Inc. | 490,553 | ||||||
7,835 | Centene Corp.* | 415,412 | ||||||
6,542 | Cerner Corp. | 453,164 | ||||||
2,468 | Cigna Corp. | 451,496 | ||||||
1,387 | Cooper Cos., Inc. (The) | 450,179 | ||||||
7,154 | CVS Health Corp. | 423,374 | ||||||
2,983 | Danaher Corp. | 431,282 | ||||||
8,583 | DENTSPLY SIRONA, Inc. | 422,627 | ||||||
1,992 | DexCom, Inc.* | 549,792 | ||||||
2,145 | Edwards Lifesciences Corp.* | 439,382 | ||||||
15,337 | Elanco Animal Health, Inc.* | 420,234 | ||||||
3,384 | Eli Lilly & Co. | 426,824 | ||||||
4,989 | Exact Sciences Corp.* | 403,860 | ||||||
7,203 | Gilead Sciences, Inc. | 499,600 | ||||||
3,363 | HCA Healthcare, Inc. | 427,135 | ||||||
6,962 | Henry Schein, Inc.* | 424,264 | ||||||
8,978 | Hologic, Inc.* | 423,043 | ||||||
1,416 | Humana, Inc. | 452,667 | ||||||
1,740 | IDEXX Laboratories, Inc.* | 442,847 | ||||||
1,641 | Illumina, Inc.* | 435,964 | ||||||
6,573 | Incyte Corp.* | 495,670 | ||||||
846 | Intuitive Surgical, Inc.* | 451,730 | ||||||
3,092 | IQVIA Holdings, Inc.* | 431,303 | ||||||
3,202 | Johnson & Johnson | 430,605 | ||||||
2,661 | Laboratory Corp. of America Holdings* | 467,511 | ||||||
3,253 | McKesson Corp. | 454,965 | ||||||
4,048 | Medtronic PLC | 407,512 | ||||||
5,495 | Merck & Co., Inc. | 420,697 | ||||||
633 | Mettler-Toledo International, Inc.* | 444,176 | ||||||
21,814 | Mylan NV* | 374,983 | ||||||
5,152 | PerkinElmer, Inc. | 445,339 | ||||||
12,884 | Pfizer, Inc. | 430,583 | ||||||
4,364 | Quest Diagnostics, Inc. | 462,846 | ||||||
1,365 | Regeneron Pharmaceuticals, Inc.* | 606,838 | ||||||
2,910 | ResMed, Inc. | 462,574 | ||||||
4,355 | Seattle Genetics, Inc.* | 495,860 | ||||||
3,190 | STERIS PLC | 505,998 | ||||||
2,244 | Stryker Corp. | 427,684 | ||||||
1,268 | Teleflex, Inc. | 424,805 | ||||||
1,490 | Thermo Fisher Scientific, Inc. | 433,292 | ||||||
1,730 | UnitedHealth Group, Inc. | 441,081 | ||||||
3,507 | Universal Health Services, Inc., Class B | 433,956 | ||||||
3,433 | Varian Medical Systems, Inc.* | 422,156 | ||||||
3,148 | Veeva Systems, Inc., Class A* | 446,922 | ||||||
2,027 | Vertex Pharmaceuticals, Inc.* | 454,109 | ||||||
2,217 | Waters Corp.* | 432,071 | ||||||
3,055 | West Pharmaceutical Services, Inc. | 459,961 | ||||||
3,097 | Zimmer Biomet Holdings, Inc. | 421,657 | ||||||
3,495 | Zoetis, Inc. | 465,639 | ||||||
|
| |||||||
29,239,602 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – 12.7% | ||||||||
3,088 | 3M Co. | 460,853 | ||||||
17,080 | American Airlines Group, Inc. | 325,374 | ||||||
4,900 | AMETEK, Inc. | 421,400 | ||||||
15,930 | Arconic, Inc. | 467,546 | ||||||
1,526 | Boeing Co. (The) | 419,818 | ||||||
3,637 | Caterpillar, Inc. | 451,861 | ||||||
6,722 | C.H. Robinson Worldwide, Inc. | 463,146 | ||||||
1,698 | Cintas Corp. | 452,925 | ||||||
4,731 | Copart, Inc.* | 399,675 | ||||||
709 | CoStar Group, Inc.* | 473,321 | ||||||
6,243 | CSX Corp. | 439,819 | ||||||
3,015 | Cummins, Inc. | 456,139 | ||||||
2,954 | Deere & Co. | 462,242 | ||||||
8,382 | Delta Air Lines, Inc. | 386,662 | ||||||
4,170 | Dover Corp. | 428,426 | ||||||
4,812 | Eaton Corp. PLC | 436,545 | ||||||
6,629 | Emerson Electric Co. | 424,985 | ||||||
3,127 | Equifax, Inc. | 444,159 | ||||||
6,627 | Expeditors International of Washington, Inc. | 466,673 | ||||||
13,148 | Fastenal Co. | 449,925 | ||||||
3,291 | FedEx Corp. | 464,590 | ||||||
6,348 | Fortive Corp. | 439,028 | ||||||
2,705 | General Dynamics Corp. | 431,961 | ||||||
38,598 | General Electric Co. | 419,946 | ||||||
2,772 | Honeywell International, Inc. | 449,535 | ||||||
1,833 | Huntington Ingalls Industries, Inc. | 376,736 | ||||||
2,872 | IDEX Corp. | 425,056 | ||||||
6,011 | IHS Markit Ltd. | 428,224 | ||||||
2,668 | Illinois Tool Works, Inc. | 447,637 | ||||||
3,506 | Ingersoll-Rand PLC | 452,414 | ||||||
5,087 | Jacobs Engineering Group, Inc. | 469,734 | ||||||
4,286 | J.B. Hunt Transport Services, Inc. | 413,342 | ||||||
12,374 | Johnson Controls International PLC | 452,517 | ||||||
2,815 | Kansas City Southern | 424,164 | ||||||
2,170 | L3Harris Technologies, Inc. | 429,074 | ||||||
2,032 | Lennox International, Inc. | 463,560 | ||||||
1,127 | Lockheed Martin Corp. | 416,843 | ||||||
9,891 | Masco Corp. | 408,696 | ||||||
2,293 | Norfolk Southern Corp. | 418,129 | ||||||
1,341 | Northrop Grumman Corp. | 440,974 | ||||||
2,377 | Old Dominion Freight Line, Inc. | 460,663 | ||||||
6,375 | PACCAR, Inc. | 426,488 | ||||||
2,355 | Parker-Hannifin Corp. | 435,133 | ||||||
2,165 | Raytheon Co. | 408,232 | ||||||
5,045 | Republic Services, Inc. | 455,362 | ||||||
2,400 | Rockwell Automation, Inc. | 440,400 | ||||||
1,258 | Roper Technologies, Inc. | 442,439 | ||||||
8,721 | Southwest Airlines Co. | 402,823 | ||||||
2,928 | Stanley Black & Decker, Inc. | 420,754 | ||||||
1,285 | Teledyne Technologies, Inc.* | 433,456 | ||||||
9,541 | Textron, Inc. | 387,365 | ||||||
757 | TransDigm Group, Inc. | 422,262 | ||||||
5,098 | TransUnion | 453,314 | ||||||
2,649 | Union Pacific Corp. | 423,337 | ||||||
6,155 | United Airlines Holdings, Inc.* | 379,086 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
4,698 | United Parcel Service, Inc., Class B | $ | 425,122 | |||||
3,291 | United Rentals, Inc.* | 435,992 | ||||||
3,173 | United Technologies Corp. | 414,362 | ||||||
2,888 | Verisk Analytics, Inc. | 447,958 | ||||||
3,951 | Waste Management, Inc. | 437,810 | ||||||
6,140 | Westinghouse Air Brake Technologies Corp. | 421,818 | ||||||
1,576 | W.W. Grainger, Inc. | 437,403 | ||||||
5,612 | Xylem, Inc. | 434,032 | ||||||
|
| |||||||
27,249,265 | ||||||||
|
| |||||||
Information Technology – 15.8% | ||||||||
2,286 | Accenture PLC, Class A | 412,829 | ||||||
1,324 | Adobe, Inc.* | 456,939 | ||||||
9,820 | Advanced Micro Devices, Inc.* | 446,614 | ||||||
5,100 | Akamai Technologies, Inc.* | 441,201 | ||||||
4,676 | Amphenol Corp., Class A | 428,696 | ||||||
4,317 | Analog Devices, Inc. | 470,769 | ||||||
1,679 | ANSYS, Inc.* | 406,637 | ||||||
1,522 | Apple, Inc. | 416,054 | ||||||
7,706 | Applied Materials, Inc. | 447,873 | ||||||
2,100 | Arista Networks, Inc.* | 405,552 | ||||||
2,382 | Autodesk, Inc.* | 454,676 | ||||||
2,761 | Automatic Data Processing, Inc. | 427,237 | ||||||
1,559 | Broadcom, Inc. | 425,015 | ||||||
4,137 | Broadridge Financial Solutions, Inc. | 431,737 | ||||||
6,524 | Cadence Design Systems, Inc.* | 431,497 | ||||||
3,566 | CDW Corp. | 407,309 | ||||||
10,197 | Cisco Systems, Inc. | 407,166 | ||||||
3,931 | Citrix Systems, Inc. | 406,426 | ||||||
7,655 | Cognizant Technology Solutions Corp., Class A | 466,419 | ||||||
17,605 | Corning, Inc. | 420,055 | ||||||
9,515 | Dell Technologies, Inc., Class C* | 384,977 | ||||||
3,293 | Fidelity National Information Services, Inc. | 460,098 | ||||||
3,919 | Fiserv, Inc.* | 428,582 | ||||||
1,499 | FleetCor Technologies, Inc.* | 398,419 | ||||||
4,043 | Fortinet, Inc.* | 412,629 | ||||||
3,153 | Gartner, Inc.* | 407,967 | ||||||
2,393 | Global Payments, Inc. | 440,240 | ||||||
7,078 | GoDaddy, Inc., Class A* | 495,318 | ||||||
33,673 | Hewlett Packard Enterprise Co. | 430,678 | ||||||
22,532 | HP, Inc. | 468,440 | ||||||
7,418 | Intel Corp. | 411,847 | ||||||
3,256 | International Business Machines Corp. | 423,768 | ||||||
1,669 | Intuit, Inc. | 443,704 | ||||||
3,158 | Jack Henry & Associates, Inc. | 479,195 | ||||||
20,805 | Juniper Networks, Inc. | 441,482 | ||||||
5,129 | Keysight Technologies, Inc.* | 486,024 | ||||||
2,715 | KLA Corp. | 417,323 | ||||||
1,492 | Lam Research Corp. | 437,798 | ||||||
4,612 | Leidos Holdings, Inc. | 473,422 | ||||||
19,615 | Marvell Technology Group Ltd. | 417,800 | ||||||
1,476 | Mastercard, Inc., Class A | 428,409 | ||||||
7,783 | Maxim Integrated Products, Inc. | 432,890 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
4,773 | Microchip Technology, Inc. | 432,959 | ||||||
8,749 | Micron Technology, Inc.* | 459,847 | ||||||
2,696 | Microsoft Corp. | 436,779 | ||||||
2,722 | Motorola Solutions, Inc. | 450,981 | ||||||
8,689 | NetApp, Inc. | 405,950 | ||||||
27,700 | NortonLifeLock, Inc. | 527,131 | ||||||
1,965 | NVIDIA Corp. | 530,688 | ||||||
3,604 | Okta, Inc.* | 461,528 | ||||||
8,986 | Oracle Corp. | 444,448 | ||||||
2,022 | Palo Alto Networks, Inc.* | 373,302 | ||||||
5,500 | Paychex, Inc. | 426,140 | ||||||
4,043 | PayPal Holdings, Inc.* | 436,604 | ||||||
4,500 | Qorvo, Inc.* | 452,610 | ||||||
5,461 | QUALCOMM, Inc. | 427,596 | ||||||
2,322 | RingCentral, Inc., Class A* | 547,411 | ||||||
2,579 | salesforce.com, Inc.* | 439,462 | ||||||
8,235 | Seagate Technology PLC | 394,868 | ||||||
1,380 | ServiceNow, Inc.* | 450,004 | ||||||
4,116 | Skyworks Solutions, Inc. | 412,341 | ||||||
2,893 | Splunk, Inc.* | 426,226 | ||||||
6,003 | Square, Inc., Class A* | 500,230 | ||||||
7,438 | SS&C Technologies Holdings, Inc. | 412,809 | ||||||
3,117 | Synopsys, Inc.* | 429,928 | ||||||
5,094 | TE Connectivity Ltd. | 422,140 | ||||||
6,890 | Teradyne, Inc. | 404,856 | ||||||
3,839 | Texas Instruments, Inc. | 438,183 | ||||||
10,959 | Trimble, Inc.* | 432,661 | ||||||
3,682 | Twilio, Inc., Class A* | 414,740 | ||||||
2,263 | VeriSign, Inc.* | 429,404 | ||||||
2,386 | Visa, Inc., Class A | 433,679 | ||||||
3,161 | VMware, Inc., Class A* | 380,964 | ||||||
7,095 | Western Digital Corp. | 394,198 | ||||||
17,682 | Western Union Co. (The) | 395,900 | ||||||
2,494 | Workday, Inc., Class A* | 432,085 | ||||||
5,661 | Xilinx, Inc. | 472,637 | ||||||
1,959 | Zebra Technologies Corp., Class A* | 413,290 | ||||||
|
| |||||||
33,976,290 | ||||||||
|
| |||||||
Materials – 4.6% | ||||||||
1,965 | Air Products & Chemicals, Inc. | 431,534 | ||||||
3,548 | Avery Dennison Corp. | 406,211 | ||||||
6,474 | Ball Corp. | 456,158 | ||||||
4,525 | Celanese Corp. | 424,173 | ||||||
11,823 | CF Industries Holdings, Inc. | 435,796 | ||||||
15,689 | Corteva, Inc. | 426,741 | ||||||
10,106 | Dow, Inc. | 408,383 | ||||||
9,214 | DuPont de Nemours, Inc. | 395,281 | ||||||
6,643 | Eastman Chemical Co. | 408,611 | ||||||
2,387 | Ecolab, Inc. | 430,734 | ||||||
4,906 | FMC Corp. | 456,749 | ||||||
40,330 | Freeport-McMoRan, Inc. | 401,687 | ||||||
3,468 | International Flavors & Fragrances, Inc.(b) | 415,397 | ||||||
11,628 | International Paper Co. | 429,771 | ||||||
5,942 | LyondellBasell Industries NV, Class A | 424,615 | ||||||
1,782 | Martin Marietta Materials, Inc. | 405,458 | ||||||
10,978 | Newmont Corp. | 489,948 | ||||||
|
|
6 | 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) | ||||||||
9,942 | Nucor Corp. | $ | 411,102 | |||||
4,881 | Packaging Corp. of America | 442,316 | ||||||
3,964 | PPG Industries, Inc. | 414,040 | ||||||
827 | Sherwin-Williams Co. (The) | 427,352 | ||||||
3,359 | Vulcan Materials Co. | 403,953 | ||||||
12,232 | Westrock Co. | 406,714 | ||||||
|
| |||||||
9,752,724 | ||||||||
|
| |||||||
Real Estate – 7.5% | ||||||||
2,894 | Alexandria Real Estate Equities, Inc. REIT | 439,541 | ||||||
2,045 | American Tower Corp. REIT | 463,806 | ||||||
2,220 | AvalonBay Communities, Inc. REIT | 445,310 | ||||||
3,359 | Boston Properties, Inc. REIT | 433,110 | ||||||
4,326 | Camden Property Trust REIT | 458,470 | ||||||
7,655 | CBRE Group, Inc., Class A* | 429,752 | ||||||
3,228 | Crown Castle International Corp. REIT | 462,540 | ||||||
3,885 | Digital Realty Trust, Inc. REIT | 466,627 | ||||||
13,237 | Duke Realty Corp. REIT | 429,805 | ||||||
800 | Equinix, Inc. REIT | 458,240 | ||||||
6,612 | Equity LifeStyle Properties, Inc. REIT | 451,798 | ||||||
5,805 | Equity Residential REIT | 435,956 | ||||||
1,559 | Essex Property Trust, Inc. REIT | 441,758 | ||||||
4,405 | Extra Space Storage, Inc. REIT | 442,086 | ||||||
3,815 | Federal Realty Investment Trust REIT | 443,837 | ||||||
13,321 | Healthpeak Properties, Inc. REIT | 421,476 | ||||||
28,834 | Host Hotels & Resorts, Inc. REIT | 417,516 | ||||||
15,304 | Invitation Homes, Inc. REIT | 439,072 | ||||||
15,057 | Iron Mountain, Inc. REIT | 457,883 | ||||||
3,484 | Mid-America Apartment Communities, Inc. REIT | 450,342 | ||||||
11,410 | Omega Healthcare Investors, Inc. REIT | 451,836 | ||||||
5,198 | Prologis, Inc. REIT | 438,087 | ||||||
2,175 | Public Storage REIT | 454,836 | ||||||
6,200 | Realty Income Corp. REIT | 448,818 | ||||||
7,750 | Regency Centers Corp. REIT | 445,160 | ||||||
1,911 | SBA Communications Corp. REIT | 506,587 | ||||||
3,537 | Simon Property Group, Inc. REIT | 435,334 | ||||||
3,026 | Sun Communities, Inc. REIT | 462,615 | ||||||
10,016 | UDR, Inc. REIT | 450,520 | ||||||
8,332 | Ventas, Inc. REIT | 448,012 | ||||||
49,649 | VEREIT, Inc. REIT | 429,960 | ||||||
17,964 | VICI Properties, Inc. REIT | 450,178 | ||||||
7,342 | Vornado Realty Trust REIT | 393,384 | ||||||
5,715 | Welltower, Inc. REIT | 427,596 | ||||||
17,230 | Weyerhaeuser Co. REIT | 447,635 | ||||||
5,745 | W.P. Carey, Inc. REIT | 444,721 | ||||||
|
| |||||||
16,024,204 | ||||||||
|
| |||||||
Utilities – 6.2% | ||||||||
23,559 | AES Corp. | 394,142 | ||||||
8,278 | Alliant Energy Corp. | 431,449 | ||||||
5,901 | Ameren Corp. | 466,179 | ||||||
4,721 | American Electric Power Co., Inc. | 421,396 | ||||||
3,602 | American Water Works Co., Inc. | 445,423 | ||||||
4,143 | Atmos Energy Corp. | 427,765 | ||||||
18,310 | CenterPoint Energy, Inc. | 421,496 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
7,206 | CMS Energy Corp. | 435,386 | ||||||
5,246 | Consolidated Edison, Inc. | 413,490 | ||||||
5,743 | Dominion Energy, Inc. | 448,988 | ||||||
3,648 | DTE Energy Co. | 407,372 | ||||||
5,026 | Duke Energy Corp. | 460,884 | ||||||
6,434 | Edison International | 432,300 | ||||||
3,719 | Entergy Corp. | 434,788 | ||||||
9,164 | Essential Utilities, Inc. | 394,144 | ||||||
6,840 | Evergy, Inc. | 446,994 | ||||||
5,360 | Eversource Energy | 463,426 | ||||||
10,098 | Exelon Corp. | 435,325 | ||||||
9,430 | FirstEnergy Corp. | 419,918 | ||||||
1,836 | NextEra Energy, Inc. | 464,067 | ||||||
16,471 | NiSource, Inc. | 445,046 | ||||||
13,032 | NRG Energy, Inc. | 432,793 | ||||||
4,973 | Pinnacle West Capital Corp. | 445,034 | ||||||
13,466 | PPL Corp. | 404,115 | ||||||
8,219 | Public Service Enterprise Group, Inc. | 421,717 | ||||||
3,055 | Sempra Energy | 427,028 | ||||||
6,982 | Southern Co. (The) | 421,434 | ||||||
11,789 | UGI Corp. | 424,876 | ||||||
22,031 | Vistra Energy Corp. | 423,656 | ||||||
4,872 | WEC Energy Group, Inc. | 449,832 | ||||||
7,006 | Xcel Energy, Inc. | 436,614 | ||||||
|
| |||||||
13,397,077 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $211,787,693) | $ | 214,053,123 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.2%(a) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
410,677 | 1.507% | $ | 410,677 | |||
(Cost $410,677) |
| |||||
| ||||||
TOTAL INVESTMENTS – 100.0% |
| |||||
(Cost $212,198,370) | $ | 214,463,800 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% | (52,793 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 214,411,007 | ||||
|
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 | |
|
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Assets and Liabilities
February 29, 2020 (Unaudited)
| ||||||
Assets: |
| |||||
Investments in unaffiliated issuers, at value (cost $211,376,288)(a) | $ | 213,649,977 | ||||
Investments in affiliated issuers, at value (cost $411,405) | 403,146 | |||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 410,677 | |||||
Cash | 9,662 | |||||
Receivables: |
| |||||
Dividends | 364,925 | |||||
Securities lending income | 224 | |||||
Total assets | 214,838,611 | |||||
Liabilities: |
| |||||
Payables: | ||||||
Upon return of securities loaned | 410,677 | |||||
Management fees | 16,927 | |||||
Total liabilities | 427,604 | |||||
Net Assets: |
| |||||
Paid-in capital | 213,797,199 | |||||
Total distributable earnings | 613,808 | |||||
NET ASSETS | $ | 214,411,007 | ||||
SHARES ISSUED AND OUTSTANDING |
| |||||
Shares outstanding no par value (unlimited shares authorized): | 4,650,000 | |||||
Net asset value per share: | $46.11 |
(a) | Includes loaned securities having a market value of $394,316. |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Operations
For the Six Months Ended February 29, 2020 (Unaudited)
| ||||||
Investment income: |
| |||||
Dividends — unaffiliated issuers | $ | 2,156,063 | ||||
Dividends — affiliated issuers | 4,728 | |||||
Securities lending income — unaffiliated issuer | 760 | |||||
Total investment income | 2,161,551 | |||||
Expenses: |
| |||||
Management fees | 86,410 | |||||
Trustee fees | 3,998 | |||||
Total expenses | 90,408 | |||||
NET INVESTMENT INCOME | 2,071,143 | |||||
Realized and unrealized gain (loss): |
| |||||
Net realized gain (loss) from: | ||||||
Investments — unaffiliated issuers | (1,752,035 | ) | ||||
Investments — affiliated issuers | (2,074 | ) | ||||
In-kind redemptions — unaffiliated issuers | 1,480,341 | |||||
In-kind redemptions — affiliated issuers | 977 | |||||
Net change in unrealized gain (loss) on: | ||||||
Investments — unaffiliated issuers | (4,866,700 | ) | ||||
Investments — affiliated issuers | (10,755 | ) | ||||
Net realized and unrealized loss | (5,150,246 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (3,079,103 | ) |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statements of Changes in Net Assets
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||
From operations: |
| |||||||||
Net investment income | $ | 2,071,143 | $ | 1,967,256 | ||||||
Net realized gain (loss) | (272,791 | ) | 3,599,212 | |||||||
Net change in unrealized gain (loss) | (4,877,455 | ) | 2,986,124 | |||||||
Net increase (decrease) in net assets resulting from operations | (3,079,103 | ) | 8,552,592 | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (1,656,057 | ) | (1,705,332 | ) | ||||||
From share transactions: |
| |||||||||
Proceeds from sales of shares | 55,197,258 | 133,769,866 | ||||||||
Cost of shares redeemed | (5,040,102 | ) | (48,065,915 | ) | ||||||
Net increase in net assets resulting from share transactions | 50,157,156 | 85,703,951 | ||||||||
TOTAL INCREASE | 45,421,996 | 92,551,211 | ||||||||
Net assets: |
| |||||||||
Beginning of period | $ | 168,989,011 | $ | 76,437,800 | ||||||
End of period | $ | 214,411,007 | $ | 168,989,011 |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Selected Data for a Share Outstanding Throughout Each Period
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | For the Period September 12, 2017* to August 31, 2018 | ||||||||||||
Per Share Operating Performance: |
| |||||||||||||
Net asset value, beginning of period | $ | 46.30 | $ | 46.33 | $ | 40.58 | ||||||||
Net investment income(a) | 0.51 | (b) | 0.81 | 0.77 | ||||||||||
Net realized and unrealized gain (loss) | (0.29 | ) | (0.10 | ) | 5.52 | |||||||||
Total gain from investment operations | 0.22 | 0.71 | 6.29 | |||||||||||
Distributions to shareholders from net investment income | (0.41 | ) | (0.74 | ) | (0.54 | ) | ||||||||
Net asset value, end of period | $ | 46.11 | $ | 46.30 | $ | 46.33 | ||||||||
Market price, end of period | $ | 45.79 | $ | 46.32 | $ | 46.35 | ||||||||
Total Return at Net Asset Value(c) | 0.43 | % | 1.62 | % | 15.60 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 214,411 | $ | 168,989 | $ | 76,438 | ||||||||
Ratio of total expenses to average net assets | 0.09 | %(d) | 0.09 | % | 0.09 | %(d) | ||||||||
Ratio of net investment income to average net assets | 2.06 | %(b)(d) | 1.81 | % | 1.82 | %(d) | ||||||||
Portfolio turnover rate(e) | 20 | % | 39 | % | 34 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.15% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. 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. | 11 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
February 29, 2020 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which 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 investment objective of the Fund is 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”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange- traded fund (“ETF”). Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principallyin-kind for a basket of securities and a cash amount. 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 Fund.
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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation— The Fund’s 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. Distributions received from the Fund’s 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 Fund as a reduction to the cost basis of the REIT.
C. Expenses— Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust 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 the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the 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. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as eithershort-term orlong-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
12
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
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 Fund’s 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 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s 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 may be valued at the closing bid price for long positions and at the closing ask price for short positions. 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 other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Fund invests in Underlying Funds that fluctuate in value, the Fund’s shares will correspondingly fluctuate in value. 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. To the extent investments are valued using single source broker
13
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 Fund’s investments classified in the fair value hierarchy as of February 29, 2020:
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 | $ | 214,053,123 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 410,677 | — | — | |||||||||
Total | $ | 214,463,800 | $ | — | $ | — |
(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. |
For further information regarding security characteristics, see the Schedule of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
The Fund operates 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 Fund directly pays 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 Fund to the independent Trustees.
For the six months ended February 29, 2020, the unitary management fee rate with GSAM was 0.09%.
B. Other Transactions with Affiliates— The Fund 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 Fund’s investment in The Goldman Sachs Group, Inc. for the six months ended February 29, 2020:
Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Realized Loss | Change in Unrealized Depreciation | Ending value as of February 29, 2020 | Shares as of February 29, 2020 | Dividend Income | |||||||||||||||||||||||
$ | 332,985 | $ | 142,102 | $ | (60,089 | ) | $ | (1,097 | ) | $ | (10,755 | ) | $ | 403,146 | 2,008 | $ | 4,728 |
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Fund 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
14
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Information), of an order in proper form. Shares of the Fund 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 Fund. 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 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 Statement of Changes in Net Assets.
Share activity is as follows:
Equal Weight U.S. Large Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 1,100,000 | $ | 55,197,252 | 3,100,000 | $ | 133,769,847 | ||||||||||
Shares Redeemed | (100,000 | ) | (5,040,102 | ) | (1,100,000 | ) | (48,065,915 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES | 1,000,000 | $ | 50,157,150 | 2,000,000 | $ | 85,703,932 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales oflong-term securities for the six months ended February 29, 2020, were $39,558,719 and $38,850,675, respectively.
The purchases and sales fromin-kind creation and redemption transactions for the six months ended February 29, 2020, were $55,092,303 and $4,947,872, respectively.
7. SECURITIES LENDING |
The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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.
15
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
7. SECURITIES LENDING (continued) |
The Fund invests 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 Fund 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 Fund by paying the Fund 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 Fund’s 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 Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2020 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.
Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended February 29, 2020, are reported under Investment Income on the Statement of Operations.
The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 29, 2020:
Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2020 | |||||||||||
$ | 320,144 | $ | 3,684,698 | $ | (3,594,165 | ) | $ | 410,677 |
8. TAX INFORMATION |
As of the Fund’s most recent fiscal year end, August 31, 2019, the Fund’s capital loss carryforwards and certain timing differences on a tax-basis were as follows:
Equal Weight U.S. Large Cap Equity ETF | ||||
Capital loss carryforwards: | ||||
PerpetualShort-Term | $ | (32,643 | ) | |
PerpetualLong-Term | — | |||
Timing differences (Post-October Capital Loss Deferral) | $ | (378,266 | ) |
16
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
8. TAX INFORMATION (continued) |
As of February 29, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Equal Weight U.S. Large Cap Equity ETF | ||||
Tax Cost | $ | 214,059,488 | ||
Gross unrealized gain | 14,506,621 | |||
Gross unrealized loss | (14,102,309 | ) | ||
Net unrealized gains | $ | 404,312 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of underlying fund investments.
GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior tax year) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Index Risk— Solactive AG (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the 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 the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk— As a shareholder of another investment company, including an ETF, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Market and Credit Risks— In the normal course of business, the 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 the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.
Additionally, the 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.
17
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
9. OTHER RISKS (continued) |
Market Trading Risk— The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of the Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk— Tracking error is the divergence of the Fund’s performance from that of its Index. The performance of the Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of its Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to the portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
10. 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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statement 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.
18
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
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 Fund 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 the Fund.
The example is based on an investment of $l,000 invested at the beginning of the period from September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 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 the 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 the 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.
Equal Weight U.S. Large Cap Equity ETF | ||||||||||||
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,004.30 | $ | 0.45 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,024.42 | + | $ | 0.45 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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 | ||||
Equal Weight U.S. Large Cap Equity ETF | 0.09 | % |
19
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Unaudited)
Background
The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September 17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual
20
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Unaudited) (continued)
Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, 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 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, 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 is a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.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.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using ranking compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on the Fund’s investment performance was provided for the one-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its index and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the contractual 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 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 rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the Investment Adviser to Solactive AG for the use of its index. The Trustees also considered information previously provided regarding fees and expenses of
21
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Unaudited) (continued)
comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net 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 paid by the Fund.
The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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; and (d) 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.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) 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; and (c) 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 fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.
22
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, theConsumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.69 trillion in assets under supervision as of December 31, 2019, Goldman Sachs Asset Management (“GSAM”) 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. GSAM leverages the resources of Goldman Sachs & Co. LLC. subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Motif Data-Driven World ETF |
Goldman Sachs Motif Finance Reimagined ETF |
Goldman Sachs Motif Human Evolution ETF |
Goldman Sachs Motif Manufacturing Revolution ETF |
Goldman Sachs Motif New Age Consumer ETF
|
INDEX DISCLAIMERS
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.
TRUSTEES Lawrence W. Stranghoener,Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website atwww.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 Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Fund will file its 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 calling1-800-621-2550.
Fund holdings and allocations shown are as of February 29, 2020 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 Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
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 Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
ActiveBeta® is a registered trademark of GSAM.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
©2020 Goldman Sachs. All rights reserved. Info to come 200057-OTU-04/2020 GST 1138 EQWUSLCESAR-20
Goldman Sachs Funds
Semi-Annual Report | February 29, 2020 | |||
Hedge Industry VIP ETF |
It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.
Goldman Sachs Hedge Industry VIP ETF
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NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Recent Market Events related to COVID-19
While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.
An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.
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FUND BASICS
Hedge Industry VIP ETF
as of February 29, 2020
FUND SNAPSHOT | ||||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 60.77 | ||||
Net Asset Value (NAV)1 | $ | 60.95 |
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. |
PERFORMANCE REVIEW |
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September 1, 2019– February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Goldman Sachs Hedge Fund VIP IndexTM3 | S&P 500® Index4 | ||||||||||||||
Shares | 7.43 | % | 6.79 | % | 7.67 | % | 1.92 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of theUS-listed 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. |
4 | The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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 recentmonth-end returns.Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Zayo Group Holdings, Inc. | 2.3 | % | Communication Services | United States | ||||||
Tiffany & Co. | 2.3 | Consumer Discretionary | United States | |||||||
WABCO Holdings, Inc. | 2.3 | Industrials | United States | |||||||
RingCentral, Inc., Class A | 2.2 | Information Technology | United States | |||||||
Netflix, Inc. | 2.2 | Communication Services | United States | |||||||
PG&E Corp. | 2.2 | Utilities | United States | |||||||
Alibaba Group Holding Ltd. ADR | 2.2 | Consumer Discretionary | China | |||||||
Carvana Co. | 2.1 | Consumer Discretionary | United States | |||||||
Sea Ltd. ADR | 2.1 | Communication Services | Taiwan | |||||||
Charter Communications, Inc., Class A | 2.1 | Communication Services | United States |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
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FUND BASICS
FUND VS. BENCHMARK SECTOR ALLOCATIONS6 |
As of February 29, 2020 |
6 | 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). Investments in the securities lending vehicle represented 0.5% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP IndexTM. |
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.
2
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 100.1% | ||||||||
Communication Services – 18.7% | ||||||||
1,319 | Alphabet, Inc., Class A* | $ | 1,766,471 | |||||
3,744 | Charter Communications, Inc., Class A* | 1,846,428 | ||||||
43,451 | Comcast Corp., Class A | 1,756,724 | ||||||
9,350 | Facebook, Inc., Class A* | 1,799,595 | ||||||
5,265 | Netflix, Inc.* | 1,942,943 | ||||||
15,892 | Nexstar Media Group, Inc., Class A | 1,827,262 | ||||||
41,300 | Sea Ltd. ADR (Taiwan)* | 1,860,978 | ||||||
14,352 | Walt Disney Co. (The) | 1,688,513 | ||||||
57,366 | Zayo Group Holdings, Inc.* | 2,007,236 | ||||||
|
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16,496,150 | ||||||||
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Consumer Discretionary – 18.1% | ||||||||
9,118 | Alibaba Group Holding Ltd. ADR (China)* | 1,896,544 | ||||||
938 | Amazon.com, Inc.* | 1,766,958 | ||||||
1,006 | Booking Holdings, Inc.* | 1,705,834 | ||||||
22,598 | Carvana Co.* | 1,873,600 | ||||||
29,054 | Eldorado Resorts, Inc.*(a) | 1,457,930 | ||||||
8,173 | Home Depot, Inc. (The) | 1,780,406 | ||||||
47,716 | JD.com, Inc. ADR (China)* | 1,837,543 | ||||||
2,503 | Tesla, Inc.* | 1,671,979 | ||||||
14,915 | Tiffany & Co. | 1,992,495 | ||||||
|
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15,983,289 | ||||||||
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Financials – 9.6% | ||||||||
57,465 | Bank of America Corp. | 1,637,752 | ||||||
8,830 | Berkshire Hathaway, Inc., Class B* | 1,821,982 | ||||||
25,418 | Citigroup, Inc. | 1,613,026 | ||||||
14,569 | JPMorgan Chase & Co. | 1,691,607 | ||||||
59,710 | KKR & Co., Inc., Class A | 1,707,706 | ||||||
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8,472,073 | ||||||||
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Health Care – 5.7% | ||||||||
30,170 | Bristol-Myers Squibb Co. | 1,781,840 | ||||||
30,839 | Centene Corp.* | 1,635,084 | ||||||
9,089 | Cigna Corp. | 1,662,742 | ||||||
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5,079,666 | ||||||||
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Industrials – 9.7% | ||||||||
5,882 | Boeing Co. (The) | 1,618,197 | ||||||
34,001 | Delta Air Lines, Inc. | 1,568,466 | ||||||
3,096 | TransDigm Group, Inc. | 1,726,980 | ||||||
50,496 | Uber Technologies, Inc.* | 1,710,300 | ||||||
14,724 | WABCO Holdings, Inc.* | 1,989,212 | ||||||
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8,613,155 | ||||||||
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Information Technology – 36.1% | ||||||||
5,275 | Adobe, Inc.* | 1,820,508 | ||||||
6,163 | Apple, Inc. | 1,684,718 | ||||||
12,720 | Fidelity National Information Services, Inc. | 1,777,238 | ||||||
16,372 | Fiserv, Inc.* | 1,790,442 | ||||||
9,704 | Global Payments, Inc. | 1,785,245 | ||||||
25,547 | GoDaddy, Inc., Class A* | 1,787,779 | ||||||
21,709 | InterXion Holding NV (Netherlands)* | 1,842,877 | ||||||
5,874 | Mastercard, Inc., Class A | 1,704,929 | ||||||
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Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
34,234 | Micron Technology, Inc.* | 1,799,339 | ||||||
10,805 | Microsoft Corp. | 1,750,518 | ||||||
14,609 | NXP Semiconductors NV (Netherlands) | 1,660,897 | ||||||
16,283 | PayPal Holdings, Inc.* | 1,758,401 | ||||||
8,262 | RingCentral, Inc., Class A* | 1,947,767 | ||||||
10,543 | salesforce.com, Inc.* | 1,796,527 | ||||||
5,623 | ServiceNow, Inc.* | 1,833,604 | ||||||
30,224 | SS&C Technologies Holdings, Inc. | 1,677,432 | ||||||
15,678 | Twilio, Inc., Class A* | 1,765,970 | ||||||
9,523 | Visa, Inc., Class A | 1,730,900 | ||||||
|
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31,915,091 | ||||||||
|
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Utilities – 2.2% | ||||||||
123,621 | PG&E Corp.* | 1,916,125 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $80,599,438) | $ | 88,475,549 | ||||||
|
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Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.5%(b) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
441,252 | 1.507 | % | $ | 441,252 | ||||
(Cost $441,252) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 100.6% |
| |||||||
(Cost $81,040,690) |
| $ | 88,916,801 | |||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)% |
| (541,449 | ) | |||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 88,375,352 | |||||
|
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. |
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Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
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The accompanying notes are an integral part of these financial statements. | 3 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement of Assets and Liabilities
February 29, 2020 (Unaudited)
Assets: |
| |||||
Investments at value (cost $80,599,438)(a) | $ | 88,475,549 | ||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 441,252 | |||||
Receivables: |
| |||||
Dividends | 33,159 | |||||
Securities lending income | 209 | |||||
Total assets | 88,950,169 | |||||
Liabilities: |
| |||||
Payables: | ||||||
Upon return of securities loaned | 441,252 | |||||
Due to custodian | 98,701 | |||||
Management fees | 34,864 | |||||
Total liabilities | 574,817 | |||||
Net Assets: |
| |||||
Paid-in capital | 88,686,348 | |||||
Total distributable earnings (loss) | (310,996 | ) | ||||
NET ASSETS | $ | 88,375,352 | ||||
SHARES ISSUED AND OUTSTANDING |
| |||||
Shares outstanding no par value (unlimited shares authorized): | 1,450,000 | |||||
Net asset value per share: | $60.95 |
(a) | Includes loaned securities having a market value of $434,157. |
4 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement of Operations
For the Six Months Ended February 29, 2020 (Unaudited)
Investment income: |
| |||||
Dividends — unaffiliated issuer (net of foreign withholding taxes of $792) | $ | 341,966 | ||||
Securities lending income — unaffiliated issuer | 2,129 | |||||
Total investment income | 344,095 | |||||
Expenses: |
| |||||
Management fees | 193,901 | |||||
Trustee fees | 3,100 | |||||
Total expenses | 197,001 | |||||
NET INVESTMENT INCOME | 147,094 | |||||
Realized and unrealized gain (loss): |
| |||||
Net realized gain (loss) from: | ||||||
Investments | (2,059,184 | ) | ||||
In-kind redemptions | 4,243,579 | |||||
Net change in unrealized gain (loss) on: | ||||||
Investments | 3,271,911 | |||||
Net realized and unrealized gain | 5,456,306 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,603,400 |
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statements of Changes in Net Assets
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||
From operations: |
| |||||||||
Net investment income | $ | 147,094 | $ | 822,518 | ||||||
Net realized gain (loss) | 2,184,395 | (1,362,981 | ) | |||||||
Net change in unrealized gain (loss) | 3,271,911 | (6,015,036 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | 5,603,400 | (6,555,499 | ) | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (179,277 | ) | (814,931 | ) | ||||||
From share transactions: |
| |||||||||
Proceeds from sales of shares | 30,979,192 | 43,224,579 | ||||||||
Cost of shares redeemed | (27,635,846 | ) | (66,400,806 | ) | ||||||
Net increase (decrease) in net assets resulting from share transactions | 3,343,346 | (23,176,227 | ) | |||||||
TOTAL INCREASE (DECREASE) | 8,767,469 | (30,546,657 | ) | |||||||
Net assets: |
| |||||||||
Beginning of period | $ | 79,607,883 | $ | 110,154,540 | ||||||
End of period | $ | 88,375,352 | $ | 79,607,883 |
6 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Selected Data for a Share Outstanding Throughout Each Period
For the Six Months Ended February 29, 2020 (Unaudited) | For the Fiscal Year Ended August 31, | For the Period November 1, 2016* to August 31, 2017 | ||||||||||||||||
2019 | 2018 | |||||||||||||||||
Per Share Operating Performance: | ||||||||||||||||||
Net asset value, beginning of period | $ | 56.86 | $ | 57.98 | $ | 50.46 | $ | 40.00 | ||||||||||
Net investment income(a) | 0.10 | (b) | 0.51 | 0.17 | 0.32 | (c) | ||||||||||||
Net realized and unrealized gain (loss) | 4.11 | (1.11 | ) | 7.52 | 10.31 | |||||||||||||
Total gain (loss) from investment operations | 4.21 | (0.60 | ) | 7.69 | 10.63 | |||||||||||||
Distributions to shareholders from net investment income | (0.12 | ) | (0.52 | ) | (0.17 | ) | (0.17 | ) | ||||||||||
Net asset value, end of period | $ | 60.95 | $ | 56.86 | $ | 57.98 | $ | 50.46 | ||||||||||
Market price, end of period | $ | 60.77 | $ | 57.03 | $ | 57.98 | $ | 50.48 | ||||||||||
Total Return at Net Asset Value(d) | 7.43 | % | (0.99 | )% | 15.27 | % | 26.61 | % | ||||||||||
Net assets, end of period (in 000’s) | $ | 88,375 | $ | 79,608 | $ | 110,155 | $ | 45,410 | ||||||||||
Ratio of total expenses to average net assets | 0.45 | %(e) | 0.45 | % | 0.45 | % | 0.45 | %(e) | ||||||||||
Ratio of net investment income to average net assets | 0.34 | %(b)(e) | 0.91 | % | 0.31 | % | 0.84 | %(c)(e) | ||||||||||
Portfolio turnover rate(f) | 54 | % | 103 | % | 129 | % | 116 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets. |
(c) | Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets. |
(d) | 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. |
(e) | Annualized. |
(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. 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. | 7 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
February 29, 2020 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which 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 investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index™ (the “Index”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from their net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principallyin-kind for a basket of securities and a cash amount. 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 Fund.
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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation— The Fund’s 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 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 Fund 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.
C. Expenses— Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/orpro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders— It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the 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. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as eithershort-term orlong-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
8
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
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 Fund’s 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 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s 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 may be valued at the closing bid price for long positions and at the closing ask price for short positions. 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.
Money Market Funds— Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the 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.
9
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy— The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 29, 2020:
HEDGE INDUSTRY VIP ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 5,595,065 | $ | — | $ | — | ||||||
Europe | 3,503,774 | — | — | |||||||||
North America | 79,376,710 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 441,252 | — | — | |||||||||
Total | $ | 88,916,801 | $ | — | $ | — |
(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 the table. |
For further information regarding security characteristics, see the Schedule of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
The Fund operates 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 Fund directly pays 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 Fund to the independent Trustees.
For the six months ended February 29, 2020, the unitary management fee rate with GSAM was 0.45%.
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Fund 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 Fund 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 Fund. 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 Fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses
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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
Share activity is as follows:
Goldman Sachs Hedge Industry VIP ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 500,000 | $ | 30,979,154.00 | 750,000 | $ | 43,224,538 | ||||||||||
Shares Redeemed | (450,000 | ) | (27,635,846 | ) | (1,250,000 | ) | (66,400,806 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES | 50,000 | $ | 3,343,308 | (500,000 | ) | $ | (23,176,268 | ) |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities oflong-term securities for the six months ended February 29, 2020, were $46,452,075 and $47,061,271, respectively.
The purchases and sales fromin-kind creation and redemption transactions for the six months ended February 29, 2020, were $30,712,854 and $26,459,285 respectively.
7. SECURITIES LENDING |
The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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.
The Fund invests 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 Fund 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 Fund by paying the Fund 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
11
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
7. SECURITIES LENDING (continued) |
resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s 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 Fund’s 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 Fund’s overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2020, are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.
Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended February 29, 2020, are reported under Investment Income on the Statement of Operations.
The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 29, 2020:
Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2020 | |||||||||||
$ | 261,175 | $ | 24,985,725 | $ | (24,805,648 | ) | $ | 441,252 |
8. TAX INFORMATION |
As of the Fund’s most recent fiscal year end, August 31, 2019, the Fund’s capital loss carryforwards on a tax-basis were as follows:
Goldman Sachs Hedge Industry VIP ETF | ||||
Capital loss carryforwards: | ||||
PerpetualShort-Term | $ | (2,364,672 | ) |
As of February 29, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Goldman Sachs Hedge Industry VIP ETF | ||||
Tax Cost | $ | 81,725,437 | ||
Gross unrealized gain | 10,506,752 | |||
Gross unrealized loss | (3,315,388 | ) | ||
Net unrealized gains (losses) on securities | $ | 7,191,364 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior two tax years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
12
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
9. OTHER RISKS |
The Fund’s portfolio’s risks include, but are not limited to, the following:
Index Risk— GSAM (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the 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 the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Market and Credit Risks— In the normal course of business, the 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 the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the 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— The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of the Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk— Tracking error is the divergence of the Fund’s performance from that of its Index. The performance of the Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the 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.
10. 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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
11. SUBSEQUENT EVENTS |
Subsequent events after the Statement 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.
14
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.
The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 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 the 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 the 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.
Hedge Industry VIP ETF | ||||||||||||
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,074.30 | $ | 2.32 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,022.63 | + | $ | 2.26 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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 | ||||
Hedge Industry VIP ETF | 0.45 | % |
15
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited)
Background
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual
16
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)
Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, 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 fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, 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 is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.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.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using ranking compiled by the Outside Data Provider as of March 31, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of June 30, 2019. The information on the Fund’s investment performance was provided for theone-year period ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the contractual 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 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 rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fee would be payable to the Investment Adviser by the Fund
17
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)
for use of the index created by the Investment Adviser. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net 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 paid by the Fund.
The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues andpre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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; and (d) 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.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) 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; and (c) 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 fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.
18
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, theConsumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.69 trillion in assets under supervision as of December 31, 2019, Goldman Sachs Asset Management (“GSAM”) 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. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Motif Data-Driven World ETF |
Goldman Sachs Motif Finance Reimagined ETF |
Goldman Sachs Motif Human Evolution ETF |
Goldman Sachs Motif Manufacturing Revolution ETF |
Goldman Sachs Motif New Age Consumer ETF |
INDEX DISCLAIMER
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.
TRUSTEES Lawrence W. Stranghoener,Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, PrincipalAccounting Officer and Treasurer Caroline L. Kraus,Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P.Investment Adviser |
Visit our Website atwww.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 Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund 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 Fund will file 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 February 29, 2020 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 Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
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 Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
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ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
© 2020 Goldman Sachs. All rights reserved. 200063-OTU-04/2020 GST 1140 HEDVIPETFSAR-20
Goldman Sachs Funds
Semi-Annual Report | February 29, 2020 | |||
JUST U.S. Large Cap Equity ETF |
It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.
Goldman Sachs JUST U.S. Large Cap Equity ETF
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NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Recent Market Events related to COVID-19
While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.
An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. The Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.
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FUND BASICS
Goldman Sachs JUST U.S. Large Cap Equity ETF
as of February 29, 2020
FUND SNAPSHOT |
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As of February 29, 2020 | ||||||
Market Price1 | $ | 42.34 | ||||
Net Asset Value (NAV)1 | $ | 42.51 |
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. |
PERFORMANCE REVIEW |
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September 1, 2019– February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | JUST US Large Cap Diversified Index3 | Russell 1000® Index4 | ||||||||||||||
Shares | 1.97 | % | 1.51 | % | 2.07 | % | 1.97 | % |
2 | 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. Total returns for periods less than one full year are not annualized. |
3 | “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. |
4 | The 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
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FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/205 | ||||||||||
Holding | % of Net Assets | Line of Business | County | |||||||
Microsoft Corp. | 5.1 | % | Information Technology | United States | ||||||
Apple, Inc. | 5.1 | Information Technology | United States | |||||||
Amazon.com, Inc. | 3.8 | Consumer Discretionary | United States | |||||||
Facebook, Inc., Class A | 1.9 | Communication Services | United States | |||||||
JPMorgan Chase & Co. | 1.9 | Financials | United States | |||||||
Alphabet, Inc., Class C | 1.7 | Communication Services | United States | |||||||
Alphabet, Inc., Class A | 1.7 | Communication Services | United States | |||||||
Johnson & Johnson | 1.7 | Health Care | United States | |||||||
Visa, Inc., Class A | 1.6 | Information Technology | United States | |||||||
Procter & Gamble Co. (The) | 1.5 | Consumer Staples | United States |
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND VS BENCHMARK SECTOR ALLOCATION6 |
As of February 29, 2020 |
6 | 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). Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of February 29, 2020. Figures above may not sum to 100% due to rounding. |
7 | 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. |
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.
2
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 10.8% | ||||||||
4,329 | Activision Blizzard, Inc. | $ | 251,645 | |||||
1,339 | Alphabet, Inc., Class A* | 1,793,256 | ||||||
1,342 | Alphabet, Inc., Class C* | 1,797,381 | ||||||
30,029 | AT&T, Inc. | 1,057,621 | ||||||
23,232 | Comcast Corp., Class A | 939,270 | ||||||
801 | Discovery, Inc., Class A* | 20,586 | ||||||
1,745 | Discovery, Inc., Class C* | 43,799 | ||||||
1,647 | Electronic Arts, Inc.* | 166,956 | ||||||
10,627 | Facebook, Inc., Class A* | 2,045,379 | ||||||
1,973 | Interpublic Group of Cos., Inc. (The) | 42,143 | ||||||
235 | John Wiley & Sons, Inc., Class A | 8,740 | ||||||
138 | Liberty Media Corp.-Liberty Formula One, Class A* | 5,174 | ||||||
1,035 | Liberty Media Corp.-Liberty Formula One, Class C* | 40,427 | ||||||
2,188 | Netflix, Inc.* | 807,438 | ||||||
747 | New York Times Co. (The), Class A | 27,983 | ||||||
1,133 | Omnicom Group, Inc. | 78,494 | ||||||
1,270 | T-Mobile US, Inc.* | 114,503 | ||||||
548 | TripAdvisor, Inc. | 12,851 | ||||||
3,340 | Twitter, Inc.* | 110,888 | ||||||
52 | United States Cellular Corp.* | 1,633 | ||||||
17,125 | Verizon Communications, Inc. | 927,490 | ||||||
9,104 | Walt Disney Co. (The) | 1,071,085 | ||||||
312 | Zillow Group, Inc., Class A* | 17,369 | ||||||
684 | Zillow Group, Inc., Class C* | 38,174 | ||||||
4,876 | Zynga, Inc., Class A* | 32,718 | ||||||
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11,453,003 | ||||||||
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Consumer Discretionary – 10.0% | ||||||||
351 | Advance Auto Parts, Inc. | 46,676 | ||||||
2,146 | Amazon.com, Inc.* | 4,042,527 | ||||||
1,462 | Aptiv PLC | 114,197 | ||||||
1,143 | Best Buy Co., Inc. | 86,468 | ||||||
221 | Booking Holdings, Inc.* | 374,741 | ||||||
1,171 | BorgWarner, Inc. | 37,004 | ||||||
2,970 | Caesars Entertainment Corp.* | 37,749 | ||||||
846 | CarMax, Inc.* | 73,864 | ||||||
245 | Carvana Co.* | 20,313 | ||||||
678 | Darden Restaurants, Inc. | 66,105 | ||||||
3,954 | eBay, Inc. | 136,967 | ||||||
615 | Etsy, Inc.* | 35,553 | ||||||
741 | Expedia Group, Inc. | 73,077 | ||||||
22,648 | Ford Motor Co. | 157,630 | ||||||
1,130 | Gap, Inc. (The) | 16,193 | ||||||
7,104 | General Motors Co. | 216,672 | ||||||
1,440 | Gentex Corp. | 38,448 | ||||||
28 | Graham Holdings Co., Class B | 14,081 | ||||||
249 | Grand Canyon Education, Inc.* | 20,089 | ||||||
718 | Hasbro, Inc. | 55,465 | ||||||
448 | Hilton Grand Vacations, Inc.* | 11,944 | ||||||
1,445 | Hilton Worldwide Holdings, Inc. | 140,454 | ||||||
5,680 | Home Depot, Inc. (The) | 1,237,331 | ||||||
179 | Hyatt Hotels Corp., Class A(a) | 13,711 | ||||||
841 | Kohl’s Corp. | 32,925 | ||||||
1,189 | L Brands, Inc. | 25,754 | ||||||
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Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
1,758 | Las Vegas Sands Corp. | 102,509 | ||||||
348 | Lear Corp. | 38,698 | ||||||
3,993 | Lowe’s Cos., Inc. | 425,534 | ||||||
1,431 | Marriott International, Inc., Class A | 177,444 | ||||||
2,591 | MGM Resorts International | 63,635 | ||||||
347 | Mohawk Industries, Inc.* | 42,039 | ||||||
6,733 | NIKE, Inc., Class B | 601,796 | ||||||
547 | Nordstrom, Inc. | 18,981 | ||||||
1,103 | Norwegian Cruise Line Holdings Ltd.* | 41,098 | ||||||
167 | Penske Automotive Group, Inc. | 7,685 | ||||||
222 | Pool Corp. | 46,833 | ||||||
1,442 | PulteGroup, Inc. | 57,968 | ||||||
438 | PVH Corp. | 32,460 | ||||||
275 | Ralph Lauren Corp. | 29,015 | ||||||
897 | Royal Caribbean Cruises Ltd. | 72,128 | ||||||
928 | Service Corp. International | 44,349 | ||||||
6,119 | Starbucks Corp. | 479,913 | ||||||
1,571 | Tapestry, Inc. | 36,840 | ||||||
2,579 | Target Corp. | 265,637 | ||||||
637 | Tiffany & Co. | 85,097 | ||||||
6,342 | TJX Cos., Inc. (The) | 379,252 | ||||||
752 | Toll Brothers, Inc. | 27,847 | ||||||
626 | Tractor Supply Co. | 55,407 | ||||||
1,063 | Under Armour, Inc., Class A* | 15,084 | ||||||
1,107 | Under Armour, Inc., Class C* | 13,815 | ||||||
347 | Urban Outfitters, Inc.* | 8,158 | ||||||
1,742 | VF Corp. | 125,424 | ||||||
350 | Wayfair, Inc., Class A* | 22,123 | ||||||
349 | Whirlpool Corp. | 44,623 | ||||||
454 | Wyndham Destinations, Inc. | 18,115 | ||||||
1,568 | Yum! Brands, Inc. | 139,944 | ||||||
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10,645,389 | ||||||||
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Consumer Staples – 7.2% | ||||||||
3,146 | Archer-Daniels-Midland Co. | 118,447 | ||||||
249 | Brown-Forman Corp., Class A | 14,614 | ||||||
1,709 | Brown-Forman Corp., Class B | 104,950 | ||||||
784 | Bunge Ltd. | 36,809 | ||||||
948 | Campbell Soup Co. | 42,774 | ||||||
1,407 | Church & Dwight Co., Inc. | 97,815 | ||||||
715 | Clorox Co. (The) | 113,985 | ||||||
21,746 | Coca-Cola Co. (The) | 1,163,193 | ||||||
4,802 | Colgate-Palmolive Co. | 324,471 | ||||||
2,743 | Conagra Brands, Inc. | 73,211 | ||||||
2,268 | Costco Wholesale Corp. | 637,625 | ||||||
3,430 | General Mills, Inc. | 168,070 | ||||||
826 | Hershey Co. (The) | 118,936 | ||||||
1,570 | Hormel Foods Corp. | 65,312 | ||||||
372 | Ingredion, Inc. | 30,988 | ||||||
624 | JM Smucker Co. (The) | 64,266 | ||||||
1,399 | Kellogg Co. | 84,597 | ||||||
1,938 | Kimberly-Clark Corp. | 254,246 | ||||||
697 | McCormick & Co., Inc. | 101,894 | ||||||
8,135 | Mondelez International, Inc., Class A | 429,528 | ||||||
7,976 | PepsiCo, Inc. | 1,053,071 | ||||||
14,043 | Procter & Gamble Co. (The) | 1,590,089 | ||||||
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The accompanying notes are an integral part of these financial statements. | 3 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
2,462 | Sysco Corp. | $ | 164,092 | |||||
1,248 | US Foods Holding Corp.* | 41,983 | ||||||
7,304 | Walmart, Inc. | 786,495 | ||||||
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7,681,461 | ||||||||
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Energy – 3.4% | ||||||||
1,840 | Apache Corp. | 45,853 | ||||||
3,156 | Baker Hughes Co. | 50,780 | ||||||
9,422 | Chevron Corp. | 879,449 | ||||||
489 | Cimarex Energy Co. | 16,161 | ||||||
950 | Concho Resources, Inc. | 64,619 | ||||||
5,407 | ConocoPhillips | 261,807 | ||||||
1,845 | Devon Energy Corp. | 29,963 | ||||||
2,841 | EOG Resources, Inc. | 179,722 | ||||||
1,183 | EQT Corp. | 6,944 | ||||||
1,003 | Equitrans Midstream Corp. | 7,081 | ||||||
20,974 | Exxon Mobil Corp. | 1,078,903 | ||||||
4,287 | Halliburton Co. | 72,708 | ||||||
1,770 | Kosmos Energy Ltd. (Ghana) | 5,398 | ||||||
4,014 | Marathon Oil Corp. | 33,236 | ||||||
4,401 | Occidental Petroleum Corp. | 144,089 | ||||||
2,025 | ONEOK, Inc. | 135,108 | ||||||
1,327 | Parsley Energy, Inc., Class A | 17,782 | ||||||
2,215 | Phillips 66 | 165,815 | ||||||
803 | Pioneer Natural Resources Co. | 98,592 | ||||||
984 | Range Resources Corp.(a) | 2,726 | ||||||
6,821 | Schlumberger Ltd. | 184,781 | ||||||
5,848 | Williams Cos., Inc. (The) | 111,404 | ||||||
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3,592,921 | ||||||||
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Financials – 12.3% | ||||||||
265 | Affiliated Managers Group, Inc. | 19,933 | ||||||
1,773 | Allstate Corp. (The) | 186,608 | ||||||
2,127 | Ally Financial, Inc. | 53,324 | ||||||
3,734 | American Express Co. | 410,479 | ||||||
4,851 | American International Group, Inc. | 204,518 | ||||||
708 | Ameriprise Financial, Inc. | 100,040 | ||||||
1,308 | Aon PLC | 272,064 | ||||||
880 | Associated Banc-Corp. | 14,898 | ||||||
348 | Assurant, Inc. | 41,965 | ||||||
45,643 | Bank of America Corp. | 1,300,825 | ||||||
226 | Bank of Hawaii Corp. | 16,819 | ||||||
4,590 | Bank of New York Mellon Corp. (The) | 183,141 | ||||||
650 | BlackRock, Inc. | 300,956 | ||||||
174 | BOK Financial Corp.(a) | 12,598 | ||||||
2,637 | Capital One Financial Corp. | 232,742 | ||||||
6,468 | Charles Schwab Corp. (The) | 263,571 | ||||||
12,145 | Citigroup, Inc. | 770,722 | ||||||
2,429 | Citizens Financial Group, Inc. | 76,975 | ||||||
147 | CNA Financial Corp. | 6,112 | ||||||
809 | Comerica, Inc. | 42,586 | ||||||
1,741 | Discover Financial Services | 114,175 | ||||||
617 | Eaton Vance Corp. | 25,457 | ||||||
2,266 | Equitable Holdings, Inc. | 48,492 | ||||||
148 | Erie Indemnity Co., Class A | 21,152 | ||||||
193 | FactSet Research Systems, Inc. | 51,336 | ||||||
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Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
3,945 | Fifth Third Bancorp | 96,258 | ||||||
610 | First American Financial Corp. | 34,831 | ||||||
1,714 | First Horizon National Corp. | 22,848 | ||||||
926 | First Republic Bank | 93,128 | ||||||
1,778 | Goldman Sachs Group, Inc. (The)(b) | 356,969 | ||||||
224 | Hanover Insurance Group, Inc. (The) | 26,553 | ||||||
2,017 | Hartford Financial Services Group, Inc. (The) | 100,749 | ||||||
5,778 | Huntington Bancshares, Inc. | 70,896 | ||||||
3,017 | Intercontinental Exchange, Inc. | 269,177 | ||||||
2,121 | Invesco Ltd. | 30,542 | ||||||
17,505 | JPMorgan Chase & Co. | 2,032,506 | ||||||
5,488 | KeyCorp | 89,729 | ||||||
1,130 | Lincoln National Corp. | 51,291 | ||||||
452 | LPL Financial Holdings, Inc. | 35,925 | ||||||
2,817 | Marsh & McLennan Cos., Inc. | 294,546 | ||||||
4,361 | MetLife, Inc. | 186,302 | ||||||
913 | Moody’s Corp. | 219,147 | ||||||
6,464 | Morgan Stanley | 291,074 | ||||||
101 | Morningstar, Inc. | 14,837 | ||||||
447 | MSCI, Inc. | 132,062 | ||||||
642 | Nasdaq, Inc. | 65,837 | ||||||
1,082 | Northern Trust Corp. | 94,956 | ||||||
423 | Pinnacle Financial Partners, Inc. | 22,267 | ||||||
2,443 | PNC Financial Services Group, Inc. (The) | 308,795 | ||||||
238 | Primerica, Inc. | 26,499 | ||||||
1,539 | Principal Financial Group, Inc. | 68,316 | ||||||
3,251 | Progressive Corp. (The) | 237,843 | ||||||
2,285 | Prudential Financial, Inc. | 172,403 | ||||||
5,385 | Regions Financial Corp. | 72,805 | ||||||
343 | Reinsurance Group of America, Inc. | 41,856 | ||||||
249 | RenaissanceRe Holdings Ltd. (Bermuda) | 42,430 | ||||||
1,348 | S&P Global, Inc. | 358,447 | ||||||
289 | SVB Financial Group* | 60,158 | ||||||
3,646 | Synchrony Financial | 106,099 | ||||||
1,261 | T. Rowe Price Group, Inc. | 148,811 | ||||||
1,511 | TD Ameritrade Holding Corp. | 63,810 | ||||||
275 | Texas Capital Bancshares, Inc.* | 12,947 | ||||||
263 | TFS Financial Corp. | 5,376 | ||||||
1,440 | Travelers Cos., Inc. (The) | 172,526 | ||||||
7,495 | Truist Financial Corp. | 345,819 | ||||||
1,235 | Umpqua Holdings Corp. | 19,007 | ||||||
1,148 | Unum Group | 26,760 | ||||||
8,000 | US Bancorp | 371,520 | ||||||
744 | Voya Financial, Inc. | 39,164 | ||||||
21,299 | Wells Fargo & Co. | 870,064 | ||||||
747 | Willis Towers Watson PLC | 141,370 | ||||||
|
| |||||||
13,116,743 | ||||||||
|
| |||||||
Health Care – 13.9% | ||||||||
8,503 | Abbott Laboratories | 654,986 | ||||||
1,783 | Agilent Technologies, Inc. | 137,416 | ||||||
290 | Agios Pharmaceuticals, Inc.* | 13,769 | ||||||
382 | Align Technology, Inc.* | 83,410 | ||||||
1,634 | Allergan PLC | 311,555 | ||||||
517 | Alnylam Pharmaceuticals, Inc.* | 60,830 | ||||||
|
|
4 | 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) | ||||||||
Health Care – (continued) | ||||||||
2,969 | Amgen, Inc. | $ | 592,998 | |||||
1,248 | Anthem, Inc. | 320,848 | ||||||
2,444 | Baxter International, Inc. | 204,001 | ||||||
1,332 | Becton Dickinson and Co. | 316,776 | ||||||
887 | Biogen, Inc.* | 273,542 | ||||||
881 | BioMarin Pharmaceutical, Inc.* | 79,616 | ||||||
6,864 | Boston Scientific Corp.* | 256,645 | ||||||
11,643 | Bristol-Myers Squibb Co. | 687,636 | ||||||
1,452 | Cardinal Health, Inc. | 75,678 | ||||||
246 | Charles River Laboratories International, Inc.* | 38,270 | ||||||
1,816 | Cigna Corp. | 332,219 | ||||||
6,684 | CVS Health Corp. | 395,559 | ||||||
3,588 | Danaher Corp. | 518,753 | ||||||
1,047 | Edwards Lifesciences Corp.* | 214,467 | ||||||
1,842 | Elanco Animal Health, Inc.* | 50,471 | ||||||
4,168 | Eli Lilly & Co. | 525,710 | ||||||
647 | Exact Sciences Corp.* | 52,375 | ||||||
6,335 | Gilead Sciences, Inc. | 439,396 | ||||||
1,330 | HCA Healthcare, Inc. | 168,923 | ||||||
722 | Henry Schein, Inc.* | 43,999 | ||||||
1,337 | Hologic, Inc.* | 62,999 | ||||||
648 | Humana, Inc. | 207,153 | ||||||
427 | IDEXX Laboratories, Inc.* | 108,676 | ||||||
736 | Illumina, Inc.* | 195,533 | ||||||
875 | Incyte Corp.* | 65,984 | ||||||
563 | Intuitive Surgical, Inc.* | 300,619 | ||||||
13,143 | Johnson & Johnson | 1,767,471 | ||||||
948 | McKesson Corp. | 132,587 | ||||||
6,669 | Medtronic PLC | 671,368 | ||||||
12,581 | Merck & Co., Inc. | 963,201 | ||||||
149 | Mettler-Toledo International, Inc.* | 104,553 | ||||||
314 | PRA Health Sciences, Inc.* | 29,579 | ||||||
655 | Quest Diagnostics, Inc. | 69,469 | ||||||
405 | Regeneron Pharmaceuticals, Inc.* | 180,051 | ||||||
704 | ResMed, Inc. | 111,908 | ||||||
250 | Sage Therapeutics, Inc.* | 11,750 | ||||||
1,702 | Stryker Corp. | 324,384 | ||||||
1,945 | Thermo Fisher Scientific, Inc. | 565,606 | ||||||
4,650 | UnitedHealth Group, Inc. | 1,185,564 | ||||||
443 | Varian Medical Systems, Inc.* | 54,476 | ||||||
1,263 | Vertex Pharmaceuticals, Inc.* | 282,950 | ||||||
359 | Waters Corp.* | 69,966 | ||||||
1,022 | Zimmer Biomet Holdings, Inc. | 139,145 | ||||||
2,349 | Zoetis, Inc. | 312,957 | ||||||
|
| |||||||
14,767,797 | ||||||||
|
| |||||||
Industrials – 8.9% | ||||||||
3,214 | 3M Co. | 479,657 | ||||||
908 | AECOM* | 40,805 | ||||||
2,237 | Arconic, Inc. | 65,656 | ||||||
3,058 | Boeing Co. (The) | 841,286 | ||||||
547 | BWX Technologies, Inc. | 29,997 | ||||||
3,172 | Caterpillar, Inc. | 394,089 | ||||||
875 | Cummins, Inc. | 132,379 | ||||||
1,847 | Deere & Co. | 289,019 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
2,960 | Delta Air Lines, Inc. | 136,545 | ||||||
2,421 | Eaton Corp. PLC | 219,633 | ||||||
3,569 | Emerson Electric Co. | 228,809 | ||||||
1,001 | Expeditors International of Washington, Inc. | 70,490 | ||||||
1,409 | FedEx Corp. | 198,909 | ||||||
804 | Fluor Corp. | 7,493 | ||||||
802 | Fortune Brands Home & Security, Inc. | 49,523 | ||||||
50,242 | General Electric Co. | 546,633 | ||||||
955 | Graco, Inc. | 47,101 | ||||||
493 | Hexcel Corp. | 31,863 | ||||||
240 | Huntington Ingalls Industries, Inc. | 49,327 | ||||||
1,868 | Illinois Tool Works, Inc. | 313,413 | ||||||
1,402 | Ingersoll-Rand PLC | 180,914 | ||||||
759 | Jacobs Engineering Group, Inc. | 70,086 | ||||||
4,534 | Johnson Controls International PLC | 165,808 | ||||||
570 | Kansas City Southern | 85,888 | ||||||
657 | KAR Auction Services, Inc. | 12,647 | ||||||
214 | Lennox International, Inc. | 48,820 | ||||||
1,446 | Lockheed Martin Corp. | 534,832 | ||||||
432 | Macquarie Infrastructure Corp. | 16,956 | ||||||
348 | ManpowerGroup, Inc. | 26,427 | ||||||
247 | MSC Industrial Direct Co., Inc., Class A | 15,270 | ||||||
1,838 | Nielsen Holdings PLC | 33,470 | ||||||
345 | Nordson Corp. | 50,128 | ||||||
1,537 | Norfolk Southern Corp. | 280,272 | ||||||
920 | Northrop Grumman Corp. | 302,533 | ||||||
372 | Old Dominion Freight Line, Inc. | 72,094 | ||||||
393 | Oshkosh Corp. | 28,355 | ||||||
637 | Owens Corning | 35,984 | ||||||
1,626 | Raytheon Co. | 306,599 | ||||||
1,250 | Republic Services, Inc. | 112,825 | ||||||
668 | Rockwell Automation, Inc. | 122,578 | ||||||
331 | Snap-on, Inc. | 47,912 | ||||||
2,447 | Southwest Airlines Co. | 113,027 | ||||||
875 | Stanley Black & Decker, Inc. | 125,737 | ||||||
384 | Timken Co. (The) | 17,219 | ||||||
614 | Toro Co. (The) | 43,858 | ||||||
4,069 | Union Pacific Corp. | 650,267 | ||||||
1,200 | United Airlines Holdings, Inc.* | 73,908 | ||||||
4,049 | United Parcel Service, Inc., Class B | 366,394 | ||||||
447 | United Rentals, Inc.* | 59,219 | ||||||
4,711 | United Technologies Corp. | 615,209 | ||||||
938 | Univar Solutions, Inc.* | 15,937 | ||||||
946 | Verisk Analytics, Inc. | 146,734 | ||||||
2,480 | Waste Management, Inc. | 274,809 | ||||||
327 | Woodward, Inc. | 33,746 | ||||||
242 | W.W. Grainger, Inc. | 67,165 | ||||||
544 | XPO Logistics, Inc.* | 40,240 | ||||||
1,041 | Xylem, Inc. | 80,511 | ||||||
|
| |||||||
9,447,005 | ||||||||
|
| |||||||
Information Technology – 24.6% | ||||||||
287 | 2U, Inc.* | 6,747 | ||||||
3,674 | Accenture PLC, Class A | 663,488 | ||||||
2,140 | Adobe, Inc.* | 738,557 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
4,546 | Advanced Micro Devices, Inc.* | $ | 206,752 | |||||
710 | Akamai Technologies, Inc.* | 61,422 | ||||||
246 | Alliance Data Systems Corp. | 21,126 | ||||||
1,618 | Analog Devices, Inc. | 176,443 | ||||||
19,791 | Apple, Inc. | 5,410,068 | ||||||
4,085 | Applied Materials, Inc. | 237,420 | ||||||
975 | Autodesk, Inc.* | 186,108 | ||||||
2,532 | Automatic Data Processing, Inc. | 391,802 | ||||||
571 | Avnet, Inc. | 17,518 | ||||||
778 | Booz Allen Hamilton Holding Corp. | 55,471 | ||||||
661 | Broadridge Financial Solutions, Inc. | 68,982 | ||||||
1,249 | Cadence Design Systems, Inc.* | 82,609 | ||||||
635 | CDW Corp. | 72,530 | ||||||
686 | Ciena Corp.* | 26,377 | ||||||
19,043 | Cisco Systems, Inc. | 760,387 | ||||||
541 | Citrix Systems, Inc. | 55,934 | ||||||
148 | Coherent, Inc.* | 19,049 | ||||||
667 | Dell Technologies, Inc., Class C* | 26,987 | ||||||
687 | DocuSign, Inc.* | 59,295 | ||||||
334 | Dolby Laboratories, Inc., Class A | 21,944 | ||||||
946 | Dropbox, Inc., Class A* | 18,504 | ||||||
202 | Elastic NV* | 14,920 | ||||||
254 | F5 Networks, Inc.* | 30,467 | ||||||
385 | Gartner, Inc.* | 49,815 | ||||||
5,875 | Hewlett Packard Enterprise Co. | 75,141 | ||||||
6,615 | HP, Inc. | 137,526 | ||||||
174 | HubSpot, Inc.* | 31,224 | ||||||
19,138 | Intel Corp. | 1,062,542 | ||||||
3,939 | International Business Machines Corp. | 512,661 | ||||||
1,107 | Intuit, Inc. | 294,296 | ||||||
847 | Jabil, Inc. | 27,146 | ||||||
450 | Jack Henry & Associates, Inc. | 68,283 | ||||||
1,454 | Juniper Networks, Inc. | 30,854 | ||||||
1,094 | Keysight Technologies, Inc.* | 103,667 | ||||||
640 | Lam Research Corp. | 187,795 | ||||||
147 | Littelfuse, Inc. | 23,473 | ||||||
4,907 | Mastercard, Inc., Class A | 1,424,257 | ||||||
1,191 | Maxim Integrated Products, Inc. | 66,243 | ||||||
4,791 | Micron Technology, Inc.* | 251,815 | ||||||
33,630 | Microsoft Corp. | 5,448,396 | ||||||
182 | MongoDB, Inc.* | 27,755 | ||||||
746 | Motorola Solutions, Inc. | 123,597 | ||||||
744 | National Instruments Corp. | 29,968 | ||||||
1,054 | NetApp, Inc. | 49,243 | ||||||
2,564 | NortonLifeLock, Inc. | 48,793 | ||||||
746 | Nutanix, Inc., Class A* | 17,785 | ||||||
2,545 | NVIDIA Corp. | 687,328 | ||||||
456 | Okta, Inc.* | 58,395 | ||||||
1,818 | ON Semiconductor Corp.* | 33,924 | ||||||
9,171 | Oracle Corp. | 453,598 | ||||||
183 | PagerDuty, Inc.* | 3,770 | ||||||
1,861 | Paychex, Inc. | 144,190 | ||||||
201 | Paylocity Holding Corp.* | 26,034 | ||||||
6,802 | PayPal Holdings, Inc.* | 734,548 | ||||||
161 | Pegasystems, Inc. | 14,570 | ||||||
352 | Pluralsight, Inc., Class A* | 6,276 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
451 | PTC, Inc.* | 34,073 | ||||||
1,042 | Pure Storage, Inc., Class A* | 15,901 | ||||||
5,049 | QUALCOMM, Inc. | 395,337 | ||||||
1,434 | Sabre Corp. | 19,524 | ||||||
3,709 | salesforce.com, Inc.* | 632,014 | ||||||
835 | ServiceNow, Inc.* | 272,285 | ||||||
682 | Splunk, Inc.* | 100,479 | ||||||
646 | Synopsys, Inc.* | 89,103 | ||||||
482 | Teradata Corp.* | 9,611 | ||||||
748 | Teradyne, Inc. | 43,952 | ||||||
4,170 | Texas Instruments, Inc. | 475,964 | ||||||
205 | Trade Desk, Inc. (The), Class A* | 58,886 | ||||||
1,439 | Trimble, Inc.* | 56,812 | ||||||
548 | Twilio, Inc., Class A* | 61,727 | ||||||
252 | Universal Display Corp. | 40,015 | ||||||
449 | VeriSign, Inc.* | 85,198 | ||||||
9,480 | Visa, Inc., Class A | 1,723,085 | ||||||
349 | VMware, Inc., Class A* | 42,061 | ||||||
2,346 | Western Union Co. (The) | 52,527 | ||||||
730 | Workday, Inc., Class A* | 126,472 | ||||||
1,045 | Xerox Holdings Corp. | 33,649 | ||||||
315 | Zebra Technologies Corp., Class A* | 66,456 | ||||||
490 | Zendesk, Inc.* | 38,862 | ||||||
|
| |||||||
26,159,808 | ||||||||
|
| |||||||
Materials – 2.5% | ||||||||
1,242 | Air Products & Chemicals, Inc. | 272,756 | ||||||
579 | Albemarle Corp. | 47,391 | ||||||
1,018 | Alcoa Corp.* | 14,120 | ||||||
345 | Ashland Global Holdings, Inc. | 24,681 | ||||||
448 | Avery Dennison Corp. | 51,292 | ||||||
1,147 | Axalta Coating Systems Ltd.* | 28,583 | ||||||
1,906 | Ball Corp. | 134,297 | ||||||
657 | Celanese Corp. | 61,587 | ||||||
1,225 | CF Industries Holdings, Inc. | 45,153 | ||||||
747 | Crown Holdings, Inc.* | 52,663 | ||||||
322 | Domtar Corp. | 9,264 | ||||||
4,166 | Dow, Inc. | 168,348 | ||||||
753 | Eastman Chemical Co. | 46,317 | ||||||
1,358 | Ecolab, Inc. | 245,051 | ||||||
8,092 | Freeport-McMoRan, Inc. | 80,596 | ||||||
1,682 | Graphic Packaging Holding Co. | 22,741 | ||||||
591 | International Flavors & Fragrances, Inc.(a) | 70,790 | ||||||
2,197 | International Paper Co. | 81,201 | ||||||
3,012 | Linde PLC (United Kingdom) | 575,322 | ||||||
1,482 | LyondellBasell Industries NV, Class A | 105,904 | ||||||
354 | Martin Marietta Materials, Inc. | 80,546 | ||||||
4,584 | Newmont Corp. | 204,584 | ||||||
896 | O-I Glass, Inc. | 9,677 | ||||||
908 | Sealed Air Corp. | 27,521 | ||||||
571 | Sonoco Products Co. | 27,528 | ||||||
769 | Vulcan Materials Co. | 92,480 | ||||||
1,476 | Westrock Co. | 49,077 | ||||||
|
| |||||||
2,629,470 | ||||||||
|
|
6 | 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) | ||||||||
Real Estate – 2.7% | ||||||||
2,380 | American Tower Corp. REIT | $ | 539,784 | |||||
830 | Apartment Investment & Management Co., Class A REIT | 39,707 | ||||||
768 | AvalonBay Communities, Inc. REIT | 154,053 | ||||||
851 | Boston Properties, Inc. REIT | 109,728 | ||||||
526 | Camden Property Trust REIT | 55,745 | ||||||
1,868 | CBRE Group, Inc., Class A* | 104,869 | ||||||
2,261 | Crown Castle International Corp. REIT | 323,979 | ||||||
1,143 | Digital Realty Trust, Inc. REIT | 137,286 | ||||||
456 | Equinix, Inc. REIT | 261,197 | ||||||
2,046 | Equity Residential REIT | 153,654 | ||||||
700 | Extra Space Storage, Inc. REIT | 70,252 | ||||||
227 | Howard Hughes Corp. (The)* | 24,489 | ||||||
1,578 | Iron Mountain, Inc. REIT | 47,987 | ||||||
675 | JBG SMITH Properties REIT | 24,759 | ||||||
288 | Jones Lang LaSalle, Inc. | 42,558 | ||||||
2,902 | Kimco Realty Corp. REIT | 50,350 | ||||||
1,337 | Park Hotels & Resorts, Inc. REIT | 24,414 | ||||||
4,086 | Prologis, Inc. REIT | 344,368 | ||||||
618 | SBA Communications Corp. REIT | 163,826 | ||||||
2,070 | Ventas, Inc. REIT | 111,304 | ||||||
4,139 | Weyerhaeuser Co. REIT | 107,531 | ||||||
|
| |||||||
2,891,840 | ||||||||
|
| |||||||
Utilities – 3.4% | ||||||||
1,448 | Alliant Energy Corp. | 75,470 | ||||||
2,939 | American Electric Power Co., Inc. | 262,335 | ||||||
348 | Avangrid, Inc. | 17,292 | ||||||
3,011 | CenterPoint Energy, Inc. | 69,313 | ||||||
1,686 | CMS Energy Corp. | 101,868 | ||||||
1,966 | Consolidated Edison, Inc. | 154,960 | ||||||
4,895 | Dominion Energy, Inc. | 382,691 | ||||||
1,105 | DTE Energy Co. | 123,396 | ||||||
4,386 | Duke Energy Corp. | 402,196 | ||||||
2,090 | Edison International | 140,427 | ||||||
1,941 | Eversource Energy | 167,819 | ||||||
5,842 | Exelon Corp. | 251,849 | ||||||
3,236 | FirstEnergy Corp. | 144,099 | ||||||
300 | IDACORP, Inc. | 28,992 | ||||||
1,158 | MDU Resources Group, Inc. | 32,111 | ||||||
2,922 | NextEra Energy, Inc. | 738,565 | ||||||
1,191 | OGE Energy Corp. | 45,377 | ||||||
661 | Pinnacle West Capital Corp. | 59,153 | ||||||
3,022 | Public Service Enterprise Group, Inc. | 155,059 | ||||||
1,677 | Sempra Energy | 234,411 | ||||||
|
| |||||||
3,587,383 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $103,882,580) | $ | 105,972,820 | ||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.1%(b) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
96,269 | 1.507 | % | $ | 96,269 | ||||
(Cost $96,269) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 99.8% |
| |||||||
(Cost $103,978,849) |
| $ | 106,069,089 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
| 196,568 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 106,265,657 | |||||
|
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 | |
|
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement of Assets and Liabilities
February 29, 2020 (Unaudited)
| ||||||
Assets: |
| |||||
Investments in unaffiliated issuers, at value (cost $103,466,678)(a) | $ | 105,615,851 | ||||
Investments in affiliated issuers, at value (cost $415,902) | 356,969 | |||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 96,269 | |||||
Cash | 110,821 | |||||
Receivables: |
| |||||
Dividends | 213,106 | |||||
Securities lending income | 48 | |||||
Total assets | 106,393,064 | |||||
Liabilities: |
| |||||
Payables: | ||||||
Upon return of securities loaned | 96,269 | |||||
Management fees | 19,321 | |||||
Fund shares redeemed | 11,817 | |||||
Total liabilities | 127,407 | |||||
Net Assets: |
| |||||
Paid-in capital | 100,061,149 | |||||
Total distributable earnings | 6,204,508 | |||||
NET ASSETS | $ | 106,265,657 | ||||
SHARES ISSUED AND OUTSTANDING |
| |||||
Shares outstanding no par value (unlimited shares authorized): | 2,500,000 | |||||
Net asset value per share: | $42.51 |
(a) | Includes loaned securities having a market value of $92,489. |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement of Operations
For the Six Months Ended February 29, 2020 (Unaudited)
| ||||||
Investment income: |
| |||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $40) | $ | 1,288,705 | ||||
Dividends — affiliated issuers | 5,265 | |||||
Securities lending income — unaffiliated issuer | 233 | |||||
Total investment income | 1,294,203 | |||||
Expenses: |
| |||||
Management fees | 130,823 | |||||
Trustee fees | 3,575 | |||||
Total expenses | 134,398 | |||||
NET INVESTMENT INCOME | 1,159,805 | |||||
Realized and unrealized gain (loss): |
| |||||
Net realized gain (loss) from: | ||||||
Investments — unaffiliated issuers | (1,161,399 | ) | ||||
Investments — affiliated issuers | (1,311 | ) | ||||
In-kind redemptions — unaffiliated issuers | 8,793,300 | |||||
In-kind redemptions — affiliated issuers | 14,430 | |||||
Net change in unrealized gain (loss) on: | ||||||
Investments — unaffiliated issuers | (3,182,749 | ) | ||||
Investments — affiliated issuers | 1,958 | |||||
Net realized and unrealized gain | 4,464,229 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,624,034 |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statements of Changes in Net Assets
For the Six Months Ended | For the Fiscal Year Ended August 31, 2019 | |||||||||
From operations: |
| |||||||||
Net investment income | $ | 1,159,805 | $ | 3,151,564 | ||||||
Net realized gain (loss) | 7,645,020 | (2,234,063 | ) | |||||||
Net change in unrealized loss | (3,180,791 | ) | (6,457,542 | ) | ||||||
Net increase (decrease) in net assets resulting from operations | 5,624,034 | (5,540,041 | ) | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (1,181,572 | ) | (3,779,599 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 20,349,056 | 45,068,001 | ||||||||
Cost of shares redeemed | (47,800,689 | ) | (179,278,963 | ) | ||||||
Net decrease in net assets resulting from share transactions | (27,451,633 | ) | (134,210,962 | ) | ||||||
TOTAL DECREASE | (23,009,171 | ) | (143,530,602 | ) | ||||||
Net assets: |
| |||||||||
Beginning of period | $ | 129,274,828 | $ | 272,805,430 | ||||||
End of period | $ | 106,265,657 | $ | 129,274,828 |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Selected Data for a Share Outstanding Throughout Each Period
For the Six Months Ended | For the Fiscal Year Ended August 31, 2019 | For the Period to | ||||||||||||
Per Share Operating Performance: |
| |||||||||||||
Net asset value, beginning of period | $ | 42.04 | $ | 42.13 | $ | 40.08 | ||||||||
Net investment income(a) | 0.39 | 0.72 | 0.17 | |||||||||||
Net realized and unrealized gain | 0.45 | 0.08 | 1.88 | |||||||||||
Total gain from investment operations | 0.84 | 0.80 | 2.05 | |||||||||||
Distributions to shareholders from net investment income | (0.37 | ) | (0.89 | ) | — | |||||||||
Net asset value, end of period | $ | 42.51 | $ | 42.04 | $ | 42.13 | ||||||||
Market price, end of period | $ | 42.34 | $ | 42.06 | $ | 42.13 | ||||||||
Total Return at Net Asset Value(b) | 1.97 | % | 2.06 | % | 5.11 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 106,266 | $ | 129,275 | $ | 272,805 | ||||||||
Ratio of total expenses to average net assets | 0.20 | %(c) | 0.20 | % | 0.20 | %(c) | ||||||||
Ratio of net investment income to average net assets | 1.73 | %(c) | 1.79 | % | 1.84 | %(c) | ||||||||
Portfolio turnover rate(d) | 10 | % | 17 | % | 2 | % |
* | 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. 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. | 11 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
February 29, 2020 (Unaudited)
1. ORGANIZATION |
Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a diversified series of the Goldman Sachs ETF Trust (the “Trust”) which 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 investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principallyin-kind for a basket of securities and a cash amount. 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 Fund.
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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Fund’s 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. Distributions received from the Fund’s 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 Fund as a reduction to the cost basis of the REIT.
C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust 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 the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the 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. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as eithershort-term orlong-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
12
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
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 Fund’s 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 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 Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s 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 may be valued at the closing bid price for long positions and at the closing ask price for short positions. 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.
Money Market Funds— Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the 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.
On February 29, 2020 the Fund did not hold Level 3 securities.
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GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy— The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 29, 2020:
JUST U.S. LARGE CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 5,398 | $ | — | $ | — | ||||||
Europe | 575,322 | — | — | |||||||||
North America | 105,392,100 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 96,269 | — | — | |||||||||
Total | $ | 106,069,089 | $ | — | $ | — |
(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 the table. |
For further information regarding security characteristics, see the Schedule of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
The Fund operates 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 Fund directly pays 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 Fund to the independent Trustees.
For the six months ended February 29, 2020, the unitary management fee rate with GSAM was 0.20%.
B. Other Transactions with Affiliates— The Fund 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 Fund’s investment in The Goldman Sachs Group, Inc. for the six months ended February 29, 2020:
Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Appreciation | Ending value as of February 29, 2020 | Shares as of February 29, 2020 | Dividend Income | |||||||||||||||
$468,789 | $75,472 | $ | (202,369 | ) | $ | 13,119 | $1,958 | $ | 356,969 | 1,778 | $ | 5,265 |
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Fund 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 Fund may only be purchased or redeemed by certain financial institutions
14
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
(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 Fund. 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 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 Statement of Changes in Net Assets.
Share activity is as follows:
JUST U.S. Large Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Fiscal Year Ended August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 450,000 | $ | 20,349,055 | 1,125,000 | $ | 45,067,999 | ||||||||||
Shares Redeemed | (1,025,000 | ) | (47,800,689 | ) | (4,525,000 | ) | (179,278,963 | ) | ||||||||
NET (DECREASE) IN SHARES | (575,000 | ) | $ | (27,451,634 | ) | (3,400,000 | ) | $ | (134,210,964 | ) |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales oflong-term securities for the six months ended February 29, 2020, were $13,613,398 and $13,653,157, respectively.
The purchases and sales fromin-kind creation and redemption transactions for the six months ended February 29, 2020 were $20,302,381 and $47,696,891, respectively.
7. SECURITIES LENDING |
The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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.
15
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
7. SECURITIES LENDING (continued) |
The Fund invests 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 Fund 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 Fund by paying the Fund 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 Fund’s 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 Fund’s 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 Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 29, 2020 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities, where applicable.
Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended February 29, 2020, are reported under Investment Income on the Statement of Operations.
The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 29, 2020:
Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2020 | |||||||||||
$ | 44,769 | $ | 1,833,994 | $ | (1,782,494 | ) | $ | 96,269 |
8. TAX INFORMATION |
As of the Fund’s most recent fiscal year end, August 31, 2019, the Fund’s capital loss carryforwards on a tax-basis were as follows:
JUST U.S. Large Cap Equity ETF | ||||
Capital loss carryforwards: | ||||
PerpetualShort-Term | $ | (24,957 | ) |
16
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
8. TAX INFORMATION (continued) |
As of February 29, 2020, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
JUST U.S. Large Cap Equity ETF | ||||
Tax Cost | $ | 104,201,820 | ||
Gross unrealized gain | 9,818,491 | |||
Gross unrealized loss | (7,951,222 | ) | ||
Net unrealized gains | $ | 1,867,269 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior year) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Index Risk— JUST Capital Foundation, Inc. (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the 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 the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data.
Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Market and Credit Risks— In the normal course of business, the 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 the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.
Additionally, the 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— The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading
17
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
9. OTHER RISKS (continued) |
market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of the Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk— Tracking error is the divergence of the Fund’s performance from that of its Index. The performance of the Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the 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.
10. 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 Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statement 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.
18
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
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 Fund 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 the Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 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 the 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 the 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.
JUST U.S. Large Cap Equity ETF | ||||||||||||
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,019.70 | $ | 1.00 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,023.87 | + | $ | 1.01 |
+ | 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. |
* | The Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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 | ||||
JUST U.S. Large Cap Equity ETF | 0.20 | % |
19
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited)
Background
The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on September17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”); |
(e) | with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the
20
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)
Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, 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 fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, 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 is a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.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.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund against its peer group identified by the Outside Data Provider using updated performance information prepared by the Investment Adviser as of June 30, 2019. The information on the Fund’s investment performance was provided for theone-year period ending on June 30, 2019. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of its index and a separate account composite with a comparable investment strategy. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the contractual 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 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 rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that license fees would be payable by the Investment Adviser to Frank Russell Company for the use of its index and to JUST Capital Foundation, Inc. for the use of certain trademarks and trade names. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the
21
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs JUST U.S. Large Cap Equity ETF (Unaudited) (continued)
Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.
The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues andpre-tax profit margins. In this regard the Trustees noted that they had previously received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Fund does not have fee breakpoints. The Trustees considered information previously provided regarding the Fund’s fee structure, the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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; and (d) 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.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) 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; and (c) 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 fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until September 30, 2020.
22
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachsis a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, theConsumer and Investment Management Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.69 trillion in assets under supervision as of December 31, 2019, Goldman Sachs Asset Management (“GSAM”) 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. GSAM leverages the resources of Goldman Sachs & Co. LLC. subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury0-1 Year ETF Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Motif Data-Driven World ETF |
Goldman Sachs Motif Finance Reimagined ETF |
Goldman Sachs Motif Human Evolution ETF |
Goldman Sachs Motif Manufacturing Revolution ETF |
Goldman Sachs Motif New Age Consumer ETF
|
INDEX DISCLAIMERS
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).
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.
TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website atwww.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 Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund 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 Fund will file 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 February 29, 2020 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 Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
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 Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
ActiveBeta® is a registered trademark of GSAM.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
©2020 Goldman Sachs. All rights reserved. 200065-OTU-04/2020 GST 1135 JUSTUSLCEETFSAR-20
Goldman Sachs Funds
Semi-Annual Report | February 29, 2020 | |||
Goldman Sachs Motifs ETFs | ||||
Motif Data-Driven World ETF (GDAT) | ||||
Motif Finance Reimagined ETF (GFIN) | ||||
Motif Human Evolution ETF (GDNA) | ||||
Motif Manufacturing Revolution ETF (GMAN) | ||||
Motif New Age Consumer ETF (GBUY) |
It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.
Goldman Sachs Motif ETFs
∎ | MOTIF DATA-DRIVEN WORLD ETF |
∎ | MOTIF FINANCE REIMAGINED ETF |
∎ | MOTIF HUMAN EVOLUTION ETF |
∎ | MOTIF MANUFACTURING REVOLUTION ETF |
∎ | MOTIF NEW AGE CONSUMER ETF |
Recent Market Events related to COVID-19 and Upcoming Fund and Index Changes | i | |||
1 | ||||
11 | ||||
21 | ||||
28 | ||||
28 | ||||
29 | ||||
30 | ||||
31 | ||||
32 | ||||
33 | ||||
44 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Recent Market Events related to COVID-19
While this semi-annual report covers the six month period ended February 29, 2020, we want to describe some more recent events through the end of April.
An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events or actions. The full extent of the impact of COVID-19 on the Funds’ performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com.
Upcoming Fund and Index Changes
At a meeting held on April 21, 2020, the Board of Trustees of the Goldman Sachs ETF Trust approved certain changes to the Funds’ names and underlying indexes.
Effective on or about May 15, 2020 (the “Effective Date”), Goldman Sachs Asset Management, L.P. (“GSAM”) will replace Motif Capital Management, Inc. as the index provider for each of the Motif Data-Driven World Index, Motif Finance Reimagined Index, Motif Human Evolution Index, Motif Manufacturing Revolution Index and Motif New Age Consumer Index (the “Indexes”). In connection with this change, “Goldman Sachs” will replace “Motif” in the name of each Index.
On the Effective Date, the Funds’ names will change as set forth in the following table:
Current Names | New Names | |
Goldman Sachs Motif Data-Driven World ETF | Goldman Sachs Data-Driven World ETF | |
Goldman Sachs Motif Finance Reimagined ETF | Goldman Sachs Finance Reimagined ETF | |
Goldman Sachs Motif Human Evolution ETF | Goldman Sachs Human Evolution ETF | |
Goldman Sachs Motif Manufacturing Revolution ETF | Goldman Sachs Manufacturing Revolution ETF | |
Goldman Sachs Motif New Age Consumer ETF | Goldman Sachs New Age Consumer ETF |
i
FUND BASICS
Motif Data-Driven World ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 54.79 | ||||
Net Asset Value (NAV)1 | $ | 54.88 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Motif Data-Driven | |||||||||||
Shares | 7.25 | % | 6.94 | % | 7.20 | % |
2 | 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 as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Motif Data-Driven World Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going rapid increase in electronically recorded data in the world and its impact on the lifecycle of data delivery and processing. 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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.
Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.
1
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/204 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
NVIDIA Corp. | 3.4 | % | Information Technology | United States | ||||||
Microsoft Corp. | 3.3 | Information Technology | United States | |||||||
Alphabet, Inc., Class A | 3.3 | Communication Services | United States | |||||||
Intel Corp. | 3.1 | Information Technology | United States | |||||||
Amazon.com, Inc. | 3.0 | Consumer Discretionary | United States | |||||||
Facebook, Inc., Class A | 2.8 | Communication Services | United States | |||||||
Apple, Inc. | 2.5 | Information Technology | United States | |||||||
Alibaba Group Holding Ltd. ADR | 2.1 | Consumer Discretionary | China | |||||||
Samsung Electronics Co. Ltd. | 2.0 | Information Technology | South Korea | |||||||
SAP SE | 2.0 | Information Technology | Germany |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
REGIONAL ALLOCATION AS OF 2/29/205 |
| |||||||||
Fund6 | Index | |||||||||
North America | 74.5 | 74.5 | ||||||||
Emerging Markets | 13.9 | 13.9 | ||||||||
Developed Europe | 7.9 | 7.9 | ||||||||
Developed Asia Pacific | 3.6 | 3.6 |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding. |
6 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. |
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.
2
FUND BASICS
Motif Finance Reimagined ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 57.25 | ||||
Net Asset Value (NAV)1 | $ | 57.40 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | The Motif Finance Reimagined Index3 | |||||||||||
Shares | 3.84 | % | 3.45 | % | 3.56 | % |
2 | 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 as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Motif Finance Reimagined Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going structural changes in the support and delivery of financial services. 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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.
Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.
3
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/204 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Mastercard, Inc., Class A | 5.0 | % | Information Technology | United States | ||||||
Visa, Inc., Class A | 4.0 | Information Technology | United States | |||||||
Square, Inc., Class A | 3.1 | Information Technology | United States | |||||||
PayPal Holdings, Inc. | 2.6 | Information Technology | United States | |||||||
Fidelity National Information Services, Inc. | 2.4 | Information Technology | United States | |||||||
American Express Co. | 2.2 | Financials | United States | |||||||
Fiserv, Inc. | 2.0 | Information Technology | United States | |||||||
Intuit, Inc. | 2.0 | Information Technology | United States | |||||||
Global Payments, Inc. | 1.9 | Information Technology | United States | |||||||
Worldline SA | 1.8 | Information Technology | France |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
REGIONAL ALLOCATION AS OF 2/29/205 |
| |||||||||
Fund6 | Index | |||||||||
North America | 77.6 | 77.6 | ||||||||
Developed Europe | 13.7 | 13.7 | ||||||||
Emerging Markets | 5.0 | 5.0 | ||||||||
Developed Asia Pacific | 3.6 | 3.6 |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding. |
6 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. |
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.
4
FUND BASICS
Motif Human Evolution ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 52.48 | ||||
Net Asset Value (NAV)1 | $ | 52.64 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Motif Human Evolution Index3 | |||||||||||
Shares | 5.02 | % | 4.48 | % | 5.16 | % |
2 | 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 as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Motif Human Evolution Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the development of new knowledge, medicines and technologies for the medical treatment of the human condition, from birth to end-of-life care. 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.
5
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/204 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Intuitive Surgical, Inc. | 4.4 | % | Health Care | United States | ||||||
Medtronic PLC | 4.0 | Health Care | United States | |||||||
Abbott Laboratories | 3.4 | Health Care | United States | |||||||
Johnson & Johnson | 3.1 | Health Care | United States | |||||||
Boston Scientific Corp. | 3.1 | Health Care | United States | |||||||
Roche Holding AG | 2.9 | Health Care | Switzerland | |||||||
Fresenius Medical Care AG & Co. KGaA | 2.8 | Health Care | Germany | |||||||
AstraZeneca PLC | 2.5 | Health Care | United Kingdom | |||||||
Sanofi | 2.2 | Health Care | France | |||||||
BeiGene Ltd. ADR | 2.0 | Health Care | China |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
REGIONAL ALLOCATION AS OF 2/29/205 |
| |||||||||
Fund6 | Index | |||||||||
North America | 76.0 | 76.0 | ||||||||
Developed Europe | 18.1 | 18.1 | ||||||||
Emerging Markets | 4.2 | 4.2 | ||||||||
Developed Asia Pacific | 1.8 | 1.8 |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding. |
6 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. |
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.
6
FUND BASICS
Motif Manufacturing Revolution ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 53.28 | ||||
Net Asset Value (NAV)1 | $ | 53.37 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2019–February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Motif Manufacturing Revolution Index3 | |||||||||||
Shares | 11.33 | % | 10.89 | % | 11.35 | % |
2 | 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 as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Motif Manufacturing Revolution Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going technology-driven transformation of the manufacturing industry. 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.
7
FUND BASICS
TOP TEN HOLDINGS AS OF 2/29/204 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Tesla, Inc. | 3.3 | % | Consumer Discretionary | United States | ||||||
ABB Ltd. | 2.9 | Industrials | Switzerland | |||||||
Rockwell Automation, Inc. | 2.4 | Industrials | United States | |||||||
NVIDIA Corp. | 2.2 | Information Technology | United States | |||||||
Amazon.com, Inc. | 2.0 | Consumer Discretionary | United States | |||||||
Dassault Systemes | 2.0 | Information Technology | France | |||||||
Schneider Electric SE | 1.9 | Industrials | France | |||||||
Emerson Electric Co. | 1.9 | Industrials | United States | |||||||
Toyota Motor Corp. | 1.8 | Consumer Discretionary | Japan | |||||||
Honeywell International, Inc. | 1.8 | Industrials | United States |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
REGIONAL ALLOCATION AS OF 2/29/205 | ||||||||||
Fund6 | Index | |||||||||
North America | 58.6 | 58.6 | ||||||||
Developed Europe | 21.3 | 21.3 | ||||||||
Emerging Markets | 10.2 | 10.2 | ||||||||
Developed Asia Pacific | 9.8 | 9.8 |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding. |
6 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. |
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.
8
FUND BASICS
Motif New Age Consumer ETF
as of February 29, 2020
FUND SNAPSHOT |
| |||||
As of February 29, 2020 | ||||||
Market Price1 | $ | 54.57 | ||||
Net Asset Value (NAV)1 | $ | 54.67 |
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. |
PERFORMANCE REVIEW |
| |||||||||||||
September 1, 2019– February 29, 2020 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Motif New Age Consumer Index3 | |||||||||||
Shares | 3.94 | % | 3.55 | % | 3.92 | % |
2 | 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 as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Motif New Age Consumer Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going structural shifts in the consumer market due to changes in demographics, technology and preferences. 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. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may 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.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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.
9
FUND BASICS
TOP TEN HOLDINGS AS OF2/29/204 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Alibaba Group Holding Ltd. ADR | 3.4 | % | Consumer Discretionary | China | ||||||
Facebook, Inc., Class A | 3.3 | Communication Services | United States | |||||||
Tencent Holdings Ltd. | 3.2 | Communication Services | China | |||||||
Amazon.com, Inc. | 2.9 | Consumer Discretionary | United States | |||||||
Netflix, Inc. | 2.5 | Communication Services | United States | |||||||
NIKE, Inc., Class B | 2.0 | Consumer Discretionary | United States | |||||||
JD.com, Inc. ADR | 1.9 | Consumer Discretionary | China | |||||||
Meituan Dianping, Class B | 1.7 | Consumer Discretionary | China | |||||||
adidas AG | 1.6 | Consumer Discretionary | Germany | |||||||
NetEase, Inc. ADR | 1.5 | Communication Services | China |
4 | The top 10 holdings may not be representative of the Fund’s future investments. |
REGIONAL ALLOCATION AS OF 2/29/205 |
| |||||||||
Fund6 | Index | |||||||||
North America | 51.4 | 51.4 | ||||||||
Emerging Markets | 26.9 | 26.9 | ||||||||
Developed Europe | 12.4 | 12.4 | ||||||||
Developed Asia Pacific | 9.1 | 9.1 |
5 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Figures above may not sum to 100% due to rounding. |
6 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. |
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.
10
GOLDMAN SACHS MOTIF DATA-DRIVEN WORLD ETF
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 11.2% | ||||||||
402 | Alphabet, Inc., Class A* | $ | 538,378 | |||||
2,245 | Baidu, Inc. ADR (China)* | 269,355 | ||||||
2,067 | Criteo SA ADR (France)* | 26,189 | ||||||
2,388 | Facebook, Inc., Class A* | 459,618 | ||||||
1,024 | Heroz, Inc. (Japan)* | 38,496 | ||||||
6,508 | Nippon Telegraph & Telephone Corp. (Japan) | 152,617 | ||||||
100,187 | PCCW Ltd. (Hong Kong) | 60,294 | ||||||
384 | SK Telecom Co. Ltd. (South Korea) | 67,188 | ||||||
3,545 | SoftBank Group Corp. (Japan) | 164,753 | ||||||
15,722 | Sogou, Inc. ADR (China)*(a) | 66,819 | ||||||
|
| |||||||
1,843,707 | ||||||||
|
| |||||||
Consumer Discretionary – 7.1% | ||||||||
1,629 | Alibaba Group Holding Ltd. ADR (China)* | 338,832 | ||||||
264 | Amazon.com, Inc.* | 497,310 | ||||||
2,841 | eBay, Inc. | 98,412 | ||||||
4,782 | JD.com, Inc. ADR (China)* | 184,155 | ||||||
1,407 | Shutterstock, Inc.* | 54,226 | ||||||
|
| |||||||
1,172,935 | ||||||||
|
| |||||||
Financials – 3.7% | ||||||||
7,865 | Bank of America Corp. | 224,152 | ||||||
1,300 | Capital One Financial Corp. | 114,738 | ||||||
24,410 | Ping An Insurance Group Co. of China Ltd., Class H (China) | 271,412 | ||||||
|
| |||||||
610,302 | ||||||||
|
| |||||||
Industrials – 1.4% | ||||||||
1,143 | Allegion PLC | 131,434 | ||||||
739 | Equifax, Inc. | 104,967 | ||||||
|
| |||||||
236,401 | ||||||||
|
| |||||||
Information Technology – 73.0% | ||||||||
4,109 | 21Vianet Group, Inc. ADR (China)* | 61,553 | ||||||
1,209 | Accenture PLC, Class A | 218,333 | ||||||
901 | Adobe, Inc.* | 310,953 | ||||||
5,431 | Advanced Micro Devices, Inc.* | 247,002 | ||||||
1,394 | Akamai Technologies, Inc.* | 120,595 | ||||||
812 | Alarm.com Holdings, Inc.* | 39,179 | ||||||
713 | Alteryx, Inc., Class A* | 99,549 | ||||||
2,242 | Ambarella, Inc.* | 133,287 | ||||||
1,111 | Amdocs Ltd. | 70,826 | ||||||
1,530 | Apple, Inc. | 418,241 | ||||||
2,428 | Avaya Holdings Corp.* | 31,467 | ||||||
17,531 | BlackBerry Ltd. (Canada)*(a) | 90,635 | ||||||
2,929 | Blue Prism Group PLC (United Kingdom)*(a) | 54,098 | ||||||
1,097 | Booz Allen Hamilton Holding Corp. | 78,216 | ||||||
773 | Broadcom, Inc. | 210,735 | ||||||
1,311 | Cadence Design Systems, Inc.* | 86,709 | ||||||
6,550 | Canaan, Inc. ADR (China)* | 33,339 | ||||||
1,223 | CEVA, Inc.* | 34,745 | ||||||
1,470 | Check Point Software Technologies Ltd. (Israel)* | 152,586 | ||||||
85,267 | Chinasoft International Ltd. (China)* | 52,300 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,883 | Ciena Corp.* | 72,401 | ||||||
5,705 | Cisco Systems, Inc. | 227,801 | ||||||
6,735 | Cloudera, Inc.* | 59,941 | ||||||
2,034 | Cognex Corp. | 90,594 | ||||||
3,196 | CommScope Holding Co., Inc.* | 35,188 | ||||||
1,036 | CommVault Systems, Inc.* | 43,201 | ||||||
6,256 | Conduent, Inc.* | 20,457 | ||||||
953 | CyberArk Software Ltd.* | 99,779 | ||||||
3,309 | Dell Technologies, Inc., Class C* | 133,882 | ||||||
1,979 | Dialog Semiconductor PLC (United Kingdom)* | 66,541 | ||||||
812 | ExlService Holdings, Inc.* | 60,616 | ||||||
5,146 | Extreme Networks, Inc.* | 25,884 | ||||||
224 | Fair Isaac Corp.* | 84,231 | ||||||
9,182 | FireEye, Inc.* | 121,524 | ||||||
1,417 | FLIR Systems, Inc. | 60,180 | ||||||
2,477 | Fortinet, Inc.* | 252,803 | ||||||
1,647 | GDS Holdings Ltd. ADR (China)* | 95,477 | ||||||
5,787 | Hewlett Packard Enterprise Co. | 74,016 | ||||||
11,416 | Himax Technologies, Inc. ADR (Taiwan)*(a) | 48,632 | ||||||
5,434 | Infineon Technologies AG (Germany) | 112,181 | ||||||
16,630 | Infosys Ltd. ADR (India) | 167,464 | ||||||
9,167 | Intel Corp. | 508,952 | ||||||
2,417 | International Business Machines Corp. | 314,573 | ||||||
577 | Intuit, Inc. | 153,395 | ||||||
1,300 | Itron, Inc.* | 98,592 | ||||||
3,914 | Juniper Networks, Inc. | 83,055 | ||||||
4,097 | Lattice Semiconductor Corp.* | 73,541 | ||||||
2,087 | Logitech International SA (Switzerland) | 79,927 | ||||||
1,585 | MACOM Technology Solutions Holdings, Inc.* | 40,053 | ||||||
3,780 | Marvell Technology Group Ltd. | 80,514 | ||||||
2,190 | MaxLinear, Inc.* | 33,857 | ||||||
2,286 | Medallia, Inc.* | 56,716 | ||||||
3,843 | Micron Technology, Inc.* | 201,988 | ||||||
3,343 | Microsoft Corp. | 541,599 | ||||||
982 | MongoDB, Inc.* | 149,755 | ||||||
2,707 | NEC Corp. (Japan) | 101,389 | ||||||
1,587 | NetScout Systems, Inc.* | 40,786 | ||||||
940 | Nice Ltd. ADR (Israel)* | 154,000 | ||||||
29,168 | Nokia OYJ ADR (Finland) | 112,880 | ||||||
11,124 | NortonLifeLock, Inc. | 211,690 | ||||||
7,085 | Nuance Communications, Inc.* | 153,178 | ||||||
2,069 | NVIDIA Corp. | 558,775 | ||||||
1,743 | NXP Semiconductors NV (Netherlands) | 198,162 | ||||||
4,133 | Opera Ltd. ADR (Norway)*(a) | 33,395 | ||||||
5,807 | Oracle Corp. | 287,214 | ||||||
1,265 | Palo Alto Networks, Inc.* | 233,544 | ||||||
881 | PKSHA Technology, Inc. (Japan)* | 19,578 | ||||||
689 | Proofpoint, Inc.* | 73,482 | ||||||
910 | Qorvo, Inc.* | 91,528 | ||||||
2,873 | QUALCOMM, Inc. | 224,956 | ||||||
904 | Qualys, Inc.* | 72,483 | ||||||
1,575 | Radware Ltd. (Israel)* | 35,784 | ||||||
764 | Rapid7, Inc.* | 35,373 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS MOTIF DATA-DRIVEN WORLD ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
7,523 | Samsung Electronics Co. Ltd. (South Korea) | $ | 335,732 | |||||
2,626 | SAP SE (Germany) | 321,798 | ||||||
3,164 | SecureWorks Corp., Class A* | 43,948 | ||||||
38,670 | Semiconductor Manufacturing International Corp. (China)* | 74,928 | ||||||
1,135 | Silicon Laboratories, Inc.* | 100,652 | ||||||
1,489 | Silicon Motion Technology Corp. ADR (Taiwan) | 55,421 | ||||||
1,431 | Software AG (Germany) | 46,370 | ||||||
1,452 | Splunk, Inc.* | 213,923 | ||||||
6,140 | STMicroelectronics NV (Switzerland) | 164,633 | ||||||
773 | Synaptics, Inc.* | 51,057 | ||||||
14,911 | Telefonaktiebolaget LM Ericsson ADR (Sweden)(a) | 119,884 | ||||||
2,183 | Teradata Corp.* | 43,529 | ||||||
2,326 | Trend Micro, Inc. (Japan) | 115,799 | ||||||
1,076 | Verint Systems, Inc.* | 59,051 | ||||||
868 | VMware, Inc., Class A* | 104,611 | ||||||
3,663 | VTech Holdings Ltd. (Hong Kong) | 32,033 | ||||||
2,578 | Western Digital Corp. | 143,234 | ||||||
18,280 | Wipro Ltd. ADR (India) | 63,066 | ||||||
2,396 | Xerox Holdings Corp. | 77,151 | ||||||
2,596 | Xperi Corp. | 44,625 | ||||||
512 | Zebra Technologies Corp., Class A* | 108,017 | ||||||
2,826 | Zscaler, Inc.* | 146,924 | ||||||
|
| |||||||
12,018,241 | ||||||||
|
| |||||||
Real Estate – 3.4% | ||||||||
1,399 | CyrusOne, Inc. REIT | 84,752 | ||||||
1,143 | Digital Realty Trust, Inc. REIT | 137,286 | ||||||
343 | Equinix, Inc. REIT | 196,470 | ||||||
3,065 | Iron Mountain, Inc. REIT | 93,207 | ||||||
808 | QTS Realty Trust, Inc., Class A REIT | 45,385 | ||||||
|
| |||||||
557,100 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $16,354,754) | $ | 16,438,686 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.5%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
251,268 | 1.507% | $ | 251,268 | |||||
(Cost $251,268) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 101.3% | ||||||||
(Cost $16,606,022) | $ | 16,689,954 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)% | (225,548 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 16,464,406 | ||||||
|
|
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: | ||||
ADR | —American Depositary Receipt | |||
PLC | —Public Limited Company | |||
REIT | —Real Estate Investment Trust | |||
|
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 3.9% | ||||||||
1,347 | Internet Initiative Japan, Inc. (Japan) | $ | 36,952 | |||||
789 | JOYY, Inc. ADR (China)* | 42,582 | ||||||
218 | NetEase, Inc. ADR (China) | 69,479 | ||||||
17,550 | Rightmove PLC (United Kingdom) | 138,759 | ||||||
760 | Scout24 AG (Germany)(a) | 49,421 | ||||||
2,913 | Zillow Group, Inc., Class C* | 162,575 | ||||||
|
| |||||||
499,768 | ||||||||
|
| |||||||
Consumer Discretionary – 0.6% | ||||||||
3,892 | Everi Holdings, Inc.* | 40,477 | ||||||
10,222 | Moneysupermarket.com Group PLC (United Kingdom) | 40,540 | ||||||
|
| |||||||
81,017 | ||||||||
|
| |||||||
Financials – 35.9% | ||||||||
9,158 | 360 Finance, Inc. ADR (China)* | 76,561 | ||||||
440 | Affiliated Managers Group, Inc. | 33,097 | ||||||
2,541 | American Express Co. | 279,332 | ||||||
4,508 | Apollo Global Management, Inc. | 187,803 | ||||||
3,541 | Ares Management Corp., Class A | 122,483 | ||||||
2,471 | Axos Financial, Inc.* | 61,553 | ||||||
29,505 | Banco Santander SA ADR (Spain) | 107,988 | ||||||
1,457 | Bank of New York Mellon Corp. (The) | 58,134 | ||||||
347 | BlackRock, Inc. | 160,664 | ||||||
4,046 | Blackstone Group, Inc. (The), Class A | 217,837 | ||||||
2,080 | Blucora, Inc.* | 36,192 | ||||||
3,844 | Brookfield Asset Management, Inc., Class A (Canada) | 230,486 | ||||||
1,287 | Canadian Imperial Bank of Commerce (Canada) | 97,948 | ||||||
4,285 | Carlyle Group, Inc. (The) | 121,951 | ||||||
1,636 | Curo Group Holdings Corp. | 15,100 | ||||||
3,569 | Draper Esprit PLC (United Kingdom)* | 23,979 | ||||||
2,248 | Enova International, Inc.* | 43,207 | ||||||
1,130 | Eurazeo SE (France) | 75,220 | ||||||
385 | FactSet Research Systems, Inc. | 102,406 | ||||||
8,623 | FinVolution Group ADR (China) | 17,074 | ||||||
595 | Flatex AG (Germany)* | 17,973 | ||||||
1,708 | Green Dot Corp., Class A* | 58,345 | ||||||
913 | Hamilton Lane, Inc., Class A | 56,734 | ||||||
2,566 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 84,227 | ||||||
102 | Hypoport AG (Germany)* | 33,837 | ||||||
14,629 | ING Groep NV (Netherlands) | 138,340 | ||||||
2,316 | Intercontinental Exchange, Inc. | 206,633 | ||||||
5,278 | Intermediate Capital Group PLC (United Kingdom) | 107,326 | ||||||
5,629 | KKR & Co., Inc., Class A | 160,989 | ||||||
4,571 | LendingClub Corp.* | 50,327 | ||||||
264 | LendingTree, Inc.*(b) | 72,816 | ||||||
7,025 | LexinFintech Holdings Ltd. ADR (China)*(b) | 81,771 | ||||||
1,607 | London Stock Exchange Group PLC (United Kingdom) | 155,507 | ||||||
23,671 | Man Group PLC (United Kingdom) | 44,324 | ||||||
7,666 | Monex Group, Inc. (Japan) | 14,783 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
320 | Morningstar, Inc. | 47,008 | ||||||
660 | MSCI, Inc. | 194,990 | ||||||
1,043 | Nasdaq, Inc. | 106,960 | ||||||
1,379 | Northern Trust Corp. | 121,021 | ||||||
10,645 | Qudian, Inc. ADR (China)* | 27,890 | ||||||
452 | S&P Global, Inc. | 120,191 | ||||||
4,047 | SBI Holdings, Inc. (Japan) | 81,604 | ||||||
1,347 | Sculptor Capital Management, Inc. | 30,550 | ||||||
2,425 | SEI Investments Co. | 132,672 | ||||||
13,443 | Standard Chartered PLC (United Kingdom) | 96,603 | ||||||
1,860 | Tradeweb Markets, Inc., Class A | 89,689 | ||||||
38,013 | Value Partners Group Ltd. (Hong Kong) | 21,121 | ||||||
10,848 | WisdomTree Investments, Inc. | 44,043 | ||||||
38,767 | ZhongAn Online P&C Insurance Co. Ltd., Class H (China)*(a) | 163,166 | ||||||
|
| |||||||
4,630,455 | ||||||||
|
| |||||||
Health Care – 0.3% | ||||||||
625 | HealthEquity, Inc.* | 44,369 | ||||||
|
| |||||||
Industrials – 3.4% | ||||||||
257 | CoStar Group, Inc.* | 171,571 | ||||||
1,744 | PayPoint PLC (United Kingdom) | 18,489 | ||||||
1,215 | Thomson Reuters Corp. (Canada) | 90,493 | ||||||
1,065 | Verisk Analytics, Inc. | 165,192 | ||||||
|
| |||||||
445,745 | ||||||||
|
| |||||||
Information Technology – 54.3% | ||||||||
655 | Accenture PLC, Class A | 118,286 | ||||||
2,837 | ACI Worldwide, Inc.* | 79,067 | ||||||
974 | Appfolio, Inc., Class A* | 119,773 | ||||||
1,441 | Avalara, Inc.* | 122,125 | ||||||
2,328 | Black Knight, Inc.* | 155,301 | ||||||
1,040 | Bottomline Technologies DE, Inc.* | 46,051 | ||||||
1,326 | Broadridge Financial Solutions, Inc. | 138,381 | ||||||
10,478 | Canaan, Inc. ADR (China)* | 53,333 | ||||||
217 | Cass Information Systems, Inc. | 10,188 | ||||||
1,522 | Ceridian HCM Holding, Inc.* | 107,651 | ||||||
1,923 | CoreLogic, Inc. | 87,247 | ||||||
1,334 | Digital Garage, Inc. (Japan) | 41,740 | ||||||
1,358 | Ebix, Inc. | 35,906 | ||||||
1,270 | Envestnet, Inc.* | 95,860 | ||||||
9,538 | Equiniti Group PLC (United Kingdom)(a) | 24,463 | ||||||
617 | Euronet Worldwide, Inc.* | 76,533 | ||||||
931 | EVERTEC, Inc. (Puerto Rico) | 27,632 | ||||||
2,308 | Evo Payments, Inc., Class A* | 58,346 | ||||||
658 | ExlService Holdings, Inc.* | 49,120 | ||||||
2,235 | Fidelity National Information Services, Inc. | 312,274 | ||||||
2,394 | Fiserv, Inc.* | 261,808 | ||||||
650 | FleetCor Technologies, Inc.* | 172,763 | ||||||
1,333 | Global Payments, Inc. | 245,232 | ||||||
619 | Globant SA (Argentina)* | 69,953 | ||||||
2,481 | GMO internet, Inc. (Japan) | 41,241 | ||||||
7,110 | GreenSky, Inc., Class A* | 56,738 | ||||||
1,485 | Guidewire Software, Inc.* | 162,771 | ||||||
2,092 | I3 Verticals, Inc., Class A* | 60,626 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,049 | International Business Machines Corp. | $ | 136,527 | |||||
949 | Intuit, Inc. | 252,292 | ||||||
980 | Jack Henry & Associates, Inc. | 148,705 | ||||||
2,216 | Mastercard, Inc., Class A | 643,194 | ||||||
687 | Money Forward, Inc. (Japan)* | 29,298 | ||||||
354 | Nice Ltd. ADR (Israel)* | 57,996 | ||||||
5,499 | Nomura Research Institute Ltd. (Japan) | 120,059 | ||||||
2,668 | Opera Ltd. ADR (Norway)* | 21,557 | ||||||
850 | Optim Corp. (Japan)* | 29,984 | ||||||
2,689 | Pagseguro Digital Ltd., Class A (Brazil)* | 84,354 | ||||||
1,398 | Paychex, Inc. | 108,317 | ||||||
3,064 | PayPal Holdings, Inc.* | 330,881 | ||||||
1,307 | Q2 Holdings, Inc.* | 98,509 | ||||||
2,946 | QIWI PLC ADR (Russia) | 51,378 | ||||||
1,620 | RealPage, Inc.* | 103,842 | ||||||
13,108 | Sage Group PLC (The) (United Kingdom) | 114,153 | ||||||
1,169 | Sapiens International Corp. NV (Israel) | 27,027 | ||||||
4,848 | Square, Inc., Class A* | 403,984 | ||||||
2,168 | SS&C Technologies Holdings, Inc. | 120,324 | ||||||
3,559 | StoneCo Ltd., Class A (Brazil)* | 141,969 | ||||||
1,147 | TIS, Inc. (Japan) | 67,949 | ||||||
2,858 | Visa, Inc., Class A | 519,470 | ||||||
463 | WEX, Inc.* | 86,692 | ||||||
1,324 | Wirecard AG (Germany)(b) | 167,177 | ||||||
458 | Workday, Inc., Class A* | 79,348 | ||||||
3,110 | Worldline SA (France)*(a) | 235,204 | ||||||
|
| |||||||
7,010,599 | ||||||||
|
| |||||||
Materials – 0.3% | ||||||||
11,868 | IAMGOLD Corp. (Canada)* | 33,705 | ||||||
|
| |||||||
Real Estate – 1.1% | ||||||||
463 | Corestate Capital Holding SA (Germany)* | 20,496 | ||||||
832 | PATRIZIA AG (Germany) | 19,119 | ||||||
3,991 | Redfin Corp.* | 107,996 | ||||||
|
| |||||||
147,611 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $12,140,861) | $ | 12,893,269 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 2.6%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
329,486 | 1.507% | $ | 329,486 | |||||
(Cost $329,486) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 102.4% | ||||||||
(Cost $12,470,347) | $ | 13,222,755 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (2.4)% | (307,436 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 12,915,319 | ||||||
|
|
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 | |||
PLC | —Public Limited Company | |||
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 100.0% | ||||||||
Health Care – 100.0% | ||||||||
44,816 | 3SBio, Inc. (China)*(a) | $ | 46,466 | |||||
5,726 | Abbott Laboratories | 441,074 | ||||||
5,017 | Abcam PLC (United Kingdom) | 74,079 | ||||||
487 | ABIOMED, Inc.* | 73,177 | ||||||
781 | Acceleron Pharma, Inc.* | 67,111 | ||||||
2,200 | Adaptive Biotechnologies Corp.* | 61,820 | ||||||
4,440 | Adverum Biotechnologies, Inc.* | 54,656 | ||||||
1,056 | Agios Pharmaceuticals, Inc.* | 50,139 | ||||||
7,963 | Akebia Therapeutics, Inc.* | 70,632 | ||||||
1,116 | Align Technology, Inc.* | 243,679 | ||||||
2,243 | Allogene Therapeutics, Inc.*(b) | 60,561 | ||||||
17,071 | Allscripts Healthcare Solutions, Inc.* | 128,715 | ||||||
3,777 | AstraZeneca PLC (United Kingdom) | 327,767 | ||||||
1,529 | Atara Biotherapeutics, Inc.* | 18,577 | ||||||
3,262 | Athenex, Inc.* | 39,862 | ||||||
2,242 | Baxter International, Inc. | 187,140 | ||||||
1,626 | BeiGene Ltd. ADR (China)* | 257,477 | ||||||
4,262 | BioNTech SE ADR (Germany)*(b) | 149,596 | ||||||
533 | BioTelemetry, Inc.* | 22,770 | ||||||
1,068 | Bluebird Bio, Inc.* | 77,248 | ||||||
717 | Blueprint Medicines Corp.* | 38,811 | ||||||
11,010 | Boston Scientific Corp.* | 411,664 | ||||||
1,872 | Cara Therapeutics, Inc.* | 28,136 | ||||||
1,073 | Cardiovascular Systems, Inc.* | 40,366 | ||||||
1,059 | Cellectis SA ADR (France)* | 16,542 | ||||||
2,332 | Cerner Corp. | 161,538 | ||||||
447 | Charles River Laboratories International, Inc.* | 69,540 | ||||||
6,983 | Compugen Ltd. (Israel)*(b) | 63,336 | ||||||
632 | CONMED Corp. | 59,813 | ||||||
1,868 | Constellation Pharmaceuticals, Inc.* | 66,015 | ||||||
2,301 | CRISPR Therapeutics AG (Switzerland)* | 122,988 | ||||||
1,711 | DaVita, Inc.* | 132,808 | ||||||
736 | DexCom, Inc.* | 203,136 | ||||||
2,057 | Editas Medicine, Inc.* | 45,624 | ||||||
1,001 | Edwards Lifesciences Corp.* | 205,045 | ||||||
1,616 | EMIS Group PLC (United Kingdom) | 23,448 | ||||||
4,649 | Exelixis, Inc.* | 86,425 | ||||||
4,021 | Fate Therapeutics, Inc.* | 117,413 | ||||||
1,868 | FibroGen, Inc.* | 78,082 | ||||||
2,103 | Forty Seven, Inc.* | 121,974 | ||||||
4,886 | Fresenius Medical Care AG & Co. KGaA (Germany) | 372,042 | ||||||
2,109 | Fresenius SE & Co KGaA (Germany) | 98,260 | ||||||
988 | G1 Therapeutics, Inc.* | 17,725 | ||||||
25,338 | Genscript Biotech Corp. (China)* | 52,737 | ||||||
3,283 | Gilead Sciences, Inc. | 227,709 | ||||||
1,954 | Globus Medical, Inc., Class A* | 88,379 | ||||||
1,199 | Gossamer Bio, Inc.* | 15,743 | ||||||
3,173 | Halozyme Therapeutics, Inc.* | 62,096 | ||||||
862 | HCA Healthcare, Inc. | 109,483 | ||||||
1,592 | Health Catalyst, Inc.* | 48,365 | ||||||
1,708 | Henry Schein, Inc.* | 104,086 | ||||||
3,491 | Homology Medicines, Inc.* | 55,856 | ||||||
1,929 | Hutchison China MediTech Ltd. ADR (Hong Kong)* | 44,984 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
757 | Illumina, Inc.* | 201,112 | ||||||
4,211 | Innate Pharma SA (France)* | 29,396 | ||||||
740 | Inspire Medical Systems, Inc.* | 63,544 | ||||||
420 | Insulet Corp.* | 79,787 | ||||||
891 | Integer Holdings Corp.* | 80,342 | ||||||
4,633 | Intellia Therapeutics, Inc.*(b) | 61,851 | ||||||
1,093 | Intuitive Surgical, Inc.* | 583,618 | ||||||
6,076 | Iovance Biotherapeutics, Inc.* | 199,961 | ||||||
478 | iRhythm Technologies, Inc.* | 41,572 | ||||||
3,063 | Johnson & Johnson | 411,912 | ||||||
3,259 | Karyopharm Therapeutics, Inc.* | 53,252 | ||||||
932 | Krystal Biotech, Inc.* | 49,815 | ||||||
451 | Laboratory Corp. of America Holdings* | 79,236 | ||||||
539 | LivaNova PLC* | 37,579 | ||||||
5,226 | Medtronic PLC | 526,101 | ||||||
1,524 | MeiraGTx Holdings PLC* | 24,689 | ||||||
1,791 | Merck KGaA (Germany) | 214,537 | ||||||
1,470 | Merit Medical Systems, Inc.* | 52,935 | ||||||
21,016 | Mesoblast Ltd. (Australia)* | 30,352 | ||||||
19,841 | Microport Scientific Corp. (China) | 27,802 | ||||||
1,380 | Mirati Therapeutics, Inc.* | 123,496 | ||||||
3,708 | Moderna, Inc.* | 96,148 | ||||||
3,648 | Molecular Templates, Inc.* | 58,696 | ||||||
611 | MorphoSys AG (Germany)* | 64,464 | ||||||
3,612 | Myriad Genetics, Inc.* | 63,643 | ||||||
2,486 | Natera, Inc.* | 94,232 | ||||||
4,246 | Nektar Therapeutics* | 88,359 | ||||||
2,590 | NeoGenomics, Inc.* | 73,375 | ||||||
791 | NextCure, Inc.* | 33,032 | ||||||
2,859 | NextGen Healthcare, Inc.* | 37,396 | ||||||
2,150 | Nichi-iko Pharmaceutical Co. Ltd. (Japan) | 23,161 | ||||||
2,690 | Novartis AG (Switzerland) | 225,799 | ||||||
829 | Novocure Ltd.* | 60,310 | ||||||
17,829 | OPKO Health, Inc.* | 26,744 | ||||||
8,952 | Precigen, Inc.*(b) | 33,928 | ||||||
2,862 | QIAGEN NV.* | 102,746 | ||||||
1,707 | Quanterix Corp.* | 38,937 | ||||||
837 | Quest Diagnostics, Inc. | 88,772 | ||||||
483 | Reata Pharmaceuticals, Inc., Class A* | 94,064 | ||||||
343 | Regeneron Pharmaceuticals, Inc.* | 152,488 | ||||||
1,996 | REGENXBIO, Inc.* | 79,840 | ||||||
1,869 | Replimune Group, Inc.* | 25,923 | ||||||
741 | ResMed, Inc. | 117,789 | ||||||
2,733 | Rhythm Pharmaceuticals, Inc.* | 52,146 | ||||||
1,204 | Roche Holding AG (Switzerland) | 385,225 | ||||||
1,883 | Rocket Pharmaceuticals, Inc.* | 36,700 | ||||||
1,640 | Rubius Therapeutics, Inc.*(b) | 13,727 | ||||||
10,949 | Sangamo Therapeutics, Inc.* | 93,395 | ||||||
3,104 | Sanofi (France) | 286,167 | ||||||
1,170 | Seattle Genetics, Inc.* | 133,216 | ||||||
2,487 | Shockwave Medical, Inc.* | 99,828 | ||||||
9,496 | Smith & Nephew PLC (United Kingdom) | 210,928 | ||||||
1,339 | Stoke Therapeutics, Inc.* | 33,140 | ||||||
1,113 | Stryker Corp. | 212,127 | ||||||
972 | Surmodics, Inc.* | 33,933 | ||||||
2,387 | Takara Bio, Inc. (Japan) | 41,338 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
4,062 | Takeda Pharmaceutical Co. Ltd. (Japan) | $ | 141,708 | |||||
596 | Teleflex, Inc. | 199,672 | ||||||
5,897 | TG Therapeutics, Inc.* | 74,007 | ||||||
2,800 | Theravance Biopharma, Inc.* | 68,180 | ||||||
660 | Thermo Fisher Scientific, Inc. | 191,928 | ||||||
1,290 | Tricida, Inc.* | 40,996 | ||||||
748 | uniQure NV (Netherlands)* | 38,492 | ||||||
1,547 | Vocera Communications, Inc.* | 37,731 | ||||||
1,436 | Voyager Therapeutics, Inc.* | 15,652 | ||||||
11,786 | WuXi AppTec Co. Ltd., Class H (China)(a) | 173,772 | ||||||
16,127 | ZIOPHARM Oncology, Inc.*(b) | 49,832 | ||||||
|
| |||||||
13,159,290 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $13,247,931) | $ | 13,159,290 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.8%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
240,473 | 1.507% | $ | 240,473 | |||||
(Cost $240,473) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 101.8% | ||||||||
(Cost $13,488,404) | $ | 13,399,763 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)% | (239,971 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 13,159,792 | ||||||
|
|
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 | |||
PLC | —Public Limited Company | |||
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 0.4% | ||||||||
1,032 | Iridium Communications, Inc.* | $ | 27,936 | |||||
|
| |||||||
Consumer Discretionary – 22.6% | ||||||||
72 | Amazon.com, Inc.* | 135,630 | ||||||
1,204 | Aptiv PLC | 94,045 | ||||||
13,100 | BYD Co. Ltd., Class H (China)(a) | 80,183 | ||||||
384 | Ferrari NV (Italy) | 60,576 | ||||||
7,894 | Fiat Chrysler Automobiles NV (United Kingdom)(a) | 98,201 | ||||||
6,943 | Ford Motor Co. | 48,323 | ||||||
536 | Garmin Ltd. | 47,377 | ||||||
2,164 | General Motors Co. | 66,002 | ||||||
519 | Gentherm, Inc.* | 21,165 | ||||||
3,564 | GoPro, Inc., Class A*(a) | 13,525 | ||||||
788 | Hella GmbH & Co. KGaA (Germany) | 32,321 | ||||||
2,330 | JD.com, Inc. ADR (China)* | 89,728 | ||||||
1,710 | Magna International, Inc. (Canada) | 78,352 | ||||||
14,669 | NIO, Inc. ADR (China)*(a) | 60,583 | ||||||
1,733 | Niu Technologies ADR (China)*(a) | 14,765 | ||||||
3,116 | Ocado Group PLC (United Kingdom)* | 42,348 | ||||||
4,114 | Panasonic Corp. (Japan) | 39,304 | ||||||
3,145 | Tata Motors Ltd. ADR (India)* | 28,808 | ||||||
333 | Tesla, Inc.* | 222,441 | ||||||
8,070 | Tianneng Power International Ltd. (China) | 5,975 | ||||||
1,859 | Toyota Motor Corp. (Japan) | 122,830 | ||||||
1,897 | Valeo SA (France) | 47,468 | ||||||
1,773 | Veoneer, Inc. (Sweden)*(a) | 21,826 | ||||||
440 | Visteon Corp.* | 28,618 | ||||||
21,031 | Yadea Group Holdings Ltd. (China)(b) | 5,694 | ||||||
|
| |||||||
1,506,088 | ||||||||
|
| |||||||
Energy – 2.0% | ||||||||
1,936 | Eni SpA ADR (Italy) | 48,400 | ||||||
1,160 | Oceaneering International, Inc.* | 12,227 | ||||||
1,667 | TOTAL SA (France) | 70,278 | ||||||
|
| |||||||
130,905 | ||||||||
|
| |||||||
Health Care – 2.4% | ||||||||
445 | Align Technology, Inc.* | 97,166 | ||||||
502 | Hogy Medical Co. Ltd. (Japan) | 14,357 | ||||||
574 | Omnicell, Inc.* | 46,764 | ||||||
|
| |||||||
158,287 | ||||||||
|
| |||||||
Industrials – 34.5% | ||||||||
9,075 | ABB Ltd. (Switzerland) | 195,104 | ||||||
400 | AeroVironment, Inc.* | 20,556 | ||||||
814 | Altra Industrial Motion Corp. | 24,518 | ||||||
38,383 | AviChina Industry & Technology Co. Ltd., Class H (China) | 16,697 | ||||||
4,112 | Ballard Power Systems, Inc. (Canada)*(a) | 36,597 | ||||||
239 | Boeing Co. (The) | 65,751 | ||||||
5,020 | CNH Industrial NV (United Kingdom) | 46,686 | ||||||
327 | Curtiss-Wright Corp. | 39,220 | ||||||
1,374 | Daifuku Co. Ltd. (Japan) | 81,779 | ||||||
1,773 | DMG Mori Co. Ltd. (Japan) | 22,404 | ||||||
80 | Elbit Systems Ltd. (Israel) | 11,801 | ||||||
1,949 | Emerson Electric Co. | 124,950 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
367 | FANUC Corp. (Japan) | 61,141 | ||||||
6,743 | General Electric Co. | 73,364 | ||||||
1,086 | GS Yuasa Corp. (Japan) | 19,200 | ||||||
396 | HEICO Corp. | 42,709 | ||||||
749 | Honeywell International, Inc. | 121,465 | ||||||
950 | KION Group AG (Germany) | 50,298 | ||||||
478 | L3Harris Technologies, Inc. | 94,515 | ||||||
215 | Lockheed Martin Corp. | 79,522 | ||||||
699 | Matthews International Corp., Class A | 20,662 | ||||||
309 | Mercury Systems, Inc.* | 22,699 | ||||||
167 | MTU Aero Engines AG (Germany) | 40,485 | ||||||
672 | Nachi-Fujikoshi Corp. (Japan) | 22,179 | ||||||
488 | Nidec Corp. (Japan) | 57,819 | ||||||
230 | Northrop Grumman Corp. | 75,633 | ||||||
243 | NV5 Global, Inc.* | 13,008 | ||||||
1,518 | Okamura Corp. (Japan) | 12,722 | ||||||
504 | Proto Labs, Inc.* | 44,171 | ||||||
769 | Rexnord Corp. | 22,424 | ||||||
855 | Rockwell Automation, Inc. | 156,892 | ||||||
740 | Safran SA (France) | 100,875 | ||||||
1,303 | Schneider Electric SE (France) | 129,531 | ||||||
1,104 | Sensata Technologies Holding PLC* | 45,043 | ||||||
649 | Siemens AG (Germany) | 66,442 | ||||||
9,715 | Techtronic Industries Co. Ltd. (Hong Kong) | 78,600 | ||||||
583 | Thales SA (France) | 58,148 | ||||||
375 | TPI Composites, Inc.* | 8,902 | ||||||
646 | United Technologies Corp. | 84,361 | ||||||
196 | Varta AG (Germany)*(a) | 14,576 | ||||||
|
| |||||||
2,303,449 | ||||||||
|
| |||||||
Information Technology – 32.2% | ||||||||
6,925 | 3D Systems Corp.* | 63,433 | ||||||
773 | Ambarella, Inc.* | 45,955 | ||||||
586 | Analog Devices, Inc. | 63,903 | ||||||
441 | ANSYS, Inc.* | 106,806 | ||||||
507 | Autodesk, Inc.* | 96,776 | ||||||
334 | Belden, Inc. | 13,337 | ||||||
712 | Brooks Automation, Inc. | 24,571 | ||||||
601 | Cognex Corp. | 26,769 | ||||||
165 | Coherent, Inc.* | 21,237 | ||||||
861 | Dassault Systemes (France) | 134,299 | ||||||
834 | Enphase Energy, Inc.* | 40,841 | ||||||
546 | FARO Technologies, Inc.* | 31,253 | ||||||
817 | First Solar, Inc.* | 37,394 | ||||||
2,764 | Flex Ltd.* | 30,708 | ||||||
880 | FLIR Systems, Inc. | 37,374 | ||||||
1,543 | Hollysys Automation Technologies Ltd. (China) | 23,361 | ||||||
2,256 | Infineon Technologies AG (Germany) | 46,573 | ||||||
2,040 | Intel Corp. | 113,261 | ||||||
353 | IPG Photonics Corp.* | 45,057 | ||||||
1,634 | JinkoSolar Holding Co. Ltd. ADR (China)* | 37,321 | ||||||
377 | Keyence Corp. (Japan) | 120,267 | ||||||
547 | NVIDIA Corp. | 147,728 | ||||||
770 | Omron Corp. (Japan) | 41,689 | ||||||
1,591 | ON Semiconductor Corp.* | 29,688 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
574 | PTC, Inc.* | $ | 43,366 | |||||
675 | Renishaw PLC (United Kingdom) | 30,124 | ||||||
474 | Rorze Corp. (Japan) | 14,545 | ||||||
289 | Silicon Laboratories, Inc.* | 25,629 | ||||||
707 | SolarEdge Technologies, Inc.* | 88,177 | ||||||
826 | Spectris PLC (United Kingdom) | 28,655 | ||||||
2,478 | STMicroelectronics NV (Switzerland) | 66,443 | ||||||
2,590 | Stratasys Ltd.* | 41,440 | ||||||
5,733 | Sunny Optical Technology Group Co. Ltd. (China) | 89,161 | ||||||
1,398 | SunPower Corp.*(a) | 11,981 | ||||||
1,175 | Teradyne, Inc. | 69,043 | ||||||
924 | Texas Instruments, Inc. | 105,465 | ||||||
2,792 | Topcon Corp. (Japan) | 27,877 | ||||||
1,657 | Trimble, Inc.* | 65,418 | ||||||
463 | ViaSat, Inc.* | 26,623 | ||||||
1,196 | Xerox Holdings Corp. | 38,511 | ||||||
|
| |||||||
2,152,059 | ||||||||
|
| |||||||
Materials – 5.3% | ||||||||
870 | Albemarle Corp. | 71,210 | ||||||
319 | Arkema SA (France) | 29,805 | ||||||
901 | FMC Corp. | 83,883 | ||||||
21,664 | Ganfeng Lithium Co. Ltd., Class H (China)(b) | 84,092 | ||||||
4,311 | Livent Corp.* | 38,497 | ||||||
6,951 | Nippon Light Metal Holdings Co. Ltd. (Japan) | 12,244 | ||||||
1,241 | Sociedad Quimica y Minera de Chile SA ADR (Chile) | 33,979 | ||||||
|
| |||||||
353,710 | ||||||||
|
| |||||||
Utilities – 0.3% | ||||||||
19,163 | HK Electric Investments & HK Electric Investments Ltd. (Hong Kong) | 19,279 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $6,430,694) | $ | 6,651,713 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 5.3%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
351,544 | 1.507% | $ | 351,544 | |||||
(Cost $351,544) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 105.0% | ||||||||
(Cost $6,782,238) | $ | 7,003,257 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (5.0)% | (331,677 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 6,671,580 | ||||||
|
|
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. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIF NEW AGE CONSUMER ETF
Schedule of Investments
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 37.2% | ||||||||
1,983 | Activision Blizzard, Inc. | $ | 115,272 | |||||
2,382 | Bilibili, Inc. ADR (China)* | 61,170 | ||||||
913 | Cargurus, Inc.* | 23,272 | ||||||
8,680 | China Literature Ltd. (China)*(a) | 39,262 | ||||||
1,912 | Dip Corp. (Japan) | 46,318 | ||||||
889 | Electronic Arts, Inc.* | 90,118 | ||||||
1,009 | Eventbrite, Inc., Class A* | 14,741 | ||||||
1,410 | Facebook, Inc., Class A* | 271,383 | ||||||
2,010 | GungHo Online Entertainment, Inc. (Japan) | 31,809 | ||||||
2,399 | HUYA, Inc. ADR (China)* | 47,524 | ||||||
35,199 | IGG, Inc. (Singapore) | 25,610 | ||||||
3,198 | iQIYI, Inc. ADR (China)* | 71,731 | ||||||
715 | JOYY, Inc. ADR (China)* | �� | 38,588 | |||||
2,791 | Kakaku.com, Inc. (Japan) | 59,771 | ||||||
2,184 | Koei Tecmo Holdings Co. Ltd. (Japan) | 54,284 | ||||||
1,115 | Live Nation Entertainment, Inc.* | 67,758 | ||||||
991 | Mail.Ru Group Ltd. GDR (Russia)* | 19,097 | ||||||
1,249 | Match Group, Inc.*(b) | 81,185 | ||||||
1,717 | Momo, Inc. ADR (China) | 48,282 | ||||||
395 | NetEase, Inc. ADR (China) | 125,890 | ||||||
554 | Netflix, Inc.* | 204,443 | ||||||
4,799 | Nexon Co. Ltd. (Japan) | 76,391 | ||||||
315 | Nintendo Co. Ltd. (Japan) | 105,920 | ||||||
3,853 | Pinterest, Inc., Class A* | 75,133 | ||||||
795 | Roku, Inc.* | 90,368 | ||||||
1,931 | Sea Ltd. ADR (Taiwan)* | 87,011 | ||||||
13,446 | Sirius XM Holdings, Inc. | 85,248 | ||||||
5,121 | Snap, Inc., Class A* | 72,564 | ||||||
756 | Spotify Technology SA* | 103,663 | ||||||
1,099 | Square Enix Holdings Co. Ltd. (Japan) | 44,321 | ||||||
685 | Take-Two Interactive Software, Inc.* | 73,624 | ||||||
5,254 | Tencent Holdings Ltd. (China) | 260,237 | ||||||
5,651 | Tencent Music Entertainment Group ADR (China)* | 68,547 | ||||||
647 | TripAdvisor, Inc. | 15,172 | ||||||
2,855 | Twitter, Inc.* | 94,786 | ||||||
1,110 | Ubisoft Entertainment SA (France)* | 82,155 | ||||||
1,630 | Weibo Corp. ADR (China)* | 68,688 | ||||||
1,517 | Yelp, Inc.* | 47,437 | ||||||
9,978 | Zynga, Inc., Class A* | 66,952 | ||||||
|
| |||||||
3,055,725 | ||||||||
|
| |||||||
Consumer Discretionary – 54.1% | ||||||||
1,272 | Acushnet Holdings Corp. | 32,372 | ||||||
487 | adidas AG (Germany) | 134,031 | ||||||
1,353 | Alibaba Group Holding Ltd. ADR (China)* | 281,424 | ||||||
125 | Amazon.com, Inc.* | 235,469 | ||||||
9,843 | ANTA Sports Products Ltd. (China) | 79,130 | ||||||
1,072 | Arco Platform Ltd., Class A (Brazil)* | 54,790 | ||||||
3,985 | Asics Corp. (Japan) | 42,819 | ||||||
1,398 | ASOS PLC (United Kingdom)* | 53,516 | ||||||
911 | Baozun, Inc. ADR (China)*(b) | 28,897 | ||||||
15,548 | boohoo Group PLC (United Kingdom)* | 57,791 | ||||||
67 | Booking Holdings, Inc.* | 113,609 | ||||||
937 | Brunswick Corp. | 49,848 | ||||||
1,678 | Callaway Golf Co. | 28,492 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
949 | Carvana Co.* | 78,682 | ||||||
1,294 | Chegg, Inc.* | 50,738 | ||||||
2,989 | Chewy, Inc., Class A* | 88,474 | ||||||
29,509 | China Education Group Holdings Ltd. (China) | 41,955 | ||||||
60,694 | China Maple Leaf Educational Systems Ltd. (China) | 21,184 | ||||||
63,428 | China Yuhua Education Corp. Ltd. (China)(a)(b) | 49,079 | ||||||
685 | Columbia Sportswear Co. | 55,691 | ||||||
1,394 | Delivery Hero SE (Germany)*(a) | 104,124 | ||||||
1,393 | Descente Ltd. (Japan) | 19,049 | ||||||
1,164 | Dick’s Sporting Goods, Inc. | 42,381 | ||||||
3,013 | eBay, Inc. | 104,370 | ||||||
888 | Etsy, Inc.* | 51,335 | ||||||
708 | Expedia Group, Inc. | 69,823 | ||||||
2,677 | Farfetch Ltd., Class A (United Kingdom)* | 29,902 | ||||||
605 | Flutter Entertainment PLC (Ireland) | 63,877 | ||||||
1,156 | Foot Locker, Inc. | 41,905 | ||||||
4,584 | Frasers Group PLC (United Kingdom)* | 22,472 | ||||||
768 | Goldwin, Inc. (Japan) | 46,850 | ||||||
11,168 | Groupon, Inc.* | 14,965 | ||||||
856 | GrubHub, Inc.* | 41,182 | ||||||
2,052 | GSX Techedu, Inc. ADR (China)*(b) | 83,209 | ||||||
4,608 | GVC Holdings PLC (United Kingdom) | 46,474 | ||||||
2,617 | HelloFresh SE (Germany)* | 63,098 | ||||||
6,758 | JD Sports Fashion PLC (United Kingdom) | 63,618 | ||||||
4,033 | JD.com, Inc. ADR (China)* | 155,311 | ||||||
22,278 | Li Ning Co. Ltd. (China) | 58,603 | ||||||
438 | Lululemon Athletica, Inc.* | 95,226 | ||||||
1,771 | MakeMyTrip Ltd. (India)* | 40,751 | ||||||
11,207 | Meituan Dianping, Class B (China)* | 142,226 | ||||||
127 | MercadoLibre, Inc. (Argentina)* | 78,236 | ||||||
1,999 | Mercari, Inc. (Japan)* | 45,275 | ||||||
896 | New Oriental Education & Technology Group, Inc. ADR (China)* | 114,589 | ||||||
1,842 | NIKE, Inc., Class B | 164,638 | ||||||
3,721 | Ocado Group PLC (United Kingdom)* | 50,570 | ||||||
2,509 | Peloton Interactive, Inc., Class A* | 66,965 | ||||||
2,803 | Pinduoduo, Inc. ADR (China)* | 100,291 | ||||||
808 | Planet Fitness, Inc., Class A* | 54,532 | ||||||
808 | Puma SE (Germany) | 61,418 | ||||||
6,828 | Rakuten, Inc. (Japan) | 57,161 | ||||||
1,279 | Stitch Fix, Inc., Class A*(b) | 30,734 | ||||||
2,008 | TAL Education Group ADR (China)* | 109,215 | ||||||
803 | Thor Industries, Inc. | 60,554 | ||||||
2,429 | Trip.com Group Ltd. ADR (China)* | 73,744 | ||||||
3,667 | Under Armour, Inc., Class A* | 52,035 | ||||||
5,514 | Vipshop Holdings Ltd. ADR (China)* | 70,745 | ||||||
775 | Wayfair, Inc., Class A* | 48,988 | ||||||
1,309 | WW International, Inc.* | 39,270 | ||||||
1,380 | YETI Holdings, Inc.* | 41,745 | ||||||
1,907 | Zalando SE (Germany)*(a) | 82,805 | ||||||
3,760 | ZOZO, Inc. (Japan) | 52,776 | ||||||
|
| |||||||
4,435,028 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS MOTIF NEW AGE CONSUMER ETF
Schedule of Investments(continued)
February 29, 2020 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – 3.9% | ||||||||
695 | Beyond Meat, Inc.*(b) | $ | 62,307 | |||||
335 | Calavo Growers, Inc. | 24,271 | ||||||
803 | Cal-Maine Foods, Inc. | 28,017 | ||||||
1,459 | Fresh Del Monte Produce, Inc. | 40,006 | ||||||
984 | Herbalife Nutrition Ltd.* | 31,842 | ||||||
1,025 | Maruha Nichiro Corp. (Japan) | 21,533 | ||||||
3,865 | Nippon Suisan Kaisha Ltd. (Japan) | 18,310 | ||||||
2,635 | Pilgrim’s Pride Corp.* | 55,756 | ||||||
298 | Sanderson Farms, Inc. | 36,821 | ||||||
|
| |||||||
318,863 | ||||||||
|
| |||||||
Health Care – 1.7% | ||||||||
1,560 | Dechra Pharmaceuticals PLC (United Kingdom) | 52,724 | ||||||
342 | IDEXX Laboratories, Inc.* | 87,042 | ||||||
|
| |||||||
139,766 | ||||||||
|
| |||||||
Industrials – 0.5% | ||||||||
943 | en-japan, Inc. (Japan) | 26,017 | ||||||
1,906 | Upwork, Inc.* | 16,516 | ||||||
|
| |||||||
42,533 | ||||||||
|
| |||||||
Information Technology – 2.4% | ||||||||
828 | 2U, Inc.* | 19,466 | ||||||
846 | GoDaddy, Inc., Class A* | 59,203 | ||||||
1,078 | LivePerson, Inc.* | 28,524 | ||||||
1,752 | Sabre Corp. | 23,854 | ||||||
480 | Wix.com Ltd. (Israel)* | 64,334 | ||||||
|
| |||||||
195,381 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $8,179,858) | $ | 8,187,296 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 4.2%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
345,340 | 1.507% | $ | 345,340 | |||||
(Cost $345,340) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 104.0% | ||||||||
(Cost $8,525,198) | $ | 8,532,636 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (4.0)% | (331,975 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 8,200,661 | ||||||
|
|
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 | |
GDR | —Global Depositary Receipt | |
PLC | —Public Limited Company | |
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIFS ETFS
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
Motif Data-Driven World ETF | Motif Finance Reimagined ETF | Motif Human Evolution ETF | Motif Manufacturing Revolution ETF | |||||||||||||||
Assets: | ||||||||||||||||||
Investments at value (cost $16,354,754, $12,140,861, $13,247,931 and $6,430,694, respectively)(a) | $ | 16,354,754 | $ | 12,893,269 | $ | 13,159,290 | $ | 6,651,713 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 251,268 | 329,486 | 240,473 | 351,544 | ||||||||||||||
Cash | 14,950 | 19,656 | — | 12,378 | ||||||||||||||
Receivables: | ||||||||||||||||||
Dividends | 16,374 | 7,456 | 11,092 | 6,825 | ||||||||||||||
Foreign tax reclaims | 490 | — | 973 | 2,414 | ||||||||||||||
Securities lending income | 184 | 356 | 349 | 1,168 | ||||||||||||||
Total assets | 16,721,952 | 13,250,223 | 13,412,177 | 7,026,042 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Upon return of securities loaned | 251,268 | 329,486 | 240,473 | 351,544 | ||||||||||||||
Management fees | 6,278 | 5,418 | 4,733 | 2,918 | ||||||||||||||
Due to custodian | — | — | 7,179 | — | ||||||||||||||
Total liabilities | 257,546 | 334,904 | 252,385 | 354,462 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 16,124,084 | 12,121,524 | 13,103,224 | 6,184,790 | ||||||||||||||
Total distributable earnings | 340,322 | 793,795 | 56,568 | 486,790 | ||||||||||||||
NET ASSETS | $ | 16,464,406 | $ | 12,915,319 | $ | 13,159,792 | $ | 6,671,580 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 300,000 | 225,000 | 250,000 | 125,000 | ||||||||||||||
Net asset value per share: | $54.88 | $57.40 | $52.64 | $53.37 |
(a) | Includes loaned securities having a market value of $240,865, $312,051, $236,631 and $341,638, respectively. |
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MOTIFS ETFS
Statements of Assets and Liabilities(continued)
February 29, 2020 (Unaudited)
Motif New Age Consumer ETF | ||||||
Assets: |
| |||||
Investments at value (cost $8,179,858)(a) | $ | 8,187,296 | ||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 345,340 | |||||
Cash | 12,538 | |||||
Receivables: | ||||||
Dividends | 2,897 | |||||
Securities lending income | 596 | |||||
Foreign tax reclaims | 273 | |||||
Total assets | 8,548,940 | |||||
Liabilities: | ||||||
Payables: | ||||||
Upon return of securities loaned | 345,340 | |||||
Management fees | 2,939 | |||||
Total liabilities | 348,279 | |||||
Net Assets: | ||||||
Paid-in capital | 8,134,159 | |||||
Total distributable earnings | 66,502 | |||||
NET ASSETS | $ | 8,200,661 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 150,000 | |||||
Net asset value per share: | $54.67 |
(a) | Includes loaned securities having a market value of $320,583. |
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIFS ETFS
Statements of Operations
For the Six Months Ended February 29, 2020 (Unaudited)
Motif Data-Driven World ETF | Motif Finance Reimagined ETF | Motif Human Evolution ETF | Motif Manufacturing Revolution ETF | |||||||||||||||
Investment income: | ||||||||||||||||||
Dividends – unaffiliated issuers (net of foreign withholding taxes of $2,670, $1,646, $254 and $2,410, respectively) | $ | 171,995 | $ | 58,019 | $ | 29,513 | $ | 34,559 | ||||||||||
Securities lending income – unaffiliated issuers | 1,031 | 11,529 | 2,414 | 9,802 | ||||||||||||||
Total investment income | 173,026 | 69,548 | 31,927 | 44,361 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 27,966 | 26,938 | 22,005 | 14,482 | ||||||||||||||
Trustee fees | 2,453 | 2,458 | 2,440 | 2,416 | ||||||||||||||
Total expenses | 30,419 | 29,396 | 24,445 | 16,898 | ||||||||||||||
NET INVESTMENT INCOME | 142,607 | 40,152 | 7,482 | 27,463 | ||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments | 154,158 | 68,365 | 147,678 | 270,575 | ||||||||||||||
Foreign currency transactions | 177 | (60 | ) | (212 | ) | (165 | ) | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments | 57,111 | 180,277 | (1,565 | ) | 384,176 | |||||||||||||
Foreign currency translations | (107 | ) | (31 | ) | 29 | 3 | ||||||||||||
Net realized and unrealized gain | 211,339 | 248,551 | 145,930 | 654,589 | ||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 353,946 | $ | 288,703 | $ | 153,412 | $ | 682,052 |
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MOTIFS ETFS
Statements of Operations(continued)
For the Six Months Ended February 29, 2020 (Unaudited)
Motif New Age Consumer ETF | ||||||
Investment income: |
| |||||
Dividends – unaffiliated issuers (net of foreign withholding taxes of $352) | $ | 12,835 | ||||
Securities lending income – unaffiliated issuers | 8,641 | |||||
Total investment income | 21,476 | |||||
Expenses: | ||||||
Management fees | 12,154 | |||||
Trustee fees | 2,407 | |||||
Total expenses | 14,561 | |||||
NET INVESTMENT INCOME | 6,915 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) from: | ||||||
Investments | 72,005 | |||||
Foreign currency transactions | (131 | ) | ||||
Net change in unrealized gain (loss) on: | ||||||
Investments | (186,757 | ) | ||||
Foreign currency translations | 27 | |||||
Net realized and unrealized loss | (114,856 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (107,941 | ) |
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIFS ETFS
Statements of Changes in Net Assets
Motif Data-Driven World ETF | Motif Finance Reimagined ETF | |||||||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Period to | For the Six Months Ended February 29, 2020 (Unaudited) | For the Period March 1, 2019* to August 31, 2019 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 142,607 | $ | 29,851 | $ | 40,152 | $ | 26,946 | ||||||||||||||
Net realized gain (loss) | 154,335 | (14,756 | ) | 68,305 | (13,040 | ) | ||||||||||||||||
Net change in unrealized gain | 57,004 | 26,827 | 180,246 | 572,137 | ||||||||||||||||||
Net increase in net assets resulting from operations | 353,946 | 41,922 | 288,703 | 586,043 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (37,912 | ) | (17,634 | ) | (63,418 | ) | (17,533 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 5,880,827 | 10,243,257 | 1,572,794 | 10,548,730 | ||||||||||||||||||
Net increase in net assets resulting from share transactions | 5,880,827 | 10,243,257 | 1,572,794 | 10,548,730 | ||||||||||||||||||
TOTAL INCREASE | 6,196,861 | 10,267,545 | 1,798,079 | 11,117,240 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 10,267,545 | $ | — | $ | 11,117,240 | $ | — | ||||||||||||||
End of period | $ | 16,464,406 | $ | 10,267,545 | $ | 12,915,319 | $ | 11,117,240 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MOTIFS ETFS
Statements of Changes in Net Assets(continued)
Motif Human Evolution ETF | Motif Manufacturing Revolution ETF | |||||||||||||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Period March 1, 2019* to August 31, 2019 | For the Six Months Ended February 29, 2020 (Unaudited) | For the Period March 1, 2019* to August 31, 2019 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 7,482 | $ | 14,837 | $ | 27,463 | $ | 39,390 | ||||||||||||||
Net realized gain (loss) | 147,466 | (6,103 | ) | 270,410 | (12,337 | ) | ||||||||||||||||
Net change in unrealized gain (loss) | (1,536 | ) | (87,125 | ) | 384,179 | (163,179 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 153,412 | (78,391 | ) | 682,052 | (136,126 | ) | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (5,003 | ) | (13,450 | ) | (24,365 | ) | (34,771 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 4,234,982 | 8,868,242 | — | 6,184,790 | ||||||||||||||||||
Net increase in net assets resulting from share transactions | 4,234,982 | 8,868,242 | — | 6,184,790 | ||||||||||||||||||
TOTAL INCREASE | 4,383,391 | 8,776,401 | 657,687 | 6,013,893 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 8,776,401 | $ | — | $ | 6,013,893 | $ | — | ||||||||||||||
End of period | $ | 13,159,792 | $ | 8,776,401 | $ | 6,671,580 | $ | 6,013,893 |
* | Commencement of operations. |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIFS ETFS
Statements of Changes in Net Assets(continued)
Motif New Age Consumer ETF | ||||||||||
For the Six Months Ended February 29, 2020 (Unaudited) | For the Period March 1, 2019* to August 31, 2019 | |||||||||
From operations: |
| |||||||||
Net investment income | $ | 6,915 | $ | 4,414 | ||||||
Net realized gain (loss) | 71,874 | (4,863 | ) | |||||||
Net change in unrealized gain (loss) | (186,730 | ) | 194,187 | |||||||
Net increase (decrease) in net assets resulting from operations | (107,941 | ) | 193,738 | |||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (14,513 | ) | (4,782 | ) | ||||||
From share transactions: |
| |||||||||
Proceeds from sales of shares | 3,049,345 | 5,084,814 | ||||||||
Net increase in net assets resulting from share transactions | 3,049,345 | 5,084,814 | ||||||||
TOTAL INCREASE | 2,926,891 | 5,273,770 | ||||||||
Net assets: |
| |||||||||
Beginning of period | $ | 5,273,770 | $ | — | ||||||
End of period | $ | 8,200,661 | $ | 5,273,770 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MOTIFS ETFS
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized fromnon-recurring special dividends which amounted to $0.51 per share and 0.90% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIFS ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind 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. | 29 |
GOLDMAN SACHS MOTIFS ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIFS ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind 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. | 31 |
GOLDMAN SACHS MOTIFS ETFS
Financial Highlights(continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized fromnon-recurring special dividends which amounted to $0.02 per share and 0.04% of average net assets. |
(c) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result ofin-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MOTIFS ETFS
February 29, 2020 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is anopen-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 Motif Data-Driven World ETF (“Motif Data-Driven World ETF”) | Diversified | |
Goldman Sachs Motif Finance Reimagined ETF (“Motif Finance Reimagined ETF”) | Diversified | |
Goldman Sachs Motif Human Evolution ETF (“Motif Human Evolution ETF”) | Diversified | |
Goldman Sachs Motif Manufacturing Revolution ETF (“Motif Manufacturing Revolution ETF”) | Diversified | |
Goldman Sachs Motif New Age Consumer ETF (“Motif New Age Consumer ETF”) | Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). 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 principallyin-kind for a basket of securities and a cash amount, with respect to the Motif Data-Driven World ETF, Motif Finance Reimagined ETF, Motif Human Evolution ETF, Motif Manufacturing Revolution ETF and Motif New Age Consumer ETF issues and redeems Creation Units partially for cash and partiallyin-kind. 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 onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-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 or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
33
GOLDMAN SACHS MOTIFS ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/orpro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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).
34
GOLDMAN SACHS MOTIFS ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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. The Trustees have delegated to GSAMday-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 may be valued at the closing bid price for long positions and at the closing ask price for short positions. 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.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2020:
MOTIF DATA-DRIVEN WORLD ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 3,213,002 | $ | — | $ | — | ||||||
Europe | 1,336,058 | — | — | |||||||||
North America | 11,889,626 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 251,268 | — | — | |||||||||
Total | $ | 16,689,954 | $ | — | $ | — |
35
GOLDMAN SACHS MOTIFS ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
MOTIF FINANCE REIMAGINED ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 1,237,215 | $ | — | $ | — | ||||||
Europe | 1,650,475 | — | — | |||||||||
North America | 9,709,303 | — | — | |||||||||
South America | 296,276 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 329,486 | — | — | |||||||||
Total | $ | 13,222,755 | $ | — | $ | — | ||||||
MOTIF HUMAN EVOLUTION ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 872,781 | $ | — | $ | — | ||||||
Europe | 2,639,730 | — | — | |||||||||
North America | 9,616,427 | — | — | |||||||||
Australia | 30,352 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 240,473 | — | — | |||||||||
Total | $ | 13,399,763 | $ | — | $ | — | ||||||
MOTIF MANUFACTURING REVOLUTION ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 1,316,405 | $ | — | $ | — | ||||||
Europe | 1,459,462 | — | — | |||||||||
North America | 3,841,867 | — | — | |||||||||
South America | 33,979 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 351,544 | — | — | |||||||||
Total | $ | 7,003,257 | $ | — | $ | — | ||||||
MOTIF NEW AGE CONSUMER ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 3,205,831 | $ | 19,097 | $ | — | ||||||
Europe | 968,575 | — | — | |||||||||
North America | 3,860,767 | — | — | |||||||||
South America | 133,026 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 345,340 | — | — | |||||||||
Total | $ | 8,513,539 | $ | 19,097 | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedules of Investments.
36
GOLDMAN SACHS MOTIFS ETFS
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s12b-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 six months ended February 29, 2020, unitary management fees with GSAM were 0.50% for each Fund.
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.
Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
Share activity is as follows:
Motif Data-Driven World ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Period March 1, 2019* through August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 100,000 | $ | 5,880,959 | 200,000 | $ | 10,242,706 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | 100,000 | $ | 5,880,959 | 200,000 | $ | 10,242,706 |
37
GOLDMAN SACHS MOTIFS ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Motif Finance Reimagined ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Period March 1, 2019* through August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 25,000 | $ | 1,572,794 | 200,000 | $ | 10,548,731 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | 25,000 | $ | 1,572,794 | 200,000 | $ | 10,548,731 | ||||||||||
Motif Human Evolution ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Period March 1, 2019* through August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 75,000 | $ | 4,234,982 | 175,000 | $ | 8,869,648 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | 75,000 | $ | 4,234,982 | 175,000 | $ | 8,869,648 | ||||||||||
Motif Manufacturing Revolution ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Period March 1, 2019* through August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | 125,000 | $ | 6,183,762 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | — | $ | — | 125,000 | $ | 6,183,762 | ||||||||||
Motif New Age Consumer ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended (Unaudited) | For the Period March 1, 2019* through August 31, 2019 | |||||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 50,000 | $ | 3,048,840 | 100,000 | $ | 5,083,282 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | 50,000 | $ | 3,048,840 | 100,000 | $ | 5,083,282 |
* | Commencement of operations. |
38
GOLDMAN SACHS MOTIFS ETFS
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the period ended February 29, 2020, were as follows:
Fund | Purchases | Sales | ||||||||
Motif Data-Driven World ETF | $ | 1,736,335 | $ | 1,463,227 | ||||||
Motif Finance Reimagined ETF | 748,192 | 737,857 | ||||||||
Motif Human Evolution ETF | 1,473,907 | 1,393,535 | ||||||||
Motif Manufacturing Revolution ETF | 862,650 | 851,517 | ||||||||
Motif New Age Consumer ETF | 592,439 | 446,496 |
The purchases and sales fromin-kind creation and redemption transactions for the period ended February 29, 2020, were as follows:
Fund | Purchases | Sales | ||||||||
Motif Data-Driven World ETF | $ | 5,695,693 | $ | — | ||||||
Motif Finance Reimagined ETF | 1,575,607 | — | ||||||||
Motif Human Evolution ETF | 4,214,409 | — | ||||||||
Motif Manufacturing Revolution ETF | — | — | ||||||||
Motif New Age Consumer ETF | 2,915,757 | — |
7. 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.
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 Rule2a-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
39
GOLDMAN SACHS MOTIFS ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
7. SECURITIES LENDING (continued) |
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 thenon-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 ofset-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 February 29, 2020, 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 six months ended February 29, 2020, 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 six months ended February 29, 2020:
Fund | Beginning value as of August 31, 2019 | Purchases at Cost | Proceeds from Sales | Ending value as of February 29, 2020 | ||||||||||||
Motif Data-Driven World ETF | $ | 95,421 | $ | 1,951,633 | $(1,795,786) | 251,268 | ||||||||||
Motif Finance Reimagined ETF | 334,439 | 3,503,776 | (3,508,729) | 329,486 | ||||||||||||
Motif Human Evolution ETF | 387,038 | 1,824,897 | (1,971,462) | 240,473 | ||||||||||||
Motif Manufacturing Revolution ETF | 295,431 | 1,836,521 | (1,780,408) | 351,544 | ||||||||||||
Motif New Age Consumer ETF | 300,049 | 2,330,386 | (2,285,095 | ) | 345,340 |
8. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2019, the Funds’ capital loss carryforwards on atax-basis were as follows:
Motif Data-Driven World ETF | Motif Finance Reimagined ETF | Motif Human Evolution ETF | Motif Manufacturing Revolution ETF | Motif New Age Consumer ETF | ||||||||||||||||
Capital loss carryforwards (Perpetual Short-Term) | $ | (13,719 | ) | $ | (8,366 | ) | $ | (3,268 | ) | $ | (10,345 | ) | $ | (11,966 | ) |
As of February 29, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Motif Data-Driven World ETF | Motif Finance Reimagined ETF | Motif Human Evolution ETF | Motif Manufacturing Revolution ETF | Motif New Age Consumer ETF | ||||||||||||||||
Tax Cost | $ | 16,607,351 | $ | 12,494,492 | $ | 13,491,790 | $ | 6,785,679 | $ | 8,525,198 | ||||||||||
Gross unrealized gain | 1,159,304 | 1,316,354 | 743,755 | 691,383 | 633,589 | |||||||||||||||
Gross unrealized loss | (1,076,701 | ) | (588,091 | ) | (835,782 | ) | (473,805 | ) | (626,151 | ) | ||||||||||
Net unrealized gains (losses) | $ | 82,603 | $ | 728,263 | $ | (92,027 | ) | $ | 217,578 | $ | 7,438 |
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GOLDMAN SACHS MOTIFS ETFS
8. TAX INFORMATION (continued) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current year) 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.
9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.
Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.
Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Index Risk — Motif Capital Management, Inc. (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the
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GOLDMAN SACHS MOTIFS ETFS
Notes to Financial Statements(continued)
February 29, 2020 (Unaudited)
9. OTHER RISKS (continued) |
allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.
Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
10. 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.
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GOLDMAN SACHS MOTIFS ETFS
11. SUBSEQUENT EVENTS |
At a meeting held on April 21, 2020, the Board of Trustees of the Goldman Sachs ETF Trust approved certain changes to the Funds’ names.
Effective on or about May 15, 2020, the Funds’ names will change as set forth in the following table:
Current Names | New Names | |
Goldman Sachs Motif Data-Driven World ETF | Goldman Sachs Data-Driven World ETF | |
Goldman Sachs Motif Finance Reimagined ETF | Goldman Sachs Finance Reimagined ETF | |
Goldman Sachs Motif Human Evolution ETF | Goldman Sachs Human Evolution ETF | |
Goldman Sachs Motif Manufacturing Revolution ETF | Goldman Sachs Manufacturing Revolution ETF | |
Goldman Sachs Motif New Age Consumer ETF | Goldman Sachs New Age Consumer ETF |
Other than noted above, 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.
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GOLDMAN SACHS MOTIFS ETFS
Fund Expenses — Six Months ended 2/29/2020 (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 Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2019 and held for the six months ended February 29, 2020, which represents a period of 182 days of a 366 day year (or less where indicated).
ActualExpenses — 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.
HypotheticalExampleforComparisonPurposes — 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.
Motif Data-Driven World ETF | Motif Finance Reimagined ETF | Motif Human Evolution ETF | ||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,072.50 | $ | 2.58 | $ | 1,000 | $ | 1,038.40 | $ | 2.53 | $ | 1,000 | $ | 1,050.20 | $ | 2.55 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.38 | + | 2.51 | 1,000 | 1,022.38 | + | 2.51 | 1,000 | 1,022.38 | + | 2.51 |
Motif Manufacturing Revolution ETF | Motif New Age Consumer ETF | |||||||||||||||||||||||
Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | Beginning Account Value 9/1/19 | Ending Account Value 2/29/20 | Expenses Paid* | |||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,113.30 | $ | 2.63 | $ | 1,000 | $ | 1,039.40 | $ | 2.54 | ||||||||||||
Hypothetical 5% return | 1,000 | 1,022.38 | + | 2.51 | 1,000 | 1,022.38 | + | 2.51 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | Expenses for each Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 29, 2020. 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 | ||||
Motif Data-Driven World ETF | 0.50 | % | ||
Motif Finance Reimagined ETF | 0.50 | |||
Motif Human Evolution ETF | 0.50 | |||
Motif Manufacturing Revolution ETF | 0.50 | |||
Motif New Age Consumer ETF | 0.50 |
44
GOLDMAN SACHS MOTIFS ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Motif ETFs (Unaudited)
Background
The Goldman Sachs Motif Data-Driven World ETF, Goldman Sachs Motif Finance Reimagined ETF, Goldman Sachs Motif Human Evolution ETF, Goldman Sachs Motif Manufacturing Revolution ETF and Goldman Sachs Motif New Age Consumer ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was approved for continuation until September 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held onSeptember 17-18, 2019 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”); |
(e) | with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(g) | a summary of the“fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(h) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(i) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(j) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(k) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the
45
GOLDMAN SACHS MOTIFS ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Motif ETFs (Unaudited) (continued)
Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services andnon-advisory services that are 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 Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, 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 Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future.The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund against its peer group identified by the Outside Data Provider using updated performance information prepared by the Investment Adviser as of June 30, 2019. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its index.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
Unitary Fee Structure and Profitability
The Trustees considered the contractual fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single 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 rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. The Trustees noted that a license fee would be payable by the Investment Adviser to Motif Capital Management, Inc. for the use of its indices. The Trustees also considered information previously provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
46
GOLDMAN SACHS MOTIFS ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Motif ETFs (Unaudited) (continued)
The Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser’s representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Funds do not have management fee breakpoints. The Trustees considered information previously provided regarding each Fund’s fee structure, the amounts of assets in each Fund, each Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) 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 Funds; and (d) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ 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 fee paid by each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until September 30, 2020.
47
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, theConsumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.69 trillion in assets under supervision as of December 31, 2019, Goldman Sachs Asset Management (“GSAM”) 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. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Motif Data-Driven World ETF |
Goldman Sachs Motif Finance Reimagined ETF |
Goldman Sachs Motif Human Evolution ETF |
Goldman Sachs Motif Manufacturing Revolution ETF |
Goldman Sachs Motif New Age Consumer ETF |
INDEX DISCLAIMERS
The Motif Data-Driven World Index, Motif Finance Reimagined Index, Motif Human Evolution Index, Motif Manufacturing Revolution Index and Motif New Age Consumer Index were developed and are maintained by Motif Capital Management, Inc. (the “Index Provider”) and calculated by Solactive AG (the “Calculation Agent”). The Index Provider determines the composition and relative weightings of the securities in each Index. The Calculation Agent publishes information regarding the market value of each Index. A Fund may hire an affiliate of the Fund and/or the Investment Adviser to serve as calculation agent and/or index provider.
“Motif” is a trademark of Motif Capital Management, Inc. or its affiliates and has been licensed for use in connection with the issuance and distribution of the Funds. The Funds are not sponsored by, endorsed, sold or promoted by Motif Capital Management, Inc., and Motif Capital Management, Inc. makes no representation regarding the advisability of investing in them.
TRUSTEES Lawrence W. Stranghoener,Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website atwww.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 Funds are recently or newly organized and have limited operating history.
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.
The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the FormN-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 February 29, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.
The Funds are recently or newly organized and have limited operating history. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
© 2020 Goldman Sachs. All rights reserved. 200067-OTU-04/2020 GST 1137 MOTIFSAR-20
ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Caroline Dorsa is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The information required by this Item is only required in an annual report on this Form N-CSR.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, and Caroline Dorsa, each a Trustee of the Registrant. |
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and15d-15(b) under the Securities Exchange Act of 1934, as amended. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
(a)(1) | Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is filed herewith. | |||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(a)(3) | Not applicable to open-end investment companies. | |||
(a)(4) | There was no change in the registrant’s independent public accountant for the period covered by this report. | |||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Goldman Sachs ETF Trust | ||
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 5, 2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 5, 2020 | |
By: | /s/ Joseph F. DiMaria | |
| ||
Joseph F. DiMaria | ||
Principal Financial Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 5, 2020 |