Goldman Sachs ETF Trust (GPRF) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23013

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: August 31, 2017

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	August 31, 2017
	Goldman Sachs ETFs
	Access Investment Grade Corporate Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Results and Fund Basics	3
Schedule of Investments	8
Financial Statements	16
Financial Highlights	19
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	30
Other Information	31

NOT FDIC-INSURED May Lose Value No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Access Investment Grade Corporate Bond ETF

Principal Investment Strategies

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index. The Citi Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. As of May 31, 2017, there were 1,941 constituents in the Index and the Index had a weighted average maturity of 10.5 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”) and is based on the Citi US Broad Investment Grade (USBIG^®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.

Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituent securities of the Reference Index. The Reference Index includes investment grade corporate bonds that have a minimum of one year to maturity and are rated at least BBB- by Standard & Poor’s Ratings Services (“S&P”) or Baa3 by Moody’s Investors Services, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $750 million outstanding and a minimum issuer size of $2 billion are included in the Universe.

Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors: operating margin and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.

The Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituent securities on the basis of the fundamental factors (as described above).

The Investment Adviser uses a representative sampling strategy to manage the Fund.

“Representative sampling” is an indexing strategy in which the Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of the Index. The securities selected for investment by the Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index.

The Fund may concentrate its investments (i.e. hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

1

INVESTMENT PROCESS

The Fund may also invest up to 20% of its assets in securities and other instruments not included in the Index but which the Investment Adviser believes are correlated to the Index, as well as in, among other instruments, futures (including index futures), swaps, other derivatives, investment companies (including exchange-traded funds (“ETFs”), cash and cash equivalents and money market instruments.

At the end of the Reporting Period (i.e., June 6, 2017 through August 31, 2017), we continued to believe the Fund may provide investors with smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors historically associated with volatility and underperformance.*

* Smart beta refers to quantitative index-based strategies. Liquidity is the ability to invest or redeem during market hours. Volatility refers to the annualized standard deviation of returns.

2

PORTFOLIO RESULTS

Goldman Sachs Access Investment Grade Corporate Bond ETF

Investment Objective

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi Goldman Sachs Investment Grade Corporate Bond Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income and Liquidity Solution Team discusses the Fund’s performance and positioning for the period since its commencement of operations on June 6, 2017 through August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 1.19% based on net asset value (“NAV”) and 1.11% based on market price.¹ The Index returned 1.26% during the same period.

The Fund had a NAV of $49.90 per share on the date of commencement of operations and ended the Reporting Period with a NAV of $50.28 per share. The Fund’s market price on August 31, 2017 was $50.24 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is designed to measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”) and is based on the Citi US Broad Investment Grade (USBIG^®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based and the securities in the Index are rebalanced on the last business day of each month.

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

During the Reporting Period, the Fund posted positive absolute returns that closely tracked those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index.

Overall, investment grade corporate bond returns are driven by three primary factors — yield, duration (whether interest rates are rising or falling) and spreads (or a widening or tightening of the yield differential to U.S. Treasuries). During the Reporting Period, interest rates declined and spreads tightened, both of which supported the total return of the sector.

Early in the Reporting Period, i.e. in June 2017, the U.S. Federal Reserve (the “Fed”) raised the targeted federal funds rate, while central banks in other key markets kept their monetary policies unchanged. The yield on the 10-year U.S. Treasury moved wider by approximately 25 basis points in the weeks following, before falling back below levels seen at the start of the Reporting Period. (A basis point is 1/100th of a percentage point.) Investment grade credit spreads tightened during the Reporting Period overall, although widened a bit in August 2017. In the month of August, market volatility had begun to heighten as domestic and international geopolitical developments created some

¹  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 forth period from commencement of investment operations to the first day of secondary market trading to calculate the market price returns.

3

PORTFOLIO RESULTS

uncertainty. Escalating tensions in the Korean Peninsula particularly sent equity markets lower and global government bond prices higher. Overall, however, corporate credit markets were underpinned by strong corporate earnings and firm demand.

At the end of the Reporting Period, we believed it likely the U.S. economy would continue to grow in the months ahead, albeit modestly. We also believed the Fed would hike interest rates again before year-end 2017 and that U.S. Treasury rates may well rise, especially in the intermediate portion of the yield curve, or spectrum of maturities. Should this rising rate scenario materialize against a backdrop of tight valuations and a potential pick-up in volatility due in part to an unwinding of quantitative easing, it was our view at the end of the Reporting Period that investment grade credit spreads may remain range-bound for the near term.

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

A The Fund does not employ derivatives.

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day SEC yield at the end of the Reporting Period?²

A The Fund had a weighted average duration of 7.18 years, a weighted average maturity of 10.57 years and a weighted average coupon of 3.95% as of August 31, 2017. The 30-day SEC yield of the Fund at the end of the Reporting Period was 0.96%.

Q What was the Fund’s credit allocation at the end of the Reporting Period?

A

AAA	2.4	%
AA	13.8	%
A	34.9	%
BBB	47.6	%
BB	1.0	%
Cash	0.3	%

Q What was the Fund’s industry allocation at the end of the Reporting Period?

A Of the 97% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 33% was in financials, 62% in industrials and 2% in utilities.

Q What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?³

A While 100% of Index constituents were investment grade corporate bonds, the Fund was 97% invested in investment grade corporate bonds, 1% invested in high yield corporate bonds, 1.7% invested in emerging market debt and 0.3% in cash at the end of the Reporting Period.

²  Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.)

A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. The method of calculation of the 30-Day Standardized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price per share on the last day of the period. This number is then annualized.

³  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi Goldman Sachs Investment Grade Corporate Bond Index.

4

FUND BASICS

Access Investment Grade Corporate Bond ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	50.24
Net Asset Value (NAV)1	$	50.28

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.

PERFORMANCE REVIEW
June 6, 2017– August 31, 2017	Fund Total Return (based on NAV)2	Fund Total Return (based on Market Price)2			Citi Goldman Sachs Investment Grade Corporate Bond Index3
Shares	1.19%		1.11	%		1.26	%

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 as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. 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” 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 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 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 or redemption of Fund shares.

5

FUND BASICS

30-DAY STANDARDIZED YIELD4
	30-Day Standardized Yield4
Shares	2.84%

⁴  The method of calculation of the 30-Day Standardized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price per share on the last day of the period. This number is then annualized.

EXPENSE RATIO5
	Expense Ratio
Shares	0.14%

⁵  The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/176
Holding	Maturity Date	% of Net Assets			Line of Business
MetLife, Inc., Series D, 4.37%	9/15/23		1.0	%	Financials
HSBC Holdings PLC, 6.50%	9/15/37		0.9		Financials
Anheuser-Busch InBev Finance,	2/1/19		0.9		Food & Beverage
Inc., 1.90%
Oracle Corp., 2.80%	7/8/21		0.9		Information Technology
ING Groep NV, 3.95%	3/29/27		0.8		Financials
Morgan Stanley, Series GMTN,	7/28/21		0.8		Financials
5.50%
United Technologies Corp.,	11/1/21		0.8		Industrials
1.95%
HCP, Inc., 4.25%	11/15/23		0.8		Real Estate
JPMorgan Chase & Co., 2.97%	1/15/23		0.7		Financials
Intel Corp., 2.45%	7/29/20		0.7		Information Technology

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

6

FUND BASICS

INDUSTRY ALLOCATION AS OF 8/31/177
Industry	% of Net Assets
Financials		32.3	%
Information Technology		12.5
Energy		10.0
Health Care		7.4
Telecommunication Services		7.0
Consumer Staples		6.0
Consumer Discretionary		5.6
Food & Beverage		3.1
Industrials		2.7
Materials		2.7
Consumer, Non-cyclical		2.7
Utilities		2.2
Consumer Cyclical		1.6
Real Estate		1.2
Distributors		0.9
Transportation		0.4
Brokerage		0.2
Products		0.2
Capital Goods		0.0
Other		1.3

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities.

7

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 78.8%
Aerospace & Defense – 1.8%
	Arconic, Inc.
$	120,000		5.400	%		04/15/21	$	128,430
	Lockheed Martin Corp.
	370,000		3.800			03/01/45		366,984
	180,000		4.700			05/15/46		204,443
	United Technologies Corp.
	1,410,000		1.950			11/01/21		1,396,518
	370,000		3.125			05/04/27		373,002
	320,000		5.700			04/15/40		399,430
	250,000		3.750			11/01/46		241,452
								3,110,259
Air Freight & Logistics – 0.6%
	FedEx Corp.
	360,000		4.550			04/01/46		384,065
	United Parcel Service, Inc.
	750,000		2.450			10/01/22		761,402
								1,145,467
Automobiles – 0.4%
	General Motors Co.
	288,000		3.500			10/02/18		292,880
	180,000		6.250			10/02/43		202,402
	120,000		6.750			04/01/46		141,709
								636,991
Banks – 15.8%
	Bank of America Corp.
	300,000		6.875			11/15/18		317,915
	500,000		7.750			05/14/38		733,134
	Bank of America Corp., GMTN
	830,000		3.300			01/11/23		854,621
	50,000		3.500			04/19/26		50,942
	Bank of America Corp., Series L
	190,000		4.183			11/25/27		196,396
	Bank of America Corp., MTN
	620,000		5.000			05/13/21		678,243
	30,000		3.875			08/01/25		31,602
	520,000		3.248			10/21/27		510,760
	730,000		5.000			01/21/44		843,264
	Bank of America NA
	430,000		2.050			12/07/18		432,199
	Branch Banking & Trust Co.
	250,000		2.100			01/15/20		251,581
	Capital One Bank USA NA
	550,000		2.250			02/13/19		552,439
	800,000		3.375			02/15/23		816,363
	Capital One NA/Mclean VA
	560,000		2.350			01/31/20		561,796
	Citigroup, Inc.
	1,020,000		8.500			05/22/19		1,130,381
	446,000		2.350			08/02/21		445,168
	300,000		4.500			01/14/22		324,156
	30,000		3.875			10/25/23		31,659
	500,000		3.875			03/26/25		513,948
	500,000		3.300			04/27/25		508,205
	350,000		3.700			01/12/26		360,981
Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc. – (continued)
	740,000		3.200			10/21/26		733,777
	510,000		4.450			09/29/27		541,353
	20,000		4.125			07/25/28		20,634
	170,000		5.875			01/30/42		216,466
	30,000		6.675			09/13/43		40,900
	448,000		4.650			07/30/45		497,237
	Discover Bank
	540,000		4.200			08/08/23		575,969
	580,000		3.450			07/27/26		575,281
	JPMorgan Chase & Co.
	489,000		2.350			01/28/19		493,527
	375,000		4.400			07/22/20		400,372
	250,000		4.250			10/15/20		266,364
	30,000		4.625			05/10/21		32,550
	827,000		4.500			01/24/22		899,730
	20,000		3.250			09/23/22		20,697
	1,325,000		2.972			01/15/23		1,348,449
	500,000		3.200			06/15/26		500,472
	485,000		3.625			12/01/27		490,277
	300,000		6.400			05/15/38		401,775
	300,000		5.500			10/15/40		369,084
	430,000		5.600			07/15/41		537,554
	250,000		5.400			01/06/42		305,964
	60,000		4.850			02/01/44		69,470
	KeyBank NA
	600,000		2.500			12/15/19		611,266
	PNC Bank NA
	765,000		1.800			11/05/18		766,751
	PNC Bank NA, MTN
	260,000		2.600			07/21/20		264,862
	PNC Financial Services Group, Inc. (The)
	840,000		4.375			08/11/20		897,010
	Santander Holdings USA, Inc.
	820,000		3.700	(a)		03/28/22		837,893
	US Bank NA
	290,000		2.125			10/28/19		292,429
	250,000		2.000			01/24/20		251,279
	Wells Fargo & Co.
	350,000		3.069			01/24/23		358,067
	170,000		3.000			04/22/26		167,992
	900,000		3.000			10/23/26		889,538
	Wells Fargo & Co., GMTN
	300,000		4.300			07/22/27		320,218
	490,000		4.900			11/17/45		543,484
	Wells Fargo & Co., Series M
	750,000		3.450			02/13/23		773,841
	Wells Fargo & Co., MTN
	1,000,000		4.600			04/01/21		1,081,225
	Wells Fargo Bank NA, MTN
	1,000,000		2.150			12/06/19		1,007,783
								28,547,293
Beverages – 1.5%
	Coca-Cola Co. (The)
	590,000		1.550			09/01/21		583,859
	Molson Coors Brewing Co.
	50,000		4.200			07/15/46		49,929

8 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)
Beverages – (continued)
	PepsiCo, Inc.
$	600,000		3.000	%		08/25/21	$	624,840
	1,100,000		2.750			03/05/22		1,134,745
	100,000		4.875			11/01/40		117,503
	330,000		3.450			10/06/46		316,608
								2,827,484
Biotechnology – 3.2%
	AbbVie, Inc.
	30,000		3.200			11/06/22		30,832
	180,000		3.600			05/14/25		186,020
	270,000		4.500			05/14/35		289,892
	50,000		4.300			05/14/36		52,239
	300,000		4.700			05/14/45		326,041
	Amgen, Inc.
	100,000		2.200			05/22/19		100,612
	780,000		3.450			10/01/20		811,739
	790,000		4.400			05/01/45		827,839
	200,000		4.663			06/15/51		218,604
	Celgene Corp.
	320,000		3.550			08/15/22		336,105
	250,000		5.000			08/15/45		286,838
	Gilead Sciences, Inc.
	200,000		3.250			09/01/22		208,596
	460,000		3.650			03/01/26		483,762
	240,000		4.800			04/01/44		266,686
	250,000		4.750			03/01/46		279,043
	710,000		4.150			03/01/47		732,304
								5,437,152
Brokerage – 0.2%
	Jefferies Group LLC
	250,000		4.850			01/15/27		266,096
Capital Goods – 0.0%
	Caterpillar Financial Services Corp.
	60,000		1.700			08/09/21		59,163
Capital Markets – 3.5%
	Bank of New York Mellon Corp. (The), Series G
	800,000		3.000			02/24/25		813,296
	Bank of New York Mellon Corp. (The), MTN
	500,000		2.600			08/17/20		509,861
	20,000		2.800			05/04/26		19,897
	100,000		2.450			08/17/26		96,727
	40,000		3.250			05/16/27		41,025
	BlackRock, Inc.
	200,000		3.500			03/18/24		212,020
	Morgan Stanley
	550,000		4.875			11/01/22		600,386
	640,000		3.950			04/23/27		653,508
	556,000		6.375			07/24/42		751,230
	20,000		4.300			01/27/45		20,930
	30,000		4.375			01/22/47		31,943
	Morgan Stanley, Series F
	245,000		3.875			04/29/24		257,867
	Morgan Stanley, GMTN
	1,290,000		5.500			07/28/21		1,435,767
Corporate Obligations – (continued)
Capital Markets – (continued)
	Morgan Stanley, GMTN – (continued)
	25,000		3.700			10/23/24		26,038
	Morgan Stanley, MTN
	500,000		2.625			11/17/21		503,858
	240,000		3.125			07/27/26		237,380
	State Street Corp.
	180,000		2.650			05/19/26		177,551
								6,389,284
Chemicals – 1.6%
	Dow Chemical Co. (The)
	650,000		8.550			05/15/19		721,426
	280,000		5.250			11/15/41		320,738
	160,000		4.375			11/15/42		164,867
	Eastman Chemical Co.
	520,000		3.600			08/15/22		541,463
	LyondellBasell Industries NV
	350,000		5.000			04/15/19		365,791
	550,000		5.750			04/15/24		633,016
	130,000		4.625			02/26/55		131,051
								2,878,352
Communications – 1.9%
	Charter Communications Operating LLC / Charter Communications Operating Capital
	530,000		3.579			07/23/20		544,234
	700,000		4.464			07/23/22		737,985
	340,000		6.384			10/23/35		389,983
	180,000		6.484			10/23/45		208,166
	NBCUniversal Media LLC
	175,000		5.950			04/01/41		223,050
	Time Warner Cable LLC
	700,000		8.250			04/01/19		766,510
	120,000		7.300			07/01/38		148,488
	160,000		5.875			11/15/40		172,306
	330,000		4.500			09/15/42		302,533
								3,493,255
Communications Equipment – 0.5%
	Cisco Systems, Inc.
	85,000		1.600			02/28/19		85,149
	360,000		3.625			03/04/24		386,212
	260,000		5.900			02/15/39		342,616
								813,977
Consumer Cyclical – 1.6%
	General Motors Financial Co., Inc.
	180,000		3.150			01/15/20		183,596
	870,000		3.200			07/13/20		889,681
	530,000		3.450			04/10/22		540,383
	250,000		4.350			01/17/27		257,217
	Toyota Motor Credit Corp., MTN
	1,053,000		1.700			02/19/19		1,055,333
								2,926,210
Consumer Finance – 0.4%
	Capital One Financial Corp.
	230,000		3.200			02/05/25		230,719

The accompanying notes are an integral part of these financial statements. 9

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Consumer Finance – (continued)
	Capital One Financial Corp. – (continued)
$	500,000		4.200	%		10/29/25	$	516,503
								747,222
Consumer Noncyclical – 1.1%
	Allergan Funding SCS
	200,000		3.450			03/15/22		207,283
	590,000		3.800			03/15/25		616,174
	750,000		4.550			03/15/35		808,323
	40,000		4.750			03/15/45		43,918
	Shire Acquisitions Investments Ireland DAC
	270,000		2.875			09/23/23		269,143
	Wyeth LLC
	150,000		5.950			04/01/37		199,118
								2,143,959
Containers & Packaging – 0.2%
	International Paper Co.
	130,000		3.000			02/15/27		126,370
	190,000		4.400			08/15/47		193,556
								319,926
Distributors – 0.9%
	American Honda Finance Corp.
	222,000		2.125			10/10/18		223,391
	American Honda Finance Corp., GMTN
	1,030,000		1.700			09/09/21		1,016,585
	General Motors Financial Co., Inc.
	340,000		4.200			03/01/21		357,089
								1,597,065
Diversified Financial Services – 0.1%
	Berkshire Hathaway, Inc.
	250,000		3.125			03/15/26		255,604
Diversified Telecommunication – 6.0%
	AT&T, Inc.
	510,000		2.300			03/11/19		513,375
	1,170,000		5.000			03/01/21		1,269,437
	30,000		2.625			12/01/22		29,786
	25,000		3.800			03/01/24		25,773
	340,000		3.400			08/14/24		343,197
	600,000		3.400			05/15/25		598,884
	30,000		4.125			02/17/26		31,144
	100,000		4.250			03/01/27		103,983
	550,000		3.900			08/14/27		556,904
	25,000		4.500			05/15/35		24,555
	300,000		5.250			03/01/37		318,205
	180,000		6.550			02/15/39		216,752
	320,000		5.150			03/15/42		326,814
	230,000		4.800			06/15/44		224,287
	150,000		4.350			06/15/45		136,731
	210,000		4.750			05/15/46		202,084
	90,000		5.450			03/01/47		94,943
	240,000		4.500			03/09/48		223,151
	230,000		4.550			03/09/49		213,382
Corporate Obligations – (continued)
Diversified Telecommunication – (continued)
	AT&T, Inc. – (continued)
	470,000		5.150			02/14/50		476,058
	140,000		5.700			03/01/57		150,245
	Verizon Communications, Inc.
	1,290,000		2.946			03/15/22		1,314,342
	210,000		5.150			09/15/23		234,693
	150,000		4.400			11/01/34		150,742
	290,000		5.250			03/16/37		313,789
	530,000		4.812			03/15/39		539,532
	100,000		3.850			11/01/42		87,021
	70,000		4.125			08/15/46		62,365
	233,000		4.862			08/21/46		232,769
	110,000		5.500			03/16/47		119,547
	190,000		4.522			09/15/48		178,079
	350,000		5.012			04/15/49		352,949
	750,000		5.012			08/21/54		738,039
	290,000		4.672			03/15/55		271,710
								10,675,267
Electric – 0.1%
	Exelon Generation Co. LLC
	200,000		5.600			06/15/42		209,389
Electric Utilities – 1.6%
	Duke Energy Corp.
	250,000		3.750			04/15/24		265,362
	250,000		2.650			09/01/26		242,245
	90,000		3.750			09/01/46		87,543
	Exelon Corp.
	600,000		2.850			06/15/20		613,128
	200,000		3.497			06/01/22		207,487
	250,000		3.950			06/15/25		264,622
	FirstEnergy Corp., Series B
	1,000,000		3.900			07/15/27		1,021,541
	Pacific Gas & Electric Co.
	200,000		6.050			03/01/34		260,871
								2,962,799
Energy – 1.8%
	ConocoPhillips Co.
	400,000		4.950			03/15/26		449,413
	ConocoPhillips Holding Co.
	130,000		6.950			04/15/29		171,055
	Devon Financing Co. LLC
	150,000		7.875			09/30/31		196,828
	Enterprise Products Operating LLC
	220,000		3.750			02/15/25		229,316
	150,000		4.850			03/15/44		160,683
	220,000		5.100			02/15/45		244,992
	Plains All American Pipeline LP / PAA Finance Corp.
	380,000		4.650			10/15/25		396,120
	Sabine Pass Liquefaction LLC
	610,000		5.875			06/30/26		683,581
	Williams Partners LP / ACMP Finance Corp.
	680,000		4.875			03/15/24		711,237
								3,243,225

10 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)
Energy Equipment & Services – 0.3%
	Halliburton Co.
$	350,000		3.800	%		11/15/25	$	362,882
	230,000		5.000			11/15/45		250,046
	National Oilwell Varco, Inc.
	50,000		3.950			12/01/42		42,491
								655,419
Equity Real Estate Investment – 1.2%
	Crown Castle International Corp.
	740,000		5.250			01/15/23		826,407
	50,000		3.650			09/01/27		50,384
	HCP, Inc.
	1,270,000		4.250			11/15/23		1,362,625
								2,239,416
Food & Staples Retailing – 3.3%
	Costco Wholesale Corp.
	864,000		2.300			05/18/22		870,452
	CVS Health Corp.
	810,000		2.800			07/20/20		825,612
	1,000,000		2.125			06/01/21		996,175
	610,000		3.500			07/20/22		638,324
	110,000		5.125			07/20/45		127,874
	Walgreens Boots Alliance, Inc.
	450,000		3.450			06/01/26		452,106
	Wal-Mart Stores, Inc.
	910,000		5.250			09/01/35		1,122,142
	150,000		5.625			04/15/41		195,379
	500,000		4.750			10/02/43		591,677
								5,819,741
Food and Beverage – 1.1%
	Kraft Heinz Foods Co.
	957,000		2.800			07/02/20		975,394
	410,000		3.500			06/06/22		425,598
	300,000		3.000			06/01/26		289,504
	50,000		5.000			06/04/42		53,099
	270,000		4.375			06/01/46		264,645
								2,008,240
Health Care Equipment & Supplies – 0.2%
	Becton Dickinson and Co.
	200,000		3.363			06/06/24		202,843
	100,000		3.700			06/06/27		101,742
	Zimmer Biomet Holdings, Inc.
	30,000		3.550			04/01/25		30,564
								335,149
Health Care Providers & Services – 1.0%
	Anthem, Inc.
	170,000		4.625			05/15/42		186,048
	130,000		4.650			08/15/44		143,072
	Express Scripts Holding Co.
	620,000		4.750			11/15/21		676,668
	270,000		4.500			02/25/26		291,959
	210,000		4.800			07/15/46		221,929
Corporate Obligations – (continued)
Health Care Providers & Services – (continued)
	UnitedHealth Group, Inc.
	40,000		3.750			07/15/25		42,578
	230,000		4.750			07/15/45		268,731
	30,000		4.200			01/15/47		32,376
								1,863,361
Healthcare – 1.2%
	HCA, Inc.
	730,000		3.750			03/15/19		744,600
	550,000		5.250			06/15/26		591,937
	80,000		5.500			06/15/47		83,000
	Medtronic, Inc.
	400,000		2.500			03/15/20		406,737
	220,000		4.625			03/15/45		250,884
	200,000		4.375			03/15/35		221,715
								2,298,873
Hotels, Restaurants & Leisure – 0.4%
	McDonald’s Corp., MTN
	610,000		3.700			01/30/26		642,079
	25,000		4.700			12/09/35		28,089
								670,168
Household Durables – 0.1%
	Newell Brands, Inc.
	170,000		5.500			04/01/46		203,104
Household Products – 0.3%
	Procter & Gamble Co. (The)
	340,000		5.550			03/05/37		455,626
Industrial Conglomerates – 0.3%
	Honeywell International, Inc.
	610,000		2.500			11/01/26		593,992
Insurance – 1.7%
	Berkshire Hathaway Finance Corp.
	90,000		1.300			08/15/19		89,469
	Chubb INA Holdings, Inc.
	320,000		4.350			11/03/45		355,628
	MetLife, Inc.
	260,000		5.700			06/15/35		325,597
	259,000		4.875			11/13/43		297,255
	MetLife, Inc., Series D
	1,600,000		4.368			09/15/23		1,759,455
								2,827,404
Internet & Direct Marketing Retail – 0.5%
	Amazon.com, Inc.
	370,000		2.800	(a)		08/22/24		375,693
	130,000		4.800			12/05/34		149,303
	390,000		4.050	(a)		08/22/47		402,850
								927,846
Internet Software & Services – 0.1%
	eBay, Inc.
	250,000		2.750			01/30/23		250,836

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
IT Services – 0.8%
	Fidelity National Information Services, Inc.
$	960,000		3.000	%		08/15/26	$	946,838
	International Business Machines Corp.
	350,000		3.375			08/01/23		366,080
	35,000		4.000			06/20/42		35,561
	Visa, Inc.
	150,000		4.150			12/14/35		164,174
								1,512,653
Life Sciences Tools & Services – 0.5%
	Thermo Fisher Scientific, Inc.
	920,000		2.950			09/19/26		909,391
Machinery – 0.0%
	Caterpillar, Inc.
	30,000		3.900			05/27/21		32,067
Media – 3.1%
	Comcast Corp.
	60,000		3.600			03/01/24		63,350
	960,000		3.150			03/01/26		969,480
	20,000		5.650			06/15/35		24,345
	270,000		4.400			08/15/35		292,091
	230,000		6.500			11/15/35		303,147
	25,000		6.450			03/15/37		33,130
	250,000		4.650			07/15/42		273,012
	190,000		4.600			08/15/45		207,104
	140,000		3.400			07/15/46		127,521
	Omnicom Group, Inc.
	500,000		3.625			05/01/22		524,060
	Time Warner, Inc.
	640,000		3.600			07/15/25		647,984
	670,000		3.800			02/15/27		673,310
	180,000		7.700			05/01/32		252,375
	50,000		6.100			07/15/40		58,281
	180,000		4.850			07/15/45		182,244
	Viacom, Inc.
	500,000		4.375			03/15/43		426,473
	Walt Disney Co. (The)
	800,000		3.000			02/13/26		815,128
								5,873,035
Multi-Utilities – 0.5%
	Dominion Energy, Inc.
	500,000		2.579			07/01/20		505,221
	310,000		3.900			10/01/25		327,417
								832,638
Oil, Gas & Consumable Fuels – 4.4%
	Anadarko Petroleum Corp.
	225,000		6.450			09/15/36		263,681
	Apache Corp.
	410,000		4.750			04/15/43		411,226
	Chevron Corp.
	750,000		2.566			05/16/23		759,300
	180,000		2.954			05/16/26		181,813
	ConocoPhillips
	150,000		6.500			02/01/39		197,030
Corporate Obligations – (continued)
Oil, Gas & Consumable Fuels – (continued)
	Devon Energy Corp.
	290,000		3.250			05/15/22		294,759
	245,000		7.950			04/15/32		323,754
	160,000		5.600			07/15/41		170,765
	Energy Transfer LP
	600,000		4.150			10/01/20		629,184
	300,000		6.125			12/15/45		329,887
	200,000		5.300			04/15/47		200,322
	EOG Resources, Inc.
	380,000		2.625			03/15/23		382,251
	Exxon Mobil Corp.
	615,000		2.222			03/01/21		623,036
	200,000		4.114			03/01/46		213,691
	Hess Corp.
	410,000		4.300			04/01/27		401,883
	Kinder Morgan Energy Partners LP
	600,000		3.500			03/01/21		615,866
	Kinder Morgan, Inc.
	200,000		5.550			06/01/45		212,702
	Marathon Oil Corp.
	250,000		2.800			11/01/22		244,707
	MPLX LP
	420,000		5.200			03/01/47		434,207
	Occidental Petroleum Corp.
	230,000		3.400			04/15/26		235,748
	180,000		4.625			06/15/45		196,997
	80,000		4.100			02/15/47		81,679
	Phillips 66
	100,000		5.875			05/01/42		122,151
	Williams Partners LP
	350,000		3.600			03/15/22		361,040
								7,887,679
Pharmaceuticals – 1.6%
	Eli Lilly & Co.
	360,000		3.950			05/15/47		380,587
	Merck & Co., Inc.
	200,000		3.700			02/10/45		203,174
	Mylan NV
	40,000		5.250			06/15/46		43,186
	Pfizer, Inc.
	585,000		2.100			05/15/19		590,938
	400,000		2.200			12/15/21		404,540
	950,000		2.750			06/03/26		948,349
	150,000		7.200			03/15/39		226,167
	330,000		4.125			12/15/46		354,109
								3,151,050
Semiconductors & Semiconductor – 2.2%
	Applied Materials, Inc.
	520,000		3.300			04/01/27		534,755
	460,000		4.350			04/01/47		496,272
	Intel Corp.
	1,320,000		2.450			07/29/20		1,343,938
	100,000		3.300			10/01/21		105,128
	830,000		3.700			07/29/25		885,784
	75,000		4.250			12/15/42		80,852

12 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)
Semiconductors & Semiconductor – (continued)
	QUALCOMM, Inc.
$	200,000		1.850	%		05/20/19	$	200,821
	290,000		4.650			05/20/35		321,610
								3,969,160
Software – 4.3%
	Microsoft Corp.
	570,000		1.850			02/12/20		573,427
	540,000		2.000			11/03/20		544,841
	240,000		2.400			02/06/22		244,069
	585,000		2.650			11/03/22		599,291
	40,000		2.875			02/06/24		41,166
	360,000		3.300			02/06/27		374,358
	380,000		3.450			08/08/36		382,187
	240,000		5.200			06/01/39		296,778
	300,000		4.450			11/03/45		339,232
	310,000		3.700			08/08/46		310,632
	300,000		4.000			02/12/55		307,770
	Microsoft Corp., Series 30Y
	260,000		4.250			02/06/47		287,068
	Oracle Corp.
	390,000		2.375			01/15/19		394,465
	443,000		3.875			07/15/20		470,026
	1,550,000		2.800			07/08/21		1,601,571
	210,000		2.950			05/15/25		213,514
	350,000		3.850			07/15/36		363,680
	60,000		6.125			07/08/39		80,320
	150,000		5.375			07/15/40		184,731
	50,000		4.125			05/15/45		52,298
	180,000		4.000			07/15/46		184,884
								7,846,308
Specialty Retail – 1.0%
	Home Depot, Inc. (The)
	303,000		2.000			06/15/19		305,404
	550,000		2.000			04/01/21		552,799
	330,000		2.700			04/01/23		335,442
	45,000		3.000			04/01/26		45,794
	250,000		4.400			03/15/45		274,638
	300,000		4.250			04/01/46		325,144
								1,839,221
Technology Hardware, Storage & Peripherals – 2.7%
	Apple, Inc.
	381,000		2.250			02/23/21		385,233
	850,000		1.550			08/04/21		838,615
	20,000		2.150			02/09/22		20,074
	30,000		2.700			05/13/22		30,783
	30,000		3.000			02/09/24		30,872
	475,000		2.850			05/11/24		483,481
	740,000		3.000			06/20/27		744,850
	230,000		4.500			02/23/36		262,322
	470,000		3.850			05/04/43		479,766
	290,000		4.375			05/13/45		316,120
	40,000		4.650			02/23/46		45,554
	Hewlett Packard Enterprise Co.
	670,000		3.600			10/15/20		695,678
Corporate Obligations – (continued)
Technology Hardware, Storage & Peripherals – (continued)
	Hewlett Packard Enterprise Co. – (continued)
	250,000		4.900			10/15/25		265,846
	20,000		6.350			10/15/45		21,288
	HP, Inc.
	70,000		6.000			09/15/41		74,554
								4,695,036
Tobacco – 0.8%
	Altria Group, Inc.
	620,000		9.250			08/06/19		705,551
	391,000		3.875			09/16/46		380,793
	Philip Morris International, Inc.
	200,000		1.875			02/25/21		197,695
	20,000		2.750			02/25/26		19,721
	200,000		4.125			03/04/43		204,028
								1,507,788
Transportation – 0.4%
	Burlington Northern Santa Fe LLC
	470,000		4.900			04/01/44		545,746
	200,000		4.125			06/15/47		210,824
								756,570
	TOTAL CORPORATE OBLIGATIONS
	(Cost $142,212,965)						$	142,647,210
Foreign Corporate Debt – 19.9%
Banks – 10.8%
	Australia & New Zealand Banking Group Ltd., MTN (Australia)
$	640,000		2.300	%		06/01/21	$	642,574
	Banco Santander SA (Spain)
	400,000		4.250			04/11/27		418,376
	Bank of Nova Scotia (The) (Canada)
	600,000		2.050			10/30/18		603,168
	500,000		1.950			01/15/19		502,579
	700,000		1.650			06/14/19		700,797
	500,000		2.350			10/21/20		504,597
	Barclays PLC (United Kingdom)
	140,000		3.200			08/10/21		142,948
	475,000		4.375			09/11/24		487,635
	750,000		3.650			03/16/25		757,027
	250,000		4.337			01/10/28		261,227
	210,000		4.836			05/09/28		218,681
	BNP Paribas SA (France)
	620,000		5.000			01/15/21		677,531
	Credit Suisse AG (Switzerland)
	920,000		5.300			08/13/19		979,082
	Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
	1,050,000		3.800			09/15/22		1,098,298
	Deutsche Bank AG (Germany)
	620,000		2.700			07/13/20		624,501
	HSBC Holdings PLC (United Kingdom)
	200,000		2.950			05/25/21		204,304
	900,000		2.650			01/05/22		906,160
	300,000		4.300			03/08/26		324,004

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Schedule of Investments (continued)

August 31, 2017

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Corporate Debt – (continued)
Banks – (continued)
	HSBC Holdings PLC (United Kingdom) – (continued)
$	200,000		4.375	%		11/23/26	$	210,654
	1,280,000		6.500			09/15/37		1,683,363
	ING Groep NV (Netherlands)
	1,370,000		3.950			03/29/27		1,437,088
	Lloyds Banking Group PLC (United Kingdom)
	1,120,000		3.000			01/11/22		1,134,505
	400,000		4.500			11/04/24		422,603
	365,000		4.650			03/24/26		387,812
	Royal Bank of Canada (Canada)
	150,000		2.000			12/10/18		151,028
	Royal Bank of Canada, GMTN (Canada)
	660,000		2.150			03/15/19		666,651
	500,000		2.150			03/06/20		503,777
	Royal Bank of Canada, MTN (Canada)
	335,000		2.350			10/30/20		338,278
	Santander UK Group Holdings PLC (United Kingdom)
	445,000		2.875			08/05/21		449,158
	Sumitomo Mitsui Financial Group, Inc. (Japan)
	840,000		2.934			03/09/21		859,224
	Toronto-Dominion Bank (The) (Canada)
	60,000		1.800			07/13/21		59,590
	Toronto-Dominion Bank (The), GMTN (Canada)
	625,000		2.500			12/14/20		636,489
	Westpac Banking Corp. (Australia)
	232,000		2.150			03/06/20		233,639
	120,000		2.700			08/19/26		117,633
								19,344,981
Consumer Noncyclical – 1.3%
	BAT Capital Corp. (United Kingdom)
	640,000		3.222	(a)		08/15/24		646,144
	GlaxoSmithKline Capital, Inc. (United Kingdom)
	180,000		6.375			05/15/38		247,725
	Novartis Capital Corp. (Switzerland)
	450,000		2.400			05/17/22		454,353
	220,000		4.400			05/06/44		248,652
	Novartis Securities Investment Ltd. (Switzerland)
	650,000		5.125			02/10/19		682,023
								2,278,897
Energy – 2.0%
	BP Capital Markets PLC (United Kingdom)
	200,000		2.237			05/10/19		201,586
	580,000		3.561			11/01/21		612,527
	20,000		2.500			11/06/22		20,027
	20,000		3.535			11/04/24		21,084
	230,000		3.588			04/14/27		238,688
	1,040,000		3.723			11/28/28		1,088,207
	Shell International Finance BV (Netherlands)
	200,000		1.375			09/12/19		199,112
	750,000		1.750			09/12/21		742,383
	170,000		6.375			12/15/38		231,806
	190,000		4.375			05/11/45		203,688
	240,000		4.000			05/10/46		243,916
								3,803,024
Foreign Corporate Debt – (continued)
Financial Co. – 0.2%
	AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Netherlands)
	350,000		5.000			10/01/21		379,094
Food and Beverage – 2.1%
	Anheuser-Busch InBev Finance, Inc. (Belgium)
	1,600,000		1.900			02/01/19		1,605,858
	600,000		3.650			02/01/26		626,169
	530,000		4.700			02/01/36		589,861
	740,000		4.900			02/01/46		848,522
								3,670,410
Metals & Mining – 0.2%
	Barrick North America Finance LLC (Canada)
	200,000		5.750			05/01/43		249,493
	Southern Copper Corp. (Peru)
	100,000		7.500			07/27/35		129,483
	140,000		5.875			04/23/45		158,956
								537,932
Mining – 0.6%
	Rio Tinto Finance USA Ltd. (United Kingdom)
	25,000		7.125			07/15/28		33,810
	Vale Overseas Ltd. (Brazil)
	100,000		5.625			09/15/19		108,000
	690,000		5.875			06/10/21		764,175
	180,000		6.250			08/10/26		204,525
								1,110,510
Oil Company-Exploration & Production – 0.2%
	Nexen Energy ULC (China)
	250,000		6.400			05/15/37		327,576
Oil, Gas & Consumable Fuels – 1.2%
	Cenovus Energy, Inc. (Canada)
	200,000		4.250	(a)		04/15/27		193,440
	150,000		6.750			11/15/39		161,250
	Ecopetrol SA (Colombia)
	320,000		5.875			09/18/23		357,200
	350,000		5.375			06/26/26		373,844
	Enbridge, Inc. (Canada)
	150,000		4.250			12/01/26		158,598
	50,000		5.500			12/01/46		58,176
	Suncor Energy, Inc. (Canada)
	370,000		3.600			12/01/24		382,554
	190,000		6.500			06/15/38		248,598
	TransCanada PipeLines Ltd. (Canada)
	180,000		7.625			01/15/39		267,368
								2,201,028
Pharmaceuticals – 0.0%
	AstraZeneca PLC (United Kingdom)
	60,000		3.125			06/12/27		60,037
Tobacco – 0.1%
	Reynolds American, Inc. (United Kingdom)
	220,000		5.850			08/15/45		267,428

14 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)
Wireless Telecommunication Services – 0.2%
	America Movil SAB de CV (Mexico)
$	200,000		3.125	%		07/16/22	$	207,247
	150,000		6.125			03/30/40		187,285
								394,532
Wirelines – 1.0%
	Deutsche Telekom International Finance BV (Germany)
	190,000		8.750			06/15/30		281,769
	Telefonica Emisiones SAU (Spain)
	1,000,000		5.134			04/27/20		1,079,301
	230,000		5.213			03/08/47		256,655
								1,617,725
	TOTAL FOREIGN CORPORATE DEBT
	(Cost $35,815,966)						$	35,993,174

Principal Amount	Interest Rate	Value
Investment Company – 0.1%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
183,870	0.93%	$	183,870
(Cost $183,870)
TOTAL INVESTMENTS – 98.8%
(Cost $178,212,801)		$	178,824,254
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%			2,172,503
NET ASSETS – 100.0%		$	180,996,757

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. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,456,020, which represents approximately 1.4% of net assets as of August 31, 2017.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
GMTN	—Global Medium Term Note
LP	—Limited Partnership
MTN	—Medium Term Note
PLC	—Public Limited Company

The accompanying notes are an integral part of these financial statements. 15

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Statement of Assets and Liabilities

August 31, 2017

	Access Investment Grade Corporate Bond ETF
Assets:
Investments at value (cost $178,028,931)	$	178,640,384
Investments in Affiliated Underlying Funds, at value (cost $183,870)		183,870
Cash		658,955
Receivables:
Fund shares sold		22,586,508
Investments sold		20,105,492
Interest		2,012,028
Reimbursement from advisor		379
Total assets		224,187,616
Liabilities:
Payables:
Investments purchased		23,057,859
Fund shares redeemed		20,118,318
Management fees		14,682
Total liabilities		43,190,859
Net Assets:
Paid-in capital		180,121,705
Undistributed net investment income		265,719
Accumulated net realized loss		(2,120	)
Net unrealized gain		611,453
NET ASSETS	$	180,996,757
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		3,600,000
Net asset value per share:	$	50.28

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Statement of Operations

For the period ended August 31, 2017^(a)

	Access Investment Grade Corporate Bond ETF
Investment income:
Interest	$	519,419
Dividends from Affiliated Underlying Funds		6,285
Total investment income		525,704
Expenses:
Management fees		23,207
Trustee fees		3,218
Total expenses		26,425
Less — expense reductions		(1,301	)
Net expenses		25,124
NET INVESTMENT INCOME		500,580
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments unaffiliated		(2,120	)
In-kind redemptions		47,886
Net unrealized gain on:
Investments unaffiliated		611,453
Net realized and unrealized gain		657,219
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,157,799

(a) For the period June 6, 2017 (commencement of operations) through August 31, 2017.

The accompanying notes are an integral part of these financial statements. 17

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Statement of Changes in Net Assets

For the period ended August 31, 2017^(a)

	Access Investment Grade Corporate Bond ETF
From operations:
Net investment income	$	500,580
Net realized gain		45,766
Net unrealized gain		611,453
Net increase in net assets resulting from operations		1,157,799
Distributions to shareholders:
From net investment income		(234,861	)
Total distributions to shareholders		(234,861	)
From share transactions:
Proceeds from sales of shares		200,212,160
Cost of shares redeemed		(20,138,341	)
Net increase in net assets resulting from share transactions		180,073,819
TOTAL INCREASE		180,996,757
Net assets:
Beginning of period	$	—
End of period	$	180,996,757
Undistributed net investment income	$	265,719

(a) For the period June 6, 2017 (commencement of operations) through August 31, 2017.

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

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period*

	Access Investment Grade Corporate Bond ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	49.90
Net investment income(a)		0.32
Net realized and unrealized loss		0.27
Total gain from investment operations		0.59
Distributions to shareholders from net investment income		(0.21	)
Net asset value, end of period	$	50.28
Market price, end of period	$	50.24
Total Return at Net Asset Value(b)		1.19	%
Net assets, end of period (in 000’s)	$	180,997
Ratio of net expenses to average net assets		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%(c)
Ratio of net investment income to average net assets		2.65	%(c)
Portfolio turnover rate(d)		0	%(e)

 * For the period June 6, 2017 (commencement of operations) to August 31, 2017.

(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. 19

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2017

1. ORGANIZATION

Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified 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 Citi Goldman Sachs Investment Grade Corporate Bond Index (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (formerly, Goldman, Sachs & Co.) (“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 respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are generally issued for cash and redeemed principally in-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.

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. 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. 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/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

20

GOLDMAN SACHS ETF TRUST

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 (mutual funds) 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 according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Access Investment Grade Corporate Bond ETF	Monthly	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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain 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.

F.  Foreign Currency Translation — The accounting records and reporting currency of the Fund is 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 Statement of Operations within net change in unrealized gain (loss) on foreign currency translations. 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 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).

21

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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 GSAM day-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:

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 G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Exchange Traded Funds — Investments in 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. 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 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 a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At August 31, 2017 the Fund did not hold level 3 securities.

22

GOLDMAN SACHS ETF TRUST

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 August 31, 2017:

ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	142,647,210	$	—
Foreign Corporate Debt		—		35,993,174		—
Investment Company		183,870		—		—
Total	$	183,870	$	178,640,384	$	—

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 fiscal year ended August 31, 2017, contractual and effective net unitary management fees with GSAM were at the following rates:

Contractual Unitary Management Fee		Effective Net Unitary Management Fee*
	0.14%		0.13%

* Effective Net Unitary Management Fee includes the impact of management fee waivers of affiliated underlying funds.

The Fund invests 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 Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the fiscal year ended August 31, 2017, GSAM waived $1,301 of the Fund’s management fee.

B.  Distribution and Service (12b-1) Plans — The Trust, on behalf of the Fund, has adopted a Distribution and Service Plan (the “Plan”), subject to Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay distribution fees in connection with the provision of ongoing services to shareholders of the Fund and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by the Fund, and there are no current plans to impose these fees.

23

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  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 Financial Square Government Fund for the fiscal year ended August 31, 2017:

Fund	Beginning value as of August 31, 2016		Purchases at Cost		Proceeds from Sales		Ending value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income
Access Investment Grade Corporate Bond ETF*	$	—	$	161,754,759	$	161,570,889	$	183,870		183,870	$	6,285

* Commencement of operations, June 6, 2017.

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 directly 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 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 Statement of Changes in Net Assets.

Share activity for the period ended August 31, 2017 is as follows:

	Access Investment Grade Corporate Bond ETF
	Shares			Dollars
Fund Share Activity (a)
Shares Sold		4,000,001		$	200,195,265
Shares Redeemed		(400,001	)		(20,110,802	)
NET INCREASE IN SHARES		3,600,000		$	180,084,463

(a) For the period June 6, 2017 (commencement of operations) through August 31, 2017

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GOLDMAN SACHS ETF TRUST

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long term securities for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
Access Investment Grade Corporate Bond ETF	$	198,438,926	$	200,700

The proceeds from in-kind creation and redemption transactions for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
Access Investment Grade Corporate Bond ETF	$	—	$	20,105,493

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

	Access Investment Grade Corporate Bond ETF
Distributions paid from:
Ordinary Income*	$	234,861
Total taxable distributions	$	234,861

As of August 31, 2017, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Access Investment Grade Corporate Bond ETF
Undistributed ordinary income — net	$	265,719
Total undistributed earnings	$	265,719
Capital loss carryforwards:
Perpetual Short Term	$	(2,120	)
Unrealized gains (losses) — net	$	611,453
Total accumulated earnings (losses) net	$	875,052

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GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

7. TAX INFORMATION (continued)

As of August 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Access Investment Grade Corporate Bond ETF
Tax Cost	$	178,212,801
Gross unrealized gain		773,672
Gross unrealized loss		(162,219	)
Net unrealized gains (losses) on securities	$	611,453

There is no difference between GAAP-basis and tax-basis unrealized gains (losses) for the fiscal year ended August 31, 2017.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from Redemptions In-Kind.

Fund	Paid-in Capital		Accumulated Net Realized Gain (Loss)
Access Investment Grade Corporate Bond ETF	$	47,886	$	(47,886	)

GSAM has reviewed the Fund’s tax positions for all open tax years (the current 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.

8. OTHER RISKS

The Fund’s portfolio’s risks include, but are not limited to, the following:

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the 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 increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

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GOLDMAN SACHS ETF TRUST

8. OTHER RISKS (continued)

Index Risk — FTSE Fixed Income LLC (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 the 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. The Index is new and has a limited performance history. 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). 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.

27

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

8. 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 its 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.

Foreign 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 the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, 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 the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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GOLDMAN SACHS ETF TRUST

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 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 has not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. 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.

29

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs ETF Trust and Shareholders of the Goldman Sachs Access Investment Grade Corporate Bond ETF:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”), a fund of the Goldman Sachs ETF Trust, as of August 31, 2017, and the results of its operations, the changes in its net assets and the financial highlights for the period June 6, 2017 (commencement of operations) through August 31, 2017, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of August 31, 2017 by correspondence with the custodian, brokers, transfer agent of the underlying funds and the application of alternative auditing procedures where securities purchased confirmations had not been received, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 24, 2017

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GOLDMAN SACHS ETF TRUST

Fund Expenses — For the Period Ended 8/31/2017  (Unaudited)

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 June 6, 2017 (commencement of operations) and held for the entire period ended August 31, 2017, which represents a period of 87 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. 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.

	Access Investment Grade Corporate Bond  ETF(a)
	Beginning Account Value 6/6/17		Ending Account Value 8/31/2017			Expenses Paid*
Actual based on NAV	$	1,000	$	1,011.90		$	0.31
Hypothetical 5% return	$	1,000	$	1,011.61	+	$	0.31

* 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 period ended August 31, 2017. 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 Investment Grade Corporate Bond ETF	0.13	%

+ 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.

(a) The Fund commenced operations on June 6, 2017.

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GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on June 6, 2017. At a meeting held on May 15-16, 2017 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Trust’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and the other, non-advisory services that would be provided to the Fund by the Investment Adviser. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF that seeks to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the the Investment Adviser who would be providing services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing portfolios that invest in fixed income securities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies.

Costs of Services to be Provided and Profitability

The Trustees considered the unitary fee rate payable by the Fund under the Management Agreement. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which include both advisory and administrative services directed to the needs and operations of the Fund as an ETF. The Trustees considered that the Fund would pay a single fee to the Investment Adviser and the Investment Adviser would then pay all of the Fund’s ordinary operating expenses, including transfer agency, custody, administration, legal, and audit fees. They noted that license fees would be payable by the Investment Adviser to Citigroup Index LLC for the use of the index. They compared the Fund’s management fee and projected expense ratio to similar information for comparable ETFs advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s expense ratios were prepared by a third-party provider of mutual fund and ETF data (the “Outside Data Provider”). The Trustees concluded that this information was useful in evaluating the reasonableness of the fees to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

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 will not have fee breakpoints. They considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group.

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GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees considered the other benefits 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 open to doing business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Fund and Their Shareholders

The Trustees also noted that the Fund receives (or is expected to receive) certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors because of 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 for the Fund, 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. The Trustees concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for a two-year period.

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GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Caroline Dorsa Age: 58	Trustee	Since 2016	Ms. Dorsa is retired. She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 59	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors, (2016-Present); and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	WD-40 Company (a global consumer products company)
Michael Latham Age: 51	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	None
Lawrence W. Stranghoener Age: 63	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Chairman of the Board of Directors, Kennametal, Inc. (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; and Goldman Sachs ETF Trust.	21	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)

34

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	142	None

* This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2017.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs ETF Trust consisted of 19 portfolios (eight of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

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GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016- Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

¹  Information is provided as of August 31, 2017.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

36

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.21 trillion in assets under supervision as of June 30, 2017, 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 TreasuryAccess 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond ETF

INDEX DISCLAIMERS

The Citi Goldman Sachs Investment Grade Corporate Bond Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE” 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 Citi Goldman Sachs Investment Grade Corporate Bond Index or the ability of the Citi Goldman Sachs Investment Grade Corporate Bond 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 Citi Goldman Sachs Investment Grade Corporate Bond 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 Citi Goldman Sachs Investment Grade Corporate Bond 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.

FTSE DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF THE CITI GOLDMAN SACHS INVESTMENT GRADE CORPORATE BOND INDEX OR ANY DATA INCLUDED THEREIN, OR OF ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO, AND FTSE SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. FTSE MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OR PROSPECTIVE OWNERS OF SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE CITI GOLDMAN SACHS INVESTMENT GRADE CORPORATE BOND INDEX OR ANY DATA INCLUDED THEREIN. FTSE MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE CITI GOLDMAN SACHS INVESTMENT GRADE CORPORATE BOND INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL FTSE HAVE ANY LIABILITY FOR ANY DIRECT, SPECIAL, PUNITIVE, INDIRECT, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

Data and information contained herein regarding the Index is proprietary to FTSE or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of FTSE. CITI is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by GSAM. The CITI mark is used under license by FTSE. USBIG is a registered service mark of Citigroup Global Markets Inc.

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 Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser
ALPS DISTRIBUTORS, INC. Distributor

Visit our Website at www.GSAMFUNDS.com 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 files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2017 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.

The Fund is recently or newly organized and has 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

©2017 Goldman Sachs. All rights reserved. 107200-TMPL-10/2017-629368 AIGCPBNDETFAR-17/GST523/312

Goldman Sachs Funds

Annual Report	August 31, 2017
	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

ActiveBeta is a registered trademark of GSAM.

Goldman Sachs ActiveBeta^® ETFs

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summaries	3
Schedules of Investments	41
Financial Statements	92
Financial Highlights	98
Notes to Financial Statements	104
Report of Independent Registered Public Accounting Firm	117
Other Information	118

NOT FDIC-INSURED May Lose Value No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs ActiveBeta^® ETFs

Principal Investment Strategies

The investment objective of each of the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF and ActiveBeta^® U.S. Small Cap Equity ETF (each, a “Fund”), is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective underlying index (each, an “Index”).

Each Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.

Each Index is designed to deliver exposure to equity securities within its applicable universe of issuers. Each Index is constructed using the patented ActiveBeta^® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and 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). Given each Fund’s investment objective of attempting to track its Index, each Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

Goldman Sachs Asset Management, L.P. (the “Index Provider”) constructs each Index in accordance with a rules-based methodology that involves two steps.

Step 1

In the first step, individual factor subindexes for value, momentum, quality and low volatility (the “ActiveBeta^® Factor Subindexes”) are created from the constituents of the applicable Reference Index, a market capitalization-weighted index. To construct each ActiveBeta^® Factor Subindex, all constituents in the applicable Reference Index are assigned a “factor score” based on certain specified measurements (for example, in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price). Securities with a factor score that is above a fixed “Cut-off Score” receive an overweight in the applicable ActiveBeta^® Factor Subindex relative to the applicable Reference Index and securities with a factor score that is below the Cut-off Score receive an underweight in the ActiveBeta^® Factor Subindex relative to the applicable Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the applicable ActiveBeta^® Factor Subindex is determined by its attractiveness when evaluated based on the relevant factor. Each Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.

Step 2

The ActiveBeta^® Factor Subindexes are combined in equal weights to form each Index.

Each Index is rebalanced on a quarterly basis in accordance with the published rebalancing schedule of the applicable Reference Index. The rules-based process used to construct each

1

INVESTMENT PROCESS

Index incorporates the ActiveBeta^® Turnover Minimization Technique, which seeks to reduce turnover within each Index.

* * *

At the end of each Fund’s Reporting Period, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.

2

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 22.49% based on net asset value (“NAV”) and 22.61% based on market price. The Index returned 22.77%, and the MSCI Emerging Markets Index (net, unhedged, USD) (“MSCI Emerging Markets Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 24.53% during the same period.

The Fund had an NAV of $28.03 per share on August 31, 2016 and ended the Reporting Period with an NAV of $33.73 per share. The Fund’s market price on August 31, 2017 was $33.74 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Emerging Markets Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Emerging Markets Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Emerging Markets Index, and overweights and underweights relative to the MSCI Emerging Markets Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector, country or stock.

The Fund posted solid double-digit absolute gains but underperformed the MSCI Emerging Markets Index during the Reporting Period, as measured by NAV. Amongst underlying factors, Low Volatility and Quality detracted from relative results, while Momentum and Value contributed positively during the Reporting Period. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow.

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

A Index constituents in the consumer staples, information technology and telecommunication services sectors detracted most from the Fund’s results relative to the MSCI Emerging

3

PORTFOLIO RESULTS

Markets Index during the Reporting Period. Partially offsetting these detractors were Index constituents in the consumer discretionary, energy and industrials sectors, which contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index.

From a country perspective, Index constituents in South Korea, Taiwan and Brazil detracted the most from the Fund’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in Poland, Qatar and India contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index.

Q Which individual positions detracted from the Fund’s results during the Reporting Period?

A Relative to the MSCI Emerging Markets Index, underweight positions in Brazilian materials company Vale and China-based Internet content and e-commerce services provider Alibaba Group Holding and an overweight position in South Korean consumer staples company Amorepacific detracted most (0.35%, 3.43% and 0.25% of Fund net assets as of August 31, 2017, respectively). Vale and Alibaba Group Holding each generated a robust double-digit gain during the Reporting Period, while Amorepacific posted a double-digit decline during the Reporting Period.

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

A Relative to the MSCI Emerging Markets Index, overweight positions in Chinese consumer discretionary firm Geely Automobile Holdings and Chinese K-12 after-school tutoring services provider TAL Education Group and having no exposure to India-based bank Axis Bank contributed most positively (0.42%, 0.06% and 0.00%¹ of Fund net assets as of August 31, 2017, respectively). Geely Automobile Holdings and TAL Education Group each posted a robust triple-digit gain during the Reporting Period, while Axis Bank posted a flat return during the Reporting Period.

¹  Some weights are 0.00% at August 31, 2017 because those positions were taken out during the most recent rebalance given the Index construction methodology.

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

A The Fund does not employ derivatives as a source of alpha generation, however, during the Reporting Period futures contracts were used to equitize cash.

Q What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?²

Sector Name	Fund3			GS ActiveBeta® Index			MSCI Emerging Markets Index
Information		25.42	%		24.54	%		26.87	%
Technology
Financials		22.31			22.76			23.90
Consumer Staples		10.89			11.20			6.56
Consumer		10.48			10.50			10.22
Discretionary
Energy		7.18			7.16			6.63
Telecommunication Services		6.51			6.78			5.24
Materials		6.45			6.38			7.46
Health Care		2.93			2.87			2.22
Utilities		2.90			3.18			2.59
Industrials		2.48			2.55			5.45
Real Estate		2.46			2.09			2.82

²  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.

³  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.

4

PORTFOLIO RESULTS

Q What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?²

Country Name	Fund3			GS ActiveBeta® Index			MSCI Emerging Markets Index
China		30.64	%		29.39	%		29.10	%
Korea		15.63			15.48			14.61
Taiwan		11.02			11.05			11.85
India		8.74			9.67			8.70
Brazil		8.35			8.57			7.23
South Africa		6.25			6.18			6.79
Mexico		3.30			3.09			3.57
Russia		3.19			3.14			3.26
Indonesia		2.24			2.21			2.28
Poland		1.92			1.89			1.36
Chile		1.80			1.82			1.23
Malaysia		1.57			1.98			2.24
Turkey		1.10			1.11			1.21
Thailand		0.97			1.07			2.16
United Arab Emirates		0.62			0.52			0.73
Qatar		0.55			0.45			0.61
Hungary		0.55			0.55			0.35
Colombia		0.39			0.29			0.44
Egypt		0.36			0.42			0.13
Greece		0.32			0.33			0.37
Philippines		0.27			0.36			1.09
Peru		0.22			0.22			0.39
Czech Republic		0.00			0.00			0.18
Pakistan		0.00			0.22			0.10

²  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.

³  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.

5

FUND BASICS

ActiveBeta^® Emerging Markets Equity ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	33.74
Net Asset Value (NAV)1	$	33.73

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 each 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.

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® EME Index3			MSCI EM Index4
Shares		22.49	%		22.61	%		22.77	%		24.53	%

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.

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 is reconstituted and rebalanced quarterly. 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 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 or redemption of Fund shares.

6

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/17	One Year			Since Inception			Inception Date
Shares (based on NAV)		20.58	%		15.18	%		9/25/15
Shares (based on Market Price)		19.99			15.27			9/25/15

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. 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.

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 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 or redemption of Fund shares.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before expense limitation)
Shares		0.50	%		0.61	%

⁶  The expense ratios of the Fund, both current (net of any expense limitation) and before expense limitation (gross of any expense limitation) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s expense limitation will remain in effect permanently and the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees.

TOP TEN HOLDINGS AS OF 8/31/177
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		4.4	%	Information Technology	China
Samsung Electronics Co. Ltd.		3.8		Information Technology	South Korea
Alibaba Group Holding Ltd.		3.3		Information Technology	China
ADR
Taiwan Semiconductor		3.2		Information Technology	Taiwan
Manufacturing Co. Ltd.
China Construction Bank		1.4		Financials	China
Corp., Class H
China Mobile Ltd.		1.2		Telecommunication Services	China
Naspers Ltd., Class N		1.2		Consumer Discretionary	South Africa
Industrial & Commercial		1.1		Financials	China
Bank of China Ltd., Class H
Baidu, Inc. ADR		1.1		Information Technology	China
Hon Hai Precision Industry		1.0		Information Technology	Taiwan
Co. Ltd.

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

7

FUND BASICS

FUND SECTOR ALLOCATIONS⁸

As of August 31, 2017

⁸  The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.8% of the Fund’s net assets as of August 31, 2017.

8

ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on September 25, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® Emerging Markets Equity Index and the MSCI Emerging Markets Index (net, unhedged), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

ActiveBeta^® Emerging Markets Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2017.

Average Annual Total Return through August 31, 2017	1 Year Return	Since Inception
Shares based on NAV (Commenced September 25, 2015)	22.49%	18.46%

9

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Europe Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® Europe Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 19.46% based on net asset value (“NAV”) and 19.68% based on market price. The Index returned 19.70%, and the MSCI Europe Index (net, unhedged, USD) (“MSCI Europe Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 19.43% during the same period.

The Fund had an NAV of $26.12 per share on August 31, 2016 and ended the Reporting Period with an NAV of $30.39 per share. The Fund’s market price on August 31, 2017 was $30.54 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Europe Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Europe Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Europe Index, and overweights and underweights relative to the MSCI Europe Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector, country or stock.

The Fund posted positive double-digit absolute returns and outperformed the MSCI Europe Index during the Reporting Period, as measured by NAV. Amongst underlying factors, Value contributed positively, while Quality, Low Volatility and Momentum detracted from relative results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down.

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

A Index constituents in the health care, materials and telecommunication services sectors contributed most positively to the Fund’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the financials, consumer staples and industrials sectors detracted

10

PORTFOLIO RESULTS

most from the Fund’s results relative to the MSCI Europe Index during the Reporting Period.

From a country perspective, Index constituents in France, Germany and Switzerland contributed most positively to the Fund’s results relative to the MSCI Europe Index. Conversely, Index constituents in the U.K., the Netherlands and Sweden detracted the most from the Fund’s results relative to the MSCI Europe Index during the Reporting Period.

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

A Relative to the MSCI Europe Index, overweight positions in Swiss materials company Glencore, French information technology firm Atos and Swiss health care company Actelion contributed most positively (1.01%, 1.07% and 0.00%¹ of Fund net assets as of August 31, 2017, respectively). Glencore posted a triple-digit gain during the Reporting Period, and Atos and Actelion each posted a robust double-digit gain during the Reporting Period.

Q Which individual positions detracted from the Fund’s results during the Reporting Period?

A Relative to the MSCI Europe Index, overweight positions in Norwegian consumer discretionary firm Schibsted, U.K. financial services group Provident Financial and U.K. industrials company Royal Mail detracted most (0.27%, 0.08% and 0.35% of Fund net assets as of August 31, 2017, respectively). Each of these companies generated a double-digit decline during the Reporting Period.

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

A The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

Q What was the Fund’s sector positioning relative to the Index and reference index at the end of the Reporting Period?²

Sector Name	Fund3			GS ActiveBeta® Index			MSCI EU Index
Financials		16.93	%		16.97	%		21.31	%
Consumer Staples		15.41			15.49			14.14
Industrials		14.66			15.16			13.29
Consumer Discretionary		14.11			14.19			10.39
Health Care		13.35			12.96			12.52
Materials		8.33			8.30			7.90
Information Technology		5.55			5.62			4.65
Energy		4.43			4.49			6.64
Utilities		2.98			2.99			3.82
Telecommunication Services		2.68			2.73			3.97
Real Estate		1.06			1.09			1.36

²  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.

³  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.

Q What was the Fund’s country positioning relative to the Index and reference index at the end of the Reporting
Period?²

Country Name	Fund3			GS ActiveBeta® Index			MSCI EU Index
UK		26.40	%		26.44	%		27.43	%
France		18.71			18.69			16.50
Germany		14.00			14.02			14.73
Switzerland		12.82			12.80			12.93
Spain		5.29			5.33			5.52
Netherlands		5.22			5.26			5.72
Italy		4.68			4.68			3.82
Sweden		4.08			4.04			4.55
Denmark		2.89			2.88			2.95
Finland		1.55			1.53			1.58
Norway		1.28			1.25			1.07
Belgium		1.21			1.22			1.85
Portugal		0.72			0.72			0.25
Austria		0.65			0.65			0.40
Ireland		0.49			0.48			0.69

²  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.

³  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.

¹  Some weights are 0.00% at August 31, 2017 because those positions were taken out during the most recent rebalance given the Index construction methodology.

11

FUND BASICS

ActiveBeta^® Europe Equity ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	30.54
Net Asset Value (NAV)1	$	30.39

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 each 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

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Europe Index3			MSCI Europe Index4
Shares		19.46	%		19.68	%		19.70	%		19.43	%

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.

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 is reconstituted and rebalanced quarterly. 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 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 or redemption of Fund shares.

12

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/17	One Year			Since Inception			Inception Date
Shares (based on NAV)		20.62	%		16.64	%		3/2/16
Shares (based on Market Price)		20.39			17.10			3/2/16

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. 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.

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 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 or redemption of Fund shares.

EXPENSE RATIO6
	Expense Ratio
Shares		0.25	%

⁶  The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/177
Holding	% of Net Assets			Line of Business	Country
Nestle SA (Consumer Staples)		2.5	%	Consumer Staples	Switzerland
Roche Holding AG		1.8		Health Care	Switzerland
Novartis AG		1.7		Health Care	Switzerland
HSBC Holdings PLC		1.6		Financials	United Kingdom
Sanofi		1.2		Health Care	France
British American Tobacco PLC		1.1		Consumer Staples	United Kingdom
SAP SE		1.1		Information Technology	Germany
Atos SE		1.1		Information Technology	France
Bayer AG		1.0		Health Care	Germany
adidas AG		1.0		Consumer Discretionary	Germany

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

13

FUND BASICS

FUND SECTOR ALLOCATIONS⁸

As of August 31, 2017

⁸  The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange-traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets as of August 31, 2017.

14

ACTIVEBETA^® EUROPE EQUITY ETF

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® Europe Equity Index and the MSCI Europe Index (Total Return, USD), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

ActiveBeta^® Europe Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2017.

Average Annual Total Return through August 31, 2017	1 Year Return	Since Inception
Shares based on NAV (Commenced March 2, 2016)	19.46%	17.24%

15

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® International Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® International Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 17.66% based on net asset value (“NAV”) and 17.75% based on market price. The Index returned 17.87%, and the MSCI World ex USA Index (net, unhedged, USD) (“MSCI World ex USA Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 17.14% during the same period.

The Fund had an NAV of $24.67 per share on August 31, 2016 and ended the Reporting Period with an NAV of $28.38 per share. The Fund’s market price on August 31, 2017 was $28.53 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI World ex USA Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI World ex USA Index. Given the Fund’s investment objective of

attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI World ex USA Index, and overweights and underweights relative to the MSCI World ex USA Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector, country or stock.

The Fund posted positive double-digit absolute returns and outperformed the MSCI World ex USA Index during the Reporting Period, as measured by NAV. Amongst underlying factors, Value and Quality contributed positively to the Fund’s relative results, while Momentum and Low Volatility detracted from the Fund’s relative results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

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

A Index constituents in the consumer discretionary, industrials and energy sectors contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the financials,

16

PORTFOLIO RESULTS

consumer staples and utilities sectors detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period.

From a country perspective, Index constituents in France, Japan and Switzerland contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, Index constituents in the Netherlands, the U.K. and Sweden detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period.

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

A Relative to the MSCI World ex USA Index, overweight positions in Swiss materials company Glencore, French information technology firm Atos and Japanese consumer discretionary company Start Today contributed most positively (0.57%, 0.69% and 0.38% of Fund net assets as of August 31, 2017, respectively). Glencore and Start Today each generated a triple-digit gain during the Reporting Period, and Atos posted a robust double-digit gain during the Reporting Period.

Q Which individual positions detracted from the Fund’s results during the Reporting Period?

A Relative to the MSCI World ex USA Index, overweight positions in Netherlands-based consumer staples firm Koninklijke Ahold Delhaize, Japanese consumer staples company Yamazaki Baking and U.K. industrials firm Royal Mail detracted most (0.27%, 0.27% and 0.23% of Fund net assets as of August 31, 2017, respectively). Each of these companies generated a double-digit decline during the Reporting Period.

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

A The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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

Sector Name	Fund2			GS ActiveBeta® Index			MSCI World ex USA Index
Financials		19.99	%		19.29	%		23.19	%
Consumer Discretionary		14.62			14.59			11.39
Consumer Staples		14.52			14.50			10.90
Industrials		13.36			13.70			13.89
Health Care		10.55			10.23			9.48
Information Technology		7.38			7.12			5.85
Materials		7.35			7.81			8.18
Energy		3.51			3.78			6.27
Real Estate		3.00			3.12			3.41
Telecommunication Services		3.00			3.03			4.07
Utilities		2.72			2.81			3.38

¹  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.

²  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.

17

PORTFOLIO RESULTS

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

Country Name	Fund2			GS ActiveBeta® Index			MSCI World ex USA Index
Japan		21.46	%		21.12	%		21.26	%
UK		14.61			14.54			16.04
France		10.66			10.74			9.65
Canada		8.92			9.25			8.73
Germany		8.13			7.95			8.62
Switzerland		7.51			7.58			7.56
Australia		6.23			6.35			6.49
Hong Kong		3.34			3.35			3.25
Spain		3.19			3.33			3.23
Netherlands		3.07			3.02			3.35
Italy		2.89			2.84			2.23
Sweden		2.54			2.53			2.66
Denmark		1.82			1.83			1.73
Singapore		1.60			1.50			1.20
Israel		0.97			0.79			0.43
Finland		0.81			0.90			0.93
Belgium		0.65			0.63			1.08
Norway		0.65			0.68			0.62
Austria		0.37			0.34			0.23
Portugal		0.26			0.36			0.15
Ireland		0.26			0.23			0.40
New Zealand		0.07			0.13			0.15

¹  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.

²  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.

18

FUND BASICS

ActiveBeta^® International Equity ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	28.53
Net Asset Value (NAV)1	$	28.38

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 each 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

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	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		17.66	%		17.75	%		17.87	%		17.14	%

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.

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 is reconstituted and rebalanced quarterly. 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 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 or redemption of Fund shares.

19

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/17	One Year			Since Inception			Inception Date
Shares (based on NAV)		18.67	%		8.89	%	11/6/15
Shares (based on Market Price)		18.25			9.28		11/6/15

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. 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.

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 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 or redemption of Fund shares.

EXPENSE RATIO6
	Expense Ratio
Shares		0.25	%

⁶ The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/177
Holding	% of Net Assets			Line of Business	Country
Nestle SA		1.4	%	Consumer Staples	Switzerland
Roche Holding AG		1.0		Health Care	Switzerland
Novartis AG		0.9		Health Care	Switzerland
HSBC Holdings PLC		0.8		Financials	United Kingdom
Atos SE		0.7		Information Technology	France
Sanofi		0.6		Health Care	France
Glencore PLC		0.6		Materials	Switzerland
Royal Bank of Canada		0.6		Financials	Canada
Bayer AG		0.5		Health Care	Germany
Novo Nordisk A/S, Class B		0.5		Health Care	Denmark

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

20

FUND BASICS

FUND SECTOR ALLOCATIONS⁸

As of August 31, 2017

⁸  The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.2% of the Fund’s net assets as of August 31, 2017.

21

ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on November 6, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® International Equity Index and the MSCI World ex USA Index (net, Unhedged, USD), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

ActiveBeta^® International Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2017.

Average Annual Total Return through August 31, 2017	1 Year Return	Since Inception
Shares based on NAV (Commenced November 6, 2015)	17.66%	9.89%

22

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® Japan Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® Japan Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 14.74% based on net asset value (“NAV”) and 14.58% based on market price. The Index returned 14.73%, while the MSCI Japan Index (net, unhedged, USD) (“MSCI Japan Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 13.69% during the same period.

The Fund had an NAV of $27.33 per share on August 31, 2016 and ended the Reporting Period with an NAV of $30.71 per share. The Fund’s market price on August 31, 2017 was $30.79 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Japan Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the

performance of the Fund to that of the MSCI Japan Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the MSCI Japan Index, and overweights and underweights relative to the MSCI Japan Index discussed below resulted from the Fund’s replication of the Index, rather than a decision to overweight or underweight a particular sector or stock.

The Fund posted solid double-digit absolute gains and outperformed the MSCI Japan Index during the Reporting Period, as measured by NAV. Amongst underlying factors, Value and Quality contributed positively to the Fund’s results relative to the MSCI Japan Index, while Momentum and Low Volatility detracted from relative results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time.

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

A Index constituents in the consumer discretionary, industrials and energy sectors contributed most positively to the Fund’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the information technology, health care and materials sectors detracted most from the Fund’s results relative to the MSCI Japan Index during the Reporting Period.

23

PORTFOLIO RESULTS

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

A Relative to the MSCI Japan Index, overweight positions in marine transportation, warehousing and cargo handling services provider Mitsui OSK Lines, Internet apparel shopping sites operator Start Today and integrated petroleum company Idemitsu Kosan contributed most positively (0.21%, 0.48% and 0.25% of Fund net assets as of August 31, 2017, respectively). Mitsui OSK Lines and Idemitsu Kosan each posted a robust double-digit gain during the Reporting Period, and Start Today generated a triple-digit gain during the Reporting Period.

Q Which individual positions detracted from the Fund’s results during the Reporting Period?

A Relative to the MSCI Japan Index, underweight positions in video game hardware and software manufacturer Nintendo and technology hardware and equipment manufacturer Hitachi and an overweight position in baked foods producer Yamazaki Baking detracted most (0.63%, 0.67% and 0.39% of Fund net assets as of August 31, 2017, respectively). Nintendo and Hitachi each posted a double-digit gain during the Reporting Period, while Yamazaki Baking generated a double-digit decline during the Reporting Period.

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

A The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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

Sector Name	Fund2			GS ActiveBeta® Index	MSCI Japan Index
Consumer Discretionary		20.49	%	20.19%	20.03%
Industrials		18.48		18.18	20.67
Information Technology		13.96		13.70	12.52
Financials		10.67		10.50	12.31
Consumer Staples		10.21		10.87	7.89
Health Care		7.50		8.14	7.30
Materials		6.35		6.27	6.74
Telecommunication Services		4.51		4.44	5.59
Real Estate		3.64		3.58	4.14
Utilities		2.89		2.84	1.92
Energy		1.30		1.28	0.90

¹ 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.

² Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI.

24

FUND BASICS

ActiveBeta^® Japan Equity ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	30.79
Net Asset Value (NAV)1	$	30.71

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 each 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

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® Japan Index3			MSCI World Japan Index4
Shares		14.74	%		14.58	%		14.73	%		13.69	%

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.

³ The Goldman Sachs ActiveBeta^® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization 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 is reconstituted and rebalanced quarterly. 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 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 or redemption of Fund shares.

25

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/17	One Year			Since Inception			Inception Date
Shares (based on NAV)		16.30	%		14.80	%	3/2/16
Shares (based on Market Price)		16.08			14.98		3/2/16

⁵ The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. 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.

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 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 or redemption of Fund shares.

EXPENSE RATIO6
	Expense Ratio
Shares		0.25	%

⁶  The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/177
Holding	% of Net Assets			Line of Business
Toyota Motor Corp.		3.7	%	Consumer Discretionary
Mitsubishi UFJ Financial Group, Inc.		1.9		Financials
SoftBank Group Corp.		1.7		Telecommunication Services
Sumitomo Mitsui Financial Group, Inc.		1.5		Financials
Keyence Corp.		1.3		Information Technology
Sony Corp.		1.3		Consumer Discretionary
Honda Motor Co. Ltd.		1.2		Consumer Discretionary
Mitsubishi Corp.		1.2		Industrials
KDDI Corp.		1.1		Telecommunication Services
Mizuho Financial Group, Inc.		1.1		Financials

⁷ The top 10 holdings may not be representative of the Fund’s future investments.

26

FUND BASICS

FUND SECTOR ALLOCATIONS⁸

As of August 31, 2017

⁸  The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.7% of the Fund’s net assets as of August 31, 2017.

27

ACTIVEBETA^® JAPAN EQUITY ETF

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® Japan Index and the MSCI Japan Index (Total Return, USD), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

ActiveBeta^® Japan Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2017.

Average Annual Total Return through August 31, 2017	1 Year Return	Since Inception
Shares based on NAV (Commenced March 2, 2016)	14.74%	14.79%

28

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 14.15% based on net asset value (“NAV”) and 14.16% based on market price. The Index returned 14.30%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned 16.23% during the same period.

The Fund had an NAV of $43.83 on August 31, 2016 and ended the Reporting Period with an NAV of $49.16 per share. The Fund’s market price on August 31, 2017 was $49.15 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the S&P 500 Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the S&P 500 Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index, and overweights and underweights relative to the S&P 500 Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector or stock.

The Fund posted solid double-digit absolute gains but underperformed the S&P 500 Index during the Reporting Period, as measured by NAV. Amongst underlying factors, Quality, Low Volatility and Momentum detracted from relative returns, while Value contributed positively. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow.

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

A Index constituents in the consumer discretionary, consumer staples and financials sectors detracted the most from the Fund’s results relative to the S&P 500 Index. Partially offsetting these detractors were Index constituents in the energy, health care and telecommunication services sectors, which contributed positively to the Fund’s results relative to the S&P 500 Index during the Reporting Period.

29

PORTFOLIO RESULTS

Q Which individual positions detracted from the Fund’s results during the Reporting Period?

A Relative to the S&P 500 Index, overweight positions in health care company Mallinckrodt and department store retailer Macy’s and an underweight position in information technology giant Apple detracted most (0.00%,¹ 0.32% and 3.38% of Fund net assets as of August 31, 2017, respectively). Mallinckrodt and Macy’s each generated a double-digit negative return during the Reporting Period, while Apple posted a robust double-digit positive return during the Reporting Period.

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

A Relative to the S&P 500 Index, underweight positions in industrial conglomerate General Electric, oil well services firm Schlumberger and integrated energy company Exxon Mobil contributed most positively (0.51%, 0.09% and 1.04% of Fund net assets as of August 31, 2017, respectively). Each of these companies posted a negative return during the Reporting Period.

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

A The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

¹  Some weights are 0.00% at August 31, 2017 because those positions were taken out during the most recent rebalance given the Index construction methodology

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

Sector Name	Fund3			GS ActiveBeta® Index			S&P 500 Index
Information		23.69	%		23.69	%		23.51	%
Technology
Health Care		14.70			14.70			14.66
Consumer Discretionary		13.96			13.96			12.06
Financials		12.62			12.62			14.23
Consumer Staples		11.01			11.01			8.48
Industrials		9.98			9.98			10.10
Utilities		4.29			4.29			3.26
Energy		2.85			2.85			5.67
Materials		2.56			2.56			2.90
Real Estate		2.46			2.46			2.98
Telecommunication Services		1.87			1.87			2.14

²  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.

³  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 S&P.

30

FUND BASICS

ActiveBeta^® U.S. Large Cap Equity ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	49.15
Net Asset Value (NAV)1	$	49.16

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 each 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

PERFORMANCE REVIEW
September 1, 2016– August 31, 2017	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® LC Index3			S&P 500 Index4
Shares		14.15	%		14.16	%		14.30	%		16.23	%

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.

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 is reconstituted and rebalanced quarterly. 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 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 or redemption of Fund shares.

31

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 6/30/17	One Year			Since Inception			Inception Date
Shares (based on NAV)		15.27	%		11.61	%	9/17/15
Shares (based on Market Price)		15.35			11.64		9/17/15

⁵  The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. 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.

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 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 or redemption of Fund shares.

EXPENSE RATIO6
	Expense Ratio
Shares		0.09	%

⁶  The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/177
Holding	% of Net Assets			Line of Business
Apple, Inc.		3.4	%	Information Technology
Microsoft Corp.		2.3		Information Technology
Facebook, Inc., Class A		1.5		Information Technology
Johnson & Johnson		1.4		Health Care
Amazon.com, Inc.		1.4		Consumer Discretionary
JPMorgan Chase & Co.		1.3		Financials
Alphabet, Inc., Class A		1.1		Information Technology
Alphabet, Inc., Class C		1.0		Information Technology
Exxon Mobil Corp.		1.0		Energy
UnitedHealth Group, Inc.		0.9		Health Care

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

32

FUND BASICS

FUND SECTOR ALLOCATIONS⁸

As of August 31, 2017

⁸  The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.1% of the Fund’s net assets as of August 31, 2017.

33

ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs ActiveBeta^® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

ActiveBeta^® U.S. Large Cap Equity ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2017.

Average Annual Total Return through August 31, 2017	1 year	Since Inception
Shares based on NAV (Commenced September 17, 2015)	14.15%	11.80%

34

PORTFOLIO RESULTS

Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF

Investment Objective

The Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (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 (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its commencement of operations on June 28, 2017 through August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned -1.76% based on net asset value (“NAV”) and -3.49% based on market price.¹ The Index returned -1.68%, and the Russell 2000^® Index (Total Return, USD) (“Russell 2000^® Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned -1.22% during the same period.

The Fund had an NAV of $40.36 on the date of commencement of operations and ended the Reporting Period with an NAV of $39.65 per share. The Fund’s market price on August 31, 2017 was $38.95 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the Russell 2000^® Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the Russell 2000^® Index. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Russell 2000^® Index, and overweights and underweights relative to the Russell 2000^® Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector or stock.

The Fund posted negative absolute returns and underperformed the Russell 2000^® Index during the Reporting Period, as measured by NAV. Amongst underlying factors, Value, Quality and Low Volatility detracted from relative returns, while Momentum contributed positively. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down.

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

A Index constituents in the health care, industrials and consumer discretionary sectors detracted the most from the Fund’s results relative to the Russell 2000^® Index. Partially offsetting these detractors were Index constituents in the information technology, telecommunication services and

¹  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 commencement of investment operations to the first day of secondary market trading to calculate the market price returns.

35

PORTFOLIO RESULTS

energy sectors, which contributed positively to the Fund’s results relative to the Russell 2000^® Index during the Reporting Period.

Q Which individual positions detracted from the Fund’s results during the Reporting Period?

A Relative to the Russell 2000^® Index, underweight positions in pharmaceuticals manufacturer Kite Pharma, online and mobile platform for restaurant pick-up and delivery operator GrubHub and research-based pharmaceutical company FibroGen detracted most (0.17%, 0.09% and 0.04% of Fund net assets as of August 31, 2017, respectively). Each of these companies posted a robust double-digit positive return during the Reporting Period.

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

A Relative to the Russell 2000^® Index, overweight positions in pharmaceuticals company Corcept Therapeutics, aesthetic laser systems manufacturer Cutera and independent licensee of the Blue Cross Blue Shield Association Triple-S Management contributed most positively (0.26%, 0.13% and 0.12% of Fund net assets as of August 31, 2017, respectively). Each of these companies generated a robust double-digit gain during the Reporting Period.

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

A The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

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

Sector Name	Fund2			GS ActiveBeta® Index			Russell 2000® Index
Financials		20.73	%		21.57	%		17.70	%
Information		17.15			17.02			17.24
Technology
Health Care		14.26			14.04			15.73
Industrials		13.82			13.70			14.55
Consumer Discretionary		12.31			12.17			12.01
Real Estate		7.46			7.47			7.61
Utilities		4.32			4.22			3.90
Materials		4.01			3.97			4.42
Consumer Staples		2.77			2.73			2.63
Energy		2.28			2.24			3.32
Telecommunication Services		0.88			0.87			0.89

¹  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.

²  Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by Russell Investments.

36

FUND BASICS

ActiveBeta^® U.S. Small Cap Equity ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	38.95
Net Asset Value (NAV)1	$	39.65

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 each 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.

PERFORMANCE REVIEW
June 28, 2017– August 31, 2017	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			GS ActiveBeta® SC Index3			Russell 2000® Index4
Shares		-1.76	%		-3.49	%		-1.68	%		-1.22	%

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. 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 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 is reconstituted and rebalanced quarterly. 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 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 or redemption of Fund shares.

37

FUND BASICS

EXPENSE RATIO6
	Expense Ratio
Shares		0.20	%

⁶  The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/177
Holding	% of Net Assets			Line of Business
PAREXEL International Corp.		0.3	%	Health Care
Corcept Therapeutics, Inc.		0.3		Health Care
Aspen Technology, Inc.		0.3		Information Technology
Cirrus Logic, Inc.		0.3		Information Technology
Radian Group, Inc.		0.2		Financials
Myriad Genetics, Inc.		0.2		Health Care
Sunstone Hotel Investors, Inc. REIT		0.2		Real Estate
Supernus Pharmaceuticals, Inc.		0.2		Health Care
Masimo Corp.		0.2		Health Care
Portland General Electric Co.		0.2		Utilities

⁷  The top 10 holdings may not be representative of the Fund’s future investments.

38

FUND BASICS

FUND SECTOR ALLOCATIONS⁸

As of August 31, 2017

⁸  The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 5.4% of the Fund’s net assets as of August 31, 2017.

39

FUND BASICS

Index Definitions and Industry Terms

The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. The index as of June 30, 2017, consists of the following 22 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly in an unmanaged index.

The Russell 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of June 30, 2017, the MSCI Emerging Markets Index consisted of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly in an unmanaged index.

Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.

Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.

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

40

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 95.3%
Brazil – 5.6%
	1,293,063	Ambev SA (Consumer Staples)	$	8,161,653
	294,378	B3 SA – Brasil Bolsa Balcao (Financials)		2,069,520
	334,655	Banco Bradesco SA (Financials)		3,430,095
	316,458	Banco do Brasil SA (Financials)		3,087,689
	262,975	Banco Santander Brasil SA (Financials)		2,343,536
	415,524	BB Seguridade Participacoes SA (Financials)		3,660,737
	195,456	Cia de Saneamento Basico do Estado de Sao Paulo (Utilities)		1,997,143
	217,441	Cielo SA (Information Technology)		1,550,065
	164,151	Cosan SA Industria e Comercio (Energy)		2,013,249
	346,374	CPFL Energia SA (Utilities)		2,982,177
	424,857	EDP – Energias do Brasil SA (Utilities)		2,057,818
	186,718	Engie Brasil Energia SA (Utilities)		2,142,262
	121,396	Equatorial Energia SA (Utilities)		2,358,125
	113,588	Fibria Celulose SA (Materials)		1,508,635
	202,273	Hypermarcas SA (Health Care)		1,897,083
	674,964	JBS SA (Consumer Staples)		1,859,854
	600,591	Lojas Renner SA (Consumer Discretionary)		5,840,895
	162,528	M Dias Branco SA (Consumer Staples)		2,536,231
	74,640	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		1,733,839
	230,957	Natura Cosmeticos SA (Consumer Staples)		2,165,371
	768,570	Odontoprev SA (Health Care)		3,620,018
	719,695	Petroleo Brasileiro SA (Energy)*		3,195,391
	226,164	Porto Seguro SA (Financials)		2,497,799
	305,334	Raia Drogasil SA (Consumer Staples)		6,729,779
	379,301	Sul America SA (Financials)		2,167,469
	408,322	TIM Participacoes SA (Telecommunication Services)		1,463,831
	136,690	Ultrapar Participacoes SA (Energy)		3,190,860
	470,430	Vale SA (Materials)		5,244,858
				83,505,982
Chile – 1.6%
	21,813	Banco de Chile ADR (Financials)(a)		1,909,074
	33,920	Banco de Credito e Inversiones (Financials)		2,199,694
	35,717,006	Banco Santander Chile (Financials)		2,611,540
	670,308	Cencosud SA (Consumer Staples)		2,015,063
	220,461	Cia Cervecerias Unidas SA (Consumer Staples)		3,005,326
	173,506	Empresa Nacional de Telecomunicaciones SA (Telecommunication Services)		1,812,862
	165,243	Empresas COPEC SA (Energy)		2,109,396
	11,285,302	Enel Americas SA (Utilities)		2,434,518
Common Stocks – (continued)
Chile – (continued)
	151,556	Latam Airlines Group SA ADR (Industrials)		1,909,606
	219,148	SACI Falabella (Consumer Discretionary)		2,203,301
	49,905	Sociedad Quimica y Minera de Chile SA ADR (Materials)		2,342,042
				24,552,422
China – 28.6%
	226,688	AAC Technologies Holdings, Inc. (Information Technology)		4,133,212
	12,748,646	Agricultural Bank of China Ltd., Class H (Financials)		5,994,419
	284,984	Alibaba Group Holding Ltd. ADR (Information Technology)*		48,943,152
	674,687	ANTA Sports Products Ltd. (Consumer Discretionary)		2,655,145
	33,881	Autohome, Inc. ADR (Information Technology)*		2,177,532
	69,841	Baidu, Inc. ADR (Information Technology)*		15,927,240
	23,296,030	Bank of China Ltd., Class H (Financials)		12,263,497
	4,564,820	Bank of Communications Co. Ltd., Class H (Financials)		3,487,868
	776,419	Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)		2,008,891
	5,616,789	CGN Power Co. Ltd., Class H (Utilities)(b)		1,550,162
	7,097,310	China Cinda Asset Management Co. Ltd., Class H (Financials)		2,638,894
	5,050,405	China CITIC Bank Corp Ltd., Class H (Financials)		3,336,199
	5,305,197	China Communications Services Corp. Ltd., Class H (Telecommunication Services)		2,874,104
	992,909	China Conch Venture Holdings Ltd. (Industrials)		1,806,569
	24,022,321	China Construction Bank Corp., Class H (Financials)		21,055,922
	5,451,529	China Everbright Bank Co. Ltd., Class H (Financials)		2,619,035
	925,434	China Evergrande Group (Real Estate)*		2,796,480
	1,672,899	China Galaxy Securities Co. Ltd., Class H (Financials)		1,515,483
	4,868,044	China Huarong Asset Management Co. Ltd., Class H (Financials)(b)		2,077,477
	3,942,464	China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)(c)		211,569
	1,012,916	China Life Insurance Co. Ltd., Class H (Financials)		3,248,496
	1,266,362	China Medical System Holdings Ltd. (Health Care)		2,329,998

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
China – (continued)
	1,368,246	China Mengniu Dairy Co. Ltd. (Consumer Staples)*	$	3,195,770
	1,604,562	China Merchants Bank Co. Ltd., Class H (Financials)		6,048,027
	3,544,130	China Minsheng Banking Corp. Ltd., Class H (Financials)		3,536,681
	1,738,567	China Mobile Ltd. (Telecommunication Services)		18,437,614
	1,020,444	China Overseas Land & Investment Ltd. (Real Estate)		3,566,003
	407,708	China Pacific Insurance Group Co. Ltd., Class H (Financials)		1,919,649
	8,426,393	China Petroleum & Chemical Corp., Class H (Energy)		6,449,169
	4,957,069	China Power International Development Ltd. (Utilities)		1,691,108
	759,356	China Resources Beer Holdings Co. Ltd. (Consumer Staples)		1,905,558
	621,260	China Resources Land Ltd. (Real Estate)		1,940,830
	813,549	China Resources Power Holdings Co. Ltd. (Utilities)		1,492,703
	827,793	China Shenhua Energy Co. Ltd., Class H (Energy)		2,131,238
	8,758,085	China Telecom Corp. Ltd., Class H (Telecommunication Services)		4,498,528
	1,555,897	China Unicom Hong Kong Ltd. (Telecommunication Services)*		2,266,318
	3,254,677	Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials)		2,266,416
	1,237,554	CITIC Ltd. (Industrials)		1,900,657
	941,102	CITIC Securities Co. Ltd., Class H (Financials)		2,087,476
	1,870,693	CNOOC Ltd. (Energy)		2,237,245
	3,613,660	Country Garden Holdings Co. Ltd. (Real Estate)		4,801,930
	2,349,088	CRRC Corp. Ltd., Class H (Industrials)		2,119,040
	3,210,533	CSPC Pharmaceutical Group Ltd. (Health Care)		5,012,837
	35,262	Ctrip.com International Ltd. ADR (Consumer Discretionary)*		1,814,230
	2,248,100	Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary)		2,918,398
	2,564,999	Geely Automobile Holdings Ltd. (Consumer Discretionary)		6,305,615
	835,899	GF Securities Co. Ltd., Class H (Financials)		1,783,633
	16,391,735	GOME Retail Holdings Ltd. (Consumer Discretionary)		1,717,410
	963,116	Haitong Securities Co. Ltd., Class H (Financials)		1,614,536
	278,216	Hengan International Group Co. Ltd. (Consumer Staples)		2,324,851
	708,945	Huatai Securities Co. Ltd., Class H (Financials)(b)		1,577,960
Common Stocks – (continued)
China – (continued)
	21,310,287	Industrial & Commercial Bank of China Ltd., Class H (Financials)		15,955,929
	142,382	JD.com, Inc. ADR (Consumer Discretionary)*		5,967,230
	1,062,406	Jiangsu Expressway Co. Ltd., Class H (Industrials)		1,628,947
	878,910	Kingsoft Corp. Ltd. (Information Technology)		2,084,287
	1,904,631	Kunlun Energy Co. Ltd. (Energy)		1,844,655
	6,488,476	Lenovo Group Ltd. (Information Technology)		3,548,311
	1,111,980	Longfor Properties Co. Ltd. (Real Estate)		2,671,099
	71,792	Momo, Inc. ADR (Information Technology)*		2,766,146
	31,345	NetEase, Inc. ADR (Information Technology)		8,646,205
	485,989	New China Life Insurance Co. Ltd., Class H (Financials)		3,110,995
	68,883	New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)*		5,631,185
	5,180,644	People’s Insurance Co Group of China Ltd. (The), Class H (Financials)		2,442,560
	5,220,422	PetroChina Co. Ltd., Class H (Energy)		3,335,115
	1,704,560	PICC Property & Casualty Co. Ltd., Class H (Financials)		3,201,583
	1,598,669	Ping An Insurance Group Co. of China Ltd., Class H (Financials)		12,695,063
	291,789	Shenzhou International Group Holdings Ltd. (Consumer Discretionary)		2,337,608
	5,110,241	Sihuan Pharmaceutical Holdings Group Ltd. (Health Care)		1,965,364
	29,453	SINA Corp./China (Information Technology)*		2,999,199
	2,402,201	Sino-Ocean Group Holding Ltd. (Real Estate)		1,657,442
	632,288	Sinopharm Group Co. Ltd., Class H (Health Care)		2,855,877
	894,762	Sunac China Holdings Ltd. (Real Estate)		2,686,647
	288,073	Sunny Optical Technology Group Co. Ltd. (Information Technology)		4,129,815
	142,068	TAL Education Group ADR (Consumer Discretionary)		4,323,129
	1,560,008	Tencent Holdings Ltd. (Information Technology)		65,577,961
	1,536,065	Tingyi Cayman Islands Holding Corp. (Consumer Staples)		2,045,090
	736,267	TravelSky Technology Ltd., Class H (Information Technology)		2,013,188
	491,254	Tsingtao Brewery Co. Ltd., Class H (Consumer Staples)		2,036,836

42 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)
	260,610	Vipshop Holdings Ltd. ADR (Consumer Discretionary)*	$	2,426,279
	3,497,091	Want Want China Holdings Ltd. (Consumer Staples)(a)		2,314,578
	44,813	Weibo Corp. ADR (Information Technology)*(a)		4,530,594
	24,674	YY, Inc. ADR (Information Technology)*		1,843,641
				426,485,332
Colombia – 0.4%
	3,536,124	Ecopetrol SA (Energy)		1,645,103
	134,914	Grupo de Inversiones Suramericana SA (Financials)		1,901,297
	519,976	Interconexion Electrica SA ESP (Utilities)		2,359,037
				5,905,437
Egypt – 0.4%
	946,512	Commercial International Bank Egypt SAE GDR (Financials)		4,325,560
	2,356,430	Global Telecom Holding SAE (Telecommunication Services)*		939,369
				5,264,929
Greece – 0.3%
	253,522	Hellenic Telecommunications Organization SA (Telecommunication Services)		3,225,110
	147,685	OPAP SA (Consumer Discretionary)		1,648,721
				4,873,831
Hong Kong – 1.0%
	1,435,764	Haier Electronics Group Co. Ltd. (Consumer Discretionary)*		3,815,764
	7,104,644	Sino Biopharmaceutical Ltd. (Health Care)		6,236,404
	4,823,900	Sun Art Retail Group Ltd. (Consumer Staples)		4,443,946
				14,496,114
Hungary – 0.6%
	33,432	MOL Hungarian Oil & Gas PLC (Energy)		3,098,510
	62,332	OTP Bank PLC (Financials)		2,533,193
	99,334	Richter Gedeon Nyrt (Health Care)		2,582,963
				8,214,666
India – 8.9%
	263,879	Adani Ports & Special Economic Zone Ltd. (Industrials)		1,622,045
	98,274	Asian Paints Ltd. (Materials)		1,796,415
	55,289	Bajaj Auto Ltd. (Consumer Discretionary)		2,434,225
	127,297	Bajaj Finance Ltd. (Financials)		3,548,316
	30,315	Bajaj Finserv Ltd. (Financials)		2,609,552
Common Stocks – (continued)
India – (continued)
	384,576	Bharat Petroleum Corp. Ltd. (Energy)		3,182,428
	384,673	Bharti Airtel Ltd. (Telecommunication Services)		2,573,663
	238,455	Cipla Ltd. (Health Care)		2,133,277
	316,812	Dabur India Ltd. (Consumer Staples)		1,561,603
	73,247	Dr. Reddy’s Laboratories Ltd. (Health Care)		2,315,557
	5,014	Eicher Motors Ltd. (Industrials)		2,466,820
	339,782	GAIL India Ltd. (Utilities)		2,010,747
	126,276	Grasim Industries Ltd. (Materials)		2,360,925
	226,389	HCL Technologies Ltd. (Information Technology)		3,064,381
	67,255	Hero MotoCorp Ltd. (Consumer Discretionary)		4,203,132
	705,397	Hindalco Industries Ltd. (Materials)		2,626,222
	379,850	Hindustan Unilever Ltd. (Consumer Staples)		7,247,759
	328,016	Housing Development Finance Corp. Ltd. (Financials)		9,117,563
	1,244,220	Idea Cellular Ltd. (Telecommunication Services)		1,764,354
	161,554	Indiabulls Housing Finance Ltd. (Financials)		3,071,804
	229,102	Indian Oil Corp. Ltd. (Energy)		1,629,576
	571,617	Infosys Ltd. (Information Technology)		8,181,318
	778,847	ITC Ltd. (Consumer Staples)		3,438,800
	92,397	Larsen & Toubro Ltd. (Industrials)		1,642,373
	186,796	LIC Housing Finance Ltd. (Financials)		1,969,027
	72,583	Mahindra & Mahindra Ltd. (Consumer Discretionary)		1,526,910
	713,621	Marico Ltd. (Consumer Staples)		3,521,429
	34,526	Maruti Suzuki India Ltd. (Consumer Discretionary)		4,158,863
	32,710	Nestle India Ltd. (Consumer Staples)		3,643,825
	618,731	NTPC Ltd. (Utilities)		1,633,302
	721,364	Oil & Natural Gas Corp. Ltd. (Energy)		1,771,074
	45,385	Piramal Enterprises Ltd. (Health Care)		1,926,615
	876,992	Power Finance Corp. Ltd. (Financials)		1,675,066
	230,002	Reliance Industries Ltd. (Energy)		5,736,895
	296,396	Sun Pharmaceutical Industries Ltd. (Health Care)		2,230,867
	157,061	Tata Consultancy Services Ltd. (Information Technology)		6,133,306
	363,509	Tata Motors Ltd. (Consumer Discretionary)*		2,141,207
	418,120	Tata Motors Ltd., Class A (Consumer Discretionary)*		1,430,770
	1,757,068	Tata Power Co. Ltd. (The) (Utilities)		2,178,254

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
India – (continued)
	261,818	Tech Mahindra Ltd. (Information Technology)	$	1,753,542
	133,501	UPL Ltd. (Materials)		1,729,266
	924,005	Vedanta Ltd. (Materials)		4,464,913
	941,724	Wipro Ltd. (Information Technology)		4,406,166
	87,129	Yes Bank Ltd. (Financials)		2,389,339
				133,023,491
Indonesia – 1.9%
	20,551,092	Adaro Energy Tbk PT (Energy)		2,811,104
	3,901,815	Astra International Tbk PT (Consumer Discretionary)		2,303,013
	2,863,065	Bank Central Asia Tbk PT (Financials)		4,066,488
	4,524,825	Bank Negara Indonesia Persero Tbk PT (Financials)		2,492,690
	1,936,315	Bank Rakyat Indonesia Persero Tbk PT (Financials)		2,195,080
	16,311,385	Kalbe Farma Tbk PT (Health Care)		2,090,576
	9,192,957	Perusahaan Gas Negara Persero Tbk (Utilities)		1,460,731
	13,279,265	Telekomunikasi Indonesia Persero Tbk PT (Telecommunication Services)		4,667,947
	1,144,873	Unilever Indonesia Tbk PT (Consumer Staples)		4,337,680
	766,121	United Tractors Tbk PT (Energy)		1,739,879
				28,165,188
Malaysia – 1.6%
	2,443,629	Astro Malaysia Holdings Bhd (Consumer Discretionary)		1,533,527
	227,302	British American Tobacco Malaysia Bhd (Consumer Staples)		2,351,528
	1,263,500	CIMB Group Holdings Bhd (Financials)		2,094,738
	4,097,300	Dialog Group Bhd (Energy)		1,966,858
	3,063,119	DiGi.Com Bhd (Telecommunication Services)		3,471,607
	1,321,563	Genting Bhd (Consumer Discretionary)		3,004,888
	751,134	HAP Seng Consolidated Bhd (Industrials)		1,597,072
	848,938	Malayan Banking Bhd (Financials)		1,880,565
	432,988	Public Bank Bhd (Financials)		2,088,644
	958,600	Sime Darby Bhd (Industrials)		2,020,232
	1,117,800	UMW Holdings Bhd (Consumer Discretionary)*		1,591,435
				23,601,094
Mexico – 3.3%
	1,548,546	Alfa SAB de CV, Class A (Industrials)		2,174,754
Common Stocks – (continued)
Mexico – (continued)
	8,390,829	America Movil SAB de CV, Series L (Telecommunication Services)		7,824,582
	378,181	Arca Continental SAB de CV (Consumer Staples)		2,775,446
	3,516,998	Cemex SAB de CV, Series CPO (Materials)*		3,297,417
	332,084	Coca-Cola Femsa SAB de CV, Series L (Consumer Staples)		2,730,234
	481,302	Fomento Economico Mexicano SAB de CV (Consumer Staples)		4,831,991
	989,906	Gentera SAB de CV (Financials)		1,523,509
	260,768	Gruma SAB de CV, Class B (Consumer Staples)		3,836,590
	129,470	Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)		2,649,367
	1,636,784	Grupo Bimbo SAB de CV, Series A (Consumer Staples)		3,980,206
	465,494	Grupo Financiero Banorte SAB de CV, Class O (Financials)		3,184,303
	722,719	Grupo Mexico SAB de CV, Series B (Materials)		2,390,038
	534,013	Infraestructura Energetica Nova SAB de CV (Utilities)		2,910,851
	745,837	Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples)		1,468,846
	1,633,711	Wal-Mart de Mexico SAB de CV (Consumer Staples)		3,986,483
				49,564,617
Peru – 0.2%
	16,045	Credicorp Ltd. (Financials)		3,254,568
Philippines – 0.3%
	55,344	Globe Telecom, Inc. (Telecommunication Services)		2,163,143
	405,808	Jollibee Foods Corp. (Consumer Discretionary)		1,889,065
				4,052,208
Poland – 1.9%
	58,411	Bank Pekao SA (Financials)		2,091,478
	51,094	CCC SA (Consumer Discretionary)*		3,749,047
	177,425	Grupa Lotos SA (Energy)*		2,922,493
	96,704	Jastrzebska Spolka Weglowa SA (Materials)*		2,814,467
	68,579	KGHM Polska Miedz SA (Materials)		2,420,052
	1,344	LPP SA (Consumer Discretionary)		3,284,364
	164,420	Polski Koncern Naftowy ORLEN SA (Energy)		5,424,838
	201,016	Powszechna Kasa Oszczednosci Bank Polski SA (Financials)*		2,063,376
	178,475	Powszechny Zaklad Ubezpieczen SA (Financials)		2,422,353

44 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)
	1,268,768	Synthos SA (Materials)	$	1,697,182
				28,889,650
Qatar – 0.6%
	176,401	Masraf Al Rayan QSC (Financials)		1,848,183
	95,719	Ooredoo QSC (Telecommunication Services)		2,302,514
	351,520	Qatar Gas Transport Co. Ltd. (Energy)		1,640,185
	69,382	Qatar National Bank QPSC (Financials)		2,488,511
				8,279,393
Russia – 3.1%
	1,338,775	Alrosa PJSC (Materials)		1,871,865
	856,630	Gazprom PJSC ADR (Energy)		3,417,954
	44,065,349	Inter RAO UES PJSC (Utilities)		2,981,951
	160,204	LUKOIL PJSC (Energy)		8,111,577
	12,915	MMC Norilsk Nickel PJSC (Materials)		2,177,148
	342,602	Mobile TeleSystems PJSC ADR (Telecommunication Services)		3,422,594
	16,014	Novatek PJSC GDR (Energy)		1,692,680
	1,396,544	Rostelecom PJSC (Telecommunication Services)		1,611,166
	660,492	Sberbank of Russia PJSC ADR (Financials)		9,015,716
	189,819	Severstal PJSC GDR (Materials)		3,001,038
	423,588	Surgutneftegas OJSC ADR (Energy)		1,937,491
	394,426	Surgutneftegas OJSC ADR (Energy)		1,924,799
	88,601	Tatneft PJSC ADR (Energy)		3,530,750
	988,565	VTB Bank PJSC GDR (Financials)		2,208,454
				46,905,183
South Africa – 6.3%
	55,861	Anglo American Platinum Ltd. (Materials)*		1,514,984
	215,320	AngloGold Ashanti Ltd. (Materials)		2,181,114
	162,252	Barclays Africa Group Ltd. (Financials)(a)		1,852,276
	160,632	Bidvest Group Ltd. (The) (Industrials)(a)		2,118,896
	43,460	Capitec Bank Holdings Ltd. (Financials)		3,011,020
	320,005	Coronation Fund Managers Ltd. (Financials)		1,732,052
	345,180	Exxaro Resources Ltd. (Energy)		3,475,569
	836,188	FirstRand Ltd. (Financials)(a)		3,572,496
	499,481	Fortress Income Fund Ltd. REIT (Real Estate)		1,514,487
	1,613,446	Fortress Income Fund Ltd., Class A REIT (Real Estate)		2,177,330
Common Stocks – (continued)
South Africa – (continued)
	135,049	Foschini Group Ltd. (The) (Consumer Discretionary)		1,592,534
	621,341	Gold Fields Ltd. (Materials)(a)		2,772,670
	1,104,478	Growthpoint Properties Ltd. REIT (Real Estate)(a)		2,137,151
	193,502	Liberty Holdings Ltd. (Financials)(a)		1,542,359
	740,042	Life Healthcare Group Holdings Ltd. (Health Care)		1,501,436
	223,346	Massmart Holdings Ltd. (Consumer Staples)(a)		2,090,577
	84,943	Mondi Ltd. (Materials)		2,318,213
	194,293	Mr Price Group Ltd. (Consumer Discretionary)		2,709,414
	199,685	MTN Group Ltd. (Telecommunication Services)(a)		1,985,404
	81,214	Naspers Ltd., Class N (Consumer Discretionary)		18,376,452
	851,414	Netcare Ltd. (Health Care)		1,579,349
	701,727	Pick n Pay Stores Ltd. (Consumer Staples)		3,454,241
	2,539,551	Redefine Properties Ltd. REIT (Real Estate)		2,082,832
	159,850	Resilient REIT Ltd. REIT (Real Estate)(a)		1,538,053
	523,641	Sappi Ltd. (Materials)		3,521,156
	178,840	Shoprite Holdings Ltd. (Consumer Staples)		3,101,269
	117,024	SPAR Group Ltd. (The) (Consumer Staples)		1,522,055
	276,141	Standard Bank Group Ltd. (Financials)		3,557,168
	567,652	Steinhoff International Holdings NV (Consumer Discretionary)		2,745,344
	530,750	Telkom SA SOC Ltd. (Telecommunication Services)		2,562,791
	57,937	Tiger Brands Ltd. (Consumer Staples)		1,796,392
	312,264	Vodacom Group Ltd. (Telecommunication Services)		4,362,687
	406,165	Woolworths Holdings Ltd. (Consumer Discretionary)(a)		1,854,343
				93,854,114
South Korea – 14.5%
	14,515	Amorepacific Corp. (Consumer Staples)		3,707,272
	27,606	AMOREPACIFIC Group (Consumer Staples)		3,280,599
	25,773	BGF retail Co. Ltd. (Consumer Staples)		2,084,514
	175,248	BNK Financial Group, Inc. (Financials)		1,532,410
	16,423	Celltrion, Inc. (Health Care)*		1,676,381
��	6,543	CJ CheilJedang Corp (Consumer Staples)		2,103,439

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
South Korea – (continued)
	22,681	CJ E&M Corp. (Consumer Discretionary)	$	1,528,695
	41,723	Coway Co. Ltd. (Consumer Discretionary)		3,655,758
	221,848	DGB Financial Group, Inc. (Financials)		2,164,179
	45,223	Dongbu Insurance Co. Ltd. (Financials)		3,015,936
	11,324	E-MART, Inc. (Consumer Staples)		2,249,535
	41,547	GS Holdings Corp. (Energy)		2,601,293
	99,407	Hana Financial Group, Inc. (Financials)		4,319,744
	46,456	Hankook Tire Co. Ltd. (Consumer Discretionary)		2,430,741
	18,050	Hanssem Co. Ltd. (Consumer Discretionary)		2,721,266
	51,646	Hanwha Chemical Corp. (Materials)		1,619,090
	45,038	Hanwha Corp. (Industrials)		1,963,123
	365,522	Hanwha Life Insurance Co. Ltd. (Financials)		2,372,846
	26,476	Hotel Shilla Co. Ltd. (Consumer Discretionary)		1,453,409
	12,684	Hyosung Corp. (Materials)		1,782,914
	29,368	Hyundai Department Store Co. Ltd. (Consumer Discretionary)		2,515,918
	56,634	Hyundai Marine & Fire Insurance Co. Ltd. (Financials)		2,320,407
	13,628	Hyundai Mobis Co. Ltd. (Consumer Discretionary)		2,852,260
	15,416	Hyundai Motor Co. (Consumer Discretionary)		1,920,848
	33,579	Hyundai Steel Co. (Materials)		1,718,259
	182,598	Industrial Bank of Korea (Financials)		2,420,929
	113,609	KB Financial Group, Inc. (Financials)		5,581,712
	116,216	Kia Motors Corp. (Consumer Discretionary)		3,653,651
	84,849	Korea Electric Power Corp. (Utilities)		3,228,115
	76,676	Korea Gas Corp. (Utilities)*		3,080,368
	37,028	Korea Investment Holdings Co. Ltd. (Financials)		2,157,449
	100,414	KT Corp. (Telecommunication Services)		3,153,755
	28,232	KT&G Corp. (Consumer Staples)		2,866,765
	7,023	LG Chem Ltd. (Materials)		2,360,515
	34,062	LG Corp. (Industrials)		2,537,432
	55,160	LG Electronics, Inc. (Consumer Discretionary)		3,986,822
	5,223	LG Household & Health Care Ltd. (Consumer Staples)		4,446,683
	5,468	Lotte Chemical Corp. (Materials)		1,937,270
	9,956	NAVER Corp (Information Technology)		6,666,176
	7,485	NCSoft Corp. (Information Technology)		2,552,308
	17,496	OCI Co. Ltd. (Materials)		1,525,237
	19,578	POSCO (Materials)		5,964,032
Common Stocks – (continued)
South Korea – (continued)
	35,500	S-1 Corp. (Industrials)		2,824,007
	18,814	Samsung Electro-Mechanics Co. Ltd. (Information Technology)		1,685,185
	27,292	Samsung Electronics Co. Ltd. (Information Technology)		56,055,580
	8,762	Samsung Fire & Marine Insurance Co. Ltd. (Financials)		2,148,539
	20,831	Samsung Life Insurance Co. Ltd. (Financials)		2,133,718
	62,992	Samsung Securities Co. Ltd. (Financials)		2,041,821
	98,776	Shinhan Financial Group Co. Ltd. (Financials)		4,555,119
	8,115	SK Holdings Co. Ltd. (Industrials)		1,925,117
	160,239	SK Hynix, Inc. (Information Technology)		9,748,488
	15,703	SK Innovation Co. Ltd. (Energy)		2,625,058
	20,217	SK Telecom Co. Ltd. (Telecommunication Services)		4,545,060
	25,787	S-Oil Corp. (Energy)		2,870,050
	236,955	Woori Bank (Financials)		3,908,623
	7,642	Yuhan Corp. (Health Care)		1,531,653
				216,308,073
Taiwan – 11.1%
	2,296,623	Advanced Semiconductor Engineering, Inc. (Information Technology)		2,770,041
	350,388	Advantech Co. Ltd. (Information Technology)		2,583,297
	1,762,425	Asia Cement Corp. (Materials)		1,597,214
	237,171	Asustek Computer, Inc. (Information Technology)		1,964,702
	3,687,134	AU Optronics Corp. (Information Technology)		1,514,976
	115,610	Catcher Technology Co. Ltd. (Information Technology)		1,471,031
	1,868,164	Cathay Financial Holding Co. Ltd. (Financials)		3,048,712
	822,666	Chailease Holding Co. Ltd. (Financials)		2,240,735
	2,893,653	Chang Hwa Commercial Bank Ltd. (Financials)		1,582,069
	3,454,437	China Steel Corp. (Materials)		2,895,963
	954,844	Chunghwa Telecom Co. Ltd. (Telecommunication Services)		3,322,132
	3,750,615	Compal Electronics, Inc. (Information Technology)		2,696,854
	4,781,576	CTBC Financial Holding Co. Ltd. (Financials)		3,097,512
	376,478	Delta Electronics, Inc. (Information Technology)		2,064,585
	2,923,737	E.Sun Financial Holding Co. Ltd. (Financials)		1,801,965

46 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)
	707,786	Far EasTone Telecommunications Co. Ltd. (Telecommunication Services)	$	1,716,755
	668,851	Feng TAY Enterprise Co. Ltd. (Consumer Discretionary)		3,169,280
	3,278,639	First Financial Holding Co. Ltd. (Financials)		2,129,339
	730,251	Formosa Chemicals & Fibre Corp. (Materials)		2,296,326
	673,431	Formosa Petrochemical Corp. (Energy)		2,376,500
	843,244	Formosa Plastics Corp. (Materials)		2,623,699
	1,603,333	Fubon Financial Holding Co. Ltd. (Financials)		2,576,681
	129,852	General Interface Solution Holding Ltd. (Information Technology)		1,555,436
	3,919,903	Hon Hai Precision Industry Co. Ltd. (Information Technology)		15,261,891
	2,814,461	Hua Nan Financial Holdings Co. Ltd. (Financials)		1,571,413
	3,356,205	Innolux Corp. (Information Technology)		1,634,786
	24,796	Largan Precision Co. Ltd. (Information Technology)		4,790,108
	1,093,130	Lite-On Technology Corp. (Information Technology)		1,617,292
	2,373,702	Mega Financial Holding Co. Ltd. (Financials)		1,907,362
	937,624	Nan Ya Plastics Corp. (Materials)		2,367,439
	702,181	Nanya Technology Corp. (Information Technology)		1,505,388
	245,625	Nien Made Enterprise Co. Ltd. (Consumer Discretionary)		2,641,085
	506,623	Pegatron Corp. (Information Technology)		1,594,791
	169,753	Phison Electronics Corp. (Information Technology)		2,289,323
	1,262,073	Pou Chen Corp. (Consumer Discretionary)		1,637,236
	616,696	President Chain Store Corp. (Consumer Staples)		5,159,738
	799,977	Quanta Computer, Inc. (Information Technology)		1,821,081
	4,854,405	SinoPac Financial Holdings Co Ltd. (Financials)*		1,560,281
	1,230,777	Standard Foods Corp. (Consumer Staples)		3,144,336
	8,310,359	Taiwan Business Bank (Financials)		2,296,577
	3,096,196	Taiwan Cooperative Financial Holding Co. Ltd. (Financials)		1,631,251
	665,250	Taiwan Mobile Co. Ltd. (Telecommunication Services)		2,380,695
	6,701,099	Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology)		48,072,764
Common Stocks – (continued)
Taiwan – (continued)
	2,481,061	Uni-President Enterprises Corp. (Consumer Staples)		5,277,979
	2,493,735	Wistron Corp. (Information Technology)		2,354,997
				165,613,617
Thailand – 1.0%
	332,116	Advanced Info Service PCL NVDR (Telecommunication Services)		1,875,373
	1,041,077	CP ALL PCL NVDR (Consumer Staples)		1,943,887
	353,000	Electricity Generating PCL NVDR (Utilities)		2,487,637
	5,775,400	Home Product Center PCL NVDR (Consumer Discretionary)		1,739,316
	246,357	PTT PCL NVDR (Energy)		2,960,291
	353,179	Siam Commercial Bank PCL (The) NVDR (Financials)		1,600,766
	679,800	Thai Oil PCL NVDR (Energy)		1,929,563
				14,536,833
Turkey – 1.1%
	255,286	Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)		1,996,415
	208,446	BIM Birlesik Magazalar AS (Consumer Staples)		4,618,650
	803,159	Eregli Demir ve Celik Fabrikalari TAS (Materials)		1,912,200
	545,889	Haci Omer Sabanci Holding AS (Financials)		1,675,985
	1,180,359	Petkim Petrokimya Holding AS (Materials)(a)		2,133,334
	64,373	Tupras Turkiye Petrol Rafinerileri AS (Energy)		2,187,065
	904,284	Turkiye Is Bankasi, Class C (Financials)		1,961,764
				16,485,413
United Arab Emirates – 0.6%
	2,932,620	Aldar Properties PJSC (Real Estate)		1,844,315
	1,394,897	DAMAC Properties Dubai Co. PJSC (Real Estate)		1,534,231
	961,676	Dubai Islamic Bank PJSC (Financials)		1,594,459
	783,344	Emaar Properties PJSC (Real Estate)		1,812,753
	503,849	Emirates Telecommunications Group Co. PJSC (Telecommunication Services)		2,469,108
				9,254,866
United States – 0.4%
	162,440	Yum China Holdings, Inc. (Consumer Discretionary)*		5,743,878
	TOTAL COMMON STOCKS
	(Cost $1,146,346,032)		$	1,420,830,899

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

GOLDMAN SACHS ACTIVEBETA^® EMERGING MARKETS EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Preferred Stocks – 4.4%
Brazil – 2.8%
	786,698	Banco Bradesco SA (Financials)	$	8,395,913
	240,680	Braskem SA, Class A (Materials)		2,915,131
	164,597	Cia Brasileira de Distribuicao (Consumer Staples)*		3,765,939
	706,795	Gerdau SA (Materials)		2,661,895
	930,049	Itau Unibanco Holding SA (Financials)		11,926,926
	764,384	Itausa – Investimentos Itau SA (Financials)		2,477,941
	788,195	Petroleo Brasileiro SA (Energy)*		3,419,365
	194,819	Telefonica Brasil SA (Telecommunication Services)		3,024,030
	328,081	Vale SA (Materials)		3,396,081
				41,983,221
Chile – 0.2%
	526,450	Embotelladora Andina SA, Class B (Consumer Staples)		2,480,708
Russia – 0.1%
	494	Transneft PJSC (Energy)		1,516,238
South Korea – 1.3%
	28,133	Amorepacific Corp. (Consumer Staples)		4,278,831
	22,766	Hyundai Motor Co. (Consumer Discretionary)		1,946,295
	6,933	LG Household & Health Care Ltd. (Consumer Staples)		3,689,074
	5,382	Samsung Electronics Co. Ltd. (Information Technology)		8,997,047
				18,911,247
	TOTAL PREFERRED STOCKS
	(Cost $47,932,768)		$	64,891,414
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,194,278,800)		$	1,485,722,313

Shares		Distribution rate	Value
Securities Lending Reinvestment Vehicle – 1.8%(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	26,893,134	0.93%	$	26,893,134
	(Cost $26,893,134)
	TOTAL INVESTMENTS – 101.5%
	(Cost $1,221,171,934)		$	1,512,615,447
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.5)%			(21,932,665	)
	NET ASSETS – 100.0%		$	1,490,682,782

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $5,205,599, which represents approximately 0.3% of net assets as of August 31, 2017.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
GDR	—Global Depositary Receipt
NVDR	—Non-Voting Depository Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 98.5%
Australia – 0.3%
	6,364	BHP Billiton PLC (Materials)	$	121,078
Austria – 0.6%
	792	ANDRITZ AG (Industrials)		43,041
	906	Erste Group Bank AG (Financials)*		38,233
	1,603	OMV AG (Energy)		92,031
	2,576	Raiffeisen Bank International AG (Financials)*		84,406
	562	voestalpine AG (Materials)		29,125
				286,836
Belgium – 1.2%
	531	Ageas (Financials)		24,627
	1,746	Anheuser-Busch InBev SA/NV (Consumer Staples)		206,585
	489	Colruyt SA (Consumer Staples)		27,136
	555	Groupe Bruxelles Lambert SA (Financials)		56,423
	317	KBC Group NV (Financials)		26,016
	657	Proximus SADP (Telecommunication Services)		23,132
	258	Solvay SA (Materials)		37,376
	814	Telenet Group Holding NV (Consumer Discretionary)*		55,037
	204	UCB SA (Health Care)		14,040
	782	Umicore SA (Materials)		58,340
				528,712
Chile – 0.1%
	2,369	Antofagasta PLC (Materials)		31,594
Denmark – 2.9%
	1,391	Carlsberg A/S, Class B (Consumer Staples)		159,424
	455	Chr Hansen Holding A/S (Materials)		39,093
	1,091	Coloplast A/S, Class B (Health Care)		89,203
	2,333	Danske Bank A/S (Financials)		90,546
	779	DSV A/S (Industrials)		55,163
	479	H Lundbeck A/S (Health Care)		30,466
	1,478	ISS A/S (Industrials)		57,433
	9,292	Novo Nordisk A/S, Class B (Health Care)		442,621
	259	Novozymes A/S, Class B (Materials)		13,157
	903	Pandora A/S (Consumer Discretionary)		95,844
	8,428	TDC A/S (Telecommunication Services)		50,143
	1,052	Tryg A/S (Financials)		24,282
	691	Vestas Wind Systems A/S (Industrials)		62,849
	1,978	William Demant Holding A/S (Health Care)*		52,264
				1,262,488
Finland – 1.5%
	800	Elisa OYJ (Telecommunication Services)		34,906
	1,910	Fortum OYJ (Utilities)		34,244
	623	Kone OYJ, Class B (Industrials)		33,761
	943	Metso OYJ (Industrials)		31,212
	1,855	Neste OYJ (Energy)		81,688
	3,507	Nokia OYJ (Information Technology)		21,702
	3,152	Orion OYJ, Class B (Health Care)		149,072
	764	Sampo OYJ, Class A (Financials)		40,275
Common Stocks – (continued)
Finland – (continued)
	2,593	Stora Enso OYJ, Class R (Materials)		34,034
	6,574	UPM-Kymmene OYJ (Materials)		170,854
	686	Wartsila OYJ Abp (Industrials)		47,263
				679,011
France – 18.0%
	241	Aeroports de Paris (Industrials)		42,936
	801	Air Liquide SA (Materials)		97,659
	1,049	Airbus SE (Industrials)		88,062
	405	Alstom SA (Industrials)		14,385
	2,137	Arkema SA (Materials)		231,913
	3,049	Atos SE (Information Technology)		469,794
	8,025	AXA SA (Financials)		232,560
	5,095	BNP Paribas SA (Financials)		387,131
	3,582	Bollore SA (Industrials)		16,617
	706	Bouygues SA (Industrials)		31,975
	1,559	Bureau Veritas SA (Industrials)		37,024
	1,427	Capgemini SE (Information Technology)		158,001
	3,710	Carrefour SA (Consumer Staples)		74,719
	1,479	Cie de Saint-Gobain (Industrials)		81,017
	764	Cie Generale des Etablissements Michelin (Consumer Discretionary)		104,003
	4,200	CNP Assurances (Financials)		97,371
	11,872	Credit Agricole SA (Financials)		209,037
	3,035	Danone SA (Consumer Staples)		238,690
	19	Dassault Aviation SA (Industrials)		28,989
	1,086	Dassault Systemes (Information Technology)		106,842
	2,080	Eiffage SA (Industrials)		214,649
	1,919	Engie SA (Utilities)		31,987
	1,113	Essilor International SA (Health Care)		140,330
	1,432	Eurazeo SA (Financials)		118,307
	1,364	Eutelsat Communications SA (Consumer Discretionary)		39,593
	396	Fonciere Des Regions REIT (Real Estate)		39,109
	231	Gecina SA REIT (Real Estate)		35,950
	847	Hermes International (Consumer Discretionary)		447,409
	291	ICADE REIT (Real Estate)		25,830
	64	Iliad SA (Telecommunication Services)		16,508
	578	Imerys SA (Materials)		50,783
	262	Ingenico Group SA (Information Technology)		25,978
	1,562	Ipsen SA (Health Care)		209,570
	259	Kering (Consumer Discretionary)		97,089
	855	Klepierre SA REIT (Real Estate)		34,409
	1,390	Lagardere SCA (Consumer Discretionary)		44,603
	1,368	Legrand SA (Industrials)		95,763
	1,522	L’Oreal SA (Consumer Staples)		320,916
	1,148	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		300,610
	5,140	Natixis SA (Financials)		38,548
	2,607	Orange SA (Telecommunication Services)		44,245
	759	Pernod Ricard SA (Consumer Staples)		103,592
	9,309	Peugeot SA (Consumer Discretionary)		196,281

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	1,121	Publicis Groupe SA (Consumer Discretionary)	$	75,567
	570	Remy Cointreau SA (Consumer Staples)		65,009
	5,428	Rexel SA (Industrials)		80,989
	505	Safran SA (Industrials)		48,986
	5,346	Sanofi (Health Care)		519,019
	2,039	Schneider Electric SE (Industrials)*		164,189
	1,946	SCOR SE (Financials)		81,439
	982	SEB SA (Consumer Discretionary)		178,160
	570	Societe BIC SA (Industrials)		68,411
	4,869	Societe Generale SA (Financials)		272,245
	488	Sodexo SA (Consumer Discretionary)		56,875
	2,365	Suez (Utilities)		44,805
	794	Thales SA (Industrials)		87,791
	7,257	TOTAL SA (Energy)		374,837
	183	Unibail-Rodamco SE REIT (Real Estate)		46,462
	542	Valeo SA (Consumer Discretionary)		36,201
	1,780	Veolia Environnement SA (Utilities)		41,711
	2,325	Vinci SA (Industrials)		213,810
	790	Vivendi SA (Consumer Discretionary)		18,104
	351	Wendel SA (Financials)		55,564
				7,950,958
Germany – 13.0%
	2,007	adidas AG (Consumer Discretionary)		449,903
	1,690	Allianz SE (Financials)		361,161
	508	Axel Springer SE (Consumer Discretionary)		31,406
	2,764	BASF SE (Materials)		267,391
	3,582	Bayer AG (Health Care)		457,803
	252	Bayerische Motoren Werke AG (Consumer Discretionary)		23,369
	1,788	Beiersdorf AG (Consumer Staples)		190,637
	495	Brenntag AG (Industrials)		26,197
	1,130	CECONOMY AG (Consumer Discretionary)		12,362
	204	Continental AG (Consumer Discretionary)		45,973
	2,039	Covestro AG (Materials)(a)		160,019
	1,478	Daimler AG (Consumer Discretionary)		107,593
	926	Deutsche Boerse AG (Financials)		98,852
	8,782	Deutsche Lufthansa AG (Industrials)		219,990
	8,331	Deutsche Post AG (Industrials)		345,130
	10,552	Deutsche Telekom AG (Telecommunication Services)		190,186
	1,126	Deutsche Wohnen SE (Real Estate)		47,765
	1,370	E.ON SE (Utilities)		15,465
	633	Evonik Industries AG (Materials)		20,493
	576	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		56,764
	983	Fresenius Medical Care AG & Co KGaA (Health Care)		91,742
	1,698	Fresenius SE & Co KGaA (Health Care)		143,513
	283	Hannover Rueck SE (Financials)		34,251
	741	HeidelbergCement AG (Materials)		71,051
	453	Henkel AG & Co KGaA (Consumer Staples)		54,773
	411	HOCHTIEF AG (Industrials)		72,343
Common Stocks – (continued)
Germany – (continued)
	2,878	HUGO BOSS AG (Consumer Discretionary)		243,314
	3,376	Infineon Technologies AG (Information Technology)		77,746
	291	Innogy SE (Utilities)(a)		12,810
	1,035	LANXESS AG (Materials)		77,091
	212	Linde AG (Materials)		40,592
	437	MAN SE (Industrials)		48,999
	1,006	Merck KGaA (Health Care)		110,346
	1,130	METRO AG (Consumer Staples)*		22,060
	714	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		147,195
	389	OSRAM Licht AG (Industrials)		31,902
	1,380	ProSiebenSat.1 Media SE (Consumer Discretionary)		46,234
	4,355	RWE AG (Utilities)*		108,498
	4,515	SAP SE (Information Technology)		472,910
	2,440	Siemens AG (Industrials)		318,520
	590	Symrise AG (Materials)		43,069
	3,680	Telefonica Deutschland Holding AG (Telecommunication Services)		19,890
	2,856	TUI AG (Consumer Discretionary)		48,136
	883	United Internet AG (Information Technology)		52,333
	1,330	Vonovia SE (Real Estate)		56,142
	3,517	Zalando SE (Consumer Discretionary)*(a)		166,355
				5,740,274
Ireland – 0.5%
	4,982	Bank of Ireland Group PLC (Financials)*		41,461
	2,509	CRH PLC (Materials)		87,505
	897	Kerry Group PLC, Class A (Consumer Staples)		83,428
				212,394
Italy – 3.7%
	4,883	Assicurazioni Generali SpA (Financials)		87,313
	1,396	Atlantia SpA (Industrials)		44,812
	22,711	Enel SpA (Utilities)		137,301
	4,068	Eni SpA (Energy)		63,696
	1,477	Ferrari NV (Consumer Discretionary)		168,752
	81	GEDI Gruppo Editoriale SpA (Consumer Discretionary)*		69
	7,790	Intesa Sanpaolo SpA (Financials)		26,266
	7,707	Leonardo SpA (Industrials)		130,204
	3,315	Luxottica Group SpA (Consumer Discretionary)		190,557
	2,693	Poste Italiane SpA (Financials)(a)		19,546
	6,239	Prysmian SpA (Industrials)		195,971
	1,949	Recordati SpA (Health Care)		83,372
	36,912	Saipem SpA (Energy)*		136,832
	7,952	Snam SpA (Energy)		38,668
	126,349	Telecom Italia SpA (Telecommunication Services)*		120,849

50 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)
	148,311	Telecom Italia SpA-RSP (Telecommunication Services)	$	115,053
	7,311	Terna Rete Elettrica Nazionale SpA (Utilities)		43,112
	838	UniCredit SpA (Financials)*		17,027
	9,994	UnipolSai Assicurazioni SpA (Financials)		22,659
				1,642,059
Jersey Island – 0.0%
	220	Randgold Resources Ltd. (Materials)		22,423
Luxembourg – 0.4%
	1,853	ArcelorMittal (Materials)*		49,436
	22	Eurofins Scientific SE (Health Care)		12,558
	287	Millicom International Cellular SA (Telecommunication Services)		17,879
	1,077	RTL Group SA (Consumer Discretionary)		81,628
	461	SES SA (Consumer Discretionary)		10,526
	724	Tenaris SA (Energy)		9,666
				181,693
Mexico – 0.1%
	1,537	Fresnillo PLC (Materials)		32,005
Netherlands – 5.6%
	1,003	ABN AMRO Group NV (Financials)(a)		28,071
	675	Akzo Nobel NV (Materials)		61,633
	531	Altice NV, Class A (Consumer Discretionary)*		12,228
	873	ASML Holding NV (Information Technology)		135,447
	2,807	Boskalis Westminster (Industrials)		91,607
	1,802	EXOR NV (Financials)		115,475
	960	Gemalto NV (Information Technology)		51,812
	1,493	Heineken Holding NV (Consumer Staples)		147,221
	1,144	Heineken NV (Consumer Staples)		119,866
	12,565	ING Groep NV (Financials)		222,584
	8,853	Koninklijke Ahold Delhaize NV (Consumer Staples)		158,932
	1,054	Koninklijke DSM NV (Materials)		79,860
	11,935	Koninklijke KPN NV (Telecommunication Services)		42,157
	5,166	Koninklijke Philips NV (Health Care)		195,188
	488	Koninklijke Vopak NV (Energy)		20,629
	2,425	NN Group NV (Financials)		96,107
	673	NXP Semiconductors NV (Information Technology)*		76,022
	3,152	Randstad Holding NV (Industrials)		184,017
	10,806	Royal Dutch Shell PLC, Class A (Energy)		296,165
	8,974	Royal Dutch Shell PLC, Class B (Energy)		249,828
	2,060	Wolters Kluwer NV (Industrials)		89,871
				2,474,720
Common Stocks – (continued)
Norway – 1.3%
	2,685	DNB ASA (Financials)		52,286
	2,131	Gjensidige Forsikring ASA (Financials)		37,197
	3,863	Marine Harvest ASA (Consumer Staples)*		76,517
	8,625	Norsk Hydro ASA (Materials)		62,084
	3,975	Orkla ASA (Consumer Staples)		40,696
	4,863	Schibsted ASA, Class A (Consumer Discretionary)		117,827
	5,287	Schibsted ASA, Class B (Consumer Discretionary)		120,964
	1,989	Telenor ASA (Telecommunication Services)		40,164
	274	Yara International ASA (Materials)		11,175
				558,910
Portugal – 0.7%
	43,890	EDP – Energias de Portugal SA (Utilities)		168,283
	1,792	Galp Energia SGPS SA (Energy)		29,635
	5,866	Jeronimo Martins SGPS SA (Consumer Staples)		116,886
				314,804
South Africa – 0.4%
	1,832	Investec PLC (Financials)		13,928
	9,489	Mediclinic International PLC (Health Care)		93,476
	2,581	Mondi PLC (Materials)		70,273
				177,677
Spain – 5.0%
	1,790	Abertis Infraestructuras SA (Industrials)		36,178
	3,639	ACS Actividades de Construccion y Servicios SA (Industrials)		137,407
	494	Aena SA (Industrials)(a)		96,349
	2,075	Amadeus IT Group SA (Information Technology)		128,455
	16,190	Banco Bilbao Vizcaya Argentaria SA (Financials)		142,861
	19,504	Banco de Sabadell SA (Financials)		42,829
	54,459	Banco Santander SA (Financials)		353,450
	4,634	Bankia SA (Financials)		22,528
	2,165	Bankinter SA (Financials)		20,617
	11,130	CaixaBank SA (Financials)		57,402
	21,625	Distribuidora Internacional de Alimentacion SA (Consumer Staples)		136,674
	1,317	Enagas SA (Energy)		38,761
	2,715	Endesa SA (Utilities)		65,413
	1,323	Ferrovial SA (Industrials)		30,113
	1,604	Gas Natural SDG SA (Utilities)		38,941
	1,709	Grifols SA (Health Care)		48,256
	23,227	Iberdrola SA (Utilities)		189,463
	5,926	Industria de Diseno Textil SA (Consumer Discretionary)		224,855
	17,078	Mapfre SA (Financials)		60,364
	1,807	Red Electrica Corp. SA (Utilities)		40,528
	10,713	Repsol SA (Energy)		183,790

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

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Spain – (continued)
	8,427	Telefonica SA (Telecommunication Services)	$	90,761
				2,185,995
Sweden – 4.0%
	1,290	Alfa Laval AB (Industrials)		29,181
	3,260	Assa Abloy AB, Class B (Industrials)		70,384
	2,074	Atlas Copco AB, Class A (Industrials)		81,163
	1,433	Atlas Copco AB, Class B (Industrials)		51,072
	2,009	Boliden AB (Materials)		70,187
	1,663	Electrolux AB, Series B (Consumer Discretionary)		60,377
	829	Essity AB, Class B (Consumer Staples)*		22,982
	2,965	Getinge AB, Class B (Health Care)(b)		54,997
	8,662	Hennes & Mauritz AB, Class B (Consumer Discretionary)		218,799
	1,326	Hexagon AB, Class B (Information Technology)		64,972
	4,259	Husqvarna AB, Class B (Consumer Discretionary)		42,899
	735	ICA Gruppen AB (Consumer Staples)		29,262
	2,465	Industrivarden AB, Class C (Financials)		58,300
	1,733	Investor AB, Class B (Financials)		80,929
	537	Kinnevik AB, Class B (Financials)		16,136
	821	L E Lundbergforetagen AB, Class B (Financials)		63,504
	7,305	Nordea Bank AB (Financials)		98,136
	3,913	Sandvik AB (Industrials)		64,566
	3,583	Securitas AB, Class B (Industrials)		58,806
	4,608	Skandinaviska Enskilda Banken AB, Class A (Financials)		59,878
	1,704	Skanska AB, Class B (Industrials)		38,438
	1,079	SKF AB, Class B (Industrials)		21,533
	829	Svenska Cellulosa AB SCA, Class B (Materials)		6,902
	2,409	Svenska Handelsbanken AB, Class A (Financials)		35,965
	2,635	Swedbank AB, Class A (Financials)		71,129
	3,303	Swedish Match AB (Consumer Staples)		117,595
	2,276	Tele2 AB, Class B (Telecommunication Services)		26,457
	7,417	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		43,408
	7,209	Telia Co. AB (Telecommunication Services)		34,336
	4,016	Volvo AB, Class B (Industrials)		68,487
				1,760,780
Switzerland – 14.9%
	6,778	ABB Ltd. (Industrials)		156,578
	876	Adecco Group AG (Industrials)		63,353
	305	Baloise Holding AG (Financials)		48,464
	54	Barry Callebaut AG (Consumer Staples)*		77,544
	10	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		57,232
Common Stocks – (continued)
Switzerland – (continued)
	952	Cie Financiere Richemont SA (Consumer Discretionary)		84,947
	6,250	Coca-Cola HBC AG (Consumer Staples)*		212,933
	865	Credit Suisse Group AG (Financials)*		12,691
	121	Dufry AG (Consumer Discretionary)*		18,610
	221	EMS-Chemie Holding AG (Materials)		150,745
	2,389	Ferguson PLC (Industrials)		141,696
	181	Geberit AG (Industrials)		82,514
	24	Givaudan SA (Materials)		48,949
	95,240	Glencore PLC (Materials)*		441,184
	359	Julius Baer Group Ltd. (Financials)*		20,023
	1,439	Kuehne + Nagel International AG (Industrials)		260,098
	482	LafargeHolcim Ltd. (Materials)*		28,263
	362	Lonza Group AG (Health Care)*		91,461
	13,150	Nestle SA (Consumer Staples)		1,113,166
	8,840	Novartis AG (Health Care)		744,179
	1,012	Pargesa Holding SA (Financials)		81,824
	412	Partners Group Holding AG (Financials)		266,664
	3,116	Roche Holding AG (Health Care)		789,538
	202	Schindler Holding AG (Industrials)		42,355
	269	Schindler Holding AG Participation Certificates (Industrials)		57,495
	75	SGS SA (Industrials)		167,248
	17	Sika AG (Materials)		120,291
	388	Sonova Holding AG (Health Care)		65,447
	8,905	STMicroelectronics NV (Information Technology)		154,096
	239	Straumann Holding AG (Health Care)		152,826
	174	Swatch Group AG (The) – Bearer (Consumer Discretionary)		69,310
	714	Swatch Group AG (The) – Registered (Consumer Discretionary)		55,240
	445	Swiss Life Holding AG (Financials)*		158,922
	476	Swiss Prime Site AG (Real Estate)*		42,994
	1,452	Swiss Re AG (Financials)		131,224
	85	Swisscom AG (Telecommunication Services)		42,774
	8,824	UBS Group AG (Financials)*		145,077
	339	Vifor Pharma AG (Health Care)		34,182
	393	Zurich Insurance Group AG (Financials)		117,327
				6,549,464
United Kingdom – 23.6%
	15,198	3i Group PLC (Financials)		189,861
	9,040	Admiral Group PLC (Financials)		224,932
	14,951	Anglo American PLC (Materials)		270,193
	1,839	Ashtead Group PLC (Industrials)		39,407
	1,390	Associated British Foods PLC (Consumer Staples)		59,500
	5,135	AstraZeneca PLC (Health Care)		300,464
	31,563	Auto Trader Group PLC (Information Technology)(a)		143,730
	4,745	Aviva PLC (Financials)		31,947
	1,347	Babcock International Group PLC (Industrials)		14,102

52 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)
	9,974	BAE Systems PLC (Industrials)	$	78,076
	32,972	Barclays PLC (Financials)		81,191
	13,003	Barratt Developments PLC (Consumer Discretionary)		104,635
	48,372	BP PLC (Energy)		277,461
	7,960	British American Tobacco PLC (Consumer Staples)		495,509
	1,807	British Land Co. PLC (The) REIT (Real Estate)		14,238
	10,731	BT Group PLC (Telecommunication Services)		40,452
	1,694	Bunzl PLC (Industrials)		50,423
	10,536	Burberry Group PLC (Consumer Discretionary)		243,964
	1,861	Capita PLC (Industrials)		15,551
	28,622	Centrica PLC (Utilities)		73,725
	3,819	CNH Industrial NV (Industrials)		43,270
	569	Coca-Cola European Partners PLC (Consumer Staples)		24,333
	8,844	Compass Group PLC (Consumer Discretionary)		188,261
	2,518	ConvaTec Group PLC (Health Care)*(a)		9,309
	1,464	Croda International PLC (Materials)		72,477
	659	DCC PLC (Industrials)		59,823
	9,162	Diageo PLC (Consumer Staples)		306,004
	4,463	Direct Line Insurance Group PLC (Financials)		21,859
	7,208	Dixons Carphone PLC (Consumer Discretionary)		16,105
	4,089	Experian PLC (Industrials)		81,878
	15,704	Fiat Chrysler Automobiles NV (Consumer Discretionary)*		236,182
	4,401	G4S PLC (Industrials)		16,077
	7,062	GKN PLC (Consumer Discretionary)		29,019
	20,032	GlaxoSmithKline PLC (Health Care)		395,831
	2,983	Hammerson PLC REIT (Real Estate)		21,563
	12,191	Hargreaves Lansdown PLC (Financials)		219,922
	71,914	HSBC Holdings PLC (Financials)		695,449
	2,619	IMI PLC (Industrials)		38,303
	4,285	Imperial Brands PLC (Consumer Staples)		176,714
	841	Inmarsat PLC (Telecommunication Services)		7,932
	1,269	InterContinental Hotels Group PLC (Consumer Discretionary)		63,052
	15,852	International Consolidated Airlines Group SA (Industrials)		125,272
	1,040	Intertek Group PLC (Industrials)		68,479
	5,218	Intu Properties PLC REIT (Real Estate)		16,729
	4,205	ITV PLC (Consumer Discretionary)		8,594
	50,537	J Sainsbury PLC (Consumer Staples)		153,421
	1,079	Johnson Matthey PLC (Materials)		38,429
	29,787	Kingfisher PLC (Consumer Discretionary)		114,724
	1,252	Land Securities Group PLC REIT (Real Estate)		16,294
	12,257	Legal & General Group PLC (Financials)		41,095
	62,480	Lloyds Banking Group PLC (Financials)		51,381
Common Stocks – (continued)
United Kingdom – (continued)
	784	London Stock Exchange Group PLC (Financials)		39,904
	26,826	Marks & Spencer Group PLC (Consumer Discretionary)(b)		110,475
	3,656	Meggitt PLC (Industrials)		24,403
	6,526	Merlin Entertainments PLC (Consumer Discretionary)(a)		38,791
	8,349	National Grid PLC (Utilities)		104,859
	2,573	Next PLC (Consumer Discretionary)		136,894
	5,714	Old Mutual PLC (Financials)		15,278
	1,764	Persimmon PLC (Consumer Discretionary)		60,439
	9,689	Petrofac Ltd. (Energy)		52,236
	3,038	Provident Financial PLC (Financials)(b)		34,566
	6,359	Prudential PLC (Financials)		148,760
	2,534	Reckitt Benckiser Group PLC (Consumer Staples)		239,403
	4,744	RELX NV (Industrials)		99,464
	6,906	RELX PLC (Industrials)		150,477
	4,107	Rio Tinto PLC (Materials)		198,268
	2,231	Rolls-Royce Holdings PLC (Industrials)*		26,275
	30,556	Royal Mail PLC (Industrials)		155,208
	6,417	RSA Insurance Group PLC (Financials)		55,110
	21,860	Sage Group PLC (The) (Information Technology)		195,061
	333	Schroders PLC (Financials)		14,452
	9,941	Segro PLC REIT (Real Estate)		68,915
	1,706	Severn Trent PLC (Utilities)		49,879
	3,414	Sky PLC (Consumer Discretionary)		42,055
	6,901	Smith & Nephew PLC (Health Care)		124,225
	2,953	Smiths Group PLC (Industrials)		58,789
	3,253	SSE PLC (Utilities)		59,731
	2,024	St James’s Place PLC (Financials)		30,071
	6,109	Standard Chartered PLC (Financials)*		60,612
	2,319	Standard Life Aberdeen PLC (Financials)		12,837
	8,145	Tate & Lyle PLC (Consumer Staples)		71,735
	10,553	Taylor Wimpey PLC (Consumer Discretionary)		27,264
	74,710	Tesco PLC (Consumer Staples)*		174,148
	6,182	Unilever NV (Consumer Staples)		367,562
	6,406	Unilever PLC (Consumer Staples)		373,019
	3,976	United Utilities Group PLC (Utilities)		46,622
	76,923	Vodafone Group PLC (Telecommunication Services)		219,450
	1,488	Weir Group PLC (The) (Industrials)		34,417
	2,117	Whitbread PLC (Consumer Discretionary)		102,513
	81,096	Wm Morrison Supermarkets PLC (Consumer Staples)		257,061
	10,518	Worldpay Group PLC (Information Technology)(a)		56,516
	8,294	WPP PLC (Consumer Discretionary)		151,759
				10,396,645
United States – 0.7%
	1,335	Carnival PLC (Consumer Discretionary)		92,462
	2,419	QIAGEN NV (Health Care)*		77,521
	2,781	Shire PLC (Health Care)		137,372
				307,355
	TOTAL COMMON STOCKS
	(Cost $37,781,292)		$	43,417,875

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS ACTIVEBETA^® EUROPE EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Preferred Stocks – 0.6%
Germany – 0.6%
	153	Bayerische Motoren Werke AG (Consumer Discretionary)	$	12,677
	2,487	FUCHS PETROLUB SE (Materials)		138,082
	692	Henkel AG & Co KGaA (Consumer Staples)		92,597
	122	Volkswagen AG (Consumer Discretionary)		18,181
	TOTAL PREFERRED STOCKS
	(Cost $220,383)		$	261,537

Exchange – Traded Fund – 0.5%
United States – 0.5%
	4,830	iShares Europe ETF
	(Cost $221,927)		$	219,620

Units	Description	Expiration Month		Value
Right – 0.0%
Sweden – 0.0%
2,965	Getinge AB (Health Care)*(b)
(Cost $0)			09/17	$	1,096
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $38,223,602)				$	43,900,128

Shares	Distribution rate	Value
Securities Lending Reinvestment Vehicle – 0.2%(c)
Goldman Sachs Financial Square Government Fund – Institutional Shares
90,063	0.93%	$	90,063
(Cost $90,063)
TOTAL INVESTMENTS – 99.8%
(Cost $38,313,665)		$	43,990,191
OTHER ASSETS IN EXCESS     OF LIABILITIES – 0.2%			72,250
NET ASSETS – 100.0%		$	44,062,441

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $731,496, which represents approximately 1.7% of net assets as of August 31, 2017.
(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

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.3%
Australia – 6.2%
	24,687	AGL Energy Ltd. (Utilities)	$	469,736
	22,975	Amcor Ltd. (Materials)		293,566
	52,516	AMP Ltd. (Financials)		212,431
	22,140	APA Group (Utilities)		155,585
	73,263	Aristocrat Leisure Ltd. (Consumer Discretionary)		1,230,157
	7,306	ASX Ltd. (Financials)		316,857
	81,177	Aurizon Holdings Ltd. (Industrials)		319,352
	182,817	AusNet Services (Utilities)		252,302
	69,726	Australia & New Zealand Banking Group Ltd. (Financials)		1,625,913
	23,023	Bank of Queensland Ltd. (Financials)		229,902
	80,770	Bendigo & Adelaide Bank Ltd. (Financials)		765,549
	63,614	BHP Billiton Ltd. (Materials)		1,381,470
	40,419	BHP Billiton PLC (Materials)		768,989
	142,740	BlueScope Steel Ltd. (Materials)		1,230,638
	16,122	Caltex Australia Ltd. (Energy)		426,963
	41,341	Challenger Ltd. (Financials)		411,182
	27,382	CIMIC Group Ltd. (Industrials)		913,243
	22,527	Coca-Cola Amatil Ltd. (Consumer Staples)		143,832
	16,383	Cochlear Ltd. (Health Care)		2,029,820
	52,874	Commonwealth Bank of Australia (Financials)		3,178,825
	20,833	Computershare Ltd. (Information Technology)		232,158
	17,212	CSL Ltd. (Health Care)		1,754,516
	32,129	Dexus REIT (Real Estate)		244,383
	38,504	Flight Centre Travel Group Ltd. (Consumer Discretionary)(a)		1,476,582
	206,910	Fortescue Metals Group Ltd. (Materials)		986,305
	50,884	Goodman Group REIT (Real Estate)		334,573
	72,341	GPT Group (The) REIT (Real Estate)		286,886
	64,100	Harvey Norman Holdings Ltd. (Consumer Discretionary)(a)		207,431
	78,681	Insurance Australia Group Ltd. (Financials)		400,021
	22,546	LendLease Group (Real Estate)		296,489
	10,395	Macquarie Group Ltd. (Financials)		715,648
	148,944	Medibank Pvt Ltd. (Financials)		359,130
	148,945	Mirvac Group REIT (Real Estate)		274,075
	53,500	National Australia Bank Ltd. (Financials)		1,281,492
	13,943	Newcrest Mining Ltd. (Materials)		252,696
	7,330	Orica Ltd. (Materials)		118,194
	148,203	Qantas Airways Ltd. (Industrials)		672,370
	93,968	QBE Insurance Group Ltd. (Financials)		778,100
	3,334	Ramsay Health Care Ltd. (Health Care)		180,636
	10,115	REA Group Ltd. (Consumer Discretionary)		531,906
	85,277	Scentre Group REIT (Real Estate)		261,081
	9,168	SEEK Ltd. (Industrials)		121,799
	9,790	Sonic Healthcare Ltd. (Health Care)		170,052
	611,460	South32 Ltd. (Materials)		1,416,140
	94,035	Stockland REIT (Real Estate)		330,406
Common Stocks – (continued)
Australia – (continued)
	50,031	Suncorp Group Ltd. (Financials)		517,057
	25,603	Sydney Airport (Industrials)		150,272
	46,658	Tabcorp Holdings Ltd. (Consumer Discretionary)		152,098
	211,301	Telstra Corp. Ltd. (Telecommunication Services)		615,067
	33,154	Transurban Group (Industrials)		319,760
	117,962	Vicinity Centres REIT (Real Estate)		245,131
	38,506	Wesfarmers Ltd. (Consumer Staples)		1,301,658
	36,786	Westfield Corp. REIT (Real Estate)		216,784
	80,109	Westpac Banking Corp. (Financials)		1,986,847
	69,761	Woolworths Ltd. (Consumer Staples)		1,438,604
				36,982,659
Austria – 0.4%
	4,301	ANDRITZ AG (Industrials)		233,736
	3,318	Erste Group Bank AG (Financials)*		140,020
	12,551	OMV AG (Energy)		720,577
	27,254	Raiffeisen Bank International AG (Financials)*		893,006
	3,750	voestalpine AG (Materials)		194,341
				2,181,680
Belgium – 0.7%
	5,128	Ageas (Financials)		237,831
	6,844	Anheuser-Busch InBev SA/NV (Consumer Staples)		809,777
	7,002	Colruyt SA (Consumer Staples)		388,554
	4,874	Groupe Bruxelles Lambert SA (Financials)		495,504
	3,262	KBC Group NV (Financials)		267,712
	5,989	Proximus SADP (Telecommunication Services)		210,868
	3,716	Solvay SA (Materials)		538,328
	7,609	Telenet Group Holding NV (Consumer Discretionary)*		514,465
	5,381	Umicore SA (Materials)		401,441
				3,864,480
Canada – 8.7%
	27,018	Alimentation Couche-Tard, Inc., Class B (Consumer Staples)		1,285,012
	5,111	Atco Ltd., Class I (Utilities)		187,563
	15,050	Bank of Montreal (Financials)		1,075,677
	31,446	Bank of Nova Scotia (The) (Financials)		1,948,586
	27,279	Barrick Gold Corp. (Materials)		489,336
	8,533	BCE, Inc. (Telecommunication Services)		404,548
	15,609	Brookfield Asset Management, Inc., Class A (Financials)		614,898
	17,824	CAE, Inc. (Industrials)		293,003
	52,740	Cameco Corp. (Energy)		526,664
	12,453	Canadian Imperial Bank of Commerce (Financials)		1,042,029
	14,307	Canadian National Railway Co. (Industrials)		1,155,058

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Canada – (continued)
	1,671	Canadian Pacific Railway Ltd. (Industrials)	$	258,977
	1,818	Canadian Tire Corp. Ltd., Class A (Consumer Discretionary)		214,317
	6,642	Canadian Utilities Ltd., Class A (Utilities)		206,187
	122,151	Cenovus Energy, Inc. (Energy)		951,876
	3,710	CGI Group, Inc., Class A (Information Technology)*		187,993
	48,795	CI Financial Corp. (Financials)		1,064,052
	4,302	Constellation Software, Inc. (Information Technology)		2,382,562
	23,446	Dollarama, Inc. (Consumer Discretionary)		2,301,495
	112,515	Empire Co. Ltd., Class A (Consumer Staples)		1,883,701
	13,577	Enbridge, Inc. (Energy)		540,589
	473	Fairfax Financial Holdings Ltd. (Financials)		244,877
	17,849	Finning International, Inc. (Industrials)		406,737
	16,360	First Capital Realty, Inc. (Real Estate)		264,761
	8,692	Fortis, Inc. (Utilities)		316,759
	20,025	George Weston Ltd. (Consumer Staples)		1,733,450
	6,185	Gildan Activewear, Inc. (Consumer Discretionary)		192,938
	31,359	Great-West Lifeco, Inc. (Financials)(a)		865,171
	13,738	H&R Real Estate Investment Trust REIT (Real Estate)		234,053
	55,192	Husky Energy, Inc. (Energy)*		643,154
	12,090	Hydro One Ltd. (Utilities)(b)		223,430
	9,740	IGM Financial, Inc. (Financials)		317,662
	19,972	Imperial Oil Ltd. (Energy)		587,173
	27,966	Industrial Alliance Insurance & Financial Services, Inc. (Financials)		1,195,372
	4,572	Intact Financial Corp. (Financials)		375,387
	36,457	Jean Coutu Group PJC, Inc. (The), Class A (Consumer Staples)		647,575
	39,811	Kinross Gold Corp. (Materials)*		180,678
	16,322	Linamar Corp. (Consumer Discretionary)		906,481
	22,001	Loblaw Cos. Ltd. (Consumer Staples)		1,188,537
	6,948	Magna International, Inc., Class A (Consumer Discretionary)		333,005
	53,677	Manulife Financial Corp. (Financials)		1,050,207
	2,618	Methanex Corp. (Materials)		133,244
	30,080	Metro, Inc. (Consumer Staples)		988,951
	14,859	National Bank of Canada (Financials)		681,233
	23,139	Onex Corp. (Financials)		1,842,815
	6,028	Open Text Corp. (Information Technology)		193,185
	7,770	Pembina Pipeline Corp. (Energy)(a)		249,446
	54,924	Power Corp. of Canada (Financials)		1,337,013
	34,332	Power Financial Corp. (Financials)		923,096
	4,371	Restaurant Brands International, Inc. (Consumer Discretionary)		265,764
Common Stocks – (continued)
Canada – (continued)
	11,297	RioCan Real Estate Investment Trust REIT (Real Estate)		214,452
	10,739	Rogers Communications, Inc., Class B (Telecommunication Services)		558,385
	44,448	Royal Bank of Canada (Financials)		3,285,695
	28,281	Saputo, Inc. (Consumer Staples)		951,008
	15,068	Shaw Communications, Inc., Class B (Consumer Discretionary)		334,831
	7,198	Shopify, Inc., Class A (Information Technology)*		792,282
	6,940	Smart Real Estate Investment Trust REIT (Real Estate)		168,442
	4,056	SNC-Lavalin Group, Inc. (Industrials)		176,474
	19,742	Sun Life Financial, Inc. (Financials)(a)		755,038
	29,724	Suncor Energy, Inc. (Energy)		927,697
	53,938	Teck Resources Ltd., Class B (Materials)		1,337,103
	7,640	TELUS Corp. (Telecommunication Services)		275,497
	8,064	Thomson Reuters Corp. (Financials)		367,262
	50,594	Toronto-Dominion Bank (The) (Financials)		2,706,149
	17,507	TransCanada Corp. (Energy)		885,439
	33,789	Veresen, Inc. (Energy)		474,057
	2,355	West Fraser Timber Co. Ltd. (Materials)		121,699
				51,867,787
Chile – 0.1%
	25,428	Antofagasta PLC (Materials)		339,121
China – 0.4%
	272,982	BOC Hong Kong Holdings Ltd. (Financials)		1,389,945
	839,289	Yangzijiang Shipbuilding Holdings Ltd. (Industrials)		923,959
				2,313,904
Denmark – 1.8%
	12,619	Carlsberg A/S, Class B (Consumer Staples)		1,446,275
	3,372	Chr Hansen Holding A/S (Materials)		289,716
	12,388	Coloplast A/S, Class B (Health Care)		1,012,870
	18,564	Danske Bank A/S (Financials)		720,489
	4,876	DSV A/S (Industrials)		345,282
	5,444	H Lundbeck A/S (Health Care)		346,257
	6,556	ISS A/S (Industrials)		254,760
	67,266	Novo Nordisk A/S, Class B (Health Care)		3,204,192
	9,585	Pandora A/S (Consumer Discretionary)		1,017,342
	80,291	TDC A/S (Telecommunication Services)		477,694
	11,610	Tryg A/S (Financials)		267,982
	7,934	Vestas Wind Systems A/S (Industrials)		721,624
	24,725	William Demant Holding A/S (Health Care)*		653,305
				10,757,788

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Finland – 0.8%
	5,310	Elisa OYJ (Telecommunication Services)	$	231,689
	16,061	Fortum OYJ (Utilities)		287,951
	4,587	Kone OYJ, Class B (Industrials)		248,570
	2,874	Nokian Renkaat OYJ (Consumer Discretionary)		121,334
	24,166	Orion OYJ, Class B (Health Care)		1,142,917
	9,698	Sampo OYJ, Class A (Financials)		511,238
	19,035	Stora Enso OYJ, Class R (Materials)		249,843
	61,495	UPM-Kymmene OYJ (Materials)		1,598,215
	5,524	Wartsila OYJ Abp (Industrials)		380,585
				4,772,342
France – 10.2%
	2,492	Aeroports de Paris (Industrials)		443,966
	4,257	Air Liquide SA (Materials)		519,020
	9,039	Airbus SE (Industrials)		758,808
	6,053	Alstom SA (Industrials)		214,993
	15,301	Arkema SA (Materials)		1,660,507
	26,464	Atos SE (Information Technology)		4,077,610
	50,869	AXA SA (Financials)		1,474,154
	36,343	BNP Paribas SA (Financials)		2,761,434
	6,171	Bouygues SA (Industrials)		279,491
	12,359	Bureau Veritas SA (Industrials)		293,505
	12,937	Capgemini SE (Information Technology)		1,432,413
	33,530	Carrefour SA (Consumer Staples)		675,293
	5,403	Casino Guichard Perrachon SA (Consumer Staples)		306,825
	12,184	Cie de Saint-Gobain (Industrials)		667,422
	5,427	Cie Generale des Etablissements Michelin (Consumer Discretionary)		738,772
	43,051	CNP Assurances (Financials)		998,075
	87,951	Credit Agricole SA (Financials)		1,548,606
	25,740	Danone SA (Consumer Staples)		2,024,340
	159	Dassault Aviation SA (Industrials)		242,588
	11,336	Dassault Systemes (Information Technology)		1,115,252
	11,509	Eiffage SA (Industrials)		1,187,688
	12,849	Engie SA (Utilities)		214,172
	9,181	Essilor International SA (Health Care)		1,157,566
	7,326	Eurazeo SA (Financials)		605,250
	13,514	Eutelsat Communications SA (Consumer Discretionary)		392,271
	2,366	Fonciere Des Regions REIT (Real Estate)		233,671
	1,769	Gecina SA REIT (Real Estate)		275,304
	5,506	Hermes International (Consumer Discretionary)		2,908,424
	2,497	ICADE REIT (Real Estate)		221,642
	485	Iliad SA (Telecommunication Services)		125,097
	5,008	Imerys SA (Materials)		440,001
	10,144	Ipsen SA (Health Care)		1,360,993
	2,001	Kering (Consumer Discretionary)		750,095
	7,379	Klepierre SA REIT (Real Estate)		296,962
	10,061	Lagardere SCA (Consumer Discretionary)		322,841
	7,039	Legrand SA (Industrials)		492,747
	11,711	L’Oreal SA (Consumer Staples)		2,469,280
Common Stocks – (continued)
France – (continued)
	9,453	LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary)		2,475,316
	35,931	Natixis SA (Financials)		269,467
	22,860	Orange SA (Telecommunication Services)		387,969
	5,774	Pernod Ricard SA (Consumer Staples)		788,068
	84,055	Peugeot SA (Consumer Discretionary)		1,772,311
	10,028	Publicis Groupe SA (Consumer Discretionary)		675,993
	3,117	Remy Cointreau SA (Consumer Staples)		355,497
	48,784	Rexel SA (Industrials)		727,891
	9,857	Safran SA (Industrials)		956,152
	38,114	Sanofi (Health Care)		3,700,318
	12,858	Schneider Electric SE (Industrials)*		1,035,380
	21,628	SCOR SE (Financials)		905,116
	7,562	SEB SA (Consumer Discretionary)		1,371,944
	5,697	Societe BIC SA (Industrials)		683,750
	33,459	Societe Generale SA (Financials)		1,870,825
	2,310	Sodexo SA (Consumer Discretionary)		269,225
	11,624	Suez (Utilities)		220,218
	5,045	Thales SA (Industrials)		557,814
	40,306	TOTAL SA (Energy)		2,081,875
	1,431	Unibail-Rodamco SE REIT (Real Estate)		363,316
	6,556	Valeo SA (Consumer Discretionary)		437,891
	24,417	Veolia Environnement SA (Utilities)		572,169
	16,614	Vinci SA (Industrials)		1,527,846
	7,061	Vivendi SA (Consumer Discretionary)		161,810
	2,332	Wendel SA (Financials)		369,160
				60,224,399
Germany – 7.5%
	14,170	adidas AG (Consumer Discretionary)		3,176,446
	13,716	Allianz SE (Financials)		2,931,173
	3,177	Axel Springer SE (Consumer Discretionary)		196,411
	18,361	BASF SE (Materials)		1,776,257
	25,286	Bayer AG (Health Care)		3,231,720
	2,826	Bayerische Motoren Werke AG (Consumer Discretionary)		262,067
	16,115	Beiersdorf AG (Consumer Staples)		1,718,189
	5,643	Brenntag AG (Industrials)		298,649
	30,277	Commerzbank AG (Financials)*		375,801
	2,082	Continental AG (Consumer Discretionary)		469,191
	6,047	Covestro AG (Materials)(b)		474,564
	9,194	Daimler AG (Consumer Discretionary)		669,289
	7,163	Deutsche Bank AG (Financials)		114,712
	14,097	Deutsche Boerse AG (Financials)		1,504,873
	62,856	Deutsche Lufthansa AG (Industrials)		1,574,550
	60,288	Deutsche Post AG (Industrials)		2,497,563
	91,787	Deutsche Telekom AG (Telecommunication Services)		1,654,343
	6,882	Deutsche Wohnen SE (Real Estate)		291,934
	29,570	E.ON SE (Utilities)		333,804
	5,760	Evonik Industries AG (Materials)		186,473
	5,412	Fraport AG Frankfurt Airport Services Worldwide (Industrials)		533,341

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Germany – (continued)
	8,454	Fresenius Medical Care AG & Co KGaA (Health Care)	$	789,000
	14,237	Fresenius SE & Co KGaA (Health Care)		1,203,295
	4,708	Hannover Rueck SE (Financials)		569,809
	6,544	HeidelbergCement AG (Materials)		627,470
	5,470	Henkel AG & Co KGaA (Consumer Staples)		661,384
	3,241	HOCHTIEF AG (Industrials)		570,470
	14,706	HUGO BOSS AG (Consumer Discretionary)		1,243,284
	23,375	Infineon Technologies AG (Information Technology)		538,302
	4,193	KION Group AG (Industrials)		381,955
	5,429	LANXESS AG (Materials)		404,377
	2,519	Linde AG (Materials)		482,318
	3,193	MAN SE (Industrials)		358,015
	10,097	Merck KGaA (Health Care)		1,107,519
	19,943	METRO AG (Consumer Staples)*		389,322
	6,319	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials)		1,302,695
	4,778	OSRAM Licht AG (Industrials)		391,845
	14,589	ProSiebenSat.1 Media SE (Consumer Discretionary)		488,778
	47,441	RWE AG (Utilities)*		1,181,916
	25,953	SAP SE (Information Technology)		2,718,370
	15,579	Siemens AG (Industrials)		2,033,701
	4,490	Symrise AG (Materials)		327,763
	67,543	Telefonica Deutschland Holding AG (Telecommunication Services)		365,052
	22,395	TUI AG (Consumer Discretionary)		377,451
	5,575	United Internet AG (Information Technology)		330,412
	8,022	Vonovia SE (Real Estate)		338,624
	20,118	Zalando SE (Consumer Discretionary)*(b)		951,589
				44,406,066
Hong Kong – 3.0%
	285,709	AIA Group Ltd. (Financials)		2,192,159
	25,337	ASM Pacific Technology Ltd. (Information Technology)		313,376
	30,784	Bank of East Asia Ltd. (The) (Financials)		141,010
	45,804	Cheung Kong Property Holdings Ltd. (Real Estate)		402,064
	18,116	CK Hutchison Holdings Ltd. (Industrials)		237,027
	21,347	CK Infrastructure Holdings Ltd. (Utilities)		193,383
	48,382	CLP Holdings Ltd. (Utilities)		510,931
	215,786	First Pacific Co. Ltd. (Financials)		173,424
	61,992	Galaxy Entertainment Group Ltd. (Consumer Discretionary)		388,913
	52,253	Hang Lung Group Ltd. (Real Estate)		196,956
	65,581	Hang Lung Properties Ltd. (Real Estate)		159,544
Common Stocks – (continued)
Hong Kong – (continued)
	30,002	Hang Seng Bank Ltd. (Financials)		690,014
	28,860	Henderson Land Development Co. Ltd. (Real Estate)		178,843
	290,209	HK Electric Investments & HK Electric Investments Ltd. (Utilities)(b)		266,238
	215,635	HKT Trust & HKT Ltd. (Telecommunication Services)		278,276
	173,001	Hong Kong & China Gas Co. Ltd. (Utilities)		327,149
	49,887	Hong Kong Exchanges & Clearing Ltd. (Financials)		1,361,520
	5,088	Jardine Matheson Holdings Ltd. (Industrials)		334,332
	8,152	Jardine Strategic Holdings Ltd. (Industrials)		357,465
	47,100	Kerry Properties Ltd. (Real Estate)		186,560
	61,181	Link REIT (Real Estate)		504,992
	7,871	Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)		172,768
	61,703	MTR Corp. Ltd. (Industrials)		360,689
	214,925	New World Development Co. Ltd. (Real Estate)		293,837
	288,134	NWS Holdings Ltd. (Industrials)		553,704
	649,955	PCCW Ltd. (Telecommunication Services)		362,080
	23,650	Power Assets Holdings Ltd. (Utilities)		208,504
	30,027	Sands China Ltd. (Consumer Discretionary)		134,473
	125,707	Shangri-La Asia Ltd. (Consumer Discretionary)		210,410
	1,516,118	SJM Holdings Ltd. (Consumer Discretionary)		1,323,088
	40,717	Sun Hung Kai Properties Ltd. (Real Estate)		679,445
	51,520	Swire Pacific Ltd., Class A (Real Estate)		524,320
	34,568	Swire Properties Ltd. (Real Estate)		119,696
	70,169	Techtronic Industries Co. Ltd. (Consumer Discretionary)		363,108
	1,481,818	WH Group Ltd. (Consumer Staples)(b)		1,548,757
	48,589	Wharf Holdings Ltd. (The) (Real Estate)		462,829
	174,773	Wheelock & Co. Ltd. (Real Estate)		1,307,484
				18,019,368
Ireland – 0.3%
	30,143	Bank of Ireland Group PLC (Financials)*		250,859
	19,194	CRH PLC (Materials)		669,417
	21,897	James Hardie Industries PLC CDI (Materials)		307,233
	6,460	Kerry Group PLC, Class A (Consumer Staples)		600,829
				1,828,338

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Israel – 0.9%
	2,234	Azrieli Group Ltd. (Real Estate)	$	128,746
	67,178	Bank Hapoalim BM (Financials)		451,955
	115,307	Bank Leumi Le-Israel BM (Financials)		603,757
	331,775	Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		488,415
	4,404	Check Point Software Technologies Ltd. (Information Technology)*		492,675
	2,251	Elbit Systems Ltd. (Industrials)		309,723
	17,530	Mizrahi Tefahot Bank Ltd. (Financials)		312,218
	8,295	Nice Ltd. (Information Technology)		642,018
	123,999	Teva Pharmaceutical Industries Ltd. ADR (Health Care)		1,966,624
				5,396,131
Italy – 2.4%
	21,631	Assicurazioni Generali SpA (Financials)		386,785
	11,817	Atlantia SpA (Industrials)		379,329
	164,970	Enel SpA (Utilities)		997,335
	27,027	Eni SpA (Energy)		423,183
	9,880	Ferrari NV (Consumer Discretionary)		1,128,822
	248,822	Intesa Sanpaolo SpA (Financials)		838,958
	42,468	Intesa Sanpaolo SpA-RSP (Financials)		134,001
	68,353	Leonardo SpA (Industrials)		1,154,774
	28,474	Luxottica Group SpA (Consumer Discretionary)		1,636,779
	23,131	Poste Italiane SpA (Financials)(b)		167,890
	49,746	Prysmian SpA (Industrials)		1,562,558
	14,393	Recordati SpA (Health Care)		615,684
	288,239	Saipem SpA (Energy)*		1,068,499
	68,241	Snam SpA (Energy)		331,829
	1,176,415	Telecom Italia SpA (Telecommunication Services)*		1,125,205
	1,438,416	Telecom Italia SpA-RSP (Telecommunication Services)		1,115,861
	59,286	Terna Rete Elettrica Nazionale SpA (Utilities)		349,606
	253,333	UnipolSai Assicurazioni SpA (Financials)		574,364
				13,991,462
Japan – 21.4%
	6,462	ABC-Mart, Inc. (Consumer Discretionary)		331,731
	16,278	Aeon Co. Ltd. (Consumer Staples)(a)		239,896
	6,559	Aeon Mall Co. Ltd. (Real Estate)		117,759
	9,486	Ajinomoto Co., Inc. (Consumer Staples)		187,160
	37,662	Alfresa Holdings Corp. (Health Care)		708,002
	92,094	ANA Holdings, Inc. (Industrials)		341,231
	62,420	Aozora Bank Ltd. (Financials)		235,932
	5,093	Asahi Glass Co. Ltd. (Industrials)		198,519
	17,366	Asahi Group Holdings Ltd. (Consumer Staples)		755,640
Common Stocks – (continued)
Japan – (continued)
	34,301	Asahi Kasei Corp. (Materials)		410,453
	15,015	Asics Corp. (Consumer Discretionary)		226,057
	105,481	Astellas Pharma, Inc. (Health Care)		1,325,940
	27,349	Bandai Namco Holdings, Inc. (Consumer Discretionary)		915,692
	20,589	Benesse Holdings, Inc. (Consumer Discretionary)		791,309
	16,811	Bridgestone Corp. (Consumer Discretionary)		720,799
	52,790	Brother Industries Ltd. (Information Technology)		1,249,961
	31,442	Calbee, Inc. (Consumer Staples)		1,074,159
	38,225	Canon, Inc. (Information Technology)		1,338,535
	12,323	Casio Computer Co. Ltd. (Consumer Discretionary)		173,995
	2,568	Central Japan Railway Co. (Industrials)		434,689
	18,413	Chubu Electric Power Co., Inc. (Utilities)		240,410
	11,610	Chugoku Electric Power Co., Inc. (The) (Utilities)		133,759
	17,744	Coca-Cola Bottlers Japan, Inc. (Consumer Staples)		607,804
	17,391	Dai Nippon Printing Co. Ltd. (Industrials)		205,102
	8,213	Dai-ichi Life Holdings, Inc. (Financials)		132,083
	22,171	Daiichi Sankyo Co. Ltd. (Health Care)		523,555
	5,868	Daikin Industries Ltd. (Industrials)		586,214
	5,919	Daito Trust Construction Co. Ltd. (Real Estate)		1,047,898
	10,488	Daiwa House Industry Co. Ltd. (Real Estate)		366,594
	121	Daiwa House REIT Investment Corp. REIT (Real Estate)		295,519
	23,435	Daiwa Securities Group, Inc. (Financials)		128,141
	12,915	DeNA Co. Ltd. (Information Technology)		275,996
	4,148	Denso Corp. (Consumer Discretionary)		201,106
	1,815	Disco Corp. (Information Technology)		325,038
	3,697	East Japan Railway Co. (Industrials)		338,763
	7,119	Eisai Co. Ltd. (Health Care)		368,304
	4,041	FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)(a)		218,829
	3,092	FANUC Corp. (Industrials)		599,521
	3,853	Fast Retailing Co. Ltd. (Consumer Discretionary)		1,101,707
	29,386	Fuji Electric Co. Ltd. (Industrials)		161,802
	27,849	FUJIFILM Holdings Corp. (Information Technology)		1,093,616
	153,050	Fujitsu Ltd. (Information Technology)		1,133,482
	15,365	Hakuhodo DY Holdings, Inc. (Consumer Discretionary)		208,990
	7,456	Hankyu Hanshin Holdings, Inc. (Industrials)		283,851
	12,709	Hikari Tsushin, Inc. (Consumer Discretionary)		1,575,057

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	3,631	Hisamitsu Pharmaceutical Co., Inc. (Health Care)	$	174,523
	9,461	Hitachi Chemical Co. Ltd. (Materials)		255,823
	28,301	Hitachi Construction Machinery Co. Ltd. (Industrials)		798,425
	6,366	Hitachi High-Technologies Corp. (Information Technology)		227,027
	62,757	Hitachi Ltd. (Information Technology)		431,647
	49,916	Honda Motor Co. Ltd. (Consumer Discretionary)		1,397,340
	2,798	Hoshizaki Corp. (Industrials)		243,293
	27,242	Hoya Corp. (Health Care)		1,558,135
	13,600	Idemitsu Kosan Co. Ltd. (Energy)		331,906
	79,875	ITOCHU Corp. (Industrials)		1,303,430
	3,935	Japan Airlines Co. Ltd. (Industrials)		135,076
	5,242	Japan Airport Terminal Co. Ltd. (Industrials)		190,038
	10,448	Japan Exchange Group, Inc. (Financials)		177,804
	9,831	Japan Post Holdings Co. Ltd. (Financials)		122,017
	161	Japan Prime Realty Investment Corp. REIT (Real Estate)		577,821
	134	Japan Retail Fund Investment Corp. REIT (Real Estate)		246,304
	17,761	Japan Tobacco, Inc. (Consumer Staples)		607,418
	83,844	JXTG Holdings, Inc. (Energy)		405,584
	34,955	Kajima Corp. (Industrials)		320,458
	77,239	Kakaku.com, Inc. (Information Technology)		960,750
	27,637	Kamigumi Co. Ltd. (Industrials)		305,599
	73,592	Kansai Electric Power Co., Inc. (The) (Utilities)		1,029,726
	4,777	Kansai Paint Co. Ltd. (Materials)		121,053
	32,320	Kao Corp. (Consumer Staples)		2,015,081
	26,683	KDDI Corp. (Telecommunication Services)		719,321
	35,107	Keihan Holdings Co. Ltd. (Industrials)		211,484
	26,494	Keikyu Corp. (Industrials)		281,165
	20,745	Keio Corp. (Industrials)		172,467
	5,497	Keisei Electric Railway Co. Ltd. (Industrials)		149,587
	2,095	Keyence Corp. (Information Technology)		1,089,948
	7,254	Kikkoman Corp. (Consumer Staples)		227,058
	60,338	Kintetsu Group Holdings Co. Ltd. (Industrials)		227,515
	28,007	Kirin Holdings Co. Ltd. (Consumer Staples)		635,285
	3,404	Koito Manufacturing Co. Ltd. (Consumer Discretionary)		211,861
	15,833	Komatsu Ltd. (Industrials)		427,977
	3,232	Konami Holdings Corp. (Information Technology)		168,266
	106,869	Konica Minolta, Inc. (Information Technology)		852,544
	11,359	Kose Corp. (Consumer Staples)		1,424,261
Common Stocks – (continued)
Japan – (continued)
	7,602	Kubota Corp. (Industrials)		131,512
	17,159	Kuraray Co. Ltd. (Materials)		325,531
	7,669	Kurita Water Industries Ltd. (Industrials)		220,538
	5,309	Kyocera Corp. (Information Technology)		318,366
	10,053	Kyushu Electric Power Co., Inc. (Utilities)		118,013
	14,445	Lawson, Inc. (Consumer Staples)(a)		969,912
	14,653	LINE Corp. (Information Technology)*(a)		516,570
	54,109	Lion Corp. (Consumer Staples)		1,074,707
	4,850	LIXIL Group Corp. (Industrials)		127,089
	29,238	M3, Inc. (Health Care)		758,977
	3,271	Makita Corp. (Industrials)		131,214
	125,621	Marubeni Corp. (Industrials)		816,548
	6,978	Maruichi Steel Tube Ltd. (Materials)		206,373
	54,546	Mazda Motor Corp. (Consumer Discretionary)		802,380
	12,024	McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)		533,684
	12,009	Medipal Holdings Corp. (Health Care)		211,571
	17,422	MEIJI Holdings Co. Ltd. (Consumer Staples)		1,386,668
	7,296	MINEBEA MITSUMI, Inc. (Industrials)		119,788
	9,599	Miraca Holdings, Inc. (Health Care)		435,644
	16,381	MISUMI Group, Inc. (Industrials)		419,869
	122,634	Mitsubishi Chemical Holdings Corp. (Materials)		1,139,874
	49,414	Mitsubishi Corp. (Industrials)		1,141,964
	33,804	Mitsubishi Electric Corp. (Industrials)		499,719
	10,501	Mitsubishi Estate Co. Ltd. (Real Estate)		180,710
	24,802	Mitsubishi Gas Chemical Co., Inc. (Materials)		614,980
	4,772	Mitsubishi Materials Corp. (Materials)		171,048
	16,389	Mitsubishi Motors Corp. (Consumer Discretionary)		120,915
	23,762	Mitsubishi Tanabe Pharma Corp. (Health Care)		582,931
	242,657	Mitsubishi UFJ Financial Group, Inc. (Financials)		1,486,235
	123,440	Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials)		623,593
	61,375	Mitsui & Co. Ltd. (Industrials)		917,056
	36,711	Mitsui Chemicals, Inc. (Materials)		219,479
	5,666	Mitsui Fudosan Co. Ltd. (Real Estate)		122,422
	69,267	Mitsui OSK Lines Ltd. (Industrials)		222,163
	27,181	Mixi, Inc. (Information Technology)		1,447,217
	688,723	Mizuho Financial Group, Inc. (Financials)		1,183,332
	2,480	Murata Manufacturing Co. Ltd. (Information Technology)		379,459
	5,891	Nabtesco Corp. (Industrials)		205,805
	119,150	Nagoya Railroad Co. Ltd. (Industrials)		532,635
	395,277	NEC Corp. (Information Technology)		1,045,117
	7,161	Nexon Co. Ltd. (Information Technology)*		178,472

60 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)
	15,231	NH Foods Ltd. (Consumer Staples)	$	446,994
	3,280	Nidec Corp. (Industrials)		371,332
	40,913	Nikon Corp. (Consumer Discretionary)		673,953
	1,618	Nintendo Co. Ltd. (Information Technology)		538,647
	6,726	Nippon Electric Glass Co. Ltd. (Information Technology)		255,449
	74,964	Nippon Express Co. Ltd. (Industrials)		516,970
	4,728	Nippon Paint Holdings Co. Ltd. (Materials)		161,094
	135	Nippon Prologis REIT, Inc. REIT (Real Estate)		292,913
	27,133	Nippon Steel & Sumitomo Metal Corp. (Materials)		647,016
	26,649	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		1,323,976
	6,087	Nissan Chemical Industries Ltd. (Materials)		203,803
	22,307	Nissan Motor Co. Ltd. (Consumer Discretionary)		221,530
	15,726	Nisshin Seifun Group, Inc. (Consumer Staples)		273,055
	3,555	Nissin Foods Holdings Co. Ltd. (Consumer Staples)		218,998
	12,469	Nitori Holdings Co. Ltd. (Consumer Discretionary)		1,923,711
	1,738	Nitto Denko Corp. (Materials)		153,145
	223	Nomura Real Estate Master Fund, Inc. REIT (Real Estate)		294,402
	6,088	Nomura Research Institute Ltd. (Information Technology)		236,749
	14,058	NSK Ltd. (Industrials)		166,688
	49,427	NTT Data Corp. (Information Technology)		533,521
	36,632	NTT DOCOMO, Inc. (Telecommunication Services)		849,898
	25,406	Obayashi Corp. (Industrials)		299,397
	4,016	Obic Co. Ltd. (Information Technology)		251,411
	9,831	Odakyu Electric Railway Co. Ltd. (Industrials)		190,260
	60,923	Oji Holdings Corp. (Materials)		319,394
	11,120	Olympus Corp. (Health Care)		383,431
	14,219	Omron Corp. (Information Technology)		713,146
	10,467	Oracle Corp. Japan (Information Technology)		773,185
	5,690	Oriental Land Co. Ltd. (Consumer Discretionary)		426,983
	35,583	ORIX Corp. (Financials)		568,856
	97,237	Osaka Gas Co. Ltd. (Utilities)		379,989
	3,283	Otsuka Corp. (Information Technology)		217,156
	8,140	Otsuka Holdings Co. Ltd. (Health Care)		327,567
	48,203	Panasonic Corp. (Consumer Discretionary)		641,845
	18,937	Park24 Co. Ltd. (Industrials)		454,756
	43,417	Pola Orbis Holdings, Inc. (Consumer Staples)		1,394,504
Common Stocks – (continued)
Japan – (continued)
	85,317	Recruit Holdings Co. Ltd. (Industrials)		1,698,433
	67,757	Resona Holdings, Inc. (Financials)		337,738
	1,841	Rinnai Corp. (Consumer Discretionary)		159,745
	3,111	Rohm Co. Ltd. (Information Technology)		241,960
	4,235	Ryohin Keikaku Co. Ltd. (Consumer Discretionary)		1,173,610
	4,828	Sankyo Co. Ltd. (Consumer Discretionary)		157,482
	31,664	SBI Holdings, Inc. (Financials)		439,602
	4,273	Secom Co. Ltd. (Industrials)		316,884
	9,934	Sega Sammy Holdings, Inc. (Consumer Discretionary)		142,611
	7,103	Seiko Epson Corp. (Information Technology)		182,060
	22,328	Sekisui Chemical Co. Ltd. (Consumer Discretionary)		415,886
	11,443	Sekisui House Ltd. (Consumer Discretionary)		197,960
	21,254	Seven & i Holdings Co. Ltd. (Consumer Staples)		842,938
	167,224	Sharp Corp. (Consumer Discretionary)*(a)		501,399
	15,750	Shimadzu Corp. (Information Technology)		289,213
	4,063	Shimamura Co. Ltd. (Consumer Discretionary)		495,416
	1,340	Shimano, Inc. (Consumer Discretionary)		180,923
	18,390	Shimizu Corp. (Industrials)		189,815
	7,135	Shin-Etsu Chemical Co. Ltd. (Materials)		630,390
	146,964	Shinsei Bank Ltd. (Financials)		235,014
	10,108	Shionogi & Co. Ltd. (Health Care)		532,218
	45,480	Shiseido Co. Ltd. (Consumer Staples)		1,883,912
	47,145	Showa Shell Sekiyu KK (Energy)		516,170
	13,013	SoftBank Group Corp. (Telecommunication Services)		1,054,897
	5,669	Sompo Holdings, Inc. (Financials)		212,987
	29,802	Sony Corp. (Consumer Discretionary)		1,174,371
	4,310	Stanley Electric Co. Ltd. (Consumer Discretionary)		142,936
	72,870	Start Today Co. Ltd. (Consumer Discretionary)		2,264,359
	11,057	Subaru Corp. (Consumer Discretionary)		387,387
	66,607	Sumitomo Chemical Co. Ltd. (Materials)		398,819
	62,260	Sumitomo Corp. (Industrials)		880,499
	25,001	Sumitomo Dainippon Pharma Co. Ltd. (Health Care)		339,374
	12,541	Sumitomo Electric Industries Ltd. (Consumer Discretionary)		196,217
	23,755	Sumitomo Heavy Industries Ltd. (Industrials)		176,986
	36,247	Sumitomo Mitsui Financial Group, Inc. (Financials)		1,354,899
	38,901	Sumitomo Rubber Industries Ltd. (Consumer Discretionary)		644,344

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	13,035	Sundrug Co. Ltd. (Consumer Staples)	$	539,473
	15,585	Suntory Beverage & Food Ltd. (Consumer Staples)		719,351
	23,911	Suzuken Co. Ltd. (Health Care)		870,103
	8,139	Suzuki Motor Corp. (Consumer Discretionary)		408,651
	19,173	Sysmex Corp. (Health Care)		1,181,110
	10,800	T&D Holdings, Inc. (Financials)		148,026
	50,775	Taiheiyo Cement Corp. (Materials)		195,608
	41,886	Taisei Corp. (Industrials)		419,773
	3,025	Taisho Pharmaceutical Holdings Co. Ltd. (Health Care)		235,821
	43,757	Takashimaya Co. Ltd. (Consumer Discretionary)		401,152
	13,264	Takeda Pharmaceutical Co. Ltd. (Health Care)		732,376
	15,668	Teijin Ltd. (Materials)		317,745
	5,928	Terumo Corp. (Health Care)		228,911
	5,380	THK Co. Ltd. (Industrials)		179,398
	49,175	Tobu Railway Co. Ltd. (Industrials)		271,655
	5,971	Toho Co. Ltd. (Consumer Discretionary)		221,620
	48,171	Toho Gas Co. Ltd. (Utilities)		317,318
	20,161	Tohoku Electric Power Co., Inc. (Utilities)		275,505
	7,547	Tokio Marine Holdings, Inc. (Financials)		301,030
	237,225	Tokyo Electric Power Co. Holdings, Inc. (Utilities)*		959,160
	5,742	Tokyo Electron Ltd. (Information Technology)		806,572
	67,237	Tokyo Gas Co. Ltd. (Utilities)		356,284
	14,638	Tokyu Corp. (Industrials)		212,800
	53,981	Tokyu Fudosan Holdings Corp. (Real Estate)		321,748
	27,058	Toppan Printing Co. Ltd. (Industrials)		270,678
	31,441	Toray Industries, Inc. (Materials)		299,098
	38,032	Tosoh Corp. (Materials)		445,768
	5,426	TOTO Ltd. (Industrials)		206,322
	9,802	Toyo Seikan Group Holdings Ltd. (Materials)		161,467
	6,386	Toyo Suisan Kaisha Ltd. (Consumer Staples)		235,863
	5,434	Toyoda Gosei Co. Ltd. (Consumer Discretionary)		126,543
	37,951	Toyota Motor Corp. (Consumer Discretionary)		2,132,028
	16,106	Toyota Tsusho Corp. (Industrials)		495,355
	4,030	Trend Micro, Inc. (Information Technology)		186,377
	4,651	Tsuruha Holdings, Inc. (Consumer Staples)		553,167
	32,239	Unicharm Corp. (Consumer Staples)		757,789
	195	United Urban Investment Corp. REIT (Real Estate)		293,935
	10,326	USS Co Ltd. (Consumer Discretionary)		202,748
	5,881	West Japan Railway Co. (Industrials)		426,995
Common Stocks – (continued)
Japan – (continued)
	3,409	Yakult Honsha Co. Ltd. (Consumer Staples)		236,022
	86,798	Yamada Denki Co. Ltd. (Consumer Discretionary)		469,242
	16,159	Yamaguchi Financial Group, Inc. (Financials)		182,644
	4,550	Yamaha Motor Co. Ltd. (Consumer Discretionary)		128,571
	85,730	Yamazaki Baking Co. Ltd. (Consumer Staples)		1,623,309
	12,438	Yaskawa Electric Corp. (Information Technology)		376,327
	14,506	Yokogawa Electric Corp. (Information Technology)		225,775
	19,157	Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary)		354,211
				126,952,299
Luxembourg – 0.3%
	26,729	ArcelorMittal (Materials)*		713,101
	538	Eurofins Scientific SE (Health Care)		307,085
	9,997	RTL Group SA (Consumer Discretionary)		757,696
	5,861	SES SA (Consumer Discretionary)		133,823
				1,911,705
Macau – 0.1%
	61,210	MGM China Holdings Ltd. (Consumer Discretionary)(a)		122,632
	89,258	Wynn Macau Ltd. (Consumer Discretionary)		195,932
				318,564
Mexico – 0.0%
	7,410	Fresnillo PLC (Materials)		154,298
Netherlands – 3.2%
	9,086	ABN AMRO Group NV (Financials)(b)		254,287
	59,738	Aegon NV (Financials)		340,624
	4,993	Akzo Nobel NV (Materials)		455,898
	7,681	Altice NV, Class A (Consumer Discretionary)*		176,886
	6,693	ASML Holding NV (Information Technology)		1,038,428
	16,065	Boskalis Westminster (Industrials)		524,286
	13,992	EXOR NV (Financials)		896,631
	8,637	Gemalto NV (Information Technology)		466,140
	15,903	Heineken Holding NV (Consumer Staples)		1,568,152
	8,294	Heineken NV (Consumer Staples)		869,026
	90,581	ING Groep NV (Financials)		1,604,606
	90,478	Koninklijke Ahold Delhaize NV (Consumer Staples)		1,624,296
	5,393	Koninklijke DSM NV (Materials)		408,620
	87,188	Koninklijke KPN NV (Telecommunication Services)		307,967
	31,749	Koninklijke Philips NV (Health Care)		1,199,580

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Netherlands – (continued)
	4,528	Koninklijke Vopak NV (Energy)	$	191,404
	23,013	NN Group NV (Financials)		912,051
	3,976	NXP Semiconductors NV (Information Technology)*		449,129
	16,121	Randstad Holding NV (Industrials)		941,158
	81,329	Royal Dutch Shell PLC, Class A (Energy)		2,229,022
	63,700	Royal Dutch Shell PLC, Class B (Energy)		1,773,352
	20,363	Wolters Kluwer NV (Industrials)		888,370
				19,119,913
New Zealand – 0.1%
	27,459	Fletcher Building Ltd. (Materials)		160,476
	90,653	Spark New Zealand Ltd. (Telecommunication Services)		254,184
				414,660
Norway – 0.6%
	24,422	DNB ASA (Financials)		475,579
	19,358	Gjensidige Forsikring ASA (Financials)		337,900
	31,315	Marine Harvest ASA (Consumer Staples)*		620,275
	76,084	Norsk Hydro ASA (Materials)		547,659
	25,406	Orkla ASA (Consumer Staples)		260,106
	27,038	Schibsted ASA, Class A (Consumer Discretionary)		655,111
	29,006	Schibsted ASA, Class B (Consumer Discretionary)		663,646
	13,577	Telenor ASA (Telecommunication Services)		274,163
				3,834,439
Portugal – 0.3%
	169,596	EDP – Energias de Portugal SA (Utilities)		650,265
	11,831	Galp Energia SGPS SA (Energy)		195,656
	34,581	Jeronimo Martins SGPS SA (Consumer Staples)		689,060
				1,534,981
Singapore – 1.4%
	188,971	CapitaLand Commercial Trust REIT (Real Estate)		242,128
	46,211	CapitaLand Ltd. (Real Estate)		128,629
	102,891	CapitaLand Mall Trust REIT (Real Estate)		164,413
	17,107	City Developments Ltd. (Real Estate)		147,513
	77,445	DBS Group Holdings Ltd. (Financials)		1,175,932
	205,329	Genting Singapore PLC (Consumer Discretionary)		179,172
	3,616,441	Golden Agri-Resources Ltd. (Consumer Staples)		1,051,910
	24,095	Jardine Cycle & Carriage Ltd. (Consumer Discretionary)		708,478
Common Stocks – (continued)
Singapore – (continued)
	176,859	Oversea-Chinese Banking Corp. Ltd. (Financials)		1,454,724
	188,873	Singapore Exchange Ltd. (Financials)		1,043,113
	92,930	Singapore Telecommunications Ltd. (Telecommunication Services)		253,196
	357,489	StarHub Ltd. (Telecommunication Services)		687,074
	127,919	Suntec Real Estate Investment Trust REIT (Real Estate)		178,503
	50,023	United Overseas Bank Ltd. (Financials)		885,164
	43,298	UOL Group Ltd. (Real Estate)		260,808
				8,560,757
South Africa – 0.3%
	45,722	Investec PLC (Financials)		347,599
	61,586	Mediclinic International PLC (Health Care)		606,682
	19,934	Mondi PLC (Materials)		542,744
				1,497,025
Spain – 3.0%
	14,206	Abertis Infraestructuras SA (Industrials)		287,122
	33,825	ACS Actividades de Construccion y Servicios SA (Industrials)		1,277,213
	3,642	Aena SA (Industrials)(b)		710,332
	27,932	Amadeus IT Group SA (Information Technology)		1,729,158
	95,126	Banco Bilbao Vizcaya Argentaria SA (Financials)		839,393
	315,901	Banco de Sabadell SA (Financials)		693,686
	387,108	Banco Santander SA (Financials)		2,512,409
	36,813	Bankia SA (Financials)		178,963
	20,248	Bankinter SA (Financials)		192,824
	85,833	CaixaBank SA (Financials)		442,679
	177,073	Distribuidora Internacional de Alimentacion SA (Consumer Staples)		1,119,135
	10,955	Enagas SA (Energy)		322,419
	20,427	Endesa SA (Utilities)		492,149
	12,425	Ferrovial SA (Industrials)		282,811
	9,648	Gas Natural SDG SA (Utilities)		234,227
	12,953	Grifols SA (Health Care)		365,746
	108,421	Iberdrola SA (Utilities)		884,394
	46,458	Industria de Diseno Textil SA (Consumer Discretionary)		1,762,790
	230,796	Mapfre SA (Financials)		815,771
	13,364	Red Electrica Corp. SA (Utilities)		299,736
	101,822	Repsol SA (Energy)		1,746,840
	69,899	Telefonica SA (Telecommunication Services)		752,829
				17,942,626
Sweden – 2.5%
	9,081	Alfa Laval AB (Industrials)		205,418
	16,960	Assa Abloy AB, Class B (Industrials)		366,168
	24,827	Atlas Copco AB, Class A (Industrials)		971,571
	10,072	Atlas Copco AB, Class B (Industrials)		358,966

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Sweden – (continued)
	19,248	Boliden AB (Materials)	$	672,453
	23,638	Electrolux AB, Series B (Consumer Discretionary)		858,202
	7,734	Essity AB, Class B (Consumer Staples)*		214,408
	23,211	Getinge AB, Class B (Health Care)		430,538
	63,130	Hennes & Mauritz AB, Class B (Consumer Discretionary)		1,594,643
	7,460	Hexagon AB, Class B (Information Technology)		365,530
	27,697	Husqvarna AB, Class B (Consumer Discretionary)		278,977
	6,145	ICA Gruppen AB (Consumer Staples)		244,647
	25,258	Industrivarden AB, Class C (Financials)		597,379
	16,831	Investor AB, Class B (Financials)		785,990
	8,219	Kinnevik AB, Class B (Financials)		246,962
	6,576	L E Lundbergforetagen AB, Class B (Financials)		508,653
	55,243	Nordea Bank AB (Financials)		742,141
	32,812	Sandvik AB (Industrials)		541,413
	54,933	Securitas AB, Class B (Industrials)		901,588
	36,095	Skandinaviska Enskilda Banken AB, Class A (Financials)		469,029
	8,523	Skanska AB, Class B (Industrials)		192,260
	8,359	SKF AB, Class B (Industrials)		166,815
	26,317	Svenska Handelsbanken AB, Class A (Financials)		392,902
	19,227	Swedbank AB, Class A (Financials)		519,012
	19,150	Swedish Match AB (Consumer Staples)		681,784
	19,418	Tele2 AB, Class B (Telecommunication Services)		225,724
	108,812	Telefonaktiebolaget LM Ericsson, Class B (Information Technology)		636,817
	77,198	Telia Co. AB (Telecommunication Services)		367,686
	29,953	Volvo AB, Class B (Industrials)		510,801
				15,048,477
Switzerland – 8.9%
	51,185	ABB Ltd. (Industrials)		1,182,421
	8,460	Adecco Group AG (Industrials)		611,831
	3,291	Baloise Holding AG (Financials)		522,930
	430	Barry Callebaut AG (Consumer Staples)*		617,482
	114	Chocoladefabriken Lindt & Spruengli AG (Consumer Staples)		652,445
	8,823	Cie Financiere Richemont SA (Consumer Discretionary)		787,276
	40,070	Coca-Cola HBC AG (Consumer Staples)*		1,365,156
	7,868	Credit Suisse Group AG (Financials)*		115,441
	1,752	Dufry AG (Consumer Discretionary)*		269,454
	2,078	EMS-Chemie Holding AG (Materials)		1,417,408
	28,277	Ferguson PLC (Industrials)		1,677,165
	1,219	Geberit AG (Industrials)		555,717
	253	Givaudan SA (Materials)		516,004
	732,977	Glencore PLC (Materials)*		3,395,397
Common Stocks – (continued)
Switzerland – (continued)
	5,270	Julius Baer Group Ltd. (Financials)*		293,935
	12,006	Kuehne + Nagel International AG (Industrials)		2,170,075
	3,917	LafargeHolcim Ltd. (Materials)*		229,681
	1,499	Lonza Group AG (Health Care)*		378,728
	100,002	Nestle SA (Consumer Staples)		8,465,310
	66,361	Novartis AG (Health Care)		5,586,477
	5,855	Pargesa Holding SA (Financials)		473,396
	3,671	Partners Group Holding AG (Financials)		2,376,027
	23,374	Roche Holding AG (Health Care)		5,922,548
	1,467	Schindler Holding AG (Industrials)		307,597
	1,991	Schindler Holding AG Participation Certificates (Industrials)		425,548
	468	SGS SA (Industrials)		1,043,625
	121	Sika AG (Materials)		856,191
	5,266	Sonova Holding AG (Health Care)		888,261
	95,392	STMicroelectronics NV (Information Technology)		1,650,704
	1,582	Straumann Holding AG (Health Care)		1,011,591
	2,557	Swatch Group AG (The) – Bearer (Consumer Discretionary)		1,018,543
	10,029	Swatch Group AG (The) – Registered (Consumer Discretionary)		775,917
	3,015	Swiss Life Holding AG (Financials)*		1,076,741
	3,677	Swiss Prime Site AG (Real Estate)*		332,116
	13,673	Swiss Re AG (Financials)		1,235,692
	636	Swisscom AG (Telecommunication Services)		320,052
	63,972	UBS Group AG (Financials)*		1,051,777
	3,127	Zurich Insurance Group AG (Financials)		933,545
				52,510,204
United Kingdom – 13.2%
	138,373	3i Group PLC (Financials)		1,728,624
	70,608	Admiral Group PLC (Financials)		1,756,862
	119,115	Anglo American PLC (Materials)		2,152,637
	15,112	Ashtead Group PLC (Industrials)		323,829
	7,773	Associated British Foods PLC (Consumer Staples)		332,728
	32,988	AstraZeneca PLC (Health Care)		1,930,229
	267,060	Auto Trader Group PLC (Information Technology)(b)		1,216,121
	95,792	Aviva PLC (Financials)		644,936
	72,207	BAE Systems PLC (Industrials)		565,232
	245,054	Barclays PLC (Financials)		603,426
	114,675	Barratt Developments PLC (Consumer Discretionary)		922,789
	2,483	Berkeley Group Holdings PLC (Consumer Discretionary)		119,692
	387,110	BP PLC (Energy)		2,220,456
	47,264	British American Tobacco PLC (Consumer Staples)		2,942,177
	27,336	British Land Co. PLC (The) REIT (Real Estate)		215,393
	48,107	BT Group PLC (Telecommunication Services)		181,347

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

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	11,223	Bunzl PLC (Industrials)	$	334,058
	77,125	Burberry Group PLC (Consumer Discretionary)		1,785,848
	160,506	Centrica PLC (Utilities)		413,433
	33,658	CNH Industrial NV (Industrials)		381,352
	3,599	Coca-Cola European Partners PLC (Consumer Staples)		153,910
	60,351	Compass Group PLC (Consumer Discretionary)		1,284,683
	41,319	ConvaTec Group PLC (Health Care)*(b)		152,750
	10,124	Croda International PLC (Materials)		501,200
	3,649	DCC PLC (Industrials)		331,250
	50,635	Diageo PLC (Consumer Staples)		1,691,170
	53,647	Direct Line Insurance Group PLC (Financials)		262,751
	65,161	Dixons Carphone PLC (Consumer Discretionary)		145,592
	29,482	Experian PLC (Industrials)		590,350
	120,880	Fiat Chrysler Automobiles NV (Consumer Discretionary)*		1,817,984
	56,365	G4S PLC (Industrials)		205,904
	68,515	GKN PLC (Consumer Discretionary)		281,541
	122,773	GlaxoSmithKline PLC (Health Care)		2,425,985
	40,513	Hammerson PLC REIT (Real Estate)		292,859
	80,779	Hargreaves Lansdown PLC (Financials)		1,457,229
	486,102	HSBC Holdings PLC (Financials)		4,700,883
	10,480	IMI PLC (Industrials)		153,271
	28,028	Imperial Brands PLC (Consumer Staples)		1,155,876
	10,597	InterContinental Hotels Group PLC (Consumer Discretionary)		526,528
	116,703	International Consolidated Airlines Group SA (Industrials)		922,259
	7,795	Intertek Group PLC (Industrials)		513,261
	69,801	Intu Properties PLC REIT (Real Estate)		223,776
	400,031	J Sainsbury PLC (Consumer Staples)		1,214,424
	9,023	Johnson Matthey PLC (Materials)		321,359
	213,256	Kingfisher PLC (Consumer Discretionary)		821,351
	18,719	Land Securities Group PLC REIT (Real Estate)		243,616
	269,001	Legal & General Group PLC (Financials)		901,909
	677,657	Lloyds Banking Group PLC (Financials)		557,273
	12,761	London Stock Exchange Group PLC (Financials)		649,506
	256,796	Marks & Spencer Group PLC (Consumer Discretionary)(a)		1,057,539
	56,441	Meggitt PLC (Industrials)		376,726
	58,627	Merlin Entertainments PLC (Consumer Discretionary)(b)		348,484
	45,574	National Grid PLC (Utilities)		572,387
	17,167	Next PLC (Consumer Discretionary)		913,357
	79,549	Old Mutual PLC (Financials)		212,693
	20,571	Persimmon PLC (Consumer Discretionary)		704,815
Common Stocks – (continued)
United Kingdom – (continued)
	49,725	Provident Financial PLC (Financials)(a)		565,766
	67,102	Prudential PLC (Financials)		1,569,759
	9,723	Reckitt Benckiser Group PLC (Consumer Staples)		918,595
	48,351	RELX NV (Industrials)		1,013,739
	41,976	RELX PLC (Industrials)		914,631
	5,763	Rio Tinto Ltd. (Materials)		310,091
	25,497	Rio Tinto PLC (Materials)		1,230,881
	29,378	Rolls-Royce Holdings PLC (Industrials)*		345,995
	264,841	Royal Mail PLC (Industrials)		1,345,251
	59,635	RSA Insurance Group PLC (Financials)		512,157
	163,335	Sage Group PLC (The) (Information Technology)		1,457,472
	13,043	Schroders PLC (Financials)		566,045
	92,352	Segro PLC REIT (Real Estate)		640,221
	14,393	Severn Trent PLC (Utilities)		420,811
	39,106	Sky PLC (Consumer Discretionary)		481,729
	57,567	Smith & Nephew PLC (Health Care)		1,036,266
	22,591	Smiths Group PLC (Industrials)		449,744
	25,541	SSE PLC (Utilities)		468,980
	14,790	St James’s Place PLC (Financials)		219,735
	42,778	Standard Chartered PLC (Financials)*		424,436
	51,160	Tate & Lyle PLC (Consumer Staples)		450,578
	397,582	Tesco PLC (Consumer Staples)*		926,759
	48,937	Unilever NV (Consumer Staples)		2,909,641
	50,023	Unilever PLC (Consumer Staples)		2,912,818
	32,538	United Utilities Group PLC (Utilities)		381,534
	519,786	Vodafone Group PLC (Telecommunication Services)		1,482,871
	5,394	Weir Group PLC (The) (Industrials)		124,760
	16,246	Whitbread PLC (Consumer Discretionary)		786,692
	753,015	Wm Morrison Supermarkets PLC (Consumer Staples)		2,386,932
	64,588	Worldpay Group PLC (Information Technology)(b)		347,048
	79,433	WPP PLC (Consumer Discretionary)		1,453,418
				78,512,975
United States – 0.6%
	9,511	Carnival PLC (Consumer Discretionary)		658,728
	24,847	QIAGEN NV (Health Care)*		796,267
	20,741	Shire PLC (Health Care)		1,024,534
	3,306	Taro Pharmaceutical Industries Ltd. (Health Care)*(a)		346,601
	68,066	Valeant Pharmaceuticals International, Inc. (Health Care)*		911,528
				3,737,658
	TOTAL COMMON STOCKS
	(Cost $518,911,387)		$	588,996,106

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS ACTIVEBETA^® INTERNATIONAL EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Preferred Stocks – 0.4%
Germany – 0.4%
	1,505	Bayerische Motoren Werke AG (Consumer Discretionary)	$	124,696
	23,046	FUCHS PETROLUB SE (Materials)		1,279,551
	7,035	Henkel AG & Co KGaA (Consumer Staples)		941,358
	969	Volkswagen AG (Consumer Discretionary)		144,408
	TOTAL PREFERRED STOCKS
	(Cost $2,167,739)		$	2,490,013
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $521,079,126)		$	591,486,119
Shares		Distribution rate	Value
Securities Lending Reinvestment Vehicle – 1.2%(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,961,512	0.93%	$	6,961,512
	(Cost $6,961,512)
	TOTAL INVESTMENTS – 100.9%
	(Cost $528,040,638)		$	598,447,631
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.9)%			(5,319,100	)
	NET ASSETS – 100.0%		$	593,128,531

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	All or a portion of security is on loan.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $6,661,490, which represents approximately 1.1% of net assets as of August 31, 2017.
(c)	Represents an affiliated issuer.

Investment Abbreviations:
ADR	—American Depositary Receipt
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.5%
Consumer Discretionary – 20.4%
	1,291	ABC-Mart, Inc.	$	66,274
	1,206	Aisin Seiki Co. Ltd.		60,596
	3,500	Asics Corp.		52,694
	6,873	Bandai Namco Holdings, Inc.		230,120
	2,919	Benesse Holdings, Inc.		112,188
	8,123	Bridgestone Corp.		348,287
	4,717	Casio Computer Co. Ltd.		66,602
	3,309	Denso Corp.		160,429
	1,359	Dentsu, Inc.		56,800
	1,189	Don Quijote Holdings Co. Ltd.		45,103
	602	Fast Retailing Co. Ltd.		172,133
	3,320	Hakuhodo DY Holdings, Inc.		45,158
	1,181	Hikari Tsushin, Inc.		146,364
	18,824	Honda Motor Co. Ltd.		526,956
	1,842	Iida Group Holdings Co. Ltd.		31,280
	2,577	Isetan Mitsukoshi Holdings Ltd.		26,505
	2,243	Isuzu Motors Ltd.		29,306
	1,786	J Front Retailing Co. Ltd.		24,909
	1,406	Koito Manufacturing Co. Ltd.		87,508
	863	Marui Group Co. Ltd.		12,068
	19,466	Mazda Motor Corp.		286,348
	3,375	McDonald’s Holdings Co. Japan Ltd.		149,799
	2,076	Mitsubishi Motors Corp.		15,316
	637	NGK Spark Plug Co. Ltd.		12,125
	9,280	Nikon Corp.		152,868
	15,671	Nissan Motor Co. Ltd.		155,628
	1,667	Nitori Holdings Co. Ltd.		257,184
	1,632	NOK Corp.		36,685
	1,377	Oriental Land Co. Ltd.		103,331
	24,855	Panasonic Corp.		330,956
	2,712	Rakuten, Inc.		32,169
	666	Rinnai Corp.		57,789
	569	Ryohin Keikaku Co. Ltd.		157,682
	964	Sankyo Co. Ltd.		31,444
	4,442	Sega Sammy Holdings, Inc.		63,768
	9,487	Sekisui Chemical Co. Ltd.		176,707
	3,376	Sekisui House Ltd.		58,404
	38,221	Sharp Corp.*(a)		114,600
	928	Shimamura Co. Ltd.		113,154
	629	Shimano, Inc.		84,926
	13,770	Sony Corp.		542,618
	2,821	Stanley Electric Co. Ltd.		93,555
	6,695	Start Today Co. Ltd.		208,040
	6,301	Subaru Corp.		220,758
	4,873	Sumitomo Electric Industries Ltd.		76,243
	13,203	Sumitomo Rubber Industries Ltd.		218,690
	4,410	Suzuki Motor Corp.		221,422
	24,914	Takashimaya Co. Ltd.		228,405
	1,680	Toho Co. Ltd.		62,355
	2,535	Toyoda Gosei Co. Ltd.		59,033
	533	Toyota Industries Corp.		28,379
	28,011	Toyota Motor Corp.		1,573,615
	1,526	USS Co Ltd.		29,963
	38,402	Yamada Denki Co. Ltd.		207,607
	2,142	Yamaha Corp.		74,540
	2,146	Yamaha Motor Co. Ltd.		60,640
Common Stocks – (continued)
Consumer Discretionary – (continued)
	9,245	Yokohama Rubber Co. Ltd. (The)		170,939
				8,768,965
Consumer Staples – 10.2%
	7,367	Aeon Co. Ltd.(a)		108,571
	6,782	Ajinomoto Co., Inc.		133,810
	7,100	Asahi Group Holdings Ltd.		308,940
	2,281	Calbee, Inc.		77,926
	2,695	Coca-Cola Bottlers Japan, Inc.		92,315
	1,836	FamilyMart UNY Holdings Co. Ltd.(a)		99,424
	6,132	Kao Corp.		382,317
	2,938	Kikkoman Corp.		91,963
	16,950	Kirin Holdings Co. Ltd.		384,478
	1,045	Kose Corp.		131,028
	1,985	Lawson, Inc.		133,283
	7,108	Lion Corp.		141,178
	2,285	MEIJI Holdings Co. Ltd.		181,870
	4,488	NH Foods Ltd.		131,712
	7,193	Nisshin Seifun Group, Inc.		124,894
	1,290	Nissin Foods Holdings Co. Ltd.		79,468
	4,864	Pola Orbis Holdings, Inc.		156,226
	9,572	Seven & i Holdings Co. Ltd.		379,627
	6,072	Shiseido Co. Ltd.		251,520
	2,835	Sundrug Co. Ltd.		117,331
	4,405	Suntory Beverage & Food Ltd.		203,320
	2,784	Toyo Suisan Kaisha Ltd.		102,825
	1,137	Tsuruha Holdings, Inc.		135,229
	7,346	Unicharm Corp.		172,670
	1,151	Yakult Honsha Co. Ltd.		79,689
	8,865	Yamazaki Baking Co. Ltd.		167,860
				4,369,474
Energy – 1.3%
	4,427	Idemitsu Kosan Co. Ltd.		108,040
	2,981	Inpex Corp.		28,466
	42,279	JXTG Holdings, Inc.		204,519
	19,622	Showa Shell Sekiyu KK		214,833
				555,858
Financials – 10.6%
	1,867	AEON Financial Service Co. Ltd.		39,542
	19,059	Aozora Bank Ltd.		72,038
	1,250	Bank of Kyoto Ltd. (The)		11,550
	2,849	Chiba Bank Ltd. (The)		19,052
	1,226	Chugoku Bank Ltd. (The)		16,509
	9,732	Concordia Financial Group Ltd.		46,502
	1,502	Credit Saison Co. Ltd.		27,226
	10,931	Dai-ichi Life Holdings, Inc.		175,794
	12,822	Daiwa Securities Group, Inc.		70,110
	2,769	Fukuoka Financial Group, Inc.		12,152
	3,004	Hachijuni Bank Ltd. (The)		18,287
	2,856	Hiroshima Bank Ltd. (The)		11,470
	7,303	Japan Exchange Group, Inc.		124,282
	2,304	Japan Post Bank Co. Ltd.		29,308
	2,525	Japan Post Holdings Co. Ltd.		31,339
	1,576	Kyushu Financial Group, Inc.		9,594

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	20,724	Mebuki Financial Group, Inc.	$	73,436
	131,987	Mitsubishi UFJ Financial Group, Inc.		808,399
	38,947	Mitsubishi UFJ Lease & Finance Co. Ltd.		196,752
	275,004	Mizuho Financial Group, Inc.		472,499
	4,468	MS&AD Insurance Group Holdings, Inc.		147,323
	20,790	Nomura Holdings, Inc.		115,699
	19,570	ORIX Corp.		312,860
	32,834	Resona Holdings, Inc.		163,663
	5,839	SBI Holdings, Inc.		81,065
	15,340	Seven Bank Ltd.		58,121
	8,923	Shinsei Bank Ltd.		14,269
	2,442	Shizuoka Bank Ltd. (The)		21,323
	4,596	Sompo Holdings, Inc.		172,674
	928	Sony Financial Holdings, Inc.		14,688
	17,276	Sumitomo Mitsui Financial Group, Inc.		645,770
	1,453	Sumitomo Mitsui Trust Holdings, Inc.		50,246
	3,507	Suruga Bank Ltd.		74,945
	6,113	T&D Holdings, Inc.		83,786
	7,626	Tokio Marine Holdings, Inc.		304,181
	3,307	Yamaguchi Financial Group, Inc.		37,379
				4,563,833
Health Care – 7.4%
	7,555	Alfresa Holdings Corp.		142,025
	1,982	Chugai Pharmaceutical Co. Ltd.		80,497
	10,868	Daiichi Sankyo Co. Ltd.		256,641
	2,532	Eisai Co. Ltd.		130,994
	1,652	Hisamitsu Pharmaceutical Co., Inc.		79,403
	6,009	Hoya Corp.		343,691
	5,747	Kyowa Hakko Kirin Co. Ltd.		100,831
	3,397	M3, Inc.		88,181
	4,862	Medipal Holdings Corp.		85,657
	2,695	Miraca Holdings, Inc.		122,311
	4,490	Mitsubishi Tanabe Pharma Corp.		110,149
	3,609	Olympus Corp.		124,443
	2,399	Ono Pharmaceutical Co. Ltd.		48,848
	5,772	Otsuka Holdings Co. Ltd.		232,275
	4,397	Santen Pharmaceutical Co. Ltd.		68,156
	4,092	Shionogi & Co. Ltd.		215,457
	6,791	Sumitomo Dainippon Pharma Co. Ltd.		92,184
	3,748	Suzuken Co. Ltd.		136,387
	2,237	Sysmex Corp.		137,805
	1,028	Taisho Pharmaceutical Holdings Co. Ltd.		80,140
	6,971	Takeda Pharmaceutical Co. Ltd.		384,906
	3,794	Terumo Corp.		146,507
				3,207,488
Industrials – 18.4%
	3,969	Amada Holdings Co. Ltd.		43,527
	14,932	ANA Holdings, Inc.		55,327
	2,497	Asahi Glass Co. Ltd.		97,330
	1,421	Central Japan Railway Co.		240,535
	4,335	Dai Nippon Printing Co. Ltd.		51,125
	2,694	Daikin Industries Ltd.		269,131
	2,727	East Japan Railway Co.		249,880
	1,618	FANUC Corp.		313,721
Common Stocks – (continued)
Industrials – (continued)
	11,573	Fuji Electric Co. Ltd.		63,722
	2,008	Hankyu Hanshin Holdings, Inc.		76,445
	809	Hino Motors Ltd.		9,284
	3,685	Hitachi Construction Machinery Co. Ltd.		103,961
	994	Hoshizaki Corp.		86,431
	13,908	IHI Corp.*		45,998
	24,991	ITOCHU Corp.		407,812
	1,500	Japan Airlines Co. Ltd.		51,490
	1,237	Japan Airport Terminal Co. Ltd.		44,845
	973	JGC Corp.		15,621
	12,671	Kajima Corp.		116,164
	5,575	Kamigumi Co. Ltd.		61,646
	6,131	Keihan Holdings Co. Ltd.		36,933
	6,932	Keikyu Corp.		73,565
	5,289	Keio Corp.		43,971
	1,413	Keisei Electric Railway Co. Ltd.		38,451
	13,018	Kintetsu Group Holdings Co. Ltd.		49,087
	8,530	Komatsu Ltd.		230,572
	6,688	Kubota Corp.		115,700
	1,327	Kurita Water Industries Ltd.		38,161
	1,032	Kyushu Railway Co.		32,256
	3,497	LIXIL Group Corp.		91,635
	2,293	Makita Corp.		91,982
	58,620	Marubeni Corp.		381,035
	3,633	MINEBEA MITSUMI, Inc.		59,648
	6,258	MISUMI Group, Inc.		160,402
	21,712	Mitsubishi Corp.		501,767
	20,044	Mitsubishi Electric Corp.		296,307
	10,645	Mitsubishi Heavy Industries Ltd.		40,709
	23,437	Mitsui & Co. Ltd.		350,192
	27,899	Mitsui OSK Lines Ltd.		89,482
	2,239	Nabtesco Corp.		78,221
	21,560	Nagoya Railroad Co. Ltd.		96,379
	779	NGK Insulators Ltd.		14,531
	1,824	Nidec Corp.		206,497
	18,191	Nippon Express Co. Ltd.		125,449
	5,993	Nippon Yusen KK*		11,871
	5,616	NSK Ltd.		66,590
	6,234	Obayashi Corp.		73,464
	2,039	Odakyu Electric Railway Co. Ltd.		39,461
	3,384	Park24 Co. Ltd.		81,264
	17,847	Recruit Holdings Co. Ltd.		355,286
	1,446	Secom Co. Ltd.		107,235
	1,374	Seibu Holdings, Inc.		23,607
	6,489	Shimizu Corp.		66,977
	250	SMC Corp.		85,658
	917	Sohgo Security Services Co. Ltd.		40,034
	30,494	Sumitomo Corp.		431,255
	7,041	Sumitomo Heavy Industries Ltd.		52,459
	7,480	Taisei Corp.		74,963
	1,117	THK Co. Ltd.		37,247
	9,011	Tobu Railway Co. Ltd.		49,779
	2,953	Tokyu Corp.		42,929
	5,299	Toppan Printing Co. Ltd.		53,009
	13,741	Toshiba Corp.*		38,204
	2,750	TOTO Ltd.		104,568

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

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	10,236	Toyota Tsusho Corp.	$	314,818
	762	West Japan Railway Co.		55,326
	2,505	Yamato Holdings Co. Ltd.		53,350
				7,906,281
Information Technology – 13.9%
	1,479	Alps Electric Co. Ltd.		40,583
	6,853	Brother Industries Ltd.		162,265
	12,748	Canon, Inc.		446,400
	2,486	DeNA Co. Ltd.		53,126
	697	Disco Corp.		124,822
	6,431	FUJIFILM Holdings Corp.		252,542
	36,419	Fujitsu Ltd.		269,718
	2,366	Hamamatsu Photonics KK		73,198
	200	Hirose Electric Co. Ltd.		27,658
	2,177	Hitachi High-Technologies Corp.		77,637
	41,977	Hitachi Ltd.		288,721
	6,438	Kakaku.com, Inc.		80,080
	1,092	Keyence Corp.		568,126
	2,144	Konami Holdings Corp.		111,622
	16,024	Konica Minolta, Inc.		127,831
	2,269	Kyocera Corp.		136,066
	1,800	LINE Corp.*(a)		63,456
	2,783	Mixi, Inc.		148,177
	1,668	Murata Manufacturing Co. Ltd.		255,216
	129,386	NEC Corp.		342,098
	4,603	Nexon Co. Ltd.*		114,719
	814	Nintendo Co. Ltd.		270,988
	1,689	Nippon Electric Glass Co. Ltd.		64,147
	2,373	Nomura Research Institute Ltd.		92,281
	16,190	NTT Data Corp.		174,757
	686	Obic Co. Ltd.		42,945
	3,636	Omron Corp.		182,362
	1,687	Oracle Corp. Japan		124,617
	1,822	Otsuka Corp.		120,517
	8,451	Ricoh Co. Ltd.		84,541
	1,296	Rohm Co. Ltd.		100,797
	4,394	Seiko Epson Corp.		112,625
	4,694	Shimadzu Corp.		86,195
	465	TDK Corp.		31,138
	2,098	Tokyo Electron Ltd.		294,704
	1,923	Trend Micro, Inc.		88,934
	11,080	Yahoo Japan Corp.		50,739
	6,020	Yaskawa Electric Corp.		182,142
	6,667	Yokogawa Electric Corp.		103,767
				5,972,257
Materials – 6.3%
	3,020	Air Water, Inc.		55,648
	15,014	Asahi Kasei Corp.		179,661
	835	Daicel Corp.		10,629
	3,347	Hitachi Chemical Co. Ltd.		90,502
	2,830	Hitachi Metals Ltd.		37,773
	1,261	JFE Holdings, Inc.		24,885
	2,737	JSR Corp.		53,268
	4,276	Kaneka Corp.		33,257
Common Stocks – (continued)
Materials – (continued)
	2,351	Kansai Paint Co. Ltd.		59,576
	6,304	Kuraray Co. Ltd.		119,596
	1,138	Maruichi Steel Tube Ltd.		33,656
	30,452	Mitsubishi Chemical Holdings Corp.		283,049
	4,685	Mitsubishi Gas Chemical Co., Inc.		116,167
	2,917	Mitsubishi Materials Corp.		104,557
	25,170	Mitsui Chemicals, Inc.		150,480
	1,844	Nippon Paint Holdings Co. Ltd.		62,829
	4,966	Nippon Steel & Sumitomo Metal Corp.		118,420
	2,519	Nissan Chemical Industries Ltd.		84,341
	1,352	Nitto Denko Corp.		119,132
	34,127	Oji Holdings Corp.		178,914
	3,294	Shin-Etsu Chemical Co. Ltd.		291,031
	11,988	Sumitomo Chemical Co. Ltd.		71,780
	1,626	Sumitomo Metal Mining Co. Ltd.		27,996
	6,066	Taiheiyo Cement Corp.		23,369
	2,698	Teijin Ltd.		54,715
	10,389	Toray Industries, Inc.		98,831
	10,021	Tosoh Corp.		117,455
	7,096	Toyo Seikan Group Holdings Ltd.		116,891
				2,718,408
Real Estate – 3.6%
	1,233	Aeon Mall Co. Ltd.		22,137
	1,532	Daito Trust Construction Co. Ltd.		271,225
	6,690	Daiwa House Industry Co. Ltd.		233,840
	35	Daiwa House REIT Investment Corp. REIT		85,481
	2,033	Hulic Co. Ltd.		20,116
	12	Japan Prime Realty Investment Corp. REIT		43,067
	13	Japan Real Estate Investment Corp. REIT		67,327
	25	Japan Retail Fund Investment Corp. REIT		45,952
	7,191	Mitsubishi Estate Co. Ltd.		123,749
	6,573	Mitsui Fudosan Co. Ltd.		142,019
	14	Nippon Building Fund, Inc. REIT		74,414
	21	Nippon Prologis REIT, Inc. REIT		45,564
	2,449	Nomura Real Estate Holdings, Inc.		50,533
	68	Nomura Real Estate Master Fund, Inc. REIT		89,773
	2,472	Sumitomo Realty & Development Co. Ltd.		74,726
	3,215	Tokyo Tatemono Co. Ltd.		39,552
	11,937	Tokyu Fudosan Holdings Corp.		71,149
	39	United Urban Investment Corp. REIT		58,787
				1,559,411
Telecommunication Services – 4.5%
	17,562	KDDI Corp.		473,437
	8,482	Nippon Telegraph & Telephone Corp.		421,403
	13,479	NTT DOCOMO, Inc.		312,726
	8,898	SoftBank Group Corp.		721,315
				1,928,881
Utilities – 2.9%
	4,748	Chubu Electric Power Co., Inc.		61,992
	3,776	Chugoku Electric Power Co., Inc. (The)		43,503

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS ACTIVEBETA^® JAPAN EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Utilities – (continued)
	1,374	Electric Power Development Co. Ltd.	$	37,577
	27,072	Kansai Electric Power Co., Inc. (The)		378,802
	2,859	Kyushu Electric Power Co., Inc.		33,562
	21,944	Osaka Gas Co. Ltd.		85,754
	12,876	Toho Gas Co. Ltd.		84,818
	3,908	Tohoku Electric Power Co., Inc.		53,404
	85,647	Tokyo Electric Power Co. Holdings, Inc.*		346,292
	21,080	Tokyo Gas Co. Ltd.		111,702
				1,237,406
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $36,662,241)		$	42,788,262

Shares		Distribution Rate	Value
Securities Lending Reinvestment Vehicle – 0.7%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	288,307	0.93%	$	288,307
	(Cost $288,307)
	TOTAL INVESTMENTS – 100.2%
	(Cost $36,950,548)		$	43,076,569
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.2)%			(84,971	)
	NET ASSETS – 100.0%		$	42,991,598

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or on-income producing.
(a)	All or a portion of security is on loan.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
REIT	—Real Estate Investment Trust

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

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.5%
Consumer Discretionary – 13.9%
	25,400	Advance Auto Parts, Inc.	$	2,486,660
	34,137	Amazon.com, Inc.*		33,474,742
	80,557	Aramark		3,277,864
	10,666	AutoZone, Inc.*		5,636,341
	194,722	Best Buy Co., Inc.		10,565,616
	29,420	BorgWarner, Inc.		1,365,382
	53,736	Carnival Corp.		3,733,577
	53,458	CBS Corp., Class B		3,424,519
	9,965	Charter Communications, Inc., Class A*		3,971,451
	112,829	Coach, Inc.		4,704,969
	339,024	Comcast Corp., Class A		13,767,765
	26,739	Darden Restaurants, Inc.		2,195,004
	55,600	Dollar General Corp.		4,034,336
	46,319	Dollar Tree, Inc.*		3,688,845
	32,296	Domino’s Pizza, Inc.		5,886,269
	20,017	DR Horton, Inc.		723,615
	19,185	Expedia, Inc.		2,846,287
	107,161	Foot Locker, Inc.		3,775,282
	817,786	Ford Motor Co.		9,020,180
	26,652	General Motors Co.		973,864
	51,050	Genuine Parts Co.		4,228,471
	111,495	Goodyear Tire & Rubber Co. (The)		3,378,298
	32,344	Hanesbrands, Inc.		784,665
	42,777	Hasbro, Inc.		4,202,840
	43,661	Hilton Worldwide Holdings, Inc.		2,808,712
	140,780	Home Depot, Inc. (The)		21,098,699
	93,207	L Brands, Inc.		3,375,958
	36,070	Las Vegas Sands Corp.		2,243,915
	49,346	Lear Corp.		7,379,201
	15,899	Lennar Corp., Class A		822,932
	22,100	Liberty Broadband Corp., Class C*		2,243,813
	21,215	LKQ Corp.*		735,100
	130,432	Lowe’s Cos., Inc.		9,637,620
	373,663	Macy’s, Inc.		7,760,981
	32,574	Marriott International, Inc., Class A		3,374,015
	95,819	Mattel, Inc.		1,554,184
	68,615	McDonald’s Corp.		10,976,342
	22,539	MGM Resorts International		742,885
	6,031	Mohawk Industries, Inc.*		1,526,567
	52,289	Netflix, Inc.*		9,135,411
	176,004	NIKE, Inc., Class B		9,294,771
	23,537	Omnicom Group, Inc.		1,703,608
	26,975	O’Reilly Automotive, Inc.*		5,290,607
	5,024	Priceline Group, Inc. (The)*		9,304,850
	74,352	PVH Corp.		9,360,173
	136,785	Ross Stores, Inc.		7,995,083
	14,246	Royal Caribbean Cruises Ltd.		1,773,057
	141,539	Starbucks Corp.		7,764,830
	161,808	Target Corp.		8,823,390
	5,593	Tesla, Inc.*(a)		1,990,549
	37,980	Tiffany & Co.		3,471,372
	55,772	Time Warner, Inc.		5,638,549
	111,962	TJX Cos., Inc. (The)		8,094,853
	58,196	Tractor Supply Co.		3,463,244
Common Stocks – (continued)
Consumer Discretionary – (continued)
	25,818	Twenty-First Century Fox, Inc., Class A		712,319
	22,632	Ulta Beauty, Inc.*		5,001,898
	85,932	VF Corp.		5,402,545
	106,543	Walt Disney Co. (The)		10,782,152
	27,185	Wyndham Worldwide Corp.		2,709,801
	3,755	Wynn Resorts Ltd.		521,907
	54,982	Yum China Holdings, Inc.*		1,944,164
	55,033	Yum! Brands, Inc.		4,227,635
				332,834,534
Consumer Staples – 11.0%
	192,626	Altria Group, Inc.		12,212,488
	91,789	Archer-Daniels-Midland Co.		3,792,721
	96,720	Brown-Forman Corp., Class B		5,130,029
	139,987	Bunge Ltd.		10,447,230
	63,813	Campbell Soup Co.		2,948,161
	89,238	Church & Dwight Co., Inc.		4,477,070
	62,826	Clorox Co. (The)		8,703,286
	302,632	Coca-Cola Co. (The)		13,784,888
	132,207	Colgate-Palmolive Co.		9,471,309
	87,243	Conagra Brands, Inc.		2,831,908
	8,174	Constellation Brands, Inc., Class A		1,635,617
	61,214	Costco Wholesale Corp.		9,594,682
	147,909	CVS Health Corp.		11,439,282
	68,636	Dr Pepper Snapple Group, Inc.		6,249,308
	83,365	Estee Lauder Cos., Inc. (The), Class A		8,919,221
	65,767	General Mills, Inc.		3,502,750
	57,355	Hershey Co. (The)		6,017,687
	76,210	Hormel Foods Corp.		2,342,695
	32,086	Ingredion, Inc.		3,972,889
	41,045	JM Smucker Co. (The)		4,299,874
	45,378	Kellogg Co.		2,970,444
	57,955	Kimberly-Clark Corp.		7,145,272
	21,405	Kraft Heinz Co. (The)		1,728,454
	226,392	Kroger Co. (The)		4,951,193
	41,551	McCormick & Co., Inc.		3,952,747
	16,775	Molson Coors Brewing Co., Class B		1,505,556
	54,500	Mondelez International, Inc., Class A		2,215,970
	27,957	Monster Beverage Corp.*		1,560,560
	161,013	PepsiCo, Inc.		18,634,035
	150,747	Philip Morris International, Inc.		17,626,847
	222,957	Procter & Gamble Co. (The)		20,572,242
	141,496	Sysco Corp.		7,452,594
	178,734	Tyson Foods, Inc., Class A		11,313,862
	109,865	Walgreens Boots Alliance, Inc.		8,953,998
	258,785	Wal-Mart Stores, Inc.		20,203,345
				262,560,214
Energy – 2.8%
	19,850	Andeavor		1,987,978
	112,473	Chevron Corp.		12,104,344
	57,046	ConocoPhillips		2,490,628
	5,268	EOG Resources, Inc.		447,727
	326,790	Exxon Mobil Corp.		24,943,881
	96,472	Marathon Petroleum Corp.		5,059,957

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Energy – (continued)
	38,432	National Oilwell Varco, Inc.	$	1,178,710
	21,344	Occidental Petroleum Corp.		1,274,237
	8,489	ONEOK, Inc.		459,764
	12,916	Phillips 66		1,082,490
	34,630	Schlumberger Ltd.		2,199,351
	19,902	Targa Resources Corp.		887,032
	178,893	Valero Energy Corp.		12,182,613
	55,662	Williams Cos., Inc. (The)		1,654,831
				67,953,543
Financials – 12.5%
	44,803	Aflac, Inc.		3,698,488
	2,552	Alleghany Corp.*		1,436,189
	63,799	Allstate Corp. (The)		5,773,810
	316,060	Ally Financial, Inc.		7,142,956
	77,110	American Express Co.		6,639,171
	38,546	American International Group, Inc.		2,331,262
	8,573	Ameriprise Financial, Inc.		1,187,446
	296,002	Annaly Capital Management, Inc. REIT		3,700,025
	38,251	Aon PLC		5,323,009
	36,680	Arch Capital Group Ltd.*		3,570,431
	58,149	Arthur J Gallagher & Co.		3,366,827
	838,409	Bank of America Corp.		20,029,591
	66,136	Bank of New York Mellon Corp. (The)		3,457,590
	74,779	BB&T Corp.		3,446,564
	76,912	Berkshire Hathaway, Inc., Class B*		13,933,378
	4,973	BlackRock, Inc.		2,083,737
	4,230	Brighthouse Financial, Inc.*		241,406
	87,304	Capital One Financial Corp.		6,950,271
	57,652	CBOE Holdings, Inc.		5,816,510
	60,790	Charles Schwab Corp. (The)		2,425,521
	31,201	Chubb Ltd.		4,412,445
	23,616	Cincinnati Financial Corp.		1,814,653
	28,697	CIT Group, Inc.		1,287,060
	255,716	Citigroup, Inc.		17,396,359
	59,397	Citizens Financial Group, Inc.		1,967,823
	32,479	CME Group, Inc.		4,085,858
	31,094	Comerica, Inc.		2,122,166
	42,663	Discover Financial Services		2,514,984
	41,726	E*TRADE Financial Corp.*		1,711,183
	12,974	Everest Re Group Ltd.		3,275,676
	167,468	Fifth Third Bancorp		4,375,939
	17,599	First Republic Bank		1,707,983
	58,428	Hartford Financial Services Group, Inc. (The)		3,159,202
	83,955	Huntington Bancshares, Inc.		1,056,993
	41,879	Intercontinental Exchange, Inc.		2,708,315
	339,550	JPMorgan Chase & Co.		30,861,700
	115,105	KeyCorp		1,980,957
	33,729	Lincoln National Corp.		2,288,850
	41,861	Loews Corp.		1,949,885
	18,880	M&T Bank Corp.		2,791,597
	2,108	Markel Corp.*		2,217,595
	86,226	Marsh & McLennan Cos., Inc.		6,732,526
Common Stocks – (continued)
Financials – (continued)
	46,630	MetLife, Inc.		2,183,683
	9,269	Moody’s Corp.		1,242,324
	152,296	Morgan Stanley		6,929,468
	36,035	MSCI, Inc.		4,129,971
	30,256	Northern Trust Corp.		2,677,656
	37,774	PNC Financial Services Group, Inc. (The)		4,737,237
	43,171	Principal Financial Group, Inc.		2,699,051
	95,013	Progressive Corp. (The)		4,416,204
	52,874	Prudential Financial, Inc.		5,397,378
	25,048	Raymond James Financial, Inc.		1,961,759
	139,317	Regions Financial Corp.		1,965,763
	56,753	S&P Global, Inc.		8,758,690
	26,508	State Street Corp.		2,451,725
	32,877	SunTrust Banks, Inc.		1,811,523
	11,050	SVB Financial Group*		1,871,207
	92,078	Synchrony Financial		2,835,082
	40,730	T Rowe Price Group, Inc.		3,435,983
	42,536	TD Ameritrade Holding Corp.		1,842,660
	50,126	Travelers Cos., Inc. (The)		6,074,269
	60,379	Unum Group		2,909,060
	102,048	US Bancorp		5,229,960
	365,053	Wells Fargo & Co.		18,643,257
	10,678	Willis Towers Watson PLC		1,585,363
				300,763,204
Health Care – 14.6%
	96,652	Abbott Laboratories		4,923,453
	120,563	AbbVie, Inc.		9,078,394
	49,957	Aetna, Inc.		7,878,219
	59,117	Agilent Technologies, Inc.		3,826,052
	12,958	Allergan PLC		2,973,602
	67,665	Amgen, Inc.		12,028,807
	56,559	Anthem, Inc.		11,087,826
	74,236	Baxter International, Inc.		4,605,602
	19,896	Becton Dickinson and Co.		3,968,058
	27,374	Biogen, Inc.*		8,665,513
	100,631	Boston Scientific Corp.*		2,772,384
	139,967	Bristol-Myers Squibb Co.		8,465,204
	6,496	Cardinal Health, Inc.		438,220
	51,515	Celgene Corp.*		7,156,979
	59,464	Centene Corp.*		5,283,376
	39,987	Cerner Corp.*		2,710,319
	33,604	Cigna Corp.		6,117,944
	11,958	Cooper Cos., Inc. (The)		2,999,425
	20,169	CR Bard, Inc.		6,470,417
	41,039	Danaher Corp.		3,423,473
	53,587	DaVita, Inc.*		3,138,055
	28,630	DENTSPLY SIRONA, Inc.		1,619,599
	46,719	Edwards Lifesciences Corp.*		5,310,082
	99,941	Eli Lilly & Co.		8,124,204
	102,641	Express Scripts Holding Co.*		6,447,908
	197,297	Gilead Sciences, Inc.		16,515,732
	14,321	HCA Healthcare, Inc.*		1,126,490
	34,226	Henry Schein, Inc.*		5,944,372
	19,360	Hologic, Inc.*		747,296

72 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)
Health Care – (continued)
	24,528	Humana, Inc.	$	6,318,903
	42,919	IDEXX Laboratories, Inc.*		6,670,900
	16,250	Illumina, Inc.*		3,322,475
	12,446	Incyte Corp.*		1,710,205
	4,887	Intuitive Surgical, Inc.*		4,909,822
	262,397	Johnson & Johnson		34,733,491
	13,321	Laboratory Corp. of America Holdings*		2,089,665
	12,414	McKesson Corp.		1,853,534
	56,465	Medtronic PLC		4,552,208
	217,360	Merck & Co., Inc.		13,880,610
	17,775	Mettler-Toledo International, Inc.*		10,755,475
	252,320	Mylan NV*		7,943,034
	66,993	Perrigo Co. PLC		5,289,767
	581,065	Pfizer, Inc.		19,709,725
	37,737	Quest Diagnostics, Inc.		4,088,804
	29,067	Quintiles IMS Holdings, Inc.*		2,791,304
	38,366	ResMed, Inc.		2,976,434
	39,474	Stryker Corp.		5,580,439
	5,360	Teleflex, Inc.		1,134,980
	42,068	Thermo Fisher Scientific, Inc.		7,872,606
	107,026	UnitedHealth Group, Inc.		21,287,471
	37,085	Varian Medical Systems, Inc.*		3,940,281
	22,726	Vertex Pharmaceuticals, Inc.*		3,648,432
	15,883	Waters Corp.*		2,914,213
	4,969	Zimmer Biomet Holdings, Inc.		567,808
	94,561	Zoetis, Inc.		5,928,975
				350,318,566
Industrials – 9.9%
	68,296	3M Co.		13,954,239
	12,990	Acuity Brands, Inc.		2,296,502
	21,668	Alaska Air Group, Inc.		1,617,733
	14,343	American Airlines Group, Inc.		641,706
	17,495	AMETEK, Inc.		1,106,559
	22,898	Arconic, Inc.		583,212
	49,838	Boeing Co. (The)		11,944,175
	46,615	Caterpillar, Inc.		5,476,796
	92,072	CH Robinson Worldwide, Inc.		6,503,045
	27,877	Cintas Corp.		3,763,674
	56,068	CSX Corp.		2,814,614
	13,734	Cummins, Inc.		2,188,925
	17,816	Deere & Co.		2,065,409
	111,798	Delta Air Lines, Inc.		5,275,748
	22,591	Dover Corp.		1,917,524
	43,007	Eaton Corp. PLC		3,086,182
	82,139	Emerson Electric Co.		4,849,486
	13,102	Equifax, Inc.		1,866,642
	33,248	Expeditors International of Washington, Inc.		1,865,213
	126,249	Fastenal Co.		5,387,045
	16,860	FedEx Corp.		3,614,447
	34,060	Fortive Corp.		2,212,878
	27,994	Fortune Brands Home & Security, Inc.		1,750,465
	22,050	General Dynamics Corp.		4,439,767
	500,805	General Electric Co.		12,294,763
Common Stocks – (continued)
Industrials – (continued)
	47,455	Honeywell International, Inc.		6,561,603
	9,351	Huntington Ingalls Industries, Inc.		2,000,740
	45,443	IHS Markit Ltd.*		2,128,550
	39,274	Illinois Tool Works, Inc.		5,400,568
	51,639	Ingersoll-Rand PLC		4,409,454
	13,830	JB Hunt Transport Services, Inc.		1,367,649
	40,293	Johnson Controls International PLC		1,595,200
	58,043	L3 Technologies, Inc.		10,533,644
	14,135	Lockheed Martin Corp.		4,316,688
	56,927	Masco Corp.		2,093,206
	39,894	Nielsen Holdings PLC		1,549,882
	20,158	Norfolk Southern Corp.		2,429,442
	22,235	Northrop Grumman Corp.		6,052,589
	11,001	PACCAR, Inc.		729,696
	22,769	Parker-Hannifin Corp.		3,663,304
	36,944	Raytheon Co.		6,724,177
	101,137	Republic Services, Inc.		6,598,178
	23,491	Rockwell Automation, Inc.		3,853,933
	17,042	Rockwell Collins, Inc.		2,233,354
	16,202	Roper Technologies, Inc.		3,737,153
	23,569	Snap-on, Inc.		3,478,077
	73,963	Southwest Airlines Co.		3,856,431
	27,092	Stanley Black & Decker, Inc.		3,901,248
	162,154	Textron, Inc.		7,960,140
	48,410	Union Pacific Corp.		5,097,573
	118,826	United Continental Holdings, Inc.*		7,362,459
	32,794	United Parcel Service, Inc., Class B		3,750,322
	11,770	United Rentals, Inc.*		1,389,566
	44,696	United Technologies Corp.		5,351,005
	23,013	Verisk Analytics, Inc.*		1,865,204
	82,507	Waste Management, Inc.		6,362,115
	25,061	WW Grainger, Inc.		4,074,167
	31,856	Xylem, Inc./NY		1,977,302
				237,921,368
Information Technology – 23.6%
	94,933	Accenture PLC, Class A		12,413,439
	71,210	Activision Blizzard, Inc.		4,668,528
	52,292	Adobe Systems, Inc.*		8,113,627
	230,850	Advanced Micro Devices, Inc.*		3,001,050
	31,465	Akamai Technologies, Inc.*		1,483,575
	9,105	Alliance Data Systems Corp.		2,053,177
	26,582	Alphabet, Inc., Class A*		25,392,190
	26,787	Alphabet, Inc., Class C*		25,161,833
	89,019	Amdocs Ltd.		5,767,541
	62,014	Amphenol Corp., Class A		5,019,413
	56,090	Analog Devices, Inc.		4,693,050
	27,416	ANSYS, Inc.*		3,531,729
	493,299	Apple, Inc.		80,901,036
	115,387	Applied Materials, Inc.		5,206,261
	36,732	Autodesk, Inc.*		4,204,345
	35,008	Automatic Data Processing, Inc.		3,727,302
	82,052	CA, Inc.		2,722,485
	119,105	Cadence Design Systems, Inc.*		4,679,635
	50,170	CDK Global, Inc.		3,235,965
	49,410	CDW Corp.		3,133,582

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS ACTIVEBETA^® U.S. LARGE CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	373,168	Cisco Systems, Inc.	$	12,019,741
	62,321	Citrix Systems, Inc.*		4,874,125
	51,314	Cognizant Technology Solutions Corp., Class A		3,631,492
	132,660	Corning, Inc.		3,815,302
	12,963	DXC Technology Co.		1,101,855
	231,774	eBay, Inc.*		8,373,995
	78,243	Electronic Arts, Inc.*		9,506,525
	27,777	F5 Networks, Inc.*		3,316,018
	202,675	Facebook, Inc., Class A*		34,854,020
	55,224	Fidelity National Information Services, Inc.		5,131,414
	44,901	Fiserv, Inc.*		5,554,703
	3,297	FleetCor Technologies, Inc.*		474,010
	21,175	Gartner, Inc.*		2,553,493
	5,957	Global Payments, Inc.		568,834
	35,206	Harris Corp.		4,326,817
	73,245	Hewlett Packard Enterprise Co.		1,322,805
	283,867	HP, Inc.		5,416,182
	504,505	Intel Corp.		17,692,990
	95,355	International Business Machines Corp.		13,638,626
	72,687	Intuit, Inc.		10,281,576
	118,914	Juniper Networks, Inc.		3,297,485
	34,004	KLA-Tencor Corp.		3,185,835
	35,601	Lam Research Corp.		5,909,054
	72,732	Mastercard, Inc., Class A		9,695,176
	30,555	Maxim Integrated Products, Inc.		1,425,696
	33,272	Microchip Technology, Inc.		2,888,010
	109,840	Micron Technology, Inc.*		3,511,585
	741,357	Microsoft Corp.		55,431,263
	33,950	Motorola Solutions, Inc.		2,991,674
	106,199	NetApp, Inc.		4,105,653
	60,034	NVIDIA Corp.		10,172,161
	261,045	Oracle Corp.		13,138,395
	12,706	Palo Alto Networks, Inc.*		1,685,959
	66,761	Paychex, Inc.		3,807,380
	70,194	PayPal Holdings, Inc.*		4,329,566
	15,292	Qorvo, Inc.*		1,119,680
	77,201	QUALCOMM, Inc.		4,035,296
	37,620	Red Hat, Inc.*		4,044,150
	48,270	salesforce.com, Inc.*		4,609,302
	90,776	Seagate Technology PLC		2,862,167
	18,631	ServiceNow, Inc.*		2,164,736
	50,823	Skyworks Solutions, Inc.		5,354,711
	135,309	Symantec Corp.		4,056,564
	66,399	Synopsys, Inc.*		5,339,808
	37,360	TE Connectivity Ltd.		2,973,856
	149,030	Texas Instruments, Inc.		12,342,665
	52,422	Total System Services, Inc.		3,623,409
	34,353	Vantiv, Inc., Class A*		2,428,414
	31,104	VeriSign, Inc.*		3,227,040
	93,778	Visa, Inc., Class A		9,707,899
	104,009	Western Digital Corp.		9,180,874
	172,857	Western Union Co. (The)		3,270,454
	20,291	Xilinx, Inc.		1,340,423
				564,820,626
Common Stocks – (continued)
Materials – 2.5%
	11,070	Air Products & Chemicals, Inc.		1,609,246
	15,208	Ball Corp.		608,168
	14,115	Celanese Corp., Series A		1,369,437
	81,043	Dow Chemical Co. (The)		5,401,516
	68,645	Eastman Chemical Co.		5,917,199
	18,154	Ecolab, Inc.		2,419,928
	54,602	EI du Pont de Nemours & Co.		4,582,746
	9,486	FMC Corp.		817,883
	231,218	Freeport-McMoRan, Inc.*		3,417,402
	16,879	International Flavors & Fragrances, Inc.		2,309,891
	49,588	International Paper Co.		2,671,305
	9,694	LyondellBasell Industries NV, Class A		878,179
	34,623	Monsanto Co.		4,057,816
	104,389	Newmont Mining Corp.		4,002,274
	21,399	Packaging Corp. of America		2,405,462
	19,494	PPG Industries, Inc.		2,033,614
	15,540	Praxair, Inc.		2,044,132
	36,090	Sealed Air Corp.		1,601,674
	26,512	Sherwin-Williams Co. (The)		8,994,726
	68,082	WestRock Co.		3,874,547
				61,017,145
Real Estate – 2.5%
	16,646	Alexandria Real Estate Equities, Inc. REIT		2,019,326
	35,186	American Tower Corp. REIT		5,209,287
	10,966	AvalonBay Communities, Inc. REIT		2,058,647
	12,310	Boston Properties, Inc. REIT		1,484,586
	103,918	CBRE Group, Inc., Class A*		3,749,362
	21,743	Crown Castle International Corp. REIT		2,357,811
	36,210	Digital Realty Trust, Inc. REIT		4,285,091
	102,311	Duke Realty Corp. REIT		3,040,683
	5,643	Equinix, Inc. REIT		2,643,238
	23,606	Equity Residential REIT		1,585,143
	8,981	Essex Property Trust, Inc. REIT		2,388,677
	8,587	Federal Realty Investment Trust REIT		1,089,948
	211,593	Host Hotels & Resorts, Inc. REIT		3,834,065
	55,253	Kimco Realty Corp. REIT		1,084,064
	11,859	Macerich Co. (The) REIT		625,800
	62,798	Prologis, Inc. REIT		3,978,881
	5,774	Public Storage REIT		1,185,633
	13,447	Realty Income Corp. REIT		774,009
	7,580	Regency Centers Corp. REIT		487,546
	10,426	SBA Communications Corp. REIT*		1,600,912
	11,040	Simon Property Group, Inc. REIT		1,731,624
	10,964	SL Green Realty Corp. REIT		1,056,710
	31,377	UDR, Inc. REIT		1,218,055
	30,882	Ventas, Inc. REIT		2,113,564
	275,732	VEREIT, Inc. REIT		2,327,178
	13,850	Vornado Realty Trust REIT		1,031,687
	41,567	Welltower, Inc. REIT		3,043,536
	22,817	Weyerhaeuser Co. REIT		744,062
				58,749,125

74 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)
Telecommunication Services – 1.9%
	523,531	AT&T, Inc.	$	19,611,471
	95,995	CenturyLink, Inc.(a)		1,893,021
	29,548	Level 3 Communications, Inc.*		1,608,298
	60,453	T-Mobile US, Inc.*		3,911,914
	365,221	Verizon Communications, Inc.		17,519,651
				44,544,355
Utilities – 4.3%
	949,185	AES Corp.		10,479,002
	36,022	Alliant Energy Corp.		1,539,580
	59,243	Ameren Corp.		3,553,988
	54,737	American Electric Power Co., Inc.		4,030,285
	19,402	American Water Works Co., Inc.		1,569,622
	102,191	CenterPoint Energy, Inc.		3,026,897
	60,341	CMS Energy Corp.		2,928,952
	48,866	Consolidated Edison, Inc.		4,117,938
	46,453	Dominion Energy, Inc.		3,659,103
	36,146	DTE Energy Co.		4,059,919
	54,396	Duke Energy Corp.		4,748,771
	51,049	Edison International		4,093,109
	50,707	Entergy Corp.		4,014,473
	51,139	Eversource Energy		3,221,757
	95,479	Exelon Corp.		3,615,790
	136,485	FirstEnergy Corp.		4,446,681
	52,404	NextEra Energy, Inc.		7,887,326
	58,265	PG&E Corp.		4,100,691
	32,310	Pinnacle West Capital Corp.		2,906,931
	61,819	PPL Corp.		2,425,778
	46,671	Public Service Enterprise Group, Inc.		2,186,070
	35,719	SCANA Corp.		2,156,713
	19,730	Sempra Energy		2,326,759
	84,795	Southern Co. (The)		4,092,207
	55,984	WEC Energy Group, Inc.		3,651,276
	58,411	Westar Energy, Inc.		2,997,068
	90,792	Xcel Energy, Inc.		4,494,204
				102,330,890
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,148,085,760)		$	2,383,813,570
Shares		Distribution rate	Value
Securities Lending Reinvestment Vehicle – 0.1%(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,705,216	0.93%	$	3,705,216
	(Cost $3,705,216)
	TOTAL INVESTMENTS – 99.6%
	(Cost $2,151,790,976)		$	2,387,518,786
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			8,971,566
	NET ASSETS – 100.0%		$	2,396,490,352

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(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. 75

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.5%
Consumer Discretionary – 12.2%
	580	1-800-Flowers.com, Inc., Class A*	$	5,220
	514	Aaron’s, Inc.		22,755
	508	Abercrombie & Fitch Co., Class A		6,472
	248	Acushnet Holdings Corp.		4,077
	460	Adtalem Global Education, Inc.		15,732
	102	AMC Entertainment Holdings, Inc., Class A		1,367
	400	American Axle & Manufacturing Holdings, Inc.*		5,844
	828	American Eagle Outfitters, Inc.		9,895
	356	American Outdoor Brands Corp.*		5,810
	418	American Public Education, Inc.*		7,712
	134	America’s Car-Mart, Inc.*		5,146
	60	Asbury Automotive Group, Inc.*		3,231
	3,392	Ascena Retail Group, Inc.*		6,920
	344	Ascent Capital Group, Inc., Class A*		3,416
	272	AV Homes, Inc.*		4,202
	242	Barnes & Noble Education, Inc.*		1,254
	362	Barnes & Noble, Inc.		2,805
	224	Bassett Furniture Industries, Inc.		8,030
	448	Beazer Homes USA, Inc.*		6,680
	188	Belmond Ltd., Class A (United Kingdom)*		2,397
	406	Big 5 Sporting Goods Corp.		3,106
	290	Big Lots, Inc.		13,804
	18	Biglari Holdings, Inc.*		5,360
	60	BJ’s Restaurants, Inc.*		1,806
	212	Bloomin’ Brands, Inc.		3,606
	90	Bob Evans Farms, Inc.		6,190
	266	Bojangles’, Inc.*(a)		3,551
	356	Boot Barn Holdings, Inc.*(a)		2,884
	436	Boyd Gaming Corp.		11,528
	580	Bridgepoint Education, Inc.*		5,121
	284	Brinker International, Inc.		8,866
	230	Buckle, Inc. (The)(a)		3,254
	84	Buffalo Wild Wings, Inc.*		8,631
	230	Build-A-Bear Workshop, Inc.*		2,116
	134	Caesars Acquisition Co., Class A*		2,499
	454	Caesars Entertainment Corp.*		5,266
	296	Caleres, Inc.		7,986
	418	Callaway Golf Co.		5,827
	176	Capella Education Co.		11,854
	1,258	Career Education Corp.*		12,089
	230	Carriage Services, Inc.		5,633
	188	Carrols Restaurant Group, Inc.*		2,049
	254	Carvana Co.*(a)		4,534
	30	Cavco Industries, Inc.*		4,037
	834	Central European Media Enterprises Ltd., Class A (Bermuda)*		3,461
	666	Century Casinos, Inc.*		4,562
	236	Century Communities, Inc.*		5,322
	254	Cheesecake Factory, Inc. (The)		10,523
	834	Chegg, Inc.*		11,834
	888	Chico’s FAS, Inc.		6,820
	114	Children’s Place, Inc. (The)		12,101
	72	Churchill Downs, Inc.		14,069
	102	Chuy’s Holdings, Inc.*		1,918
	200	Citi Trends, Inc.		3,626
Common Stocks – (continued)
Consumer Discretionary – (continued)
	380	Clarus Corp.*		2,755
	242	Collectors Universe, Inc.		5,815
	152	Columbia Sportswear Co.		8,708
	176	Conn’s, Inc.*		3,054
	424	Container Store Group, Inc. (The)*		1,721
	248	Cooper Tire & Rubber Co.		8,333
	120	Cooper-Standard Holdings, Inc.*		12,070
	90	Core-Mark Holding Co, Inc.		2,435
	36	Cracker Barrel Old Country Store, Inc.(a)		5,352
	828	Crocs, Inc.*		7,394
	90	CSS Industries, Inc.		2,410
	72	Culp, Inc.		2,088
	12	Daily Journal Corp.*		2,519
	586	Dana, Inc.		14,105
	120	Dave & Buster’s Entertainment, Inc.*		7,015
	188	Deckers Outdoor Corp.*		12,013
	272	Del Frisco’s Restaurant Group, Inc.*		3,808
	424	Del Taco Restaurants, Inc.*		5,970
	598	Denny’s Corp.*		7,152
	54	Dillard’s, Inc., Class A(a)		3,283
	60	DineEquity, Inc.		2,385
	218	Dorman Products, Inc.*		14,480
	834	Drive Shack, Inc.		2,252
	224	DSW, Inc., Class A		4,151
	218	Duluth Holdings, Inc., Class B*(a)		4,271
	344	El Pollo Loco Holdings, Inc.*		3,904
	182	Eldorado Resorts, Inc.*(a)		4,186
	230	Emerald Expositions Events, Inc.(a)		5,000
	188	Entercom Communications Corp., Class A(a)		1,936
	386	Entravision Communications Corp., Class A		2,142
	230	Eros International PLC (India)*(a)		2,243
	242	Ethan Allen Interiors, Inc.		7,079
	260	EW Scripps Co. (The), Class A*		4,649
	362	Express, Inc.*		2,306
	224	Fiesta Restaurant Group, Inc.*		3,898
	362	Finish Line, Inc. (The), Class A		3,015
	176	Five Below, Inc.*		8,372
	66	Flexsteel Industries, Inc.		3,003
	302	Fogo De Chao, Inc.*		3,820
	950	Fossil Group, Inc.*(a)		7,876
	284	Fox Factory Holding Corp.*		11,360
	430	Francesca’s Holdings Corp.*		3,122
	236	Fred’s, Inc., Class A(a)		1,397
	128	FTD Cos, Inc.*		1,714
	224	Gaia, Inc.*		2,498
	756	Gannett Co, Inc.		6,418
	158	Genesco, Inc.*		3,342
	158	Gentherm, Inc.*		4,922
	140	G-III Apparel Group Ltd.*		3,850
	672	GoPro, Inc., Class A*(a)		6,189
	266	Grand Canyon Education, Inc.*		21,825
	230	Gray Television, Inc.*		3,289
	266	Green Brick Partners, Inc.*		2,514
	78	Group 1 Automotive, Inc.		4,682
	1,482	Groupon, Inc.*		6,580
	152	Habit Restaurants, Inc. (The), Class A*(a)		1,976

76 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 Discretionary – (continued)
	266	Haverty Furniture Cos, Inc.	$	6,238
	84	Helen of Troy Ltd.*		7,585
	230	Hemisphere Media Group, Inc.*		2,979
	236	Hibbett Sports, Inc.*		2,903
	78	Hooker Furniture Corp.		3,140
	170	Horizon Global Corp.*(a)		2,924
	338	Houghton Mifflin Harcourt Co.*		3,448
	1,052	Hovnanian Enterprises, Inc., Class A*		1,915
	212	HSN, Inc.		7,780
	248	Iconix Brand Group, Inc.*		1,386
	412	ILG, Inc.		10,877
	102	Installed Building Products, Inc.*		5,885
	200	International Speedway Corp., Class A		7,130
	170	iRobot Corp.*		16,221
	418	J Alexander’s Holdings, Inc.*		4,138
	200	J. Jill, Inc.*		1,942
	152	Jack in the Box, Inc.		14,230
	108	Johnson Outdoors, Inc., Class A		6,890
	672	K12, Inc.*		12,042
	352	KB Home		7,533
	478	Kirkland’s, Inc.*		5,511
	332	La Quinta Holdings, Inc.*		5,246
	140	Laureate Education, Inc., Class A*		2,050
	386	La-Z-Boy, Inc.		9,206
	152	LCI Industries		15,018
	302	Libbey, Inc.		2,467
	134	Liberty Media Corp. – Liberty Braves, Class A*		3,271
	200	Liberty Media Corp. – Liberty Braves, Class C*		4,894
	218	Liberty Tax, Inc.		2,932
	278	Liberty TripAdvisor Holdings, Inc., Class A*		3,711
	290	Lifetime Brands, Inc.		5,046
	254	Lindblad Expeditions Holdings, Inc.*		2,824
	72	Lithia Motors, Inc., Class A		7,776
	60	Loral Space & Communications, Inc.*		2,724
	200	Lumber Liquidators Holdings, Inc.*		7,506
	182	M/I Homes, Inc.*		4,477
	158	Malibu Boats, Inc., Class A*		4,261
	158	Marcus Corp. (The)		3,934
	200	Marine Products Corp.		3,116
	134	MarineMax, Inc.*		2,164
	90	Marriott Vacations Worldwide Corp.		10,472
	424	MCBC Holdings, Inc.*		7,267
	296	MDC Holdings, Inc.		9,250
	212	Meredith Corp.		11,522
	60	Meritage Homes Corp.*		2,442
	108	Monarch Casino & Resort, Inc.*		3,842
	72	Monro, Inc.		3,434
	102	Movado Group, Inc.		2,831
	526	MSG Networks, Inc., Class A*		11,283
	66	NACCO Industries, Inc., Class A		4,785
	90	Nathan’s Famous, Inc.*		5,270
	622	National CineMedia, Inc.		3,365
	290	Nautilus, Inc.*		4,742
Common Stocks – (continued)
Consumer Discretionary – (continued)
	230	New Home Co., Inc. (The)*		2,374
	586	New Media Investment Group, Inc.		8,081
	846	New York Times Co. (The), Class A		15,778
	134	Nexstar Media Group, Inc., Class A		8,067
	230	Nutrisystem, Inc.		12,489
	2,340	Office Depot, Inc.		10,039
	182	Ollie’s Bargain Outlet Holdings, Inc.*		7,617
	146	Overstock.com, Inc.*		3,205
	152	Oxford Industries, Inc.		8,787
	242	Papa John’s International, Inc.		18,099
	158	Party City Holdco, Inc.*		2,204
	550	Penn National Gaming, Inc.*		12,205
	134	Perry Ellis International, Inc.*		2,925
	188	PetMed Express, Inc.		6,819
	296	PICO Holdings, Inc.*		4,810
	888	Pier 1 Imports, Inc.		3,721
	502	Pinnacle Entertainment, Inc.*		9,789
	266	Planet Fitness, Inc., Class A		6,748
	726	Potbelly Corp.*		8,712
	188	RCI Hospitality Holdings, Inc.		4,380
	230	Reading International, Inc., Class A*		3,625
	36	Red Robin Gourmet Burgers, Inc.*		2,052
	272	Red Rock Resorts, Inc., Class A		6,147
	604	Regis Corp.*		8,021
	646	Rent-A-Center, Inc.		7,817
	146	RH*(a)		6,831
	374	Ruth’s Hospitality Group, Inc.		7,312
	48	Saga Communications, Inc., Class A		1,961
	368	Salem Media Group, Inc.		2,226
	320	Scholastic Corp.		12,618
	296	Scientific Games Corp., Class A*		10,419
	272	SeaWorld Entertainment, Inc.(a)		3,531
	260	Select Comfort Corp.*		7,678
	646	Sequential Brands Group, Inc.*(a)		1,970
	60	Shake Shack, Inc., Class A*(a)		1,855
	278	Shiloh Industries, Inc.*		2,435
	254	Shoe Carnival, Inc.		5,105
	212	Shutterfly, Inc.*		9,663
	326	Sinclair Broadcast Group, Inc., Class A		9,862
	102	Sonic Corp.		2,388
	212	Sotheby’s*		9,512
	314	Speedway Motorsports, Inc.		6,534
	454	Sportsman’s Warehouse Holdings, Inc.*(a)		1,884
	236	Standard Motor Products, Inc.		10,408
	308	Steven Madden Ltd.*		13,059
	654	Stoneridge, Inc.*		10,830
	140	Strayer Education, Inc.		11,201
	158	Sturm Ruger & Co., Inc.		7,236
	128	Superior Industries International, Inc.		1,875
	442	Tailored Brands, Inc.		5,224
	406	Taylor Morrison Home Corp., Class A*		8,209
	188	Tenneco, Inc.		10,190
	182	Texas Roadhouse, Inc.		8,636
	212	Tile Shop Holdings, Inc.		3,191
	472	Tilly’s, Inc., Class A		5,197
	690	Time, Inc.		9,074

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Consumer Discretionary – (continued)
	176	TopBuild Corp.*	$	10,446
	114	Tower International, Inc.		2,559
	260	Townsquare Media, Inc., Class A*		2,595
	496	TRI Pointe Group, Inc.*		6,319
	188	tronc, Inc.*		2,728
	84	Unifi, Inc.*		2,611
	36	Universal Electronics, Inc.*		2,108
	634	Vera Bradley, Inc.*		5,731
	152	Vista Outdoor, Inc.*		3,116
	224	Vitamin Shoppe, Inc.*		1,198
	350	VOXX International Corp.*		2,835
	218	Weight Watchers International, Inc.*(a)		10,205
	284	West Marine, Inc.		3,683
	108	Weyco Group, Inc.		2,975
	182	William Lyon Homes, Class A*		4,366
	308	Wingstop, Inc.		9,982
	66	Winmark Corp.		8,702
	108	Winnebago Industries, Inc.		3,904
	448	Wolverine World Wide, Inc.		11,782
	400	World Wrestling Entertainment, Inc., Class A		8,720
	574	ZAGG, Inc.*		7,232
	400	Zumiez, Inc.*		4,980
				1,456,671
Consumer Staples – 2.8%
	78	Alico, Inc.		2,496
	66	Andersons, Inc. (The)		2,102
	90	B&G Foods, Inc.(a)		2,745
	108	Boston Beer Co, Inc. (The), Class A*(a)		16,092
	36	Calavo Growers, Inc.		2,417
	66	Cal-Maine Foods, Inc.*		2,406
	2,744	Castle Brands, Inc.*		3,897
	152	Central Garden & Pet Co.*		5,358
	164	Central Garden & Pet Co., Class A*		5,591
	212	Chefs’ Warehouse, Inc. (The)*		3,657
	54	Coca-Cola Bottling Co. Consolidated		11,534
	708	Darling Ingredients, Inc.*		12,319
	1,064	Dean Foods Co.		11,704
	90	elf Beauty, Inc.*(a)		1,862
	164	Farmer Brothers Co.*		5,338
	206	Fresh Del Monte Produce, Inc.		9,680
	254	Freshpet, Inc.*		4,026
	708	Hostess Brands, Inc.*		9,445
	732	HRG Group, Inc.*		11,558
	200	Ingles Markets, Inc., Class A		4,390
	66	Inter Parfums, Inc.		2,604
	78	J&J Snack Foods Corp.		9,944
	42	John B Sanfilippo & Son, Inc.		2,607
	72	Lancaster Colony Corp.		8,386
	296	Landec Corp.*		3,848
	108	Limoneira Co.		2,419
	254	Medifast, Inc.		14,382
	54	MGP Ingredients, Inc.(a)		3,036
	158	National Beverage Corp.		18,361
	236	Natural Health Trends Corp.		4,762
Common Stocks – (continued)
Consumer Staples – (continued)
	290	Nature’s Sunshine Products, Inc.		3,060
	60	Oil-Dri Corp. of America		2,442
	368	Omega Protein Corp.		5,814
	380	Performance Food Group Co.*		10,564
	36	PriceSmart, Inc.		2,925
	108	Sanderson Farms, Inc.		15,932
	78	Seneca Foods Corp., Class A*		2,324
	502	Snyder’s-Lance, Inc.		17,831
	188	SpartanNash Co.		4,632
	172	SUPERVALU, Inc.*		3,438
	78	Tootsie Roll Industries, Inc.(a)		2,913
	158	Turning Point Brands, Inc.*		2,718
	266	United Natural Foods, Inc.*		9,244
	188	Universal Corp.		10,754
	120	USANA Health Sciences, Inc.*		7,104
	460	Vector Group Ltd.		9,936
	248	Village Super Market, Inc., Class A		5,736
	66	WD-40 Co.(a)		7,191
	102	Weis Markets, Inc.		4,509
				328,033
Energy – 2.3%
	1,342	Abraxas Petroleum Corp.*		2,281
	66	Adams Resources & Energy, Inc.		2,288
	72	Arch Coal, Inc., Class A		5,751
	726	Archrock, Inc.		7,405
	490	Atwood Oceanics, Inc.*(a)		3,219
	102	Basic Energy Services, Inc.*(a)		1,453
	932	Bill Barrett Corp.*		2,787
	78	Bonanza Creek Energy, Inc.*		2,027
	260	California Resources Corp.*(a)		2,028
	968	Clean Energy Fuels Corp.*		2,304
	1,712	Cloud Peak Energy, Inc.*		5,376
	362	Contango Oil & Gas Co.*		1,662
	152	CVR Energy, Inc.(a)		3,256
	686	Delek US Holdings, Inc.		16,958
	1,686	Denbury Resources, Inc.*		1,787
	628	DHT Holdings, Inc.		2,355
	218	Diamond Offshore Drilling, Inc.*		2,476
	478	Dorian LPG Ltd.*		3,279
	224	Dril-Quip, Inc.*		8,411
	912	Eclipse Resources Corp.*		2,125
	1,082	Ensco PLC, Class A(a)		4,599
	696	EP Energy Corp., Class A*		2,046
	356	Era Group, Inc.*		3,136
	804	Evolution Petroleum Corp.		5,588
	544	Exterran Corp.*		15,091
	230	Golar LNG Ltd. (Bermuda)		4,986
	302	Green Plains, Inc.		5,602
	478	Gulf Island Fabrication, Inc.		5,354
	508	Hallador Energy Co.		2,946
	484	Lilis Energy, Inc.*(a)		1,771
	146	Mammoth Energy Services, Inc.*(a)		2,012
	114	Matador Resources Co.*		2,688
	478	Matrix Service Co.*		5,664
	1,022	McDermott International, Inc.*		6,275

78 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)
Energy – (continued)
	108	Natural Gas Services Group, Inc.*	$	2,549
	2,612	Navios Maritime Acquisition Corp.		3,291
	660	Newpark Resources, Inc.*		5,313
	1,288	Noble Corp. PLC*		4,199
	17	Nordic American Offshore Ltd. (Norway)		21
	418	Nordic American Tankers Ltd.(a)		1,981
	302	Oasis Petroleum, Inc.*		2,205
	248	Oil States International, Inc.*		5,394
	1,432	Overseas Shipholding Group, Inc., Class A*		3,236
	702	Pacific Ethanol, Inc.*		3,510
	102	Panhandle Oil and Gas, Inc., Class A		2,152
	140	Par Pacific Holdings, Inc.*(a)		2,493
	102	PDC Energy, Inc.*		4,012
	170	Peabody Energy Corp.*		4,930
	394	Renewable Energy Group, Inc.*		4,767
	224	Resolute Energy Corp.*(a)		6,619
	134	REX American Resources Corp.*		11,607
	418	RigNet, Inc.*		6,688
	206	Ring Energy, Inc.*		2,456
	502	Rowan Cos PLC, Class A*		4,895
	72	SEACOR Holdings, Inc.*		2,763
	96	SemGroup Corp., Class A		2,467
	188	Ship Finance International Ltd. (Norway)		2,453
	592	Smart Sand, Inc.*(a)		3,534
	2,176	Teekay Tankers Ltd., Class A (Bermuda)		3,068
	308	Tellurian, Inc.*		2,846
	786	TETRA Technologies, Inc.*		1,619
	230	Ultra Petroleum Corp.*		1,792
	266	Unit Corp.*		4,235
	1,808	Uranium Energy Corp.*		2,387
	218	US Silica Holdings, Inc.		5,932
	1,178	W&T Offshore, Inc.*		2,250
	586	Westmoreland Coal Co.*		1,365
	188	WildHorse Resource Development Corp.*		2,051
	1,016	Willbros Group, Inc.*		2,235
				270,301
Financials – 20.6%
	102	1st Source Corp.		4,760
	356	Access National Corp.		9,142
	84	ACNB Corp.		2,197
	544	AG Mortgage Investment Trust, Inc. REIT		10,483
	96	Allegiance Bancshares, Inc.*		3,269
	448	American Equity Investment Life Holding Co.		12,436
	120	American National Bankshares, Inc.		4,380
	254	Ameris Bancorp		11,189
	140	AMERISAFE, Inc.		7,532
	84	Ames National Corp.		2,276
	424	AmTrust Financial Services, Inc.		5,258
	1,318	Anworth Mortgage Asset Corp. REIT		7,987
	684	Apollo Commercial Real Estate Finance, Inc. REIT		12,374
	436	Ares Commercial Real Estate Corp. REIT		5,751
	182	Argo Group International Holdings Ltd.		10,956
Common Stocks – (continued)
Financials – (continued)
	290	Arlington Asset Investment Corp., Class A(a)		3,747
	598	ARMOUR Residential REIT, Inc. REIT		15,793
	206	Arrow Financial Corp.		6,654
	356	Artisan Partners Asset Management, Inc., Class A		10,929
	66	ASB Bancorp, Inc.*		2,927
	84	Associated Capital Group, Inc., Class A		2,885
	254	Astoria Financial Corp.		4,976
	158	Atlas Financial Holdings, Inc.*		2,662
	400	B. Riley Financial, Inc.		6,560
	158	Baldwin & Lyons, Inc., Class B		3,460
	538	Banc of California, Inc.		9,980
	156	BancFirst Corp.		7,862
	224	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		6,039
	460	BancorpSouth, Inc.		13,363
	356	Bank Mutual Corp.		3,257
	350	Bank of Commerce Holdings		3,692
	54	Bank of Marin Bancorp		3,534
	586	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		19,268
	266	BankFinancial Corp.		4,267
	128	Bankwell Financial Group, Inc.		4,339
	108	Bar Harbor Bankshares		2,836
	302	BCB Bancorp, Inc.		4,288
	272	Bear State Financial, Inc.(a)		2,796
	206	Beneficial Bancorp, Inc.		3,080
	248	Berkshire Hills Bancorp, Inc.		8,382
	182	Blue Capital Reinsurance Holdings Ltd. (Bermuda)		3,422
	236	Blue Hills Bancorp, Inc.		4,413
	690	BofI Holding, Inc.*(a)		18,292
	260	Boston Private Financial Holdings, Inc.		3,822
	164	Bridge Bancorp, Inc.		5,068
	292	Brookline Bancorp, Inc.		4,190
	164	Bryn Mawr Bank Corp.		6,716
	134	BSB Bancorp, Inc.*		3,819
	60	C&F Financial Corp.		2,811
	140	Cadence BanCorp*		2,918
	248	Camden National Corp.		9,672
	140	Capital Bank Financial Corp., Class A		5,264
	242	Capital City Bank Group, Inc.		5,007
	344	Capitol Federal Financial, Inc.		4,720
	170	Capstar Financial Holdings, Inc.*		2,948
	762	Capstead Mortgage Corp. REIT		7,369
	152	Carolina Financial Corp.		5,173
	448	Cathay General Bancorp		15,801
	394	CenterState Banks, Inc.		9,641
	164	Central Pacific Financial Corp.		4,756
	170	Central Valley Community Bancorp		3,344
	60	Century Bancorp, Inc., Class A		4,008
	326	Charter Financial Corp.		5,301
	230	Chemical Financial Corp.		10,444
	72	Chemung Financial Corp.		2,908

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	374	Cherry Hill Mortgage Investment Corp. REIT	$	6,912
	140	Citizens & Northern Corp.		3,142
	176	City Holding Co.		11,146
	314	Civista Bancshares, Inc.		6,346
	266	Clifton Bancorp, Inc.		4,189
	146	CNB Financial Corp.		3,527
	722	CNO Financial Group, Inc.		16,137
	140	Codorus Valley Bancorp, Inc.		3,507
	236	Cohen & Steers, Inc.		8,930
	290	Columbia Banking System, Inc.		10,779
	128	Commerce Union Bancshares, Inc.(a)		3,071
	170	Community Bank System, Inc.		8,748
	684	Community Bankers Trust Corp.*		5,746
	78	Community Financial Corp. (The)		2,730
	146	Community Trust Bancorp, Inc.		6,212
	200	ConnectOne Bancorp, Inc.		4,560
	108	County Bancorp, Inc.		3,238
	380	Crawford & Co., Class B(a)		3,770
	146	CU Bancorp*		5,205
	460	Customers Bancorp, Inc.*		12,963
	460	CVB Financial Corp.		9,522
	726	CYS Investments, Inc. REIT		6,382
	42	Diamond Hill Investment Group, Inc.		8,246
	176	Dime Community Bancshares, Inc.		3,335
	84	DNB Financial Corp.		2,734
	224	Donegal Group, Inc., Class A		3,434
	460	Donnelley Financial Solutions, Inc.*		9,849
	1,458	Dynex Capital, Inc. REIT		10,425
	158	Eagle Bancorp, Inc.*		9,828
	128	eHealth, Inc.*		3,108
	302	Elevate Credit, Inc.*(a)		1,912
	266	Ellington Residential Mortgage REIT		3,892
	134	EMC Insurance Group, Inc.		3,736
	326	Employers Holdings, Inc.		13,741
	140	Encore Capital Group, Inc.*		5,649
	362	Enova International, Inc.*		4,308
	54	Enstar Group Ltd. (Bermuda)*		11,208
	206	Entegra Financial Corp.*		4,779
	66	Enterprise Bancorp, Inc.		2,111
	158	Enterprise Financial Services Corp.		6,036
	108	Equity Bancshares, Inc., Class A*		3,688
	206	ESSA Bancorp, Inc.		3,111
	114	Evans Bancorp, Inc.		4,708
	320	Evercore, Inc., Class A		24,144
	66	Farmers & Merchants Bancorp, Inc.(a)		4,419
	102	Farmers Capital Bank Corp.		3,820
	254	Farmers National Banc Corp.		3,480
	140	FB Financial Corp.*		4,865
	54	FBL Financial Group, Inc., Class A		3,672
	314	FCB Financial Holdings, Inc., Class A*		13,690
	230	Federal Agricultural Mortgage Corp., Class C		15,668
	200	Fidelity & Guaranty Life		6,250
	454	Fidelity Southern Corp.		9,924
	158	Financial Engines, Inc.		5,222
Common Stocks – (continued)
Financials – (continued)
	248	Financial Institutions, Inc.		6,746
	170	First Bancorp, Inc.		4,425
	834	First BanCorp/Puerto Rico (Puerto Rico)*		4,737
	200	First Bancorp/Southern Pines NC		6,188
	120	First Bancshares, Inc. (The)		3,384
	341	First Busey Corp.		9,838
	182	First Business Financial Services, Inc.		3,878
	36	First Citizens BancShares, Inc., Class A		12,258
	628	First Commonwealth Financial Corp.		7,919
	114	First Community Bancshares, Inc.		2,934
	176	First Connecticut Bancorp, Inc.		4,356
	96	First Defiance Financial Corp.		4,700
	496	First Financial Bancorp		11,879
	302	First Financial Bankshares, Inc.		12,095
	114	First Financial Corp.		4,948
	200	First Financial Northwest, Inc.		3,200
	320	First Foundation, Inc.*		5,424
	120	First Guaranty Bancshares, Inc.		3,143
	140	First Internet Bancorp		4,452
	176	First Interstate BancSystem, Inc., Class A		6,195
	172	First Merchants Corp.		6,754
	134	First Mid-Illinois Bancshares, Inc.		4,647
	260	First Midwest Bancorp, Inc.		5,481
	260	First Northwest Bancorp*		4,124
	212	First of Long Island Corp. (The)		5,671
	102	FirstCash, Inc.		5,987
	332	Flagstar Bancorp, Inc.*		10,896
	436	Flushing Financial Corp.		11,920
	164	FNB Bancorp(a)		4,912
	206	FNFV Group*		3,471
	140	Franklin Financial Network, Inc.*		4,578
	828	Fulton Financial Corp.		14,449
	424	GAIN Capital Holdings, Inc.		2,671
	78	GAMCO Investors, Inc., Class A		2,299
	290	German American Bancorp, Inc.		9,437
	424	Glacier Bancorp, Inc.		14,081
	90	Global Indemnity Ltd. (Cayman Islands)*		3,638
	374	Great Ajax Corp. REIT		5,303
	158	Great Southern Bancorp, Inc.		7,868
	180	Great Western Bancorp, Inc.		6,466
	176	Green Bancorp, Inc.*		3,529
	224	Green Dot Corp., Class A*		10,792
	332	Greenhill & Co., Inc.		4,997
	128	Greenlight Capital Re Ltd., Class A*		2,848
	144	Guaranty Bancorp		3,715
	218	Hallmark Financial Services, Inc.*		2,234
	92	Hamilton Lane, Inc., Class A		2,156
	400	Hancock Holding Co.		17,580
	242	Hanmi Financial Corp.		6,461
	218	Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		5,058
	242	HarborOne Bancorp, Inc.*		4,160
	176	HCI Group, Inc.		6,862
	242	Health Insurance Innovations, Inc., Class A*(a)		8,143

80 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)
	242	Heartland Financial USA, Inc.	$	11,011
	520	Heritage Commerce Corp.		6,968
	160	Heritage Financial Corp.		4,184
	188	Heritage Insurance Holdings, Inc.		2,139
	386	Hilltop Holdings, Inc.		9,137
	36	Hingham Institution for Savings		6,624
	108	Home Bancorp, Inc.		4,361
	640	Home BancShares, Inc.		14,918
	266	HomeStreet, Inc.*		6,716
	170	HomeTrust Bancshares, Inc.*		3,944
	496	Hope Bancorp, Inc.		8,005
	176	Horace Mann Educators Corp.		6,186
	176	Horizon Bancorp		4,606
	182	Houlihan Lokey, Inc.		6,561
	170	Howard Bancorp, Inc.*		3,357
	236	IBERIABANK Corp.		18,078
	338	Impac Mortgage Holdings, Inc.*(a)		4,485
	68	Independent Bank Corp.		4,712
	308	Independent Bank Corp.		6,283
	78	Independent Bank Group, Inc.		4,341
	66	Infinity Property & Casualty Corp.		5,838
	248	International Bancshares Corp.		8,916
	176	INTL. FCStone, Inc.*		6,246
	1,198	Invesco Mortgage Capital, Inc. REIT		20,342
	176	Investar Holding Corp.		3,872
	128	Investment Technology Group, Inc.		2,572
	1,130	Investors Bancorp, Inc.		14,792
	36	Investors Title Co.		6,331
	206	James River Group Holdings Ltd.		8,215
	236	Kearny Financial Corp.		3,339
	72	Kemper Corp.		3,449
	290	Kingstone Cos, Inc.		4,364
	236	KKR Real Estate Finance Trust, Inc.		4,902
	484	Ladder Capital Corp. REIT		6,640
	344	Lakeland Bancorp, Inc.		6,364
	260	Lakeland Financial Corp.		11,300
	120	LCNB Corp.		2,214
	308	LegacyTexas Financial Group, Inc.		11,085
	424	LendingClub Corp.*		2,625
	60	LendingTree, Inc.*		13,857
	188	Live Oak Bancshares, Inc.		4,202
	580	Macatawa Bank Corp.		5,551
	266	Maiden Holdings Ltd.		1,929
	182	MainSource Financial Group, Inc.		5,957
	206	Malvern Bancorp, Inc.*(a)		4,903
	200	MB Financial, Inc.		7,954
	278	MBIA, Inc.*		2,797
	472	MBT Financial Corp.		4,791
	158	Mercantile Bank Corp.		4,802
	272	Meridian Bancorp, Inc.		4,787
	128	Meta Financial Group, Inc.		8,998
	60	Middlefield Banc Corp.		2,697
	254	Midland States Bancorp, Inc.		7,757
	284	MidSouth Bancorp, Inc.		3,365
	128	MidWestOne Financial Group, Inc.		4,209
	200	Moelis & Co., Class A		7,880
Common Stocks – (continued)
Financials – (continued)
	460	MTGE Investment Corp. REIT		8,832
	72	MutualFirst Financial, Inc.		2,534
	182	National Bank Holdings Corp., Class A		5,857
	54	National Bankshares, Inc.		2,128
	102	National Commerce Corp.*		4,054
	278	National General Holdings Corp.		4,773
	24	National Western Life Group, Inc., Class A		8,026
	102	Navigators Group, Inc. (The)		5,692
	224	NBT Bancorp, Inc.		7,354
	146	Nelnet, Inc., Class A		6,925
	1,094	New York Mortgage Trust, Inc. REIT(a)		6,848
	236	NewStar Financial, Inc.		2,530
	146	NI Holdings, Inc.*(a)		2,410
	102	Nicolet Bankshares, Inc.*		5,574
	1,330	NMI Holdings, Inc., Class A*		14,430
	230	Northeast Bancorp		4,968
	176	Northfield Bancorp, Inc.		2,835
	140	Northrim BanCorp, Inc.		4,179
	230	Northwest Bancshares, Inc.		3,549
	90	Norwood Financial Corp.(a)		3,964
	230	OceanFirst Financial Corp.		5,741
	882	Ocwen Financial Corp.*		2,584
	312	OFG Bancorp (Puerto Rico)		2,714
	128	Ohio Valley Banc Corp.		4,211
	170	Old Line Bancshares, Inc.		4,675
	804	Old National Bancorp		13,145
	114	Old Point Financial Corp.		3,504
	332	Old Second Bancorp, Inc.		3,801
	628	OM Asset Management PLC		8,874
	176	OneBeacon Insurance Group Ltd., Class A		3,207
	146	Oppenheimer Holdings, Inc., Class A		2,372
	478	Orchid Island Capital, Inc. REIT		4,622
	442	Oritani Financial Corp.		7,094
	212	Owens Realty Mortgage, Inc. REIT		3,678
	102	Pacific Continental Corp.		2,422
	302	Pacific Mercantile Bancorp*		2,567
	152	Pacific Premier Bancorp, Inc.*		5,381
	78	Paragon Commercial Corp.*		4,044
	96	Park National Corp.		9,273
	484	Park Sterling Corp.		5,503
	182	Parke Bancorp, Inc.		3,540
	194	PCSB Financial Corp.*		3,282
	218	Peapack Gladstone Financial Corp.		6,642
	90	Penns Woods Bancorp, Inc.		3,862
	502	PennyMac Financial Services, Inc., Class A*		8,534
	574	PennyMac Mortgage Investment Trust REIT		9,924
	134	Peoples Bancorp of North Carolina, Inc.		4,071
	236	Peoples Bancorp, Inc.		7,330
	108	Peoples Financial Services Corp.		4,487
	218	People’s Utah Bancorp		5,962
	176	PHH Corp.*		2,499
	72	Piper Jaffray Cos		3,992
	120	PJT Partners, Inc., Class A		4,639
	230	PRA Group, Inc.*		6,647

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Financials – (continued)
	212	Preferred Bank	$	11,406
	236	Premier Financial Bancorp, Inc.		4,460
	326	Primerica, Inc.		24,955
	146	Provident Financial Holdings, Inc.		2,765
	374	Provident Financial Services, Inc.		9,294
	254	Prudential Bancorp, Inc.		4,686
	532	Pzena Investment Management, Inc., Class A		5,267
	158	QCR Holdings, Inc.		6,905
	1,648	Radian Group, Inc.		28,840
	634	Redwood Trust, Inc. REIT		10,575
	188	Regional Management Corp.*		4,127
	144	Renasant Corp.		5,736
	170	Republic Bancorp, Inc., Class A		6,049
	284	Republic First Bancorp, Inc.*(a)		2,400
	604	Riverview Bancorp, Inc.		4,850
	152	RLI Corp.		8,135
	236	S&T Bancorp, Inc.		8,482
	218	Safeguard Scientifics, Inc.*		2,660
	102	Safety Insurance Group, Inc.		7,283
	224	Sandy Spring Bancorp, Inc.		8,640
	248	Seacoast Banking Corp. of Florida*		5,672
	380	Selective Insurance Group, Inc.		19,152
	430	ServisFirst Bancshares, Inc.		14,667
	266	Shore Bancshares, Inc.		4,386
	266	SI Financial Group, Inc.		3,884
	206	Sierra Bancorp		5,214
	128	Simmons First National Corp., Class A		6,682
	134	SmartFinancial, Inc.*		3,094
	90	South State Corp.		7,403
	170	Southern First Bancshares, Inc.*		6,010
	182	Southern Missouri Bancorp, Inc.		5,908
	266	Southern National Bancorp of Virginia, Inc.		4,456
	102	Southside Bancshares, Inc.		3,332
	200	Southwest Bancorp, Inc.		5,050
	96	State Auto Financial Corp.		2,375
	124	State Bank Financial Corp.		3,332
	532	State National Cos, Inc.		11,050
	580	Sterling Bancorp		13,021
	188	Stewart Information Services Corp.		6,783
	164	Stifel Financial Corp.		7,831
	290	Stock Yards Bancorp, Inc.		10,092
	134	Stonegate Bank		6,460
	108	Summit Financial Group, Inc.		2,364
	338	Sun Bancorp, Inc.		7,892
	146	Sunshine Bancorp, Inc.*		3,154
	320	Sutherland Asset Management Corp. REIT		4,880
	176	Territorial Bancorp, Inc.		5,320
	242	Texas Capital Bancshares, Inc.*		17,969
	678	Third Point Reinsurance Ltd. (Bermuda)*		9,526
	200	Timberland Bancorp, Inc.		5,542
	84	Tompkins Financial Corp.		6,377
	248	Towne Bank/Portsmouth VA		7,614
	164	TriCo Bancshares		5,835
	224	TriState Capital Holdings, Inc.*		4,682
	236	Triumph Bancorp, Inc.*		6,655
Common Stocks – (continued)
Financials – (continued)
	134	Trupanion, Inc.*(a)		2,932
	646	TrustCo Bank Corp.		5,103
	356	Trustmark Corp.		10,545
	230	Two River Bancorp		4,191
	212	UMB Financial Corp.		14,229
	792	Umpqua Holdings Corp.		13,860
	242	Union Bankshares Corp.		7,582
	140	United Bankshares, Inc.		4,697
	344	United Community Banks, Inc.		8,982
	344	United Community Financial Corp.		3,127
	430	United Financial Bancorp, Inc.		7,448
	90	United Fire Group, Inc.		3,785
	260	United Security Bancshares		2,405
	248	Unity Bancorp, Inc.		4,303
	544	Universal Insurance Holdings, Inc.		11,669
	188	Univest Corp. of Pennsylvania		5,480
	1,378	Valley National Bancorp		15,420
	140	Veritex Holdings, Inc.*		3,697
	254	Virtu Financial, Inc., Class A		4,559
	30	Virtus Investment Partners, Inc.		3,180
	466	Waddell & Reed Financial, Inc., Class A(a)		8,672
	424	Walker & Dunlop, Inc.*		20,433
	496	Washington Federal, Inc.		15,500
	188	Washington Trust Bancorp, Inc.		9,635
	128	WashingtonFirst Bankshares, Inc.		4,335
	350	Waterstone Financial, Inc.		6,178
	248	WesBanco, Inc.		9,419
	302	West Bancorporation, Inc.		6,629
	102	Westamerica Bancorporation(a)		5,258
	490	Western Asset Mortgage Capital Corp. REIT		5,150
	436	Western New England Bancorp, Inc.		4,338
	66	Westwood Holdings Group, Inc.		4,035
	302	Wintrust Financial Corp.		21,989
	2,044	WMIH Corp.*		2,555
	78	World Acceptance Corp.*		5,836
	104	WSFS Financial Corp.		4,649
	164	Xenith Bankshares, Inc.*		4,699
				2,453,460
Health Care – 14.2%
	102	Abaxis, Inc.		4,714
	514	Abeona Therapeutics, Inc.*(a)		6,759
	90	Accelerate Diagnostics, Inc.*(a)		2,070
	454	Aceto Corp.		4,817
	140	Achaogen, Inc.*		2,624
	96	Aclaris Therapeutics, Inc.*		2,489
	436	Acorda Therapeutics, Inc.*		9,069
	152	Addus HomeCare Corp.*		5,176
	72	Aerie Pharmaceuticals, Inc.*		4,129
	140	Aimmune Therapeutics, Inc.*		3,010
	338	Akebia Therapeutics, Inc.*		5,658
	114	Albany Molecular Research, Inc.*(a)		2,478
	938	Allscripts Healthcare Solutions, Inc.*		12,325
	128	Almost Family, Inc.*		6,234
	504	AMAG Pharmaceuticals, Inc.*		8,417

82 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)
	290	Amedisys, Inc.*	$	15,150
	236	American Renal Associates Holdings, Inc.*(a)		3,382
	272	Amicus Therapeutics, Inc.*		3,792
	374	AMN Healthcare Services, Inc.*		13,969
	344	Amphastar Pharmaceuticals, Inc.*		5,507
	114	Analogic Corp.		8,157
	454	Anavex Life Sciences Corp.*(a)		2,016
	520	AngioDynamics, Inc.*		8,856
	78	ANI Pharmaceuticals, Inc.*		3,744
	48	Anika Therapeutics, Inc.*		2,578
	968	Antares Pharma, Inc.*(a)		2,914
	1,808	Array BioPharma, Inc.*(a)		17,501
	128	Assembly Biosciences, Inc.*		3,470
	176	AtriCure, Inc.*		3,948
	12	Atrion Corp.		7,466
	48	Avexis, Inc.*		4,481
	188	AxoGen, Inc.*		3,309
	114	Axovant Sciences Ltd.*		2,280
	424	BioCryst Pharmaceuticals, Inc.*		2,162
	968	BioScrip, Inc.*		2,933
	48	BioSpecifics Technologies Corp.*		2,263
	368	BioTelemetry, Inc.*		13,671
	96	Bluebird Bio, Inc.*		11,986
	108	Blueprint Medicines Corp.*		5,856
	176	Calithera Biosciences, Inc.*		2,886
	170	Cambrex Corp.*		8,857
	128	Cantel Medical Corp.		10,400
	152	Capital Senior Living Corp.*(a)		1,889
	152	Cara Therapeutics, Inc.*		2,178
	436	Cardiovascular Systems, Inc.*		12,805
	610	Castlight Health, Inc., Class B*(a)		2,379
	592	Catalent, Inc.*		24,444
	1,028	Catalyst Pharmaceuticals, Inc.*		2,827
	114	Chemed Corp.		22,491
	774	ChemoCentryx, Inc.*		5,372
	326	Civitas Solutions, Inc.*		6,227
	302	Clearside Biomedical, Inc.*		2,111
	90	Clovis Oncology, Inc.*		6,846
	158	Coherus Biosciences, Inc.*(a)		2,283
	1,022	Community Health Systems, Inc.*		7,808
	810	Conatus Pharmaceuticals, Inc.*		4,649
	140	CONMED Corp.		6,944
	412	Corbus Pharmaceuticals Holdings, Inc.*(a)		3,193
	1,838	Corcept Therapeutics, Inc.*		30,639
	332	Corium International, Inc.*(a)		2,839
	90	CorVel Corp.*		4,671
	224	Corvus Pharmaceuticals, Inc.*		3,622
	120	Cotiviti Holdings, Inc.*		4,288
	852	Cross Country Healthcare, Inc.*		10,548
	158	CryoLife, Inc.*		3,286
	418	Cutera, Inc.*		15,529
	302	Cytokinetics, Inc.*		4,485
	170	CytomX Therapeutics, Inc.*		2,938
	1,142	Depomed, Inc.*		6,943
	362	Diplomat Pharmacy, Inc.*		6,063
Common Stocks – (continued)
Health Care – (continued)
	236	Eagle Pharmaceuticals, Inc.*(a)		12,876
	146	Editas Medicine, Inc.*(a)		3,082
	224	Emergent BioSolutions, Inc.*		8,362
	72	Enanta Pharmaceuticals, Inc.*		3,086
	218	Ensign Group, Inc. (The)		4,478
	230	Entellus Medical, Inc.*(a)		4,071
	1,306	Enzo Biochem, Inc.*		14,692
	182	Epizyme, Inc.*		3,158
	72	Esperion Therapeutics, Inc.*(a)		3,558
	90	Evolent Health, Inc., Class A*		1,503
	260	Exact Sciences Corp.*		10,891
	236	Exactech, Inc.*		7,210
	816	Fate Therapeutics, Inc.*		3,084
	102	FibroGen, Inc.*		4,916
	146	FONAR Corp.*		4,322
	188	Foundation Medicine, Inc.*		7,576
	344	GenMark Diagnostics, Inc.*		3,351
	544	Genomic Health, Inc.*		17,245
	308	Glaukos Corp.*(a)		11,627
	90	Global Blood Therapeutics, Inc.*		2,736
	436	Globus Medical, Inc., Class A*		13,180
	308	Haemonetics Corp.*		13,250
	170	Halozyme Therapeutics, Inc.*		2,212
	302	Halyard Health, Inc.*		13,678
	170	HealthEquity, Inc.*		7,271
	478	HealthSouth Corp.		21,868
	78	HealthStream, Inc.*		1,832
	120	Heska Corp.*		12,206
	314	HMS Holdings Corp.*		5,564
	1,300	Horizon Pharma PLC*		17,784
	54	ICU Medical, Inc.*		9,415
	502	ImmunoGen, Inc.*(a)		4,197
	430	Immunomedics, Inc.*(a)		5,435
	290	Impax Laboratories, Inc.*		6,279
	374	INC Research Holdings, Inc., Class A*		21,954
	326	Innoviva, Inc.*(a)		4,577
	114	Inogen, Inc.*		10,921
	188	Inovalon Holdings, Inc., Class A*(a)		2,547
	182	Insmed, Inc.*		2,260
	278	Insulet Corp.*		16,141
	762	Insys Therapeutics, Inc.*(a)		6,965
	230	Integer Holdings Corp.*		10,569
	218	Integra LifeSciences Holdings Corp.*		11,116
	308	Intellia Therapeutics, Inc.*		6,477
	550	Intersect ENT, Inc.*		16,995
	206	Invacare Corp.		2,781
	60	iRhythm Technologies, Inc.*		2,864
	374	Ironwood Pharmaceuticals, Inc.*(a)		5,965
	212	Jounce Therapeutics, Inc.*(a)		3,602
	224	K2M Group Holdings, Inc.*		5,237
	412	Keryx Biopharmaceuticals, Inc.*(a)		2,971
	350	Kindred Biosciences, Inc.*		2,660
	696	Kindred Healthcare, Inc.		5,638
	114	Kite Pharma, Inc.*		20,291
	344	Kura Oncology, Inc.*		2,477
	48	Landauer, Inc.		2,978

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Health Care – (continued)
	640	Lannett Co., Inc.*(a)	$	11,232
	720	Lantheus Holdings, Inc.*		12,600
	302	LeMaitre Vascular, Inc.		10,993
	212	LHC Group, Inc.*		13,833
	42	Ligand Pharmaceuticals, Inc.*(a)		5,413
	260	LivaNova PLC*		16,271
	48	Loxo Oncology, Inc.*		4,003
	804	Luminex Corp.		15,541
	84	Magellan Health, Inc.*		6,796
	314	Masimo Corp.*		26,495
	912	Matinas BioPharma Holdings, Inc.*		1,167
	84	Medicines Co. (The)*(a)		3,082
	242	Medidata Solutions, Inc.*		18,140
	236	Medpace Holdings, Inc.*		7,703
	296	Meridian Bioscience, Inc.		4,114
	224	Merit Medical Systems, Inc.*		9,251
	1,470	MiMedx Group, Inc.*(a)		23,917
	278	Molina Healthcare, Inc.*(a)		17,792
	326	Momenta Pharmaceuticals, Inc.*		5,493
	170	MyoKardia, Inc.*		7,370
	912	Myriad Genetics, Inc.*		27,807
	556	NanoString Technologies, Inc.*		8,590
	568	Natera, Inc.*		7,015
	60	National HealthCare Corp.		3,740
	236	National Research Corp., Class A		7,623
	146	Natus Medical, Inc.*		4,906
	90	Neogen Corp.*		6,201
	520	NeoGenomics, Inc.*		5,257
	28	Nevro Corp.*		2,413
	260	Novelion Therapeutics, Inc. (Canada)*		1,849
	278	NuVasive, Inc.*		17,369
	406	NxStage Medical, Inc.*		11,368
	646	Nymox Pharmaceutical Corp. (Canada)*		2,410
	236	Ocular Therapeutix, Inc.*		1,477
	96	Omeros Corp.*		1,965
	152	Omnicell, Inc.*		7,798
	236	OraSure Technologies, Inc.*		4,817
	284	Orthofix International NV*		13,976
	394	Owens & Minor, Inc.		11,008
	200	Oxford Immunotec Global PLC*		3,164
	1,118	Pacific Biosciences of California, Inc.*		5,534
	96	Pacira Pharmaceuticals, Inc.*		3,658
	102	Paratek Pharmaceuticals, Inc.*(a)		2,876
	418	PAREXEL International Corp.*		36,738
	4,940	PDL BioPharma, Inc.*		15,413
	120	Penumbra, Inc.*		10,320
	182	PharMerica Corp.*		5,351
	532	Phibro Animal Health Corp., Class A		18,886
	544	Pieris Pharmaceuticals, Inc.*(a)		2,997
	96	Portola Pharmaceuticals, Inc.*		6,091
	218	PRA Health Sciences, Inc.*		16,873
	302	Prestige Brands Holdings, Inc.*		15,314
	356	Progenics Pharmaceuticals, Inc.*		2,396
	54	Prothena Corp. PLC (Ireland)*(a)		3,318
	72	Providence Service Corp. (The)*		3,732
	140	PTC Therapeutics, Inc.*		2,905
Common Stocks – (continued)
Health Care – (continued)
	78	Pulse Biosciences, Inc.*		1,562
	54	Puma Biotechnology, Inc.*		4,995
	846	Quality Systems, Inc.*		13,325
	114	Quidel Corp.*		3,983
	666	R1 RCM, Inc.*		2,198
	974	RadNet, Inc.*		9,984
	84	Reata Pharmaceuticals, Inc., Class A*		2,541
	128	REGENXBIO, Inc.*		2,912
	140	Repligen Corp.*		6,114
	478	RTI Surgical, Inc.*		2,151
	78	Sage Therapeutics, Inc.*		6,416
	308	Sangamo Therapeutics, Inc.*		4,112
	72	Sarepta Therapeutics, Inc.*		2,901
	1,644	SciClone Pharmaceuticals, Inc.*		18,084
	466	Select Medical Holdings Corp.*		8,668
	350	Simulations Plus, Inc.		5,075
	980	STAAR Surgical Co.*		11,711
	302	Stemline Therapeutics, Inc.*		2,733
	556	Strongbridge Biopharma PLC*		3,725
	768	Sucampo Pharmaceuticals, Inc., Class A*		9,024
	580	Supernus Pharmaceuticals, Inc.*		26,564
	248	Surgery Partners, Inc.*		2,418
	128	Surmodics, Inc.*		3,328
	290	Tactile Systems Technology, Inc.*		9,535
	146	Teladoc, Inc.*		4,898
	284	Teligent, Inc.*(a)		1,962
	332	Tetraphase Pharmaceuticals, Inc.*		2,317
	102	Theravance Biopharma, Inc. (Cayman Islands)*(a)		3,332
	114	Tivity Health, Inc.*		4,469
	592	Triple-S Management Corp., Class B (Puerto Rico)*		14,628
	72	US Physical Therapy, Inc.		4,313
	36	Utah Medical Products, Inc.		2,597
	950	Vanda Pharmaceuticals, Inc.*		16,340
	134	Varex Imaging Corp.*		4,091
	750	Veracyte, Inc.*		6,143
	146	Versartis, Inc.*		2,774
	374	ViewRay, Inc.*(a)		1,967
	302	Viveve Medical, Inc.*		1,712
	284	Vocera Communications, Inc.*		7,909
	350	Wright Medical Group NV*		10,360
	406	Xencor, Inc.*		8,778
	164	Zogenix, Inc.*		1,943
	134	Zynerba Pharmaceuticals, Inc.*		851
				1,687,585
Industrials – 13.7%
	406	AAON, Inc.		13,236
	158	AAR Corp.		5,697
	136	ABM Industries, Inc.		6,042
	720	Acacia Research Corp.*		2,340
	484	ACCO Brands Corp.*		5,300
	230	Actuant Corp., Class A		5,531
	134	Advanced Disposal Services, Inc.*		3,195
	242	Advanced Drainage Systems, Inc.		4,707

84 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)
	134	Advisory Board Co. (The)*	$	7,135
	182	Aegion Corp.*		3,944
	350	Aerojet Rocketdyne Holdings, Inc.*		10,370
	78	Aerovironment, Inc.*		3,824
	206	Air Transport Services Group, Inc.*		4,730
	108	Aircastle Ltd.		2,421
	96	Alamo Group, Inc.		8,809
	60	Albany International Corp., Class A		3,216
	48	Allegiant Travel Co.		5,664
	212	Allied Motion Technologies, Inc.		5,361
	140	Altra Industrial Motion Corp.		6,447
	66	American Railcar Industries, Inc.		2,376
	134	American Woodmark Corp.*		11,095
	206	Apogee Enterprises, Inc.		9,002
	380	Applied Industrial Technologies, Inc.		21,660
	732	ARC Document Solutions, Inc.*		2,584
	308	ArcBest Corp.		9,148
	128	Argan, Inc.		8,109
	134	Armstrong Flooring, Inc.*		1,999
	66	Astec Industries, Inc.		3,279
	84	Astronics Corp.*		2,208
	394	Atkore International Group, Inc.*		6,564
	48	Atlas Air Worldwide Holdings, Inc.*		3,206
	296	Avis Budget Group, Inc.*		10,724
	568	Axon Enterprise, Inc.*(a)		12,331
	54	AZZ, Inc.		2,641
	278	Barnes Group, Inc.		17,381
	96	Barrett Business Services, Inc.		4,952
	350	Beacon Roofing Supply, Inc.*		16,485
	224	BG Staffing, Inc.		3,622
	230	Blue Bird Corp.*		4,186
	762	BMC Stock Holdings, Inc.*		15,469
	400	Brady Corp., Class A		13,340
	158	Briggs & Stratton Corp.		3,309
	176	Brink’s Co. (The)		13,807
	768	Builders FirstSource, Inc.*		12,503
	200	Caesarstone Ltd. (Israel)*		5,795
	102	CAI International, Inc.*		3,161
	314	Casella Waste Systems, Inc., Class A*		5,278
	610	CBIZ, Inc.*		9,241
	356	CECO Environmental Corp.		2,659
	224	Chart Industries, Inc.*		7,558
	448	Chicago Bridge & Iron Co. NV(a)		5,528
	42	CIRCOR International, Inc.		2,017
	236	Columbus McKinnon Corp.		7,795
	380	Comfort Systems USA, Inc.		12,939
	502	Commercial Vehicle Group, Inc.*		2,982
	230	Continental Building Products, Inc.*		5,600
	732	Costamare, Inc. (Monaco)		4,590
	242	Covanta Holding Corp.(a)		3,473
	164	CRA International, Inc.		6,155
	90	CSW Industrials, Inc.*		3,766
	120	Cubic Corp.		5,154
	134	Curtiss-Wright Corp.		12,974
	296	Deluxe Corp.		20,528
	302	DigitalGlobe, Inc.*		10,389
Common Stocks – (continued)
Industrials – (continued)
	158	Douglas Dynamics, Inc.		5,514
	134	Ducommun, Inc.*		3,685
	314	DXP Enterprises, Inc.*		8,506
	158	Dycom Industries, Inc.*		12,747
	176	Eastern Co. (The)		4,602
	634	Echo Global Logistics, Inc.*		9,637
	338	EMCOR Group, Inc.		22,322
	114	Encore Wire Corp.		4,891
	158	Energous Corp.*(a)		1,499
	218	EnerSys		13,974
	90	Engility Holdings, Inc.*		2,796
	146	Ennis, Inc.		2,789
	84	EnPro Industries, Inc.		5,919
	96	EnviroStar, Inc.(a)		3,173
	164	ESCO Technologies, Inc.		8,930
	260	Essendant, Inc.		3,084
	134	Esterline Technologies Corp.*		11,444
	60	Exponent, Inc.		4,086
	188	Federal Signal Corp.		3,514
	272	Forward Air Corp.		14,136
	308	Franklin Covey Co.*		5,790
	120	Franklin Electric Co, Inc.		4,626
	224	FreightCar America, Inc.		4,068
	224	FTI Consulting, Inc.*		7,596
	128	GATX Corp.		7,754
	158	Gencor Industries, Inc.*		2,433
	206	Generac Holdings, Inc.*		8,318
	158	Gibraltar Industries, Inc.*		4,621
	128	Global Brass & Copper Holdings, Inc.		3,821
	472	GMS, Inc.*		15,189
	90	Gorman-Rupp Co. (The)		2,740
	90	GP Strategies Corp.*		2,574
	120	Graham Corp.		2,404
	48	Granite Construction, Inc.		2,651
	188	Greenbrier Cos, Inc. (The)(a)		8,065
	140	H&E Equipment Services, Inc.		3,296
	236	Hardinge, Inc.		3,231
	374	Harsco Corp.*		6,395
	394	Hawaiian Holdings, Inc.*		16,883
	520	HC2 Holdings, Inc.*		2,371
	338	Healthcare Services Group, Inc.		17,306
	146	Heartland Express, Inc.		3,237
	120	Heidrick & Struggles International, Inc.		2,190
	188	Heritage-Crystal Clean, Inc.*		3,666
	484	Herman Miller, Inc.		16,287
	326	Hillenbrand, Inc.		11,654
	308	HNI Corp.		11,288
	254	Hub Group, Inc., Class A*		9,766
	134	Hurco Cos, Inc.		4,710
	140	Huron Consulting Group, Inc.*		4,235
	756	Huttig Building Products, Inc.*(a)		4,309
	54	Hyster-Yale Materials Handling, Inc.		3,844
	182	ICF International, Inc.*		8,745
	296	IES Holdings, Inc.*		4,884
	514	InnerWorkings, Inc.*		5,382
	108	Insperity, Inc.		8,672

The accompanying notes are an integral part of these financial statements. 85

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Industrials – (continued)
	496	Interface, Inc.	$	9,424
	72	JELD-WEN Holding, Inc.*		2,197
	146	John Bean Technologies Corp.		12,950
	120	Kadant, Inc.		10,422
	136	Kaman Corp.		6,669
	164	KBR, Inc.		2,668
	326	Kelly Services, Inc., Class A		7,051
	302	Kennametal, Inc.		10,570
	538	Kforce, Inc.		9,684
	906	Kimball International, Inc., Class B		15,366
	284	KLX, Inc.*		13,615
	218	Knight Transportation, Inc.		8,513
	308	Knoll, Inc.		5,559
	212	Korn/Ferry International		7,064
	290	Kratos Defense & Security Solutions, Inc.*		3,880
	206	Lawson Products, Inc.*		4,913
	266	LB Foster Co., Class A		5,081
	48	Lindsay Corp.		4,155
	278	LSC Communications, Inc.		4,479
	272	LSI Industries, Inc.		1,548
	90	Lydall, Inc.*		4,230
	140	Marten Transport Ltd.		2,401
	90	Masonite International Corp.*		5,697
	320	MasTec, Inc.*		13,056
	78	Matson, Inc.		2,012
	120	Matthews International Corp., Class A		7,230
	72	McGrath RentCorp		2,907
	108	Mercury Systems, Inc.*		5,211
	454	Meritor, Inc.*		9,016
	128	Milacron Holdings Corp.*		2,042
	96	Miller Industries, Inc.		2,410
	206	Mistras Group, Inc.*		3,895
	84	Mobile Mini, Inc.		2,541
	128	Moog, Inc., Class A*		9,825
	466	MRC Global, Inc.*		7,349
	188	MSA Safety, Inc.		13,698
	102	Mueller Industries, Inc.		3,043
	236	Mueller Water Products, Inc., Class A		2,830
	66	Multi-Color Corp.		5,267
	108	MYR Group, Inc.*		2,787
	48	National Presto Industries, Inc.(a)		4,781
	290	Navigant Consulting, Inc.*		4,446
	102	Navistar International Corp.*		3,484
	460	NCI Building Systems, Inc.*		7,728
	260	Neff Corp., Class A*		6,487
	592	Nexeo Solutions, Inc.*		4,245
	114	NN, Inc.		2,907
	152	Northwest Pipe Co.*		2,788
	394	NOW, Inc.*		4,594
	230	NV5 Global, Inc.*		11,097
	90	Omega Flex, Inc.		5,219
	344	On Assignment, Inc.*		16,409
	622	Orion Group Holdings, Inc.*		3,757
	90	Park-Ohio Holdings Corp.		3,587
	90	Patrick Industries, Inc.*		6,660
	592	PGT Innovations, Inc.*		7,814
Common Stocks – (continued)
Industrials – (continued)
	332	Ply Gem Holdings, Inc.*		5,163
	152	Powell Industries, Inc.		4,327
	102	Preformed Line Products Co.		5,330
	218	Primoris Services Corp.		6,237
	134	Proto Labs, Inc.*		9,621
	170	Quad/Graphics, Inc.		3,240
	224	Quanex Building Products Corp.		4,390
	1,192	Radiant Logistics, Inc.*		6,020
	152	Raven Industries, Inc.		4,256
	78	RBC Bearings, Inc.*		8,601
	720	Resources Connection, Inc.		9,180
	78	REV Group, Inc.		1,965
	380	Revolution Lighting Technologies, Inc.*		2,816
	368	Rexnord Corp.*		8,788
	732	Roadrunner Transportation Systems, Inc.*		5,468
	484	RPX Corp.*		6,321
	278	Rush Enterprises, Inc., Class A*		11,395
	164	Rush Enterprises, Inc., Class B*		6,317
	1,094	Safe Bulkers, Inc. (Greece)*		3,545
	102	Saia, Inc.*		5,768
	394	Scorpio Bulkers, Inc.*		3,172
	260	Simpson Manufacturing Co., Inc.		11,383
	338	SiteOne Landscape Supply, Inc.*		16,981
	152	SkyWest, Inc.		5,274
	212	SP Plus Corp.*		7,823
	296	Spartan Motors, Inc.		2,723
	242	Sparton Corp.*		5,607
	152	SPX Corp.*		3,663
	152	SPX FLOW, Inc.*		5,087
	30	Standex International Corp.		2,864
	684	Steelcase, Inc., Class A		9,029
	550	Sterling Construction Co., Inc.*		6,479
	84	Sun Hydraulics Corp.		4,024
	442	Supreme Industries, Inc., Class A		9,255
	362	Swift Transportation Co.*		10,154
	96	Team, Inc.*		1,186
	272	Tennant Co.		16,578
	332	Tetra Tech, Inc.		14,143
	134	Thermon Group Holdings, Inc.*		2,214
	212	Titan International, Inc.		1,819
	296	Titan Machinery, Inc.*		3,818
	140	TPI Composites, Inc.*		2,848
	308	Trex Co., Inc.*		23,408
	272	TriMas Corp.*		6,582
	212	TriNet Group, Inc.*		7,575
	102	Triton International Ltd. (Bermuda)*		3,766
	176	Triumph Group, Inc.		4,629
	586	TrueBlue, Inc.*		11,984
	170	Tutor Perini Corp.*		4,446
	296	Twin Disc, Inc.*		5,139
	78	UniFirst Corp.		11,201
	108	Universal Forest Products, Inc.		9,419
	48	US Ecology, Inc.		2,467
	200	Vectrus, Inc.*		5,716
	278	Veritiv Corp.*		7,784
	152	Viad Corp.		8,352

86 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)
	502	Vicor Corp.*	$	9,764
	72	VSE Corp.		3,755
	454	Wabash National Corp.		9,543
	66	WageWorks, Inc.*		3,891
	146	Watts Water Technologies, Inc., Class A		9,008
	176	Werner Enterprises, Inc.		5,826
	472	Wesco Aircraft Holdings, Inc.*		3,965
	260	West Corp.		6,076
	242	Willdan Group, Inc.*		7,504
	90	Willis Lease Finance Corp.*		2,142
	108	Woodward, Inc.		7,583
				1,635,435
Information Technology – 17.1%
	314	2U, Inc.*		15,731
	314	3D Systems Corp.*(a)		3,944
	412	8x8, Inc.*		5,830
	968	A10 Networks, Inc.*		6,340
	90	Acacia Communications, Inc.*(a)		4,395
	332	ACI Worldwide, Inc.*		7,556
	344	Actua Corp.*		4,403
	254	Acxiom Corp.*		5,916
	344	ADTRAN, Inc.		7,602
	272	Advanced Energy Industries, Inc.*		20,003
	992	Aerohive Networks, Inc.*		3,422
	254	Agilysys, Inc.*		2,614
	120	Alarm.com Holdings, Inc.*		5,390
	140	Alpha & Omega Semiconductor Ltd.*		2,223
	212	Ambarella, Inc.*(a)		11,533
	344	American Software, Inc., Class A		3,787
	974	Amkor Technology, Inc.*		8,552
	538	Angie’s List, Inc.*(a)		6,542
	218	Anixter International, Inc.*		16,088
	254	Appfolio, Inc., Class A*		10,897
	66	Applied Optoelectronics, Inc.*(a)		3,902
	248	Apptio, Inc., Class A*		4,414
	484	Aspen Technology, Inc.*		30,613
	1,052	Avid Technology, Inc.*		4,639
	338	AVX Corp.		5,898
	152	Axcelis Technologies, Inc.*		3,177
	768	AXT, Inc.*		5,990
	170	Badger Meter, Inc.		7,803
	598	Bankrate, Inc.*		8,282
	248	Barracuda Networks, Inc.*		6,004
	508	Bazaarvoice, Inc.*		2,413
	164	Bel Fuse, Inc., Class B		4,182
	146	Belden, Inc.		11,252
	460	Benchmark Electronics, Inc.*		14,950
	134	Blackbaud, Inc.		11,311
	454	Blackhawk Network Holdings, Inc.*		20,339
	514	Blucora, Inc.*		11,719
	102	Bottomline Technologies de, Inc.*		3,092
	702	Box, Inc., Class A*		13,773
	738	Brightcove, Inc.*		5,203
	54	BroadSoft, Inc.*(a)		2,676
	344	Brooks Automation, Inc.		8,968
Common Stocks – (continued)
Information Technology – (continued)
	140	Cabot Microelectronics Corp.		10,027
	164	CACI International, Inc., Class A*		21,287
	158	CalAmp Corp.*		2,929
	864	Calix, Inc.*		4,234
	108	Callidus Software, Inc.*		2,781
	356	Carbonite, Inc.*		7,120
	266	Cardtronics PLC, Class A*		6,911
	332	Care.com, Inc.*		4,970
	508	Cars.com, Inc.*		13,137
	60	Cass Information Systems, Inc.		3,673
	90	CEVA, Inc.*		3,650
	350	ChannelAdvisor Corp.*		4,060
	702	Ciena Corp.*		15,170
	176	Cimpress NV (Netherlands)*		16,269
	520	Cirrus Logic, Inc.*		30,150
	332	Clearfield, Inc.*		4,050
	206	Cohu, Inc.		3,865
	454	CommerceHub, Inc., Series C*		9,638
	406	CommerceHub, Inc., Series A*		9,001
	272	CommVault Systems, Inc.*		16,606
	200	Comtech Telecommunications Corp.		3,914
	568	Control4 Corp.*		14,064
	550	Convergys Corp.		12,925
	152	Cornerstone OnDemand, Inc.*		5,317
	152	Coupa Software, Inc.*(a)		4,630
	586	Cree, Inc.*		14,257
	152	CSG Systems International, Inc.		5,884
	182	CTS Corp.		4,095
	218	CyberOptics Corp.*(a)		3,303
	720	Daktronics, Inc.		6,934
	1,536	DHI Group, Inc.*		2,995
	96	Diebold Nixdorf, Inc.		1,963
	418	Digi International, Inc.*		3,846
	380	Diodes, Inc.*		10,693
	508	DSP Group, Inc.*		6,045
	54	Ebix, Inc.		3,116
	296	Electro Scientific Industries, Inc.*		3,647
	242	Electronics For Imaging, Inc.*		8,606
	96	Ellie Mae, Inc.*		7,966
	218	EMCORE Corp.*		1,984
	828	Entegris, Inc.*		21,073
	72	Envestnet, Inc.*		3,200
	236	EPAM Systems, Inc.*		19,194
	102	ePlus, Inc.*		8,537
	188	Etsy, Inc.*		3,078
	200	Everbridge, Inc.*		4,634
	744	Everi Holdings, Inc.*		5,736
	368	EVERTEC, Inc. (Puerto Rico)		6,771
	442	Exa Corp.*		6,343
	170	ExlService Holdings, Inc.*		9,568
	1,458	Extreme Networks, Inc.*		16,665
	134	Fair Isaac Corp.		18,862
	108	FARO Technologies, Inc.*		3,721
	454	Finisar Corp.*		10,964
	944	Fitbit, Inc., Class A*(a)		5,692
	508	Five9, Inc.*		10,922

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Information Technology – (continued)
	218	FormFactor, Inc.*	$	3,292
	140	Forrester Research, Inc.		5,705
	176	Gigamon, Inc.*		7,559
	206	Gogo, Inc.*(a)		2,886
	188	GrubHub, Inc.*(a)		10,733
	308	GSI Technology, Inc.*		2,045
	140	GTT Communications, Inc.*		4,445
	708	Guidance Software, Inc.*		5,013
	532	Hackett Group, Inc. (The)		7,267
	562	Harmonic, Inc.*		1,827
	284	Hortonworks, Inc.*		4,825
	218	HubSpot, Inc.*		15,990
	188	Ichor Holdings Ltd.*		4,301
	200	II-VI, Inc.*		7,170
	60	Imperva, Inc.*		2,679
	120	Impinj, Inc.*(a)		4,589
	1,022	Information Services Group, Inc.*		3,833
	66	Inphi Corp.*		2,527
	108	Insight Enterprises, Inc.*		4,329
	380	Instructure, Inc.*		11,248
	598	Integrated Device Technology, Inc.*		14,777
	206	InterDigital, Inc.		14,698
	224	Intevac, Inc.*		2,038
	750	Iteris, Inc.*		4,815
	230	Itron, Inc.*		16,698
	400	IXYS Corp.*		9,200
	188	j2 Global, Inc.		14,153
	472	KEMET Corp.*		11,286
	368	Kimball Electronics, Inc.*		7,010
	406	Knowles Corp.*		5,956
	660	Kopin Corp.*		2,653
	490	KVH Industries, Inc.*		5,782
	568	Lattice Semiconductor Corp.*		3,209
	368	Leaf Group Ltd.*		2,613
	502	Liquidity Services, Inc.*		2,861
	72	Littelfuse, Inc.		13,404
	586	LivePerson, Inc.*		7,852
	164	Lumentum Holdings, Inc.*		9,323
	120	MACOM Technology Solutions Holdings, Inc.*		5,465
	242	ManTech International Corp., Class A		9,733
	412	MAXIMUS, Inc.		25,041
	514	MaxLinear, Inc.*		11,102
	430	Maxwell Technologies, Inc.*		2,395
	1,222	Meet Group, Inc. (The)*		4,790
	24	Mesa Laboratories, Inc.		3,278
	242	Methode Electronics, Inc.		9,898
	42	MicroStrategy, Inc., Class A*		5,418
	1,234	MicroVision, Inc.*		2,925
	388	MINDBODY, Inc., Class A*		9,176
	502	Mitek Systems, Inc.*		5,095
	308	MKS Instruments, Inc.		25,364
	1,034	MobileIron, Inc.*		3,929
	182	Model N, Inc.*		2,466
	230	Monolithic Power Systems, Inc.		23,304
	128	Monotype Imaging Holdings, Inc.		2,336
Common Stocks – (continued)
Information Technology – (continued)
	128	MTS Systems Corp.		6,195
	356	Nanometrics, Inc.*		9,181
	374	Napco Security Technologies, Inc.*		2,936
	176	NETGEAR, Inc.*		8,448
	508	NetScout Systems, Inc.*		16,637
	236	New Relic, Inc.*		11,304
	308	NIC, Inc.		5,036
	182	Novanta, Inc.*		7,116
	66	NVE Corp.		5,005
	508	Oclaro, Inc.*(a)		4,272
	96	OSI Systems, Inc.*		7,974
	134	Park Electrochemical Corp.		2,433
	146	Paycom Software, Inc.*		10,893
	48	Paylocity Holding Corp.*		2,359
	368	PC Connection, Inc.		9,388
	320	PCM, Inc.*		4,208
	164	PDF Solutions, Inc.*(a)		2,491
	278	Pegasystems, Inc.		15,999
	484	Perficient, Inc.*		8,857
	986	Photronics, Inc.*		7,789
	900	Pixelworks, Inc.*		4,320
	1,464	Planet Payment, Inc.*		5,797
	260	Plantronics, Inc.		11,084
	254	Plexus Corp.*		13,228
	146	Power Integrations, Inc.		10,636
	320	Progress Software Corp.		10,746
	114	Proofpoint, Inc.*		10,461
	158	PROS Holdings, Inc.*		4,162
	888	Pure Storage, Inc., Class A*(a)		13,222
	140	Q2 Holdings, Inc.*		5,684
	134	QAD, Inc., Class A		4,516
	140	Qualys, Inc.*		6,650
	224	Quantenna Communications, Inc.*		4,162
	888	Quantum Corp.*		4,893
	1,076	QuinStreet, Inc.*		5,757
	212	Quotient Technology, Inc.*		3,180
	1,016	Radisys Corp.*		1,595
	926	Rambus, Inc.*		12,010
	284	Rapid7, Inc.*		4,788
	254	RealPage, Inc.*		10,947
	120	Reis, Inc.		2,052
	478	RingCentral, Inc., Class A*		20,243
	1,112	Rocket Fuel, Inc.*		2,880
	90	Rogers Corp.*		10,670
	532	Rosetta Stone, Inc.*		4,894
	1,130	Rubicon Project, Inc. (The)*		4,249
	400	Rudolph Technologies, Inc.*		8,880
	472	Sanmina Corp.*		17,676
	200	ScanSource, Inc.*		7,850
	278	Science Applications International Corp.		20,539
	242	Semtech Corp.*		9,099
	1,778	ShoreTel, Inc.*		13,246
	114	Shutterstock, Inc.*		3,828
	1,192	Sigma Designs, Inc.*		7,450
	170	Silicon Laboratories, Inc.*		12,903
	1,252	Sonus Networks, Inc.*		8,651

88 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)
	48	SPS Commerce, Inc.*	$	2,924
	78	Stamps.com, Inc.*(a)		14,918
	320	StarTek, Inc.*		3,808
	114	Stratasys Ltd.*		2,551
	296	Sykes Enterprises, Inc.*		7,891
	290	Synaptics, Inc.*		12,055
	666	Synchronoss Technologies, Inc.*		11,182
	72	SYNNEX Corp.		8,612
	394	Syntel, Inc.		7,116
	362	Systemax, Inc.		8,847
	134	Tech Data Corp.*		14,779
	418	TechTarget, Inc.*		4,155
	302	Telenav, Inc.*		1,963
	224	TeleTech Holdings, Inc.		8,893
	490	TiVo Corp.		8,967
	90	Trade Desk, Inc. (The), Class A*		4,767
	804	Travelport Worldwide Ltd.		12,173
	628	TrueCar, Inc.*		10,645
	654	TTM Technologies, Inc.*		9,313
	60	Tucows, Inc., Class A*(a)		3,171
	84	Twilio, Inc., Class A*(a)		2,460
	164	Ubiquiti Networks, Inc.*(a)		9,773
	278	Ultra Clean Holdings, Inc.*		6,413
	478	Unisys Corp.*(a)		3,705
	128	Upland Software, Inc.*		2,944
	296	Varonis Systems, Inc.*		11,485
	296	VASCO Data Security International, Inc.*		3,715
	206	Veeco Instruments, Inc.*		3,893
	400	VeriFone Systems, Inc.*		7,908
	344	Verint Systems, Inc.*		13,657
	66	ViaSat, Inc.*(a)		4,198
	870	Viavi Solutions, Inc.*		8,735
	78	Virtusa Corp.*		2,833
	888	Vishay Intertechnology, Inc.		15,718
	230	Vishay Precision Group, Inc.*		5,026
	356	Web.com Group, Inc.*		9,007
	164	WebMD Health Corp.*		10,896
	484	Workiva, Inc.*		9,777
	858	Xcerra Corp.*		8,426
	544	XO Group, Inc.*		10,129
	260	Xperi Corp.		7,085
	526	Yelp, Inc.*		22,408
	236	Zendesk, Inc.*		6,466
	1,076	Zix Corp.*		5,714
				2,028,916
Materials – 4.0%
	170	A Schulman, Inc.		5,168
	146	AdvanSix, Inc.*		4,662
	634	AgroFresh Solutions, Inc.*		4,514
	514	AK Steel Holding Corp.*(a)		2,878
	418	American Vanguard Corp.		8,464
	108	Balchem Corp.		8,096
	314	Boise Cascade Co.*		9,420
	164	Calgon Carbon Corp.		2,001
	114	Carpenter Technology Corp.		4,620
Common Stocks – (continued)
Materials – (continued)
	170	Century Aluminum Co.*		3,318
	146	Chase Corp.		13,651
	60	Clearwater Paper Corp.*		2,790
	1,240	Cleveland-Cliffs, Inc.*		10,366
	732	Coeur Mining, Inc.*		6,405
	296	Commercial Metals Co.		5,591
	66	Compass Minerals International, Inc.		4,409
	236	Core Molding Technologies, Inc.		4,855
	30	Deltic Timber Corp.		2,341
	350	Ferro Corp.*		6,744
	368	Forterra, Inc.*(a)		1,222
	224	FutureFuel Corp.		3,020
	574	GCP Applied Technologies, Inc.*		16,215
	876	Gold Resource Corp.		3,495
	108	Greif, Inc., Class A		6,529
	36	Greif, Inc., Class B		2,273
	66	Hawkins, Inc.		2,353
	66	Haynes International, Inc.		2,016
	314	HB Fuller Co.		15,760
	1,778	Hecla Mining Co.		9,388
	314	Ingevity Corp.*		19,773
	114	Innophos Holdings, Inc.		5,205
	152	Innospec, Inc.		8,436
	44	Kaiser Aluminum Corp.		4,238
	484	KapStone Paper and Packaging Corp.		10,827
	762	Klondex Mines Ltd. (Canada)*		2,568
	296	KMG Chemicals, Inc.		14,214
	78	Koppers Holdings, Inc.*		3,058
	188	Kraton Corp.*		6,172
	164	Kronos Worldwide, Inc.		3,433
	822	Louisiana-Pacific Corp.*		20,945
	188	Materion Corp.		7,182
	176	Minerals Technologies, Inc.		11,264
	732	Myers Industries, Inc.		13,762
	72	Neenah Paper, Inc.		5,562
	290	Olympic Steel, Inc.		5,292
	362	OMNOVA Solutions, Inc.*		3,149
	120	PH Glatfelter Co.		2,078
	326	PolyOne Corp.		11,782
	134	Quaker Chemical Corp.		18,655
	248	Rayonier Advanced Materials, Inc.		3,403
	490	Ryerson Holding Corp.*		4,214
	120	Schnitzer Steel Industries, Inc., Class A		3,228
	152	Schweitzer-Mauduit International, Inc.		5,765
	176	Sensient Technologies Corp.		12,698
	152	Stepan Co.		11,759
	320	Summit Materials, Inc., Class A*		9,453
	586	SunCoke Energy, Inc.*		5,462
	380	TimkenSteel Corp.*		5,635
	218	Trecora Resources*		2,649
	272	Trinseo SA		18,197
	574	Tronox Ltd., Class A		11,876
	206	UFP Technologies, Inc.*		5,480
	60	United States Lime & Minerals, Inc.		4,797
	48	US Concrete, Inc.*(a)		3,842
	1,488	Valhi, Inc.		3,244

The accompanying notes are an integral part of these financial statements. 89

GOLDMAN SACHS ACTIVEBETA^® U.S. SMALL CAP EQUITY ETF

Schedule of Investments (continued)

August 31, 2017

Shares		Description	Value
Common Stocks – (continued)
Materials – (continued)
	152	Warrior Met Coal, Inc.	$	4,148
	170	Worthington Industries, Inc.		8,493
				474,502
Real Estate – 7.4%
	170	Acadia Realty Trust REIT		4,877
	120	Agree Realty Corp. REIT		6,014
	326	Alexander & Baldwin, Inc.		14,148
	12	Alexander’s, Inc. REIT		5,024
	356	Altisource Portfolio Solutions SA*(a)		8,110
	424	Altisource Residential Corp. REIT		5,135
	128	American Assets Trust, Inc. REIT		5,199
	224	Armada Hoffler Properties, Inc. REIT		2,995
	792	Ashford Hospitality Prime, Inc. REIT		7,619
	1,160	Ashford Hospitality Trust, Inc. REIT		7,204
	242	Bluerock Residential Growth REIT, Inc. REIT		2,451
	430	CareTrust REIT, Inc. REIT		8,295
	272	CatchMark Timber Trust, Inc., Class A REIT		3,136
	1,252	CBL & Associates Properties, Inc. REIT(a)		10,016
	1,408	Cedar Realty Trust, Inc. REIT		7,096
	466	Chatham Lodging Trust REIT		9,450
	248	City Office REIT, Inc. REIT		3,172
	212	Clipper Realty, Inc. REIT(a)		2,366
	170	Community Healthcare Trust, Inc. REIT		4,515
	108	Consolidated-Tomoka Land Co.		5,983
	188	CorEnergy Infrastructure Trust, Inc. REIT		6,134
	2,720	Cousins Properties, Inc. REIT		25,432
	1,366	DiamondRock Hospitality Co. REIT		15,012
	242	Easterly Government Properties, Inc. REIT		4,855
	152	EastGroup Properties, Inc. REIT		13,507
	140	Education Realty Trust, Inc. REIT		5,410
	296	Farmland Partners, Inc. REIT(a)		2,623
	810	FelCor Lodging Trust, Inc. REIT		5,913
	490	First Industrial Realty Trust, Inc. REIT		15,180
	816	First Potomac Realty Trust REIT		9,082
	514	Forestar Group, Inc.*(a)		8,841
	394	Four Corners Property Trust, Inc. REIT		10,012
	400	Franklin Street Properties Corp. REIT		3,988
	108	FRP Holdings, Inc.*		4,741
	586	GEO Group, Inc. (The) REIT		16,197
	248	Getty Realty Corp. REIT		6,835
	278	Gladstone Commercial Corp. REIT		5,949
	254	Global Medical REIT, Inc. REIT(a)		2,146
	158	Global Net Lease, Inc. REIT		3,422
	302	Government Properties Income Trust REIT		5,602
	654	Gramercy Property Trust REIT		19,921
	454	Healthcare Realty Trust, Inc. REIT		15,109
	386	Hersha Hospitality Trust REIT		7,156
	132	HFF, Inc., Class A		5,033
	520	Independence Realty Trust, Inc. REIT		5,351
	550	InfraREIT, Inc. REIT		12,369
	400	Investors Real Estate Trust REIT		2,512
	406	iStar, Inc. REIT*		4,714
	188	Jernigan Capital, Inc. REIT		3,655
Common Stocks – (continued)
Real Estate – (continued)
	176	Kennedy-Wilson Holdings, Inc.		3,397
	520	Kite Realty Group Trust REIT		10,462
	888	LaSalle Hotel Properties REIT		25,201
	580	Lexington Realty Trust REIT		5,719
	176	LTC Properties, Inc. REIT		8,559
	448	Mack-Cali Realty Corp. REIT		10,255
	508	Marcus & Millichap, Inc.*		13,376
	218	Maui Land & Pineapple Co., Inc.*		2,812
	248	MedEquities Realty Trust, Inc. REIT		2,845
	412	Monmouth Real Estate Investment Corp. REIT		6,695
	738	Monogram Residential Trust, Inc. REIT		8,856
	176	National Health Investors, Inc. REIT		14,112
	514	National Storage Affiliates Trust REIT		11,472
	598	New Senior Investment Group, Inc. REIT		5,520
	206	NexPoint Residential Trust, Inc. REIT		4,800
	394	NorthStar Realty Europe Corp. REIT		4,897
	128	One Liberty Properties, Inc. REIT		3,073
	212	Parkway, Inc. REIT		4,868
	288	Pebblebrook Hotel Trust REIT(a)		9,674
	822	Pennsylvania Real Estate Investment Trust REIT		8,245
	574	Physicians Realty Trust REIT		10,751
	362	Potlatch Corp. REIT		17,304
	400	Preferred Apartment Communities, Inc., Class A REIT		7,276
	102	PS Business Parks, Inc. REIT		13,781
	164	QTS Realty Trust, Inc., Class A REIT		8,886
	816	Quality Care Properties, Inc. REIT*		11,196
	2,902	RAIT Financial Trust REIT		2,401
	696	Ramco-Gershenson Properties Trust REIT		9,152
	308	RE/MAX Holdings, Inc., Class A		18,865
	230	Retail Opportunity Investments Corp. REIT		4,563
	320	Rexford Industrial Realty, Inc. REIT		9,616
	726	RLJ Lodging Trust REIT		14,651
	224	RMR Group, Inc. (The), Class A		11,570
	272	Ryman Hospitality Properties, Inc. REIT		16,162
	1,098	Sabra Health Care REIT, Inc. REIT		23,991
	54	Saul Centers, Inc. REIT		3,272
	278	Select Income REIT		6,452
	176	Seritage Growth Properties, Class A REIT		8,459
	170	St Joe Co. (The)*		3,204
	356	STAG Industrial, Inc. REIT		9,964
	550	Starwood Waypoint Homes REIT		20,477
	920	Summit Hotel Properties, Inc. REIT		13,653
	1,692	Sunstone Hotel Investors, Inc. REIT		26,734
	108	Tejon Ranch Co.*		2,158
	266	Terreno Realty Corp. REIT		9,643
	332	Tier REIT, Inc. REIT		6,112
	320	UMH Properties, Inc. REIT		5,062
	84	Universal Health Realty Income Trust REIT		6,360
	356	Urban Edge Properties REIT		8,953
	164	Urstadt Biddle Properties, Inc., Class A REIT		3,392
	1,118	Washington Prime Group, Inc. REIT		9,335

90 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)
	302	Washington Real Estate Investment Trust REIT	$	9,924
	212	Whitestone REIT		2,658
	646	Xenia Hotels & Resorts, Inc. REIT		12,894
				883,215
Telecommunication Services – 0.9%
	36	ATN International, Inc.		2,181
	266	Boingo Wireless, Inc.*		5,477
	266	Cincinnati Bell, Inc.*		5,599
	164	Cogent Communications Holdings, Inc.		7,642
	532	Consolidated Communications Holdings, Inc.		9,815
	282	Frontier Communications Corp.		3,799
	84	General Communication, Inc., Class A*		3,623
	1,124	Globalstar, Inc.*		2,158
	188	Hawaiian Telcom Holdco, Inc.*		5,719
	550	IDT Corp., Class B		8,090
	224	Iridium Communications, Inc.*(a)		2,486
	132	Lumos Networks Corp.*		2,373
	296	Ooma, Inc.*		2,901
	230	ORBCOMM, Inc.*		2,544
	72	Shenandoah Telecommunications Co.		2,596
	332	Spok Holdings, Inc.		5,561
	24	Straight Path Communications, Inc., Class B*		4,284
	3,132	Vonage Holdings Corp.*		25,996
	544	Windstream Holdings, Inc.(a)		1,126
				103,970
Utilities – 4.3%
	332	ALLETE, Inc.		25,673
	272	American States Water Co.		13,410
	356	AquaVenture Holdings Ltd.*		5,397
	78	Artesian Resources Corp., Class A		2,893
	3,628	Atlantic Power Corp.*		8,889
	394	Avista Corp.		20,252
	308	Black Hills Corp.		21,677
	248	Cadiz, Inc.*(a)		3,026
	200	California Water Service Group		7,490
	108	Chesapeake Utilities Corp.		8,581
	54	Connecticut Water Service, Inc.		2,929
	460	Consolidated Water Co. Ltd. (Cayman Islands)		5,497
	96	Delta Natural Gas Co, Inc.		2,941
	1,656	Dynegy, Inc.*		15,599
	248	El Paso Electric Co.		13,776
	430	Genie Energy Ltd., Class B		2,644
	290	IDACORP, Inc.		25,804
	218	MGE Energy, Inc.		13,865
	60	Middlesex Water Co.		2,279
	442	New Jersey Resources Corp.		19,293
	152	Northwest Natural Gas Co.		10,078
	290	NorthWestern Corp.		17,493
	840	NRG Yield, Inc., Class A		15,280
	980	NRG Yield, Inc., Class C		18,130
Common Stocks – (continued)
Utilities – (continued)
	302	ONE Gas, Inc.		22,722
	296	Ormat Technologies, Inc.		17,002
	260	Otter Tail Corp.		10,868
	442	Pattern Energy Group, Inc.		11,103
	502	PNM Resources, Inc.		21,285
	556	Portland General Electric Co.		26,416
	466	Pure Cycle Corp.*		3,378
	158	RGC Resources, Inc.(a)		4,353
	114	SJW Group		6,327
	418	South Jersey Industries, Inc.		14,998
	290	Southwest Gas Holdings, Inc.		23,061
	368	Spark Energy, Inc., Class A		5,833
	266	Spire, Inc.		20,349
	490	TerraForm Global, Inc., Class A*		2,474
	320	TerraForm Power, Inc., Class A*		4,467
	146	Unitil Corp.		7,280
	266	WGL Holdings, Inc.		22,413
	114	York Water Co. (The)		3,751
				510,976
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $12,033,430)		$	11,833,064

Shares	Distribution rate	Value
Securities Lending Reinvestment Vehicle – 5.4%(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
649,189	0.93%	$	649,189
(Cost $649,189)
TOTAL INVESTMENTS – 104.9%
(Cost $12,682,619)		$	12,482,253
LIABILITIES IN EXCESS OF     OTHER ASSETS – (4.9)%			(586,323	)
NET ASSETS – 100.0%		$	11,895,930

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing..
(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. 91

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Assets and Liabilities

August 31, 2017

		ActiveBeta® Emerging Markets Equity ETF
	Assets:
	Investments at value (cost $1,194,278,800, $38,223,602, $521,079,126, $36,662,241, $2,148,085,760 and $12,033,430, respectively)(a)	$	1,485,722,313
	Investments in securities lending reinvestment vehicle, at value (cost $26,893,134, $90,063, $6,961,512, $288,307, $3,705,216, $649,189)		26,893,134
	Cash		—
	Foreign currency, at value (cost $350,025, $13, $59,590, $2,507, $— and $—, respectively)		350,839
	Receivables:
	Fund shares sold		134,286,289
	Investments sold		208,286,999
	Dividends and Interest		2,939,898
Due from broker			5,518,275
	Foreign tax reclaims		47,117
	Securities lending income		11,736
	Receivable from custodian		—
	Reimbursement from advisor		216,981
	Other assets		24,510
	Total assets		1,864,298,091
	Liabilities:
	Due to custodian		592,377
	Payable upon return of securities loaned		26,893,134
	Payables:
	Investments purchased		210,128,717
	Fund shares redeemed		134,905,814
	Management fees		495,990
	Foreign capital gains tax		387,231
	Trustee fee		10,665
	Accrued expenses		201,381
	Total liabilities		373,615,309
	Net Assets:
	Paid-in capital		1,204,591,018
	Undistributed (distributions in excess of) net investment income		9,818,288
	Accumulated net realized gain (loss)		(14,796,314	)
	Net unrealized gain (loss)		291,069,790
	NET ASSETS	$	1,490,682,782
	SHARES ISSUED AND OUTSTANDING
	Shares outstanding no par value (unlimited shares authorized):		44,200,000
	Net asset value per share:		$33.73
	(a) Includes loaned securities having a market value:	$	25,941,618

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

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
$	43,900,128		$	591,486,119		$	42,788,262		$	2,383,813,570		$	11,833,064
	90,063			6,961,512			288,307			3,705,216			649,189
	52,356			530,380			131,727			7,791,695			54,090
	14			59,669			2,507			—			—
	—			—			—			2,457,813			—
	611			22,725,543			—			—			—
	79,011			1,159,892			53,478			5,049,337			9,134
	—			—			—			—			—
	38,268			221,041			4,044			—			—
	315			7,648			716			1,100			1,637
	—			13,929			13,581			—			—
	—			5,186			5,070			—			—
	—			—			—			—			—
	44,160,766			623,170,919			43,287,692			2,402,818,731			12,547,114
	—			—			—			—			—
	90,063			6,961,512			288,307			3,705,216			649,189
	—			22,958,039			34			2,443,670			—
	—			—			—			—			—
	8,262			122,837			7,753			179,493			1,995
	—			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	98,325			30,042,388			296,094			6,328,379			651,184
	38,352,955			523,336,071			36,959,862			2,168,365,201			12,076,307
	138,949			1,931,703			(85,057	)		9,973,553			19,762
	(108,039	)		(2,566,928	)		(9,638	)		(17,576,212	)		227
	5,678,576			70,427,685			6,126,431			235,727,810			(200,366	)
$	44,062,441		$	593,128,531		$	42,991,598		$	2,396,490,352		$	11,895,930
	1,450,000			20,900,000			1,400,000			48,752,500			300,000
$	30.39		$	28.38		$	30.71		$	49.16		$	39.65
$	88,340		$	6,650,091		$	274,708		$	3,574,887		$	625,755

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Operations

For the Fiscal Year Ended August 31, 2017

	ActiveBeta® Emerging Markets Equity ETF
Investment income:
Dividends (net of foreign withholding taxes of $3,883,699, $129,776, $1,309,032, $88,858, $1,492 and $—, respectively)	$	27,865,231
Securities lending income		131,788
Total investment income		27,997,019
Expenses:
Management fees		4,342,167
Custody, accounting and administrative services		825,764
Professional fees		160,457
Registration fees		136,856
Trustee fees		63,196
Printing and mailing cost		41,205
Amortization of offering costs		11,606
Other		100,279
Total expenses		5,681,530
Less — expense reductions		(797,950	)
Net expenses		4,883,580
NET INVESTMENT INCOME		23,113,439
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(230,519	)
In-kind redemptions		28,044,456
Futures		262,345
Foreign currency transactions		(693,569	)
Net change in unrealized gain (loss) on:
Investments (including the effects of the foreign capital gains tax liability of $367,447, $—, $—, $—, $— and $—, respectively)		191,695,541
Foreign currency translations		6,031
Net realized and unrealized gain (loss)		219,084,285
NET INCREASE (LOSS) IN NET ASSETS RESULTING FROM OPERATIONS		242,197,724

(1) For the period June 28, 2017 (commencement of operations) through August 31, 2017.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

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(1)
$	1,014,378	$	11,695,969		$	678,156		$	36,030,238		$	20,989
	7,922		101,383			4,174			44,663			2,909
	1,022,300		11,797,352			682,330			36,074,901			23,898
	49,835		975,355			52,004			1,422,205			3,236
	—		—			—			—			—
	—		—			—			—			—
	—		—			—			—			—
	36,464		44,266			36,469			75,823			900
	—		—			—			—			—
	—		—			—			—			—
	70		537			—			—			—
	86,369		1,020,158			88,473			1,498,028			4,136
	—		—			—			—			—
	86,369		1,020,158			88,473			1,498,028			4,136
	935,931		10,777,194			593,857			34,576,873			19,762
	11,402		(1,152,007	)		1,599			(14,119,857	)		227
	347,600		—			—			7,971,989			—
	—		—			—			—			—
	1,988		(64,672	)		(27,569	)		—			—
	4,558,093		62,973,180			4,327,725			196,569,414			(200,366	)
	3,630		25,096			654			—			—
	4,922,713		61,781,597			4,302,409			190,421,546			(200,139	)
	5,858,644		72,558,791			4,896,266			224,998,419			(180,377	)

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS ACTIVEBETA^® ETFS

Statements of Changes in Net Assets

	ActiveBeta® Emerging Markets Equity ETF						ActiveBeta® Europe Equity ETF
	Year ended August 31, 2017			For the period September 25, 2015(1) through August 31, 2016			Year ended August 31, 2017			For the period March 2, 2016(1) through August 31, 2016
From operations:
Net investment income	$	23,113,439		$	12,789,859		$	935,931		$	758,202
Net realized gain (loss)		27,382,713			(15,054,297	)		360,990			(137,683	)
Net change in unrealized gain		191,701,572			99,368,218			4,561,723			1,116,853
Net increase (decrease) in net assets resulting from operations		242,197,724			97,103,780			5,858,644			1,737,372
Distributions to shareholders:
From net investment income		(18,216,894	)		(7,161,211	)		(931,065	)		(624,546	)
Total distributions to shareholders		(18,216,894	)		(7,161,211	)		(931,065	)		(624,546	)
From share transactions:
Proceeds from sales of shares		538,219,705			773,445,492			10,463,180			32,846,660
Cost of shares redeemed		(134,905,814	)		—			(5,287,804	)		—
Net increase in net assets resulting from share transactions		403,313,891			773,445,492			5,175,376			32,846,660
TOTAL INCREASE		627,294,721			863,388,061			10,102,955			33,959,486
Net assets:
Beginning of period	$	863,388,061		$	—		$	33,959,486		$	—
End of period	$	1,490,682,782		$	863,388,061		$	44,062,441		$	33,959,486
Undistributed (distributions in excess of) net investment income	$	9,818,288		$	5,548,952		$	138,949		$	126,865

(1) Commencement of operations

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

ActiveBeta® International Equity ETF						ActiveBeta® Japan Equity ETF						ActiveBeta® U.S. Large Cap Equity ETF						ActiveBeta® U.S. Small Cap Equity ETF
Year ended August 31, 2017			For the period November 6, 2015(1) through August 31, 2016			Year ended August 31, 2017			For the period March 2, 2016(1) to August 31, 2016			Year ended August 31, 2017			For the period September 17, 2015(1) through August 31, 2016			For the period June 28, 2017(1) through August 31, 2017
$	10,777,194		$	2,853,601		$	593,857		$	285,470		$	34,576,873		$	8,449,262		$	19,762
	(1,216,679	)		(1,407,997	)		(25,970	)		6,953			(6,147,868	)		462,725			227
	62,998,276			7,429,409			4,328,379			1,798,052			196,569,414			39,158,396			(200,366	)
	72,558,791			8,875,013			4,896,266			2,090,475			224,998,419			48,070,383			(180,377	)
	(9,649,669	)		(1,996,958	)		(721,272	)		(235,644	)		(28,028,221	)		(5,154,092	)		—
	(9,649,669	)		(1,996,958	)		(721,272	)		(235,644	)		(28,028,221	)		(5,154,092	)		—
	246,462,159			276,879,195			6,019,256			30,942,517			1,088,221,008			1,168,663,742			12,076,307
	—			—			—			—			(45,906,935	)		(54,473,952	)		—
	246,462,159			276,879,195			6,019,256			30,942,517			1,042,314,073			1,114,189,790			12,076,307
	309,371,281			283,757,250			10,194,250			32,797,348			1,239,284,271			1,157,106,081			11,895,930
$	283,757,250		$	—		$	32,797,348		$	—		$	1,157,206,081		$	100,000		$	—
$	593,128,531		$	283,757,250		$	42,991,598		$	32,797,348		$	2,396,490,352		$	1,157,206,081		$	11,895,930
$	1,931,703		$	863,433		$	(85,057	)	$	69,454		$	9,973,553		$	3,312,092		$	19,762

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® Emerging Markets Equity ETF
	Year ended August 31, 2017			For the period September 25, 2015* through August 31, 2016
Per Share Operating Performance:
Net asset value, beginning of period	$	28.03		$	25.00
Net investment income(a)		0.63			0.60
Net realized and unrealized gain		5.58			2.70
Total gain from investment operations		6.21			3.30
Distributions to shareholders from net investment income		(0.51	)		(0.27	)
Net asset value, end of period	$	33.73		$	28.03
Market price, end of period	$	33.74		$	28.01
Total Return at Net Asset Value(b)		22.49	%		13.29	%
Net assets, end of period (in 000’s)	$	1,490,683		$	863,388
Ratio of net expenses to average net assets		0.45	%		0.45	%(c)
Ratio of total expenses to average net assets		0.53	%		0.58	%(c)
Ratio of net investment income to average net assets		2.13	%		2.52	%(c)
Portfolio turnover rate(d)		27	%		44	%

 * 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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

	ActiveBeta® Europe Equity ETF
	Year ended August 31, 2017			For the period March 2, 2016* through August 31, 2016
Per Share Operating Performance:
Net asset value, beginning of period	$	26.12		$	25.03
Net investment income(a)		0.75			0.60
Net realized and unrealized gain		4.26			0.97
Total gain from investment operations		5.01			1.57
Distributions to shareholders from net investment income		(0.74	)		(0.48	)
Net asset value, end of period	$	30.39		$	26.12
Market price, end of period	$	30.54		$	26.20
Total Return at Net Asset Value(b)		19.46	%		6.23	%
Net assets, end of period (in 000’s)	$	44,062		$	33,959
Ratio of net expenses to average net assets		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%		0.71	%(c)
Ratio of net investment income to average net assets		2.71	%		4.61	%(c)
Portfolio turnover rate(d)		17	%		14	%

 * 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. 99

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® International Equity ETF
	Year ended August 31, 2017			For the period November 6, 2015* to August 31, 2016
Per Share Operating Performance:
Net asset value, beginning of period	$	24.67		$	24.78
Net investment income(a)		0.69			0.59
Net realized and unrealized gain (loss)		3.61			(0.37	)
Total gain from investment operations		4.30			0.22
Distributions to shareholders from net investment income		(0.59	)		(0.33	)
Net asset value, end of period	$	28.38		$	24.67
Market price, end of period	$	28.53		$	24.78
Total Return at Net Asset Value(b)		17.66	%		0.90	%
Net assets, end of period (in 000’s)	$	593,129		$	283,757
Ratio of net expenses to average net assets		0.25	%		0.27	%(c)
Ratio of total expenses to average net assets		0.25	%		0.62	%(c)
Ratio of net investment income to average net assets		2.64	%		3.02	%(c)
Portfolio turnover rate(d)		23	%		23	%

 * 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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

	ActiveBeta® Japan Equity ETF
	Year ended August 31, 2017			For the period March 2, 2016* to August 31, 2016
Per Share Operating Performance:
Net asset value, beginning of period	$	27.33		$	25.69
Net investment income(a)		0.48			0.24
Net realized and unrealized gain		3.50			1.60
Total gain from investment operations		3.98			1.84
Distributions to shareholders from net investment income		(0.60	)		(0.20	)
Net asset value, end of period	$	30.71		$	27.33
Market price, end of period	$	30.79		$	27.44
Total Return at Net Asset Value(b)		14.74	%		7.17	%
Net assets, end of period (in 000’s)	$	42,992		$	32,797
Ratio of net expenses to average net assets		0.25	%		0.25	%(c)
Ratio of total expenses to average net assets		0.25	%		0.73	%(c)
Ratio of net investment income to average net assets		1.68	%		1.81	%(c)
Portfolio turnover rate(d)		22	%		10	%

 * 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. 101

GOLDMAN SACHS ACTIVEBETA^® ETFS

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	ActiveBeta® U.S. Large Cap Equity ETF
	Year ended August 31, 2017			For the period September 17, 2015* through August 31, 2016
Per Share Operating Performance:
Net asset value, beginning of period	$	43.83		$	40.70
Net investment income(a)		0.97			0.85
Net realized and unrealized gain		5.17			2.78
Total gain from investment operations		6.14			3.63
Distributions to shareholders from net investment income		(0.81	)		(0.50	)
Net asset value, end of period	$	49.16		$	43.83
Market price, end of period	$	49.15		$	43.82
Total Return at Net Asset Value(b)		14.15	%		8.97	%
Net assets, end of period (in 000’s)	$	2,396,490		$	1,157,206
Ratio of net expenses to average net assets		0.09	%		0.09	%(c)
Ratio of total expenses to average net assets		0.09	%		0.19	%(c)
Ratio of net investment income to average net assets		2.08	%		2.11	%(c)
Portfolio turnover rate(d)		20	%		18	%

 * 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.

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

GOLDMAN SACHS ACTIVEBETA^® ETFS

	ActiveBeta® U.S. Small Cap Equity ETF
	For the period June 28, 2017* through August 31, 2017
Per Share Operating Performance:
Net asset value, beginning of period	$	40.36
Net investment income(a)		0.07
Net realized and unrealized loss		(0.78	)
Total loss from investment operations		(0.71	)
Net asset value, end of period	$	39.65
Market price, end of period	$	38.95
Total Return at Net Asset Value(b)		(1.76	)%
Net assets, end of period (in 000’s)	$	11,896
Ratio of net expenses to average net assets		0.20	%(c)
Ratio of total expenses to average net assets		0.20	%(c)
Ratio of net investment income to average net assets		0.96	%(c)
Portfolio turnover rate(d)		0	%(e)

 * 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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 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. 103

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2017

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 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 (formerly, Goldman, Sachs & Co.) (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “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 principally in-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 partially in-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.

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. 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. 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.

104

GOLDMAN SACHS ETF TRUST

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C.  Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D.  Offering Costs — Offering costs paid in connection with the offering of shares of the ActiveBeta^® Emerging Markets Equity ETF were amortized on a straight-line basis over 12 months from the date of commencement of operations.

E.  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 (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain 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.

F.  Foreign Currency Translation — The accounting records and reporting currency of the Funds 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 translations. 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).

105

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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 GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long 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.

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. These investments are generally classified as Level 2 of the fair value hierarchy.

Exchange Traded Funds — Investments in 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. 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 ETF’s accounting policies and investment holdings, please see the ETF’s shareholder report.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV 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 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.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. 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 Statement[s] of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2017:

ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	94,793,484	$	4,325,560	$	—
Asia		1,095,014,509		32,408,210		211,569
Europe		41,978,147		—		—
North America		55,308,495		—		—
South America		117,218,409		44,463,930		—
Securities Lending Reinvestment Vehicle		26,893,134		—		—
Total	$	1,431,206,178	$	81,197,700	$	211,569
ACTIVEBETA® EUROPE EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	177,676	$	—	$	—
Europe		42,730,289		280,511		—
North America		558,980		—		—
Oceania		121,078		—		—
South America		31,594		—		—
Securities Lending Reinvestment Vehicle		90,063		—		—
Total	$	43,709,680	$	280,511	$	—

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Notes to Financial Statements (continued)

August 31, 2017

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	$	1,497,025	$	—	$	—
Asia		161,561,023		—		—
Europe		332,441,875		2,490,013		—
North America		55,759,743		—		—
Oceania		37,397,319		—		—
South America		339,121		—		—
Securities Lending Reinvestment Vehicle		6,961,512		—		—
Total	$	595,957,618	$	2,490,013	$	—
ACTIVEBETA® JAPAN EQUITY ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	42,788,262	$	—	$	—
Securities Lending Reinvestment Vehicle		288,307		—		—
Total	$	43,076,569	$	—	$	—
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	$	2,383,813,570	$	—	$	—
Securities Lending Reinvestment Vehicle		3,705,216		—		—
Total	$	2,387,518,786	$	—	$	—
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	$	8,038	$	—	$	—
Europe		32,592		—		—
North America		11,792,434		—		—
Securities Lending Reinvestment Vehicle		649,189		—		—
Total	$	12,482,253	$	—	$	—

(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 Schedules of Investments.

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4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of August 31, 2017. These instruments were used as part of a Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of a Fund’s net exposure.

At August 31, 2017 there were no open futures contracts.

The following tables set forth, by certain risk types, a Fund’s gains related to these derivatives and their indicative volumes for the year ended August 31, 2017. These gains should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Fund	Risk	Statement of Operations	Net Realized Gain		Net Change in Unrealized Gain		Average Number of Contracts(a)
ActiveBeta® Emerging Markets Equity  ETF	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	262,345	$	—		—

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended August 31, 2017.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, a Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the master netting arrangement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

As of August 31, 2017 the Funds did not hold any net exposure for derivative instruments.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

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’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and

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Notes to Financial Statements (continued)

August 31, 2017

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.

For the fiscal year ended August 31, 2017, unitary management fees with GSAM were at the following rates for all Funds 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 fiscal year ended August 31, 2017, 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	%

B.  Distribution and Service (12b-1) Plans — The Trust, on behalf of the Funds, has adopted a Distribution and Service Plan (the “Plan”), subject to Rule 12b-1 under the Act. Under the Plan, the Funds are authorized to pay distribution fees in connection with the provision of ongoing services to shareholders of each Fund and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by any Fund, and there are no current plans to impose these fees.

C.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the ActiveBeta^® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, 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 Funds are 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 year ended August 31, 2017, these expense reductions, including any fee waivers and Other Expense reimbursements amounted to $797,950.

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

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6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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 Fiscal Year Ended August 31, 2017						For the period September 25, 2015* through August 31, 2016
Shares Sold		17,400,000		$	537,396,840			30,800,000		$	773,445,492
Shares Redeemed		(4,000,000	)		(134,905,814	)		—			—
NET INCREASE IN SHARES		13,400,000		$	402,491,026			30,800,000		$	773,445,492
	ActiveBeta® Europe Equity ETF
	For the Fiscal Year Ended August 31, 2017						For the period March 2, 2016* through August 31, 2016
Shares Sold		350,000		$	10,463,180			1,300,000		$	32,846,660
Shares Redeemed		(200,000	)		(5,287,804	)		—			—
NET INCREASE IN SHARES		150,000		$	5,175,376			1,300,000		$	32,846,660
	ActiveBeta® International Equity ETF
	For the Fiscal Year Ended August 31, 2017						For the period November 6, 2015* to August 31, 2016
Shares Sold		9,400,000		$	246,447,741			11,500,000		$	276,879,195
NET INCREASE IN SHARES		9,400,000		$	246,447,741			11,500,000		$	276,879,195
	ActiveBeta® Japan Equity ETF
	For the Fiscal Year Ended August 31, 2017						For the period March 2, 2016* to August 31, 2016
Shares Sold		200,000		$	6,019,256			1,200,000		$	30,942,517
NET INCREASE IN SHARES		200,000		$	6,019,256			1,200,000		$	30,942,517
	ActiveBeta® U.S. Large Cap Equity ETF
	For the Fiscal Year Ended August 31, 2017						For the period September 17, 2015* through August 31, 2016
Shares Sold		23,400,000		$	1,088,220,664			27,750,000		$	1,168,663,742
Shares Redeemed		(1,050,000	)		(45,906,935	)		(1,350,000	)		(54,473,952	)
NET INCREASE IN SHARES		22,350,000		$	1,042,313,729			26,400,000		$	1,114,189,790

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Notes to Financial Statements (continued)

August 31, 2017

6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

	ActiveBeta® U.S. Small Cap Equity ETF
	For the period June 28, 2017* through August 31, 2017
Shares Sold		300,000	$	12,076,307
NET INCREASE IN SHARES		300,000	$	12,076,307

* Commencement of operation.

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	668,961,706	$	292,564,192
ActiveBeta® Europe Equity ETF		5,936,525		5,977,434
ActiveBeta® International Equity ETF		97,796,596		93,586,424
ActiveBeta® Japan Equity ETF		7,738,806		7,987,564
ActiveBeta® U.S. Large Cap Equity  ETF		331,768,062		328,537,490
ActiveBeta® U.S. Small Cap Equity ETF		45,913		62,494

The purchase and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
ActiveBeta® Emerging Markets Equity  ETF	$	158,310,351	$	131,198,038
ActiveBeta® Europe Equity ETF		10,412,272		5,264,873
ActiveBeta® International Equity ETF		243,113,290		—
ActiveBeta® Japan Equity ETF		6,006,401		—
ActiveBeta® U.S. Large Cap Equity  ETF		1,083,623,241		45,506,286
ActiveBeta® U.S. Small Cap Equity ETF		12,052,304		—

8. SECURITIES LENDING

The ActiveBeta^® Emerging Markets Equity ETF, the ActiveBeta^® Europe Equity ETF, the ActiveBeta^® International Equity ETF, the ActiveBeta^® Japan Equity ETF, the ActiveBeta^® U.S. Large Cap Equity ETF and the ActiveBeta^® U.S. Small Cap Equity ETF, 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

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8. SECURITIES LENDING (continued)

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.

Effective December 1, 2016 the ActiveBeta^® Emerging Markets Equity ETF, the ActiveBeta^® Europe Equity ETF, the ActiveBeta^® International Equity ETF, the ActiveBeta^® Japan Equity ETF and the ActiveBeta^® U.S. Large Cap Equity ETF with the exception of the ActiveBeta^® U.S. Small Cap Equity ETF, which started on June 28, 2017, began lending their securities and 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 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 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2017 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.

Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2017, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2017:

Fund	Beginning value as of August 31, 2016		Purchases at Cost		Proceeds from Sales		Ending value as of August 31, 2017		Shares as of August 31, 2017		Dividend Income
ActiveBeta® Emerging Markets Equity  ETF	$	—	$	146,417,056	$	119,523,922	$	26,893,134		26,893,134	$	131,788
ActiveBeta® Europe Equity ETF		—		9,477,998		9,387,935		90,063		90,063		7,922
ActiveBeta® International Equity ETF		—		77,796,496		70,834,984		6,961,512		6,961,512		101,383
ActiveBeta® Japan Equity ETF		—		1,589,524		1,301,217		288,307		288,307		4,174
ActiveBeta® U.S. Large Cap Equity ETF		—		75,477,243		71,772,027		3,705,216		3,705,216		44,663
ActiveBeta® U.S. Small Cap Equity ETF*		—		1,319,426		670,237		649,189		649,189		2,909

* Commencement of operations, June 28, 2017.

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Notes to Financial Statements (continued)

August 31, 2017

9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was 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
Distributions paid from:
Ordinary Income	$	18,216,894	$	931,065	$	9,649,669	$	721,272	$	28,028,221		—
Total taxable distributions	$	18,216,894	$	931,065	$	9,649,669	$	721,272	$	28,028,221		—

As of August 31, 2017, the components of accumulated earnings (losses) on a tax-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
Undistributed ordinary income — net	$	11,332,449		$	239,460		$	3,480,218		$	—		$	9,973,553		$	19,765
Undistributed long-term capital gains		—			—			—			—			—			311
Total undistributed earnings	$	11,332,449		$	239,460		$	3,480,218		$	—		$	9,973,553		$	20,076
Capital loss carryforwards:
Perpetual Short-Term	$	(7,444,760	)	$	—		$	(144,209	)	$	(6,557	)	$	(691,783	)	$	—
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral)		(2,322,759	)		(51,393	)		—			(2,944	)		(10,476,431	)		—
Unrealized gains (losses) — net		284,526,834			5,521,419			66,456,451			6,041,237			229,319,812			(200,453	)
Total accumulated earnings (losses) net	$	286,091,764		$	5,709,486		$	69,792,460		$	6,031,736		$	228,125,151		$	(180,377	)

As of August 31, 2017, 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	$	1,227,714,890		$	38,470,822		$	532,011,872		$	37,035,742		$	2,158,198,974		$	12,682,706
Gross unrealized gain		299,823,615			6,501,093			76,034,779			6,550,758			283,699,398			472,535
Gross unrealized loss		(15,296,781	)		(979,674	)		(9,578,328	)		(509,521	)		(54,379,586	)		(672,988	)
Net unrealized gains (losses)	$	284,526,834		$	5,521,419		$	66,456,451		$	6,041,237		$	229,319,812		$	(200,453	)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on foreign currency contracts and differences in the tax treatment of underlying fund investments, partnership investments, and passive foreign investment company investments.

In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemptions in-kind, certain non-deductible expenses, and differences in the tax treatment of foreign currency transactions, partnership investments, passive foreign investment company investments and underlying fund investments.

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9. TAX INFORMATION (continued)

	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
Paid-in Capital	$	27,851,922		$	332,855		$	(12	)	$	—		$	7,749,305		$	—
Accumulated Net realized Gain (Loss)		(27,224,713	)		(340,073	)		59,267			27,096			(7,862,114	)		—
Undistributed Net Investment Income (Loss)		(627,209	)		7,218			(59,255	)		(27,096	)		112,809			—

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior year, 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 — A Fund’s 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 Fund. 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, 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 — 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

115

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

10. OTHER RISKS (continued)

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 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). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.

Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

11. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

12. 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.

116

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs ETF Trust and Shareholders of the 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, and Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial positions of each of the six funds listed in the table below

Goldman Sachs ActiveBeta® Emerging Markets Equity ETF	Statement of changes in net assets for the year ended August 31, 2017 and for the period September 25, 2015 (commencement of operations) through August 31, 2016
Goldman Sachs ActiveBeta® Europe Equity ETF	Statement of changes in net assets for the year ended August 31, 2017 and for the period March 2, 2016 (commencement of operations) through August 31, 2016
Goldman Sachs ActiveBeta® International Equity ETF	Statement of changes in net assets for the year ended August 31, 2017 and for the period November 6, 2015 (commencement of operations) through August 31, 2016
Goldman Sachs ActiveBeta® Japan Equity ETF	Statement of changes in net assets for the year ended August 31, 2017 and for the period March 2, 2016 (commencement of operations) through August 31, 2016
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF	Statement of changes in net assets for the year ended August 31, 2017 and for the period September 17, 2015 (commencement of operations) through August 31, 2016
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF	Statement of changes in net assets for the period June 28, 2017 (commencement of operations) through August 31, 2017

(each a “Fund” of the Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2017, the results of each of their operations for the year then ended (or for Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF, the period from June 28, 2017 (commencement of operations) through August 31, 2017), the changes in each of their net assets for the respective periods described in the table above, and the financial highlights for each of the periods presented therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of August 31, 2017 by correspondence with the custodian, brokers, transfer agent of the underlying funds and the application of alternative auditing procedures where securities purchased confirmations had not been received, provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 24, 2017

117

GOLDMAN SACHS ETF TRUST

Fund Expenses — Six Months ended 8/31/2017 (Unaudited)

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 March 1, 2017 (or commencement of operation) and held for the six months ended August 31, 2017, which represents a period of 184 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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.

	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(1)
	Beginning Account Value 3/1/17		Ending Account Value 8/31/2017			Expenses Paid*		Beginning Account Value 3/1/17		Ending Account Value 8/31/2017			Expenses Paid*		Beginning Account Value 3/1/17		Ending Account Value 8/31/2017			Expenses Paid*		Beginning Account Value 3/1/17		Ending Account Value 8/31/2017			Expenses Paid*		Beginning Account Value 3/1/17		Ending Account Value 8/31/2017			Expenses Paid*		Beginning Account Value 6/28/17		Ending Account Value 8/31/2017			Expenses Paid*
Actual based on NAV	$	1,000	$	1,164.60		$	2.46	$	1,000	$	1,160.90		$	1.36	$	1,000	$	1,131.50		$	1.34	$	1,000	$	1,076.60		$	1.31	$	1,000	$	1,054.50		$	0.47	$	1,000	$	982.40		$	0.35
Hypothetical 5% return		1,000		1,022.94	+		2.29		1,000		1,023.95	+		1.28		1,000		1,023.95	+		1.28		1,000		1,023.95	+		1.28		1,000		1,024.75	+		0.46		1,000		1,008.55	+		0.36

* 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 fiscal year ended August 31, 2017. 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(1)	0.20

+ 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.

(1) For the period June 28, 2017 (commencement of operations) through August 31, 2017.

118

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (Unaudited)

Background

The Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on June 28, 2017. At a meeting held on April 16, 2015 (the “Meeting”) in connection with the Fund’s organization, the Trustees, including all of the Trustees present who are not parties to the Trust’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent, and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings. The Trustees also drew on information they had received in their capacity as Trustees of other registered investment companies sponsored by the Investment Adviser.

Nature, Extent, and Quality of the Services to be Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered the investment advisory services that would be provided to the Fund by the Investment Adviser. The Trustees also considered information about the Fund’s structure, investment objective, strategies, and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF, which would seek to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key Investment Adviser personnel who would be providing services to the Fund. In part, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products that it had obtained through its acquisition of another investment management firm. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate) and would be among the first ETFs managed by the Investment Adviser, the Investment Adviser had extensive experience managing other types of registered investment companies. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

Costs of Services to be Provided and Profitability

The Trustees considered the contractual fee rates payable by the Fund under the Management Agreement, and the net amount expected to be retained by the Investment Adviser. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which include advisory and non-advisory services 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 indices created by the Investment Adviser. The Trustees also reviewed the Fund’s projected total operating expense ratios (both gross and net of expense limitations). They compared the Fund’s projected fees and expenses to similar information for comparable ETFs advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rates and total operating expense ratios were prepared by a third-party provider of fund data. The Trustees concluded that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Funs that exceed a specified level. 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.

119

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF (Unaudited) (continued)

Economies of Scale

The Trustees noted that the Fund will not have management fee breakpoints. They considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the peer groups, as well as the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. 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 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 open to doing business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives (or is expected to receive) certain potential benefits as a result of their relationships with the Investment Adviser, including: (a) enhanced servicing from vendors because of 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 for the Fund at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the investment management fees were reasonable. The Trustees concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved for a two-year period.

120

GOLDMAN SACHS ETF TRUST

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^® Japan Equity ETF, Goldman Sachs ActiveBeta^® International 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 most recently approved for continuation until March 31, 2018 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 March 14-15, 2017 (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:

(i) 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.

121

GOLDMAN SACHS ETF TRUST

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 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 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 expense, 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.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the total return of each Fund (with the exception of Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF) to the performance of its respective proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding each Fund’s investment performance was provided for the one-year period ended September 30, 2016, or from inception to that date, to the extent that the Fund had not been in existence for that one-year period. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.

Unitary Fee Structure and Profitability

The Trustees considered the contractual fee rates 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 also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. In particular, the Trustees referred to an analysis comparing each Fund’s management fees and net expense ratios 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 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 had audited the expense allocation methodology and that the internal audit group was satisfied with the

122

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® ETFs except Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

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 fee breakpoints. The Trustees considered information previously provided regarding the amounts of assets in each Fund, the Funds’ 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 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 certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors because of 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 March 31, 2018.

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GOLDMAN SACHS ETF TRUST

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 most recently approved for continuation until March 31, 2018 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 March 14-15, 2017 (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:

(i) 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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GOLDMAN SACHS ETF TRUST

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 mutual 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 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. 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.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Fund’s investment performance was provided from inception through September 30, 2016. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.

Costs of Services Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rates 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 also reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). They compared the Fund’s fees and expenses to similar information for comparable ETFs advised by other, unaffiliated investment management firms. In particular, the Trustees referred to a summary comparing the Fund’s management fees and net expense ratios 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 and pre-tax profit margins. In this regard the Trustees noted that they had 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 had audited 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.

125

GOLDMAN SACHS ETF TRUST

Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF (Unaudited) (continued)

Economies of Scale

The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding 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. 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 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 certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors because of 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 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 until March 31, 2018.

126

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Caroline Dorsa Age: 58	Trustee	Since 2016	Ms. Dorsa is retired. She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 59	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	WD-40 Company (a global consumer products company)
Michael Latham Age: 51	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	None
Lawrence W. Stranghoener Age: 63	Chairman of the Board of Trustees	Trustee Since 2015; Chairman Since 2017	Mr. Stranghoener is retired. He is Chairman of the Board of Directors, Kennametal, Inc. (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014, Mosaic Company (a fertilizer manufacturing company). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	142	None

* This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2017.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs ETF Trust consisted of 19 portfolios (eight of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

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GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

¹  Information is provided as of August 31, 2017.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs ActiveBeta^® ETFs — Tax Information (Unaudited)

From distributions paid during the year ended August 31, 2017, the total amount of income received by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF and ActiveBeta^® Europe Equity ETF from sources within foreign countries and possessions of the United States was $0.3616, $0.2421, $0.2785 and $0.7515 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF and ActiveBeta^® Europe Equity ETF was 94.26%, 92.30%, 85.86%, and 97.93%, respectively. The total amount of taxes paid by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Japan Equity ETF and ActiveBeta^® Europe Equity ETF to foreign countries was $0.0490, $0.0264, $0.0358, and $0.0967 per share, respectively.

For the year ended August 31, 2017, 94.37%, 95.69%, 99.70%, 89.91%, and 86.77% of the dividends paid from net investment company taxable income by the ActiveBeta^® Emerging Markets Equity ETF, ActiveBeta^® International Equity ETF, ActiveBeta^® Europe Equity ETF, ActiveBeta^® U.S. Large Cap Equity ETF, and ActiveBeta^® Japan Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended August 31, 2017, 94.30% of the dividends paid from net investment company taxable income by the ActiveBeta^® U.S. Large Cap Equity qualify for the dividends received deduction available to corporations.

128

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.21 trillion in assets under supervision as of June 30, 2017, 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 TreasuryAccess 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond 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 Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2017 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.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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. 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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.

© 2017 Goldman Sachs. All rights reserved. 107364-TMPL-10/2017-630971 ACTBETAAR-17/GST549/22k

Goldman Sachs Funds

Annual Report	August 31, 2017
	Goldman Sachs ETFs
	Hedge Industry VIP ETF

Goldman Sachs Hedge Industry VIP ETF

TABLE OF CONTENTS
Investment Process	1
Portfolio Results and Fund Basics	3
Schedule of Investments	10
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	22
Other Information	23

NOT FDIC-INSURED May Lose Value No Bank Guarantee

INVESTMENT PROCESS

Goldman Sachs Hedge Industry VIP ETF

Principal Investment Strategies

The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Goldman Sachs Hedge Fund VIP Index^TM (the “Index”) is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology.

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

The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

The Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of August 31, 2017, the Index consisted of 50 securities with a market capitalization range of between approximately $2.8 billion and $794.3 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times.

1

INVESTMENT PROCESS

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

* * *

At the end of the Reporting Period (i.e., November 1, 2016 through August 31, 2017), we continued to believe the most effective way to identify the most important positions of hedge fund managers is to know what equities they are holding. We also maintained conviction in our methodology for extracting these important positions — by obtaining information from quarterly 13F filings of hedge fund managers and identifying stocks that appear among top holdings the most frequently. Through an efficient implementation of our methodology, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.

2

PORTFOLIO RESULTS

Goldman Sachs Hedge Industry VIP ETF

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its commencement of operations on November 1, 2016 through August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 26.61% based on net asset value (“NAV”) and 29.18% based on market price.¹ The Index returned 27.14%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned 19.18% during the same period.

The Fund had a NAV of $40.00 on the date of commencement of operations and ended the Reporting Period with a NAV of $50.46 per share. The Fund’s market price on August 31, 2017 was $50.48 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

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

The Index’s performance is compared to that of the S&P 500 Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based

¹  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 commencement of investment operations to the first day of secondary market trading to calculate the market price returns.

3

PORTFOLIO RESULTS

upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index.

The Index posted robust absolute gains, and the Index outperformed the S&P 500 Index during the Reporting Period. The Index also outperformed the S&P 500 Index during the Reporting Period, as measured by NAV.

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

A Index constituents in the information technology, consumer discretionary and consumer staples sectors contributed most positively to the Index’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in industrials and real estate, the only two sectors that detracted from the Index’s results relative to the S&P 500 Index during the Reporting Period.

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

A Relative to the S&P 500 Index, overweight positions in information technology company Alibaba Group Holding and consumer discretionary companies Liberty Broadband and Charter Communications contributed most positively (2.19%, 1.95% and 1.96% of Fund net assets as of 8/31/17, respectively). Each of these positions generated a robust double-digit gain during the Reporting Period.

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

A Relative to the S&P 500 Index, overweight positions in information technology company FleetCor Technologies, energy company Pioneer Natural Resources and health care company Valeant Pharmaceuticals International detracted most (2.00%, 0.00% and 0.00%² of Fund net assets as of 8/31/17, respectively). Each of these positions generated a double-digit negative return during the Reporting Period.

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

A The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash.

Q What was the Fund’s sector positioning relative to the Index and the S&P 500 Index at the end of the Reporting Period?³

Sector Name	Fund			GS Hedge Fund VIP IndexTM			S&P 500 Index
Information Technology		36.80	%		36.88	%		23.51	%
Consumer Discretionary		23.50			23.60			12.06
Financials		11.80			11.80			14.23
Health Care		9.95			10.03			14.66
Materials		4.03			4.07			2.90
Energy		3.95			3.98			5.67
Telecommunication Services		3.88			3.92			2.14
Industrials		3.69			3.72			10.10
Consumer Staples		2.00			2.01			8.48
Real Estate		0.00			0.00			2.98
Utilities		0.00			0.00			3.26
Cash		0.80			0.00			0.00

³  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 S&P 500 Index.

²  Some weights are 0.00% at August 31, 2017 because those positions were eliminated during the most recent rebalance given the Index construction methodology.

4

FUND BASICS

Hedge Industry VIP ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$	50.48
Net Asset Value (NAV)1	$	50.46

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.

PERFORMANCE REVIEW
November 1, 2016– August 31, 2017	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Goldman Sachs Hedge Fund VIP IndexTM3			S&P 500 Index®4
Shares		26.61	%		29.18	%		27.14	%		19.18	%

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 as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. 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 the US-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 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 or redemption of Fund shares.

5

FUND BASICS

EXPENSE RATIO5
	Expense Ratio
Shares		0.45	%

⁵  The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

TOP TEN HOLDINGS AS OF 8/31/176
Holding	% of Net Assets			Line of Business
Alibaba Group Holding Ltd. ADR		2.2	%	Information Technology
Dell Technologies, Inc., Class V		2.2		Information Technology
Micron Technology, Inc.		2.2		Information Technology
Adient PLC		2.1		Consumer Discretionary
salesforce.com, Inc.		2.1		Information Technology
Autodesk, Inc.		2.1		Information Technology
Dow Chemical Co. (The)		2.1		Materials
Celgene Corp.		2.1		Health Care
PayPal Holdings, Inc.		2.1		Information Technology
eBay, Inc.		2.0		Information Technology

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

6

FUND BASICS

FUND SECTOR ALLOCATIONS⁷

As of August 31, 2017

⁷  The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value.

7

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on November 1, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and secondary underlying index, the Goldman Sachs Hedge Fund VIP Index^™ and the S&P 500 Index (TR, unhedged, USD) are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

Goldman Sachs Hedge Industry VIP ETF’s Lifetime Performance

Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2016 through August 31, 2017.

Average Annual Total Return through August 31, 2017	Since Inception
Shares based on NAV (Commenced November 1, 2016)	26.61%*

* Total return for periods of less than one year represents cumulative total return.

8

FUND BASICS

Index Definitions and Industry Terms

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

The S&P 500^® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.

9

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Schedule of Investments

August 31, 2017

Shares		Description	Value
Common Stocks – 99.7%
Consumer Discretionary – 23.5%
	13,518	Adient PLC	$	955,452
	913	Amazon.com, Inc.*		895,288
	2,236	Charter Communications, Inc., Class A*		891,136
	21,412	Comcast Corp., Class A		869,541
	6,069	Expedia, Inc.		900,397
	20,275	JD.com, Inc. ADR (China)*		849,725
	8,702	Liberty Broadband Corp., Class C*		883,514
	14,475	Liberty Ventures, Series A*		891,081
	5,246	Netflix, Inc.*		916,529
	14,195	Nexstar Media Group, Inc., Class A		854,539
	478	Priceline Group, Inc. (The)*		885,294
	8,771	Time Warner, Inc.		886,748
				10,679,244
Consumer Staples – 2.0%
	4,551	Constellation Brands, Inc., Class A		910,655
Energy – 4.0%
	35,887	Parsley Energy, Inc., Class A*		898,969
	33,021	Rice Energy, Inc.*		903,455
				1,802,424
Financials – 11.8%
	39,697	Ally Financial, Inc.		897,152
	36,739	Bank of America Corp.		877,695
	5,060	Berkshire Hathaway, Inc., Class B*		916,670
	13,215	Citigroup, Inc.		899,016
	9,701	JPMorgan Chase & Co.		881,724
	16,979	Wells Fargo & Co.		867,117
				5,339,374
Health Care – 10.0%
	3,856	Allergan PLC		884,875
	4,691	Anthem, Inc.		919,623
	6,748	Celgene Corp.*		937,500
	2,796	CR Bard, Inc.		896,985
	9,682	VCA, Inc.*		900,039
				4,539,022
Industrials – 3.7%
	17,918	Delta Air Lines, Inc.		845,550
	3,219	TransDigm Group, Inc.		839,065
				1,684,615
Information Technology – 36.8%
	5,802	Alibaba Group Holding Ltd. ADR (China)*		996,435
	955	Alphabet, Inc., Class A*		912,254
	5,613	Apple, Inc.		920,532
	8,239	Autodesk, Inc.*		943,036
	4,011	Baidu, Inc. ADR (China)*		914,709
	3,576	Broadcom Ltd.		901,402
	12,490	Cognizant Technology Solutions Corp., Class A		883,917
	13,243	Dell Technologies, Inc., Class V*		992,298
	10,653	DXC Technology Co.		905,505
	25,487	eBay, Inc.*		920,845
	5,255	Facebook, Inc., Class A*		903,702
	6,327	FleetCor Technologies, Inc.*		909,633
	30,683	Micron Technology, Inc.*		980,936
	12,192	Microsoft Corp.		911,596
	7,974	NXP Semiconductors NV (Netherlands)*		900,743
	15,192	PayPal Holdings, Inc.*		937,043
	9,941	salesforce.com, Inc.*		949,266
	8,807	Visa, Inc., Class A		911,701
				16,695,553
Materials – 4.0%
	14,149	Dow Chemical Co. (The)		943,031
	7,658	Monsanto Co.		897,518
				1,840,549
Telecommunication Services – 3.9%
	15,843	Level 3 Communications, Inc.*		862,334
	14,066	T-Mobile US, Inc.*		910,211
				1,772,545
	TOTAL INVESTMENTS – 99.7%
	(Cost $41,574,024)		$	45,263,981
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%			145,529
	NET ASSETS – 100.0%		$	45,409,510

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:
ADR	—American Depositary Receipt
PLC	—Public Limited Company

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Assets and Liabilities

August 31, 2017

	Hedge Industry VIP ETF
Assets:
Investments at value (cost $41,574,024)	$	45,263,981
Cash		54,523
Receivables:
Dividends		106,164
Total assets		45,424,668
Liabilities:
Payables:
Management fees		15,158
Total liabilities		15,158
Net Assets:
Paid-in capital		41,931,095
Undistributed net investment income		104,370
Accumulated net realized loss		(315,912	)
Net unrealized gain		3,689,957
NET ASSETS	$	45,409,510
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		900,000
Net asset value per share:		$50.46

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Operations

For the period ended August 31, 2017⁽¹⁾

	Hedge Industry VIP ETF
Investment income:
Dividends	$	322,051
Total investment income		322,051
Expenses:
Management fees		83,836
Trustee fees		28,189
Total expenses		112,025
NET INVESTMENT INCOME		210,026
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(377,332	)
In-kind redemptions		3,471,016
Net unrealized gain on:
Investments		3,689,957
Net realized and unrealized gain		6,783,641
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		6,993,667

(1) For the period November 1, 2016 (commencement of operations) through August 31, 2017.

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

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Statement of Changes in Net Assets

For the period ended August 31, 2017⁽¹⁾

	Hedge Industry VIP ETF
From operations:
Net investment income	$	210,026
Net realized gain		3,093,684
Net change in unrealized gain		3,689,957
Net increase in net assets resulting from operations		6,993,667
Distributions to shareholders:
From net investment income		(105,656	)
Total distributions to shareholders		(105,656	)
From share transactions:
Proceeds from sales of shares		68,761,793
Cost of shares redeemed		(30,240,294	)
Net increase in net assets resulting from share transactions		38,521,499
TOTAL INCREASE		45,409,510
Net assets:
Beginning of period	$	—
End of period	$	45,409,510
Undistributed net investment income	$	104,370

(1) For the period November 1, 2016 (commencement of operations) through August 31, 2017.

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period

	Hedge Industry VIP ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	40.00
Net investment income(a)(b)		0.32
Net realized and unrealized gain		10.31
Total gain from investment operations		10.63
Distributions to shareholders from net investment income		(0.17	)
Net asset value, end of period	$	50.46
Market price, end of period	$	50.48
Total Return at Net Asset Value(c)		26.61	%
Net assets, end of period (in 000’s)	$	45,410
Ratio of total expenses to average net assets(d)		0.45	%
Ratio of net investment income to average net assets(d)		0.84	%
Portfolio turnover rate(e)		116	%

 * For the period November 1, 2016 (commencement of operations) to August 31, 2017.

(a) Calculated based on the average shares outstanding methodology.

(b) Reflects income recognized from non-reoccuring special dividends which amounted to $0.11 per share and 0.24% 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.

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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2017

1. ORGANIZATION

Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified 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 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 (formerly, Goldman, Sachs & Co.) (“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 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 principally in-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.

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. 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. 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/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 (mutual funds) 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 according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Hedge Industry VIP ETF	Quarterly	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.

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GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 net investment income, net realized gain 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.

F.  Foreign Currency Translation — The accounting records and reporting currency of the Fund is 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 Statement of Operations within net change in unrealized gain (loss) on foreign currency translations. 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 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).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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 GSAM day-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 are valued at the last bid price for long positions and at the last 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.

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GOLDMAN SACHS ETF TRUST

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At August 31, 2017 the Fund did not hold level 3 securities.

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2017:

HEDGE INDUSTRY VIP ETF
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	2,760,869	$	—	$	—
Europe		900,743		—		—
North America		41,602,369		—		—
Total	$	45,263,981	$	—	$	—

(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 fiscal year ended August 31, 2017, the unitary management fee with GSAM was 0.45%.

B.  Distribution and Service (12b-1) Plans — The Trust, on behalf of the Fund, has adopted a Distribution and Service Plan (the “Plan”), subject to Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay distribution fees in connection with the provision of ongoing services to shareholders of the Fund and the maintenance of shareholder accounts in an amount up to

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GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

5. CREATION AND REDEMPTION OF CREATION UNITS

0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by the Fund, and there are no current plans to impose these fees.

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 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:

	Hedge Industry VIP ETF
	Shares			Dollars
Fund Share Activity (1)
Shares Sold		1,550,000		$	68,761,740
Shares Redeemed		(650,000	)		(30,240,294	)
NET INCREASE IN SHARES		900,000		$	38,521,446

(1) For the period November 1, 2016 (commencement of operations) through August 31, 2017

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
Hedge Industry VIP ETF	$	35,680,832	$	34,787,081

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
Hedge Industry VIP ETF	$	67,750,993	$	30,161,342

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GOLDMAN SACHS ETF TRUST

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

	Hedge Industry VIP
Distributions paid from:
Ordinary Income	$	105,656
Total taxable distributions	$	105,656

As of August 31, 2017, the components of accumulated earnings (losses) on a tax-basis were as follows:

	Hedge Industry VIP
Undistributed ordinary income — net	$	104,370
Total undistributed earnings	$	104,370
Timing differences (Post-October Capital Loss  Deferral)	$	(179,228	)
Unrealized gains (losses) — net	$	3,553,273
Total accumulated earnings (losses) net	$	3,478,415

As of August 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Hedge Industry VIP
Tax Cost	$	41,710,708
Gross unrealized gain		3,690,831
Gross unrealized loss		(137,558	)
Net unrealized gains (losses) on securities	$	3,553,273

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from Redemptions In-Kind.

Fund	Paid-in Capital		Accumulated Net Realized Gain (Loss)
Hedge Industry VIP	$	3,409,596	$	(3,409,596	)

GSAM has reviewed the Fund’s tax positions for all open tax years (the current 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.

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GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

8. 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 the Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from the 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. The Index is new and has a limited performance history. 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.

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). 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 the Index. The performance of the Fund may diverge from that of the 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.

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 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.

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GOLDMAN SACHS ETF TRUST

10. 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.

21

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of the

Goldman Sachs Hedge Industry VIP ETF:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs Hedge Industry VIP ETF (the “Fund”), a fund of the Goldman Sachs ETF Trust, as of August 31, 2017, and the results of its operations, the changes in its net assets and the financial highlights for the period November 1, 2016 (commencement of operations) through August 31, 2017, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of August 31, 2017 by correspondence with the custodian provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 24, 2017

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GOLDMAN SACHS ETF TRUST

Fund Expenses — Six Months Ended 8/31/2017 (Unaudited)      

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 March 1, 2017 and held for the six months ended August 31, 2017, which represents a period of 184 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on 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 3/1/17		Ending Account Value 8/31/2017			Expenses Paid*
Actual based on NAV	$	1,000	$	1,114.90		$	2.40
Hypothetical 5% return	$	1,000	$	1,022.94	+	$	2.29

* Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2017. 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%

+ 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.

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GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Caroline Dorsa Age: 58	Trustee	Since 2016	Ms. Dorsa is retired. She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 59	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-Present); and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	WD-40 Company (a global consumer products company)

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GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued) Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Michael Latham Age: 51	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	None
Lawrence W. Stranghoener Age: 63	Trustee and Chairman	Trustee since 2015; Chairman since 2017	Mr. Stranghoener is retired. He is Chairman of the Board of Directors, Kennametal, Inc. (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)

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GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued) Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	142	None

* This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2017.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs ETF Trust consisted of 19 portfolios (eight of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio.

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

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GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued) Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

¹  Information is provided as of August 31, 2017.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

27

GOLDMAN SACHS ETF TRUST

Goldman Sachs Hedge Industry VIP ETF — Tax Information (Unaudited)

For the year ended August 31, 2017, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2017, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

28

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.21 trillion in assets under supervision as of June 30, 2017, 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 TreasuryAccess 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

Goldman Sachs Access High Yield Corporate Bond 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 OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES 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 Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent
ALPS DISTRIBUTORS, INC. Distributor	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com 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 files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of August 31, 2017 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.

The Fund is recently organized and has limited operating history.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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.

©2017 Goldman Sachs. All rights reserved. 107210-TMPL-10/2017-630956 HEDVIPETFAR-17/GST550/851

Goldman Sachs Funds

Annual Report	August 31, 2017
	Goldman Sachs ETFs
	TreasuryAccess 0-1 Year ETF

Goldman Sachs TreasuryAccess 0-1 Year ETF

TABLE OF CONTENTS
Investment Process & Market Review	1
Portfolio Results and Fund Basics	3
Schedule of Investments	10
Financial Statements	11
Financial Highlights	14
Notes to Financial Statements	15
Report of Independent Registered Public Accounting Firm	21
Other Information	22

NOT FDIC-INSURED May Lose Value No Bank Guarantee

INVESTMENT PROCESS & MARKET REVIEW

Goldman Sachs TreasuryAccess 0-1 Year ETF

Principal Investment Strategies

The Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index. The Citi US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” 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 Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of August 31, 2017, there were 72 issues in the Index and the Index had a weighted average maturity of 0.29 years. The Index includes publicly-issued U.S. Treasury Obligations that have a minimum remaining maturity of 1 month and a maximum remaining maturity of 12 months at the time of rebalance and that have a minimum issue size of $5 billion. In addition, the securities in the Index must be non-convertible and denominated in U.S. dollars. The Index excludes certain special issues, such as targeted investor notes, state and local government series bonds and coupon issues that have been stripped from bonds. 10-year and 30-year U.S. Treasury bonds are not eligible for inclusion in the Index. The Index is rebalanced monthly on the last day of the month.

Goldman Sachs Asset Management, L.P. (“the Investment Adviser”) uses a representative sampling strategy to manage the Fund. “Representative sampling” is an indexing strategy in which the Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of the Index. The securities selected for investment by the Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index.

The Index is sponsored by FTSE Fixed Income LLC¹ (“FTSE” or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.

* * *

At the end of the Reporting Period (i.e., September 6, 2016 through August 31, 2017), we expected ongoing improvements in the U.S. economy, particularly in the labor market, to warrant one further interest rate hike by the Federal Reserve (the “Fed”) by year-end 2017, providing financial conditions do not tighten materially and core inflation rises. More specifically, we anticipated one further interest rate hike by the Fed in December 2017 as well as the beginning of its balance sheet normalization during the fourth quarter of 2017. Elsewhere, we believe central banks in Europe and Japan may scale back quantitative easing due to scarcity of assets but to maintain low interest rates amid subdued inflation outlooks. Indeed, we maintain our belief for the European Central Bank (“ECB”) to reduce its asset

¹  Prior to September 14, 2017, the Index was sponsored by Citigroup Index LLC.

1

INVESTMENT PROCESS & MARKET REVIEW

purchases from January 2018 and for its interest rates to remain on hold for the remainder of 2017 and 2018. We see an increased likelihood of a tapering announcement from the ECB in September 2017 with the implication being potential further increases in London Interbank Offered Rate (“LIBOR”) and European rates at the short-term end of the yield curve, or spectrum of maturities. We believe monetary policy is likely to remain on hold in the U.K., providing inflation expectations do not rise materially, and we see little scope for a near-term interest rate hike in Canada given recent weakness in its inflation data.

While we appreciate that policymakers may use speeches and press conferences to shape expectations of future decisions, we believe policymaker comments made during the Reporting Period were more balanced than headlines suggested.

2

PORTFOLIO RESULTS

Goldman Sachs TreasuryAccess 0-1 Year ETF

Investment Objective

The Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi US Treasury 0-1 Year Composite Select Index (the “Index”).

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its commencement of operations on September 6, 2016 through August 31, 2017 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 0.53% based on net asset value (“NAV”) and 0.53% based on market price.¹ The Index returned 0.64% during the same period.

The Fund had a NAV of $100.00 on the commencement of operations and ended the Reporting Period with a NAV of $100.10 per share. The Fund’s market price on August 31, 2017 was $100.10 per share.

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

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns.

The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” 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 Obligations 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” or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month.

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

During the Reporting Period, the Fund posted positive absolute returns that closely tracked those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index.

During the first half of the Reporting Period, it appeared to us that the Republican presidential election victory marked an important regime change in monetary, fiscal and regulatory policies. Consensus expectations for the U.S. policies mix shifted to one that included a faster pace of tightening monetary policies following several years of accommodation as well as increased fiscal stimulus and a potentially looser regulatory agenda. Since the election in early November 2016 through the end of February 2017, global interest rates rose, equity markets rallied and the U.S. dollar strengthened compared to both major developed and emerging market currencies. The U.S. Treasury money market yield curve, or spectrum of maturities, steepened on the heels of a post-election sell-off, as the market began pricing in higher inflation as a result of greater anticipated fiscal spending. (A steeper yield curve is one wherein the differential in yields between shorter-term and longer-term maturities increases.)

¹  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 commencement of operations to the first day of secondary market trading to calculate the market price returns.

3

PORTFOLIO RESULTS

In December 2016, the U.S. Federal Reserve (the “Fed”) raised interest rates for only the second time since the global financial crisis, which drove further increases in the U.S. dollar and U.S. Treasury yields, with particularly notable increases in shorter-dated bonds. Policymakers revised interest rate projections, signaling a steeper trajectory of interest rates, with three interest rate hikes implied in 2017. The Fed noted that it believed the December 2016 interest rate hike was warranted given “realized and expected labor market conditions and inflation.” Strong U.S. economic data year-to-date through February 28, 2017 and hawkish comments from U.S. Fed officials raised expectations for an interest rate hike at the Fed’s next meeting in March 2017. (Hawkish tends to suggest higher interest rates; opposite of dovish.)

During the second half of the Reporting Period, the Fed raised interest rates twice more — in March and June 2017 and began a discussion of balance sheet normalization. (Balance sheet normalization refers to the steps the Fed will take to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.)

U.S. Treasury yields moved higher as the Fed proceeded to raise the target range of the federal funds rate to a range of 1.00% to 1.25% in June 2017, citing ongoing strength in the labor market and a pickup in household spending and business fixed investment. Central banks in the U.K., Europe and Japan kept their respective monetary policies unchanged, but the possibility of tapering by the European Central Bank (“ECB”) and U.K. parliamentary elections were additional factors that influenced the short-term end of the U.S. Treasury market during these months.

On the economic data front, U.S. indicators surprised to the downside toward the end of the Reporting Period but remained at relatively robust levels. Unemployment had declined to 4.3%, which is below the Fed’s estimate of the structural rate, and second quarter 2017 U.S. Gross Domestic Product (“GDP”) growth expectations exceeded 2% on an annualized basis. That said, core personal consumption expenditures remained below the Fed’s 2% target, and U.S. core inflation similarly weakened, casting uncertainty over the pace of monetary tightening going forward. Nonetheless, comments included in the Fed’s minutes from its May and June 2017 meetings suggested to many that a policy announcement concerning a change in its reinvestment policy may occur sooner than the consensus had previously anticipated.

At the Fed’s Jackson Hole Economic Policy Symposium held in late August 2017, Fed Chair Janet Yellen said, “In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.” Further, the Fed released a detailed addendum to its policy statement with specifics around its plan to taper reinvestment of its balance sheet. The plan is to begin, some time in 2017, with a rundown no greater than $10 billion per month between mortgage-backed securities and U.S. Treasuries, with that total rising steadily over the course of one year.

Separately, there were concerns about the U.S. debt ceiling during much of the Reporting Period. We observed accelerated bill pay-downs ahead of the mid-March 2017 debt ceiling deadline. The significant reduction in U.S. Treasury bill supply suppressed short-term U.S. Treasury bill rates.

Additionally, consensus expectations for a tapering announcement in Europe in September 2017 moved from possible to more than probable. ECB President Mario Draghi made a cautious reference to a tapering of its quantitative easing, saying an adjustment in the ECB’s “policy instruments” alongside the ongoing economic recovery would imply a constant rather than tighter policy stance. The market reacted in a hawkish manner, with the euro appreciating and German government bond yields rising.

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

A The Fund does not employ derivatives.

4

PORTFOLIO RESULTS

Q What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?²

A The Fund had a weighted average duration of 0.39 years, a weighted average maturity of 0.39 years and a weighted average coupon of 0.64% as of August 31, 2017. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.96%.

Q What was the Fund’s positioning relative to the Index at the end of the Reporting Period?³

A The Fund, consistent with the Index, was 100% invested in U.S. Treasury securities at the end of the Reporting Period.

²  Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.)

  A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. The method of calculation of the 30-Day Standardized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price per share on the last day of the period. This number is then annualized.

³  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi US Treasury 0-1 Year Composite Select Index.

5

PORTFOLIO RESULTS

After the close of the Reporting Period, on October 2, 2017, the Fund will be managed by the Fixed Income ETF Portfolio Management Team of Goldman Sachs Asset Management, L.P. As such, effective that date, Joshua Kruk and Jason Singer will serve as portfolio managers for the Fund. Joshua Kruk is a Managing Director in the Global Fixed Income Team. Jason Singer is a Managing Director and senior portfolio manager in the Global Fixed Income Team. David Fishman will remain as a portfolio manager for the Fund. Effective the same date, Raj Garigipati and Jamie McGregor will no longer serve as portfolio managers of the Fund.

6

FUND BASICS

TreasuryAccess 0-1 Year ETF

as of August 31, 2017

FUND SNAPSHOT
As of August 31, 2017
Market Price1	$100.10
Net Asset Value (NAV)1	$100.10

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.

PERFORMANCE REVIEW
September 6, 2016– August 31, 2017	Fund Total Return (based on NAV)2			Fund Total Return (based on Market Price)2			Citi US Treasury 0-1 Year Composite Select Index3
Shares		0.53	%		0.53	%		0.64	%

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 as of 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. 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 Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” 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 Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE” 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 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 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 or redemption of Fund shares.

7

FUND BASICS

30-DAY STANDARDIZED SUBSIDIZED YIELD4
	30-Day Standardized Yield4
Shares		0.96	%

⁴  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.

30-DAY STANDARDIZED UNSUBSIDIZED YIELD5
	30-Day Standardized Yield
Shares		0.94	%

⁵  The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30- Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

EXPENSE RATIO6
	Net Expense Ratio (Current)7			Gross Expense Ratio (Before Waivers)
Shares		0.12	%		0.14	%

⁶  The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report.

⁷  The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Fund. This arrangement will remain in effect through at least July 31, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

TOP TEN HOLDINGS AS OF 8/31/178
Holding	Maturity Date		% of Net Assets
U.S. Treasury Bill, Series 1, 1.03%		11/30/17	24.6%
U.S. Treasury Bill, Series 11, 1.07%		11/24/17	13.8
U.S. Treasury Note, 0.88%		1/15/18	11.0
U.S. Treasury Note, 1.00%		02/15/18	10.2
U.S. Treasury Note, 2.63%		04/30/18	6.9
U.S. Treasury Bill, Series 28, 1.13%		12/28/17	5.7
U.S. Treasury Note, 0.75%		10/31/17	5.5
U.S. Treasury Note, 0.88%		7/15/18	4.9
U.S. Treasury Note, 1.00%		12/15/17	4.7
U.S. Treasury Note, 1.00%		3/15/18	4.4
Other			8.3

⁸  The top 10 holdings may not be representative of the Fund’s future investments.

8

GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF

Performance Summary

August 31, 2017

The following graph shows the value, as of August 31, 2017, of a $10,000 investment made on September 6, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Citi US Treasury 0-1 Year Composite Select Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.

Goldman Sachs TreasuryAccess 0-1 Year ETF’s Lifetime Performance

Performance of a $10,000 investment, with distributions reinvested, from September 6, 2016 through August 31, 2017.

Average Annual Total Return through August 31, 2017	Since Inception
Shares based on NAV (Commenced September 6, 2016)	0.53%*

* Total return for periods of less than one year represents cumulative total return.

9

GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF

Schedule of Investments

August 31, 2017

Principal Amount		Interest Rate(a)			Maturity Date		Value
U.S. Treasury Notes – 55.7%
	U.S. Treasury Notes
$	44,674,600		0.750	%		10/31/17	$	44,651,995
	38,446,500		1.000			12/15/17		38,437,450
	90,004,800		0.875			01/15/18		89,926,532
	82,818,900		1.000			02/15/18		82,770,096
	36,100,500		1.000			03/15/18		36,071,591
	55,611,200		2.625			04/30/18		56,127,124
	33,508,000		1.000			05/15/18		33,466,115
	32,662,000		1.125			06/15/18		32,633,931
	40,114,600		0.875			07/15/18		39,995,510
	TOTAL U.S. TREASURY NOTES
	(Cost $454,026,997)						$	454,080,344
U.S. Treasury Bills – 44.1%
	U.S. Treasury Bills
$	3,461,000		1.011	%		11/24/17	$	3,453,232
	10,383,000		1.015			11/24/17		10,359,697
	1,384,600		1.039			11/24/17		1,381,493
	2,076,600		1.041			11/24/17		2,071,940
	11,075,200		1.054			11/24/17		11,050,344
	511,800		1.055			11/24/17		510,651
	9,724,200		1.057			11/24/17		9,702,376
	22,007,400		1.060			11/24/17		21,958,009
	18,932,900		1.061			11/24/17		18,890,409
	24,000,000		1.067			11/24/17		23,946,137
	1,085,800		1.068			11/24/17		1,083,363
	2,558,700		1.073			11/24/17		2,552,958
	511,800		1.080			11/24/17		510,651
	5,118,000		1.084			11/24/17		5,106,514
	201,407,300		1.032			11/30/17		200,909,786
	4,273,500		1.004			12/28/17		4,259,613
	1,424,500		1.025			12/28/17		1,419,871
	854,700		1.049			12/28/17		851,923
	4,558,400		1.064			12/28/17		4,543,587
	569,800		1.073			12/28/17		567,949
	569,800		1.083			12/28/17		567,948
	284,900		1.091			12/28/17		283,974
	200,000		1.102			12/28/17		199,350
	849,900		1.112			12/28/17		847,138
	5,382,700		1.113			12/28/17		5,365,208
	600,000		1.123			12/28/17		598,050
	2,778,000		1.126			12/28/17		2,768,973
	22,220,300		1.127			12/28/17		22,148,093
	1,866,100		1.139			12/28/17		1,860,036
	TOTAL U.S. TREASURY BILLS
	(Cost $359,725,165)						$	359,769,273
	TOTAL INVESTMENTS – 99.8%
	(Cost $813,752,162)						$	813,849,617
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%							1,979,649
	NET ASSETS – 100.0%						$	815,829,266

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.

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

GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF

Statement of Assets and Liabilities

August 31, 2017

	TreasuryAccess 0-1 Year ETF
Assets:
Investments at value (cost $813,752,162 )	$	813,849,617
Cash		889,269
Receivables:
Investments sold		54,925,449
Interest		1,300,004
Reimbursement from advisor		13,216
Total assets		870,977,555
Liabilities:
Payables:
Management fees		92,327
Fund shares redeemed		55,055,962
Total liabilities		55,148,289
Net Assets:
Paid-in capital		815,104,593
Undistributed net investment income		630,411
Accumulated net realized loss		(3,193	)
Net unrealized gain		97,455
NET ASSETS	$	815,829,266
SHARES ISSUED AND OUTSTANDING
Shares outstanding no par value (unlimited shares authorized):		8,150,000
Net asset value per share:	$	100.10

The accompanying notes are an integral part of these financial statements. 11

GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF

Statement of Operations

For the period ended August 31, 2017⁽¹⁾

	TreasuryAccess 0-1 Year ETF
Investment income:
Interest	$	1,399,169
Total investment income		1,399,169
Expenses:
Management fees		165,984
Trustee fees		38,261
Total expenses		204,245
Less — expense reductions		(20,089	)
Net expenses		184,156
NET INVESTMENT INCOME		1,215,013
Realized and unrealized gain:
Net realized gain from:
Investments		535
In-kind redemptions		11,972
Net unrealized gain on:
Investments		97,455
Net realized and unrealized gain		109,962
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,324,975

(1) For the period September 6, 2016 (commencement of operations) through August 31, 2017.

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

GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF

Statement of Changes in Net Assets

For the period ended August 31, 2017⁽¹⁾

	TreasuryAccess 0-1 Year ETF
From operations:
Net investment income	$	1,215,013
Net realized gain		12,507
Net change in unrealized gain		97,455
Net increase in net assets resulting from operations		1,324,975
From net investment income		(588,728	)
Total distributions to shareholders		(588,728	)
From share transactions:
Proceeds from sales of shares		870,148,982
Cost of shares redeemed		(55,055,963	)
Net increase in net assets resulting from share transactions		815,093,019
TOTAL INCREASE		815,829,266
Net assets:
Beginning of period	$	—
End of period	$	815,829,266
Undistributed net investment income	$	630,411

(1) For the period September 6, 2016 (commencement of operations) through August 31, 2017.

The accompanying notes are an integral part of these financial statements. 13

GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period

	TreasuryAccess 0-1 Year ETF*
Per Share Operating Performance:
Net asset value, beginning of period	$	100.00
Net investment income(a)		0.82
Net realized and unrealized loss		(0.29	)
Total gain from investment operations		0.53
Distributions to shareholders from net investment income		(0.43	)
Net asset value, end of period	$	100.10
Market price, end of period	$	100.10
Total Return at Net Asset Value(b)		0.53	%
Net assets, end of period (in 000’s)	$	815,829
Ratio of net expenses to average net assets		0.13	%(c)
Ratio of total expenses to average net assets		0.14	%(c)
Ratio of net investment income to average net assets		0.83	%(c)
Portfolio turnover rate(d)		—	%

 * For the period September 6, 2016 (commencement of operations) to August 31, 2017.

(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.

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

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements

August 31, 2017

1. ORGANIZATION

Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified 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 fee and expenses, to the performance of the Citi US Treasury 0-1 Year Composite Select Index (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (formerly, Goldman, Sachs & Co.) (“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 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 principally in-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.

A.  Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

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 (mutual funds) 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 according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
TreasuryAccess 0-1 Year ETF	Monthly	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 the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain 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.

15

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

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).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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 GSAM day-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:

i  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 G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At August 31, 2017 the Fund did not hold Level 3 securities.

16

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

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 August 31, 2017:

TREASURYACCESS 0-1 YEAR ETF
Investment Type	Level 1		Level 2		Level 3
Assets(a)
US Government	$	813,849,617	$	—	$	—
Total	$	813,849,617	$	—	$	—

(a) Amounts are disclosed by asset type, please refer to the Schedule of Investments for more detail.

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 fiscal year ended August 31, 2017, contractual and effective net unitary management fees with GSAM were at the following rates:

Contractual Unitary Management Fee		Effective Net Unitary Management Fee *
	0.14%		0.13%

* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

Effective July 12, 2017, the Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Fund. This arrangement will remain in effect through at least July 31, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2017, GSAM waived $20,089 of the Fund’s management fee.

B.  Distribution and Service (12b-1) Plans — The Trust, on behalf of the Fund, has adopted a Distribution and Service Plan (the “Plan”), subject to Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay distribution fees in connection with the provision of ongoing services to shareholders of the Fund and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by the Fund, and there are no current plans to impose these fees.

C.  Other Transactions with Affiliates — As of August 31, 2017, the Goldman Sachs High Yield Fund was the beneficial owner of 6% of total outstanding shares of the Fund.

17

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

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 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:

	TreasuryAccess 0-1 Year ETF
	Shares			Dollars
Fund Share Activity(1)
Shares Sold		8,700,000		$	870,148,982
Shares Redeemed		(550,000	)		(55,055,963	)
NET INCREASE IN SHARES		8,150,000		$	815,093,019

(1) For the period September 6, 2016 (commencement of operations) through August 31, 2017

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
TreasuryAccess 0-1 Year ETF	$	755,052,094	$	754,211,747

The proceeds from in-kind creation and redemption transactions for the fiscal year ended August 31, 2017, were as follows:

Fund	Purchases		Sales
TreasuryAccess 0-1 Year ETF	$	867,354,907	$	54,925,450

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2017 was as follows:

	TreasuryAccess 0-1 Year ETF
Distributions paid from:
Ordinary Income*	$	588,728
Total taxable distributions	$	588,728

* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

18

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

7. TAX INFORMATION (continued)

As of August 31, 2017, the components of accumulated earnings (losses) on a tax-basis were as follows:

	TreasuryAccess 0-1 Year ETF
Undistributed ordinary income — net	$	630,411
Total undistributed earnings	$	630,411
Unrealized gains (losses) — net	$	94,262
Total accumulated earnings (losses) net	$	724,673

As of August 31, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	TreasuryAccess 0-1 Year ETF
Tax Cost	$	813,755,355
Gross unrealized gain		96,029
Gross unrealized loss		(1,767	)
Net unrealized gains (losses) on securities	$	94,262

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the NAV of the Fund and result primarily from Redemptions In-Kind.

Fund	Paid-in Capital		Accumulated Net Realized Gain (Loss)			Undistributed Net Investment Income (Loss)
TreasuryAccess 0-1 Year ETF	$	11,574	$	(15,700	)	$	4,126

GSAM has reviewed the Fund’s tax positions for all open tax years (the current 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.

8. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the 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 increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Index Risk — FTSE Fixed Income LLC (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 the Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could

19

GOLDMAN SACHS ETF TRUST

Notes to Financial Statements (continued)

August 31, 2017

8. OTHER RISKS (continued)

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. The Index is new and has a limited performance history. 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.

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). 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 its 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.

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 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 has not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. 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.

20

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of

Goldman Sachs ETF Trust and Shareholders of the Goldman Sachs TreasuryAccess 0-1 Year ETF:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”), a fund of the Goldman Sachs ETF Trust, as of August 31, 2017, and the results of its operations, the changes in its net assets and the financial highlights for the period September 6, 2016 (commencement of operations) through August 31, 2017, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities as of August 31, 2017 by correspondence with the custodian provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 24, 2017

21

GOLDMAN SACHS ETF TRUST

Fund Expenses — Six Months Ended 8/31/2017 (Unaudited)      

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 March 1, 2017 and held for the six months ended August 31, 2017, which represents a period of 184 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. 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.

	TreasuryAccess 0-1 Year ETF
	Beginning Account Value 3/1/2017		Account Value 8/31/2017			Expenses Paid*
Actual based on NAV	$	1,000	$	1,003.20		$	0.61
Hypothetical 5% return	$	1,000	$	1,024.60	+	$	0.61

* Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2017. 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
TreasuryAccess 0-1 Year ETF	0.12	%

+ 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.

22

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Caroline Dorsa Age: 58	Trustee	Since 2016	Ms. Dorsa is retired. She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)
Linda A. Lang Age: 59	Trustee	Since 2016	Ms. Lang is retired. She is Chair of the Board of Directors (2016-Present); and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	WD-40 Company (a global consumer products company)
Michael Latham Age: 51	Trustee	Since 2015	Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	None
Lawrence W. Stranghoener Age: 63	Trustee	Trustee  since 2015; Chairman since 2017	Mr. Stranghoener is retired. He is Chairman of the Board of Directors, Kennametal, Inc. (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	21	Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)

23

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 54	Trustee	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.	142	None

* This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹ Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2017.

²  Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2017, Goldman Sachs ETF Trust consisted of 19 portfolios (eight of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 14 portfolios; Goldman Sachs Trust II consisted of 17 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, and Goldman Sachs MLP and Energy Renaissance Fund each consisted of one portfolio.

⁴ This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

24

GOLDMAN SACHS ETF TRUST

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Positions Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 54	Trustee and President	Since 2014	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 40	Secretary	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 45	Treasurer, Senior Vice President and Principal Financial Officer	Since 2014	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 49	Assistant Treasurer and Principal Accounting Officer	Since 2017	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; and Goldman Sachs MLP and Energy Renaissance Fund.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

¹ Information is provided as of August 31, 2017.

²  Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Goldman Sachs Treasury Access 0-1 Year ETF — Tax Information (Unaudited)

During the year ended August 31, 2017, 100% of the net investment company taxable income distributions paid by the Fund were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

25

GOLDMAN SACHS ETF TRUST

Goldman Sachs TreasuryAccess 0-1 Year ETFs — Other Information (Unaudited)

Effective from November 1, 2016 and solely for the purpose of marketing the Fund in the United Kingdom (“UK”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) identified itself as the alternative investment fund manager (“AIFM”) of the Fund. As AIFM, the Investment Adviser is responsible for complying with the UK marketing rules implementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the “Directive”).

In accordance with these rules, the AIFM is required to make available an Annual Report for the financial year of the Fund, containing certain disclosures as set out in Article 22 and 23 of the Directive. The disclosures set out below are included to satisfy these requirements as they have not been disclosed elsewhere in this Annual Report.

I. Remuneration

The following disclosures are made in accordance with Article 107 of the EU Commission Delegated Regulation C (2012) 8370 in respect of the AIFM, which is part of The Goldman Sachs Group, Inc. (“GS Group”). GS Group’s global remuneration philosophy, structure and process for setting remuneration generally applies to employees of the AIFM in the same manner as other employees globally. References to the “firm” and “we” throughout this disclosure include GS Group and the AIFM and any subsidiaries and affiliates.

a. Remuneration program Philosophy

The remuneration philosophy and the objectives of the remuneration program for the firm, including the AIFM are reflected in GS Group’s Compensation principles as posted on the Goldman Sachs public website (http://www.goldmansachs.com/investor relations/corporate governance/corporate governance-documents/compensation-principles.pdf) which includes the following:

1. We pay for performance – this is an absolute requirement under our compensation program and inherent in our culture.

2. We structure compensation, especially at senior levels, to align with GS Group’s shareholders’ long-term interests.

3. We use compensation as an important tool to attract, retain and motivate talent.

4. We align total compensation with corporate performance over the period.

The AIFM’s remuneration program is intended to be flexible enough to allow responses to changes in market conditions, but grounded in a framework that maintains effective remuneration practices.

b. Remuneration Governance

The planning, implementation and revision of the compensation policy of the AIFM is subject to the oversight of the Compensation Committee of the Board of Directors of GS Group (the “GS Group Compensation Committee”), the ultimate parent of the AIFM.

The members of the GS Group Compensation Committee at the end of 2016 were James A. Johnson (Chair), M. Michele Burns, William W. George, Ellen J. Kullman, Lakshmi N. Mittal, Debora L. Spar, and Adebayo O. Ogunlesi (ex-officio). None of the members of the GS Group Compensation Committee were an employee of the firm. All members of the GS Group Compensation Committee were “independent” within the meaning of the New York Stock Exchange Rules and the firm’s Director Independence Policy.

The GS Group Compensation Committee has for several years recognised the importance of using an independent remuneration consultant that is appropriately qualified and that provides services solely to the GS Group Compensation Committee and not to the firm. The GS Group Compensation Committee continued to retain Semler Brossy Consulting Group LLC (Semler Brossy) as its independent remuneration consultant in 2016.

GS Group’s global process for setting variable remuneration (including the requirement to consider risk and compliance issues) applies to employees of the AIFM in the same way as to employees of other entities and in other regions and is subject to oversight by the senior management of the firm in the region.

c. Link Between Pay and Performance

Annual remuneration for employees is generally comprised of fixed and variable remuneration. The AIFM’s remuneration practices provide for variable remuneration determinations to be made on a discretionary basis. Variable remuneration is based on multiple factors and is not set as a fixed percentage of revenue or by reference to any other formula. Firmwide performance is a key factor in determining variable remuneration.

26

GOLDMAN SACHS ETF TRUST

Goldman Sachs TreasuryAccess 0-1 Year ETFs — Other Information (Unaudited) (continued)

d. Performance Measurement

Year-end variable remuneration is determined through a discretionary process that relies on certain qualitative and quantitative metrics (amongst other factors) against which we assess performance at year-end. We do not set specific goals, targets or other objectives for purposes of determining year-end variable remuneration nor do we set an initial remuneration pool that is adjusted for any such goals, targets or other objectives. Such metrics are not formulaic nor given any specific weight. In addition, employees are evaluated annually as part of the “360 degree” feedback process.

e. Risk Adjustment

Prudent risk management is a hallmark of both the firm’s and AIFM’s culture and sensitivity to risk and risk management are key elements in assessing employee performance, including as part of the “360 degree” feedback process noted above.

We take risk into account in setting the amount and form of variable remuneration for employees. We provide guidelines to assist compensation managers when applying discretion during the remuneration process to promote consistent consideration of the different metrics/factors considered during the remuneration process. Further, to ensure the independence of control function employees, remuneration for those employees is not determined by individuals in revenue-producing positions but rather by the management of the relevant control function.

f. Structure of Remuneration

1. Fixed Remuneration

2. Variable Remuneration: For employees with total and variable remuneration above a specific threshold, variable remuneration is generally paid in a combination of cash and equity-based remuneration. In general, the portion paid in the form of an equity-based award increases as variable remuneration increases and, for AIFM Remuneration Code Staff, is set to ensure compliance with Principle 5 (e) and (f) of the AIFM Remuneration Code.

g. Total Remuneration

Staff remuneration for the financial period ending December 31, 2016:

Total remuneration for the financial year ending December 31, 2016 paid by the AIFM to 12 staff in respect of the management of the assets of the Fund	US$56,089, made up of: • US$28,088 fixed remuneration • US$28,001 variable remuneration
Which includes:
(a)    Remuneration paid by the AIFM to senior management	US$30,000
(b)   Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund	US$0

The remuneration figures above:

1. relate to the proportion of time spent by those staff on the management of the assets of the Fund;

2. relate to the portion of the year for which the Fund were subject to the Directive; and

3. do not include figures for those staff whose activities may impact the Fund but who provide services through other affiliates of the AIFM.

II. Risk Management

The current risk profile of the Fund and the risk management framework employed by the AIFM to manage those risks are outlined in the Fund’s Prospectus and Statement of Additional Information. The Investment Adviser’s risk management function will seek to ensure that the risk profile disclosed to investors is consistent with applicable risk limits, monitor compliance with those risk limits, promptly notify the risk management component of the portfolio management team managing the portfolio of any inconsistency, or risk or inconsistency, between the risk profile and risk limits.

27

GOLDMAN SACHS ETF TRUST

Goldman Sachs TreasuryAccess 0-1 Year ETFs — Other Information (Unaudited) (continued)

III. Material Changes

Article 22 of the Directive requires disclosure of any material changes in the information listed in Article 23 of the Directive.

In respect of the period ended December 31, 2016, there have been no material changes to the information listed in Article 23 of the Directive.

28

FUNDS PROFILE

Goldman Sachs ETFs

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.21 trillion in assets under supervision as of June 30, 2017, 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 Access High Yield Corporate Bond ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF

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

Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs TreasuryAccess 0-1 Year ETF

INDEX DISCLAIMERS

The Index was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE” 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.

FTSE DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN, OR OF ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO, AND FTSE SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. FTSE MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OR PROSPECTIVE OWNERS OF SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. FTSE MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL FTSE HAVE ANY LIABILITY FOR ANY DIRECT, SPECIAL, PUNITIVE, INDIRECT, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

Data and information contained herein regarding the Index is proprietary to FTSE or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of FTSE. CITI is a trademark and service mark of Citigroup Inc. or its affiliates, is used and registered throughout the world, and is used under license for certain purposes by GSAM. The CITI mark is used under license by FTSE.

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 Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary
THE BANK OF NEW YORK MELLON Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser
ALPS DISTRIBUTORS, INC. Distributor

Visit our Website at www.GSAMFUNDS.com 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 files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2017 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.

The Fund is recently organized and has 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

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 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.

© 2017 Goldman Sachs. All rights reserved. 107126-TMPL-10/2017-630980 TREACCESSAR-17/GST528/1491

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 12(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.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Funds of the Goldman Sachs ETF Trust to which this certified shareholder report relates.

	2017			2016			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	212,675		$	162,000	Financial Statement audits.
Audit-Related Fees:
• PwC		$	12,909		$	—
Tax Fees:
• PwC		$	47,752		$	45,352	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

	2017			2016			Description of Services Rendered
Audit-Related Fees:
• PwC		$	—		$	—

* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs ETF Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs ETF Trust (“GS ETF”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GS ETF may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GS ETF at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to the Goldman Sachs ETF Trust’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GS ETF, the Audit Committee will pre-approve those non-audit services provided to GS ETF’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GS ETF) where the engagement relates directly to the operations or financial reporting of GS ETF.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GS ETF’s service affiliates listed in Table 2 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GS ETF by PwC for the twelve months ended August 31, 2017 and August 31, 2016 were approximately $60,661 and $45,352 respectively. The aggregate non-audit fees billed to GS ETF’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2016 and December 31, 2015 were approximately $11.4 million and $14.4 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2016 and 2015 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF’s operations or financial reporting.

Item 4(h) — GS ETF’s Audit Committee has considered whether the provision of non-audit services to GS ETF’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-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 Rule 30a-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 Rule 30a-3(b) under the 1940 Act and 15d-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 Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of 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. EXHIBITS.

(a)(1)	Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on October 31, 2016.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(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:	October 31, 2017

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:	October 31, 2017
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs ETF Trust
Date:	October 31, 2017